TCRAP_Public/061127.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  

            Monday, November 27, 2006, Vol. 9, No. 235

                            Headlines

A U S T R A L I A

ALL FRESH: Members and Creditors to Receive Wind-Up Report
BOATING BOOKS: Members' Final Meeting Slated for Dec. 20
BOLMIST PTY: To Declare Dividend for Priority Creditors
BRENTHAM PTY: Placed Under Voluntary Liquidation
COMPLAY PTY: Schedules Joint Meeting on December 22

DESIGN ATELIER: Liquidators to Present Wind-Up Report
EARL TAYLOR: Members Agree to Wind Up Business
HOMESAFE AUSTRALIA: Initiates Wind-Up Process
JABONE PTY: Members to Receive Wind-Up Report on Dec. 20
NRG ENERGY: Completes Hedge Reset Transactions

P.G.I. PTY: To Declare First and Final Dividend on Dec. 14
PROJECT EQUITY: Members to Hold Final Meeting on Dec. 20
RON MCCURDY: Members Resolve to Wind Up Firm
TRIPOS INC: Posts US$4.4 Million Net Loss in 2006 Third Quarter
TRIPOS INC: Wants Waiver on Covenant Violation from LaSalle Bank

TRIPOS INC: Selling All Discovery's Assets to Vector Capital
UNIVERSAL COMPRESSION: S&P Lifts Credit Rating to BB from BB-
WARREMANG: Court Appoints Provisional Liquidator


C H I N A   &   H O N G  K O N G

AUTOCAM CORP: May Not Comply with Covenants on December 2006
CITIC BANK: BBVA Takes 5% Stake for EUR501 Million
CITIC BANK: Fitch Views BBVA's Stake Purchase as Credit Positive
EMI GROUP: Posts GBP30.1 Million Net Loss for First Half 2006
EMI GROUP: Moody's Cuts Rating on Weak Debt Protection Measures

EMI GROUP: S&P Lowers Long-Term Corporate Rating to BB from BB+
FINSTAR LTD: Members Pass Resolution to Wind Up Firm
GLOBAL POWER: Morgan Stanley Commits US$85 Million DIP Financing
GLOBAL POWER: Wants Court Approval to Use BofA's Cash Collateral
GUINNESS INVESTMENT: Placed Under Voluntary Liquidation

KAM YUEN: Creditors' Proofs of Claim Due on December 18
LINDA FASHION: Commences Wind-Up Proceedings
LLOYDSTAR LTD: Creditors Must Prove Debts by December 19
MAXIFORD COMPANY: Members Agree on Voluntary Wind-Up
PRO-OP CONTRACTING: Court to Hear Wind-Up Petition on Dec. 27

RFCI (HK): Annual Meetings Scheduled for December 8
SHIMAO PROPERTY: High-Yield Bond Offering Sees Strong Demand
SHING YIP: Members to Receive Wind-Up Report on Dec. 27
TUNG DA AV: Creditors' Proofs of Debt Due on Dec. 22
VAN-MEITETSU FINANCE: Members Resolve to Voluntary Wind-Up Firm

VOLKSWAGEN AG: MAN & Scania's Takeover Battle Continues
VOLKSWAGEN AG: Shifting Golf Production From Belgium to Germany


I N D I A

BANK OF BARODA: To Raise INR10 Billion in Tier II Capital
BANK OF INDIA: To Open Unit and Invest US$10 Mil. in Tanzania
BHARTI AIRTEL: Becomes India's 5th Largest Corporate Entity
BHARTI AIRTEL: Reappoints Sunil B Mittal as Managing Director
BRITISH AIRWAYS: Inks Code Share Pact with Caribbean Airlines

OWENS CORNING: Insurance Cos. Want Administrative Claims Allowed
OWENS CORNING: Releases Financial Results for Third Quarter 2006
SILICON GRAPHICS: 2006 First Qtr. Revenue Rises to US$122 Mil.
TATA MOTORS: India Vehicle Sales Cross 4-Million Mark
TRANSWITCH CORP: Accumulated Deficit Tops US$319.2MM at Sept. 30

UTI BANK: Granted Banking License by Hong Kong Regulator


I N D O N E S I A

ALCATEL SA: Will Deploy WiMax in Latin America Next Year
BANK INDONESIA: ForEx Reserves to Rise to US$47-Bil. at End-2007
BANK INDONESIA: Indicates No Increase Of Interest Rates
BANK NEGARA: Pefindo Upgrades Rating to "idA"
BANK NISP: Drives Expansion With Misys Banking System

BANK PERMATA: Pefindo Assigns General Obligation Rating of "idA"
BERAU COAL: Moody's Assigns (P)B1 Corporate Family Rating
BERAU COAL: Fitch Assigns 'B+' Issuer Default Ratings
CA INC: Declares US$0.04 Per Share Quarterly Cash Dividend
DIRGANTARA INDONESIA: Ties Up With Eurocopter for Expansion

GOODYEAR TIRE: Closes US$1-Billion Senior Notes Offering


J A P A N

DURA AUTOMOTIVE: Gets Interim Court Okay for Customer Programs
FORD CREDIT: Fitch Rates US$59-Million Class D Notes at BB+
KOBE STEEL: Earns JPY51.58 Bil. for First Half to September 2006
M. FABRIKANT & SONS: Taps Donlin Recano as Claims & Notice Agent
M. FABRIKANT & SONS: Wants Until January 16 to File Schedules

MITSUBISHI MOTORS: Recalls 1,669 SUVs Over Faulty Part
MIZUHO FINANCIAL: Profit Climbs 16% in First Half
SANYO ELECTRIC: Denies Plan to Sell Mobile Phone & Chip Unit


K O R E A

KOREA EXCHANGE BANK: Lone Star Scraps US$7.3-Bil. Kookmin Deal
KOREA EXCHANGE BANK: Fitch Affirms Ratings Despite Scrapped Sale
* Corporate Bankruptcies Fall to Record Low in October 2006


M A L A Y S I A

ARK RESOURCES: Unit Fails to Settle Debt; Receives Wind-Up Order
TALAM CORP: Dividend Payment to ICPS Holders Set on Jan. 1
TANCO HOLDINGS: BVI Strikes Off Two Non-operational Units
TENGGARA OIL: Faces Writ of Summons from Bumiputra Bank
* Malaysian GDP Grows by 5.8% in Third Quarter 2006


N E W   Z E A L A N D

AIR NEW ZEALAND: Cuts Tasman Flights to Return to Profit
AMIT TRADING: Names Brown and Rodewald as Liquidators
BECKER ENGINEERING: Appoints Joint Liquidators
DENNY'S HOLDINGS: Moody's Ups Corp. Family Rating to B1 from B2
ECOWORLD NZ: Faces Liquidation Proceedings

FELTEX CARPETS: NZSA Seeks Appointment of Liquidators
FOREIGN WHOLESALE: Liquidation Hearing Slated for Nov. 27
GAS CONNECT: Court Sets Date to Hear Liquidation Petition
HFT GROUP: Hearing of Liquidation Petition Set on Nov. 29
KELLY BROWN'S: Names Joint Liquidators

MAU'U'S TYRES: Creditors' Must Prove Claims by February 16
PARADIGM RESEARCH: Creditors to Lodge Claims by December 8
QUALITY PLASTER: Court to Hear Liquidation Petition on Nov. 30


P H I L I P P I N E S

GLOBAL EQUITIES: Executes LOI with Rusina for Partnership
HERTZ CORP: Moody's Changes Outlook to Stable on Completed IPO
JG SUMMIT: Posts PHP1.8 Billion 3rd Quarter Net Income
LAND BANK: Posts PHP2.7-Billion 3rd Quarter Net Income, Up 19%
LAND BANK: Tier 2 Issuance Improves CAR to 19% from 14%

LAND BANK: Releases Additional PHP250 Mln Financing Loan to PCFC
MANILA ELECTRIC: Electricity Market Board Corrects WESM Bills


S I N G A P O R E

ANANDA TRAVEL: Creditors' First Meeting Scheduled for Nov. 30
ARMSTRONG INDUSTRIAL: Incorporates New Subsidiary
CKE RESTAURANTS: Good Performance Cues Moody's to Revise Outlook
E. K. DEVELOPMENTS: Creditors to Meet on Dec. 15
HLG ENTERPRISE: Appoints Independent Financial Adviser

HUA KOK: Creditors Must Prove Debts by Dec. 8
L&M GROUP: Completes Sale of Shares & Equipment to CSC Holdings
LIANG HUAT: Substantial Shareholder Reduces Holdings
HLG ENTERPRISE: Posts Shareholders' Change of Interests
ODYSSEY: AM Best Says Fairfax Share Reduction Positive for Firm


T H A I L A N D

BANGKOK BANK: Expects to Miss Loan Target this Year
TRUE CORP: Moody's Keeps Ba3 Rating, Changes Outlook to Negative
TRUE MOVE: Moody's Gives Provisional B1 Rating; Outlook Negative
TRUE MOVE: S&P Hands Out BB- Long Term Corp. Credit Rating

     - - - - - - - -

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

ALL FRESH: Members and Creditors to Receive Wind-Up Report
----------------------------------------------------------
The members and creditors of All Fresh Produce Pty Ltd will meet
for their joint meetings on Dec. 22, 2006, at 9:45 a.m., to
receive the liquidators' report on the company's wind-up
proceedings.

According to the Troubled Company Reporter - Asia Pacific, the
company was placed under voluntary liquidation on Sept. 1, 2006.

The Joint and Several Liquidators can be reached at:

         V. R. Dye
         N. Giasoumi
         Dye & Co. Pty Ltd
         Chartered Accountants
         165 Camberwell Road
         Hawthorn East 3123
         Australia

                         About All Fresh

All Fresh Produce Pty Ltd is located in Victoria, Australia.  
The company's business involved fresh fruits and vegetables.


BOATING BOOKS: Members' Final Meeting Slated for Dec. 20
--------------------------------------------------------
Boating Books & Charts Australia Pty Ltd, which is in
liquidation, will hold a final meeting for its members on
Dec. 20, 2006, at 9:30 a.m.

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

The Liquidator can be reached at:

         David H. Scott
         Jones Condon
         Chartered Accountants
         Ground Floor, 77 Station Street
         Malvern, Victoria 3144
         Australia

                      About Boating Books

Boating Books & Charts Australia Pty Ltd is also trading as BB &
C Marine Distributors.  The company operates a series of
bookstores.  

Boating Books is located in Victoria, Australia.


BOLMIST PTY: To Declare Dividend for Priority Creditors
-------------------------------------------------------
Bolmist Pty Ltd, which is in liquidation, will declare the final
dividend for its priority creditors on Dec. 13, 2006.

Priority creditors are required to submit their proofs of debts
by Dec. 12, 2006, or they will be excluded from sharing in the
distribution.

The Joint and Several Liquidators can be reached at:

         Terry Grant van der Velde
         Paul Desmond Sweeney
         SV Partners
         SV House, 138 Mary Street
         Brisbane, Queensland 4000
         Australia

                       About Bolmist Pty

Bolmist Pty Ltd is also trading as "Unique Ceramics".  The
company is a distributor of European Ceramics, both floor and
wall tiles.  

The company is located in Queensland, Australia.  


BRENTHAM PTY: Placed Under Voluntary Liquidation
------------------------------------------------
At an extraordinary general meeting of Brentham Pty Ltd held on
Nov. 2, 2006, the members passed a special resolution to
voluntarily liquidate the company's business and distribute the
proceeds of its assets disposal.

Subsequently, R. E. Wells was appointed as liquidator.

The Liquidator can be reached at:

         R. E. Wells
         19/10 Lower River Terrace
         South Brisbane, Queensland 4101
         Australia

                       About Brentham Pty

Brentham Pty Ltd is located in Queensland, Australia.  The
company is involved in investment holding.


COMPLAY PTY: Schedules Joint Meeting on December 22
---------------------------------------------------
Complay Pty Ltd, which is in liquidation, will hold a joint
meeting for its members and creditors on Dec. 22, 2006, at
10:45 a.m.

During the meeting, the members and creditors will receive an
account of the company's wind-up proceedings from Liquidators
Dye and Giasoumi.

The Joint and Several Liquidators can be reached at:

         V. R. Dye
         N. Giasoumi
         Dye & Co. Pty Ltd
         Chartered Accountants
         165 Camberwell Road
         Hawthorn East 3123
         Australia

                       About Complay Pty

Complay Pty Ltd is located in Victoria, Australia.  The company
is involved with manufacturing industries.


DESIGN ATELIER: Liquidators to Present Wind-Up Report
-----------------------------------------------------
The joint meetings of the members and creditors of Design
Atelier (Australia) Pty Ltd, which is in liquidation, will be
held on Dec. 22, 2006, at 11:15 a.m.

At the meetings, the liquidators will present an account of the
company's wind-up proceedings and property disposal exercises.

The Joint and Several Liquidators can be reached at:

         V. R. Dye
         N. Giasoumi
         Dye & Co. Pty Ltd
         Chartered Accountants
         165 Camberwell Road
         Hawthorn East 3123
         Australia

                      About Design Atelier

Design Atelier (Australia) Pty Ltd is located in Victoria,
Australia.  The company is engaged with furniture and fixtures
business.


EARL TAYLOR: Members Agree to Wind Up Business
----------------------------------------------
The members of Earl Taylor Car Centre Pty Ltd on Nov. 10, 2006,
resolved to voluntarily wind up the company's operations and
appointed William Noye as liquidator.

The Liquidator can be reached at:

         William Noye
         c/o KPMG
         Level 30, Central Plaza One
         345 Queen Street
         Brisbane, Queensland 4000
         Australia

                        About Earl Taylor

Earl Taylor Car Centre Pty Ltd is a car dealer.  The company is
located in Queensland, Australia.


HOMESAFE AUSTRALIA: Initiates Wind-Up Process
---------------------------------------------
The members and creditors of Homesafe Australia Pty Ltd met on
Nov. 13, 2006, and agreed by a special resolution to voluntarily
wind up the company's operations.

Accordingly, Geoffrey Charles Ridgeway and Russell Graeme Peake
were appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Geoffrey Ridgeway
         Russell Peake
         Jenkins Peake & Co
         PO Box 1570, Geelong 3220
         New Zealand
         Telephone:(03) 5223 1000
         Facsimile:(03) 5221 4938

                    About Homesafe Australia

Homesafe Australia Pty Ltd is located in Victoria, Australia.
The company operates miscellaneous retail store.


JABONE PTY: Members to Receive Wind-Up Report on Dec. 20
--------------------------------------------------------
The members of Jabone Pty Ltd, which is in liquidation, will
meet on Dec. 20, 2006, at 2:00 p.m., to receive Liquidator
Fitzgerald's report on the company's wind-up proceedings.

The Joint and Several Liquidator can be reached at:

         Laurence A. Fitzgerald
         Horwath BRI (Vic) Pty Ltd
         Chartered Accountants
         Level 30, The Rialto
         525 Collins Street
         Melbourne, Victoria 3000
         Australia

                        About Jabone Pty

Jabone Pty Ltd is located in South Australia.  The company is
involved with investment holding.


NRG ENERGY: Completes Hedge Reset Transactions
----------------------------------------------
NRG Energy, Inc., completed its Hedge Reset transactions
disclosed on Nov. 3, 2006.  These transactions included
approximately US$1.35 billion in payments made to hedge
counterparties to reset the price levels to current market
prices of certain legacy hedges acquired in February 2006.  The
payments were funded with US$250 million from existing cash
balances and the proceeds of closing of a public offering of
US$1,100 million in aggregate principal amount of 7.375% senior
notes due 2017.

NRG also disclosed the approval and closing of an amendment to
its existing senior credit facilities.  The amendments, among
other things:

   -- permit the incurrence of the debt to fund the hedge resets
      described above;

   -- increase the amount of the synthetic letter of credit
      facility from US$1,000 million to US$1,500 million to
      support incremental hedging activity;

   -- increase to US$500 million the amount immediately
      available for unrestricted use by the Company, which may
      be used among other things for share repurchases; and

   -- provide additional flexibility to NRG with respect to
      certain covenants governing or restricting the use of
      excess cash flow, new investments, new indebtedness and
      permitted liens.

"We received a very favorable response from our senior credit
facility holders and the high yield note market," commented
Robert Flexon, NRG Executive Vice President and Chief Financial
Officer.  "Completing these transactions provides the Company
with a more appropriate level of flexibility to execute our
capital allocation plans," added Flexon.

                         About NRG Energy

Headquartered in Princeton, New Jersey, NRG Energy, Inc. owns
and operates power generating facilities, primarily in Texas and
the northeast, south central and western regions of the United
States.  NRG also owns generating facilities in Australia,
Brazil, and Germany.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
November 14, 2006, Fitch Ratings assigned a rating of 'B+/RR3'
on NRG Energy's issuance of US$1.1 billion senior notes due
2011. This issue will rank equally with NRG's other senior
unsecured obligations.  The Rating Outlook is Stable.


P.G.I. PTY: To Declare First and Final Dividend on Dec. 14
----------------------------------------------------------
P.G.I. Pty Ltd will declare the first and final dividend to its
creditors on Dec. 14, 2006.  Creditors who cannot prove their
claims by Dec. 13, 2006, will be excluded from sharing in the
distribution.

As reported by the Troubled Company Reporter - Asia Pacific, the
company was placed under members' voluntary liquidation on
May 25, 2005.

The Liquidator can be reached at:

         Barry Keith Taylor
         B. K. Taylor & Co
         8/F, 608 St Kilda Road
         Melbourne, Victoria 3004
         Australia

                         About P G I Pty

P G I Pty Ltd is located in Victoria, Australia.  The company is
a wholesaler of petroleum and petroleum products except bulk
stations and terminals.


PROJECT EQUITY: Members to Hold Final Meeting on Dec. 20
--------------------------------------------------------
Project Equity Pty Ltd, which is in liquidation, will hold a
final meeting for its members on Dec. 20, 2006, at 9:30 a.m.

At the meeting, members will receive Liquidator Humphris'
account regarding the company's wind-up proceedings and property
disposal exercises.

The Joint and Several Liquidator can be reached at:

         Michael J. Humphris
         Horwath BRI (Vic) Pty Ltd
         Chartered Accountants
         Level 30, The Rialto
         525 Collins Street
         Melbourne, Victoria 3000
         Australia

                      About Project Equity

Project Equity Pty Ltd is located in Queensland, Australia.  The
company is a general contractor of nonresidential buildings,
aside from industrial buildings and warehouses.


RON MCCURDY: Members Resolve to Wind Up Firm
--------------------------------------------
At a general meeting held on Nov. 8, 2006, the members of Ron
McCurdy Engine Reconditioners Pty Ltd resolved to voluntarily
wind up the company's operations.

In this regard, Richard Herbert Judson was appointed as
liquidator.

The Liquidator can be reached at:

         Richard Judson
         PO Box 819
         Moorabbin, Victoria 3189
         Australia

                        About Ron McCurdy

Ron Mccurdy Engine Reconditioners Pty Ltd is located in
Victoria, Australia.  The company operates general automotive
repair shops.


TRIPOS INC: Posts US$4.4 Million Net Loss in 2006 Third Quarter
---------------------------------------------------------------
Tripos, Inc., reported financial results for the third quarter
of the fiscal year ended Sept. 30, 2006.

For the three months ended Sept. 30, 2006, the Company reported
a net loss of US$4.4 million on US$7.7 million of revenue
compared with net income of US$160,000 on US$13.2 million of
revenue for the third quarter of 2005.

Financial results for the third quarter were impacted by several
factors.  Most significant among these was the continued losses
at the Tripos Discovery Research, Ltd., chemistry facility in
England due to the failure to close the anticipated pipeline of
business.

The company incurred a restructuring charge of US$338,000 for
the elimination of 14 positions in August at the Tripos
Discovery Research facility.  In addition, Tripos has conducted
a further reduction of positions at this facility in the fourth
quarter of 2006 with an expected charge of US$500,000.  Also
impacting the quarter was the delay in recognition of
approximately US$1.4 million of revenues on the informatics
service contract with Wyeth Pharmaceuticals.  This delayed
revenue recognition was the result of a delay in the project
plan and incremental costs required for completion of the
assignment.  The third quarter of 2006 also included certain
expenses related to actions taken to better position the
informatics products business going forward.  Tripos initiated
the replacement of two distributors in the Pacific Rim territory
and launched a promotional offer for a new software product,
Surflex-Dock(TM), which provides an incentive for customers to
adopt this technology before the end of 2006.

"We were extremely disappointed with the third-quarter results.  
New business that had been anticipated did not develop as
forecasted," said Dr. John P. McAlister, president and CEO of
Tripos.  "Throughout this year, we have dealt with the rapid
realignment of the market for outsourced discovery research
services to the low-cost venues in Asia and Eastern Europe.  As
a result, we have continued to take steps to streamline the
Discovery Research organization as revenue expectations have
changed while we have sought to build a project pipeline with
existing customers and attract new business.  In spite of the
cost-based competition, Tripos leverages the superior science of
its proprietary chemistry techniques, particularly for midsize
pharmaceutical companies and biotechnology organizations."

"Tripos' discovery informatics products business is expanding
and updating its offerings to leverage new scientific
applications and improved user functionality.  During this
period, we have introduced new scientific offerings for
computational drug discovery and protein modelling.  Discovery
informatics services is also transitioning its approach to the
services business with the unveiling of the Benchware(R)
Discovery 360 enterprise solution, the release of the latest
generation of Benchware Notebook as well as leading broad
adoption and support of open-source workflow software," Mr.
McAlister concluded.

                 Strategic Alternatives Update

In addition to announcing its third-quarter financial results
today, Tripos also provided an update on its efforts to explore
strategic alternatives.  These options include pursuing merger
and acquisition transactions, becoming a private company, and
separating the discovery informatics and discovery research
businesses.

After extensive activity to identify strategic partners and
comprehensive consideration by the Board of Directors, Tripos
has determined to exit the discovery research business.  Tripos
will
proceed as a stand-alone public Discovery Informatics business
unless it is able to negotiate and conclude a transaction to
sell the Discovery Informatics business.

With respect to Tripos' Discovery Research business, Tripos:

    * Has completed further staffing reductions at Tripos
      Discovery Research.

    * Is currently engaged in advanced discussions for the sale
      of the U.K.-based Discovery Research business.  The buyer
      would assume substantially all of the assets and
      liabilities of that business.

    * Is in the process of selling certain surplus real estate
      in the U.K.

With respect to Tripos' Discovery Informatics business, Tripos:

    * Is working to restructure the Discovery Informatics
      business as a public company to continue to provide
      software and enterprise solutions to the pharmaceutical
      and biotechnology industries.

    * As part of the restructuring, the company is seeking
      funding for the near-term capital needs of the Discovery
      Informatics business, either through replacement of its
      bank credit facility, which matures Jan. 1, 2007, or
      through the proceeds of other debt or equity financings,
      any of which may be dilutive to the interests of current
      stockholders.

    * Continues to evaluate possible sale transactions, and is
      currently in advanced discussions with a potential buyer
      for the Discovery Informatics business.

The Company says that there is no assurance that any of the
matters described might pursue might ultimately lead to a
transaction on terms acceptable to the Tripos board or, where
applicable, Tripos stockholders.  Similarly, Tripos cannot
predict the ultimate proceeds available for stockholders if it
is able to sell its Discovery Research and Discovery Informatics
business, nor can Tripos predict the price at which its common
stock would trade if it continues to operate as a public company
focused on Discovery Informatics.

Commenting on these developments, Dr. McAlister said, "Our board
and management have developed a plan intended to preserve the
current value of our Discovery Informatics business and, over
time, to provide increased value to our stockholders.  We are
mindful that over the course of 2006, our stockholders have been
very patient with us.  They have witnessed a substantial decline
in our stock price, while we have not been able to complete a
transaction that might result in any immediate value or
liquidity to our stockholders.  Although we continue to seek a
possible sale of our Discovery Informatics business, we think it
is prudent to structure the business so that it can operate on a
standalone basis in order to preserve, and over time enhance,
shareholder value."

Dr. McAlister added, "Following the January 2006 announcement of
intent to explore our strategic alternatives, we have
participated in active discussions with a large number of
potential strategic and financial investors throughout North
America, Europe and Asia.  Among the proposals we received, we
have engaged in extensive, and in some cases, advanced
negotiation with several parties, but to date none of these
negotiations have resulted in a definitive agreement that our
board was willing to accept and recommend to stockholders.  
Initial efforts to sell our entire company caused us to maintain
staffing levels at our Discovery Research business that resulted
in significant losses.  More recently, we have restructured that
business in anticipation of a separate transaction to divest
these activities."

"We continue to believe in the benefits of an integrated
platform of discovery informatics tools and discovery research
services.  However, given Tripos' size and capital resources in
the context of the rapidly changing market for outsourced
research services, we have determined that it was more
appropriate to concentrate on our core discovery informatics
business."

                          About Tripos

Tripos, Inc. -- http://www.tripos.com/-- (Nasdaq:TRPS) combines  
leading-edge technology and innovative science to deliver
consistently superior chemistry-research products and services
for the biotechnology, pharmaceutical and other life science
industries.  Within Tripos' Discovery Informatics business, the
company provides software products and consulting services to
develop, manage, analyze and share critical drug discovery
information.  Within Tripos' Discovery Research business,
Tripos' medicinal chemists and research scientists partner
directly with clients in their research initiatives, leveraging
state-of-the-art information technologies and research
facilities.

The company has offices in the U.K., Germany and Australia.


TRIPOS INC: Wants Waiver on Covenant Violation from LaSalle Bank
----------------------------------------------------------------
Tripos, Inc., disclosed that due to the financial performance of
the third quarter of 2006, the Company was not in compliance
with the Minimum Net Worth covenant under its credit facility
with LaSalle Bank N.A.

The company has requested a waiver of the covenant violation for
the period ended Sept. 30, 2006; however, there are no
assurances that the bank will grant the waiver or what
additional terms might be imposed in connection with a waiver.

In addition, the LaSalle Bank facility matures Jan. 1, 2007.

LaSalle Bank has advised Tripos that it does not intend to renew
or extend the revolving credit facility beyond Jan. 1, 2007.

Tripos' ability to fund the anticipated capital and operating
needs of its business following maturity of the LaSalle Bank
facility is dependent on the replacement of this facility or the
ability to secure alternative bank or other debt financing or
equity funding as well as on operating improvement.  
Nevertheless, Tripos has requested an extension from LaSalle
Bank to enable the company to complete certain strategic
transactions that are currently under negotiation.

                          About Tripos

Tripos, Inc. -- http://www.tripos.com/-- (Nasdaq:TRPS) combines  
leading-edge technology and innovative science to deliver
consistently superior chemistry-research products and services
for the biotechnology, pharmaceutical and other life science
industries.  Within Tripos' Discovery Informatics business, the
company provides software products and consulting services to
develop, manage, analyze and share critical drug discovery
information.  Within Tripos' Discovery Research business,
Tripos' medicinal chemists and research scientists partner
directly with clients in their research initiatives, leveraging
state-of-the-art information technologies and research
facilities.

The company has offices in the U.K., Germany and Australia.


TRIPOS INC: Selling All Discovery's Assets to Vector Capital
----------------------------------------------------------------
Tripos Inc. has entered into a definitive agreement to sell
substantially all of the assets of its Discovery Informatics
business to Vector Capital.  This asset sale, expected to close
in the first quarter of 2007, is an initial step in the
liquidation of Tripos.

Liquidating distributions, in an amount to be determined, are
expected to begin approximately six months after the closing of
this transaction.  Tripos' preliminary estimate is that there
would be between US$6 million to US$12 million available for
distribution to common stockholders assuming completion of the
sale of its Discovery Informatics business to Vector, sale of
its Discovery Research business, completion of certain other
transactions described below, and satisfaction of all
liabilities at amounts currently estimated.

"This transaction will allow the Discovery Informatics business
to continue to serve its computational chemistry and enterprise
research IT customers as a private company with greater access
to growth capital," said Dr. John P. McAlister, president and
CEO of Tripos.  "Furthermore, it will enable the Discovery
Informatics business to strengthen its core SYBYLr business and
continue to develop innovative scientific software products and
services to meet the evolving needs of the pharmaceutical and
biotechnology industries."

Tripos also reported that it is in discussions to sell its U.K.-
based Discovery Research business and related assets.  Tripos
will make prompt public disclosure of any definitive agreements
for the sale of part or all of its Discovery Research business.

"In January 2006, we announced that Tripos had engaged
investment bankers to assist the board in evaluating a range of
strategic alternatives for the company, including mergers and
acquisitions, becoming a private company, and separating its
informatics and research businesses" Commenting on these
announcements, Dr. McAlister added.  "Since then, we have
undertaken an intensive search for the best alternative for our
stockholders, and have engaged in extensive and in some cases
advanced negotiations with several parties, including strategic
investors and financial investors in the United States, Asia and
Europe.  The board recommends that stockholders approve this
transaction based upon its belief that accepting the offer from
Vector and proceeding with the liquidation and dissolution of
Tripos provides a greater certainty of value to our stockholders
than the continued uncertainty of operating Tripos in its
current form or under any other structure that we might
reasonably put in place."

             Asset Sale and Proposed Liquidation

Under the asset purchase agreement, Tripos will sell its
Discovery Informatics business for approximately US$25.6 million
in cash, subject to adjustment based upon net working capital at
closing.  Tripos will retain certain assets and substantially
all the liabilities of the business, which must be disposed of
or satisfied before any distribution to shareholders.  Tripos'
Board of Directors has approved the transaction and recommends
that Tripos' stockholders approve the transaction at a special
meeting of stockholders at a date to be determined.  The
transaction is subject to numerous customary terms and
conditions, including approval by Tripos' stockholders and
limited post-closing indemnification.  Seven Hills Partners,
LLC, acted as exclusive financial advisor to Tripos in this
transaction.

Tripos' preliminary estimate is that there would be between US$6
million and US$12 million available for distribution to common
stockholders, assuming completion of the Vector transaction,
sale of the Discovery Research business on the terms currently
being negotiated, and sale of certain other corporate assets,
such as the Missouri headquarters building, surplus U.K.
investments and an investment in a private equity fund.  A
substantial portion of the proceeds from this transaction, in an
amount that can only be estimated at this time, will be needed
to pay debts, other liabilities and any corporate taxes that in
a liquidation must be satisfied before stockholders can be paid.  
The exact timing and amount of any liquidating distributions
cannot be predicted at this time.  Under the agreement, Tripos
is not able to make any distributions to its common stockholders
for six months after closing.

The amount and timing of liquidating distributions are subject
to a number of uncertainties, some of which are not fully within
Tripos' control, including Tripos' ability to consummate the
sale of its Discovery Informatics and Discovery Research
businesses at the prices and terms currently under negotiation;
the price Tripos is able to obtain for certain corporate assets
that are not part of the transactions under discussion; the
terms upon which Tripos is able to settle its outstanding
liabilities and other liabilities that will arise in a
liquidation; the costs that Tripos will incur while it remains a
public company that files reports with the Securities and
Exchange Commission; and the duration and expense of the
liquidation process.

Tripos plans to file a proxy statement with the SEC containing
more detailed information about the proposed asset sale to
Vector and other elements of its plan for liquidation and
dissolution, including additional information about estimated
proceeds to stockholders.  Following SEC review of the proxy
statement, Tripos will schedule a special meeting of
stockholders and distribute the proxy statement.  It is
currently anticipated that the special meeting will be held
early in 2007.

                          About Tripos

Tripos, Inc. -- http://www.tripos.com/-- (Nasdaq:TRPS) combines  
leading-edge technology and innovative science to deliver
consistently superior chemistry-research products and services
for the biotechnology, pharmaceutical and other life science
industries.  Within Tripos' Discovery Informatics business, the
company provides software products and consulting services to
develop, manage, analyze and share critical drug discovery
information.  Within Tripos' Discovery Research business,
Tripos' medicinal chemists and research scientists partner
directly with clients in their research initiatives, leveraging
state-of-the-art information technologies and research
facilities.

The company has offices in the U.K., Germany and Australia.


UNIVERSAL COMPRESSION: S&P Lifts Credit Rating to BB from BB-
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Universal Compression Holdings Inc. to 'BB' from 'BB-
'.  At the same time, Standard & Poor's assigned its 'BB' rating
and '3' recovery rating to Universal's $500 million revolving
credit facility.

The Houston, Texas-based oilfield services company had
approximately $807 million in debt outstanding following the IPO
of its subsidiary Universal Compression Partners L.P.

The '3' recovery rating indicates the expectation of meaningful
recovery of principal in the event of a payment default.

"The upgrade reflects Universal's improved credit metrics and
operating performance," said Standard & Poor's credit analyst
Aniki Saha-Yannopoulos.

Standard & Poor's also said that it expects Universal to use its
discretionary cash flow for share repurchases and some debt
reduction as well as business reinvestment.

"We assume that the company will keep its consolidated credit
measures within the appropriate range for the rating, and
acquisitions at the UCLP level will be partially equity
financed," said Ms. Saha-Yannopoulos.

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


WARREMANG: Court Appoints Provisional Liquidator
------------------------------------------------
On November 24, 2006, the Australian Securities and Investments
Commission obtained orders from the Federal Court of Australia
appointing a provisional liquidator to Victorian-based unlisted
public company, Warrenmang Limited.

Under the orders, Justice Finkelstein appointed Colin McIntosh
Nicol, of McGrathNicol+ Partners, as the provisional liquidator
for Warrenmang.

These orders follow the commencement of an investigation by ASIC
into the affairs of Warrenmang after concerns that the company
may not have refunded all the application money owed to
subscribers after an unsuccessful capital raising.  The Pre-
Initial Public Offering is believed to have raised AU$1 million
in seed capital.  The Initial Public Offer is believed to have
raised over AU$2.2 million.

The ASIC's investigation is not related to the Warrenmang
Vineyard and Resort in Bendigo, Victoria.

                        About Warrenmang

Warrenmang was incorporated on September 1, 2003, as a vehicle
to acquire wine businesses in Victoria.

Warrenmang issued a prospectus in December 2003 to raise a
minimum of AU$6 million with a view to listing the company on
the Australian Stock Exchange.  This prospectus stated that the
funds raised would be used to acquire and consolidate various
wine and vineyard businesses.  Warrenmang failed to raise the
minimum subscription and list on the ASX.

In March 2004, a supplementary prospectus was issued to extend
the offer period for a further three months.  Warrenmang was
again unsuccessful in raising the minimum amount and the planned
public float never took place.

The law requires that application money received from investors
be held in a trust account until the securities are issued or
application money returned to the investors.

The ASIC commenced its investigation following complaints
received in October 2006.  The investigation is not related to
businesses proposed to be acquired by Warrenmang as described in
the prospectus.


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

AUTOCAM CORP: May Not Comply with Covenants on December 2006
------------------------------------------------------------
Autocam Corporation disclosed in a regulatory filing with the
Securities and Exchange Commission that based on its current
projections, it might be unable to comply with the financial
covenants set in its senior credit facilities and second lien
credit facility as of Dec. 31, 2006.

The Company however said that it was in compliance with the
covenants as of Sept. 30, 2006.  The Company's senior credit
facilities and second lien credit facility's financial covenants
that tested at each calendar quarter-end.

                        Credit Facilities

As of Sept. 30, 2006, the Company says that it borrowed US$23.1
million under its revolving credit facilities to fund liquidity
needs as cash generated from operations was insufficient to meet
the Company's requirements.  As of Sept. 30, 2006, the Company
had US$17.3 million remaining under its revolving credit
facilities and its senior credit facilities permits the Company
to factor without recourse an additional US$9.5 million of trade
receivables.

Subsequent to Sept. 30, 2006, the Company discloses that it
borrowed US$15.8 million of funds available under the revolving
credit facilities, and as of Nov. 13, 2006, had cash holdings of
$13.1 million.  The Company says that since it only had US$1.2
million remaining in its revolving credit facilities as of Nov.
13, 2006, the Company's short-term liquidity needs must be met
primarily from cash on hand and cash generated from operations.  
The Company relates that these sources could be insufficient to
meet its debt service and day-to-day operating expenses during
the fourth quarter.

The Company discloses that the interest payments on its senior
subordinated notes are due Dec. 15, 2006, while interest
payments on its senior credit facility and second lien credit
facility are due Dec. 29, 2006.

Failure to make these payments within the applicable 30-day
grace period in the case of the senior subordinated notes and
the applicable five-day grace period under the senior credit
facilities and second lien credit facility, the Company says,
would constitute events of default under these notes and credit
facilities.

                           Options

The Company discloses that in order to improve its near-term
liquidity, it is exploring a variety of options which include:

    * reducing investment in working capital;
    * selling idle equipment; and
    * securing other sources of capital for its operations.

The Company further discloses that it intends to engage in
discussion with its senior and second lien lenders to seek
further amendments to its senior credit facilities and second
lien credit facility to provide for covenant relief.  It also
intends to engage in restructuring discussion with holders of
the Company's senior subordinated notes.

The Company says it cannot assure that the discussions with its
lenders will be successful.  If the Company is not successful,
then upon an event of default, the senior and second lien
lenders will have the ability to exercise all of their rights,
including requiring the amounts outstanding under the senior
credit facilities and the second lien credit facility to become
due and payable.

Headquartered in Kentwood, Michigan, Autocam Corporation --
http://www.autocam.com/-- is a wholly owned subsidiary of Titan  
Holdings, Inc.  Autocam manufactures extremely close tolerance
precision-machined, metal alloy components, sub-assemblies and
assemblies, primarily for performance and safety critical
automotive applications.  The Company provides these products
from its facilities in North America, Europe, South America, and
Asia (particularly China) to some of the world's largest
suppliers to the automotive industry.  These suppliers include
Autoliv, Delphi Corporation, Robert Bosch GmbH, Siemens VDO, TRW
Automotive, Inc. and ZF Friedrichshafen AG.


CITIC BANK: BBVA Takes 5% Stake for EUR501 Million
--------------------------------------------------
On November 22, 2006, Banco Bilbao Vizcaya Argentaria entered
into an agreement to buy 5% stake in China CITIC Bank for EUR501
million, the International Herald Tribune reports.

At the same time, Banco Bilbao will take 15% holding in CITIC
International Financial Holdings for EUR488 million making it
the biggest investment by a Spanish company in China, various
reports say.

Banco Bilbao said that they valued CITIC Bank at 3.3 times its
2006 forecast book value and 1.62 times for CITIC International
Financial 2006 forecast book value.


According to Reuters, after CITIC Bank's expected US$2 billion
listing, Banco Bilbao has options to increase its holding in
CITIC Bank to 9.9% by buying shares at:

   -- 10% above the IPO price after one year; and

   -- 25% more after two years.

Banco Bilbao Chief Financial Officer Manuel Gonzalez Cid also
told reporters that Banco Bilbao is negotiating options to
increase its CITIC International Financial stake to 25%.

The deal, according to Reuters, will be beneficial to both
parties as Banco Bilbao gains access to China's corporate and
retail banking, while CITIC gets into Banco Bilbao's business in
Latin America and Europe, where trade with China is growing
fast.

Meanwhile, CITIC Bank plans to launch its initial public
offering in Hong Kong early next year, the China Daily cites
Chen Xiaoxian, president of CITIC Bank, as saying.  Mr. Chen
hopes to raise at least US$2 billion from its IPO in Hong Kong.  
Citibank, HSBC, Lehman Brothers, CICC and CITIC Securities are
underwriters for the listing.

                          *     *     *

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

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

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


CITIC BANK: Fitch Views BBVA's Stake Purchase as Credit Positive
----------------------------------------------------------------
On November 23, 2006, Fitch Ratings said it views Spanish Bank,
Banco Bilbao Vizcaya Argenta's, strategic investment in 5% of
China CITIC Bank for EUR501 million and 15% of CITIC Financial
Holding Company Limited for EUR488m to be credit positive.

Completion of the deal is expected by March 2007

CITIC Financial Holding holds 100% of CITIC Ka Wah Bank in Hong
Kong.

BBVA's extensive experience in emerging markets and strong
franchise in retail and wholesale banking should facilitate
improved risk management, corporate governance, transparency and
commercialization for CNCB.  BBVA will appoint one director to
CNCB and two directors to CFH.  BBVA will focus on exclusive
cooperation with CNCB in the areas of treasury and global
markets, auto finance, trade finance, risk management, and
technology.

For CFH, exclusive co-operation will be on international trade
finance, global markets, treasury and corporate banking.  These
strategic investments in the financial flagships of the CITIC
Group in China and Hong Kong create a unique opportunity to
leverage off the expertise and franchises that exist in both
locations.

While positive for CNCB's long-term development, Fitch notes
that the Chinese bank continues to face a number of challenges
that for the time being warrant the maintenance of a 'D/E'
Individual rating.  Brisk loan growth and modest earnings are
chief among these concerns.  CNCB's loan portfolio expanded by a
very strong 19% in H106.  Meanwhile, profitability remains quite
thin relative to other nationwide commercial banks, with a
return on assets in the neighborhood of 0.5% p.a. for the last
few years.

Notwithstanding these concerns, CNCB has recently shown some of
the strongest improvements in risk management among the banks
under Fitch's coverage, including the introduction of a new
economic capital management system, comprehensive stress
testing, and a new 10-grade customer rating system.

Additionally, Fitch notes that for CITIC Ka Wah Bank, proof of
improved profitability and asset quality, while adequate capital
levels are maintained, will be necessary for any ratings
upgrade.  The bank's Long-term Issuer Default rating of BBB+
reflects its adequate balance sheet strength, with its high CAR
of 14.6% offsetting its above-average credit risk profile and
limited market share.  That said, asset quality has improved
notably over the past few years with its impaired loan ratio
declining to 1.9% at mid-2006 vs. 3.3% at end-2004, although
this was still higher than the system average of 1.3%.

Meanwhile, underlying profitability was quite modest, coming in
below its peers', due to limited margins and a comparatively
high cost base.


EMI GROUP: Posts GBP30.1 Million Net Loss for First Half 2006
-------------------------------------------------------------
EMI Group Plc released its financial results for the six months
ended Sept. 30, 2006.

EMI posted GBP30.1 million in net loss against GBP867.9 million
in revenues for the first half of 2006, compared with GBP37.8
million in net profit against GBP924.6 million in revenues for
the same period in 2006.

In the first half, EMI Group delivered rapid digital growth,
continued creative success across both divisions and made good
progress on its restructuring initiatives.

The lower first-half revenues at EMI Music, and the GBP9 million
one-off cost of the fraud discovered in October at our recorded
music business in Brazil, are the key reasons for the reported
decline in Group profit from operations from GBP86.7 million to
GBP62.7 million.  The Board has declared an unchanged interim
dividend of 2.0p per share.

"The results for the first half of the financial year largely
reflect the phasing of EMI Music's planned release schedule
which, as previously indicated, has a greater weighting to the
second half of the financial year than in prior years," Eric
Nicoli, Group Chairman, said.  "EMI Music Publishing once again
delivered a strong performance."

                             Outlook

The company discloses an outstanding collection of releases due
in the second half of the financial year from both divisions.

From EMI Music, the company has albums from Robbie Williams,
Norah Jones, Keith Urban, Joss Stone, Dierks Bentley, RBD,
Relient K, All Saints, Vasco Rossi, Simon Webbe, Depeche Mode,
The Magic Numbers, The Thrills and Moby.  It also has an
exciting new release from The Beatles, where the legendary
producer Sir George Martin, and his son Giles, have been working
with the entire archive of Beatles recordings to create the LOVE
album.

Key second-half releases for EMI Music Publishing include albums
from Natasha Bedingfield, Kelly Clarkson, Daddy Yankee, Diddy,
Snoop Dogg, Good Charlotte, Il Divo, Jay-Z, Norah Jones, My
Chemical Romance, Scissor Sisters, Sting, Kanye West and Amy
Winehouse.

The strength of this line up, together with continued strong
growth in digital revenues and on-going cost discipline, give
the Board confidence that the Group is on track to deliver
results in line with its expectations for the full year, after
taking into account the impact of the fraud in Brazil.

                            About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent  
music company, operating directly in 50 countries and with
licensees in a further 20.  

The group has operations in China.  

The group employs over 6,600 people.  Revenues in 2005 were near
EUR2 billion and operating profit generated was over EUR225
million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities, and GBP726.6 million in shareholders'
deficit.


EMI GROUP: Moody's Cuts Rating on Weak Debt Protection Measures
---------------------------------------------------------------
Moody's Investors Service downgraded EMI Group plc's senior debt
and guaranteed debt ratings to Ba2 from Ba1.  At the same time
Moody's assigned a Ba2 Corporate Family Rating to EMI.  The
downgrade is based on Moody's expectation that EMI's debt
protection measurements will not improve near-term to a level
commensurate with the Ba1 rating category.  The rating outlook
is now stable.

Despite a visible improvement in operating performance during
the 2005/6 financial year EMI's cash-flow based measures of
indebtedness have remained relatively weak with Adj. RCF/Adj.
Net Debt at 8.3% while free cash flow (after capital
expenditures and dividends) was negative as it has been in four
out of the last five years.  While Moody's believes that EMI's
second half release schedule will help to compensate for a weak
first half performance -- reported revenues -5% -- during the
company's 2006/7 financial year, it will be challenging for EMI
to show meaningfully improved revenue and profits for the year
against the backdrop of a still struggling global market for
recorded music.

Current year operating cash flows will also be held back by
significant restructuring spending -- GPP60 million -- although
Moody's acknowledges that EMI has completed compensatory
property sales to fund these outflows.  In addition, the company
is, in Moody's opinion likely to use any financial flexibility
gained over the medium term to consider add-on acquisitions --
music publishing catalogues, smaller recorded music labels --
given that acquisition activity has been very muted over the
last couple of years.

The Ba2 rating continues to recognize EMI's position as a global
player in the oligopolistic recorded music industry as well as
the company's leading world-wide position in music publishing
with a more stable revenue base compared to recorded music.  EMI
Music Publishing is currently the world's largest music
publisher, but is likely to cede its top place to Universal
Music once Universal's acquisition of Bertelsmann Music Group's
music publishing business becomes effective.

The rating further acknowledges the significant restructuring
steps EMI has been taking over the last few years to lower the
company's cost base, including the outsourcing of manufacturing
in the U.S., Europe and Japan and the tight management of the
artist roster.  Current year cost savings are expected to save
GBP30 million on a run-rate basis from 2007/8 onwards.  In
addition, EMI's performance in music publishing remains
relatively resilient with mechanical revenues directly related
to recorded music sales representing no more than 45% -- in
2005/6 -- of EMI's music publishing revenues.

The Ba2 rating and a stable outlook assume that EMI can:

   -- translate its strong release schedule into revenue
      and profit growth for the second half of 2005/6;

   -- deliver consolidated revenue growth thereafter; and

   -- achieve cost reductions as forecast.

Failure to deliver these objectives, near-term debt-financed
acquisitions or failure to move the ratio of Adj. RCF/Adj.  Net
Debt towards 10% over time could result in ratings pressure. The
possible business combination between EMI and Warner Music Group
adds an element of uncertainty to the outlook over time.  While
any such combination would have significant cost saving
potential, the financing of a potential transaction and who
would be in the role of acquirer remain unclear.

However, merger talks have ceased for the time being as the EU
reconsiders the competitive implications of the merger between
Sony Music and Bertelsmann Music Group following the annulment
of the initial approval for this transaction by the European
Court of First Instance.  If after the review process the Sony
BMG merger were to be re-approved Moody's believes that a
resumption of the talks between EMI and Warner would likely
follow.

Moody's notes that the operating environment for recorded music
remains difficult.  The global recorded music markets have been
shrinking since 2001 and total global music sales -- on a trade
values basis -- fell by a further 4% during the first calendar
half of 2006 -- after -1.9 % in 2005 -- despite continuing
strong digital sales.  Moody's believes that the fall for the
first half of 2006 is aggravated by the phasing of release
schedules with a further increasing bias towards releases during
the second half of the calendar year.

Nevertheless it will remain challenging for the industry to
reverse first half trends and achieve overall growth for the
calendar year.  Notwithstanding the relative success of both the
industry's legitimate download products and concerted legal
action, download and physical music piracy remain a constricting
factor for the global recorded music industry.  In addition, the
very success of the legitimate download product also means that
EMI and the industry as a whole will have to carefully manage
the retail channel as the continuing move towards digital
distribution is likely to take a toll on specialist retailers.

Ratings affected are:

EMI Group plc

    * CFR of Ba2 assigned
    * 8.25% GBP bonds due 2008
    * 8.625% notes due 2013

Capitol Records Inc. (gtd. by EMI Group plc)

    * 8.375% guaranteed notes due 2009

                          *     *     *

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent  
music company, operating directly in 50 countries and with
licensees in a further 20.  

The group has operations in China.  

The group employs over 6,600 people.  Revenues in 2005 were near
EUR2 billion and operating profit generated was over EUR225
million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.


EMI GROUP: S&P Lowers Long-Term Corporate Rating to BB from BB+
---------------------------------------------------------------
Standard & Poor's Rating Services lowered to BB from BB+ its
long-term corporate and senior unsecured ratings on U.K.-based
music producer and distributor EMI Group PLC, following an
annual review.  The outlook is negative.

"The rating action reflects our concerns about EMI's ability to
rapidly improve debt measures, which remain tight for the rating
category," said Standard & Poor's credit analyst Patrice
Cochelin.

Worldwide recorded music revenues were down by 4% in first-half
2006.  Falling sales of recorded music in physical formats --
notably CDs, which still represent about 80% of industry sales -
- and physical and digital piracy remain the industry's main
challenges, despite strong growth in digital music sales -- 11%
of industry revenues in first-half 2006.

EMI has about 13% of the global recorded music market.  A
comparatively weak release schedule pushed recorded music
revenues down by 4%. Although Standard & Poor's expects the
company's strong second-half release schedule and a less
challenging comparison to support year-on-year revenue growth in
the balance of the financial year, we expect continued weakness
in EMI's full-year discretionary cash flow generation after
restructuring  -- o60 million -- and dividends -- about o64
million.

                          *     *     *

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent  
music company, operating directly in 50 countries and with
licensees in a further 20.  

The group has operations in China.  

The group employs over 6,600 people.  Revenues in 2005 were near
EUR2 billion and operating profit generated was over EUR225
million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.


FINSTAR LTD: Members Pass Resolution to Wind Up Firm
----------------------------------------------------
On Nov. 15, 2006, the members of Finstar Ltd passed a special
resolution to voluntarily wind up the company's operations.

The Joint and Several Liquidator can be reached at:

         Michael Roger Eyles
         Suite 905, 9/F, Centre Point
         181-185 Gloucester Road
         Wanchai, Hong Kong


GLOBAL POWER: Morgan Stanley Commits US$85 Million DIP Financing
----------------------------------------------------------------
Global Power Equipment Group Inc. received a commitment from
Morgan Stanley Senior Funding Inc. for debtor-in-possession
credit facilities in an aggregate amount of up to US$85 million.

The DIP credit facilities are subject to further due diligence
by Morgan Stanley and certain other customary conditions,
including approval by the United States Bankruptcy Court for the
District of Delaware.  Among other purposes, the proceeds of the
DIP credit facilities will be used to refinance Global Power's
existing senior secured revolving debt and term loan, facilitate
bonding and performance obligations under letters of credit, and
provide further liquidity to Global Power in support of its
ordinary course business operations.

Global Power obtains an interim DIP credit facility in an
aggregate amount of US$10 million arranged by Bank of America,
the proceeds of which will be used to support a letter of credit
facility for Global Power's Williams Industrial Services Group
business until such time as the DIP credit facilities to be
provided by Morgan Stanley become available.

"We are pleased with the progress we are making in ensuring that
Global Power continues to have adequate levels of financing to
stabilize our operations and meet customer needs as we move
forward with our reorganization," John Matheson, President and
Chief Executive Officer of Global Power, said.  "The interim DIP
credit facility arranged by Bank of America fills a unique need
of our Williams business, which requires letters of credit and
bonding in its ongoing work.  At the same time, we are pleased
to have secured a commitment from Morgan Stanley to provide
permanent DIP credit facilities for use by our entire
organization."

                          *     *     *

Based in Tulsa, Oklahoma, Global Power Equipment Group Inc. aka
GEEG Inc. (OTC Pink Sheets: GEGQQ) --
http://www.globalpower.com/-- provides power generation  
equipment and maintenance services for its customers in the
domestic and international energy, power and infrastructure and
service industries.  The Company designs, engineers and
manufactures a range of heat recovery and auxiliary equipment
primarily used to enhance the efficiency and facilitate the
operation of gas turbine power plants as well as for other
industrial and power-related applications.  The Company has
facilities in Plymouth, Minnesota; Tulsa, Oklahoma; Auburn,
Massachusetts; Atlanta, Georgia; Monterrey, Mexico; Shanghai,
China; Nanjing, China; and Heerleen, The Netherlands.

The Company and 10 of its affiliates filed for chapter 11
protection on Sept. 28, 2006 (Bankr. D. Del. Case No 06-11045).

Attorneys at White & Case LLP and The Bayard Firm, P.A.,
represent the Debtors.  The Official Committee of Unsecured
Creditors appointed in the Debtors' cases has selected Landis
Rath & Cobb LLP as its counsel.  As of Sept. 30, 2005, the
Debtors reported total assets of US$381,131,000 and total debts
of US$123,221,000.  The Debtors' exclusive period to filed a
chapter 11 plan expires on Jan. 26, 2007.


GLOBAL POWER: Wants Court Approval to Use BofA's Cash Collateral
----------------------------------------------------------------
Global Power Equipment Group Inc. and its debtor-affiliates ask
the U.S. Bankruptcy Court for the District of Delaware for
permission to use the cash collateral securing repayments of its
obligations to Bank of America N.A.

On Oct. 1, 2004, the Debtors entered into a US$1 million credit
agreement with Bank of America N.A.  On Apr. 1, 2005, the
Debtors further entered into a US$25 million term loan and US$75
million revolving credit facility joint agreement with the U.S.
Bank of National Association and Bank of Oklahoma N.A., their
senior lenders.  These obligations were secured by liens and
security interest in substantially of the Debtors' assets.

The Debtors' proposed cash collateral will be used to fund its
administration and operating expenses.  Additionally, the
Debtors pledge approximately US$8.5 million in cash and cash
equivalent to further secure the Debtors' obligations.


                          *     *     *

Based in Tulsa, Oklahoma, Global Power Equipment Group Inc. aka
GEEG Inc. (OTC Pink Sheets: GEGQQ) --
http://www.globalpower.com/-- provides power generation  
equipment and maintenance services for its customers in the
domestic and international energy, power and infrastructure and
service industries.  The Company designs, engineers and
manufactures a range of heat recovery and auxiliary equipment
primarily used to enhance the efficiency and facilitate the
operation of gas turbine power plants as well as for other
industrial and power-related applications.  The Company has
facilities in Plymouth, Minnesota; Tulsa, Oklahoma; Auburn,
Massachusetts; Atlanta, Georgia; Monterrey, Mexico; Shanghai,
China; Nanjing, China; and Heerleen, The Netherlands.

The Company and 10 of its affiliates filed for chapter 11
protection on Sept. 28, 2006 (Bankr. D. Del. Case No 06-11045).  

Attorneys at White & Case LLP and The Bayard Firm, P.A.,
represent the Debtors.  The Official Committee of Unsecured
Creditors appointed in the Debtors' cases has selected Landis
Rath & Cobb LLP as its counsel.  As of Sept. 30, 2005, the
Debtors reported total assets of US$381,131,000 and total debts
of US$123,221,000.  The Debtors' exclusive period to filed a
chapter 11 plan expires on Jan. 26, 2007.


GUINNESS INVESTMENT: Placed Under Voluntary Liquidation
-------------------------------------------------------
At an extraordinary general meeting held on Nov. 17, 2006, the
members of Guinness Investment Ltd resolved to voluntarily wind
up the company's operations.

Accordingly, Thomas Andrew Corkhill and Iain Ferguson Bruce were
appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Thomas Andrew Corkhill
         Iain Ferguson Bruce
         8/F, Gloucester Tower
         The Landmark
         15 Queen's Road, Central
         Hong Kong


KAM YUEN: Creditors' Proofs of Claim Due on December 18
-------------------------------------------------------
Creditors of Kam Yuen Building Supplies Ltd are required to
submit their proofs of claim by Dec. 18, 2006, to Liquidator Ng
Kam Wan.

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

The Liquidator can be reached at:

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


LINDA FASHION: Commences Wind-Up Proceedings
--------------------------------------------
The members of Linda Fashion International Company Ltd on
Nov. 10, 2006, passed a special resolution to voluntarily wind
up the company's operations and appointed Fung Tat Man as
liquidator.

Mr. Man's appointment was confirmed at the creditors' meeting
held subsequently that same day.

The Liquidator can be reached at:

         Fung Tat Man
         10/F, Xiu Ping Commercial Building
         104 Jervois Street
         Sheung Wan, Hong Kong


LLOYDSTAR LTD: Creditors Must Prove Debts by December 19
--------------------------------------------------------
Liquidator Francis Young requires the creditors of Lloydstar Ltd
to submit their proofs of debt by Dec. 19, 2006.

Creditors who cannot prove their debts by the due date will be
excluded from sharing in any distribution the company will make.

The Liquidator can be reached at:

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


MAXIFORD COMPANY: Members Agree on Voluntary Wind-Up
----------------------------------------------------
At an extraordinary general meeting of Maxiford Company Ltd held
on Nov. 16, 2006, the members passed a special resolution to
voluntarily wind up the company's operations and appointed Li
Man Wai as liquidator.

The Liquidator can be reached at:

         Li Man Wai
         Room 1001, 10/F.
         Tai Yau Building
         181 Johnston Road, Wanchai
         Hong Kong


PRO-OP CONTRACTING: Court to Hear Wind-Up Petition on Dec. 27
-------------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Pro-Op Contracting (Int'l) Ltd on Dec. 27, 2006, at 9:30 a.m.

Ho Kin Yip Vincent filed the petition with the Court on Oct. 31,
2006.

The Solicitors for the Petitioner can be reached at:

         Knight & Ho
         Rooms 2207-10, 22/F
         World-Wide House
         19 Des Voeux Road, Central
         Hong Kong


RFCI (HK): Annual Meetings Scheduled for December 8
---------------------------------------------------
The members and creditors of RFCI (HK) Ltd will meet for their
annual meetings on Dec. 8, 2006, at 10:15 a.m. and 10:45 a.m.,
respectively, to receive the liquidator's account of the
company's wind-up proceedings.

The Liquidator can be reached at:

         Wong Tak Leung, Charles
         Suites 1706-08
         17/F, China Merchants Tower
         Shun Tak Centre
         Nos. 168-200 Connaught Road, Central
         Hong Kong


SHIMAO PROPERTY: High-Yield Bond Offering Sees Strong Demand
------------------------------------------------------------
Shimao Property Holdings' high yield bond offering is seeing a
strong demand from investors despite recent offerings of Chinese
real estate bonds this year, Finance Asia reports.

The sale of five- and 10-year bonds attracted demand of more
than US$4 billion, Shanghai Daily says, citing a banker involved
in the deal who declined to be named because of confidentiality
agreements.

"Shimao is one of the better mainland developers because of its
credit ratings, the location of its land and the quality of its
projects, so I won't be surprised to see some switching into
Shimao bonds," Lawrence Koo, director of Hong Kong-based
Tribridge Investment Partners Ltd, told the Daily.

Finance Asia relates that bankers are claiming a number of
superlatives for the deal, while some even called it "China's
biggest corporate bond deal for 10 years" and the biggest ever
for a private Chinese company.

As a proof, Moody's gave the deal a rating of Baa3, the first
time a private sector Chinese issuer has been rated investment
grade.  

However, as reported by the Troubled Company Reporter - Asia
Pacific on November 10, 2006, Standard & Poor's maintained a
more conservative BB+ rating, reflecting its general caution
towards the Chinese property sector.

The offer was structured in two tranches, partly to make such a
big deal easier to swallow as the split investment grade rating
allows bankers to market the deal to a much broader audience
than a straight high-yield deal, Finance Asia says.

By adding a floating-rate tranche, the offer racked up more than
100 one-on-one meetings in Singapore, Hong Kong, London, and the
U.S., and generated US$4 billion in demand for the proposed
US$500 million deal, Finance Asia notes.

Shimao, according to reports, originally planned to sell US500
million but chose to upsized it to US600 million and tightened
the pricing.  

Reports say that the US$250 million non-call five floating-rate
tranche was marketed at between Libor plus 200-225bp to Libor
plus 195-200bp, and finally priced at 195bp.  The US$350 million
non-call five fixed-rate tranche dropped from the 8.25% ballpark
to price at 8%.

Shanghai Daily notes that about 55% of the bonds were bought by
Asian investors, 30% by European fund managers and the remainder
went to those in the United States.

                          *     *     *

Shimao Property Holdings Limited -- http://www.shimaogroup.com/
-- principal activities are property development, property
investment and hotel operation.  The property and hotel projects
were all located in the People's Republic of China.

As reported by the Troubled Company Reporter - Asia Pacific on
November 10, 2006, Standard & Poor's Ratings Services assigned
its BB+ long-term corporate credit rating to China-based Shimao
Property Holdings Ltd.  The outlook is stable.  

At the same time, S&P assigned its BB+ issue rating to Shimao's
proposed senior unsecured notes of US$500 million, which will be
split into two tranches of a fixed or floating rate note and a
fixed rate note.  The proceeds will be used to refinance
existing loans, finance existing projects, and acquire land.


SHING YIP: Members to Receive Wind-Up Report on Dec. 27
-------------------------------------------------------
The members of Shing Yip Rent Office Ltd will meet for their
final meeting on Dec. 27, 2006, at 11:00, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal exercises.

According to the Troubled Company Reporter - Asia Pacific, the
company's creditors were required to prove their debts by
Nov. 6, 2006.

The Liquidator can be reached at:

         Ho Robert Yau Chung
         20/F, East Town Building
         41 Lockhart Road, Wanchai
         Hong Kong


TUNG DA AV: Creditors' Proofs of Debt Due on Dec. 22
----------------------------------------------------
Liquidators Chan Shu Kin and Chow Chi Tong require creditors of
Tung Da Av Factory Ltd to file their proofs of debt by Dec. 22,
2006, to share in any distribution the company will make.

The Joint and Several Liquidators can be reached at:

         Chan Shu Kin
         Chow Chi Tong
         9/F, Tung Ning Building
         249-253 Des Voeux Road, Central
         Hong Kong

                        About Tung Da Av

Tung Da Av Factory Limited is located in Kwun Tong, KLN, Hong
Kong.  The company's business involves electronic parts and
equipment.


VAN-MEITETSU FINANCE: Members Resolve to Voluntary Wind-Up Firm
---------------------------------------------------------------
The members of Van-Meitetsu Finance Company Ltd held an
extraordinary general meeting on Nov. 20, 2006, and passed a
special resolution to voluntarily wind up the company's
operations.

In this regard, Cheng Chung Por Gordon and Ngan Lin Chun Esther
were appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Cheng Chung Por Gordon
         Ngan Lin Chun Esther
         1902 MassMurual Tower
         38 Gloucester Road, Wanchai
         Hong Kong


VOLKSWAGEN AG: MAN & Scania's Takeover Battle Continues
-------------------------------------------------------
MAN AG's EUR10.2 billion hostile bid for Scania AB will continue
to drag on after Volkswagen AG failed to support a side in the
takeover battle for Scania, Jason Singer and Stephen Power write
for Wall Street Journal.

According to WSJ, Volkswagen's large shareholdings in MAN and
Scania gave it the power to influence the outcome, by either
siding with MAN or Investor AB, Scania's second largest
shareholder.  

As reported in the TCR-Europe on Nov. 20, Volkswagen's
Supervisory Board stated Nov. 17 that it continues to support
the merger of MAN and Scania and confirmed its two resolutions
adopted on Oct. 15.  It continues to seek an amicable solution,
but is open to other strategies if necessary.

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

One possibility is a counterbid by Scania for MAN, which could
occur if Volkswagen and Sweden's Wallenberg family, through its
holding company Investor AB, agreed to act on it.  However,
people close to the matter told WSJ that the possibility of a
counterbid from Scania is unlikely because it's difficult to
accomplish a hostile acquisition in Germany than in Sweden.

MAN launched its SEK475 formal bid per Scania share in cash and
stock on Nov. 16.  The offer would run from Nov. 20 to Dec. 11.

A combination of MAN and Scania would create Europe's biggest
maker of commercial vehicles by market share and the world's
third biggest behind Sweden's Volvo AB and Germany's
DaimlerChrysler AG.

                          *     *     *

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

                        *    *    *

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

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

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


VOLKSWAGEN AG: Shifting Golf Production From Belgium to Germany
---------------------------------------------------------------
Volkswagen AG plans to halt production of its Golf model at its
Belgian plant, which could affect 3,500 jobs in Brussels,
Constant Brand reports for The Associated Press.

According to the report, Volkswagen will transfer the production
of its Golf models to Germany, in an effort to cut output in
Western Europe due to decreasing demand.

Volkswagen spokeswoman Evelyne Helin told The Associated Press
that 1,500 jobs could be saved out of the 5,300 at the assembly
plant in Brussels noting that it "is not a firm figure," Ms.
Helin disclosed.

Ms. Helin said the Brussels factory currently produces 204,000
vehicles per year, 190,000 of which are Golf models.

"This is a black day, certainly the worst in my 23 years at
Volkswagen," Pascal Van Cauwenberghe, an official of the ACV
union, told Bloomberg in a telephone interview.  "Volkswagen
Brussels is headed for a quiet death."

"You have got to add another 3,000 or 4,000 jobs being cut at
subcontractors," Van Cauwenberghe told Bloomberg, who estimated
they employ some 8,000 people.  The cuts are a "total
catastrophe" for local workers, he added.

"I'm shocked that national reasons lie behind this decision,"
Prime Minister Guy Verhofstadt was quoted by AP as saying.  He
encouraged workers to remain calm and await word on what
opportunities might still exist in the Volkswagen operation.

The European Union said Belgium could apply for EU aid to help
retrain workers, AP relates.  

"We are aware of the challenging effect that any large-scale
redundancy with Volkswagen can have for the Brussels region," EU
spokeswoman Katharina Von Schnurbein told AP.

Volkswagen aims to keep 1,500 workers at the plant, enough to
build the Polo car, Harwig von Sass, a Volkswagen spokesman told
Bloomberg News.  He added that negotiations with the local union
are still ongoing and a decision is yet to be concluded.

As previously reported in the TCR-Europe, outgoing CEO Bernd
Pischetsrieder, who began VW's restructuring efforts, planned to
increase pretax profit to EUR5.1 billion in 2008 from EUR1.1
billion in 2004.  The company agreed on a 34-hour workweek with
unions in September.  

Mr. Pischetrieder tried to decrease spending on labor and reduce
Volkswagen's global workforce by eliminating some 20,000 German
jobs.

As previously reported, Martin Winterkorn, Volkswagen's incoming
chief executive, aimed to beat the carmaker's 2008 profit target
as the company introduces new models and cuts costs.  

                          *     *     *

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

                         *    *    *

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

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

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


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

BANK OF BARODA: To Raise INR10 Billion in Tier II Capital
---------------------------------------------------------
Bank of Baroda plans to raise Tier-II capital of INR10 billion,
myiris.com reports.

The capital would be raised in two months, the Web site cites
Anil K Khandelwal, bank chairman and managing director, as
saying.

Bank of Baroda also has plans to expand operations abroad.

According to the report, the Reserve Bank of India has already
granted Bank of Baroda the license to operate in 10 more
countries, including Canada, New Zealand, Australia, Ghana, Sri
Lanka and Bangladesh.

Currently, the report notes, the bank's overseas operations
account for 18% of its total business and 35% of the total net
profit.

                      About Bank of Baroda

Headquartered in Mumbai, India, Bank of Baroda --  
http://www.bankofbaroda.com/-- is a provider of banking     
services in India.  The company's solutions includes personal
banking, which includes deposits, retail loans, credit cards,
debit card, lockers and other services; business banking, which
comprises working capital, term finance and traders loans;
corporate banking, which includes cash management and
remittances, multi-city cheques, appraisals and merchant
banking; international business, which includes import finance,
international treasury, export finance, correspondent banking
and other solutions; treasury banking, which comprises domestic
operations and forex operations, and rural banking, which
includes retail loan, small businesses and small scale
industries.

Fitch Ratings, on June 1, 2005, gave Bank of Baroda an
individual rating of C/D.


BANK OF INDIA: To Open Unit and Invest US$10 Mil. in Tanzania
-------------------------------------------------------------
Bank of India will open a new subsidiary in Tanzania and intends
to put in US$10 million as investment, The East African reports.

The move is in line with BOI's plans to spread overseas
operations in the East African market.

Aside from setting up the subsidiary, BOI also plans to open a
branch in Tanzania and an office in Johannesburg, among others,
the report states citing BOI Executive Director Ramchandra
Kamat.

According to the newspaper, almost 20% of the bank's business
turnover comes from its international business.

To fund its international operations, the bank also plans to
raise around US$250 million, the newspaper adds.

                      About Bank of India

Bank of India -- http://www.bankofindia.com/-- 2,628 branches  
in India spread over all states/union territories, including 93
specialized branches.  The bank provides a range of financial
products and services, including numerous credit schemes,
deposit schemes, cash management services, credit/debit cards,
deposit vaults and corporate bonds.  It also extends finance to
small and medium enterprises and small-scale industries.  It
provides a variety of loans, such as mortgage loans, educational
loans, auto finance loans, holiday loans, personal loans and
home loans.  The bank offers Internet banking services for both
the retail and corporate clients.

The bank also operates in the Cayman Islands, China, the Channel
Islands, France, Hong Kong, Indonesia, Japan, Kenya, Singapore,
the United Kingdom, the United States, and Vietnam.

                          *     *      *

The Troubled Company Reporter - Asia Pacific reported on
September 11, 2006, that Standard & Poor's Ratings Services
assigned its BB- rating to Bank of India's (BoI; BB+/Positive/B)
proposed upper Tier II subordinated and hybrid Tier I notes
under its US$1 billion MTN program.

At the same time, Standard & Poor's raised its rating on the
proposed subordinated notes, or lower Tier II notes, under the
MTN program to BB from BB-.

S&P had earlier given Bank of India both BB+ long-term local and
foreign issuer credit ratings, and B ratings on its short-term
foreign and local issuer credit.


BHARTI AIRTEL: Becomes India's 5th Largest Corporate Entity
-----------------------------------------------------------
Bharti Airtel Limited increased market capitalization to
INR1,09,700 crore, making it India's fifth biggest corporate
entity in terms of market value, Zee News reports.

The move up, which followed after a sharp jump in share price to
a record high level, means displacing Tata Consultancy Services
from the top five spot in India's most valued companies, the
report points out.

Zee News, citing brokers, notes that Bharti experienced an
almost secular uptrend since late July, supported by sustained
strong growth in its subscriber base and impressive quarterly
results.

                       About Bharti Airtel

Headquartered in New Delhi, India, Bharti Airtel Limited --
http://www.bhartiairtel.in/-- is a telecom services provider.     
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS) and Enterprise Services.  The Mobile
Services business unit offers mobile services in all 23 telecom
circles of India.  The B&TS business unit provides broadband and
telephone services in 90 cities across India.  The Enterprise
Services business unit has two sub-units: Carriers (long-
distance services) and Corporates.  Through Enterprise Services-
Carriers, Bharti Airtel provides national and international
long-distance services.  The Enterprise Services-Corporates
business unit provides integrated voice and data communications
solutions to corporate customers and small and medium-size
enterprises.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 28, 2006, that Fitch Ratings has affirmed Bharti Airtel
Limited's long-term foreign currency issuer default rating at
BB+.  The outlook on the rating remains stable.

Additionally, Standard and Poor's Rating Service gave the
company's long-term local and foreign issuer credit BB+
ratings on September 21, 2005.


BHARTI AIRTEL: Reappoints Sunil B Mittal as Managing Director
-------------------------------------------------------------
Bharti Airtel Ltd informed the Bombay Stock Exchange that its
members, by way of postal ballot, resolved to approve the re-
appointment of:

   -- Sunil Bharti Mittal, Managing Director,

   -- Akhil Gupta and Rajan Bharti Mittal, Joint Managing
      Directors.

The reappointments are effective starting October 01, 2006.

                       About Bharti Airtel

Headquartered in New Delhi, India, Bharti Airtel Limited --
http://www.bhartiairtel.in/-- is a telecom services provider.     
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS) and Enterprise Services.  The Mobile
Services business unit offers mobile services in all 23 telecom
circles of India.  The B&TS business unit provides broadband and
telephone services in 90 cities across India.  The Enterprise
Services business unit has two sub-units: Carriers (long-
distance services) and Corporates.  Through Enterprise Services-
Carriers, Bharti Airtel provides national and international
long-distance services.  The Enterprise Services-Corporates
business unit provides integrated voice and data communications
solutions to corporate customers and small and medium-size
enterprises.


                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 28, 2006, that Fitch Ratings has affirmed Bharti Airtel
Limited's long-term foreign currency issuer default rating at
BB+.  The outlook on the rating remains stable.

Additionally, Standard and Poor's Rating Service gave the
company's long-term local and foreign issuer credit BB+
ratings on September 21, 2005.


BRITISH AIRWAYS: Inks Code Share Pact with Caribbean Airlines
-------------------------------------------------------------
British Airways signed a code share accord with Caribbean
Airlines, which will take the place of British West Indies
Airlines on Jan. 1, Newsday reports.

According to a press statement, Caribbean Airlines' flight code
will be placed on British Airways' services from Port-of-Spain
as well as from Barbados and Antigua.

Newsday relates that British Airways will launch service from
Port-of-Spain to London Gatwick, with three flights each week
via Barbados on a Boeing 777.

British Airways operates three flights weekly from Crown Point,
Tobago, Newsday states.

"We welcome Caribbean Airlines as our latest code share partner
and look forward to our future relationship.  We are delighted
to be starting service from Port-of-Spain.  Port-of-Spain is the
industrial capital of the Southern Caribbean as well as a
thriving leisure destination," Dr. Oliver King, commercial
senior vice president of British Airways' Latin America and
Caribbean operations, told Newsday.

                About British West Indies Airlines

British West Indies aka BWIA was founded in 1940, and for more
than 60 years has been serving the Caribbean islands from
Trinidad and Tobago, the hub of the Americas, linking the twin
island republic and many other Caribbean islands with North
America, South America, the United Kingdom and Europe.

                      About British Airways

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.


OWENS CORNING: Insurance Cos. Want Administrative Claims Allowed
----------------------------------------------------------------
Several insurance companies that provided coverage or other
services to Owens Corning and its debtor-affiliates ask the
Honorable Judith Fitzgerald of the United States Bankruptcy
Court for the District of Delaware to allow their administrative
expense claims:

     (1) American Home Assurance Company;

     (2) American Home Assurance Company-Canada;

     (3) American International Specialty Lines Insurance
         Company;

     (4) AIU Insurance Company;

     (5) AIU North America, Inc.;

     (6) Commerce and Industry Insurance Company;

     (7) Illinois National Insurance Company;

     (8) Lexington Insurance Union Fire Insurance Company of
         Pittsburgh, PA;

     (9) New Hampshire Insurance Company;

    (10) Starr Excess Liability Insurance International Limited-
         United Kingdom; and

    (11) certain other affiliates of American International
         Group, Inc.

Frederick B. Rosner, Esq., Duane Morris LLP, in Wilmington,
Delaware, says the Administrative Expense Claims relate to Owens
Corning's unpaid obligations under certain policies issued by
the Insurers.  The unpaid obligations consist of premiums,
certain deductibles, self-insured retentions, reimbursement
obligations, any additional premium, fees, expenses and related
costs.

Mr. Rosner notes the Insurers continue to provide accident &
health, aviation, fidelity, general liability, inland marine,
property, and workers' compensation insurance coverages, among
others.  The Policies cover various periods commencing in August
1998 and ending Dec. 31, 2049.

A list of the postpetition policies issued to the Debtors is
available for free at http://researcharchives.com/t/s?156e

The Insurers and the Debtors may have entered or may in the
future enter into additional policies during the pendency of the
bankruptcy cases, Mr. Rosner notes.

Mr. Rosner asserts that it is well settled that:

   * insurance is a recognized means of protecting and
     preserving the estate, thus providing a benefit to the
     estate; and

   * the insurance provider is to be awarded administrative
     expense priority for the pro rata share of the premium
     during the postpetition period in which the estate
     received benefits from the insurance contract.

The Insurers, therefore, are entitled to administrative expense
status pursuant to Section 503(b) of the Bankruptcy Code for all
amounts, liquidated, unliquidated, contingent or otherwise, for
insurance and other services provided to the Debtors after the
Petition Date.

If any amounts become liquidated and due, the Insurers want to
be paid in the ordinary course of business, Mr. Rosner tells the
Court.

The Insurers' request is not intended to waive any right to
arbitration, Mr. Rosner notes.  The Insurers reserve the right
to seek arbitration of any dispute arising in connection with
the Motion.  To the extent of any pre-existing arbitration
agreement, the Court's jurisdiction to resolve disputes should
be limited to referring those disputes to arbitration and
enforcing any arbitration award, Mr. Rosner adds.

In pursuing payment of their administrative expense claim, Mr.
Rosner says, the Insurers:

      (i) do not submit to the jurisdiction of the Court for any
          purpose other than with respect to the Motion;

     (ii) do not waive their rights against any other persons
          liable for all or part of the request for payment;

    (iii) reserve their rights to:

          * amend or supplement their Motion;

          * assert all claims, causes of action, defenses,
            offsets or counterclaims; and

          * cancel or rescind any and all of the agreements,
            which are the subject of the Administrative Expense
            Claims.

                      About Owens Corning

Owens Corning (OTC: OWENQ.OB) -- http://www.owenscorning.com/--
manufactures fiberglass insulation, roofing materials, vinyl
windows and siding, patio doors, rain gutters and downspouts.  
Headquartered in Toledo, Ohio, the company has locations in
India, Mexico and Belgium.  

Headquartered in Toledo, Ohio, the company filed for chapter 11
protection on Oct. 5, 2000 (Bankr. Del. Case. No. 00-03837).
Norman L. Pernick, Esq., at Saul Ewing LLP, represents the
Debtors.  Elihu Inselbuch, Esq., at Caplin & Drysdale,
Chartered, represents the Official Committee of Asbestos
Creditors.  James J. McMonagle serves as the Legal
Representative for Future Claimants and is represented by Edmund
M. Emrich, Esq., at Kaye Scholer LLP. (Owens Corning Bankruptcy
News, Issue No. 146; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

The company's long-term issuer default, senior unsecured debt
and preferred stock carries Fitch's D rating.


OWENS CORNING: Releases Financial Results for Third Quarter 2006
----------------------------------------------------------------
Owens Corning and its debtor-affiliates have reported
consolidated net sales and operating results for the third
quarter and the first nine months of 2006.  The company reported
record third-quarter consolidated net sales of US$1.661 billion,
compared with US$1.618 billion in the third quarter of 2005,
representing a 2.7 percent increase from the prior year.

"Third-quarter results were in-line with our expectations,"
said Dave Brown, president and chief executive officer.
"Although we experienced significant increases in energy,
transportation and raw material costs, we are pleased that we
delivered record financial results through the first nine months
of 2006."

"The strong demand for our products and services that we
experienced in the first half of the year softened in the third
quarter due to the slowing U.S. housing market," said Mr. Brown.
"While our Insulating Systems segment continued to perform at a
high level, the results of our Roofing and Asphalt segment were
affected by diminished storm-related demand.  Our Composite
Solutions segment experienced strong demand globally.

"We anticipate that the continued decline in housing starts
will translate into weaker demand for our building materials
products in the fourth quarter of 2006.  However, as we have in
the past, we're aggressively managing our business to anticipate
and meet the changing demands of the marketplace."

Owens Corning also announced today that shares of its common
stock that will be issued at the time of emergence from Chapter
11 have been approved for listing on the New York Stock Exchange
under the ticker symbol "OC."  In anticipation of emergence,
currently scheduled for Oct. 31, 2006, such common shares began
trading on a "when-issued" basis on Monday, Oct. 23, 2006.  
"Regular-way" trading is anticipated to begin on or about
Nov. 1, 2006.

Highlights of Consolidated 2006 Third-Quarter and Nine-Month
Results:

      * Third-quarter reported income from operations was
        US$159 million, compared with US$139 million for the
        same period of 2005, an increase of 14.4 percent.  For
        the first nine months of 2006, income from operations
        was US$442 million, compared with a loss from
        operations of US$3.973 billion for the same period of
        2005.  The loss from operations for the first nine
        months of 2005 was primarily a result of an additional
        US$4.342 billion provision for asbestos liability,
        which the company recognized in the first quarter of
        2005.

        When communicating the operating performance of the
        company to its Board of Directors and employees,
        management excludes certain items, including those
        related to the company's Chapter 11 proceedings,
        asbestos liabilities, restructuring and other
        activities, so as to improve comparability over time.
        In the third quarter of 2006, such items amounted to a
        net credit of US$5 million of additional income,
        compared with a net charge of US$7 million during the
        same period of 2005.  After excluding items affecting
        comparability, adjusted income from operations for the
        third quarter was US$154 million, compared with US$146
        million in 2005.

        In the first nine months of 2006, such items amounted
        to a net credit of US$16 million of additional income,
        compared with a net charge of US$4.368 billion.  After
        excluding items affecting comparability, adjusted
        income from operations for the first nine months was
        US$426 million, compared with US$395 million in 2005.

      * Net sales for the first nine months were a record
        US$4.984 billion, compared with US$4.610 billion in the
        first nine months of 2005, representing an 8.1 percent
        increase from the prior year.  The increase was
        primarily the result of favorable pricing actions
        offsetting inflation in the Insulating Systems and
        Roofing and Asphalt segments, combined with revenue
        from a recent Composite Solutions acquisition in Japan.

      * For the first nine months, the company's continued
        focus on employee safety resulted in a nine percent
        reduction in injuries compared with the same period
        last year.

      * Owens Corning completed its acquisition of the
        Modulo/ParMur Group in September 2006.  The acquisition
        expands the global reach of Owens Corning's
        manufactured stone veneer business in the European
        building products market.

      * On July 27, 2006, Owens Corning announced its intent to
        merge its glass fiber reinforcements business with
        Saint-Gobain's Reinforcement and Composites businesses
        into a new company to be called Owens Corning-Vetrotex
        Reinforcements.  The new company would be majority-
        owned by Owens Corning and would accelerate the
        company's ability to serve a broader range of customers
        with an expanded product range and greater geographic
        reach.  Subject to reaching a definitive agreement
        between the parties and obtaining regulatory approvals,
        the transaction is expected to close in the first half
        of 2007.

Gross margin as a percentage of consolidated net sales for
the third quarter decreased 1.1 percentage point, compared with
the same period of 2005.  The Insulating Systems segment gross
margin improved as a result of demand in the U.S. housing and
remodeling markets, offset by lower margins in Roofing and
Asphalt and Composite Solutions.

Selling, General and Administrative (SG&A) expenses, as a
percentage of consolidated net sales for the third quarter, were
8.5 percent, compared with 8.9 percent in the same period of
2005.  For the first nine months of 2006, SG&A expenses were 8.3
percent compared with 8.9 percent in the prior year period.  
This improvement in productivity was primarily due to increased
net sales.

Third-Quarter 2006 Business Segment Highlights:

   Insulating Systems

      * Sales were US$529 million, compared with US$502 million
        in the third quarter of 2005, representing a 5.4
        percent increase from the prior year.  The increase was
        driven by favorable pricing which offset lower volumes
        in most major product categories.

      * Income from operations increased 17.9 percent to US$125
        million, compared with US$106 million in the prior year
        period.  Favorable pricing and improved productivity
        offset cost inflation and lower volumes in most major
        product categories.

   Roofing and Asphalt

       * Sales were US$458 million, compared with US$453 million
         in the third quarter of 2005, representing a 1.1
         percent increase from the prior year.  The increase was
         primarily the result of price increases, generally
         reflecting the pass through of higher raw material and
         transportation costs, which slightly offset volume
         declines.

       * Income from operations decreased 52.4 percent to US$20
         million, compared with US$42 million in the prior year
         period.  The decrease was primarily due to a
         significant increase in asphalt costs and lower volumes
         versus the prior period, which was positively impacted
         by significant storm-related demand.

   Other Building Materials and Services

       * Sales were US$328 million, compared with US$341 million
         in the third quarter of 2005, representing a 3.8
         percent decrease from the prior year.  The decline was
         primarily the result of volume declines in vinyl siding
         products, partially offset by growth in manufactured
         stone veneer products.

       * Income from operations decreased 42.9 percent to US$8
         million, compared with US$14 million in the prior year
         period.  The decrease was due to lower margins in the
         construction services business combined with decreased
         vinyl siding and other building materials product
         volumes, partially offset by improved volumes in
         manufactured stone veneer products.

   Composite Solutions

       * Sales were US$393 million, compared with US$371 million
         in the third quarter of 2005, representing a 5.9
         percent increase from the prior year.  The acquisition
         of a manufacturing facility in Japan from the Asahi
         Glass Co. Ltd. on May 1, 2006 was the primary
         contributor to the increase in sales.

       * Income from operations for the quarter ended Sept. 30,
         2006, was US$45 million, a 45.2% increase from the 2005
         level of US$31 million.  The improvement was primarily
         the result of a US$12 million gain related to insurance
         recoveries associated with the July 2005 flood of the
         Taloja, India manufacturing facility and US$10 million
         related to gains on the sale of metals used in certain
         production tooling in the third quarter of 2006.

       * Without the gains related to insurance recoveries and
         the sale of metals, income from operations for the
         third quarter would have declined due to lower prices
         and inflation in raw materials, energy and
         transportation, partially offset by improved
         manufacturing productivity, compared to the prior year
         period.  In addition, the third quarter of 2005
         included approximately US$2 million in flood-related
         cost associated with our manufacturing facility in
         Taloja, India.

                        Business Outlook

The reported slowing of housing starts from record highs and
recent increases in U.S. housing inventory are beginning to
weaken demand for some of our building materials products.  
These factors could impact our capacity utilization and selling
prices for certain products in the fourth quarter of 2006.

Partially offsetting the recent softening of housing start-
related demand, the Energy Policy Act of 2005 may stimulate
demand for qualifying insulation products.  Owens Corning is
also launching marketing programs that are intended to expand
the use of Owens Corning products in residential and commercial
applications.

Owens Corning will continue to focus on managing capacity,
introducing product offerings, and eliminating inefficiencies in
our business and manufacturing processes to offset the effects
of any softening demand.

For the year 2006, Owens Corning remains confident that
income from operations, excluding items impacting comparability,
will exceed the comparable adjusted income from operations of
$544 million in 2005.

                     Progress Toward Emergence

The U.S. Bankruptcy Court for the District of Delaware approved
Owens Corning's Plan of Reorganization on Sept. 26, 2006.  The
U.S. District Court affirmed the company's confirmation order on
Sept. 28, 2006.  These court approvals pave the way for Owens
Corning to emerge from Chapter 11 on or about Oct. 31.

Owens Corning's creditors and shareholders overwhelmingly
supported the plan, which fairly compensates individuals who
were harmed by exposure to asbestos-containing products produced
through 1972, and will permanently resolve the company's
asbestos liability.

A full-text copy of Owens Corning's Form 10-Q Report is
available for free at the Securities and Exchange Commission at:

              http://researcharchives.com/t/s?146d

                 Owens Corning and Subsidiaries
                  Consolidated Balance Sheets
                   As of September 30, 2006
                         (In millions)

                             ASSETS

CURRENT
     Cash and cash equivalents                         US$1,465
     Receivables, less allowance of US$19 million           771
     Inventories                                            612
     Other current assets                                   218
                                                    -----------
         Total current                                 US$3,066
                                                    -----------
OTHER
     Restricted cash - asbestos & insurance related         206
     Restricted cash, securities & other - Fibreboard     1,500
     Deferred income taxes                                1,630
     Pension-related assets                                 427
     Goodwill                                               245
     Investment in affiliates                                83
     Other non-current assets                               218
                                                    -----------
         Total other                                      4,309
                                                    -----------
PLANT & EQUIPMENT, at cost
     Land                                                    86
     Buildings & leasehold improvements                     809
     Machinery & equipment                                3,417
     Construction in progress                               159
                                                    -----------
                                                          4,471
     Accumulated depreciation                            (2,372)
                                                    -----------
          Net plant and equipment                         2,099
                                                    -----------
TOTAL ASSETS                                           US$9,474
                                                    ===========

                 LIABILITIES & STOCKHOLDERS' DEFICIT
CURRENT
     Accounts payable & accrued liabilities            US$1,112
     Accrued postpetition interest                          963
     Short-term debt                                          6
     Long-term debt - current portion                        13
                                                    -----------
         Total current                                    2,094
                                                    -----------
Long-Term Debt                                               46
                                                    -----------
OTHER
     Pension plan liability                                 702
     Other employee benefits liability                      403
     Other                                                  212
                                                    -----------
         Total other                                      1,317
                                                    -----------
LIABILITIES SUBJECT TO COMPROMISE                        13,539
                                                    -----------
COMPANY OBLIGATED SECURITIES OF ENTITIES HOLDING
SOLELY PARENT DEBENTURES - SUBJECT TO COMPROMISE            200
                                                    -----------
MINORITY INTEREST                                            50
                                                    -----------
STOCKHOLDERS' DEFICIT
     Preferred stock, no par value 8,000,000 shares
         authorized, none issued or outstanding               -
     Common stock, part value US$0.10 per share,
         100,000,000 shares authorized, 55.3 issued
         and outstanding                                      6
     Additional paid in capital                             692
     Accumulated deficit                                 (8,169)
     Accumulated other comprehensive loss                  (300)
     Other                                                   (1)
                                                    -----------
         Total stockholders' deficit                     (7,772)
                                                    -----------
TOTAL LIABILITIES & STOCKHOLDER'S EQUITY               US$9,474
                                                    ===========


                   Owens Corning and Subsidiaries
                Consolidated Statement of Operations
              For the Quarter Ended September 30, 2006
                           (In millions)

NET SALES                                              US$1,661
COST OF SALES                                             1,368
                                                    -----------
         Gross Margin                                       293

OPERATING EXPENSES
     Marketing & administrative expenses                    141
     Science & technology expenses                           14
     Restructuring costs                                     10
     Chapter 11-related reorganization items                  1
     Provision for asbestos litigation claims, Owens          3
     Provision for asbestos litigation claims, Fibreboard   (13)
     Gain on sale of fixed assets and other                 (22)
                                                    -----------
         Total operating expenses                           134
                                                    -----------
INCOME FROM OPERATIONS                                      159
Interest expense, net                                        71
                                                    -----------
INCOME BEFORE INCOME TAX BENEFIT                             88
Income tax benefit                                           25
                                                    -----------
INCOME BEFORE MINORITY INTEREST & EQUITY
  IN NET EARNINGS OF AFFILIATES                              63
Minority interest & equity in net earnings
  of affiliates                                              (1)
                                                    -----------
NET INCOME                                                US$62
                                                    ===========


                   Owens Corning and Subsidiaries
                Consolidated Statement of Cash Flows
                Nine Months Ended September 30, 2006
                           (In millions)

NET CASH FLOW FROM OPERATIONS
     Net income                                          US$376
     Reconciliation of net cash used for operations
     Non-cash items:
         Provision for asbestos litigation claims            21
         Depreciation and amortization                      184
         Gain on sale of fixed assets                       (49)
         Impairment of fixed assets                           2
         Change in deferred income taxes                   (164)
         Provision for pension and other employee benefits   74
         Provision for postpetition interest/fees           228
     Increase in receivables                                (99)
     Increase in inventories                               (118)
     Increase in prepaid and other assets                   (41)
     Decrease in accounts payable & accrued liabilities     (68)
     Proceeds from insurance for asbestos litigation         
        claims excluding Fibreboard                          18
     Pension fund contribution                              (14)
     Payments for other employee benefits liabilities       (20)
     Increase in restricted cash - asbestos and
        insurance related                                   (17)
     Increase in restricted cash, securities,
        and other - Fibreboard                              (67)
     Other                                                   (2)
                                                     ----------
         Net cash flow from operations                      244

NET CASH FLOW FROM INVESTING
     Additions to plant and equipment                      (270)
     Investment in subsidiaries & affiliates, net of
         cash acquired                                      (47)
     Proceeds from the sale of assets or affiliate           65
                                                     ----------
         Net cash used for investing                       (252)
                                                     ----------
NET CASH FLOW FROM FINANCING
     Payment of equity commitment agreement fee            (100)
     Proceeds from issuing long-term debt                    17
     Payments on long-term debt                              (7)
     Net decrease in short-term debt                         (1)
     Net decrease in subject to compromise                    -
     Other                                                    -
                                                     ----------
         Net cash used for financing                        (91)
                                                     ----------
Effect of exchange rate changes on cash                       5
                                                     ----------
Net increase in cash and cash equivalents                   (94)
Cash and cash equivalents at beginning of year            1,559
                                                     ----------
Cash and equivalents at end of period                  US$1,465
                                                     ==========

                       About Owens Corning

Owens Corning (OTC: OWENQ.OB) -- http://www.owenscorning.com/--
manufactures fiberglass insulation, roofing materials, vinyl
windows and siding, patio doors, rain gutters and downspouts.  
Headquartered in Toledo, Ohio, the company has locations in
India, Mexico and Belgium.  

Headquartered in Toledo, Ohio, the company filed for chapter 11
protection on Oct. 5, 2000 (Bankr. Del. Case. No. 00-03837).
Norman L. Pernick, Esq., at Saul Ewing LLP, represents the
Debtors.  Elihu Inselbuch, Esq., at Caplin & Drysdale,
Chartered, represents the Official Committee of Asbestos
Creditors.  James J. McMonagle serves as the Legal
Representative for Future Claimants and is represented by Edmund
M. Emrich, Esq., at Kaye Scholer LLP. (Owens Corning Bankruptcy
News, Issue No. 146; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

The company's long-term issuer default, senior unsecured debt
and preferred stock carries Fitch's D rating.


SILICON GRAPHICS: 2006 First Qtr. Revenue Rises to US$122 Mil.
--------------------------------------------------------------
Silicon Graphics Inc. disclosed its financial results for the
first quarter of fiscal 2007 ended Sept. 29, 2006.  Revenue for
the first quarter was US$122 million, compared to US$116 million
in the fourth quarter of fiscal 2006 and US$106 million in the
third quarter of fiscal 2006-marking two consecutive quarters of
improved revenue.

"SGI made significant progress this quarter executing our
strategic growth initiatives, focusing on delivering 'innovation
for results' for our customers, and rebuilding sales momentum,"
said Dennis McKenna, SGI's CEO.  "Our momentum comes from
refreshing 75% of our server and storage products, defining
solutions that are re-engaging our traditional markets of
engineering analysis, sciences, and government intelligence.  In
addition, we made significant progress on our operating results,
which has had a positive impact on our liquidity position and
overall financial stability.  We were able to make this progress
during the same period we worked through and completed our
restructuring.  This accomplishment is a tribute to the passion
and focus of our SGI employees."

Gross margins remained consistently strong at 38.4% during the
first quarter of fiscal 2007 compared to 39.0% in the prior
quarter.

GAAP operating expenses for the first quarter of fiscal 2007
were US$62 million compared to US$53 million for the fourth
quarter of fiscal 2006.  Excluding restructuring charges and
other unusual items, operating expenses were US$58 million in
the first quarter compared to US$61 million in the prior
quarter, reflecting the impact of the company's cost reduction
initiatives.  First quarter operating expenses were higher than
we expect to see for the remainder of the fiscal year as a
result of a significant increase in selling, general and
administrative expense due to the change in accounting firms
effective for fiscal 2006.

SGI reported a GAAP operating loss of US$15 million in the first
quarter of fiscal 2007, compared with a GAAP operating loss of
US$8 million for the last quarter of fiscal 2006.

Management believes that a non-GAAP presentation of operating
results is useful to investors to facilitate period to period
comparisons of SGI's operating performance.  A full
reconciliation is available in the Investor Relations portion of
the company's website at
http://www.sgi.com/company_info/investors/

                      Fresh-Start Accounting

On Oct. 17, 2006, the company emerged from chapter 11.  SGI
adopted fresh-start financial accounting on Sept. 29, 2006.  The
effects of fresh-start accounting on the Condensed Consolidated
Balance Sheet are presented on a preliminary basis in Note 4 of
the Form 10-Q for the quarter ended Sept. 29, 2006, separately
filed yesterday.  Under fresh-start accounting, the company is
required to adjust its balance sheet to reflect fair value,
similar to purchase accounting.  This includes recording all
Plan effects per the Plan of Reorganization approved by the
Bankruptcy Court, revaluing assets and liabilities to current
estimated fair values, establishing the new shareholders' equity
of the company, and recording any portion of the equity value
that cannot be attributed to specific tangible or intangible
assets as goodwill.  The adoption of fresh-start accounting had
and will continue to have a material effect on SGI's financial
statements, primarily due to the valuation impacts on the ending
balance sheet for the first quarter of fiscal 2007, and the
associated future period non-cash amortization that will flow
through the income statement for periods of up to 15 years.  As
a result of the adoption of fresh-start accounting, SGI's
financial statements in future periods will not be comparable
with financial statements prior to the adoption of fresh-start
accounting.

Headquartered in Mountain View, California, Silicon Graphics,
Inc. (OTC: SGID) -- http://www.sgi.com/-- offers high-
performance computing.  SGI helps customers solve their
computing challenges, whether it's sharing images to aid in
brain surgery, finding oil more efficiently, studying global
climate, providing technologies for homeland security and
defense, enabling the transition from analog to digital
broadcasting, or helping enterprises manage large data.

The Debtor and 13 of its affiliates filed for chapter 11
protection on May 8, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10977
through 06-10990).

Debtor affiliates filing separate chapter 11 petitions:

   * Silicon Graphics Federal, Inc.
   * Cray Research, LLC
   * Silicon Graphics Real Estate, Inc.
   * Silicon Graphics World Trade Corporation
   * Silicon Studio, Inc.
   * Cray Research America Latina Ltd.
   * Cray Research Eastern Europe Ltd.
   * Cray Research India Ltd.
   * Cray Research International, Inc.
   * Cray Financial Corporation
   * Cray Asia/Pacific, Inc.
   * ParaGraph International, Inc.
   * WTI-Development, Inc.

Gary Holtzer, Esq., and Shai Y. Waisman, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors in their restructuring
efforts.  Judge Lifland confirms the Debtors' Plan of
Reorganization on Sept. 19, 2006.  When the Debtors filed for
protection from their creditors, they listed total assets of
US$369,416,815 and total debts of US$664,268,602.

Silicon Graphics has operations in India, Australia, China,
Japan, New Zealand and sales offices in Hong Kong, Korea,
Malaysia, Indonesia, the Philippines, Singapore, Thailand and
Vietnam.


TATA MOTORS: India Vehicle Sales Cross 4-Million Mark
-----------------------------------------------------
Tata Motors crossed yet another significant milestone.  On
October 30, 2006, the company crossed the four-million sales
mark in India, since the first vehicle was rolled out in 1954.
Inclusive of exports, the company had crossed the four-million
sales mark in March 2006.

The company crossed the one-million mark on Indian roads in 37
years in the financial year 1991-92, the two-million mark in 8
years in 1999-2000, the three-million mark in 5 years in 2004-05
and the four million mark in just 2 years in 2006-07.

Tata Motors is India's leading automobile manufacturer.  Since
the first Tata truck rolled out in 1954, the company has
launched several vehicles in different product segments over the
years.  It has been at the forefront of pioneering technologies
and products, having developed the first indigenously developed
Light Commercial Vehicle -- Tata 407, India's first Sports
Utility Vehicle -- Tata Safari, India's first fully indigenous
passenger car -- Tata Indica and more recently India's first
mini-truck -- Tata Ace.

                       About Tata Motors

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

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

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


TRANSWITCH CORP: Accumulated Deficit Tops US$319.2MM at Sept. 30
----------------------------------------------------------------
TranSwitch Corporation incurred a US$725,000 net loss on
US$9.6 million of net revenues for the three months ended
September 30, 2006, compared to a US$1.3 million net loss on
US$7.2 million of net revenues from the same period in 2005.

As of Sept. 30, 2006, the company's accumulated deficit widened
to US$319.2 million from US$311.5 million of deficit at Dec. 31,
2005.

A full-text copy of the company's quarterly report is available
for free at http://researcharchives.com/t/s?1533

On Oct. 19, 2006, the company disclosed that its Senior Vice
President, Chief Financial Officer and Treasurer and Principal
Accounting Officer, Peter J. Tallian, resigned on Oct. 17, 2006,
to become Chief Financial Officer of Distributed Energy Systems
Corporation.

In addition, Theodore Quinlan has accepted the position of Vice
President of Finance and Controller of the company effective
immediately.  Mr. Quinlan will also be the Principal Accounting
Officer.  Mr. Quinlan joined the company as interim Vice
President, Controller in July 2006.  Prior to joining the
company, Mr. Quinlan was an independent financial consultant for
various corporations from 2005 to 2006. Prior to that time, Mr.
Quinlan held the position of Vice President, Finance and
Controller for Molecular Staging, Inc. from 2001 to 2005.  Mr.
Quinlan, 50 years old, holds a Bachelor of Science degree in
Business Administration from State University of New York
College at Oswego and a Master of Business Administration from
Syracuse University.

Based in Shelton, Conn., TranSwitch Corporation (NASDAQ: TXCC)
-- http://www.transwitch.com/-- designs, develops and markets   
innovative semiconductors that provide core functionality and
complete solutions for voice, data and video communications
network equipment.  TranSwitch is an ISO 9001: 2000 registered
company.   The company has locations in India, Germany and the
United States.

                          *     *     *

TranSwitch Corp. carry Standard and Poor's Ratings Service's B-
long-term foreign and local issuer credit ratings.


UTI BANK: Granted Banking License by Hong Kong Regulator
--------------------------------------------------------
The Hong Kong Monetary Authority granted a banking license to
UTI Bank Limited under Hong Kong's Banking Ordinance.  

In Hong Kong, only licensed banks may operate current and
savings accounts, and accept deposits of any size and maturity
from the public and pay or collect cheques drawn by or paid in
by customers.

The granting of the banking license to UTI took effect on
November 17, 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.


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

ALCATEL SA: Will Deploy WiMax in Latin America Next Year
--------------------------------------------------------
Francois Cadorel, Alcatel SA's business development director for
WiMax, told Business News Americas that the company will make
its first deployments of WiMax in Latin America in the first
quarter of 2007.

Latin America is an important region for Alcatel's business as
there is a large untapped market for WiMax, Mr. Cadorel
explained to BNamericas.  The region represented almost 18% of
global revenues in the third quarter of 2006.

Mr. Cadorel told BNamericas, "We are currently conducting
several WiMax tests in the US, Canada and Latin America.  
Operators are testing the technology connecting our solutions
with their own networks."

Alcatel will focus on the residential segment in the initial
phase.  In the second phase, the company will then target
vertical markets like firms in the oil and gas or mining sector,
BNamericas notes, citing Mr. Cadorel.

Telefonica has awarded Alcatel a contract to upgrade the
former's broadband infrastructure in Latin America, BNamericas
states.

                         About Alcatel

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

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

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


BANK INDONESIA: ForEx Reserves to Rise to US$47-Bil. at End-2007
----------------------------------------------------------------
Bank Sentral Republik Indonesia said that its foreign exchange
reserves are expected to rise to US$47 billion at the end of
2007 from the US$41-US$42 billion estimated for this year,
Antara News says.

As of today, Bank Indonesia said that the reserves stand at
US$40.6 billion, Antara relates.

According to the report, Bank Indonesia's forex reserves were
down at US$39.77 billion as of the end of October from
US$42.35 billion at end-September due to the prepayment of its
debts to the International Monetary Fund.

The report recounts that on October 12, Bank Indonesia prepaid
the country's remaining IMF debt of US$3.2 billion.

Moreover, Antara relates that Bank Indonesia also expects the
country's current account surplus to drop to a range of US$6-
US$8 billion in 2007 from US$9.4-US$9.6 billion projected for
this year, as imports growth is likely to outpace that of
export.  The Bank said that faster imports expansion would
support the acceleration of the country's GDP growth in 2007.

Antara recounts that earlier, Bank Indonesia's senior deputy
governor, Miranda Goeltom, said that the country's GDP growth is
expected to accelerate to at least 6.0% in 2007 from about 5.7%
this year.

Bank Indonesia also said that exports might grow 8.0%-8.6% next
year, while imports rise 10.2%-11.4%, the report adds.

In addition, Bank Indonesia said that non-oil and gas exports
are seen rising 6%-8%, while imports may rise 12%-14% in 2007.

According to Antara, Bank Indonesia also stated that it expects
an increase in capital inflow in the form of foreign direct
investment in 2007.

Bank Sentral Republik Indonesia -- http://www.bi.go.id/-- as an  
was created by a new Central Bank Act, the UU No. 23/1999 on
Bank Indonesia, enacted on May 17, 1999.  The Act confers it the
status and position as an independent state institution and
freedom from interference by the Government or any other
external parties.

In its capacity as central bank, Bank Indonesia has one single
objective of achieving and maintaining stability of the rupiah
value.  The stability of the value of the rupiah comprises two
aspects, one is stability of rupiah value against goods and
services and the other is the stability of the exchange rate of
the rupiah against other currencies.  The first aspect is as
reflected by the rate of inflation and the second aspect is as
reflected by the development of Rupiah exchange rate against
other currencies.

Standard and Poors Rating Services gave Bank Indonesia's long-
term foreign issuer credit a B+ rating and long-term local
issuer credit a BB rating, both effective on December 21, 2004.
It also gave its short-term local issuer credit a B rating on
May 12, 2003.


BANK INDONESIA: Indicates No Increase Of Interest Rates
-------------------------------------------------------
Bank Sentral Republik Indonesia has signaled that it would not
directly increase interest rates as was suggested at the annual
meeting of finance ministers and central bank governors of the
G-20 country members in Melbourne, Australia, Tempo Interactive
reports.

According to the report, the recommendation was triggered by a
projection of inflation threats and slowing global economic
growth in 2007.

The report notes that Bank Indonesia Senior Deputy Governor
Miranda S. Goeltom said that Indonesia did not have to follow
the step of the United States or European Union central bank in
increasing interest rates, adding that not all issues must be
responded directly.

According to Ms. Goeltom, Bank Indonesia must take notice for
many factors before deciding to increase interest rates.

Tempo Interactive says that Bank Indonesia's rate for the time
being is at 10.25%.

Between the beginning of 2006 and November, Bank Indonesia has
decreased the benchmark interest rate for six times by a total
of 250 base points, Tempo Interactive recounts.

Meanwhile, the Fed Fund Rate is at 5.25% with total increase of
100 base points during the year, the report notes.

Tempo Interactive adds that the European Union interest rate has
also increased 100 base points to 3.25%.

Ms. Goeltom adds that in deciding whether to increase the
interest rate or to decrease it, Bank Indonesia's focus is that
whether the inflation-as the main variable-is transitional or
permanent.  Should the inflation be transitional, the central
bank will decide not to increase interest rates, Tempo
Interactive relates.

Ms. Goeltom said that on the other hand, if inflation is
permanent, it would be directly responded to by monetary
policies, the report says.

Bank Sentral Republik Indonesia -- http://www.bi.go.id/-- as an
was created by a new Central Bank Act, the UU No. 23/1999 on
Bank Indonesia, enacted on May 17, 1999.  The Act confers it the
status and position as an independent state institution and
freedom from interference by the Government or any other
external parties.

In its capacity as central bank, Bank Indonesia has one single
objective of achieving and maintaining stability of the rupiah
value.  The stability of the value of the rupiah comprises two
aspects, one is stability of rupiah value against goods and
services and the other is the stability of the exchange rate of
the rupiah against other currencies.  The first aspect is as
reflected by the rate of inflation and the second aspect is as
reflected by the development of Rupiah exchange rate against
other currencies.

Standard and Poors Rating Services gave Bank Indonesia's long-
term foreign issuer credit a B+ rating and long-term local
issuer credit a BB rating, both effective on December 21, 2004.
It also gave its short-term local issuer credit a B rating on
May 12, 2003.


BANK NEGARA: Pefindo Upgrades Rating to "idA"
---------------------------------------------
Pefindo upgraded its ratings for PT Bank Negara Indonesia
(Persero) Tbk. and the Bank's Bond I/2003 maturing on July 10,
2011, to "idA" from "idA-", while the rating for the Bank's
Subordinated Bond I/2003 maturing on July 10, 2013 is upgraded
to "idA-".

The rating actions reflect the rating agency's increasing
confidence on the government, the majority owner of the Bank, to
strongly support the existence of the Bank in the market, as the
Bank holds significant market shares in terms of assets, loans
as well as third party deposits.  The ratings also reflect the
Bank's adequate capital base and liquidity.  As of 1H06, the
Bank's equity amounted to IDR12.1 trillion, the fourth largest
among all commercial banks in Indonesia, while liquidity
measured by liquid assets over customer and short-term funding
ratio stayed favorably at 66.8% compared to peers' average of
60.8%.  

However, the ratings are still mitigated by the Bank's assets
quality that weakened to 16.6% as of 1H06 from 4.6% in FY04
mainly attributable to the implementation of PBI 7/2/2005 that
required the downgrades of several the Bank's big corporate
loans, which actually have been in the portfolio of the Bank
since the crisis in 1998.

BBNI was established in 1946 and since then it has been
perceived as a corporate and government-related bank.  Up to
now, the Bank provides a broad range of commercial banking
activities through its 959 offices and 2,272 proprietary ATMs,
which are also incorporated with more than 8,000 units of other
ATM Network.  To support its daily banking activities, the Bank
employs around 18,664 staffs.  As to date, the Government of
Republic Indonesia still owns a majority ownership of 99.12%,
whilst the remaining 0.88% is held by the public.

The ratings actions reflect the Bank's:

   * Continuing strong support from the government.  Pefindo is
     strongly confident that the government will provide
     supports to BBNI in case it experiences financial
     difficulties given the systemic risks it can bring to the
     country's overall economy.  The assumption has been
     supported by the government action to inject a huge capital
     of IDR61.8 trillion through a recapitalization program
     during the crisis.  Despite the government support, the
     Bank itself is working very hard to achieve its new vision
     and mission formulated in "Navigation Map 2004-2018" in an
     effort to reposition its branding and improve its
     performance going forward.

   * Strong business position.  With total asset of IDR146.8
     trillion as of 1H06, BBNI is regarded as the third largest
     bank in Indonesia, controlling around 10% market share.
     Total loans and deposits amounted to IDR65 trillion and
     IDR116.9 trillion during 1H06, capturing market shares of
     about 9.1% and 10.0%, respectively.  During the past
     several years, BBNI has tried to diversify its loan
     portfolio by reducing corporate loans and enlarging
     commercial and consumer loans.  As of 1H06, a portion of
     the Bank's corporate loan has declined to around 38% of
     total loans (vs. 90% historically), while commercial and
     consumer loans contributed 43% and 17%, respectively.  As
     of 1H06, the Bank's consumer and commercial loans have
     reached IDR10.1 trillion and IDR26.5 trillion, respectively
     partly due to a significant growth in small and medium
     consumer segment.  To strengthen its business position, the
     Bank has also further improved its integrated IT system,
     which recently has been completed and implemented in all of
     its outlets to support the Bank's product and service
     developments.

   * Adequate capital base and liquidity.  With total equity of
     IDR12.1 trillion as of 1H06, the Bank's capital base is
     considered adequate to absorb potential losses from its NPL
     in addition to LLR of 42.5%.  The Bank's CAR also stood
     favorably at 20% in 1H06 compared to 16.7% in FY05 and
     17.9% in FY04, while LDR stayed at 51.8% as of 1H06,
     slightly declined from 54.2% in FY05 and 55.1% in FY04.
     BBNI's liquidity measured Liquid asset/Customer & ST
     funding ratio is also considered relatively strong,
     standing at 66.8% as of 1H06 compared to peers' average of
     60.8%.

The ratings are mitigated by the Bank's:

   * Weak assets quality.  Along with the changes in its
     earnings asset composition, BBNI's risk profile had
     gradually shifted from market risks to credit risks.  The
     portion of the Bank's loans to total assets had
     continuously increased to 44.3% in 1H06 from 26.7% in FY01,
     while the portion of government bonds to total assets had
     continuously declined to 21% in 1H06 from 69.0% in FY01, as
     the amount of government bonds held by the Bank declined to
     IDR20.7 trillion from IDR60.1 trillion during the period.
     Along with its loan expansion, the Bank's asset quality
     measured by NPL ratio had weakened to 16.6% in 1H06 from
     4.6% in FY04, as the total amount of non-performing loans
     (3-5) steeply increased to IDR10.0 trillion from IDR2.7
     trillion during the period.  The significant increase in
     NPL ratio was mainly triggered by the implementation of
     "one obligor concept" through PBI 7/2/2005 in early 2005
     that made several of the Bank's big corporate loans
     downgraded.  As a result, the Bank's Loan Loss Reserve
     (LLR) over NPL (3-5) ratio has dropped to 42.5% as of 1H06
     from 117.5% in FY04, which was also partly due to a charge
     off to cover its losses from LC fraud case.  In addition,
     BBNI is still burdened by a huge special mention loans
     (category 2), which could be further downgraded to lower
     categories in the medium term.  This loan category totaled
     to IDR7.6 trillion in 1H06, accounted for about 12% of its
     total gross loans.

                                Outlook

A'stable' outlook is assigned to the above ratings.  A strong
commitment and strict implementation on its plans formulated in
"Navigation Map 2004-2018" should be able to improve the Bank's
image and performance going forward.  The ratings have also
incorporated the government supports should the Bank experience
financial difficulties during depressed condition.

                          *     *     *

Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia
(Persero) Tbk -- http://www.bni.co.id-- is a financial     
institution with products and services that include: Individual,
Business, Syariah, Micro Banking, and Online Feature.  The Bank
has approximately 700 correspondent banks, 914 local branches
and five oversea branches located in New York, London, Tokyo,
Hong Kong and Singapore.  The bank has five subsidiaries: PT BNI
Multi Finance, a financial services company; PT BNI Securities,
a securities company; PT BNI Life Insurance, an insurance
provider; PT BNI Nomura Jafco Manajemen Ventura, a venture
capital company, and PT BNJI Ventura Satu, a venture capital
company.

As reported in the Troubled Company Reporter - Asia Pacific on
May 22, 2006, Moody's Investors Service has lifted Bank Negara
Indonesia's senior debt rating to B1 from B2, and long-term
deposit rating to B2 from B3.  The revised ratings carry a
stable outlook.  Bank Negara's short-term deposit rating of Not-
Prime, and bank financial strength rating of E are unaffected.

Another TCR-AP report on May 24, 2006 stated that Fitch Ratings
affirmed Bank Negara's:

   * Long-term Foreign and Local Currency Issuer Default Ratings
     at 'BB-';

   * Short-term rating at 'B';

   * Individual rating at 'D'; and

   * Support rating at '4'.

Further, another subsequent TCR-AP report on July 17, 2006, said
that Standard & Poor's Ratings Services revised the outlook on
the local currency counterparty credit rating on Bank Negara to
stable from positive.  At the same time, Standard & Poor's
affirmed its foreign and local currency ratings on BNI
(B+/Stable/B).


BANK NISP: Drives Expansion With Misys Banking System
------------------------------------------------------
Misys Banking Systems, a global leader in banking software and
solutions, announces today that Bank NISP, one of Indonesia's
largest and fastest growing banks, has gone live with two of its
solutions to help drive and maintain growth across its treasury
and trade finance functions.  Misys Opics Plus and Misys Trade
Innovation will help support Bank NISP's national and
international expansion plans and delivers market advantage to
the bank in the recently restructured Indonesian banking sector.

To support the bank's expansion plans across Asia, Misys Opics
Plus and Misys Trade Innovation have been installed at its head
office in Jakarta, with Misys Trade Innovation also being rolled
out to branches across the country.  Misys Opics Plus gives the
bank a comprehensive front-to-back office, cross asset treasury
solution to ensure real-time processing across a wide range of
financial instruments including derivatives, foreign exchange
and money markets.  Misys Trade Innovation is providing
necessary operational and workflow management for the bank's
trade finance operations, helping it drive efficiency and growth
in its international banking activity.  Both products are
integrated into NISP's core banking system and will provide the
technology needed to support the regional growth.

In light of the reform of the banking sector and the recent
strong economic performance in the country, Indonesian banks are
seeing excellent levels of growth.  Bank NISP is backed by OCBC,
one of Singapore's largest banks and its assets have grown by an
average of more than 40% over the last ten years.  The bank is
aiming to open a new branch every week around Indonesia, with
the aim of having 500 branches by 2010.

Mr. Ferdinand Dion, Head of Corporate Affairs at Bank NISP,
comments, "The added functionality we gain from both Misys Opics
Plus and Misys Trade Innovation gives us essential support in
our ongoing expansion plans.  This is an exciting time for the
Indonesian banking community, with recent consolidation and
change in the market backed by direct investment from the
international and local community.  Our strategy for aggressive
international and domestic expansion is a direct reflection of
the bank's proven track record since its establishment in 1941
and the partnerships we have with companies like Misys.  Our
choice of Misys products to provide us with front-to-back office
support gives us unrivalled scalability and flexibility for our
future transaction and processing needs."

Reid Warren, Regional Sales Manager - South Asia, Misys Banking
Systems, adds, "Asia is seeing a phenomenal growth in its
banking sector. Legislative changes and reform of banking
practices have led to a very strong sector benefiting from sound
economic growth in the region.  Indonesia continues to be a key
market for us and Bank NISP is a welcome addition to our Asian
customer base, which totals over 260 banks.  We are very much
looking forward to working with Bank NISP and helping it
continue to expand and optimise business performance."

PT Bank NISP Tbk -- http://www.banknisp.com/english/index.html
-- categorizes its products into two groups: Funding, which
consists of savings and deposits, and Lending, consisting of
working capital loans, investment loans and consumer loans. In
addition, the bank has three service categories: Individual,
Corporate and Others. As of January 18, 2006, the bank has 29
branch offices, 101 representative offices and 26 cash offices
throughout the country.  The Bank is headquartered in Jakarta,
Indonesia.

                          *     *     *

According to a Troubled Company Reporter - Asia Pacific report
on May 24, 2006, Fitch Ratings affirmed Bank NISP's Long-term
Foreign and Local Currency Issuer Default Ratings at 'BB-';
Short-term rating at 'B'; and Individual rating at 'C/D'.


BANK PERMATA: Pefindo Assigns General Obligation Rating of "idA"
---------------------------------------------------------------
Pefindo assigned a general obligation rating of "idA" to PT Bank
Permata Tbk., and at the same time assigned "idA-" rating to the
Bank's proposed subordinated Bond I/2006 of a maximum IDR750
billion maturing in 2016.

The ratings reflect the Bank's steady market position among top
tier banks in the country, supported by its extensive network
and good quality of services.  Nevertheless, the Bank's
relatively weak asset quality and tightening competition have
constrained the ratings.

Bank Permata was formed from the merging of five banks -- PT
Bank Bali Tbk., PT Bank Universal Tbk., PT Bank Prima Express,
PT Bank Artamedia, and PT Bank Patriot -- with Bank Bali as the
platform bank.  The merger had been completed soon after those
five banks had accomplished operational integration at the end
of 2002 and the new-formed bank was named to the current name PT
Bank Permata Tbk.  With total assets of IDR36.6 trillion as of
1H06, Bank Permata is ranked the eighth largest bank in the
country.  As of 1H06, BNLI is 63.1% owned by the consortium of
PT Astra International Tbk and Standard Chartered Bank, 26.16%
by PT Perusahaan Pengelola Aset, and the rest 10.74% is owned by
public.  The Bank employs more than 6,700 staffs to serve over
one million customers that spread out at all over its 319
branches.  The Bank also operates 585 owned ATMs that are also
connected with ATM Bersama network, Alto network, and ATM BCA
network.

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

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

These ratings were unaffected:

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


BERAU COAL: Moody's Assigns (P)B1 Corporate Family Rating
---------------------------------------------------------  
Moody's Investors Service has assigned a provisional (P)B1
corporate family rating to PT Berau Coal.  At the same time,
Moody's has assigned a provisional P(B1) rating to the proposed
5-year, US$325 million senior secured bond to be issued by
Empire Capital Resources Pte Limited, which is 100% owned and
guaranteed by Berau.  The rating outlook is stable.  This is the
first time that Moody's has assigned a rating to Berau.

The bond proceeds will be primarily used to refinance
shareholder loans (US$239.5) and existing bank debt (US$39.5
millio), and for general corporate purposes at the Berau level.
The ratings are provisional based on review of documentation as
of Nov. 20, 2006.  Moody's expects to affirm the ratings upon
review of final documentation and completion of the issuance.
The proposed US$325 million bond issue has a five-year maturity
and comprises amortising floating rate notes and fixed rate
notes with a five-year bullet repayment structure.

"The B1 rating reflects Berau's status as one of the world's
lowest cost producers and exporters of coal; and its favorable
location relative to Chinese and other Asian markets to where
60% of its production is exported," says Laura Acres, a Moody's
VP/Senior Analyst.

"Other supportive factors include its well established
operations and a consistent record of production growth," says
Acres, Moody's lead analyst for Berau.  "Furthermore, the
company's financial profile is reasonably solid for the rating
and it has a long concession life extending to 2025 together
with two options for 10-year extensions," she adds.

"Berau's financial profile is consistent with a Ba rating.  The
B1 rating reflects additional factors including Berau's single
dominant shareholder and limited clarity over strategic
direction, corporate vision and good corporate governance," says
Acres.

Other key risks incorporated into the B1 rating include its high
degree of reliance on two domestic customers for 40% of
revenues; limited financial flexibility due to its reliance on
consistently solid coal prices for generating sufficient
revenues to repay scheduled amortization on the proposed bond
issue; liquidity pressures especially in the 2-3 year horizon
should the price of coal fall; and uncertainty over future
regulation of the Indonesian coal mining industry.

The stable outlook reflects Moody's expectations that Berau will
execute its business plan as planned and maintain its
competitiveness in the near to medium term.

Upward rating pressure over the next two years is limited, given
Berau's projected high level of leverage.  However, a positive
rating trend could evolve over time if industry fundamentals
lead to a reduced financial leverage.  Indicators Moody's would
look for include Adjusted Debt / Capital falling below 50% and
Interest Cover exceeding 4.0x on a consistent basis.

On the other hand, downward pressure on the rating could emerge
if there is a sustained deterioration in industry fundamentals
leading to a lower free cash flow generation which would
constrain Berau's ability to service debt or meet scheduled debt
repayments.  Indicators Moody's would consider include Free Cash
Flow / Adjusted Debt falling below 3%.

Other negative rating trends include:

   1) shareholders undertake significant capital withdrawals;

   2) event risk as a result of the Courts deciding against
      Berau on off-setting VAT payments -- such a decision would
      leave the company having to pay US$66.9 million to the
      Indonesian government, an amount for which it has not made
      any provision; and

   3) any change in laws and regulations, particularly on the
      mining concessions, that would affect the business.

Berau is Indonesia's fifth largest producer and exporter of
thermal coal.  It operates three active mines at a single site
in East Kalimantan.  It has estimated resources of 654.2 million
tons with probable reserves estimated at 61.6mt and proven
mineable reserves of 127.6mt.  Coal production in 2005 totaled
9.2mt generating revenue of US$249.4 million.


BERAU COAL: Fitch Assigns 'B+' Issuer Default Ratings
-----------------------------------------------------
Fitch Ratings has assigned 'B+' Long-term foreign and local
currency Issuer Default ratings to Indonesia-based PT Berau
Coal.  In addition, Fitch has assigned a National Long-term
rating of 'A(idn)' to Berau.  The Outlook for all ratings is
Stable.

At the same time, Fitch has also assigned an expected rating of
'B+' and an expected recovery rating of 'RR4' to the proposed
US$325 million senior unsecured notes issued by Empire Capital
Resources Pte. Ltd. and guaranteed by Berau.  The final rating
is contingent upon receipt of documents conforming to
information already received.

Berau's ratings are constrained by its aggressive financial
profile, exposure to commoditised coal prices and concentration
risks arising out of its dependence on a single contractor and a
small number of customers.  Taking the notes issue into account,
Berau has projected a total debt/EBITDA of 5.2x and cash from
operations/total debt of 11% for the year ended December 2006.

Fitch expects the company to enjoy only moderate liquidity until
2009, due to high interest outflows, higher tax payouts and
planned debt amortisation.  Liquidity support comes from its
projected cash balance for end-2006, which is equivalent to
principal repayments for more than two years, and a restriction
on dividend payouts, which should conserve cash for debt
servicing.

Fitch views that the company's leverage is particularly high in
light of the commoditised nature of coal.  Berau's average
selling price increased nearly 40% between 2003 and 2006, and
any correction in prices will negatively affect its debt
protection measures.

Berau also faces a high degree of contractor concentration risk
as nearly 80% of its production volume is contributed by PT
Bukit Makmur Mandiri Utama, a privately held mining contractor.
The company's top 10 customers accounted for 96% of Berau's
sales in 2005, though the customer concentration risk is partly
mitigated by the company's focus on selling to long-term buyers.
Power generating companies, which contributed 81% of Berau's
sales in 2005, generally prefer to maintain a stable source of
supply as coal is used in their core operations.

Berau's ratings draw support from its competitive coal mining
costs, strategy of contracting out its entire production, near-
term debt reduction plans to take advantage of demand and price
visibility, and its natural hedge on USD borrowings arising out
of nearly 80% of revenues being denominated in USD.  Berau's
2005 FOB (free on board) cash cost of USD18.8 per tonne, arising
from open pit mining that requires low overburden removal and
operations that are close to dispatch ports, makes it one of the
lowest cost coal producers in the world.  Low mining costs are
complemented by geographical proximity to key North Asian and
Southeast Asian markets that accounted for nearly half of global
coal imports in 2005.

Historically, Berau has had healthy cash flows (free cash flow
of US$46.9 million and US$31.6 million in 2005 and 2004,
respectively) due to low funding requirements for capital
expenditure and working capital.  In the period 2002 to 2005,
capital expenditure constituted only 12.5% of the cash from
operations.  Most of the capital expenditure and a substantial
part of the working capital requirements are borne by the mining
contractors.  The agency, however, notes that Berau maintains
coal stocks and any sharp increase in stock will be a drain on
its cash levels.

The US$325 million notes issue is proposed to be in two parts --
one will carry a bullet repayment in 2011 and the other will be
amortised over five years.  Fitch draws comfort from the
amortisation plan being supported by medium-term (two to three
year) coal demand and price visibility.  Based on existing
contracts, the company has pre-sold about 53% (31% contracted
and priced), 32% and 22% of its targeted production in 2007,
2008 and 2009, respectively, with average contract price for
2007 being marginally higher than the 2006 average.  Berau plans
to use proceeds of the issue to advance a loan of approximately
US$250 million to shareholders, repay all existing debt and
retain the balance for capital expenditure and general corporate
purposes.

Berau operates under a Coal Contract of Work, which is
structured as a contract between Berau and the Indonesian
Central Government, ratified by the Indonesian Parliament.  The
CCOW has a "lex specialis" status, which means that it will
prevail above general Indonesian Law in the event of any
conflict.  The CCOW also provides for an international
arbitration in the event of a dispute.  Fitch notes that such a
framework has been in existence for nearly 25 years, even during
times of considerable political and economic turmoil in
Indonesia.  However, certain tax and regulatory issues do keep
arising from time to time; Berau has adjusted VAT claims to the
extent of US$63 million against royalty payments, the adjustment
of which is yet to be confirmed by the government and Indonesia
is in the middle of power devolution to regions leading to
uncertainties on sharing of regulatory and taxation powers.
While not expected, any material adverse change in the
concession structure could affect the rating.

The Stable Outlook reflects Fitch's expectation that Berau will
reduce debt as planned, supported by medium-term price and order
visibility.  Debt reduction by about USD100m and continued
strength in coal prices could lead to a positive rating action.
Conversely, a negative rating action could be triggered by a
sustained fall in coal prices, significant underperformance in
projected coal production or any material adverse changes to the
terms of the proposed notes issue.

Berau is Indonesia's fifth-largest coal producer, producing 9.2
million tonnes of coal in 2005 (estimated production of 10.9
million tonnes in 2006).  Berau has continuously increased
production since commencement of operations in 1995 and has
projected production to increase further to 16.2 million tonnes
by 2011.  Berau has thus far explored only about 40% of the
total concession area of 118,400 hectares.  Based on current
production plan, Berau's proven and probable reserves are likely
to last for more than 10 years.  For the year ended December
2005, Berau had revenues of US$249.6 million, EBITDA of US$51.6
million and net income of US$19.4 million.


CA INC: Declares US$0.04 Per Share Quarterly Cash Dividend
----------------------------------------------------------
CA Inc.'s board of directors has declared a regular, quarterly
cash dividend of US$0.04 per share.  The dividend will be paid
on Dec. 29, 2006, to stockholders of record at the close of
business on Dec. 15, 2006.

Headquartered in Islandia, New York, CA Inc. (NYSE:CA) --
http://www.ca.com/-- is an information technology management  
software company that unifies and simplifies the management of
enterprise-wide IT.  Founded in 1976, CA serves customers in
more than 140 countries.  In Asia Pacific, the company has
operations in Indonesia, Australia, China, Japan, Hong Kong,
India, Philippines and Thailand.

                          *     *     *

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 Software sectors this week,
the rating agency confirmed its Ba1 Corporate Family Rating for
CA, Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$350 Million
   6.5% Senior
   Unsecured Notes
   due 2008               Ba1      Ba1     LGD4       54%

   US$1 Billion
   Senior Global
   Notes due 2011         Ba1      Ba1     LGD4       54%

   US$460 Million
   Convertible
   Senior Unsecured
   Notes due 2009         Ba1      Ba1     LGD4       54%


Standard & Poor's Rating Services affirmed its 'BB' corporate
credit and senior unsecured debt ratings on CA Inc., and removed
them from CreditWatch where they were placed on July 5, 2006,
with negative implications.  S&P said the outlook is negative.


DIRGANTARA INDONESIA: Ties Up With Eurocopter for Expansion
-----------------------------------------------------------
Eurocopter Group, on November 23, 2006, reached a teaming
agreement with PT Dirgantara Indonesia for the promotion of all
governmental sales and customer support in the country, People's
Daily Online reports.

According to the report, the agreement was signed in the
sidelines of the Indodefence exhibition in Jakarta, in which
Eurocopter is one of the major exhibitors.

People's Daily notes that under the tie-up, both companies will
cooperate to participate in the local government's procurement
program for police, naval, transport and rescue helicopters.

Eurocopter Executive Vice President Phillippe Harache said that
the partnership between the two companies have been running for
the last three years, the report says.  People's Daily adds that
during the period, Eurocopter has sold more than 150 aircraft
either built under license or delivered in Indonesia.

Headquartered in Bandung, Indonesia, PT Dirgantara Indonesia --
http://www.indonesian-aerospace.com/-- is one of the indigenous  
aerospace companies in Asia with core competence in aircraft
design, development and manufacture of civilian and military
regional commuter aircraft.  In its production line, Dirgantara
Indonesia has delivered more than 300 units of aircraft and
helicopters, defense system, aircraft components and other
services.

According to press reports, the company was not able to fully
recover from the 1998 Asian financial crisis, and has sought
government help to turn its business around.  It has urged the
government to support the industry by purchasing aircraft from
PT DI, and is currently marketing its products to neighboring
countries in the region.

The Troubled Company Reporter - Asia Pacific reported on
September 13, 2006, that the Indonesian Government intends to
provide IDR40 billion in bailout funds to Dirgantara Indonesia.


GOODYEAR TIRE: Closes US$1-Billion Senior Notes Offering
--------------------------------------------------------
The Goodyear Tire & Rubber Co. has closed its offering of
US$1 billion aggregate principal amount of three-year and five-
year senior notes.  The notes are senior unsecured obligations
of the company.
    
The US$500 million of three-year notes were sold at 99% of the
principal amount and will bear interest at the six-month London
Interbank Offered Rate, or LIBOR, plus 375 basis points.  The
US$500 million of five-year notes were sold at par and will bear
interest at a rate of 8-5/8%.

Goodyear intends to use the net proceeds from this offering to
repay at maturity US$515 million principal amount of its
existing notes due Dec. 1, 2006, and March 1, 2007.  The company
will use the remaining cash for general corporate purposes,
which may include addressing the continuing strike by the United
Steelworkers union.

The notes were offered in a private placement under Rule 144A,
have not been registered under the Securities Act of 1933 and
may not be offered or sold in the United States absent
registration or an applicable exemption from registration
requirements.

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

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
November 22, 2006, that Fitch Ratings assigned debt and Recovery
Ratings of CCC+/RR6 to US$1 billion of new private placement
notes issued by The Goodyear Tire and Rubber Company.  All
ratings remain on Rating Watch Negative.

The TCR-Ap also stated on Nov. 22, that Standard & Poor's
Ratings Services assigned its 'B-' ratings to Goodyear Tire's
US$500 million floating rate senior notes due 2009 and its
US$500 million fixed rate senior notes due 2011, and placed the
ratings on CreditWatch with negative implications.

Moody's Investors Service assigned a B2, LGD4, 63% rating to
Goodyear Tire's new US$1 billion offering of unsecured notes.


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

DURA AUTOMOTIVE: Gets Interim Court Okay for Customer Programs
--------------------------------------------------------------
DURA Automotive Systems Inc., pursuant to Sections 105(a), 363,
1107(a), and 1108 of the Bankruptcy Code, obtained, on an
interim basis, the United States Bankruptcy Court for the
District of Delaware's authorization to:

   (a) perform their prepetition obligations related to the
       foregoing Customer Programs; and

   (b) continue, renew, replace, implement new, or terminate
       their Customer Programs, in the ordinary course of
       business, without further application to the Court.

The Debtors sought to continue their Customer Programs as they
have proven:

    (i) successful business strategies in the past; and

   (ii) responsible for generating valuable goodwill, repeat
        business, and net revenue increases.

Before filing for chapter 11 protection, and in the ordinary
course of their businesses, the Debtors engaged in certain
practices to develop and sustain positive reputations in the
marketplace for their products and services, including warranty
obligations, customer rebates, price reductions, and tooling and
steel debit programs.

The Debtors desire to continue, during the postpetition period,
the cost-effective Customer Programs that were beneficial to
their businesses during the period prior to their filing for
chapter 11 protection, relates Mark D. Collins, Esq., at
Richards, Layton & Finger, P.A., in Wilmington, Delaware.

                    Warranty Obligations

The Debtors' Customer Programs include ordinary course warranty
obligations with their various industrial and indirect retail
customers.  Consistent with common industry practices, the
Debtors issue warranties related to the various products and
materials they produce.  With respect to their automotive
component products, the Debtors generally participate in their
customers' warranty sharing or warranty recovery program.

According to Mr. Collins, OEM-related Warranty Obligations
generally mirror the OEM's warranty to its customer.  However,
in some cases, the Debtors' Warranty Obligations to the OEM may
run as long as fifteen years.  The Debtors also provide
warranties with respect to their recreation, mass transit and
heavy-duty commercial and industrial markets.  While most
component parts supplied to the recreation vehicle market are
warranted for two to three years, there are exceptions where
broader warranties exist for specific product lines and
customers.

The Debtors accrue warranty liabilities on their balance sheet.
Based on their historical warranty claims, the Debtors estimate
that claims related to the Warranty Obligations, if any, are not
likely to exceed US$5,000,000 for warranties issued prior to the
Commencement Date.

Moreover, the Debtors' products often contain parts and
assemblies supplied by certain vendors, many of which are under
warranty from those vendors.  In other words, if one of these
parts or components fails, or is part of a warranty claim
against the Debtors, the Debtors may have recourse back against
the vendor who supplied the part or component, Mr. Collins
relates.

                      Customer Rebates

The Debtors provide rebates and incentives to certain customers
to support the development and marketing of their various
products.  Most Customer Rebates are determined and issued to
customers based on designated purchasing thresholds.  The
Customer Rebates are an integral part of the Debtors' incentive
package to their customers.

In the ordinary course, the Debtors accrue expense reserves for
the Customer Rebates based upon the terms of the existing
agreements with the relevant customers.  For example, if a
customer purchases a certain amount of product, they will be
entitled to a percentage rebate for each pre-determined
threshold they reach.  The majority of these Customer Rebates
are issued to customers of the Atwood Mobile Products segment.  
For the 2005 fiscal year, the Debtors issued aUS$625,000 in
Customer Rebates related to the Atwood companies.

                   Price Reduction Programs

Pursuant to negotiated price reductions, the Debtors provide
certain of their OEM Customers with purchase order piece price
reductions.  That is, the Debtors provide either percentage or
dollar value discounts on the purchase of parts or systems, and
in certain instances, the discounts are not realized for some
period of time.

Additionally, the Debtors accrue for potential cash refunds to
Customers for estimated potential overpayments by Customers.  As
of Sept. 30, 2006, and pursuant to the Price Reduction Programs,
the Debtors have accrued but unrealized purchase order piece
price reductions and potential refunds in the amount of
approximately US$5,000,000.

                           Tooling

The Debtors also perform certain "middle-man" functions on
behalf of many of their customers related to the purchasing of
tooling equipment.

In many cases, the Debtors need to acquire specialized tooling
equipment in order to produce the end products ordered by their
customers.  In these situations, the customer will often intend
to own the specialized tooling equipment and will use the
Debtors to sub-contract the tool production work and to perform
quality control assessments.  The tooling would in most
instances, be used by the Debtors at their location, although
the customer would retain title to the tooling.

The Debtors technically buy the tooling from third-party
suppliers, but the customer will either advance funds to the
Debtors prior to payment of the third-party toolmaker or will
reimburse the Debtors for funds the Debtors paid to the third-
party toolmaker for the specialized tooling.  In these
instances, the Debtors have no equitable interest in either the
tooling or the funds advanced by the customers.  The Debtors,
out of an abundance of caution, request the Court's authority to
continue to serve as a middle-man with respect to the Tooling
Payments, regardless of whether the payments involve are prior
to its filing for chapter 11 protection or postpetition
transactions or transfers.

                     Steel Debit Program

The Debtors participate in steel repurchase and debit programs
with certain of their customers.  Under these programs, the
Debtors have the opportunity to purchase steel at a customer-
negotiated discount by buying through their customers' accounts
with various steel manufacturers.  In these instances, the
customer will purchase steel on the Debtors' behalf; and
subsequently will deduct the steel cost from payables owed to
the Debtors for the goods the Debtors manufacture with such
steel.

As of Oct. 26, 2006, the payables to be deducted by customers
total US$530,000.  The Steel Debit Programs do not represent
typical "customer programs," as the Debtors do not directly
extend benefits to their customers, Mr. Collins notes.  Rather,
he clarifies, the Debtors realize cost savings by purchasing
their primary raw material through their customers' high-volume
steel programs.  The Debtors intend to continue, in their
discretion, their participation in their customers' Steel Debit
Programs.

            JCI Seeks Clarification on Tooling Program

Johnson Controls Inc. issued numerous purchase orders to the
Debtors for tooling.  JCI objects to the Debtors' request on
grounds that the Debtors have failed to:

   (i) identify to JCI existing or potential liens on JCI
       tooling;

  (ii) identify to JCI amounts owed to tooling suppliers and
       others having possession of JCI tooling; and

(iii) unequivocally commit to pay tooling funds received from
       JCI to tooling suppliers and others having possession of
       JCI tooling.

The Debtors manufacture parts for JCI using custom tooling built
specifically for JCI.  Dura Automotive Systems Inc. does not
build the tooling but rather orders the tooling from third party
suppliers on JCI's behalf.  Dura initially incurs the expense of
building tooling and passes it through to JCI without a mark-up
or other surcharge.  In some instances, JCI advances the costs
of the tooling to Dura and the Debtor then is responsible for
paying the third-party suppliers.

JCI believes that its tooling transactions with the Debtors are
consistent with their description of their tooling practices in
their request, including the Debtors' statement that they have
no equitable interest in either the tooling ordered for JCI or
the funds advanced by JCI to pay for the tooling.

Gaston P. Loomis II, Esq., at Reed Smith LLP, in Wilmington,
Delaware, notes that the Debtors are seeking the authority, but
not the obligation, to continue to act as a middleman for the
tooling payments, among their other Customer Programs.

JCI agrees with the Debtors' general intent to continue with
their tooling program.  However, JCI is concerned that it may
make tooling payments to the Debtors that they may thereafter
retain instead of using them to pay the tooling suppliers.

This result, according to Mr. Loomis, would appear permitted by
the Debtors' Motion, since the Debtors are requesting the
authority, but not the obligation, to continue payments to
suppliers under the tooling program.  The unfair result,
Mr. Loomis says, would likely disrupt JCI's relationship with
the tooling suppliers and potentially subject JCI to having to
pay twice for the tooling.  In addition, this situation would
adversely impact JCI's ongoing relationship with the Debtors, he
asserts.

To clarify the tooling payments situation, JCI asks the Court to
enter an order explicitly stating that JCI's tooling payments,
whether made to the Debtors or a third-party escrow agent, will
be used only for the purpose of paying the third-party tooling
suppliers for JCI's order, or other third-parties, including
warehousemen or shippers, who may have possession of some of the
tooling, and that the Debtors and JCI will work out a mutually
agreeable method of ensuring this result.

JCI also asks the Court to enter an order providing that its
tooling payments will not at any time become property of the
Debtors' estates.

In addition, JCI asks Judge Carey to order the Debtors to:

   (i) timely account to JCI for their use of JCI's tooling
       payments to discharge their tooling payment obligations
       to the respective third-party suppliers, and other third-
       parties for JCI's orders; and

  (ii) provide JCI with current information regarding the status
       of the various pieces of JCI tooling, including unpaid
       amounts to suppliers and others having possession of JCI
       tooling as well as any existing or potential liens.

Mr. Loomis maintains that JCI's proposal is entirely consistent
with the Debtors' tooling program and would allow JCI to
continue making payments to the Debtors or escrow agent with the
assurance that those funds would be used only to pay tooling
suppliers and other third parties relating to JCI orders or else
the funds would be returned to JCI.

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.


FORD CREDIT: Fitch Rates US$59-Million Class D Notes at BB+
---------------------------------------------------------
Fitch rates the Ford Credit Auto Owner Trust 2006-C asset backed
notes:

      -- US$664,000,000 class A-1 5.3574% 'F1+';
      -- US$205,000,000 class A-2a 5.29% 'AAA';
      -- US$856,441,000 class A-2b floating-rate 'AAA';
      -- US$509,551,000 class A-3 5.16% 'AAA';
      -- US$325,000,000 class A-4a 5.15% 'AAA';
      -- US$251,838,000 class A-4b floating-rate 'AAA';
      -- US$88,795,000 class B 5.3% 'A';
      -- US$59,196,000 class C 5.47% 'BBB+';
      -- US$59,196,000 class D 6.89% 'BB+'.

The ratings on the notes are based upon their respective levels
of subordination, the specified credit enhancement amount, and
the yield supplement overcollateralization amount.  All ratings
reflect the transaction's sound legal structure, the high
quality of the retail auto receivables originated by Ford Motor
Credit Company, and the strength of Ford Credit as servicer.

The weighted average APR in the 2006-C transaction is 4.401%.  
As with previous deals, the 2006-C transaction incorporates a
YSOC feature to compensate for receivables with interest rates
below 8.50%.  The YSOC is subtracted from the pool balance to
calculate bond balances and the first priority, second priority,
and regular principal distribution amounts, resulting in the
creation of 'synthetic' excess spread.  These amounts enhance
the receivables' yield and are available to cover losses and
turbo the class of securities then entitled to receive principal
payments.

Initial enhancement for the class A notes as a percentage of the
adjusted collateral balance is 5.5%. Initial enhancement for the
class B notes is 2.5%.  Initial enhancement for the class C
notes is 0.50% provided by the reserve account.

On the closing date, the aggregate principal balance of the
notes will be 102% of the initial pool balance less the YSOC.  
The class D notes represent the undercollateralized 2%.  During
amortization, both excess spread and principal collections are
available to reduce the bond balance.  Hence, if excess spread
is positive, the bonds will amortize more quickly than the
collateral.  It is this mechanism that ensures that the class D
notes are collateralized and the specified credit enhancement
level is achieved.

Furthermore, the 2006-C transaction provides significant
structural protection through a shifting payment priority
mechanism.  In each distribution period, a test will be
performed to calculate the amount of desired collateralization
for the notes versus the actual collateralization.  If the
actual level of collateralization is less than the desired
level, then payments of interest to subordinate classes may be
suspended and made available as principal to higher rated
classes.

Based on the loss statistics of Ford Credit's prior
securitizations and Ford's U.S. retail portfolio performance,
Fitch expects consistent performance from the pool of
receivables in the 2006-C pool.  For the nine months ending
Sept. 30, 2006, average net portfolio outstanding totaled
approximately  US$57.7 billion, total delinquencies were 2.10%,
and net losses were 0.63% of the average net portfolio
outstanding.


KOBE STEEL: Earns JPY51.58 Bil. for First Half to September 2006
----------------------------------------------------------------
For the first half period ended September 30, 2006, Kobe Steel
Ltd recorded a net profit of JPY51.58 billion, compared with the
JPY36.71 billion profit posted in the same period during the
previous fiscal year.

Kobe Steel also posted JPY898.86 billion in revenues for the
2006 first half, versus JPY789.50 billion in revenues for the
2005 first half.  Operating profit was JPY98.84 billion, versus
the previous corresponding period's JPY108.23 billion.  Current
profit was JPY87.36 billion, compared with JPY85.41 billion in
the 2005 first half.

The company's Earning Per Share for the current half-year period
was JPY16.60, compared with the corresponding period's JPY12.37.

Kobe Steel projects that for the fiscal year ending March 31,
2007, it will report JPY1.90 trillion in revenues, versus the
JPY1.82 trillion reported for the year ended March 31, 2006.

Kobe Steel also forecasts a current profit of JPY170 billion and
a net profit of JPY100 billion for the year ending March 31,
2007.

                        About Kobe Steel

Headquartered at Chuo-ku, Kobe, in Hyogo, Japan, Kobe Steel,
Limited -- http://www.kobelco.co.jp/english/corp/index.html--   
is one of Japan's leading steel makers, as well as the top
supplier of aluminum and copper products.  Other businesses
include welding consumables, urban infrastructure and plant
engineering services, and industrial machinery.

Kobe Steel has offices in New York, Singapore, Bangkok and
Beijing.

As the Troubled Company Reporter - Asia Pacific reported on
May 31, 2006, Fitch Ratings has upgraded the long-term foreign
and local currency Issuer Default Ratings of Japanese steel-
maker Kobe Steel to BB+ from BB.  At the same time, the agency
affirmed Kobelco's short-term IDR at B.  The outlook on the
ratings is positive.


M. FABRIKANT & SONS: Taps Donlin Recano as Claims & Notice Agent
----------------------------------------------------------------
M. Fabrikant & Sons, Inc., and its debtor-affiliates, Fabrikant-
Leer International, Ltd., ask the United States Bankruptcy Court
for the Southern District of New York for permission to employ
Donlin, Recano & Company, Inc., as their claims, noticing and
balloting agent.

Donlin Recano will:

   (a) notify all potential creditors of the filing of the
       Debtors' bankruptcy petitions and of the setting of the
       first meeting of creditors, pursuant to Section 341 of
       the Bankruptcy Code, under the proper provisions of the
       Bankruptcy Code and the Bankruptcy Rules;

   (b) maintain an official copy of the Debtors' schedules of
       assets and liabilities and statement of financial affairs
       listing the Debtors' known creditors and the amounts
       owed;

   (c) notify all potential creditors of the existence and
       amount of their respective claims, as evidenced by the
       Debtors' books and records and as set forth in their
       Schedules;

   (d) furnish a notice of the last day for the filing of proofs
       of claim and a form for the filing of a proof of claim,
       after such notice and form are approved by the Court;

   (e) file with the Clerk an affidavit or certificate of
       service which includes a copy of the notice, a list of
       persons to whom it was mailed, in alphabetical order, and
       the date the notice was mailed, within 10 days of
       service;

   (f) docket all claims received, maintain the official claims
       registers for each of the Debtors on behalf of the Clerk,
       and provide the Clerk with certified duplicate unofficial
       Claims Registers on a monthly basis, unless otherwise
       directed;

   (g) specify, in the applicable Claims Register, these
       information for each claim docketed:

         (i) the claim number assigned,

        (ii) the date received,

       (iii) the name and address of the claimant and agent, if
             applicable, who filed the claim,

        (iv) the filed amount of the claim, if liquidated, and

         (v) the classification or classifications of the claim,
             e.g. secured, unsecured, priority, etc., according
             to the proof of claim;

   (h) relocate, by messenger, all of the actual proofs of claim
       filed to Donlin Recano, not less than weekly;

   (i) record all transfers of claims and provide any notices of
       such transfers required by Bankruptcy Rule 3001;

   (j) make changes in the Claims Register pursuant to Court
       Order;

   (k) upon completion of the docketing process for all claims
       received to date by the Clerk's office, turn over to the
       Clerk copies of the Claims Registers for the Clerk's
       review;

   (l) maintain the Claims Register for public examination
       without charge during regular business hours;

   (m) maintain the official mailing list for each Debtor of all
       entities that have filed a proof of claim, which list
       shall be available upon request by a party-in-interest or
       the Clerk;

   (n) assist with, among other things, solicitation,
       calculation, and tabulation of votes and distribution, as
       required in furtherance of confirmation of a Plan:

   (o) provide and maintain a website where parties can view
       claims filed, status of claims, and pleadings or other
       documents filed with the Court by the Debtors;

   (p) 30 days prior to the close of these cases, an order
       dismissing Donlin Recano would be submitted terminating
       its services upon completion of its duties and
       responsibilities and upon the closing of these cases; and

   (q) at the close of the case, box and transport all original
       documents in proper format, as provided by the Clerk's
       oft-ice, to the Federal Records Center.

Louis A. Recano, principal at Donlin Recano, tells the Court
that the firm will waive any amount due and owing for services
performed or expenses incurred prior to the Debtors' bankruptcy
filing.  Mr. Recano discloses that the firm received a US$10,000
retainer from the Debtors.

The firm's professionals bill:

   Claims Administration Services                    Hourly Rate
   ------------------------------                    -----------
   Case Administrators                                     US$65
   Data Input                                              US$35

   Consulting Services
   -------------------
   Principals/Senior Consultants/Attorneys                US$185
   Bankruptcy Consultants/Attorneys              US$170 - US$200
   Bankruptcy Analysts                           US$130 - US$155
   Programming Consultants                                US$135

Mr. Recano assures the Court that his firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

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

The company and its affiliates, Fabrikant-Leer International,
Ltd., filed for chapter 11 protection on Nov. 17, 2006 (Bankr.
S.D.N.Y. Case Nos. 06-12737 & 06-12739).  Mitchel H. Perkiel,
Esq., at Troutman Sanders LLP, represent the Debtors.  When the
Debtors filed for protection from their creditors, they listed
estimated assets and debts of more than US$100 million.  The
Debtors' exclusive period to file a chapter 11 plan expires on
Mar. 17, 2007.


M. FABRIKANT & SONS: Wants Until January 16 to File Schedules
-------------------------------------------------------------
M. Fabrikant & Sons, Inc., and its debtor-affiliates, Fabrikant-
Leer International, Ltd., ask the United States Bankruptcy Court
for the Southern District of New York to extend by an additional
45 days, or until Jan. 16, 2007, the time within which they may
file their schedules of assets and liabilities and statement of
financial affairs.

The Debtors tell the Court that due to the size, complexity and
geographic reach of their operations, they will be unable to
file the necessary documents within the 15-day period allotted
in the Bankruptcy Code.

The Debtors contend that they need additional time in order to
collect, review and assemble the information needed in the
schedules and statement.  The additional time will also help
them ensure that the documents are as accurate as possible.

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

The company and its affiliates, Fabrikant-Leer International,
Ltd., filed for chapter 11 protection on Nov. 17, 2006 (Bankr.
S.D.N.Y. Case Nos. 06-12737 & 06-12739).  Mitchel H. Perkiel,
Esq., at Troutman Sanders LLP, represent the Debtors.  When the
Debtors filed for protection from their creditors, they listed
estimated assets and debts of more than US$100 million.  The
Debtors' exclusive period to file a chapter 11 plan expires on
Mar. 17, 2007.


MITSUBISHI MOTORS: Recalls 1,669 SUVs Over Faulty Part
------------------------------------------------------
Mitsubishi Motors Corp. is recalling 1,669 sports utility
vehicles over faulty intercoolers that could fall off and
defective fuse box circuits, Mainichi Daily relates.

BusinessWeek, citing Mitsubishi's statement on its Web site,
says that subject to recall are 1,401 RVR Sports Gear SUV
vehicles manufactured in 1997-2002 and 268 Pajero SUVs
manufactured in 2006.

The 1,669 vehicles were all sold in Japan, the company said.  It
was not immediately clear whether models sold overseas also had
defective parts.

                    About Mitsubishi Motors

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

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

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

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

The TCR-AP, on August 4, 2006, reported that Rating & Investment
Information Inc. has upgraded its issuer rating on Mitsubishi
Motors Corp. from CCC+ to B with a stable outlook and its
commercial paper rating from c to b, and has removed the rating
from its monitor at the same time.

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


MIZUHO FINANCIAL: Profit Climbs 16% in First Half
-------------------------------------------------
Mizuho Financial Group Inc. disclosed in a press release that
its profit climbed 16% in the half year ending September 30,
2006, helped in part by stock market gains and cost cutting.

Mainichi Daily News notes that Mizuho Financial's net income
rose to JPY392.3 billion (US$3.32 billion) in the company's
fiscal first half, from JPY338.6 billion a year earlier.

Mizuho benefited from an overall improving environment for
Japanese banks as they reduce bad debt and reaped healthier
earnings from the recovery of the world's second-largest
economy, which after a decade of doldrums has produced a better
market for more profitable lending, Mainichi relates.

Mizuho forecast that its full-year profit through March 2007
will rise more than 10% to JPY720 billion (US$6.1 billion).

In the first six months, net trading income from stocks and
other investments jumped 28% to JPY104.5 billion
(US$885.6 million), reflecting a general improvement in global
stock markets.  But income from fees and commissions slid 2.6%
to JPY248.9 billion (US$2.11 billion) amid increased competition
from discount brokerages, Mainichi says.

Mizuho further boosted earnings by cutting general and
administrative costs by JPY13 billion (US$110.2 million) to
JPY535.3 billion (US$4.54 billion).

The company also trimmed its load of non-performing loans by
JPY78.7 billion (US$667 million) to JPY1.009 trillion (US$8.6
billion) over the first half.

The move reduced the ratio of bad loans to good at Mizuho's
three core banks -- Mizuho Bank, Mizuho Corporate Bank and
Mizuho Trust & Banking Co. -- to 1.32% as of Sept. 30.

                  About Mizuho Financial Group

Headquartered in Tokyo, Japan, Mizuho Financial Group, Inc. --
http://www.mizuho-fg.co.jp/english/-- is a financial  
institution.  The company primarily is engaged in the banking,
trust, securities, asset management and credit card businesses,
as well as the investment advisory business.  Through its
subsidiaries, Mizuho Financial Group also is engaged in the
consulting, system management, credit guarantee, temporary
staffing and office work businesses, among others.  Its main
subsidiaries and associated companies include Mizuho Bank, Ltd.,
Mizuho Trust & Banking Co. (USA), Mizuho Trust & Banking
(Luxembourg) SA, Mizuho Corporate Bank, Ltd., Mizuho Trust &
Banking Co., Ltd., Mizuho Private Wealth Management Co., Ltd.,
Mizuho Financial Strategy Co., Ltd., Mizuho Capital Markets
Corporation, Mizuho Securities Co., Ltd., Mizuho Bank
Switzerland Ltd., Mizuho International plc., Mizuho Securities
USA, Inc. and Mizuho Investors Securities Co., Ltd.  The company
has 130 consolidated subsidiaries and 19 associated companies.

The Troubled Company Reporter - Asia Pacific reported on
November 28, 2005, that Moody's Investors Service upgraded to D+
from D- the bank financial strength ratings of the banks in the
Mizuho Financial Group -- Mizuho Bank, Ltd.; Mizuho Corporate
Bank, Ltd.; and Mizuho Trust & Banking Co., Ltd.

Additionally, on February 8, 2006, Fitch Ratings assigned a C
individual rating to Mizuho Financial.


SANYO ELECTRIC: Denies Plan to Sell Mobile Phone & Chip Unit
------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific, citing the Nihon
Keizai newspaper, reported on November 24, 2006, that Sanyo
Electric Co. plans to sell its cellphone and semiconductor
divisions as part of a new restructuring plan.

According to the TCR-AP report, Sanyo would spin off its mobile
phone division as early as in the next financial year starting
in April and then sell the majority of the new company to a
competitor.  The TCR-AP also stated that Sanyo also looks to
sell its chip operations, which it spun off in July.

However, according to Bloomberg News, Sanyo denied reports that
it will sell its mobile-phone and semiconductor businesses.

In addition, the TCR-AP report cited Nihon Keizai as indicating
that Sanyo is headed for its third straight loss this business
year.  The Nihon Keizai report recounted 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.

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

Shanghai Daily cites Sanyo as stating to the Tokyo Stock
Exchange that it will disclose the details of its reorganization
when it reports its first-half earnings.

                       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.


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

KOREA EXCHANGE BANK: Lone Star Scraps US$7.3-Bil. Kookmin Deal
--------------------------------------------------------------
United States-based Lone Star Funds terminated its agreement to
sell a controlling stake in Korea Exchange Bank to Kookmin Bank.

The decision came after South Korean prosecutors indicted Lone
Star and KEB for fixing the share prices of the bank's card
subsidiary, KEB Credit Services.  The bank and the private
equity fund allegedly drove down the share price of KEBCS so the
bank could buy out the subsidiary's minority shareholders at a
cheaper price.

Earlier, a Seoul District Court also issued warrants to Lone
Star executives including vice chairman Ellis Short, and general
counsel Michael Thomson.

"We have concluded that we cannot move forward with the sale of
KEB to Kookmin Bank due to the continuing investigations
surrounding Lone Star's investment in KEB and KEB's subsequent
rescue of its credit card subsidiary, which have been extended
several times and now have no firm completion date," Reuters
quotes Lone Star Chairman John Grayken as saying.

"In jeopardy," The Wall Street Journal points out, "is a roughly
US$4.5 billion profit Lone Star would reap from the sale to
Kookmin."

Under the scrapped deal, Kookmin Bank agreed to buy Lone's Star
stake in KEB for US$7.3 billion.

Citing people close to the firm, WSJ says Lone Star and Kookmin
might go back to negotiations later.  

Lone Star will consider its strategic options once the
investigation is completed, Mr. Grayken told WSJ.

                      About Korea Exchange

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

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

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

                          *     *     *

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

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

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


KOREA EXCHANGE BANK: Fitch Affirms Ratings Despite Scrapped Sale
----------------------------------------------------------------
Fitch Ratings affirmed the following ratings on Korea Exchange
Bank and removed them from Rating Watch Positive on which they
were placed on March 23, 2006, as follows:

   -- Long-term Issuer Default rating 'BBB+',

   -- senior, Lower Tier 2 and Upper Tier 2 issue ratings of
      'BBB+', 'BBB' and 'BBB-', respectively.

The Outlook on the ratings is Positive.

All the remaining  ratings on the bank were also affirmed.

The rating actions follow Lone Star's termination of its
agreement to sell its 64.6% stake in KEB, citing the Korean
prosecutor's continued probe over the integrity of LS's original
acquisition of KEB in 2003.

Despite the termination of the deal, Fitch views that KEB's
financial profile has significantly improved helped by the
robust operating performance of recent years.  Mid-2006, the
bank's Tier I and total CAR were at 10.8% and 13.9%
respectively, and it was achieving a core pre-provisioning
return-on-average-assets of almost 2.0% p.a. -- largely due to
its excellent levels of net and non-interest income thanks to
its strong credit card, SME and foreign exchange operations.
Meanwhile, credit costs and reported loans quality has
been extremely good, as it has been for the industry.

KEB incurred few non-performing loans over the 18 months to mid-
2006, when NPLs reportedly stood at just 0.7% of total loans
(versus 1.8% at end-2004).  Precautionary loans meanwhile fell
to 1.0% from 1.8%.

KEB's financial position should remain very sound even though
the bank's net  profit for the quarter ended 30 September 2006
was negligible due to an  extraordinary tax charge (which KEB is
appealing).  It is likely that LS will  seek a substantial
dividend which should be readily affordable given KEB's strong
profitability and well above average CAR. In addition,
uncertainty over KEB's ownership control and labour unrest could
be constraining factors for any rating upgrade of the bank.


* Corporate Bankruptcies Fall to Record Low in October 2006
-----------------------------------------------------------
Korea's corporate bankruptcies fell to a record low in October
2006, the Korean Government's Web site reports, citing the Bank
of Korea as its source.

The drop was attributed to decreasing failures in manufacturing
and construction businesses.

The Bank of Korea provided these figures:

   -- the number bankrupt companies declined to 181 in October
      from 228 a month earlier;

   -- the number of bankrupt manufacturers fell by 34 to 57,
      compared with the figure reported for September; and

   -- the number of failed builders dropped by 13 to 37,
      compared with September's result.

The number of bankrupt service businesses, however, rose by 1 to
82.

The number of startups also plunged to 3,451 in October from
4,197 a month earlier, the first decline in four months, the
Bank of Korea added.

Despite the fall in number of corporate bankruptcies, the
default rate on corporate bills -- bonds, checks and promissory
notes -- rose 0.01 percentage point to 0.04 percent in October,
the central bank noted.


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

ARK RESOURCES: Unit Fails to Settle Debt; Receives Wind-Up Order
----------------------------------------------------------------
Cardon (M) Sdn Bhd, a wholly owned subsidiary of Ark Resources
Bhd, had been served with a wind-up petition dated October 8,
2004, by Concrete Engineering Products Bhd for failure to settle
MYR234,933 in outstanding debt.

According to the petition, the outstanding amount, which arose
due to non-payment of goods sold and delivered to Cardon,
covers:

   -- MYR150,119 as judgment sum as at July 2, 2001;

   -- interest of MYR82,944 calculated at 1.5% per month from
      July 3, 2001; to July 27, 2004; and

   -- cost of MYR1,870.  

Ark Resources' total cost of investment in Cardon is
MYR1,000,000.

Ark Resources tells Bursa Malaysia Securities Berhad that the
claim by Concrete Engineering is not expected to have a material
financial and operating impact on the company and its group.  
The company assures the Bourse that the claim will be addressed
under the restructuring plan to regularize its financial
condition.

As reported by the Troubled Company Reporter - Asia Pacific on
September 14, 2006, the Kuala Lumpur High Court extended its
restraining order to Ark Resources and its subsidiaries,
including Cordon, until January 5, 2006.

The High Court granted the Restraining Order to facilitate Ark
Resources' restructuring exercise.

                          *     *    *

Ark Resources Berhad, formerly known as Lankhorst Berhad --
http://www.lankhorst.com.my/-- is an investment holding company  
with headquarters in Shah Alam, Malaysia.  Through its
subsidiaries, the Company provides civil and geotechnical
engineering

On April 24, 2006, Lankhorst was classified as an affected
listed issuer and is required to comply with the provisions of
the Bourse's Practice Note 17/2005 category or face delisting
procedures.

Currently, Ark Resources is under the protection of a
Restraining Order pursuant to Section 176 of the Companies Act
1965 and formulating a debt and capital restructuring scheme to
improve the Company's financial position.

Ark posted a net loss of MYR10.2 million in 2004 and
MYR104.1 million in 2005.  For the six-month period ending June
30, 2006, the Company recorded a net loss of MYR38.3 million.


TALAM CORP: Dividend Payment to ICPS Holders Set on Jan. 1
----------------------------------------------------------
Talam Corporation Bhd will pay dividends to holders of its five-
year 5% Irredeemable Convertible Preference Shares on January 1,
2007.

In this regard, Talam Corp will close its ICPS Transfer Books
and the Register of ICPS Holders on December 15, 2006.

The dividend payment of 5% per annum for the period from January
2, 2006, to January 1, 2007, will be paid to ICPS holders whose
names are registered in the Record of Depositors by December 14,
2006.

A depositor will only qualify for the dividend if:

    a. ICPS transferred into depositors' securities account
       before 4:00 p.m. on December 14, 2006, in respect of
       ordinary transfer; and

    b. ICPS bought on the Bursa Malaysia Securities Berhad on a
       cum entitlement basis according to the rules of the Bursa
       Securities.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad is principally engaged in property development.  Its
other activities include trading building materials,
manufacturing of ready mixed concrete, provision for higher
educational programs, development and management of hotel, golf
and country club horticulturists, agriculturists and landscaping
designers and contractors and investment holding.  Operations of
the group are carried out in Malaysia and China.

The Troubled Company Reporter - Asia Pacific reported on
Sept. 11, 2006, that based on the Audited Financial Statements
of Talam Corporation for the financial year ended January 31,
2006, the Auditors Ernst & Young were unable to express their
opinion on the Company's Audited Accounts.  As such, the Company
is an affected listed issuer of the Amended Practice Note 17
category.  In accordance with PN 17, the company is required to
submit and implement a plan to regularize its financial
condition within eight months from September 1, 2006.


TANCO HOLDINGS: BVI Strikes Off Two Non-operational Units
---------------------------------------------------------
On November 22, 2006, Tanco Holdings Bhd was informed that two
of its subsidiaries, TimeClub.com Ltd and SuperTime.com Ltd,
were struck off from the British Virgin Islands Government
Register.

BVI's action has been in effect since November 1, 2006.

According to Tanco Holdings, TimeClub and SuperTime have not
commenced operations since the date of its incorporation on
May 3, 2000.

Tanco Holdings asserts the striking off of the two subsidiaries
will not have any material effect on the earnings per share and
net tangible assets of Tanco Group for the financial year ending
December 31, 2006.

                          *     *     *

Headquartered in Selangor Darul Ehsan, Malaysia, Tanco Holdings
Berhad -- http://www.tancoresorts.com/-- operates resort, golf  
and marina clubs and provides management services.  Its other
activities include provision of exchange services in relation to
vacation ownership schemes; property holding and development;
provision of consultancy services; money lending business;
travel and tour agent; multimedia related business; and
investment holding.  The Group carries out its operations in
Malaysia, the British Virgin Islands, New Zealand and Mauritius.

The Company is a Practice Note 17 company.  As an affected
listed issuer, the Company is required to submit and implement a
regularization plan to avoid delisting.


TENGGARA OIL: Faces Writ of Summons from Bumiputra Bank
-------------------------------------------------------
On November 7, 2006, Tenggara Oil Bhd's board of directors
received a writ of summons from Bumiputra-Commerce Bank Berhad
as issued by the Kuala Lumpur High Court, Commercial Division
for these claims:

   1) The total sum of MYR1,045,121 as at July 31, 2006;
    
   2) Interest of 2.0% per annum at a base lending rate on the
      basis of daily rests from August 1, 2006, up to full
      settlement for an amount which exceeds the approved limit
      of MYR500,000;
    
   3) Penalty interest at 1.0% at a fixed interest rate from
      August 1, 2006, up to full settlement;

   4) Other interest as may be agreeable under the
      agreement;

   5) Legal costs on an indemnity basis; and

   6) Other relief as the Court deems fit.

The claims relate to MYR2,000,000 overdraft facilities provided
by BCBB to Tenggara Oil.

                          *     *     *

Tenggara Oil Berhad is undertaking a divestment and
restructuring exercise, which will reposition it as a service-
oriented and trading group from its current resource-based
businesses.  Current businesses include investment holding,
supply of ready mixed concrete, property holding, management and
construction.  As part of a corporate revamp exercise, the
Company has repositioned itself in the oil and gas business,
which will be its core business.  The Company is headquartered
in Kuala Lumpur, Malaysia.

Tenggara is in the process of formulating a debt-restructuring
scheme with relevant parties.  Tenggara has been incurring
losses, with a MYR3.728-million loss for the 12-month period to
July 31, 2006, and a MYR2.848-million loss for the same period
to July 31, 2005.


* Malaysian GDP Grows by 5.8% in Third Quarter 2006
---------------------------------------------------
Malaysia's economy continues to remain on a steady growth path
in the third quarter, with real gross domestic product expanding
by 5.8%, the People Daily reports citing a senior Malaysian
official.

According to Zeti Akhtar Aziz, governor of Malaysian Central
Bank, the country's GDP growth rate, which averaged 6% for the
first three quarters, is projected to exceed its 5.8% full year
target.

In the third quarter, economic activity continued to be driven
by the private sector and external demand, Mr. Zeti told the
People Daily, adding the services, manufacturing and
agricultural sectors were the key contributors to growth.

The services sector expanded at a strong pace of 6.5%, led by
consumption, tourism, finance and trade-related activities, Mr.
Zeti said while releasing the economic and developments for the
third quarter.

Value added growth in the manufacturing sector expanded by 7.1%,
reflecting the expansion in both the export- and domestic-
oriented industries.

The agriculture sector showed a stronger growth of 6.2%,
underpinned by a broad range of activities, including in palm
oil, rubber and food commodities.

Growth in consumption expenditure was sustained at 7.1%, with
private consumption expenditure increasing by 6.8% and public
consumption registering a stronger growth of 8.3%.

Headline inflation, as measured by the Consumer Price Index,
moderated to 3.6% in the third quarter, mainly due to the lower
inflation for items in the transport category.

The economy growth rates for the first and second quarters have
been revised to 5.9% and 6.2% respectively, Mr. Zeti added.


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

AIR NEW ZEALAND: Cuts Tasman Flights to Return to Profit
--------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
April 13, 2006, Air New Zealand and Qantas Airways have signed a
code-share agreement that will allow both airlines to reduce
cost by removing some surplus or duplicated capacity and
utilizing aircraft more efficiently, while increasing the number
of flights available to their customers for the trans-Tasman
routes.

However, in a subsequent report, the TCR-AP stated that Air New
Zealand advised the New Zealand Stock Exchange of its decision
withdraw its application to the Australian Competition &
Consumer Commission and Ministry of Transport for approval of
its code-share deal with Qantas.  Air New Zealand explained that
its review of the recent draft judgment from the ACCC gives it
little confidence that its views will be given any weight when
the final ACCC judgment is delivered.

On August 29, 2006, the TCR-AP cited a report from The
Australian saying that Air New Zealand warned it will start
cutting trans-Tasman flights if it fails to get approval for its
code-sharing deal with Qantas Airways Limited.

In an update, on November 23, 2006, Air New Zealand said that it
would cut seat numbers from Wellington to Australia by 15% as
part of a Tasman network-wide 11% reduction, The Dominion Post
reports.

According to the report, the cuts take effect in April and run
till October 2007.  They are twice those of previous winters,
the paper says.

Flights from the capital to Sydney and Melbourne would be cut by
two a week to 10 and five respectively, stuff.co.nz says, adding
that the Brisbane service would also be reduced from daily to
six times a week.

Air Mew Zealand Chief Executive Officer Rob Fyfe warned that
further cuts are possible as the airline strives to return the
Tasman to profit, stuff.co.nz relates.

Mr. Fyfe said that aircraft on Wellington services which fly on
average of just 63% full during winter is not sustainable.

The total reductions, which include 7% cuts in Christchurch and
11% from Auckland, would make the Tasman marginally profitable,
but would still not provide sufficient return on the money
invested in aircraft on the route, The Dominion cites Mr. Fyfe,
as saying.

According to the paper, the combined reductions were more
extensive than those proposed for Air New Zealand under the
failed code-share with Qantas because, under that agreement, the
airlines would have made more efficient use of their combined
fleets.

                     Tasman Business Review

A substantial review of the entire Tasman business was due to be
completed in March and could include further cuts or other
initiatives to better compete against Qantas, Virgin Blue, and
Emirates, Mr. Fyfe noted.

Wellington Chamber of Commerce chief executive Charles Finny
said a fully competitive model could help potential competitors
respond to the Air New Zealand move and put on more services
across the Tasman, The Dominion relates.

"But a cut of five flights a week is much better than what we
were looking at under the code-share arrangement," Mr. Finny
said.

The code-share would have meant no competitive response was
possible from other players because the partners could have
colluded on pricing.

                 Cuts Negatively Impact Tourism

According to Positively Tourism Wellington boss Tim Cossar, the
cuts are a blow to the city's ability to attract more Australian
visitors, The Dominion Post relates.

However, the paper cites Wellington International Airport
spokeswoman Louise Murray, as saying it is normal for airlines
to make seasonal changes.

The Dominion notes that Australia is the city's biggest tourist
market, with about 200,000 visitors a year from Melbourne,
Sydney, and Brisbane.  It was hoped that would rise this year
after a AU$640,000 campaign to promote Wellington across the
Tasman, the paper says.

However, Mr. Fyfe clarified that the changes targeted flights
with the least demand and would have little impact on business
travelers.  Services would be added for the summer season, but
probably fewer than this year, Mr. Fyfe explained.

                      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.


AMIT TRADING: Names Brown and Rodewald as Liquidators
-----------------------------------------------------
On Nov. 9, 2006, Kenneth Peter Brown and Thomas Lee Rodewald
were appointed as joint and several liquidators of Amit Trading
Ltd.

According to the Troubled Company Reporter - Asia Pacific, the
Commissioner of Inland Revenue filed a liquidation petition
against the company on Aug. 25, 2006.  The Court heard the
petition on Nov. 9, 2006.

The Joint and Several Liquidators can be reached at:

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


BECKER ENGINEERING: Appoints Joint Liquidators
----------------------------------------------
Kenneth Peter Brown and Thomas Lee Rodewald were appointed as
joint and several liquidators of Becker Engineering Ltd., on
Nov. 9, 2006.

As reported by the Troubled Company Reporter - Asia Pacific, the
Commissioner of Inland Revenue filed a liquidation petition
against the company on Aug. 11, 2006.  The Court heard the
petition on Nov. 9, 2006.

The Joint and Several Liquidators can be reached at:

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


DENNY'S HOLDINGS: Moody's Ups Corp. Family Rating to B1 from B2
---------------------------------------------------------------
Moody's Investors Service raised Denny's Holdings, Inc.
corporate family rating to B1 from B2 and assigned Ba2 ratings
to Denny's, Inc.'s proposed US$350 million senior secured credit
facility consisting of a US$50 million revolver, a US$260
million term loan B and a US$40 million synthetic letter of
credit facility.

At the same time, the senior unsecured notes at Holdings were
upgraded to B3 from Caa1.  The proceeds of the proposed bank
facilities will pay off Denny's existing 1st lien credit
facility and the 2nd lien term loan.

Accordingly, Moody's expects to withdraw the ratings on these
issues once the proposed credit facility is closed.  The rating
outlook remains stable.

Moody's noted that the rating assignments are subject to a
review of the final documentation.

Ratings upgraded with a stable outlook:

   * Denny's Holdings, Inc.

      -- Corporate family rating to B1 from B2;

      -- probability of default rating to B1 from B2; and

      -- the US$175 million senior unsecured notes to B3, LGD5,
         87% from Caa1, LGD5, 89%.

Rating assigned with a stable outlook:

   * Denny's, Inc.

      -- Ba2, LGD2, 24% on the US$50 million secured revolver;

      -- Ba2, LGD, 24% on the US$260 million secured term loan
         and Ba2, LGD2, 24% on the US$40 million secured
         synthetic letter of credit facility.

Ratings affirmed at this time but expected to be withdrawn after
closing of the proposed facility:

   * Denny's, Inc.

      -- Ba2, LGD2, 18% on the US$75 million 1st lien secured
         revolver;

      -- Ba2, LGD2, 18% on the US$225 million 1st lien secured
         term loan B; and

      -- B2, LGD4, 53% on the US$120 million 2nd lien secured
         term loan.

The upgrade in the corporate family rating reflects Denny's
recent success at significantly de-levering its balance sheet
through the sale of company-owned, franchisee-operated real
estate.

In addition, the rating action incorporates the company's solid
same store sales performance despite a challenging consumer
spending environment, still sizable real estate ownership and
the projected, improved financial flexibility stemming from the
proposed refinancing which should noticeably lower interest
expense.  The new B1 corporate family rating also encompasses
Denny's still relatively high leverage position and weak fixed
charge coverage and the fact that it operates in the mature,
highly competitive family dining category of the restaurant
industry.

Moody's notes that EBIT-to-interest and free cash flow-to-debt
metrics are not currently indicative of the B1 rating.  However,
the rating agency expects the company's positive qualitative
factors, along with consistent operating performance, to
gradually translate into stronger credit metrics over the next
12-18 months.

Denny's Corporation -- http://www.dennys.com/-- a family-style  
restaurant chain headquartered in Spartanburg, South Carolina,
owned and operated 535 and franchised 1,024 full-service family
dining restaurants as of Sept. 27, 2006.  Domestic locations are
scattered throughout 49 states and the District of Columbia with
concentrations in California, Florida and Texas.  Revenues for
fiscal 2005 totaled US$979 million.

The company also has operations in Canada, Costa Rica, Guam,
Mexico, and New Zealand.


ECOWORLD NZ: Faces Liquidation Proceedings
------------------------------------------
On Oct. 13, 2006, the Commerce Commission filed before the High
Court of Hamilton a liquidation petition against Ecoworld New
Zealand Ltd.

The Court will hear the petition on Dec. 4, 2006, at 10:45 a.m.

The Solicitor for the Petitioner can be reached at:

         Deborah Marshall
         Meredith Connell
         Level Seventeen, Forsyth Barr Tower
         55-65 Shortland Street
         P.O. Box 2213 or D.X. C.P. 24-063
         Auckland
         New Zealand


FELTEX CARPETS: NZSA Seeks Appointment of Liquidators
-----------------------------------------------------
The New Zealand Shareholders Association, in its capacity as a
shareholder, filed with the High Court in Auckland an
application for the appointment of liquidators to Feltex Carpets
Limited, the New Zealand Press Association reports.

The Court will hear the petition on November 30, 2006.

According to the report, at least one substantial unsecured
creditor is supporting the application, and has approached
insolvency specialists McDonald Vague, to be the liquidators.

McDonald Vague is expecting more shareholders and creditors who
will support the application.

Stuff.co.nz notes that Feltex's unsecured creditors and
shareholders have no direct obligations from the company's
receivers, who work in the interest of security holders.

NZPA cites McDonald Vague liquidator John Whittfield as saying
that liquidators had powers to take any action, which might
benefit creditors, employees, and shareholders.

As reported in the Troubled Company Reporter - Asia Pacific on
November 7, 2006, a Feltex shareholder sought the approval of
the High Court in Auckland to have shareholder activist Tony
Gavigan appointed to the Feltex board.  Ian Hamilton, of
Invercargill, who owns 172,000 Feltex shares, lodged the
application on October 27, 2006.  The application will be heard
before the Court on November 29, 2006, at 10 a.m.

Mr. Gavigan, who is an auditor, is gathering a group of Feltex
shareholders to take legal action against several parties
associated with the float of Feltex Carpets, the TCR-AP cited a
report from NZPA.  Feltex Carpets has had no directors since
they all resigned, the report noted.

According to the TCR-AP, Tim Saunders, Michael Feeney, John
Hagen, and David Hunter resigned on October 19, 2006, as
directors of the company.  Peter Thomas has resigned on
September 22, 2006, the day McGrathNicol and Partners was
appointed as receivers for the company, the TCR-AP said.

                          About Feltex

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

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

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

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


FOREIGN WHOLESALE: Liquidation Hearing Slated for Nov. 27
---------------------------------------------------------
A petition to liquidate Foreign Wholesale Ltd will be heard
before the High Court of Christchurch on Nov. 27, 2006, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on Oct. 18, 2006.

The Solicitor for the Petitioner can be reached at:

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


GAS CONNECT: Court Sets Date to Hear Liquidation Petition
---------------------------------------------------------
On Oct. 17, 2006, Crane Distribution (NZ) Ltd filed before the
High Court of Christchurch a liquidation petition against Gas
Connect NZ Ltd.

The Court will hear the petition on Nov. 27, 2006.

The Solicitors for the Petitioner can be reached at:

         J.E.M. Connell
         Connell & Connell
         Level Fifteen, ASB Bank Centre
         135 Albert Street, Auckland City
         New Zealand


HFT GROUP: Hearing of Liquidation Petition Set on Nov. 29
---------------------------------------------------------
On Nov. 29, 2006, the High Court of Timaru will hear a
liquidation petition filed against HFT Group Holdings Ltd.

Helmack Hardware Ltd filed the petition on Sept. 27, 2006.

The Solicitor for the Petitioner can be reached at:

         A. M. Douglas
         Wynn Williams & Co
         Level Seven, BNZ House
         129 Hereford Street, Christchurch
         New Zealand


KELLY BROWN'S: Names Joint Liquidators
--------------------------------------
Kenneth Peter Brown and Thomas Lee Rodewald were appointed as
joint and several liquidators of Kelly Brown's Pty Ltd on
Nov. 9, 2006.

As reported in the Troubled Company Reporter - Asia Pacific on
October 20, 2006, the Commissioner of Inland Revenue filed a
liquidation petition against Kelly Brown's with the High Court
of Auckland on August 31.  The Court heard the petition on Nov.
9.

The Joint and Several Liquidators can be reached at:

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


MAU'U'S TYRES: Creditors' Must Prove Claims by February 16
----------------------------------------------------------
Liquidators Vivian Judith Fatupaito and Richard Dale Agnew fix
Feb. 16, 2007, as the last day for the creditors of Mau'u's
Tyres Ltd to prove their claims.

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

On November 1, 2006, the Troubled Company Reporter - Asia
Pacific reported that the Commissioner of Inland Revenue filed a
liquidation petition with the High Court of Auckland against
Mau'u's Tyres on August 3.  The Court heard the petition on
November 9, 2006.

The Joint and Several Liquidators can be reached at:

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


PARADIGM RESEARCH: Creditors to Lodge Claims by December 8
----------------------------------------------------------
On Nov. 10, 2006, shareholders of Paradigm Research &
Development Corporation (NZ) Ltd appointed David Vance and Barry
Jordan as joint and several liquidators of the company.

Creditors are required to lodge their claims by Dec. 8, 2006, or
they will be excluded from participating in any distribution the
company will make.

The Joint and Several Liquidators can be reached at:

         David Vance
         Barry Jordan
         c/o Louise Craig
         PPB McCallum Petterson
         8/F, The Todd Building
         95 Customhouse Quay (P.O. Box 3156)
         Wellington
         New Zealand
         Telephone:(04) 499 7796
         Facsimile:(04) 499 7784


QUALITY PLASTER: Court to Hear Liquidation Petition on Nov. 30
--------------------------------------------------------------
The High Court of Auckland will hear a liquidation petition
against Quality Plaster and Cladding Ltd on Nov. 30, 2006, at
10:00 a.m.

Mason's Brickies & Plastering Gear Ltd filed the petition with
the Court on Aug. 3, 2006.

The Solicitor for the Petitioner can be reached at:

         Malcolm David Whitlock
         Whitlock & Co.
         Level Two, Baycorp House
         15 Hopetoun Street, Auckland
         New Zealand


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

GLOBAL EQUITIES: Executes LOI with Rusina for Partnership
---------------------------------------------------------
In a letter dated November 23, 2006, to the Philippine Stock
Exchange, Global Equities, Inc., disclosed that Geograce
Resources Philippines, Inc., and Rusina Mining N.L. executed a
Letter of Intent.

As reported in the Troubled Company Reporter - Asia Pacific on
September 19, 2006, Global Equities disclosed that during the
meeting of its Board of Directors on September 14, the Board
approved the amendments of the GEI Articles of Incorporation to:

   (a) change the corporate name to "GeoGrace Resources
       Philippines, Inc.;" and

   (b) change of primary purpose to mining and exploration of
       minerals.

The Letter confirmed the parties' mutual intent to enter into a
strategic partnership for the development of various mining
tenements and projects in the Philippines.

As stated in the LOI, the strategic partnership between Geograce
and Rusina will initially cover these transactions:

   1. a swap of Geograce shares and Rusina shares, the amount
      and valuation of which will be agreed on the parties at a
      later date but is generally agreed to be about 5% of
      Rusina's capital stock;

   2. investment in Fil-Asia Strategic Investment Holdings
      Corp., where Geograce may subscribe to up to 100% of Fil-
      Asia Holdings' Class "A" shares comprising 60% of the
      voting rights of Fil-Asia Holdings and may pay for the
      subscription by way of cash, Geograce shares and mining
      claims that may include, among others, tenements in
      Surigao, Bukidnon, and Zambales, subject to the terms and
      conditions as the parties may agree on at a later date;
      and

   3. investment in a joint venture company, which will have
      these shareholders:

      (a) Fil-Asia which will have a 50% equity stake;

      (b) Rusina or any of its qualified subsidiaries which will
          have a 40% equity stake; and

      (c) CRAU Minerals Corp., which will have a free-carried to
          the extent of 10% equity in consideration of its
          assignments of MPSA No. 191-2004-lll to JVC.

In this regard, the PSE will implement a trading suspension on
Global Equities' shares effective November 24, 2006, pending the
company's disclosure of relevant details of the transaction.

                          *     *     *

Global Equities, Inc., was originally incorporated as La Suerte
Gold Mining Corporation on April 20, 1970, primarily to engage
in the exploration, exploitation, and development of mineral
resources; to purchase, lease and otherwise acquire mining
claims and concessions anywhere in the Philippines; and to carry
on the business of mining, extracting, smelting, treating, and
otherwise producing and dealing in metals and minerals of all
kinds including all its products and by-products.

The Company's total liabilities as of March 31, 2006, amounted
to PHP1.12 billion, whereas its total assets were pegged at
PHP871.04 million.  Capital deficiency reached PHP242.28 million
as of March 2006, from PHP231.52 million as of March 2005.


HERTZ CORP: Moody's Changes Outlook to Stable on Completed IPO
--------------------------------------------------------------
Moody's Investors Service changes the rating outlook of The
Hertz Corp. to stable from negative following the completion of
a US$1.3 billion IPO by Hertz Global Holdings, Inc., the
acquisition vehicle through which equity sponsors Clayton,
Dubilier & Rice, Inc., The Carlyle Group and Merrill Lynch
Global Private Equity acquired Hertz in December 2005.

Proceeds from the IPO have been used to repay a US$1 billion
loan facility that funded a US$1 billion dividend payment to its
common stockholders in June 2006, and to make an additional
US$260 million distribution to common stockholders prior to the
IPO.

The change in outlook to stable reflects Moody's view that the
repayment of the Hertz Holdings US$1 billion loan addresses the
potential financial risk posed to Hertz when its parent company
took on this obligation.  Because dividends from Hertz represent
the only source of earnings, cash flow and debt service capacity
for Hertz Holdings, the US$1 billion loan could have resulted in
added pressure on Hertz to make such payments.  The outlook had
been changed to negative on June 29 as a result of this risk.


The stable outlook also reflects the rating agency's view that
although Hertz's leverage increased considerably as a result of
the December 2005 buyout, the company's competitive position and
credit metrics, relative to those of its rental-company peers,
will remain supportive of a Ba3 corporate family rating.  
Hertz's car rental operations enjoy a leading position in the
on-airport segment and a growing presence in the off-airport
market.  In addition, the company's equipment rental unit, Hertz
Equipment Rental Company or HERC, benefits from the continuing
strong rebound in the commercial construction market.  The
principal operating challenges the company faces include the
weak financial position of its OEM automobile
suppliers, the rising cost of vehicles, and the exposure to
changes in used car prices due to higher purchases of risk
vehicles that are not covered by OEM repurchase agreements.  In
addition, the equipment rental markets of HERC remain highly
cyclical.

Despite these operating challenges, Hertz's competitive
strengths should enable the company to gradually strengthen its
credit metrics as the healthy construction cycle continues and
as it begins to harvest the benefits of efforts to manage higher
fleet costs.  These efforts include modestly extending the
holding period for cars, purchasing a higher percentage of risk
vehicles, and increasing the pace at which it passes on higher
vehicle costs to customers.  At September 2006 LTM Debt/EBITDA
was 4.5x, YTD EBIT/Interest was 1.3x, and LTM EBITDA/Interest
was 3.8x.  In addition, the company maintains a prudent level of
liquidity with cash and securities of US$436 million and US$1.6
billion available under its ABL credit facility.

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 the Philippines, Hungary and Peru, among
others.


JG SUMMIT: Posts PHP1.8 Billion 3rd Quarter Net Income
------------------------------------------------------
JG Summit Holdings, Inc., posted a consolidated net income of
PHP1.84 billion for the third quarter ended September 30, 2006,
a 324.67% increase compared with the PHP432.62-million net
income recorded for the same quarter last year.

The Company posted PHP19.84 billion in revenues for the 2006 3rd
quarter, compared with PHP16.01 billion in revenues for the 2005
third quarter.

As of September 30, 2006, the Company's balance sheet remains
solid, with consolidated assets of PPH217.65 billion, compared
with PHP201.23 billion as of December 31, 2005.  Consolidated
liabilities also increased to PHP132.13 billion as of Sept. 30,
2006, from PHP129.36 billion as of December 31, 2005.

Total equity grew to PHP85.52 billion as of September 30, 2006,
from PHP71.87 billion at the end of 2005.  Stockholders' equity
stood at PHHP68.86 billion as of September 30, 2006.  Book value
per share improved from PHP9.43 per share as of December 31,
2005, to PHP10.13 per share as of September 30, 2006.

As of September 30, 2006, current ratio stood at 1.42:1 compared
to 1.24:1 as of December 31, 2005.

The company's financial debt to equity ratio stood at 1.04:1 as
of September 30, 2006, as against 1.22.1 as of December 31,
2005, while Net debt to equity ratio decreased to 0.58:1 from
0.70:1 as of December 31, 2005.

A full-text copy of JG Summit's financial results is available
for free at:

        http://bankrupt.com/misc/JGSummit_3QSept2006.pdf

                    About JG Summit Holdings

JG Summit Holdings Inc. -- http://www.jgsummit.com.ph/-- is  
engaged in manufacturing and distributing food and agro-
industrial products and commodities; development, leasing and
management of real estate and hotels; manufacturing and
exporting textiles; provision of voice and data
telecommunication services; manufacturing of polypropylene,
polyethylene and other industrial chemicals; operation of thrift
bank and foreign exchange and securities dealing; provision of
air transport services both domestic and international and other
supplementary businesses like manufacturing of printed circuit
boards; air charter services, power generation, printing
services, Internet-related services, packaging materials,
insurance brokering and securities investment.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
April 12, 2006, Standard & Poor's Ratings Services assigned its
B+ corporate credit rating to JG Summit, with a stable outlook.
At the same time, Standard & Poor's assigned its B+ rating to
the US$300 million 8% unsecured notes due 2013 issued in January
2006 by JGSH Philippines Limited, a special purpose vehicle
wholly owned by JG Summit.  The notes are irrevocably and
unconditionally guaranteed by JG Summit.


LAND BANK: Posts PHP2.7-Billion 3rd Quarter Net Income, Up 19%
--------------------------------------------------------------
The Land Bank of the Philippines posted a net income of
PHP2.7 billion, 19% higher than last year's PHP2.45 billion and
is PHP225 million more than the third quarter target of PHP2.47
billion.  The increase was due largely to the improvement of the
Bank's revenues from loans and investments, as well as its
continuing efforts towards prudent management of expenses and
automation program.

"We are confident of exceeding our end-2006 net income target of
PHP3.3 billion.  This will also boost Land Bank's support to our
priority sectors namely the small farmers and fishefolk,
microenterprises and SMEs, agribusiness, agri-infrastructure,
livelihood, agri-based and environment-related projects," LBP
President and Chief Executive Officer Gilda E. Pico said.

In line with its customer service program, the bank installed 29
more ATMs during the first three quarters.  With its 709 ATMs,
Land Bank has the third largest ATM network in the country.
Likewise, 25 new Efficient Service Machines were deployed
nationwide.  The ESM is an automated machine, which accepts tax
payments from individual and corporate taxpayers.

                        About Land Bank

The Land Bank of the Philippines is a government financial
institution that strikes a balance in fulfilling its social
mandate of promoting countryside development while remaining
financially viable.  This dual function makes Land Bank unique.  
The profits derived from its commercial banking operations are
used to finance the bank's developmental programs and
initiatives.

From its initial role as the financing arm of the agrarian
reform, Land Bank has evolved into a full-service commercial
bank.  Over the years, Land Bank continued to expand its loan
portfolio in favor of its priority sectors: the farmers and
fisherfolk, small and medium enterprises and microenterprises,
livelihood loans and agribusiness, agri-infrastructure and other
agri- and environment-related projects.

Land Bank ranks among the top five commercial banks in the
country in terms of deposits, assets, loans and capital.

                          *     *     *

On October 6, 2006, the Troubled Company Reporter - Asia Pacific
reported that Fitch Ratings has assigned a Long-term foreign
currency and local currency Issuer Default rating of 'BB', and a
National Long-term rating of 'AA(phi)' to Land Bank of the
Philippines.  The Outlook on the ratings is Stable.  At the same
time, the agency also assigned an expected rating of 'BB-' to
LBP's planned subordinated debt issue of up to US$100 million to
US$150 million.  Fitch also affirmed the bank's Individual and
Support ratings at 'D' and '3', respectively.

The TCR-AP also reported that on November 2, 2006, Moody's
Investors Service revised the outlook of the Land Bank of the
Philippines's foreign currency long-term deposit rating of B1 to
stable from negative.  The outlook for Land Bank's foreign
currency Not-Prime short-term deposit rating and bank financial
strength rating of E+ remains stable.


LAND BANK: Tier 2 Issuance Improves CAR to 19% from 14%
-------------------------------------------------------
Land Bank of the Philippines President and Chief Executive
Officer Gilda E. Pico recently reported that the successful
offering of the bank's US$150 million Subordinated Notes
increased its capital adequacy ratio to 19% from 14%.

Ms. Pico added that apart from the financial markets'
affirmation of the bank's financial strength and foreign
investors' improving outlook on the Philippine economy, it will
also rebound to greater credit assistance to small farmers and
fisherfolk, microenterprises and SMEs, local government units,
agribusiness, and livelihood projects.

The success of the issuance will also boost Land Bank's
capability to provide credit assistance to proponents of key
infrastructure projects in the super regions.

Land Bank's US$150 million subordinated notes fetched a coupon
rate of 7.25%, the lowest ever obtained by a Philippine bank.
This rate is also the tightest spread over Philippine Sovereign
bonds for any Philippine bank issue.

Land Bank's successful roadshows in Singapore and Hong Kong held
on October 9 to 11, 2006, yielded total orders of US$1 billion
which was 10 times oversubscribed.  Due to the huge demand, the
issue size had to be increased to US$150 million from the
original target of US$100 million.

"The stronger CAR of 19% allows for a sufficient buffer when the
Bangko Sentral ng Pilipinas implements the first stage of Basel
II in July 2007," Ms. Pico said.

                        About Land Bank

The Land Bank of the Philippines is a government financial
institution that strikes a balance in fulfilling its social
mandate of promoting countryside development while remaining
financially viable.  This dual function makes Land Bank unique.  
The profits derived from its commercial banking operations are
used to finance the bank's developmental programs and
initiatives.

From its initial role as the financing arm of the agrarian
reform, Land Bank has evolved into a full-service commercial
bank.  Over the years, Land Bank continued to expand its loan
portfolio in favor of its priority sectors: the farmers and
fisherfolk, small and medium enterprises and microenterprises,
livelihood loans and agribusiness, agri-infrastructure and other
agri- and environment-related projects.

Land Bank ranks among the top five commercial banks in the
country in terms of deposits, assets, loans and capital.

                          *     *     *

On October 6, 2006, the Troubled Company Reporter - Asia Pacific
reported that Fitch Ratings has assigned a Long-term foreign
currency and local currency Issuer Default rating of 'BB', and a
National Long-term rating of 'AA(phi)' to Land Bank of the
Philippines.  The Outlook on the ratings is Stable.  At the same
time, the agency also assigned an expected rating of 'BB-' to
LBP's planned subordinated debt issue of up to US$100 million to
US$150 million.  Fitch also affirmed the bank's Individual and
Support ratings at 'D' and '3', respectively.

The TCR-AP also reported that on November 2, 2006, Moody's
Investors Service revised the outlook of the Land Bank of the
Philippines's foreign currency long-term deposit rating of B1 to
stable from negative.  The outlook for Land Bank's foreign
currency Not-Prime short-term deposit rating and bank financial
strength rating of E+ remains stable.


LAND BANK: Releases Additional PHP250 Mln Financing Loan to PCFC
----------------------------------------------------------------
The Land Bank of the Philippines has made available an
additional PHP250 Million Term Loan to the People's Credit and
Finance Corporation to expand its reach in micro financing
activities nationwide.

According to the bank's president and chief executive officer,
Gilda E. Pico, the loan is in addition to PHP1.7 B previously
released to PCFC in support of the government's program for
poverty alleviation by providing the marginalized sector access
to affordable credit.

Specifically, the amount will be used by PCFC for re-lending to
participating micro finance institutions in the country like the
rural banks, cooperatives, and NGOs regarded as among the top
MFIs in the world in terms of depth of outreach.

                        About Land Bank

The Land Bank of the Philippines is a government financial
institution that strikes a balance in fulfilling its social
mandate of promoting countryside development while remaining
financially viable.  This dual function makes Land Bank unique.  
The profits derived from its commercial banking operations are
used to finance the bank's developmental programs and
initiatives.

From its initial role as the financing arm of the agrarian
reform, Land Bank has evolved into a full-service commercial
bank.  Over the years, Land Bank continued to expand its loan
portfolio in favor of its priority sectors: the farmers and
fisherfolk, small and medium enterprises and microenterprises,
livelihood loans and agribusiness, agri-infrastructure and other
agri- and environment-related projects.

Land Bank ranks among the top five commercial banks in the
country in terms of deposits, assets, loans and capital.

                          *     *     *

On October 6, 2006, the Troubled Company Reporter - Asia Pacific
reported that Fitch Ratings has assigned a Long-term foreign
currency and local currency Issuer Default rating of 'BB', and a
National Long-term rating of 'AA(phi)' to Land Bank of the
Philippines.  The Outlook on the ratings is Stable.  At the same
time, the agency also assigned an expected rating of 'BB-' to
LBP's planned subordinated debt issue of up to US$100 million to
US$150 million.  Fitch also affirmed the bank's Individual and
Support ratings at 'D' and '3', respectively.

The TCR-AP also reported that on November 2, 2006, Moody's
Investors Service revised the outlook of the Land Bank of the
Philippines's foreign currency long-term deposit rating of B1 to
stable from negative.  The outlook for Land Bank's foreign
currency Not-Prime short-term deposit rating and bank financial
strength rating of E+ remains stable.


MANILA ELECTRIC: Electricity Market Board Corrects WESM Bills
-------------------------------------------------------------
Manila Electric Company welcomes the action of the Philippine
Electricity Market Corporation Board directing a correction of
the bills for the third and fourth month of the Philippine
Wholesale Electricity Spot Market commercial operations.  The
Board action followed a finding by its Market Surveillance
Committee that Power Sector Assets and Liabilities Management
Corporation has "behaved anti-competitively and abused market
power."

"We were alarmed by the rapid increase in prices considering its
impact on the billings of our consumers.  Thus, we immediately
and readily brought it to the attention of PEMC," Meralco's Vice
President for Corporate Communication, Elpi Cuna says.   "Our
primary concern has been and always will be the welfare of our
customers by providing them with reliable electric service at
the lowest possible cost," Mr. Cuna adds.

It will be recalled that Meralco, in letters dated September 22
and November 14, 2006, called the attention of the PEMC on the
high WESM clearing prices.  It asked PEMC through the MSC "to be
continuously vigilant in monitoring and investigation possible
breaches of the WESM rules on the commission of anti-competitive
behavior."

While the company still has not received the recalculated bill
from PEMC, the indications are, that it will be significantly
lower than what was billed to Meralco.  According to PEMC
sources, the bills for the third and fourth month of WESM will
be calculated based on the "administered price," an ERC approved
methodology.  "Until we receive the recalculated bill from PEMC,
we do not want to speculate what the resulting generation charge
will be.  We want to assure our customers though that none of
the high-priced power has been passed on to them.  In fact, what
we are billing to customers this November only reflects costs in
August 2006," Mr. Cuna notes.  It was in September and October
that the anti-competitive behavior was exhibited.

Meralco is a direct participant in the spot market.  Prior to
its signing of a Transition Supply Contract with National Power
Corporation, Meralco was sourcing half of its requirements from
the WESM.  "We believe that the market will benefit from the
thoroughness and decisiveness with which the investigation was
handled.  The report should remove any uncertainty that has been
cast over the market and assure participants that the market
operator is serious about ensuring a smoothly operating WESM,"
Meralco President Jesus Francisco says.

                      About Manila Electric

Headquartered in Ortigas, Pasig City, the Manila Electric
Company -- http://www.meralco.com.ph/-- is the largest utility  
in the Philippines, providing power to 4.1 million customers in
metropolitan Manila and more than 100 surrounding communities.  
As deregulation takes effect, Meralco is reducing its dependence
on state-owned National Power Corp. by increasing the amount of
power it purchases from independent power producers.  Meralco is
also preparing for competition by moving into non-regulated
activities, including energy consulting, independent power
production, engineering, fiber optics, e-commerce, and real
estate.

                          *     *     *

A March 31, 2006 report by the Troubled Company Reporter - Asia
Pacific stated that the Company posted a 79.7% decrease in its
2005 net losses to PHP411 million from PHP2.03 billion in 2004,
due to provisions for probable losses while awaiting a Supreme
Court final decision on a pending unbundling rate case, and the
adoption of new accounting standards.

In a TCR-AP report on April 24, 2006, it was noted that Manila
Electric cannot seek a loan to expand its facilities unless it
repays outstanding short-term debts amounting to around
PHP4.7 billion.

On November 15, 2006, the TCR-AP reported that the company
posted a net income of PHP229 million for the 3rd quarter of
2006, a 79.5% decrease compared to the net income of
PHP1.12 billion for the 2nd quarter of 2006.  The company noted
that the 3rd quarter net income was a turnaround from a net loss
of PHP479 million in the same period last year.


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

ANANDA TRAVEL: Creditors' First Meeting Scheduled for Nov. 30
-------------------------------------------------------------
Ananda Travel (Singapore) Pte Ltd, which is in liquidation, will
hold the first meeting for its creditors on Nov. 30, 2006, at
11:00 a.m.

At the meeting, the creditors will be asked to:

   -- receive the affairs of the company;

   -- appoint a Committee of Inspection if deemed necessary; and

   -- discuss other matters.

The company's liquidator can be reached at:

         Don M Ho, FCPA
         c/o Don Ho & Associates
         Certified Public Accountants
         Corporate Advisory & Recoveries
         20 Cecil Street #12-02 & 03 Equity Plaza
         Singapore 049705
         Telephone: 6532 0320 (8 lines)
         Facsimile: 6532 0331


ARMSTRONG INDUSTRIAL: Incorporates New Subsidiary
-------------------------------------------------
Armstrong Industrial Corp Ltd disclosed on Nov. 23, 2006, that
it has incorporated a new subsidiary, Armstrong Weston Holdings
Pte. Ltd.

Armstrong Weston was incorporated in Singapore with an issued
and paid-up capital of SGD2.00.  Armstrong Industrial has
subscribed 50% or one share with the management control over
Armstrong Weston, making it a subsidiary of the company.

While Armstrong Weston's other 50% share is held by Yeo Lai
Huat, the Commissioner of PT Armstrong Industri Indonesia, which
is the company's subsidiaries in Indonesia.

The principal activity of Armstrong Weston is that of investment
holding.

The investment of Armstrong Industrial was funded through
internal resources and is not expected to have any material
impact on the consolidated net tangible assets and earnings per
share of the Armstrong Group for the current financial year
ending Dec. 31, 2006.

Moreover, none of the company's directors or controlling
shareholders have direct or indirect interest in the
transaction.

                   About Armstrong Industrial

Armstrong Industrial Corp. Ltd -- http://www.armstrong.com.sg--   
manufactures and sells precision die-cut foam and rubber moulded
components for a range of applications, including insulating,
dampening, cushioning, and sealing.  The company also provides
architectural and engineering activities and related technical
consultancy.  The company has manufacturing presence in
Singapore, Malaysia, Thailand, China, and Indonesia.

                          *     *     *

Moody's Investors Service gave Armstrong Industrial's senior
unsecured debt a Ba2 rating effective on December 16, 1991, and
its subordinated debt a B1 rating effective on October 23, 1986.


CKE RESTAURANTS: Good Performance Cues Moody's to Revise Outlook
----------------------------------------------------------------
Moody's Investors Service affirmed all ratings of CKE
Restaurants, Inc., and changed the outlook to positive from
stable.

The change in outlook reflects CKE's improved operating
performance and stronger credit metrics driven by the relatively
stable operating performance of Carl's Jr., improved operating
performance of Hardees, lower restaurant operating costs, and
reduced debt levels.

The ratings are also supported by the company's reasonable
scale, multiple concepts, and diversified day part.  However,
the ratings also incorporate the challenges of continuing the
turnaround at Hardees while maintaining the operating
performance at Carl's, in 0addition to addressing the
difficulties at La Salsa.

Moody's also remains concerned with transaction patterns at all
of CKE's concepts, which remain relatively weak.  The ratings
and outlook also anticipate that CKE will successfully address
the near term expiration of its revolving credit facility by
obtaining a secure source of alternate liquidity.

Ratings affirmed:

   -- Corporate family rating rated B1

   -- Probability of default rating rated B1

   -- US$230 million, graduated 1st lien senior secured term
      loan B, due July 2, 2008, rated Ba2, LGD2, 29%

   -- US$150 million, graduated 1st lien senior secured
      revolver, due May 2007, rated Ba2, LGD2, 29%

   -- US$105 million, 4% convertible subordinated notes, due
      Oct. 1, 2023, rated B3, LGD6, 95%

The outlook was changed to positive from stable.

Headquartered in Carpinteria, California, CKE Restaurants Inc.,
through its wholly owned subsidiaries, engages in the ownership,
operation, and franchising of quick-service and fast-casual
restaurants.  The company operates its restaurants primarily
under Carl's Jr., Hardee's, La Salsa Fresh Mexican Grill, and
Green Burrito brand names.  As of Jan. 31, 2006, the company
operated or franchised approximately 3,160 restaurants in 43
states and 13 countries -- including Singapore.


E. K. DEVELOPMENTS: Creditors to Meet on Dec. 15
------------------------------------------------
E. K. Developments Pte Ltd, which was placed under creditors'
voluntary liquidation, will hold a meeting for its creditors on
Dec. 15, 2006, at 10:00 a.m.  

At the meeting, the creditors will be asked to:

   -- receive the company's Statement of Affairs filed on
      Aug. 16, 2006;

   -- clarify the appointment of Ewe Pang Kooi and Loke Poh Keun
      of Ewe, Loke & Partners, as the company's liquidators;

   -- update the work carried out by the company's
      liquidators to date; and

   -- discuss other business.

The company's liquidators can be reached at:

         Ewe Pang Kooi
         Loke Poh Keun
         Ewe, Loke & Partners
         c/o 8 Robinson Road
         #08-00 ASO Building
         Singapore 048544


HLG ENTERPRISE: Appoints Independent Financial Adviser
------------------------------------------------------
On Nov. 23, 2006, HLG Enterprise Limited appointed Rabobank
International, Singapore Branch, as the independent financial
adviser to advise its independent directors to make a
recommendation regarding the Offers made by Grace Star Services
Ltd., a substantial shareholder of HLG Enterprise.

As reported by the Troubled Company Reporter - Asia Pacific on
Nov. 20, 2006, Grace Star had intended to make mandatory
conditional cash offers for:

   (a) all the issued ordinary shares in the capital of HLG
       Enterprise not already owned, controlled or agreed to be
       acquired by Grace Star;

   (b) all the issued series A and B redeemable convertible
       preference shares in the capital of HLG Enterprise not
       already owned, controlled or agreed to be acquired by
       Grace Star; and

   (c) all the issued non-redeemable convertible cumulative
       preference shares in the capital of HLG Enterprise, not
       already owned, controlled or agreed to be acquired by
       Grace Star.

In the meantime, the company also advised its shareholders to
exercise caution and refrain from taking any action to their
Shares, until their advisers have considered the information and
the recommendations of the Independent Directors and the advice
of the financial advisers, which will be set out in the Offeree
Circular to be issued in due course.

                  About HLG Enterprise Limited

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

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

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

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


HUA KOK: Creditors Must Prove Debts by Dec. 8
---------------------------------------------
Hua Kok Precast (Pte) Ltd, which is in liquidation, will be
receiving proofs of debt from its creditors until Dec. 8, 2006.

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

The company's liquidators can be reached at:

         Tam Chee Chong
         Wee Aik Guan
         c/o Deloitte & Touche
         6 Shenton Way, #32-00
         DBS Building Tower Two
         Singapore 068809


L&M GROUP: Completes Sale of Shares & Equipment to CSC Holdings
---------------------------------------------------------------
Bob Low Siew Sie, Judicial Manager of L&M Group Investments
Limited, disclosed that the sale of the shares in the capital of
L&M Foundation Specialist Pte Ltd and the equipment and
machinery of L&M Geotechnic Pte Ltd was completed on Nov. 22,
2006.

As reported by the Troubled Company Reporter - Asia Pacific on
Sept. 19, 2006, L&M Group Investments and its subsidiary, L&M
Geotechnic, has entered into a Conditional Sale and Purchase
Agreement with CSC Holdings Limited, which entails L&M
Geotechnic to sell its certain equipment and machinery and all
the share capital held by L&M Geotechnic in L&M Foundation
Specialist Pte Ltd.

The purchase amount for the proposed disposal amounted to
SGD17,295,000, which will be paid by:

   -- the first escrow amount of SGD3,000,000 will be paid
      upon the execution of the conditional sale and purchase
      agreement and until the completion; and

   -- the second escrow amount of SGD2,000,000 will be paid for
      a period of three years from the completion date of the
      purchase agreement -- escrow period.

During the escrow period, the Judicial Manager will assist the
company, on a "best-endeavors" basis, to resolve and settle the
said taxation liabilities.

Based on the audited accounts for the financial year ended
Sept. 30, 2005, there is a deficit of proceeds over the book
value of the entire share capital of L&M Foundation and the
equipment and machinery.  The sale proceeds will be used in
these manner:

     (i) as the sale shares and the equipment and machinery are
         charged to United Overseas Bank Limited, pursuant to an
         Order of Court dated Aug. 29, 2006, the net proceeds
         will be applied towards discharging the sum secured by
         the above;

    (ii) payment to the costs and expenses of the Judicial
         Manager and the various advisers; and

   (iii) working capital of L&M Group;

Moreover, Mr. Sie also disclosed that during the company's first
meeting for its creditors held on July 31, 2006, the requisite
majority of the creditors approved Mr. Sie's proposals.

                   About L&M Group Investments

Founded in 1971 and listed on the Stock Exchange of Singapore
since 1984, L&M Group Investments Ltd delivers its specialized
engineering and construction services through two divisions --
Geotechnic and Structural Systems.  Geotechnic Division
undertakes the design and construction of geotechnical
engineering and heavy foundation works, the sale of building
products and rental of engineering equipment.  Structural
Systems Division undertakes the design and construction of
structural and civil engineering works.

                          *     *     *

In December 2005, the Company sought to appoint a judicial
manager to revive the Company's operations.  The High Court of
Singapore placed the Company under judicial management on
January 11, 2006, under Bob Low Sie of Messrs Bob Low Sie &
Company.  The Judicial Management Order will remain in force
until January 9, 2007.

As of Nov. 23, 2006, the company has shareholders' deficit of
US$5.20 million, on total assets of US$57.98 million as
reported by the Troubled Company Reporter - Asia Pacific on
Nov. 24.


LIANG HUAT: Substantial Shareholder Reduces Holdings
----------------------------------------------------
On Nov. 20, 2006, Liang Huat Holdings Pte Ltd, which is in
liquidation, reduced the number of shares it held in Liang Huat
Aluminium Limited, of which it is a substantial shareholder.

Previously, Liang Huat Holdings held 449,128,320 direct shares
with 40.44% issued share capital.  Presently, it holds
444,128,320 direct shares with 39.99% issued share capital.  
Liang Huat Holdings' deemed shares remains as it is at 6,338,000
shares with 0.57% issued share capital.

United Overseas Bank Limited has extended a loan to Liang Huat
Holdings and as a security to the loan, Liang Huat pledged some
of its shares, thus the reduction of Liang Huat's shares.

Accordingly, United Overseas has enforced its security under the
relevant security documents by selling part of the pledged
shares in the open market at its own discretion.    

                        About Liang Huat

Liang Huat Aluminium -- http://www.lianghuatgroup.com.sg/-- is   
a vertically integrated, professionally run group of companies
based in Singapore focusing on producing high quality aluminum
products and processed glass for both the industrial and
construction industries.  It also supplies and installs aluminum
and processed glass for major commercial and residential
projects mainly in Singapore.

Liang Huat was the subject of a wind-up petition filed by Lim Ah
Siong trading as Lian Siong Aluminium & Trading on August 26,
2004.  Presently, the company is undergoing a financial
restructuring exercise.  It is also working a Scheme of
Arrangement with its major creditor banks.

The TCR-AP reported on Nov. 3, 2006, that the company registered
US$19.30 million in total assets and US$76.43 million
shareholders' equity deficit as of Nov. 2.


HLG ENTERPRISE: Posts Shareholders' Change of Interests
-------------------------------------------------------
HLG Enterprise Limited has posted a series of changes to the
holdings of its substantial shareholders, which happened on
Nov. 22, 2006.

Grace Star Services Ltd, a substantial shareholder of HLG
Enterprise, on Nov. 22, 2006, increased its holdings in the
company.  Grace Star presently holds 387,614,839 direct shares
with 45.42% issued share capital.  Previously, Grace Star held
191,413,465 direct shares with 29.13% issued share capital.

Constellation Star Holdings Limited, China Yuchai International
Limited, HL Technology Systems Pte Ltd, Hong Leong (China)
Limited, Hong Leong Asia Ltd and Hong Leong Corporation Holdings
Pte Ltd -- another substantial shareholders -- each held
191,413,465 deemed shares with 29.13% issued share capital, but
on Nov. 22, 2006, each of them holds 387,614,839 deemed shares
with 45.42% issued share capital.

Davos Investment Holdings Private Limited, another substantial
shareholder has also increased its holdings in the company on
Nov. 22, 2006.  Before the change, Davos Investment held
191,413,465 deemed shares with 29.13% issued share capital.  
Presently, Davos Investment holds 387,614,839 deemed shares with
45.42% issued share capital.

The increase in the shareholdings was due to the company's
issuance of 196,201,374 new ordinary shares to Grace Star, which
was all converted to outstanding non-redeemable convertible
cumulative preference shares at the conversion ratio of 1 new
share for every 1 preference share.

                  About HLG Enterprise Limited

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

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

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

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


ODYSSEY: AM Best Says Fairfax Share Reduction Positive for Firm
---------------------------------------------------------------
A.M. Best Co. has commented on Fairfax Financial Holdings Ltd.'s
announcement that it intends to sell approximately 9 to 10
million in common shares of Odyssey Re Holdings Corp., which it
currently owns, while continuing to maintain majority ownership.  
A.M. Best views this divestiture as positive for Odyssey whose
financial strength ratings, Issuer Credit Ratings and debt
ratings remain unchanged.

Given the appropriate economics, A.M. Best views this as a
positive for Fairfax whose financial strength, issuer credit and
debt ratings also remain unchanged.  A.M. Best believes the
realized gain on the sale, reduced volatility of future earnings
and the significant cash proceeds at the holding company
neutralizes the reduction of Odyssey's earnings and a decreased
shareholder dividend due to the decrease in ownership. The cash
proceeds should bring holding company liquidity to approximately
45% of total outstanding Fairfax (including Crum & Forster)
debt.  A.M. Best would support the use of this cash infusion to
reduce financial leverage.  This transaction is expected to
further improve Fairfax's existing comfortable liquid position
and financial flexibility.

In late August 2006, Fairfax announced that it had determined
that Odyssey's inclusion in its U.S. tax group was no longer
necessary to maintain the remaining portion of its future income
tax asset related to capitalized losses within the U.S.
consolidated tax group.  That determination made more
transparent the fact that Fairfax's balance sheet, holding
company liquidity and overall financial position have
strengthened to a point where the company's dependency on
Odyssey for liquidity as well as earnings has significantly
declined.  Therefore, Fairfax is in a comfortable -- but not
dependent -- position to monetize the value of Odyssey at a
point in time where its market capitalization is strong.  
Alternatively, Odyssey is not dependent on Fairfax to maintain
its operations or capital structure.

This transaction will allow for greater ownership
diversification for Odyssey's stock, which should allow
increased float and therefore heightened investor interest.  
While Odyssey has positively tested its attraction in the
capital markets with the sale of common and preferred shares in
2005 and senior notes in February 2006, its financial
flexibility should strengthen.

Fairfax's ownership of Odyssey is estimated to decrease from
just above 80% at June 30, 2006, to approximately 60%. Fairfax's
ownership has otherwise recently been diluted through the year-
to-date partial conversion of Odyssey's 4.375% convertible notes
and the conversion of Fairfax's 3.15% convertible debentures
(convertible into Odyssey common shares).  Fairfax declined to
maintain its 80% ownership through the purchase of the shares of
the converted securities.

Odyssey Re Holdings Corp. -- http://www.odysseyre.com/-- is an  
underwriter of property and casualty treaty and facultative
reinsurance, as well as specialty insurance.  Odyssey Re
operates through its subsidiaries, Odyssey America Reinsurance
Corporation, Hudson Insurance Company, Hudson Specialty
Insurance Company, Clearwater Insurance Company, Newline
Underwriting Management Limited and Newline Insurance Company
Limited.  The company underwrites through offices in the United
States, London, Paris, Singapore, Toronto and Mexico City.  
Odyssey Re Holdings Corp. is listed on the New York Stock
Exchange under the symbol ORH.

                          *     *     *

Odyssey Re Holdings Corp.'s preferred stock rating carries Ba2
from Moody's and BB from Fitch.  The Company's senior unsecured
debt and long-term issuer default ratings also carry BB+ from
Fitch.  Moody's placed its rating on Oct. 12, 2005 with a stable
outlook.  Fitch placed its ratings on March 23, 2006.


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

BANGKOK BANK: Expects to Miss Loan Target this Year
---------------------------------------------------
Bangkok Bank is expecting to miss its loan-growth target this
year as it only saw 3% to 4% growth instead of the 5% target for
the year, The Nation reports, citing the bank's senior executive
vice president, Deja Tulananda.

Mr. Deja pointed to the economic uncertainties as the cause for
missing the loan target.  In addition, high oil prices have
weighed heavily on investment decisions by corporate customers,
the paper relates.  

However, The Nation notes that next year looks better for
lending as investor confidence picked up along with the
improving economic environment and political stabilization.

Chartsiri Sophonpanich, the bank's president, is also hoping
that the government's infrastructure mega-projects expected to
start next year would support economic growth and spur bank
lending.

                          *     *     *

Headquartered in Bangkok -- http://www.bangkokbank.com/--  
Bangkok Bank is Thailand's largest bank, with total assets of
THBB1.498 trillion (US$39 billion) at end-June 2006.

Moody's Investors Service has upgraded on August 29, 2006,
Bangkok Bank's bank financial strength rating to D+ from D and
was re affirmed on September 20, 2006, following the military
coup in Thailand.

As reported by the Troubled Company Reporter - Asia Pacific on
Nov. 16, 2006, Fitch Ratings affirmed Bangkok Bank's
Individual rating at C.  


TRUE CORP: Moody's Keeps Ba3 Rating, Changes Outlook to Negative
----------------------------------------------------------------
Moody's Investors Service affirmed on November 22, 2006, True
Corporation Public Company Ltd's Ba3 corporate family rating and
at the same time changed the rating outlook to negative from
stable.  

The change in the rating outlook has been driven by weaker than
expected operating performance and a risk that True Corp. may be
in breach of its lenders' financial covenants after March 31,
2007.

"The operating environment in Thailand continues to be
challenging such that True Corp's financial profile has been
constrained and the company may be unable to comply with its
lenders' financial covenants after March 31, 2007 as they
currently stand," says Moody's Charles Macgregor, VP/Senior
Credit Officer and lead analyst for the company.

The rating outlook could stabilize if the company is able to
operate comfortably within bank financial covenants both on an
actual and prospective basis.  Upward rating pressure could
emerge in the medium term if True Corp manages well its growth
strategy in cellular operations, resulting in sustainable EBITDA
margins at or about 40% and growth in free cash flow to reduce
debt as planned.

Key indicators for such improvements include RCF/debt in the
range of 20-25% and FFO interest coverage above 4-5x.

The rating could undergo downward pressure if:

    a) True Corp. experiences a significant deterioration in
       market share and ARPU -- a scenario which could result
       from greater competition and further liberalization --
       thereby pressuring EBITDA margins below 35%; or

    b) True Corp. fails to reduce financial leverage, such that
       RCF/Debt falls under 10% and FFO interest coverage
       Declines below 2.5x;

    c) refinancing risk increases;

    d) lenders' financial covenants are breached.

True Corporation Public Company Ltd, formerly called
TelecomAsia, is headquartered in Bangkok, Thailand and is an
integrated provider of fixed line, broadband, internet, mobile
services and lately cable TV -- via the UBC acquisition -- in
that country.


TRUE MOVE: Moody's Gives Provisional B1 Rating; Outlook Negative
----------------------------------------------------------------
On November 22, 2006, Moody's Investors Service assigned a
provisional (P)B1 corporate family rating to True Move Company
Limited and a (P)B2 senior unsecured rating to the company's
proposed US$450 million 7-year notes issue.  The ratings outlook
is negative.

The proceeds of the bonds will be used to partially refinance
True Move's existing secured domestic bonds.  Moody's expects to
affirm the ratings and remove them from their provisional status
upon completion of the bond issuance and reduction of existing
secured debt.

"The (P)B2 rating reflects True Move's established network and
subscriber base, and the ongoing growth evident in the Thai
cellular market," says Charles Macgregor, a Moody's VP/Senior
Credit Officer, adding "the rating also takes into account close
links with True Corp (Ba3/negative) -- its 93.4% parent -- given
True Move's integral operational position within the group."

"On the other hand, such credit strengths are offset by True
Move's distant third-ranking market position, the increasingly
competitive nature of the cellular market and its high financial
leverage, all of which may impair its ability to fully execute
its business plan, as well as its exposure to potential
regulatory challenges in the Thai cellular market," says
Macgregor, Moody's lead analyst for True Move.

In accordance with Moody's global rating methodology for
telecommunications companies, True Move's overall performance
measurements, relative to the rating methodology, indicate a Ba3
rating category.  The (P)B1 rating, however, considers the risks
of execution and access to capital with respect to True Move's
capex spending in the next 2 years.

Structurally, the proposed Notes will be junior to secured
credit facilities and the senior unsecured rating has been
notched down to (P)B2 from the corporate family rating of (P)B1
to reflect this effective subordination.  The notching may be
removed if the company was to reduce secured debt to below
US$200 million, at which level the company's secured debt/ total
assets would be at approximately 15%.

The rating outlook is negative, based on concern that True Move
may not be able to comply with lenders' financial covenants
after March 31, 2007 -- including a ratio of net debt to EBITDA
below 4.5 times.  The rating could stabilize if True Move seems
likely to be able to comply with lenders financial covenants.  
Upward rating pressure could emerge if True Move appropriately
manages its growth strategy in cellular operations, such that
the following metrics are achieved on a sustainable basis by
both True Move and True Corp: adjusted debt/EBITDA below 4x,
free cash flow/adjusted debt above 5%, and (EBITDA-
capex)/Interest of 1.5x.

The ratings could undergo downward pressure if:

    a) True Move experiences greater competition and further
       liberalization -- thereby negating its ability to
       ultimately sustain an adjusted debt/EBITDA ratio of below
       5x;

    b) it consistently fails to achieve a (EBITDA-
       capex)/Interest ratio of above 1.0x; and/or

    c) True Move breaches its lenders' financial covenants.

Furthermore, a diminution in the credit profile of TRUE Corp
would also be negative for the rating.  This may be evidenced by
a ratio of Debt/EBITDA persisting above 5x or a (EBITDA-
capex)/Interest ratio of below 1.0x.

Trove Move Company Limited, formerly TA Orange, headquartered in
Bangkok, Thailand, is that country's third largest mobile
telecommunications operator.


TRUE MOVE: S&P Hands Out BB- Long Term Corp. Credit Rating
----------------------------------------------------------
On November 22, 2006, Standard & Poor's Ratings Services
assigned its BB- long-term corporate credit rating to Thailand's
third-largest cellular operator, True Move Co. Ltd.  The outlook
is negative.

At the same time, Standard & Poor's assigned its B issue rating
to True Move's proposed senior unsecured notes, assuming a debt
size of about US$450 million.
     
The issue rating is two notches below the corporate credit
rating because the percentage of priority debt and other
liabilities relative to all available assets, after the proposed
refinancing, is expected to remain above the 30% general
guideline applicable to speculative-grade corporate credit
ratings.  If the debt size is increased to US$500 million or
above, the issue rating may be raised by one notch to 'B+' based
on the expectation that the ratio will improve to 15%-30% on a
sustainable basis.

The covenants on the proposed issuance have no maximum
restriction on the company's secured debt to total assets.  We
have factored in our expectation that the bond proceeds will be
used to refinance part of its existing secured debt.
     
The ratings on True Move benefit from the credit quality of its
parent company, True Corp. Public Co. Ltd. (BB-/Negative/--),
because of True Corp.'s significant ownership and True Move is
considered core to its parent's strategy.  True Corp., as the
only fully integrated-communications company in Thailand, is
focusing on the bundling strategy of its fixed-line, wireless,
and pay-TV operations, which differentiates it from other
domestic operators.

Therefore, the True group should have a strong interest,
financial or otherwise, in ensuring the financial health and
viability of True Move.
     
"The rating on True Move factors in its strategic importance to
True Corp., growing presence in the cellular market with a 19%
market share as at Sept. 30, 2006, and strong nationwide network
coverage," said Standard & Poor's credit analyst Yasmin
Wirjawan.  "Nevertheless, the rating is constrained by its very
aggressive capital structure, weak cash flow protection measure,
highly competitive environment and regulatory uncertainties,"
Ms. Wirjawan said.
     
True Move remains highly geared, with debt to capital of about
89% as at Sept. 30, 2006, due to a low equity base.  The company
had been unprofitable in recent years as it built up its telecom
network. Debt to EBITDA was 6.9x (annualized), while funds from
operations (FFO) to debt was 14% in the nine months ended Sept.
30, 2006.  Significant improvement is limited in the near term
as True Move's profitability margin is under pressure due to
intense pricing competition and heavy promotions among the
existing operators.

In addition, domestic wireless subscriber growth is expected to
subside as penetration rate has reached about 55%.

Near-term liquidity is adequate.  Cash and cash equivalent of
THB2.7 billion as at Sept. 30, 2006, will partly cover THB4
billion of debt due in one year.  If the cash balance at True
Move falls below
THB500 million, the sponsor support agreement requires True
Corp. to provide support of up to THB7.0 billion.

"The negative outlook reflects that of its parent True Corp.
given the group's perceived commitment to True Move as a core
component of the True group," said Ms. Wirjawan.  "It
incorporates our view that there is about a one-in-three chance
that the group, amid the challenging operating environment and
its high leverage position, may breach its debt financial
covenant targets required by certain creditors to be met by end-
March 2007," she added.  The financial covenants require that
True Corp.'s stand-alone senior debt to EBITDA reaches 4.0x by
the end of March 2007, while its cellular subsidiary True Move
Co. Ltd.'s net debt to EBITDA has to reach 4.5x post March 2007.

These ratios are currently at 4.5x for True Corp. and 5.5x for
True Move -- based on the past four quarters of EBITDA --,
implying the group may face difficulties meeting the
requirements.  However, there is a reasonable possibility that
the relevant creditors may consider a waiver, extension or
novation of such requirements.

"If the group breaches the required financial covenants, the
creditors may call technical default on the debt," Ms. Wirjawan
said. "The rating may also be lowered if True Corp.'s financial
ratios continue to weaken materially from the current metrics,"
Ms. Wirjawan added.

However, the outlook could be changed to stable if True Corp.
improves its gearing position and turns around its profitability
and cash flow measures, including FFO to debt above 20% on a
sustainable basis, accompanied with no deterioration in its
business profile.  In addition, the True group will need to
demonstrate the ability to generate predictable and sustainable
positive free operating cash flow, while maintaining adequate
liquidity to fund its developments and future obligations.




                            *********

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.
   
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mail.  Additional e-mail subscriptions for members of the same
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thereof are $25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***