TCRAP_Public/061130.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Thursday, November 30, 2006, Vol. 9, No. 238

                            Headlines

A U S T R A L I A

AGLASS SALES: Schedules Joint Meeting on December 15
ARISTOCRAT LEISURE: M. McKay Pleads Guilty to Insider Trading
BROOKLANDS MOTELS: Members Resolve to Liquidate Business
CARTER HOLT HARVEY: Sells Timber Business to CVC Asia Pacific
CARTER HOLT HARVEY: Buys TDC Sawmills at an Undisclosed Price

GAMBLE GROUP: Member's Final Meeting Slated for January 9
GLOBAL PEST: Members to Receive Wind-Up Report on Dec. 20
INTERSTAR: Fitch Assigns Final Rating of BB for Class D Notes
MOTOR REPAIRING: Members and Creditors to Hear Wind-Up Report
MULLANDULLAWA PTY: Enters Voluntary Liquidation

PAYLESS FOR CARPET: To Hold Final Meeting on December 28
S & K FOODS: Liquidator to Present Wind-Up Report on Dec. 19
SEAFOOD ONLINE: Director Byrne Committed for Trial
WALMAR PTY: Placed Under Voluntary Wind-Up
WRIGHT & COMPANY: Set to Declare Final Dividend on Dec. 20

ZONE PRODUCTS: To Declare First and Final Dividend on Dec. 12


C H I N A   &   H O N G  K O N G

AUTOCAM CORP: Default Risks Cue Moody's to Review Junk Ratings
BARRY CALLEBAUT: Moody's Lifts Rating on Stable Credit Metrics
BILLY CREATION: Accepting Proofs of Debt Until December 16
CITIC KA WAH: Plans to Offer Lower T-II Subordinated Dollar Bond
CITIC KA WAH: Fitch Hands BBB Rating to Lower Tier II Issue

CROWN HOLDINGS: Seeks Noteholders' OK on Add'l US$200-Mil. Debt
FRANKLIN MINT: Creditors Must Prove Debts by December 15
GRAFTECH INTERNATIONAL: Earns US$9.8 Mil. in 2006 Third Quarter
H.C.B.C. FINANCE: Creditors' Proofs of Claim Due on Dec. 28
INTERNATIONAL PAPER: Earns US$201 Million in 2006 Third Quarter

KARALEE LTD: Creditors' Proofs of Debt Due on December 18
OVERSEAS PROPERTIES: Schedules Members' Final Meeting on Dec. 20
PETROLEOS DE VENEZUELA: PDV Caribe Will Supply Fuel to Belize
PETROLEOS DE VENEZUELA: Furnace at Amuay Plant Out of Service
RIDDLEWOOD COMPANY: Appoints Kevin Chung Ying Hui as Liquidator

SILVER RIVER: Members' Final Meeting Slated for December 27
TOP STAR: Court Appoints Joint Liquidators
WISE HOPE: Liquidator to Present Wind-Up Report on Dec. 27
WOD INVESTMENTS: Members to Receive Wind-Up Report on Dec. 27


I N D I A

AES CORP: Submits Bids for Coal & Biomass Facility Construction
AES CORP: reEarth to Host LNG Protest Concert in The Bahamas
AES: Researching Improved Carbon Dioxide Capture with Praxair
AFFILIATED COMP: Reports Results of Stock Option Investigation
AFFILIATED COMP: Investigation Results Cue S&P to Hold Watch

HDFC BANK: 2.5% Stake Sold to CLSA Mauritius in Block Deal
HDFC BANK: Gets RBI's Approval to Open New Branches
ICICI BANK: To Borrow US$1 Billion Overseas
ICICI BANK: Signs Trade Financing MoU with Canada's EDC
INDIAN OIL: Board Approves Merger with Bongaigaon Refinery

INDIAN OVERSEAS: J D Sharma Named New Officer Employee Director


I N D O N E S I A

ALCATEL SA: Inks TD-SCDMA Development Deal with Datang Group
ALCATEL SA: Inks ROADM Turnkey Deal with P&TLuxembourg
BAKRIE SUMATERA: Plans to Triple Capital Spending in 2007
BANK INDONESIA: Lower House Names Two New Deputy Governors
BANK RAKYAT: To Grant US$440 Mil. in Loans to Biofuel Producers

MEDCO ENERGI: Posts US$47-Mil. Net Income for 9 Months to Sept.
MEDCO ENERGI: Readies US$15 Million Fund for Lapindo Mudflows
PT PERTAMINA: Must Overcome Kerosene Supply Shortage, VP Orders


J A P A N

ALITALIA SPA: Confirms Possible Alliance with Air France-KLM
AMR CORP: Reports Results of Debt Securities Cash Tender Offer
BANCO BRADESCO: Approves Buy Back of 5 Million Shares
BOWNE & CO: Incurs US$11.7MM Net Loss in Quarter Ended Sept. 30
FORD MOTOR: Borrowing US$18BB for Restructuring, Added Liquidity

FORD MOTOR: Moody's Holds Corporate Family Rating at B3
FORD MOTOR: S&P Junks Senior Unsecured Debt Issue Ratings
FORD MOTOR: US$18BB New Financing Cues Fitch's B/RR4 Debt Rating
FRESENIUS MEDICAL: Earns US$139 Million for Third Quarter 2006
FRESENIUS MEDICAL: Acquires Nabi's Phosphate Binder Business

NOMURA HOLDINGS: Names New Capital Nomura Securities President


K O R E A

DAEWOO ELECTRONICS: Wins US$200-Mil. Contract in UAE
DRESSER INC: Restating 2001 Thru 2003 Annual Financial Reports
DURA AUTOMOTIVE: Gets Court's Final Nod To Use Cash Collateral
DURA AUTOMOTIVE: Court Approves First Day Motions
DURA AUTOMOTIVE: Judge Carey Approves Equity Trading Procedures

* Korean Firms Lead in Three Major Display Markets


M A L A Y S I A

AKER KVAERNER: Inks NOK8-Billion Gjoa Deal with Statoil ASA
AKER KVAERNER: One of Most Reputable Firms, Says Global Reptrak
AMMERCHANT BHD: ANZ's Buy no Sudden Impact on Ratings, S&P Says
CELESTICA INC: Appoints Craig Muhlhauser President & CEO
FA PENINSULAR: Posts MYR655,000 Net Loss in 2nd Qtr. 2006

INDUSTRIAS METALURGICAS: Wins Porce US$37-Mil. Supply Contract
INTERPUBLIC GROUP: Earns US$5.8 Million in Third Quarter 2006
INTERPUBLIC GROUP: S&P Rates Proposed Floating Rate Notes at B
MBf CORPORATION: Bursa Rejects Petition to Exit PN-17
MALAYSIA AIRLINES: Swings to Profit in Third Quarter 2006

TANCO HOLDINGS: Incurs MYR10.55 Million Net Loss in 3rd Qtr. '06


N E W   Z E A L A N D

AA WORLDWIDE: Court to Hear Liquidation Petition on Feb. 1
ABOUT CEILINGS: Court to Hear Liquidation Petition Today
AIR NEW ZEALAND: Unions File Injunction in the Employment Court
BEST WHOLESALE: Faces Liquidation Proceedings
DMP 5 THE ROOST: Petition Hearing Slated for Nov. 30

JAP N SAVE: Official Assignee Acts as Liquidator
METRO AIR: Court Hears CIR's Liquidation Petition
NORTH HARBOUR: Creditors Must Prove Claims by December 11
ON THE BALL: Shareholders Resolve to Liquidate Business
PA & TASH: Appoints Joint Liquidators

TARANAKI DOCUMENT: Commences Liquidation Proceedings


P H I L I P P I N E S

CHIQUITA BRANDS: Test-Marketing Specially Packed Bananas
DEVELOPMENT BANK: In Compliance with ISO 14001:2004 Requirements
MAGNUM HOLDINGS: Sagarmatha Sells 25.8 Million Shares
SBARRO: MidOcean Partners Will Buy Company at Undisclosed Term
* Central Bank Sees 2007 Forex Reserves at US$24 Billion

* Banko Sentral ng Pilipinas Sees Nov. Inflation at 4.5%-5.2%


S I N G A P O R E

ACCURES TECHNOLOGIES: Pays Preferential Dividend to Creditors
FLEXTRONICS INTERNATIONAL: IDW Shareholders Approve Acquisition
IPCOM PTE: Hearing of Wind-Up Petition Set on Dec. 8
LINDETEVES-JACOBERG: Shareholder Increases Shareholding
PDC CORP.: Inks Two More Conditional Placement Agreements

PETROLEO BRASILEIRO: Posts BRL20.7B Profit in First Nine Months
PETROLEO BRASILEIRO: Brokers Arrested for Fraudulent Stock Sale
POLYMICRO PRECISION: Pays Dividend to Unsecured Creditors
SEA CONTAINERS: Wants to Extend Time to File SALS and SOFAS


T H A I L A N D

HANTEX PCL: Central Court Okays Business Rehab Plan
INTERFACE INC: Financial Recovery Cues Moody's to Lift Ratings
SUN TECH GROUP: Turns Around With THB2.53 MM Profit in 1Q 2006
THAI WAH: Creditors Okays Amended Rehab Plan


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A U S T R A L I A
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AGLASS SALES: Schedules Joint Meeting on December 15
----------------------------------------------------
The members and creditors of Aglass Sales Pty Ltd will meet for
their joint meeting on Dec. 15, 2006, at 11:15 a.m., to receive
the liquidator's account of the company's wind-up proceedings.

On August 4, 2006, the Troubled Company Reporter - Asia Pacific
reported that the creditors resolved to wind up the company's
operations on July 18.

The Liquidator can be reached at:

         Daniel I. Cvitanovic
         Shop 5 Old Potato Shed
         74-76 Hoddle Street
         Robertson, New South Wales 2577
         Australia
         Telephone:(02) 4885 2500
         Facsimile:(02) 4885 2995

                       About Aglass Sales

Aglass Sales Pty Ltd -- http://www.aglass.com.au-- was
established in 1951.  The company is a family run business
specializing in the design and manufacture of fiberglass
products including grease arrestors/grease traps, sewage and
storm water pump stations, general-purpose pits and car wash
bays.

The company is located in New South Wales, Australia.


ARISTOCRAT LEISURE: M. McKay Pleads Guilty to Insider Trading
-------------------------------------------------------------
On November 28, 2006, former media relations consultant to
Aristocrat Leisure Limited, Margot Olive McKay, pleaded guilty
and was committed in the Downing Centre Local Court to three
criminal charges of insider trading after an investigation by
the Australian Securities and Investments Commission.

These charges follow a referral to ASIC from Aristocrat and
relate to Ms. McKay procuring others to trade in the company's
shares in August and October 2004 prior to major media
announcements to the market.

Ms. McKay, of Sydney, New South Wales, was the principal of
Margot McKay and Associates and provided consultancy services to
Aristocrat between July 2003 and December 2004.

Ms. McKay has cooperated with the ASIC during its
investigations.

The matter has been adjourned until February 2, 2007, for
arraignment in the Supreme Court.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.

                    About Aristocrat Leisure

Headquartered in New South Wales, Australia, Aristocrat Leisure
Limited -- http://www.aristocratgaming.com/-- is mainly
involved in the design, development, manufacture and marketing
of gaming machines, software, systems and other related
equipment and services.  The Group also provides consulting
services such as venue analysis, commercialized project
management, specialized gaming training and Aristocrat gaming
analysis.  The Group operates in Australia, North America, South
America, Japan, New Zealand, Europe, and in the Asia Pacific
region.

The Company is plagued by a group action over the timing of a
profit warning back in November 2003 launched by legal firm
Maurice Blackburn Cashman and litigation company IMF Australia
Limited.  The lawsuit alleges that the Company misled
shareholders by not keeping them fully informed before
disclosing earnings downgrades that wiped US$1.5 billion (AU$2
billion) from the Company's value in 2003.  The lawsuit claims
damages of US$86.37 million (AU$115 million) for losses when
shareholders sold their stock.


BROOKLANDS MOTELS: Members Resolve to Liquidate Business
--------------------------------------------------------
The members of Brooklands Motels Pty Ltd met on Nov. 14, 2006,
and passed a special resolution to voluntarily liquidate the
company's business.

Accordingly, Bruce Neil Mulvaney was appointed as liquidator.

The Liquidator can be reached at:

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

                    About Brooklands Motels

Brooklands Motels Pty Ltd is located on Victoria, Australia.
The company operates hotels and motels.


CARTER HOLT HARVEY: Sells Timber Business to CVC Asia Pacific
-------------------------------------------------------------
Mallesons Stephen Jaques has advised Carter Holt Harvey on the
sale of the Plantation Timber Products business to CVC Asia
Pacific.  PTP is principally engaged in the manufacture and
distribution of speciality medium density fiberboard and
flooring products in China.

The sale was conducted by private auction and CVC Asia Pacific
was the successful bidder.  The deal contributes to the growing
market for secondary private equity investments in China as
Carter Holt Harvey had previously acquired PTP in 2004 from
private equity investors.

As lead counsel to Carter Holt Harvey, Mallesons conducted
extensive seller due diligence.  The firm set up a virtual deal
room which managed the disclosure and Q&A process with bidders
and was open for access from any point around the world on a
24/7 basis.  Mallesons implemented a complex pre-sale
restructuring process within China and offshore.  Its lawyers
were involved in negotiations with the potential bidders and
their professional advisers, drafted the transaction documents,
and advised on regulatory issues.

Mallesons financial services team also worked closely with
Carter Holt Harvey's financial adviser, Credit Suisse, to
develop a stapled financing offering to bidders to leverage the
equity component on-shore and offshore and provide a financial
incentive to management.

Lead partner Stuart Valentine said "in this transaction, we
combined our extensive legal experience with multinationals
doing business in China with our strong on-the-ground M&A
capabilities to help our client achieve a successful outcome.
Our track record in China continues to grow and attract new
instructions".

For this transaction, Mallesons drew on its resources across
Hong Kong, Beijing, Shanghai and its Australian offices, and
assembled a team of lawyers with expertise in M&A, China
practice, environmental law, and finance.  Mr. Valentine, who
has 20 years legal experience representing clients in Greater
China, worked together with finance partner Steven Christopher
and environmental law partner Christopher Tung.  They were
supported by senior associates: Nicolas Groffman, Jeffrey Mak,
Rebecca McNicol and Adam Newgreen, as well as by Catherine Chen,
Aaron Borg, Keith Cheung, Veronica Chow, Zhou He, Zoe Yao, Gigi
Wong and Jasmine Keung.  Mallesons' applied legal technology
team in Asia and Australia provided the virtual data room
services.

                        About Carter Holt

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

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

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

The ratings withdrawn were:

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

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

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


CARTER HOLT HARVEY: Buys TDC Sawmills at an Undisclosed Price
-------------------------------------------------------------
The owners of TDC Sawmills -- one of Whangarei's biggest
businesses -- have sold their firm to Carter Holt Harvey,
Rosemary Roberts of The Northern Advocate reports.

Tony and Clare Davies-Colley own TDC.

Effective December 8, 2006, the sale adds substance to rumors
that Carter Holt has second thoughts about building a large mill
employing 130 next to the company's LVL plant at Marsden Pt.,
the report says, noting that construction was expected to start
several weeks ago.

In a statement, Mrs. Davies-Colley notes that she was aware of
the growing speculation but said Carter Holt had imposed strict
confidentiality conditions on the sale, the Advocate relates.

The change of ownership "would be good for everyone going
forward," Mrs. Davies-Colley adds.

The couple established TDC Sawmills on a "greenfields" site off
Port Rd in 1995, The Advocate relates.  The mill employs 150 and
has state-of-the-art technology, which has put TDC Sawmills
ahead of any similar-sized operation in New Zealand, the paper
says.  At full capacity, the mill would produce 400,000 cubic
meters of sawn timber annually, The Advocate notes.

According to paper, TDC Sawmills has a NZ$40 million annual
turnover and mainly supplies the domestic market, but has its
sights set on China.  It is one of six major Kiwi sawmillers
supporting NZ Trade And Enterprise's new Wood Innovation Centre
in Shanghai, The Advocate adds.

                       About Carter Holt

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

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

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

The ratings withdrawn were:

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

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

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


GAMBLE GROUP: Member's Final Meeting Slated for January 9
---------------------------------------------------------
The members of Gamble Group Pty Ltd will hold a final meeting on
Jan. 9, 2007, at 10:00 a.m., to consider the liquidator's
account of the company's wind-up proceedings.

On August 7, 2006, the Troubled Company Reporter - Asia Pacific
reported that on June 8 the members appointed Garth D. Olling
and Paul A. Billingham as the company's liquidators.

The Joint and Several Liquidator can be reached at:

         G. D. Olling
         Grant Thornton
         Level 17, 383 Kent Street
         Sydney, New South Wales 2000
         Australia

                       About Gamble Group

Gamble Group Pty Ltd is an investor holding company.  The
company is located in New South Wales, Australia.


GLOBAL PEST: Members to Receive Wind-Up Report on Dec. 20
---------------------------------------------------------
The members of Global Pest Control Services Pty Ltd will meet
for their final meeting on Dec. 20, 2006, at 10:30 a.m., to
receive the report of the company's wind-up proceedings and
property disposal exercises.

The Troubled Company Reporter - Asia Pacific reported on
September 27, 2006, that the members resolved to wind up the
company's operations and appointed Daniel J. Civil as liquidator
on September 5.

The liquidator can be reached at:

         Daniel J. 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 Global Pest

Global Pest Control Services Pty Ltd is located in New South
Wales, Australia.  The company is involved with disinfecting and
pest control services.


INTERSTAR: Fitch Assigns Final Rating of BB for Class D Notes
-------------------------------------------------------------
On November 28, 2006, Fitch Ratings assigned Interstar Titanium
Series 2006-1 Trust's third non-conforming mortgage-backed issue
due July 2038 final ratings:

   -- AU$210.0 million Class A1: 'AAA';
   -- AU$43.7m Class A2: 'AAA';
   -- AU$21.95m Class B: 'A+';
   -- AU$14.55m Class C: 'BBB'; and
   -- AU$6.15m Class D: 'BB'.

This is the third issue of notes backed by non-conforming
mortgages originated by Interstar Non-Conforming Finance Pty
Limited, sold by Challenger Inventory Financing Servicing Pty
Limited, and issued by Perpetual Trustees Victoria Limited in
its capacity as trustee of the Interstar Titanium Series 2006-1
Trust.

The collateral pool at the cut-off date consists of 1,104 loans
with a total portfolio balance of AU$286.153 million, a current
weighted average loan-to-valuation ratio of 77.2% and a weighted
average seasoning of 7.9 months.  Approximately 72% of the loans
in the pool are to borrowers who self-certify their income.  The
transaction includes a pre-funding component.

The 'AAA' ratings assigned to the Class A1 and A2 notes are
based on:

   -- the quality of the mortgage loan collateral;

   -- the underwriting criteria and special servicing
      capabilities of Interstar Special Servicing Pty Limited;

   -- the servicing capabilities of Interstar Wholesale Finance
      Pty Limited;

   -- the 16.36% credit enhancement provided by the
      subordination of the Class B, C, D, and the unrated E
      notes plus an excess spread reserve account;

   -- the liquidity facility representing the greater of 3.0% of
      the total outstanding principal balance, AU$6.9 million or
      the aggregate of performing assets provided by
      Commonwealth Bank of Australia (rated 'AA'/'F1+');

   -- a sound legal structure.

The ratings assigned to other Classes of notes is based on all
the strengths supporting the Class A notes, excluding their
credit enhancement levels, but including the credit enhancement
provided by each Class of notes' respective subordinate notes.


MOTOR REPAIRING: Members and Creditors to Hear Wind-Up Report
-------------------------------------------------------------
The members and creditors of Motor Repairing & Engineering Pty
Ltd will meet for their final joint meeting on Dec. 20, 2006, at
10:00 a.m., to receive the liquidator's report of the company's
wind-up proceedings.

According to the Troubled Company Reporter - Asia Pacific, the
company commenced a wind-up of its operations on March 13, 2006.

The liquidator can be reached at:

         Riad Tayeh
         Level 3, 95 Macquarie Street
         Parramatta, New South Wales 2150
         Australia

                     About Motor Repairing

Motor Repairing & Engineering Pty Limited is located in New
South Wales, Australia.  The company is engaged with Automotive
Trimmings, Apparel Findings, and related products.


MULLANDULLAWA PTY: Enters Voluntary Liquidation
-----------------------------------------------
On Nov. 13, 2006, the members of Mullandullawa Pty Ltd passed a
special resolution to voluntarily liquidate the company's
business and B. J. Marchesi was appointed as liquidator.

The Liquidator can be reached at:

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

                    About Mullandullawa Pty

Mullandullawa Pty Ltd is an investor holding company.  The
company is located in Victoria, Australia.


PAYLESS FOR CARPET: To Hold Final Meeting on December 28
--------------------------------------------------------
Payless For Carpet Pty Ltd, which is in liquidation, will hold a
final joint meeting for its members and creditors on Dec. 28,
2006, at 3:00 p.m.

At the meeting, Liquidator Purchas will present the accounts on
the company's wind-up proceedings and property disposal
exercises.

The Liquidator can be reached at:

         I. J. Purchas
         Star Dean-Willcocks
         Level 1, 32 Martin Place
         Sydney, New South Wales
         Australia

                    About Payless For Carpet

Payless For Carpet is located in New South Wales, Australia.
The company is a supplier of wall-to-wall carpet and other home
furnishings.


S & K FOODS: Liquidator to Present Wind-Up Report on Dec. 19
------------------------------------------------------------
S & K Foods (Turramurra) Pty Ltd, which is in liquidation, will
hold a general meeting for its members and creditors on Dec. 19,
2006, at 10:00 a.m.

During the meeting, Liquidator Riad Tayeh will present the
report regarding the company's wind-up proceedings and property
disposal activities.

The Liquidator can be reached at:

         Riad Tayeh
         Level 3, 95 Macquarie Street
         Parramatta, New South Wales 2150
         Australia

                       About S & K Foods

S & K Foods (Turramurra) Pty Ltd is located in New South Wales,
Australia.  The company is involved with durable goods products.


SEAFOOD ONLINE: Director Byrne Committed for Trial
--------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
November 8, 2006, a director of Queensland aquaculture venture,
Seafood Online.com Ltd, William Matthew Schoch, was committed to
stand trial on charges laid by the Australian Securities and
Investments Commission.

The TCR-AP also noted that the committal proceeding involving a
second director of Seafood Online, Terrence Michael Byrne, has
been adjourned to a date to be set.

In an update, on November 29, 2006, Mr. Byrne has been committed
to stand trial on charges laid by the ASIC.

Mr. Byrne will stand trial on nine counts of dishonestly using
his position as a director to gain an advantage for himself and
others.

The charges against Mr. Byrne follow an investigation by the
ASIC into Mr. Byrne and Mr. Schoch, concerning their involvement
in a deal alleged to have assisted Seafood Online's AU$16
million public float to achieve minimum subscription.

The ASIC alleges that a company controlled by Mr. Byrne, Terry
Byrne & Associates Pty Ltd, received an undisclosed commission
for investing in the float.  It is also alleged a company
controlled by Mr. Schoch, Schochco Pty Ltd, received undisclosed
commissions for brokering the deal and investing in the float
itself.

Messrs. Schoch and Byrne remain on bail.  A trial date is yet to
be set.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.

                       About Seafood Online

Seafood Online.com Ltd commenced construction of an aquaculture
farm on land at Abbot Bay, north of Bowen in Queensland, in
1997.  To raise the necessary funds to complete construction of
the farm, it raised capital by way of an Initial Public Offering
and was listed on the Australian Stock Exchange in February
2000.

The company was placed into external administration in February
2001.


WALMAR PTY: Placed Under Voluntary Wind-Up
------------------------------------------
At a general meeting held on Nov. 17, 2006, the shareholders of
Walmar Pty Ltd passed a special resolution to voluntarily wind
up the company's operations and distribute the proceeds of its
assets disposal.

In this regard, Samuel Hau Kwong Shun was appointed as
liquidator.

The Liquidator can be reached at:

         Samuel Hau Kwong Shun
         First Floor, 34 Burton Street
         Kirribilli, New South Wales 2061
         Australia

                        About Walmar Pty

Walmar Pty Limited is an investor holding company.  The company
is located in New South Wales, Australia.


WRIGHT & COMPANY: Set to Declare Final Dividend on Dec. 20
----------------------------------------------------------
Wright & Company Pty Ltd will declare the final dividend for its
creditors on Dec. 20, 2006, to the exclusion of those who cannot
formally prove their debts by Dec. 19, 2006.

According to the Troubled Company Reporter - Asia Pacific, the
company entered wind-up proceedings on June 8, 2005.

The Liquidators can be reached at:

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

                     About Wright & Company

Wright & Company Pty Limited was established in 1913 by the
Wright family.  The company is a distributor and processor of
specialty metals, particularly stainless steel.

The company is headquartered in Sydney with warehouse,
distribution, and processing facilities in Brisbane, Melbourne,
Adelaide, and Perth, Australia.


ZONE PRODUCTS: To Declare First and Final Dividend on Dec. 12
-------------------------------------------------------------
Zone Products Australia Pty Ltd, which is subject to a deed of
company arrangement, will declare the first and final dividend
on Dec. 12, 2006.

Creditors are required to submit their proofs of claim by
Dec. 11, 2006, or they will be excluded from sharing in the
distribution.

The Deed Administrator can be reached at:

         Neil Cussen
         Horwath Sydney Partnership
         Level 10, 1 Market Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9372 0777
         Facsimile:(02) 9372 0606

                       About Zone Products

Zone Products Australia Pty Limited, which is located in New
South Wales, Australia is also trading as Zone Digital
Technologies and Zone Communications.

The company is involved with Electrical Machinery, equipment,
and supplies.


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C H I N A   &   H O N G  K O N G
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AUTOCAM CORP: Default Risks Cue Moody's to Review Junk Ratings
--------------------------------------------------------------
Moody's Investors Service has downgraded Autocam Corp.'s
Corporate Family Rating to Ca from Caa1 and placed the ratings
under review for possible further downgrade.  Ratings on
Autocam's and Autocam France SARL's first lien bank debt has
been lowered to Caa1, LGD-2, 20% from B1 LGD-2, 13% and on
Autocam's subordinated debt to C LGD-5, 85% from Caa2 LGD-5,
79%.  The company's Speculative Grade Liquidity rating was
affirmed at SGL-4.

The actions come after the disclosure in the company's 10-Q for
Sept. 30, 2006, that it may not be able to satisfy financial
covenants in its senior bank debt and second lien credit
facility at the next measurement date of Dec. 31, 2006, and that
it intends to enter into discussions with those lenders for
covenant relief as well as discussions with holders of its
subordinated notes for potential restructuring.

Autocam's operating results have been negatively impacted by
reduced automotive production levels in North America and
Western Europe, lower market shares of the traditional Big 3
OEMs in North America, and weak margins arising from agreed
price downs and less than full recovery of higher raw material
costs.

The company has also been adversely affected by start-up
expenditures at new facilities in China and Poland, and recent
higher than expected costs on new business launches and other
operating inefficiencies at its European subsidiaries.  Over the
last twelve months, the company has experienced negative free
cash flow of approximately US$28 million.

As a result, its liquidity has been under stress and debt/EBITDA
increased to roughly 10 times at the end of the third quarter.
On an LTM basis, EBIT/interest was 0.3X.  Interest payments on
Autocam's subordinated notes are due on Dec. 15, and on its
second lien notes and bank credit facilities at the end of
December.

At mid-Nov., the company stated its consolidated cash holdings
were US$13 million, and it had US$1.2 million of remaining
availability under its revolving credit facilities.  While it
was in compliance with its financial covenants at Sept. 30, it
revealed that..." based on current projections, we believe it is
unlikely we will be in compliance with the financial covenants
in our senior credit facilities and second lien credit facility
as of Dec. 31, 2006."

The Corporate Family Rating of Ca emphasizes weak scores for key
credit metrics, poor liquidity, and elevated risk of default.
While certain qualitative factors under the Auto Supplier
Methodology produce higher scores for geographic and customer
diversification, revenue growth and reinvestment rate, scores
for the overwhelming majority of other factors are in the Caa
rating category and pull the overall recommended rating per the
methodology into the low B category.  Disclosures in Autocam's
10-Q imply a risk of near-term default.  The combination of
these risk attributes produces a Corporate Family rating of Ca.

Ratings have been placed under review for possible further
downgrade.

The review will focus on both near term developments and
intermediate term prospects for Autocam to return to meaningful
profitability and generate sustainable free cash flow.  In the
short term, the review will evaluate the company's ability to
obtain covenant relief from its lenders and make required debt
payments, as well as any changes to its liquidity profile and
capital structure.

The review will also assess any related changes to terms and
conditions to Autocam's debt agreements which may result should
waivers, amendments or other alterations to terms be negotiated.

The Caa1, LGD-2, 20% rating for the first lien obligations
reflects the benefit of their "all asset" collateral package and
the magnitude of junior capital beneath their claims.  Junior
capital consists of approximately US$77 million of second lien
debt, which is not rated, and US$140 million of subordinated
notes. The C LGD 5, 85% rating on the subordinated notes
reflects both the extent of senior claims with higher priority
and the beneficial aspects of its upstreamed guarantees from
material domestic subsidiaries.  The bank debt and second lien
term loan similarly have upstreamed guarantees from Autocam's
material domestic subsidiaries.

The SGL-4 liquidity rating represents poor liquidity over the
coming twelve months.  This reflects the absence of positive
free cash flow, minimal cash balances, approaching interest
payments, and limited remaining availability under its revolving
credits. Furthermore, it incorporates the noted challenges in
complying with its financial covenants when measured at Dec. 31,
2006.

Substantially all of is assets in its domestic and European
operations are pledged as collateral, limiting options to
develop incremental alternative liquidity.  The company has
negotiated a "social agreement" with its French unions to
orchestrate additional measures in its European restructuring.
Should this proceed, Autocam would incur expenses of the Euro
equivalent of approximately US$9 million.

Autocam is also exploring options to reduce its working capital,
liquidate idle equipment and arrange for additional external
capital.

Ratings lowered:

   * Autocam Corporation

      -- Corporate Family Rating, Ca from Caa1
      -- Probability of Default, Ca from Caa1
      -- First lien multicurrency revolving credit, Caa1 LGD2,
         20%, from B1 LGD2, 13%
      -- First lien term loan, Caa1 LGD2, 20% from B1 LGD2, 13%
      -- Senior subordinated notes, C LGD5, 85% from Caa2 LGD5,
         79%

   * Autocam France SARL

      -- EURO denominated revolving credit, Caa1, LGD2, 20%,
         from B1 LGD2, 13%

      -- EURO denominated term loan, Caa1 LGD2, 20%, from B1
         LGD2, 13%

Ratings affirmed:

   * Autocam Corporation

      -- Speculative Grade Liquidity rating, SGL-4

The last rating action was on Sept. 22, 2006 when ratings for
Autocam were adjusted upon the implementation of Moody's Loss
Given Default Methodology.

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


BARRY CALLEBAUT: Moody's Lifts Rating on Stable Credit Metrics
--------------------------------------------------------------
Moody's upgraded the corporate family rating of Barry Callebaut
AG to Ba1 and upgraded to Ba3 the rating on the EUR165-million
senior subordinated notes due 2010 issued by its subsidiary
Barry Callebaut Services N.V.  The outlook is stable.

The upgrade reflects the company's solid track record of stable
operating margins and credit metrics amidst modest top line
growth in the company's core markets.

Moody's believes that management is taking the necessary steps
to address the main challenges in the chocolate industry,
notably diversifying sourcing within volatile West African
markets, investing in new production sites and sales outlets in
higher growth markets, notably Russia and China, while
introducing new products in more mature markets aimed at
increasingly health cautious consumers.

Moody's believes that these factors, combined with cost savings
emanating from recent restructuring at Stollwerck and Brachs and
the implementation of SAP, should benefit the company's future
performance and cash flow characteristics.  The company has also
addressed the early redemption of its senior subordinated notes
on or after March 2007 with its bank facilities, which is
expected to reduce the company's overall interest burden.

The ratings remain constrained, however, by the still fairly
high leverage of the company, with Adjusted Total Debt to EBITDA
at 4x in fiscal year 2006.  In addition, the company's operating
cash flow is still likely to remain volatile as a result of
swings in working capital requirements, as was the case in
fiscal year 2006.  Free cash flow generation will be impacted by
the company's investment spending in coming years.

The stable outlook reflects Moody's view that the company's
market position and innovative abilities will enable it to
retain a steady growth in profitability, while swings in working
capital volatility are likely to remain an inherent feature of
the credit profile.

An upward revision in the outlook could result from a sustained
strengthening in operating profits and cash flows from more
rapid market growth, potentially from investments in new
markets.  Downward pressure on the rating or outlook could occur
if credit metrics weakened as a result of raw material supply
difficulties of if the investments in new markets fail to
achieve the desired benefits.  The rating is also likely to be
revisited if the company embarks upon a material increase in M&A
activity.

Headquartered in Zurich, Switzerland, Barry Callebaut --
http://www.barry-callebaut.com/-- is a leading worldwide
manufacturer of industrial chocolate and chocolate-based
consumer products.  The company has operations in China and
Brazil.


BILLY CREATION: Accepting Proofs of Debt Until December 16
----------------------------------------------------------
Liquidator Andrew George Hung will be receiving proofs of debt
from the creditors of Billy Creation Ltd until Dec. 16, 2006.

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

As reported by The Troubled Company Reporter - Asia Pacific, the
company commenced a wind-up of its operations on Nov. 9, 2006.

The Liquidator can be reached at:

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

CITIC KA WAH: Plans to Offer Lower T-II Subordinated Dollar Bond
----------------------------------------------------------------
CITIC Ka Wah Bank plans to sell a US$200 million to US$250
million, five-year lower tier II subordinated bond, a market
source told Reuters.

The deal, according to the paper's source would be callable in
one year and investor presentations would be held on November 29
and November 30, 2006, in Hong Kong and Singapore respectively.

Pricing of the bond is expected later this week, subject to
market conditions, Reuters says.

Barclays Capital and HSBC are the bank's joint bookrunners.

                          *     *     *

CITIC Ka Wah Bank Limited is a wholly-owned subsidiary of CITIC
International Financial Holdings Limited, which in turn is
approximately 54.5% owned by CITIC Group.

The Bank operates 31 branches in Hong Kong and also has an
established presence in China through its branches in Beijing,
Shanghai and Macau, and its wholly owned finance company, China
International Finance Company Limited (Shenzhen).  The Bank's
overseas branch network covers New York and Los Angeles.

On August 1, 2006, the Troubled Company Reporter - Asia Pacific
reported that Fitch Ratings affirmed CITIC Ka Wah Bank's Long-
term foreign currency Issuer Default Rating at BBB+, Short-term
foreign currency rating at F2, Individual rating at C and
Support rating at 3.  The Outlook on the ratings is Stable.


CITIC KA WAH: Fitch Hands BBB Rating to Lower Tier II Issue
-----------------------------------------------------------
Fitch Ratings November 29, 2006, assigned an expected rating of
BBB to CITIC Ka Wah Bank's proposed USD250 million lower-Tier II
subordinated debt issue due 2011 and callable in 2007.

The issue will replace the bank's US$300 million subordinated
debt due 2011, which was called in July this year.  The proposed
rating is one notch below CKWB's Long-term foreign currency
Issuer Default rating of BBB+.  CKWB's ratings reflect its
adequate credit profile with a low level of impaired loans,
sound capitalization and satisfactory net profitability -
factors that mitigate its above-average China exposure and
below-average core profitability versus its Hong Kong peers.

In 2005, CKWB reported a modest pre-provisioning return on
average assets of 1.0%, down from 2004's 1.3% and below the
peer-average, owing to tighter margins -- down 18bps to 1.82%.
The bank's margins were hurt by an exceptional narrowing of the
Prime-Hibor gap in the first half of 2005 given its relatively
higher reliance on Hibor-based time and wholesale deposits, as
well as longer-term securities holdings.  In H106, the bank's
pre-provisioning RoAA came in at 1.2%, with strong growth in
trading and fee income offsetting a further slight contraction
in margins to 1.76%.

H106's net RoAA, however, was down slightly on 2005's figure --
0.9% vs 1.3% -- with the earlier period benefiting from a mild
level of loan loss write-backs and gains on the disposal of non-
operating properties.  Looking ahead, core earnings should
improve gradually given a now wider Prime-Hibor spread and the
bank's renewed focus on wholesale banking customers including
the delivery of treasury solutions to this market, as well as
the ongoing focus on the provision of wealth management products
to high net-worth clients.

Amidst a benign economic environment and through risk management
enhancements, CKWB saw its impaired loan ratio decline to 1.87%
at end-2005, from 3.26% at end-2004.  However, bucking the
industry trend of declining impaired loans for H106, the bank
registered a slight increase in NPLs over this period, albeit
mild at 0.14% of average loans.  Nevertheless, due to quite
strong loan growth of 8%, CKWB's impaired loan ratio still
declined slightly to 1.86% over H106. Meanwhile, its net NPLs to
equity ratio was at a comfortably low level of 7%.

While recognizing its currently adequate loans quality, Fitch
notes that CKWB still has a relatively higher impaired loan
ratio as well as an above-average and growing China exposure
compared to its peers.  Also, about half of its loans for use in
China were to real estate development/investment borrowers.
These have made CKWB's credit profile somewhat riskier than its
Hong Kong peers.  Nevertheless, Fitch takes comfort from the
bank's tightened risk management capabilities and adequate
capitalization.  Its CAR and equity to asset ratio stood at
14.6% and 8.1% respectively at end-June 2006.  Its CAR was lower
than 2005's 15.7% due to faster growth in loans than internal
capital formation, which was at a modest 3.4% in H106,
subsequent to a dividend payout ratio of 68% in H106.

In April 2006, CITIC International Financial Holding Company
Limited -- the listed holding company, which wholly-owns CKWB --
announced that it would acquire 19.9% of China CITIC Bank; the
stake was subsequently reduced to 16% due to CITIC Group's --
one of China's major industrial groups -- additional capital
injection into CNCB after the announcement.  The investment will
be financed through the issuance of new shares to the CITIC
Group -- which in turn majority owns both CIFH and CNCB.  As
such, the move amounts to a partial shift in the ownership of
CNCB to CIFH from the CITIC Group.  The purpose of the move is
to enable CIFH to take a greater role in deepening the co-
operation between CNCB and CKWB such that synergistic benefits
will accrue from them leveraging off each others' core
competencies and geographical advantages.

Upon completion of the acquisition, CKWB will rename itself
CITIC Bank International to better reflect its position within
the CITIC Group.

The value of CNCB/CIFH's unique China/HK platform is reflected
in the recent announcement that Spain's Banco Bilbao Vizcaya
Argenta will become a strategic partner with CNBC and CIFH by
investing in 5% and 15% in each bank respectively.  BBVA will
appoint two directors to CIFH and will have exclusive co-
operation on international trade finance, global markets,
treasury and corporate banking.  This co-operation bodes well
with CKWB's renewed focus on wholesale banking customers
including the delivery of treasury solutions to this market,
especially towards cross-border clients with business flow
between Greater China and the rest of the world.

                          *     *     *

CITIC Ka Wah Bank Limited is a wholly-owned subsidiary of CITIC
International Financial Holdings Limited, which in turn is
approximately 54.5% owned by CITIC Group.

The Bank operates 31 branches in Hong Kong and also has an
established presence in China through its branches in Beijing,
Shanghai and Macau, and its wholly owned finance company, China
International Finance Company Limited (Shenzhen).  The Bank's
overseas branch network covers New York and Los Angeles.

On August 1, 2006, the Troubled Company Reporter - Asia Pacific
reported that Fitch Ratings affirmed CITIC Ka Wah Bank's Long-
term foreign currency Issuer Default Rating at BBB+, Short-term
foreign currency rating at F2, Individual rating at C and
Support rating at 3.  The Outlook on the ratings is Stable.


CROWN HOLDINGS: Seeks Noteholders' OK on Add'l US$200-Mil. Debt
---------------------------------------------------------------
Holdings Inc. commenced a solicitation of consents from holders
of 6-1/4% First Priority Senior Secured Notes due 2011 to incur
an additional US$200 million of pari passu first priority
indebtedness.

The company also want to make certain amendments to the
indenture relating to the Notes dated as of Sept. 1, 2004, among
Crown European Holdings SA, a French societe anonyme, as
guarantor and Wells Fargo Bank N.A. as trustee.

The Proposed Amendments will amend certain provisions contained
in Sections 1.01 and 4.10(b) of the Indenture:

   -- to increase the company's and its subsidiaries' ability to
      incur indebtedness and liens, and

   -- to make restricted payments, including without limitation,
      redemption, repurchase, or other acquisition or retirement
      of shares of its common stock,

by conforming certain terms and conditions set forth in the
Indenture to the terms and conditions of its other senior debt
agreements.

Among other things, the Proposed Amendments will allow the
company to incur an additional US$200,000,000 of Pari Passu
First Priority indebtedness secured by the collateral securing
the Notes and to make US$100,000,000 of additional restricted
payments of any type.

The Consent Solicitation will expire at 5:00 p.m., New York City
time, on Dec. 4, 2006.  The approval of the proposed amendments
requires the consent of holders of at least a majority in
aggregate principal amount of the outstanding Notes.

Philadelphia, Pa.-based Crown Holdings Inc. (NYSE: CCK) --
http://www.crowncork.com/-- through its affiliated companies,
supplies packaging products to consumer marketing companies
around the world.  The company has operations in Argentina,
China and Eastern Europe.

                           *     *     *

Standard & Poor's Ratings Services affirmed its 'BB-' rating and
its '2' recovery rating on Crown Holdings Inc.'s existing US$1.5
billion credit facilities including its US$200 million add-on
senior secured term loan B due 2012.


FRANKLIN MINT: Creditors Must Prove Debts by December 15
-------------------------------------------------------
The creditors of Franklin Mint Ltd, which is in members'
voluntary liquidation, are required to submit their proofs of
debt to the company's liquidators by Dec. 15, 2006.

Failure to submit proofs of debt will exclude a creditor from
sharing in any distribution the company will make.

The joint liquidators can be reached at:

         Ying Hing Chiu
         Chung Miu Yin, Diana
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


GRAFTECH INTERNATIONAL: Earns US$9.8 Mil. in 2006 Third Quarter
---------------------------------------------------------------
Graftech International Ltd. reported a US$9.8 million net income
on US$246.6 million of net sales for the quarter ended Sept. 30,
2006, compared with a US$15.6 million net income on US$208.2
million of net sales for the same period in 2005.

At Sept. 30, 2006, the company's balance sheet showed US$875.5
million in total assets, US$1.06 billion in total liabilities
and US$28.3 million in minority interests, resulting in a
US$185.7 million stockholders' deficit.

Net sales of US$246.6 million in the 2006 third quarter
represented a US$38.4 million, or 18.4%, increase from net sales
of US$208.2 million in the 2005 third quarter, primarily due to
a US$44.1 million increase in net sales in the company's
synthetic graphite segment that was offset by a decrease of
US$5.7 million in net sales in the company's carbon electrodes
and natural graphite products segment.

Cost of sales of US$175.7 million in the 2006 third quarter
represented a US$25.7 million, or 17.1%, increase from cost of
sales of US$150.0 million in the 2005 third quarter, primarily
due to higher sales volumes and increases in raw material and
other production costs.

Gross profit of US$70.8 million in the 2006 third quarter
represented a US$12.6 million, or 21.6%, increase from gross
profit of US$58.2 million in the 2005 third quarter.

Cash and cash equivalents at the end of the nine-month period
ended Sept. 30, 2006, was US$18.7 million compared to US$5.8
million at the end of the nine-month period ended Sept. 30,
2005.

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2006, are available
for free at: http://researcharchives.com/t/s?15d0

GrafTech International Ltd. -- http://www.graftechaet.com/--  
manufactures and provides synthetic and natural graphite and
carbon based products and technical and research and development
services, with customers in 80 countries engaged in the
manufacture of steel, aluminum, silicon metal, automotive
products and electronics.  The company manufactures graphite
electrodes and cathodes, products essential to the production of
electric arc furnace steel and aluminum.  It also manufactures
thermal management, fuel cell and other specialty graphite and
carbon products for, and provides services to, the electronics,
power generation, semiconductor, transportation, petrochemical
and other metals markets.  GrafTech operates 13 manufacturing
facilities located in four continents, and has operations in
China and Brazil.  GRAFCELL, GRAFOIL, and eGRAF are its
registered trademarks.

                        *    *    *

Moody's Investors Service affirmed its B1 Corporate Family
Rating for Graftech International in connection with the
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. Chemicals and Allied
Products sectors.  Moody's also upgraded its Probability-of-
Default rating on Graftech International's US$215 million
Guaranteed Senior Secured Revolving Credit Facility due 2010 to
Ba1 from Ba3.


H.C.B.C. FINANCE: Creditors' Proofs of Claim Due on Dec. 28
-----------------------------------------------------------
Liquidator Poon Wong Yuen Shan requires the creditors of
H.C.B.C. Finance Ltd to submit their proofs of claim by Dec. 28,
2006.

Failure to prove debts will exclude a creditor from sharing in
any distribution the company will make.

The Troubled Company Reporter -- Asia Pacific recently reported
that Mr. Shan was appointed as the company's liquidator on
Nov. 13, 2006.

The Liquidator can be reached at:

         Poon Wong Yuen Shan
         Room 1311, Prince's Building
         Chater Road
         Hong Kong

                     About H C B C Finance

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


INTERNATIONAL PAPER: Earns US$201 Million in 2006 Third Quarter
---------------------------------------------------------------
International Paper Company earned US$201 million of net income
on US$5.8 billion of net revenues for the three months ended
Sept. 30, 2006, compared to US$1 billion of net income on US$5.9
billion of net revenues for the same period in 2005.

At Sept. 30, 2006, the company's balance sheet showed US$24.6
billion in total assets and US$18.8 billion in total
liabilities.

A full-text copy of the company's quarterly report is available
for free at:

             http://researcharchives.com/t/s?1597

On Oct. 25, 2006, the company amended its existing receivables
securitization program that provided up to US$1.2 billion of
commercial paper-based financings with a facility fee of 0.20%
and an expiration date in November 2007, to provide up to US$1
billion of available commercial paper-based financings with a
facility fee of 0.10% and an expiration date in October 2009.

                            Acquisition

On Oct. 30, 2006, the company completed its previously announced
sale of around 900,000 acres of forestlands in Louisiana, Texas
and Arkansas to an investor group led by TimberStar, a
subsidiary of iStar Financial Inc.  The purchase price for this
transaction was around US$1.13 billion with around US$330
million paid in cash and US$800 million in promissory notes.

In addition, the company, on Nov. 3, 2006, completed its
previously announced sale of around 4.2 million acres of
forestlands located across the southern U.S. and Michigan to an
investor group led by Resource Management Service, LLC.  The
purchase price is around US$4.96 billion consisting of around
US$1.04 billion paid in cash and US$3.92 billion in promissory
notes.

                     About International Paper

Based in Stamford, Connecticut, International Paper Company
(NYSE: IP) -- http://www.internationalpaper.com/-- is in the
forest  products industry for more than 100 years.  The company
is currently transforming its operations to focus on its global
uncoated papers and packaging businesses, which operate and
serve customers in the U.S., Europe, South America and Asia,
specifically Japan and China.  These businesses are complemented
by an extensive North American merchant distribution system.
International Paper is committed to environmental, economic and
social sustainability, and has a long-standing policy of using
no wood from endangered forests.

                           *     *     *

Moody's Investors Service assigned a Ba1 senior subordinate
rating and Ba2 Preferred Stock rating on International Paper
Company on Dec. 5, 2005.


KARALEE LTD: Creditors' Proofs of Debt Due on December 18
---------------------------------------------------------
Creditors of Karalee Ltd are required to submit their proofs of
debt to Liquidator Kevin Chung Ying Hui by Dec. 18, 2006, or
they will be excluded from sharing in any distribution the
company will make.

As reported by the Troubled Company Reporter - Asia Pacific, the
company's members appointed Mr. Hui as liquidator on Nov. 10,
2006.

The Liquidator can be reached at:

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


OVERSEAS PROPERTIES: Schedules Members' Final Meeting on Dec. 20
----------------------------------------------------------------
Overseas Properties (HK) Ltd, which is in members' voluntary
liquidation, will hold a final general meeting for its members
on Dec. 20, 2006, at 10:00 a.m.

At the meeting, the members will receive Liquidator Young Wai
Ching's account of the company's wind-up proceedings.

The Liquidator can be reached at:

         Young Wai Ching
         24/F, Prosperous Commercial Building
         54-58 Jardine's Bazaar
         Causeway Bay
         Hong Kong


PETROLEOS DE VENEZUELA: PDV Caribe Will Supply Fuel to Belize
-------------------------------------------------------------
PDV Caribe -- a unit of Petroleos de Venezuela SA, the state-
owned oil firm of Venezuela -- has signed an accord for fuel
supply to Belize as part of the so-called Petrocaribe oil
program, Prensa Latina reports.

Petroleos de Venezuela said in a statement that it will send
Belize 4,000 barrels a day of:

   -- diesel,
   -- gasoline,
   -- lubricants, and
   -- other products

The progress Belize and Venezuela reached with the signing of
the accord and the constitution of a joint venture is evident,
Prensa Latina says, citing Asdrubal Chavez, vice president of
PDV Caribe.

Mr. Chavez told Prensa Latina, "With this agreement the
Petrocaribe is reinforced, we keep on going forward to
independence of the region in this field, and we consolidate the
integration process with Latin America and the Caribbean."

The signing of the accord will contribute to the welfare of the
people in Belize.  It will also strengthen relations with the
Venezuelan citizens, Prensa Latina states, citing Ralph Fonseca,
Belizean Interior and Public Works Minister.

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

                        *    *    *

On November 22, 2006, the Troubled Company Reporter - Latin
America reported that Fitch Ratings Services has affirmed the
local and foreign currency Issuer Default Ratings of Petroleos
de Venezuela S.A. at 'BB-'.  Fitch has also affirmed the
'AAA(ven)' national scale rating of the company.  The Rating
Outlook is
Stable.


PETROLEOS DE VENEZUELA: Furnace at Amuay Plant Out of Service
-------------------------------------------------------------
Petroleos de Venezuela SA, the state-owned oil company of
Venezuela, told Business News Americas that the furnace of the
Amuay refinery's hydro-desulfurization unit is temporarily shut
down.

As reported in the Troubled Company Reporter-Latin America on
Nov. 28, 2006, an operational event on Nov. 24 at 9:21 p.m.
affected a furnace of the Hydrosulfurization Unit Number 4 of
Amuay.  The unit affected was in startup, after being shutdown
for maintenance in September.  The company did not expect the
event to affect fuel supply commitments.

Business News Americas relates that Petroleos de Venezuela did
not declare force majeure.

"The rest of the refinery is working normally and there will be
no impact on already scheduled deliveries," a spokesperson of
Petroleos de Venezuela told BNamericas.

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

                        *    *    *

On November 22, 2006, the Troubled Company Reporter - Latin
America reported that Fitch Ratings Services has affirmed the
local and foreign currency Issuer Default Ratings of Petroleos
de Venezuela S.A. at 'BB-'.  Fitch has also affirmed the
'AAA(ven)' national scale rating of the company.  The Rating
Outlook is
Stable.


RIDDLEWOOD COMPANY: Appoints Kevin Chung Ying Hui as Liquidator
---------------------------------------------------------------
Kevin Chung Ying Hui was appointed as liquidator of Riddlewood
Company Ltd by virtue of a special resolution passed on Nov. 10,
2006.

The Liquidator can be reached at:

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


SILVER RIVER: Members' Final Meeting Slated for December 27
-----------------------------------------------------------
Silver River Ltd, which is in members' voluntary liquidation,
will hold a final general meeting for its members on Dec. 27,
2006, at 3:00 p.m.

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

The Liquidator can be reached at:

         Lam Ying Sui
         Room 1005
         Allied Kajima Building
         138 Gloucester Road, Wanchai
         Hong Kong


TOP STAR: Court Appoints Joint Liquidators
------------------------------------------
On Nov. 2, 2006, the High Court of Hong Kong appointed Alan C W
Tang and Alison Wong Lee Fung Ying as joint and several
liquidators of Top Star Garment Ltd.

The Troubled Company Reporter - Asia Pacific reported that on
April 10, 2006, the company commenced a wind-up of its
operations.

Standard Chartered Bank (Hong Kong) Limited filed the wind-up
petition against Top Star on Feb. 20, 2006.

The Joint Liquidators can be reached at:

         Alan C W Tang
         Alison Wong Lee Fung Ying
         Grant Thornton
         Certified Public Accountants
         13/F, Gloucester Tower
         The Landmark
         15 Queen's Road Central
         Hong Kong


WISE HOPE: Liquidator to Present Wind-Up Report on Dec. 27
----------------------------------------------------------
Wise Hope Ltd, which is in members' voluntary liquidation, will
hold a final general meeting for its members on Dec. 27, 2006,
at 4:00 p.m.

During the meeting, Liquidator Lam Ying Sui will present a
report regarding the company's wind-up proceedings.

The Liquidator can be reached at:

         Lam Ying Sui
         Room 1005
         Allied Kajima Building
         138 Gloucester Road, Wanchai
         Hong Kong


WOD INVESTMENTS: Members to Receive Wind-Up Report on Dec. 27
-------------------------------------------------------------
A final general meeting of the members of WOD Investments Ltd
will be held on Dec. 27, 2006, at 3:30 p.m.

At the meeting, members will receive the accounts of the
company's wind-up proceedings and property disposal exercises
from Liquidator Lam Ying Sui.

The Liquidator can be reached at:

         Lam Ying Sui
         Room 1005
         Allied Kajima Building
         138 Gloucester Road, Wanchai
         Hong Kong


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

AES CORP: Submits Bids for Coal & Biomass Facility Construction
-----------------------------------------------------------
The AES Corp. submitted two bids to construct a clean coal and
biomass facility in Upstate New York in response to a request
for proposal by the New York Power Authority or NYPA.

AES' proposals include a 500 MW generation plant located at AES'
Jennison site in Bainbridge, New York and a 700 MW facility at
its Somerset plant in Barker, New York.  Both proposed
facilities meet the environmental performance criteria set by
the Governor's Advanced Clean Coal Power Plant Initiative.

If selected, AES said construction of its plant would be
completed by 2013 and NYPA would purchase power generated by the
facility through a long-term contract.  Each proposed project
would create up to 1500 construction jobs for 3-4 years, and up
to 120 new permanent jobs in the state.

"AES' proposed facilities will help New York meet its growing
demands for electricity while also helping the state achieve its
environmental and economic development goals," said Pete
Norgeot, President of AES Eastern Energy.  "In addition to
significantly reducing emissions over conventional coal-fired
facilities, AES' plants will provide both direct and indirect
jobs, low cost power for residential and industrial users and
support the local biomass and agricultural sectors in Upstate
New York."

Both clean coal facilities will utilize existing infrastructure
at the plant sites.  Each facility will include advanced boiler
designs and the latest emission control equipment to ensure
optimal plant efficiency, reliability factors reaching 95%, and
the capability to capture 90% of the plants' CO2 emissions.

Both plants will be able to capture CO2 either during combustion
with oxy-firing technology or post-combustion with advanced CO2
scrubbing technology, once CO2 sequestration becomes a viable
option.  In addition, AES will construct the facilities with the
ability to co-fire biomass.

"AES' investment plans for New York are consistent with the
company's ongoing commitment to the environment worldwide and to
improving the air quality in New York State," said David Gee,
AES President of North America.

"Since 1999, AES has invested more than $100 million in
pollution control projects in New York, and we look forward to
building on that tradition of environmental stewardship.  In
addition, these facilities will demonstrate that coal can be a
low-cost, reliable and environmentally-friendly fuel alternative
for New York."

                        About AES Corp.

AES Corporation -- http://www.aes.com/-- is a global power
company.  The company operates in South America, Europe, Africa,
Asia and the Caribbean countries.  Generating 44,000 megawatts
of electricity through 124 power facilities, the company
delivers electricity through 15 distribution companies.

The company has presence in India, China and Sri Lanka.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
Given-Default rating methodology.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.


AES CORP: reEarth to Host LNG Protest Concert in The Bahamas
-----------------------------------------------------------
As the Liquid Natural Gas or LNG debate heats up in The Bahamas,
local Environmental group reEarth is set to host the country's
first Environmental Awareness concert to collect protest
signatures against AES Corp.'s proposed LNG plant to be cited at
Ocean Cay.

The event, to be held on December 2 at Arawak Cay between 6 p.m.
and 12 midnight.

"We have been overwhelmed by support and positive energy to hold
this event and to bring this collective voice to our Government,
that we do not want LNG now, or anytime in the future," said
reEarth President Sam Duncombe.

Ms. Duncombe added, "Politicians are here to do what we, the
people, tell them to do and not continue to ignore our voice.
Our message is loud and clear: NO LNG, not now, not ever.  This
is an opportunity for Bahamians to become aware of this issue,
with an event that is fun, using music -- the universal language
-- to bring us all together."

AES Corp. plans to locate an LNG terminal at Ocean Cay, 8 miles
from Cat Cay in the Biminis, to the Northwest of the Bahamas
chain.  They also plan to lay 100 miles of pipeline (43 miles
through Bahamas waters) to feed Southern Florida with the
cheaper source of fuel.  The project has been dogged by delays
due to protests in The Bahamas and Governmental bureaucracies.

Protesters are calling for a ban on LNG because of the inherent
dangers to the environment of The Bahamas, the terrorist threat
it poses and the problems of regulating an industry that bares
no relevance to The Bahamas.

"Florida will not have LNG in its waters, or on its shores, so
why should we? All of the same risks that stop Florida from
housing LNG in its territories are the same for us here in The
Bahamas.  We need to preserve our environs for our children, not
look at risky ventures that could de-stabilize our main
economies like Tourism and Fishing for another country's gain!"
says Ms. Duncombe.

                        About AES Corp.

AES Corporation -- http://www.aes.com/-- is a global power
company.  The company operates in South America, Europe, Africa,
Asia and the Caribbean countries.  Generating 44,000 megawatts
of electricity through 124 power facilities, the company
delivers electricity through 15 distribution companies.

The company has presence in India, China and Sri Lanka.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
Given-Default rating methodology.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.


AES: Researching Improved Carbon Dioxide Capture with Praxair
-------------------------------------------------------------
AES Eastern Energy, a subsidiary of AES Corp., and Praxair,
Inc., plan to research and demonstrate improved carbon dioxide
capture technologies for new and existing electric generation
facilities in New York State.  AES Eastern Energy and Praxair
will focus on opportunities to create capture-ready technology
designs for new generation plants and low-cost retrofit options
for existing generation facilities, including oxyfuel combustion
of coal.

"We are pleased to work with Praxair on this project, which
furthers AES's longstanding commitment to supporting the
environment in New York State," said Pete Norgeot, President of
AES Eastern Energy.  "Since 1999, AES has invested over US$100
million in environmental control technologies at our facilities
in New York.  In addition to benefiting the environment, low
cost CO2 technology will help promote long-term economic
development and energy sector stability in New York by
supporting the use of coal -- a low cost, reliable fuel
alternative."

AES Eastern Energy and Praxair intend to explore, research,
design, and potentially commercialize the implementation of CO2
emission reduction technology for new and existing electric
generation facilities.  This effort furthers New York State's
involvement in the development of state-of-the-art CO2 reduction
technology and will help the state meet its goals for creating
fuel diversity and low cost, reliable energy solutions.

"The development of CO2 capture technology solutions, including
oxyfuel combustion of coal, requires the research expertise and
experience that Praxair offers along with AES's generation and
operational expertise.  Combining the qualities of both
companies will help bring about functional and practical CO2
capture solutions," said Dante Bonaquist, Chief Scientist,
Praxair Research and Development.  "We believe that the market
will demand a cost effective, reliable CO2 capture technology
solution, which is why Praxair supports AES's clean coal
proposal.  We believe that competition among oxy-fuel
combustion, pre-combustion and post combustion carbon capture
technologies will result in the best outcome for the
environment, the energy sector, the economy and the consumer."

                          About Praxair

Praxair is the largest industrial gases company in North and
South America, and one of the largest worldwide, with 2005 sales
of US$7.7 billion.  The company produces, sells and distributes
atmospheric and process gases, and high-performance surface
coatings.  Praxair products, services and technologies bring
productivity and environmental benefits to a wide variety of
industries, including aerospace, chemicals, food and beverage,
electronics, energy, healthcare, manufacturing, metals and
others.

                         About AES Corp.

AES Corporation -- http://www.aes.com/-- is a global power
company.  The company operates in South America, Europe, Africa,
Asia and the Caribbean countries.  Generating 44,000 megawatts
of electricity through 124 power facilities, the company
delivers electricity through 15 distribution companies.

The company has presence in India, China and Sri Lanka.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
Given-Default rating methodology.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.


AFFILIATED COMP: Reports Results of Stock Option Investigation
--------------------------------------------------------------
Affiliated Computer Services, Inc., completed its internal
investigation into its historical stock option practices and the
actions it is taking in response to the findings of the
investigation, including changes in its executive management.

The investigation concluded that certain conduct of Mark A.
King, the company's Chief Executive Officer, and Warren D.
Edwards, the company's Chief Financial Officer, violated the
company's Code of Ethics for Senior Financial Officers.  Mr.
King and Mr. Edwards have resigned, effective Nov. 26, 2006, and
have entered into separation agreements with the company.

The Board of Directors has appointed Lynn Blodgett, who has been
serving as Executive Vice President and Chief Operating Officer
of the company and as a director since September 2005, as
President and Chief Executive Officer, and John Rexford, who has
been serving as Executive Vice President -- Corporate
Development since March 2001, as Executive Vice President and
Chief Financial Officer and as a director, in each case
effective immediately.  Mr. Blodgett and Mr. Rexford have served
in various executive capacities with the company for over ten
years.

Darwin Deason, Chairman of the Board, commented, "The Board of
Directors and I have the highest degree of confidence in the
leadership capabilities of Lynn Blodgett and John Rexford.
Their long-term executive management experience with ACS will
allow them to quickly assume their new responsibilities and
ensure continued service excellence for our client base, strong
leadership for our employees, and long-term growth in value for
our shareholders.  This is a strong reflection on the depth and
breadth of the ACS management team."

The company is continuing to review and evaluate the results of
the internal investigation and recent accounting guidelines
established by the Securities and Exchange Commission to
determine the accounting consequences of the use of incorrect
measurement dates during the period from 1994 through 2005.  The
company currently expects that the incremental cumulative non-
cash compensation expense related to incorrect accounting
measurement dates will be approximately US$51 million, plus
additional tax related expenses.  This estimate may increase or
decrease when finalized.  The company has not yet determined the
impact of these accounting adjustments on its historical and
current period consolidated financial statements or on its
assessment of effectiveness of internal control over financial
reporting, nor whether it will be required to restate its
consolidated financial statements as a result of these
adjustments.

The company has informed the Securities and Exchange Commission
and the United States Attorney's Office for the Southern
District of New York of the matters described in this press
release and will continue to cooperate with these governmental
entities and their investigations.

The internal investigation was initiated in response to a
pending informal inquiry by the Securities and Exchange
Commission and a subpoena from a grand jury in the Southern
District of New York.  The investigation reviewed the company's
historical stock option practices during the period from 1994
through 2005, including all 73 stock option grants made by the
company during this period, and the related disclosure in the
company's Form 10-Q, filed May 15, 2006.

The investigation was overseen by a special committee of the
Board of Directors that consisted of all the independent members
of the Board. The special committee retained Bracewell &
Giuliani LLP as independent counsel to conduct the internal
investigation.  The results of the investigation were recently
reported to the special committee and the committee has
submitted recommendations for action to the Board.  These
recommendations are now being implemented by the Board
substantially as submitted by the special committee.

During the course of the investigation, more than 2 million
pages of electronic and hardcopy documents and emails were
reviewed.  In addition, approximately 40 interviews of current
and former officers, directors, employees and other individuals
were conducted.  The independent directors, in their role as
special committee members and as independent directors prior to
formation of the committee, met extensively over the last nine
months to consider the matters discussed in this press release.
The investigation was necessarily limited in that the
investigation team did not have access to certain witnesses with
relevant information (including the company's former Chief
Executive Officer, Jeffrey A. Rich) and due to the lack of
metadata for certain electronic documentation prior to 2000.

The background pertaining to the company's historical stock
option practices was confirmed through the investigation.
Option grants were typically initiated by senior management of
the company or Darwin Deason, Chairman of the Board (and
chairman of the compensation committee from 1994 through August
2003), on a prospective basis at times when they believed it was
appropriate to consider option grants and the price of the
company's common stock was relatively low based on an analysis
of, among other things, price-earnings multiples.  With respect
to each grant of options to senior executives, the Chairman gave
a broad authorization to the CEO that included approval of
option recipients and the number of stock options to be awarded
to each recipient.

In the case of non-senior management grants, the Chairman gave
his general authorization for the awarding of options and the
CEO would subsequently obtain his approval of option recipients
and the number of stock options to be awarded.  With respect to
both senior executive and non-senior management grants, after
the Chairman's broad authorization, the CEO and/or CFO then
selected the date to be recorded as the grant date as they,
assisted by employees who reported to them, prepared the
paperwork that documented the grant recommendations to be
considered by the applicable compensation committee.  Thus,
between 1994 and 2005, grant dates and related exercise prices
were generally selected by Mr. Rich, Mr. King and Mr. Edwards.

Mr. Rich served as CFO during the period prior to 1994 and until
May 1995, President and Chief Operating Officer from May 1995
until February 1999, and President and Chief Executive Officer
from February 1999 until August 2002, and Chief Executive
Officer from August 2002 until his resignation Sept. 29, 2005.
Mr. King served as CFO from May 1995 through March 2001, COO
from March 2001 through August 2002, President and COO from
August 2002 through September 2005, and President and CEO from
September 2005 through Nov. 26, 2006.  Mr. Edwards served as CFO
from March 2001 through Nov. 26, 2006.

As described in the May 2006 Form 10-Q, the company's regular
and special compensation committees used unanimous written
consents signed by all members of the committee ratifying their
prior verbal approvals of option grants to senior executives or
options granted in connection with significant acquisitions.  In
connection with option grants to senior executives, the
historical practice was for the Chairman, on or about the day he
gave senior management his broad authorization to proceed with
preparing paperwork for option grants, to call each of the
compensation committee members to discuss and obtain approval
for the grants.  In cases where grants were awarded to senior
executives and in large blocks to non-senior management the
Chairman and members of the compensation committee discussed
grants to senior executives specifically and, on certain
occasions, acknowledged generally that a block of grants would
be awarded to non-senior management as well.  For grants to non-
senior management which were not combined with senior executive
grants, the Chairman and the committee members generally did not
discuss the grants at the time the Chairman gave his broad
authorization to senior management to proceed with preparing
paperwork for option grants, but unanimous consents were
subsequently signed by the committee members in order to
document the effective date of the grants.

The investigation concluded that in a significant number of
cases Mr. Rich, Mr. King and Mr. Edwards used hindsight to
select favorable grant dates during the limited time periods
after Mr. Deason had given the officers his authorization to
proceed to prepare the paperwork for the option grants and
before formal grant documentation was submitted to the
applicable compensation committee. No evidence was found to
suggest that grant dates that preceded Mr. Deason's broad
authorization was ever selected.  In a number of instances, the
company's stock price was trending downward at the time Mr.
Deason's authorization was given, but started to rise as the
grant recommendation memoranda were being finalized.  The
investigation found that in those instances Mr. Rich, Mr. King
and Mr. Edwards often looked back in time and selected as the
"grant date" a date on which the price was at a low,
notwithstanding that the date had already passed and the stock
price on the date of the actual selection was higher.
Recommendation memoranda attendant to these grants were
intentionally misdated at the direction of Mr. Rich, Mr. King
and Mr. Edwards to make it appear as if the memoranda had been
created at or about the time of the chosen grant date, when in
fact, they had been created afterwards.  As a result, stock
options were awarded at prices that were at, or near, the
quarterly low and the company effectively granted "in the money"
options without recording the appropriate compensation expense.

The evidence gathered in the investigation disclosed that aside
from Mr. Rich, Mr. King and Mr. Edwards, one other current
management employee of the company, who is not an executive
officer or director, was aware of the intentional misdating of
documents. Based on the evidence reviewed, no other current
executives, directors or management employees were aware of
either the improper use of hindsight in selecting grant dates or
the intentional misdating of documents.  It was also determined
that these improper practices were generally followed with
respect to option grants made to both senior executives and
other employees.  No evidence was found to suggest that the
practices were selectively employed to favor executive officers
over other employees.

Further, with respect to the company's May 2006 Form 10-Q, the
investigation concluded that Note 3 to the Consolidated
Financial Statements which stated, in part, that the company did
"not believe that any director or officer of the company has
engaged in the intentional backdating of stock option grants in
order to achieve a more advantageous exercise price," was
inaccurate because, at the time the May 2006 Form 10-Q was
filed, Mr. King and Mr. Edwards either knew or should have known
that the company awarded options through a process in which
favorable grant dates were selected with the benefit of
hindsight in order to achieve a more advantageous exercise price
and that the term "backdating" was readily applicable to the
company's option grant process.  Neither Mr. King nor Mr.
Edwards told the company's directors, outside counsel or
independent accountants that the company's stock options were
often granted by looking back and taking advantage of past low
prices.  Instead, both Mr. King and Mr. Edwards attributed the
disparity between recorded grant dates and the creation dates of
the paperwork attendant to the stock option grants to other
factors that did not involve the use of hindsight.

The investigation concluded that the conduct of Mr. King and Mr.
Edwards with regard to the misdating of recommendation memoranda
as well as their conduct with regard to the May 2006 Form 10-Q
violated the company's Code of Ethics for Senior Financial
Officers.

                Resignation of CEO and CFO

Mr. King has resigned as President and Chief Executive Officer
and as a director of the company, and Mr. Edwards has resigned
as Executive Vice President and Chief Financial Officer of the
company.

The company has entered into separation agreements with Mr. King
and Mr. Edwards pursuant to which they will remain with the
company during a transition period ending June 30, 2007, the end
of the company's current fiscal year.  The separation agreements
are included as exhibits to the company's Form 8-K filed with
the Securities and Exchange Commission.

Under the terms of their separation agreements, among other
things, the exercise price of all unexercised options held by
them will be increased to reflect the applicable adjusted
accounting measurement dates in order to offset the benefit of
such favorable exercise prices (currently estimated to be in the
aggregate approximate amount of US$3.2 million for Mr. King and
US$1.0 million for Mr. Edwards) and, in the case of Mr. King, to
reflect the benefit of favorable exercise prices attributable to
previously exercised options (currently estimated to be in the
aggregate approximate amount of US$1.3 million).

In addition, certain unvested options will immediately
terminate, certain others will be permitted to vest in 2007 but
have a limited exercise period of no later than June 30, 2008,
and all vested options for which exercise prices are adjusted
have limited exercise periods substantially shorter than
previously provided under the related option agreements. The
separation agreements also provide, among other things, for a
non-competition and non-solicitation period through Dec. 31,
2009. In addition, the separation agreements provide that the
executives' existing severance agreements with the company are
terminated, the executives' salaries are reduced during the
transition period and they will not be eligible to participate
in any company bonus plans, and the executives will be eligible
to receive certain company-provided health benefits through
Dec. 31, 2009.

                 New Executive Management

The Board of Directors has appointed Lynn Blodgett, who has been
serving as Executive Vice President and Chief Operating Officer
of the company and as a director since September 2005, as
President and Chief Executive Officer, and John Rexford, who has
been serving as Executive Vice President - Corporate Development
since March 2001, as Executive Vice President and Chief
Financial Officer and as a director, in each case effective
immediately.  Mr. Blodgett and Mr. Rexford have served in
various executive capacities with the company for over ten
years.

Mr. Blodgett, began his career with ACS in 1996 as President of
ACS Business Processing Solutions, Inc., formerly Unibase
Technologies, Inc., a business process outsourcing company
founded by Mr. Blodgett and acquired in 1996 by ACS.  Mr.
Rexford, joined ACS in 1996 as Senior Vice President - Mergers
and Acquisitions and has led ACS' mergers and acquisitions
program since that time.

           Other Recommendations and Actions

Among the recommendations made by the special committee are
improvements in the controls and procedures relating to the
company's granting of stock options. Some of these improvements
have already been implemented and the company plans to implement
the remaining recommendations as soon as practicable.

In addition, to avoid any appearance of inappropriate personal
gain, the independent directors have voluntarily agreed that
with respect to any historical option grants to them which
require incremental compensation expense as a result of
adjusting accounting measurement dates, the exercise price will
be increased to equal the fair market value of the stock on the
date of the adjusted measurement date.

The company expects that it will adjust the exercise price of
outstanding stock options to avoid adverse tax consequences to
individual option holders under Section 409A of the Internal
Revenue Code.  The Board of Directors has determined that all
company employees and executives, including Mr. Blodgett and Mr.
Rexford who are directors, (other than Mr. King, Mr. Edwards,
and the management employee referred to previously) will be
reimbursed to offset any individual loss of economic benefit or
tax impact related to such repriced stock options.  The company
has not yet determined the accounting impact of these exercise
price adjustments.

The company has made only one individual stock option grant to
Mr. Deason since the company was founded in 1988. The
investigation, after extensive analysis of the available
evidence, could not conclude that the reported grant date for
this stock option grant, July 23, 2002, was selected using
hindsight.  Mr. Deason has never exercised any options under
this single individual option grant.  (Two other option grants
to Mr. Deason are being used by the company as a means to
partially fund its retirement obligations to Mr. Deason).

                    Financial Reporting

The company is continuing to review and evaluate the results of
the internal investigation and recent accounting guidelines
established by the Securities and Exchange Commission to
determine the accounting consequences of the use of incorrect
measurement dates during the period from 1994 through 2005.  The
company currently expects that the incremental non-cash
compensation expense related to incorrect accounting measurement
dates will be approximately US$51 million, plus additional tax
related expenses.  This estimate may increase or decrease when
finalized.  The company has not yet determined the impact of
these accounting adjustments on its historical and current
period consolidated financial statements or on its assessment of
effectiveness of internal control over financial reporting, nor
whether it will be required to restate its consolidated
financial statements as a result of these adjustments.

The company intends to use diligent efforts to file its Form 10-
K for its fiscal year ended June 30, 2006, and its Form 10-Q for
its first fiscal quarter ended Sept. 30, 2006, no later than
Dec. 31, 2006; however, there can be no assurance that the
company will be able to do so.  The company intends to negotiate
appropriate extensions and waivers under its credit facility in
the event they are required.

The company filed a Form 8-K with the Securities and Exchange
Commission that includes information supplemental to this press
release, including filed copies of the separation agreements
entered into between the company and each of Mr. King and Mr.
Edwards.

Headquartered in Dallas, Texas, Affiliated Computer Services,
Inc., (NYSE: ACS) -- http://www.acs-inc.com/-- provides
business process outsourcing and information technology
solutions to commercial and government clients.  The company's
global presence include operations in China, Brazil, Dominican
Republic, India, Ireland, Philippines, Poland and Singapore.

                          *     *     *

Standard & Poor's Ratings Services lowered in June 2006 its
corporate credit and senior secured ratings to BB from BB+ for
Affiliated Computer Services Inc.  The ratings remain on
CreditWatch with negative implications, where they were placed
Jan. 27, 2006.


AFFILIATED COMP: Investigation Results Cue S&P to Hold Watch
------------------------------------------------------------
Standard & Poor's Ratings Services kept its ratings for
Affiliated Computer Services Inc., including the 'B+' corporate
credit rating, on CreditWatch, where they were placed with
negative implications on Sept. 29, 2006.

"ACS has announced that it has completed its internal
investigation into its historical stock option practices; in
response to the finding, the company's chief executive officer
and chief financial officer have resigned," said Standard &
Poor's credit analyst Philip Schrank.

Additionally, the company is continuing to review and evaluate
the results of the internal investigation to determine the
accounting consequences of the use of incorrect measurement
dates during the period from 1994 through 2005.  The company
currently expects that the incremental cumulative noncash
compensation expense related to incorrect accounting measurement
dates will be approximately US$51 million, plus additional tax
related expenses.  This estimate may increase or decrease when
finalized.  The company has not yet determined the impact of
these accounting adjustments on its historical and current
period consolidated financial statements or on its assessment of
effectiveness of internal control over financial reporting, nor
whether it will be required to restate its consolidated
financial statements as a result of these adjustments.

Standard & Poor's will continue to monitor the progress being
made with regard to the filing of audited financial reports and
financial restatements, negotiations with lenders and other
triggering events that might cause a payment acceleration of
ACS' debentures, as well as the company's available sources of
liquidity.  Additionally, we will review with new management any
changes to the strategy and corporate governance practices that
may stem from the management departures and internal
investigation.

                        Ratings List

Affiliated Computer Services Inc.

Ratings Remain On Credit Watch

  Corporate credit rating          B+/Watch Neg/--
  Senior secured debt              B+/Watch Neg

Headquartered in Dallas, Texas, Affiliated Computer Services,
Inc., (NYSE: ACS) -- http://www.acs-inc.com/-- provides
business process outsourcing and information technology
solutions to commercial and government clients.  The company's
global presence include operations in China, Brazil, Dominican
Republic, India, Ireland, Philippines, Poland and Singapore.

                           *     *     *

Standard & Poor's Ratings Services lowered in June 2006 its
corporate credit and senior secured ratings to BB from BB+ for
Affiliated Computer Services Inc.  The ratings remain on
CreditWatch with negative implications, where they were placed
Jan. 27, 2006.

Fitch Ratings assigned its BB issuer default rating, BB senior
secured revolving bank credit facility rating, BB senior secured
term loan rating, and BB senior notes rating on Affiliated
Computer Services, Inc.  The rating outlook is negative.


HDFC BANK: 2.5% Stake Sold to CLSA Mauritius in Block Deal
----------------------------------------------------------
In a block deal, CLSA Mauritius purchased 77,67,785 shares of
HDFC Bank Limited at INR1,106 per share.  Crown Capital sold the
shares on the National Stock Exchange with the proceeds totaling
around INR859 crore.

According to reports, the shares sold represent 2.5% of the
Bank's equity.

The Economic Times says market sources attributed booking huge
profit before the year-end as a possible reason for the bulk
sale.

                        About HDFC Bank

Headquartered in Mumbai, India, HDFC Bank Limited --
http://www.hdfcbank.com/-- is a private sector bank that offers
a range of commercial and transactional banking services and
treasury products to wholesale and retail customers.  The bank
operates in three segments: retail banking, wholesale banking
and treasury services.  The retail banking segment serves retail
customers through a branch network and other delivery channels.
The wholesale banking segment provides loans and transaction
services to corporate and institutional customers.  The treasury
services segment undertakes trading operations on the
proprietary account, foreign exchange operations and derivatives
trading.

Fitch Ratings, on June 1, 2005, gave HDFC Bank a 'C' individual
rating.


HDFC BANK: Gets RBI's Approval to Open New Branches
---------------------------------------------------
The Reserve Bank of India has allowed HDFC Bank Ltd to establish
new branches and off-site automated teller machines, HDFC says
in a filing with the Bombay Stock Exchange.

The Bank did not say how many branches and ATMs it plans to open
now that it has RBI's nod.

The Bank further discloses that the Securities and Exchange
Board of India permitted it to open new demat accounts.

                        About HDFC Bank

Headquartered in Mumbai, India, HDFC Bank Limited --
http://www.hdfcbank.com/-- is a private sector bank that offers
a range of commercial and transactional banking services and
treasury products to wholesale and retail customers.  The bank
operates in three segments: retail banking, wholesale banking
and treasury services.  The retail banking segment serves retail
customers through a branch network and other delivery channels.
The wholesale banking segment provides loans and transaction
services to corporate and institutional customers.  The treasury
services segment undertakes trading operations on the
proprietary account, foreign exchange operations and derivatives
trading.

Fitch Ratings, on June 1, 2005, gave HDFC Bank a 'C' individual
rating.


ICICI BANK: To Borrow US$1 Billion Overseas
-------------------------------------------
ICICI Bank Ltd reportedly plans to borrow US$1 billion in yen.

According to reports, the move is aimed at, among others,
bolstering the bank's capital base and financing rapidly growing
onshore lending.

By borrowing in yen, ICICI Bank can take advantage of the lowest
interest rates among major economies to raise a record amount
overseas for an Indian bank, Denise Kee of Bloomberg News says.

ICICI has reportedly hired 14 banks to handle the debt offering
that will be raised in yen maturing in one to three years.

"ICICI declined to comment on the report," Businessweek.com
notes.

                         About ICICI Bank

Headquartered in Mumbai, India, ICICI Bank Limited --
http://www.icicibank.com/-- is a financial services group
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance.  It also has
interests in the software development, software services and
business process outsourcing businesses.  The Company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others.  It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.

                          *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to
the hybrid Tier-1 securities to be issued by ICICI Bank Ltd.  On
Oct. 16, S&P assigned its 'BB+' issue rating to its senior
unsecured, five-year, fixed-rate U.S. dollar notes.


ICICI BANK: Signs Trade Financing MoU with Canada's EDC
-------------------------------------------------------
ICICI Bank Ltd signed a memorandum of understanding with Export
Development Canada to provide financing support to Indian buyers
of capital goods and professional services from Canada, the
Financial Express reports.

According to the newspaper, the tie-up will, among others:

   -- help assist the customers interested in procuring capital
      goods and services from Canadian sources; and

   -- facilitate projects between Canadian and Indian companies.

The "Bank will leverage its international presence to provide
holistic support to Indian corporates in their global
aspirations," Zee News cites ICICI Bank's deputy managing
director, Chanda Kochhar, as saying.  "The collaboration will
help speed the entry of the Canadian companies in a rapid-growth
market."

                         About ICICI Bank

Headquartered in Mumbai, India, ICICI Bank Limited --
http://www.icicibank.com/-- is a financial services group
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance.  It also has
interests in the software development, software services and
business process outsourcing businesses.  The Company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others.  It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.

                          *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to
the hybrid Tier-1 securities to be issued by ICICI Bank Ltd.  On
Oct. 16, S&P assigned its 'BB+' issue rating to its senior
unsecured, five-year, fixed-rate U.S. dollar notes.


INDIAN OIL: Board Approves Merger with Bongaigaon Refinery
----------------------------------------------------------
Indian Oil Corporation Ltd's board of directors approved a
Scheme of Amalgamation for the company's merger with Bongaigaon
Refinery & Petrochemicals Ltd.

The board came up with the decision at its meeting on
Nov. 29, 2006.

The board also recommended a swap ratio of 4:37. that is, 4 of
IOC's equity shares of INR10 each as fully paid-up for every 37
BPRL's equity shares of INR10.

The merger is still subject to the approval of the Government of
India and all other consents or approvals from Regulatory
Authorities or otherwise as may be required under Law.

                   About Indian Oil Corporation

Headquartered in New Delhi, Indian Oil Corporation Limited --
http://www.iocl.com/-- is engaged in the sale of petroleum
products.  Other businesses comprise the sale of imported crude
oil, sale of gas, petrochemicals and oil and gas exploration
activities jointly undertaken in the form of unincorporated
joint ventures.  The company's premium fuels include XTRAPREMIUM
petrol and XTRAMILE diesel.  AutoGas is Indian Oil's auto liquid
petroleum gas brand and sells SERVO lubricants in 10 countries.
The aviation fuel supply business caters to the aviation fuel
requirements of the defense services, national carriers,
scheduled private airlines and international airlines.  The
Digboi Refinery of the Assam Oil Division processes crude oil
and its marketing network comprises 366 retail outlets, 399
kerosene/light diesel oil dealerships, and 271 Indane
distributors.  It owns and operates 18 refineries with a
combined refining capacity of 54.20 million tones per annum (1.1
million barrels per day).

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
April 21, 2006, that Standard & Poor's Ratings Services revised
the outlook on Indian Oil to positive from stable.  At the same
time, S&P affirmed the 'BB+' issuer credit rating on the
Company.  The outlook revision follows the revision in the
outlook on the sovereign credit ratings on India
(BB+/Positive/B) on April 19, 2006.

Additionally, Moody's Investors Service gave Indian Oil a Ba1
long-term corporate family rating and a Ba2 issuer rating on
March 3, 2005.


INDIAN OVERSEAS: J D Sharma Named New Officer Employee Director
---------------------------------------------------------------
Indian Overseas Bank reminds the Bombay Stock Exchange that in
March 2006, the Government of India nominated Shri J D Sharma,
President of Indian Overseas Bank Officers Association, as
Officer Employee Director on the bank's board of directors.  The
nomination was for a period of three years with effect from
March 08, 2006.

In an update, the Bank informs BSE that Sri J D Sharma had been
appointed as a nominee on the board representing the Officer
Employees, effective March 9, 2006, replacing Sri K Ananda
Kumar.   Hence, Sri K Ananda Kumar ceased to be a director from
March 8, 2006.

                  About Indian Overseas Bank

Headquartered in Chennai India, Indian Overseas Bank --
http://www.iob.com/-- provides consumer and commercial banking
services.  The Company provides various banking services,
including saving bank, current accounts, credit facilities and
other services.  IOB also provides non-residential Indian
services, personal banking, foreign exchange reserves
collections services, agri business consultancy, credit cards
and e-banking services.  It also provides automated teller
machine services.  As of March 31, 2006, IOB had five full-
fledged branches overseas: two in Hong Kong, and one each in
Singapore, Seoul and Sri Lanka.  The Bank also had an extension
counter in Sri Lanka and a remittance center in Singapore.

Standard & Poor's Ratings Service gave Indian Overseas BB+
ratings to both long-term local and long-term foreign issuer
credit, and B ratings for both its short-term foreign and short-
term local issuer credit effective on January 16, 2006.


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

ALCATEL SA: Inks TD-SCDMA Development Deal with Datang Group
------------------------------------------------------------
Alcatel S.A. and Datang Telecom Technology and Industry Group
signed a Memorandum of Understanding in Beijing that further
reinforces Alcatel's commitment to support China's home-grown 3G
standard, TD-SCDMA.

This MOU complements an initial agreement that was concluded
between Datang Mobile and Alcatel Shanghai Bell in November
2004.

According to the agreement, Alcatel and Datang Group will work
closely together to drive TD-SCDMA development.  Specifically,
the MOU reinforces the cooperation that currently exists between
the two companies in the areas of sales, marketing,
industrialization, research and development of TD-SCDMA products
and technologies for the domestic China market.  Alcatel will
assist the Datang Group abroad and support this global effort by
taking advantage of its worldwide presence in over 130
countries.  Finally, the MOU includes joint development of LTE
(Long Term Evolution) products and technologies.

The signature of this MOU is a demonstration of the confidence
both companies place in the future of TD-SCDMA and of their
intention to become leading providers of TD-SCDMA when 3G
arrives in China and well-positioned to capture a number of
market opportunities.

In November 2004, Alcatel and Datang Mobile, a unit of Datang
Group, signed an agreement to invest in the industrialization of
TD-SCDMA in China.  In April 2005, Alcatel Shanghai Bell and
Datang jointly demonstrated a live end-to-end TD-SCDMA solution
during the TD-SCDMA International Summit in Beijing.  In August
2005, the two companies finished the TD-SCDMA industrialization
and announced readiness for large-scale commercial deployment.
In March 2006, Alcatel Shanghai Bell and Datang jointly
established a TD-SCDMA lab to provide a real network environment
dedicated to interoperability testing between GSM and TD-SCDMA
applications.

TD-SCDMA is one of three 3G standards licensed by International
Telecommunication Union (ITU) put forth by Datang Group on
behalf of China in the year of 2000.  The other two are W-CDMA
and CDMA 2000.

                       About Datang Group

Datang Telecom Technology and Industry Group is a large high-
tech enterprise group specializing in development, manufacturing
and sales of electronic information system equipment, such as,
wireless and mobile communications, smart IC card and SOC
(System On Chip) chip, data communication, high-capacity digital
switching, software and system integration.

                         About Alcatel

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

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

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


ALCATEL SA: Inks ROADM Turnkey Deal with P&TLuxembourg
------------------------------------------------------
Alcatel S.A. signed a turnkey contract with P&TLuxembourg, the
Grand Duchy's leading provider of postal and telecommunications
services, to deploy a Trans-European Network using Alcatel's re-
configurable optical add-drop multiplex (ROADM)-powered
solution.  The project will enhance the high-speed optical
connectivity and flexibility of P&TLuxembourg network to
transport large volumes of bandwidth-hungry broadband services
between major European cities.

The Trans-European Network will span more than 3,000 km linking
Luxembourg, Amsterdam (the Netherlands), Brussels (Belgium),
Frankfurt (Germany), London (England), as well as Paris and
Strasbourg (France).  Its deployment will provide P&TLuxembourg
with a leading-edge platform to efficiently support existing
broadband services - including live TV streams, high-speed
Internet access, e-shop and mail - and further optimize the
delivery of Ethernet-based services.

With the implementation of the Trans-European Network,
P&TLuxembourg will be present at every important Internet
exchange node in Europe.  The first links will be operational
before the end of 2006.  The entire Trans-European Network will
progressively be operational at the beginning of 2007.

This enlarged European network will allow P&TLuxembourg and the
Grand-Duchy to compete at arms length with other European
telecommunication centers and to offer attractive prices, for
bandwidth and Internet connectivity from and to Luxembourg.  The
network has been specifically designed to offer the maximum
security and the highest quality of service by making sure that
each connection has an independent redundant path.

The Alcatel solution fulfills the multiple requirements of
P&TLuxembourg, offering a versatile and easy-to-maintain
infrastructure for provisioning services more rapidly and for
raising the service quality benchmark.

Such flexibility is critical for operators who are looking to
generate new value for their current and addressable end-user
base. With Alcatel's ROADM technology, P&TLuxembourg can change
traffic patterns by tuning wavelengths anytime, anywhere in the
network, as new bundles of services and applications require,
all the while without adding complexity to the network.

The solution is based on Alcatel's multi-reach 1626 Light
Manager (LM). Operating at up to 40 Gbit/s per wavelength, the
Alcatel 1626 LM uses ROADM technology to enable flexible
capacity planning for faster bandwidth provisioning.
P&TLuxembourg will be able to remotely add and drop wavelengths
according to specific traffic profiles without impacting the
network performance.  This drastically simplifies network
operations as traffic expansions can be easily and directly
performed from the network operation center (NOC) without having
to bring experts on-site to manually configure or adjust the
configurations. As a result, P&TLuxembourg will also benefit
from reduced total cost of network ownership.

The Alcatel 1350 management suite -- a comprehensive platform
enabling the management of packets, circuits and wavelength
connectivity services - will manage the new solution. Alcatel
will also provide installation, commissioning, and front-line
maintenance services.

                     About P&TLuxembourg

P&TLuxembourg is the leading provider of postal and
telecommunication services in Luxembourg.  With its lean and
easily manageable size, P&TLuxembourg serves private customers
as well as business customers including international banks,
insurance companies and important European institutions.

                         About Alcatel

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

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

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


BAKRIE SUMATERA: Plans to Triple Capital Spending in 2007
---------------------------------------------------------
PT Bakrie Sumatera Plantations Tbk plans to triple capital
spending next year in its effort to boost revenue and expand its
palm oil business, Reuters reports, citing the company's chief
executive officer.

According to the report, Bakrie Sumatera, which is controlled by
Indonesia's chief social welfare minister Aburizal Bakrie and
his family, said that it plans IDR600-billion (US$65.7 million)
in capital spending in 2007, compared with the IDR200 billion
budgeted for this year.

The amount will also be used to finance the construction of a
biodiesel plant and to build new palm oil mills, Bakrie Sumetara
President Director Ambono Janurianto told reporters, without
elaborating.

Mr. Janurianto said the company expects revenue growth to be 30%
and operating profit to grow 35% this year.  The company expects
next year's revenue growth at 35% and a 20% increase in
operating profit, Reuters relates.

According to Reuters Estimates, the company's revenue will
increase to IDR1.09 trillion and IDR1.26 trillion in 2007, the
report says.

The report recounts that in 2005, the company posted revenues of
IDR883.31 billion and operating profit of IDR223.16 billion.

Reuters also points out that Bakrie Sumatera intends to jointly
build the country's first biodiesel plant with construction firm
PT Rekayasa Industri to meet a surge in demand for renewable
energy.  The US$25-million plant would have the capacity to
produce between 60,000 and 100,000 tonnes of biodiesel a year as
a substitute for diesel fuel.

Headquartered in Sumatra, Indonesia, Bakrie Sumatera Plantations
Tbk is Indonesia's third-largest largest publicly traded
plantation company.  It is 54% owned by PT Bakrie & Brothers
Tbk, and its products include crude palm oil, palm kernel oil
and latex.  It was listed in 1990 on the Jakarta Stock Exchange.

As reported in the Troubled Company Reporter - Asia Pacific on
September 26, 2006, Moody's Investor Service has assigned a
provisional (P)B2 corporate family rating to Bakrie Sumatera
Plantations.  At the same time Moody's has assigned a (P)B2 to
BSP Finance B.V. for its proposed 5-year USD senior secured
bonds which will be guaranteed by BSP and all its existing
subsidiaries.  The ratings outlook is stable.

Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to Indonesia's PT Bakrie Sumatera Plantations Tbk.
At the same time, Standard & Poor's assigned its 'B' issue
rating to the proposed US$110-million senior secured notes
issued by the company's wholly-owned subsidiary, BSP Finance
B.V.


BANK INDONESIA: Lower House Names Two New Deputy Governors
----------------------------------------------------------
The Lower House of Parliament's Commission XI has appointed
Muliaman Hadad and Budi Rochadi as new deputy governors for Bank
Sentral Republik Indonesia, Antara News reports.

According to the report, the appointment came after Mr. Muliaman
and Mr. Budi passed a fit and proper test conducted by the
lawmakers.

Reuters notes that Mr. Muliaman and Mr. Budi will replace Maman
Somantri and Maulana Ibrahim, who will be ending their terms on
Jan. 11, 2007.

However, Reuters says, the appointment is still subject to
President Susilo Bambang Yudhoyono's endorsement.

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

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

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


BANK RAKYAT: To Grant US$440 Mil. in Loans to Biofuel Producers
---------------------------------------------------------------
PT Bank Rakyat Indonesia revealed that it is ready to extend up
to IDR4 trillion (US$439 million) in loans to the agricultural
sector, including for the development of biofuel plantations and
downstream activities by small and medium enterprises, Biopact
relates.

According to the report, the move is part of Indonesia's efforts
to implement its bioenergy crash program.  The country plans to
invest IDR200 trillion over the next five years to promote the
use of alternative fuels using crops such as palm oil, cassava,
jatropha and sugar cane for the production of biodiesel and
ethanol, Biopact cites Energy Minister Purnomo Yusgiantoro.

Bank Rakyat President Sofyan Basyir said that the bank has so
far received applications from 24 potential large borrowers who
manage a total of some 120,000 hectares of sugarcane and oil
palm plantations.  Yet, focus is on small to medium sized
companies as well.

Indonesia's biofuel crash program is estimated to bring around
2.5 million jobs in three years time.  As such it is presented
as a major opportunity to alleviate poverty and strengthen the
livelihoods of rural communities.

Headquartered in Jakarta, Indonesia, PT Bank Rakyat Indonesia
(Persero) Tbk's -- http://www.bri.co.id/-- clients services
comprise Savings, Credits and Syariah.  In addition, the bank
divides its financial and business services into three groups:
Business Services, consisting of bank guarantees, bank
clearance, automatic teller machines and safe deposit boxes;
Financial Services, consisting of bill payments, CEPEBRI,
INKASO, deposit acceptance, online transactions and transfers,
and Other Services, consisting of tax and fine payments,
donations, Western Union and zakat contributions.  During the
year ended December 31, 2005, the bank had one branch office in
Cayman Islands and two representative offices in New York and
Hong Kong, respectively.

                         *     *     *

A Troubled Company Reporter - Asia Pacific report on Nov. 2,
2006, stated that Fitch Ratings has affirmed all these ratings
of Bank Rakyat Indonesia:

   * Long-term foreign currency issuer default rating: 'BB-'
   * Short-term foreign currency rating: 'B'
   * National Long-term rating: 'AA+(idn)',
   * Individual: 'C/D' and
   * Support '4'.

The outlook for the ratings is stable.

A TCR-AP report on July 6, 2006, indicated that Moody's
Investors Service has placed Bank Rakyat Indonesia's D- bank
financial strength rating on review for possible upgrade.  BRI's
other ratings were unaffected:

   -- Subordinated debt of Ba3; and
   -- Long-term/short-term deposit ratings of B2/Not Prime.
      Outlook stable.


HILTON HOTELS: AG Edwards Analysts Downgrades Company To "Hold"
---------------------------------------------------------------
Analysts at AG Edwards downgrade Hilton Hotels Corporation to
"hold."

In a research note published on Nov. 27, 2006, the analysts
mention that the company's share price has appreciated by 41%
year-to-date, driven by a healthy transaction environment on
account of the significant availability of cheap capital and
investor demand for hard assets.  Hilton Hotels has indicated an
increase in corp-level expenses in 2007 due to international
business development.

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

                          *     *     *

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

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Senior Notes
   with an average
   rate of 8.1%
   due 2007 - 2031       Ba2      Ba2      LGD4       53%

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

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

   Minimum Leases
   Commitments           Ba2      Ba2      LGD4       53%

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

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

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

   Senior unsecured
   debt shelf            Ba2      Ba2      LGD4       53%

   Subordinate debt
   Shelf                 Ba3      B1       LGD6       97%

   Preferred             B1       B1       LGD6       97%


MEDCO ENERGI: Posts US$47-Mil. Net Income for 9 Months to Sept.
---------------------------------------------------------------
The PT Medco Energi Internasional Tbk disclosed financial
results for the nine months ended September 30, 2006.

For the 2006 nine-month period, the company reported net income
of US$47.19 million, compared with the US$56.37-million net
income reported for the nine-month period ended September 30,
2005.

As of September 30, 2006, Medco Energi's's balance sheet showed
US$537.66 million in total current assets available to pay
US$142.65 million in total current liabilities coming due within
the next 12 months.

Medco Energi's balance sheet as of Sept. 30, 2006, also showed
total assets of US$1.73 billion and total liabilities of
US$1.19 billion, resulting in a total stockholders' equity of
US$546.3 million.

Medco Energi's financial report, in Indonesian, for the nine-
month period ended Sept. 30, 2006, is available for free at:

http://www.medcoenergi.com/financial_statements/medcoenergi_9m2006_results.pdf

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

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

                          *     *     *

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

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


MEDCO ENERGI: Readies US$15 Million Fund for Lapindo Mudflows
-------------------------------------------------------------
PT Medco Energi Internasional Tbk has committed to keep being
responsible for handling the mudflows in Sidoarjo, East Java,
and has prepared funds of around US$15 million, Tempo
Interactive reports.

"We will not break our promise to the government," Medco Energi
Managing Director Hilmi Panigoro told Tempo.

According to Mr. Panigoro, Medco Energi, which also owns oil and
gas fields in the Brantas Block, will also be responsible for
the case and coordinate with the National Team for Handling
Lapindo Mudflows.  He said that "as long as we can afford it, we
will also pay."

Tempo notes that PT Lapindo Brantas Inc. is the operator of
Brantas Block, in which Lapindo Brantas, Medco Brantas and
Santos Brantas have also contributed towards the working
capital.

However, the responsibility, Mr. Panigoro said, was only
restricted in the capital of Lapindo Brantas, as the party that
caused the mudflow.

As reported in the Troubled Company Reporter - Asia Pacific on
Aug. 30, 2006, Lapindo Brantas may go bankrupt if it is held
solely responsible for cleaning up toxic mud its drilling
operations brought forth in May 2006.

According to the TCR-AP report, the mud has been spurting from
under the ground since late May, and has inundated at least 160
hectares (395 acres) of land, including four villages,
ricefields and sugar cane plantations.  In some areas the sludge
is six meters (20 feet) deep.

Tempo relates that should an exploration accident occur of which
value is bigger than the company's capacity in handling it, the
company could be threatened with bankruptcy.

"So, legally speaking, the exposure that we are responsible of
is restricted to the amount of the company's capital," Mr.
Panigoro said.

Mr. Panigoro has acknowledged that Medco has readied funds as
its commitment in handling the Lapindo mudflows.  This amount is
Medco's liability that has adopted its capital remittance at
Lapindo of around 35%.

However, Tempo notes, the oil and gas company is thinking about
additional funds disbursement should all Lapindo's capital are
spent for compensation.

The report points out that Medco has opened opportunity to all
parties to become Lapindo's new investors by purchasing the
portion of Medco's shares in the company through its subsidiary,
Medco Brantas.

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

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

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

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


PT PERTAMINA: Must Overcome Kerosene Supply Shortage, VP Orders
---------------------------------------------------------------
Indonesia's Vice President Jusuf Kalla directed PT Pertamina
(Persero) to immediately solve the kerosene supply shortage to
several parts of the country, Antara News reports.

According to the report, Vice President Kalla summoned the head
of the oil and gas upstream business management board  (BPH
Migas) Tubagus Hariono and PT Pertamina's director for marketing
and business affairs, Ahmad Faizal, at his office to discuss the
problem.

Mr. Tubagus said that BHP Migas had calculated the consumption
of kerosene, while PT Pertamina had expressed its readiness to
carry out the vice president's instruction, the report notes.

Antara says that, according to Mr. Faizal, starting November 29,
PT Pertamina would increase its kerosene distribution by 100,000
kiloliters until December, and hoping the increase would meet
the shortfall.  Mr. Faizal also said that the kerosene would be
distributed to the public and small-subsidized industries.

Mr. Faizal is hoping that the big industries would buy the
commodity at market price, the report adds.

The report relates that about the recent shortage of kerosene
supply, Mr. Faizal said that PT Pertamina had been trying to
control the distribution to meet the set amount of 9.9 million
kiloliters set in the 2006 revised national budget.

Antara recounts that the government has reduced the distribution
from 10 million kilolitres to 9.9 million kilolitres in view of
the declining consumption of the commodity.

The report points out that, regarding the subsidy, Mr. Faizal
said that it would depend upon the world market price, and that
it may range from IDR3,000 to IDR4,000 per liter.

Mr. Faizal also said that kerosene supply in the country was
enough for 29 days but so far the volume to be distributed was
limited, Antara relates.

Vice President Kalled urges Pertamina and BHP Migas to
prioritize meeting the ordinary people's need for kerosene.

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

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

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

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


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

ALITALIA SPA: Confirms Possible Alliance with Air France-KLM
------------------------------------------------------------
As reported in the TCR-Europe on Oct. 24, the Board of Directors
of Alitalia S.p.A. mandated Chief Executive Giancarlo Cimoli to
start examining structural alliance options aimed at generating
industrial synergies and maximizing the company's profitability,
and to adjust the Industrial Plan accordingly.

In light of this mandate Alitalia is currently undertaking a
market assessment that could meet the board set objectives in
terms of synergies and profitability in order to initiate
exploratory talks to sound potential interests.

Alitalia's efforts aim at the value enhancement of the company
by means of a partnership, built on a sound industrial logic and
integrated into Alitalia's business model.

Within this framework, Alitalia confirms what has been mentioned
earlier in a press conference hosted by AF-KLM, i.e. that
exploratory exchanges are under way.  This development, aimed at
finding satisfactory answers to some strategic issues, is still
at an early stage and not exclusive.  It is also consistent with
the contractual arrangements already in place with Air France-
KLM, with whom Alitalia has developed since 2001 an extensive
bilateral cooperation within SkyTeam and has implemented since
2002 a cross-shareholding setup.

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- generates around EUR4.8 billion in
annual revenue and employs more than 11,000 people.  Alitalia
flies to about 80 destinations in more than 60 countries,
including Argentina, China, and Japan, from hubs in Rome and
Milan and operates a fleet of about 185 aircraft.  The Italian
government owns 49.9% of Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered EUR93
million in net profits in 2002 after a EUR1.4 billion capital
injection.  The carrier booked consecutive annual net losses of
EUR520 million in 2003, EUR813 million in 2004, and EUR168
million in 2005.


AMR CORP: Reports Results of Debt Securities Cash Tender Offer
--------------------------------------------------------------
AMR Corp. disclosed that its tender offers to purchase for cash
any and all of the outstanding selected debt securities, having
an aggregate principal amount of US$338,352,000, expired at
5:00 p.m. New York City time on Nov. 22, 2006.

According to information provided by Global Bondholder Services
Corporation, the Depositary and Information Agent for the tender
offers, a total of US$61,849,344 principal amount of Securities
has been tendered.  AMR has accepted for purchase all tendered
Securities.

In 2006, AMR has taken several steps to strengthen its balance
sheet, including the issuance of US$400 million of common stock
and the open market purchase of US$128 million of its debt; in
addition, in calendar year 2006 AMR has scheduled debt
amortization of US$1.2 billion.  Going forward, depending on
market conditions, AMR's cash position and other considerations,
AMR may from time to time redeem or acquire its debt (including
Securities that remain outstanding after consummation of the
tender offers) or take other steps to reduce its debt or lease
obligations.


CUSIP/ISIN Number:          00176LBZ3/US00176LBZ31
Amount Outstanding
Upon Commencement of
Tender Offers:              US$22,500,000
Title of Securities:        10.40% Medium Term Notes, Series B,
                            Due March 10, 2011
Aggregate Principal
Amount Tendered and
Accepted for Purchase
by AMR:                     US$50,000


CUSIP/ISIN Number:          00176LCG4/US00176LCG41
Amount Outstanding
Upon Commencement of
Tender Offers:              US$6,600,000
Title of Securities:        10.45% Medium Term Notes, Series B,
                            Due March 10, 2011
Aggregate Principal
Amount Tendered and
Accepted for Purchase
by AMR:                     US$466,000

CUSIP/ISIN Number:          00176LCC3/US00176LCC37
Amount Outstanding
Upon Commencement of
Tender Offers:              US$10,650,000
Title of Securities:        10.40% Medium Term Notes, Series B,
                            Due March 15, 2011
Aggregate Principal
Amount Tendered and
Accepted for Purchase
by AMR:                     US$8,360,000

CUSIP/ISIN Number:          00176LCK5/US00176LCK52
Amount Outstanding
Upon Commencement of
Tender Offers:              US$5,000,000
Title of Securities:        10.42% Medium Term Notes, Series B,
                            Due March 15, 2011
Aggregate Principal
Amount Tendered and
Accepted for Purchase
by AMR:                     US$3,064,000

CUSIP/ISIN Number:          00176LCM1/US00176LCM19
Amount Outstanding
Upon Commencement of
Tender Offers:              US$4,000,000
Title of Securities:        9.96% Medium Term Notes, Series C,
                            Due May 2, 2011
Aggregate Principal
Amount Tendered and
Accepted for Purchase
by AMR:                     US$0

CUSIP/ISIN Number:          00176LCS8/US00176LCS88
Amount Outstanding
Upon Commencement of
Tender Offers:              US$1,000,000
Title of Securities:        9.88% Medium Term Notes, Series C,
                            Due May 16, 2011
Aggregate Principal
Amount Tendered and
Accepted for Purchase
by AMR:                     US$1,000,000

CUSIP/ISIN Number:          00176LCV1/US00176LCV18
Amount Outstanding
Upon Commencement of
Tender Offers:              US$2,000,000
Title of Securities:        10.13% Medium Term Notes, Series C,
                            Due June 15, 2011
Aggregate Principal
Amount Tendered and
Accepted for Purchase
by AMR:                     US$0

CUSIP/ISIN Number:          00176LDD0/US00176LDD01
Amount Outstanding
Upon Commencement of
Tender Offers:              US$2,550,000
Title of Securities:        9.82% Medium Term Notes, Series C,
                            Due Oct. 25, 2011
Aggregate Principal
Amount Tendered and
Accepted for Purchase
by AMR:                     US$5,000

CUSIP/ISIN Number:          00176LDK4/US00176LDK44
Amount Outstanding
Upon Commencement of
Tender Offers:              US$3,900,000
Title of Securities:        10.45% Medium Term Notes, Series C,
                            Due Nov. 15, 2011
Aggregate Principal
Amount Tendered and
Accepted for Purchase
by AMR:                     US$181,000

CUSIP/ISIN Number:          00176LDN8/US00176LDN82
Amount Outstanding
Upon Commencement of
Tender Offers:              US$8,575,000
Title of Securities:        9.20% Medium Term Notes, Series C,
                            Due Jan. 30, 2012
Aggregate Principal
Amount Tendered and
Accepted for Purchase
by AMR:                     US$874,000

CUSIP/ISIN Number:          00176LEB3/US00176LEB36
Amount Outstanding
Upon Commencement of
Tender Offers:              US$1,100,000
Title of Securities:        9.14% Medium Term Notes, Series D,
                            Due Feb. 21, 2012
Aggregate Principal
Amount Tendered and
Accepted for Purchase
by AMR:                     US$10,000

CUSIP/ISIN Number:          00176LCU3/US00176LCU35
Amount Outstanding
Upon Commencement of
Tender Offers:              US$1,000,000
Title of Securities:        10.15% Medium Term Notes, Series C,
                            Due May 15, 2020
Aggregate Principal
Amount Tendered and
Accepted for Purchase
by AMR:                     US$87,000

CUSIP/ISIN Number:          00176LCF6/US00176LCF67
Amount Outstanding
Upon Commencement of
Tender Offers:              US$2,450,000
Title of Securities:        10.29% Medium Term Notes, Series B,
                            Due March 8, 2021
Aggregate Principal
Amount Tendered and
Accepted for Purchase
by AMR:                     US$85,000

CUSIP/ISIN Number:          00176LCJ8/US00176LCJ89
Amount Outstanding
Upon Commencement of
Tender Offers:              US$4,100,000
Title of Securities:        10.55% Medium Term Notes, Series B,
                            Due March 12, 2021
Aggregate Principal
Amount Tendered and
Accepted for Purchase
by AMR:                     US$375,000

CUSIP/ISIN Number:          00176LCT6/US00176LCT61
Amount Outstanding
Upon Commencement of
Tender Offers:              US$675,000
Title of Securities:        10.125% Medium Term Notes, Series C,
                            Due June 1, 2021
Aggregate Principal
Amount Tendered and
Accepted for Purchase
by AMR:                     US$84,000

CUSIP/ISIN Number:          001765AU0/US001765AU07
Amount Outstanding
Upon Commencement of
Tender Offers:              US$88,407,000
Title of Securities:        9% Debentures due Aug. 1, 2012
Aggregate Principal
Amount Tendered and
Accepted for Purchase
by AMR:                     US$12,648,000

CUSIP/ISIN Number:          001765AC0/US001765AC09
Amount Outstanding
Upon Commencement of
Tender Offers:              US$78,215,000
Title of Securities:        9% Debentures due Sept. 15, 2016
Aggregate Principal
Amount Tendered and
Accepted for Purchase
by AMR:                     US$17,271,844

CUSIP/ISIN Number:          001765AE6/US001765AE64
Amount Outstanding
Upon Commencement of
Tender Offers:              US$22,835,000
Title of Securities:        10.20% Debentures due 2020
Aggregate Principal
Amount Tendered and
Accepted for Purchase
by AMR:                     US$5,309,500

CUSIP/ISIN Number:          001765AG1/US001765AG13
Amount Outstanding
Upon Commencement of
Tender Offers:              US$9,705,000
Title of Securities:        9.88% Debentures due 2020
Aggregate Principal
Amount Tendered and
Accepted for Purchase
by AMR:                     US$1,816,000

CUSIP/ISIN Number:          001765AK2/US001765AK25
Amount Outstanding
Upon Commencement of
Tender Offers:              US$34,302,000
Title of Securities:        10% Debentures due Apr. 15, 2021
Aggregate Principal
Amount Tendered and
Accepted for Purchase
by AMR:                     US$2,140,000

CUSIP/ISIN Number:          001765AP1/US001765AP12
Amount Outstanding
Upon Commencement of
Tender Offers:              US$16,818,000
Title of Securities:        9-3/4% Debentures due Aug. 15, 2021
Aggregate Principal
Amount Tendered and
Accepted for Purchase
by AMR:                     US$1,118,000

CUSIP/ISIN Number:          001765AQ9/US001765AQ94
Amount Outstanding
Upon Commencement of
Tender Offers:              US$11,970,000
Title of Securities:        9.8% Debentures due Oct. 1, 2021
Aggregate Principal
Amount Tendered and
Accepted for Purchase
by AMR:                     US$6,905,000

The payment of the tender offer consideration for such
Securities, plus any accrued and unpaid interest thereon, will
be made on Nov. 28.  A total of US$276,502,656 principal amount
of Securities will remain outstanding following settlement.

Morgan Stanley served as the Dealer Manager and Global
Bondholder Services Corporation served as Depositary and
Information Agent for the tender offers.

For further information, investors and brokers should call:

          Global Bondholder Services Corporation
          Tel: 866-795-2200 (toll-free)

                   -- or --

          Morgan Stanley
          Tel: 800-624-1808 (toll-free)
               212-761-5746 (call collect)

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

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

                           *     *     *

Fitch Ratings placed on Oct. 20, 2006, a B- rating on AMR Corp.
Fitch said the outlook is stable.

Standard & Poor's Ratings Services, effective June 6, 2006,
placed its ratings on AMR Corp. (B-/Watch Pos/B-3) and
subsidiary American Airlines Inc. (B-/Watch Pos/--) on
CreditWatch with positive implication.


BANCO BRADESCO: Approves Buy Back of 5 Million Shares
-----------------------------------------------------
Banco Bradesco SA said in a statement that it has ratified a
plan to buy back 5 million each of common and preferred shares
at market price from Nov. 27, 2006, to May 27, 2007.

Business News Americas relates that Banco Bradesco could resell
or cancel the shares at a later date.

According to BNamericas, Banco Bradesco bought back about
162,900 common shares and 6,000 preferred shares from May to
November.

Banco Bradesco has 174 million common shares and 466 million
preferred shares in circulation, BNamericas states.

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

                          *     *     *

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

Fitch has earlier taken these rating actions on Banco Bradesco:

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

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

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

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

   -- Support rating affirmed at '4';

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

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

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

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

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

Moody's said the ratings outlook is stable.


BOWNE & CO: Incurs US$11.7MM Net Loss in Quarter Ended Sept. 30
---------------------------------------------------------------
Bowne & Co. Inc. posted an US$11.7 million net loss on
US$175.1 million of net revenues for the three months ended
Sept. 30, 2006, in contrast to a US$2.3 million net income on
US$152.3 million of net revenues for the same period in 2005.

At Sept. 30, 2006, the company's balance sheet showed
US$517.5 billion in total assets and US$252.9 million in total
liabilities.

A full-text copy of the company's quarterly report is available
for free at http://researcharchives.com/t/s?15b0

"Our sharpened focus on our core businesses is paying off, as
demonstrated by our strongest third quarter in six years," said
Bowne Chairman and Chief Executive Officer Philip E. Kucera.
"We've accelerated the integration of Marketing & Business
Communications and we continue to be optimistic about its future
performance."

"This was another strong quarter for Bowne," added David J.
Shea, Bowne President and Chief Operating Officer.  "We're
particularly pleased with Financial Print's gains in
transactional market share despite a decline in market activity
in the third quarter.  We believe the strategic decisions we've
made in 2006 position us well for 2007 in all of the markets we
serve."

                  Discontinued Operations

During the quarter the company completed the sale of
DecisionQuest.  The 2006 third quarter loss of US$12.1 million
from discontinued operations includes the US$5.1 million loss,
net of tax, from the sale, and a US$4.9 million charge, net of
tax, for the costs associated with exiting the leased facilities
of DecisionQuest and Bowne Business Solutions.  The year-to-date
loss, net of tax, of US$15.9 million includes the aforementioned
items, a US$6.0 million gain, net of tax, on the sale of
CaseSoft, a joint venture investment held by DecisionQuest which
was sold in May 2006, and a US$10.0 million goodwill impairment
charge, net of tax, recorded in the second quarter related to
DecisionQuest.

                        About Bowne & Co.

Based in New York City, Bowne & Co., Inc. (NYSE: BNE) --
http://www.bowne.com/-- is a printing company, which
specializes in financial documents such as prospectuses, annual
and interim reports, and other paperwork required by the SEC.
Bowne also handles electronic filings via the SEC's EDGAR system
and provides electronic distribution and high-volume mailing
services.  The financial printing business accounts for the bulk
of the company's sales.  Bowne also offers marketing and
business communications services and litigation support
software.  The company has 3,500 employees in 78 offices around
the globe.  Bowne has offices in Japan, Argentina, and Portugal.

                          *     *     *

Bowne & Co., Inc.'s US$75 million Convertible Subordinated
Debentures due 2033 and Corporate Family rating carry Moody's
Investors Service's B2 and Ba3 rating.


FORD MOTOR: Borrowing US$18BB for Restructuring, Added Liquidity
----------------------------------------------------------------
Ford Motor Company plans to obtain financing totaling
approximately US$18 billion in order to address near- and
medium-term negative operating-related cash flow, to fund
its restructuring, and to provide added liquidity to protect
against a recession or other unanticipated events.

The financing transactions consist of:

   * new five-year senior secured revolving credit facility of
     approximately $8 billion that is intended to replace Ford's
     existing unsecured credit facilities of US$6.3 billion;

   * senior secured term loan of approximately $7 billion; and

   * unsecured capital market transactions of approximately
     US$3 billion, which may include unsecured notes convertible
     into Ford common stock.

The size of the individual components of the financing may vary
depending on market conditions.

Borrowings under the senior secured revolving and term loan
credit facilities will be secured on an equal basis by first-
priority liens on principal domestic manufacturing facilities
(subject to public debt indenture limitations) and substantially
all of the Company's other domestic automotive assets, certain
intellectual property, certain real property, all or a portion
of the stock of certain subsidiaries (including Ford Motor
Credit Company and Volvo), certain intercompany payables and
notes, and up to US$4 billion of domestic cash without
restriction on its use.

The arrangers for the senior secured credit facilities are
Citigroup Corporate and Investment Banking, Goldman Sachs Credit
Partners L.P., and J.P. Morgan Securities Inc.

Ford expects these transactions to close prior to Dec. 31, 2006.

Upon completion of the transactions, Ford expects to have
Automotive liquidity of approximately US$38 billion at year end
2006, consisting of gross cash (i.e., cash, cash equivalents,
loaned and marketable securities and short-term Voluntary
Employee Beneficiary Association assets) and available credit
facilities.

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

Ford also has operations in Japan.


FORD MOTOR: Moody's Holds Corporate Family Rating at B3
-------------------------------------------------------
Moody's Investors Service affirmed Ford Motor Company's B3
corporate family rating, but lowered the company's senior
unsecured rating to Caa1, LGD4, 62 from B3, LGD3, 48 after
Ford's disclosure of a planned debt financing of up to
US$18 billion that would include a US$7 billion secured term
loan, an US$8 billion secured revolving credit facility, and
approximately US$3 billion in capital market transactions which
may include unsecured notes convertible into Ford common stock.

Ford's Caa2, LGD6 trust preferred rating remains unchanged, but
the LGD rate changes to 93% from 92%.

The downgrades of the unsecured ratings reflect the reduction in
asset protection afforded to this class of creditors, as modeled
in Moody's Loss Given Default Methodology, based on Ford's plan
to provide secured lenders with liens on the majority of its
assets.

The affirmation of the B3 corporate family rating recognizes
that this funding initiative will support Ford's fundamental
credit profile by enhancing its liquidity.

The outlook remains negative.

Upon the completion of the transactions Moody's expects that the
secured obligations would be rated Ba3 based on its Loss Given
Default Methodology, and that the company's speculative grade
liquidity rating of SGL-3 would improve.

"Completing this financing would considerably strengthen Ford's
ability to fund the large cash requirements it will face through
2008. However, the relatively robust security package being
afforded to the term loan and the revolving credit facility
hurts the position of unsecured creditors," Moody's senior vice
president Bruce Clark said.

During the next two years Ford will face potentially large cash
requirements that will result from:

   -- operating losses in North America as the market
      continues to shift away from trucks and SUVs;

   -- expenditures under the Way Forward restructuring
      program;

   -- cash outflows associated with achieving a new UAW
      contract in 2007; and,

   -- the possibility of a slowdown in US auto industry sales.

The company's current liquidity position, consisting of
US$23.6 billion in cash and short-term Voluntary Employee
Benefit Association balances, and a US$6 billion credit
facility, might have been taxed by these cash requirements,
particularly in light of Ford's need to maintain sizable cash
balances in order to run its operations.

The proposed transactions would increase Ford's cash position to
over US$30 billion and add about US$1 billion to its committed
credit lines.

"It was important for Ford to structure this type of financing
plan in order to ensure that it had adequate liquidity as it
enters a highly challenging period.  The company still faces
daunting competitive and market challenges, but this plan would
give it some breathing room over the next two years," Clark
added.

Ford's ability to maintain a sound liquidity cushion during the
next two years as it implements its restructuring program and
funds the anticipated cash requirements will be an important
factor in supporting the B3 corporate family rating.

This rating anticipates that through 2007, Ford's cash and
short-term VEBA position will remain above US$20 billion.

Should Ford's rate of cash consumption during 2007 make it
unlikely that this level of liquidity can be maintained, the B3
rating could be placed on review for possible downgrade.

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

Ford also has operations in Japan.


FORD MOTOR: S&P Junks Senior Unsecured Debt Issue Ratings
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its senior unsecured
debt issue ratings on Ford Motor Co. to 'CCC+' from 'B' and
removed the ratings from CreditWatch with negative implications,
where they were placed on Oct. 23.

At the same time, Standard & Poor's affirmed the 'B' corporate
credit rating and all other ratings on Ford, Ford Motor Credit
Co., and related entities.

"The downgrade of the unsecured issues reflects the significant
disadvantage to Ford's unsecured creditors by the planned
introduction of US$15 billion of secured debt into the capital
structure," said Standard & Poor's credit analyst Robert Schulz.

"We estimate that the disadvantage to the unsecured debtholders
is reflected by priority claims to adjusted assets in the high
20% area, but also by the fact that virtually all of the
company's assets will be encumbered," he continued.

In addition, Standard & Poor's believe that in the event of a
default, there could be other parties with substantial claims
that would be considered pari passu with the unsecured
creditors, thereby diluting any eventual recovery for the
unsecured debtholders.

Ford reported on Nov. 27 that it will seek to raise secured
financing consisting of an US$8 billion revolving credit
facility and a US$7 billion term loan that will be secured by
virtually all of the company's assets.

Standard & Poor's plans to assign ratings to the proposed
financing once further details are disclosed.  The financing is
necessary to fund prospective cash operating losses and
restructuring plans while preserving cash and short-term VEBA
trust balances near current levels of about US$20 billion.

Separately, Standard & Poor's previously indicated that the
ratings on Ford and related entities were not immediately
affected by the company's report that it needed to restate
results dating back to 2001.  Although those restated financial
statements have now been filed, Ford has received informal
inquiry letters from the SEC seeking further information
regarding the restatements.

Standard & Poor's would reassess its views on the rating effect
if the SEC inquiry process were to uncover additional issues or
raise broader concerns about the strength of Ford's internal
controls or risk-management practices, if additional
restatements resulted, or if liquidity were adversely affected.

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

Ford also has operations in Japan.


FORD MOTOR: US$18BB New Financing Cues Fitch's B/RR4 Debt Rating
----------------------------------------------------------------
Fitch Ratings has downgraded Ford Motor Company's senior
unsecured debt to 'B/RR4' from 'B+/RR3' after the disclosure
that Ford intends to raise US$18 billion in new financing.

The downgrade is based on the expected subordination of
unsecured debtholders, as the financing includes approximately
US$15 billion in secured bank facilities.  The components
include a US$7 billion term loan and an US$8 billion revolving
credit facility.

Total secured facilities of US$15 billion would compare to total
unsecured automotive debt of approximately US$18 billion at
Sept. 30, 2006.  Ford's Issuer Default Rating remains at 'B'.
The ratings of Ford Motor Credit are unaffected.

The Rating Outlook is Negative.

Fitch's analysis indicates that unsecured debtholders would be
expected to recovery approximately 34% in the event of default,
placing Ford's unsecured debt at the low end of the RR4
category.

The recovery value for unsecured debtholders incorporates a
significant restructuring of Ford's North American manufacturing
operations in a bankruptcy scenario, value from Ford's 100%
ownership in Ford Credit and certain international holdings,
with minimal value ascribed to Ford's PAG holdings.

Significant non-debt liabilities were also factored into the
recovery rating.  With the recovery rating at the low end of the
'RR4' range, any changes to Fitch's assumptions or Ford's
liability structure could result in a review of the unsecured
rating for further downgrade.  It is also expected that as Ford
Credit's balance sheet continues to shrink, the value of Ford
Credit equity to Ford unsecured holders will also diminish, and
Fitch will update the recovery ratings as necessary.

The transactions are expected to raise US$10 billion in funded
debt, plus further availability of US$8 billion under the
revolving credit facility.  Coupled with Ford's projected cash
portfolio of approximately US$20 billion at year-end 2006, the
new financings are expected to allay liquidity concerns during
2007 despite very heavy cash outflows.

Annual negative cash flows are expected by Fitch to exceed
US$8 billion in 2006 and 2007, due to operating losses,
restructuring costs and working capital outflows.

Despite some progress in Ford's passenger car segment, revenues
are projected to remain under severe pressure in 2007 as a
result of slowing economic conditions, production cutbacks,
continued share loss, and competitive and economic pressures in
the critical pickup category.  Progress on the cost side will be
insufficient to offset revenue pressures in 2007 given the
extended timetable for cost-reduction actions to be realized,
high commodity costs, and the severe stresses in the supply
base.  Recent efforts to reduce costs will still leave Ford with
a high fixed cost structure, and the bulk of capacity reductions
will not be completed until 2008.  The Sept. 2007 UAW contract
re-opening will be a critical component of Ford's ability to
achieve a competitive cost structure, and the possibility of
labor actions cannot be ruled out.

Fitch expects to assign a rating of BB to the new secured
facilities, given expected overcollateralization and full
recovery under Fitch's recovery analysis.  The facilities are
expected to be secured by first-priority liens on Ford's
principal domestic manufacturing facilities, substantially all
of the Company's U.S. automotive assets, all or a portion of the
stock of certain subsidiaries including Ford Motor Credit
Company, and inter-company notes.

Fitch's recovery analysis is based on a going-concern basis of a
restructured Ford, and Ford's U.S. assets would be expected to
have very limited value under an alternate-use scenario.

Fitch downgrades these ratings with a Negative Rating Outlook:

   * Ford Motor Co.

     -- Senior unsecured debt to 'B' from 'B+'.

   * Ford Holdings, Inc.

     -- Senior unsecured debt to 'B' from 'B+'.

   * Ford Motor Co. of Australia

     -- Senior unsecured debt to 'B' from 'B+'.

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

Ford also has operations in Japan.


FRESENIUS MEDICAL: Earns US$139 Million for Third Quarter 2006
--------------------------------------------------------------
Fresenius Medical Care AG & Co. KGaA published its results for
the third quarter and the first nine months ended Sept. 30,
2006.

Fresenius Medical Care posted EUR139.19 million in net profit
against EUR1.7 billion in revenues for the third quarter of
2006, compared with EUR115.95 million in net profit against
EUR1.25 billion in revenues for the same period in 2005.

Fresenius Medical Care posted EUR139.19 million in net profit
against EUR1.7 billion in revenues for the third quarter of
2006, compared with EUR115.95 million in net profit against
EUR1.25 billion in revenues for the same period in 2005.

As of Sept. 30, 2006, Fresenius Medical Care treated 161,433
patients worldwide, which represents a 24% increase in patients
compared to the third quarter of last year. North America
provided dialysis treatments for 116,868 patients (up 32%) and
the International segment served 44,565 patients (up 7%).

As of Sept. 30, 2006, the company operated a total of 2,085
clinics worldwide, comprised of 1,542 clinics, an increase of
34% in North America, and 543 clinics, an increase of 6%, in the
International segment.

Fresenius Medical Care delivered around 17.43 million dialysis
treatments worldwide, which represents an increase of 19% year
over year.  North America accounted for 12.34 million
treatments, an increase of 23%, and the International segment
delivered 5.10 million treatments, an increase of 10% over last
year.

As of Sept. 30, 2006, Fresenius Medical Care employed 56,154
people worldwide compared to 47,521 at the end of 2005.  The
increase of 8,633 employees is primarily due to the acquisition
of Renal Care Group.

                        Outlook for 2006

Based on the strong performance in the third quarter of 2006,
the company upgrades its guidance for the full year 2006.

After expecting to report net revenue of about US$8.3 billion,
the company now expects net revenue for 2006 of about
US$8.4 billion.

The company also upgrades its outlook for net income for 2006.
After expecting a net income of at least US$542 million, the
company now expects a net income of at least US$557 million,
representing an increase of at least 18% over the corresponding
level in 2005.

In order to show the underlying performance of the company on a
basis comparable with the prior year, the guidance does not take
into effect any expected one-time items and the change of
accounting principle for stock options - SFAS 123(R) in the
fiscal year 2006. The company expects the after tax impact of
the one-time items and SFAS 123(R) to be about US$44 million for
the full year 2006.

In addition, the company confirms its guidance on capital
expenditures and acquisition spending to be around
US$550 million in 2006.

"Our third quarter and nine months financial results were
excellent and exceeded expectations," Ben Lipps, Chief Executive
Officer of Fresenius Medical Care, commented.  "We continue to
see strong growth in both our renal products and services
business segments worldwide.  In addition, we have taken the
next step in our integrated therapy approach acquiring the
phosphate binder business from Nabi Biopharmaceuticals Inc.
This acquisition will allow us to further our patient quality
outcome initiatives and expand our renal products and therapy
business worldwide.  Based on our continued successful
integration of RCG and the strong financial performance of our
underlying business worldwide, we have raised our revenue and
net income guidance for 2006."

Full-text copy of Fresenius' 2006 third quarter and first nine-
month results is available free-of-charge at
http://researcharchives.com/t/s?15d1

                         About Fresenius

Headquartered in Bad Homburg, Germany, Fresenius Medical Care AG
-- http://www.fmc-ag.com/-- provides products and services for
individuals undergoing dialysis because of chronic kidney
failure, a condition that affects more than 1,300,000
individuals worldwide.  Through its network of around 1,645
dialysis clinics in North America, Europe, Latin America, Asia-
Pacific and Africa, Fresenius Medical Care provides dialysis
treatment to around 128,200 patients around the globe.
Fresenius Medical Care is also the world's leading provider of
dialysis products such as hemodialysis machines, dialyzers and
related disposable products.  Fresenius AG holds around 37% of
Fresenius Medical Care AG & Co. KgaA's capital.  The company has
operations in Japan, China, and Colombia.

                        *     *     *

Moody's Investors Service affirmed all ratings of Fresenius AG
and subsidiary Fresenius Medical Care & Co KGaA.  Moody's also
affirmed Fresenius AG's:

   -- Corporate family rating of Ba2;
   -- EUR1 billion of senior notes rated Ba2; and
   -- EUR87.9 million of senior notes rated Ba2

Fresenius Medical Care & Co KgaA's:

   -- Corporate Family Rating of Ba2;
   -- Senior credit facility rated Ba2; and
   -- Trust Preferred securities rated B1.

Standard & Poor's Ratings Services assigned a BB' senior secured
debt rating to Fresenius Medical Care KGaA's US$4.6 billion
facilities, which were put in place to finance the acquisition
of Renal Care Group Inc. (RCG; BB-/Positive/--).

At the same time, Standard & Poor's lowered its long-term
corporate credit ratings on the Germany-based health-care
companies, FMC and its parent Fresenius AG to 'BB' from 'BB+',
following U.S. antitrust clearance for FMC's acquisition of
U.S.-based health-care company Renal Care.  The ratings were
removed from CreditWatch, where they were originally placed on
May 4, 2005.  S&P said the outlook is negative.


FRESENIUS MEDICAL: Acquires Nabi's Phosphate Binder Business
------------------------------------------------------------
Fresenius Medical Care AG & Co. KGaA has completed the
acquisition of the worldwide phosphate binder business from Nabi
Biopharmaceuticals Inc.

With the acquisition, Fresenius Medical Care further expands its
market position in the field of dialysis-related drugs.  PhosLo
is a calcium acetate phosphate binder for oral application in
end-stage renal disease patients.

                         About Fresenius

Headquartered in Bad Homburg, Germany, Fresenius Medical Care AG
-- http://www.fmc-ag.com/-- provides products and services for
individuals undergoing dialysis because of chronic kidney
failure, a condition that affects more than 1,300,000
individuals worldwide.  Through its network of around 1,645
dialysis clinics in North America, Europe, Latin America, Asia-
Pacific and Africa, Fresenius Medical Care provides dialysis
treatment to around 128,200 patients around the globe.
Fresenius Medical Care is also the world's leading provider of
dialysis products such as hemodialysis machines, dialyzers and
related disposable products.  Fresenius AG holds around 37% of
Fresenius Medical Care AG & Co. KgaA's capital.  The company has
operations in Japan, China, and Colombia.

                          *     *     *

Moody's Investors Service affirmed all ratings of Fresenius AG
and subsidiary Fresenius Medical Care & Co KGaA.  Moody's also
affirmed Fresenius AG's:

   -- Corporate family rating of Ba2;
   -- EUR1 billion of senior notes rated Ba2; and
   -- EUR87.9 million of senior notes rated Ba2

Fresenius Medical Care & Co KgaA's:

   -- Corporate Family Rating of Ba2;
   -- Senior credit facility rated Ba2; and
   -- Trust Preferred securities rated B1.

Standard & Poor's Ratings Services assigned a BB' senior secured
debt rating to Fresenius Medical Care KGaA's US$4.6 billion
facilities, which were put in place to finance the acquisition
of Renal Care Group Inc. (RCG; BB-/Positive/--).

At the same time, Standard & Poor's lowered its long-term
corporate credit ratings on the Germany-based health-care
companies, FMC and its parent Fresenius AG to 'BB' from 'BB+',
following U.S. antitrust clearance for FMC's acquisition of
U.S.-based health-care company Renal Care.  The ratings were
removed from CreditWatch, where they were originally placed on
May 4, 2005.  S&P said the outlook is negative.


NOMURA HOLDINGS: Names New Capital Nomura Securities President
--------------------------------------------------------------
Nomura Holdings, Inc., on Nov. 24, 2006, announced the
appointment of Takeshi Nishida as the new president of Capital
Nomura Securities Public Company Limited in Bangkok, Thailand.

The appointment will take effect after the Capital Nomura
Securities Board of Directors Meeting on November 29, 2006.

Mr. Nishida was previously Deputy Managing Director at Nomura's
Corporate Planning Department in Tokyo.  Since joining Nomura in
1990, Mr. Nishida has served in various Nomura offices and
businesses, including the Financial Institution Department in
Nomura Securities Co., Ltd, The Nomura Trust & Banking Co., Ltd,
and Nomura Bank International plc. in London.

In his new role, Mr. Nishida will succeed Daisuke Fujita, who
will transfer to Nomura's headquarters in Tokyo, in managing the
overall operation of Capital Nomura Securities.

                      About Nomura Holdings

Nomura Holdings, Inc. -- http://www.nomura.com/-- is a
securities and investment banking firm in Japan and have
worldwide operations in more than 20 countries and regions
including Japan, the United States, the United Kingdom,
Singapore and Hong Kong through its subsidiaries.  Nomura
operates in five business segments: Domestic Retail, which
includes investment consultation services to retail customers;
Global Markets, which includes fixed income and equity trading
and asset finance businesses in and outside Japan; Global
Investment Banking, which includes mergers and acquisitions
advisory and corporate financing businesses in and outside
Japan; Global Merchant Banking, which includes private equity
investments in and outside Japan, and Asset Management, which
includes development and management of investment trusts, and
investment advisory services.

On April 13, 2006, Fitch Ratings gave Nomura Holdings' a 'C'
individual rating.


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

DAEWOO ELECTRONICS: Wins US$200-Mil. Contract in UAE
----------------------------------------------------
Daewoo Electronics Corporation won a US$200 million deal to
build an electronics manufacturing facility in the United Arab
Emirates, Agence France-Presse reports.

Citing a company statement, AFP says the new facility, which
will manufacture, among others, refrigerators and washing
machines, has a one-million unit yearly production capacity.

National Industries Complex, a UAE-Jordan joint venture,
reportedly awarded the contract.

"This contract will further solidify our position in the Middle
East market," the report quotes Daewoo Electronics CEO Lee
Seung-Chang as saying.

                   About Daewoo Electronics

Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer
electronics company.  It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.

The Troubled Company Reporter - Asia Pacific reported on
November 14, 2005, that creditors of Daewoo Electronics have
placed the firm for sale for US$1 billion.  ABN Amro,
PricewaterhouseCoopers, and Woori Bank were appointed to find a
buyer for the business.

According to the TCR-AP, Daewoo Electronics has been under a
debt workout program since January 2000, months after its parent
group -- the Daewoo Group -- collapsed under debts of nearly
US$80 billion in 1999.

Daewoo Electronics Corp. posted a KRW94-billion loss in 2005
after sales declined 6.4%.  The net loss compared with the
KRW30-billion profit the company posted in 2004.  Sales fell to
KRW2.2 trillion from KRW2.3 trillion in 2004.


DRESSER INC: Restating 2001 Thru 2003 Annual Financial Reports
-----------------------------------------------------------
Dresser, Inc., will restate its 2001, 2002, and 2003 annual and
its 2003 quarterly financial statements.

The company had previously that it was restating its 2004 annual
and 2004 and 2005 quarterly financial statements and was
evaluating the potential need to restate prior periods.  Based
on management's assessment, the Audit Committee of the Board of
Directors determined at its Nov. 20, 2006, meeting that the
company will proceed with the restatement of its 2001, 2002 and
2003 annual and 2003 quarterly financial statements and that the
previously filed financial statements should no longer be relied
upon.

The restatements relate to accounting errors previously
disclosed in the company's May 23, 2006 announcement.  Those
matters include errors associated with the company's continuing
operations, including inventory valuation and derivative
transactions under FAS 133, Accounting for Derivative
Instruments and Hedging Activities.

In addition, certain other accounting errors to be corrected
relate to the company's businesses that were sold in November
2005.  The errors associated with the divested businesses relate
to derivative transactions and to the accounting treatment of
income tax associated with intercompany inventory valuation
between tax jurisdictions.  The company has previously disclosed
a number of material weaknesses in its internal control
environment and is continuing its efforts to remediate them.

Based on current information, the company does not believe the
errors will have a significant cumulative impact on EBITDA
(earnings before interest, taxes, depreciation and amortization)
or its financial position, including its cash position and total
debt, for the periods Jan 1, 2001 through Sept. 30, 2005.

                      About Dresser, Inc.

Based in Addison, Texas, Dresser, Inc. --
http://www.dresser.com/-- designs, manufactures and markets
equipment and services sold primarily to customers in the flow
control, measurement systems, and compression and power systems
segments of the energy industry.  The Company has a
comprehensive global presence, with over 8,500  employees and a
sales presence in over 100 countries worldwide, including Korea
and Japan.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
October 23, 2006, that Standard & Poor's Ratings Services
assigned its 'B' senior secured rating and its '3' recovery
rating to Dresser Inc.'s US$935 million credit facilities.
Moody's Investors Service assigned a B1, LGD 3 (37%) rating to
those credit facilities.

Moody's Investors Service downgraded Dresser, Inc.'s Corporate
Family Rating to B1 from Ba3.  The rating for the Company's
Senior Secured Tranche C Term Loan maturing 2009 was downgraded
to B1 from Ba3.  Moody's also downgraded the rating for the
Company's Senior Unsecured Term Loan maturing 2010 to B2 from
B1.  The Company's Senior Subordinated Notes maturing 2011 was
downgraded to B3 from B2.  Moody's said the rating outlook is
negative.


DURA AUTOMOTIVE: Gets Court's Final Nod To Use Cash Collateral
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware granted,
on a final basis, DURA Automotive Systems Inc. and its debtor-
affiliates' use of their prepetition lenders' cash collateral
until the occurrence of a termination event, which:

   (a) prior to the repayment in full in cash of the Debtors'
       obligations under the First Lien Revolver, will mean the
       earliest to occur of:

         (i) Dec. 20, 2006;

        (ii) acceleration of the Debtors' direct borrowings and
             reimbursement obligations under the US$300,000,000
             DIP Financing agreements with Goldman Sachs
             Capital Partners L.P., General Electric Capital
             Corp. and other lender parties;

       (iii) the Interim DIP Order or the Final DIP order ceases
             to be in full force and effect; or

        (iv) the Debtors receive authorization from the Court to
             borrow prior to entry of the Final DIP Order more
             than the principal amount of US$50,000,000 under
the
             DIP Financing Documents; and

   (b) subsequent to the repayment of the Debtors' obligations
       under the First Lien Revolver:

         (i) the acceleration of the Postpetition Obligations;

        (ii) the Interim DIP Order or the Final DIP Order ceases
             to be in full force and effect; or

       (iii) the Postpetition Lenders' commitments are increased
             in a manner that the aggregate amount of the
             commitments exceeds the US$300,000,000 principal
             amount.

The Official Committee of Unsecured Creditors agrees that the
cash collateral of the Prepetition First Lien Lenders may not be
used to object to or contest their liens and claims.

However, according to the Committee, there is no reason to allow
the Second Lien Lenders to preclude the use of cash collateral
to fund an investigation into the serious questions concerning
the validity of their liens, especially since they have
explicitly consented in the Intercreditor Agreement dated May 3,
2005, to the use of their cash collateral without any
reservation whatsoever.

The Court rules that no cash collateral of the Prepetition
Second Lien Lenders may be used directly or indirectly by any of
the Debtors, the Creditors Committee, any Committee or any other
person or entity to object to or contest in any manner the
Prepetition Second Lien Lenders' liens and claims, or to assert
or prosecute any actions, claims or causes of action against any
of the Prepetition Second Lien Agents or Lenders without their
consent.

                     About DURA Automotive

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

                          *     *     *

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

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

                          *     *     *

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


DURA AUTOMOTIVE: Court Approves First Day Motions
-------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware approved
all of the "first day motions" that DURA Automotive Systems Inc.
submitted as part of its Chapter 11 filing.

In addition, DURA filed an amended affidavit to reflect its
company-wide cash position of US$75.8 million as of Oct. 13,
2006.  The original affidavit only stated liquidity for the
company's U.S. and Canada subsidiaries, which were included in
the Chapter 11 filing, and did not include available cash from
DURA's European and other operations outside the U.S. and
Canada, which were not included in the filing.

DURA received approval to access US$50 million of the
approximately US$300 million in debtor-in-possession financing
from Goldman Sachs, GE Capital and Barclays.  DURA will use the
DIP financing to fund normal business operations and continue
its operational restructuring program initiated in February
2006.

Among the other first day motions granted, DURA received
approval to:

   * Continue to pay employee salaries, wages and benefits;

   * Pay certain critical pre-petition vendor claims after the
     filing and continue to pay its post-petition obligations
     in the ordinary course of business;

   * Provide "adequate assurance" to utilities;

   * Pay "trust fund" and similar taxes; and

   * Continue using the pre-petition cash management system.

                     About DURA Automotive

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

                          *     *     *

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

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

                          *     *     *

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


DURA AUTOMOTIVE: Judge Carey Approves Equity Trading Procedures
-----------------------------------------------------------
The Honorable Kevin J. Carey of the U.S. Bankruptcy Court for
the District of Delaware granted, on a final basis, DURA
Automotive Systems Inc. and its debtor-affiliates' request for
the institution of procedures for the trading of their equity
securities to which parties must adhere as a precondition of
the effectiveness of the trades.

The Company says that the procedures for the trading of its
equity securities, is meant to protect and preserve the federal
net operating losses.

Over the past several years, through Sept. 30, 2006, the Debtors
have incurred consolidated federal NOLs of approximately
US$437,000,000, Mark D. Collins, Esq., at Richards, Layton &
Finger, P.A., in Wilmington, Delaware, relates.

Mr. Collins explains that the NOLs are valuable to the Debtors
and their estates because the Debtors can carry forward NOLs to
set off future taxable income for up to 20 taxable years, thus
reducing future tax obligations and freeing up funds to meet
working capital requirements and service debt.  The Debtors may
also utilize the NOLs to set off any taxable income generated by
transactions completed during their stay in Chapter 11.

According to Mr. Collins, unrestricted trading of Dura equity
securities could adversely affect the Debtors' NOLs if:

   (a) too many 5% or greater blocks of equity securities are
       created; or

   (b) too many shares are added to or sold from the blocks such
       that, together with previous trading by 5% shareholders
       during the preceding three-year period, an ownership
       change within the meaning of Section 382 of the Internal
       Revenue Code, as amended, is triggered prior to emergence
       and outside the context of a confirmed Chapter 11 plan of
       reorganization.

Without the restrictions on trading, the Debtors' ability to use
their NOLs could be severely limited or even eliminated, and
could lead to negative consequences for the Debtors, their
estates and the overall reorganization process, Mr. Collins
asserted.

Under Section 382, change of ownership occurs when the
percentage of a company's equity held by one or more 5%
shareholders increases by more than 50 percentage points over
the lowest percentage of stock owned by the shareholders at any
time during a three-year rolling testing period.

In addition, Section 382 limits the amount of taxable income
that can be set off by a pre-change-of-ownership loss to the
long-term tax-exempt bond rate, as of the ownership change date,
multiplied by the value of the stock of the loss corporation
immediately before the ownership change.  Under certain
circumstances, built-in losses recognized during the five-year
period after the change date are subject to similar annual
limitations.

                      NOL Procedures

By establishing procedures for continuously monitoring the
trading of equity securities, the Debtors can preserve their
ability to seek substantive relief at the appropriate time,
particularly if it appears that additional trading may
jeopardize the use of the Debtors' NOLs, Mr. Collins tells the
Court.

Judge Carey authorized the Debtors to establish these procedures
for trading of equity securities:

   (i) Any person or entity who is currently a substantial
       shareholder must file with the Court, and serve upon the
       Debtors and counsel to the Debtors, a Notice of Status as
       a substantial shareholder, on or before 40 days after the
       effective date of the notice of entry of an interim order
       approving the NOL Procedures.

  (ii) Before effectuating any transfer of equity securities
       that would result in an increase in the amount of common
       stock of Dura beneficially owned by a substantial
       shareholder or would result in a person or entity
       becoming a substantial shareholder, the substantial
       shareholder or person or entity must file with the Court,
       and serve on the Debtors and attorneys for the Debtors,
       an advance written notice of the intended transfer of
       equity securities.

(iii) Before effectuating any transfer of equity securities
       that would result in a decrease in the amount of common
       stock of Dura beneficially owned by a substantial
       shareholder or would result in a person or entity's
       ceasing to be a substantial shareholder, the substantial
       shareholder must file with the Court, and serve on the
       Debtors and attorneys for the Debtors, an advance written
       notice of the intended transfer of equity securities.

  (iv) The Debtors would have 15 calendar days after, receipt of
       a notice of proposed transfer to file with the Court and
       serve on the substantial shareholder an objection to any
       proposed transfer of equity securities described in the
       notice of proposed transfer on the grounds that the
       transfer might adversely affect the Debtors' ability to
       utilize their NOLs.  If the Debtors file an objection,
       the transaction would not be effective unless approved by
       a final and non-appealable order of the Court.  If the
       Debtors do not object within the 15-day period, the
       transaction could proceed solely as set forth in the
       notice of proposed transfer.  Further transaction must be
       the subject of additional notices, with an additional
       15-day waiting period.

The Debtors define a "substantial shareholder" as any person or
entity that beneficially owns at least 850,000 shares --
representing approximately 4.5% of all issued and outstanding
shares -- of the common stock of Dura.

"Beneficial ownership" of equity securities includes direct and
indirect ownership, ownership by the holder's family members and
persons acting in concert with the holder to make a coordinated
acquisition of stock.

Mr. Collins tells the Court that the NOL Procedures will allow
the Debtors to monitor certain transfers of Dura equity
securities so they can act expeditiously to prevent the
transfers, if necessary, and preserve the NOLs.

                     About DURA Automotive

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

                          *     *     *

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

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

                          *     *     *

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


* Korean Firms Lead in Three Major Display Markets
--------------------------------------------------
Korean.net, citing a report by market researcher DisplaySearch,
reports that Korean firms lead in three major display markets
this year:

   -- liquid crystal diplays,

   -- plasma display panel, and

   -- organic light-emitting diodes

The market researcher states that Korean firms sold US$21.4
billion worth of LCD panels during the first 10 months of 2006,
compared with Taiwanese firms, which posted US$17.3 billion in
combined sales.

Korea's Samsung Electronics Co. posted US$12.2 billion in sales
during the 10-months period, followed by LG.Philips LCD Co. with
US$9.1 billion.

In the plasma display panel sector, LG Electronics came in first
with a 31.1% market share of, DisplaySearch notes.  Japan's
Matsushita Electric Industrial Co. and Samsung Electronics came
next with 28.6% and 23.4%, respectively.

As for organic light-emitting diodes, Korean firms including
Samsung SDI Co., an affiliate of Samsung Group, made up 41.0% of
the market, while Taiwanese firms got the 35.4% percent.


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

AKER KVAERNER: Inks NOK8-Billion Gjoa Deal with Statoil ASA
-----------------------------------------------------------
Statoil ASA and Aker Kvaerner ASA signed a NOK8-billion contract
worth for the semi-submersible platform to be located at the
Gjoa field offshore Norway.

This is in accordance with the memorandum of understanding
presented in Aker Kvaerner's disclosure to the Oslo Stock
Exhange on Sept. 29, 2006.

The scope of work to be performed by Aker Kvaerner will be
detail design of topside and hull, procurement, construction and
hook-up of topside, and mating of topside and hull.  Detailed
engineering will be headed from Aker Kvaerner's office in Oslo,
and a significant part of the engineering hours will be carried
out by Aker Kvaerner's engineering entity in Mumbai in India.

In total, more than 500 Aker Kvaerner engineers will be
mobilized to design the platform.  Peak manning will reach
around 2000 persons.  The platform will be constructed at Aker
Kvaerner Stord AS, who also is Statoil ASA's contract partner.
Several Aker Kvaerner companies will deliver to Gjoa.

                       About Aker Kvaerner

Headquartered in Lysaker, Norway, Aker Kvaerner ASA --
http://www.akerkvaerner.com/-- through its subsidiaries and
affiliates, is a leading global provider of engineering and
construction services, technology products and integrated
solutions.  The company has operations in Brazil, Chile, China,
India, Indonesia, Japan, Singapore, South Korea, Thailand and
Malaysia.

The Aker Kvaerner group is organized into two principal business
streams, namely Oil & Gas and E&C, each consisting of a number
of separate legal entities.

                        *     *     *

Moody's Investors Service upgraded the of Aker Kvaerner Oil &
Gas Group and Aker Kvaerner AS, primarily to reflect the
sustainable strong recovery in profitability and cash flow
generation of the ring-fenced oil and gas group over the past
two years, coupled with the clear reduction in senior debt,
repaid from internally generated funds.

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

   -- Rating of the second priority lien notes due 2011:
      upgraded to Ba1 from Ba3.

Moody's said the outlook on all ratings is stable.


AKER KVAERNER: One of Most Reputable Firms, Says Global Reptrak
---------------------------------------------------------------
Reputation Institute, an American organization, released the
results of a large study measuring the reputation of 750
companies in 25 countries with 30,000 people participated in the
survey, Global Reptrak 2006.

Aker Kvaerner's reputation score is above the average rating of
all companies rated by consumers in 25 countries, and places
Aker in an elite group made up of the 200 best regarded
companies in the world.

Among the top 10 companies ranked as the World's Most Respected
Companies are Barilla, Lego, Lufthansa, Ikea, Toyota, Samsung
and Kraft Foods.

Ten large Norwegian companies were measured and six of them made
the RepTrak 200 list: Aker, Reitangruppen, Coop, Statoil, Hydro,
and Veidekke.

The survey uses a method of measurement that is standardized --
so company reputations can be compared across branches and
country borders.

Global reputation winners are recognized for both delivering
good economic results and appealing to the emotions of the
general public.  This includes measurement of the trust, respect
and admiration that survey participants have for the company.
Aker -- with Kjell Inge Rokke at the lead -- scored highest
among Norwegians.  The survey also shows that Kjell Inge Rokke
is the Norwegian top leader that Norwegians admire most.

Research shows that companies that have a good reputation have
an easier time attracting customers, suppliers and job
applicants.

                    About Reputation Institute

Reputation Institute (RI) is a private advisory and research
firm headquartered in New York with representation in more than
20 countries around the world.   Founded in 1997, RI is a
pioneer and global leader in the field of corporate reputation
management, with a mission to help companies create value from
reputation.  In 2006, Reputation Institute's launched the Global
RepTrak Pulse, a project that surveyed more than 30,000 people
in 25 countries, to measure consumer perceptions of over 750
companies in North America, Latin America, Europe, Asia,
Australia, and Africa.   RI works with corporate leaders who
trust RI to use its cutting-edge knowledge, international
network and experienced advisors to help develop resilient
reputing strategies.

                       About Aker Kvaerner

Headquartered in Lysaker, Norway, Aker Kvaerner ASA --
http://www.akerkvaerner.com/-- through its subsidiaries and
affiliates, is a leading global provider of engineering and
construction services, technology products and integrated
solutions.  The company has operations in Brazil, Chile, China,
India, Indonesia, Japan, Malaysia, Singapore, South Korea,
Thailand.

The Aker Kvaerner group is organized into two principal business
streams, namely Oil & Gas and E&C, each consisting of a number
of separate legal entities.

                          *     *     *

Moody's Investors Service upgraded the of Aker Kvaerner Oil &
Gas Group and Aker Kvaerner AS, primarily to reflect the
sustainable strong recovery in profitability and cash flow
generation of the ring-fenced oil and gas group over the past
two years, coupled with the clear reduction in senior debt,
repaid from internally generated funds.

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

   -- Rating of the second priority lien notes due 2011:
      upgraded to Ba1 from Ba3.

Moody's said the outlook on all ratings is stable.


AMMERCHANT BHD: ANZ's Buy no Sudden Impact on Ratings, S&P Says
---------------------------------------------------------------
On November 24, 2006, Standard & Poor's Ratings Services said
that its ratings and outlook on Malaysia's AmMerchant Bank Bhd -
- BB+/Stable/B -- are not affected by Australia and New Zealand
Banking Group Ltd.'s proposed acquisition of 20%-25% equity
stake in AMMB Holdings Bhd, which owns 100% of AmBank and 51% of
AmMerchant.

ANZ proposes to subscribe for MYR163.9 million convertible
preference shares to be issued by AHB at MYR 3.05 apiece, each
of which is convertible into one new ordinary AHB share.  ANZ
also proposes to subscribe for MYR575.0 million exchangeable
subordinated bonds to be issued by AmBank, which shall be
exchangeable for 188.5 million new shares in AHB.  The
subscription by ANZ will amount to MYR1.075 billion.

In addition, ANZ has initiated negotiations with AmCorpGroup
Bhd, the principal shareholder of AHB, to buy 300 million AHB
shares, equivalent to 14% of the company. AmCorp currently owns
32.9% of AHB.

The conclusion of the proposed transaction is subject to the
necessary approvals by Bank Negara Malaysia, Securities
Commission and other authorities.

Standard & Poor's will monitor the outcome of negotiations for
any rating implications for the banks (AmBank and AmMerchant),
particularly the impact on capital position, as measured by the
ratio of adjusted common equity to assets.  In addition, there
is potential for the banks to benefit from a strategic
partnership with ANZ because of the latter's retail and SME
banking, risk management, banking systems and cross-border
capabilities.  Standard & Poor's would revise the outlook on the
rating of the bank to positive from stable if the partnership,
when approved, is expected to structurally improve the bank
business and financial profiles.


CELESTICA INC: Appoints Craig Muhlhauser President & CEO
--------------------------------------------------------
Celestica Inc. appointed Craig H. Muhlhauser to the position of
President and Chief Executive Officer, effective immediately.
Mr. Muhlhauser succeeds Stephen W. Delaney, who is resigning
from Celestica to pursue other business interests.

Mr. Muhlhauser was previously Celestica's President, with
specific responsibility for Worldwide Sales and Business
Development. Prior to joining Celestica in May 2005, Mr.
Muhlhauser was President and Chief Executive Officer of Exide
Technologies, one of the world's largest producers and recyclers
of lead acid batteries.  Before joining Exide Technologies, he
was Vice President, Ford Motor Company and President, Visteon
Automotive Systems.  During his career, Mr. Muhlhauser has
worked in a number of diverse industries and has held senior
management positions at various companies including United
Technologies, Asea Brown-Boveri, Lucas Industries and General
Electric.

Commenting on the change, Robert Crandall, Chairman of the
company's Board of Directors, said, "Steve Delaney has served as
Celestica's CEO since January 2004 and he has made important
contributions to the company's development.  We wish him the
best in his new endeavors."

"The Board is delighted to have an executive with Craig
Muhlhauser's broad and proven leadership credentials available
to assume the role of President and CEO," added Mr. Crandall.
"Since joining Celestica and becoming a member of the senior
executive team, Craig has been instrumental in focusing our
business development activities on new, high-growth markets and
we are confident that his high energy, broad executive
experience and innovative leadership will ensure continued
progress in the years ahead."

"I am very pleased to assume this new leadership role as
Celestica's President and CEO," said Mr. Muhlhauser. "This is a
tremendous opportunity to build on the aggressive global
restructuring actions of the last few years, to establish
stronger, long-term partnerships with our customers and to
accelerate the improvement in Celestica's operational and
financial performance."

Headquartered in Toronto, Ontario, Celestica, Inc. (NYSE: CLS,
TSX: CLS/SV) -- http://www.celestica.com/-- is a world leader
in the delivery of innovative electronics manufacturing
services.  Celestica operates a highly sophisticated global
manufacturing network with operations in Malaysia, Brazil,
China, Ireland, Italy, Japan, Philippines, Puerto Rico, and the
United Kingdom, among others, providing a broad range of
integrated services and solutions to original equipment
manufacturers.  Celestica's expertise in quality, technology and
supply chain management, enables the company to provide
competitive advantage to its customers by improving time-to-
market, scalability and manufacturing efficiency.

                         *     *     *

Moody's has affirmed its Ba3 Corporate Family Rating for
Celestica International.

Celestica carries Fitch's 'BB-' issuer default and unsecured
credit facility ratings.  Fitch also assigned a 'B+' rating to
the company's senior subordinated debt.  Fitch said the Rating
Outlook is Stable.

In February 2005, Moody's Investors Service lowered Celestica's
senior implied rating to Ba3 from Ba2, senior unsecured issuer
rating to B1 from Ba3 and the subordinated notes rating to B2
from Ba3.


FA PENINSULAR: Posts MYR655,000 Net Loss in 2nd Qtr. 2006
---------------------------------------------------------
FA Peninsular Bhd incurred MYR655,000 net loss on MYR28,000
revenues recorded in the second quarter ended September 30,
2006, as compared with MYR7.239 million net loss on MYR645,000
revenues in the same quarter last year.

As of September 30, 2006, the company's balance sheet reflected
strained liquidity with MYR15.76 million in current assets
available to pay MYR21.804 million liabilities coming due within
the year.

In addition, the company's balance sheet also showed insolvency
with MYR15.879 million in total assets and MYR21.804 million in
liabilities.  Shareholders' deficit in the company reached
MYR5.92 million.

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

     http://bankrupt.com/misc/fapeninsular-2q-2006.doc

                          *     *     *

FA Peninsular's principal activities are processing and trading
cocoa.  Other activity includes stock and share-broking.
Operations are carried out mainly in Malaysia.

The company is currently listed in the Amended PN-17 list of
companies in the Bursa Malaysia Securities Bhd.


INDUSTRIAS METALURGICAS: Wins Porce US$37-Mil. Supply Contract
--------------------------------------------------------------
Industrias Metalurgicas Pescarmona told Dow Jones Newswires that
it has won a US$37-million contract to supply equipment for
Porce III, a hydroelectric power plant in Colombia that has been
funded by the Inter-American Development Bank.

Industrias Metalurgicas said in a statement that through IMPSA
Andina, its Colombian unit, it will supply four turbines for the
plant that will have a capacity of 688 megawatts.
IMPSA, Industrias Metalúrgicas Pescarmona S.A.I.C.& F --
http://www.impsa.com.ar/ -- is one of the largest worldwide
providers of integrated energy solutions for hydropower and wind
energy projects through the production of capital goods and by
investing in power generation projects.

The company has offices in Malaysia, China, and Argentina.

                        *    *    *

Fitch Argentina confirmed the BB- (arg) rating to the
Obligaciones Negociables Series 8, 9, 10, 11 and 12 issued by
Industrias Metalurgicas Pescarmona SA, and the D (arg) rating
the ONs Series 2 for US$150 million (effective balance
US$804,000).

                        *    *    *

Moody's Latin America rated Industrias Metalurgicas Pescarmona's
US$150 million bond issuance under its US$250 million global
program at D.  The unpaid debt since May 20, 2002, amounts to
US850,000.  The rating action is based on the company's
financial standing at April 30, 2006.


INTERPUBLIC GROUP: Earns US$5.8 Million in Third Quarter 2006
-------------------------------------------------------------
For the three months ended Sept. 30, 2006, Interpublic Group of
Companies Inc. recorded US$5.8 million in net income on US$1.4
billion of net revenues, in contrast to a US$102.8 million net
loss on US$1.4 billion of net revenues for the same period in
2005.

At Sept. 30, 2006, the company's balance sheet showed US$1.9
billion in total assets and US$1.1 billion in total liabilities.

A full-text copy of the company's quarterly report is available
for free at http://researcharchives.com/t/s?1599

At a regularly scheduled meeting on Oct. 26, 2006, the Board of
Directors of the company elected William T. Kerr as a non-
management director.  Mr. Kerr was also appointed to serve as a
member of the Audit Committee and the Compensation Committee.

                         Material Weakness

The company has identified numerous material weaknesses in its
internal control over financial reporting, Management's
Assessment on Internal Control Over Financial Reporting, and
Item 9A., Controls and Procedures, of its 2005 Annual Report on
Form 10-K.  As a result, the company has determined that its
internal control over financial reporting was not effective as
of Dec. 31, 2005.

The company is in the process of implementing remedial measures
to address the material weaknesses in its internal control over
financial reporting.  However, because of its decentralized
structure and its many disparate accounting systems of varying
quality and sophistication, the company has extensive work
remaining to remedy these material weaknesses.

The company has developed a comprehensive plan to remedy its
material weaknesses, which was presented to the Audit Committee
in July of 2006 and is in the process of being implemented.  The
plan provides for remediation of all the identified material
weaknesses by Dec. 31, 2007.  Until its remediation is
completed, the company will continue to incur the expenses and
management burdens associated with the manual procedures and
additional resources required to prepare its Consolidated
Financial Statements.

                    About Interpublic Group

Interpublic Group of Companies Inc. (NYSE:IPG) --
http://www.interpublic.com/-- is one of the world's leading
organizations of advertising agencies and marketing services
companies. Major global brands include Draft FCB Group,
FutureBrand, GolinHarris International, Initiative, Jack Morton
Worldwide, Lowe Worldwide, MAGNA Global, McCann Erickson,
Momentum, MRM, Octagon, Universal McCann and Weber Shandwick.
Leading domestic brands include Campbell-Ewald, Carmichael
Lynch, Deutsch, Hill Holliday, Mullen, The Martin Agency and
R/GA.

The company has operations worldwide, including in Argentina,
Australia, Chile, China, India, Indonesia, Ireland, Japan,
Malaysia, the United States and Venezuela, among others.


INTERPUBLIC GROUP: S&P Rates Proposed Floating Rate Notes at B
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned a 'B' rating to
floating rate notes due 2010 proposed by Interpublic Group of
Cos. Inc., to be issued in exchange for the same principal
amount of its old floating-rate notes due 2008.

At the same time, Standard & Poor's placed the rating on these
notes on CreditWatch with negative implications.  The new notes
differ from the old notes principally in the lower interest rate
and an extension of the maturity date.

The ratings on the outstanding debt of Interpublic remain on
CreditWatch with negative implications, where they were placed
on March 22, 2006, as a result of declines in Interpublic's core
business and the rating agency's reduced confidence in the
company's prospects for cash flow generation.

"We expect to evaluate Interpublic's operating outlook and
business strategies within the next several weeks in order to
complete our CreditWatch review," said Standard & Poor's credit
analyst Deborah Kinzer.

"Rating downside is currently limited to one notch," Kinzer
added.

Ratings List:
   * Ratings Remaining On CreditWatch

   * Interpublic Group of Cos. Inc.

      -- Corporate Credit Rating at B/Watch Neg/B-3
      -- Short-Term Credit Rating at B-3/Watch Neg
      -- Senior Unsecured Debt at B/Watch Neg

New Rating:

   * CreditWatch/Outlook Action

   * Interpublic Group of Cos. Inc.

      -- US$250 Million Floating-Rate Notes at B/Watch Neg

Interpublic Group of Companies Inc. (NYSE:IPG) --
http://www.interpublic.com/-- is one of the world's leading
organizations of advertising agencies and marketing services
companies. Major global brands include Draft FCB Group,
FutureBrand, GolinHarris International, Initiative, Jack Morton
Worldwide, Lowe Worldwide, MAGNA Global, McCann Erickson,
Momentum, MRM, Octagon, Universal McCann and Weber Shandwick.
Leading domestic brands include Campbell-Ewald, Carmichael
Lynch, Deutsch, Hill Holliday, Mullen, The Martin Agency and
R/GA.

The company has operations worldwide, including in Argentina,
Australia, Chile, China, India, Indonesia, Ireland, Japan,
Malaysia, the United States and Venezuela, among others.


MBf CORPORATION: Bursa Rejects Petition to Exit PN-17
-----------------------------------------------------
On November 10, 2006, the board of directors of MBf Corp Bhd
filed before the Bursa Malaysia Securities Bhd the details of
the company's application to exit from its PN-17 status.

MBf Corp originally filed its Proposed Upliftment from Amended
PN17 Status on October 17, 2006.

However Bursa Securities rejected MBf Corp's application to exit
its PN-17 status on November 28, 2006.

According to the Bourse, the company is required to announce and
submit a plan that is substantive and relevant to the Section 32
of the Securities Commission Act 1993, before the Securities
Commission and other relevant authorities by January 8, 2007.
The company's failure to comply with the requirement will mean:

   -- the suspension on the trading of its listed securities
      with effect starting on January 15, 2007 at 9:00 a.m.; and

   -- commencement of delisting procedures against the company.

Pursuant to a November 10 filing with the Bourse, the company
set out details on the Proposed Upliftment from Amended PN17 by
MBf Corp.

The company noted that its audited consolidated results for the
FYE December 31, 2005, showed shareholders' equity, on a
consolidated basis, at MYR18.480 million, below 25% of the
issued and paid up capital of the company at MYR281.819 million.
The figure is also below the minimum MYR60 million issued and
paid up capital required of companies listed on the Main Board
of the Securities Exchange.

According to the filing, MBf Corp plans to realize its
investments and improve its net assets position, by undertaking
these corporate exercises:

a. disposal of 50% equity interest in Nation Holdings Sdn Bhd
   for a cash consideration of MYR9.0 million, which was
   completed on September 29, 2006;

b. disposal of 40% equity interest in KIP Land Sdn Bhd for a
   cash consideration of MYR3.5 million, which was completed on
   September 29, 2006;

c. disposal of the entire equity interest in MIFC Credit &
   Leasing Sdn Bhd for a cash consideration of MYR15,000, which
   was completed on July 7, 2006;

d. disposal of MBf Credit Limited, following the completion of
   the disposal of MIFC;

e. deconsolidation of MBf Personal Care Sdn Bhd, which has been
   placed under a creditors' voluntary wind-up exercise,
   following the appointment of liquidators on June 7, 2006; and

f. deconsolidation of MBf Capital Berhad which has been placed
   under a creditors' voluntary winding-up exercise, following
   the appointment of liquidators on 28 September 2006.

After the above corporate exercises, the proforma shareholders'
equity of MBf Corp is MYR92.871 million, above 25% of the issued
and paid up capital of the Company of MYR281.819 million and is
above the minimum MYR60 million issued and paid up capital
required of companies listed on the Main Board of the Securities
Exchange.

                          *     *     *

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

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

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

As reported by the Troubled Company Reporter - Asia Pacific on
November 23, 2006, the company's consolidated balance sheet as
of September 30, 2006, showed current assets at MYR153.528
million while current liabilities aggregated MYR90.880 million.

In addition, total assets of the company amounted to MYR398.144
million while liabilities amounted to MYR268.977 million.
Shareholders' equity in the company reached MYR129.167 million.


MALAYSIA AIRLINES: Swings to Profit in Third Quarter 2006
---------------------------------------------------------
Malaysian Airline System Bhd posted third quarter pre-tax profit
of MYR256.676 million following a one-off gain of MYR194 million
from the sale of its headquarters in Kuala Lumpur and
compensation received from the government, Asia Pulse reports.

In the same quarter last year, Malaysia Airlines reported a net
loss of MYR361.033 million.

Group revenue during the three months ended September 30, 2006,
tops at MYR3.631 million, an 18% increase from MYR3.076 million
a year earlier.

Asia Pulse notes that under the airline's business revival plan,
it had slashed its workforce and cut unprofitable routes as part
of its cost cutting measures.

"We expect another good performance in the current quarter, as
the last quarter is typically the best," Asia Pulse cites the
airline's managing director and chief executive officer Idris
Jala as saying.

It was the first profit registered by the airline company
following successful implementation of its business turnaround
plan after booking five straight quarters of losses, the
newspaper says.

For the nine months ended Sept. 30, the airline's pre-tax losses
shrank to MYR216.183 million from MYR509.087 million for the
same period a year earlier.

The company attributes the improvement to the increase in
revenue due to major improvements in passenger and cargo yields,
and the termination of unprofitable routes.  Group revenue rose
6.5% to MYR9.709 million from MYR9.112 million previously.

Malaysia Airlines is aiming to cut losses to MYR620 million this
year and to book a profit of MYR50 million in 2007, the paper
notes.  The following year, MAS hopes to achieve a net profit of
RM500 million.

                          *     *     *

Headquartered in Selangor, Malaysia, Malaysia Airlines --
http://www.malaysiaairlines.com/-- services domestic and
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with our airline
partners.

The carrier made a loss after tax of MYR1.3 billion for fiscal
year 2005, due to high fuel and operating costs, and
unprofitable routes.  In late February 2006, it unveiled a
radical rescue plan to raise MYR4 billion to stay afloat and
return to profitability by 2007.  Under the restructuring plan,
the airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
whistle-blowing and stop corporate sponsorship.


TANCO HOLDINGS: Incurs MYR10.55 Million Net Loss in 3rd Qtr. '06
----------------------------------------------------------------
Tanco Holdings Bhd posted MYR10.55 million net loss on MYR3.301
million revenues in the third quarter ended September 30, 2006,
as compared with MYR17.74 million net loss on MYR3.70 million
revenues in the same quarter last year.

The company's consolidated balance sheet as of September 30,
2006, showed strained liquidity with MYR106.53 million in total
assets available to pay MYR507.91 million in liabilities coming
due within the year.

As of September 30, 2006, total assets of the company amounted
to MYR571.67 million while total liabilities reached MYR508.99
million.  Shareholders' equity in the company totaled MYR62.68
million.

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

    http://bankrupt.com/misc/tanco-3q-2006.xls

                          *     *     *

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

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


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

AA WORLDWIDE: Court to Hear Liquidation Petition on Feb. 1
----------------------------------------------------------
The High Court of Auckland will hear a petition to liquidate AA
Worldwide Machinery Spares Ltd on Feb. 1, 2007, at 10:00 a.m.

Titan Plant Services Ltd., filed the petition with the High
Court of Auckland on Oct. 6, 2006.

The Solicitor for the Petitioner can be reached at:

         D. G. Dewar
         Thomas Dewar Sziranyi Letts
         Second Floor, 1 Margaret Street
         (P.O. Box 31-240) Lower Hutt
         New Zealand


ABOUT CEILINGS: Court to Hear Liquidation Petition Today
--------------------------------------------------------
A liquidation petition filed against About Ceilings and
Architectural Ltd was heard before the High Court of Auckland
today, Nov. 30, 2006, at 10:45 a.m.

Commercial Building Supplies Ltd filed the petition on Aug. 25,
2006.

The Solicitor for the Petitioner can be reached at:

         Kevin Patrick McDonald
         Eleventh Floor, Global House
         19-21 Como Street
         (P.O. Box 331-065 or D.X. B.P. 66-086)
         Takapuna, Auckland
         New Zealand
         Telephone:(09) 486 6827
         Facsimile:(09) 486 5082


AIR NEW ZEALAND: Unions File Injunction in the Employment Court
---------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
October 18, 2006, Swissport International and partner company
Transfield Services New Zealand Ltd., agreed with Air New
Zealand to be the preferred bidders in the potential outsourcing
of the airline's ground handling operations at Auckland,
Wellington, and Christchurch airports.

A follow up report from The Dominion Post relates that the
Engineering Printing and Manufacturing Union and the Food
Service Workers Union filed an application for injunction in the
Employment Court against Air New Zealand to prevent the airline
from contracting out their jobs to Swissport.

As noted in the TCR-AP, the nomination is subject to contract
after a 58-day consultation period between Air New Zealand and
its labor unions.

The Unions alleged that the airline breached good faith and due
process in its dealing with them over the issue, The Dominion
says, noting that Air New Zealand is considering the injunction
application.

According to the paper, Air New Zealand's plan would affect
1,675 airport ground staff in Auckland, Wellington, and
Christrchurch in a bid to save NZ$20 million a year.

The parties were in dispute over when the 58-day consultation
period started, The Dominion quoted EPMU national secretary
Andrew Little, as saying.

Stuff.co.nz recounts that the airline announced the proposal on
October 12, 2006.  However, the consultation period does not
start till the union had received all information used by the
company to make its decision, The Dominion notes.

Mr. Little alleged that Air New Zealand had failed to provide
crucial information including how many staff Swissport would
take on, their hours of work, and pay, stuff.co.nz relates.

Mr. Little also revealed, "we have, however, found evidence that
this project was planned in early 2005 and appears to be
designed to compel the workforce into re-negotiating their pay
and conditions without having access to the usual industrial
rights such as the right to legally protected strike action."

         Air New Zealand to Take Action on Koru Symbol

Meanwhile, Air New Zealand is understood to be considering legal
action over the union's use of its Koru symbol as its protest
logo, The Dominion relates.

According to Mr. Little, there's a letter from Air New Zealand's
lawyers criticizing the logo.

"We will take further advice on the issue and see where that
takes us," the paper cites Mr. Little, as saying.

According to Wikipedia, the koru is the Maori name given to the
newborn, unfurling fern frond and symbolizes new life, growth,
strength and peace.  The koru is used in a stylized form as the
logo of Air New Zealand and as an iconic symbol of New Zealand
flora.

                      About Air New Zealand

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

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

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


BEST WHOLESALE: Faces Liquidation Proceedings
---------------------------------------------
An application to liquidate Best Wholesale Ltd was heard before
the High Court of Auckland today, Nov. 30, 2006, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court 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


DMP 5 THE ROOST: Petition Hearing Slated for Nov. 30
----------------------------------------------------
On Oct. 10, 2006, the Commissioner of Inland Revenue filed a
liquidation petition against DMP 5 The Roost Ltd before the High
Court of Napier.

The petition was heard today, Nov. 30, 2006, at 10:00 a.m.

The Solicitor for the Petitioner can be reached at:

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


JAP N SAVE: Official Assignee Acts as Liquidator
------------------------------------------------
On Nov. 9, 2006, the Official Assignee of Jap N Save was
appointed as the company's liquidator.

As reported by the Troubled Company Reporter - Asia Pacific,
Akub Ali filed a liquidation petition against the company on
Aug. 18, 2006.  The Court heard the petition on Nov. 9, 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


METRO AIR: Court Hears CIR's Liquidation Petition
-------------------------------------------------
On Nov. 27, 2006, the High Court of Christchurch heard a
liquidation petition filed against Metro Air Ltd.

The Commissioner of Inland Revenue filed the petition on
Oct. 19, 2006.

The Solicitor for the Petitioner can be reached at:

         R. Roberts
         Raymond Donnelly & Co
         Barristers and Solicitors
         Level Five, Amuri Courts
         293 Durham Street (P.O. Box 533)
         Christchurch
         New Zealand
         Telephone:(03) 366 0264
         Facsimile:(03) 366 7474


NORTH HARBOUR: Creditors Must Prove Claims by December 11
---------------------------------------------------------
On Nov. 9, 2006, the shareholders of North Harbour Seafoods (New
Zealand) Ltd appointed Gerald Stanley Rea and Paul Graham
Sargison as the company's liquidators.

Creditors are required to submit their claims to Mr. Rea by
Dec. 11, 2006, or they will be excluded from sharing in any
distribution the company will make.

The Liquidators can be reached at:

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


ON THE BALL: Shareholders Resolve to Liquidate Business
-------------------------------------------------------
The shareholders of On The Ball Productions Ltd passed a special
resolution to liquidate the company's business and appointed
Neville Petrie Fagerlund as liquidator.

Mr. Fagerlund fixed Dec. 8, 2006, as the last day for the
company's creditors to prove their claims.

The Liquidator can be reached at:

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


PA & TASH: Appoints Joint Liquidators
-------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy, Insolvency
Practitioners of Hamilton, were appointed as joint and several
liquidators of Pa & Tash Ltd on Nov. 9, 2006.

As reported by the Troubled Company Reporter - Asia Pacific, the
wind-up petition was heard before the High Court of Auckland on
November 9, 2006.

The Commissioner of Inland Revenue filed the petition with the
Court on August 2, 2006.

The Joint and Several Liquidators can be reached at:

         Dennis Clifford Parsons
         Katherine Louise Kenealy
         Indepth Forensic Limited
         Insolvency Practitioners
         P.O. Box 278, Hamilton
         New Zealand
         Telephone:(07) 957 8674
         Facsimile:(07) 957 8677


TARANAKI DOCUMENT: Commences Liquidation Proceedings
----------------------------------------------------
On Nov. 9, 2006, the shareholders of Taranaki Document Solutions
Ltd resolved by special resolution to liquidate the company's
business and appointed Philip Craig Macey as liquidator.

The Liquidator can be reached at:

         Philip Craig Macey
         Staples Rodway Taranaki Limited
         109-113 Powderham Street
         New Plymouth
         New Zealand
         Telephone:(06) 758 0956
         Facsimile:(06) 757 5081


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

CHIQUITA BRANDS: Test-Marketing Specially Packed Bananas
--------------------------------------------------------
Chiquita Brands International Inc. is test-marketing a new line
of specially wrapped bananas, the Cincinnati Business Courier
reports.

As reported in the Troubled Company Reporter-Latin America on
Nov. 6, 2006, Chiquita Brands developed a new way of packaging
bananas that would let the fruits stay yellow and fresh until
the consumer is ready to eat them.  Through the new packaging,
bananas would stay fresh up to four days longer than a
traditional bunch.  The company claimed that it developed the
perfectly ripened banana through the new packaging.

According to the Business Courier, the new banana packaging uses
a permeable plastic wrap that regulates airflow and slows down
the ripening process.  A shopper who purchases six bananas can
open three right away but keep three others ripe for the next
week.

The Business Courier relates that the specially wrapped bananas
are sold under the name Chiquita Fresh and Ready.

The report says that Fernando Aguirre, chief executive of
Chiquita Brands, is positive that the innovation could sell more
bananas at higher prices.

Chiquita Brands hopes consumers will pay more for the specially
wrapped bananas, the Business Courier states.

                         About Chiquita

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

                          *     *     *

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

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


DEVELOPMENT BANK: In Compliance with ISO 14001:2004 Requirements
----------------------------------------------------------------
AJA Registrars Limited, an independent certification body, is
recommending to its office in the United Kingdom the continued
certification of the Development Bank of the Philippines'
environmental management system against the requirements of the
ISO 14001:2004 standard.

Wrapping up a surveillance audit conducted on November 9, 2006,
AJA Lead Auditor Edward Afable noted that Bank activities and
processes remain compliant with standard requirements.

The audit report cited management review and internal audit
procedures as among the strengths of the Bank's EMS.  "The
company was able to conduct effective management review.  Direct
objectives have been consistently monitored.  Internal audits
were performed as planned.  All identified non-conformances were
followed up and closed in a timely manner," the report stated.

The report, however, pointed out that more conscious efforts
must be exerted to improve document control procedures and
practices. "Due to the size of the organization, there are many
externally-generated documents being received by the different
sections.  The company may consider identifying which of these
external documents may need to be controlled as they are also
being used as reference for the EMS."

The multi-stage surveillance audit primarily involved a review
of the levels of implementation conformance with EMS
documentation requirements, including hazard identification,
risk assessment and risk control measures, and effectiveness of
the implementation in accordance with the Bank's environmental
policy statement, objectives and management programs.

The ISO 14001:2004 standard specifies the requirements for an
environmental management system to enable an organization to
develop and implement a policy and objectives which take into
account legal requirements and other requirements and
information about significant environmental aspects.

                            About DBP

Development Bank of the Philippines --
http://www.devbankphil.com.ph/-- prides itself for being "the
Philippines's most progressive development banking institution,"
providing for the medium and long-term financing needs of
enterprises, with emphasis on small and medium-scale industries,
particularly in the countryside.

                          *     *     *

On September 4, 2006, Fitch Ratings assigned a rating of 'BB-'
to DBP's hybrid issue of up to US$130 million.

Standard & Poor's Ratings Services also assigned its 'B+' long-
term issue credit ratings to the bank's Tier-I Hybrid Security
of up to US$130 million.  S&P also assigned its 'BB-/B' foreign
currency and 'BB+/B' local currency counterparty credit ratings
to DBP, with a stable outlook.

Moody's Investors Service has revised the outlook of Development
Bank's foreign currency long-term deposit rating of B1 and local
currency long-term deposit rating of Ba2 from negative to
stable.


MAGNUM HOLDINGS: Sagarmatha Sells 25.8 Million Shares
-----------------------------------------------------
Magnum Holdings, Inc., disclose in a filing with the Philippine
Stock Exchange that on November 24, 2006, Sagarmatha, Inc., has
sold its 25,800,000 shares of Magnum at PHP2.90 per share.

The buyers were represented by HDI Securities, Inc., Magnum
Holdings reveals.

                    About Magnum Holdings, Inc.

Magnum Holdings, Inc., formerly known as Summit Minerals, Inc.,
was originally organized to engage in mining exploration.  On
February 24, 1994, the Securities and Exchange Commission
approved the change in the Company's primary purpose to that of
a holding company and the change in its corporate name to Magnum
Holdings, Inc.

                 Significant Going Concern Doubt

After auditing Magnum Holdings' financial report for the year
ended December 31, 2005, A.S. Arellano and Co., raised
significant doubt on the Company's ability to continue as a
going concern.  The Auditor cites these reasons:

   * The Company incurred losses of PHP0.78 million,
     PHP0.69 million and PHP0.82 million for the years ending
     December 31, 2005, 2004 and 2003.

     As of December 31, 2005, the Company's capital deficiency
     amounted to PHP89.1 million.

   * The Company is dependent on the continuing support of its
     major stockholder, Sagarmatha, Inc.

     As of December 31, 2005, the Company's current liabilities
     exceeded its current assets by some PHP3.8 million.

   * The losses were attributed primarily to the poor trading
     conditions caused by financial turmoil affecting the region
     as well as representing the cost of maintaining and
     safeguarding the Company's assets and resources.


SBARRO: MidOcean Partners Will Buy Company at Undisclosed Term
----------------------------------------------------------------
Sbarro Inc. has signed a definitive agreement with MidOcean
Partners LLC, a private-equity firm.

MidOcean will acquire Sbarro for an undisclosed amount.

Rob Sharp, a partner at MidOcean, said, "We were extremely
pleased that we had the exclusive opportunity to work with the
Sbarro family to complete this exciting transaction.  Sbarro is
a tremendously strong and stable brand with unique positioning
in the market.  Today, the company is poised for significant
future growth.  We are very impressed with the performance of
CEO Peter Beaudrault and his management team and we look forward
to working
with them to continue to build the business globally and to
capitalize on its significant growth potential."

Mario Sbarro said, "My brothers and I are pleased to have
MidOcean and Peter Beaudrault and his management team guide
Sbarro to the future.  We are proud of the vision that our
parents had over 50 years ago and the company which
we built over these years.  We are confident that the team of
MidOcean and management will care for the brand, which bears our
family name."

Peter Beaudrault, president and chief executive officer of
Sbarro, is an experienced restaurant industry veteran who
previously served as President and CEO at Hard Rock Cafe
International and held senior executive positions at TGI
Friday's Inc.

Since joining Sbarro in 2004, Mr. Beaudrault has successfully
implemented a strategic growth plan with his experienced and
cohesive senior management team that has driven significant
increases in sales and profitability.  Mr. Beaudrault and the
entire management team will continue in their positions after
the acquisition.

Mr. Beaudrault said, "A key to our future growth is the fact
that we have committed partners in the MidOcean team who have
significant experience in building branded consumer businesses.
The management team is pleased that we will be able to continue
to build our vision for this company with them.  In addition, we
will continue to have the creativity and vision of the founding
Sbarro family that for 50 years has made this outstanding brand
synonymous with high quality and affordable Italian cuisine."

Northpoint Advisors served as advisors to MidOcean.  Credit
Suisse and Bank of America will provide financing for the
transaction. Kirkland & Ellis LLP provided legal counsel to
MidOcean.  Willkie Farr & Gallagher LLP provided legal counsel
to Sbarro.

                     About MidOcean Partners

Based in New York and London, MidOcean Partners LLC --
http://www.midoceanpartners.com/-- is a private equity firm
focused on the middle market.  MidOcean is committed to
investing in high quality companies with stable market positions
and multiple opportunities for growth in the United States and
Europe.  Targeted sectors include consumer and leisure,
media and communications, business and financial services, and
industrials.  MidOcean utilizes a broad foundation of expertise
in its focus industries and its transatlantic platform to create
value for its investors and partners.

                         About Sbarro Inc.

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

                        *    *    *

As reported in the Troubled Company Reporter - Asia Pacific on
November 24, 2006, in connection with Moody's Investors
Service's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology for the Restaurant sector,
the rating agency held its Caa1 Corporate Family Rating for
Sbarro and held its Caa1 rating on the company's US$255 million
Guaranteed 11% Senior Unsecured Notes due on September 2009.
Moody's also assigned an LGD4 rating to those bonds, suggesting
noteholders will experience a 53% loss in the event of a
default.


* Central Bank Sees 2007 Forex Reserves at US$24 Billion
--------------------------------------------------------
Brisk remittances from Filipinos working abroad will likely
boost the country's foreign exchange reserves to US$24 billion
by next year, Governor Amando Tetangco of the Bangko Sentral ng
Pilipinas says.

The central bank expects remittances next year to hit a record
US$14 billion.

The amount sent home through commercial banks by some eight
million Filipinos overseas reached US$9.11 billion in the first
nine months of this year, and is expected to reach US$11.9
billion by the end of this year, the central bank reveals.

The gross international reserves rose to a record US$22.27
billion at the end of last month, above the central bank's
target for the whole year of US$22 billion, from US$21.59
billion at the end of September.

                          *     *     *

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

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

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


* Banko Sentral ng Pilipinas Sees Nov. Inflation at 4.5%-5.2%
-------------------------------------------------------------
On November 28, 2006, the Bangko Sentral ng Pilipinas said it
expected consumer prices to rise within a range of 4.5% to 5.2%
in November from a year earlier, below October's 5.4% increase.

"Inflation in November is seen to decelerate further given lower
rice and domestic oil prices alongside a strong peso," Governor
Amando Tetangco told reporters via a mobile phone text message.

                          *     *     *

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

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

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


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

ACCURES TECHNOLOGIES: Pays Preferential Dividend to Creditors
-------------------------------------------------------------
Accures Technologies Pte Ltd has paid the first and final
dividend to its creditors on Nov. 15, 2006.

The company paid 15.2% to the creditors.

The liquidator can be reached at:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


FLEXTRONICS INTERNATIONAL: IDW Shareholders Approve Acquisition
---------------------------------------------------------------
At a special meeting held on Nov. 28, 2006, the shareholders of
International Display Works Inc. approved the proposed
acquisition by Flextronics International Ltd, according to
chron.com.

Pursuant to a definitive agreement entered on Sept. 5, 2006,
Flextronics will acquire IDW in a stock-for-stock merger with an
aggregate value of approximately US$300 million.

Flextronics' exchange ratio will be 0.5653.  The exchange ratio
represents the fraction of a Flextronics' ordinary shares that
will be exchanged for each share of IDW common stock held by IDW
stockholders upon the closing of the proposed acquisition.
Accordingly, the exchange ratio was calculated by dividing
US$6.55 by US$11.5865 -- the average per-share closing price of
Flextronics' ordinary shares on the Nasdaq Global Select Market
during the 20 consecutive trading days, which ended on Nov. 22.

The exchange ratio calculation assumes that the closing of the
proposed acquisition will take place as currently scheduled and
is subject to change, if, for any reason the closing does not
occur on the scheduled date.

Cron.com also added that the acquisition is expected to close in
Nov. 30.

Upon the completion of the acquisition, Flextronics intends to:

   -- combine IDW's LCD operations with Flextronics' Camera
      Module Group, TV tuner, Wifi and TFT module assembly
      operations to create a new assembly operations and create
      a new business unit within Flextronics' Components
      Division;

   -- employ approximately 8,000 employees across six business
      unit factories;

   -- identify and implement synergies for the new business
      unit, capitalizing on the strengths of both organizations;

   -- alter Flextronics' LCD sourcing to IDW whichever is
      possible; and

   -- build upon IDW's existing business and customer
      relationships.

As a result of the acquisition, IDW will become a wholly owned
subsidiary of Flextronics.

                  About Flextronics International

Headquartered in Singapore, Flextronics International Ltd. --
http://www.flextronics.com/-- provides electronics
manufacturing services through a network of facilities in over
30 countries worldwide including Finland, Hungary, Sweden and
the United Kingdom.  The company delivers complete design,
engineering, and manufacturing services to aerospace,
automotive, computing, consumer digital, industrial,
infrastructure, medical and mobile original equipment
manufacturers.

                          *     *     *

Fitch Ratings downgraded the ratings for Flextronics
International Ltd.:

   -- Issuer Default Rating to BB+ from BBB-;

   -- Senior Unsecured credit facility to BB+ from BBB-; and

   -- Senior subordinated notes to BB from BB+;

Fitch said the Rating Outlook is Stable.  Fitch's action affects
around US$1.7 billion of total debt.

Moody's Investors Service confirmed Flextronics International
Ltd.'s Ba1 Corporate Family Rating in connection with the rating
agency's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology.


IPCOM PTE: Hearing of Wind-Up Petition Set on Dec. 8
----------------------------------------------------
HPI International, Inc. filed a wind-up petition against Ipcom
Pte Ltd -- formerly known as Inter - Photo Co Pte Ltd.

The High Court of Singapore will convene a hearing on Dec. 8,
2006, at 10:00 a.m. to consider the petition.

HPI International's solicitors can be reached at:

         Rajah & Tann
         4 Battery Road
         #15-01 Bank of China Building
         Singapore 049908


LINDETEVES-JACOBERG: Shareholder Increases Shareholding
-------------------------------------------------------
Giovanni Bindoni, director of Lindeteves-Jacoberg Ltd, increased
his shareholding in the company on Nov. 24, 2006, to 200,000
direct shares with 0.0282% issued share capital.

Prior to the change, Mr. Bindoni held 100,000 direct shares with
0.0141% issued share capital.

The change of interest was due to Mr. Bindoni's open market
purchase.

                    About Lindeteves-Jacoberg

Lindeteves-Jacoberg Limited - http://www.linjacob.com/-- was
incorporated in Singapore on December 11, 1947 as part of a
Dutch international trading group.  Its principal activities
consist of investment holding, provision of warehousing and
rental services and acting as specialist mechanical and
electrical contractor for environmental engineering projects.

The company is currently working out further debt restructuring
plans for its liabilities, in addition to an earlier approved
Scheme of Arrangement with its creditors.

The TCR-AP reported on Nov. 10, 2006, that the company has total
assets of US$225.52 million and US$53.23 million equity deficit
as of Nov. 9.


PDC CORP.: Inks Two More Conditional Placement Agreements
---------------------------------------------------------
In connection with the share issue mandate, which is to issue
and allot up to a maximum of 211,000,000 shares in the capital
of PDC Corp. Ltd, and of which 184,500,000 shares have been
issued and allotted on Nov. 6, 2006, the company has on Nov. 28,
2006, entered into 2 additional conditional placement
agreements, in reliance of -- Section 272B of the Securities and
Futures Act, Cap 289 -- to subscribe in cash for an aggregate of
26,500,000 new ordinary shares in the company's capital at an
issue price of SGD0.0315 for each Mandate Placement Share with:

   -- Ang Seng Thor for 21,200,000 placement shares; and

   -- Toh Soon Huat for 5,300,000 placement shares.

The issue price of SGD0.0315 represents a discount of 10% per
Share to the weighted average price of SGD0.035 per Share based
on the trades done on the company's shares on the Singapore
Stock Exchange Limited for Nov. 28, 2006.

None of the Placees are listed in Rule 812(1)(a) to (d) of the
SGX-ST Listing Manual and the Mandate Placement Shares will be
issued in compliance with Rule 812 of the SGX-ST.

The Mandate Placement Shares will be issued pursuant to the
Share Issue Mandate.

Pursuant to a letter from the SGX-ST dated July 5, 2006, the
company was informed that any listing and quotation for the
Mandate Placement Shares will be subject to these conditions:

   (a) compliance with the continuing listing requirements
       including Part IV of Chapter 8 of the Listing Manual
       governing issues of shares for cash;

   (b) the size of the Share Issue Mandate will be lower  at
       211,000,000 Shares and the number representing 20% of the
       company's enlarged share capital immediately following
       the completion of the  transactions and issuance of new
       shares in the company's capital as approved by
       shareholders at the general meeting;

   (c) the proceeds from the Share Issue Mandate will be used
       for the company's core business of property development,
       construction and for working capital for the group; and

   (d) the submission of an application to SGX-ST for the
       listing and quotation of the Mandate Placement Shares
       when the Placement Agreements have been signed and the
       appropriate announcements have been made.

The company will be making an application to the SGX-ST for the
listing and quotation of the Mandate Placement Shares.

The completion of the Placement Agreement is conditional upon,
inter alia:

   (a) the approval in-principle for the listing and quotation
       of the Mandate Placement Shares being obtained from the
       SGX-ST and the approval is subject to the conditions
       acceptable to the company and it should be fulfilled by
       the completion date for the Mandate Placement Exercise;
       and

   (b) the subscription, issuance, allotment and offering of the
       Mandate Placement Shares should be in compliance with the
       Securities and Futures Ac, Chapter 289 of Singapore in
       connection with offers of securities and not being
       prohibited by any statue, order, rule or regulation
       promulgated by any legislative, executive or regulatory
       body or authority of Singapore.

                         About PDC Corp.

Headquartered in Singapore, PDC Corporation Limited is
principally involved in the provision of general construction,
property development, real estate and investment.  Its other
activities are the provision of renovation work of any kind and
for the demolition of any structure, trading, rental and
servicing of industrial machinery and equipment and the
distribution of multimedia products, home automation system,
other high technology products and investment holding.

                          *     *     *

PDC Corporation's Auditors, Ernst & Young had issued a report on
the company's financial statement for the year ended Dec. 31,
2005, highlighting a going concern issue, but without qualifying
their opinion.

As at Dec. 31, 2005, the current liabilities of the company and
the Group exceeded current assets by US$3,852,210 and
US$20,001,069 respectively, and their total liabilities exceeded
total assets by US$3,912,981 and US$20,062,940 respectively.


PETROLEO BRASILEIRO: Posts BRL20.7B Profit in First Nine Months
---------------------------------------------------------------
Petroleo Brasileiro SA aka Petrobras reported results for the
Jan. to Sept. 2006 period.

                        Highlights:

   -- accumulates BRL20.7billion in profit in nine months
      Jan-Sept 2006;

   -- earnings up 33% on the same period in 2005;

   -- investments reach BRL22.6 billion;

   -- a 34% spike Oil and LNG production rose 6% in Brazil;

   -- byproduct production grew 3% in Brazil;

   -- government taxes and holdings added up to BRL55.6
      billion; and

   -- market value rose 13% in a year, to BRL190,1 billion.

The positive result was accompanied by major investment
expansions in the first nine months of 2006, Petrobras'
consolidated net profit was BRL 20billion 7 million, up 33% on
the same period in 2005.  The period's investments topped-out at
BRL22.6 billion, 34% more than in the first nine months of 2005,
setting a new record for the three first quarters of the year.
The profits were accompanied by net debt reductions, from
BRL24.8 billion on Dec. 31, 2005, to BRL20.8 billion on June 30,
2006, and BRL19.6 billion on Sept. 30, 2006.  This solid
financial performance was possible because of the strong
earnings before interest, taxes, depreciation and amortization
(EBITDA), of BRL40.7 billion, 18% above the BRL34.6 billion
achieved in the same period in 2005.

The results accumulated in the first nine months were supported
by a 20% net operating income, reaching BRL117.2 billion due to:

   -- the increased volumes of byproducts sold in Brazil and
      abroad (4%);

   -- the higher price of the byproducts sold domestically
      (13%); and

   -- the 6% increase in oil and LNG production in Brazil.

The international Brent oil prices spiked 25%, in Dollars, in
the same period.  The company maintained its price policy in
line with the international market on the midterm, avoiding
figuring in seasonal or geographical variations.  Average
byproduct sale realization prices, in Reais, rose 13% from
January to September 2006 on the same period of 2005.
Considering the 13% stronger Real in this period, the hikes kept
pace with international crude oil prices.

Another highlight was net financial expense reduction (-47%) in
the first nine months of 2006, which was the outcome of:

   -- a weaker Real compared to the Dollar from January to
      September 2006 on the same period last year
      (BRL505 million); and

   -- closing of the hedge agreements on PESA's billing, which
      in the same period of 2005 had caused a loss of BRL459
      million.

The third quarter net profit also benefited from the increase in
the fiscal benefit on interest provisioning on self -owned
capital in September 2006 (BRL746 million).  The higher net
income was accompanied by a 23% boost in the cost of the
products sold between January and September 2006.  This growth
reflected the incorporation of extraordinary values relative to:
adjustments made to the reinjected gas production costs (due
accounting practice reviews) and government holding reviews,
retroactive to 2002 due to the NPA's reinterpretation of the
costs incurred with the Marlim field's structured financing. The
higher sold product cost was also impacted by larger government
holdings due to the bigger domestic oil and natural gas
production in new high -- productivity fields such as Barracuda,
Caratinga, Albacora Leste, and Golfinho, and due to the higher
reference prices used by the NPA, which are indexed by the Brent
oil price, the quotation for which had a strong hike in the
period.  These results were compensated for partially by the
costs incurred in bond repurchases in July 2006 (BRL 321
million) and by the anticipated Senior Trust Certificate
liquidation, in March 2006 (BRL29 million).

In 3Q-2006, net profit surged 26% compared 3Q-2005, to BRL7.1
billion.  The net operating income totaled BRL43.4 billion, a
21% improvement on the same period in 2005, also because of the
higher international and domestic prices.  Investments
strengthen strategic and business goals Petrobras, fulfilling
the goals set forth by i ts strategic plan, continues
prioritizing investments in boosting its oil and natural gas
production capacity.  From January to September 2006, total
investment stopped out at BRL 22.637 billion, a 34% increase on
the resources invested in the same period in 2005.

              Growth in Production and Refining

From January to September 2006, domestic oil production
increased 6% on the same period in 2005, mainly due to
production being kicked off at the P-43 platform (Barracuda), in
December 2004, at the P-48 platform (Caratinga), in February
2005, at the P-50 platform (Albacora Leste), in April 2006, and
at the FPSO-Capixaba (Golfinho), in May 2006. Production was
stabilized at platforms P-43 and P-48 as of June 2005.  Oil
production increased 3% between 3Q-2005 and 3Q-2006 in Brazil
because of the delays in production increases in the P-50
(Albacora) and FPSO Capixaba (Golfinho) production platforms.

Meanwhile, in October 2006, the retaking in production
acceleration at these units led the company to break a new daily
production record of more than 1.9 million barrels.

In the January-September 2006 period, international oil
production was 18% below the mark achieved in the first nine
months of 2005 due to the migration of the operational
agreements in Venezuela to the mixed company mode with the
majority participation of PDVSA, as well as because of the
natural decline in mature fields in the Angola Unit, and due to
the temporary shutdown of the main fields in the United States
Unit on account of the damage caused to the production outflow
system by the Rita and Katrina hurricanes.  International gas
production rose 2% on the same period of 2005 due to the higher
demand for Bolivian gas for Brazil and Argentina.

In 3Q-2006, international oil production decreased 24% compared
to 3Q -2005, mainly because of the lower production in Angola
and because of the reduction in the participation in production
in Venezuela.  International gas production went up 7% compared
to the same quarter in 2005 as a result of the increase in
production in the Bolivia and Argentina units, which was
partially compensated for by the loss in participation in
production in Venezuela.

By-product production in the Brazilian refineries increased 3%
from January to September 2006 compared to the same period in
the previous year due to the improved operational reliability
process and because of fewer scheduled shutdowns in 2006.

In the third quarter 2006, the installed capacity usage at the
country's refineries fell 2 percentage points compared to the
same quarter last year because of oil receipt restrictions and
higher number of scheduled maintenance shutdowns compared to the
same quarter in 2005.

                 Byproduct Sales Volume

The sales volume in the domestic market rose 3% from January to
September 2006, compared to the same period last year.  The
higher sales in the period are related mainly to the higher
volumes of gasoline that were sold due to the reduction, from
25% to 20%, in the proportion of alcohol that is added to the
gasoline and because of the loss of competitiveness alcohol had
among the bifuel vehicle owners; of petrochemical naphtha,
because of the more attractive prices compared to those
practiced in the international market and due to operational
problems that affected imports; of natural gas, with the
highlight on the paper and cellulose, glass, and chemicals
sectors; in addition to intensified vehicular natural gas use in
the domestic market ; and as a result of the higher oil exports
volumes.

The international sales volume grew 21%, particularly because of
the increased offshore operations that sought to capture
commercial opportunities abroad, compensated, partially, by the
reduced sales in Venezuela due to the agreement conversions.

               Net Oil and Byproduct Exports

In the first nine months of 2006, there was a 69,000 barrel per
day (46,000 barrel per day in the same period of 2005) surplus
in Petrobras' oil and byproduct trade balance. In financial
terms, there was a US$152 million surplus, with US8.775 billion
in exports and US$8.623 billion in imports.  These results can
be compared with a US$324 million deficit in the first nine
months of 2005, when exports totaled US$6.420 billion against
US$744 million in imports.

                Refinery and Lifting Costs

Lifting costs, including government holdings, from January to
September 2006, grew 24% (10% in Reais) on the same period in
2005 due to the higher average reference price of the domestic
oil for participation calculation, taking the higher
international oil quotations, associated to the bigger
productivity in the Barracuda and Caratinga Fields, into
account.

Including government holdings, there was a 10% increase in the
lifting cost in Brazil in 3Q-2006 compared to 3Q-2005 (10% in
Reais), reflecting the increased lifting cost caused mainly by
greater operational expenses (transportation, rigs, and
corrective maintenance), and by the costs incurred in the
initial operation phase at the Albacora Leste and Golfinho
fields.

From January to September 2006, the international unit lifting
cost rose 13% on the same period in 2005, and 12% in 3Q-2006 on
3Q-2005 due to the higher expenses with outsourced services and
materials at the Argentina unit because of turbine renovations
and well repairs.

Higher operational expenses, a reflex of the investments made
aiming at adapting the refineries to process heavy oil and at
improving fuel quality to comply with environmental demands,
resulted in a 16% increase in refining unit cost in Brazil from
January to September 2006 compared to the same period last year.
Discounting the effects of the 13% appreciation of the Real, in
association with the percentage in domestic currency on the
expenses in this activity, refining costs increased 2%.

Compared with 3Q-2005, the refining unit cost in Brazil rose 33%
in 3Q-2006 because of the larger amount of scheduled shutdowns
in this quarter.  From January to September 2006, the average
international refining unit cost spiked 16% on the same period
in 2005 because of the higher expenses with materials,
outsourced services, and staff in Argentina and in the
refineries in Bolivia, caused by emergency maintenance shutdowns
that took place in January, May, and June 2006.

The average international refining unit cost, in 3Q-2006, rose
11% on 3Q-2005 as a result of the lower processed load, of the
higher expenses with outsourced services, materials, and staff
in Argentina, and due to the scheduled maintenance shutdowns for
industrial units in the period.

Shares once again outperform market averages From January to
September 2006, common and p referred shares rose 9.81% and
9.08%, respectively, while the Ibovespa recorded gains of 8.95%.
Petrobras' ADRs rose 17.62% (common) and 16.27% (preferred) in
the first nine months of the year, outperforming the Dow Jones
Index in the same period (+8.97%).  Furthermore, Petrobras'
deposit receipts have been the ones that have been traded the
most in the NYSE in 2006, with an average daily financial volume
of US$340 million in the first nine months of the year.  The
company's market value reached BRL190.1 billion on 09/30/06, a
13% gain on Sept. 30, 2005.

             Total Consolidated Debt Reduction

Total consolidated debt on Sept. 30, 2006, was BRL19.6 billion,
a 6% fall on Sept. 30, 2005 (BRL20.8 billion), mainly reflecting
a reduction in financing amortization and in the company's
earnings before interest, taxes, depreciation, and amortization.
This performance resulted in a one-percentage point decrease in
financial leverage.  In 3Q-2006, Petrobras International Finance
Company (PIFCO) anticipated the payment of notes for a total of
BRL2,644 billion, and amortized BRL544 million in credit lines.
The capital structure is represented by a 46% participation of
third-party capital on Sept. 30, 2006, with a one-percentage
point increase on June 30, 2006.  Meanwhile, the net debt fell
by one percentage point, closing the quarter at 17% due to the
debt amortization and to cash flow accumulation.

        Economic Contribution and Government Holdings

Petrobras' economic contribut ion to Brazil, measured by taxes,
charges, and social contributions, totaled, from January to
September 2006, BRL39.541 billion, while the international
contribution reached BRL2.903 billion, topping out at BRL42.444
billion, a 20% increase on the same period of 2005.

Government holdings in Brazil in the period ranging form January
to September 2006 rose 22% on the same period in 2005,
reflecting the increase in the Special Participation aliquot on
the Barracuda and Caratinga fields, due to their new production
levels, and the 19% hike on the reference price for domestic
oil, which reached, form January to September 2006, the average
price of BRL119.56 (US$54.78) compared to BRL100.74 (US$40.64)
from January to  September 2005, tied to the Brent quotation in
the international market.

                   About Petroleo Brasileiro

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
SA aka Petrobras --
http://www2.petrobras.com.br/ingles/index.asp-- was founded in
1953.  The company explores, produces, refines, transports,
markets, distributes oil and natural gas and power to various
wholesale customers and retail distributors in Brazil.

Petrobras has operations in China, India, Japan, and Singapore.

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's.

Fitch Ratings assigned these ratings on Petroleo Brasileiro's
senior unsecured notes:

  Maturity Date           Amount        Rate       Ratings
  -------------           ------        ----       -------
  April  1, 2008      US$400,000,000    9%          BB+
  July   2, 2013      US$750,000,000    9.125%      BB+
  Sept. 15, 2014      US$650,000,000    7.75%       BB+
  Dec.  10, 2018      US$750,000,000    8.375%      BB+

Fitch upgraded the foreign currency rating of Petrobras to BB+
from BB, with positive outlook, in conjunction with Fitch's
upgrade of the long-term foreign and local currency IDRs of the
Federative Republic of Brazil to BB, from BB- on June 29, 2006.


PETROLEO BRASILEIRO: Brokers Arrested for Fraudulent Stock Sale
---------------------------------------------------------------
Brazilian police raided last week stock brokerage firms in Sao
Paulo and Rio de Janeiro to stop fraudulent plans to sell shares
for BRL120 million (US$56.1 million), Bloomberg News reports.
Most of the shares are those of state-oil company Petroleo
Brasileiro SA.

The year-long investigation of the scheme led to the arrest of
local brokers.  A manager at Banco do Brasil SA was among those
who will charged with document falsification and corruption.
Other members of the group include a computer hacker, workers at
registry offices and lawyers, Bloomberg relates, citing Agencia
Estado.

                   About Petroleo Brasileiro

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
SA aka Petrobras --
http://www2.petrobras.com.br/ingles/index.asp-- was founded in
1953.  The company explores, produces, refines, transports,
markets, distributes oil and natural gas and power to various
wholesale customers and retail distributors in Brazil.

Petrobras has operations in China, India, Japan, and Singapore.

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's.

Fitch Ratings assigned these ratings on Petroleo Brasileiro's
senior unsecured notes:

  Maturity Date           Amount        Rate       Ratings
  -------------           ------        ----       -------
  April  1, 2008      US$400,000,000    9%          BB+
  July   2, 2013      US$750,000,000    9.125%      BB+
  Sept. 15, 2014      US$650,000,000    7.75%       BB+
  Dec.  10, 2018      US$750,000,000    8.375%      BB+

Fitch upgraded the foreign currency rating of Petrobras to BB+
from BB, with positive outlook, in conjunction with Fitch's
upgrade of the long-term foreign and local currency IDRs of the
Federative Republic of Brazil to BB, from BB- on June 29, 2006.


POLYMICRO PRECISION: Pays Dividend to Unsecured Creditors
---------------------------------------------------------
Polymicro Precision Technology Pte Ltd, which is in creditors'
voluntary liquidation, has paid the second and final dividend to
its unsecured creditors on Nov. 24, 2006.

The company paid 1.3073% to all unsecured creditors.

The liquidator can be reached at:

         Neo Keng Jin
         c/o 11 Collyer Quay
         #10-02 The Arcade
         Singapore 049317


SEA CONTAINERS: Wants to Extend Time to File SALS and SOFAS
-----------------------------------------------------------
Sea Containers, Ltd. and its debtor affiliates ask the Honorable
Kevin J. Carey of the U.S. Bankruptcy Court for the District of
Delaware for an additional 30 days, through and including
Dec. 14, 2006, within which they may file their:

    (1) schedules of assets and liabilities;

    (2) schedules of current income and expenditures;

    (3) schedules of executory contracts and unexpired leases;
        and

    (4) statements of financial affairs.

Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor,
LLP, in Wilmington, Delaware, relates that the Debtors have been
diligently gathering, reviewing, and assembling information from
their books and records and from documents relating to numerous
transactions, and have made significant progress towards
completing their Schedules and Statements.  Also, the Debtors
have retained BMC Group to, among other things, assist in
preparing their Schedules and Statements.

Mr. Brady tells Judge Carey a brief extension is necessary due
to, among others:

    -- the size and complexity of the Debtors' businesses;
    -- the diversity of their operations and assets; and
    -- the number of creditors.

Moreover, Mr. Brady says, an extension will provide the Debtors
sufficient time to finalize and file accurate and complete
Schedules and Statements.

The Court will convene a hearing on Dec. 19, 2006, to
consider the Debtors' request.  By application of Rule 9006-2 of
the Local Rules of Bankruptcy Practice and Procedures of the
United States Bankruptcy Court for the District of Delaware, the
deadline to file Schedules and Statements is automatically
extended through the conclusion of that hearing.

                      About Sea Containers

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 5; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


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

HANTEX PCL: Central Court Okays Business Rehab Plan
---------------------------------------------------
The Central Bankruptcy Court of Thailand approved the business
rehabilitation plan of Hantex Pcl on September 28, 2006.

Hantex was also appointed to act as its own rehabilitation
planner.

                     The Rehabilitation Plan

Objective:

The plan objective is to settle its debt with the company's
creditors and to sustain its business operation going forward.

Debt Repayment and Classification of Creditors under the Plan:

Hantex has a total debt of THB546.06 million, which is divided
into:

    -- principal debt at THB380.35 million;
    -- accrued interest at THB165.70 million;
    -- and other debt at THB16,700.

Classifications of Creditor's Tranche:

Tranche 1. The Export and Import Bank of Thailand holds a
           Collateral value over the total debt amount of
           THB272.20 million, comprising of principal at
           THB175.24 million and accrued interest at THB96.96
           million.

* Collateral consists of land (15 items) and building and
  machinery (92items).  The collaterals are situated at No. 99/1
  Tambon Nadee, Amphar Muang, Samutsakorn Province.  Force sale
  value of land and building are THB208.0 million while the
  machinery is at THB66.30million.

Method of Repayment

* Transfer the collaterals to the creditor for total debt
  settlement within 180 days from Court approval date.  The
  company however, has option to rent and/or buyback the
  collateral within 3 years.

Tranche 2. Siam City Bank Plc holds collateral and outsider's
           collateral value over the total debt at THB86.06
           million, comprising of principal at THB81.50 million
           and accrued interest at THB4.56 million.

* Collateral consists of land No. 49387, owned by Peng Laotong,
  force sale value is THB700,000  and the Company's machinery
  (54 items).  Force sale value is THB86.70 million.

Method of Repayment

* Transfer of collaterals for total debt settlement within 180
  days from the Court approval date.  However, the company has
  option to rent and/or buyback the collateral within 3 years.

Tranche 3. Sukumvit Asset Management Co. Ltd holds a collateral
           value lower than the total debt of THB98.37 million,
           comprising of principal debt at THB65.73 million and
           accrued interest at THB32.64 million.

* Collateral consists of company's machinery (2 items) with
  force sale value at THB21 million.

Method of Repayment

* Transfer of the collateral for total debt settlement within
  180 days from Court approval date and at the same time waiving
  all accrued interest.  However, the Company has option to rent
  and/or buy back the collateral within 3 years.

Tranche 4. There are five companies in tranche 4 facilities
           holding a total debt amount of THB3.45 million,
           comprising of principal debt at THB3.44 million and
           accrued interest at THB7,239.79.

Method of Repayment

* Method of repayment is in cash payment within 180 days from
  Court approval date while waiving all the interest incurred
  after the requisition for repayment was made.

Tranche 5. There are 24 companies under this facility that
           doesn't hold any collateral against the company.  The
           total debt amount is at THB122.20 million, comprising
           of principal debt at THB90.65 million, and accrued
           interest at THB31.53 million and other fee THB16,700.

Method of Repayments

    1. The company will pay 5% -- around THB4.53 million -- of
       the principal by cash, within 180 days from Court
       approval.

    2. The remaining principal is converted to company's common
       stock by the ratio of THB.10 for 1 share and if the
       fraction is lower than THB.10 it will be considered
       waived.

    3. All accrued interest and other fee will be waived.

Tranche 6.  Labor Creditors Classified in Two Groups.

A. Preference labor creditor will be paid full amount by cash
   Within 180 days from Court approval while waiving all accrued
   interest if any.

B. Other labor creditors consisting of 247 people, are owed with
   principal debt of THB8.52 million will be paid full amount
   within 24 months after the new investor injected cash into
   the company.  All accrued the interest will be waived
   completely.

Labor creditors who failed to submit requisition for repayment
can still submit within 30 days from the date the Court approved
of the payment.

The Sequence of the Repayment

   1. Repayment to working capital creditor not to exceed THB10
      million;

   2. Transfer of the collateralized asset to tranche creditors
      1, 2 and 3;

   3. Repayment to creditor tranche 6 particularly to preference
      labor creditor;

   4. Repayment to creditor tranche 4, 5 and 6;

   5. Allocated to reserved account for the Company working
      capital.

Period and Extension of the Plan

The Plan will expire within 2 years from the Court approval
date.  However, the company can request for extension of the
plan if deemed necessary.

Success of the Plan

   1. Decrease the company's registered capital within 90 days
      after the Court had approved the Plan.

   2. Increase the registered capital for new investors within
      180 days of the Court approval date.

   3. Settle debts to all creditors in accordance with the Plan.

   4. Convert debts to Common shares to the certain creditors
      within 180 days from the Court approval date.

The success of the Plan is subject to the completion of the
conditions stipulated within 2 years.

Business Direction

   1. Reducing the process of the production by using imported
      chip as its material instead of caprolactam due to price
      effect.

   2. Expansion of base customers to the Middle East and South
      Asia where there is a huge market and to look for new
      Investors to finance the expansion.

   3. Improving and restructuring the organization to enhance
      efficiency by reducing unnecessary expense, improving
      accounting system, controlling cost of production and
      auditing cash flow.

   4. Formulating other plans in the future.

                          *     *     *

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 are currently under Stock Exchange of
Thailand's SP (suspension), NP (notice pending), NC (non
compliance) signs.

    * Notice Pending   - The issuer failed to submit a quarterly
      or annual financial statement to the SET by the specified
      time.

    * Suspension   - Trading in the security is being suspended
      for more than one trading session.

    * Non-Compliance   - The securities of a listed company that
      may be delisted.


INTERFACE INC: Financial Recovery Cues Moody's to Lift Ratings
--------------------------------------------------------------
Moody's Investors Service upgraded the long-term ratings of
Interface, Inc., which had been on positive outlook since
April 17, 2006.

The upgrade reflects the company's sustained improvement in
operating margin and free cash flow generation; it also further
acknowledges Interface's financial and operating recovery
following a severe slowdown in the corporate interiors market in
the period from 2001 through 2003.

The upgrade also reflects the company's issuance of 5.75 million
shares at US$14.65 per share, resulting in net proceeds of
around US$79 million on Nov. 10, 2006 and the company's
intention to use the proceeds to repay outstanding debt.

These are the rating actions:

   -- Upgraded the original US$150 million 7.3% guaranteed
      senior unsecured notes due 2008 to B1, LGD3, 48% from B2,
      LDG3, 49%;

   -- Upgraded the US$175 million 10.375% guaranteed senior
      unsecured notes due 2010 to B1, LGD3, 48% from B2, LDG3,
      49%;

   -- Upgraded the US$135 million 9.5% guaranteed senior
      subordinated notes due 2014 to B3, LGD5, 88% from Caa1,
      LDG5, 89%;

   -- Upgraded the Corporate Family Rating to B1 from B2;

   -- Upgraded the Probability of Default Rating to B1 from B2.

The outlook for the ratings is stable.

Further improvements in diversification efforts, sustainable
adjusted free cash flow to debt ratios of about 10%, EBIT to
interest coverage comfortably above two times and continuing
delevering below adjusted debt to EBITDA of 3x would provide a
certain degree of financial flexibility to manage what remains a
cyclical business and could lead to a positive outlook.

Lack of progress with the company's segmentation strategy or
indications of slowdown in core markets resulting in a decline
in adjusted free cash flow to debt below 5%, EBIT to interest
coverage below 1.5x could result in downward pressure on the
ratings.  Cash or debt-financed acquisitions or the assumption
of additional indebtedness could result in a downgrade.

Interface Inc. -- http://www.interfacesustainability.com/-- is
a manufacturer and marketer of floor coverings and fabrics
headquartered in Atlanta, Georgia.

The company has locations in North America, Europe, Australia
and Thailand, among others.


SUN TECH GROUP: Turns Around With THB2.53 MM Profit in 1Q 2006
--------------------------------------------------------------
Sun Tech Group Pcl turns around by posting THB2.53 million net
profit on THB758.611 million revenues in the first quarter ended
September 30, 2006, as compared with THB129.78 million net loss
on THB412.338 million revenues recorded in the same quarter last
year.

As of September 30, 2006, current assets of the company and its
subsidiaries amounted to THB353.59 million while current
liabilities reached THB328.55 million.

Sun Tech's total assets as of September 30, 2006, reached
THB596.98 million with THB333.802 million in liabilities.
Shareholders' equity in the company is at THB263.184 million.

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

    http://bankrupt.com/misc/SUNTECE2-1q-2007.xls

                          *     *     *

Sun Tech Group Public Company Ltd's principal activities are the
manufacture and process of canned tomatoes and whole kernel corn
and rental and sales of movie videocassette tapes and laser
discs.

On July 31, 2000, the Company filed a petition with the Central
Bankruptcy Court for business rehabilitation.  On August 28,
2000, the Court ordered the Company to be rehabilitated and
appointed Srisongkram Planner Company Limited as the Plan
Administrator.

Later in 2005, the Plan administrator filed a petition for an
amended Plan, which the Court subsequently approved.  The
Company has completely repaid its debts and has been released
from its debts in accordance with the Plan.

Currently, the company is listed under the Non-Performing Group
Sector of the Stock Exchange of Thailand.

On October 16, 2006, the Troubled Company Reporter - Asia
Pacific reported on the company's financial results for the
fiscal year ended June 30, 2006.

The company's consolidated balance sheet as of June 30, 2006,
showed strained liquidity with total current assets of
THB277.738 million available to pay THB338.410 million of
current liabilities coming due within the next 12 months.

In addition, Sun Tech's balance sheet showed consolidated total
assets of THB524.792 million and THB344.857 million of total
liabilities.  Shareholders' equity in the company amounted to
THB179.935 million.


THAI WAH: Creditors Okays Amended Rehab Plan
--------------------------------------------
Thai Wah Pcl's rehabilitation plan administrators submitted
before the Central Bankruptcy Court an amended copy of the
company's plan on November 3, 2006.

According to the administrators, the filing of the amended copy
is in line with the extension period of one year after the
expiry of the original plan.  In this regard, implementation of
the company's rehabilitation plan is extended until November 14,
2006.

Meanwhile, on November 27, 2006, majority of the company's
creditors agreed to accept the amendment to the plan.

The Central Bankruptcy Court is scheduled to hear the amendments
to the plan on February 5, 2007, at 10:00 a.m.

Creditors who raised objections to the plan amendments have the
right to object its implementation with the Court in accordance
with the Section 90/57 of the Bankruptcy Act.

                          *     *     *

Thai Wah Public Company Ltd's principal activity is the
manufacturing and marketing of various food products using mung
beans.  Products includes mung bean vermicelli, bean sheet
(Shanghai noodle) and salim starch.  Brands and trademarks of
the Group include Double Dragon, Phoenix, Double Kilin and
Double Eagle brands for vermicelli; Double Dragon brand for
salim starch and bean sheet; and New Grade brand for tapioca
starch, tapioca pearls and rice flours.  It operates a factory
in Thailand located in Banglane District, Nakorn Pathom
Province.

The Company was placed in the "Rehabco", or Companies under
rehabilitation, sector of the Thailand Stock Exchange, as
mandated by the Central Bankruptcy Court of Thailand, on March
12, 2001.  In July 2006, the SET reclassified the whole sector
and categorized the Company under the "non-performing group."
Companies under the group will retain their listing status and
will be obligated to comply with SET requirements.

Thai Wah is currently implementing a Reorganization Plan, whose
amendments were approved by the Central Bankruptcy Court in
November 2005.

On November 13, 2006, the Troubled Company Reporter - Asia
Pacific reported the company's consolidated balance sheet at
September 30, 2006, showed THB538.466 million in current assets
and THB257.803 million in current liabilities.

In addition the company is facing solvency problem with THB4.954
billion in total liabilities as compared to THB4.479 billion in
total assets.

                           Going Concern Doubt

After auditing the company's financial report, Sophon
Permsirivallop of Ernst & Young Office Ltd raised doubt on the
company's ability to continue as a going concern.

Mr. Sophon specifically pointed out Thai Wah's ability to pay
liabilities from debt restructuring which it must settle in
installments and the company's ability to dispose of assets to
repay indebtedness.




                            *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Nolie Christy Alaba, Rousel Elaine Tumanda,
Valerie Udtuhan, Francis James Chicano, Catherine Gutib, Tara
Eliza Tecarro, Freya Natasha Fernandez, and Peter A. Chapman,
Editors.

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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                 *** End of Transmission ***