TCRAP_Public/061204.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Monday, December 4, 2006, Vol. 9, No. 240

                            Headlines

A U S T R A L I A

ABON PTY: Members to Hear Wind-Up Report on January 2
AGCO CORP: Launches US$175 Million Sr. Sub. Notes Plan Offering
AGCO CORP: Prices US$175MM 1.25% Convertible Sr. Notes Offering
AGCO CORP: Approves Biodiesel Mixtures for SisuDiesel Engines
BOROUGH PTY: Placed Under Voluntary Liquidation

BRIGHTPOINT INC: Earns US$8.7 Million in Third Quarter 2006
CHURCH & DWIGHT: Earns US$38.7 Million in 2006 Third Quarter
CROWN CASTLE: Fitch Places Low-B Ratings on F & G Cert. Classes
FORTESCUE METALS: Receives WA Gov't. Rail Construction Approval
FORTESCUE METALS: Signs Long-Term Off-Take Agreement with WISCO

GDK FINANCIAL: Court Orders Wind-Up of Investment Schemes
HIH INSURANCE: Former FAI Officer Sentenced to Imprisonment
MG WORKSHOPS: Creditors' Proofs of Claim Due on Dec. 19
MONDOPOINT PTY: To Declare First and Final Dividend on Jan. 5
PHOENIX (SA): Prepares to Declare Final Dividend on Jan. 29

REVLON INC: Unit to Refinance Existing Credit Agreements
REVLON INC: Issuing US$100MM Rights Offering in December
ROCKE BROTHERS: Members' Final Meeting Slated for Dec. 29
W. PEC & ASSOCIATES: Members to Receive Wind-Up Report


C H I N A   &   H O N G  K O N G

ABS GLOBAL: Fitch Assigns Final Ratings to Floating Rate Notes
ALERIS INT'L: Moody's Lowers B1 Corporate Family Rating to B2
BENQ CORP: Works with Berlitz to Bolster Sales
CHINA FISHERY: Moody's Assigns (P)B1 Corporate Family Rating
DAIMLERCHRYSLER: Plans to Buy 24% Stake in Foton for CNY817MM

ETERNITY PROPERTY: Faces Wind-Up Proceedings
HANLY LTD: Members to Hear Wind-Up Report on January 2
HOPEWELL XINTANG: Members' Final Meeting Fixed for Jan. 4
JI LONG: Members Pass Resolution to Wind Up Firm
KINGFUL H.K.: Court to Hear Wind-Up Petition on January 10

LIU CHONG: Fitch Keeps Individual Rating at C
MIXMAX GARMENTS: Members Opt for Voluntary Wind-Up
PACKARD BELL: Liquidators Ceases to Act
SHANGHAI REAL: Mulls on H.K. Shares Listing to Raise CNY8.7BB
SYNERGY LOGISTICS: Inability to Pay Debts Prompts Wind-Up

TAIT & COMPANY: Final Meeting Slated for December 31
TRILEASE INTERNATIONAL: Members to Receive Wind-Up Report
* CBRC Discovers 776 Banking Crimes in First 10 Months of 2006
* Foreign Banks in for Long Wait Before Taking Profit, S&P Says


I N D I A

INDEPENDENT NEWS: Terminates Discussions on APN Buy-Out
ITI LTD: Annual General Meeting Scheduled for December 15
ITI LTD: Pritam Singh Named Interim Chairman & Managing Director
KARNATAKA BANK: N Seshagiri Quits Director Post
VISTEON CORP: Fitch Rates Amended Senior Secured Debt at B/RR1

VISTEON CORP: Increases Seven-Year Term Loan by US$200 Million


I N D O N E S I A

ALCATEL SA: Amends Joint Solicitation Statement with Lucent
BANK INTERNASIONAL: Secures US$110 Mil. from Int'l Finance Corp.
BANK MANDIRI: Must Merge with Bank Negara, Central Bank Says
CILIANDRA PERKASA: S&P Assigns 'B' Corporate Credit Rating
CILIANDRA PERKASA: Sells Upsized Five-Year Bond

CORUS GROUP: Earns GBP142 Million in 2006 Third Quarter
DELTA MUTUAL: Third Quarter Net Loss Decreases to US$531,329
FREEPORT-MCMORAN: Earns US$365.7 Million in 2006 Third Quarter
GNC CORP: Redeeming Shares of 12% Series A Pref. Stock on Dec. 4
INCO LTD: Earns US$701 Million in 2006 Third Quarter

INDOSAT: To Spend US$1 Bil. On Cellular Services Next Year
MULTIBREEDER ADIRAMA: Earns IDR55.10 Bil. In September Quarter
PT PERTAMINA: House Speaker Blames Board for Kerosene Shortage
SEKAR BUMI: Turns Around with IDR4.94BB Income for 9-Month Pd.


J A P A N

ALITALIA SPA: Italian Government Pursuing Three Rescue Plans
ANEKA TAMBANG: S&P Lifts Corporate Credit Rating to B+ from B
AOZORA BANK: To Invest US$500 Million in GMAC LLC
BANCO BRADESCO: S&P Changes BB+ Ratings' Outlook to Positive
BANCO BRADESCO: Paying Interest on Own Capital on Jan. 2, 2007

BANCO BRADESCO: Posts BRL2.01B First Nine-Month 2006 Premiums
CONVERIUM HOLDING: VP Presents Results in London Conference
DELPHI CORP: Inks 6th Amendment to US$2-Bil. DIP Loan Agreement
KUMAGAI GUMI: Net Income Ups 56% to JPY976MM For Sept. Half-Year
M. FABRIKANT & SONS: Quashes Speculations on Units' Bankruptcy

MITSUBISHI MOTORS: Discloses Global Production for October 2006
MITSUBISHI PAPER: Earns JPY6 Billion in Half-Year to Sept. 2006
SENSATA TECHNOLOGIES: Appoints Jeff Cote as New CFO
SOFTBANK CORP: Completes Refinancing Vodafone Loans
SOFTBANK MOBILE: Securitization Cues S&P to Withdraw BB+ Ratings

XEROX CAPITAL: Moody's Raises Ba1 Sr. Unsec. Debt Rating to Baa3


K O R E A

BOE HYDIS: China's BOE OT Quits Distribution Tie-Up
C&M CO: Plans London & Seoul Listing in Mid-2007, Report Says
HYNIX SEMICONDUCTOR: Vista Launch Does Little on Chip Demand
NOVELIS INC: Posts US$102 Million Net Loss in 2006 Third Quarter
NOVELIS INC: John Watson Resigns from Board of Directors

WOORI BANK: Opens Investment-Banking Unit in Hong Kong


M A L A Y S I A

AKER KVAERNER: Inks EUR50-Million Supply Pact with Oevik Energi
AKER KVAERNER: Closes EUR600-Mln Refinancing; Increases Facility
COMSA FARMS: Bursa Rejects Petition to Extend Submission of Plan
DYNEA INT'L: Sells U.S. Operations to Teacher's Private
DYNEA INT'L: Unit Sale Cues S&P's Developing Watch on B Rating

FOAMEX INT'L: Delaware Court Approves Disclosure Statement
FOAMEX INT'L: Gets Approval to Enter Into Toyota Forklifts Lease
INTERPUBLIC GROUP: Declares Dividends on A & B Preferred Stock
PAN MALAYSIAN: Turns Around with MYR14.96MM Net Profit in 2Q '06
PARACORP BHD: Unit Defaults on MYR5-Mil. Loan with Southern Bank

SHAW GROUP: S&P Affirms 'BB' Corp. Credit & Secured Debt Ratings
SOLUTIA INC: U.S. Labor Secretary Wants Plan Confirmation Denied
SUREMAX GROUP: Incurs Net MYR3.47MM Net Loss in FY 2006


N E W   Z E A L A N D

B & S PATRICK: Creditors Must Prove Debts by Dec. 15
FELTEX CARPETS: Completes Sale of Business and Changes Name
MIDWAY ENTERPRISES: Court Sets Liquidation Hearing on Dec. 4
MOTORWORLD LTD: Creditors Must Prove Debts by December 6
MTU CARRIERS: Court to Hear Liquidation Petition on Feb. 22

ORIENTAL PALACE: CIR Files Liquidation Petition
PROVINCIAL FINANCE: Receivers to Make Second Interim Repayment
TALON MANAGEMENT: Creditors' Proofs of Claim Due on Dec. 8
ULTRA BLINDS: Liquidation Hearing Set on December 4
ZURICH APARTMENTS: Faces Liquidation Proceedings


P H I L I P P I N E S

BANKARD INC: Schedules Special Stockholders' Meeting for Dec. 27
CENTRAL AZUCARERA: Shares Trading Remains Suspended
RIZAL COMMERCIAL BANKING: PSE Approves 105.5 Mln Shares Listing
UNIWIDE HOLDINGS: Settles Penalty for Delayed Report Submission
UNIWIDE HOLDINGS: Posts PHP37.19-Mln Net Loss for 3rd Quarter

MIRANT CORP: Imposes Non-negotiable Conditions in Sale Agreement
MAYNILAD WATER: Two Qualified Bidders Remain


S I N G A P O R E

EXABYTE CORP: Chief Financial Officer and Six Directors Resign
LAZARD LTD: Selling 12 Million Shares of Class A Common Stock
PACIFIC CENTURY: Majority Shareholders Vote Against Share Sale
PETROLEO BRASILEIRO: Analyst Affirms "Outperform" Rating on Firm
PETROLEO BRASILEIRO: Inks Bioenergy Studies Pact with Codevasf

PETROLEO BRASILEIRO: Resuming Contract Talks with Bolivia
REFCO INC: District Court Dismisses Sphinx Investors' Appeal
SEA CONTAINERS: Gets GBP35.7-Million Dividend from GNER


T H A I L A N D

BANGKOK BANK: To Increase Loan Grants to SMEs
TOTAL ACCESS: Inks Interconnection Deal with AIS

     - - - - - - - -

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

ABON PTY: Members to Hear Wind-Up Report on January 2
-----------------------------------------------------
The members of Abon Pty Ltd will meet for their final meeting on
Jan. 2, 2007, at 10:00 a.m., to receive Liquidator Heywood-
Smith's report on the company's wind-up proceedings.

As reported by the Troubled Company Reporter - Asia Pacific, the
company commenced a wind-up of its operations on June 29, 2006.

The Liquidator can be reached at:

         Russell H. Heywood-Smith
         BDO
         Chartered Accountants & Advisers
         248 Flinders Street, Adelaide
         South Australia 5000
         Australia

                         About Abon Pty

Abon Pty Ltd is also trading as Maid & Magpie Hotel.  The
company operates bars and taverns.

The company is located in South Australia, Australia.


AGCO CORP: Launches US$175 Million Sr. Sub. Notes Plan Offering
---------------------------------------------------------------
AGCO Corp. plans to offer US$175 million aggregate principal
amount of convertible senior subordinated notes due 2036 through
a public offering.

As part of the offering, AGCO will grant the underwriters a 30-
day option, solely to cover over-allotments, to purchase up to
an additional US$26.25 million aggregate principal amount of the
notes.  The interest rate, conversion price and other terms of
the notes will be determined by negotiations between AGCO and
the underwriters.

AGCO reported that it expects to use the net proceeds from the
offering of the notes to repay a portion of the term loans
outstanding under its existing bank credit agreement.

Morgan Stanley & Co. Inc. and Goldman, Sachs & Co. will act as
joint book-running managers for the offering of the notes.  Rabo
Securities USA, Inc. and Lazard Capital Markets LLC are acting
as co-managers for the offering.

Headquartered in Duluth, Georgia, Agco Corp. --
http://www.agcocorp.com/-- is a global manufacturer of
agricultural equipment and related replacement parts. Agco
offers a full product line including tractors, combines, hay
tools, sprayers, forage, tillage equipment and implements, which
are distributed through more than 3,600 independent dealers and
distributors in more than 140 countries worldwide, including
Brazil.  AGCO products include the following brands: AGCO(R),
Challenger(R), Fendt(R), Gleaner(R), Hesston(R), Massey
Ferguson(R), New Idea(R), RoGator(R), Spra-Coupe(R),
Sunflower(R), Terra-Gator(R), Valtra(R), and White(TM) Planters.
AGCO provides retail financing through AGCO Finance.  The
company had net sales of US$5.4 billion in 2005.

The company has its Asia Pacific headquarters in Australia.

                          *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Automotive and Equipment sector, the rating
agency confirmed its Ba2 Corporate Family Rating for AGCO Corp.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   1.750% Conv.
   Sr. Sub. Notes
   due 2033               B1       B1      LGD5       89%

   6.875% Sr. Sub.
   Notes due 2014         B1       B1      LGD5       89%

   Sr. Unsec. Shelf       Ba3      Ba3     LGD5       81%


AGCO CORP: Prices US$175MM 1.25% Convertible Sr. Notes Offering
---------------------------------------------------------------
AGCO Corp. has priced its public offering of US$175 million
aggregate principal amount of 1.25% convertible senior
subordinated notes due in 2036.

AGCO also has granted the underwriters a 30-day option, solely
to cover over-allotments, to purchase up to an additional
US$26.25 million aggregate principal amount of the notes. The
notes will pay interest semiannually at a rate of 1.25% per year
and will mature on Dec. 15, 2036.  The notes will be convertible
based on an initial conversion rate of 24.5525 shares of AGCO's
common stock per US$1,000 principal amount of notes (equivalent
to an initial conversion price of approximately US$40.73 per
share of common stock).

AGCO estimates net proceeds from the offering at approximately
US$170.6 million (after deducting underwriting discounts and
estimated expenses of the offering).  The offering is expected
to close on Dec. 4, 2006, subject to customary closing
conditions.  AGCO intends to use the net proceeds of the
offering to repay a portion of the term loans outstanding under
its existing bank credit facility.

Morgan Stanley & Co. Incorporated and Goldman, Sachs & Co. are
acting as joint book-running managers for the offering of the
notes.  Rabo Securities USA, Inc. and Lazard Capital Markets LLC
are acting as co-managers for the offering.

A copy of the prospectus supplement relating to the offering may
be obtained by contacting:

          Morgan Stanley & Co. Incorporated
          180 Varick Street 2/F
          New York, NY 10014
          Tel: 1-866-718-1649
          E-mail: prospectus@morganstanley.com

                  -- or --

          Goldman, Sachs & Co.
          Attn: Prospectus Dept., 85 Broad Street
          New York, NY 10004
          Fax: 212-902-9316
          E-mail: prospectus-ny@ny.email.gs.com

Headquartered in Duluth, Georgia, Agco Corp. --
http://www.agcocorp.com/-- is a global manufacturer of
agricultural equipment and related replacement parts. Agco
offers a full product line including tractors, combines, hay
tools, sprayers, forage, tillage equipment and implements, which
are distributed through more than 3,600 independent dealers and
distributors in more than 140 countries worldwide, including
Brazil.  AGCO products include the following brands: AGCO(R),
Challenger(R), Fendt(R), Gleaner(R), Hesston(R), Massey
Ferguson(R), New Idea(R), RoGator(R), Spra-Coupe(R),
Sunflower(R), Terra-Gator(R), Valtra(R), and White(TM) Planters.
AGCO provides retail financing through AGCO Finance.  The
company had net sales of US$5.4 billion in 2005.

The company has its Asia Pacific headquarters in Australia.

                          *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Automotive and Equipment sector, the rating
agency confirmed its Ba2 Corporate Family Rating for AGCO Corp.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   1.750% Conv.
   Sr. Sub. Notes
   due 2033               B1       B1      LGD5       89%

   6.875% Sr. Sub.
   Notes due 2014         B1       B1      LGD5       89%

   Sr. Unsec. Shelf       Ba3      Ba3     LGD5       81%


AGCO CORP: Approves Biodiesel Mixtures for SisuDiesel Engines
-------------------------------------------------------------
AGCO Corp., in an effort to improve emissions from farm
machinery marketed around the world, has approved a broad range
of biodiesel mixtures for its SisuDiesel engines.  Biodiesel
fuels come from a variety of existing crops, and producers
worldwide may soon be looking at soybeans, sunflowers and
rapeseed as more than a commodity.  For some, these products
have become a source of energy, particularly for their AGCO,
Massey Ferguson and Challenger tractors, combines and
windrowers.

SisuDiesel has approved the use of Biodiesel at rates up to
100%, depending upon the model, without engine modification or
any change in warranty coverage for the specified warranty
period.  Based in Finland, SisuDiesel is an AGCO-owned company
that supplies diesel engines for a variety of AGCO brand
products, as well as other OEM manufacturers.

"As the only approved alternative fuel for SisuDiesel engines,
biodiesel must adhere to the European norm EN 14214 or U.S. norm
ASTM D6751," explains Matti Ruotsala, vice president and
managing director, Valtra explains.  "Typically, this type of
fuel includes rapeseed methyl ester or any of the other fatty
acid methyl ester formulations, collectively known as FAME."

"Biodiesel refers to the pure fuel before blending with diesel
fuel," Mr. Ruotsala adds.  "Biodiesel blends, on the other hand,
are referred to as B5, B20, etc., with the number representing
the percentage of biodiesel contained in the blend."

As Mr. Ruotsala explains, all new Tier 3 compliant SisuDiesel
engines with common rail fuel injection systems may not be used
with more than a maximum 20% dilution of biodiesel.  In other
parts of the world outside the US and Canada Tier 0 Valmet and
Sisu diesel engines, and Tier 1 and Tier 2 Sisu engines can use
biodiesel up to B100, or 100 percent.  However, when any blend
greater than 5% (B5) is used, the crankcase oil drain, oil
filter change and fuel filter element change intervals should be
reduced by 50%.  Up to 5% dilution of biodiesel can be used with
normal service intervals.

"We see biodiesel as a win-win product for farmers, the
environment and AGCO products," says Martin Richenhagen,
chairman, president and CEO of AGCO Corp.  "Even low blends of
biodiesel have shown to reduce friction, lower maintenance costs
and lengthen equipment life while proving friendlier to the
environment and developing new markets for our customers'
commodities."

SisuDiesel engines aren't the only engines used in AGCO
products, or approved for biodiesel, however.  Biodiesel blends
of 5% (B5) have also been approved for use in Perkins, MAN and
Caterpillar engines used in a number of Massey Ferguson, FENDT
and Challenger products respectively.

Headquartered in Duluth, Georgia, Agco Corp. --
http://www.agcocorp.com/-- is a global manufacturer of
agricultural equipment and related replacement parts. Agco
offers a full product line including tractors, combines, hay
tools, sprayers, forage, tillage equipment and implements, which
are distributed through more than 3,600 independent dealers and
distributors in more than 140 countries worldwide, including
Brazil.  AGCO products include the following brands: AGCO(R),
Challenger(R), Fendt(R), Gleaner(R), Hesston(R), Massey
Ferguson(R), New Idea(R), RoGator(R), Spra-Coupe(R),
Sunflower(R), Terra-Gator(R), Valtra(R), and White(TM) Planters.
AGCO provides retail financing through AGCO Finance.  The
company had net sales of US$5.4 billion in 2005.

The company has its Asia Pacific headquarters in Australia.

                          *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Automotive and Equipment sector, the rating
agency confirmed its Ba2 Corporate Family Rating for AGCO Corp.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   1.750% Conv.
   Sr. Sub. Notes
   due 2033               B1       B1      LGD5       89%

   6.875% Sr. Sub.
   Notes due 2014         B1       B1      LGD5       89%

   Sr. Unsec. Shelf       Ba3      Ba3     LGD5       81%


BOROUGH PTY: Placed Under Voluntary Liquidation
-----------------------------------------------
At a general meeting held on Nov. 13, 2006, the shareholders of
Borough Pty Ltd passed a resolution to voluntarily wind up the
company's operations and appointed Dino Travaglini as
liquidator.

Subsequently, Mr. Travaglini's appointment was confirmed at the
creditors' meeting held that same day.

The Liquidator can be reached at:

         Dino Travaglini
         c/o Moore Stephens
         Level 3, 12 Saint Georges Terrace
         Perth, Western Australia 6000
         Australia
         Telephone:(08) 9225 5355

                       About Borough Pty

Borough Pty Ltd is also trading as Katanning Curtain and Blind
Centre.  The company is in the business of drapery hardware,
window blinds and shades.

The company is located in Western Australia, Australia.


BRIGHTPOINT INC: Earns US$8.7 Million in Third Quarter 2006
-----------------------------------------------------------
Brightpoint Inc. reported net income of US$8.7 million for the
third quarter ended Sept. 30, 2006, compared with a net loss of
US$6.1 million for the same period in 2005 due to a
US$14.4 million total loss from discontinued operations.

Total revenue increased 16% to US$633.7 million for the three
months ended Sept. 30, 2006, from US$544.9 million for the same
period in the prior year.

At Sept. 30, 2006, the Company's balance sheet showed
US$686.178 million in total assets, US$509.359 million in total
liabilities, and US$176.819 million in total shareholders'
equity.

               Financing Activities of Subsidiaries

The Company disclosed that, in April 2006, the credit facility
utilized by its primary operating subsidiary in the Philippines,
Brightpoint Philippines Inc., matured and was not renewed.  In
addition, the credit facility utilized by its primary operating
subsidiary in the Slovak Republic, Brightpoint Slovakia s.r.o.,
matured in May 2006 and was not renewed.

In August 2006, Brightpoint Slovakia s.r.o. entered into a
credit facility with Vseobecna uverova banka, a.s.  The
facility, which matures in August 2007, provides borrowing
availability of up to a maximum of US$21 million, bears interest
at the one- month Libor rate plus 0.60% and is supported by a
guarantee from the Company.  The Facility, at Sept. 30, 2006,
had no amounts outstanding.

The Company also disclosed that Brightpoint North America L.P.
entered into an agreement with GE Capital in 2001, which has
been amended in October 2006.  The amendment, among other
things, allows the Company to request an increase in aggregate
commitments of up to US$40 million, and it lowers the fixed
charge coverage ratios to be maintained before causing a change
in the level of applicable margin to be added to the applicable
interest rate.

              Significant Purchase of Wireless Device

In September 2006, the Company further disclosed that, it made a
significant purchase of wireless device inventory as part of its
expanded global relationship with a major original equipment
manufacturer.  The wireless devices were procured under the
terms of an existing supply agreement in the Philippines.
However, the Company intends to sell the products through all of
its international operations including outside the Asia-Pacific
region.  The purchase will be funded using cash generated from
the sale the product.

Full-text copies of Company's third quarter financials may be
viewed at no charge at: http://ResearchArchives.com/t/s?15de

                        About Brightpoint

Headquartered in Plainfield, Indiana, Brightpoint, Inc. --
http://www.brightpoint.com/-- engages in the distribution of
wireless devices and accessories, as well as provision of
customized logistic services to the wireless industry.  The
company primarily operates in Australia, Colombia, Finland,
Germany, India, New Zealand, Norway, the Philippines, the Slovak
Republic, Sweden, United Arab Emirates and the United States.
The company's customers include mobile operators, mobile virtual
network operators, resellers, retailers and wireless equipment
manufacturers.  Brightpoint was incorporated in 1989 under the
name Wholesale Cellular USA, Inc. and changed its name to
Brightpoint Inc. in 1995.

                          *     *     *

On April 12, 2006, Standard & Poor's placed Brightpoint's long-
term local and foreign issuer credit ratings at BB- with a
stable outlook.


CHURCH & DWIGHT: Earns US$38.7 Million in 2006 Third Quarter
------------------------------------------------------------
Church & Dwight Co. Inc. reported a US$38.7 million net income
on US$518.6 million of net sales for the quarter ended Sept. 29,
2006, compared with a US$34.6 million net income on
US$442.7 million of net sales for the same period in 2005.

At Sept. 30, 2006, Church & Dwight Co.'s balance sheet showed
US$2.36 billion in total assets, US$1.52 billion in total
liabilities, US$219,000 in minority interests, and
US$834.9 million in total stockholders' equity.

The Company's net sales for the quarter ended Sept. 29, 2006,
increased US$75.8 million or 17.1% above net sales during the
same quarter last year, mainly due to the inclusion of revenues
of
US$62.8 million from three businesses acquired since late last
year, the Spinbrush battery-powered toothbrush business, a skin
care brand in Brazil, and the recently completed acquisition on
Aug. 7, 2006, of the net assets of Orange Glo International
Inc., which markets OXICLEAN and other products.  Favorable
foreign exchange rates accounted for US$4.1 million of the
increase.

The Company's gross profit in the quarter ended Sept. 29, 2006,
increased to US$203 million, an increase of US$35.4 million
compared to the third quarter of 2005.  Approximately
US$25.8 million of the increase was associated with the acquired
businesses' products and the balance of the increase is due to
the net effect of the price increases, partially offset by a
substantial increase in commodity costs over the past year.

                Purchase of Orange Glo International

On Aug. 7, 2006, the Company closed on its acquisition of the
net assets of Orange Glo International Inc., which sells laundry
and cleaning products.  The company paid approximately
US$326 million, plus fees of approximately US$4.1 million, which
was financed through a US$250 million addition to its existing
bank credit facility and available cash.

                        Changes in Cash Flow

The Company's net cash provided by operations in the first nine
months of 2006 decreased US$21.9 million to US$109.3 million as
compared to the same period in 2005, primarily due to an
increase in working capital, specifically receivables and
inventories associated with the Spinbrush acquisition.

Net cash used in investing activities during the first nine
months of 2006 was US$370.2 million, reflecting US$33.2 million
of additions for property, plant and equipment, US$7 million to
purchase the USAD Canadian business and approximately
US$330.1 million for the purchase of Orange Glo International.

Net cash provided by financing activities during the first nine
months of 2006 was US$226.7 million.  This represents an
increase in variable rate debt of US$250 million to purchase
Orange Glo International, US$7.5 million in short-term
borrowings related to the company's accounts receivable
securitization, and proceeds of and tax benefits from stock
option exercises of US$15.1 million partially offset by Tranche
A term loan payments of US$23.2 million and the payment of cash
dividends of US$12.3 million.

Full-text copies of the company's consolidated financial
statements are available for free at:

               http://researcharchives.com/t/s?15c0

Headquartered in Princeton, New Jersey, Church & Dwight Co. Inc.
-- http://www.churchdwight.com/-- manufactures and sells sodium
bicarbonate products popularly known as baking soda.  The
company also makes laundry detergent, bathroom cleaners, cat
litter, carpet deodorizer, air fresheners, toothpaste, and
antiperspirants.

The company's international business includes operations in
Australia, Canada, Mexico, the United Kingdom, France and Spain.

                          *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given- Default rating
methodology for the US Consumer Products, Beverage, Toy, Natural
Product Processors, Packaged Food Processors and Agricultural
Cooperative sectors, the rating agency confirmed its B2
Corporate Family Rating for Church & Dwight Company, Inc.

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
   ----------           -------  -------  ------   ----------
   US$100 million
   Revolving Credit     Ba2      Baa3     LGD2     23%

   US$531 million
   Sr. Secured
   Term Loan            Ba2       Baa3    LGD2     23%

   US$100 million
   Conv. Debentures     Ba2       Ba2     LGD4     59%

   US$250 million
   Sr. Sub. Notes       Ba3       Ba3     LGD5     85%


CROWN CASTLE: Fitch Places Low-B Ratings on F & G Cert. Classes
---------------------------------------------------------------
Crown Castle's Series 2006-1 commercial mortgage pass-through
certificates are rated by Fitch Ratings:

   -- US$453,540,000 class A-FX 'AAA';
   -- US$170,000,000 class A-FL 'AAA';
   -- US$150,155,000 class B 'AA';
   -- US$150,155,000 class C 'A';
   -- US$150,150,000 class D 'BBB';
   -- US$144,000,000 class E 'BBB-';
   -- US$249,000,000 class F 'BB+'; and
   -- US$83,000,000 class G 'BB';

Fitch, after giving effect to the offered notes, affirms these
ratings to the US$1,900,000,000 Crown Castle, Series 2005-1
collateralized fixed-rate notes:

   -- US$1,198,460,000 class A 'AAA';
   -- US$233,845,000 class B 'AA';
   -- US$233,845,000 class C 'A'; and
   -- US$233,850,000 class D BBB'.

Crown Castle, Series 2006-1 represents an additional issuance
pursuant to the Crown Castle, Series 2005-1 closed on June 8,
2005, which holds a mortgage loan secured by 10,578 wireless
communication sites.  The current issuance reflects the
contribution of an additional 949 sites and increased cash flow
from the initial sites; 40 tower sites included in the initial
issuance will be removed due to negative cash flow.  The initial
and current issuance of certificates are secured by the same
pool of collateral and are pari passu among like rated classes.

All classes are privately placed pursuant to rule 144A of the
Securities Act of 1933.  The certificates represent beneficial
ownership interest in the trust, primary assets of which are
11,527wireless communication sites securing one fixed rate loan
having an aggregate principal balance of approximately
US$3,450,000,000, as of the cutoff date.

                       About Crown Castle

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


FORTESCUE METALS: Receives WA Gov't. Rail Construction Approval
---------------------------------------------------------------
Fortescue Metals Group has secured approval from the West
Australian Government to construct a railway to service its
AU$3.7-billion iron ore project in the Pilbara region,
Australian Associated Press reports, noting that the railway
construction is expected to take about 12 months.

The Age recounts that Fortescue previously said the drawn out
approval process would delay the first shipment of ore about a
month from January 2008 to late February.

In a statement with the Australian Stock Exchange, Fortescue
said that the Special Railway License gives the necessary tenure
for the railway for a period of 50 years and allows for all
activities necessary for the construction, operation, and
maintenance of The Pilbara Infrastructure Pty Ltd.

Fortescue wholly owns TPI.

                        About Fortescue

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

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

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

                          *     *     *

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

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


FORTESCUE METALS: Signs Long-Term Off-Take Agreement with WISCO
---------------------------------------------------------------
Fortescue Metals Group Ltd. advises that a further iron ore
offtake agreement has been signed with a major Chinese steel
mill.

Wuhan Iron & Steel Group, through its trading arm --
International Economic & Trading Corporation -- has contracted
4.4% of Fortescue's initial planned production of 45 million
tones per annum up to a maximum off-take of 2 Mt/a.  The off-
take covers all of Fortescue's product range being both high-
grade lump and fines and super value fines ores.

The off-take agreement also contemplates additional sales
tonnages of up to a further 5 million tones per annum should
Fortescue expand its production base beyond the initial 45 Mt/a
level.  The expansion by Fortescue would only be done when
timing was appropriate, consents, and approvals had been
received and financing was agreed.

The agreement term is 10 years with pricing based on the
industry standard of annual benchmark price setting with
adjustments made for product type and volumes.

As background, WISCO produced 20 million tones of steel in 2005
and is forecast to reach 30 Mt of steel production by 2010.  It
currently ranks as the third largest steel producer in China and
the 16th largest in the world.

Fortescue and WISCO reached this agreement after the successful
testing of Fortescue's material at WISCO's facilities.  Both
parties envisage the signing of the agreement paves the way for
a mutually beneficial relationship over the longer term.

                        About Fortescue

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

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

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

                          *     *     *

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

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


GDK FINANCIAL: Court Orders Wind-Up of Investment Schemes
---------------------------------------------------------
The Federal Court of Australia has ordered that two unregistered
managed investment schemes promoted by GDK Financial Solutions
Pty Ltd and its associated companies be wound up after an
application by the Australian Securities and Investments
Commission.

Three companies associated with the schemes were also ordered to
be wound up:

   1. Windsor Village Management Pty Ltd,

   2. The Mews Village Nominees Pty Ltd, and

   3. Rosedale Village Nominees Pty Ltd

The orders follow a decision handed down by the Honorable
Justice Finkelstein on November 2, 2006, in which he agreed that
the schemes should be wound up despite objections by some
defendants.  The defendants had asserted that the schemes have
already been wound up.

The schemes were established to develop and operate retirement
villages in New South Wales -- the Rosedale Retirement Village,
where a village already exists and operates -- and in Western
Australia -- The Mews Retirement Village, where no village
currently exists.

Justice Finkelstein found that investors were not given any
explanation or accounting for any of the money they had
contributed.  Despite numerous requests for information, he
found that "the investors had simply been left in the dark."

Justice Finkelstein ordered that receivers from KordaMentha be
appointed to carry out the winding up of the schemes, and
specified in his order the form the windings up should take.

In this regard, Justice Finkelstein ordered that the receiver:

   (a) take possession of the relevant land in Western Australia
       and New South Wales and control of the Rosedale business;
       and

   (b) be permitted to make an application to the court to seek
       any other ancillary orders to ensure that the receiver
       takes such possession and control.

The ASIC understands there will be disruption to the operation
of the Rosedale Retirement Village in New South Wales.

"ASIC will continue to act to ensure that schemes which don't
comply with the law are wound up in an appropriate manner.  In
this instance, the court has made it clear that it wants the
receivers to investigate the lack of information about the
scheme provided to investors and closely supervise the
receiverships," the ASIC's Executive Director of Enforcement
Directorate, Jan Redfern, said.

                            Background

On May 30, 2006, the ASIC filed an application with the Federal
Court seeking orders to wind up the alleged unregistered managed
investment schemes and the wind up of the companies the ASIC
alleges were involved in the promotion and operation of the
alleged schemes.

The Justice Finkelstein heard the application on August 22 and
23, 2006, and September 15, 2006.


HIH INSURANCE: Former FAI Officer Sentenced to Imprisonment
-----------------------------------------------------------
On December 1, 2006, Antony Boulden, a former Financial
Controller of the Corporate and Professional Insurance Division
of FAI General Insurance Company Limited, was sentenced to
imprisonment for a term of 12 months to be served by way of
periodic detention.

Mr. Boulden was sentenced after earlier pleading guilty to one
count of being privy to the fraudulent altering of a book
affecting or relating to the affairs of FAI.  The charges
related to entries recorded in the general ledger of FAI, which
had the effect of reducing claims estimates by approximately
AU$5.5 million.  Claims estimates are an estimate of the amount
that FAIG would be required to pay out to meet outstanding
insurance claims.

The improper reductions to claims estimates were ultimately
reflected in the financial results released by the FAI
Insurances Group to the Australian Stock Exchange Limited for
the half year ended December 31, 1997.  The FAI Insurances Group
reported an operating profit before tax of AU$3.175 million.
Without the improper reductions totalling approximately
AU$5.5 million, the FAI Insurances Group would have recorded a
loss of approximately AU$2.325 million.

In sentencing, His Honour Justice Whealy said, "his criminality
lies in the fact that he did not resist the urgings of his
superiors but went along with them, no doubt influenced by the
general culture of dishonesty within the corporate group.
Additionally, he was, at least, the architect of the means by
which the alteration to the record was to be effected."

Justice Whealy noted that the element of general deterrence is
". . . an especially important matter in crimes such as the
present because of the need to mark out to employees of
companies who hold office at the level of seniority of the
offender that they have a social and moral obligation, as well
as a statutory duty, to act honestly and responsibly'.

"Financial controllers and other company officers have a very
important obligation to ensure that financial information
provided to the market is accurate and can be relied upon,"
Jeffrey Lucy, Chairman of ASIC, said.

The Commonwealth Director of Public Prosecutions prosecuted the
matter.

                           Background

Mr. Boulden is the seventh person to be sentenced in relation to
charges brought by ASIC as part of its investigation into the
collapse of the HIH Group of companies and referrals made after
the HIH Royal Commission.

This now brings to a total of six persons to have received a
custodial sentence, including:

   1. Ray Williams, former Chief Executive Officer of HIH
      Insurance Limited;

   2. Rodney Adler, a former director of HIH;

   3. Terry Cassidy, the former Managing Director of HIH; and

   4. Bradley Cooper, the former Chairman of the FAI Security
      Group, which had dealings with the HIH Group.

Of the seven people who have been sentenced all, except Mr.
Cooper, have pleaded guilty to the charges brought by ASIC.

Criminal proceedings have also commenced against a further five
people, including:

   1. Dominic Fodera, the former Chief Financial Officer of HIH;

   2. Geoffrey Cohen, former HIH Chairman;

   3. Frederick Lo, former HIH Company Secretary -- who has
      pleaded guilty and is scheduled for a sentencing hearing
      on January 18, 2007; and

   4. former officers of FAI General Insurance Company
      Limited:

      * Daniel Wilkie, and
      * Ashraf Kamha

A criminal charge against Charles Abbott, the former Deputy
Chairman of HIH, was dismissed and a jury was directed to acquit
criminal charges against three FAI company officers: 1) Timothy
Maxwell Mainprize, 2) Daniel Wilkie, and 3) Stephen Burroughs.

In addition to its criminal proceedings, ASIC also successfully
brought a civil penalty action against Messrs. Adler, Williams,
and Fodera, who were found to have breached their duties under
the Corporations Act.  Messrs. Adler and Williams were banned
from acting as a company director and were ordered to pay
compensation aggregating nearly AU$8 million to HIH Casualty and
General Insurance Limited (together with Adler Corporation).
All three men also received various pecuniary penalties.


                     About HIH Insurance

HIH Insurance Limited -- the holding company of the HIH Group --
was a publicly listed company in Australia.  Prior to its
collapse, the HIH Group was known as the second largest general
insurer in Australia, and had operations in many other
countries.

On March 15, 2001, the HIH Group failed, with a deficiency now
believed to be between AU$3.6 billion and AU$5.3 billion.
Provisional liquidators were appointed to HIH Insurance Limited
and many of its subsidiaries.  Other insolvency practitioners
were appointed to various group companies incorporated in other
parts of the world.  In August 2001, the major Australian
companies in the HIH Group were placed into liquidation.

On March 29, 2006, meetings of the creditors of the eight
companies in the HIH Insurance Group approved the Australian
Schemes of Arrangement for those companies.  Moreover, separate
meetings of creditors of four HIH Insurance Group companies with
branches in the United Kingdom approved English Schemes for
those companies.

HIH's collapse is known to be the nation's biggest corporate
failure.


MG WORKSHOPS: Creditors' Proofs of Claim Due on Dec. 19
-------------------------------------------------------
MG Workshops Pty Ltd, which is subject to a deed of company
arrangement, will declare a first and final dividend on
Jan. 19, 2006.

Creditors are required to submit their proofs of claim by
Dec. 19, 2006, for them to share in the dividend distribution.

The Joint and Several Deed Administrators can be reached at:

         Peter Goodin
         Robyn Erskine
         Brooke Bird & Co
         Insolvency Practitioners
         471 Riversdale Road
         Hawthorn East, Victoria 3123
         Australia
         Telephone:(03) 9882 6666
         Facsimile:(03) 9882 8855

                       About MG Workshops

MG Workshops is located in Victoria, Australia.  The company
specializes in restorations, tuning and repairs of vehicles and
at the same time, offers a wide range of spares.


MONDOPOINT PTY: To Declare First and Final Dividend on Jan. 5
-------------------------------------------------------------
Mondopoint Pty Ltd, which is subject to a deed of company
arrangement, will declare the first and final dividend on
Jan. 5, 2007.

Creditors are required to submit their proofs of claim by
Dec. 18, 2006, or they will be excluded from sharing in the
dividend.

The Deed Administrator can be reached at:

         G. J. Keith
         Grant Thornton
         Rialto Towers
         Level 35, South Tower
         525 Collins Street
         Melbourne, Victoria 3000
         Australia

                      About Mondopoint Pty

Mondopoint Pty Ltd is located in Victoria, Australia.  The
company is engaged in footwear business.


PHOENIX (SA): Prepares to Declare Final Dividend on Jan. 29
-----------------------------------------------------------
Phoenix (SA) Pty Ltd, which is subject to a deed of company
arrangement, will declare the first and final dividend for
creditors on Jan. 29, 2007.

Creditors who cannot prove their debts by Dec. 18, 2006, will be
excluded from sharing in any distribution the company will make.

The Liquidator can be reached at:

         A. C. Matthews
         Anthony Matthews & Associates
         Ground Floor, 91 Hutt Street
         Adelaide, South Australia 5000
         Australia
         Telephone:(08) 8232 8885
         Facsimile:(08) 8232 8886,
         Email: info@matthewsassociates.com.au

              About Phoenix (South Australia)

Phoenix (South Australia) Pty Ltd is located in South Australia,
Australia.  The company's products include frozen fruits, fruit
juices, and vegetables.


REVLON INC: Unit to Refinance Existing Credit Agreements
--------------------------------------------------------
Revlon, Inc., disclosed that its wholly owned operating
subsidiary, Revlon Consumer Products Corp., plans to refinance
its existing credit agreement as part of the company's overall
plans to improve cash flow and strengthen its balance sheet and
capital structure.

As part of the refinancing, Revlon Consumer expects to refinance
and replace its existing US$800 million term loan with a new 5-
year US$840 million term loan facility and amend its existing
US$160 million multi-currency revolving credit facility and
extend its maturity through the same 5-year period.  It is
expected that the 2006 Term Loan Facility would be secured by
substantially the same collateral package and guarantees that
secure Revlon Consumer's existing term loan facility and the
2006 Revolving Credit Facility will continue to be secured by
its existing collateral package and guarantees.

While there can be no assurances that the 2006 Credit Facilities
will be finalized and closed, if Revlon Consumer completes this
refinancing, the company believes that it will result in annual
interest savings due to expected lower interest margins, provide
the company with greater financial and other covenant
flexibility and extend the maturity dates of Revlon Consumer's
existing bank credit agreement.

Revlon Consumer expects to use the proceeds of the 2006 Credit
Facilities to repay in full the approximately US$800 million of
outstanding indebtedness (plus accrued interest and a prepayment
fee) under its existing term loan facility.  The balance of such
proceeds is expected to be available for general corporate
purposes, after paying fees and expenses incurred in connection
with consummating the 2006 Credit Facilities.

Revlon Consumer expects to close and fund the 2006 Credit
Facilities in late December 2006.  Consummation of the 2006
Credit Facilities transactions is subject to a number of
customary conditions, including, among other things, the
execution of definitive documentation, perfection of security
interests in collateral and that Revlon launch a rights offering
for at least US$100 million in equity securities (although the
2006 Credit Facilities are not conditioned upon the consummation
of such rights offering).

Citicorp Global Markets Inc. has agreed to act as Sole Lead
Arranger and Sole Bookrunner, with Citicorp USA, Inc. acting as
Administrative Agent on the 2006 Term Loan Facility and 2006
Revolving Credit Facility.  JPMorgan Chase Bank, N.A. has agreed
to act as Syndication Agent on the 2006 Term Loan Facility.

                          About Revlon

Revlon, Inc. (NYSE:REV) -- http://www.revloninc.com/-- is a
worldwide cosmetics, skin care, fragrance, and personal care
products company.  The company's vision is to deliver the
promise of beauty through creating and developing the most
consumer preferred brands.  The company's brands include
Revlon(R), Almay(R), Vital Radiance(R), Ultima(R), Charlie(R),
Flex(R), and Mitchum(R).  The company has operations in Asia-
Pacific, including Australia, China, Hong Kong, Singapore, and
Taiwan.

At March 31, 2006, the company's balance sheet showed
US$1,085,400,000 in total assets and US$2,127,500,000 in total
liabilities, resulting in a stockholders' deficiency of
US$1,042,100,000.


REVLON INC: Issuing US$100MM Rights Offering in December
--------------------------------------------------------
Revlon, Inc., intends to launch, in December 2006, a
US$100 million rights offering that would allow stockholders to
purchase additional shares of Revlon Class A common stock.
Revlon plans to use the proceeds of such equity issuance to
reduce debt.

Pursuant to the rights offering, Revlon would distribute at no
charge to each stockholder of record of its Class A and Class B
common stock, as of the close of business on Dec. 11, 2006, the
record date set by Revlon's Board of Directors, transferable
subscription rights that would enable such stockholders to
purchase shares of Class A common stock at a subscription price
to be determined by a committee of Revlon's Board of Directors
composed solely of independent directors within the meaning of
Section 303A.02 of the NYSE Listed Company Manual and the
Board's Guidelines for Assessing Director Independence, and
based on market conditions at the time of the rights offering.

Pursuant to an over-subscription privilege in the rights
offering, each rights holder that exercises its basic
subscription privilege in full may also subscribe for additional
shares at the same subscription price per share, to the extent
that other stockholders do not exercise their subscription
rights in full.  If an insufficient number of shares is
available to fully satisfy the over-subscription privilege
requests, the available shares will be sold pro-rata among
subscription rights holders who exercised their over-
subscription privilege, based on the number of shares each
subscription rights holder subscribed for under the basic
subscription
privilege.

MacAndrews & Forbes, Revlon's parent company, which is wholly-
owned by Ronald O. Perelman, has agreed to purchase its pro rata
share of the US$100 million of Class A common stock covered by
the rights offering, which share M&F would otherwise have been
entitled to subscribe for in the rights offering pursuant to its
basic subscription right.  Additionally, pursuant to its
existing backstop obligation, if any shares remain following the
exercise of the basic subscription privilege and the over-
subscription privilege by other rights holders, MacAndrews &
Forbes will backstop US$75 million of the rights offering by
purchasing such number of remaining shares of Class A common
stock offered but not purchased by other stockholders as would
be sufficient for the aggregate gross proceeds of the rights
offering to total US$75 million.

Although MacAndrews & Forbes would otherwise be entitled to an
over-subscription right, it has agreed not to exercise its over-
subscription right, which will maximize the shares available for
purchase by other stockholders pursuant to their over-
subscription rights.

The rights offering of approximately US$100 million would be
conducted via an existing effective shelf registration
statement.  Approximately US$50 million of the proceeds from the
rights offering are expected to be used to redeem approximately
US$50 million principal amount of the 8 5/8% Senior Subordinated
Notes due 2008 of Revlon Consumer Products Corporation, Revlon's
wholly-owned operating subsidiary, with the remainder of such
proceeds to be used to repay indebtedness outstanding under
Revlon Consumer's US$160 million multi-currency revolving credit
facility, without any permanent reduction in that commitment,
after paying fees and expenses incurred in connection with the
proposed rights offering.

The rights offering will be made only by means of a prospectus
and a related prospectus supplement.  When available, copies of
the prospectus and prospectus supplement may be obtained from:

          Revlon, Inc.
          Attn: Deputy General Counsel
          237 Park Avenue
          New York, N.Y. 10017,
          Tel: (212) 527-4000,

The shares to be sold to MacAndrews & Forbes will be sold in
reliance on Rule 506 under the Securities Act of 1933, as
amended.  The proposed issuance of shares to MacAndrews & Forbes
will not be registered under the Securities Act of 1933, as
amended, and may not be offered or sold in the United States
absent registration or an applicable exemption from registration
requirements.

The rights offering is expected to be consummated in January
2007, subject to market and other customary conditions, at which
time Revlon Consumer's existing US$87.0 million line of credit
from MacAndrews & Forbes will be amended to provide for the
continuation of US$50.0 million of the line of credit through
Jan. 31, 2008, on substantially the same terms.  There can be no
assurance that the transactions described will be consummated.

                         About Revlon

Revlon, Inc. (NYSE:REV) -- http://www.revloninc.com/-- is a
worldwide cosmetics, skin care, fragrance, and personal care
products company.  The company's vision is to deliver the
promise of beauty through creating and developing the most
consumer preferred brands.  The company's brands include
Revlon(R), Almay(R), Vital Radiance(R), Ultima(R), Charlie(R),
Flex(R), and Mitchum(R).  The company has operations in Asia-
Pacific, including Australia, China, Hong Kong, Singapore, and
Taiwan.

At March 31, 2006, the company's balance sheet showed
US$1,085,400,000 in total assets and US$2,127,500,000 in total
liabilities, resulting in a stockholders' deficiency of
US$1,042,100,000.


ROCKE BROTHERS: Members' Final Meeting Slated for Dec. 29
---------------------------------------------------------
Rocke Brothers Transport Pty Ltd, which is in liquidation, will
hold a final meeting for its members on Dec. 29, 2006, at
10:00 a.m.

During the meeting, Liquidator J. P. Downey will present an
account of the company's wind-up proceedings and property
disposal exercises.

The Liquidator can be reached at:

         J. P. Downey
         Cole Downey & Co
         Chartered Accountants
         Level 1, 22 William Street
         Melbourne, Victoria 3000
         Australia

                      About Rocke Brothers

Rocke Brothers Transport Pty Ltd is located in Victoria,
Australia.  The company provides management consulting services.


W. PEC & ASSOCIATES: Members to Receive Wind-Up Report
------------------------------------------------------
The final meeting of the members of W. Pec & Associates Pty Ltd,
which is in liquidation, will be held on Dec. 29, 2006, at
11:00 a.m.

At the meeting, members will receive the company's wind-up
proceedings and property disposal exercises from Liquidator J.
P. Downey.

The Liquidator can be reached at:

         J. P. Downey
         Cole Downey & Co
         Chartered Accountants
         Level 1, 22 William Street
         Melbourne, Victoria 3000
         Australia

                    About W PEC & Associates

W PEC & Associates Pty Ltd is located in Victoria, Australia.
The company is a general contractor of single-family houses.


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

ABS GLOBAL: Fitch Assigns Final Ratings to Floating Rate Notes
--------------------------------------------------------------
On December 1, 2006, Fitch Ratings assigned final ratings to ABS
Global Finance Plc's trade finance loans receivables-backed
floating-rate notes due December 2010.

The final ratings are:

   -- US$186 million Class A-1: AAA
   -- US$7 million Class C-1:   A
   -- US$3 million Class D-1:   BBB
   -- US$2 million Class E-1:   BB
   -- US$0.9 million Class F-1: B

The notes are collateralized by the investor certificate issued
by the offshore trustee.  The investor certificate is backed by
the local notes issued by the local SPVs, which are, in turn,
backed by a portfolio of trade finance loan receivables
originated by the Hong Kong branch, Singapore branch and Taiwan
branch of Citibank, N.A.

The issuer is a public limited liability company registered and
incorporated in Ireland.  It issues the USD notes and uses the
issuance proceeds to purchase the investor certificates issued
by the offshore trustee.  The offshore trustee will issue
investor and subordinated certificates to the issuer and
Citigroup to fund the purchase of local notes.  Citigroup will
subscribe to the subordinated certificates, which provide credit
support to the investor certificates.

The ratings assigned to the notes reflect the subordination
provided by the subordinated certificates, features of the
underlying trade finance loan receivables, the experienced
underwriting and servicing capabilities of Citibank and the
integrity of the legal and financial structure of the
transaction.

Credit enhancement for the notes comprises a default loss
reserve, sized in accordance with Fitch's trade receivables
criteria.  The default loss reserve will be subject to the loss
floor reserve driven by the obligor concentration limit.

Unlike other trade receivables transactions, there is no
carrying cost reserve in this transaction because the
transaction securities both the principal and interest portions
of the underlying assets and hence there is excess spread.
Furthermore, there is no dilution reserve as the originated loan
receivables would not carry the dilution nature of traditional
trade receivables.

The ratings address the timely payment of interest and the
ultimate payment of principal by the legal final maturity in
December 2010.


ALERIS INT'L: Moody's Lowers B1 Corporate Family Rating to B2
-------------------------------------------------------------
Moody's Investors Service downgraded Aleris International Inc.'s
corporate family rating to B2 from B1.

At the same time Moody's assigned these ratings to Aurora
Acquisition Merger Sub, Inc:

   -- proposed senior secured term loan at B2;

   -- proposed senior unsecured notes at B3;

   -- proposed senior subordinated notes at Caa1; and

   -- a B2 rating to Aleris Deutschland Holding GMBH's proposed
      senior secured term loan.

The rating actions are prompted by the merger of Aleris
International with Texas Pacific Group in a leveraged
transaction under which TPG will acquire the outstanding stock
of Aleris for approximately US$1.7 billion plus the assumption
of roughly
US$1.6 billion in debt.  The ratings for the proposed debt
instruments assume that the merger will close as contemplated.

The rating outlook is stable

Moody's also confirmed the Ba3 ratings on Aleris and Aleris
Deutschland's existing term loans, which ratings will be
withdrawn upon closing of the merger.  This concludes the review
for possible downgrade initiated on Aug. 8, 2006.  In
conjunction with the proposed merger of Aleris and TPG, Aurora,
the newly created acquisition vehicle, will issue US$2.2 billion
in debt through the instruments rated above.  Upon consummation
of the merger, Aurora will merge with and into Aleris and Aleris
will be the continuing company, legally assuming all obligations
of Aurora.

The downgrade of Aleris's corporate family rating reflects:

   -- the substantial increase in debt resulting from the
      leveraged acquisition of the company, with LTM
      Sept. 30, 2006, pro forma leverage of roughly 4.8x;

   -- its weakened debt protection metrics; and,

   -- the execution risks for timely deleveraging, particularly
      for a company with relatively thin margins and high
      sensitivity to volume levels.

Aleris's propensity towards acquisitions, which Moody's believes
will be a continuing impetus for growth over the intermediate
term, and the integration risks associated with the recently
closed Corus acquisition, remain ongoing considerations in the
rating.  Including approximately US$230 million in drawings
under a US$750 million asset backed loan facility, total debt
will be around US$2.4 billion versus roughly US$1.5 billion
currently on the same asset and business operating base.

In addition, the rating considers the lack of comparative
financials for any meaningful time frame given the recent
history of mergers and acquisitions, commencing with the late
2004 merger between IMCO Recycling and Commonwealth Industries
and including the four acquisitions in late 2005 and the more
recent acquisition of certain downstream aluminum assets of
Corus.

However, the corporate family rating reflects:

   -- Aleris's broadened diversity and size after the
acquisition
      of certain aluminum rolling assets from Corus, including a
      portfolio of higher value-added end use markets;

   -- its improving cost position; and,

   -- favorable demand trends expected to continue in many of
the
      company's end markets into 2007.

Embedded in the rating is Moody's expectation that Aleris will
apply free cash flow generated in the more positive aluminum
market environment currently existing to deleverage, although
Moody's expects meaningful debt reduction will take two to three
years.

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

Moody's expects that operating margins will remain in the mid
single-digit range, that free cash flow to debt will be at least
5% on a sustainable basis, and that financial leverage will
remain under 5.5x.

Although Moody's acknowledges that the company's pro forma
credit metrics remain weakly positioned in the B rating
category, the ratings and outlook are predicated on our
expectation that the company will generate positive free cash in
2006 and 2007, allowing for a reduction in debt to levels more
reasonable for a cyclical business.

Financing for the merger includes a US$750 million secured asset
backed loan secured by receivables and inventory with a second
priority interest in plant and equipment, a US$700 million
secured term loan at Aleris, secured by domestic plant and
equipment and guaranteed by domestic subsidiaries and an
approximate US$400 million secured term loan at Aleris
Deutschland, GMBH secured by foreign plant and equipment and
guaranteed by Aleris International, its domestic subsidiaries
and the subsidiaries of Aleris Deutschland.  The term loans are
cross collateralized and also have a second priority interest in
the assets securing the ABL.

While the term loans are not at parity in the overall capital
structure, in that the term loan to Aleris does not benefit from
guarantees from the foreign subsidiaries, Moody's has equalized
the ratings on the term loans reflective of the low leverage at
the European level and the overall level of combined collateral.
The B2 rating on the secured term loans under Moody's loss given
default methodology reflects their position in the capital
structure and liability waterfall, and the dilution in
collateral coverage attributable to the significant increase in
the size of the term loans in this transaction relative to plant
and equipment values.

Under Moody's loss given default methodology, the B3 rating on
the US$600 million unsecured notes and the Caa1 rating on the
US$500 million subordinated notes reflects their weak position
in the capital structure, the absence of available collateral
from Moody's perspective given the level of secured debt ahead
of these instruments and therefore the lower recovery prospects
of these instruments.  Although the senior unsecured notes
include a PIK interest option at the company's discretion, this
feature does not add any lift to the rating.

These ratings were downgraded:

   * Aleris International

     -- corporate family rating to B2 from B1

These ratings were confirmed:

   * Aleris International

     -- US$400 million senior secured guaranteed term loan at
Ba3

   * Aleris Deutschland Holding GMBH

     -- EUR200 million senior secured guaranteed term loan at
         Ba3

These ratings were assigned:

   * Aurora Acquisition Merger Sub, Inc.

     -- B2 Corporate Family Rating

     -- B2 PDR, Probability of default rating

     -- B2, LGD3, 46% senior secured guaranteed term loan,

     -- B3, LGD4, 63% senior unsecured notes,

     -- Caa1, LGD6, 93% senior subordinated notes.

     -- Probability of default at B2

   * Aleris Deutschland Holding GMBH

     -- B2, LGD3, 46% senior secured guaranteed term loan

Headquartered in Beachwood, Ohio, a suburb of Cleveland, Aleris
International, Inc. -- http://www.aleris.com/-- manufactures
aluminum rolled products and extrusions, aluminum recycling and
specification alloy production.  The company is also a recycler
of zinc and a leading U.S. manufacturer of zinc metal and value-
added zinc products that include zinc oxide and zinc dust.  The
company operates 50 production facilities in North America,
Europe, South America and Asia, and employs approximately 8,600
employees.

The company has production facilities in China.


BENQ CORP: Works with Berlitz to Bolster Sales
----------------------------------------------
BenQ Corp., Inc., said in a statement that it has collaborated
with the Mexican subsidiary of Berlitz to boost sales during the
holiday season.

Business News Americas relates that costumers who buy BenQ
mobiles from Nov. 15 to Jan. 31 will get a free language course
at the end of February 2007.

BenQ Mexico -- the Mexican unit of BenQ -- is seeking to market
its mobiles in the holiday retail season.  The mobiles include
added features like:

          -- pocket PC,
          -- MP3 player, and
          -- camera.

BenQ has experienced difficulties after failing to revive the
ailing mobile unit of Germany's Siemens in October 2005.  BenQ
was forced to cut staff internationally and close operations in
Chile, Argentina, Argentina, Paraguay and Uruguay, BNamericas
states.

Headquartered in Taiwan, Republic of China, BenQ Corp., Inc. --
http://www.benq.com/-- is principally engaged in manufacturing,
developing and selling of computer peripherals and
telecommunication products.  It is also a major provider of 3G
handset, 3G handset, Camera phones, and other products.  BenQ
Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany.  BenQ Mobile filed for insolvency
in Germany on Sept. 29, with Martin Prager serving as insolvency
manager.  The collapse came a year after Siemens sold the
company to Taiwanese technology group BenQ.  BenQ Mobile has
lost market share against giant competitors.  In Latin America,
BenQ is active in Brazil and Mexico.

                        *    *    *

As reported in the TCR-AP on Oct. 31, Taiwan Ratings Corp.
affirmed its twBB+/twB corporate credit ratings and twBB+
unsecured corporate bond issue rating on BenQ Corp.  The outlook
on the long-term rating is negative.  At the same time, Taiwan
Ratings removed all ratings from Credit Watch with negative
implications, where they were placed on March 14, 2006, and
withdrew all the ratings upon the company's request.


CHINA FISHERY: Moody's Assigns (P)B1 Corporate Family Rating
------------------------------------------------------------
On December 1, 2006, Moody's Investors Service has assigned a
provisional (P)B1 corporate family rating to China Fishery Group
Ltd and a provisional (P)B1 rating to the proposed 7-year
USD200m senior notes to be issued by CFG Investment SAC.

The bond is unconditionally and irrevocably guaranteed by CFG.
The bond proceeds will be used to refinance a loan facility
drawn down for the acquisition of Alexandra SAC (Alexandra) in
Peru, repayment of certain loans, general corporate uses and
potential strategic investments.  The outlook on the ratings is
stable.  This is the first time that Moody's has assigned
ratings to CFG.

Moody's expects to affirm the ratings and remove them from
provisional status upon completion of the bond issuance and upon
repayment of the loan facility for the acquisition.

CFG's ratings reflect its competitive and established position
in the supply of frozen fish to the global market and especially
to China's growing market, as well as its low cost structure
compared with its global peers.  On the other hand, the rating
is constrained by the company's aggressive expansion and
acquisition strategy and the uncertainty associated with the
evolving operating environment in Russia and Peru.

In accordance with Moody's global rating methodology for Natural
Product Processors, CFG's business profile, market position,
revenue growth profile, profitability and historical financial
profile are consistent with a rating profile of Ba or higher.

However, these strengths are tempered by CFG's relatively modest
size by global standards, aggressive financial policy and
concentration in mainly two business segments.  CFG has a fixed
share of the total Russian Alaskan Pollock industrial and
coastal quotas.  Moreover, Alexandra is one of the top six
fishmeal exporters in Peru which partially mitigates the
aforementioned risks.

Moody's believes that a (P)B1 rating is appropriate in light of
the potential regulatory and political risks that usually exist
in emerging and/or developing markets such as those in CFG's key
operating markets of Russia -- Baa2/stable -- and Peru --
Ba3/positive --.

CFG's business model is dependent upon a consistent fishing
quota or licensing system, availability of fish in the ocean as
determined annually by the relevant national authority, as well
as the company's ability to fully utilize its quota/license.
Moody's notes that CFG has had a utilization rate of 95% for its
fishing quota in Russia over the past 5 years.

Furthermore, CFG's 100% debt-funded acquisition of Alexandra
also marks the company's entry into the Peruvian fishing and
fishmeal processing market.  This 100% debt-funded acquisition
of US$103.6 million, represented 60% of CFG's total equity of
USD174 million as of September 2006.

The rating is likely to experience upward pressure if CFG:

   1) manages to successfully integrate Alexandra and achieves
      its business plan;

   2) stabilizes its expansion strategy; and

   3) maintains a prudent financial profile with FCF/Debt >10%
      and EBIT/Interest >4x.

On the other hand, the rating may experience a downward trend
if:

   1) debt/EBITDA consistently stays above 4-5x and/or
      EBIT/interest drops below 1.5-2x resulting in a
      deteriorating operating environment, aggressive dividend
      payout, further debt-funded acquisition and expansion;
      and

   2) its cash holding policy changes so that cash falls below
      US$10-15 million; and

   3) any financial support provided to other Pacific Andes
group
      companies.

China Fishery Group Ltd's main operations are deep-sea
industrial fishing in the Pacific and the provision of
management services for fishing vessels.  It employs over 600
crew and officers. Its catches are processed onboard and frozen,
packed and delivered to market.  It recently acquired Alexandra
SAC, which operates in Peru's fishing and fishmeal processing
markets.


DAIMLERCHRYSLER: Plans to Buy 24% Stake in Foton for CNY817MM
-------------------------------------------------------------
DaimlerChrysler AG will buy a 24% stake in China's light truck
manufacturer, Beiqi Foton Motor, for CNY816.8 million, various
reports say.

The 297 million new A shares purchase will make DaimlerChrysler
the second largest shareholder in the Chinese truck maker after
Beijing Automotive Industry Corp, Foton said in statement.

China Daily recounts that a strategic agreement was reached in
2003 by DaimlerChrysler and BAIC to make Mercedes-Benz sedans
and form a new venture with Foton to manufacture Mercedes-Benz
heavy-duty trucks.  Mercedes-Benz is an affiliate brand of
DaimlerChrysler.

Production of Mercedes-Benz E-Class sedans kicked off at the
beginning of this year in Beijing, China Daily adds.  However,
the plan to form a truck venture with Foton has been suspended
as a result of DaimlerChryler's multiple partnerships with
different Chinese companies and restrictions from the nation's
auto industry policy.

Chinese policy allows overseas automakers to set up, at most,
two joint ventures to make commercial vehicles and two for
passenger cars.  DaimlerChrysler has two partners in China
making commercial vehicles, Yaxing Benz and Fujian Motor
Industry Group but it also makes Mercedes-Benz sedans and Jeep
Cherokee sport utility vehicles with BAIC, the International
Herald Tribune relates.

However, it has been reported that DaimlerChrysler will pull out
of the bus venture in Yangzhou to make room for its planned
truck venture with Foton, the Daily says.

Asked by the China Daily on how its truck venture plan with
Foton will go, Trevor Hale -- spokesman for DaimlerChrysler
(China) Investment Co Ltd -- said "they can't comment further
until the deal is complete."

Meanwhile, the Tribune relates that rising sales of trucks in
China, in contrasts to shrinking demand in DaimlerChrysler's
other main truck markets of the United States, Japan and Europe
makes a positive note on the deal for the company.
DaimlerChrysler earned more from trucks and buses last year than
from its Mercedes Car Group, the paper notes.

"Demand for trucks in China will surge as the economy expands
and the country builds more highways," said Yale Zhang, an
analyst in Shanghai at CSM Asia, which advises overseas
automakers on the Chinese automotive market.  "DaimlerChrysler
stands to benefit from that growth."

                          *     *     *

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

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

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

                         *     *     *

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

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


ETERNITY PROPERTY: Faces Wind-Up Proceedings
--------------------------------------------
On Oct. 25, 2006, Incorporate Owners of Beverly Garden filed a
petition to wind up the operations of Eternity Property Ltd --
trading as Eternity Property Agency.

The petition will be heard before the High Court of Hong Kong on
Jan. 3, 2007, at 9:30 a.m.

The Solicitors for the Petitioner can be reached at:

         OR & Partners
         Suites 2405-06, 24/F
         Alexandra House
         18 Chater Road, Central
         Hong Kong


HANLY LTD: Members to Hear Wind-Up Report on January 2
------------------------------------------------------
The members of Hanly Ltd will meet for their final general
meeting on Jan. 2, 2007, at 3:00 p.m., to receive Liquidator Lam
Yat Chung's report on the company's wind-up proceedings.

The Liquidator can be reached at:

         Lam Yat Chung
         2/F, Kong Ling Building
         102 Jervois St., Sheung Wan
         Hong Kong


HOPEWELL XINTANG: Members' Final Meeting Fixed for Jan. 4
---------------------------------------------------------
The final general meeting of the members of Hopewell Xintang
Development (Hong Kong) Ltd will be held on Jan. 4, 2007, at
10:00 a.m., to consider the liquidators account of the company's
wind-up proceedings.

The Joint and Several Liquidators can be reached at:

         Natalia Seng Sze Ka Mee
         Cynthia Wong Tak Yee
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


JI LONG: Members Pass Resolution to Wind Up Firm
------------------------------------------------
On Nov. 22, 2006, the members of JI Long Enterprises Investment
Ltd passed a special resolution to voluntarily wind up the
company's operations and appointed Young Chun Man Kenneth and
Chan Yuen Bik Jane as liquidators.

The Liquidators can be reached at:

         Young Chun Man Kenneth
         Chan Yuen Bik Jane
         31/F, Gloucester Tower
         The Landmark
         11 Pedder Street, Central
         Hong Kong


KINGFUL H.K.: Court to Hear Wind-Up Petition on January 10
----------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Kingful H.K. Holdings Ltd on Jan. 10, 2007, at 9:30 a.m.

Fok Yuk Ping Lucy filed the petition on Nov. 7, 2006.

The Solicitors for the Petitioner can be reached at:

         Tsang, Chan & Wong
         16/F, Wing On House
         No. 71 Des Voeux Road, Central
         Hong Kong



LIU CHONG: Fitch Keeps Individual Rating at C
---------------------------------------------
On December 1, 2006, Fitch Ratings has assigned an expected
rating of BBB to Liu Chong Hing Bank's planned inaugural US$100
million 10-year subordinated debt maturing December 2016, with a
call option in 2011.

The issue will qualify as lower-Tier II regulatory capital.  The
final rating of the issue is contingent upon receipt of final
documents conforming to information already received.  Fitch
also assigned LCH a Long-term foreign currency Issuer Default
rating of BBB+ and a Short-term rating of F2.  The Outlook on
the ratings is Stable.

Meanwhile, LCH's Individual and Support ratings were affirmed at
C and 3 respectively.

The ratings of LCH reflect the bank's adequate balance sheet
strength and prudent management.  Founded in 1948, LCH has a
long operating history and benefits from a loyal base of
individual depositors, which account for a high level of the
bank's total deposits - which in turn stood at a high 87% of its
balance sheet.

The agency notes that the bank's lending is focused on business
borrowers, which account for 78% of its total loans.  Notably,
LCH's loan book was relatively small, at just under half its
total assets, despite a quite strong 15% level of loans growth
over 2005 -- moderating to 5% in H106.  Loans quality meanwhile
is rather good after little in the way of loan impairment over
recent years.  At mid-2006 its impaired loans ratio stood at
just 2.2%, although this was still higher than the banking
system's very low 1.3%.  While the reserves coverage on LCH's
impaired loans appeared limited at 24%, this is mitigated by a
high level of real-estate collateral for such loans.

Furthermore, given a benign economic outlook, LCH's loans
quality should further improve going forward.  Finally, LCH's
net-impaired-loans-to-equity ratio was comfortable at 7%,
particularly given a solid equity-to-assets ratio of 11%.
Meanwhile, its capital adequacy ratio stood at 14.8% -- almost
all Tier I.  Notably, LCH's non-loan assets were also low risk,
with a roughly equal mix of interbank deposits and debt paper
holdings which are highly-rated with short effective duration.

While LCH's net profitability improved in H106 -- RoAA of 0.95%
versus 0.87% in 2005 -- its underlying profitability remained
quite modest and generally below its peers.  This is largely due
to LCH's modest net interest margins as a result of its low-risk
asset base. Also, being relatively small, its non-interest
income and efficiency are less robust than its peers.  To
bolster profitability, the bank plans to expand its branch
network in Hong Kong -- to 50 branches from 41 currently -- and
grow its consumer loans and wealth management businesses, as
well as enhance its treasury capabilities.  For this, it has
hired a number of experienced bankers to head various
departments and plans to change its present name to "Chong Hing
Bank" to better promote its image.

Founded in 1948 and listed in 1994, LCH is 46%-owned by Liu
Chong Hing Investment, which is majority-owned by the local Liu
family (which also has interests in property development), 20%
by COSCO and 10% by the Bank of Tokyo-Mitsubishi UFJ.  The Liu
family maintains seven of LCH's 19 board seats including the
chairman, CEO and vice CEO positions.  The other shareholders
also have seats and there are three independents.  The bank has
a head office and 41 local branches in Hong Kong, one branch
each in Macau, San Francisco and Shantou in China, and
representative offices in Guangzhou and Shanghai.


MIXMAX GARMENTS: Members Opt for Voluntary Wind-Up
--------------------------------------------------
At an extraordinary general meeting on Nov. 27, 2006, the
members of Mixmax Garments Co Ltd passed a special resolution to
voluntarily wind up the company's operations.

Subsequently, Ding Wai Chuen and Kwok Yuen Man were appointed as
joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Ding Wai Chuen
         Kwok Yuen Man
         34/F, The Lee Gardens
         33 Hysan Avenue, Causeway Bay
         Hong Kong


PACKARD BELL: Liquidators Ceases to Act
---------------------------------------
On Dec. 1, 2006, Yip Hon Kit and Charlene Wong ceased to act as
liquidators of Packard Bell Hong Kong Ltd.

As reported by the Troubled Company Reporter - Asia Pacific, the
liquidators presented a final report of the company's wind-up
proceedings on Aug. 22, 2006.

The former Liquidators can be reached at:

         Yip Hon Kit
         Charlene Wong
         39/F, Gloucester Tower
         The Landmark
         11 Pedder Street, Central
         Hong Kong


SHANGHAI REAL: Mulls on H.K. Shares Listing to Raise CNY8.7BB
-------------------------------------------------------------
Shanghai Real Estate plans a Hong Kong share listing to raise
CNY8.77 billion fund for its two property development joint
venture projects in the mainland, The Standard reports.

The company's project, Jinluodian, is a Sino-foreign equity
joint venture established in the mainland, comprising:

    * 45.26% stake held by Shanghai Real Estate;
    * 27.37% stake of an unidentified foreign partner; and
    * 27.37% held by a mainland partner.

The Standard relates that Jinluodian was established in
September 2002 with a registered capital of CNY548.1 million and
is principally engaged in planning and developing large new
towns.  Jinluodian also develops and manages commercial
properties in the towns.

According to Shanghai Real Estate's 2005 annual report,
Jinluodian had a net asset value of HK$1.09 billion at the end
of 2005.  Net profit attributable to the owners totaled about
HK$371 million, while Shanghai Real Estate and its subsidiary
shared HK$168 million.

As at September 30, 2006, Jinluodian's property and related
interests -- including contractual rights over land parcels and
a golf center and clubhouse -- were valued at 8.766 billion
yuan.

No timetable has been determined for the proposed listing as
discussions are still at a preliminary stage, the paper says,
adding that the company has not yet submitted a listing
application.

In addition, prior to the share sale, the developer is also
seeking alternative sources for financing two projects in Wuxi
and Shenyang, The Standard relates.

In April, the paper recounts, the company raised US$200 million
in seven-year notes to fund expansion.  The bonds were given
non-investment or junk status by rating agencies concerned about
the company's narrow focus and limited cashflow.

                          *    *    *

Located at Wanchai, Hong Kong, Shanghai Real Estate Ltd --
http://www.sre.com.cn/-- was established in 1993 and was listed
on the Hong Kong Stock Exchange in 1999.  The Company's primary
activity is nonresidential building operation.  SRE also leases
nonresidential buildings.

                          *     *     *

On April 4, 2006, Standard and Poor's assigned the Company's
Foreign Currency Long-Term Debt and its Local Currency Long Term
Debt rating at BB-.

The Troubled Company Reporter - Asia Pacific on Aug. 28, 2006,
reported that Moody's Investors Service downgraded to B1 from
Ba3 Shanghai Real Estate Limited's local currency corporate
family and foreign currency senior unsecured bond ratings.  The
ratings outlook is stable.


SYNERGY LOGISTICS: Inability to Pay Debts Prompts Wind-Up
---------------------------------------------------------
On Nov. 13, 2006, the sole shareholder of Synergy Logistics
(Hong Kong) Ltd passed a special resolution to voluntarily wind
up the company's operations due to its inability to pay debts.

Accordingly, Alvan Liu Kwok Fai and Fan Sai Yan were appointed
as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Alvan Liu Kwok Fai
         Fan Sai Yan
         Alvan Liu & Partners
         Rooms 807-9, Nan Fung Tower
         173 Des Voeux Road, Central
         Hong Kong


TAIT & COMPANY: Final Meeting Slated for December 31
----------------------------------------------------
The members and creditors of Tait & Company Ltd will meet for
their final meeting on Dec. 31, 2006, at 10:30 a.m., to receive
the liquidators' account of the company's wind-up proceedings.

As reported by the Troubled Company Reporter - Asia Pacific, the
company previously held a meeting for its members and creditors
on June 15, 2005.

The Liquidator can be reached at:

         Darach E. Haughey
         Stuart Sybersma
         32/F, One Pacific Place
         88 Queensway
         Hong Kong


TRILEASE INTERNATIONAL: Members to Receive Wind-Up Report
---------------------------------------------------------
The members of Trilease International Ltd will meet on Jan. 2,
2007, at 12:00 p.m., to receive Liquidator Edward Middleton's
report of the company's wind-up proceedings and property
disposal exercises.

The Joint and Several Liquidator can be reached at:

         Edward Middleton
         27/F, Alexandra House
         18 Chater Road, Central
         Hong Kong


* CBRC Discovers 776 Banking Crimes in First 10 Months of 2006
--------------------------------------------------------------
The China Banking Regulatory Commission announced that it has
discovered 776 banking crimes in the first ten months this year,
219 cases fewer than the same period of last year, the Xinhuanet
News reports.

In addition, 440 cases were stopped by internal auditing, thus
preventing losses of CNY1.15 billion, sources with the CBRC told
the paper.

"Eighty percent of the cases involved local branch managers
colluding with other bank staff and outsiders to take advantage
of loopholes in the management system and misusing large amounts
of capital," Xinhuanet quotes Liu Mingkang, chairman of the
CBRC, as saying.

Mr. Liu added that an intensified supervision should be carried
out on financial institutions and any banking irregularities
should be stopped at the earliest possible stage through
internal auditing and the execution of other relevant
regulations.

China is preparing to open its banking industry to foreign
investors by December 11, 2006, as part of its commitment to the
World Trade Organization, Xinhuanet notes.


* Foreign Banks in for Long Wait Before Taking Profit, S&P Says
---------------------------------------------------------------
Foreign banks lining up to enter China's local-currency retail
banking sector when WTO-mandated reforms are implemented in
December could be in for a long wait before strong profits
emerge, according to an article released today by Standard &
Poor's Ratings Services.

The article, titled "As China Loosens The Leash On Foreign
Banks, How Far Can They Run?" highlights the continued risks of
operating in this emerging market and predicts that stiff
competition from other foreign players may lead to a five- to
six-year delay in profitability for new entrants.

In a series of frequently asked questions and answers, the
article examines the likely impact of the reforms that will take
effect on Dec. 11, 2006, the fifth anniversary of China's
accession to the WTO.  While strong opportunities could open up
for foreign players and speed up the pace of reforms over the
long run, the immediate credit impact on banks should be largely
neutral.

"Over the near term, the reforms are unlikely to have any major
impact on Chinese banks that we already rate," said Standard &
Poor's credit analyst Ryan Tsang.  "Chinese city commercial
banks in major cities, which are not rated by Standard & Poor's,
are likely to be affected more than state-owned commercial banks
and joint-stock commercial banks because of their lack of
geographic diversification."

Standard & Poor's credit analyst Qiang Liao added: "While
foreign banks with established branch networks in China may be
able to consolidate their existing networks to reduce their
incremental investments in the country, newcomers or foreign
banks with less-established networks will have to inject
substantial funds."


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

INDEPENDENT NEWS: Terminates Discussions on APN Buy-Out
-------------------------------------------------------
Independent News & Media Plc informed APN News & Media Ltd. on
Nov. 24 that the proposed consortium was unable to finalize its
own terms to meet its desired timetable, culminating with a
formal offer to APN shareholders.

As a result, the current discussions between the proposed
consortium members have been terminated at this time.  INM in
conjunction with APN will continue to actively examine the many
opportunities in the Australian market with a view to maximizing
value for all IN&M shareholders.

IN&M approached the Board of APN on Oct. 26 in respect of a
possible leveraged buy-out of APN.

                          Group Profile

Independent News & Media PLC -- http://www.inmplc.com/-- is a
leading international media and communications group, with its
main interests in Australia, Ireland, New Zealand, South Africa,
the United Kingdom and most recently, India.  Spanning four
continents and 21 individual countries, INM operates in the
areas of publishing (magazines, national/regional newspapers and
online), radio and outdoor advertising.  The Group publishes
over 175 individual titles with a weekly audience of over 100
million consumers, in addition to its 70+ online sites.

The Group manages gross assets of EUR4.0 billion, revenue of
over EUR1.8 billion and employs over 10,400 people worldwide.


ITI LTD: Annual General Meeting Scheduled for December 15
---------------------------------------------------------
ITI Ltd, in a filing with the Bombay Stock Exchange, disclosed
that it will hold its 56th Annual General Meeting on Dec. 15,
2006.

In this regard, ITI will close its Register of Members & Share
Transfer Books from Dec. 8 to Dec. 15.

                         About ITI Ltd.

ITI Limited -- http://www.itiltd-india.com/default.htm-- is a
telecom company, which manufactures a range of telecom
equipment, including switching products; transmission systems,
such as satellite communication systems, optical line
terminating equipments and digital microwave systems; access
products, such as fixed wireless local loop systems and digital
local loop carriers; terminal equipment, such as telephones,
integrated services digital network products and video
conferencing systems; microelectronic products and software;
information technology products and telecom products for the
defense sector, and other products, including solar power
systems and bank mechanizing products.  It also provides value-
added services, such as shared hub very-small aperture terminal
(VSAT) services, and public mobile radio trunked services and
turnkey solutions.  Its customers include The Department of
Telecommunications, defense, railways, oil sector and corporates
in India, and certain African and South Asian nations.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
November 3, 2006, Fitch Ratings assigned final National ratings
of 'D(ind)(SO)' to  ITI's INR550 million 'J-1' Series long-term
bonds.

Credit Analysis and Research Limited has revised the rating
assigned to the 'M' series long term bond issue of ITI Limited
to CARE D (SO) Single D (Structured Obligation) from CARE AAA
(SO) with Credit Watch.


ITI LTD: Pritam Singh Named Interim Chairman & Managing Director
----------------------------------------------------------------
ITI Ltd informs the Bombay Stock Exchange that Shri. Pritam
Singh, Director-Marketing, has been appointed as In-Charge
Chairman and Managing Director while its CMD, Shri. Y K Pandey,
is on leave.

According to ITI, the CMD is on earned leave from Nov. 1, 2006,
to Jan. 31, 2007.

The interim appointment was conveyed vide DOT letter dated
Nov. 3, 2006, ITI states.

                         About ITI Ltd.

ITI Limited -- http://www.itiltd-india.com/default.htm-- is a
telecom company, which manufactures a range of telecom
equipment, including switching products; transmission systems,
such as satellite communication systems, optical line
terminating equipments and digital microwave systems; access
products, such as fixed wireless local loop systems and digital
local loop carriers; terminal equipment, such as telephones,
integrated services digital network products and video
conferencing systems; microelectronic products and software;
information technology products and telecom products for the
defense sector, and other products, including solar power
systems and bank mechanizing products.  It also provides value-
added services, such as shared hub very-small aperture terminal
(VSAT) services, and public mobile radio trunked services and
turnkey solutions.  Its customers include The Department of
Telecommunications, defense, railways, oil sector and corporates
in India, and certain African and South Asian nations.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
November 3, 2006, Fitch Ratings assigned final National ratings
of 'D(ind)(SO)' to  ITI's INR550 million 'J-1' Series long-term
bonds.

Credit Analysis and Research Limited has revised the rating
assigned to the 'M' series long term bond issue of ITI Limited
to CARE D (SO) Single D (Structured Obligation) from CARE AAA
(SO) with Credit Watch.


KARNATAKA BANK: N Seshagiri Quits Director Post
-----------------------------------------------
Karnataka Bank Ltd informed the Bombay Stock Exchange that Dr. N
Seshagiri resigned as the bank's director.

Dr. Seshagiri's ceased to be the bank's director on November 27,
2006.

                      About Karnataka Bank

Headquartered in Mangalore, India, Karnataka Bank Ltd --
http://karnatakabank.com/ktk/Index.jsp-- provides products and
services for business and personal purposes that include
borrowing facilities, deposits, providing optimum returns on
surplus funds or helping with overseas transactions.  The bank
has two business segments: Treasury and Other Banking
Operations. Treasury Operations mainly comprise of surplus
statutory liquidity ratio and non-SLR investments.  Other
Banking Operations mainly consist of advance portfolio of the
bank and SLR securities to the extent of SLR requirements.  The
bank provides Working Capital Finance, Term Loans and
Infrastructure Finance.  The Business Finance Products offers
both fund-based and non-fund-based products.  The bank has
diversified into the marketing of life insurance products of
MetLife India Insurance Co. Pvt. Ltd.  The Bank has entered into
a memorandum of understanding with Bajaj Allianz General
Insurance Co. Ltd. for distribution of its general insurance
products through its branches.

Fitch Ratings gave Karnataka Bank a support rating of 5.


VISTEON CORP: Fitch Rates Amended Senior Secured Debt at B/RR1
--------------------------------------------------------------
Fitch rates the amended senior secured bank debt announced by
Visteon Corp 'B/RR1'.  The Issuer Default Rating remains at
'CCC', and the senior unsecured rating remains at 'CCC-/RR5'.
The Rating Outlook is Negative.  The amended secured bank debt
provides an additional US$200 million in secured term loans,
expanding to US$1 billion the seven-year secured term loan that
expires in June 2013.

The additional funding provides incremental liquidity as Visteon
proceeds on its three-year restructuring program.  With Ford's
recent announcements regarding fourth quarter production cuts,
Visteon acknowledged that it would be cash flow negative for the
full year 2006.

Fitch expects that Visteon will be challenged to produce
positive free cash flow through 2008, potentially leading to
further balance sheet deterioration.  Further access to external
capital is likely to be limited, although continued access to
restructuring funds contributed by Ford will continue to help
finance restructuring costs.  Issues affecting cash flow
Include:

   -- declining Ford market share and production;

   -- declining content per vehicle on Ford products;

   -- relatively weak market positions in non-core product
      lines;

   -- high commodity costs; and

   -- the extent and timeframe of its restructuring program.

Even though Visteon has shown flexibility by reducing salaried
headcount by an additional 900, given the state of the
automotive industry, it is Fitch's view that incremental
restructuring may be required and as such, Visteon's cost
structure may need substantial improvement.  As a result, there
remains a significant element of uncertainty regarding future
profitability.

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

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

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

                          *     *     *

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


VISTEON CORP: Increases Seven-Year Term Loan by US$200 Million
-----------------------------------------------------------
Visteon Corp. disclosed completion of its efforts to increase
its seven-year term loan by US$200 million.  The seven-year
secured term loan, which expires in June 2013, has been
increased to US$1 billion.

To facilitate this transaction, Visteon amended its credit
agreements related to the seven-year secured term loan and a
US$350 million U.S. asset-based revolving credit facility.

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

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

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

                          *     *     *

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


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

ALCATEL SA: Amends Joint Solicitation Statement with Lucent
-----------------------------------------------------------
Alcatel S.A. and Lucent Technologies Inc. amended their joint
solicitation statement/prospectus, dated Nov. 14, 2006.

Under the amended terms, Lucent will pay a one-time consent fee
only to holders of its 2.75% Series A Convertible Senior
Debentures due 2023 and 2.75% Series B Convertible Senior
Debentures due 2025 who consent to the terms of the joint
consent solicitation.

For each US$1,000 in principal amount of each series of
debentures for which consents are received, consenting holders
will receive the product of US$7.50 multiplied by a fraction,
the numerator of which is the aggregate principal amount of
debentures of each series outstanding on the expiration date, as
defined below, and the denominator of which is the aggregate
principal amount of debentures of each series for which Alcatel
and Lucent received and accepted consents.

In addition, Alcatel and Lucent have extended the expiration
date of the revised joint consent solicitation until 5 p.m.
Eastern Standard Time on Friday, Dec. 1.  All holders of the
debentures who have previously delivered consents do not need to
redeliver such consents, although they must sign certain tax
forms to receive the consent fee without U.S. federal backup
withholding.

Alcatel has filed a supplement to the joint solicitation
statement/prospectus, which reflects the aforementioned changes.
Alcatel and Lucent advise all holders of the debentures to
review the section entitled "U.S. Federal Income Tax
Considerations," which has been amended and restated to reflect
important considerations respecting the U.S. federal income tax
consequences of the consent solicitation as it is currently
structured.

All other terms of the joint consent solicitation
statement/prospectus, dated Nov. 14, remain applicable,
including Alcatel's obligation to provide its full and
unconditional guaranty, which is unsecured and subordinated to
senior debt, regardless of whether a holder delivered a consent
prior to the expiration date.

Holders of the debentures can obtain copies of the supplement to
the consent solicitation statement/prospectus from:

         D.F. King & Co.
         Information Agent
         Tel: +1 (888) 887-0082 (U.S. toll-free)
              +1 (212) 269-5550 (for banks and brokers)

Bear, Stearns & Co. Inc. is acting as the Solicitation Agent for
the consent solicitation and can be contacted at +1 (877) 696-
BEAR (toll-free).

                   About Lucent Technologies

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

Lucent also operates in Austria, Belgium, China, Czech republic,
Denmark, France, Germany, India, Ireland, Japan, Korean, Brazil,
CIS, the Netherlands, Poland, Slovak Republic, Spain, Sweden,
Switzerland, Russia, and the United Kingdom.

                         About Alcatel

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

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

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


BANK INTERNASIONAL: Secures US$110 Mil. from Int'l Finance Corp.
----------------------------------------------------------------
Bank Internasional Indonesia Tbk has secured a IDR1.1-trillion
(US$110-million) loan from International Finance Corporation to
encourage growth of small- and medium-scale enterprises, Antara
News reports.

Antara explains that IFC is the private sector arm of the World
Bank.

According to the report, IFC Global Financial Market director
Jyrky Koskelo said that IFC believes Bank Internasional would be
able to open more credit lines to SMEs.

Mr. Koskelo hoped that the long-term loan in Indonesian currency
would help Bank Internasional improve its asset risk and
obligations profile, the report says.

Bank Internasional President-Director Henry Ho welcomed the
bank's partnership with IFC to enhance the bank's business
expansion and to increase its corporate risk profile, Antara
relates.

Mr. Koskelo noted that SMEs are the backbone of the Indonesian
economy and that IFC is happy that through its cooperation with
Bank Internasional, its contribution to the SMEs sector will
become larger.

PT Bank Internasional Indonesia Tbk -- http://www.bii.co.id/--
engages in general banking services and in other banking
activities based on Syariah principles.  The bank's services are
divided into three categories: Personal Services, consisting of
Funding, Credit Card Services, Loan, Reksadana and
Bancassurance; Corporate Services, consisting of Funding, Credit
Card Services, Loan and Investment Banking, and Platinum
Services, consisting of Platinum Access, Syariah Platinum Access
and Platinum MasterCard.  The bank is headquartered in Jakarta,
Indonesia.

With a total customer deposit base of more than IDR34 trillion
and over IDR47 trillion in assets, Bank Internasional is one of
the largest banks in Indonesia with an international network
that comprises over 230 branches and 700 ATMs across Indonesia,
as well as a banking presence in Mauritius, Mumbai and the
Cayman Islands.

The Troubled Company Reporter - Asia Pacific reported on May 22,
2006, that Moody's Investors Service has raised Bank
Internasional Indonesia's issuer rating to B1 from B2,
subordinated debt rating to B1 from B2, and long-term deposit
rating to B2 from B3.  The outlook for the ratings is stable.

Additionally on May 29, 2006, Moody's Investors Service has
placed Bank Internasional Indonesia's E+ bank financial strength
rating on review for possible upgrade.

Another TCR-AP report on May 24, 2006, said that Fitch Ratings
affirms Bank Internasional's ratings on its:

   * Long-term Foreign Currency Issuer Default Rating 'BB-';

   * Short-term 'B';

   * Individual 'C/D'; and

   * Support '4'.

The outlook for ratings is stable.


BANK MANDIRI: Must Merge with Bank Negara, Central Bank Says
------------------------------------------------------------
State-owned banks PT Bank Mandiri Tbk and Bank Negara Indonesia
Tbk needs to merge in order to consolidate the country's banking
sector and so as to compete in global markets, Reuters cites
Bank Sentral Republik Indonesia as saying.

According to the report, the central bank's chief spokesman and
director in charge of strategic planning, Budi Mulya, said that
mergers are also needed in order for local banks to better
compete with foreign banks operating in the country.

Mr. Mulya said in a document that the Indonesian government may
take steps which could lead to the merger of Bank Mandiri and
Bank Negara, the report relates.

The report explains that the central bank, which controls the
state banks, is by law independent from the Indonesian
Government.

Reuters notes that Bank Mandiri and Bank Negara are the
country's largest and third largest lenders by assets,
respectively.  As of end-September, the two banks had combined
assets of IDR412 trillion (US$44.98 billion).

                         About Bank Negara

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

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

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

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

   * Short-term rating at 'B';

   * Individual rating at 'D'; and

   * Support rating at '4'.

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

                         About Bank Mandiri

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

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

Moody's has given Bank Mandiri an 'E' bank financial strength
rating.

A TCR-AP report on Sept. 19, 2006, stated that Fitch Ratings has
affirmed all the ratings of Bank Mandiri as follows:

   * Long-term foreign and local currency Issuer Default ratings
     'BB-',

   * Short-term rating 'B',

   * National Long-term rating 'AA(idn)',

   * Individual 'D', and

   * Support '4'.


CILIANDRA PERKASA: S&P Assigns 'B' Corporate Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to Indonesia's PT Ciliandra Perkasa.  The outlook
is stable.  At the same time, Standard & Poor's assigned its 'B'
issue rating to the proposed US$160 million senior secured notes
to be issued by CLP's wholly owned subsidiary, Ciliandra Perkasa
Finance Co. Pte. Ltd.

The proposed notes will be unconditionally and irrevocably
guaranteed by CLP and its subsidiaries.  The rating on the notes
is subject to final documentation.

Proceeds from the bond issue would be used partly to refinance
the company's existing debt of about US$79 million, and for
investing in its US$30 million proposed bio-diesel facility, a
palm-oil processing mill, and new plantations.  An interest
reserve account, for one half-yearly interest payment, would
also be funded from the issue proceeds.

CLP is an Indonesia-based company, engaged in the business of
palm oil plantation and processing.  For the 12 months ended
Sept. 30, 2006, the company reported sales of IDR801.6 billion
(US$86.8 million) and EBITDA of IDR309 billion.  The stable
outlook factors in CLP's ability to maintain steady operations,
which is expected to result in stable cash flows, given the
expectation of relatively firm palm oil prices over the short to
medium term.

The outlook is also supported by the expectation of a successful
execution of its bio-diesel plan with no material cost overruns,
and with an improving liquidity position in the near term to
adequately cover its working capital and short-term debt
requirements.

The outlook or ratings could be lowered if CLP's leverage
weakened beyond current expectations, with debt to EBITDA
exceeding 5x.  Conversely, the outlook or the ratings could
improve if there is significant strengthening in financial
profile with debt to EBITDA of below 3.5x on a sustainable
basis, accompanied by successful execution of its expansion
program.

PT Ciliandra Perkasa is a private Indonesian upstream palm oil
plantation company operating in Sumatra.  It has 13 oil palm
plantations totaling 76,830 planted hectares, and 6 palm oil
crushing mills with a total capacity of 2.07 million tonnes of
fresh fruit brunches.

Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to Indonesia's PT Ciliandra Perkasa.  The outlook
is stable.  At the same time, Standard & Poor's assigned its 'B'
issue rating to the proposed US$160 million senior secured notes
to be issued by CLP's wholly owned subsidiary, Ciliandra Perkasa
Finance Co. Pte. Ltd.


CILIANDRA PERKASA: Sells Upsized Five-Year Bond
-----------------------------------------------
PT Ciliandra Perkasa had set an indicative yield range of 10.75%
to 11% for its five-year bond to fund expansion and repay debt,
Reuters reported on Dec. 1, 2006.

The offering, according to the report, originally had an issue
prize of US$150 million, but was upsized to US$165 million.

The deal had been expected to price on Friday last week, Reuters
cited sources as saying on Nov. 30.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 22, 2006, Moody's Investor Service has assigned a
provisional (P)B2 Corporate Family Rating to PT Ciliandra
Perkasa and (P)B2 senior secured rating to the company's
proposed US$150 million bonds.

Fitch Ratings has assigned an expected rating of 'B+' and a
Recovery Rating of 'RR4' to the proposed US$150 million senior
secured notes issued by Ciliandra Perkasa Finance Company Pte.
Ltd. and guaranteed by Ciliandra and its subsidiaries.

PT Ciliandra Perkasa is a private Indonesian upstream palm oil
plantation company operating in Sumatra.  It has 13 oil palm
plantations totaling 76,830 planted hectares, and 6 palm oil
crushing mills with a total capacity of 2.07 million tonnes of
fresh fruit brunches.


CORUS GROUP: Earns GBP142 Million in 2006 Third Quarter
-------------------------------------------------------
Corus Group PLC released its unaudited financial results for the
third quarter ended Sept. 30, 2006.

The group posted GBP142 million (US$274 million) in net profit
against GBP2.49 billion in turnover for the third quarter ended
Sept. 30, 2006, compared with GBP50 million in net profit
against GBP2.13 billion in turnover for the same period in 2005.

Group operating profit for the third quarter ended Sept. 30,
2006, was GBP171 million versus GBP75 million for the same
quarter last year.

At Sept. 30, 2006, the group's unaudited balance sheet showed
GBP7.84 billion in total assets, GBP4.22 billion in total
liabilities and GBP3.62 billion in shareholders' equity.

"As expected, our financial performance has improved in the
third quarter through a combination of better market conditions
and further benefits from our Restoring Success program that is
now drawing to a conclusion.  Overall, the commercial
environment in the fourth quarter remains stable, however our
profitability in this period will reflect seasonal production
shutdowns and the blast furnace reline at IJmuiden," Chief
Executive Philippe Varin commented.

                   Restoring Success Program

Target EBITDA benefits from the group's Restoring Success
program, launched in June 2003, have been revised to
GBP635 million per annum by the end of 2006, to reflect the
disposal of the downstream aluminium businesses.  At the end of
September, annualized exit rate benefits of GBP620 million were
secured and the group remains confident that the target savings
will be delivered in full.

                          About Corus

Corus Group PLC -- http://www.corusgroup.com/-- produces metal
from its major operating facilities in the U.K., the
Netherlands, Germany, France, Norway, Belgium and Canada.  Corus
turns over GBP10 billion annually and employs 47,300 in over 40
countries and sales offices and service centers worldwide,
including Indonesia and the Philippines.  Corus was created
through the merger of British Steel plc and Koninklijke
Hoogovens N.V.

The group suffered six years ago from the crisis in British
manufacturing, which prompted it to shake up management, close
plants, cut jobs, and sell assets to lower debt.  Its debt was
thought to stand at GBP1.6 billion in 2002.

After posting a net loss of GBP458 million in 2003, it embarked
on a restructuring program, signed a new EUR1.2 billion banking
facility, and issued GBP307 million worth of shares.  It
returned to operating profit in the first quarter of 2004.  The
recent recovery of steel prices and the strength of the euro are
expected to help it achieve relatively strong earnings.

                          *     *     *

Moody's Investors Service placed all ratings of Corus Group plc
under review with direction uncertain following the
recommendation of the board of Corus Group in favor of the
proposed acquisition of the entire capital of Corus Group by
Tata Steel Limited.

If the bondholders exercised the put option or the bonds were
tendered for above par as part of a refinancing, Moody's is
likely to withdraw the ratings for the bonds.  Similarly, a
refinancing of the rated bank loans would also result in a
likely withdrawal of the ratings for the credit facilities.  At
that juncture, Moody's remaining rating at Corus Group will be
the corporate family rating.

Ratings affected:

Corus Group plc

    * Ba2 Corporate Family Rating;

    * Ba1 Rating on EUR800 million Secured
      Bank Facilities maturing July 2008;

    * B1 Rating on EUR800 million Unsecured Notes due 2011; and

    * B1 Rating on GBP200 million in Unsecured Notes due 2008.

Moody's last rating action on Corus was the upgrade to
Ba2/Ba1/B1 on May 8.

Fitch Ratings changed the Rating Watch on Corus Group PLC's
Issuer Default and senior unsecured BB- and Short-term B ratings
to Negative from Positive.  This follows the recommendation by
the CS Board of an offer from India-based Tata Steel Ltd. valued
at GBP4.3 billion.

The RWN also applies to these debt instruments issued by CS:

   -- CS EUR800 million 7.5% senior notes;
   -- CS EUR307 million 3% convertible bonds; and
   -- Corus Finance Plc GBP200 million 6.75% guaranteed bonds.

Fitch will resolve the Rating Watch following publication of
CS's 2006 results, further details on the level of synergies and
operational benefits that could accrue under the transaction,
and the closure of the deal.

Standard & Poor's Ratings Services placed its 'BB' long-term
corporate credit rating on U.K.-based steel consortium Corus
Group PLC on CreditWatch with positive implications following
the announcement by Corus concerning a possible recommended
offer for the company from Tata Steel Ltd., India's second
largest integrated steel company.

At the same time, Standard & Poor's placed its 'BB+' senior
secured bank loan ratings on Corus and its 'BB-' senior
unsecured debt ratings on Corus and related entity Corus Finance
PLC on CreditWatch with positive implications.  The 'B' short-
term corporate credit rating on Corus was also placed on
CreditWatch with positive implications.


DELTA MUTUAL: Third Quarter Net Loss Decreases to US$531,329
------------------------------------------------------------
Delta Mutual Inc. filed its third quarter financial statements
ended Sept. 30, 2006, with the United States Securities and
Exchange Commission on Nov. 13, 2006.

For the third quarter ended Sept. 30, 2006, the Company reported
a US$531,329 net loss on US$19,166 of revenues, compared with a
US$1,343,091 net loss on US$0 revenue in the comparable quarter
of 2005.

At Sept. 30, 2006, the Company's balance sheet showed
US$1,324,842 in total assets, US$1,668,402 in total current
liabilities, and US$448,342 in minority interest, resulting in a
US$791,902 stockholders' deficit.

                          Company's Plans

The Company intends to continue its operations in the Far East.
Additional capital is required to continue these operations as
well as its planned operations in Saudi Arabia and the United
States.

The Company's first low-income housing project in Puerto Rico
was rejected for re-zoning and cannot go forward as submitted.
While the property owners are currently evaluating alternative
courses of action with respect to this project, the Company is
seeking a suitable parcel of land for a new, low-income housing
project.

                       Far East (Indonesia)

In Indonesia, the Company formed a local joint venture company
to commence energy and waste recovery operations.  The joint
venture company, PT. Triyudha-Envirotech, began operations on
Dec. 15, 2005, pursuant to a contract with Pertamina.

During the third quarter, the operation processed the remaining
190 metric tons of oil sludge from designated sludge pools under
the initial 3,000 metric ton contract.

The Company expects to be awarded a second contract before year-
end and begin processing operations in 2007.

Full-text copies of the Company's third quarter financials are
available for free at http://ResearchArchives.com/t/s?1603

                       Going Concern Doubt

Wiener, Goodman & Company PC raised substantial doubt about
Delta Mutual Inc.'s ability to continue as a going concern after
auditing the Company's financial statements for the year ended
Dec. 31, 2005.  The auditing firm pointed to the Company's
deficiency in net assets at Dec. 31, 2005, losses from
operations since inception, and need to obtain additional
financing.

                        About Delta Mutual

Delta Mutual Inc. -- http://www.deltamutual.com/-- specializes
in energy recovery and construction services through
environmentally friendly technologies that recover energy
sources from soil, water and other waste streams.  Delta Mutual
and its subsidiaries provide environmental and construction
technologies and services to certain geographic reporting
segments in Indonesia, the Middle East, the United States and
Puerto Rico.


FREEPORT-MCMORAN: Earns US$365.7 Million in 2006 Third Quarter
--------------------------------------------------------------
Freeport-McMoRan Copper & Gold Inc. has filed its financial
statements for the three months ended Sept. 30, 2006, with the
U.S. Securities and Exchange Commission disclosing
US$365.7 million of net income on US$1.6 billion of net revenues
in contrast to US$180.9 million of net income on
US$983.2 million of net revenues for the same period in 2005.

At Sept. 30, 2006, the Company's balance sheet showed
US$5.2 billion in total assets and US$2.8 billion in total
liabilities.

A full-text copy of the Company's quarterly report is available
for free at http://researcharchives.com/t/s?1602

As of Sept. 30, 2006, the Company had total unrestricted cash
and cash equivalents of US$698.9 million and total outstanding
debt of US$774.5 million.  Total debt was reduced by a net
US$481.4 million during the first nine months of 2006, including
the following transactions:

   * US$286.1 million for the completion of a tender offer to
     induce conversion of 7% Convertible Senior Notes due 2011
     into 9.3 million shares of FCX common stock in the third
     quarter;

   * US$167.4 million for the mandatory redemption of Gold-
     Denominated Preferred Stock, Series II in the first quarter
     for US$236.4 million;

   * US$12.5 million for the final mandatory redemption of
     Silver-Denominated Preferred Stock in the third quarter for
     US$25.8 million;

   * US$30.5 million for privately negotiated transactions to
     induce conversion of 7% Convertible Senior Notes due 2011
     into 1.0 million shares of FCX common stock; and

   * US$11.5 million for purchase in an open market transaction
     of 10.5% Senior Notes due 2010 for US$12.4 million.

                         Merger Agreement

As reported in the Troubled Company Reporter on Nov. 22, 2006,
Freeport-McMoRan Copper & Gold Inc. and Phelps Dodge Corporation
have signed a definitive merger agreement under which FCX will
acquire Phelps Dodge for around US$25.9 billion in cash and
stock, creating the world's largest publicly traded copper
company.

The combined company will be a new industry leader with large,
long-lived, geographically diverse assets and significant proven
and probable reserves of copper, gold, and molybdenum.

                       Consulting Agreement

FM Services Company, a wholly owned subsidiary of Freeport-
McMoRan Copper & Gold Inc., entered into a supplemental
consulting agreement with B. M. Rankin, Jr., Freeport's
director. The supplemental agreement renews the consulting
agreement previously entered into with Mr. Rankin for an
additional one-year period beginning Jan. 1, 2007, and ending
Dec. 31, 2007.  All terms and conditions of Mr. Rankin's
original consulting agreement remain unchanged.

               About Freeport-McMoRan Copper & Gold

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

The Troubled Company Reporter - Asia Pacific reported on
November 24, 2006, that Standard & Poor's placed its 'BB-'
corporate credit and its other ratings on Freeport-McMoRan on
CreditWatch with positive implications and its 'BBB' corporate
credit and its other ratings on Phelps Dodge Corp. on
CreditWatch with negative implications.  The actions followed
the report that Freeport entered into an agreement with Phelps
Dodge to acquire Phelps in a transaction valued at
US$25.9 billion.

The TCR-AP stated on Oct. 18, 2006, Moody's Investors Service
confirmed Freeport-McMoran's Ba3 Corporate Family Rating in
connection with the rating agency's implementation of its new
Probability-of-Default and Loss-Given-Default rating
methodology.

Dominion Bond Rating Service confirmed in April the rating of
Freeport-McMoRan Copper & Gold Inc. at BB (low).  DBRS said the
trend is Stable.


GNC CORP: Redeeming Shares of 12% Series A Pref. Stock on Dec. 4
----------------------------------------------------------------
GNC Corp. has issued its Final Notice of Redemption with respect
to the redemption of all its outstanding shares of 12% Series A
Exchangeable Preferred Stock.  The redemption date will be
Dec. 4, 2006.  GNC has deposited the aggregate redemption price
in irrevocable trust with LaSalle Bank National Association, as
paying agent.

All of the shares of preferred stock are held of record by Cede
& Co. as nominee for The Depository Trust Company or DTC.
Accordingly, no beneficial holder of shares will be required to
physically surrender its shares to the paying agent.  On or
before the redemption date, DTC will notify the paying agent to
disburse the aggregate redemption price to DTC for distribution
by DTC to the beneficial holders of the shares based upon the
number of shares held and the per share redemption price.

Nov. 15, 2006, was a dividend record date with respect to the
preferred stock.  On Dec. 1, 2006, a dividend equal to US$41.47
per share will have accumulated since the last dividend payment
date and after giving effect to this newly accumulated dividend,
the aggregate accumulated dividends for each share of preferred
stock is US$423.92.  As of the Dec. 4, 2006, redemption date,
the aggregate accumulated dividends for each share of preferred
stock will be US$425.82.  Dividends on the preferred stock will
cease to accumulate on the redemption date.

Headquartered in Pittsburgh, Pa., GNC -- http://www.gnc.com/--
is the largest global specialty retailer of nutritional
supplements, which includes vitamin, mineral and herbal
supplements, sports nutrition products, diet and energy products
and specialty supplements.  GNC has more than 4,800 retail
locations throughout the United States, including more than
1,000 domestic franchise locations, and locations in 43
international markets.

GNC's Asian operations are in Indonesia, Hong Kong, India,
Japan, Philippines, and Thailand, among others.

                        *    *    *

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 23, 2006, Moody's Investors Service downgraded the
corporate family rating of GNC Parent Corporation to B3 and the
US$425 million holding company note issue to Caa2.

Standard & Poor's Ratings Services affirmed its ratings,
including the 'B' corporate credit rating, on Pittsburgh,
Pennsylvania-based General Nutrition Centers Inc.

The ratings are removed from CreditWatch, where they were placed
with positive implications on June 19, 2006.  S&P said the
outlook is stable.


INCO LTD: Earns US$701 Million in 2006 Third Quarter
----------------------------------------------------
Inco Limited reported the highest-ever quarterly earnings in the
company's 104-year history.

Earnings on an adjusted basis for the third quarter of 2006 were
over four times the earnings for the third quarter of 2005,
while earnings in accordance with Canadian generally accepted
accounting principles were eleven times the earnings for the
third quarter of 2005.

Adjusted net earnings for the third quarter of 2006 were
US$653 million compared with adjusted net earnings of
US$159 million for the third quarter of 2005.  Net earnings for
the third quarter of 2006 in accordance with Canadian GAAP were
a record US$701 million compared with net earnings of
US$64 million for the third quarter of 2005.  The principal
adjustment made in arriving at adjusted net earnings for the
third quarter of 2006 was the exclusion of net takeover-related
income of US$109 million after taxes.

"Our record quarterly earnings reflect the unprecedented
sustained strength we've seen in the nickel market, combined
with strong production from our operations," said Inco Chairman
and CEO Scott Hand.

For the third quarter of 2006, the London Metal Exchange
benchmark cash nickel price rose to a record quarterly average
of US$29,178 per ton (US$13.24 per pound), compared with the
third quarter of 2005 average of US$14,567 per ton (US$6.61 per
pound).  The LME cash nickel price set a record high of
US$34,750 per ton (US$15.76 per pound) on Aug. 24.  On Oct. 19,
the LME cash nickel price was US$33,395 per ton (US$15.15 per
pound).

Inco produced 125 million pounds of finished nickel in the third
quarter of 2006.  This was almost 13% higher than the company's
production in the third quarter of last year, due primarily to
the commencement of nickel concentrate production at Voisey's
Bay and additional production at the Company's Manitoba
operations.  The Company's nickel unit cash cost of sales, after
by-product credits, for the third quarter of 2006 was US$2.12
per pound, 30% lower than in the third quarter of 2005.  This
decrease was attributable to the positive impact of higher
average realized selling prices for copper and platinum group
metals and higher deliveries of Voisey's Bay copper concentrate
partially offset by an increase in nickel unit cash cost of
sales before by-product credits.

Based on these strong results, Inco generated US$857 million of
cash flow from operations in the third quarter, before a working
capital decrease of US$132 million and net receipts from
takeover-related activities of US$288 million.  The Company's
cash position of US$1,828 million at Sept. 30, 2006, and its
debt-to-capitalization ratio of 20% provide the Company with the
financial strength to support its growth strategy.

Net sales in the third quarter of 2006 increased significantly
by 114% compared with the third quarter of 2005.  The increase
was primarily due to increases in the Company's average realized
selling prices for nickel and copper, which increased by 99% and
90% for the third quarter of 2006 compared with the third
quarter of 2005.  In addition, deliveries of Inco-source and
tolled nickel and Inco-source copper increased by 5% and 59%,
respectively, during the third quarter of 2006 compared with the
third quarter of 2005.

                         Interest Expense

Interest expense increased by US$11 million and US$32 million in
the third quarter and first nine months of 2006 compared with
the corresponding periods of 2005.  Interest expense increased
primarily because no interest in respect of the Voisey's Bay
project has been capitalized in 2006 since the mine,
concentrator and related facilities commenced commercial
production in December 2005.

                      Takeover-related income

In the third quarter of 2006, in connection with the
unsuccessful offer to purchase Falconbridge Limited and the
unsuccessful business combination with Phelps Dodge Corporation,
certain break-up fees were received and paid, and other
transaction costs were incurred, which the Company recorded in
earnings.  For the first nine months of 2006, the Company
recorded income, on a net basis of US$174 million, which
primarily consists of the cash received from Falconbridge
Limited from a break-up fee in the amount of US$450 million
which was substantially offset by break-up fees paid to Phelps
Dodge Corporation and LionOre Mining International Ltd. as well
as other transaction costs.

               Third Quarter Dividend Consideration

At the meeting on Oct. 17, Inco's Board of Directors considered
whether to declare a dividend on Inco's common shares in respect
of the third quarter of 2006.  Inco's existing practice has been
to pay a regular quarterly dividend of US$0.125 per share.  The
CVRD Offer provides that, in the event that Inco should declare,
set aside or pay, after Sept. 1, any dividend (including a
regular quarterly dividend in accordance with Inco's current
dividend policy), distribution or payment on the common shares,
the consideration payable per common share pursuant to the CVRD
Offer (being CDNUS$86.00 in cash) will be reduced by the amount
of such dividend, distribution or payment.  In view of the
foregoing terms of the CVRD Offer, and given that the CVRD Offer
is scheduled to expire on Oct. 23, the Board of Directors
deferred its decision as to whether to declare a quarterly
dividend in respect of the third quarter of 2006 until after the
expiry time of the CVRD Offer.

                       About Inco Ltd.

Headquartered in Sudbury, Ontario, Inco Limited (TSX, NYSE:N) --
http://www.inco.com/-- produces nickel, which is used primarily
for manufacturing stainless steel and batteries.  Inco also
mines and processes copper, gold, cobalt, and platinum group
metals.  It makes nickel battery materials and nickel foams,
flakes, and powders for use in catalysts, electronics, and
paints.  Sulphuric acid and liquid sulphur dioxide are produced
as byproducts.  The company's primary mining and processing
operations are in Canada, Indonesia, and the U.K.

Inco Limited's 3-1/2% Subordinated Convertible Debentures due
2052 carry Moody's Investors Service's Ba1 rating.


INDOSAT: To Spend US$1 Bil. On Cellular Services Next Year
----------------------------------------------------------
PT Indosat Tbk is planning to spend more than US$1 billion
mainly on the development of its cellular services in 2007,
Antara News says, citing the company's marketing director, Wahyu
Wijayadi.

According to the report, Mr. Wijayadi said that about 70% to 80%
of the investment will go to the development of cellular
services, while the rest will be used to develop multimedia,
data communication and Internet services.

Mr. Wijayadi said that the rise in investment was also related
to the current positive trend and expected high demand for
cellular phone services in 2007, the report notes.

The investment, Indosat Finance Director Wong Heang Tuck said,
would push operational income to more than IDR10 trillion next
year from IDR8.87 trillion in the first nine months of this
year.

Mr. Tuck, according to Antara News, added that the company's
third-quarter operational income rose 1.4% from a corresponding
period last year when it stood at IDR8.75 trillion, Antara
notes.

The report relates that nearly 74.9% of the operational income
originated from cellular services, 15.9% from MIDI services and
9.2% from telecommunication services.

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

                          *     *     *

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

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


MULTIBREEDER ADIRAMA: Earns IDR55.10 Bil. In September Quarter
--------------------------------------------------------------
PT Multibreeder Adirama Indonesia Tbk disclosed financial
results for the nine month ended September 30, 2006.

For the nine-month period ended September 30, 2006, Multibreeder
Adirama reported a net income of IDR55.10 billion, compared with
the IDR29.11-billion net income for the same period in 2005.

The company recorded net sales of IDR566.72 billion for the 2006
nine-month period, compared with IDR525.06 billion for the 2005
nine-month period.

As of September 30, 2006, Multibreeder Adirama's balance sheet
showed IDR255.64 billion in total current assets available to
pay IDR114.13 billion in total current liabilities coming due
within the next 12 months.

The company's balance sheet as of Sept. 30, 2006, also showed
total assets of IDR634.63 billion and total liabilities of
IDR567.42 billion, resulting to a total stockholders' equity of
IDR67.21 billion.

Multibreeder Adirama's financial report for the nine-month
period ended Sept. 30, 2006, is available for free at:

       http://researcharchives.com/t/s?1619

PT Multibreeder Adirama Indonesia Tbk --
http://www.japfacomfeed.co.id/-- is an agribusiness company
engaged in the farming, cattle and maritime industries. It
produces chicken grand parents stocks, parents stocks, parents
stock broilers, parents stock layers, final stock broilers,
final stock layer females and final stock layer males, as well
as derivatives products.  The Company's subsidiary, PT
Multiphala Adiputra, is also engaged in the same business
activities.  A member of Japfa Group, Multibreeder Adirama
Indonesia is headquartered in Jakarta, Indonesia, and supported
by production facilities in Lampung, South Sumatera, West Java,
Central Java, East Java, Bali, South Sulawesi and Kalimantan.

                          *     *     *

Troubled Company Reporter - Asia Pacific reports on October 13,
2006, that Multibreeder Adirama has a shareholders' deficit of
US$2.31 million.  The company's assets as of that date
totaledUS$64.54 million.


PT PERTAMINA: House Speaker Blames Board for Kerosene Shortage
--------------------------------------------------------------
PT Pertamina (Persero)'s board of directors should assume
responsibility for the current shortage of kerosene in many
parts of the country, Antara News cites House of Representatives
Speaker Agung Laksono as saying.

According to the report House Speaker Laksono said that lack of
kerosene should not have recurred as PT Pertamina has a lot of
experience in providing the public with oil.  He said that the
company should overcome the kerosene shortage as soon as
possible.

The report notes that House Speaker Laksono said that the
House's Commission VII intends to summon the company's
management about the matter.

Mr. Laksono added that the Government's plan to increase the
kerosene's quota would "definitely affect" the state's
expenditures, Antara relates.  Moreover, he said that the
Government's plan should have been discussed first with the
House of Representatives, especially the House Comission VII.

President Susilo Bambang Yudhoyono said that the Indonesian
Government would talk with the House on its plan to raise the
quota of subsidized kerosene, Antara says.

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.


SEKAR BUMI: Turns Around with IDR4.94BB Income for 9-Month Pd.
--------------------------------------------------------------
PT Sekar Bumi disclosed financial results for the nine months
ended September 30, 2006.

For the 2006 nine-month period, the company reported net income
of IDR4.94 billion, a turnaround from the IDR86.39-billion net
loss recorded for the same period last year.

As of September 30, 2006, Sekar Bumi's balance sheet showed
strained liquidity with IDR71.83 billion in current assets
available to pay IDR171.51 billion in current liabilities coming
due within the next 12 months.

The company's balance sheet as of Sept. 30, 2006, also showed
total assets of IDR218.49 billion and total liabilities of
IDR207.87 billion, resulting to a total stockholders' equity of
IDR10.62 billion.

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

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

PT Sekar Bumi -- http://www.sekar.co.id/-- is engaged in food
processing, such as shrimps, frog legs, fish, cashew, and many
others.  The company has a main factory in Sidoarjo, Indonesia
with an annual capacity of 5,000 tons.

Troubled Company Reporter - Asia Pacific reported on December 1,
2006, that Sekar Bumi has a shareholders' deficit of
US$41.95 million.  It's total assets as of that date was
US$23.07 million.


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

ALITALIA SPA: Italian Government Pursuing Three Rescue Plans
------------------------------------------------------------
The Italian government is making a three-prong approach to bail
out national carrier Alitalia S.p.A., Tony Barber writes for the
Financial Times.

According to the report, Italy, which owns 49.9% of Alitalia, is
eyeing:

   -- a partnership with Air France-KLM;
   -- an alliance with an Asian carrier; or
   -- a consolidation of the domestic airline sector.

                           Air France

As reported in the TCR-Europe on Nov. 28, Alitalia confirmed
that it is holding talks with Air France over a possible
alliance.  Alitalia, however, said that the talks are "still at
an early stage and not exclusive."

Alitalia noted that it has been cooperating with Air France
under an extensive bilateral cooperation within SkyTeam, of
which both airlines are members, and has implemented since 2002
a cross-shareholding setup.

Airline industry experts, however, expressed doubts that an Air
France takeover would occur given Alitalia's history of
unprofitability, poor management, labor unrest and political
interference, FT relates.  People privy with the government
added that the Air France option would wilt if the Franco-Dutch
carrier has plans to turn Alitalia into a European regional
feeder for its own operations.

"This great company must not be treated like a person who is put
in the servant's room, while others give the commands and decide
the routes, hubs and investments," said Guglielmo Epifani,
leader of the CGIL union, which represents a number of Alitalia
employees.

                         Asian Partner

Several administration ministers, however, prefer an Asian
partner for Alitalia rather than Air France, FT reports.
Foreign Minister Massimo D'Alema recently discussed with China
on a reciprocal deal that would let Chinese carrier use Italy as
a base for southern European and African markets.

                  Airline Sector Consolidation

Italy, FT reports, is also eyeing alliances or mergers for
Alitalia and smaller local airlines like Eurofly, Meridiana, Air
One and Volare, with the aim of forming a national carrier that
commands a large domestic market share and more profitable
routes, thus more attractive to a foreign partner.

FT says the government, however, might find it hard to
consolidate the local airline sector due to these reasons:

   -- Eurofly's biggest shareholder is currently in informal
      talks with an unknown party for an industrial tie-up;

   -- Air One is currently allied with Deutsche Lufthansa; and

   -- the Lazio Regional Tribunal declared Alitalia's takeover
      of low-cost carrier Volare Group invalid and validated an
      order by the State Council restart the auction process for
      the low-cost carrier within 60 days.

As reported in the TCR-Europe on Oct. 13, Italian Prime Minister
Romano Prodi said he foresees a bankrupt national carrier in
January 2007 unless involved parties come up with an "agreed
solution."

"Alitalia is going through the worst moment in its history," Mr.
Prodi told attendees of the Alitalia Summit.  "The situation is
totally out of control and I do not see any parachutes."

"We have until January to hammer out a solution which can avoid
bankruptcy," Mr. Prodi said, sharing the same observation posed
by Alitalia CEO Giancarlo Cimoli.

In a TCR-Europe report on Oct. 11, Mr. Cimoli revealed that
Alitalia is poised for collapse given its current cost structure
and market conditions.

"At present, the national carrier is unable to generate profit,
even for previously invested capital," Mr. Cimoli said.

Mr. Cimoli particularly blamed:

   -- excessive market regulations;
   -- high labor costs;
   -- recurrent labor strikes;
   -- rising oil prices;
   -- airport and regulatory inefficiencies; and
   -- unfair competitive advantages' enjoyed by low-cost
      airlines.

Mr. Cimoli also chided Italy's civil aviation and antitrust
authorities for their failure to secure Alitalia from "unfair"
competition.  Mr. Cimoli said these conditions have made it
unviable for Alitalia to compete with low-cost and foreign
rivals.

Mr. Cimoli had vowed to have Alitalia make a profit by year-end,
but reaching the goal seems unlikely after the carrier posted
EUR221 million in first-half net losses.  Mr. Cimoli said the
carrier is headed for a EUR300-million loss this year.

For the first nine months of 2006, Alitalia posted EUR275.4
million in pre-tax losses, up from up from EUR107.5 million for
the same period in 2005.

                         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 Japan, and China, 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.


ANEKA TAMBANG: S&P Lifts Corporate Credit Rating to B+ from B
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Indonesian state-owned mining company
PT Antam Tbk. to 'B+' from 'B'.  The outlook is stable.  At the
same time, Standard & Poor's also raised to 'B+', from 'B', the
rating on the senior unsecured notes issued by Antam Finance
Ltd. and guaranteed by Antam.

"The rating upgrade is supported by the company's improvement in
its operating performance and its stronger financial profile,"
said Standard & Poor's credit analyst, Yasmin Wirjawan.  "These
strengths are, however, partly offset by its high cost structure
in its ferronickel production, earnings exposure to price
volatility, and uncertain regulatory environment for
Indonesia's mining industry," she added.

Antam's financial profile has improved, supported by firm metal
prices, higher sales volume of nickel contained in ferronickel,
and lower debt.

Annualized funds from operations to debt rose to 75% as at
Sept. 30, 2006, from its three-year average of 37%. Total debt
to annualized EBITDA also improved to 0.8x from its three-year
average of 2.2x.  With capital expenditure estimated at up to
US$100 million in 2007, debt to EBITDA is likely to remain
below 1.5x.

Nevertheless, Antam's ferronickel cost remains high due to lower
government fuel subsidy and delay in upgrading its nickel
smelting facilities.

With ferronickel cash production cost of US$4.20 per pound as of
Sept. 30, 2006, the company is in the top cost quartile among
its global peers.  As Antam operates in a highly commoditized
business with substantial product price volatility, especially
in nickel, the company's profitability and cash flow could be
under pressure during an industry downturn.  In the medium term,
the company's target is to reduce cost to about US$3.50/lb by
converting to a lower-cost fuel such as natural gas, hydropower,
or coal by 2009.

Antam's liquidity position is adequate.  The company had
IDR814 billion (US$89 million) cash balance as at Sept. 30,
2006, more than enough to cover IDR60 billion debts maturing in
one year.

"The stable outlook reflects the expectation that favorable
product prices and Antam's improving operations will support its
profitability and cash flow measures," Ms. Wirjawan said.  "An
upgrade of the rating may be considered if the company can
demonstrate a track record of smooth operation in all plant
facilities, cost improvement, while maintaining its adequate
cash flow measures," she added.

"On the other hand, its rating and outlook could be under
pressure if there is a significant downturn in the nickel
industry and a subsequent reversal of pricing trends, thereby
affecting profitability and cash flow protection measures.  In
addition, they will also be negatively affected if future debt-
funded investments weaken its financial profile materially,
including FFO to debt below 25% on a sustainable basis," she
noted.

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


AOZORA BANK: To Invest US$500 Million in GMAC LLC
-------------------------------------------------
Aozora Bank Ltd. said on Nov. 30, 2006, that it will invest
US$500 million in General Motors Corp.'s financial subsidiary,
General Motors Acceptance Corp, MarketWatch relates.

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 1, 2006, General Motors Corp. completed the sale of a 51%
interest in GMAC to a consortium of investors led by Cerberus
FIM Investors LLC, and including wholly owned subsidiaries of
Citigroup Inc., Aozora Bank, and The PNC Financial Services
Group Inc.

MarketWatch recounts that General Motors decided earlier this
year to sell a majority stake in GMAC to the Cerberus-led in
order to generate cash to help it pursue its restructuring.

According to the report, Aozora Bank's disclosure comes after
the Federal Deposit Insurance Corp. voted earlier this month to
allow General Motors to transfer the banking charter for its
lending arm to a group of investors led by Cerberus.  Aozora is
part of this group of investors, MarketWatch notes.

The FDIC's decision, the report points out, marked a major
victory for GMAC as it tried to complete its US$14-billion sale
to the investment group by Nov. 30.  The Cerberus-led consortium
will hold a 51% stake in GMAC and General Motors will continue
to own 49%.

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

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


BANCO BRADESCO: S&P Changes BB+ Ratings' Outlook to Positive
------------------------------------------------------------
Standard & Poor's Ratings Services maintained the 'BB+' ratings
on both of Banco Bradesco SA's foreign and local currency
counterparty credit rating, however it changed the ratings
outlook to positive from stable on both ratings:

   -- Foreign currency counterparty credit rating

      * to BB+/Positive/B from BB+/Stable/B

   -- Local currency counterparty credit rating

      * to BB+/Positive/B from BB+/Stable/B

   -- Brazil national scale rating

      * to brAA+/Positive/brA-1 from brAA+/Stable/brA-1

This is in connection with Standard & Poor's revised outlook on
its long-term foreign and local currency ratings on 16 Brazilian
entities to positive from stable, following the revision of the
foreign and local currency rating outlooks on the Federative
Republic of Brazil.  At the same time, Standard & Poor's revises
its outlook on the Brazil national scale ratings to positive
from stable, following the same action on the sovereign.  In
addition, the ratings on all entities were affirmed.

The positive outlooks on the sovereign-owned entities are as
follows:

   -- Eletrobras;
   -- Centrais Eletricas Brasileiras;
   -- Banco Nacional de Desenvolvimento;
   -- Economico e Social; and
   -- Banco do Nordeste do Brasil.

This positive outlooks reflect the linkage of the credit quality
of these entities to that of the sovereign.  Standard & Poor's
considers these entities to be closely integrated into the
government and its finances, and that there are strong
incentives for the sovereign to support these companies.  As
such, rating actions and outlook revisions on these entities
should continue to mirror those on the sovereign going forward.

"The positive outlooks on the financial services entities
reflect our perception of improvements in industry and economic
risks for the banking industry in Brazil, including the
country's reduction in fiscal vulnerability and external
indebtedness," said Standard & Poor's credit analyst Daniel
Araujo.  An upgrade of the banks would depend not only on the
upgrade of the sovereign, but also on the banks' intrinsic
creditworthiness, especially as measured by the quality and
sustainability of asset quality and profitability.

The positive outlooks on the insurance and asset management
companies reflect their role as core subsidiaries of Unibanco
and these are:

   -- Uniao de Bancos Brasileiros SA;
   -- Banco Bradesco SA; and
   -- Banco Itau SA.

As core entities, the outlooks on these entities will move in
tandem with those on their parents.

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.


BANCO BRADESCO: Paying Interest on Own Capital on Jan. 2, 2007
--------------------------------------------------------------
Banco Bradesco S.A. will pay on Jan. 2, 2007, interest on own
capital related to the month of December 2006, in the amount of
BRL0.032775000 per common stock and BRL0.036052500 per preferred
stock to the stockholders registered in the company's records on
Dec. 1, 2006.

The payment, net of the withholding income tax of 15%, except
for legal entity stockholders exempted from the referred
taxation, which will receive for the stated amount, will be made
through the net amount of BRL0.027858750 per common stock and
BRL0.030644625 per preferred stock, as follows:

   -- credit in the current account informed by the stockholder;

   -- the stockholders who do not inform their banking data or
      do not hold a current account in a Financial Institution
      must go to a Bradesco Branch on their preference having
      their identification document and the "Notice For Receipt
      of Earnings from Book-Entry Stocks," sent by mail to those
      having their address updated in the company's records;

   -- to those with stocks held on custody with the CBLC --
      Companhia Brasileira de Liquidacao e Custodia or Brazilian
      Clearing and Depository Corporation), the payment of
      interest will be made to CBLC, which will transfer them
      to the respective stockholders through the Depository
      Agents.

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

                          *     *     *

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

Fitch has earlier taken these rating actions on Banco Bradesco:

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

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

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

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

   -- Support rating affirmed at '4';

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

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

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

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

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

The ratings outlook is stable.

Standard & Poor's Ratings Services maintained the 'BB+' ratings
on both of Banco Bradesco SA's foreign and local currency
counterparty credit rating, however it changed the ratings
outlook to positive from stable on both ratings:

   -- Foreign currency counterparty credit rating

      * to BB+/Positive/B from BB+/Stable/B

   -- Local currency counterparty credit rating

      * to BB+/Positive/B from BB+/Stable/B

   -- Brazil national scale rating

      * to brAA+/Positive/brA-1 from brAA+/Stable/brA-1


BANCO BRADESCO: Posts BRL2.01B First Nine-Month 2006 Premiums
-------------------------------------------------------------
Banco Bradesco increased auto premiums by 10.8% to
BRL2.01 billion in the first nine months of 2006, compared with
the same period of 2005, Business News Americas reports, citing
Sincor-SP -- the Sao Paulo insurance brokers' union.

Sincor told BNamericas that Banco Bradesco's market share in the
auto segment decreased to 16.3% from 17.2%.

However, Bradesco Auto/RE -- Banco Bradesco's auto and
reinsurance division -- remained as the largest insurer of
Brazil, 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.

The ratings outlook is stable.

Standard & Poor's Ratings Services maintained the 'BB+' ratings
on both of Banco Bradesco SA's foreign and local currency
counterparty credit rating, however it changed the ratings
outlook to positive from stable on both ratings:

   -- Foreign currency counterparty credit rating

      * to BB+/Positive/B from BB+/Stable/B

   -- Local currency counterparty credit rating

      * to BB+/Positive/B from BB+/Stable/B

   -- Brazil national scale rating

      * to brAA+/Positive/brA-1 from brAA+/Stable/brA-1


CONVERIUM HOLDING: VP Presents Results in London Conference
-----------------------------------------------------------
Benjamin Gentsch, Executive Vice President of Converium Holding
AG, addressed KBW's European Insurance Conference in London on
Nov. 29, 2006.

The presentation focused on Converium as a viable alternative in
the global reinsurance market.  Mr. Gentsch highlighted
Converium's strong year-to-date financial performance, the
agreed sale of the Company's North American operations and the
good prospects for a near-term improvement of Converium's
financial strengths ratings.  He also reported on the ongoing
year-end renewals and the strong support Converium is
experiencing from clients.

The presentation will be similar to the one given by Inga Beale,
CEO of Converium, at the Sal. Oppenheim European Financials
Conference in Zurich where she outlined the key drivers of
Converium's profitable growth following an upgrade:

   -- earnings are expected to grow on the back of increasing
      shares of wallet in existing client relationships as well
      as the establishment of new relationships;

   -- the combined ratio is expected to improve as the business
      mix shifts towards non-proportional business and
      administration expenses are supported by a growing volume
      of business; and

   -- returns on assets are expected to increase reflecting an
      optimized asset allocation through a reduction of
      collateralization requirements.

                         About Converium

Headquartered in Zug, Switzerland, Converium Holding AG --
http://www.converium.com/-- provides treaty and individual
coverage for risks including accident and health, credit and
surety, e-commerce, third party and professional liability,
life, and special casualty.  The company also operates in Japan,
Germany, United Kingdom, France, Malaysia, Singapore, Australia,
Bermuda, Argentina, U.S.A., Brazil and Canada.

                          *     *     *

Fitch Ratings placed Swiss-based Converium AG's Insurer
Financial Strength BBB- rating on Rating Watch Positive.  The
agency has also placed other ratings within the Converium group
on RWP.

Converium group ratings are:

   -- Converium AG's IFS BBB- on RWP;

   -- Converium AG's Issuer Default rating BBB- on RWP;

   -- Converium Insurance (U.K.) Limited's IFS BBB- on RWP;

   -- Converium Ruckversicherungs (Deutschland) AG's IFS BBB- on
      RWP;

   -- Converium Holding AG's IDR BB on RWP; and

   -- Converium Finance S.A.'s US$200 million subordinated debt
      due 2032 BB+ on RWP.


DELPHI CORP: Inks 6th Amendment to US$2-Bil. DIP Loan Agreement
---------------------------------------------------------------
Delphi Corporation and its debtor-affiliates has entered into a
sixth amendment to their amended and restated revolving credit,
term loan and guaranty agreement to borrow up to
US$2,000,000,000 from a syndicate of lenders.

The Sixth Amendment provides Delphi with additional time to
deliver the quarterly financial statements for the period ended
Sept. 30, 2006, and the annual financial statements for the
period ended Dec. 31, 2006, Robert J. Dellinger, executive vice
president and chief financial officer of Delphi Corporation,
discloses in a Form 8-K filing with the Securities and Exchange
Commission.

"Specifically, as a result of the Sixth Amendment the unaudited
quarterly financial statements for the period ended September
30, 2006, are now due no later than 165 days after the end of
such fiscal quarter and the audited annual financial statements
for the period ended December 31, 2006, are now due no later
than the later to occur of the date which is 30 days after the
2006 10Q Delivery Date and the date specified by the SEC for the
filing of Annual Reports on Form 10-K," Mr. Dellinger says.

Furthermore, the Sixth Amendment provides an amended definition
for "Global EBITDAR," which provides for the full amount of the
restructuring costs and related cash payments attributable to
the UAW Special Attrition Agreement, and similar obligations
pursuant to comparable labor agreements, be excluded in the
calculation of "Global EBITDAR."

The Amendment also extends the date by which Delphi must deliver
updated financial projections from Dec. 15, 2006, to Mar. 31,
2007.

A full-text copy of the Sixth Amendment to the November 2005
Credit Agreement is available for free at:

            http://researcharchives.com/t/s?15f7

                          About Delphi

Troy, Mich.-based Delphi Corporation -- http://www.delphi.com/
-- is the single largest global supplier of vehicle electronics,
transportation components, integrated systems and modules, and
other electronic technology.  The company's technology and
products are present in more than 75 million vehicles on the
road worldwide.  Delphi has regional headquarters in Japan,
Brazil and France.

Fitch Ratings has assigned a rating of 'BB-' to Delphi
Corporation's US$2 billion of debtor-in-possession credit
facilities.  The DIP facilities will consist of a revolving
credit portion and a term loan portion and are to be pari passu
with each other in terms of priority of repayment, collateral,
and guarantees.  The term loan and revolving credit will,
therefore, share the same ratings.

Standard & Poor's Ratings Services lowered its ratings on Delphi
Corp. to 'D' after the company's U.S. operations filed for
Chapter 11 bankruptcy protection.  The recovery rating on
Delphi's senior secured bank facility was withdrawn.  Delphi,
the largest U.S. manufacturer of automotive components, has
total debt of about US$6 billion and total unfunded pension
obligations and other postretirement employee benefit
liabilities of about US$14.5 billion.

The company filed for chapter 11 protection on Oct. 8,
2005 (Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler
Jr., Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors
in their restructuring efforts.  Robert J. Rosenberg, Esq.,
Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at Latham &
Watkins LLP, represents the Official Committee of Unsecured
Creditors.

As of Aug. 31, 2005, the Debtors' balance sheet showed
US$17,098,734,530 in total assets and US$22,166,280,476 in total
debts.  (Delphi Bankruptcy News, Issue No. 48; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


KUMAGAI GUMI: Net Income Ups 56% to JPY976MM For Sept. Half-Year
----------------------------------------------------------------
Kumagai Gumi Co Ltd reported half-year unconsolidated earnings
results for the period ended Sept. 30, 2006.

For the September 2006 Half-Year Period, Kumagai recorded a
JPY976-million net income, a 55.9% increase from the
JPY626-million net income recorded for the half-year period
ended Sept. 30, 2005.

The company posted JPY113.07 billion in revenues for the 2006
half-year, compared with JPY111.32 billion in revenues for the
same period in 2005.

Kumagai's operating profit for the 2006 half-year was
JPY1.77 billion, a 14% decrease from the JPY2.06-billion
operating profit for the 2005 half-year.

Net earnings per share for the half-year ended Sept. 30, 2006,
was JPY7.38, compared with the JPY4.73 EPS a year ago.

Kumagai Gumi Co., Ltd. -- http://www.kumagaigumi.co.jp-- is a
Tokyo-based construction company.  With its subsidiaries, the
company is engaged in the examination, planning, design,
operation, management and technical training of construction
works.

In addition, it is involved in other activities such as general
engineering, management and contract work, as well as the
provision of consulting services for construction works.
Through its subsidiaries, the Company also is engaged in the
manufacture and sale of construction materials and other-related
equipment and machinery; the provision of technology products,
which are supplied to the Company; the provision of officer work
services, and others.

The company's senior debt carries Rating and Investment
Information, Inc.'s 'B' rating.


M. FABRIKANT & SONS: Quashes Speculations on Units' Bankruptcy
--------------------------------------------------------------
On Nov. 17, 2006, M. Fabrikant and Sons, Inc., and its domestic
affiliate Fabrikant-Leer International Ltd., filed voluntary
petitions for relief under Chapter 11 of the United States
Bankruptcy Code.  Since that time, there has been speculation as
to the status of various other Fabrikant affiliated or related
entities.

Fabrikant-Tara International, LLC, a diamond and gemstone
jewelry wholesaler, primarily owned by Tara Jewels Holdings,
Inc. and, in part, by M. Fabrikant & Sons, has not filed for
chapter 11 relief of the Bankruptcy Code and does not anticipate
that the bankruptcy filings of M. Fabrikant & Sons, Inc. or
Fabrikant-Leer International, Ltd. will adversely affect its
operations.  Fabrikant-Tara International, LLC, continues to
operate its business and fulfill all of its commitments to its
vendors and customers.

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

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


MITSUBISHI MOTORS: Discloses Global Production for October 2006
---------------------------------------------------------------
On November 27, 2006, Mitsubishi Motors Corporation revealed
global production, as well as domestic sales and export results
for October 2006.  Total global production came in at 108,087
units, a decline of 6.3% from a year ago period.  Japanese
production increased 16.6% year-on-year to 68,389 units.

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

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

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

                    About Mitsubishi Motors

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

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

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

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

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

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


MITSUBISHI PAPER: Earns JPY6 Billion in Half-Year to Sept. 2006
---------------------------------------------------------------
Mitsubishi Paper Mills Ltd. reported its half-year consolidated
earnings results for the period ended Sept. 30, 2006.

For the September 2006 Half-Year, Mitsubishi Paper posted net
income of JPY6.05 billion on JPY118.51 billion in revenues, a
slight increase from the JPY6.04-billion net income on
JPY113.50 billion in revenues recorded for the same period last
fiscal year.

Operating profit and current profit for the half-year ended
Sept. 30, 2006, was at JPY3.11 billion and JPY2.37 billion,
respectively.  These figures are also a slight increase from the
JPY3.02 billion and JPY2.05 billion operating profit and current
profit for the half-year ended Sept. 30, 2005.

Earnings per share for the September 2006 Half-Year was
JPY18.59.

Headquartered in Tokyo, Mitsubishi Paper Mills Limited --
http://web.infoweb.ne.jp/mpm/eng/index-e.html-- is a Japan-
based company involved in the pulp, paper and allied sectors.

As reported in the Troubled Company Reporter - Asia Pacific on
January 6, 2006, Mitsubishi Paper Mills carries Rating and
Investment Information, Inc.'s 'BB+' rating for its senior debt
and issuer rating.


SENSATA TECHNOLOGIES: Appoints Jeff Cote as New CFO
---------------------------------------------------
Sensata Technologies Chief Executive Officer and Chairman of the
Board Tom Wroe disclosed the appointment of Jeff Cote as Chief
Financial Officer, effective January 2, 2007.

Mr. Cote will join Sensata from Ropes & Gray LLP, where he was
the Chief Operating Officer responsible for the firm's
administrative and operational initiatives, including finance,
information technology, facilities management, human resources,
marketing and business development.  Mr. Cote also served as
Chief Operating, Financial and Administrative Officer for
Digitas, Inc., where he had similar responsibilities.

Additionally, he served as corporate controller for the Monitor
Group, where he was in charge of all aspects of the finance
department worldwide, including internal and external financial
reporting, treasury, taxes, budgeting, and risk management.  He
has a breadth of experience with mergers and acquisitions,
regulatory and filing requirements and initial public offerings
and holds a bachelor's and master's degree in Accounting. He is
a CPA in Florida and Massachusetts.

Robert Kearney, the current CFO, will transition to a newly
created role as vice president of Corporate Services.

Headquartered in Attleboro, Massachusetts, Sensata Technologies
-- http://www.sensata.com/-- is a supplier of sensors and
controls across a range of markets and applications.  The
company has manufacturing locations in Japan, Brazil, Mexico,
China and the Netherlands.

The Troubled Company Reporter - Asia Pacific reported on Nov. 6,
2006, that in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. manufacturing sector,
the rating agency confirmed the B2 Corporate Family Rating for
Sensata Technologies B.V., as well as the Caa1 rating on the
company's US$301.6 million of Senior Subordinate Notes Due 2016.
Those debentures were assigned an LGD6 rating suggesting
noteholders will experience a 93% loss in the event of default.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$150 Mil.
   Multicurrency
   Revolver due 2012      B1       B1      LGD3       32%

   US$950 Mil.
   TL B & 325m
   (US$400m) TL B
   due 2013               B1       B1      LGD3       32%

   US$450 Mil. 8%
   Sr. Notes
   Due 2014               B2       Caa1    LGD5       81%


SOFTBANK CORP: Completes Refinancing Vodafone Loans
---------------------------------------------------
Softbank Corp. said on Nov. 30, 2006, that it has completed a
JPY1.45-trillion (US$12.5 billion) refinancing deal related to
its acquisition of Vodafone K.K., the Japanese mobile phone unit
of Vodafone Group Plc., Dow Jones Newswires relates.

According to the report, Softbank, which used bridge loans to
finance the Vodafone purchase, refinanced the deal with new
loans collateralized by cash flows generated from the mobile
phone operations.

As reported by the Troubled Company Reporter - Asia Pacific on
September 27, 2006, Softbank has planned to raise
JPY1.45 trillion through the issuance of bonds backed by
profits from its Vodafone business.  The proceeds will be used
to refinance the JPY1.28-trillion in one-year loan borrowed in
April for the acquisition of the mobile phone unit.

Dow Jones says that Softbank did not disclose the terms of the
refinancing and that a company spokesman declined to comment on
interest rates on the new loans.

The Softbank spokesman said that after discussions with banks
and the company's auditor, it was decided not to announce
specific interest rates at this stage.

Dow Jones relates that refinancing will knock JPY15.9 billion
(US$137 million) off Softbank's group pretax net profit for the
fiscal year through March, in line with its initial projections.

                   About Softbank Corporation

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

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

                          *     *     *

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

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


SOFTBANK MOBILE: Securitization Cues S&P to Withdraw BB+ Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB+/Watch Neg'
corporate credit rating on Softbank Mobile Corp. and its
'BB+/Watch Pos' senior unsecured rating on Softbank Mobile's
bonds at its discretion.

These ratings were placed on CreditWatch with negative
implications on March 3, 2006, following the agreement by former
owner Vodafone Group PLC (A-/Stable/A-2) to sell the company to
the lower-rated Softbank Corp. (BB-/Stable/--).  For details see
Standard & Poor's media release: "Vodafone K.K. 'A+' Rating
Placed On Watch Negative; Vodafone Group PLC Ratings Affirmed,"
published March 3, 2006.

Subsequently, the rating on Softbank Mobile's bonds was moved to
CreditWatch with positive implications on Nov. 20, 2006,
following the announcement of the plan of the economic
defeasance on the bonds.  For details see Standard & Poor's
media release: "Softbank Mobile's 'BB+' Bond Rating Revised To
Watch Positive; Issuer Still Watch Negative"
published on Nov. 20, 2006.

The corporate credit rating is withdrawn due to its reduced
relevance given Softbank Mobile's corporate securitization
implemented on Nov. 30, 2006 (see media release: "Ratings
Assigned To Softbank Mobile's JPY1.45 Trillion Mobile Telecom
Business Securitization" published Nov. 30) and the economic
defeasance of its bonds implemented along with the
securitization.

As a result, nearly all Softbank Mobile's debt now falls within
the bounds of the securitization or economic defeasance.

The rating on the bonds is withdrawn following the economic
defeasance of the debt by the trust scheme adopted in tandem
with the corporate securitization.  Withdrawal of the bond
ratings is in accordance with Standard & Poor's general policy
requiring an issuer rating when we rate economically defeased
debt.

The implementation of economic defeasance in this instance
improves the credit quality of Softbank Mobile's bonds
significantly, mainly because the cash in the defeasance trust
will be invested in assets with high credit quality.  As long as
Softbank Mobile does not enter bankruptcy, the risk of default
on the bonds is very limited.  At the same time, the probability
of Softbank Mobile entering into bankruptcy is also reduced
through various security packages in the corporate business
securitization.  Even in the hypothetical scenario that Softbank
Mobile entered into bankruptcy proceedings, this would not
automatically trigger a default on the debt that had already
been defeased.


XEROX CAPITAL: Moody's Raises Ba1 Sr. Unsec. Debt Rating to Baa3
----------------------------------------------------------------
Moody's Investors Service raised the ratings of Xerox
Corporation and supported subsidiaries, upgrading Xerox's senior
unsecured to Baa3 from Ba1.

The upgrade reflects the company's solid business execution,
stable profitability, and solid free cash flow generation.

The steady reduction of secured debt, which Moody's expects to
continue, also supports the upgrade, as does Xerox's disciplined
financial philosophy with respect to maintaining strong balance
sheet liquidity and modest financial leverage.

The outlook is positive based on the company's good prospects to
continue growing its installed base of equipment that drives its
post sales annuity revenue streams.

The senior unsecured rating of Baa3 with a positive outlook
reflects Xerox's solid competitive position in the mature and
competitive office equipment sector, as well as its fairly
predictable operating performance that stems from its annuity
based business model where 72% of revenues are recurring.

Over the next year, Moody's expects modest, low single digit
revenue driven by the post sale revenue that follows the good
unit installations Xerox has achieved with customers over the
last several quarters.  Since Moody's changed the ratings
outlook to positive in September 2005, Xerox has continued to
demonstrate good installation growth throughout its product
offering and remains well positioned with a good product lineup.

"While Moody's anticipates consistent operational execution and
stable operating margins, product pricing remains very
competitive, especially with the faster growing color
multifunction devices, where Xerox is well positioned," says
Moody's Richard Lane.

"This will require continued focus on operational efficiencies
and cost management."

Moody's views Xerox as well positioned to maintain or grow its
installed base over the intermediate term.  At the same time,
overall product mix has shifted slightly downward, which has
contributed to slight pressure on gross margins, although they
remain over 40%.  Consistent and well managed operating expenses
have contributed to operating margins remaining in the 8% to 9%
range

Importantly, the company continues to consistently reduce the
level of secured debt in its capital structure.  Since June
2005, secured debt has been nearly cut in half to US$2.3 billion
and Moody's says this trend should continue.

Liquidity and financial flexibility remain solid, with cash
balances of US$1.6 billion at September 2006 plus access to a
$1.25 billion unsecured revolving credit facility, for which
covenant room is expected to remain ample.  Combined with
Moody's expectations of stable to improving annual free cash
flow, Xerox is well positioned to meet (1) aggregate public debt
maturities of approximately US$282 million through 2008, as well
as (2) potential calls on liquidity related to outstanding
shareholder litigation.

Ratings raised include:

   * Xerox Corporation

     -- Senior unsecured to Baa3 from Ba1

     -- Senior unsecured shelf registration to (P) Baa3 from (P)
        Ba1

     -- Trust preferred to Ba1 from Ba2

     -- Subordinated shelf registration to (P) Ba1 from (P) Ba2

     -- Preferred shelf registration to (P) Ba1 from (P) Ba2

   * Xerox Credit Corporation

     -- Senior unsecured to Baa3 from Ba1 (support agreement
        from Xerox Corporation)

Concurrently, Moody's has withdrawn these ratings for Xerox,
which are applicable to non investment grade issuers:

   * Corporate Family Rating

   * All LGD assessments

   * SGL rating

Headquartered in Stamford, Connecticut, Xerox Corporation
(NYSE: XRX) -- http://www.xerox.com-- develops, manufactures,
markets, services, and finances document equipment, software,
solutions, and services worldwide.  It offers digital monochrome
and color systems for customers in the graphic communications
industry and enterprises, as well as various prepress and post-
press options.  Xerox Corporation markets its products through
direct sales force, as well as through a network of independent
agents, dealers, value-added resellers, and systems integrators.
The company has operations in Japan, Italy and Nicaragua.


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

BOE HYDIS: China's BOE OT Quits Distribution Tie-Up
---------------------------------------------------
China-based BOE Optoelectronics Technology has stopped working
with BOE Hydis Technology Company, Ltd, pursuant to a
distribution tie-up, DigiTimes.com reports.

BOE OT manufactures, among others, TFT-LCD panels.

Pursuant to the alliance, BOE Hydis sells BOE OT's panels in
Taiwan.

BOE OT, however, decided to stop working with BOE Hydis because
the panel maker will establish a new company to be responsible
for the panel sales in Taiwan, BOE OT told DigiTimes.

                   About BOE Hydis Technology

Headquartered in Seoul, South Korea, BOE Hydis Technology
Company, Limited -- http://www.boehydis.com/-- develops,
manufactures and distributes flat panel display products for a
wide range of applications, including laptop computers, Tablet
PC's, monitors, medical, avionic and car navigation systems.
China's BOE Technology Group Co. acquired the Company from
Korea's Hynix Semiconductor Inc. in 2003.  BOE Hydis is one of
the 10 LCD manufacturers in the world and has over 1,000
employees in China, Germany, Japan, Korea, Singapore, Taiwan,
and the United States.

As reported by the Troubled Company Reporter - Asia Pacific, BOE
Hydis applied for corporate rehabilitation on September 8, 2006,
with the Seoul Central District Court.


C&M CO: Plans London & Seoul Listing in Mid-2007, Report Says
-------------------------------------------------------------
C&M Co Ltd wants to raise as much as US$500 million through a
London and Seoul initial public offering by mid-2007, Reuters
reports, citing sources familiar with the deal.

According to Reuters' sources, Goldman Sachs, Citigroup and
Woori Investment and Securities have been appointed to manage
the deal.

C&M Co Ltd offers cable television services.  The company
operates in Seoul and in Kyunggi Province, Korea.

In January 2006, Moody's Investors Service assigned a
provisional foreign currency senior unsecured long-term debt
rating of (P)Ba2 to the proposed US$550 million Notes issue, due
2011 and 2016, of C&M Finance Ltd., backed by C&M Co. Ltd. and
its operating subsidiaries.


HYNIX SEMICONDUCTOR: Vista Launch Does Little on Chip Demand
------------------------------------------------------------
According to the Troubled Company Reporter - Asia Pacific on
Oct. 17, 2006, Hynix Semiconductor Inc. expects a surge in the
demand of its dynamic random access memory chips with the launch
of Microsoft Corp.'s Vista operating system.

Memory-chip manufacturers, including Samsung Electronics Co.,
joined Hynix in predicting rising demand, believing the
Microsoft Windows upgrade requires more memory in personal
computers.  According to Bloomberg News, Microsoft started
offering Vista to companies on Nov. 30.

The chip manufacturers, however, seemed too optimistic then
because, according to reports, the Vista launching may do little
for chip demand.

"Demand for memory chips won't increase that much even after
Vista is released," Bloomberg quotes Song Myeong Seob, an
analyst at CJ Investment & Securities Co., as saying.  "New
computers already have pretty high density of memory."

Two-thirds of desktop computers in the United States, which
accounted for 27% of worldwide shipments, already have more than
1 gigabyte of or DRAM memory needed for Vista, Bloomberg points
out, citing CLSA Asia-Pacific Markets.

                   About Hynix Semiconductor

Headquartered in Ichon, South Korea, Hynix Semiconductor Inc. --
http://www.hynix.com/-- is a semiconductor manufacturer.
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

Standard & Poor's Ratings Services gave Hynix, and its U.S.
subsidiary, Hynix Semiconductor Manufacturing America Inc., a
'B+' long-term corporate credit rating.


NOVELIS INC: Posts US$102 Million Net Loss in 2006 Third Quarter
----------------------------------------------------------------
Novelis Inc. incurred a net loss of US$102 million for the third
quarter ended Sept. 30, 2006, on net sales of US$2.5 billion,
compared with net income of US$10 million, on net sales of
US$2.1 billion for the third quarter of 2005.

For the nine months ended September 30, 2006, Novelis incurred a
net loss of US$170 million on net sales of US$7.4 billion,
compared with net income of US$32 million on net sales of
US$6.3 billion for the same period of 2005.

The net loss for the third quarter includes an income tax
benefit of US$52 million while the net loss for the nine months
ended Sept. 30, 2006, includes income tax expense of
US$30 million.

Novelis' earnings in 2006 have been adversely affected by higher
metal prices that the Company is unable to pass through to
certain customers as a result of metal price ceilings on a
portion of the Company's can sheet sales in North America.  Year
to date, this impact was partially offset by the increase in
fair value of certain of the Company's derivative instruments.
Additional items adversely affecting earnings include higher
energy and transportation costs; the adverse effects of currency
exchange rates; and expenses related to the Company's
restatement and review process, delayed financial reporting and
continued reliance on third-party consultants to support its
financial reporting requirements.

During the third quarter, the Company aid down debt by
US$37 million, bringing its total debt reduction for the first
nine months of 2006 to US$184 million, which exceeds its
principal payment obligations.

Novelis has reduced its debt by US$505 million since its spin-
off in January 2005.  Cash and cash equivalents as of Sept. 30,
2006, were US$71 million.

Total rolled product shipments increased to 737 kilotonnes in
the third quarter of 2006 from 725 kilotonnes in the third
quarter of 2005.  For the nine months ended Sept. 30, 2006,
total rolled products shipments increased approximately 3% to
2,231 kilotonnes from 2,168 kilotonnes for the corresponding
period of 2005.

"We believe that the timely filing of our third-quarter
financial results illustrates the progress we are making to
transform Novelis into a disciplined, shareholder-focused
company," said William T. Monahan, Chairman and Interim Chief
Executive Officer.  "In addition, our operations and
market position remain strong, which we expect will enable us to
continue to deliver on our commitment to reduce debt."

In addition, Novelis announced that it has concluded its
previously announced exploration of divestment options for its
upstream mining, energy and smelting related assets in Brazil.
The Company has sold its interest in Petrocoque S.A. Industria e
Comercio, a producer of calcined petroleum coke, and transferred
certain hydroelectric development rights.  At this time, the
Company intends to retain its remaining upstream assets in
Brazil.

                        About Novelis

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

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Oct. 23, 2006, that in connection with Moody's Investors
Service's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology for the North American
Metals & Mining sectors, the rating agency confirmed its B1
Corporate Family Rating for Novelis Inc.

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

Issuer: Novelis Inc.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$500 Million
   Guaranteed
   Senior Secured
   Revolving Credit
   Facility               Ba3      Ba2     LGD2       24%

   US$312 Million
   Guaranteed
   Senior Secured
   Term Loan B            Ba3      Ba2     LGD2       24%

   US$1.4 Billion
   7.25% Guaranteed
   Senior Unsecured
   Notes                  B2       B3      LGD5       76%

Issuer: Novelis Corporation

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$543 Million
   Guaranteed
   Senior Secured
   Term Loan B            Ba3      Ba2     LGD2       24%


NOVELIS INC: John Watson Resigns from Board of Directors
--------------------------------------------------------
Novelis Inc. disclosed that its Board of Directors has accepted
the resignation of director John D. Watson, who informed the
Board of his need to step down as a director for personal
reasons.

The company stated that it expects to announce the appointment
of a replacement director in the near future.

                        About Novelis

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

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Oct. 23, 2006, that in connection with Moody's Investors
Service's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology for the North American
Metals & Mining sectors, the rating agency confirmed its B1
Corporate Family Rating for Novelis Inc.

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

Issuer: Novelis Inc.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$500 Million
   Guaranteed
   Senior Secured
   Revolving Credit
   Facility               Ba3      Ba2     LGD2       24%

   US$312 Million
   Guaranteed
   Senior Secured
   Term Loan B            Ba3      Ba2     LGD2       24%

   US$1.4 Billion
   7.25% Guaranteed
   Senior Unsecured
   Notes                  B2       B3      LGD5       76%

Issuer: Novelis Corporation

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$543 Million
   Guaranteed
   Senior Secured
   Term Loan B            Ba3      Ba2     LGD2       24%


WOORI BANK: Opens Investment-Banking Unit in Hong Kong
------------------------------------------------------
Woori Bank opened an investment-banking unit in Hongkong, Yonhap
News reports, citing a statement made by the bank on Nov. 30.

According to the Korean newspaper, the bank's investment unit --
Woori Global Markets Asia Ltd -- aims to create US$300 million
in operating profit in its first business year.

To that end, the new unit plans to expand in Asia and the Middle
East.

Bloomberg News, citing bank CEO Hwang Young Key, says the unit
may acquire rivals specializing in project financing in the
Middle East, equity trading and other business.

"We will try to expand our new investment bank via organic
growth, but could seek acquisitions or strategic alliances if
necessary," Bloomberg quotes Mr. Hwang as saying.

                         About Woori Bank

Woori Bank -- http://www.wooribank.com/-- is a government-owned
bank headquartered in Seoul, Korea.  The bank was established in
2002, and includes the former Hanbit Bank, Sangup Bank and Hanil
Bank.  It is a part of the Woori Financial Group.  It has
branches all over the world, including in New York, Los Angeles,
Beijing, Tokyo, Hong Kong, Indonesia, Bahrain, Singapore,
Moscow, London, and Dhaka.

Fitch Ratings gave Woori Bank an individual rating of 'B/C'
effective July 20, 2005.

Moody's Investors Service gave Woori a 'D+' Bank Financial
Strength Rating effective March 14, 2006.


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

AKER KVAERNER: Inks EUR50-Million Supply Pact with Oevik Energi
---------------------------------------------------------------
Aker Kvaerner ASA has been awarded a contract for the supply of
a large biofuel-fired boiler plant to Oevik Energi AB, for its
new power plant being built close to the town of Oernskoeldsvik,
Sweden.

The contract value to Aker Kvaerner is around EUR50 million.

OEVIK Energi AB is a community-owned, limited company, which
produces district heating locally, as well as electricity for
the national net.  Oevik Energi AB is now expanding its power
plant to increase capacity.  The new power boiler will also lead
to a significant increase in the use of biofuels.

"This contract illustrates how the effective use of alternative
fuels in energy production is growing.  This choice of biofuels
supports the EU's ambitions to cut carbon dioxide emissions, and
increase energy production based on renewable fuels rather than
fossil fuels," Lennart Ohlsson, President of Kvaerner Power,
said.

Kvaerner Power, part of the Aker Kvaerner group, will supply the
power boiler, which utilises bubbling fluidized bed (BFB)
combustion technology, and will burn biofuels.  The boiler will
have a steam capacity of 130 megawatts and steam data of 540C
and 139 bar.  The delivery includes engineering, procurement and
construction of the power boiler, the boiler building, and the
electricity & instrumentation systems. The new boiler plant will
be ready in late 2008.

                      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.


AKER KVAERNER: Closes EUR600-Mln Refinancing; Increases Facility
----------------------------------------------------------------
Aker Kvaerner ASA disclosed that it has successfully concluded
its refinancing.  The syndication of the bank facility of EUR600
million has attracted substantial interest in the market and was
significantly oversubscribed.

Aker Kvaerner has therefore decided to increase this facility to
EUR750 million.

The company launched the issuance of the NOK-denominated bonds
on Nov. 15.  The bonds have been very well received in the
market and Aker Kvaerner decided to close the books mid last
week with a total amount of NOK1.6 billion.  The split in the
three-, five- and seven-year tranches were NOK500 million,
NOK650 million and NOK450 million respectively.  Payment date is
Dec. 1, 2006.  Aker Kvaerner will consider further issuances in
the bond market at a later stage.

Aker Kvaerner also formally called the subordinated bond to be
redeemed at the price of 101.2% of the principal loan amount as
agreed in the bondholders meeting Nov. 9.

Aker Kvaerner will neutralize the existing EUR260 million bond
notes through a satisfaction and discharge as previously
announced.

The refinancing of Aker Kvaerner will give a strong and flexible
financing structure for the Group in the coming years.

                      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.


COMSA FARMS: Bursa Rejects Petition to Extend Submission of Plan
----------------------------------------------------------------
Bursa Malaysia Securities Bhd rejected on December 1, 2006,
Comsa Farms Bhd's application to extend the time to submit its
regularization plan.

Comsa Farm's board of directors sought to extend the submission
of the regularization plan from December 7, 2006, to June 6,
2007.

In this regard, the Bourse requires Comsa Farms to pass the
regularization plan to relevant authorities by December 6, 2006.
Failure to submit the plan on that date will lead to a
suspension in trading of its listed securities effective on
December 13, 2006, at 9:00 a.m.

Despite the extension rejection, Comsa says it intends to appeal
the proposed extension as the board is in the midst of
deliberating on a regularization plan for submission to the
Securities Commission.

                          *     *     *

Headquartered in Sabah, Malaysia, Comsa Farms Berhad engages in
the wholesale and retail of fresh and frozen chicken products,
meat and foodstuff.  Its other activities include livestock,
aqua feed milling, poultry feeding, hatchery operations, and
layer farming.

On April 10, 2006, the company was declared a Practice Note 17
company by Bursa Malaysia due to a stockholders' equity deficit.
As an affected listed issuer, Comsa Farms is required to submit
a plan to regularize its financial condition.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 3, 2006, the company registered US$63.60 million in total
assets and a US$5-million shareholders' equity deficit as of
Nov. 2.


DYNEA INT'L: Sells U.S. Operations to Teacher's Private
-------------------------------------------------------
Dynea International Oy sold its North American operations to
Teacher's Private Capital on Nov. 21.

The divestment of operations in North America allows Dynea to
focus on growing markets in Eastern Europe and Asia Pacific and
to further strengthen its market position in these areas.

"The divestment of Dynea's North American operations is a
logical step in our strategy to take a leading position in the
markets where we operate.  The transaction also gives us the
opportunity to create added value by investing in new technology
to support our customers," Roger Carlstedt, Dynea's president
and CEO disclosed.

Dynea's operations in North America include 13 production units
with approximately 700 employees in Canada, the United States
and Mexico, and annual sales of more than EUR450 million.

"This transaction will also give us resources for expansion in
our key growth areas.  With operations in 23 countries, Dynea
will continue to help its customers grow by providing value
through our leading resins and overlays technology world-wide,"
Filip Frankenhaeuser, Dynea's executive vice president and CFO
added.

                  About Teachers' Private Capital

Headquartered in Ontario, Canada, Teachers' Private Capital --
http://www.otpp.com/-- is a private investment arm of the CDN96
billion Ontario Teachers' Pension Plan, an independent
corporation responsible for investing the fund and administering
the pensions of Ontario's 264,000 active and retired teachers.

With more than CDN11 billion in assets, Teachers' Private
Capital is one of Canada's largest private investors, providing
equity and mezzanine debt capital for large and mid-cap
companies, venture capital for developing industries, and
financing for a growing portfolio of infrastructure and
timberland assets worldwide.

                     About Dynea International

Headquartered in Helsinki, Finland, Dynea International Oy --
http://www.dynea.com/-- provides adhesion and surfacing
solutions.  In 2005, Dynea had revenues of EUR1.2 billion.
After the transaction Dynea has 39 production units and some
2,200 employees in 23 countries in including Malaysia, Ukraine
and Brazil.


DYNEA INT'L: Unit Sale Cues S&P's Developing Watch on B Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' long-term
corporate rating on Finnish specialty chemicals company Dynea
International Oy on CreditWatch with developing implications,
following Dynea's announcement of the sale of its U.S. unit.

The CreditWatch developing status means that the rating could be
raised, lowered, or affirmed.

"The outcome will depend on the amount of the sale proceeds,
their use, and the business profile of the remaining assets,"
said Standard & Poor's credit analyst Lucas Sevenin.  The
company had debt of nearly EUR480 million at end-September 2006.

The rating could be favorably affected if:

   -- the proceeds are sufficient and used to redeem all or a
      great part of financial debt;

   -- the group obtains sufficient new financing for its
      remaining operations; and

   -- the group's leverage policy is in line with the
      new business profile.

On the other hand, the rating could be negatively affected if
the business profile of the remaining operations is far weaker
than at present and leverage does not decrease sufficiently to
compensate, and/or if S&P expects the leverage to increase to
fund potential future acquisitions.  Furthermore, the rating
agency expects to evaluate the company's new business strategy
and future financial policy.

The rating could, alternatively, be affirmed, depending on the
final mix of debt reduction and business risk profile.

"From a business standpoint, we view the sale of this main
EBITDA contributor as negative," said Mr. S,venin.  "We will
resolve the CreditWatch status once we obtain more clarity on
the net amount and uses of proceeds, future operational
strategy, financial policy, and the main shareholder's
position."

The rating on Dynea primarily reflects its high leverage,
exposure to very competitive markets, and concentration in the
cyclical construction and furniture industries.  These factors
are somewhat offset by Dynea's strong market shares in the
formaldehyde-based resins industry, and its good geographic
diversification.

With 2005 sales of EUR1.1 billion, Dynea is one of the world's
largest producers of formaldehyde-based resins, key in the
manufacture of wood products -- such as plywood and particle
board -- used in the building industry.

Headquartered in Helsinki, Finland, Dynea International Oy --
http://www.dynea.com/-- provides adhesion and surfacing
solutions.  In 2005, Dynea had revenues of EUR1.2 billion.
After the transaction Dynea has 39 production units and some
2,200 employees in 23 countries in including Malaysia, Ukraine
and Brazil.


FOAMEX INT'L: Delaware Court Approves Disclosure Statement
----------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware approved
Foamex International Inc. and certain of its subsidiaries' plan
funding commitments and the Disclosure Statement describing the
company's Second Amended Plan of Reorganization.  The Court also
authorized the company to begin soliciting approvals to the Plan
from its creditors and shareholders that are entitled to vote on
the Plan and scheduled a hearing on Jan. 18, 2007, to consider
confirmation of the Plan.  The company expects to emerge from
chapter 11 during the first quarter of 2007.

Raymond E. Mabus, Jr., Chairman and Chief Executive Officer of
Foamex International, stated,  "We are extremely pleased with
the Bankruptcy Court's decision to approve the Disclosure
Statement.  This is a significant milestone in Foamex's chapter
11 process and one, which moves us closer to our ultimate goal
of emerging from chapter 11 as a stronger company, better
positioned to compete in the marketplace.  The announcement
represents the concerted effort of many people, including our
employees, and we are pleased to have their support throughout
this process."

Headquartered in Linwood, Pa., Foamex International Inc. --
http://www.foamex.com/-- is the world's leading producer of
comfort cushioning for bedding, furniture, carpet cushion and
automotive markets.  The company also manufactures high-
performance polymers for diverse applications in the industrial,
aerospace, defense, electronics and computer industries.  Foamex
has Asian locations in Malaysia, Thailand and China.

The company and eight affiliates filed for chapter 11 protection
on Sept. 19, 2005 (Bankr. Del. Case Nos. 05-12685 through 05-
12693).  Attorneys at Paul, Weiss, Rifkind, Wharton & Garrison
LLP, represent the Debtors in their restructuring efforts.
Houlihan, Lokey, Howard and Zukin and O'Melveny & Myers LLP are
advising the ad hoc committee of Senior Secured Noteholders.
Kenneth A. Rosen, Esq., and Sharon L. Levine, Esq., at
Lowenstein Sandler PC and Donald J. Detweiler, Esq., at Saul
Ewings, LP, represent the Official Committee of Unsecured
Creditors.  As of July 3, 2005, the Debtors reported
US$620,826,000 in total assets and US$744,757,000 in total
debts.  (Foamex International Bankruptcy News, Issue No. 33;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

Standard & Poor's Ratings Services lowered its senior secured
and subordinated debt ratings on Foamex L.P./Foamex Capital
Corp. to 'D' from 'C'.  The downgrades follow Foamex's
announcement that it has filed a voluntary pre-negotiated
Chapter 11 bankruptcy plan.

The ratings were also removed from CreditWatch with negative
implications, where they were placed on July 11, 2005, on
concerns that Foamex's leveraged financial profile and liquidity
would continue to deteriorate.  The corporate credit rating was
lowered to 'D' on August 15, 2005, following the company's
failure to make a US$51.6 million principal payment on its 13.5%
subordinated notes that matured Aug. 15, 2005.


FOAMEX INT'L: Gets Approval to Enter Into Toyota Forklifts Lease
----------------------------------------------------------------
Foamex International Inc. and its debtor-affiliates obtained
permission from the U.S. Bankruptcy Court for the District of
Delaware to authorize Foamex L.P. to enter into a lease with
Toyota Motor Credit Corporation for two electric forklift
trucks.

The lease agreement provides, among others, that:

   (a) Foamex agrees to perform, at its own cost and expense,
all
       maintenance, service and repair to the forklift trucks,
       including:

        * daily maintenance;

        * preventive maintenance service;

        * repairing, overhauling or adjusting of the forklift
          trucks' parts;

        * replacing or repairing of tires; and

        * repairs required as determined by Toyota during its
          periodic inspection and report to Foamex;

   (b) Foamex assumes all risks and liabilities arising from its
       possession, use and operation of the forklift trucks for
       the duration of the Lease;

   (c) Foamex will provide and pay for an all-risk insurance
       insuring against physical loss or damage to the forklift
       trucks in an amount satisfactory to Toyota; and

   (d) In case of theft or destruction of any of the forklift
       truck, Foamex will reimburse Toyota immediately by paying
       Toyota an amount equal to the then unpaid balance of
       aggregate rental for that forklift truck plus the fair
       market value at the expiration of the Lease.

Headquartered in Linwood, Pa., Foamex International Inc. --
http://www.foamex.com/-- is the world's leading producer of
comfort cushioning for bedding, furniture, carpet cushion and
automotive markets.  The company also manufactures high-
performance polymers for diverse applications in the industrial,
aerospace, defense, electronics and computer industries.  Foamex
has Asian locations in Malaysia, Thailand and China.

The company and eight affiliates filed for chapter 11 protection
on Sept. 19, 2005 (Bankr. Del. Case Nos. 05-12685 through 05-
12693).  Attorneys at Paul, Weiss, Rifkind, Wharton & Garrison
LLP, represent the Debtors in their restructuring efforts.
Houlihan, Lokey, Howard and Zukin and O'Melveny & Myers LLP are
advising the ad hoc committee of Senior Secured Noteholders.
Kenneth A. Rosen, Esq., and Sharon L. Levine, Esq., at
Lowenstein Sandler PC and Donald J. Detweiler, Esq., at Saul
Ewings, LP, represent the Official Committee of Unsecured
Creditors.  As of July 3, 2005, the Debtors reported
US$620,826,000 in total assets and US$744,757,000 in total
debts.  (Foamex International Bankruptcy
News, Issue No. 33; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

Standard & Poor's Ratings Services lowered its senior secured
and subordinated debt ratings on Foamex L.P./Foamex Capital
Corp. to 'D' from 'C'.  The downgrades follow Foamex's
announcement that it has filed a voluntary pre-negotiated
Chapter 11 bankruptcy plan.

The ratings were also removed from CreditWatch with negative
implications, where they were placed on July 11, 2005, on
concerns that Foamex's leveraged financial profile and liquidity
would continue to deteriorate.  The corporate credit rating was
lowered to 'D' on August 15, 2005, following the company's
failure to make a US$51.6 million principal payment on its 13.5%
subordinated notes that matured Aug. 15, 2005.


INTERPUBLIC GROUP: Declares Dividends on A & B Preferred Stock
--------------------------------------------------------------
The Board of Directors of The Interpublic Group of Companies,
Inc. has declared a dividend of US$0.671875 per share on its 5-
3/8% Series A Mandatory Convertible Preferred Stock and a
dividend of US$13.125 per share on its 5-1/4% Series B
Cumulative Convertible Perpetual Preferred Stock.

The dividend on the Series A Preferred Stock is payable in cash
on Dec. 15, 2006, to holders of record at the close of business
on Dec. 1, 2006.  There will be a maximum of 7,475,000 shares of
the Series A Preferred Stock outstanding on December 1, 2006,
resulting in a maximum possible aggregate dividend of
US$5,022,266.  The dividend on the Series B Preferred Stock is
payable in cash on Jan. 16, 2007, to holders of record at the
close of business on Jan. 2, 2007.  There will be a maximum of
525,000 shares of the Series B Preferred Stock outstanding on
Jan. 2, 2007, resulting in a maximum possible aggregate dividend
of US$6,890,625.

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, among others.

The Troubled Company Reporter - Asia Pacific reported that Fitch
Ratings has assigned a rating of 'B/RR4' to Interpublic Group's
US$400 million 4.25% convertible senior unsecured notes due
March 15, 2023.  The new notes rank pari passu with other senior
unsecured indebtedness of the company.  The Outlook remains
Negative.

IPG's ratings are:

     -- Issuer default rating (IDR) 'B';

     -- Enhanced liquidity facility notes 'B/RR4';

     -- Senior unsecured notes (including the new convertible
        senior unsecured notes) 'B/RR4';

     -- Cumulative convertible perpetual preferred stock
       'CCC/RR6';

     -- Mandatory convertible preferred stock 'CCC/RR6'.

The Troubled Company Reporter - Asia Pacific reported that
Moody's Investors Service assigned a Ba3 senior unsecured debt
rating to Interpublic Group Of Companies, Inc.'s (Ba3 Corporate
Family Rating) new 4.25% convertible senior notes due 2023.  The
Ba3 rating reflects a loss given default of about 66% given the
company's all-bond debt capital structure.  The rating outlook
is negative.

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services assigned a 'B' rating to the
proposed US$400 million 4.25% convertible senior notes due 2023
of Interpublic Group of Cos. Inc. (B/Watch Neg/B-3), which are
being issued on a private basis in exchange for the same
principal amount of its old, 4.5% convertible senior notes due
2023.

At the same time, the rating on these notes was placed on
CreditWatch with negative implications.  The new notes differ
from the old notes principally in the lower interest rate, an
extension of the date upon which they will be callable, and an
extension of the dates upon which they will be subject to
repurchase at the investor's option.


PAN MALAYSIAN: Turns Around with MYR14.96MM Net Profit in 2Q '06
----------------------------------------------------------------
Pan Malaysian Industries Bhd turned around with MYR14.96 million
net profit on MYR91.52 million revenues in the second quarter
ended September 30, 2006, as compared with MYR15.71 million net
loss on MYR79.66 million revenues posted in the same quarter
last year.

As of September 30, 2006, the company's consolidated balance
sheet reflected strained liquidity with MYR94.79 million in
current assets available to pay MYR439.21 million in liabilities
coming due within the year.

In addition, the company's balance sheet showed insolvency with
MYR739.17 million in total assets with MYR742.55 million in
total liabilities.  Shareholders' deficit in the company reached
MYR3.37 million.

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

   http://bankrupt.com/misc/PANMALAYSIAN@Q-2006.xls

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Pan Malaysian
Industries Berhad is involved in the operation of departmental
and specialty stores and hypermarket.  Its other activities
include investment and property holding.  The Group's operation
is predominantly in Malaysia, Hong Kong and Singapore.

The Group has been suffering recurring losses since 1999.
Moreover, as of June 30, 2006, Pan Malaysian has total assets of
MYR705,300,000 and total liabilities of MYR727,790,000,
resulting into a stockholders' deficit of MYR33,338,000.


PARACORP BHD: Unit Defaults on MYR5-Mil. Loan with Southern Bank
----------------------------------------------------------------
ParaEngineering Sdn Bhd, a wholly owned subsidiary of Paracorp
Bhd, defaulted on its loan repayment under a MYR5-million term
loan facility granted by Southern Bank Bhd.

The default occurred due to the current constrain in the cash
flow of the subsidiary.

ParaEngineering is currently reviewing various restructuring
options to address its financial condition including
restructuring of its repayment obligation under the Term Loan
Facility.

Paracorp makes it clear, however, that the default of its
subsidiary has no further financial impact on the company
because the outstanding payable under the agreement has been
accrued and is reflected in the company's financial statements.

Southern Bank instructed its solicitor's to recall the Term Loan
Facility and demand that ParaEngineering immediately pay the
indebtedness together with MYR200-00 legal costs, failing which
the Bank will commence legal proceedings against
ParaEngineering.

                          *    *     *

Paracorp Berhad's principal activities are the manufacture and
trading of printed graphic overlay, printed electronic circuits,
electroluminescent display, telemetry monitoring system,
electronic circuit components, corrugated plastic sheets,
corrugated carton boxes and plain boards.  Its other activities
include the provision of management services, investment
holding, property investment, property management, money
lending, technology management and research and development
services.  The Group operates in Malaysia, Oceanic countries,
European countries, American countries and other Asian
countries.

The Company has been incurring losses in the past.  For the
quarter ended March 31, 2006, the Company recorded a net loss of
MYR12.3 million.  As of March 31, 2006, the Company's balance
sheet revealed total assets of MYR106,347,000 and total
liabilities of MYR110,465,000, resulting in a MYR41,180,000
stockholders' deficit.

The Company is also classified under Practice Note 17 of Bursa
Malaysia Securities Berhad's Listing Requirements.  As an
affected listed issuer, the Company is required to submit a
financial regularization plan by January 7, 2007.


SHAW GROUP: S&P Affirms 'BB' Corp. Credit & Secured Debt Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006.  The outlook is stable.

In addition, the 'BB' senior secured debt rating was affirmed
following the US$100 million increase to the company's revolving
credit facility.

The affirmation follows the acquisition of a 20% interest in the
Toshiba Corp.-led purchase of Westinghouse Electrical Company by
Shaw subsidiary Nuclear Energy Holdings LLC.  "Ratings are not
immediately affected by the acquisition due largely to the put
option rights NEH holds," said Standard & Poor's credit analyst
Dan Picciotto.  These rights allow NEH to sell all or part of
its ownership interest to Toshiba prior to maturity of the
bonds.

Headquartered in Baton Rouge, LA, The Shaw Group Inc.
--http://www.shawgrp.com/-- is a global provider of services to
the environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Malaysia, Japan, Chile, China, the
United Kingdom and, Venezuela, among others.


SOLUTIA INC: U.S. Labor Secretary Wants Plan Confirmation Denied
----------------------------------------------------------------
U.S. Secretary of Labor Elaine L. Chao asks the U.S. Bankruptcy
Court for the Southern District of New York to deny confirmation
of Solutia Inc. and its debtor-affiliates' Joint Plan of
Reorganization because:

   (i) it is written in a way that it violates, or could be
       construed to violate, Title I of the Employee Retirement
       Income Security Act of 1974, 29 U.S.C. Section 1001; and

  (ii) it provides overly broad release language for non-Debtor
       parties.

Pursuant to her statutory authority to investigate possible
violations of Title I of ERISA, the Labor Secretary initiated an
investigation with respect to the Solutia Inc. Savings and
Investment Plan.

On June 27, the Labor Secretary filed a proof of claim against
the Debtors in the event violations for breach of fiduciary
duties under Title I of ERISA may give rise to claims for
restitution of losses against the Plan's fiduciaries.  The Claim
asserts a contingent and unliquidated amount because the claims
bar date was set before the Labor Secretary has completed her
investigation.

The Labor Secretary opposes the Plan's language to the extent
that it could give rise to arguments about whether those claims
against the fiduciaries of ERISA-covered plans, parties-in-
interest, and knowing participants in fiduciary breaches are
released.


Usha R. Smerdon, trial attorney for the Office of the Solicitor
of the U.S. Labor Department, in Kansas City, Missouri, relates
that releases of non-debtors are outside the Court's
jurisdiction and authority.  Even those courts that have
permitted those releases have done so only in very limited
circumstances that are not applicable in the Debtors' case, she
says.  Thus, the Labor Secretary maintains that the Plan should
specifically exclude ERISA fiduciaries, parties in interest and
knowing participants from its release provisions.

Ms. Smerdon states that the non-debtor fiduciaries and other
parties may attempt to assert that the Plan precludes any action
against them for the restoration of losses to the Plan or for
other equitable relief.

Moreover, Ms, Smerdon asserts that the non-debtor releases are
impermissible like in In re Metromedia Fiber Network, Inc.
There are no existing unusual circumstances that would make
those releases necessary to the Plan's success, she avers.

The Debtors cannot show the exceptional circumstances necessary
to justify the non-debtor releases, even if those were
appropriate under Section 524(e) of the Bankruptcy Code, Ms.
Smerdon tells the Court.

Accordingly, the Labor Secretary insists that unless the Debtors
amend their Plan to address her objections, the Court should
deny the Plan confirmation.

Headquartered in St. Louis, Missouri, Solutia, Inc.
(OTCBB:SOLUQ) -- http://www.solutia.com/-- with its
subsidiaries, make and sell a variety of high-performance
chemical-based materials used in a broad range of consumer and
industrial applications.  Solutia has operations in Malaysia,
China, Singapore, Belgium, and Colombia.

The Company filed for chapter 11 protection on Dec. 17, 2003
(Bankr. S.D.N.Y. Case No. 03-17949).  When the Debtors filed for
protection from their creditors, they listed US$2,854,000,000 in
assets and US$3,223,000,000 in debts.  Solutia is represented by
Richard M. Cieri, Esq., at Kirkland & Ellis.  Daniel H. Golden,
Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin
Gump Strauss Hauer & Feld LLP represent the Official Committee
of Unsecured Creditors, and Derron S. Slonecker at Houlihan
Lokey Howard & Zukin Capital provides the Creditors' Committee
with financial advice.


SUREMAX GROUP: Incurs Net MYR3.47MM Net Loss in FY 2006
-------------------------------------------------------
Suremax Group Pcl incurred MYR3.47 million net loss on MYR1.01
million revenues in the fiscal year ended August 31, 2006, as
compared with MYR7.5 million net loss on MYR22.45 million
revenues in the preceding year.

The company's balance sheet at the end of the fiscal period
ended August 31, 2006, showed current assets at MYR63.36 million
while current liabilities is at MYR35.03 million.

At the end of the reviewed fiscal year, total assets of the
company amounted to MYR64.60 million while liabilities reached
MYR39.67 million.  Shareholders' equity in the company totaled
MYR24.983 million.

A full-text copy of the company's financial reports for the
fiscal year ended August 31, 2006, can be viewed for free at:

      http://bankrupt.com/misc/SUREMAX-FY2006.xls

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Suremax Group Berhad is
engaged in property development, construction, trading in
construction materials and sub-contracting works.  The firm's
other activities include the provision of property management
services and building construction.  The Group is also involved
in the manufacture and sale of ready mixed concrete.

Suremax Group has suffered losses since 2004 due to sluggish
market demand.  For the second quarter of the financial year
ended August 31, 2006, Suremax booked a pre-tax loss of MYR1.32
million.  The Company is also trying to avert a series of
winding up actions against its subsidiaries.  On May 9, 2006,
Suremax was identified as a Practice Note 17 company and was
required to regularize its financial condition pursuant to the
Bursa Malaysia Securities Berhad's Listing Requirements.


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

B & S PATRICK: Creditors Must Prove Debts by Dec. 15
----------------------------------------------------
On Nov. 2, 2006, the High Court of Auckland appointed John
Trevor Whittfield and Peri Micaela Finnigan as joint and several
liquidators of B & S Patrick Ltd.

Creditors are required to prove their debts by Dec. 15, 2006, to
share in the company's distribution of dividend.

According to the Troubled Company Reporter - Asia Pacific, the
High Court of Auckland heard petition to liquidate B & S Patrick
on November 2, 2006.  The Accident Compensation Corporation
filed the petition.

The Joint and Several Liquidators can be reached at:

         John Trevor Whittfield
         Peri Micaela Finnigan
         McDonald Vague
         P.O. Box 6092
         Wellesley Street Post Office
         Auckland
         New Zealand
         Telephone:(09) 303 0506
         Facsimile:(09) 303 0508
         Web site: http://www.mvp.co.nz


FELTEX CARPETS: Completes Sale of Business and Changes Name
-----------------------------------------------------------
On December 1, 2006, the Receivers and Managers of Feltex
Carpets Limited disclosed that the sale of the company's assets
and operations to the Godfrey Hirst Group is complete.

Subsequently, the name of Feltex Carpets has been changed to
EXFTX Limited.

However, according to the Textile Clothing and Footwear Union of
Australia, Feltex had formally advised workers they had not been
transferred to the new business, Australian Associated Press
relates.

TCFUA Victorian Secretary Michele O'Neil asserted that "the
workers have been left in limbo because, we say, the receiver
supports the Godfrey Hirst attempt to force the workers onto
AWAs," AAP notes.

As reported in the Troubled Company Reporter - Asia Pacific on
November 13, 2006, a dispute between Godfrey Hirst and TCFUA
over Feltex Carpets was heard before the Australian Industrial
Relations Commission.  The Union has accused Godfrey Hirst of
seeking an exemption from paying redundancies to workers who did
not sign Australian Workplace Agreements, the TCR-AP said.

                          About Feltex

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

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

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

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


MIDWAY ENTERPRISES: Court Sets Liquidation Hearing on Dec. 4
------------------------------------------------------------
A petition to liquidate Midway Enterprises Ltd was heard before
the High Court of Hamilton today, Dec. 4, 2006, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition on Nov. 6,
2006.

The Solicitor for the Petitioner can be reached at:

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


MOTORWORLD LTD: Creditors Must Prove Debts by December 6
--------------------------------------------------------
On Nov. 6, 2006, Karen Betty Mason and Lloyd James Hayward were
appointed as joint and several liquidators of Motorworld Ltd.

The liquidators fix Dec. 6, 2006, as the last day for creditors
to prove their debts.

The Joint and Several Liquidators can be reached at:

         Karen Betty Mason
         Lloyd James Hayward
         Meltzer Mason Heath
         Chartered Accountants
         P.O. Box 6302
         Wellesley Street, Auckland 1141
         New Zealand
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


MTU CARRIERS: Court to Hear Liquidation Petition on Feb. 22
-----------------------------------------------------------
On Oct. 24, 2006, Commercial Factors Ltd filed a petition to
liquidate MTU Carriers Ltd.

Accordingly, the High Court of Auckland will hear the petition
on Feb. 22, 2007, at 10:00 a.m.

The Solicitor for the Petitioner can be reached at:

         R. L. Brennan
         Blackwells
         Barristers & Solicitors
         Level Five, 235 Broadway
         Newmarket, Auckland
         New Zealand


ORIENTAL PALACE: CIR Files Liquidation Petition
-----------------------------------------------
The Commissioner of Inland Revenue filed with the High Court of
Rotorua a petition to liquidate Oriental Palace of India Ltd on
Oct. 24, 2006.

The Court will hear the liquidation petition on Dec. 11, 2006,
at 10:45 a.m.

The Solicitor for the Petitioner can be reached at:

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


PROVINCIAL FINANCE: Receivers to Make Second Interim Repayment
--------------------------------------------------------------
On December 1, 2006, the receivers of Provincial Finance Limited
-- John Waller and Maurice Noone, partners at
PricewaterhouseCoopers -- advised that a second interim
repayment of principal is to be made to Provincial's 11,000
debenture stockholders on December 15, 2006.

This second repayment will see Provincial's debenture
stockholders receive a further 10 cents in the dollar, bringing
the total repayment since the receivers were appointed to 35
cents in the dollar.

An initial repayment of 25 cents in the dollar was made to
debenture stockholders on September 29, 2006.

The Troubled Company Reporter - Asia Pacific reported on
September 22, 2006, that receivers advised that a first interim
principal repayment would be made to debenture stockholders
aggregating NZ$74 million.

The repayment on December 15 will total just under
NZ$30 million.  After this repayment, more than NZ$103 million
will have been returned to debenture stockholders following the
receivers' appointment on May 30, 2006.

Mr. Waller said that the upcoming repayment was made as a result
of the continued collections of the Provincial loan book.  "This
repayment is principally being funded from operating cashflow,"
he said.  "We are focusing on running the business as
efficiently as we can in order to maximize the debenture
holders' return."

Mr. Noone said that the receivers remain confident investors
will receive "most, if not all" of their principal back in due
course.

Mr. Noone noted that the previously announced strategy to make
quarterly repayments remained in place. "We are aiming to make
another repayment in March 2007 and this distribution is likely
to be in the vicinity of five to ten cents in the dollar."

Discussions with interested parties around restructuring the
business or a sale of the consumer finance ledger were ongoing.

The receivers confirmed that there is no change in the position
of preference shareholders.  In the absence of a successful
restructure they are "unlikely" to receive any return on their
investment.

                    About Provincial Finance

Provincial Finance Limited --
http://www.provincialfinance.co.nz/-- is a New Zealand finance
company that provides consumer and commercial finance to
individuals and businesses across New Zealand, and promote a
range of investment opportunities.

As reported in the Troubled Company Reporter - Asia Pacific,
Provincial Finance was put into receivership on June 2, 2006,
due to breach of covenants and ratios in its Trust Deed, as well
as a multi-million write-down for bad debts.  The Company owes
NZ$300 million to 14,000 small investors.


TALON MANAGEMENT: Creditors' Proofs of Claim Due on Dec. 8
----------------------------------------------------------
On Nov. 7, 2006, the shareholders of Talon Management Ltd
resolved by special resolution to liquidate the company's
business and appointed William G. Black and Kerryn M. Downey as
liquidators.

In this regard, creditors are required to submit their proofs of
claim by Dec. 8, 2006, to be included in the distribution the
company will make.

The Liquidators can be reached at:

         William G. Black
         Kerryn M. Downey
         18 Viaduct Harbour Avenue
         (P.O. Box 91-644)
         Auckland 1142
         New Zealand
         Telephone:(09) 366 4655
         Facsimile:(09) 366 4656


ULTRA BLINDS: Liquidation Hearing Set on December 4
---------------------------------------------------
The High Court of Hamilton will hear a liquidation petition
filed against Ultra Blinds Ltd on Dec. 4, 2006, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition on Nov. 6,
2006.

The Solicitor for the Petitioner can be reached at:

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


ZURICH APARTMENTS: Faces Liquidation Proceedings
------------------------------------------------
A liquidation petition filed against Zurich Apartments Ltd will
be heard before the High Court of Rotorua on Dec. 11, 2006, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on Oct. 20, 2006.

The Solicitor for the Petitioner can be reached at:

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


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

BANKARD INC: Schedules Special Stockholders' Meeting for Dec. 27
----------------------------------------------------------------
Bankard, Inc., advises the Philippine Stock Exchange that it
will hold a Special Stockholders' Meeting on December 27, 2006,
at 2:00 p.m. at:

         Rooms 507-508
         Yuchengco Institute for Advance Studies
         Level 5 Podium 4
         RCBC Plaza
         6819 Ayala Avenue, Makati City

Only stockholders of record as at close of business on Nov. 27,
2006, will be entitled to notice of, to vote, or be voted, at
the scheduled meeting.

                         About Bankard

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

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

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

                           About RCBC

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

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


CENTRAL AZUCARERA: Shares Trading Remains Suspended
---------------------------------------------------
In a Memo for Brokers dated November 30, 2006, the Philippine
Stock Exchange notes that Central Azucarera de Tarlac's shares
trading is currently suspended.

The PSE advises that the company has not submitted its Quarterly
Report for the period ended September 30, 2006.  Accordingly,
the company's trading of shares remains suspended pending its
compliance with the required submission.

                    About Central Azucarera

Central Azucarera de Tarlac was incorporated in 1927 and renewed
in 1976.  It operates a sugar mill and refinery, distillery and
carbon dioxide plants in Barrio San Miguel, Tarlac City.  The
sugar cane milled is sourced within the Tarlac district and
nearby towns of Pampanga.  Affiliate Hacienda Luisita, Inc.,
provides around 1/3 of the mill's cane requirements.

               Auditor Raises Going Concern Doubt

After auditing Central Azucarera's financial report for the
fiscal year ended June 30, 2005, Emmanuel V. Clarino, a partner
at Sycip, Gorres, Velayo & Co. noted the company indicated that
its milling operations were halted due to a labor strike in
November 2004 as a result of a Collective Bargaining Deadlock.
The dispute was only settled on Dec. 8, 2005.  However, it has
brought considerable hardship to the company's financial and
operational condition.  The company has not been able to pay its
maturing loans with creditor banks.  Thus, the company incurred
a PHP550.4-million net loss, leading to a deficit of
PHP230 million as of June 30, 2005, which has placed the Company
in a tight liquidity position.  These conditions cast
significant doubt on the Company's ability to continue as a
going concern.

The Company's consolidated balance sheet for the year ended
June 30, 2005, showed PHP1,666,407,394 in total assets versus
PHP1,613,910,806 in total liabilities.

The June 30, 2005, balance sheet also showed strained liquidity
with PHP1,068,416,381 in total current assets available to pay
PHP1,378,111,272 in total current liabilities within the 2005-
2006 fiscal year.

The company's ability to continue as a going concern depends
largely on the resolution of the labor dispute, successful
negotiation with the creditor banks, and the resumption of
milling operations.


RIZAL COMMERCIAL BANKING: PSE Approves 105.5 Mln Shares Listing
---------------------------------------------------------------
In a letter dated November 23, 2006, the Philippine Stock
Exchange approved Rizal Commercial Banking Corp.'s listing
application on the underlying common shares of the 105,494,003
convertible preferred shares, subject to payment of listing fee,
and the compliance of certain conditions of the PSE.

Actual listing of the underlying common shares will take effect
only after RCBC meets the requisites by the PSE.

The preferred shares issuance is set on:

   November 24, 2006   -- Record Date
   December 4-15, 2006 -- Offering Period
   December 21, 2006   -- Issue Date

                           About RCBC

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

                          *     *     *

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

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

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


UNIWIDE HOLDINGS: Settles Penalty for Delayed Report Submission
---------------------------------------------------------------
On August 10, 2006, the Troubled Company Reporter - Asia Pacific
cited a report from Manila Standard Today saying that the
Securities & Exchange Commission imposed a penalty fine on
Uniwide Holdings Inc. for the late filing of its financial
report.

In an update, the PSE advises in a Memo for Brokers dated
November 30, 2006, that Uniwide Holdings has settled the
corresponding penalty for the delayed submission of its
Quarterly Report for the period ended March 31, 2006.

                  About Uniwide Holdings

Uniwide Holdings, Inc., was incorporated in the Philippines and
is a major subsidiary of Uniwide Sales, Inc., a holding company
wholly owned by the Gow family.

The Company was organized in 1994 as the franchiser of USI and
Uniwide Sales Warehouse Club stores.  The Company also engages
in real estate operations primarily through a subsidiary,
Uniwide Sales Realty and Resources Corp.  USRRC is involved in
the acquisition, development, holding and leasing of land and
buildings used as sites for the warehouse clubs and department
stores.  On the other hand, another subsidiary, Naic Resources &
Development Corporation engages in, operates, conducts, manages
and carries on the business of a general amusement, recreation
and entertainment enterprise.

Uniwide filed for rehabilitation in June 1999, and the
Securities and Exchange Commission approved its rehabilitation
plan in 2000.  Under the plan, the Company will convert 50% of
its unsecured debt into 15-year convertible notes redeemable
anytime at its convenience, while the remaining 50% would be
restructured into a 10-year loan with 0% interest and a 3-year
grace period; payment will begin on the fourth year.


UNIWIDE HOLDINGS: Posts PHP37.19-Mln Net Loss for 3rd Quarter
-------------------------------------------------------------
For the third quarter ended September 30, 2006, Uniwide
Holdings, Inc., registered a net loss PHP37.19 million compared
with the PHP38.11 million in the same period last year.

The decrease in net loss was brought about by the booking in
2005, of the allowance for probable losses due to affiliate
account resulting from the dacion en pago transactions that were
consummated during the period for the settlement of the Uniwide
Groups' bank obligations.  The settlement was in accordance with
the Securities and Exchange Commission-approved rehabilitation
plan.

As of September 30, 2006, Uniwide Holdings' consolidated assets
were registered at PHP3.24 billion compared with the
PHP3.26 billion as of December 31, 2005.

Total liabilities were recorded at PHP4.93 billion as of
September 30, 2006, compared with the total liabilities posted
at PHP4.87 billion as of December 31, 2005.

The company's receivables increased by 63.93% from Dec. 31,
2005, of PHP170.93 million to PHP280.20 million as of Sept. 30,
2006.  The increase is due to the uncollected rent from tenants
and affiliates.

Accounts payable and accrued expenses likewise increased by
13.39% from year December 2005 balance of PHP2.14 billion to
September 30, 2006, balance of PHP2.43 billion.  The decrease of
PHP129.63 million or 4.39% in investment properties are due to
the depreciation of these assets.

Uniwide Holdings also posted an increase of PHP19.01 million in
the subscribed capital stock, which was attributed to the
conversion of convertible notes issued to unsecured creditors
into parent company's -- Uniwide Sales Coastal Mall -- common
shares at issue price, in accordance with the SEC approved
rehabilitation plan.

The company noted that other balance sheet accounts did not move
significantly.

The company's financial report for the quarter ended Sept. 30,
2006, is available for free at:

http://bankrupt.com/misc/Uniwide_17Q_Sep2006.pdf

                 Rehabilitation Targets Delayed

Uniwide Holdings disclosed that while Year 2 of the Second
Amendment to the Group's Rehabilitation Plan assumes that all
dacion en pago arrangements have been completed and
creditors/new owners manage malls, actual circumstances have
delayed meeting these targets.

As of November 20, 2006, Uniwide Holdings operates its two malls
and still owns several properties from where it derives its
rental income.  Third party franchisees continue to provide
franchise income to the company.  Until dacion of the two malls
and other properties have been made, the company will incur
higher operating expenses as compared to the Rehab Plan budget.

Uniwide Group is now on its fourth year of rehabilitation.

                  About Uniwide Holdings

Uniwide Holdings, Inc., was incorporated in the Philippines and
is a major subsidiary of Uniwide Sales, Inc., a holding company
wholly owned by the Gow family.

The Company was organized in 1994 as the franchiser of USI and
Uniwide Sales Warehouse Club stores.  The Company also engages
in real estate operations primarily through a subsidiary,
Uniwide Sales Realty and Resources Corp.  USRRC is involved in
the acquisition, development, holding and leasing of land and
buildings used as sites for the warehouse clubs and department
stores.  On the other hand, another subsidiary, Naic Resources &
Development Corporation engages in, operates, conducts, manages
and carries on the business of a general amusement, recreation
and entertainment enterprise.

Uniwide filed for rehabilitation in June 1999, and the
Securities and Exchange Commission approved its rehabilitation
plan in 2000.  Under the plan, the Company will convert 50% of
its unsecured debt into 15-year convertible notes redeemable
anytime at its convenience, while the remaining 50% would be
restructured into a 10-year loan with 0% interest and a 3-year
grace period; payment will begin on the fourth year.


MIRANT CORP: Imposes Non-negotiable Conditions in Sale Agreement
----------------------------------------------------------------
On November 24, 2006, in Singapore, Mirant Corp. distributed a
purchase sale agreement to all parties that submitted final
purchase offers, Myrna M. Velasco of Manila Bulletin relates.

On September 18, 2006, the Troubled Company Reporter - Asia
Pacific cited a report from Manila Standard Today stating that
four groups were vying to acquire Mirant's power generating
assets in the Philippines:

   1. Marubeni-Tokyo Electric-First Gen,
   2. Korea Electric Power Corp./Chubu Electric,
   3. One Energy with China Light and Power, and
   4. Mitsubishi Corp., Mitsui/International Power Group

According to Manila Bulletin, the buyer's obligations are:

   * securing government consent on the sale;

   * employee severance package; and

   * assuming all financial obligations that Mirant would not be
     able to settle before existing the Philippine market.
     Specifically, when Court decisions are rendered final and
     executory, assume real property tax payments and the
     PHP1.5 billion overpayments being demanded by National
     Power Corp., among others.

The conditions are non-negotiable, the paper says.

Manila Bulletin cites a source privy to the evaluation of the
bids confirming that the highest price offer is PHP.8 billion.
However, Mirant feels this still falls short of the targeted
proceeds, thus it now wants to negotiate further for a higher
price, the source said.

On the consent issue, Manila Bulletin reveals that the buyer
will have to negotiate with the government and ensure that
National Power Corporation will not interpose objections to the
closing of the transaction.

On another hurdle with the tripping of the 1,200-megawatt Sual
power facility, Mirant has committed to bring the two units back
in operation before financial closing of the buyer, which is
targeted by mid-2007, Manila Bulletin notes.

However, according to the paper, the company proposed that it's
only the U.S. company that will issue certification that the
generation units are already running, which the bidders perceive
as unreasonable.

The prospective buyers prefer National Power to certify that the
facility is in good and acceptable running condition, Manila
Bulletin notes.

"Our fear is that the plants may be running but may not
necessarily satisfy the requirements of NPC as stipulated in the
power supply contracts," Manila Bulletin cites one of the
bidders, as saying.

Mirant wants to conclude extended negotiations with the bidders
before December 15, 2006, which is the targeted signing date of
the sale agreement, Manila Bulletin relates.

                          About Mirant

Headquartered in Atlanta, Georgia, Mirant Corporation (NYSE:
MIR) -- http://www.mirant.com/-- is an energy company that
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant owns or leases more than 18,000
megawatts of electric generating capacity globally.  Mirant
Corporation filed for chapter 11 protection on July 14, 2003
(Bankr. N.D. Tex. 03-46590), and emerged under the terms of a
confirmed Second Amended Plan on Jan. 3, 2006.  Thomas E.
Lauria, Esq., at White & Case LLP, represented the Debtors in
their successful restructuring.

When the Debtors filed for protection from their creditors, they
listed US$20,574,000,000 in assets and US$11,401,000,000 in
debts. The Debtors emerged from bankruptcy on Jan. 3, 2006.
(Mirant Bankruptcy News, Issue No. 107; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).


MAYNILAD WATER: Two Qualified Bidders Remain
--------------------------------------------
On November 23, 2006, the Troubled Company Reporter - Asia
Pacific cited a report from Manila Times that three groups have
submitted their bids for Maynilad Water Services Inc., on
November 21, 2006:

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

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

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

However, a follow-up report from Manila Bulletin Online relates
that the special bids and awards committee of Metropolitan
Waterworks and Sewerage System disqualified the Noonday-Rubia
consortium for its failure to pay the US$2.5-million bid
guarantee and show proof that it had PHP6 billion in
capitalization.

Thus, only Manila Water of the Ayala group and the tandem of
D.M. Consunji Inc. and Metro Pacific Investments will bid for
the government's 83.97% stake in Maynilad Water, the report
says.

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

Manila Bulletin cites sources as saying that the Infrastructure
and Strategic Alliance consortium decided not to submit their
technical and financial bids on Nov. 21 due to the failure of
MWSS to address the concerns on Ondeo Water Services of France.

The paper explains that Ondeo, formerly utility giant Suez
Lyonaise des Eaux of France, which has a 16% interest in
Maynilad, is strongly opposing Maynilad's proposed capital
restructuring.

The financial bids of Manila Water and DMCI-Metro Pacific will
open on Dec. 5, 2006.  Awarding will be announced on Dec. 8,
2006.

                      About Maynilad Water

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

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

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

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

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

            Debt Capital and Restructuring Agreement

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


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

EXABYTE CORP: Chief Financial Officer and Six Directors Resign
--------------------------------------------------------------
Leonard W. Busse, John R. Garrett, A. Laurence Jones, Stephanie
Smeltzer McCoy, Thomas E. Pardun and G. Jackson Tankersley
resigned as directors of Exabyte Corporation, effective
Nov. 20, 2006.

The company disclosed that at the time of their resignation,
Mssrs. Busse and Pardun were chairmen of its Audit and
Compensation Committees, respectively.  In addition, effective
Nov. 20, 2006, Carroll A. Wallace resigned as chief financial
officer.  The resignations relate to the sale of substantially
all of the assets of the company to Tandberg Data Corp. on
Nov. 20, 2006, and its filing of a statement of dissolution,
which is expected to occur shortly after the sale.

Exabyte Corporation -- http://www.exabyte.com/-- manufactures
tape storage products.  The company's products back up and
restore critical business information.

In Asia-Pacific, the company is headquartered in Singapore, with
offices in Australia, China and Hong Kong.

The company's balance sheet at Dec 31, 2005, showed total assets
of US$34,715,000, total liabilities US$66,675,000 and Series AA
Convertible preferred stock of 38,931,000, resulting in a
US$70,891,000 stockholders' deficit.

                        Going Concern Doubt

Ehrhardt Keefe Steiner & Hottman PC expressed substantial doubt
about Exabyte Corporation and its subsidiaries' ability to
continue as a going concern after auditing the company's
consolidated financial statements for the years ended
Dec. 31, 2005, and 2004.  The auditing firm pointed to the
company's recurring losses and accumulated deficit of
US$123,869,000.


LAZARD LTD: Selling 12 Million Shares of Class A Common Stock
-------------------------------------------------------------
Lazard Ltd. filed a preliminary prospectus supplement with the
United States Securities and Exchange Commission, pursuant to
which the company and certain selling shareholders who hold LAZ-
MD exchangeable interests plan to sell approximately 12,000,000
shares of Lazard Ltd Class A common stock.  Of the 12,000,000
shares, 6,000,000 are expected to be issued by Lazard Ltd and
6,000,000 are expected to be sold by the selling shareholders.
The company also has granted the underwriters the option to
purchase an additional 1,800,000 shares.

According to reports, gross proceeds from these transactions may
amount to US$632 million.  Half of these will be used to reduce
debt and finance expansion of its asset management and advisory
units, after deduction of expenses and fees.

The value of Lazard's shares almost doubled from its value of
US$25 per share in May 2005, when it was first sold.  In the
initial public offering, the company's current and former
managing directors were given stakes in a holding company but
were not allowed to convert the stakes into common stock until
2008.  The restriction was lifted and the directors were allowed
to sell about 10% of their total holdings in an impending
secondary offering.

According to the Financial Times, selling their stakes is a move
by the directors to trim their stakes in the US investment bank
and to reduce exposure to the mergers and acquisitions phase.

There are 5 executive officers and more than 100 current and
former managing directors that are planning to sell their shares
in the offering.  Some of them are:

   -- Kenneth Jacobs, haed of Lazard's North American business,
      is planning to sell 286,331 shares or about US$12.6
      million worth of shares, though he will  still retain
      approximately i.7 million shares.

   -- Vice Chairman Steven Golub is planning to sell 249,622
      shares equivalent to a gain of US$11 million.  He will
      hold about 1.48 million shares after the offering.

   -- President Chuck Ward intends to sell about US$10 million
      worth of stock.

   -- Former Chairman Michel David-Weill is cashing about US$3.5
      million.  After the offering, he will continue to hold
      about 477,000 shares worth US$21 million.

   -- Vernon Jordan, according to Bloomberg, is the only board
      member who filed to sell shares in the offering.  He is
      planning to sell approximately 53,008 shares and will hold
      about 313,423 shares after the offering.

   -- Each of Marcus Argius, head of the London office; Charles
      Ward, chairman of the asset management divisions; Gary
      Parr, top financial services banker; and Jeffrey Rosen
      will sell 220,000 shares for US$10 million.

Bruce Wasserstein, Lazard's chairman and chief executive
officer, will not be among those selling shares for the
offering.

Goldman, Sachs & Co. and Lazard Capital Markets will be acting
as underwriters of the offering.  The prospectus and preliminary
prospectus supplement relating to the proposed offering may be
obtained by contacting:

         Goldman, Sachs & Co.
         Attn: Prospectus Department
         85 Broad Street
         New York, NY 10004
         Telephone: (212) 902-1171

Lazard Ltd. -- http://www.lazard.com/-- one of the world's
preeminent financial advisory and asset management firms,
operates from 29 cities across 16 countries in North America,
Europe, Asia, Australia and South America.  With origins dating
back to 1848, the firm provides services including mergers and
acquisitions advice, asset management, and restructuring advice
to corporations, partnerships, institutions, governments, and
individuals.  The company has locations in Australia, China,
Hong Kong, India, Japan, Korea, and Singapore.

                          *     *     *

At June 30, 2006, the company's balance sheet showed
US$2.1 billion in total assets and US$2.8 billion in total
liabilities resulting in US$745 million stockholders' deficit.


PACIFIC CENTURY: Majority Shareholders Vote Against Share Sale
--------------------------------------------------------------
Pacific Century Regional Developments Limited disclosed that
during an extraordinary general meeting held on Nov. 30, 2006,
majority of the shareholders have voted against the resolution
for Pacific Century to sell 1,526,773,301 ordinary shares of
HK$0.25 each in the share capital of PCCW Limited, representing
approximately 22.62% of the current issued share capital of
PCCW, to Mr. Francis P.T. Leung and Fiorlatte Limited.

Approximately 76.3% or 366,591,231 votes were cast by minority
shareholders against the resolution of Share Sale, while 23.7%
or 113,641,342 minority shareholders voted in favor of the
resolution of the Share Sale.

Accordingly, the Sale Agreement will now terminate and the Sale
will not proceed.  Mr. Richard Li Tzar Kai will continue in his
role as the Chairman of PCCW.

Moreover, Pacific Century confirmed that neither its directors
nor its representatives were presently engaged in the
discussions with any third party concerning the sale of its PCCW
shares.

                      About Pacific Century

Pacific Century Regional Developments Limited is a Singapore
based company with operations in Hong Kong, China, Vietnam and
India. The group's principal activities include the provision of
international, local and mobile telecommunications services.
Other activities include sale and rental of telecommunication
equipment, provision of life insurance services, investment in
and development of infrastructure and properties, investment in
and development of technology-related businesses, Internet and
interactive multimedia services, provision of computer,
engineering and other technical services, and hotel operations.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported that the
company has remained insolvent for the two consecutive years
from April 2005 up to the present.

According to a TCR-AP report on Nov. 17, 2006, the company has a
US$107.11 million shareholder's deficit on total assets of
US$1.381 billion.


PETROLEO BRASILEIRO: Analyst Affirms "Outperform" Rating on Firm
----------------------------------------------------------------
E. Leite, an analyst at Credit Suisse, has affirmed his
"outperform" rating on Petroleo Brasileiro SA, the state oil
company of Brazil, Newratings.com reports.

However, Mr. Leite reduced his estimates for Petroleo
Brasileiro.  The target price has been raised to US$137 from
US$134, Newratings.com notes.

Mr. Leite said in a research note that the WTI oil prices are
estimated at US$62.5 per bbl for 2007 to 2009, compared with the
previous expectation of US$65 per bbl.

WTI estimate for 2010 has been increased to US$$62.5 per bbl
from US$50 per bbl.  The domestic oil production estimates of
Petroleo Brasileiro for 2007 and 2008 have been reduced from
1,975kbpd to 1,935kbpd and from 2,060kbpd to 2,020kbpd,
respectively.  EPS estimates for 2007 and 2008 have been
decreased by 3.9% and 5.2%, respectively, Newratings.com states.

                   About Petroleo Brasileiro

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
SA aka Petrobras -- ttp://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: Inks Bioenergy Studies Pact with Codevasf
--------------------------------------------------------------
Petroleo Brasileiro, the state-owned oil firm of Brazil, said in
a statement that it has signed a bioenergy studies accord with
Codevasf, the government's Sao Francisco and Parnaiba river
valley development company.

Business News Americas relates that Petroleo Brasileiro will
draft with Codevasf technical and economic feasibility studies
to assess the possibility of setting up bioenergy complexes in:

          -- Bahia,
          -- Pernambuco, and
          -- Piaui.

According to BNamericas, the nine-month studies will look into
the potential of:

          -- producing ethanol from sugarcane,
          -- generating electricity from burning bagasse, and
          -- producing biodiesel from oilseeds.

The production would be used locally and exported mainly to Asia
and Europe, according to the reports.

                   About Petroleo Brasileiro

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
SA aka Petrobras -- ttp://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: Resuming Contract Talks with Bolivia
---------------------------------------------------------
Officials of Petroleo Brasileiro SA, the state-owned oil firm of
Brazil, has agreed with Yacimientos Petroliferos Fiscales
Bolivianos, its Bolivian counterpart, to continue negotiations
on Dec. 4 and 5 concerning Bolivia's gas price hikes, Prensa
Latina reports, citing Juan Carlos Ortiz, the Bolivian firm's
president.

As reported in the Troubled Company Reporter-Latin America on
Nov. 14, 2006, Petroleo Brasileiro said it would extend the
renegotiation of its gas export contract with Yacimientos
Petroliferos by 30 days from the Nov. 10 deadline.  Petroleo
Brasileiro and Yacimientos Petroliferos had twice before delayed
negotiations.  At first, the two firms decided on a 60-day
period, which was then extended to 30 days.

The Bolivian government had complained that the export price to
Brazil of US$3.6/MBTU (million British thermal unit) is too low.
Meanwhile, Petroleo Brasileiro argued the Brazilian clients
would not accept a price raise.

The current contract, which is effective until 2019, establishes
the possibility that Petroleo Brasileiro and Yacimientos
Petroliferos could go to an international court if no agreement
on the price of gas is reached, Prensa Latina states.

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.


REFCO INC: District Court Dismisses Sphinx Investors' Appeal
------------------------------------------------------------
The United States District Court for the Southern District of
New York has dismissed the SPhinX Managed Futures Fund SPC
investors' appeals from Judge Drain's order approving a
US$312,000,000 settlement agreement among Refco Inc. and its
debtor-affiliates, the Official Committee of Unsecured
Creditors, and SPhinX and its segregated portfolios.

The investors are:

   1.  Merrill Lynch International, SPhinX Access LLC, SPhinX
       Access Ltd., Raymond James & Associates, and Raymond
       James Financial Services;

   2.  Masonic Hall & Asylum Fund, also known as the Masonic
       Hall & Home and the Masonic Care Community, and the
       Masonic Medical Research Laboratory;

   3.  SPhinX Managed Futures Fund LP;

   4.  Caisse de depot et placement du Quebec;

   5.  Ofi Palmares;

   6.  Geoffrey E. Varga, in his capacity as official
       provisional liquidator of SPhinX Strategy Fund Ltd.; and

   7.  Friedberg Global Macro Hedge Fund, Ltd., Friedberg Global
       Macro Hedge Fund and Rozel Investments Ltd.

Judge Richard M. Berman affirms the Bankruptcy Court rulings,
declaring that:

   (a) the Investors do not have standing to appeal the
       Settlement;

   (b) the Bankruptcy Court properly determined that the
       Investors were not parties-in-interest in an adversary
       proceeding between the Creditors Committee and SPhinX,
       and properly declined to consider objections to the
       Settlement from the Investors who were neither the Debtor
       nor the Debtor's creditors;

   (c) the Investors' request to intervene in the Bankruptcy
       Court was properly rejected because they were aware of
       the Adversary Proceeding for about five months, but
       failed to request intervention until after the Settlement
       was announced;

   (d) the Bankruptcy Court did not abuse its discretion in
       denying the Investors discovery related to the
       Settlement;

   (e) the Bankruptcy Court properly concluded that the
       propriety of the Settlement as to SPhinX was irrelevant
       to its determination whether to approve it under Rule
       9019 of the Federal Rules of the Bankruptcy Procedure;

   (f) the Bankruptcy Court properly declined to consider the
       Investors' objections because its only obligations in
       evaluating the Settlement were to the Debtors' estate,
       creditors, and shareholders;

   (g) the Bankruptcy Court correctly found that the cases cited
       by the Investors do not support their argument that their
       additional third-party concerns should have been
       considered in the Settlement approval process; and

   (h) the Bankruptcy Court did not abuse its discretion in
       refusing to grant comity to the Grand Court of the Cayman
       Islands.

                           About Refco

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

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

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

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

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

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

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

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


SEA CONTAINERS: Gets GBP35.7-Million Dividend from GNER
-------------------------------------------------------
Sea Containers Ltd. received a GBP35.7 million dividend from its
railway subsidiary, Great North Eastern Railway, before Sea
Containers filed for Chapter 11 protection on Oct. 15, Mark
Smith writes for The Herald.

For the year ended Jan. 7, 2006, GNER's pre-tax profits stood at
GBP8.6 million, compared with GBP22.2 million for the same
period in 2005.

"Sea Containers' Chapter 11 status does not affect the
operations of GNER.  Sea Containers is in Chapter 11, not GNER,"
Lisa Barnard, Sea Containers' director of communications was
quoted by the Herald as saying.

When asked by the Herald why GNER's pre-tax profit fell sharply,
Ms. Barnard answered, "That was the year of the July 7 (London)
bombings."

As per the accounts obtained by the Herald from the Companies
House, GNER's operating expenditure for the year ended Jan. 7,
2006, was GBP470.5 million from GBP15 million in 2005.

At 52 weeks to Jan. 7, 2006, GNER paid out a dividend of GBP8.8
million, compared with the GBP26.9 million dividend for the 53
weeks to Jan. 8, 2005.

Turnover was GBP477 million in 2006 compared with GBP475 million
in 2005.

Mr. Barnard told the Herald that she could not provide
additional information at this stage.

As reported in the Troubled Company Reporter on Aug. 15, GNER
must pay the U.K. Department for Transport GBP1.3 billion for
the right to run trains on the east coast main line until 2015.

Sea Containers agreed to stand behind a GBP30 million standby
credit facility during the term of the franchise and a GBP10
million overdraft facility to provide additional working capital
if needed.

According to the Herald, rivals like FirstGroup and Virgin Rail
were waiting for GNER to falter to take over the east coast
franchise.

Headquartered in London, United Kingdom -- Great North Eastern
Railway (GNER) Limited -- http://www.gner.co.uk/-- operates
high-speed express train services on the East Coast Main Line.
Most of their trains run between London King's Cross and either
Edinburgh Waverley or Leeds.

                      About Sea Containers

Sea Containers Ltd -- http://www.seacontainers.com/-- is a
Bermuda registered company with regional operating offices in
London, Genoa, New York City, 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.  The company is a market leader in its three
main business areas: passenger transport, leisure and marine
container leasing.  In addition to its three principal
divisions, the company has associated investments in property,
publishing, and plantations.

                          *     *     *

In June 2006, Moody's Investors Service downgraded the senior
unsecured ratings and confirmed the senior secured rating of Sea
Containers -- Senior Unsecured to Caa3, Senior Secured at B3.
Moody's said the outlook is negative.

On May 4, 2006, Standard & Poor's Ratings Services lowered its
ratings on SeaContainers, including lowering the corporate
credit rating to 'CCC-' from 'CCC+'.  All ratings remain on
CreditWatch with negative implications.

A Troubled Company Reporter -- Asia Pacific report on August 15,
2006 states that Standard & Poor's Ratings Services said that
its ratings on Sea Containers Ltd., including the 'CCC-'
corporate credit rating, remain on CreditWatch with negative
implications.  Ratings were lowered to current levels May 1,
2006; they were initially placed on CreditWatch with negative
implications on Aug. 25, 2005.

                          *     *     *

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.


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

BANGKOK BANK: To Increase Loan Grants to SMEs
---------------------------------------------
Bangkok Bank expects to increase its loans extended to small and
medium sized businesses by 10% to 12%, the Bangkok Post reports,
citing the bank's president Chartsiri Sophonpanich, as saying.

"SMEs have high growth potential and represent the base of the
economy and our bank," Mr. Chartsiri explained.  "We will try to
maintain our market share in this segment, and believe the SME
business can remain stable at 30% to 35% of our total
outstanding loans."

Mr. Chartsiri added that Bangkok Bank would also maintain its
loans to the agriculture and agro-industry sectors.

The lender recently launched the second phase of its Modern
Agriculture program, under which THB10billion loans will be
offered over the next five years to support innovations in the
farm sector, the newspaper relates.

The Post recounts that over the past five years, the bank has
held 52 seminars about agricultural innovations and technology,
with THB10.172 billion in loans approved for 3,121 customers.

Bangkok Bank, reported credit advances of THB876.29 billion and
total assets of THB1.48 trillion as of Oct 31, 2006, the
newspaper recounts.

                          *     *     *

Headquartered in Bangkok -- http://www.bangkokbank.com/--
Bangkok Bank is Thailand's largest bank, with total assets of
THBB1.498 trillion (US$39 billion) at end-June 2006.

Moody's Investors Service has upgraded on August 29, 2006,
Bangkok Bank's bank financial strength rating to D+ from D and
was re affirmed on September 20, 2006, following the military
coup in Thailand.

As reported by the Troubled Company Reporter - Asia Pacific on
Nov. 16, 2006, Fitch Ratings affirmed Bangkok Bank's Individual
rating at C.


TOTAL ACCESS: Inks Interconnection Deal with AIS
------------------------------------------------
Total Access Communication Pcl reached an agreement on
interconnection charges with rival Advanced Info Services in
compliance with a regulation announced by Thailand's National
Telecommunication Commission, the Bangkok Post reports.

The agreement between the two companies calls for a termination
rate of THB1 per minute to take effect immediately, various
reports say, adding that the two companies will start billing
each other next February.

In addition, DTAC would charge a transit rate of THB.50 per
minute to AIS, while AIS would charge THB1 to DTAC.

Earlier, Total Access also signed the same agreement with
another telecom industry rival, True Move, the Troubled Company
Reporter - Asia Pacific reported on November 21, 2006.

The Nation explains that a termination charge is what a service
provider pays to another provider for receiving its call, while
the transit charge is what a service provider pays to an
intermediate network for passing its call on to the receiving
network.

NTC mandates in its interconnection regulations that all telecom
firms share voice and data revenues between any two networks
involved in a call on a fair basis.

According to the TCR-AP, both DTAC and True Move operate under
concessions with state firm, CAT Telecom, and are forced to pay
a monthly access charge to another government owned firm, TOT
Corp, in exchange for connecting different networks via TOT's
facilities.

Total Access wants to pay only the interconnection charge
instead of both interconnection and access charges, the Nation
relates.

Sigve Brekke, DTAC's chief executive, said they already
submitted proposal to TOT two weeks ago calling for the
enforcement of interconnection charges to replace access
charges.

However, TOT has yet to grant the request, out of concern about
losing access-charge revenue.  The state agency has earned THB14
billion a year in access charges from all of CAT's cellular
concessionaires, the Nation notes.

The Nation adds that TOT has also made it clear it wants the
interconnection charge to be delayed for one year, saying it was
not ready to comply with the regime.

                          *     *     *

Total Access Communications, DTAC -- http://www.dtac.co.th/--
is the second-largest cellular operator in Thailand with an
approximately 30% market share and strong brand recognition.
With Telenor's recent purchase of a 39.9% interest in United
Communication Industry Plc and its subsequent tender offers for
UCOM and DTAC shares, Telenor lifted its aggregate economic
interest in DTAC to 70.2% from 40.3%.  DTAC is Telenor's largest
acquisition in Asia and it ranks second in terms of EBITDA
contribution outside Norway.

                          *     *     *

Standard and Poor's gave the Company a BB+ Long-term local and
foreign issuer credit ratings.

DTAC's local and foreign issuer credit were both given a Ba1
rating by Moody's Investor Service.

Fitch Ratings, on July 18, 2006, has affirmed DTAC's Long-term
foreign currency Issuer Default Rating at BB+ and National Long-
term rating at A(tha).  The company's National Short-term rating
was also affirmed at F1(tha).  The Outlook on the ratings is
Stable.




                            *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Nolie Christy Alaba, Rousel Elaine Tumanda,
Valerie Udtuhan, Francis James Chicano, Catherine Gutib, Tara
Eliza Tecarro, Freya Natasha Fernandez, and Peter A. Chapman,
Editors.

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is $575 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are $25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.

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