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        T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

          Wednesday, November 29, 2006, Vol. 9, No. 237

                            Headlines

A U S T R A L I A

BEST-BUY PRODUCTS: Members to Receive Wind-Up Report on Dec. 21
BST HOLDINGS: Sutherland Ceases to Act as Receiver and Manager
FRACTIONATED CANE: Schedules Final Meeting on December 21
GLASS DECOR: To Declare First and Final Dividend on Jan. 12
GLOBAL ENGINEERED: Workers Want Guaranteed Entitlements

GRAPHIQUE NOMINEES: Members and Creditors to Hear Wind-Up Report
HOBART PORTS: Members Resolve to Wind Up Firm
MONARO AUTO: Court Issues Wind-Up Order
OPEN TEXT: Earns US$7.3 Million in First Quarter Ended Sept. 30
PORTBAY HOLDINGS: Creditors' Final Meeting Slated for Dec. 13

POWER RESOURCES: Liquidator to Present Wind-Up Report on Dec. 13
PRIMELIFE CORPORATION: Former Officers Lost Dismissal Claims
RC2 CORP: Earns US$19.4 Million in Third Quarter 2006
SCOTT STREET: Inability to Pay Debts Prompts Wind-Up
SOMERDALE PTY: Members to Hold Final Meeting on Dec. 22

W.A.L. AGNEW: To Hold Joint Meetings on December 22
WESTINGHOUSE AIRBRAKE: Moody's Puts Loss-Given-Default Ratings


C H I N A   &   H O N G  K O N G

BILLY CREATION: Enters Voluntary Wind-Up
CITIC GROUP: Buys Majority Stake in Indo Oilfield for US$97 Mil.
GREAT FORTUNE: Court Sets Wind-Up Hearing on Dec. 27
H.C.B.C. FINANCE: Appoints Poon Wong Yuen Shan as Liquidator
HONGKONG RUIBIAO: Faces Liquidation Proceedings

IPCO CONSTRUCTORS: Members to Receive Wind-Up Report on Dec. 27
KWONG ON: Liquidator to Present Wind-Up Report on Dec. 28
SHAN MEI: Court Resets Wind-Up Hearing on December 6
SPEEDY ACT: Court to Hear Wind-Up Petition on December 6
TREASURE MANAGEMENT: To Pay Second Ordinary Dividend

* NBS Projects 10% Growth in China's Gross Domestic Product


I N D I A

BHARTI AIRTEL: Ties Up With Wal-Mart in Retail Deal
DUNLOP INDIA: To Hold Annual Meeting on December 20
EMCO LTD: Receives INR380-Mil. Order from Power Grid Corp.
EMCO LTD: ESOP Committee Grants 20,000 Stock Options
EMCO LTD: Allots 20,00,000 Equity Shares to Institutional Buyers

ESSAR OIL: Starts Production at Vadinar Refinery
GENERAL MOTORS: Boosting Argentine Car Output by 12% in December


I N D O N E S I A

ANEKA TAMBANG: Eyes Financing For US$2.65-Billion Projects
BANK MANDIRI: Posts IDR1.19-Tril. Net Income for 9-Month Period  
BERAU COAL: To Market US$325-Million Bonds


J A P A N

HIROSHIMA BANK: Fitch Upgrades Individual Rating to 'C' from 'D'
JAPAN AIRLINES: Delays Jet Order Until 2007 Due to Finances
MITSUBISHI MOTORS: Secures US$485-Million Bank Loan
MITSUBISHI MOTORS: Releases Oct. 2006 Production & Sales Results
MIZUHO FINANCIAL: To Issue Securities to Raise JPY400BB Capital


K O R E A

HANAROTELECOM: Signs MOU with SK Comm. to Enhance HanaTV
HYUNDAI MOTOR: To Sell 10,000 Sonata Taxis to ComfortDelGro
LG CARD: To Finalize Shinhan Acquisition Price on Dec. 15
LG CARD: Delinquency Rate in October 2006 Goes Down
* FTA Could Raise Yearly Korean Auto Exports by US$900 Million


M A L A Y S I A

AMBANK BERHAD: Fitch Affirms C/D Individual Rating Amid ANZ Buy
AMSTEEL CORP: Incurs MYR7.48 Million in Sept. 2006 Quarter
CRIMSON LAND: Cuts Net Loss to MYR20,000 in First Quarter 2006
SILVERSTONE CORP: Posts MYR8.4MM Net Loss in Sept. 2006 Quarter
TENCO BHD: Gains MYR21,000 Net Profit in Second Quarter 2006


N E W   Z E A L A N D

APOLLO PROPERTIES: Liquidation Hearing Slated for Nov. 30
ARCHILLES PROPERTIES: Faces Liquidation Proceedings
JAYMAR HOLDINGS: Creditors Must Prove Claims by Dec. 8
LANGS HOLDINGS: Commences Liquidation Proceedings
MASONRY RESIDENTIAL: Court Sets Liquidation Hearing on Dec. 7

NASH HOLDINGS: Official Assignee to Liquidate Business
OAKHILL TRADING: Court Sets Liquidation Hearing on Nov. 30
SKYWIRE HOLDINGS: Court Hears CIR's Liquidation Petition
TONDA DEVELOPMENTS: Undergoes Liquidation Proceedings
XELY LTD: Shareholders Opt to Liquidate Business

XTREME SOLUTIONS: Creditors Must Prove Debts by December 15


P H I L I P P I N E S

ATLAS CONSOLIDATED: DENR Issues Permit to Berong Nickel Project
BANKARD INC: Increases Authorized Capital to 2 Billion Shares
EQUITABLE PCI: Monetary Board Approves GSIS' 12.5% Stake Sale
MANILA ELECTRIC: If Good Offer Exists, Lopez May Sell 14% Share
METROPOLITAN BANK: Best Securities Dealer in Secondary Market

PRIME MEDIA: Posts PHP834-Mil. Stockholders' Deficit for 3rd Qtr
RIZAL COMMERCIAL BANKING: Board Okays Bankard Capital Infusion


S I N G A P O R E

BUILDERS FEDERAL: High Court to Hear Wind-Up Petition on Dec. 15
ECON CORPORATION: Creditors' Proofs of Debt Due on Dec. 8
GRANT PRIDECO: Earns US$126.5MM in Quarter Ended Sept. 30 2006
ODYSSEY RE: Fairfax Commences Offering to Sell 9 Million Shares
PACIFIC ASSOCIATES: Court Enters Wind-Up Order

REFCO INC: Files October 2006 Monthly Operating Report
REFCO INC: Chapter 11 Trustee Wants to Collect US$1 Mil. in Fees
SEE HUP SENG: Inks Placement Agreements with Merrill and SBI
THE EXPANDED: Creditors' First Meeting Set for December 1


T H A I L A N D

HANTEX PCL: Cuts Registered Capital to THB523.45 Million
KASIKORNBANK: Expects 13% Loan Growth Next Year


* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

BEST-BUY PRODUCTS: Members to Receive Wind-Up Report on Dec. 21
---------------------------------------------------------------
The members of Best-Buy Products Pty Ltd will hold a final
meeting on Dec. 21, 2006, at 10:00 a.m., to receive Liquidator
Pearce's account of the company's wind-up proceedings.

According to the Troubled Company Reporter - Asia Pacific, Best-
Buy declared its first and final dividend on May 28, 2006.

The Liquidator can be reached at:

         Mark Pearce
         Pearce & Heers
         Insolvency Accountants
         Level 8, 410 Queen Street
         Brisbane
         Australia
         Telephone:(07) 3221 0055

                    About Best-Buy Products

Best-Buy Products Pty Ltd is located in Queensland, Australia.  
The company is engaged with hardware business.


BST HOLDINGS: Sutherland Ceases to Act as Receiver and Manager
--------------------------------------------------------------
On Nov. 16, 2006, Roderick Mackay Sutherland ceased to act as
receiver and manager of BST Holdings Pty Ltd.

Mr. Sutherland can be reached at:

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

                       About BST Holdings

BST Holdings Pty Limited is located in New South Wales,
Australia.  The company is involved with chemicals and chemical
preparations.


FRACTIONATED CANE: Schedules Final Meeting on December 21
---------------------------------------------------------
Fractionated Cane Technology Ltd, which is in liquidation, will
hold a final meeting for its members and creditors on Dec. 21,
2006, at 11:00 a.m.

At the meeting, the liquidators will give an account of the
company's wind-up proceedings and property disposal activities.

The Joint and Several Liquidators can be reached at:

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

                    About Fractionated Cane

Fractionated Cane Technology Ltd is located in Queensland,
Australia.  The company is engaged with management consulting
services.


GLASS DECOR: To Declare First and Final Dividend on Jan. 12
-----------------------------------------------------------
Glass Decor (South Australia) Pty Ltd, which is in liquidation,
will declare its first and final dividend on Jan. 12, 2007.

Creditors are required to submit their proofs of debt by
Dec. 12, 2006, or they will be excluded from sharing in the
dividend.

The Liquidator can be reached at:

         Robert C. Parker
         Freer Parker & Associates
         PO Box 6238
         Halifax Street
         Adelaide, South Australia 5000
         Australia
         Telephone:(08) 8211 7177
         Facsimile:(08) 8212 4677
         Email: freerparker@freerparker.com.au

                        About Glass D,cor

Glass Decor (South Australia) Pty Ltd is located in Elizabeth
South in South Australia, Australia.  The company is a glass and
glazing work contractor.


GLOBAL ENGINEERED: Workers Want Guaranteed Entitlements
-------------------------------------------------------
On November 28, 2006, workers at Ajax Engineered Fasteners
continued their sit-in in a bid to secure thousands of dollars
in entitlements, the Australian Associated Press reports.

According to the report, on November 27, 2006, the factory's 189
workers were stood down on full pay as receivers moved to
liquidate the company's assets to pay out AU$4.5 million to
Allen Capital.

AAP reveals that Allen Capital has appointed KordaMentha as the
receivers while administrator Stephen Longley, of
PricewaterhouseCoopers, said that Ajax's immediate future is
still unclear.

The sit-in at the factory in Braeside, in Melbourne's south-
east, would continue until the workers' full entitlements are
guaranteed, the Herald Sun cites the Australian Workers Union as
saying.

AWU state secretary Cesar Melham said "we won't accept anything
less than 100 cents in the dollar.  The workers deserve it," the
paper relates.

As reported in the Troubled Company Reporter - Asia Pacific on
August 25, 2006, jobs at Ajax have been saved by a last-minute
rescue deal.  On August 23, 2006, major industry players,
including Holden and Ford, signed a deal to keep Ajax running
for at least six more months, the TCR-AP cited a report from the
Herald Sun.

The deal was supposed to give the company some time to trade
itself out of financial difficulty, but unraveled over the
weekend and the union has blamed the carmakers of not living up
to their obligations, AAP says.

The appointment of a receiver gave the carmakers the ability to
terminate the rescue package, Mr. Longley said, noting, however,
that this had not yet occurred.

Holden may be forced to stand down workers at its car
manufacturing plant in Adelaide within this week, AAP notes.

                           About GEF

Based at the Ajax plant in Braeside, Victoria, Global Engineered
Fasteners -- http://www.ajaxfast.com.au/-- wholly owns Ajax  
Engineered Fasteners.  GEF also owns the full-service automotive
supplier Global Automotive Logistics.  Allen Capital Private
Equity and a team of company directors jointly own GEF.  GEF was
established in 2004 to acquire the assets of Ajax EF and GAL
from the Nylex Group.

GEF supplies customers, including GM Holden, Pacifica Group, and
Textron, with nuts and bolts for engines and suspension parts as
well as fasteners for other vehicle parts.

The Troubled Company Reporter - Asia Pacific reported on
August 9, 2006, that Allen Capital, the private equity owner of
Global Engineered Fasteners, called in administrators to try to
engineer a turnaround after the Company's battle with rising
costs and falling volumes failed.  The report noted that the
action was due to the Company's more than AU$5 million in debt
and the inability to convince Holden and brakes-maker Pacifica
to agree to price rises.

The directors of GEF appointed Stephen Longley and David McEvoy,
of PricewaterhouseCoopers, as the Company's voluntary
administrators.


GRAPHIQUE NOMINEES: Members and Creditors to Hear Wind-Up Report
----------------------------------------------------------------
The members and creditors of Graphique Nominees Pty Ltd will
hold a joint meeting on Dec. 22, 2006, at 9:00 a.m., to receive
the liquidator's report regarding the company's wind-up
proceedings.

According to the Troubled Company Reporter - Asia Pacific,
Graphique Nominees declared its final dividend on February 1,
2006.

The Liquidator can be reached at:

         Mervyn J. Kitay
         Grant Thornton Western Australian Partnership
         Level 6, 256 St Georges Terrace
         Perth, Western Australia 6000
         Australia
         Telephone:(08) 9481 1448

                    About Graphique Nominees

Graphique Nominees Pty Ltd also trading as Ad-Link Advertising
is located in Western Australia, Australia.  The company
operates advertising agencies.


HOBART PORTS: Members Resolve to Wind Up Firm
---------------------------------------------
At an extraordinary general meeting held on Nov. 6, 2006, the
members of Hobart Ports Corporation Proprietary Ltd resolved to
voluntarily wind up the company's operations.

Subsequently, Harvey J. Gibson was appointed as liquidator.

The Liquidator can be reached at:

         Harvey J. Gibson
         Wise Lord & Ferguson
         Chartered Accountants
         1st Floor, 160 Collins Street
         Hobart, Tasmania 7000
         Australia
         Telephone:(03) 6223 6155

                       About Hobart Ports

Hobart Ports Corporation Proprietary Limited is also trading as
Melbourne Stevedores, Port Pirie Stevedores and Hobart Ports
Corporation.  The company is engaged with the arrangement of
transportation of freight and cargo.

The company is located in Tasmania, Australia.


MONARO AUTO: Court Issues Wind-Up Order
---------------------------------------
On Nov. 16, 2006, the Supreme Court of New South Wales has
entered an order to wind up the operations of Monaro Auto
Electrics Pty Ltd.

Subsequently, Daniel Jean Civil was appointed as official
liquidator.

The Official Liquidator can be reached at:

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

                       About Monaro Auto

Monaro Auto Electrics Pty Limited is located in New South Wales,
Australia.  The company operates general automotive repair
shops.


OPEN TEXT: Earns US$7.3 Million in First Quarter Ended Sept. 30
---------------------------------------------------------------
Open Text Corp. filed its first fiscal quarter financial
statements for the period ended Sept. 30, 2006, with the United
States Securities and Exchange Commission Nov. 9, 2006.

Total revenue for the first quarter was US$101.2 million,
compared with US$92.6 million for the same period in the prior
fiscal year.  License revenue in the first quarter was US$28.8
million, compared with US$24.9 million in the first quarter of
the prior fiscal year.

Adjusted net income in the quarter was US$12.2 million compared
with US$6.3 million for the same period in the prior fiscal
year.  Net income in accordance with U.S. generally accepted
accounting principles was US$7.3 million, compared with a net
loss of US$12.9 million for the same period in the prior fiscal
year.

The cash, cash equivalents and short-term investments balance as
of Sept. 30, 2006, was US$111.2 million.  Accounts receivable as
of Sept. 30, 2006, totaled US$76.7 million, compared with
US$73.6 million as of Sept. 30, 2005, and Days Sales Outstanding
was 68 days in the first quarter of fiscal 2007, compared with
71 days in the first quarter of fiscal 2006.

Operating cash flow in the first quarter of fiscal 2007 was
US$9.6 million compared with US$300,000 in the first quarter of
fiscal 2006.

"With the addition of Hummingbird, we are the largest
independent ECM provider.  The combination of deep vertical
solutions expertise, market independence and the ability to
leverage Microsoft, Oracle and SAP, allows us to scale to the
enterprise, offering customers comprehensive solutions and the
capability of implementing an enterprise wide ECM strategy,"
Open Text president and chief executive officer John Shackleton
said.

"Now that we have completed the Hummingbird acquisition, our
focus is on integrating the two organizations as quickly and
smoothly as possible," Mr. Shackleton said.

The majority of Hummingbird's integration will be completed
during the second quarter of fiscal 2007, which ends on Dec. 31,
2006.  As part of the integration, Open Text is reducing its
worldwide workforce of 3,500 people by around 15%.  The
restructuring actions commenced in October 2006 and to date,
around 60 percent of these reductions have been completed.  The
remaining staff reductions will to be completed by the end of
November 2006.  The staff reductions will be focused on
redundant positions or areas of the business that are not
consistent with the company's strategic focus.  Open Text is
also reducing 38 facilities by closing or consolidating offices
in certain locations.

"Actions are well underway to rationalize staff levels and
consolidate facilities to meet our operating goals.  Based on
our expected run-rate in our second quarter, these actions will
result in savings of around US$50 million for the current fiscal
year and on an annualized basis, around US$80 million beginning
in fiscal 2008," Open Text chief financial officer Paul
McFeeters said.

At Sept. 30, 2006, the Company's balance sheet showed
US$665.39 million, US$193.25 million in total liabilities,
US$6.03 million in minority interest, and US$466.12 million in
total shareholders' equity.

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

              http://ResearchArchives.com/t/s?157c

Open Text Corp. -- http://www.opentext.com/-- is a leading  
provider of Enterprise Content Management software targeting
large Global 2000 enterprise customers.  ECM software and
support services -- an estimated US$2.25 billion addressable
market -- help businesses capture, store, and manage
unstructured corporate data.  The company's flagship product,
Livelink ECM, has an installed base in excess of 20 million
seats in more than 114 countries.  It has field offices in
Australia, Japan and Singapore.

                          *     *     *

Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to Waterloo, Ontario-based enterprise
software provider, Open Text Corp.

At the same time, Standard & Poor's assigned its 'BB-' bank loan
rating, with a recovery rating of '2', to the company's proposed
US$490 million senior secured bank facility, which consists of a
US$75 million five-year revolving credit facility and a US$415
million seven-year term loan B.

Moody's Investors Service assigns a first-time Ba3 rating to the
senior secured facilities and B1 rating to the corporate family
of Open Text Corp., a leading provider of enterprise content
management software.  The ratings reflect both the overall
probability of default of the company, to which Moody's assigns
a PDR of B2, and a loss-given-default of LGD-2 for the senior
secured facilities.  Moody's also assigned a SGL-1 speculative
grade liquidity rating, reflecting very good liquidity.  The
ratings outlook is stable.


PORTBAY HOLDINGS: Creditors' Final Meeting Slated for Dec. 13
-------------------------------------------------------------
The final meeting of the creditors of Portbay Holdings Pty Ltd
-- formerly trading as Bob Sharp Homes & Construction -- will be
held on Dec. 13, 2006, at 10:00 a.m.

During the meeting, creditors will receive an account of the
company's wind-up proceedings from Liquidator K. S. Wallman.

The Liquidator can be reached at:

         K. S. Wallman
         Level 2, 15 Rheola Street
         West Perth, Western Australia
         Australia

                     About Portbay Holdings

Portbay Holdings Pty Ltd is located in Western Australia,
Australia.  The company is a contractor of general residential
buildings, aside from single-family.


POWER RESOURCES: Liquidator to Present Wind-Up Report on Dec. 13
----------------------------------------------------------------
Power Resources WA Pty Ltd, which is in liquidation, will hold a
final meeting for its members and creditors on Dec. 13, 2006, at
11:30 a.m.

At the meeting, Liquidator M. H. Lyford will present a report
regarding the company's wind-up proceedings and property
disposal exercises.

The Liquidator can be reached at:

         M. H. Lyford
         Ogilvie House
         12 Kintail Road
         Applecross, Western Australia
         Australia

                     About Power Resources

Power Resources (Western Australia) Pty Ltd is located in
Western, Australia.  The company is involved with the
construction of water lines, sewer, pipeline, communications
line, and power lines.


PRIMELIFE CORPORATION: Former Officers Lost Dismissal Claims
------------------------------------------------------------
Ted Sent has lost a wrongful dismissal claim against Primelife
Corporation, with a judge ruling that a series of covert cash
payments to Melbourne identity Mick Gatto were "highly
irregular" and constituted serious misconduct, The Australian
reports.

According to the report, Mr. Sent used Mr. Gatto's "remarkable
relationship" with building unions in Victoria to ensure
disputes or industrial action did not occur on any of
Primelife's development sites.

The paper relates that Mr. Sent's long-time deputy, Sandi
Porter, has also lost her wrongful dismissal claim after the
trial judge ruled her conduct in videotaping board meetings and
listening to hundreds of hours of employees' telephone calls was
improper.

Mr. Sent and Ms. Porter had been seeking AU$5 million in damages
for their dismissal from Primelife, The Australian notes.

The paper reveals that negotiations over Mr. Sent's new role,
who had been chief executive officer of Primelife, broke down as
the extent of his AU$234,000 payments to Mr. Gatto became clear.

The Australian recounts that the irregular business activity at
Primelife came to light after two of Australia's most prominent
business figures, mining magnate Robert Champion de Crespigny
and former Melbourne Lord Mayor Ron Walker, lent money to the
company and installed themselves on the company's board.

In a statement to the stock exchange, Primelife stated that its
victory in the litigation "brings to an end the uncertainties
related to this period of Primelife's history."

Accordingly, the company will now be able to proceed with the
purchase of the development site of Point Cook in Melbourne's
outer west, The Australian relates.  This was a transaction that
was on hold pending the outcome of the litigation, the paper
says.

Primelife plans to construct more than 250 retirement units at
the site, The Australian notes.

                        About Primelife

Headquartered in Melbourne, Australia, Primelife Corporation --
http://www.primelife.com.au-- develops and manages properties  
catering to a wide range of senior living needs, including
independent retirement living, serviced apartments, aged care or
low care hostels and high care nursing homes, and in-home care.

Primelife almost skidded into insolvency when, on September 23,
2004, the Australian Securities and Investments Commission filed
37 proceedings in the Federal Court of Australia seeking, among
other things, orders that an investigating accountant be
appointed over managed investment schemes under Primelife to
report to the Federal Court to ascertain the position of each of
the schemes.  ASIC also applied for the schemes to be wound up.

The ASIC alleged that the schemes are not registered, as
required under the Corporations Act.  ASIC brought the Federal
Court proceedings against Primelife and a number of other
defendants including parties who, ASIC alleges, have been
involved in promoting and managing the schemes to a large number
of investors since 1997.

The unregistered schemes are undergoing or were completely wound
up starting October 2005.  The Company had currently resolved
most of the legal issues and was turning the corner after a
couple of years.


RC2 CORP: Earns US$19.4 Million in Third Quarter 2006
-----------------------------------------------------
RC2 Corp. reported US$19.4 million of net income for the third
quarter ended Sept. 30, 2006.  For the nine months ended Sept.
30, 2006, net income was US$36 million.

The results for the third quarter and nine months ended
Sept. 30, 2006 include around US$1.0 million and US$3.2 million
respectively, in compensation expense for stock options.
Results for 2005 do not include compensation expense for stock
options.

Net income reported for the 2005 third quarter was
US$18.3 million.  For the nine months ended Sept. 30, 2005, net
income was US$35.9 million.

                Third Quarter Operating Results

Net sales for the third quarter increased 12.5% to
US$160.5 million compared with US$142.6 million for the third
quarter a year ago. Current year third quarter net sales
excluding US$0.1 million in net sales from sold and discontinued
product lines increased 13.6% compared with third quarter 2005
net sales excluding US$1.4 million in net sales from sold and
discontinued product lines.

The net sales increase was attributable to increases in the
children's toys and infant products categories, partially offset
by a decline in the collectible products category.  Sales in the
children's toys category increased by 28.4%, primarily driven by
the Thomas & Friends, John Deere and Bob the Builder toy product
lines.  Sales in the infant products category increased by 9.0%,
primarily driven by The First Years' Take & Toss(R) toddler
self-feeding system and Soothie(TM) bottle system and Learning
Curve's Lamaze infant toys.  As expected, sales in the
collectible products category continued to decrease.

Gross margin decreased to 47.2% from 48.9% in the prior year
quarter.  The 2006 third quarter gross margin reflects the
impact of a less favorable product and distribution mix and
higher product costs, especially in die-cast products, than that
experienced in the third quarter of 2005.  Selling, general and
administrative expenses as a percentage of net sales decreased
to 27.3% in the third quarter of 2006 compared with 28.0% in the
third quarter of 2005.  Selling, general and administrative
expenses for the 2006 third quarter include around
US$0.9 million in compensation expense for stock options, while
results for the 2005 third quarter do not include any
compensation expense for stock options.  Operating income
increased to US$31.7 million from US$30.9 million in the year
ago period, but as a percentage of net sales, decreased to 19.8%
from 21.7% in the prior year third quarter.  Operating income
for the quarter ended September 30, 2005 includes US$2.0 million
in gain on sale of assets and US$0.6 million in catch-up
amortization expense.  Excluding the gain on sale of assets,
operating income for the quarter ended September 30, 2005 was
US$28.9 million or 20.3% of net sales.

                 Year to Date Operating Results

Net sales for the nine months ended Sept. 30, 2006, increased
8.3% to US$376.7 million compared with US$347.9 million for the
nine months ended Sept. 30, 2005.  Current year to date net
sales excluding US$0.3 million in net sales from sold and
discontinued product lines, increased 9.5% compared with net
sales for the nine months ended Sept. 30, 2005, excluding
US$4.2 million in net sales from sold and discontinued product
lines.  The increase was attributable to the sales increases in
the children's toys and infant products categories, partially
offset by a decline in the collectible products category.

Gross margin for the nine months ended Sept. 30, 2006, decreased
to 47.2% as compared with 49.3% for the comparable period in
2005, due to a less favorable product and distribution mix and
higher product costs, especially in die-cast products.  Selling,
general and administrative expenses as a percentage of net sales
were 31.1% for the first nine months of 2006 as compared with
32.2% for the same period in 2005.  Selling, general and
administrative expenses for the first nine months of 2006
include around US$3.0 million in compensation expense for stock
options and around US$1.0 million in expenses related to
litigation involving The First Years which preceded its
acquisition by RC2.

Operating income decreased to US$59.7 million from
US$60.5 million in the year ago period, and as a percentage of
net sales, decreased to 15.8% from 17.4% in the prior year first
nine months, primarily as a result of the stock option and
litigation expenses in the first nine months of 2006.  Operating
income for the 2005 year to date period also includes around
US$2.0 million in gain on the sale of assets and around
US$0.6 million in catch-up amortization expense.  Operating
income for the nine months ended Sept. 30, 2005, excluding the
gain on sale of assets, was US$58.6 million or 16.8% of net
sales.

                         Cash and Debt

As of Sept. 30, 2006, the company's outstanding debt balance was
US$58.8 million and its cash balances exceeded US$20 million.  
The comparable figures at the end of the 2006 second quarter
were US$54 million and US$14 million, respectively.  Also during
the quarter, the company amended its credit facility, reducing
its applicable margin on borrowings, modifying the definition of
certain cash flow measures to exclude non-cash expense related
to equity awards and adding an accordion borrowing element.  
Under the amended facility the company has additional borrowing
capacity of US$75.0 million.  The company expects to reduce
outstanding debt in the fourth quarter of 2006 and in the first
quarter of 2007.

Curt Stoelting, chief executive officer of RC2 commented, "We
are very pleased with our third quarter results and our
performance through the first nine months of 2006.  In the
seasonally high third quarter, our teams introduced new products
and expanded distribution for our key product lines which
delivered a comparable increase of over 10% in sales and
profits.  These results reflect our commitment to profitable
organic growth despite declining sales in the collectible
products category and product cost increases, especially in our
die-cast products."

"In the fourth quarter, we expect that die-cast products will
continue to put downward pressure on our gross margins.  We are
encouraged by recent declines in petroleum prices but remain
concerned about increasing inflation in China, which continues
to pressure our product costs.  We remain focused on continuing
our efforts to maintain and improve our margins by optimizing
product development efforts and supply chain costs while
eliminating low-performing products and reducing investment in
low-growth product lines."

Mr. Stoelting concluded, "We are well-positioned for 2007.  We
have noted very positive customer reactions to our 2007 product
lines including the new products that we debuted at the American
International Fall Toy Show in New York.  We remain confident in
our long-term strategy and business model, which is focused on
introducing new products based upon consumer insights.  We are
building a growing portfolio of branded product lines, which
provide stability in our earnings and cash flow and allow us the
opportunity to achieve sustainable organic growth.  Our strong
balance sheet gives us financial flexibility to expand our
business and create value for our shareholders."

                       Financial Outlook

The 2006 outlook remains the same as presented throughout the
year.  Net sales for 2005 excluding sold and discontinued
product lines totaled US$499.7 million.  From this base level of
2005 net sales, the company has experienced continued sales
growth in 2006.  Overall sales increases are dependent on a
number of factors including continued success and expansion of
existing product lines, successful introductions of new products
and product lines and renewal of key licenses.  Other key
factors include seasonality, overall economic conditions
including consumer retail spending and shifts in the timing of
that spending and the timing and level of retailer orders.

Based on current sales and margin estimates, the company
currently expects that full year 2006 diluted earnings per share
will range from US$2.60 to US$2.70.  This amount includes an
estimated US$0.12 per diluted share impact of expensing stock
options under SFAS 123(R) which took effect Jan. 1, 2006.  Pro
forma compensation expense for the year ended Dec. 31, 2005
under SFAS 123 (R) would have been around US$2.1 million, net of
tax benefit, or around US$0.10 per diluted share, which would
have resulted in diluted earnings per share of US$2.37 for 2005.

                        About RC2 Corp.

Based in Oak Brook, Illinois, RC2 Corporation (NASDAQ:RCRC) --
http://www.rc2corp.com/-- designs, produces and markets  
innovative, high-quality toys, collectibles, hobby and infant
care products that are targeted to consumers of all ages.  RC2's
infant and preschool products are marketed under its Learning
Curve(R) family of brands, which includes The First Years(R) by
Learning Curve and Lamaze brands as well as popular and classic
licensed properties such as Thomas & Friends, Bob the Builder,
Winnie the Pooh, John Deere, and Sesame Street.  RC2 markets its
collectible and hobby products under a portfolio of brands
including Johnny Lightning(R), Racing Champions(R), Ertl(R),
Ertl Collectibles(R), AMT(R), Press Pass(R), JoyRide(R) and
JoyRide Studios(R).  RC2 reaches its target consumers through
multiple channels of distribution supporting more than 25,000
retail outlets throughout North America, Europe, and Asia
Pacific, including Australia.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
September 28, 2006, 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. Consumer
Products, Beverage, Toy, Natural Product Processors, Packaged
Food Processors, and Agricultural Cooperative sectors, the
rating agency revised its Ba2 Corporate Family Rating to Ba3 for
RC2 Corporation.


SCOTT STREET: Inability to Pay Debts Prompts Wind-Up
----------------------------------------------------
On Nov. 10, 2006, the members of Scott Street Hardware Pty Ltd
met and passed a special resolution to wind up the company's
operations due to its liabilities.

In this regard, Timothy James Clifton was appointed as
liquidator.

The Liquidator can be reached at:

         Timothy James Clifton
         Chartered Accountant
         Level 10, 26 Flinders Street
         Adelaide, South Australia
         Australia

                       About Scott Street

Scott Street Hardware Pty Ltd is located in South Australia.  
The company operates hardware stores.


SOMERDALE PTY: Members to Hold Final Meeting on Dec. 22
-------------------------------------------------------
The members of Somerdale Pty Ltd will convene for their final
meeting on Dec. 22, 2006, at 9:00 a.m., to receive the
liquidator's account of how the company was wound up and its
properties disposed of.

The Troubled Company Reporter - Asia Pacific previously reported
that the company's members passed a special resolution on
June 27, 2006, to wind up the company's operations.

The Liquidator can be reached at:

         M. J. Whitbread
         c/o Deloitte
         Level 3, 190 Flinders Street
         Adelaide, South Australia 5000
         Australia

                       About Somerdale Pty

Somerdale Pty Ltd is an investor relations company.  The company
is located in South Australia, Australia.


W.A.L. AGNEW: To Hold Joint Meetings on December 22
---------------------------------------------------
The members and creditors of W.A.L. Agnew & Son Propriety Ltd
will hold a joint meeting on Dec. 22, 2006, at 3:00 p.m.

During the meeting, 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 W A L Agnew

W A L Agnew & Son Proprietary Limited is located in Victoria,
Australia.  The company is involved with flour and other grain
mill products.


WESTINGHOUSE AIRBRAKE: Moody's Puts Loss-Given-Default Ratings
--------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its Probability-of-Default and Loss-Given-Default rating
methodology for the Transportation sector, the rating agency
held its Ba2 Corporate Family Rating for Westinghouse Airbrake
Technologies, and held its Ba2 rating on the company's 6.875%
Guaranteed Senior Unsecured Notes Due 2013.  Additionally,
Moody's assigned an LGD4 rating to those bonds, suggesting
noteholders will experience a 56% loss in the event of a
default.

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

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

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

Based in Wilmerding, Pennyslvania, Westinghouse Airbrake
Technologies dba Wabtec Corporation -- http://www.wabtec.com/--  
provides various technology-based equipments for the rail
industry worldwide.  It manufactures and services components for
new and existing freight cars and locomotives, and passenger
transit vehicles, such as subway cars and buses.  The company
has operations in Mexico, the U.K. and Australia.


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

BILLY CREATION: Enters Voluntary Wind-Up
----------------------------------------
On Nov. 9, 2006, the Shareholders of Billy Creation Ltd passed a
special resolution to wind up the company's operations
voluntarily.

Accordingly, Andrew George Hung was appointed as liquidator.

The Liquidator can be reached at:

         Andrew George Hung
         Unit 801B, Dina House
         Ruttonjee Centre
         11 Duddell Street, Central
         Hong Kong


CITIC GROUP: Buys Majority Stake in Indo Oilfield for US$97 Mil.
---------------------------------------------------------------
CITIC Resources Holdings Ltd, the Hong Kong-listed arm of
conglomerate CITIC Group, completed the purchase of 51% of an
Indonesian oilfield for US$97 million, the People Daily reports.

The newspaper, citing the company's statement to the Hong Kong
Stock Exchange, relates that CITIC Resources bought the stake in
the Seram Non-Bula block from KUFPEC, a subsidiary of Kuwait
Petroleum Corp.

In addition, CITIC Resources disclosed that it may buy a further
2.5% in the Indonesian oilfield from a unit of Australian-listed
Lion Energy Ltd for US$4.8 million.

"It is the company's first-ever overseas oil asset acquisition,"
Shou Xuancheng told China Daily.  

According to People Daily, Seram Island Non-Bula Block's
principal oil field, Oseil Field, had an estimated gross oil
reserve of about 39 million barrels as of December 2005,
including 7 million barrels of proven reserves.  It produced an
average of 4,300 barrels of oil per day in the first half of
2006.

The acquisition will allow CITIC Resources to explore, develop,
and produce oil from Seram Island Non-Bula Block until 2019, the
newspaper adds.   

People Daily recounts that CITIC Resources also announced its
plans in October to buy Nations Energy Co.'s oil assets in
Kazakhstan for US$1.91 billion.

                      About CITIC Resources

Incorporated in Bermuda in 1997, CITIC Resources Holdings Ltd
has its shares listed on the Hong Kong Stock Exchange.

The principal activities of the Company and its subsidiaries
have been in the manufacture and sale of plywood.  To produce
sustained growth in shareholder value, in early 2004 the Group
moved to expand its business focus and re-position itself as an
integrated provider of key commodities and strategic natural
resources to China.  

The Group's expanded business interests are in the fields of
aluminium, coal, import and export of commodities, manganese,
iron, oil and timber.

CITIC Group -- formerly China International Trust and Investment
Corporation -- became the majority-controlling shareholder of
the Company in March 2004, indirectly holding interest in the
company of just over 60%.

                          *     *     *

On November 16, 2006, the Troubled Company Reporter - Asia
Pacific reported that Standard & Poor's Ratings Services placed
its BB+ long-term and B short-term foreign currency counterparty
credit ratings on CITIC Group on CreditWatch with developing
implications following an announcement that the company plans to
acquire a 94.6% interest in JSC Karazhanbasmunai, a Kazakhstan-
based oil company, for US$1.91 billion.


GREAT FORTUNE: Court Sets Wind-Up Hearing on Dec. 27
----------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Great Fortune Trading Ltd on Dec. 27, 2006, at 9:30 a.m.

The HongKong and Shanghai Banking Corporation Ltd filed the
petition with the Court on Oct. 31, 2006.

The Solicitors for the Petitioner can be reached at:

         Johnson Stokes & Master
         18th Floor, Prince's Building
         10 Chater Road, Central
         Hong Kong


H.C.B.C. FINANCE: Appoints Poon Wong Yuen Shan as Liquidator
------------------------------------------------------------
Poon Wong Yuen Shan was appointed liquidator of H.C.B.C. Finance
Ltd by a special resolution passed by the company's members on
Nov. 13, 2006.

The Liquidator can be reached at:

         Poon Wong Yuen Shan
         Room 601, Dominion Centre
         43-59 Queen's Road East
         Hong Kong

                     About H C B C Finance

H C B C Finance Limited is engaged with management services.  
The company is located in Kowloon Tong in KLN, Hong Kong.


HONGKONG RUIBIAO: Faces Liquidation Proceedings
-----------------------------------------------
On Nov. 9, 2006, Liu Yan Ming filed a wind-up petition with the
High Court of Hong Kong against Ruibiao Leather Goods Group Ltd.

The Court will hear the petition on Jan. 10, 2007, at 9:30 a.m.

The Solicitors for the Petitioner can be reached at:

         Michael Cheuk, Wong & Kee
         Rooms 3203A-3205, 32nd Floor
         Tower Two, Lippo Centre
         No. 89 Queensway
         Hong Kong
         Telephone: 2525 1080
         Facsimile: 2810 6433


IPCO CONSTRUCTORS: Members to Receive Wind-Up Report on Dec. 27
---------------------------------------------------------------
The members of IPCO Constructors International Ltd will meet for
their final general meeting on Dec. 27, 2006, at 10:00 a.m., to
receive the liquidators' account of the company's wind-up
proceedings.

As reported by the Troubled Company Reporter - Asia Pacific, the
members pass a special resolution to wind up the company's
operations on Aug. 15, 2006.

The Liquidators can be reached at:

         Andrew David Ross
         Robin Frederick Keppel Radcliffe
         12/F, China Merchants Tower
         Shun Tak Centre
         168-200 Connaught Road Central
         Hong Kong


KWONG ON: Liquidator to Present Wind-Up Report on Dec. 28
---------------------------------------------------------
A final general meeting of the members of Kwong On Jubilee
Charity Fund Ltd will be held on Dec. 28, 2006, at 11:00 a.m.,
at the 20/F, Prince's Building in Central, Hong Kong.

During the meeting, Liquidator Rainier Hok Chung Lam will
present an account of the company's wind-up proceedings and
property disposal exercises.

According to the Troubled Company Reporter - Asia Pacific,
Messrs. Lam and Toohey were appointed as the company's joint
liquidators on July 3, 2006.

The Joint Liquidator can be reached at:

         Rainier Hok Chung Lam
         22nd Floor
         Prince's Bldg, Central
         Hong Kong


SHAN MEI: Court Resets Wind-Up Hearing on December 6
----------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
September 27, 2006, the Bank of China (Hong Kong) Ltd filed a
wind-up petition with the High Court of Hong Kong against Shan
Mei Development Company Ltd on September 8.  The Court was set
to hear the petition on November 8, 2006.

In an update, Bank of China filed an amended wind-up petition
against the company on Nov. 16, 2006.  Accordingly, the Court
will hear the petition on Dec. 6, 2006, at 9:30 a.m.

The Solicitors for the Petitioner can be reached at:

         Rowland Chow, Chan & Co.
         15/F, Wing Lung Bank Building
         No. 45 Des Voeux Road, Central
         Hong Kong


SPEEDY ACT: Court to Hear Wind-Up Petition on December 6
--------------------------------------------------------
A petition to wind up Speedy Act International Ltd will be heard
before the High Court of Hong Kong on Dec. 6, 2006, at 9:30 a.m.

Denman Development Ltd filed the petition with the Court on
Oct. 9, 2006.

The Solicitors for the Petitioner can be reached at:

         Boase Cohen & Collins
         2303-7 Dominion Centre
         43-59 Queen's Road East
         Hong Kong
         Telephone: 3416 1711  
         Facsimile: 2529 5035


TREASURE MANAGEMENT: To Pay Second Ordinary Dividend
----------------------------------------------------
Treasure Management Company Ltd will pay a second ordinary
dividend of 0.5% to creditors today, Nov. 29, 2006.

The payment will be administered by Liquidator Kong Chi How
Johnson at 29th Floor, Wing On Centre, 111 Connaught Road
Central, Hong Kong.

The Troubled Company Reporter - Asia Pacific previously reported
that Mr. Johnson accepted the creditors' proofs of debt on
Oct. 27, 2006.

The Liquidator can be reached at:

         Kong Chi How, Johnson
         25th Floor, Wing On Centre
         111 Connaught Road, Central
         Hong Kong


* NBS Projects 10% Growth in China's Gross Domestic Product
-----------------------------------------------------------
China's gross domestic product is expected to rise by 10% to
10.7% this year over the previous year, the People Daily says
citing Yao Jingyuan, chief economist of the National Bureau of
Statistics, as saying.

Mr. Yao expressed his optimism on a conference on steel industry
by saying the country's economy has maintained a "fast, steady
and high quality growth" this year.

People Daily notes that in the first nine months, the national
economy experienced rapid growth with:

    * GDP up 10.7 percent;
    * the industrial sector up 13%;
    * retail sales up 13.5%; and
    * the foreign trade volume up 24.3% over the same period
      last year.

Mr. Yao said the economic growth was of "high quality" because
the country's fiscal revenues, profits of enterprises and
incomes of urban and rural residents all went up in the first
nine months.

In addition, the consumer price index rose a moderate 1.3%, 0.7
of a percentage point lower than the rise of the same period
last year, which Mr. Yao believed indicated stable economic
conditions.

Moreover, China's macro-economic control policies had taken
effect by successfully slowing the GDP growth, fixed assets
investment and supplies of money and bank loans, Mr. Yao said.

However, Mr. Yao also noted that efforts are needed to
strengthen Chinese banks as loans were still expanding at a
rapid pace, fixed assets investment remained high and the trade
imbalance lingered, People Daily relates.


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

BHARTI AIRTEL: Ties Up With Wal-Mart in Retail Deal
---------------------------------------------------
As widely reported, Bharti Airtel Ltd signed an agreement with
American retailer Wal-Mart Stores Inc. to open a chain of retail
stores in India.

"It is going to be a large investment.  There will be stores
across the country.  We are going to be a big player in this
market and Wal-Mart will be a joint venture partner," The
Associated Press quotes Sunil B. Mittal, Bharti Airtel's chief
executive officer, as saying.

The financial details, however, were not divulged.

Mr. Mittal estimated the venture to put up "several hundred
stores eventually."

The Financial Express noted how Bharti Airtel stock hogged the
limelight after the announcement of the retail venture.  On
November 27, Bharti shares gained an impressive 2.25% on Monday
to end the day at INR630.10, the newspaper points out.

                       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.


DUNLOP INDIA: To Hold Annual Meeting on December 20
---------------------------------------------------
Dunlop India Ltd informs the Bombay Stock Exchange that it will
hold its 79th Annual General Meeting on December 20, 2006.

In this regard, Dunlop India will close its Register of Members
& Share Transfer Books from December 16 to December 20, 2006.

Dunlop India further informs the BSE regarding the appointment
of Mohan Lall as the company's director effective on October 31,
2006.

                       About Dunlop India

Headquartered in Kolkota, India, Dunlop India Limited is
involved principally in manufacturing and distributing
automotive tires and tubes.  The firm's other activities include
manufacturing high-pressure hoses, steelcord belting and
vibration isolators.

In January 1998, the Board of Directors decided that the company
had become sick.  The Board of Directors decided to refer the
company to the Board for Industrial and Financial Reconstruction
and abruptly announced suspension of Dunlop's operations in both
Sahagunj and Ambattur in February 1998.  The Ministry for Law,
Justice and Company Affairs had also come to the conclusion
after inspection of the Books of Accounts of Dunlop India that
there were serious irregularities and had moved the Company Law
Board for appointment of Government Directors.

Dunlop's last complete financial results posted was for the
fiscal year ended March 31, 2003.  The company recorded
INR2.504 billion in total assets as of that date, and INR5.604  
billion in total liabilities, resulting in a stockholders'  
equity deficit of INR3.10 billion.

Moreover, Dunlop India incurred a net loss of INR306.1 million
for the year ended March 31, 2004, compared with a net loss of
INR392.2 million for the year ended March 31, 2003.

In January 2006, the Ruia Group took over the Company and voted  
to reopen its plants.


EMCO LTD: Receives INR380-Mil. Order from Power Grid Corp.
----------------------------------------------------------
Emco Ltd disclosed in a filing with the Bombay Stock Exchange
that it received a prestigious order of INR380 million for the
establishment of 400 Kv sub-station from Power Grid Corporation
of India Ltd.  The work is to be completed in 24 months.

According to Emco, its current order book position is
INR8300 million.

                      About EMCO Ltd.

Headquartered in Jalgaon, India, Emco Ltd. --
http://www.emcoindia.com/-- offers transmission and    
distribution solutions within the power sector in India.
Through its Transformer Division, Emco offers power
transformers, specialized rectifier transformers, furnace
transformers, and locomotive and traction transformers.  Through
its Meters Division, the Company offers metering solutions like
tamper-proof electronic energy meters, automatic meter reading
solutions like drive by, walk by or fixed network, pre-payment
metering solutions and high-end metering like trivector meters.
It also offers energy and revenue management solutions.  Through
its Projects Division, Emco offers turnkey solutions from
concept to commissioning for electrical substation projects.  It
also undertakes entire industrial electrification work from
designing to execution.  Emco offers information technology
solutions for power distribution management.  Through its
International Division, EMCO offers transformers and energy
meters confirming to international specifications.

Credit Analysis and Research Limited downgraded Emco's senior
unsecured debt from A to BB on April 1, 2004.


EMCO LTD: ESOP Committee Grants 20,000 Stock Options
----------------------------------------------------
Emco Ltd informed the Bombay Stock Exchange that its ESOP
(Compensation) Committee of Directors at its meeting held on
November 13, 2006, granted 20,000 stock options.

The options cover the right to apply for equal number of Emco
Ltd's equity shares i.e. each option carrying right to apply for
one Equity share, to the company's non-executive independent
directors.

Against each stock options, the directors will have right to
apply for and get allotted one equity share at a exercise price
of INR632.  The vesting period for the options is in graded
manner within the period from the respective grant and as
prescribed in grant letters, subject to minimum vesting period
of one year.

                      About EMCO Ltd.

Headquartered in Jalgaon, India, Emco Ltd. --
http://www.emcoindia.com/-- offers transmission and    
distribution solutions within the power sector in India.
Through its Transformer Division, Emco offers power
transformers, specialized rectifier transformers, furnace
transformers, and locomotive and traction transformers.  Through
its Meters Division, the Company offers metering solutions like
tamper-proof electronic energy meters, automatic meter reading
solutions like drive by, walk by or fixed network, pre-payment
metering solutions and high-end metering like trivector meters.
It also offers energy and revenue management solutions.  Through
its Projects Division, Emco offers turnkey solutions from
concept to commissioning for electrical substation projects.  It
also undertakes entire industrial electrification work from
designing to execution.  Emco offers information technology
solutions for power distribution management.  Through its
International Division, EMCO offers transformers and energy
meters confirming to international specifications.

Credit Analysis and Research Limited downgraded Emco's senior
unsecured debt from A to BB on April 1, 2004.


EMCO LTD: Allots 20,00,000 Equity Shares to Institutional Buyers
----------------------------------------------------------------
Emco Ltd's Committee of Board of Directors resolved to allot
20,00,000 equity shares of INR10 each at a price of INR600 per
equity share to Qualified Institutional Buyers pursuant to the
provisions of the Securities and Exchange Board of India
Guidelines 2000.

The decision was arrived at the Committee's meeting held on
October 30, 2006.

                      About EMCO Ltd.

Headquartered in Jalgaon, India, Emco Ltd. --
http://www.emcoindia.com/-- offers transmission and    
distribution solutions within the power sector in India.
Through its Transformer Division, Emco offers power
transformers, specialized rectifier transformers, furnace
transformers, and locomotive and traction transformers.  Through
its Meters Division, the Company offers metering solutions like
tamper-proof electronic energy meters, automatic meter reading
solutions like drive by, walk by or fixed network, pre-payment
metering solutions and high-end metering like trivector meters.
It also offers energy and revenue management solutions.  Through
its Projects Division, Emco offers turnkey solutions from
concept to commissioning for electrical substation projects.  It
also undertakes entire industrial electrification work from
designing to execution.  Emco offers information technology
solutions for power distribution management.  Through its
International Division, EMCO offers transformers and energy
meters confirming to international specifications.

Credit Analysis and Research Limited downgraded Emco's senior
unsecured debt from A to BB on April 1, 2004.


ESSAR OIL: Starts Production at Vadinar Refinery
------------------------------------------------
Essar Oil Limited announced the successful start up of
operations at its petroleum refinery at Vadinar in Gujarat,
India.

The plant will start its trial production with a capacity of
7.5 million tonnes per annum of crude, which will gradually go
up to 10.5 million tonnes per annum.  This current phase of
commissioning comes four months ahead of the originally
scheduled date of commissioning, i.e. March 31, 2007.

Essar Oil expects to attain production at full capacity in the
next two quarters.

The Company said that the project cost of INR10,826 crore
(US$2.4 billion) is extremely competitive and lower than
estimated costs for a green field refinery.

The Refinery has been built with state-of-the-art, contemporary
technology and will have the capability to produce petrol and
diesel suitable for use in India as well as advanced
international markets.  It will also produce LPG, Naphtha, light
diesel oil, aviation turbine fuel and kerosene.  It has been
designed to handle a diverse range of crude -- from sweet to
sour and light to heavy.

Shri. Shashi Ruia, Chairman, Essar Group said, "We are delighted
at the successful commissioning of Essar Oil's Refinery at a
time when India is strengthening its presence in global markets
and integrating with the global economy.  The refinery signals
our commitment to the nation to be a strong and dominant force
in core sectors of the Indian economy.  The early commissioning
is also a tribute to the employees of the Essar Group and its
business associates for their unstinted efforts".

The refinery comes at a most opportune time and will fulfill the
gap between worldwide demand and supply in the petroleum sector.
Currently, refineries the world over, are operating at over 98
percent capacity utilization.  Significantly, there has been no
addition to refining capacities in the last three years and
planned new capacities are not expected to come up before the
end of 2008.

Essar Oil's refinery is supported by dedicated infrastructure
that includes utilities, terminals, crude intake and product
evacuation facilities.  These include:

   -- Vadinar Oil Terminal, which has an integrated facility to
      receive crude through a Single Point Mooring system and
      dispatch of finished petroleum products through its
      product jetty.  The Terminal can handle 32 million tonnes
      per annum of crude intake with a capability of handling
      tankers up to 350,000 DWT and product dispatch facilities
      with an annual capacity of 14 million tonnes.  The
      Terminal includes a port, a tank farm, associated pipeline
      network and storage & dispatch facilities.  The Terminal
      has been built at a cost of INR2,857 crore (US$635
      million).

   -- Vadinar Power Company, which generates 120 MW of power at
      its co-generation plant and feeds both power and process
      steam for the refinery.

   -- Essar Constructions had a major role in the engineering,
      planning and construction of the entire refinery and had
      meticulously planned and executed the entire project in
      record time.  Essar Constructions has over 1000 highly
      qualified technical and skilled manpower, besides the
      16,000 people who worked at the refinery site during the
      project phase.  The Essar Group believes that the
      synergies and advantages of the construction business have
      been a distinct advantage in building this petroleum
      complex.

                            Marketing

The Company's products will have a ready market both
internationally and in India.  The ideal location of the
refinery near the Vadinar port ensures easy access to all
international markets including Europe and the USA.

The Company's strategy of commissioning its retail outlet in
advance of the commissioning of the refinery ensures a ready
outlet for its products in India.  The Company will also be in a
position to supply to bulk consumers.  Essar Oil has already
commissioned over 900 retail outlets and expects to have 1500
outlets fully operational by the end of March 2007.

                      About Essar Oil Ltd.

Headquartered in Jamnagar, India, Essar Oil Limited --
http://www.essar.com-- is engaged in the exploration,  
production and marketing of oil and gas.  The company's
principal activities are developing, exploring, producing and
refining oil and gas.  Vadinar Power Company Limited is a wholly
owned subsidiary of the company.

On August 23, 2005, CRISIL Ratings reaffirmed the outstanding
"D" rating on the INR5.65-billion and INR2-billion Non-
Convertible Debenture programmes of Essar Oil Limited.  The
rating indicates that the instruments are in default.


GENERAL MOTORS: Boosting Argentine Car Output by 12% in December
----------------------------------------------------------------
General Motors Corp. will increase its car production in
Argentina by 12% in December, the Argentine Economy Ministry
said in a statement.

Dow Jones Newswires relates that executives of General Motors
met with Felisa Miceli -- Argentina's Economic Minister -- and
Miguel Peirano, the Industry Secretary, to present the firm's
expansion plan in the nation.

General Motors said in a statement that the plan includes a
production increase to 450 units per day from 390.

General Motors and the Economy Ministry told Dow Jones that
General Motors has 2,000 workers in its plant in Rosario.  The
production boost will create 120 extra jobs at the plant and 400
new jobs in the area.

Dow Jones underscores that General Motors produces compact and
station wagon models Chevrolet Corsa Classic and Chevrolet Corsa
II in Rosario.  It manufactures sports utility vehicle Suzuki
Gran Vitara for the domestic and Latin American markets.

Pedro Betancourt, spokesperson of General Motors, told Dow
Jones, "The constant growth of (Argentina's) domestic market
gave us enough confidence to decide to increase production of
our Chevrolet models in Rosario."

General Motors implemented in September a 40% production
increase GM implemented in September, Dow Jones states.

                       About General Motors

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the  
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries, including India,  Mexico, and its vehicles are sold
in 200 countries.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 17, 2006, Standard & Poor's Ratings Services assigned its
'B+' bank loan rating to General Motors Corp.'s proposed US$1.5
billion senior term loan facility, expiring 2013, with a
recovery rating of '1'.  The 'B+' rating was placed on
Creditwatch with negative implications, consistent with the
other issue ratings of GM, excluding recovery ratings.

According to TCR-AP on Nov. 16, 2006, Moody's Investors Service
assigned a Ba3, LGD1, 9% rating to the proposed US$1.5 Billion
secured term loan.  The term loan is expected to be secured by a
first priority perfected security interest in all of the US
machinery and equipment, and special tools of GM and Saturn
Corporation.


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

ANEKA TAMBANG: Eyes Financing For US$2.65-Billion Projects
----------------------------------------------------------
PT Aneka Tambang Tbk is looking for means to finance
US$2.65 billion worth of projects, Reuters News says, citing
local paper Bisnis Indonesia.

According to Bisnis Indonesia, Aneka Tambang President Director
Dedi Aditya Sumanagara said that 65% of the financing would come
from loans and the rest from equity.

Reuters relates that the financing will be used to build a
US$300-million chemical grade alumina plant in Tayan with an
annual capacity of 300,000 tonnes, and a 600,000 tonne-smelter
grade alumina plant on Bintan island for US$250 million.

It will also be used to finance a US$98-million joint venture
iron cap project with state-owned steel maker PT Krakatau Steel
and Transasia with a 2-million tonne annual capacity, the report
says.

According to Reuters, the company also plans to spend
US$800 million on building a fourth ferro-nickel smelter with an
annual capacity of 40,000 tonnes.

In addition, Mr. Sumanagara said the company was in talks with
Australian and Japanese firms to finance a US$1.2-billion
hydromelt project with a capacity of 40,000 tonnes a year, the
report adds.  He said that if the discussions go well, the
feasibility study will begin in 2009.

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

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

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


BANK MANDIRI: Posts IDR1.19-Tril. Net Income for 9-Month Period  
---------------------------------------------------------------
PT Bank Mandiri disclosed financial results for the nine-month
period ended September 30, 2006.

For the 2006 nine-month period, the bank reported net income  
of IDR1.19 trillion, compared with the IDR1.23-trillion net  
income reported for the nine-month period ended September 30,  
2005.

As of September 30, 2006 the bank's balance sheet showed total
assets of IDR253.71 trillion and total liabilities of IDR229.33
trillion, resulting to a total stockholders' equity of  
IDR24.38 trillion.

Bank Mandiri financial report, in Indonesian, for the nine-month
period ended Sept. 30, 2006, is available for free at:

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

Bank Mandiri -- http://www.bankmandiri.co.id/-- is Indonesia's   
largest and best capitalized bank in terms of assets, loans and
deposits, and provides comprehensive financial services to more
than six million corporate and individual consumers, as well as
small and medium-sized enterprises in Indonesia.

According to a report by the Troubled Company Reporter - Asia
Pacific on May 29, 2006, Moody's Investors Service had upgraded
the Bank's subordinated debt rating to Ba3 from Ba1, and its
senior debt rating to Ba3 from Ba1, on higher foreign currency
bond ceilings.


BERAU COAL: To Market US$325-Million Bonds
------------------------------------------
PT Berau Coal plans to issue US$325 million in bonds and will
begin marketing the two-part deal this week, Reuters News
reports, citing a market source.

According to the report, the deal comprises five-year fixed-rate
bonds and five-year amortizing floating rate notes.

Reuters notes that Berau Coal would hold investor presentations
in Asia, Europe and the United States starting November 28.

As reported by the Troubled Company Reporter - Asia Pacific on
Nov. 27, 2006, Moody's Investors Service has assigned a
provisional P(B1) rating to the proposed US$325 million senior
secured bond to be issued by Empire Capital Resources Pte
Limited, which is 100% owned and guaranteed by Berau.

Fitch Ratings, meanwhile, assigned an expected rating of 'B+'
and an expected recovery rating of 'RR4' to the proposed senior
unsecured notes.


Headquartered in East Kaliman, PT Berau Coal --
http://www.beraucoal.co.id/-- 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.

On Nov. 24, 2006, 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.

"Fitch Ratings has assigned 'B+' Long-term foreign and local
currency Issuer Default ratings to Berau Coal."


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

HIROSHIMA BANK: Fitch Upgrades Individual Rating to 'C' from 'D'
----------------------------------------------------------------
Fitch Ratings has upgraded Hiroshima Bank's Long-term foreign
and local currency Issuer Default ratings to 'BBB+' from 'BBB'
and Individual rating to 'C' from 'D'.  At the same time, the
bank's Short-term foreign and local currency IDRs and Support
rating were affirmed at 'F2' and '2', respectively.  The Outlook
on the ratings is Stable.

Hiroshima's upgrade reflects the improvement in its balance
sheet integrity, such as capitalization and asset quality, as
well as its profitability.  Since its lowest point at end-March
2002 when its Tier 1 capital less deferred tax assets was 2%,
the bank's capital position has improved.  At end-September
2006, the comparative ratio was above 6%.  For the same period,
asset quality improved significantly; disclosed problem loans
less reserves fell to slightly above 30% of the bank's Tier 1
capital from 85%.  While the reduction in loan loss charges has
been the main driver behind increased internal capital
generation, Hiroshima issued preferred securities of
JPY30 billion in September 2006, which helped increase Tier 1
capital by nearly 20% in the half year to September 2006.

Like other regions in Japan, the economic recovery in
Hiroshima's home base has been patchy.  While its net interest
margin remains low, commission income, from the sale of non-
deposit products, such as investment trusts and annuities, has
driven an increase in operating profitability.  This trend is
expected to continue until the yen interest rate rises
considerably, to the point where banks like Hiroshima will be
able to take advantage of better spreads and thus more
effectively utilize their large retail deposit base for low-cost
funds.  The challenge Hiroshima now faces is renewed competition
with Momiji Bank (rated 'BBB+' and 'D'), which formed Yamaguchi
Financial Group with Yamaguchi Bank (rated 'BBB+' and 'C'), and
has a dominant position (nearly 50% in loan market share) in the
neighbouring prefecture.

Hiroshima is the seventh-largest in terms of total assets among
Japan's operating regional banks.  It has a dominant position in
Hiroshima prefecture with a market share of c.30% in the local
loan market.


JAPAN AIRLINES: Delays Jet Order Until 2007 Due to Finances
-----------------------------------------------------------
As reported by the Troubled Company Reporter - Asia Pacific on
November 22, 2006, Japan Airlines Corp. had planned to order as
many as 15 regional jets as it seeks to regain the lead in the
domestic air travel market.

The TCR-AP report noted that Japan Airlines was considering
whether to source from Bombardier Inc. or Empresa Brasileira de
Aeronautica SA, and that the final decision is not expected to
come out until the end of the fiscal year.  Bloomberg News had
said that the order could be as much as US$525 million.

In an update, however, Flight Global relates that JAL is
delaying its plan to acquire 10 to 15 large regional jets as it
struggles to get its financial house in order.  

Flight Global recounts that JAL issued a request for proposals
to Bombardier and Empresa in September, seeking offers on 70- to
90-seat regional jets, and a mid-October deadline was given.

Although JAL did not put a timeframe on when it might take a
decision, one was expected by the end of this calendar year, the
report says.  But because JAL's finances are still in disarray,
the airline has delayed a decision until at least early next
year, Flight Global relates, citing industry sources in Japan.

Sources also added that a more realistic timeframe is March
2007.

JAL, according to the report, is unable to confirm if a decision
has been deferred, saying only that there was no timeframe on
when an order would be placed, if at all.  It has also not said
how many aircraft it is interested in acquiring, although it is
believed to be roughly 10 to 15.

                      About Japan Airlines

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

                          *     *     *

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

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

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


MITSUBISHI MOTORS: Secures US$485-Million Bank Loan
---------------------------------------------------
Mitsubishi Motors Corp. has secured a JPY56-billion (US$485
million; GBP250 million) loan as it continues its efforts to
improve its finances and turn itself around, BBC News reports.

According to Malaysia Star, Mitsubishi Motors had secured the
loan from a group of financial institutions led by the Bank of
Tokyo-Mitsubishi UFJ.

The loan is being co-managed by the Mitsubishi UFJ Trust and
Banking Corp., BBC relates.

Malaysia Star says that the syndicated loan is part of the
company's fund-raising plans, which it announced two years ago
in a revamped restructuring after DaimlerChrysler AG decided to
end financial assistance amid a massive recall scandal, and the
Mitsubishi group took the lead in providing help.

Moreover, the report notes that the loan will help fund the
development of cars.

The automaker said that through the loan, it had obtained some
10% more in funds than originally sought and added seven new
creditors, with 31 firms taking part in it.

In January 2005, Malaysia Star recounts, Mitsubishi Motors said
it had planned to obtain some JPY270 billion in funding in the
period until March 2008.  

The company hopes to return to profit for the full financial
year ending March 2007, BBC news adds.

                    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.


MITSUBISHI MOTORS: Releases Oct. 2006 Production & Sales Results
----------------------------------------------------------------
Mitsubishi Motors Corporation announced global production, as
well as domestic sales and export results for October 2006.

Total global production came in at 108,087 units, a decline of
6.3% from a year ago period.  Japanese production increased
16.6% year-on-year to 68,389 units.

Total vehicle sales in Japan reached 18,154 units, a 22.2% rise
over the October 2005 total, marking the eighteenth consecutive
month of year-on-year sales gains.  Registered vehicles charted
sales of 5,285 units, 89.9% of the year-ago figure.  Mini-car
sales continued year-on-year growth increasing to 12,869 units,
143.4% of the total for October 2005.  Sales of the new eK Wagon
series and "i" models contributed to this growth.  Total sales
for passenger cars rose 41.6% year-on-year to 13,895 units,
while commercial vehicle sales dropped to 4,259 units, 15.5%
less than the same period last year.

Overseas production totaled 39,698 units, 70.0% of the year-ago
figure.  European production increased 32.6% to 5,670 units of
last year's total due to good sales of Colt series.  North
American production came in at 9,425 units, a 6.9% rise year-on-
year due to an increase in production of the Galant export
model.  Asian production totaled 21, 211 units, a 45.0% decline
from October 2005's levels, representing continued weakness in
Asian markets such as Indonesia, Malaysia and Taiwan, where
economic conditions are not favorable for the industry.

Total exports from Japan declined to 27,411 units, 82.6% of the
year-ago level.  Exports to Europe decreased to 9,488 units,
76.7% of the level seen last year due to lower sales of Pajero
and Outlander (Airtrek) models which will undergo model changes
this fiscal year.  Exports to Asia came to 1,039 units, 31.0% of
the last-year period due to unfavorable economic conditions in
the countries mentioned above.  Exports to North America rose to
3,514 units, 108.7% of the October 2005 total due to healthy
orders of the new Outlander model in the U.S. market.

                    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: To Issue Securities to Raise JPY400BB Capital
---------------------------------------------------------------
Mizuho Financial Group Inc. is planning to boost its capital by
JPY400 billion (US$3.5 billion) through an issue of preferred
subscription securities, Reuters reports, citing the Nihon
Keizai Shimbun business daily.

According to MarketWatch, Mizuho Financial has decided to issue
preferred securities in Japan as early as in the new year via a
special purpose company.  The issue is expected to increase
Mizuho's Tier-1 core capital.

However, MarketWatch notes, Mizuho has not yet decided on the
amount of the preferred securities, which will not be converted
into common stocks of the company and will not carry voting
rights.

Reuters notes that Mizuho has finished repaying the public funds
it received in bailouts in the 1990s and is expanding its
operations abroad.  It has also been trying to bring the quality
of its capital in line with those of leading European and U.S.
banks, MarketWatch adds.

MarketWatch states that Mizuho is believed to have approached
Dai-ichi Mutual Life Insurance Co., Nippon Life Insurance Co.
and other life insurers to purchase preferred subscription
securities that pay higher dividends.

                  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.


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

HANAROTELECOM: Signs MOU with SK Comm. to Enhance HanaTV
--------------------------------------------------------
hanarotelecom Inc. signed a memorandum of understanding with SK
Communications Co. with the aim at improving the competitiveness
of its HanaTV triple-play service, The Korea Herald reports.

HanaTV, which was launched in July 2006, is a video-on-demand
service via the Internet.  Its users can download movies, shows
and other contents from the Internet and watch them on TV.

Under the MOU, hanarotelecom will create a new channel to
selectively offer Cyworld's "Stage" service, the Korean
newspaper states.   The service will allow amateur film
directors, authors and musicians to freely upload their own
video clips, digital photos, music or reviews.

hanarotelecom and SK Communications companies agreed to support
these amateurs and conduct joint promotion campaigns.

                       About hanarotelecom

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

                          *     *     *

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

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

Fitch Ratings assigned hanarotelecom a Long-term foreign
currency Issuer Default rating of 'BB'.  The rating Outlook is
Stable.


HYUNDAI MOTOR: To Sell 10,000 Sonata Taxis to ComfortDelGro
-----------------------------------------------------------
Hyundai Motor signed a contract to sell about 10,000 Sonata
taxis to Singapore's ComfortDelGro, Korea Government's Web site,
Korea.net, reports.

Hyundai Motor will sell the diesel-powered Sonata taxis to
Singaporean transportation company from 2006 over four years.

"The deal is expected to improve Hyundai Motor's brand awareness
and help gain sales in Southeast Asia," the Web site states
citing a Hyundai Motor statement.

                      About Hyundai Motor

Headquartered in Seoul, South Korea, Hyundai Motor Company --
http://www.hyundai-motor.com/-- has been selling cars in the      
United States since 1986, but it only started selling its heavy
trucks stateside in 1998.  Hyundai produces 14 models of cars
and minivans, as well as trucks, buses, and other commercial
vehicles.  The Company reestablished itself as Korea's leading
carmaker in 1998 by acquiring a 51% stake in Kia Motors -- since
reduced to about 45%.  The Company also manufactures machine
tools for factory automation and material- handling equipment.

The Troubled Company Reporter - Asia Pacific reported that the
Hyundai Automotive Group is facing its deepest crisis since
chairman Chung Mong-koo took over in 1999, with problems like
the falling United States dollar, high oil prices and union
demands aggravated by a sweeping criminal investigation
regarding the carmaker's alleged creation of slush funds that
were used by at least two lobbyists to bribe government
officials for business favors, including having KRW55 billion of
Hyundai's bad debts written off.

Chairman Chung has been indicted early in May 2006 for fraud
charges.

Some of the group's official business has been on hold since the
probe on the slush fund started and several top executives were
summoned for questioning.


LG CARD: To Finalize Shinhan Acquisition Price on Dec. 15
---------------------------------------------------------
Shinhan Financial Group will agree on a final acquisition price
for LG Card Co. with LG's largest creditor, Korea Development
Bank, on December 11, Yonhap News reports, citing a KDB
official.

The Troubled Company Reporter - Asia Pacific reported on
August 17, 2006, that Shinhan was chosen to enter exclusive
negotiations for LG Card after offering to buy an 85.7% stake at
KRW68,410 per share, costing an aggregate of KRW6.7 trillion.

Subsequently, Shinhan commenced negotiations for a slash in the
acquisition price, according to a TRC-AP report dated Nov. 15.  
Shinhan came to the conclusion that the acquisition price needs
a downward adjustment after it conducted due diligence.

The parties are supposed to wrap up their negotiations on Monday
but a slight difference of opinion led to the December 11
extension, the KDB official told Yonhap News.

                      About LG Card Co.

Headquartered in Seoul Korea, LG Card Co. --
http://www.lgcard.com/-- provides installment finance services    
and credit card, as well as leasing services to credit worthy
companies while acquiring valuable assets from merchant banks
and leasing firms.  LG Card also finances families wishing to
purchase big ticket items such as automobiles, appliances and
computers.

At the end of October 2003, LG Card had KRW3.24 trillion more
debt than assets and had faced threats of liquidity crisis and
court receivership.  LG Card has been in the hands of creditors
since it was rescued from bankruptcy through a KRW5-trillion
(US$4.78 billion) debt-for-equity swap and a further
KRW1 trillion bailout in late 2004.  Creditors are hoping to
recover the bailout amount through a sale of the credit card
issuer in 2006.


LG CARD: Delinquency Rate in October 2006 Goes Down
---------------------------------------------------
LG Card Co.'s delinquency rate on loans more than 30 days past
due and refinanced debt went down 0.09 percentage point in
October to 5.43% from a month earlier, Yonhap News reports,
citing the company's regulatory filing.

The delinquency rate is an indicator of the company's loan
quality, the Korean newspaper explains.

According to the filing, LG Card spent KRW34.6 million writing
off bad loans in October, down 48.1% from the previous month.

                      About LG Card Co.

Headquartered in Seoul Korea, LG Card Co. --
http://www.lgcard.com/-- provides installment finance services    
and credit card, as well as leasing services to credit worthy
companies while acquiring valuable assets from merchant banks
and leasing firms.  LG Card also finances families wishing to
purchase big ticket items such as automobiles, appliances and
computers.

At the end of October 2003, LG Card had KRW3.24 trillion more
debt than assets and had faced threats of liquidity crisis and
court receivership.  LG Card has been in the hands of creditors
since it was rescued from bankruptcy through a KRW5-trillion
(US$4.78 billion) debt-for-equity swap and a further
KRW1 trillion bailout in late 2004.  Creditors are hoping to
recover the bailout amount through a sale of the credit card
issuer in 2006.


* FTA Could Raise Yearly Korean Auto Exports by US$900 Million
--------------------------------------------------------------
Korean automobile exports to the United States could rise by
nearly US$900 million a year if a bilateral free trade agreement
lifts all duties on them, Korea.net cites a report by Korea
Institutes for Industrial Economics and Trade.

The report further noted that if tariffs are eliminated
immediately:

   -- Korean exports to the United States could to expand by
      US$860 million in the first year, up 10.7% from shipments
      without an FTA; and

   -- imports from the U.S. could increase by 115% to US$115
      million.

"The numbers are based on the assumption that all tariffs on
autos are scrapped," the government Web site quotes Lee Hang-
koo, a KIET researcher and author of the report, as saying.

South Korea and the U.S. will hold a meeting on December
relating to the FTAs.


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

AMBANK BERHAD: Fitch Affirms C/D Individual Rating Amid ANZ Buy
---------------------------------------------------------------
Fitch Ratings affirmed the ratings of Malaysia's AmBank Berhad
-- formerly Arab-Malaysian Bank -- on November 27, 2006.

Ratings affirmed are:  

    -- Long-term Issuer Default rating at BBB-;
    -- Short-Term Issuer Default Rating at F3;
    -- Individual Strength Rating at C/D; and
    -- Support Rating at 3.

While the Outlook on the ratings is still Stable, Fitch expects
this association to have positive implications for AmBank in the
medium term.

The rating action were made following the announcement that the
Australia and New Zealand Banking Group would be acquiring a
13.5% stake in AMMB Holdings -- the parent company of AmBank.
  
Under the agreement, ANZ Bank will subscribe for MYR500 million
worth of convertible preference shares issued by AMMB Holdings
and MYR575 million following the announcement that the Australia
and New Zealand Banking Group would be acquiring a 13.5% stake
in AMMB Holdings worth of bonds issued by AmBank exchangeable
into new shares in the holding company.

In addition, ANZ Bank is in exclusive negotiations with Arab-
Malaysian Corporation Berhad, the ultimate parent, to purchase
additional shares in AMMB Holdings to further raise its stake to
around 25%.  The deal is subject to a two week due diligence
period as well as shareholder and regulatory approval, expected
by early 2007.

With the capital injection, AmBank's projected Tier 1 and total
capital adequacy ratios should improve to c.10.8% and 13.9%
respectively as compared with 9.2% and 12.8% at September 2006.  
This is line with Fitch's expectations that the bank would take
steps to bolster its capital to a level commensurate with its
BBB- Long-term IDR, following an upgrade in December 2005 after
its merger with the larger and financially stronger AmFinance.

That said, the bank's balance sheet strength remains relatively
weak; its gross NPL ratio and reserves coverage was 11.7% and
35.2% respectively compared to the industry's 8.4% and 52.6%.  
Going forward, future upgrades would hinge upon a successful
resolution with regards to the bank's legacy problem assets as
well as continuous capital strengthening.

The entry of ANZ as a strategic partner with board
representation and management involvement is expected to
facilitate access to global best practices in terms of risk
management and technology, placing AmBank in a stronger position
to cope with greater domestic and foreign competition ahead of
further bank liberalization measures.  Fitch will perform a
comprehensive review of the bank in the coming months as details
of the deal are finalized.

AmBank is the sixth-largest Malaysian bank with total assets of
MYR51.6 billion and is also the largest and the most important
component of AMMB Holdings, Malaysia's fifth-largest banking
group.  AmBank's current principal ultimate shareholders are the
publicly listed AmCorp and the state controlled Employees
Provident Fund.


AMSTEEL CORP: Incurs MYR7.48 Million in Sept. 2006 Quarter
----------------------------------------------------------
Amsteel Corporation Bhd posted a MYR7.484-million net loss on
MYR73.504 million revenues in the first quarter ended Sept. 30,
2006, as compared with the MYR1.0-million net profit on
MYR89.19 million revenues recorded in the same quarter last
year.

As of September 30, 2006, Amsteel's consolidated balance sheet
reflected strained liquidity with MYR1.09 billion in current
assets available to pay MYR1.55 billion in current liabilities
coming due within one year.

Total assets of the company at the end of the September 2006
quarter reached MYR3.484 billion while liabilities aggregated
MYR3.258 billion.  Shareholders' equity in the company totaled
MYR226.125 million.

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

           http://bankrupt.com/misc/AMSTEEL-1Q-07.xls

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Amsteel Corporation
Berhad is involved in the provision of plantation management,
property development, management and contractor; hotel operation
and food court.  The Company is also involved in transportation
and logistic services, department stores, nominee services,
trading securities, manufacture and sale of tools, dies, tyres,
rubber compound, light trucks and buses, financial management;
distributes steel products, develops real estate property;
cultivation of rubber and oil palm, golf and country club, sale
and distribute Suzuki motorcycles, beer brewing and mineral
water bottling.

As of June 30, 2006, the Company's accumulated losses reached
MYR2,119,522,000.  The Company was classified under Bursa
Malaysia Securities Berhad's Amended Practice Note 17 category
and is required to submit and implement a financial
regularization plan to avert delisting procedures.


CRIMSON LAND: Cuts Net Loss to MYR20,000 in First Quarter 2006
--------------------------------------------------------------
Crimson Land Bhd posted a MYR20,000 net loss on MYR30 million
revenues in the first quarter of fiscal year ending June 30,
2007, as compared with the MYR5.5-million net loss on
MYR14.49 million in revenues it incurred in the same period last
year.

The company's consolidated balance sheet as of September 30,
2006, showed current assets at MYR222.14 million and
MYR76.18 million in current liabilities.

As of September 30, 2006, Crimson Land's balance sheet reflected
insolvency with MYR471.253 million in total assets and
MYR472.70 million in total liabilities.  Shareholders' deficit
in the company reached MYR1.44 million.

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

            http://bankrupt.com/misc/crimson.xls

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Crimson Land Berhad's
activities are property development, maintenance, investment and
rental services.  The Company is also into investment holding,
property cultivation, growing and trading of marine products,
rental of promotional space, management services and investment
holding.  

The Group operates in Malaysia.

Crimson Land is currently classified under the Amended-PN17
Companies List of the Bursa Malaysia Securities Bhd.


SILVERSTONE CORP: Posts MYR8.4MM Net Loss in Sept. 2006 Quarter
---------------------------------------------------------------
Silverstone Corp Bhd incurred a MYR8.41-million net loss on
MYR122.24 million in revenues in the quarter ended September 30,
2006, as compared with the MYR4.63-million net loss on
MYR126.75 in million revenues it recorded in the same period
last year.

The company's consolidated balance sheet as of Sept. 30, 2006,
showed strained liquidity with MYR312.53 million in current
assets available to pay MYR380.98 million in current liabilities
coming due within the next 12 months.

Silverstone's total assets as of September 30, 2006, amounted
MYR1.021 billion while total liabilities was at
MYR783.91 million.  Shareholders' equity in the company totaled
MYR237.65 million.

A full-text copy of Silverstone Corp.'s financial statement for
the first quarter ended September 30, 2006, can be viewed for
free at http://bankrupt.com/misc/silvermay3q.xls

                          *     *     *

Silverstone Corp Bhd's principal activities are the manufacture
and sale of tires, retreading tires, rubber compound, rubber
related products and motorcycle parts and accessories,
electroplating of motorcycle absorbers and sale and distribution
of motor vehicles.  Other activities include investment holding,
treasury business, research and development and provision of
training services.  Operations are carried out in Malaysia,
China and other countries.

Silverstone is currently classified under the Amended-PN17
Companies List of the Bursa Malaysia Securities Bhd.


TENCO BHD: Gains MYR21,000 Net Profit in Second Quarter 2006
------------------------------------------------------------
Tenco Bhd earned MYR21,000 net profit on MYR17.65 million in
revenues in the second quarter ended September 30, 2006, as
compared with the MYR30,000 net profit on MYR15.53 million in
revenues in the same period last year.

As of September 30, 2006, the company's consolidated balance
sheet showed strained liquidity with current assets of
MYR49.21 million available to pay MYR58.55 million in current
liabilities coming due within the next 12 months.

Total assets as of September 30, 2006, amounted to
MYR60.44 million while total liabilities reached
MYR58.55 million.  Shareholders' equity in the company totaled
MYR1.89 million.

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

             http://bankrupt.com/misc/tenco-2q-06.xls

                          *     *     *

Headquartered in Selangor, Malaysia, Tenco Berhad's principal
activities are manufacturing and selling of polymer, chemicals,
adhesive, decorative coatings and related products, building
materials, equipment and consumer products.  Other activities
include investment holding and provision of management services.  

The Group operates in Malaysia, Singapore and Canada.

Tenco is classified as a Practice Note 17 company because its
current shareholders' equity on a consolidated basis is less
than 25% of its issued and paid up capital, and it defaulted on
various loan facilities and is unable to provide a solvency
declaration.  Tenco is required to submit its financial
regularization plan to relevant authorities not later than
January 8, 2007.

As of June 30, 2006, the group's balance sheet revealed weak
liquidity with current assets of MYR39,664,000 available to pay
current liabilities of MYR49,204,000 coming due within the next
12 months.  The group has a net current deficit of MYR9,540,000.  
The group's accumulated losses stood at MYR50,087,840 as of
June 30, 2006.


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

APOLLO PROPERTIES: Liquidation Hearing Slated for Nov. 30
---------------------------------------------------------
On Aug. 9, 2006, the Commissioner of Inland Revenue filed a
liquidation petition with the High Court of Auckland against
Apollo Properties and Construction Ltd.

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

The Solicitor for the Petitioner can be reached at:

         Justine Berryman
         Technical and Legal Support Group
         Auckland North Service Centre
         Inland Revenue Department
         5-7 Byron Avenue (P.O. Box 33-150)
         Takapuna, Auckland
         New Zealand
         Telephone:(09) 984 1538
         Facsimile:(09) 984 3116


ARCHILLES PROPERTIES: Faces Liquidation Proceedings
---------------------------------------------------
A liquidation petition filed against Archilles Properties Ltd
will be heard before the High Court of Auckland on Nov. 30,
2006, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition on Aug. 9,
2006.

The Solicitor for the Petitioner can be reached at:

         Justine Berryman
         Technical and Legal Support Group
         Auckland North Service Centre
         Inland Revenue Department
         5-7 Byron Avenue (P.O. Box 33-150)
         Takapuna, Auckland
         New Zealand
         Telephone:(09) 984 1538
         Facsimile:(09) 984 3116


JAYMAR HOLDINGS: Creditors Must Prove Claims by Dec. 8
------------------------------------------------------
On Nov. 7, 2006, the shareholders of Jaymar Holdings Ltd passed
a special resolution to liquidate the company's business and
appointed Neville Petrie Fagerlund as liquidator.

Creditors are required to submit their proofs of debt to
Mr. Fagerlund by Dec. 8, 2006.  Creditors who cannot prove their
claims by the due date will be excluded from sharing in any
distribution the company will make.

The Liquidator can be reached at:

         Neville Petrie Fagerlund
         HFK Limited
         P.O. Box 5071
         Papanui, Christchurch
         New Zealand
         Telephone:(03) 352 9189


LANGS HOLDINGS: Commences Liquidation Proceedings
-------------------------------------------------
On Nov. 3, 2006, shareholders of Langs Holdings (2004) Ltd
resolved to liquidate the company's business and appointed Jack
Peter Poutsma as liquidator.

The Liquidator can be reached at:

         Jack Peter Poutsma
         Horwath Poutsma Ardern Limited
         Chartered Accountants
         P.O. Box 16
         Paihia 0247
         New Zealand
         Telephone:(09) 402 7926
         Facsimile:(09) 402 7626


MASONRY RESIDENTIAL: Court Sets Liquidation Hearing on Dec. 7
-------------------------------------------------------------
The Commissioner of Inland Revenue filed a liquidation petition
with the High Court of Auckland against Masonry Residential
Building Ltd on Oct. 4, 2006.

The petition will be heard on Dec. 7, 2006, at 10:45 a.m.

The Solicitor for the Petitioner can be reached at:

         Phillip Macredie
         Technical and Legal Support Group
         Auckland North Service Centre
         Inland Revenue Department
         5-7 Byron Avenue (P.O. Box 33-150)
         Takapuna, Auckland
         New Zealand
         Telephone:(09) 984 1064
         Facsimile:(09) 984 3116)


NASH HOLDINGS: Official Assignee to Liquidate Business
------------------------------------------------------
On Nov. 8, 2006, the Official Assignee was appointed as
liquidator of Nash Holdings Ltd.

According to the Troubled Company Reporter - Asia Pacific, a
liquidation petition was filed against the company on Sept. 15,
2006.  The Court heard the petition on Nov. 6, 2006.

The Liquidator can be reached at:

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


OAKHILL TRADING: Court Sets Liquidation Hearing on Nov. 30
----------------------------------------------------------
The hearing of a liquidation petition filed against Oakhill
Trading Ltd will be heard before the High Court of Auckland on
Nov. 30, 2006, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition on
Aug. 15, 2006.

The Solicitor for the Petitioner can be reached at:

         Justine Berryman
         Technical and Legal Support Group
         Auckland North Service Centre
         Inland Revenue Department
         5-7 Byron Avenue (P.O. Box 33-150)
         Takapuna, Auckland
         New Zealand
         Telephone:(09) 984 1538
         Facsimile:(09) 984 3116)


SKYWIRE HOLDINGS: Court Hears CIR's Liquidation Petition
--------------------------------------------------------
The High Court of Nelson heard a liquidation petition filed
against Skywire Holdings Ltd on Nov. 23, 2006, at 10:00 a.m.

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


TONDA DEVELOPMENTS: Undergoes Liquidation Proceedings
-----------------------------------------------------
On Nov. 7, 2006, the shareholders of Tonda Developments (N.Z.)
Ltd resolved by special resolution to liquidate the company's
business.

Vincent Tam was subsequently appointed as the company's
liquidator on Nov. 8, 2006

The Liquidator can be reached at:

         Vincent Tam
         P.O. Box 3685
         Auckland
         New Zealand
         Telephone:(09) 303 4356
         Facsimile:(09) 307 0778


XELY LTD: Shareholders Opt to Liquidate Business
------------------------------------------------
Shareholders of Xely Ltd -- formerly known as Stylex Ltd -- on
Nov. 9, 2006, passed a special resolution to liquidate the
company's business and appointed Daran Nair as liquidator.

Mr. Nair fixes Dec. 15, 2006, as the last day for creditors to
prove their debts.

The Liquidator can be reached at:

         Daran Nair
         Nair & Associates Chartered Accountants Limited
         280 Great South Road, Greenlane
         Auckland
         New Zealand
         Telephone:(09) 522 5182
         Facsimile:(09) 522 5183


XTREME SOLUTIONS: Creditors Must Prove Debts by December 15
-----------------------------------------------------------
On Nov. 8, 2006, shareholders of Xtreme Solutions (Hamilton) Ltd
resolved by special resolution to liquidate the company's
business and Kim S. Thompson was appointed as liquidator.

In this regard, Mr. Thompson requires the creditors to prove
their debts by Dec. 15, 2006, to be included in the company's
distribution of dividend.

The Liquidator can be reached at:

         Kim S. Thompson
         P.O. Box 1027
         Hamilton
         New Zealand
         Telephone:(07) 834 6027
         Facsimile:(07) 834 6064


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

ATLAS CONSOLIDATED: DENR Issues Permit to Berong Nickel Project
---------------------------------------------------------------
The directors of Atlas Consolidated Mining and Development
Corporation advise that the Department of Environment and
Natural Resources has issued Berong Nickel Corporation a Special
Mines Permit.  Accordingly, BNC is now able to start full-scale
commercial mining of laterite nickel ore from its Berong Nickel
Project in Palawan.

The SMP is valid for one year commencing on November 15, 2006,
and may be renewed for another year.  The issuance of the SMP
allows Berong Nickel to commence its mining operations while it
completes a feasibility report as part of the requirements
pertaining to its application for a commercial MPSA.

The Berong Nickel Project is a joint venture among Atlas
Consolidated Mining & Development Corporation, Toledo Mining
Corporation Plc, and Investika Ltd.

Current activities are focused on the extraction of a bulk
metallurgical sample of approximately 30,000 dry metric tons at
a grade of approximately 1.7% nickel.  The bulk metallurgical
sample will be shipped to Hainan Yulai Steel Co., Ltd., a
Chinese stainless steel producer.

Commercial mining operations will commence immediately.  For the
first year of the SMP, an export target of approximately 1
million wet metric tons of ore has been set based on favorable
weather conditions.  The grade of this ore will average greater
than 1.85% nickel.  Some shipments with grades above 2% nickel
can be expected.  The mine is expected to be operating at a rate
of 1.5 million wmt per annum by the start of 2008.

According to Atlas Consolidated, customer demand for the
laterite ore is very strong.  Negotiations are well advanced for
the long-term supply of 50% of the mine output to the BHP/QNI
plant at Townsville in Australia.  Similarly, negotiations
continue with numerous Chinese and Japanese customers for a
shorter-term supply of up to 2 years.  It appears, therefore,
that the demand far exceeds supply.

                    About Atlas Consolidated

Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three Soriano-
controlled pre-war mines, the Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company.  The Company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products.  The
Company's copper mining operations are centered in Toledo City,
Cebu, where two open pit mines, two underground mines and
milling complexes (concentrators) are located.  The Cebu copper
mine ceased operations in 1994.  Activities after the shutdown
were limited to safeguarding and maintaining the property, plant
and equipment at the minesite.  The closure has brought huge
losses to the mining firm.

In January 2004, Atlas decided to rehabilitate the company and
its assets since copper and nickel prices have recovered.

According to a TCR-AP report on June 1, 2006, Atlas reported a
capital deficiency of PHP3.035 billion for the year ended
December 31, 2005.  Moreover the Company's auditor, Jaime F. Del
Rosario, of Sycip Gorres Velayo, raised substantial doubt on the
Company's ability to continue as a going concern.


BANKARD INC: Increases Authorized Capital to 2 Billion Shares
-------------------------------------------------------------
On November 23, 2006, Bankard, Inc., advises the Philippine
Stock Exchange that its board of directors approved the increase
in Bankard's Authorized Capital from 600 million shares to
2.0 billion shares at PHP1.0 par value per share subject to the
approval of Bankard's stockholders and regulatory bodies.

Bankard explained that it needs the increase its authorized
capital to comply with the requirement of the Bangko Sentral ng
Pilipinas to infuse fresh capital equal to the amount of
valuation reserves booked in relation to the staggered booking
of valuation reserves amounting to PHP3.6 billion.  This is
regularly disclosed to the PSE in Bankard's quarterly and annual
reports.

As reported in the Troubled Company Reporter - Asia Pacific on
November 21, 2006, Bankard sought and obtained the approval of
the Monetary Board of the Bangko Sentral ng Pilipinas to stagger
the booking of the valuation reserves of PHP3,602,000,000 over
seven years.

Additional capital issuance will be by way of a Stock Rights
Offering to existing shareholders, Bankard notes, adding that
the actual subscribers will be known once it goes through the
process.

                         About Bankard

Bankard, Inc. -- http://www.bankard.com/-- is a 67%-owned  
subsidiary of RCBC Capital Corporation.  It was organized by
PCIBank in December 1981 as Philippine Commercial Credit Card,
Inc. to engage in domestic credit card operation.  It issued the
country's first credit card by a commercial bank.  On July 8,
1992, PCCCI changed its corporate name to Bankard Inc.

Bankard is a licensee of Mastercard International Incorporated,
JCB International Co., Ltd. and VISA International Service
Association to issue credit cards accepted by affiliated banks
and merchant establishments worldwide.  The Company markets a
line of credit cards, which includes Bankard MasterCard, Bankard
Visa, Bankard JCB Standard and Premiere and its latest, myDream
JCB.

Bankard's total current assets as of March 31, 2006, stood at
PHP3.58 billion, while its total current liabilities amounted to
PHP4.44 billion.  Bankard's total assets amounted to
PHP4.48 billion, and its equity was pegged at PHP32.17 million.  
The Company posted a PHP242.59-million net loss for the quarter
ended March 31, 2006, on total revenues of PHP494.33 million,
and expenses of PHP736.93 million.

                           About RCBC

Rizal Commercial Banking Corporation -- http://www.rcbc.com/--  
is a universal bank principally engaged in all aspects of
banking, and provides services such as deposit products, loans
and trade finance, domestic and foreign fund transfers,
treasury, foreign exchange and trust services.  In addition, the
Bank is licensed to enter into forward currency contracts to
service its customers and as a means of reducing and managing
the Bank's foreign exchange exposure.

Moody's Investors Service gave Rizal Commercial Banking's Long
Term Bank Deposits a Ba3 rating effective May 25, 2006.


EQUITABLE PCI: Monetary Board Approves GSIS' 12.5% Stake Sale
-------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
September 29, 2006, the Government Service Insurance System
agreed to sell its 12.5% stake in Equitable PCI Bank to SM
Investments and other companies owned by business tycoon Henry
Sy.

In an update, the central bank's policy-making Monetary Board
has approved the sale, Philippine Daily Inquirer relates, citing
a central bank official.

According to Leny Silvestre, acting head of the central bank's
supervision and examination section, the approval removes
regulatory impediments to the sale.

The Inquirer states that the GSIS said proceeds of its
divestment would be added to its PHP250-billion worth of funds
available for investments.  GSIS further said it was looking at
investing half in domestic instruments and half in foreign
securities, the paper says.

As noted in the TCR-AP report, GSIS president Winston Garcia
explained that the sale will allow GSIS to exit an investment
that has not provided enough return.  Mr. Garcia also revealed
that GSIS will get about PHP9 billion or US$179 million from the
sale, the TCR-AP added.

                      About Equitable PCI

Equitable PCI Bank, Inc. -- http://www.equitablepci.com/-- is a  
universal bank formed from the consolidation of Equitable
Banking Corporation and PCI Bank on September 2, 1999.  EBC and
its subsidiaries provide a wide range of commercial, corporate,
and retail banking and financial services, including lending and
deposit taking, branch banking, international banking,
electronic banking, trade finance, cash management, and trust
and treasury services.  Aside from commercial banking, the Bank
also capitalizes in credit card, investment banking, leasing,
trust banking, and remittance business.

The Troubled Company Reporter - Asia Pacific has reported that
on November 6, 2006, the Boards of Banco de Oro Universal Bank
and Equitable PCI Bank, Inc., passed resolutions approving a
plan to merge the two companies.  Both Boards have endorsed to
their shareholders the approved Plan of Merger for final
ratification.  Completion of the transaction is subject to
regulatory approval and is anticipated to close by the first
quarter of 2007.

The combination will be structured as a merger and executed by
means of a share-for-share exchange.  Under the proposed terms,
Banco de Oro will serve as the surviving entity, and Equitable
PCI shareholders will receive 1.80 Banco de Oro common shares
for every Equitable PCI share.  The name of the combined
institution will be Banco de Oro - EPCI, Inc.

                          *     *     *

Moody's Investors Service gave Equitable PCI Bank's Subordinated
Debt and Long-Term Bank Deposits 'Ba3' ratings effective May 25,
2006.


MANILA ELECTRIC: If Good Offer Exists, Lopez May Sell 14% Share
---------------------------------------------------------------
The Lopez Group of Companies said that divestment from Manila
Electric Co. remains an option if there are buyers willing to
offer a good price, Alena Mae S. Flores, of Manila Standard
Today, reports.

"If the price is right, we will [divest our shares].  If there
is a good offer, we will [sell]," the paper cites Oscar Lopez,
chairman of the Lopez Group, as saying.

Manila Standard notes that through a joint venture, the Lopez
family's First Philippine Holdings Corp. and Union Fenosa of
Spain jointly own 23% of Meralco.

Union Fenosa individually owns 9% of Meralco, the paper says.

The government controls about 25% of Meralco, with the rest of
the shares held by the public and other investors, Manila
Standard relates.

According to Mr. Lopez, Meralco had been severely affected by
judicial issues, specifically the high court decision ordering
the company to refund PHP30 billion to customers for alleged
"excess charges."  It resulted in a huge drain to the company's
finances, Mr. Lopez asserted.

On June 5, 2006, the Troubled Company Reporter - Asia Pacific
cited a report from Manila Standard that Meralco paid back
PHP3.6 billion to its commercial and industrial clients in the
fourth stage of its refund program.  In the fourth stage of
Meralco's refunding program, the Company is slated to pay back
PHP18 billion of the total refund amount to its customers for
the "excess fees," the TCR-AP said.

In December 2005, Union Fenosa expressed "strong disappointment"
in its investment in Meralco and wanted to "sell out," Manila
Standard recounts.

Mr. Lopez also said the high cost of electricity is driving away
hundreds of foreign investors from the Philippines, leading to
huge job losses and anemic economic growth.

                      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.


METROPOLITAN BANK: Best Securities Dealer in Secondary Market
-------------------------------------------------------------
For two consecutive years, the Bureau of Treasury recognized
Metropolitan Bank & Trust Company as the Best Performing
Government Securities Dealer in the Secondary Market.

Aside from being first in the secondary market, Metrobank also
placed second in Best Overall GS Dealership.

Metrobank is at the forefront of the local financial markets
doing peso-dollar spot, forwards, and swaps, foreign and local
currency securities, and bond trading.  In 2006, the bank has
actively participated in the offshore bond markets by tendering
an order for more than US$100 million of the country's
US$1.5 billion Republic of the Philippines Global Bond due 2031.  
It also participated in the primary issuances of the EUR500
million ROP Global Bond due 2016, and the US$500 million Federal
Republic of Brazil Global Bond due 2037.

Metrobank consistently has more than US$1 billion monthly
turnover volume in U.S. Treasuries, U.S. commercial papers, ROP
and other sovereign bonds.  "We continue to tap various
investment opportunities as part of the dynamic management of
our portfolio and to keep abreast of our customers' investment
objectives," Edmund Go, head of Metrobank's Treasury group,
said.

                         About Metrobank

Metropolitan Bank and Trust Company --
http://www.metrobank.com.ph/-- is the flagship company of the  
Metrobank Group.  Metrobank provides a host of deposit, savings,
and loan products as well as electronic banking services like
internet banking, mobile banking, and phone banking, as well as
its huge ATM network.  Metrobank is also the leading provider of
trade finance in the country, and its overseas branch network
has enabled it to service the fund remittances of Filipino
overseas contract workers.

The Bank has 583 local branches and 35 international branches
and offices located in Taiwan, China, Japan, Korea, Guam, United
States, Hong Kong, Singapore, Bahamas, and in Europe.

                          *     *     *

On March 3, 2006, the Troubled Company Reporter - Asia Pacific
reported that Standard and Poor's Rating Service assigned a CCC+
rating on Metrobank's US$125-million non-cumulative capital
securities, whereas Moody's Investors Service Rating Agency
issued a B- rating on the same capital instruments.

On September 21, 2006, the TCR-AP reported that Fitch Ratings
upgraded Metrobank's Individual rating to 'D' from 'D/E'.  All
the bank's other ratings were affirmed:

   * Long-term Issuer Default rating 'BB-' -- with a stable
     Outlook,

   * Short-term rating 'B,'

   * Support rating '3.

On November 6, 2006, the TCR-AP reported that Moody's Investors
Service revised the outlook of Metrobank's foreign currency
long-term deposit rating of B1 and foreign currency subordinated
debt rating of Ba3 from negative to stable.


PRIME MEDIA: Posts PHP834-Mil. Stockholders' Deficit for 3rd Qtr
----------------------------------------------------------------
Prime Media Holdings, Inc.'s balance sheet for the quarter ended
September 30, 2006, showed total liabilities of
PHP900.94 million exceeding total assets of PHP66.80 million,
resulting to total stockholders' deficit of PHP834.14 million.

For the third quarter 2006, the company posted a net loss of
PHP2.11 million, lower than the PHP3.30-million net loss it
posted in the same period last year.

Prime Media also disclosed that an additional PHP7.0 million
loan was availed to fund the payment of capital gains,
documentary stamp, and other transfer taxes pending the sale of
some assets.

The company noted that there were no issuance and repurchases of
equity securities for the quarter ended September 30, 2006.

Prime Media further disclosed that it has not been actively
operating for almost four years.  Thus, there have been no
material changes in its financial condition.

Prime Media's activity for the last three years has been limited
to settlement negotiations with creditors.

Prime Media's financial report for the quarter ended Sept. 30,
2006, is available at the Philippine Stock Exchange Web site at
http://www.pse.org.ph/html/ListedCompanies/pdf/2006/PRIM_17Q_Sep2006.pdf

                        About Prime Media

Prime Media Holdings, Inc. (formerly First E-bank Corporation),
was incorporated in the Philippines and is listed in the
Philippine Stock Exchange.  The company's principal place of
business is at BDO Plaza, 8737 Paseo de Roxas Avenue, Makati
City.

On December 6, 2002, the Company's board of directors approved
the amendment of its articles of incorporation to change its
primary purpose from a development bank to a holding company,
which would hold investments in media industry.  The Securities
and Exchange Commission approved the amendment on October 1,
2003.

                 Auditor's Going Concern Doubt

On June 6, 2006, the Troubled Company Reporter - Asia Pacific
reported that after auditing the company's financial report for
the year ended December 31, 2005, Sycip, Gorres and Velayo
disclosed that the company's ability to continue as a going
concern depends on its ability to raise new capital, accomplish
its new business plan, and return to profit.

According to the TCR-AP, Prime Media incurred net losses in 2005
and its capital deficiency as of Dec. 31, 2005, was PHP827.3
million.


RIZAL COMMERCIAL BANKING: Board Okays Bankard Capital Infusion
--------------------------------------------------------------
Rizal Commercial Banking Corporation advises the Philippine
Stock Exchange that its board of directors has approved:

   1. subject to the approval by the Bangko Sentral ng
      Pilipinas:

      (a) RCBC's purchased of all or substantially all of the
          assets and liabilities of Bankard, Inc., subject also
          to the approval of Bankard's stockholders;

      (b) the Special Stockholders' Meeting scheduled on
          December 27, 2006; and

      (c) the capital infusion of PHP1.0 Billion in Bankard.

      The Board likewise delegated to the Executive Committee
      the authority to negotiate and agree on the terms and
      conditions of the purchase, and to perform any and all
      acts necessary to effect the approval;

   2. the amendments to certain of RCBC's By-Laws subject to
      approval by the Securities & Exchange Commission; and

   3. the conversion of loans of RCBC Capital into equity, in
      the amount of approximately PHP1.0 Billion, subject also
      to the approval of the BSP.

                         About Bankard

Bankard, Inc. -- http://www.bankard.com/-- is a 67%-owned  
subsidiary of RCBC Capital Corporation.  It was organized by
PCIBank in December 1981 as Philippine Commercial Credit Card,
Inc. to engage in domestic credit card operation.  It issued the
country's first credit card by a commercial bank.  On July 8,
1992, PCCCI changed its corporate name to Bankard Inc.

Bankard is a licensee of Mastercard International Incorporated,
JCB International Co., Ltd. and VISA International Service
Association to issue credit cards accepted by affiliated banks
and merchant establishments worldwide.  The Company markets a
line of credit cards, which includes Bankard MasterCard, Bankard
Visa, Bankard JCB Standard and Premiere and its latest, myDream
JCB.

                           About RCBC

Rizal Commercial Banking Corporation -- http://www.rcbc.com/--  
is a universal bank principally engaged in all aspects of
banking.  It provides services such as deposit products, loans
and trade finance, domestic and foreign fund transfers,
treasury, foreign exchange and trust services.  In addition, the
Bank is licensed to enter into forward currency contracts to
service its customers and as a means of reducing and managing
the Bank's foreign exchange exposure.

                          *     *     *

On September 21, 2006, the Troubled Company Reporter - Asia
Pacific reported that Fitch Ratings affirmed RCBC's ratings at
Long-term Issuer Default rating 'BB-', Individual "D/E" and
Support "3" after a review of the bank.  The Outlook of the
Long-term rating is Stable.

On November 6, 2006, the TCR-AP also reported that Moody's
Investors Service revised the outlook for RCBC's foreign
currency senior debt rating of Ba3, foreign currency Hybrid Tier
1 of B3, and foreign currency long-term deposit rating of B1 to
stable from negative.

The outlook for RCBC's foreign currency Not-Prime short-term
deposit rating and bank financial strength rating of E+ remains
stable, the TCR-AP said.


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

BUILDERS FEDERAL: High Court to Hear Wind-Up Petition on Dec. 15
----------------------------------------------------------------
On Nov. 20, 2006, Builders Federal (Hong Kong) Limited filed
before the High Court of Singapore a petition to wind up
Builders Federal (Singapore) Pte Ltd.

Accordingly, the Court will hear the wind-up petition on
Dec. 15, 2006, at 10:00 a.m.

The Petitioner's solicitor can be reached at:

         Harry Elias Partnership
         9 Raffles Place
         #12-01 Republic Plaza
         Singapore 048619


ECON CORPORATION: Creditors' Proofs of Debt Due on Dec. 8
---------------------------------------------------------
Econ Corporation International Ltd, which was placed under
creditors' voluntary liquidation, requires its creditors to
submit their proofs of debt by Dec. 8, 2006, in order to be
included in the company's distribution of dividend.

The company's liquidators can be reached at:

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


GRANT PRIDECO: Earns US$126.5MM in Quarter Ended Sept. 30 2006
--------------------------------------------------------------
Grant Prideco Inc. reported net income of US$126.5 million for
the quarter ended Sept. 30, 2006, compared with a net income of
US$48.1 million for the same quarter in 2005.

Revenues for the quarter ended Sept. 30, 2006, increased 34% to
US$471.3 million, from US$352.2 million in last year's third
quarter.  The current quarter revenues include US$20 million in
license and royalty fee from a drill bit license agreement with
Smith International, Inc.  Last year's third quarter includes
refinancing charges of US$21.7 million related to the company
repurchasing its 9% Senior Notes.

For the current quarter operating income was US$160.4 million,
versus operating income of US$84.8 million for the prior year
quarter.

For the nine-months period ended Sept. 30, 2006, net income was
US$324.4 million from revenues of US$1.3 billion, compared with
net income of US$110.6 million from revenues of US$961.2 million
for the comparable period in 2005.

Operating income for the nine-months ended Sept. 30, 2006, was
US$404.8 million, versus US$218.3 million for the same period in
2005.

                       About Grant Prideco

Headquartered in Houston, Texas, Grant Prideco Inc. --
http://www.grantprideco.com/-- provides drill bits and related  
equipment.  The company also makes engineered tubular products
for oil field exploration and development, including drill pipe
and drill stem products, large-diameter casings, tubing and
connections, and risers.  Grant Prideco offers sales, technical
support, repair, and field services to customers worldwide.

The company was spun off by drilling equipment maker Weatherford
International in 2000.  The company has global locations in
Singapore, China, Indonesia, Brazil, Columbia, Ecuador, Peru,
Venezuela, Austria, France, Italy and Scotland, among others.

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the oilfield service and refining and marketing
sectors this week, the rating agency confirmed its Ba1 Corporate
Family Rating for Grant Prideco Inc.  Additionally, Moody's
affirmed its Ba1 rating on the company's 6.125% Senior Unsecured
Guaranteed Global Notes Due 2015 and assigned the debentures an
LGD4 rating suggesting noteholders will experience a 55% in the
event of a default.

On Aug. 3, 2006, Standard & Poor's Ratings Services raised its
corporate credit rating and senior unsecured credit ratings on
Grant Prideco Inc. to 'BB+' from 'BB'.  The rating outlook is
stable.


ODYSSEY RE: Fairfax Commences Offering to Sell 9 Million Shares
---------------------------------------------------------------
Fairfax Financial Holdings Limited commenced an underwritten
public offering to sell 9,000,000 shares of Odyssey Re Holdings
Corp. common stock.  Fairfax will grant the underwriters an
option to purchase up to 1,350,000 additional common shares of
common stock to cover over-allotments, if any.  The proposed
offering will be jointly led by Citigroup Corporate and
Investment Banking and Wachovia Capital Markets, LLC.

Fairfax, which will continue to own a majority of the shares of
Odyssey Re after the proposed offering, intends to use the
proceeds it receives from the proposed offering for general
corporate purposes, which may include opportunistically
effecting open market or privately negotiated repurchases
of its outstanding debt or shares.  Odyssey Re will not receive
any proceeds from the sale of the shares.

A written prospectus relating to the offering, when available,
may be obtained from:

         Citigroup Corporate and Investment Banking
         Brooklyn Army Terminal, 140 58th Street
         8th Floor, Brooklyn, NY 11220
         Telephone: 718-765-6732; or

         Wachovia Capital Markets, LLC
         Attn: Equity Syndicate
         375 Park Avenue, 4th Floor
         New York, NY 10152
         E-mail: equity.syndicate@wachovia.com

Fairfax Financial Holdings Limited is a financial services
holding company which, through its subsidiaries, is engaged in
property and casualty insurance and reinsurance, investment
management and insurance claims management.

                        About Odyssey Re

Odyssey Re Holdings Corp. -- http://www.odysseyre.com/-- is an
underwriter of property and casualty treaty and facultative
reinsurance, as well as specialty insurance.  Odyssey Re
operates through its subsidiaries, Odyssey America Reinsurance
Corporation, Hudson Insurance Company, Hudson Specialty
Insurance Company, Clearwater Insurance Company, Newline
Underwriting Management Limited and Newline Insurance Company
Limited.  The company underwrites through offices in the United
States, London, Paris, Toronto, Mexico City and Singapore.
Odyssey Re Holdings Corp. is listed on the New York Stock
Exchange under the symbol ORH.

                          *     *     *

Odyssey Re Holdings Corp.'s preferred stock rating carries Ba2
from Moody's and BB from Fitch.  The Company's senior unsecured
debt and long-term issuer default ratings also carry BB+ from
Fitch.  Moody's placed its rating on Oct. 12, 2005 with a stable
outlook.  Fitch placed its ratings on March 23, 2006.


PACIFIC ASSOCIATES: Court Enters Wind-Up Order
----------------------------------------------
On Nov. 7, 2006, Justice Judith Prakash has entered a wind-up
order against Pacific Associates Pte Ltd.  

S.Y. Technology Inc has filed the wind-up petition against the
company.

The company's liquidator is:

         Lim Yeong Seng
         Kong Lim & Partners
         111A Telok Ayer Street
         Singapore 068580


REFCO INC: Files October 2006 Monthly Operating Report
------------------------------------------------------
In lieu of comprehensive financial statements, Refco, Inc., and
its debtor-affiliates delivered to the Court a statement of
their cash receipts and disbursements for the period from
October 1 to 31, 2006.

Peter F. James, controller of Refco, reports that the company
held a US$1,881,636,000 cash balance at the start of the
reporting period.  Refco received US$1,138,362,000 and disbursed
US$1,446,442,000 in cash.  Refco's ending cash balance totals
US$1,575,010,000.

As paying agent for certain non-debtors and Refco, LLC, the
Debtors disbursed approximately US$4,700,000,000.
   
Mr. James discloses that Refco paid US$475,000 in gross wages,
of which approximately US$228,000 was paid on behalf of and
reimbursed by the Non-Debtors and Refco LLC.  Refco also
withheld US$150,000 in employee payroll taxes, of which
US$16,000 was remitted to a third party vendor.

Mr. James states that all taxes due and owing, as well as tax
returns, have been paid and filed for the current period.

Refco paid US$67,549,000 for professional fees for October, and
US$93,807,000 since the Petition Date.  The Debtors did not pay
professional fees on Refco LLC's behalf.  
  
Mr. James says all insurance policies are fully paid for the
current period, including amounts owed for workers' compensation
and disability insurance.

A full-text copy of Refco's October 2006 Monthly Statement is
available at no charge at http://ResearchArchives.com/t/s?15bb

                        About Refco Inc.

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

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

On Oct. 6, 2006, the Debtors filed their Amended Plan and
Disclosure Statement.  On Oct. 16, 2006, the gave its tentative
approval on the Disclosure Statement and on Oct. 20, 2006, the
Court Clerk entered the written disclosure statement order.

The hearing to consider confirmation of Refco, Inc., and its
debtor-affiliates' plan is set for Dec. 15, 2006.  Objections to
the plan, if any, must be in by Dec. 1, 2006.

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

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

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

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  RCMI's exclusive period to file a chapter 11 plan
expires on Feb. 13, 2007.

(Refco Bankruptcy News, Issue No. 48; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


REFCO INC: Chapter 11 Trustee Wants to Collect US$1 Mil. in Fees
----------------------------------------------------------------
Marc S. Kirschner, the Chapter 11 trustee for the estate of
Refco Capital Markets, Ltd., reminds the United States
Bankruptcy Court for the Southern District of New York that from
the date of his
appointment on April 20, 2006, through October 20, 2006, he
disbursed out of the RCM estate US$33,978,774 in professional
fees.

Pursuant to Sections 326, 330 and 331 of the Bankruptcy Code,
the RCM Trustee seeks allowance of US$1,000,000 as interim
compensation in connection with his past and ongoing services on
RCM's behalf.

The RCM Trustee assures the Court that his request is intended
to have no precedential effect in connection with any further
interim or final compensation he might seek later on.

Tina L. Brozman, Esq., at Bingham McCutchen LLP, asserts that
the interim compensation is appropriate considering RCM's
unusually large case that entails exceptional amount of monthly
fees.

Ms. Brozman states that since Mr. Kirschner's appointment, the
RCM Trustee has received no compensation for services he has
rendered or reimbursement for his expenses.  She adds that the
RCM Trustee is not affiliated with or employed by any other
entity and receives no form of salary from any other source
other than certain retirement benefits from Jones Day, his
previous law firm.

According to Ms. Brozman, the RCM Trustee has posted a
US$156,500,000 bond for the RCM case.  The Interim Compensation
is anticipated to remain far below the posted bond amount.  
Moreover the RCM estate currently has in excess of
US$2,400,000,000 of cash and securities available for
distribution to RCM customers and creditors under the RCM
Settlement Agreement.

Ms. Brozman further contends that the Interim Compensation
amount is appropriate and reasonable in light of amount of time
expended and to be expended by the RCM Trustee and the billing
rates of other professionals in the Debtors' Chapter 11 cases.  
The US$1,000,000 compensation computes to approximately US$471
per hour based on an average of 250 hours per month from April
10 through December 31, 2006, which is significantly less than
the hourly time charges of the senior professionals in the
Debtors' cases, she maintains.

                        About Refco Inc.

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

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

On Oct. 6, 2006, the Debtors filed their Amended Plan and
Disclosure Statement.  On Oct. 16, 2006, the gave its tentative
approval on the Disclosure Statement and on Oct. 20, 2006, the
Court Clerk entered the written disclosure statement order.

The hearing to consider confirmation of Refco, Inc., and its
debtor-affiliates' plan is set for Dec. 15, 2006.  Objections to
the plan, if any, must be in by Dec. 1, 2006.

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

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

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

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  RCMI's exclusive period to file a chapter 11 plan
expires on Feb. 13, 2007.

(Refco Bankruptcy News, Issue No. 48; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


SEE HUP SENG: Inks Placement Agreements with Merrill and SBI
------------------------------------------------------------
On Nov. 27, 2006, See Hup Seng Limited has inked a separate
placement agreement, for an aggregate of 28,000,000 new
ordinary shares in the company's capital at SGD0.255 per
Placement Share, with these institutions:

   -- Merrill Lynch International as subscriber pursuant to
      which Merrill Lynch agreed to subscribe for a total of
      17,000,000 Placement Shares; and

   -- SBI E2-Capital Asia Securities Pte Ltd as placement agent
      pursuant to which SBI E2- Capital agreed to subscribe, or
      procure subscribers for a total of 11,000,000 Placement
      Shares.

See Hup Seng has agreed to pay these commissions to SBI E2-
Capital:

     (i) 3.0% in respect of 11,000,000 Placement Shares under
         the Placement Agreement entered between SBI E2-Capital
         and the company; and

    (ii) 0.5% in respect of 17,000,000 Placement Shares pursuant
         to the Placement Agreement entered between Merrill
         Lynch and See Hup Seng, for which SBI E2-Capital Asia
         acted as the introduction agent.

The Placement is conditional upon, inter alia, these terms:

   (a) the Offer Information Statement, which complies to the
       form and content of the Sixteenth Schedule of Securities
       and Futures -- Offers of Investment, Shares and
       Debentures -- Regulations 2005, being lodged and
       accepted by the Monetary Authority of Singapore;

   (b) approval in principle for the listing and quotation of
       the Placement Shares on the Singapore Exchange Securities
       Trading Limited Dealing and Automated Quotation System
       being obtained on conditions acceptable to the company,
       Merrill Lynch and SBI E2-Capital Asia and not being
       revoked or amended;

   (c) approval from the company's shareholders at an
       extraordinary general meeting to be held;

   (d) any of the conditions attached to the approval of SGX-ST
       and SGX-Sesdaq to be fulfilled before the completion date
       or the date waived by the SGX-ST; and

   (e) that as at the completion date, no false event will occur
       in respect of the warranties contained in Clause 5 of the
       Placement Agreements if they were repeated as at the
       completion date.

In the event that any of the conditions is not satisfied by
Feb. 27, 2007, or the other agreed dates, See Hup Seng, Merrill
Lynch and SBI E2-Capital Asia will be entitled to terminate the
Placement Agreement and the parties will be released and
discharged from their respective obligations provided that
Merrill Lynch or SBI E2-Capital at their discretion, waive
compliance with any provisions of the conditions.

Moreover, on Nov. 27, 2006, the company had lodged the Offer
Information Statement with the Monetary Authority of Singapore,
which was eventually accepted.

See Hup Seng will submit an application to the SGX-ST for the
additional listing and quotation of the Placement Shares on the
SGX-Sesdaq.

A circular containing the details of the Placement Agreement and
the notice of extraordinary general meeting will be dispatched
to the company's shareholders in due course.

The Placement Price represents a discount of about 9.3% to the
weighted average price of SGD0.2812 for trades done for the
ordinary shares of the company from 9.00 a.m. to 5.00 p.m. on
Nov. 24, 2006 -- the market day preceding the date of signing of
the Placement Agreements.

The Placement Shares represent approximately 10.3% of the
existing issued and paid-up share capital of the company and
approximately 9.33% of the enlarged issued and paid-up share
capital of the company.

The Placement Shares, when issued and fully paid, will rank pari
passu in all respects with the existing Shares save that it will
not rank for any entitlements, distributions, dividends or
rights, the record date in respect of which falls prior to the
date of completion of the issue of the Placement Shares.

The net proceeds from the Placement, after deducting expenses
related to the Placement, is estimated to be approximately
SGD6.97 million.

See Hup Seng intends to utilize the net proceeds in these
manners:

   (a) approximately SGD4.0 million will be used in respect of
       funding the Group's working capital necessary for
       increased tank coating, blasting and painting projects;

   (b) approximately SGD2.0 million will be used for acquiring
       additional plant and equipment necessary to support the
       expected increase in turnover; and

   (c) the balance of approximately SGD0.97 million will be used
       to fund any subsequent investments which the board of
       Directors may approve.

As of Nov. 27, 2006, the issued and paid up capital of the
company is SGD35,219,249 comprising of 271,966,100 ordinary
shares.  When completed, the Placement will increase the
existing issued and paid-up share capital to SGD42,359,249
comprising of 299,966,100 ordinary shares.

Based on the unaudited June 30, 2006, half-year financial
statements of the Group, the net tangible asset per share of the
Group after adjusting the issue of the Placement Shares, will
increase from 2.49 cents to 5.26 cents.

                      About See Hup Seng

See Hup Seng Limited -- http://www.seehupseng.com.sg/-- is
engaged in the provision of corrosion prevention services
through a range of marine and industrial blasting and coating
methods.  Its other activities are the provision of tank
cleaning, painting and coating, ship repair, shipbuilding and
scaffolding services, trading and manufacturing of blasting and
painting equipment and investment holding.  The group is
domiciled in Singapore and markets its products and services
domestically and in the People's Republic of China, Hong Kong
and Cayman Islands.

                       Significant Doubt

As reported in the Troubled Company Reporter - Asia Pacific on
May 24, 2006, after reviewing the company's full year financials
for the year 2005, Moore Stephens -- See Hup Seng's independent
auditors -- expressed, on April 7, 2006, significant doubt in
the company's ability to continue as going concern, citing the
company's losses and net current liabilities.  Moore Stephens
adds that the ability of the group and the company to continue
as going concerns is dependent the company's debt restructuring
exercise.


THE EXPANDED: Creditors' First Meeting Set for December 1
---------------------------------------------------------
The Expanded Metal Group Pte Ltd, which was placed under
liquidation, will hold the first meeting of creditors on Dec. 1,
2006, at 3:00 p.m., at 141 Market Street, Level 5 Queen 1 in
International Factors Building, Singapore.

At the meeting, the creditors will be asked to:

   -- receive the Statement of Affairs filed by the company's
      directors;

   -- receive the status update from the liquidator;

   -- consider the appointment of a Committee of Inspection; and

   -- discuss other business pertaining to the liquidation.

The company's liquidator can be reached at:

         Abuthahir Abdul Gafoor
         c/o 1 Raffles Place
         #20-02 OUB Centre
         Singapore 048616


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

HANTEX PCL: Cuts Registered Capital to THB523.45 Million
--------------------------------------------------------
On November 14, 2006, the Central Bankruptcy Court of Thailand
ordered Hantex Pcl to reduce its registered capital from
THB1,523,451,770 to THB523,451,770 with a par value of THB10 per
share.

In addition, the Court also ordered the company to decrease its
par value from THB10 per share to THB0.10 per share.

In compliance of the order, Hantex has, since November 24, 2006,
decreased its registered capital and its par value according to
the Court's mandate.

                          *     *     *

Headquartered in Bangkok, Thailand, Hantex Public Company Ltd,
reported liabilities aggregating THB552 million in 2004, versus
lesser assets totaling THB480.64 million.  The company drifted
further to being insolvent in 2005, with THB608 million in
liabilities -- almost double the THB319.86 million in assets
reported.

The company's stocks currently carry Stock Exchange of
Thailand's SP (suspension), NP (notice pending), NC (non
compliance) signs.


KASIKORNBANK: Expects 13% Loan Growth Next Year
-----------------------------------------------
Kasikornbank anticipates a loan growth of 8% to 13% next year on
the back of an improving Thailand economy, Reuters reports,
citing a bank statement.

Prasarn Trairatvorakul, the bank's president, told reporters
that government spending on projects and higher investment from
private sector would help the domestic economy grow by 4% to 5%
in 2007.

According to The Bangkok Post, Kasikornbank expects to make
THB40 billion in new loans next year.  The growth forecasts are
a considerable increase from this year's modest loan growth of
around 6%, the newspaper notes.

Mr. Prasarn said the bank also projected growth in fee-based
income of at least 20% next year, compared with 15% to 20% this
year.

However, Kasikornbank sees net interest margins next year
dropping slightly to 3.8% to 3.9% compared with over 4% this
year as interest rates are expected to drop starting from the
second quarter, The Post notes.

The Nation relates that the main cause for this downward trend
is an expected fall in the country's policy signal rate, which
is expected to occur about the second quarter of next year.

Mr. Prasarn also told reporters that the bank would not feel any
impact regarding changes in its gain/loss sharing rules with
Thai Asset Management Corp or the introduction of the new
International Accounting Standard 39 accounting standard and
Basel II capital framework to be implemented to all financial
institutions as required by the Bank of Thailand.

The new accounting standard will force financial institutions to
calculate collateral pledged against loans based on their
economic value, resulting in changes in how reserves are set
against distressed assets.

Kasikornbank reported allowances for doubtful accounts of
THB29.4 billion at the end of September, with non-performing
loans of THB42.45 billion, or 6.52% of outstanding loans.

Meanwhile, the bank will see its NPLs decline from 6.52% to 5%
of total loans next year if the International Accounting
Standard is not taken into account, the Nation relates.  
However, the paper adds that when the bank applies the new
standard, its bad loans will fall by 3%.

Kasikornbank reported third-quarter profits of THB3.07 billion,
down from profits of THB3.57 billion in the same period last
year.  Nine-month profits were THB10.23 billion, down from
THB11.2 billion in the same period last year.

                          *     *     *

Kasikorn Bank Public Company Limited --
http://www.kasikornbank.com/-- otherwise known as the Thai  
Farmers Bank, was established in 1945 with registered capital of
THB5 million and has been listed on the Stock Exchange of
Thailand since 1976.  It is Thailand's fourth largest bank, with
total assets of THB844 billion (US$22 billion) as at end June
2006.

The bank currently carries Moody's Bank financial strength
rating of D+.

On October 24, 2006, the Troubled Company Reporter - Asia
Pacific, reported that Fitch Ratings affirmed the ratings of
Kasikornbank and removed them from Rating Watch Negative on
which they were placed on September 20, 2006 following the
military coup.  The Outlook on their ratings is now Stable.

After the rating action, Kasikorn's ratings are as follows:

    * Long-term foreign currency IDR BBB+/ Outlook Stable;
    * Short-term foreign currency F2;
    * Individual C;
    * Support 2;
    * Subordinated debt BBB.



                            *********

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.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
November 29, 2006
  Turnaround Management Association
    Special Program
      TBA, New Jersey
        Contact: 908-575-7333 or http://www.turnaround.org/

November 29, 2006
  Turnaround Management Association
    Turnaround Industry Trends
      Jasna Polana, Princeton, NJ
        Contact: http://www.turnaround.org/

November 30, 2006
  Euromoney Conferences
    Euromoney/DIFC Annual Conference
      Managing Superabundant Liquidity
        Madinat Jumeirah, Dubai
          Contact: http://www.euromoneyconferences.com/

November 30, 2006
  Asia Conference 2006
    Fitch Ratings Agency
      Kuala Lumpur, Malaysia
        Telephone: +65 6336 6801
          e-mail: zuraidah.ramli@fitchratings.com

November 30, 2006
  Turnaround Management Association
    Restructuring Around Intellectual Property -
      Preserving Value When Trouble Lurks
        Carnelian Room, San Francisco, CA
          Contact: http://www.turnaround.org/

November 30-December 2, 2006
  American Bankruptcy Institute
    Winter Leadership Conference
      Hyatt Regency at Gainey Ranch, Scottsdale, Arizona
        Contact: 1-703-739-0800; http://www.abiworld.org/

December 1, 2006
  CEB
    Creditors' Remedies & Debtors' Rights
      Garden Grove, CA
        Contact: http://www.ceb.com/

December 4-5, 2006
  Practising Law Institute
    Mortgage Servicing & Default Management
      Washington, DC
        Contact: http://www.pli.edu/

December 5, 2006
  Euromoney Conferences
    CFO Forum
      Hyatt Regency, Hangzhou, China
        Web site: http://www.euromoneyconferences.com/

December 6, 2006
  Turnaround Management Association
    Intellectual Property -
      Are You Overlooking Significant Value?
        5th Avenue Suites, Portland, OR
          Contact: http://www.turnaround.org/

December 6, 2006
  Turnaround Management Association
    Holiday Dinner
      Portland, Oregon
        Contact: 503-223-6222 or http://www.turnaround.org/

December 7, 2006
  Turnaround Management Association
    Networking Breakfast
      The Newark Club, Newark, New Jersey
        Contact: 908-575-7333 or http://www.turnaround.org/

December 7, 2006
  Turnaround Management Association
    Cash Management After The Storm:
      Near-Term Planning for Long-Term Business Success
        Sheraton, Metairie, LA
          Contact: http://www.turnaround.org/

December 8, 2006
  CEB
    Creditors' Remedies & Debtors' Rights
      Los Angeles / Century City, CA
        Contact: http://www.ceb.com/

December 13, 2006
  Turnaround Management Association
    LI TMA Holiday Party
      TBA, Long Island, New York
        Contact: 631-251-6296 or http://www.turnaround.org/

December 13, 2006
  Turnaround Management Association - Australia
    Christmas Function Australia
      GE Commercial Finance, George Street,
        Sydney, Australia
          Telephone: 0438-653-179
            e-mail: tma_aust@bigpond.net.au

December 20, 2006
  Turnaround Management Association
    Holiday Extravaganza - TMA, AVF & CFA
      Georgia Aquarium, Atlanta, GA
        Contact: 678-795-8103 or http://www.turnaround.org/

January 11, 2007
  Turnaround Management Association
    Lender's Panel
      University Club, Jacksonville, FL
        Contact: http://www.turnaround.org/

January 12, 2007
  Turnaround Management Association
    Annual Lender's Panel Breakfast
      Westin Buckhead, Atlanta, GA
        Contact: http://www.turnaround.org/

January 17, 2007
  Turnaround Management Association
    South Florida Dinner
      TBA, South FL
        Contact: 561-882-1331 or http://www.turnaround.org/

January 17-19, 2007
  Turnaround Management Association
    Distressed Investing Conference
      Wynn, Las Vegas, NV
        Contact: http://www.turnaround.org/

February 2007
  American Bankruptcy Institute
    International Insolvency Symposium
      San Juan, Puerto Rico
         Telephone: 1-703-739-0800
           Web site: http://www.abiworld.org

February 8-9, 2007
  EUROMONEY
    Leveraged Finance Asia
      JW Marriott Hong Kong
        Web site: http://www.euromoneyplc.com/

February 8-11, 2007
  Turnaround Management Association
    Certified Turnaround Professional (CTP) Training
      NY/NJ
        Contact: http://www.turnaround.org/

February 22, 2007
  Turnaround Management Association
    TMA PowerPlay - Atlanta Thrashers
      Philips Arena, Atlanta, GA
        Contact: 678-795-8103 or http://www.turnaround.org/

February 21-22, 2007
  EUROMONEY
    Euromoney Pakistan Conference
      Perceptions & Realities
        Marriott Hotel, Islamabad, Pakistan
          Web site: http://www.euromoneyplc.com/

February 22, 2007
  EUROMONEY
    2nd Annual Euromoney Japan Forex Forum
      Mandarin Oriental, Tokyo, Japan
        Web site: http://www.euromoneyplc.com/

February 25-26, 2007
  NORTON INSTITUTES
    Norton Bankruptcy Litigation Institute
      Marriott Park City, UT
        Contact: http://www2.nortoninstitutes.org/

March 21-22, 2007
  EUROMONEY
    2nd Annual Vietnam Investment Forum
      Melia, Hanoi, Vietnam
        Web site: http://www.euromoneyplc.com/

March 21-22, 2007
  EUROMONEY
    Euromoney Indian Financial Market Congress
      Grand Hyatt, Mumbai, India
        Web site: http://www.euromoneyplc.com/

March 27-31, 2007
  Turnaround Management Association - Australia
    2007 TMA Spring Conference
      Four Seasons Las Colinas, Dallas, TX, USA
        e-mail: livaldi@turnaround.org

April 11-15, 2007
  American Bankruptcy Institute
    ABI Annual Spring Meeting
      J.W. Marriott, Washington, DC, USA
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

October 16-19, 2007
  Turnaround Management Association - Australia
    TMA 2007 Annual Convention
      Boston Marriott Copley Place, Boston, MA, USA
        e-mail: livaldi@turnaround.org

March 25-29, 2008
  Turnaround Management Association - Australia
    TMA Spring Conference
      Ritz Carlton Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

October 28-31, 2008
  Turnaround Management Association - Australia
    TMA 2008 Annual Convention
      New Orleans Marriott, New Orleans, LA, USA
        e-mail: livaldi@turnaround.org

October 5-9, 2009
  Turnaround Management Association - Australia
    TMA 2009 Annual Convention
      JW Marriott Desert Ridge, Phoenix, AZ, USA
        e-mail: livaldi@turnaround.org

October 4-8, 2010
  Turnaround Management Association - Australia
    TMA 2010 Annual Convention
      JW Marriot Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

Beard Audio Conferences
  Coming Changes in Small Business Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Audio Conferences CD
  Beard Audio Conferences
    Distressed Real Estate under BAPCPA
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changes to Cross-Border Insolvencies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Healthcare Bankruptcy Reforms
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Calpine's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changing Roles & Responsibilities of Creditors' Committees
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Validating Distressed Security Portfolios: Year-End Price
    Validation and Risk Assessment
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Employee Benefits and Executive Compensation
    under the New Code
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Dana's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Reverse Mergers-the New IPO?
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Fundamentals of Corporate Bankruptcy and Restructuring
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  High-Yield Opportunities in Distressed Investing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Privacy Rights, Protections & Pitfalls in Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  When Tenants File -- A Landlord's BAPCPA Survival Guide
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Clash of the Titans -- Bankruptcy vs. IP Rights
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/




                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Nolie Christy Alaba, Rousel Elaine Tumanda,
Valerie Udtuhan, Francis James Chicano, Catherine Gutib, Tara
Eliza Tecarro, Freya Natasha Fernandez, and Peter A. Chapman,
Editors.

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is $575 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are $25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***