TCRAP_Public/061205.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  

            Tuesday, December 5, 2006, Vol. 9, No. 241

                            Headlines

A U S T R A L I A

BELL PLASTICS: To Declare First and Final Dividend on Jan. 11
CEILING SYSTEMS: Final Meeting Slated for December 18
COEUR D'ALENE: Eyes 9 Mil. Ounce Silver Output in San Bartolome
CROWN CASTLE: Completes US$1.55-Bln Tower Revenue Notes Offering
CROWN CASTLE: Moody's Rates Class G Senior Notes at Ba2

ELECTRO SILICA: Members Appoint Danny Vrkic as Liquidator
I.C. RUSSELL: Schedules Members' Final Meeting on January 4
L.J. RUSSELL: Members to Hold Final Meeting on January 4
LIMTHON INVESTMENTS: Members Decide to Wind Up Operations
MILLETA PTY: Will Declare Dividend on Jan. 10

MISSION PHARMACAL: Members Resolve to Liquidate Business
MULTIPLEX GROUP: To Establish European Property Fund
PEABODY ENERGY: Inks Powder River Supply Pact with TransAlta
PEARLTOYS PTY: Inability to Pay Debts Prompts Wind-Up
PERAWOOD PTY: Members Resolve to Wind Up Firm

PRIMELIFE CORPORATION: To Capitalize Notes Interest Payment
SONS OF GWALIA: DOCA Period Extended to March 31, 2007
SONS OF GWALIA: Claimants Assert AU$242 Million in Aggregate
SONS OF GWALIA: Posts AU$624,668,000 Deficit as of Oct. 1, 2006
UNIVERSAL COMPRESSION: Appoints 3 Independent Directors to Board


C H I N A   &   H O N G  K O N G

ABS GLOBAL: S&P Rates Trade Loan Receivables Set by Citigroup
BENQ: Long Term Corporate Credit Rating Gets twBB+ from TRC
CHAMP WEALTH: Court Sets Date to Hear Wind-Up Petition
DOUBLE MIND: Accepting Proofs of Debt Until December 15
DRESSON TRADING: Final Meeting Slated for January 9

FIRST COMMERCIAL: Fitch Keeps Individual Rating at C
FREYNER LTD: Creditors' Proofs of Debt Due on January 2
GREENTOWN CHINA: Moody's Affirms Corporate Family Rating at Ba2
HKI PROPERTIES: Long Term Corp. Credit Rating Gets B+ from S&P
HOTEL MERLIN: Placed Under Voluntary Wind-Up

LAND BANK OF TAIWAN: Fitch Affirms Individual Rating at D
LOAVES AND FISHES: Members to Receive Wind-Up Report
MACKINSEY FINANCIAL: Liquidator Ceases to Act
PRAMERICA ASIA: Schedules Final Meeting on January 9
SKY CHAMPION: Members' Final Meeting Slated for January 2

TAIWAN COOPERATIVE: Fitch Lifts Individual Rating to D


I N D I A

GENERAL MOTORS: Completes 51% GMAC Stake Sale for US$14 Billion
GENERAL MOTORS: Kirk Kerkorian Sells Another 14 Million Shares
GMAC LLC: Moody's Rates US$1.9-Bil. Preferred Securities at Ba3
JAMMU & KASHMIR: Rolls Out New Loan Scheme for Farmers
KOTAK MAHINDRA: Grants 10,000 Stock Options to Employee

KOTAK MAHINDRA: Allots 48,792 Shares Under Equity Options Plan
KOTAK MAHINDRA: Discloses Shareholders' Sale of 18,000 Shares
MODI RUBBER: General Meeting Set on December 29
NTPC LTD: Expects to Sign MOA for Sri Lanka Plant Soon
NTPC LTD: Back at 3rd Place in Market Capitalization List

NTPC LTD: Vindhyachal Thermal Power Unit Now Operational
STIEFEL LABS: Moody's Assigns Low-B Ratings on Credit Facilities


I N D O N E S I A

ALCATEL SA: Completes Merger with Lucent Technologies Inc.
BANK MANDIRI Plans to Sell IDR15 Trillion of Bad Loans by 2008
BANK MANDIRI: To Appeal Court Ruling In Timor Case
CA INC: Enhancing Microsoft Office SharePoint Server 2007
CA INC: Launching Virus & Spyware Protection for Windows Vista

CILIANDRA PERKASA: Completes Five-Year Bond Deal on Dec. 1
HILTON HOTELS: Partners with DLF Ltd. for Joint Venture in India
HILTON HOTELS: Seeks Modification of Partial Final Judgment
INDOSAT: Earns IDR927.2 Bil. for Nine Months to September 2006
INDOSAT: Signs WCDMA 3G/HSPA Network Deal with Nokia

NORTEL NETWORKS: Mulls Joint Venture Agreement with SECI
NORTEL NETWORKS: Implements Consolidation of Common Shares


J A P A N

BANK OF YOKOHAMA: Earns JPY31.33 Bil. in 6 Months to Sept. 2006
BANK OF YOKOHAMA: Fitch Upgrades Individual Rating to B/C from C
FUJI ELECTRIC: Earns JPY3.66 Billion in Half-Year to September
KEIYO BANK: Net Income Ups 38% to JPY6.8 Bil. in Half-Year 2006
NUANCE COMMS: Incurs US$6.7-Mil. Net Loss for 2006 4th Quarter

ON SEMICONDUCTOR: Wants Senior Secured Credit Facility Amended
USINAS SIDERURGICAS: Board Okays BRL300 Mil. Profit Distribution


K O R E A

BOWATER INC: Posts US$216.1-Mil. Net Loss in 2006 Third Quarter
KOREA EXCHANGE BANK: Warned Over Dividend Payout to Lone Star
TRIGEM COMPUTER: Reports KRW243-Mil. Net Income for Nine Months
TRIGEM COMPUTER: South Korean Court Halts Sale of Assets


M A L A Y S I A

FEDERAL FURNITURE: Third Quarter Net Loss Tops at MYR2.16 Mil.
HARVEST COURT: Incurs MYR3.12-Million Net Loss in 3Q 2006
LITYAN HOLDINGS: Posts MYR4.57-Mil. Profit in September Quarter
PAXELENT CORP: Posts MYR2.09-Mil. Net Loss in Third Qtr. 2006
SELOGA HOLDINGS: Gains MYR102,000 in Third Quarter 2006


N E W   Z E A L A N D

CARTER HOLT HARVEY: Completes Timberlands Sale to Hancock Timber
DENNY'S CORP: Reports November Same-Store Sales
EISS SUBTRONICS: Court Orders Liquidation of Business
EUROSTONE LTD: Appoints Official Assignee as Liquidator
GALLACHER FARM: Names Brown and Rodewald as Liquidators

GLOBAL INVESTMENT: Faces Liquidation Proceedings
ORAPIU BAY: Liquidation Hearing Set on Dec. 7
PREFERRED REALTY: Enters Liquidation Proceedings
PRESTIGE VEHICLE: Court Sets Liquidation Hearing on Dec. 11
T TILING: Liquidation Hearing Set on December 7

* New Zealand RMBS Arrears Continue to Fall, S&P Says


P H I L I P P I N E S

CLIENTLOGIC CORP: Moody's Affirms B3 Corporate Family Rating
DEVELOPMENT BANK: S&P Rates Unsecured Subordinated Notes at BB-
SBARRO INC: Unveils Terms of MidOcean Merger Agreement
SBARRO INC: Moody's Affirms Junk Corporate & Unsecured Ratings
SECURITY BANK: Signs MOU with One Bank for Distribution Tie-Ups

TOWER RECORDS: Files Schedules of Assets and Liabilities
TOWER RECORDS: Creditors Can File Proofs of Claim Until Jan. 21
WENDY'S INTERNATIONAL: Completes Sale of Baja Fresh for US$31MM
* Business Confidence Highest in 5.5 Years, BSP Says


S I N G A P O R E

AAR CORP: Good Financial Performance Cues Moody's Upgrades
ADVANCED MICRO: Gets DOJ Subpoena on Antitrust Violations
AVAGO TECHNOLOGIES: Members Decide on Voluntary Wind-Up
CHEMTURA CORP: Posts US$39.9-Million Net Loss in 2006 Third Qtr.
CLASSE CO: Will Pay First and Final Dividend to Creditors

GENESIS TECHNOLOGIES: Will Receive Proofs of Debt Until Dec. 15
LEAR CORP: Net Loss Down to US$74 Million in 2006 Third Quarter
OVERSEAS SHIPHOLDING: Completes US$471MM Purchase of Maritrans
SEA CONTAINERS: GE Wants Relief from Stay to Pursue Arbitration
UNITED ASSEMBLY: To Invest US$100 Million for Thailand Expansion

VINARICH PTE: Pays First and Final Dividend to Creditors


T H A I L A N D

SIAM COMMERCIAL: To Focus on Retail-Banking Business Next Year


* BOND PRICING: For the Week 4 December to 8 December 2006

     - - - - - - - -

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

BELL PLASTICS: To Declare First and Final Dividend on Jan. 11
-------------------------------------------------------------
Bell Plastics Sunshyne Pty Ltd, which is subject to a deed of
company arrangement, will declare a first and final dividend on
Jan. 11, 2007.

Creditors are required to formally prove their debts by Dec. 6,
2006, or they will be excluded from participating in any
distribution the company will make.

The Joint and Several Deed Administrator can be reached at:

         Grant Sparks
         SimsPartners
         Level 11, 145 Eagle Street
         Brisbane, Queensland 4000
         Australia

                      About Bell Plastics

Bell Plastics Sunshyne Pty Ltd manufactures plastic and
fiberglass products.  

The company is located in Queensland, Australia.
  

CEILING SYSTEMS: Final Meeting Slated for December 18
-----------------------------------------------------
Ceiling Systems & Partitions (2000) Pty Ltd, which is in
liquidation, will hold a final meeting for its members and
creditors on Dec. 18, 2006, at 9:30 a.m.

During the meeting, Liquidator Kim David Holbrook will present
his final report regarding the company's wind-up proceedings.

The Liquidator can be reached at:

         Kim David Holbrook
         Holbrook & Associates
         Chartered Accountants
         Level 2, 19 Pier Street (GPO Box M925)
         Perth, Western Australia 6001
         Australia

                      About Ceiling Systems

Ceiling Systems & Partitions (2000) Pty Ltd is located in
Western, Australia.  The company is a special trade contractor.


COEUR D'ALENE: Eyes 9 Mil. Ounce Silver Output in San Bartolome
---------------------------------------------------------------
Dennis Wheeler, chief executive officer of Coeur D'Alene Mines
Corp., told Business News Americas that the firm expects its San
Bartolome mine in Bolivia to produce 9 million ounces of silver
in 2008, its first full year of production.

According to BNamericas, Mr. Wheeler said at the Bear Stearns
Annual Commodities and Capital Goods Conference, "We are on
schedule there and that will be a major addition to our silver
production profile."

BNamericas relates that Coeur d'Alene foresees investment of
US$67 million in 2006 at San Bartolome, which has a total capex
tag of US$135 million. The mine will start operating at the end
of next year.  It will produce an average of 8 million ounces of
silver per year at cash costs of US$3.50 per ounce over its life
span.

Mr. Wheeler told BNamericas that San Bartolome has strong
government and community support.  He fully expects the project
to go forward as programmed despite the populist trend of many
governments in the region.  In a worst-case scenario, the
company has political risk insurance for the project.

Mr. Wheeler said he expects tight market conditions to continue
due to the imbalance between mine supply and fabrication demand,
which represents 50% of demand for the metal, BNamericas notes.

Mr. Wheeler told BNamericas, "Mine production has been unable to
keep up with fabrication demand for 17 consecutive years."

The gap is at 200 million ounces per year and is growing,
BNamericas says, citing Mr. Wheeler.  There will be little
progress in closing the gap, as there are few new mines on the
horizon, and above ground silver stocks and inventories are
likely to continue declining.

                       About Coeur d'Alene

Coeur d'Alene Mines Corp. -- http://www.coeur.com/-- is the  
world's largest primary silver producer, as well as a
significant, low-cost producer of gold.  The Company has mining
interests in Nevada, Idaho, Alaska, Argentina, Chile, Bolivia
and Australia.

                          *     *     *

Coeur d'Alene Mines Corp.'s US$180 Million notes due Jan. 15,
2024, carry Standard & Poors' B- rating.


CROWN CASTLE: Completes US$1.55-Bln Tower Revenue Notes Offering
----------------------------------------------------------------
Crown Castle International Corp. has completed the sale of its
previously announced offering of US$1.55 billion of Senior
Secured Tower Revenue Notes, Series 2006-1.

The Offered Notes were issued by certain of its indirect
subsidiaries in a private transaction as additional debt
securities under the existing Indenture dated as of June 1,
2005, pursuant to which the Senior Secured Tower Revenue Notes,
Series 2005-1 were issued.

The Offered Notes consist of seven classes of notes, five of
which are rated investment grade.  The weighted average interest
rate on the various classes of Offered Notes is approximately
5.71%.  Further, all of the Offered Notes have an expected life
of five years with a final maturity of November 2036.

Crown Castle used approximately US$1 billion of the net proceeds
received from this offering to repay the outstanding term loan
under the Crown Castle Operating Company credit facility.  Crown
Castle expects to use the remaining net proceeds received from
this offering to pay the expected cash portion of the
consideration of the planned acquisition of Global Signal Inc.
or, in the event the acquisition of Global Signal Inc. is not
consummated, for general corporate purposes.

The Borrowers' obligation to make interest payments under the
Offered Notes is entirely on a fixed interest rate basis.  The
Offered Notes are comprised of seven classes, including US$623.5
million of Class A notes, receiving the highest investment grade
rating of Aaa/AAA by Moody's Investor Services and Fitch
Ratings, respectively.  The Class A notes include US$453.5
million of a fixed rate class and US$170 million of a floating
rate class (floating rate payments will be paid by a third party
pursuant to a swap arrangement between the indenture trustee and
such third party in exchange for a fixed rate payment by the
Borrowers).

                         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
U.S. and Australia, respectively.


CROWN CASTLE: Moody's Rates Class G Senior Notes at Ba2
-------------------------------------------------------
Moody's Investors Service assigned ratings to eight classes of
notes issued by Crown Castle Towers LLC.

These are the rating actions:

   * Issuer: Crown Castle Towers LLC

   * Anticipated Repayment Date: Nov. 15, 2011

   * Rated Final Payment Date: Nov. 15, 2036

     -- US$453,540,000, 5.2446%, Class A-FX Series 2006-1 Senior
        Secured Tower Revenue Notes, Aaa

     -- US$170,000,000, Libor + 0.17%, Class A-FL Series 2006-1
        Senior Secured Tower Revenue Notes, Aaa

     -- US$150,155,000, 5.3620% Class B Series 2006-1 Senior
        Secured Tower Revenue Notes, Aa2

     -- US$150,155,000, 5.4696% Class C Series 2006-1 Senior
        Secured Tower Revenue Notes, A2

     -- US$150,150,000, 5.7724% Class D Series 2006-1 Senior
        Secured Tower Revenue Notes, Baa2

     -- US$144,000,000, 6.0652% Class E Series 2006-1 Senior
        Secured Tower Revenue Notes, Baa3

     -- US$249,000,000, 6.6496% Class F Series 2006-1 Senior
        Secured Tower Revenue Notes, Ba1

     -- US$83,000,000, 6.7954% Class G Series 2006-1 Senior
        Secured Tower Revenue Notes, Ba2

Crown Castle International Corp. is a large wireless
communications tower owner with a presence throughout the United
States and Australia.  The firm derives approximately 90% of its
revenues by leasing site space on its 11,527 U.S. towers to
wireless service providers and constitutes the cash flow stream
for this securitization.  The remaining revenue is derived from
its services business, which provides network services relating
to sites or wireless infrastructure for customers, including
project management of antenna installation.

On June 8, 2005 Crown Castle Towers LLC issued a series of notes
consisting of four subclasses in the amount of US$1,900,000,000.

Since then Crown Castle International Corp. has acquired three
other tower portfolios:

   (a) Trintel, a portfolio of 467 sites in Dallas-Fort Worth,
       Detroit and New Orleans;

   (b) Mountain Union Telecom, a portfolio of 474 sites in Los
       Angeles, Denver, Phoenix and Las Vegas; and,

   (c) on Oct. 6, 2006 CCI announced it had entered into a
       definitive agreement to acquire Global Signal in a stock
       and cash transaction valued at approximately $5.8 billion
       and is expected to close in the first quarter of 2007

The additional US$1.55 billion raised through this offering will
be used to refinance its existing credit facility and the cash
portion of the Global Signal acquisition.  10,578 towers owned
by the Initial Issuers that constituted the cash flow stream for
the 2005-1 notes will be supplemented by an additional 949
sites.  The cash flows from the combined 11,527 sites will
constitute the cash flow for 2005-1 and 2006-1 notes, and as of
Sept. 30, 2006 the 11,527 sites had an annualized run rate net
cash flow of US$423 million.

Moody's ratings on this transaction are derived from Moody's
projected net cash that the pool will generate from leasing the
tower sites, the structural enhancement including the
subordinate tranches, and the legal structure.  Moody's ratings
address only the credit risks associated with the transaction.  
Other non-credit risks, such as those associated with the timing
of principal prepayments and the payment of prepayment
penalties, have not been addressed and may have a significant
effect on yield to investors.

                         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
U.S. and Australia, respectively.


ELECTRO SILICA: Members Appoint Danny Vrkic as Liquidator
---------------------------------------------------------
At a general meeting held on Nov. 14, 2006, the members of
Electro Silica Pty Ltd resolved to voluntarily wind up the
company's operations and appointed Danny Vrkic as liquidator.

Mr. Vrkic's appointment was confirmed at the creditors' meeting
held later that day.

The Liquidator can be reached at:

         Danny Vrkic
         Jirsch Sutherland & Co - Wollongong
         Chartered Accountants
         Level 3, 6-8 Regent Street
         Wollongong, New South Wales 2500
         Australia
         Telephone: 02 4225 2545
         Facsimile: 02 4225 2546


I.C. RUSSELL: Schedules Members' Final Meeting on January 4
-----------------------------------------------------------
A final meeting of the members of I.C. Russell Pty Ltd, which is
in liquidation, will be held on Jan. 4, 2007, at 10:00 a.m.

At the meeting, the members and creditors will be asked to:

   -- receive and adopt the report of the liquidator's act
      and dealings during the conduct of the winding up;

   -- receive and adopt Australian Securities and Investments
      Commission Form 524 Accounts and Statement by the
      liquidator; and

   -- transact other business, which may be properly brought
      forward.

The liquidator can be reached at:

         Rodney Kenneth Allan
         Hogg Lawson Level 19
         141 Queen Street
         Brisbane, Queensland 4000
         Australia

                        About I C Russell

I C Russell Pty Ltd is located in Queensland, Australia.  The
company's functions are related to deposit banking.


L.J. RUSSELL: Members to Hold Final Meeting on January 4
--------------------------------------------------------
L.J. Russell (Forwarding) Pty Ltd, which is in liquidation, will
hold a final meeting for its members on Jan. 4, 2007, at
10:00 a.m.

At the meeting, the members will be asked to:

   -- receive and adopt the report of the liquidator's act
      and dealings during the conduct of the winding up;

   -- to receive and adopt Australian Securities and Investments
      Commission Form 524 Accounts and Statement by a
      liquidator; and

   -- to transact other business, which may properly be brought
      forward at the meeting.

The Liquidator can be reached at:

         Rodney Kenneth Allan
         Hogg Lawson Level 19
         141 Queen Street
         Brisbane, Queensland 4000
         Australia

                       About L J Russell

L J Russell (Forwarding) Pty Ltd is an investor holding company.

The company is located in Queensland, Australia.


LIMTHON INVESTMENTS: Members Decide to Wind Up Operations
---------------------------------------------------------
On Oct. 23, 2006, the members of Limthon Investments Company Pty
Ltd held a general meeting and decided to voluntarily wind up
the company's operations.

The Liquidator can be reached at:

         Bernard Harris Edelstein
         B. H. Edelstein & Co
         Chartered Accountants
         Level 2, 10 Barrack Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9299 7088


MILLETA PTY: Will Declare Dividend on Jan. 10
---------------------------------------------
Milleta Pty Ltd will declare final dividend for its creditors on
Jan. 10, 2007.

Accordingly, creditors are required to formally prove their
debts by Dec. 19, 2006, or they will be excluded from sharing in
the dividend distribution.

As reported by the Troubled Company Reporter - Asia Pacific, the
company was placed under members' voluntary wind-up on Jan. 27,
2006.

The Joint and Several Liquidators can be reached at:

         Christopher R. Campbell
         Peter G. Yates
         Deloitte Touche Tohmatsu
         Grosvenor Place, 225 George Street
         Sydney, New South Wales 2000
         Australia


MISSION PHARMACAL: Members Resolve to Liquidate Business
--------------------------------------------------------
At an extraordinary general meeting held on Nov. 10, 2006, the
members of Mission Pharmacal Australia Pty Ltd passed a
resolution to liquidate the company's business and appointed
Brian Patrick Woodward as liquidator.

The Liquidator can be reached at:

         Brian Patrick Woodward
         B. P. Woodward & Associates
         Suite 501, 83 York Street
         Sydney, New South Wales 2000
         Australia


MULTIPLEX GROUP: To Establish European Property Fund
----------------------------------------------------
On November 28, 2006, Multiplex Capital, the property funds
management division of the Multiplex Group, disclosed its
intention to establish a new European property fund -- the
Multiplex European Property Fund.

The initial assets of the MEPF will be a diversified portfolio
of 67 property assets throughout Germany valued at
EUR356 million (AU$595 million), with settlement on the
portfolio and the capital raising for MEPF to occur in the
second quarter of 2007.

The key features of the portfolio are:

   * 98.5% occupancy;

   * Blue chip tenants with long weighted average lease term of
     approximately 10 years;

   * 84% of properties less than seven years old;

   * Weighted toward the retail sector; and

   * Established German property management team.

The Managing Director of Multiplex Capital, Ian O'Toole, said
"as Germany is a significant international property market with
positive indicators for future growth, we believe there will be
strong investor demand for the fund."

"While this portfolio of assets is solely based in Germany, we
will look to pursue investment opportunities to grow the fund
within the broader European market," Mr. O'Toole added.

Instrumental in securing this off market transaction was Kevin
Murphy, Multiplex Capital Divisional Director, Europe.  
According to Mr. Murphy, "whilst numerous investment
opportunities exist in Europe, few meet the quality of this
portfolio."

The properties will be managed in Luxembourg with the assistance
of the vendor group, REIT AM GmbH with whom Multiplex Capital
will form a long-term alliance.  MEPF itself will be managed
from Sydney with local support and expertise provided by the
recently established team in Europe.

Multiplex Property Trust will become a cornerstone investor in
the new vehicle consistent with Multiplex Group's strategy to
align its interests with external investors.

The transaction is another major milestone in the growth of
Multiplex Capital and follows the successful listing of the
AU$640 million Multiplex Acumen Prime Property Fund in September
2006.

External funds under management will increase by more than 20%
to over AU$3.3 billion once settlement occurs with total funds
under management for the Group exceeding AU$6 billion.

"MEPF represents the next phase of Multiplex Capital's strategy;
to build upon what is now a substantial funds management
platform, creating a constellation of funds that offer a wide
variety of equity participants a range of outstanding investment
vehicles in a number of geographic markets," Mr. O'Toole said.

                         About Multiplex

Headquartered at Miller's Point, in New South Wales, Australia,
Multiplex Group -- http://www.multiplex.biz/-- derives its  
revenue from property funds management, construction, property
development, and facilities management.  The Group employs over
2,000 people and has established operations and offices
throughout Australia, New Zealand, the United Kingdom and the
Middle East.  In December 2003, Multiplex Limited listed on the
Australian Stock Exchange as a part of the Multiplex Group,
raising a total of AU$1.2 billion.  Multiplex Group was formed
by combining the various businesses of Multiplex Limited and the
newly established portfolio of investments held by Multiplex
Property Trust.

Early in 2005, Multiplex began facing cost pressures on its
reconstruction project for the Wembley Stadium in London,
prompting it to conduct its own internal investigation into the
Wembley difficulties.  Its auditor, KPMG, later conducted its
own thorough review of the problems, leading to an unpredicted
write-down.  In February 2005, stunned investors sold down
Multiplex shares after the Company reversed its stance on two
United Kingdom projects, writing off AU$68.3 million from its
profits.  This started a series of profit downgrades throughout
2005.

In May 2005, Multiplex admitted that its troubled Wembley
Stadium construction project may end up with a multimillion
loss.  As of February 2006, the Company is faced with liquidity
crisis after posting a massive AU$474 million loss on Wembley.

The Troubled Company Reporter - Asia Pacific reported on
August 18, 2006, that Multiplex Group's financial results for
the year ended June 30, 2006, noted that the Wembley project in
the United Kingdom incurred a pretax loss of AU$364.3 million or
AU$255 million after tax loss.  The project loss position has
remained unchanged since December 31, 2005.


PEABODY ENERGY: Inks Powder River Supply Pact with TransAlta
------------------------------------------------------------
Peabody Energy disclosed that its COALSALES subsidiary has
entered into an agreement with Calgary-based TransAlta
Corporation to supply Powder River Basin coal to the Centralia
coal-fueled plant in Washington state.

The agreement continues the long-term trend of coal demand
shifting to the Powder River Basin, the fastest growing coal
region in the United States.  The Energy Information
Administration estimates that the Powder River Basin will supply
approximately three-fourths of the expected growth in U.S. coal
demand through 2025.  The Powder River Basin is expected to
supply the majority of coal used by new coal plants planned over
the next five years.  And test burns for expanded Powder River
Basin coal use are scheduled for electricity generators in New
York, Pennsylvania, Maryland, West Virginia, North Carolina and
Kentucky.

TransAlta will stop mining at its Centralia coal mine that was
operated to fuel the Centralia plant.  Coal for the TransAlta
contract will be sourced through Peabody's Rawhide Mine, which
is perennially among the nation's most productive.  The contract
may be extended subject to mutually acceptable terms.

Peabody has the number one position in the Powder River Basin
and controls approximately 3.5 billion tons of Powder River
Basin reserves.  Rawhide Mine shipped 12.4 million tons of coal
in 2005.

Headquartered in St. Louis, Missouri, Peabody Energy Corp.,
(NYSE: BTU) -- http://www.peabodyenergy.com/-- is the world's  
largest private-sector coal company, with 2005 sales of 240
million tons of coal and U.S.US$4.6 billion in revenues.  Its
coal products fuel 10% of all U.S. and 3% of worldwide
electricity.  The company has coal operations in Australia.

                          *     *     *

On October 24, 2006, the Troubled Company Reporter - Asia
Pacific reported that in connection with Moody's Investors
Service's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology for the North American
Metals & Mining sectors, the rating agency confirmed its Ba1
Corporate Family Rating for Peabody Energy Corporation.


PEARLTOYS PTY: Inability to Pay Debts Prompts Wind-Up
-----------------------------------------------------
The members and creditors of Pearltoys Pty Ltd met on Nov. 8,
2006, and passed a special resolution to voluntarily wind up the
company's operations due to its inability to pay debts when they
fall due.

Accordingly, Geoffrey McDonald was appointed as liquidator.

The Liquidator can be reached at:

         Geoffrey Mcdonald
         c/o Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia


PERAWOOD PTY: Members Resolve to Wind Up Firm
---------------------------------------------
The members of Perawood Pty Ltd held a general meeting on
Nov. 16, 2006, and resolved to voluntarily wind up the company's
operations.

In this regard, Lachlan McIntosh and John Park were appointed as
liquidators.

The Liquidators can be reached at:

         Lachlan McIntosh
         John Park
         KordaMentha (Queensland)
         22 Market Street, Brisbane
         Australia

                       About Perawood Pty

Perawood Pty Ltd is located in Queensland, Australia.  The
company is engaged with durable goods.


PRIMELIFE CORPORATION: To Capitalize Notes Interest Payment
-----------------------------------------------------------
On November 30, 2006, Primelife Corporation Limited disclosed
that its 9.5% converting notes mature on December 14, 2006.

Primelife provided these key dates:

      Event                                         Date
      -----                                         ----
   Notes trade ex interest                   November 30, 2006
   Record date for interest payment date      December 6, 2006
   Notes cease trading                        December 7, 2006
   Issue date for new PLFGB Notes            December 14, 2006
   Maturity date of PLFGB Notes              December 14, 2006
   Final interest payment date               December 14, 2006

Accordingly, Primelife's board of directors has determined to
capitalize the December 14, 2006 interest payment on the PLFGB
Notes.

The Company will effect this by issuing new PLFGB Notes at an
issue price of AU$1.00 on the same terms as the existing PLFGB
Notes in satisfaction of its interest payment obligations.  The
new PLFGB Notes will rank pari passu from the date of issue.

Statements in relation to new PLFGB Notes issued will be
dispatched around December 21, 2006.

Holders who are not subject to Australian withholding tax and
have previously provided a tax file number to Primelife, and
have acquired all noteholding "cum interest," they will receive
0.043933 new PLFGB Notes for every PLFGB Note they hold on
December 7, 2006.

If on capitalization the aggregate number of new PLFGB Notes to
which a Noteholder is entitled includes a fraction of a new
PLFGB Note, that fraction must be rounded up to the nearest
whole number of new PLFGB Note.

All holders of PLFGB Notes are entitled to convert all or some
of their PLFGB Notes into ordinary shares in the period November
29, 2006, to December 14, 2006.  The conversion price of PLFGB
Notes will be the greater of AU$1.25 and 90% of the volume
weighted average price at which Primelife's ordinary shares
trade on the Australian Stock Exchange over the 10 business days
to December 14, 2006.

PLFGB Notes that have not been converted before December 14,
2006, will subsequently automatically convert to Primelife
ordinary shares.  The Company will give holders of PLFGB Notes a
conversion notice specifying the conversion date on which all
PLFGB Notes will convert to ordinary shares.  The conversion
price of PLFGB Notes will be the greater of AU$1.25 and 90% of
the VWAP at which Primelife's ordinary shares trade on ASX over
the 20 business days to the specified conversion date.  If no
conversion notice is given before February 12, 2007, that date
will be the conversion date.

The conversion price and therefore the precise number of
Primelife ordinary shares to be issued on conversion of PLFGB
Notes will be determined on the relevant conversion date.

If on conversion the aggregate number of ordinary shares to
which a PLFGB Note holder is entitled to includes a fraction of
an ordinary share, that fraction must be rounded up to the
nearest whole number of ordinary share.

Holders of PLFGB Notes wishing to convert all or some of their
PLFGB Notes are required to contact the Company's Registry, Link
Market Services Limited on 1300 554 474 for a personalized
conversion form.  The Form must be completed and received by the
Company's Registry not later than 5 p.m. (Melbourne time) on
December 14, 2006.

                        About Primelife

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

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

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

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


SONS OF GWALIA: DOCA Period Extended to March 31, 2007
------------------------------------------------------
On August 10, 2006, the Troubled Company Reporter - Asia Pacific
cited a circular dated August 4, posted at Sons of Gwalia
Limited's Web site, notifying creditors that on July 25, Master
Sanderson of the Supreme Court of Western Australia extended the
Deeds of Company Arrangement period to November 30.

In an update, a report to creditors dated November 24, 2006, was
posted at the company's Web site advising a further extension of
the DOCA period to March 31, 2007.

The Administrators sought and obtained the approval of the
Supreme Court of Western Australia to extend the DOCA period.

The extension is considered to have very limited further impact
on the company's creditors as:

   * the Group is forecast to be cashflow positive during the
     extended DOCA period;

   * although there may be a delay in any distribution to
     creditors, the delay is necessary to maximize the return to
     creditors; and

   * any distribution to creditors arising from the successful
     pursuit of the identified litigation recoveries would be
     unaffected by the delay, as those claims are not dependent
     on timing of the preferred restructure option.

                Consultative Creditors Committee

According to the report, prior to making the Court application,
the Consultative Creditors Committee resolved not to disapprove
the extension of the DOCA period.

The Administrators have continued to work with the CCC that was
appointed by resolution of creditors at a creditors meeting held
on August 30, 2005.  The composition of the CCC has changed over
the course of the DOCA and is now comprised of five members who
collectively hold 68% of the Group's debt excluding shareholder
claims -- 53% of the Group's debt including shareholder claims:

   1. ANZ Bank;
   2. Citibank;
   3. Evan Flaschen -- representing several US investors;
   4. ING USA Annuity and Life Insurance Company; and
   5. JP Morgan Chase Bank

The Administrators remain in frequent communication with the CCC
with regard to the administration matters.  The next
communication to the full body of creditors will occur prior to
March 31, 2007, upon further significant progress being made in
the respect of the Group's affairs and restructure process.

                     About Sons of Gwalia

Headquartered in Perth, Western Australia, Sons of Gwalia Ltd --
http://sog.com.au/-- is a mining company listed on the  
Australian Stock Exchange for over 20 years.  The Company had
two operating divisions, Gold and Advanced Minerals.  Sons of
Gwalia is the world's single biggest producer of Tantalum.

In August 2004, Gwalia announced a strategic review, which
included AU$10 million in cost savings for 2003-04 and the loss
of 100 jobs from the gold division and Perth head office, after
the Company failed to meet its hedging commitments due to the
serious deterioration of its gold reserves and resources.

The Company collapsed with AU$862 million in debt, and called in
joint and several administrators Andrew Love, Garry Trevor and
Darren Weaver of Ferrier Hodgson.  Sons of Gwalia was unable to
obtain agreement of all creditor counterparties to a standstill
agreement.  In February 2006, Gwalia announced that it will
undertake an operational restructure following recent agreements
reached with its two major customers for reduced sales volumes
in return for production and product specification flexibility.  
The operational restructure will maximize tantalum production at
Gwalia's lower cost Wodgina mine.

The Company is under a Deeds of Company Arrangement.


SONS OF GWALIA: Claimants Assert AU$242 Million in Aggregate
------------------------------------------------------------
In a report to creditors dated November 24, 2006, the
Administrators of Sons of Gwalia Limited disclosed that there
have been 5,304 shareholder claims made in the Administration
asserting aggregate damages of AU$242 million.  These claims
will be subject to the outcome of a Shareholder Test Case, as
well as the various claimants being required to establish the
bona fides of their shareholdings and the validity and quantum
of their claims for damages.

The report noted that on August 16, 2005, the Administrators
advised that proceedings had been filed in the NSW Registry of
the Federal Court of Australia in respect of a Shareholders Test
Case.

The purpose of the test case is to resolve whether valid
shareholder claims are provable as ordinary unsecured debts
ranking equally with the debts due to ordinary unsecured
creditors or whether they are subject to statutory subordination
and rank behind the debts of the ordinary unsecured creditors.

As reported in the Troubled Company Reporter - Asia Pacific on
March 1, 2006, Luka Margaretic bought AU$26,000 worth of shares
in Sons of Gwalia Ltd. in 2004, barely two weeks before its
collapse.  Mr. Margaretic claimed that the Company has breached
continuous disclosure obligations and engaged in misleading and
deceptive conduct.

Mr. Margaretic initiated a legal action against Gwalia.  
Subsequently, Justice Arthur Emmet of the Federal Court ruled in
Mr. Margaretic's favor and directed the Company to consider him
as a creditor.

The TCR-AP subsequently reported that the High Court permitted
the Company to file an appeal against Judge Emmet's decision.  
However, three Federal Court judges dismissed the Appeal.  The
full court held unanimously that Mr. Margaretic would rank
alongside unsecured creditors if he succeeds in proving a
misleading and deceptive conduct case against the failed
goldminer.

Gwalia, together with another creditor, ING Investment
Management, applied for a special leave to challenge the Federal
Court's order.

The report notes that the High Court's decision is reserved.  
The Administrators expect it to be delivered in the near term.

In the event that the High Court rules in favor of the
shareholder, claims from shareholders who have proven the
validity of their claims against SOG and had their claims
accepted by the Administrators in the appropriate amount, will
rank alongside other unsecured creditors in any restructure of
the business and participation in distributions of asset
realizations and litigation recoveries.

Any distributions or restructure that take place while the
Shareholder Test Case remains undecided will preserve the rights
and interests of those parties that have claims.  Given the
various potential elements to shareholder claims, the variety of
types of direct and indirect damages asserted and the onus of
proof on the shareholders, final adjudication of all shareholder
claims is expected to extend well beyond the receipt of the
decision of the High Court.

                     About Sons of Gwalia

Headquartered in Perth, Western Australia, Sons of Gwalia Ltd --
http://sog.com.au/-- is a mining company listed on the  
Australian Stock Exchange for over 20 years.  The Company had
two operating divisions, Gold and Advanced Minerals.  Sons of
Gwalia is the world's single biggest producer of Tantalum.

In August 2004, Gwalia announced a strategic review, which
included AU$10 million in cost savings for 2003-04 and the loss
of 100 jobs from the gold division and Perth head office, after
the Company failed to meet its hedging commitments due to the
serious deterioration of its gold reserves and resources.

The Company collapsed with AU$862 million in debt, and called in
joint and several administrators Andrew Love, Garry Trevor and
Darren Weaver of Ferrier Hodgson.  The Company was also unable
to obtain agreement of all creditor counterparties to a
standstill agreement.  In February 2006, Gwalia announced that
it will undertake an operational restructure following recent
agreements reached with its two major customers for reduced
sales volumes in return for production and product specification
flexibility.  The operational restructure will maximize tantalum
production at Gwalia's lower cost Wodgina mine.

The Company is under a Deeds of Company Arrangement.


SONS OF GWALIA: Posts AU$624,668,000 Deficit as of Oct. 1, 2006
---------------------------------------------------------------
In a report to creditors dated November 24, 2006, Sons of Gwalia
Limited provided an analysis of its unaudited consolidated
statement of financial position as at October 1, 2006.

As of October 1, 2006, the company's total liabilities was
AU$935.003 million exceeding total assets of AU$310.335 million,
resulting to total shareholders' deficit of AU$624.668 million.

The report also disclosed that the approved bank facilities of
AU$77 million utilized for the Administration period have been
drawn to AU$54 million to date.  During the period of the
extension of the Deeds of Company Arrangement to March 31, 2007,
a further draw-down on the bank facilities of AU$5 million is
expected, taking total draw-downs under the facility to AU$59
million.

                     About Sons of Gwalia

Headquartered in Perth, Western Australia, Sons of Gwalia Ltd --
http://sog.com.au/-- is a mining company listed on the  
Australian Stock Exchange for over 20 years.  The Company had
two operating divisions, Gold and Advanced Minerals.  Sons of
Gwalia is the world's single biggest producer of Tantalum.

In August 2004, Gwalia announced a strategic review, which
included AU$10 million in cost savings for 2003-04 and the loss
of 100 jobs from the gold division and Perth head office, after
the Company failed to meet its hedging commitments due to the
serious deterioration of its gold reserves and resources.

The Company collapsed with AU$862 million in debt, and called in
joint and several administrators Andrew Love, Garry Trevor and
Darren Weaver of Ferrier Hodgson.  The Company was also unable
to obtain agreement of all creditor counterparties to a
standstill agreement.  In February 2006, Gwalia announced that
it will undertake an operational restructure following recent
agreements reached with its two major customers for reduced
sales volumes in return for production and product specification
flexibility.  The operational restructure will maximize tantalum
production at Gwalia's lower cost Wodgina mine.

The Company is under a Deeds of Company Arrangement.

As of October 1, 2006, the company's total liabilities was
AU$935.003 million exceeding total assets of AU$310.335 million,
resulting to total shareholders' deficit of AU$624.668 million.


UNIVERSAL COMPRESSION: Appoints 3 Independent Directors to Board
----------------------------------------------------------------
The general partner of Universal Compression Partners, L.P.,
appointed James G. Crump, G. Stephen Finley and Mark A. McCollum
as independent board members on its Board of Directors and will
serve on the board's audit, compensation and conflicts
committees.

"We are pleased that these three talented individuals have
joined our board as independent directors," said Stephen A.
Snider, Chairman, President and Chief Executive Officer of
Universal Compression Partners' general partner.  "Their
significant experience with financial and corporate governance
matters in the energy industry will be invaluable as we seek to
continue to
grow Universal Compression Partners."

Mr. Crump, who was appointed as a director effective Oct. 16,
2006, worked as an accountant at PricewaterhouseCoopers and its
predecessors until his retirement, including in numerous
management and leadership roles such as Global Energy and Mining
Cluster Leader, as a member of the U.S. Management Committee and
the Global Management Committee and as Houston Office Managing
Partner. Mr. Crump also serves as a director of Copano Energy,
L.L.C.

Mr. Finley, who was appointed as a director effective Nov. 20,
2006, is the retired Senior Vice President -- Finance and
Administration and Chief Financial Officer of Baker Hughes
Incorporated.  Previously at Baker Hughes, Mr. Finley served as
Senior Vice President and Chief Administrative Officer and also
as Controller. Mr. Finley also serves as a director of Ocean Rig
ASA.

Mr. McCollum, who was appointed as a director effective Oct. 16,
2006, serves as the Senior Vice President and Chief Accounting
Officer of Halliburton Company.  Mr. McCollum previously served
as the Senior Vice President and Chief Financial Officer of
Tenneco Automotive, Inc.

Universal Compression Partners was recently formed by Universal
Compression Holdings, Inc., to provide natural gas contract
compression services to customers throughout the United States
and was started with an initial fleet comprising approximately
330,000 horsepower, or approximately
17% by available horsepower of Universal Compression Holdings'
domestic contract compression business at that time. Universal
Compression Holdings owns approximately 51 percent of Universal
Compression Partners.

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

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
November 27, 2006, Standard & Poor's Ratings Services raised its
corporate credit rating on Universal Compression Holdings Inc.
to 'BB' from 'BB-'.  At the same time, Standard & Poor's
assigned its 'BB' rating and '3' recovery rating to Universal's
US$500 million revolving credit facility. The company had
approximately US$807 million in debt outstanding following the
IPO of its subsidiary Universal Compression Partners L.P.


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

ABS GLOBAL: S&P Rates Trade Loan Receivables Set by Citigroup
-------------------------------------------------------------
On December 4, 2006-Standard & Poor's Ratings Services assigned
its credit ratings to the US$198.9 million Series 2006-1 asset-
backed securities to be issued by ABS Global Finance PLC, a
special-purpose vehicle (SPV) incorporated in Ireland.

   Class              Rating        Amount (mils. US$)
   -----              ------        ------------------
     A                 AAA               186.0
     C                 A                   7.0
     D                 BBB                 3.0
     E                 BB                  2.0
     F                 B                   0.9
Equity tranche      Not rated              1.1

Class B notes which target AA rating are not issued in this
transaction.  The legal final maturity date for Class A, C, D,
E, and F notes is December 2010.

Citigroup Global Markets Inc. is the lead manager for this
transaction.  Citibank N.A. is establishing a global program,
the Citigroup Corporate and Investment Bank Asset-Backed
Securities Issuance Program. In this transaction, ABS Global
Finance PLC issued notes backed by corporate and commercial
trade finance loan obligations originated by Citibank's Global
Transaction Services unit.  
     
Citibank is a leading bank in the trade finance arena.  The
pilot issuance will incorporate trade loans from three
jurisdictions in Asia, namely Hong Kong, Singapore, and Taiwan.  
With Asia's fast-growing economy and position as the
manufacturing center of the world, the region is a big and very
important market for Citibank's trade finance business.  
Citibank's branches in these three jurisdictions will act as
local originators and servicers.  Once the inaugural transaction
and the program are established, it is expected that Citibank
will add new assets from additional countries into the
portfolio, subject to rating affirmation.
     
The ratings assigned to the Class A, Class C, Class D, Class E,
and Class F notes to be issued by ABS Global Finance PLC
reflect:

   -- The strong and stable performance of Citibank's trade loan
      portfolio in Hong Kong, Singapore, and Taiwan;

   -- The actual credit support provided by the subordination
      amount to each class of notes;

   -- The various requirements on the composition of the asset
      portfolio, including eligible receivable criteria, country
      exposure limits, and industry exposure limits;

   -- Citibank's trade finance origination, underwriting, risk
      management, and servicing capabilities;

   -- The supporting counterparties in the transaction have  
      eligible ratings; and

   -- Sound structural and legal provisions.
     
Establishment of the CABS Program is expected to give Citibank
more flexibility to issue securitization notes from time to time
according to its funding and capital management needs. This
transaction is a good example of how securitization techniques
can be utilized to meet business needs.  Issuance of notes under
the program will continue to inject momentum to the Asian
securitization market.


BENQ: Long Term Corporate Credit Rating Gets twBB+ from TRC
-----------------------------------------------------------
On December 1, 2006Taiwan Ratings Corp., assigned its long-term
twBB+ and short-term twB corporate credit ratings to BenQ Corp.  
The outlook on the long-term rating is negative.  At the same
time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's:

   * continuing operating losses from its handset operations;
   
   * high leverage; and

   * the competitive nature and low profitability of the LCD
     monitor industry.

Counterbalancing factors include BenQ's good position in the LCD
monitor and projector markets, and its adequate financial
flexibility, underpinned by liquid investments of about NT$50
billion in AU Optronics Corp, Darfon Electronics Corp, and Lite-
On IT Corp.

BenQ faces challenges to turnaround its loss-making handset
operations after its decision, on Sept. 28, 2006, to discontinue
injecting capital into BenQ Mobile, its German handset
subsidiary.  BenQ plans to maintain downsized handset operations
in Asia and focus on high-end, niche product segments.  
Nevertheless, competitive market conditions and uncertainty
about customer retention are likely to hamper BenQ's efforts to
rapidly restore its handset revenue over the near term.

BenQ's plan to spin off its Integrated Manufacturing Services
Business Group is expected to facilitate its acquisition of new
ODM orders.  The action is also expected to allow BenQ to better
exploit its good manufacturing capability and enhance its
overall operating performance, despite the expectation of weak
profitability from its branded business.

Net losses expanded to NT$12.2 billion in the third quarter of
2006, mostly because of the write-off of BenQ Mobile-related
equity investments, receivables, inter-company loans, and
inventory.  Further restructuring charges will be limited to the
restructuring of BenQ's handset operations in Asia.  Operating
losses, which were NT$80 million in the third quarter of 2006,
are expected to continue over the near term due to operating
losses from BenQ's handset business, despite the strengthening
of its LCD monitor operating margin.

BenQ is burdened with high debt that was accumulated over the
past year to support the loss-making BenQ Mobile.  The company's
ratio of debt to capital was a high 60.6% as at Sept. 30, 2006.  
Moreover, cash flow protection measures are weak due to extended
operating losses.  The company plans to rapidly pay down its
debt through the sale of various assets, including idle fixed
assets and liquid long-term investments.  Other repayment
sources include anticipated cash payments from Siemens AG --
rated AA-/Watch Neg/A-1+ by Standard & Poor's Ratings Services -
- and the sale of part of its ownership in the new company that
will be formed by the spin-off of BenQ's Integrated
Manufacturing Services Business Group.

BenQ's liquidity is adequate.  As at Sept. 30, 2006, the company
had NT$9.04 billion in cash compared with NT$2.05 billion in
long-term debt due within one year.  The company also has unused
banking facilities of about NT$10 billion, which provide
additional liquidity support.

The negative outlook reflects the challenges BenQ faces to
restructure its handset operations, its thin operating margin,
and high leverage.  The ratings may be lowered if BenQ fails to
curb the operating losses at its handset operations and reduce
its debt as planned, or if its liquidity deteriorates
significantly over the next few quarters.  Conversely, the
outlook could be revised to stable if the company, particularly
its handset business, generates sustainable profits and its debt
level declines as planned.


CHAMP WEALTH: Court Sets Date to Hear Wind-Up Petition
------------------------------------------------------
The High Court of Hong Kong will hear the wind-up petition filed
against Champ Wealth Industrial Ltd on Dec. 27, 2006, at
9:30 a.m.

Law Ng Nui filed the petition with the Court on Nov. 6, 2006.

The Solicitors for the Petitioner can be reached at:

         Chong Yan-Tung Chris
         34/F, Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong


DOUBLE MIND: Accepting Proofs of Debt Until December 15
-------------------------------------------------------
A dividend will be distributed for the creditors of Double Mind
Optical Disc Manufacture Ltd.

In this regard, Liquidators Bruno Arboit and Simon Blade will be
accepting proofs of debt from the company's creditors until
Dec. 15, 2006.

The Liquidators can be reached at:

         Bruno Arboit
         Simon Blade
         1203-1213 China Merchants Tower
         Shun Tak Centre
         168-200 Connaught Road, Central
         Hong Kong


DRESSON TRADING: Final Meeting Slated for January 9
---------------------------------------------------
The final meeting of the members and creditors of Dresson
Trading Company Ltd will be held on Jan. 9, 2007, at 3:00 p.m.
and 3:30 p.m., respectively.

The Troubled Company Reporter - Asia Pacific reported that the
company's members and creditors previously received the
liquidator's wind-up report on March 28, 2006.

The Liquidator can be reached at:

         Wong Ka Lam King
         2/F, Double Building
         22 Stanley Street, Central
         Hong Kong


FIRST COMMERCIAL: Fitch Keeps Individual Rating at C
----------------------------------------------------
On November 30, 2006, Fitch Ratings affirmed the ratings of
First Commercial Bank (Taiwan).

   -- Long-term Issuer Default rating at BBB+;
   -- Short-term foreign currency at F2;
   -- National Long-term at AA-(twn);
   -- National Short-term F1(twn);
   -- Individual C;
   -- Support 2.  

The Outlook on the ratings is Stable.

The Individual rating of FCB reflects:

   * its adequate capitalization;
   * sound asset quality; and
   * limited core profitability.

The bank's IDR also incorporates the likelihood of support given
the government's substantial ownership and control.  FCB has
actively pursued trade finance services for overseas Taiwanese
firms, particularly in the Greater China area, by leveraging off
its strong local corporate relationships.  The bank enjoyed a
stronger than industry average loan growth in 2006 due to the
expansion in the mortgage and SME segments.  FCB's mid-2006 loan
book remained clean with an impaired loans ratio of 1.6%, with
these being 52% covered by reserves.  Benefiting from low credit
costs and sizable bad debt recoveries, FCB's ROE remained at
over 14% in 2004 to 2005.

The agency notes that FCB's bad debt recovery may slide in 2006.
Nonetheless, ROE is expected to stay at around 12% in 2006,
supported by rising overseas earnings and robust fee income
growth.  FCB's capitalization remained adequate with Tier 1 and
total capital adequacy ratios of 8.4% and 10.5% at mid-2006.

FCB, established in 1899, is one of the largest commercial banks
in Taiwan.  Through a share swap in January 2003, the bank
became a 100%-owned subsidiary of First Financial Holding which
in turn, while publicly listed, remains 30% owned and ultimately
controlled by the government.  FCB currently has 186 domestic
branches and 12 overseas branches.


FREYNER LTD: Creditors' Proofs of Debt Due on January 2
-------------------------------------------------------
On Nov. 16, 2006, Freyner Ltd commenced a wind-up of its
operations and appointed Lai Kar Yan Derek and Darach E. Haughey
as liquidators.

Creditors are required to submit their proofs of debt by Jan. 2,
2007, or they will be excluded from sharing in any distribution
the company will make.

The Joint and Several Liquidators can be reached at:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         35/F., One Pacific Place
         88 Queensway
         Hong Kong


GREENTOWN CHINA: Moody's Affirms Corporate Family Rating at Ba2
---------------------------------------------------------------
On December 4, 2006, Moody's Investors Service has affirmed
Greentown China Holdings Ltd's Ba2 corporate family rating and
senior unsecured bond rating in view of the successful closing
of its US$400 million bond issuance.  Both ratings have had
their provisional status removed. The ratings outlook is stable.

"Although the increased bond size will slightly raise
Greentown's projected leverage and affect its corresponding debt
service coverage metrics, it will help improve its debt maturity
profile and liquidity," says Kaven Tsang, Moody's Lead Analyst
for Greentown.

Greentown China Holdings Ltd is one of the major property
developers in China with a primary focus on Hangzhou and
Zhejiang province.  It currently has a land bank in seventeen
cities in China with an attributable gross floor area of nine
million square meters.  Greentown was listed on the Hong Kong
Stock Exchange in July 2006.


HKI PROPERTIES: Long Term Corp. Credit Rating Gets B+ from S&P
--------------------------------------------------------------
On December 1, 2006, Standard & Poor's Ratings Services had
assigned its B+ long-term corporate credit rating to HKI
Properties Ltd.  The outlook is stable.

At the same time, it assigned a B+ issue rating to a proposed
issue of US$100 million in senior unsecured notes under a
private placement by HKI Finance Co. Ltd.  The notes are
guaranteed by HKI Properties.

Standard & Poor's credit analyst Jacphanie Cheung said that the
ratings reflect HKI's:

   * excellent location of its key projects;

   * its good brand name, particularly in the development of
     mixed-use projects; and

   * expectations of a quick de-leveraging process.

However, these strengths are offset by:

   * HKI's limited project diversification;

   * high use of debt to fund business growth;

   * limited track record particularly outside Beijing;

   * limited financial flexibility; and

   * relatively weak internal control and risk management
     compared with its peers.

The ratings factor in the company's exposure to China's highly
competitive and volatile real estate sector, and vulnerability
to changes in government policy.

HKI Properties is a privately owned property developer that is
incorporated in Hong Kong and has assets primarily in China.  
The company focuses on the development of large-scale mixed-use
projects in prime urban locations.  It is 60% owned by its
chairman, Jose Yu, and 40% owned by his brother, Nelson Yeung.

At the end of June 2006, the company had total assets of CNY3.9
billion.  It had a land bank of 3.2 million square meters in
attributable gross floor area with seven planned projects on
hand in Beijing, Chongqing, Zhangzhou, and Qingdao.  Because of
HKI Properties' small number of projects and cyclical
construction cycles, the company's financial performance and
cash flows are volatile.  Any project delays or adverse market
conditions are likely to have a significant affect on its
financial performance.


HOTEL MERLIN: Placed Under Voluntary Wind-Up
--------------------------------------------
At the extraordinary general meeting held on Nov. 23, 2006, the
members of Hotel Merlin (Hong Kong) Ltd passed a special
resolution to voluntarily wind up the company's operations and
appointed Lim Ooi Kong as liquidator.

The Liquidator can be reached at:

         Lim Ooi Kong
         c/o Suite 301, Dina House
         11 Duddell Street, Central
         Hong Kong


LAND BANK OF TAIWAN: Fitch Affirms Individual Rating at D
---------------------------------------------------------
On November 30, 2006, Fitch Ratings affirmed the ratings of Land
Bank of Taiwan.

The ratings affected by the action are:

   * Long-term IDR at A-;
   * National Long-term AA(twn);
   * Short-term F2;
   * National Short-term F1+(twn);
   * Individual D; and
   * Support 1

The Outlook on the ratings remains Stable.

The ratings of LBT reflect:

   -- its heavy reliance on interest income;
   -- undiversified business profile; and
   -- its narrow interest margin.

These, however, are offset by improvements in its asset quality
and satisfactory capital adequacy.

LBT's Long-term and Short-term ratings are based on expected
strong government support given 100% state ownership.  LBT has
implemented reorganization initiatives since 2005 to improve its
risk management.  LBT has an established franchise in real
estate lending, construction financing, real estate trust and
securitization, and plans to develop new businesses in wealth
management.

However, Fitch is concerned that new business development might
be hindered by its bureaucratic culture.  Profitability has been
depressed by declining interest margins and high funding costs
since 2002.  LBT's asset quality has improved steadily since
2002, thanks to large NPL charge-offs and disposals, and a
recovery in the local property market.

LBT is wholly owned by the Ministry of Finance and has a strong
market position in lending to the real-estate and construction
sectors.  LBT operates 136 branches in Taiwan and ranked third
in terms of loans with an 8.0% market share at end-H106.  LBT
was founded in 1946.


LOAVES AND FISHES: Members to Receive Wind-Up Report
----------------------------------------------------
The members of Loaves and Fishes Volunteer Service Center Ltd
will meet for their final general meeting on Jan. 5, 2007, at
8:00 p.m., to receive Liquidator Lai Ying Sun's report of the
company's wind-up proceedings.

As reported by the Troubled Company Reporter - Asia Pacific, the
company commenced wind-up of its operations on Oct. 19, 2006.

The Liquidator can be reached at:

         Lai Ying Sum
         Room 1608, 16/F, Nan Fung Tower
         173 Des Voeux Road, Central
         Hong Kong


MACKINSEY FINANCIAL: Liquidator Ceases to Act
---------------------------------------------
On Nov. 24, 2006, John Robert Lees ceased to act as liquidator
of Mackinsey Financial Management Ltd.

As reported by the Troubled Company Reporter - Asia Pacific,
Mr. Lees presented the report of the company's wind-up
proceedings on Nov. 7, 2006.

The former Liquidator can be reached at:

         John Robert Lees
         John Lees & Associates Limited
         1904, Hong Kong Club Building
         3A Chater Road, Central
         Hong Kong


PRAMERICA ASIA: Schedules Final Meeting on January 9
----------------------------------------------------
The final meeting of Pramerica Asia Management Services Ltd will
be held on Jan. 9, 2007, at 3:00 p.m., to consider the
liquidator's account of the company's wind-up proceedings and
property disposal exercises.

According to the Troubled Company Reporter - Asia Pacific, the
company commenced a wind-up of its operations on March 15, 2006.

The Liquidator can be reached at:

         Philip Brendan Gilligan
         7/F, Alexandra House
         18 Chater Road, Central
         Hong Kong


SKY CHAMPION: Members' Final Meeting Slated for January 2
---------------------------------------------------------
The members of Sky Champion Consultants Ltd will meet for their
final general meeting on Jan. 2, 2007, at 10:30 a.m., to receive
the company's wind-up report from Liquidator Raymond Tang Wai
Man.

The Liquidator can be reached at:

         Raymond Tang Wai Man
         C C Wu Building
         302-8 Hennessy Road
         Wanchai
         Hong Kong


TAIWAN COOPERATIVE: Fitch Lifts Individual Rating to D
------------------------------------------------------
On November 30, 2006, Fitch Ratings upgraded the Long-term,
Short-term foreign currency, national Long-term, and Individual
ratings of Taiwan Cooperative Bank.

The ratings affected by the action are:

   -- Long-term Issuer Default rating upgraded to BBB+ from BBB;

   -- National Long-term upgraded to AA-(twn) from A+(twn);

   -- Short-term upgraded to F2 from F3;

   -- National Short-term affirmed at F1(twn);

   -- Individual upgraded to D from D/E; and

   -- Support affirmed at 2

The Outlook on the ratings is Stable.

The ratings for TCB reflect its established domestic franchise
and improvements in its asset quality and capital adequacy, and
expected support from the government if the need arises.  The
ratings also take into account the bank's weaknesses, notably
its heavy reliance on interest income and narrow interest
margin.  

In May 2006, TCB merged with Farmers Bank of China, which
contributed roughly a quarter of the combined bank's assets.  
TCB plans to relocate roughly 50 out of 299 of the combined
bank's domestic branches to improve its geographic reach.

TCB is gradually shedding its policy role regarding grassroots
financial institutions to the newly created Agricultural Bank of
Taiwan, which helps lower its funding costs and improve its
profitability.  The bank has identified syndicated loans,
corporate and SME lending as areas for future growth.  TCB
expects to sell further non-performing loans before end-2006.  
TCB is preparing a rights issuance of TW$8bn in 2006, which
would improve its capital adequacy.

TCB was created in 1946 to support grassroots financial
institutions such as agricultural co-operatives and credit
unions while also providing general commercial banking services.  
TCB was listed on the Taiwan Stock Exchange in November 2004.  
It merged with FBC in May 2006 and the combined entity has a
loan market share of 10.2% among domestic banks.


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

GENERAL MOTORS: Completes 51% GMAC Stake Sale for US$14 Billion
---------------------------------------------------------------
General Motors Corp. has completed the sale of a 51% interest in
GMAC LLC to a consortium of investors led by Cerberus FIM
Investors LLC and including wholly owned subsidiaries of
Citigroup Inc., Aozora Bank Ltd. and The PNC Financial
Services Group, Inc.  
    
The transaction will preserve the mutually beneficial
relationship between GM and GMAC, while improving GMAC's access
to cost-effective funding.  In addition, the sale of the
controlling interest in GMAC will provide significant liquidity
to GM that will support its North American turnaround plan,
finance global growth initiatives and strengthen its balance
sheet.     
    
"This has been a year of significant actions and progress for
GM, as we aggressively execute our North America turnaround plan
and position the company for long-term growth and profitability.  
Successfully completing the GMAC transaction has been a key
priority for the company, and an important step to further
support GM's turnaround," said GM Chairman and Chief Executive
Officer Rick Wagoner.  "This transaction will result in a
stronger GMAC, with enhanced access to funding at lower costs
and greater opportunities for growth, including leveraging their
traditionally strong relationships with GM dealers.  
    
"Although GMAC will have a new majority owner, GM and GMAC will
remain strategic partners through various long-term agreements.  
GM will retain a 49% ownership stake in GMAC, and the close
operating relationship between the companies will continue,"
Wagoner said.  "We look forward to working with the Cerberus-led
consortium as majority owners of GMAC in the future.  All the
parties are committed to maintaining a high degree of service to
our dealers by providing the right wholesale, retail and lease
products to support the sale of GM cars and trucks."
    
GM expects to receive around US$14 billion in net cash proceeds
and distributions over three years, after repayment of
intercompany debt but before purchases of preferred equity in
GMAC.  This includes a US$7.4 billion purchase price, a
US$2.7 billion cash dividend from GMAC and other transaction
related cash flows including the monetization of certain
retained assets.  GM and the Cerberus-led consortium invested
US$1.9 billion of cash in preferred equity in GMAC --
US$1.4 billion by GM and US$500 million by the consortium.

                       About General Motors

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

                          *     *     *

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

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


GENERAL MOTORS: Kirk Kerkorian Sells Another 14 Million Shares
--------------------------------------------------------------
Billionaire investor Kirk Kerkorian's Tracinda Corp. sold
14 million shares of General Motors Corp.'s common stock in a
private transaction for US$28.75 per share, bringing his stake
down to 4.95%.

According to a regulatory filing with the U.S. Securities and
Exchange Commission, Tracinda sold the shares on Nov. 28.

On Nov. 20, Tracinda sold 14 million shares for US$33.00 per
share, reducing its stake to 7.4%.

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

                          *     *     *

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

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


GMAC LLC: Moody's Rates US$1.9-Bil. Preferred Securities at Ba3
---------------------------------------------------------------
Moody's Investors Service confirmed GMAC LLC's Ba1 senior
unsecured ratings, after GM's disclosure that it has closed the
sale of a 51% stake in GMAC to FIM Holdings, LLC, an investor
consortium led by Cerberus FIM Investors, LLC.

Moody's also assigned a new rating of Ba3 to GMAC's US$1.9
billion preferred equity securities, which were issued to GMAC's
owners in connection with the sale transaction.

The outlook for GMAC's ratings is negative.

Concurrently, Moody's also confirmed Residential Capital LLC's
Baa3 unsecured and Prime-3 short-term ratings, with a stable
outlook.  GM's ratings are unchanged as they already take into
consideration the impact of the sale on the company's credit
profile.

Moody's confirmation of GMAC's ratings incorporates these key
factors:

   -- GM's sale of a 51% stake in GMAC results in ratings de-
      linkage from GM on the basis of a change in control in
      favor of the Cerberus consortium.

   -- The transaction reduces GMAC's direct and indirect
      exposure to GM and eliminates its potential liability for
      GM's pension obligations, which improves the firm's risk
      profile.

   -- GMAC's new owners are expected to have a positive
      influence on GMAC's operating strategy, which will
      emphasize profitability improvements through gains in
      operating and funding efficiency, capital strengthening
      through earnings retention and dividend reinvestment, and
      enhanced liquidity through improved access to the capital
      markets.

   -- GMAC will have a continuing business concentration with
      GM, which, given GM's operating challenges, poses ongoing
      risks to GMAC's operating metrics and access to confidence
      sensitive funding, constraining the rating and outlook.

   -- GM's call option on GMAC's automotive operations
      represents an upside ceiling on GMAC's unsecured rating
      based upon a re-linkage of ratings should GM exercise the
      option.

Moody's noted that GMAC's negative rating outlook could improve
to stable in the near term should the firm succeed in
strengthening its liquidity profile, in particular, by
mitigating the GM bankruptcy risk embedded within its wholesale
receivable funding facility, SWIFT.  Developments in GM's
condition and performance will also be very important
considerations in reassessing GMAC's rating outlook.

Confirmation of ResCap's ratings reflects these considerations:

   -- The sale of a 51% interest of GMAC to Cerberus will result
      in ratings de-linkage from GM and likely improve ResCap's
      access to alternative funding sources.

   -- ResCap has had significant success in gaining strong
      access to diverse funding sources in the global public
      capital markets, thus eliminating its reliance on
      intercompany borrowings from GMAC.

   -- ResCap has made solid progress in integrating its GMAC
      Residential and GMAC RFC mortgage businesses.

   -- However, ResCap has further progress to make to complete
      the integration of its business platforms and reduce
      business infrastructure costs.

   -- ResCap's limited independent operating track record, the
      highly competitive residential mortgage banking
      environment in which it operates and its moderate
      capitalization continue to be rating factors.

ResCap's stable outlook implies that after a change in ownership
there will not be a material alteration to ResCap's leadership,
business model or capital structure.  

The stable outlook also reflects a reduction in the linkage
between ResCap and GMAC.

Moody's expects that the sale will lead to an enhancement of
ResCap's operational structure and flexibility, which should
result in further earnings and funding diversity over time.
Nonetheless, ResCap's rating continues to be linked to that of
its parent.  Thus, an action regarding GMAC's ratings could
result in a similar action with ResCap's ratings, assuming no
material changes in ResCap's corporate ownership.  Notching
between the two firms' ratings could increase to as much as two
notches, once existing operational and funding structure
uncertainties are resolved, demonstrating ResCap's independence
from GMAC.

GMAC LLC is a Detroit-based provider of retail and wholesale
auto financing, primarily in support of GM's auto operations.  
GMAC reported earnings of US$2.4 billion in 2005.

GMAC LLC has a subsidiary in India called GMAC Financial
Services India Limited.

ResCap is a holding company for the real estate financing
businesses of GMAC, including GMAC-RFC Holding and GMAC
Residential Holding Corp.


JAMMU & KASHMIR: Rolls Out New Loan Scheme for Farmers
------------------------------------------------------
Jammu & Kashmir Bank introduced a new loan scheme for small and
marginal farmers.  Introduced under the name and style of JK
Bank All Purpose Agri Term Loan, the scheme has been tailored to
meet the credit requirement for carrying out activities under
sectors like horticulture, sericulture, animal husbandry,
plantation, fisheries etc., at cheaper rate of interest ranging
from 9.5% to 10.5%.  

The scheme lays more emphasis on small and marginal farmers of
rural and semi urban areas.  The objective is to provide easy
finance to needy farmers through regular channels of finance and
to wean away them from non-banking intermediaries.  For that
purpose, the product has been designed in such a way that
hitherto unbanked customers get an easy access to banking
services and hassle free financing through this scheme.

All persons engaged in agricultural and allied activities in
semi urban and rural areas can get a loan amount up to INR1.00
lac against third party guarantee or hypothecation of assets
created.  The loan under the scheme is given for:

   -- purchase of assets like farm equipments, bullocks etc.;

   -- creation of assets (orchard development, Dairy
      development, Poultry development etc.); or

   -- any other activity under agriculture, horticulture,
      sericulture, animal husbandry, plantation, fisheries etc.

"As part of our strategy, we will be concentrating on J&K and
having prime focus on agri-business activities," J&K Chairman
Dr. Haseeb Drabu, said.  "Lending to agriculture and other
allied sectors makes a pure business sense as this product apart
from catering to the different requirements of people involved
in agri-businesses shall also ensure meeting bank's commitment
to the society in J&K besides compliance to regulatory
requirements."

He further stated that the bank will come up with products and
services that have more local relevance and suit to the local
requirements.  The strategy that the bank will be using in
future will also prepare it for 2009 when international
standards, commonly known as Basel II will come in vogue. "We
will be increasing volumes in these lines of credit and the
credit portfolio shall be aligned so that bank moves from
strength to strength," Dr. Drabu added.

                   About Jammu & Kashmir Bank

India-based Jammu & Kashmir Bank Limited --
http://www.jammuandkashmirbank.com/-- is a private sector bank   
that provides a range of traditional commercial banking products
and services to corporations and middle market businesses.  The
key commercial banking products and services to corporate
customers include credit products and structured finance, cash
management, trade and commodity finance, and investment banking,
local debt syndication and securitization.  The bank, through
its operations, is focusing on banking, insurance and asset
management.

Fitch Ratings gave Jammu & Kashmir Bank a 'D' individual rating
on June 1, 2005.


KOTAK MAHINDRA: Grants 10,000 Stock Options to Employee
-------------------------------------------------------
In a filing with the Bombay Stock Exchange, Kotak Mahindra Bank
Ltd discloses that the bank granted 10,000 options to its
employee on Nov. 18, 2006.

The filing did not provide the employee's name and designation.

The grant is in accordance with the provisions of the Securities
and Exchange Board of India (Employees Stock Option Scheme and
Employees Stock Purchase Scheme), Guidelines, 1999, the bank
states.

The exercise period in respect of the options (Series 6) are:

   Options Vested  : 30%
   Exercise Period : December 01, 2007, to May 31, 2008

   Options Vested  : 30%
   Exercise Period : December 01, 2008, to May 31, 2009

   Options Vested  : 40%
   Exercise Period : December 01, 2009, to May 31, 2010

                      About Kotak Mahindra

Headquartered in Mumbai, India, Kotak Mahindra Bank Limited --
http://www.kotak.com/-- is a commercial bank.  The Commercial  
Banking segment includes money market, forex market, derivatives
and investments; wholesale borrowings and lendings and services;
retail borrowings covering savings and current accounts and
banking branch network and services, and commercial vehicle
finance, personal loans, home loans, agriculture finance and
other loans/services.  Corporate Centre segment includes
strategic investment and activities.  Car Finance segment offers
car financing.  Broking segment includes brokerage related to
secondary market transactions, services rendered in connection
with primary market subscription mobilization.  Investment
Banking segment includes advisory and transactional services
providing financial advisory services.  Trading/Principal
Investments segment includes dealing in debt, equity, money
market and loans/deposits.  Insurance segment offers life
insurance.  Others segment includes forex broking, asset
management services and others.

Fitch Ratings assigned a '5' Support rating to Kotak Mahindra
Bank.


KOTAK MAHINDRA: Allots 48,792 Shares Under Equity Options Plan
--------------------------------------------------------------
Kotak Mahindra Bank Ltd's ESOP Allotment Committee at its
meeting on November 23, 2006, has allotted 48,792 Equity Shares
of INR10 each.

The allotment was made pursuant to the exercise of Stock Options
granted under the Kotak Mahindra Equity Options Plan 2002-03 as
under:

   Plan Series 2002-03/03:    25,000 equity shares
   Plan Series 2002-03/04:    11,500 equity shares
   Plan Series 2002-03/06:    12,292 equity shares

                      About Kotak Mahindra

Headquartered in Mumbai, India, Kotak Mahindra Bank Limited --
http://www.kotak.com/-- is a commercial bank.  The Commercial  
Banking segment includes money market, forex market, derivatives
and investments; wholesale borrowings and lendings and services;
retail borrowings covering savings and current accounts and
banking branch network and services, and commercial vehicle
finance, personal loans, home loans, agriculture finance and
other loans/services.  Corporate Centre segment includes
strategic investment and activities.  Car Finance segment offers
car financing.  Broking segment includes brokerage related to
secondary market transactions, services rendered in connection
with primary market subscription mobilization.  Investment
Banking segment includes advisory and transactional services
providing financial advisory services.  Trading/Principal
Investments segment includes dealing in debt, equity, money
market and loans/deposits.  Insurance segment offers life
insurance.  Others segment includes forex broking, asset
management services and others.

Fitch Ratings assigned a '5' Support rating to Kotak Mahindra
Bank.


KOTAK MAHINDRA: Discloses Shareholders' Sale of 18,000 Shares
-------------------------------------------------------------
The Bombay Stock Exchange reports disclosures under Reg.13(6) of
SEBI Regulations, 1992, relating to the sale of Kotak Mahindra
Bank's shares by three shareholders:

                             Shares                  Shares
Shareholder    Date Sold    Pre Sale    Qty Sold   Post Sale
-----------    ---------    --------    --------   ---------
Pankaj Desai   Nov. 27 &      73,000      15,000      58,000
               Nov. 28      

R Sundarraman  Nov. 24        32,700       1,500      31,200

Dattaguru      Nov. 29        31,200       1,500      29,700
Society        

                      About Kotak Mahindra

Headquartered in Mumbai, India, Kotak Mahindra Bank Limited --
http://www.kotak.com/-- is a commercial bank.  The Commercial  
Banking segment includes money market, forex market, derivatives
and investments; wholesale borrowings and lendings and services;
retail borrowings covering savings and current accounts and
banking branch network and services, and commercial vehicle
finance, personal loans, home loans, agriculture finance and
other loans/services.  Corporate Centre segment includes
strategic investment and activities.  Car Finance segment offers
car financing.  Broking segment includes brokerage related to
secondary market transactions, services rendered in connection
with primary market subscription mobilization.  Investment
Banking segment includes advisory and transactional services
providing financial advisory services.  Trading/Principal
Investments segment includes dealing in debt, equity, money
market and loans/deposits.  Insurance segment offers life
insurance.  Others segment includes forex broking, asset
management services and others.

Fitch Ratings assigned a '5' Support rating to Kotak Mahindra
Bank.


MODI RUBBER: General Meeting Set on December 29
-----------------------------------------------
Modi Rubber Ltd informs the Bombay Stock Exchange that it will
hold its 34th Annual General Meeting on December 29, 2006.

In this regard, Modi Rubber's Register of Members & Share
Transfer Books will be closed from December 26 to December 29,
2006.

Headquartered in Delhi, India, Modi Rubber Limited --  
http://www.mepc.com/-- is principally involved in the    
development, manufacture and distribution of automobile tires,  
tubes and flaps.  The company's financial performance has not  
been all that impressive, as it continuously reported losses in  
the past years, which eventually lead to its closure in 2001.   
The financial health of its subsidiaries was also in question  
with Modistone being referred to the Board of Industrial and  
Financial Reconstruction due to the erosion in net worth.

As reported in the Troubled Company Reporter - Asia Pacific on
March 6, 2006, Modi Rubber's equity shares were the delisted
from the Uttar Pradesh Stock Exhange, Kanpur.  The delisting,
effective February 22, 2006, came after news that 44% stake in
the  rubber manufacturer was acquired by a group of financial
institutions.


NTPC LTD: Expects to Sign MOA for Sri Lanka Plant Soon
------------------------------------------------------
To clarify a report that NTPC Ltd may invest US$500 million in a
Sri Lanka plant, the power company informs the Bombay Stock
Exchange that it has been discussing with the government of Sri
Lanka since 2005 a proposal for putting up of a power plant in
that country.

In line with NTPC's expansion plans, it wanted to set up a 900-
MW Coal- or LNG-based power plant in Sri Lanka, hence the
proposal.

The proposal is still under discussion and NTPC is likely to
sign a Memorandum of Agreement with the Sri Lanka government
shortly, NTP says.

                         About NTPC Ltd

Headquartered in New Delhi, India, NTPC Limited --
http://www.ntpc.co.in/-- formerly known as National Thermal  
Power Corporation Limited, is engaged in generation and sale of
bulk power.  It operates in two business segments: Generation
and Other business.  The company is also engaged in providing
consultancy, project management and supervision, oil and gas
exploration and coal mining.  NTPC Limited operates coal
stations and Gas stations.

On February 2, 2005, Standard and Poor's Ratings Service gave
NTPC Ltd's long-term foreign issuer credit a BB+ rating.


NTPC LTD: Back at 3rd Place in Market Capitalization List
---------------------------------------------------------
NTPC Ltd regained its position on Nov. 27, 2006, as the third
most valued firm in terms of market capitalization, The Times of
India reports.

NTPC, valued at more than INR1,26,000 crore in terms of
capitalization, went ahead of IT major, Infosys, which market
cap is valued at around INR1,23,000 crore.

Infosys previously pushed down NTPC to fourth place because of
the IT company's strong second quarter results, the newspaper
states.

ONGC leads the market cap list at INR1,86,000 crore followed by
Reliance Industries at INR1,74,000 lakh crore.

                         About NTPC Ltd

Headquartered in New Delhi, India, NTPC Limited --
http://www.ntpc.co.in/-- formerly known as National Thermal  
Power Corporation Limited, is engaged in generation and sale of
bulk power.  It operates in two business segments: Generation
and Other business.  The company is also engaged in providing
consultancy, project management and supervision, oil and gas
exploration and coal mining.  NTPC Limited operates coal
stations and Gas stations.

On February 2, 2005, Standard and Poor's Ratings Service gave
NTPC Ltd's long-term foreign issuer credit a BB+ rating.


NTPC LTD: Vindhyachal Thermal Power Unit Now Operational
--------------------------------------------------------
National Thermal Power Corporation Ltd discloses in a filing
with the Bombay Stock Exchange that its 500 MW Unit-I at
Vindhyachal Super Thermal Power Project, Stage-III, has
commenced commercial operation on December 1, 2006.

With the commercial operation of the unit, the total installed
and commercial capacity of Vindhyachal Super Thermal Power
Project would be 2760 MW.

                         About NTPC Ltd

Headquartered in New Delhi, India, NTPC Limited --
http://www.ntpc.co.in/-- formerly known as National Thermal  
Power Corporation Limited, is engaged in generation and sale of
bulk power.  It operates in two business segments: Generation
and Other business.  The company is also engaged in providing
consultancy, project management and supervision, oil and gas
exploration and coal mining.  NTPC Limited operates coal
stations and Gas stations.

On February 2, 2005, Standard and Poor's Ratings Service gave
NTPC Ltd's long-term foreign issuer credit a BB+ rating.


STIEFEL LABS: Moody's Assigns Low-B Ratings on Credit Facilities
----------------------------------------------------------------
Moody's assigned a Ba3 and a B3 rating to the proposed first and
second lien credit facilities, respectively, of Stiefel
Laboratories, Inc.  Moody's also assigned Stiefel a Corporate
Family Rating of B1.

The outlook for the ratings is stable.  

This is the first time Moody's has assigned ratings for Stiefel.
The proceeds of the proposed offering are expected to be used
primarily to acquire the stock of Connetics Corporation for
approximately US$620 million, retire Connectics' outstanding
debt and refinance the existing debt of Stiefel.

Stiefel's rating reflects the key factors enumerated in Moody's
Global Pharmaceutical Rating Methodology.  The B1 Corporate
Family Rating reflects the modest scale of the combined company
with pro forma revenue for the twelve months ended Sept. 30,
2006, of approximately US$730 million.  The proposed acquisition
of Connetics is the company's largest acquisition to date and
the related financing will result in a significant increase in
financial leverage.

After the transaction, the company's funded debt of
US$810 million will exceed pro forma revenue.  The considerable
financial leverage along with increased capital spending in the
next few years are also expected to constrain cash flow coverage
of debt in the near term.

However, Moody's expects the company to be able to generate
sufficient cash flow to fund the increased capital spending and
to reduce debt.

Additionally, the combined company will have a fairly diverse
product mix with the top three products generating about 34% of
pro forma sales for the fiscal year ended March 31, 2006.  
Moody's believes the company's diverse product portfolio,
spanning multiple indications, including acne, psoriasis and
dermatoses, should be a credit positive over the rating horizon.
Further, the combined company has modest exposure to patent
expirations and challenges over the near term.

The stable ratings outlook reflects Moody's expectation that
sustained sales growth and cost savings initiatives associated
with the combination of the two companies should contribute to a
continuation of positive operating results and stable cash flow
over the rating horizon.  

Sales of dermatological products should continue to be fueled by
favorable demographics and lifestyle trends.  Also contributing
to the stable outlook is the expectation of a conservative
acquisition strategy following the Connetics transaction and the
anticipation that free cash flow will be used to repay debt.

If Stiefel continues to grow revenues, maintains its positive
margin performance and returns to its conservative leverage
profile, Moody's could change the rating outlook to positive or
upgrade the rating.

Downward rating pressure could result from any of the following
circumstances:

   -- integration issues arising from the acquisition of
      Connetics;

   -- a material decline in revenue and cash flow caused by
      generic competition for Soriatane;

   -- the loss of patent protection and resulting competition
      for OLUX; or,

   -- large cash-financed acquisitions.

These are the rating actions:

   -- US$75 million senior secured first lien revolving credit
      facility, Ba3, LGD3, 41%

   -- US$623 million senior secured first lien term loan, Ba3,
      LGD3, 41%

   -- US$150 million senior secured second lien term loan, B3,
      LGD6, 91%

   -- Corporate Family Rating, B1

   -- Probability of Default Rating, B1

Headquartered in Coral Gables, Florida, Stiefel Laboratories,
Inc. -- http://www.stiefel.com/-- is a privately held  
pharmaceutical company specializing in dermatological products.  
Stiefel has nearly 160 years of experience in dermatology and
currently markets over 160 products in more than 100 countries.  
The company manufactures and markets a variety of prescription
and non-prescription dermatological products, including Duac,
Brevoxyl and Rosac Cream.  Stiefel recognized approximately
US$550 million of revenue for the twelve months ended Sept. 30,
2006.  It has facilities in India, Germany and Colombia.


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

ALCATEL SA: Completes Merger with Lucent Technologies Inc.
----------------------------------------------------------
Alcatel S.A. and Lucent Technologies Inc. completed their merger
transaction and will begin operating as the world's leading
communication solutions provider on Dec. 1, 2006.  

The new company Alcatel-Lucent, with one of the largest global
R&D capabilities in communications and the broadest wireless,
wire-ine and services portfolio, is incorporated in France, with
executive offices located in Paris.

The company will be traded on Euronext Paris and the New York
Stock Exchange (NYSE) from Dec. 1, 2006 under a new common
ticker (Euronext Paris and NYSE: ALU).  

As a result of the merger, each outstanding share of Lucent
common stock has been converted into the right to receive 0.1952
of an Alcatel ADS.  In connection with the merger, Alcatel has
issued around 878 million shares, which is equivalent to the
total number of ADS to be issued to the holders of Lucent common
stock. Following the completion of the merger, around 2.31
billion ordinary shares of Alcatel-Lucent are outstanding.

"Alcatel-Lucent will be for our customers a partner with the
scale and scope to design, build and manage increasingly complex
networks that deliver advanced converged services and
communications experience to the end-user," Serge Tchuruk, newly
appointed Chairman of the Board of Alcatel-Lucent, said.  "That
is what Alcatel-Lucent will deliver with an unparalleled focus
on execution, innovation and service for our customers: the
company will have the most experienced global services team in
the telecommunications industry, as well as one of the largest
research, technology and innovation organizations in the
industry.  In fact, our combined company is ideally positioned
to help our customers transform their networks so they can offer
new kinds of personalized, blended applications and services."

"Through this merger, we are bringing together two top-ranking
companies to form an undisputed leader in the industry, a
company poised to enrich people's lives by transforming the way
the world communicates," Patricia Russo, newly appointed Chief
Executive Officer of Alcatel-Lucent, added.  "Alcatel-Lucent is
a strong and enduring ally that service providers, governments
and enterprises can count on to help them unlock new market and
revenue opportunities.  This combination represents a strategic
fit of vision, geography, solutions and people, leveraging the
best of both companies to deliver meaningful communications
solutions that are personalized, simple to adopt and available
globally.  Both Alcatel and Lucent embraced a common culture of
innovation and excellence that will help ensure the success of
our merger."
    
With a comprehensive and diversified portfolio of complementary
products, Alcatel-Lucent is well positioned to address the
fastest growing areas of network transformation.  The company is
a leader in IPTV, broadband access, carrier IP, IMS and next-
generation networks, and 3G spread spectrum (UMTS and CDMA).
With more than 18,000 employees working in services worldwide,
the company has the largest and most experienced global services
team in the industry.  In enterprise communications solutions,
Alcatel-Lucent is No. 1 in Europe and has more than 250,000
enterprise and government customers worldwide.

With a worldwide presence in 130 countries, 79,000 employees
-- after completion of the Thales transaction -- and balanced
revenues across all regions, Alcatel-Lucent has strong customer
relationships with the 100 largest telecommunications operators
in the world.  The company will have four geographic regions:
Asia-Pacific, Europe and North, Europe and South and North
America, to answer the needs of service providers, enterprises
and end-users in the most advanced telecommunication markets, as
well as in high-growth economies.

There will be five Business Groups:

   -- the Wireline Business Group,

   -- the Wireless Business Group and the Convergence Business
      Group (addressing the needs of the carrier market),

   -- the Enterprise Business Group, and

   -- the Service Business Group.

Each Business Group will have a decentralized regional
organization that will provide strong local support to
customers.

In addition there will be several corporate functions that
support the company including worldwide-integrated supply chain
and procurement, finance, information technology, marketing,
human resources, legal and communications.

"While our respective corporate structures have changed, one
constant remains: our commitment to be a first class corporate
citizen and to act in a socially responsible way in interactions
with all our stakeholders," said Ms. Russo.

Around 23,000 of the 79,000 total number of employees at
Alcatel-Lucent are in R&D, including global Bell Labs which will
remain headquartered in New Jersey, USA.  With EUR2.7 billion
invested in R&D in calendar year 2005 by Alcatel and Lucent and
25,000 active patents, Alcatel-Lucent stands as an innovation
powerhouse, featuring one of the largest global R&D capabilities
in communications ready to partner and collaborate with
customers on breakthrough technology.  Alcatel-Lucent also leads
standards initiatives with some 600 experts participating in 130
standardization bodies.

Significant cost synergies are expected to be achieved within
three years of closing and will come from several areas,
including:

   -- consolidating support functions,

   -- optimizing the supply chain and procurement structure,

   -- leveraging R&D and services across a larger base, and

   -- reducing the combined worldwide workforce by around 9,000
      employees.

The merger is expected to result in around EUR1.4 billion in
pre-tax annual cost synergies.  A substantial majority of the
restructuring activity will be completed within 24 months after
closing.  The transaction is expected to be accretive to
earnings per share in the first year post closing with
synergies, excluding restructuring charges and amortization of
intangible assets.

The 14 Members of the Board of Directors are:

   -- Daniel Bernard,
   -- W. Frank Blount,
   -- Jozef Cornu,
   -- Linnet Deily,
   -- Robert Denham,
   -- Edward Hagenlocker,
   -- Jean-Pierre Halbron,
   -- Karl Krapek,
   -- Daniel LebSgue,
   -- Patricia Russo,
   -- Henry Schacht,
   -- Serge Tchuruk, and
   -- Sylvia Jay and Jean-Cyril Spinetta, who were not members
      of either Alcatel Board of Directors or Lucent Board of
      Directors prior to the merger.  

There will be two Board observers representing the employee
shareholders of the company's Employee Investment Fund:
Jean-Pierre Desbois and Thierry de Loppinot.

                   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 MANDIRI Plans to Sell IDR15 Trillion of Bad Loans by 2008
--------------------------------------------------------------
PT Bank Mandiri intends to auction by 2008 about IDR15 trillion
(US$1.6 billion) of bad loans owed by small borrowers to help
reduce delinquent debt and increase profit, Bloomberg News
reports.

Bloomberg's Aloysius Unditu cites Mandiri Chief Financial
Officer Pahala N. Mansury as saying that in the first half of
2007, the bank plans to sell IDR3 trillion of debt from
borrowers who owe less than IDR300 billion as part of a plan to
cut its net non-performing loan ratio to less than 5% by the end
of next year.

Mr. Mansury said that the target will be achieved through
written-off loans, adding that they will also look at the
possibility of monetizing some of the on-balance sheet portion.

Bloomberg notes that Bank Mandiri currently has IDR51.7 trillion
of non-performing loans, which includes written-off debt.

Bloomberg explains that Bank Mandiri President Agus D.W.
Martowardojo is revamping bad loans for the lender to meet
central bank criteria that will allow it to acquire rivals and
expand.

The report recalls that Indonesia's central bank tightened
classification of bad loans last year, causing non-performing
loans at Mandiri to soar and hurting the bank's profit.  Non-
performing loans in Indonesia are classified as debt on which no
principal or interest has been paid for more than 90 days.  Bank
Indonesia classifies loans in arrears for more than 180 days as
irretrievable.

According to Bloomberg, the central bank requires a net bad-loan
ratio of 5% or less for lenders to qualify as so-called anchor
banks that will spearhead mergers and acquisitions in
Indonesia's banking system by 2010.

Bloomberg recounts that Mandiri posted a 39% decline in third-
quarter profit on higher bad-loan costs.  Net income fell to
IDR371.5 billion in the three months ended Sept. 30, from
IDR610.3 billion a year earlier.

Moreover, Mandiri's gross non-performing loan ratio worsened to
26.03% in the period ended Sept. 30, from 24.9% at the end of
June, Bloomberg points out.

The bank plans to reach a gross non-performing loan ratio target
of 10% in 2007.

Bank Mandiri's gross bad-loan ratio may be around 20% at the end
of the year, Mr. Mansury said.  The bank's net non-performing
loan ratio, which excludes the value of collateral pledged
against credit, improved to 14.33% at the end of the third
quarter from 15% at the end of June.

The auctioning of bad loans can only be done after the
government, which last month changed rules to allow state banks
to write off or sell bad loans, sets up an oversight body, that
will check all such disposals, Mr. Mansury told Bloomberg.

Furthermore, the bank expects to sign revamp agreements with
three of its biggest debtors next month, Mr. Mansury said.

The lender is working with some of its debtors to reorganize
their bad loans, including PT Raja Garuda Mas Group, a pulp and
paper maker owned by Indonesia's richest man, Argo Manunggal
Group and Domba Mas Group.  About 51% of the Jakarta-based
lender's bad loans are with 30 debtors.

The repayment by debtors will help boost the lender's net
interest margin to 4.4% by the end of the year from 4.3%percent
Sept. 30, Mr. Mansury stated.  The measure may rise to 4.5%
next year, he added.

"For Bank Mandiri, the momentum for growth has increased,"
Chandra, an analyst at PT Danareksa Sekuritas in Jakarta, said.
"The problem now is how fast they can reorganize their bad debt
and what the recovery rate of these asset sales will be."

PT 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'.


BANK MANDIRI: To Appeal Court Ruling In Timor Case
--------------------------------------------------
PT Bank Mandiri is to appeal a court ruling ordering it to pay
out IDR1.02 trillion (US$112 million) to PT Timor Putra
Nasional, Jakarta Post reports.  Bank Mandiri argues that the
money should remain frozen until such time as Timor Putra repays
its debts to the bank.

According to the report, Bank Mandiri president Agus D.
Martowardojo said that the appeal will be brought in tandem with
other legal efforts being made by the Finance Ministry in the
same case.

The report notes that Mr. Martowardojo said that the bank will
definitely file an appeal and that their lawyers are on the
case, adding that the Finance Ministry encouraged it by telling
the bank to safeguard its money.

The Post relates that The Finance Ministry's secretary-general,
Mulia P. Nasution, had previously said that the Indonesian
Government would pursue all possible legal recourses to overturn
the ruling.

The Post recounts that the Timor case goes back to 1997 when the
Government appointed the company to import completely-built-up
sedans from South Korea's Kia Motors, then rebrand them as
Indonesian products to prove that the country could establish
its own automotive industry, producing a so-called "national
car" in Malaysia.

Then, the financial crisis in 1997 led Timor to being strangled
by cash flow problems.  Thus, it was unable to pay its taxes and
import duties.  In two operations, in July 2001 and in December
2003, the Finance Ministry's Directorate General of Taxation
seized the company's assets and funds deposited in a number of
banks that later merged to form Bank Mandiri, the report
explains.

Timor Putra filed a counter suit against the tax office, and was
rewarded by a July 2004 Supreme Court ruling in its favor.  The
Supreme Court ordered that the seized assets be restored to the
company, the report recounts.

The Post relates that after Bank Mandiri refused to return the
IDR1.02 trillion, Timor Putra brought an action in the South
Jakarta District Court, which ruled against the bank on Nov. 21,
ordering the bank to repay the money to Timor.

The Post notes that Mr. Martowardojo did not specify exactly how
much Timor Putra still owed Bank Mandiri.

Meanwhile, State Minister for State Enterprises Sugiharto said
that the dispute between Timor Putra and Bank Mandiri should be
resolved in the courts, the Post notes.

Mr. Sugiharto added that he was awaiting a report on the matter
from Bank Mandiri, the report says.

PT 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'.


CA INC: Enhancing Microsoft Office SharePoint Server 2007
---------------------------------------------------------
CA Inc. will deliver broad-based records management, email
archiving and electronic data discovery solutions that will
enhance the built-in capabilities of Microsoft Office SharePoint
Server 2007.  By working seamlessly with SharePoint Server 2007,
the CA solutions will enable customers to centrally manage all
SharePoint Server 2007-based information throughout its life
cycle.

Complementing CA's recently announced solutions for Microsoft
Exchange Server 2007, the new CA solutions minimize a wide range
of risks by fulfilling governance, retention and legal discovery
requirements for all SharePoint Server 2007 information.

Glenn Rhodes, vice president of product marketing at CA, said,
"Customers have to be as diligent about managing SharePoint
information as they are about their Exchange Server
environments.  CA continues to work closely with Microsoft to
fully address our mutual customers' needs across all of their
enterprise systems."

CA is coordinating development with Microsoft to create
solutions that are easy to deploy, use and administer.  These
solutions include:

   -- CA MDY FileSurf, which provides a centralized retention
      policy engine to manage records "in-place" -- regardless
      of location or origin -- to facilitate discovery, audit
      and business purposes.

   -- CA Message Manager, which provides comprehensive email
      archiving, electronic data discovery and mail box
      management.

CA BrightStor ARCserve Backup high-performance backup and
recovery will also support SharePoint Server 2007.

In addition to its new solutions for SharePoint Server 2007 and
Exchange Server 2007, CA is announcing broad support for Windows
Vista across all of its product lines and CA Business Desktop
Deployment Plus (BDD+), a new solution that dramatically
simplifies deployment and management of Windows Vista.

Kurt DelBene, corporate vice president of the Office Business
Platform Group at Microsoft Corp., noted, "IT (information
technology) organizations are faced with increasingly
challenging compliance objectives in managing information across
the enterprise.  The solutions CA is delivering will enhance the
built-in functionality in SharePoint Server 2007, Exchange
Server 2007 and Windows Vista to help ensure that these
challenges can be met as effectively and efficiently as
possible."

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

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific, in
connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Technology Software sectors this week,
the rating agency confirmed its Ba1 Corporate Family Rating for
CA, Inc.

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

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

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

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

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


CA INC: Launching Virus & Spyware Protection for Windows Vista
--------------------------------------------------------------
CA Inc. is launching virus and spyware protection for corporate
customers and consumers using the new Windows Vista operating
system.

CA Threat Manager, CA Anti-Virus and CA Anti-Spyware for Windows
Vista have been in beta release since June.  They are also being
used by Microsoft in its enterprise environment to help
safeguard Windows Vista resources.

CA's solutions enable IT organizations to make optimal use of
security parameters defined in Windows Vista and extend them
across their other Microsoft platforms across the enterprise --
ensuring that security policies are consistently enforced
before, during and after platform migration.

Ben Fathi, corporate vice president, Security Technology Unit at
Microsoft Corp., stated "CA has been a great Windows Vista
partner and we are pleased to have their solutions available to
our customers for Windows Vista.  Partners play a vital role in
helping secure the computing ecosystem and CA has developed
innovative solutions with their Threat Manager, Anti-Virus and
Anti-Spyware products that work with the Windows Vista platform
to help protect that ecosystem."

CA's enterprise solutions will be available to corporate
customers in nine languages.  Existing corporate customers with
current maintenance agreements will be able to upgrade to
Windows Vista-supported versions of CA Threat Manager, CA Anti-
Virus and CA Anti-Spyware at no cost, since CA does not license
the solutions by platform.

Home and home office users of CA security software -- including
CA Internet Security Suite, CA Anti-Virus, CA Anti-Spyware, CA
Anti-Spam and CA Personal Firewall-will also be able to upgrade
to Windows Vista-supported versions of those products at no
cost.

Sam Curry, vice president of security management at CA, noted,
CA has taken the steps necessary to ensure that our business and
home users can migrate without skipping a beat.  This continues
our unbroken decades-long commitment to timely support of our
customers' platforms of choice."

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

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific, in
connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Technology Software sectors this week,
the rating agency confirmed its Ba1 Corporate Family Rating for
CA, Inc.

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

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

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

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

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


CILIANDRA PERKASA: Completes Five-Year Bond Deal on Dec. 1
----------------------------------------------------------
PT Ciliandra Perkasa completed its debut in the international
debt capital markets with an upsized five-year US$160 million
Reg-s/144a deal via its sole bookrunne,r Citigroup, on Dec. 1,
2006, Finance Asia reports.

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 4, 2006, the deal had set an indicative yield range of
10.75% to 11%.  Yet, according to Finance Asia, when the deal
priced, it came at the tight end of guidance at par with a
coupon of 10.75 and a spread of 636 basis points over U.S.
treasuries.  

The report notes that when the new deal for Ciliandra Perkasa
opened in trading, it quickly traded higher with a bid of 101%
at the break.

Finance Asia recounts that the lead was able to upsize the deal
by around 7% to US$160 million on the back of a US$700 million
order book following an extended road show with a lot of one-on-
one investor meetings.  The borrower conducted 25 one-on-ones in
Asia, a further 11 in London and two full days of meetings in
the United States.  Notably, the deal had a hit rate of almost
100% from investors that attended the meetings.

The report relates that the deal was split geographically with
65% heading to Asian accounts, 20% to U.S.-based accounts and
the remaining 15% to Europe.  By investor type, 65% went to
asset and fund managers, 30% to banks and 5% to retail.

The TCR-AP had stated that Ciliandra Perkasa will use the funds
for expansion and repayment of existing debts -- approximately
US$80 million.

The report says that the notes have been structured to ensure
that bondholders will have first claim over future revenues,
after current expenses, from the company's existing palm oil
operations as well as its proposed bio-diesel plant.

The bond offering was given a (P)B2 senior secured rating by
Moody's Investor Service and a 'B+' rating by Fitch.

PT Ciliandra Perkasa -- http://www.ciliandraperkasa.co.id/-- is  
a private Indonesian upstream palm oil plantation
companyoperating in Sumatra.  It has 13 oil palm plantations
totalling 76,830 planted hectares, and 6 palm oil crushing mills
with a total capacity of 2.07 million tonnes of fresh fruit
brunches.

Fitch Ratings has assigned, on Nov. 20, 2006, 'B+' Long-term
foreign and local currency Issuer Default ratings to Indonesia-
based PT Ciliandra Perkasa.  

Moody's Investor Service has assigned the company a provisional
(P)B2 Corporate Family Rating.


HILTON HOTELS: Partners with DLF Ltd. for Joint Venture in India
----------------------------------------------------------------
Hilton Hotels Corp. disclosed that it will create a joint
venture company in India with DLF Ltd., with plans to develop
and own 75 hotels and serviced apartments over the next seven
years, North Country Times reports.

The report relates that, according to Hilton Hotels, the
formation of the joint venture -- known as JV Co. -- is pending
receipt of formal written approval from the Indian Government.

According to NCTimes, the JV-owned hotels will represent several
brands from the company's portfolio, including Hilton Hotels,
Hilton Garden Inn, Homewood Suites by Hilton, and Hilton
Residences.  The report points out that JV Co. will develop and
build the properties, and Hilton Hotels will manage them.

DLF will hold a 74% stake in JV, and Hilton will hold the
remaining minority stake.  Over the next five to seven years,
Hilton Hotels plans to invest up to US$143 million in JV, before
consideration of debt, the report says.

NCTimes explains that the initial stage of the joint venture
will involve 20 hotels in a number of key locations, including
Chandigarh, Chennai and Kolkata.  A large number of those are
expected to be Hilton Garden Inn properties -- a business hotel
brand.

Hilton Hotels Executive Vice President and Hilton International
Operations Chief Executive Officer Ian Carter said that India is
an outstanding market for hotel development, with its powerful
combination of economics and demographics.

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

                          *     *     *

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

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

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

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

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

   Minimum Leases
   Commitments           Ba2      Ba2      LGD4       53%

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

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

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

   Senior unsecured
   debt shelf            Ba2      Ba2      LGD4       53%

   Subordinate debt
   Shelf                 Ba3      B1       LGD6       97%

   Preferred             B1       B1       LGD6       97%


HILTON HOTELS: Seeks Modification of Partial Final Judgment
-----------------------------------------------------------
Hilton Hotels Corp. -- a party defendant in a partial final
judgment entered in the United States versus Greater Portland
Convention Association, Inc., et al., Civil No. 70-310, on
Nov. 29, 1971 -- has filed a request with the Antitrust Division
of the United States Department of Justice to modify the Partial
Final Judgment.

Hilton Hotels is publishing a notice of its intention to seek
modification of the Partial Final Judgment so that any
interested persons can submit comments to the Antitrust Division
regarding the proposed modification.

The Partial Final Judgment settled the United States' complaint
alleging violations of Section 1 of the Sherman Act, 15 U.S.C.
1, against:

          -- Greater Portland Convention Association, Inc.;
          -- Hilton Hotels Corp.;
          -- ITT Sheraton Corp. of America; and
          -- Cosmopolitan Investment, Inc.

The Partial Final Judgment prohibits defendants and their
subsidiaries, successors and assigns from, inter alia:

         (1) agreeing with any other hotel to give or promise to
             give preferential treatment for the purchase of
             hotel supplies to hotel suppliers, or

         (2) giving or promising to give preferential treatment
             for the purchase of hotel supplies to any hotel
             suppliers on the basis of payments, contributions,
             or dues paid by suppliers to any convention bureau.

While the latter prohibition, contained in V of the Partial
Final Judgment, will not be affected by the proposed
modification.  Hilton Hotels' proposed to add to the prohibition
in Section IV of the Partial Final Judgment:  

Provided, however, that nothing in this Section shall be
construed to prohibit any hotel defendant from:

         1. Developing hotel supply purchasing programs for its
            owned, managed and franchised hotels; or

         2. Participating in bona fide group purchasing
            organizations or programs notwithstanding the fact
            that the organizations or programs may include one
            or more other hotels.

Hilton Hotels is seeking these modifications to ensure that IV
of the Partial Final Judgment would not be interpreted so as to
prohibit the hotel defendants from engaging in these specified
activities.

Hilton Hotels understands that in the course of evaluating the
request, the Antitrust Division will also consider whether the
Partial Final Judgment should be terminated.

Interested persons may submit comments on the proposed
modification and a potential termination of the Partial Final
Judgment to the Antitrust Division within 30 days.  Comments
should be addressed to:

          John R. Read
          Chief, Litigation III Section
          Antitrust Division, U.S. Department of Justice
          Liberty Place Building, 325 Seventh Street, N.W.
          Suite 300, Washington, D.C. 20530

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

                        *    *    *

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

  
INDOSAT: Earns IDR927.2 Bil. for Nine Months to September 2006
--------------------------------------------------------------
PT Indosat Tbk disclosed financial results for the nine months
ended September 30, 2006, with the United States Securities and
Exchange Commission.

For the 2006 nine-month period, the company reported net income
of IDR927.2 billion, lower compared with the IDR1.02-trillion
net income reported for the nine-month period ended Sept. 30,
2005.

The Company recorded operating revenues and operating income for
the period ended Sept. 30, 2006, amounting to IDR8.87 trillion
and IDR2.45 trillion, respectively.

As of September 30, 2006, PT Indosat's consolidated balance
sheets showed IDR6.20 trillion in total current assets available
to pay IDR5.56 trillion in total current liabilities coming due
within the next 12 months.

PT Indosat's balance sheets as of Sept. 30, 2006, also showed
total assets of IDR33.83 trillion and total liabilities of
IDR19.11 trillion, resulting in a total stockholders' equity of
IDR14.72 trillion.

                       Recent Developments

Indosat Launched Commercial 3G Services:

On Nov. 29, 2006, Indosat launched its 3G/HSDPA initiative in
Jakarta and Surabaya.  The company expects to rollout its newly
3G/HSDPA services to an additional eight cities before the end
of the first quarter next year.  Indosat claims to have a very
unique 3G strategy, which is focused on wireless broadband.  The
company aims to offer customers the highest speeds at the best
value in the key cities where it plans on rolling out this
service.  Indosat further plans on expanding this service with
another unique business proposition.

Indosat extended Starone coverage in 15 cities:

On Oct. 26, 2006, Indosat has launched StarOne services in three
more cities -- Jogja, Solo and Semarang -- by introducing Jagoan
brand name for Prepaid customers, and StarOne Postpaid.  On Nov.
24 and 25, Indosat added two more cities -- Banjarmasin and
Bandar Lampung.  The new StarOne extended coverage is the
company's commitment to continue expanding Fixed Wireless Access
services in more cities as it plans to expand the services in 22
cities by year-end.  As for now, Indosat is serving 15 cities:
Jakarta, Bogor, Surabaya, Malang, Medan, Batam, Pekanbaru,
Palembang, Balikpapan, Makassar, Jogja, Solo, Semarang, Bandar
Lampung and Banjarmasin.

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

http://ResearchArchives.com/t/s?164e


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.


INDOSAT: Signs WCDMA 3G/HSPA Network Deal with Nokia
----------------------------------------------------
PT Indosat Tbk and Nokia have extended their cooperation by
signing a WCDMA 3G/HSPA network and managed services contract
that enables Indosat to offer third generation and wireless
broadband services.  Indosat will have Nokia operate its network
so it can remain focused on its core business and customer
relationships while adopting 3G technology, 3g.co.uk reports.

The Troubled Company Reporter - Asia Pacific reported on Dec. 1,
2006, that Indosat launched 3G mobile phone service on Nov. 29.

According to the TCR-AP, Indosat is the third company to offer
3G services in Indonesia.

Nokia will provide Indosat turnkey services, which include civil
works, network planning, implementation and integration of a
WCDMA 3G/HSPA network.  In providing managed services, Nokia
takes responsibility for building, operating and transferring as
well as optimizing the Indosat 3G network, 3g.co.uk notes.

According to the report, Nokia will supply the WCDMA 3G/HSPA
radio network, including the modular, high capacity Nokia Flexi
WCDMA base station in East Java, Bali, Sumatra and Batam.
Nokia's 3G devices are also being delivered as part of the
contract. Deliveries have started and the network will be ready
for a launch in November 2006.

Indosat Deputy President Director Kaizad Heerjee said that
bringing the next generation of 3G services to Indonesia, and
focusing on wireless broadband with the highest speeds at the
best value to customers is a high priority of the company and
the support of Nokia in their network is outstanding and their
managed services capability allows them to concentrate on
building the Indosat business around 3G and HSDPA and bringing
advanced services to our customers quickly.

The report relates that Account Director, Networks, Nokia
Indonesia Henrik Brogaard said that 3G/HSDPA services are an
exciting opportunity for both the company and the customers.  
Nokia networks allow Indosat to increase their competitiveness.

Nokia WCDMA/HSPA network allows Indosat to minimize capital and
operational expenditure, and Nokia's managed and other
professional services boost network efficiency and quality while
helping to increase their customer base, the report says.

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.


NORTEL NETWORKS: Mulls Joint Venture Agreement with SECI
--------------------------------------------------------
Nortel Networks and Southeast European Communications and
Investments Inc. intend to establish a joint venture in
southeast Europe.  The creation of the joint venture with SECI
-- a company that is actively involved with providing advisory
services in telecommunications, energy and various
infrastructure projects in southeast Europe -- will allow Nortel
to reach this rapidly growing regional market.

The proposed joint venture will bring the expertise of SECI's
existing broad network of representatives and contacts in
southeastern Europe to drive sales of Nortel's next-generation
Carrier Ethernet, optical, converged multimedia and mobility
solutions to carriers in the region.  The parties have been in
discussion for some time and have now summarized their
intentions in a Memorandum of Understanding.  The non-binding
MOU is expected to result in a definitive agreement in early
2007.

The new company formed through the joint venture will operate
under the name Nortel SE and will initially have offices in
Bulgaria, Macedonia and Serbia.  Nortel SE will be responsible
for driving Nortel sales in Albania, Bosnia-Herzegovina,
Bulgaria, Croatia, Kosovo, Macedonia, Montenegro, Serbia and
Slovenia.  Initial plans are for Nortel SE to have a sales and
marketing staff of around 30 people.

"Southeastern Europe is a rapidly growing region of opportunity
for Nortel which is why we are increasing our presence here,"
said Sorin Lupu, leader Eastern European Markets, Nortel.
"Carriers and enterprises in southeast Europe are transforming
themselves in order to meet the growing need for anywhere,
anytime communications.  With a move towards 4G happening, and
with WiMAX licenses to be granted or implemented in almost all
countries in southeast Europe, this new JV will help Nortel
address new market opportunities and deliver improved support
for existing customers."

"SECI management has been focusing exclusively on the southeast
Europe region for many years.  We have established relationships
throughout the region and have worked in an advisory capacity on
several privatizations and telecommunications restructuring
projects," said Constantine Aloupis, CEO, SECI.  "The
opportunity for us to combine local knowledge and industry
expertise with Nortel's technical innovation and global
understanding of carrier needs will be a catalyst for advancing
telecommunications in southeast Europe."

The proposed joint venture is subject to execution of definitive
agreements and required regulatory approvals.

                           About SECI

Southeast European Communications and Investments Inc.'s
(SECI's) team of regional telecommunications experts has
provided advisory services for investments and projects in the
Southeast European region in the energy and telecommunications
fields, and has been very active recently in the development of
broadband strategies with a number of operators in the region.
SECI's entire management team is very familiar with Southeast
Europe, having spent a number of years with large multinational
companies in that region.  For more information, visit SECI on
the Web at http://seci.us/

                     About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- is a recognized  
leader in delivering communications capabilities that enhance
the human experience, ignite and power global commerce, and
secure and protect the world's most critical information.  
Serving both service provider and enterprise customers, Nortel
delivers innovative technology solutions encompassing end-to-end
broadband, Voice over IP, multimedia services and applications,
and wireless broadband designed to help people solve the world's
greatest challenges.  Nortel does business in more than 150
countries including Indonesia, Australia, China, Hong Kong,
India, Philippines, Singapore, Taiwan and Thailand.

                          *     *     *

Dominion Bond Rating Service confirmed the long-term ratings of
Nortel Networks Capital Corporation, Nortel Networks
Corporation, and Nortel Networks Limited at B (low) along with
the preferred share ratings of Nortel Networks Limited at Pfd-5
(low).  All trends are Stable.

DBRS confirmed B (low) Stb Senior Unsecured Notes; B (low) Stb
Convertible Notes; B (low) Stb Notes & Long-Term Senior Debt;
Pfd-5 (low) Stb Class A, Redeemable Preferred Shares; and Pfd-5
(low) Stb Class A, Non-Cumulative Redeemable Preferred Shares.

Additionally, Moody's Investors Service affirmed the B3
corporate family rating of Nortel; assigned a B3 rating to the
proposed US$2billion senior note issue; downgraded the US$200
million 6.875% Senior Notes due 2023 and revised the outlook to
stable from negative.

Standard & Poor's also affirmed its 'B-' long-term and 'B-2'
short-term corporate credit ratings on the company, and assigned
its 'B-' senior unsecured debt rating to the company's proposed
US$2 billion notes.  The outlook is stable.


NORTEL NETWORKS: Implements Consolidation of Common Shares
----------------------------------------------------------
Nortel Networks Corporation implemented the previously announced
consolidation of its issued and outstanding common shares as
approved by the company's Board of Directors on Nov. 6, 2006,
and its shareholders at the annual and special meeting of
shareholders on June 29, 2006.

Nortel's common shares, listed on the New York Stock Exchange
and the Toronto Stock Exchange, will begin trading on a
consolidated basis when the NYSE and TSX open.  The
consolidation was implemented with a ratio of one consolidated
share for every ten pre-consolidation shares.  The consolidation
has reduced the number of shares outstanding from approximately
4.3 billion to approximately 433 million.

Registered shareholders of the company are receiving
instructions by mail on how to obtain a new share certificate
representing their consolidated common shares.  No fractional
shares will be issued as a result of the consolidation.  

If the consolidation results in a registered shareholder having
a fractional interest of less than a whole share, the registered
shareholder will receive a cash payment for the value of that
interest, with the amount of the payment determined by
multiplying the fraction by US$21.15 (the average closing price
of Nortel common shares, as adjusted for the consolidation, on
the NYSE for the 10 trading days prior to Dec. 1, 2006,
effective date), with Canadian residents receiving the Canadian
dollar equivalent of such payment based on the noon spot rate
published by the Bank of Canada on Nov. 30, 2006.  Nortel shares
held through a broker, bank, trust company, nominee or other
financial intermediary will be adjusted by that firm.

With the implementation of the consolidation, the Company's
4.25% convertible senior notes due Sept. 1, 2008, are
convertible by holders into common shares of Nortel Networks
Corporation at a new conversion price of US$100 per common
share.  Furthermore, proportional adjustments reflecting the
share consolidation have been made under Nortel's equity
compensation plans.

                      About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- is a recognized  
leader in delivering communications capabilities that enhance
the human experience, ignite and power global commerce, and
secure and protect the world's most critical information.  
Serving both service provider and enterprise customers, Nortel
delivers innovative technology solutions encompassing end-to-end
broadband, Voice over IP, multimedia services and applications,
and wireless broadband designed to help people solve the world's
greatest challenges.  Nortel does business in more than 150
countries including Indonesia, Australia, China, Hong Kong,
India, Philippines, Singapore, Taiwan and Thailand.

                          *     *     *

Dominion Bond Rating Service confirmed the long-term ratings of
Nortel Networks Capital Corporation, Nortel Networks
Corporation, and Nortel Networks Limited at B (low) along with
the preferred share ratings of Nortel Networks Limited at Pfd-5
(low).  All trends are Stable.

DBRS confirmed B (low) Stb Senior Unsecured Notes; B (low) Stb
Convertible Notes; B (low) Stb Notes & Long-Term Senior Debt;
Pfd-5 (low) Stb Class A, Redeemable Preferred Shares; and Pfd-5
(low) Stb Class A, Non-Cumulative Redeemable Preferred Shares.

Additionally, Moody's Investors Service affirmed the B3
corporate family rating of Nortel; assigned a B3 rating to the
proposed US$2billion senior note issue; downgraded the US$200
million 6.875% Senior Notes due 2023 and revised the outlook to
stable from negative.

Standard & Poor's also affirmed its 'B-' long-term and 'B-2'
short-term corporate credit ratings on the company, and assigned
its 'B-' senior unsecured debt rating to the company's proposed
US$2 billion notes.  The outlook is stable.


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

BANK OF YOKOHAMA: Earns JPY31.33 Bil. in 6 Months to Sept. 2006
---------------------------------------------------------------
The Bank of Yokohama released its financial results for the six
months ended Sept. 30, 2006.

The bank posted a net income of JPY31.33 billion in the half-
year period ended Sept. 30, 2006, compared with the
JPY29.14-billion net income it recorded in the same period in
2005.

The bank relates that as gains or losses on stock increased,
ordinary profit for the half-year to September 2006 reached
JPY50.3 billion, an increase of JPY5.4 billion as compared with
the previous interim term.

As of Sept. 30, 2006, Bank of Yokohama's balance sheets recorded
JPY10.75 trillion in total assets and JPY10.03 trillion in total
liabilities, versus the JPY10.46 trillion in total assets and
JPY9.84 trillion in total liabilities as of Sept. 30, 2005.

                       State of Bad Debts

According to the bank's financial report, the ratio of bad debts
continued to be at a low level.

Bank of Yokohama stated that as a result of promoting off-
balancing, improvement in borrower classification through
management improvement support and collection, problem claims
(under Financial Revitalization Law) decreased by JPY2.7 billion
from the previous interim term end to JPY212.3 billion.
Problem claim ratio decreased by 0.1 points to 2.5%.

                             Loans

The bank disclosed that both loans to small and medium-sized
businesses and individuals steadily increased.

As a result of focusing on the regional retail business, Bank of
Yokohama's loans to small and medium-sized businesses increased
by JPY187.5 billion from the previous interim term, and loans to
individuals increased by JPY70.9 billion from the previous
interim term.

Average balance of loans to small and medium-sized businesses,
which had been on a downward trend, turned to an increase by
JPY180.5 billion, hitting bottom in the first half of 2005.

Bank of Yokohama's financial report for the six months ended
Sept. 30, 2006, is available for free at:
http://bankrupt.com/misc/bank_of_yokohama_093006.pdf

The Bank of Yokohama, Ltd. -- http://www.boy.co.jp-- is a  
Japan-based regional bank, which provides banking services to
individuals and corporate customers through 185 branches, eight
sub-branches and 368 automated teller machines.  Its banking
business includes deposits, credit guarantee, trust business,
undertaking of commercial papers, undertaking and sale of
various bonds such as government, local and government-backed
bonds, as well as marketable securities.  Through its 12
subsidiaries and two affiliated companies, the Bank is engaged
in the other related businesses, including guarantee, credit and
venture capital businesses.

The Troubled Company Reporter - Asia Pacific reported on May 24,
2006, that Moody's Investors Service has upgraded the bank
financial strength rating of The Bank of Yokohama to D+ from D,
which concludes the upward review of the bank's ratings
initiated on February 10, 2006.  The rating is not expected to
change for some time.


BANK OF YOKOHAMA: Fitch Upgrades Individual Rating to B/C from C
----------------------------------------------------------------
Fitch Ratings has upgraded Bank of Yokohama's ratings as
follows:

   * Long-term foreign currency and local currency Issuer
     Default Ratings to 'A' from 'BBB+',

   * Short-term IDRs to 'F1' from 'F2' and

   * Individual 'B/C' from 'C'.

Its Support rating remains unchanged at '2'.  The rating outlook
is stable.

The upgrade reflects BoY's improvement in performance, reflected
by its enhanced profitability, capitalisation and asset quality.
Its post-bubble recovery is impressive. The bank's operating
profit and net income tripled, while assets shrank by 25% as a
result of the drastic change in BoY's business model: it has
retreated from overseas expansion and focused on retail and SME
lending in its home region, which is the basis for its recovery
in the 2000s.

BoY's problem loans, net of reserves, fell to one quarter of its
Tier 1 capital at end-September 2006, and with provisions
declining to 20 bps of lending, the bank's asset quality is no
longer a concern.  At the same time, capital quality has
improved.  It had completed repayment of public funds in 2004
and at end-September 2006, its Tier 1 capital less deferred tax
assets was 9%, vastly improved from 3% at end-March 2000 (or
less than 2% if public funds were further excluded from the
calculation).  The challenge for BoY now comes from intensifying
competition with Japan's mega-banks.  In the past, they were not
active in BoY's home region owing to their financial problems,
but following their recovery, the mega-banks pose a real threat.

The Bank of Yokohama, Ltd. -- http://www.boy.co.jp/-- is a  
Japan-based regional bank, which provides banking services to
individuals and corporate customers through 185 branches, eight
sub-branches and 368 automated teller machines.  Its banking
business includes deposits, credit guarantee, trust business,
undertaking of commercial papers, undertaking and sale of
various bonds such as government, local and government-backed
bonds, as well as marketable securities.  Through its 12
subsidiaries and two affiliated companies, the Bank is engaged
in the other related businesses, including guarantee, credit and
venture capital businesses.


FUJI ELECTRIC: Earns JPY3.66 Billion in Half-Year to September
--------------------------------------------------------------
In an investor relations release, Fuji Electric Holdings Co.
President Haruo Ito said that in the first half of fiscal year
2006 -- six months to September 30 -- the Fuji Electric Group
posted a year-on-year increase in net sales and marked
improvements in operating income, ordinary income and net
income.

Sales rose in these groups:

   * Energy & Electric Systems, on the strength of large orders
     for electric power plants;

   * ED&C Drive Systems, supported by buoyant private-sector
     capital investment; and

   * Electronic Devices, due to significantly higher sales of
     semiconductors and storage devices.

This helped the group to report an overall increase in net sales
of 8.6% to JPY400.9 billion.  The group posted operating income
of JPY6.77 billion and ordinary income of JPY7.64 billion, both
double the previous interim period.  

Mr. Ito stated that net income also improved significantly to
JPY3.66 billion.  This marked improvement in profitability, in
the face of escalating raw material prices, was mainly due to
higher sales, as well as rigorous efforts to reduce costs
through business process reengineering and strategic
reallocations of human resources in response to a changing
business portfolio.

According to Mr. Ito, despite some concern about the impact of
any slowdown in the U.S. on the domestic economy, Japan's
recovery is expected to continue in the second half of the
fiscal year, underpinned by private-sector demand against a
backdrop of strong growth in Asia, and China in particular.

Mr. Ito adds that the Fuji Electric Group will strive to take
full advantage of this favorable operating environment by
implementing aggressive business strategies and initiatives, and
by taking steps to cope with high raw material prices and
continuing to push through BPR reforms.  

Mr. Ito also adds that in terms of the outlook for the full
year, the company raised its previous forecasts on Oct. 30,
2006.  The company is now projecting year-on-year top- and
bottom-line growth with operating income of JPY47.0 billion,
ordinary income of JPY47.0 billion and net income of
JPY22.5 billion, on net sales of JPY920.0 billion.

Lastly, in light of conditions in its operating environment and
the Group's business performance, Fuji Electric had decided to
increase the interim dividend by JPY1 from the previous year to
JPY4 per share.

Based in Kawasaki, Japan, Fuji Electric Holdings Co., Ltd. --
http://www.fujielectric.co.jp/-- is a holding company.  Through  
its subsidiaries and associated companies, the company has
operations in four main business divisions.  The Electric
Systems division offers e-solutions, environmental systems,
industrial and transportation systems, power plant products, as
well as the installation of electrical facilities and air
conditioners, among others.  The Machinery and Controls division
offers manual motor starters, molded case circuit breakers,
energy conservation equipment and servo systems, among others.
The Electronic Devices division offers semiconductors, disc
mediums and imaging devices.  The Retail Systems division offers
vending machines, currency equipment and cold chain equipment.  
Other businesses include the real estate, insurance and tourism
businesses, as well as the provision of finance services, among
others.  The company has operations in the United States and
Germany.

The company's long-term local and foreign issuer credit carries
Standard and Poors' BB+ rating.


KEIYO BANK: Net Income Ups 38% to JPY6.8 Bil. in Half-Year 2006
---------------------------------------------------------------
Keiyo Bank Ltd reported its half-year consolidated earnings
results for the period ended Sept. 30, 2006.

For the September 2006 half-year period, Keiyo Bank recorded a
net income of JPY6.79 billion, a 38.2% increase from the
JPY4.91-billion net income posted for the half-year period ended
Sept. 30, 2005.  Revenues increased 0.4% to JPY35.79 billion in
the 2006 Half-Year from JPY35.66 in the 2005 Half-Year.

Keiyo posted current profit of JPY11.61 billion in the half-year
to Sept. 30, 2006, compared with JPY8.68 billion in the half-
year to Sept. 30, 2005.  Earnings per share was JPY23.42,
compared with the JPY16.96 a year ago.

The Keiyo Bank, Ltd. -- http://www.keiyobank.co.jp/-- is a  
regional bank based in Chiba Prefecture, Japan.  The bank is
engaged in the provision of personal and corporate banking
services.

Fitch Rating gave the bank a 'C' individual rating.


NUANCE COMMS: Incurs US$6.7-Mil. Net Loss for 2006 4th Quarter
--------------------------------------------------------------

Nuance Communications, Inc., disclosed financial results for the
fourth quarter ended September 30, 2006.

Nuance reported revenues of US$128.2 million in the quarter
ended September 30, 2006, a 107% increase over revenues of
US$61.9 million in the quarter ended September 30, 2005.

In addition to using GAAP results in evaluating the business,
management also believes it is useful to evaluate results using
non-GAAP measures.  Using a non-GAAP measure, the Company
reported non-GAAP revenue of US$133.2 million which includes
US$5.0 million in revenue lost to purchase accounting in
conjunction with the Company's acquisition of Dictaphone
Corporation.

On a GAAP basis, Nuance recognized a net loss of US$6.7 million,
or US$(0.04) per share, in the quarter ended September 30, 2006,
compared with a net loss of US$7.7 million, or US$(0.06) per
diluted share, in the quarter ended September 30, 2005.  Using a
non-GAAP measure, Nuance reported non-GAAP net income of
US$26.4 million, or US$0.14 per diluted share, for the period
ending September 30, 2006, compared to non-GAAP net income of
US$5.6 million, or US$0.04 per diluted share, in the quarter
ended September 30, 2005.

The non-GAAP revenue amount includes revenue lost to purchase
accounting in conjunction with the Company's acquisition of
Dictaphone Corporation.  The non-GAAP net income amount excludes
non-cash taxes and interest, amortization and impairment of
intangible assets, non-cash amortization of stock-based
compensation, and acquisition-related transition and integration
costs and charges.  See "GAAP to non-GAAP Reconciliation" below
for further information on the Company's non-GAAP measures.
These unaudited results are subject to revision until the
Company files its Annual Report on Form 10-K with the Securities
and Exchange Commission.

"Nuance had a strong finish to its fiscal year delivering robust
revenue growth across all its speech solutions," said Paul
Ricci, chairman and CEO, of Nuance.  "In particular, the
performance of Dragon NaturallySpeaking and our embedded speech
solutions were records for the Company.  As we begin 2007, our
strong operational performance, accelerating revenues and
growing demand for speech solutions provide us with significant
confidence and momentum."

Consistent with the Company's strategy and recent trends,
highlights from the quarter include:

Dictation - Nuance introduced Dragon NaturallySpeaking version 9
to widespread acclaim and customer demand.  The launch exceeded
Company expectations making it the most successful product
introduction in Nuance history.  Additionally, Dragon Medical
revenues, targeted at healthcare institutions, were
exceptionally strong, up more than 100% over the same quarter
last year.  Overall, revenues for Dragon products in the quarter
were an all-time high, up 100 percent from Q4 2005.

Dictaphone Healthcare - In the quarter, Dictaphone healthcare
revenues were up sequentially and year-over-year owing to strong
demand from new and existing customers.  In particular, Nuance
signed significant contracts with Banner Health, Children's
Hospital Boston and Sunrise Healthcare, and experienced
continued growing contributions from its iChart ASP and
professional services operations.

Enterprise Speech - Nuance delivered a strong quarter,
particularly in North America, for its enterprise speech
solutions with revenues up sequentially and year-over-year.  The
Company benefited from new and expanded agreements with
enterprises and telecommunications providers, including Air
France, Charles Schwab, Fidelity Investments, GE Financial
Services, Japan Airlines and Vodafone.  In addition, the Company
strengthened its solutions portfolio with new analytics
applications through its partnership with ClickFox as well as
enhanced Nuance Speaker Verification solutions.

Embedded Speech - Revenues from embedded speech were a record in
the quarter, exceeding US$10 million for the first time and up
more than 41% year-over-year.  The performance was driven by
strong royalties and accompanied by additional design wins.
Within its handset and automotive markets, Nuance secured
strategic design wins with Denso, Hyundai, Melco, Nokia, Philips
Semiconductor, Samsung, T-Mobile and Toyota.

Search and Communications - Nuance expanded its Search and
Communications business team, comprising sales, marketing and
product management, to address the exciting new applications and
opportunities in the speech market.  The Company continued to
accelerate revenue growth through a contract with a large
Internet search firm, its directory assistance implementations
including Jingle Networks, Swisscom and Telus, and early trials
for Nuance Mobile speech services.

PDF and Document Solutions - Nuance launched a new version of
its PDF Converter portfolio and through continued adoption and
strong revenue growth, solidified its position as the leading
alternative to Adobe Acrobat.  In the quarter, Nuance signed
contracts for its imaging solutions with OEMs and enterprises
including 3M, Hewlett-Packard, Kodak, Pfizer and Xerox.

Operational Achievement - Nuance continued to focus attention on
disciplined acquisition integration, cost synergies and expense
controls which resulted in additional improvements and leverage
in its operating margins.  Gross margins were above
expectations, while operating expenses were at target in the
quarter.  In addition, cash flows from operations were
approximately US$27 million, up from US$13.4 million in Q3 2006
and US$7.7 million in Q4 2005.  Nuance ended the quarter with
cash balances of approximately US$112 million.

               About Nuance Communications, Inc.

Nuance Communications, Inc. (Nasdaq: NUAN) --
http://www.nuance.com/-- is a leading provider of speech and  
imaging solutions for businesses and consumers around the world.  
Its technologies, applications and services make the user
experience more compelling by transforming the way people
interact with information and how they create, share and use
documents.  Every day, millions of users and thousands of
businesses experience Nuance's proven applications.

The company has offices in Japan, Australia, Belgium, Korea,
Hong Kong, India, Mexico and the United Kingdom, among others.

The Troubled Company Reporter - Asia Pacific reported on
Oct. 13, 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. Technology
Software sectors this week, the rating agency confirmed its B2
Corporate Family Rating for Nuance Communications, Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$75 Million
   Senior Secured
   Revolving Credit
   Facility due 2012      B1       B1      LGD3       30%

   US$355 Million
   Senior Secured
   First Lien
   due 2013               B1       B1      LGD3       30%


ON SEMICONDUCTOR: Wants Senior Secured Credit Facility Amended
--------------------------------------------------------------
ON Semiconductor Corp. is seeking an amendment of its senior
secured credit facility to enable it to replace a significant
portion of its bank debt with indebtedness to be incurred
outside of the facility, to incur additional junior indebtedness
and to permit the expenditure of up to US$300 million to
repurchase shares of common stock, all subject to market and
certain financial conditions.

"With our current strong cash position, ongoing cash flow
generating capabilities of the business and the availability of
lower cost financing, we believe we are in a position to take a
number of steps to continue improving our overall financial
performance" said Donald Colvin, ON Semiconductor executive vice
president and CFO.  "The proposed changes to our bank facility
will allow us to be opportunistic in taking advantage of market
conditions."

Indebtedness under the senior secured credit facility at
Sept. 29, 2006 was approximately US$574 million, and the company
has prepaid US$55 million of that amount during the fourth
quarter.

The company also reported that its board of directors has
authorized the company to repurchase up to 50 million shares of
common stock from time to time in the open market.

                      About ON Semiconductor

ON Semiconductor -- http://www.onsemi.com/-- supplies power  
solutions to engineers, purchasing professionals, distributors
and contract manufacturers in the computer, cell phone, portable
devices, automotive and industrial markets.  The company has
operations in Japan and the Czech Republic.

                          *     *     *

ON Semiconductor Corp.'s bank loan debt and long-term corporate
family rating carry Moody's B2 ratings.  The ratings were placed
on Dec. 15, 2005, with a positive outlook.


USINAS SIDERURGICAS: Board Okays BRL300 Mil. Profit Distribution
----------------------------------------------------------------
Usinas Siderurgicas De Minas Gerais SA aka Usiminas approved,
"ad referendum," on Nov. 29, 2006, the proposal for distribution
of profits referring to the second half of the present year in
the form of interest on equity capital in the amount of
BRL300,001,883.35.

The approval entitles each ordinary share to BRL1.30354 and each
preferred share to BRL1.4339.  The amounts will be counted as
part of the calculation of the required minimum dividend for
fiscal year 2006, pursuant to the terms of Section 5 of Article
24 of the Corporate Bylaws.

The board of directors will determine date of payment in its
regular meeting in March 2007, when it will deliberate on the
fiscal year 2006 Accounting Statements.  Payment of the benefit
will be entitled to holders of shares on Dec. 28, 2006.

Income withholding tax will be deducted at a rate of fifteen
percent (15%), subject to applicable legal exceptions.

The shares will be negotiated "ex-interest" as of Dec. 29, 2006.

Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas de
Minas Gerais SA is among the world's 20 largest steel
manufacturing complexes, with a production capacity of
approximately 10 million tons of steel.  Usiminas System
companies produces galvanized and non-coated flat steel products
for the automotive, small and large diameter pipe, civil
construction, hydro-electronic, rerolling, agriculture, and road
machinery industries.  Brazil consumes 80% of its products and
the company's largest export markets are the US and Latin
America.  The company also sells in China and Japan.

                          *     *     *

Standard & Poor's Ratings Services affirmed on June 7, 2006, its
'BB+' long-term corporate credit rating on Brazil-based steel
maker Usinas Siderurgicas de Minas Gerais S.A. -- Usiminas.  At
the same time, Standard & Poor's assigned its 'BB+' senior
unsecured debt rating to the forthcoming US$200 million Global
MTNs due June 2016 to be issued by Cosipa Commercial Ltd.  S&P
says the outlook on the corporate credit rating is stable.


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

BOWATER INC: Posts US$216.1-Mil. Net Loss in 2006 Third Quarter
---------------------------------------------------------------
Bowater Incorporated reported a net loss of US$216.1 million on
sales of US$875.9 million for the third quarter of 2006,
compared with a net loss of US$16.0 million on sales of
US$872.9 million in the third quarter of 2005.

At Sept. 30, 2006, the company's consolidated balance sheet
showed US$4.81 billion in total assets, US$3.83 billion in total
liabilities, US$62.5 million in minority interest, and
US$921.2 million in total stockholders' equity.  

The US$200.1 million increase in net loss in the third quarter
of 2006 is mainly due to higher cost of sales, charges for
impairment amounting to US$246.4 million, higher selling and
administrative expenses, offset by an increase in net gain on
disposition of assets of US$54 million due to higher land sales
in the third quarter of 2006, compared to the third quarter of
2005.

Sales increased slightly in the third quarter of 2006 as
compared to the third quarter of 2005 due primarily to higher
transaction prices for specialty papers, newsprint and market
pulp and increased shipments of coated papers and specialty
papers, partially offset by lower transaction prices for coated
papers and lumber and lower shipments of newsprint, market pulp
and lumber.

Cost of sales during the third quarter of 2006, as compared to
the third quarter of 2005, increased by US$20.2 million,
primarily due to the stronger Canadian dollar which increased
from an average rate of US$0.83 to US$0.89, lower production
volumes, reduced benefits from the company's Canadian hedging
program, and higher chemical costs.  These higher costs were
partially offset by lower maintenance costs, wood and fiber
costs, labor costs, energy costs, and lower depreciation.

In addition, the company recorded impairment and other related
charges of US$246.4 million and US$0.4 million in cost of sales
during the third quarter associated with the impairment of
goodwill at the Thunder Bay, Ontario facility, the closure of
the company's Benton Harbor, Michigan facility and the
impairment of paper machine No. 3 at the Thunder Bay, Ontario
facility.

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2006, are available
at: http://researcharchives.com/t/s?1628

                       About Bowater Inc.

Headquartered in Greenville, South Carolina, Bowater
Incorporated -- http://www.bowater.com/en/-- produces newsprint  
and coated mechanical papers.  In addition, the company makes
uncoated mechanical papers, bleached kraft pulp and lumber
products.  The company approximately has 7,800 employees and has
12 pulp and papermills in the United States, Canada and South
Korea and 12 North American sawmills that produce softwood
lumber.  Bowater also operates two facilities that convert a
mechanical base sheet to coated products.  Bowater's operations
are supported by approximately 1.4 million acres of timberlands
owned or leased in the United States and Canada and 30 million
acres of timber cutting rights in Canada.  Bowater common stock
is listed on the New York Stock Exchange, the Pacific Exchange
and the London Stock Exchange.  A special class of stock
exchangeable into Bowater common stock is listed on the Toronto
Stock Exchange.

                          *     *     *

As reported in the Troubled Company Reporter on June 27, 2006,
Fitch Ratings has assigned a 'BB' rating to Bowater, Inc.'s
senior secured bank debt.  The company's issuer default ratings,
'BB-' and senior unsecured bond ratings, 'BB-', remain
unchanged.  The Rating Outlook remains Stable.

The TCR, on June 21, 2006, reported that Moody's Investors
Service affirmed the Company's B1 long term debt ratings and
SGL-2 speculative grade liquidity rating.  The Outlook is
Stable.

Dominion Bond Rating Service downgraded the rating of Bowater
Canadian Forest Products Inc. to BB (low) from BB.  The trend
remains Negative.

Standard & Poor's Ratings Services lowered its ratings on
Bowater and subsidiary Bowater Canadian Forest Products Inc.,
including the corporate credit rating on each entity to 'B+'
from 'BB' in December 2005.  S&P said the outlook is stable.


KOREA EXCHANGE BANK: Warned Over Dividend Payout to Lone Star
-------------------------------------------------------------
Korea's financial authorities are concerned over Korea Exchange
Bank's possible high payout of dividends, The Korea Times
reports.

KEB's excessive dividend payout to shareholders will weaken its
asset quality, the Korean newspaper cites the Financial
Supervisory Service as saying.

United States-based Lone Star Funds holds majority stake in KEB.

If a bank pays dividends to its shareholders instead of
reserving its profits, it tends to erode its capital adequacy
ratio, the FSS explained.

According to the Korean newspaper, Korea's assistant Finance and
Economy Minister Lim Young-rok also echoed the FSS' concern.
"KEB's dividend payout is up to its board of directors
basically.  However, the financial authorities will monitor the
bank's decision about whether the level of dividend would hurt
its soundness or not," the newspaper quotes Mr. Lim as saying.

FSS Governor Yoon Jeung-hyun told the newspaper that regulators
will have to take some measures to keep the KEB's dividend
payout from hurting its asset quality.

The FSS is even considering a regular audit of KEB commencing in
2007, The Times adds.

                      About Korea Exchange

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

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

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

                          *     *     *

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

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

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


TRIGEM COMPUTER: Reports KRW243-Mil. Net Income for Nine Months
---------------------------------------------------------------
TriGem Computer, Inc., posted a KRW243,229,870 net income for
the nine months ended September 30, 2006, Minjeong Jeon at
Bloomberg News in Hong Kong, reports.

The company had a KRW216,162,480 net loss during the same period
in 2005.

TriGem also reported KRW324,562,280 in net sales for the three
quarters, much lower compared to KRW630,406,620 in 2005.

The Korean PC maker previously sought to sell its assets at an
auction.

Human & Technology Co., emerged as the sole bidder, but the
Suwon District Court, Bankruptcy Division, in South Korea,
canceled the whole bidding process as that offer was found to be
below market price.

Human & Technology initially agreed to acquire TriGem's assets
for KRW170,000,000,000 or US$177,000,000, according to Bloomberg
News.  However, Human & Technology noted that it would bring the
price down should it find after due diligence that
KRW30,000,000,000 of receivables from TriGem's subsidiaries
would be difficult to collect.  It has also rejected demands to
guarantee employment.

The Korean Court previously estimated TriGem's value at
KRW200,000,000,000 to KRW250,000,000,000 -- US$209,000,000 to
US$261,000,000.  Human & Technology's reduced final offer for
TriGem's assets was not disclosed for confidentiality reasons,
Asia Pulse said.

TriGem said in an e-mailed statement to Bloomberg that it will
seek stay in the business on its own.

TriGem's spokesman said creditors would hold open the
possibility of selling their controlling stake if a company with
a proper takeover price comes forward, Asia Pulse said.

Headquartered in Ansan City, Kyunggi-Do, Korea, TriGem Computer
Inc. -- http://www.trigem.com/-- manufactures desktop PCs,  
notebook PCs, LCD monitors, printers, scanners, other computer
peripherals, and PIDs and supplies over four million PCs a year
to clients all over the world.

The Troubled Company Reporter - Asia Pacific reported on
June 20, 2005, that the Suwon District Court has authorized
TriGem's receivership and gave it a chance to revive its
operations.  The Suwon Court then appointed the Company's former
president and chief executive officer Park Il-hwan as
supervisor.

Mr. Park, also as TriGem's Foreign Representative, filed a
chapter 15 petition on Nov. 3, 2005, with the United States
Bankruptcy Court for the Central District of California (Bankr.
C.D. Calif. Case No. 05-50052), seeking recognition of TriGem's
case pending under the Corporate Reorganization Act in Korea as
a foreign main proceeding.  Charles D. Axelrod, Esq., at Stutman
Treister & Glatt, P.C., represents the Foreign Representative in
the U.S.

TriGem America Corporation, an affiliate of the Debtor, filed
for chapter 11 protection on June 3, 2005 (Bankr. C.D. Calif.
Case No. 05-13972).  TriGem Texas, Inc., another affiliate of
the Debtor, also filed for  chapter 11 protection on June 8,
2005 (Bankr. C.D. Calif. Case No. 05-14047). (TriGem Bankruptcy
News, Issue No. 3 Bankruptcy Creditors' Service, Inc., 215/945-
7000).


TRIGEM COMPUTER: South Korean Court Halts Sale of Assets
--------------------------------------------------------
The Suwon District Court, Bankruptcy Division, in South Korea,
canceled the whole bidding process for TriGem Computer, Inc.'s
assets as the offer submitted by the sole bidder, Human &
Technology Co., fell below market price, according to Asia Pulse
Businesswire.

TriGem and Human & Technology initially agreed to a
KRW170,000,000,000 price -- $177,000,000 -- Bloomberg News
reports, citing the Seoul-based online newspaper MoneyToday.
However, Human & Technology noted that it would bring the price
down should it find after due diligence that KRW30,000,000,000
of receivables from TriGem's subsidiaries would be difficult to
collect.  It has also rejected demands to guarantee employment.

The Korean Court previously estimated TriGem's value at
KRW200,000,000,000 to KRW250,000,000,000 -- US$209,000,000 to
US$261,000,000.  Human & Technology's reduced final offer for
TriGem's assets was not disclosed for confidentiality reasons,
Asia Pulse reports.

TriGem's spokesman said creditors will hold open the possibility
of selling their controlling stake if a company with a proper
takeover price comes forward, Asia Pulse says.

Headquartered in Ansan City, Kyunggi-Do, Korea, TriGem Computer
Inc. -- http://www.trigem.com/-- manufactures desktop PCs,  
notebook PCs, LCD monitors, printers, scanners, other computer
peripherals, and PIDs and supplies over four million PCs a year
to clients all over the world.

The Troubled Company Reporter - Asia Pacific reported on
June 20, 2005, that the Suwon District Court has authorized
TriGem's receivership and gave it a chance to revive its
operations.  The Suwon Court then appointed the Company's former
president and chief executive officer Park Il-hwan as
supervisor.

Mr. Park, also as TriGem's Foreign Representative, filed a
chapter 15 petition on Nov. 3, 2005, with the United States
Bankruptcy Court for the Central District of California (Bankr.
C.D. Calif. Case No. 05-50052), seeking recognition of TriGem's
case pending under the Corporate Reorganization Act in Korea as
a foreign main proceeding.  Charles D. Axelrod, Esq., at Stutman
Treister & Glatt, P.C., represents the Foreign Representative in
the U.S.

TriGem America Corporation, an affiliate of the Debtor, filed
for chapter 11 protection on June 3, 2005 (Bankr. C.D. Calif.
Case No. 05-13972).  TriGem Texas, Inc., another affiliate of
the Debtor, also filed for  chapter 11 protection on June 8,
2005 (Bankr. C.D. Calif. Case No. 05-14047). (TriGem Bankruptcy
News, Issue No. 3 Bankruptcy Creditors' Service, Inc., 215/945-
7000).


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

FEDERAL FURNITURE: Third Quarter Net Loss Tops at MYR2.16 Mil.
--------------------------------------------------------------
Federal Furniture Holdings (M) Bhd submitted before the Bursa
Malaysia Securities Bhd its financial report for the third
quarter ended September 30, 2006.

The company posted MYR2.16 million net loss on MYR9.93 million
revenues in the reviewed quarter as compared with
MYR1.72 million net loss on MYR10.30 million revenues in the
same quarter last year.

As of September 30, 2006, Federal Furniture's balance sheet
showed strained liquidity with MYR37.38 million in current
assets available to pay MYR154.58 million in current liabilities
coming due within the next 12 months.

In addition, the company's balance sheet as of end-September
2006 also reflected MYR149.14 million in total assets and
MYR159.09 million in total liabilities.  Shareholders' deficit
totaled MYR9.95 million.

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

         http://bankrupt.com/misc/FEDERAL-3Q-2006.xls

                          *     *     *

Headquartered in Selangor Darul Ehsan Malaysia Federal Furniture
Holdings Bhd -- http://www.federal-furniture.com/-- is a listed  
company on the Kuala Lumpur Stock Exchange and is Malaysia's
premier furniture and interior design group.  It consists of
companies in all the main sectors of the furniture-related
industries, from manufacturing, marketing, exporting, contract
furnishing and interior design to retail.

On June 24, 2004, the Board of Directors of Federal Furniture
has proposed a capital reduction, a share premium reduction,
rights issue with warrants and a debt settlement scheme with
some of its financial institution lenders to restructure and
settle a substantial part of its total bank borrowings.  On July
5, 2006, the Company submitted its Regularization Plan to Bursa
Malaysia Securities Berhad for approval.

The company's balance sheet as of September 30, 2006, reflected
MYR149.14 million in total assets and MYR159.09 million in total
liabilities.  Shareholders' deficit totaled MYR9.95 million.


HARVEST COURT: Incurs MYR3.12-Million Net Loss in 3Q 2006
---------------------------------------------------------
Harvest Court Industries Bhd filed its financial results for the
quarter ended September 30, 2006, with the Bursa Malaysia
Securities Bhd on November 11, 2006.

Harvest Court posted a net loss of MYR3.12 million on
MYR539,357 revenues in its third quarter operations as compared
with the MYR1.97-million net loss on MYR6.26 million revenues
recorded in the same quarter last year.

As of September 30, 2006, the company's balance sheet showed
strained liquidity with MYR12.59 million in current assets
available to pay MYR47.41 million in current liabilities coming
due within the next 12 months.

Harvest Court's total assets reached MYR47.95 million as of
September 30, 2006, while total liabilities amounted to
MYR47.92 million.  Shareholders' equity in the company totaled
MYR27,967.

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

           http://bankrupt.com/misc/HARVEST-3Q-2006.xls  

                          *     *     *

Headquartered in Selangor, Malaysia, Harvest Court Industries
Berhad -- http://www.harvestcourt.com/-- is engaged in kiln  
drying, saw milling and manufacturing of timber doors and
related products. Other activities include development of
residential and commercial properties and jetty services and
provision of construction works and related maintenance
services.  The Group is also involved in the provision of
marketing and management services and investment in shares and
securities.  The Group operates in Malaysia and Australia.

The Group has defaulted on several loan facilities because of a
reduction in sales from 2002 onwards due to a weak global market
as a result of the Iraqi and the severe acute respiratory
syndrome, or SARS, as well as its inability to raise funds via
the equity market due to weak market sentiment.  Due to its
financial position, Harvest Court had embarked on an exercise to
restructure the Company, including a debt restructuring and
capital reduction.  The Company's proposed corporate exercise
was rejected by the Securities Commission in November 2005, on
grounds that the proposals are not comprehensive and are not
capable of resolving all financial problems of the Company.  Its
appeal to reconsider the rejection was also junked by the
Commission on February 24, 2006.  The Harvest Court Board is now
in talks with lenders and major creditors for its next course of
action.


LITYAN HOLDINGS: Posts MYR4.57-Mil. Profit in September Quarter
---------------------------------------------------------------
The Bursa Malaysia Securities on November 23, 2006, received
Lityan Holdings Bhd's financial report for the quarter ended
September 30, 2006.

Lityan posted a MYR4.57-million net profit on MYR9.89 million
revenues for the quarter ended September 30, 2006, compared with
the MYR2.04-million net loss on MYR12.46 million revenues
recorded in the same quarter last year.

The company's balance sheet as of September 30, 2006, showed
strained liquidity with MYR37.91 million in current assets
available to pay MYR146.61 million in current liabilities coming
due within the next 12 months.

In addition, the company's balance sheet as of end-September
2006 reflected total assets of MYR69.62 million and total
liabilities of MYR146.92 million, resulting in a shareholders'
deficit of MYR77.29 million.

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

            http://bankrupt.com/misc/LITYAN3Q-2006.xls

                          *     *     *

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides  
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.  
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.   

On May 10, 2005, the Company was classified as an affected
listed issuer pursuant to Bursa Malaysia Securities Berhad's
Practice Note 17 category.  On January 16, 2006, the Company
entered into a conditional Restructuring Agreement to undertake
the Proposed Restructuring Scheme with the intention of
restoring the Company onto stronger financial footing via an
injection of new viable businesses.  

The company's balance sheet as of end-September 2006 reflected
total assets of MYR69.62 million and total liabilities of
MYR146.92 million, resulting in a shareholders' deficit of
MYR77.29 million.


PAXELENT CORP: Posts MYR2.09-Mil. Net Loss in Third Qtr. 2006
-------------------------------------------------------------
Paxelent Corp Bhd recorded a net loss of MYR2.09 million on
MYR2.35 million revenues for the quarter ended September 30,
2006, compared with the MYR2.9-million net profit on
MYR8.67 million revenues in the same period last year.

As of September 30, 2006, the company's consolidated balance
sheet showed strained liquidity with MYR23.02 million in current
assets available to pay MYR62.07 million in current liabilities.

Paxelent Corp's total assets amounted to MYR64.78 million while
its total liabilities reached MYR62.07 million as of Sept. 30,
2006.  Shareholders' equity in the company amounted to
MYR2.71 million.

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

        http://bankrupt.com/misc/PAXELENT3Q-2006.xls
                           
                          *     *     *

Paxelent Corporation is engaged in investment holding.  The
principal activities of the subsidiaries are property
investment, provision of information technology solutions,
investment holding, marketing and sale of hard disk drive
components.  The Company is a public limited liability company,
incorporated and domiciled in Malaysia, and is listed on the
Second Board of Bursa Malaysia Securities Berhad.

The Company is actively pursuing various restructuring schemes
to address its default issues.  These schemes would involve
raising funds through partial disposal of assets, potential
debts waivers and rescheduling of the debts.


SELOGA HOLDINGS: Gains MYR102,000 in Third Quarter 2006
-------------------------------------------------------
Seloga Holdings Bhd gained a MYR102,000 net profit on
MYR32.55 million revenues in the quarter ended September 30,
2006, as compared with the MYR894,000 net loss on
MYR26.23 million revenues posted in the same quarter last year.

The company's consolidated balance sheet as of September 30,
2006, showed current assets at MYR103.43 million and current
liabilities at MYR87.48 million.

Seloga's total assets as of September 30, 2006, reached
MYR141 million while its total liabilities amounted to
MYR112.38 million.  Shareholders' equity in the company totaled
MYR27.71 million.

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

         http://bankrupt.com/misc/SELOGA-3Q-2006.xls

                          *     *     *

Headquartered in Selangor Darul Ehsan, Malaysia, Seloga Holdings
Berhad's -- http://www.seloga.com.my/-- principal activities  
are the provision of civil engineering contracting services,
property development, provision of insurance agency services and
investment holding.  Other activities include mechanical and
electrical engineering contracting services and manufacture of
timber moldings.  The Group operates predominantly in Malaysia.

As of June 30, 2006, the company's balance sheet showed total
current assets of MYR95.593 million and total current
liabilities of MYR86.451 million.

The company is currently classified under the PN-17 list of
Companies under the Bursa Malaysia Securities Bhd.


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

CARTER HOLT HARVEY: Completes Timberlands Sale to Hancock Timber
----------------------------------------------------------------
In a statement dated November 30, 2006, the Hancock Timber
Resource Group disclosed that it has completed the acquisition
of approximately 200,000 hectares (494,000 acres) of New Zealand
timberland and forestry rights from Carter Holt Harvey Limited.

Terms of the transaction were not disclosed.

As noted in the Troubled Company Reporter - Asia Pacific on
October 20, 2006, Hancock said the deal is "a private
transaction."  Thus, the terms of the deal are confidential.

However, according to the New Zealand Press Association, the
sale price was believed to be between NZ$1.5 billion and
NZ$2 billion.

The properties, located on the North and South Islands of New
Zealand, are plantation forests.

The TCR-AP recounts that Carter Holt put on sale its 275,000
hectares of land and trees in New Zealand.  

Thus, Carter Holt is now trying to sell the remaining 75,000
hectares, The Dominion Post relates.

Hancock Forest Management (NZ) Limited, Hancock Timber's New
Zealand property management operation, is assuming management
responsibilities for the former Carter Holt properties.  Hancock
Forest has a strong local team and will be employing more than
100 New Zealanders to manage its new and existing assets.

UniSuper Limited and Perpetual's Diversified Infrastructure Fund
will be two of the investors in the transaction.

UniSuper Limited is an Australian retirement fund that provides
retirement benefits primarily for employees of Australian
universities.  UniSuper's funds under management total more than
AU$20 billion supporting approximately 360,000 member accounts.

Perpetual's Diversified Infrastructure Fund is managed by
Perpetual Investment Management Limited, one of Australia's
leading investment managers with current funds under management
in excess of AU$33 billion.  Perpetual Investment Management
Limited is part of Perpetual Limited, an independent,
diversified financial services group established in Australia
120 years ago. Perpetual Limited has been listed on the
Australian Stock Exchange for more than 40 years.  It has
shareholder funds of AU$331 million and a market capitalization
in excess of AU$2.5 billion.

                        KFCL Blocks Sale

The Dominion Post relates that on December 1, 2006, Kokakotaea
Forestry Corporation lodged an injunction in the Maori Land
Court to block the sale, The Dominion relates.

As reported in the TCR-AP, KFCL's three shareholders own 10,000
hectares of the 275,000 hectares estate that Carter Holt has put
on sale.  KFCL had expected, as the landowner that any would-be
buyer would talk to them about reassigning of leases before any
sale was completed the TCR-AP said.

The entire estate had a book value of NZ$1.55 billion, The
Dominion notes.

Stuff.co.nz reveals that other Maori groups own a further 20,000
hectares while 22,000 hectares is Crown forest licensed land
that is claimed by Maori.

According to The Dominion, KFCL has five subsidiary companies in
the sawmilling, harvesting, trucking and wood-marketing sectors.  
It has been concerned about its continued access to wood under
the new owner, the paper says.

Stuff.co.nz cites KFCL's legal adviser Willie Te Aho, as saying
sales of Maori-owned land required Maori Land Court approval.  
"This had not happened in this case so the sale was illegal,"
Mr. Te Aho asserted.

The court will hear the matter in February 2007, The Dominion
says.

               About Hancock Natural Resource

Hancock Natural Resource Group -- http://enet-
vip.jhancock.com/hnrg --  is a timberland investment management
organization that develops and manages international timberland
portfolios on behalf of investment groups.  In New Zealand,
Hancock manages the production of pruned sawlogs, unpruned
sawlogs and pulplogs, mostly in the central North Island.

Hancock has US$5.2 billion (NZ$81.9 billion) worth of assets
under management in North America, Australia, New Zealand, and
Brazil, the Waikato Times notes.

                       About Carter Holt

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

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

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

The ratings withdrawn were:

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

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

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


DENNY'S CORP: Reports November Same-Store Sales
-----------------------------------------------
Denny's Corp. reported same-store sales for its company-owned
Denny's restaurants during the four-week month ended Nov. 22,
2006, compared with the related period in fiscal year 2005.

Sales:                  Nov. 2006      QTD 2006      YTD 2006

Same-Store Sales           0.1%          1.9%          2.7%
Guest Check Average        0.6%          1.7%          4.6%
Guest Counts              (0.5%)         0.2%         (1.8%)

Restaurant Counts:           11/22/06       12/28/05
Company-Owned                  526            543
Franchised and Licensed       1,024          1,035
                              1,550          1,578

Headquartered in Spartanburg, South Carolina, Denny's Corp. --
http://www.dennys.com/-- is America's largest full-service  
family restaurant chain, consisting of 543 company-owned units
and 1,035 franchised and licensed units, with operations in the
United States, Canada, Costa Rica, Guam, Mexico, New Zealand and
Puerto Rico.

                        *     *     *

On NOvember 27, 2006, the Troubled Company Reporter - Asia
Pacific reported that Moody's Investors Service raised Denny's
Holdings, Inc.'s corporate family rating to B1 from B2 and
assigned Ba2 ratings to Denny's proposed US$350 million senior
secured credit facility consisting of a US$50 million revolver,
a US$260 million term loan B and a US$40 million synthetic
letter of credit facility.  At the same time, the senior
unsecured notes at Denny's Holdings were upgraded to B3 from
Caa1.  The proceeds of the proposed bank facilities will pay off
Denny's existing 1st lien credit facility and the 2nd lien term
loan.  Accordingly, Moody's expects to withdraw the ratings on
these issues once the proposed credit facility is closed.  The
rating outlook remains stable.  Moody's noted that the rating
assignments are subject to a review of the final documentation.


EISS SUBTRONICS: Court Orders Liquidation of Business
-----------------------------------------------------
On Nov. 16, 2006, the High Court of Dunedin entered an order to
liquidate the business of Eiss Subtronics Ltd.

Accordingly, Iain Andrew Nellies and Paul William Gerrar Jenkins
were appointed as joint and several liquidators.

As reported by the Troubled Company Reporter - Asia Pacific,
Millennium Technology Ltd filed the petition against the
company, which was heard before the Court on Nov. 16, 2006.

The Joint and Several Liquidators can be reached at:

         Iain Andrew Nellies
         Paul William Gerrar Jenkins
         Insolvency Management Limited
         Level Three, Burns House
         10 George Street (P.O Box 1058)
         Dunedin
         New Zealand


EUROSTONE LTD: Appoints Official Assignee as Liquidator
-------------------------------------------------------
On Nov. 13, 2006, the Official Assignee for Eurostone Ltd was
appointed as the company's liquidator.

According to the Troubled Company Reporter - Asia Pacific,
Chelsea Diamond Tools Ltd filed the liquidation petition against
the company, which was heard before the Court on Oct. 30, 2006.

The Liquidator can be reached at:

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


GALLACHER FARM: Names Brown and Rodewald as Liquidators
-------------------------------------------------------
On Nov. 13, 2006, Kenneth Peter Brown and Thomas Lee Rodewald
were appointed as joint and several liquidators of Gallacher
Farm Services Ltd.

As reported by the Troubled Company Reporter - Asia Pacific, the
Court heard the wind-up against the company on November 13,
2006.

The Joint and Several Liquidators can be reached at:

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


GLOBAL INVESTMENT: Faces Liquidation Proceedings
------------------------------------------------
The High Court of Hamilton heard a liquidation petition filed
against Global Investment Trust Ltd on Dec. 4, 2006.

Old Money Family Trust Ltd filed the petition on Oct. 25, 2006.

The Solicitor for the Petitioner can be reached at:

         B. Bluett
         Bryce Bluett
         Barrister and Solicitor
         P.O. Box 517, Hamilton
         New Zealand


ORAPIU BAY: Liquidation Hearing Set on Dec. 7
---------------------------------------------
A petition to liquidate Orapiu Bay Resort Ltd will be heard
before the High Court of Auckland on Dec. 7, 2006, at 10:00 a.m.

Allan Christini -- trading as Allan Christini & Son -- filed the
petition with the Court on Sept. 22, 2006.

The Solicitor for the Petitioner can be reached at:

         W. A. Endean
         Dawsons Solicitors
         corner of 371 Ti Rakau and Huntington Drives
         East Tamaki, Auckland
         New Zealand


PREFERRED REALTY: Enters Liquidation Proceedings
------------------------------------------------
On Nov. 12, 2006, the shareholders of Preferred Realty Ltd
resolved to liquidate the company's business and appointed Iain
Andrew Nellies and Paul William Gerrard Jenkins as joint and
several liquidators.

The Joint and Several Liquidators can be reached at:

         Iain Andrew Nellies
         Paul William Gerrard Jenkins
         Insolvency Management Limited
         Level Three, Burns House
         10 George Street (P.O Box 1058)
         Dunedin
         New Zealand


PRESTIGE VEHICLE: Court Sets Liquidation Hearing on Dec. 11
-----------------------------------------------------------
Shoei Motors Co. Ltd filed with the High Court of Christchurch a
liquidation petition against Prestige Vehicle Imports Ltd on
Oct. 24, 2006.

The application will be heard before the Court on Dec. 11, 2006,
at 10:00 a.m.

The Solicitor for the Petitioner can be reached at:

         Alexander Eric Ashmore
         Smith & Partners
         Barristers & Solicitors
         293 Lincoln Road (P.O. Box 104-065)
         Lincoln North, Henderson
         Auckland
         New Zealand


T TILING: Liquidation Hearing Set on December 7
-----------------------------------------------
The High Court of Auckland will hear the liquidation petition
filed against T Tiling & Development on Dec. 7, 2006, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition on
Sept. 18, 2006.

The Solicitor for the Petitioner can be reached at:

         S. J. Eisdell Moore
         Crown Solicitor
         Meredith Connell
         Level Seventeen, Forsyth Barr Tower
         55-65 Shortland Street
         (P.O. Box 2213 or D.X. C.P. 24-063)
         Auckland
         New Zealand


* New Zealand RMBS Arrears Continue to Fall, S&P Says
-----------------------------------------------------
Loans underlying New Zealand residential mortgage-backed
securities again recorded a fall in arrears greater than 30 days
over the September 2006 quarter, according to the latest RMBS
statistics published on November 29, 2006, by Standard & Poor's
Ratings Services.

New Zealand RMBS Performance Watch for the quarter ending
September 30, 2006, and RMBS Arrears Statistics New Zealand, for
the month ending September 30, 2006, provide a comprehensive
analysis of arrears and other performance statistics on loans
underlying New Zealand RMBS.  Residential mortgage loans funded
through RMBS now represent more than NZ$1.5 billion, a small but
growing proportion of the New Zealand residential mortgage
market.

"Arrears on residential mortgage loans underlying prime RMBS
transactions in New Zealand, as measured by Standard & Poor'ts
New Zealand Prime Mortgage Performance Index, have been
decreasing since May 2006, falling to 2.49% of total loans
outstanding at the end of September 2006.  This is the lowest
level since October 2005," Standard & Poor's surveillance
analyst Sarah Raisbeck said.

Arrears on prime low documentation loans decreased to 4.63% in
September 2006, down from 5.12% as of June 30, 2006.  Arrears on
prime full documentation loans also decreased over the September
quarter to 1.93% from 2.83% at the end of June 2006.

The third quarter of 2006 saw the first prime RMBS issue into
the New Zealand market for the year.  Medical Mortgages Bond No.
1 (2006), a securitization of prime residential mortgage loans,
issued NZ$175 million in July.  This was essentially a
restructure of the initial Medical Mortgages Bond No. 1 (2003).

"The tightening of monetary policy over the past three years in
New Zealand is yet to have any pronounced impact on the levels
of housing finance.  Standard & Poor's is optimistic that the
New Zealand RMBS market will continue to grow, as the non-bank
lenders' share of the residential mortgage market increases and
more lenders turn to securitization as an alternative source of
funding or for balance-sheet management purposes," Ms. Raises
added.

Standard & Poor's Mortgage Performance Index measures the
weighted-average arrears greater than 30 days past due on
residential mortgage loans on both publicly and privately rated
New Zealand RMBS transactions.  The SPIN is calculated for prime
and sub-primed residential mortgage loans.  The indices identify
the proportion of loans in arrears in each of the 31 to 60-day,
61 to 90-day, and 90+ day arrears categories.  Each SPIN is
calculated on a monthly basis using information provided to
Standard & Poor's by the issuers of each RMBS transaction.


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

CLIENTLOGIC CORP: Moody's Affirms B3 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service affirmed ClientLogic Corp.'s B3
corporate family rating after the disclosure of its plan to
merge with SITEL Corp.

Concurrently, Moody's has withdrawn the B1 rating on
ClientLogic's former US$122 million first lien bank credit
facility and Caa1 rating on the company's former US$35 million
second lien bank credit facility, both of which have been
refinanced.

The rating outlook is stable.

Under the terms of the proposed merger, a newly formed
subsidiary of ClientLogic will merge with SITEL and pay US$4.05
per share in cash for all of the outstanding common stock of
SITEL.

The transaction, which Clientlogic expects to be completed in
the first quarter of 2007, is subject to customary closing
conditions, including shareholder approval and regulatory
clearances.

Moody's will continue to focus on the firm's prospective
capitalization, free cash flow, and earnings following the
merger, including the potential for expense reduction.

                        About ClientLogic

ClientLogic Corp. -- http://www.clientlogic.com/-- is a  
business process outsourcing provider in the customer care and
back office processing industries.  ClientLogic's footprint
spans 49 facilities in Austria, Canada, France, Germany, India,
Ireland, Mexico, Morocco, Netherlands, Panama, United Kingdom,
United States, and the Philippines.


DEVELOPMENT BANK: S&P Rates Unsecured Subordinated Notes at BB-
---------------------------------------------------------------
On December 4, 2006, Standard & Poor's Ratings Services assigned
its 'BB-'rating to the Development Bank of the Philippines'
(DBP: foreign currency BB-/Stable/B, local currency
BB+/Stable/B) PHP2.35 billion existing lower Tier II
subordinated notes due 2016, which will have a tenor of ten
years with a call option at the end of five years.  The
differential between the 'BB+' counterparty credit rating and
the 'BB-' rating on the lower Tier II notes reflects the
subordinated nature of the notes.

The notes are a direct, unconditional, unsecured, and
subordinated obligation of DBP.  They will rank pari passu and
without any preference among themselves, but in priority to the
rights and claims of holders of all class of equity securities
including preference shares of DBP.

DBP issued the notes for the purpose of raising additional Tier
II capital to increase its capital base and allow it to expand
its banking operations.


SBARRO INC: Unveils Terms of MidOcean Merger Agreement
------------------------------------------------------
In a regulatory filing with the United States Securities and
Exchange Commission, Sbarro Inc., disclosed of the terms of it
merger agreement with MidOcean SBR Holdings, LLC, and MidOcean
SBR Acquisition Corp.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 30, the Company signed a definitive agreement with MidOcean
Partners.

Northpoint Advisors served as advisors to MidOcean while
Kirkland & Ellis LLP provided legal counsel to MidOcean.  Credit
Suisse and Bank of America will provide financing for the
transaction.  Willkie Farr & Gallagher LLP provided legal
counsel to Sbarro.

The Merger Agreement contemplates a merger whereby MidOCean
Acquisition will be merged with and into Sbarro, with Sbarro
continuing as the surviving corporation.

Under the Merger Agreement, the stockholders of Sbarro will
receive, in the aggregate:

    (i) cash consideration of US$417 million less adjusted debt;

   (ii) a distribution of certain cash of Sbarro in
        consideration for the delivery to Sbarro of certain
        shares of common stock of Sbarro; and

  (iii) a preferred interest in Holdings comprised of 33,000
        Class A Units, each with an initial stated value of
        US$1,000.

The purchase price is subject to adjustment in accordance with
the terms of the Merger Agreement.  Prior to consummation of the
transaction, Sbarro is required to transfer or assign the
Withdrawn Assets, as defined in the Merger Agreement, to
entities designated by the Stockholders in exchange for certain
shares of common stock of Sbarro.

The Company says that the Merger Agreement has been adopted and
approved by the Board of Directors of Sbarro, MidOCean Holdings
and MidOcean Acquisition and the stockholders of Sbarro and
MidOcean Acquisition.

The Merger is subject to the condition that any applicable
waiting period under the Hart-Scott Rodino Antitrust
Improvements Act of 1976, as amended, and any applicable foreign
competition filings will have expired or been terminated, the
condition that Holdings shall have obtained debt financing in
the amounts described in, and on the terms and conditions set
forth in, the Debt Commitment Letter, as defined in the Merger
Agreement, or shall have obtained other debt financing on terms
reasonably satisfactory to Holdings in accordance with the terms
of the Merger Agreement, and other customary closing conditions.

Sbarro made certain representations and warranties to Holdings
and MergerSub in the Merger Agreement.  In addition, Sbarro
agreed to certain covenants, including, among others, subject to
certain exceptions, obligations not to take certain actions with
respect to the operation of Sbarro's business without the prior
consent of MidOCean Holdings, and not to solicit, negotiate,
consider or accept any proposal or offer from any person or
entity, other than MidOCean Holdings and its affiliates,
relating to the acquisition of any shares of the common stock of
Sbarro or the acquisition of any material assets of Sbarro and
its subsidiaries on a consolidated basis.

In addition, Sbarro agreed, contemporaneously with and subject
to the closing of the Merger, to irrevocably instruct the
trustee under Sbarro's indenture, dated as of Sept. 28, 1999, to
give a notice of redemption to the holders of all the 11% senior
notes due 2009 issued and outstanding under the Indenture, which
notice would provide that these notes will be redeemed 30 days
after the notice of redemption has been mailed.  However, the
parties also agreed to discuss and consider in good faith
alternatives to a post-closing redemption of the 11% senior
notes due 2009.

A full-text copy of the Agreement and Plan of Merger is
available for free at:

             http://ResearchArchives.com/t/s?160b

                     About MidOcean Partners

Based in New York and London, MidOcean Partners LLC --
http://www.midoceanpartners.com/-- is a private equity firm  
focused on the middle market.  MidOcean is committed to
investing in high quality companies with stable market positions
and multiple opportunities for growth in the United States and
Europe.  Targeted sectors include consumer and leisure, media
and communications, business and financial services, and
industrials.  MidOcean utilizes a broad foundation of expertise
in its focus industries and its transatlantic platform to create
value for its investors and partners.

                         About Sbarro Inc.

Sbarro, Inc. -- http://www.sbarro.com/-- headquartered in  
Melville, New York, is a leading quick service restaurant chain
that serves Italian specialty foods.  As of Oct. 8, 2006, the
company owned and operated 479 and franchised 476 restaurants
worldwide under brand names such as "Sbarro," "Umberto's," and
"Carmela's Pizzeria."  Total revenues for fiscal 2005 were
approximately US$348 million.  The company has restaurants in
Australia, Japan, New Zealand and the Philippines.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
November 24, 2006, in connection with Moody's Investors
Service's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology for the Restaurant sector,
the rating agency held its Caa1 Corporate Family Rating for
Sbarro and held its Caa1 rating on the company's US$255 million
Guaranteed 11% Senior Unsecured Notes due on September 2009.  
Moody's also assigned an LGD4 rating to those bonds, suggesting
noteholders will experience a 53% loss in the event of a
default.


SBARRO INC: Moody's Affirms Junk Corporate & Unsecured Ratings
--------------------------------------------------------------
Moody's Investors Service affirmed Sbarro Inc.'s Caa1 corporate
family and senior unsecured ratings and changed the outlook to
developing from positive following the company's announcement
that it had entered into an agreement to be acquired by private
equity firm, MidOcean Partners, LLC for cash consideration of
US$417 million less adjusted debt.

The developing outlook incorporates uncertainty as to the
timing, nature and potential impact on creditors resulting from
any actions taken by the company. Moody's added that the revised
outlook anticipates a near-to-intermediate term resolution.  The
rating agency will continue to monitor developments and take
further rating action once financing details of the transaction
are announced.

                         About Sbarro Inc.

Sbarro, Inc. -- http://www.sbarro.com/-- headquartered in  
Melville, New York, is a leading quick service restaurant chain
that serves Italian specialty foods.  As of Oct. 8, 2006, the
company owned and operated 479 and franchised 476 restaurants
worldwide under brand names such as "Sbarro," "Umberto's," and
"Carmela's Pizzeria."  Total revenues for fiscal 2005 were
approximately US$348 million.  The company has restaurants in
Australia, Japan, New Zealand and the Philippines.


SECURITY BANK: Signs MOU with One Bank for Distribution Tie-Ups
---------------------------------------------------------------
Security Bank Corp. has signed a memorandum of understanding
with One Network Bank to explore distribution tie-ups, The
Philippine Daily Inquirer reports, citing a Security Bank
official.

According to ABS-CBN News, a report from The Philippine Star
says that both Security Bank and One Network Bank will realize
gains in terms of production and cost savings in operations.

The report says that the synergy will be a venue to discover new
and untapped revenue streams in the areas of consumer banking,
remittance, trust operations, foreign currency
transactions/trading, and investment products and services for
both banks.

Security Bank runs 114 branches around the country, while One
Bank has 64 in the Mindanao area, The Inquirer notes.  The paper
quotes Security Bank Chief Financial Officer Carlo Borromeo as
saying that "80% is in Metro Manila and 20% is in the Visayas
and Mindanao, so expansion will be in the Visayas and Mindanao."

Initially, the partnership will take advantage of the extensive
technology abilities of both banking institutions, The Star
says.

Security Bank will make available to the Mindanao market its
Security Digibanker, which features an integrated suite of cash
management solutions through a single interface via the
Internet, The Star says.  The Security Digibanker is a corporate
remote banking terminal serving as the backbone delivery and
fulfillment system.

"It will allow ONB and Security Bank to collaborate in terms of
cash in vault (CIV) management, correspondent banking
relationship (disbursement and collections), and facilitation of
remittance pay-outs and services for MasterCard Electronic (loan
releases and collection of amortization payments)," The Star
notes Security Bank President Alberto Villarosa as saying.

ABS-CBN News relates that Mr. Villarosa and One Bank President
Alex Buenaventura agree that the business and service potentials
of the alliance is enormous.

According to Mr. Villarosa, Security Bank is bullish towards
Mindanao, and the alliance is the immediate solution.

                          *     *     *

In another matter, Security Bank disclosed with the Philippine
Stock Exchange that it did not bid for Philippine Bank of
Communications.  Security Bank was interested in PBCom but for
undisclosed reasons decided not to pursue it, The Inquirer
points to unidentified sources as saying.

                         About One Bank

The Inquirer relates that One Bank was formed in 2004 out of the
merger of Network Rural Bank in Davao del Sur province, Rural
Bank of Panabo in Davao del Norte and Provident Rural Bank of
Cotabato in North Cotabato.  It became the largest private
banking network in Mindanao, with total assets of about PHP4.3
billion, paper says.

According to The Inquirer, One Bank's 2005 annual report showed:

   (a) demand and savings deposits of almost PHP2 billion;

   (b) surplus and surplus reserves of PHP171.9 million;

   (c) undivided profits of PHP69 million; and

   (d) appraisal increment reserve of PHP18.5 million

One Bank has 370,000 depositors and 70,000 borrowers in
Mindanao, the paper adds, noting that the bank has a loan
portfolio of PHP3.5 billion.

                        About Security Bank

Security Bank Corporation -- http://www.securitybank.com.ph/--  
offers a wide variety of financial products and services.  The
Bank's services include peso, dollar and third currency
deposits, domestic and international fund transfers, deposit
pick-up and payroll services, and ancillary services.  Security
Bank also provides working capital financing, term arrangements
and loan syndication services.

Fitch Ratings gave Security Bank a 'BB' Long-Term Foreign
Currency Issuer Default Rating, a 'BB' Long-Term Local Currency
Issuer Default Rating, a 'D' Individual Rating and a '4' Support
Rating.


TOWER RECORDS: Files Schedules of Assets and Liabilities
--------------------------------------------------------
MTS Incorporated, doing business as Tower Records, and its
debtor-affiliates, delivered their schedules of assets and
liabilities to the United States Bankruptcy Court for the
District of Delaware, disclosing:

     Name of Schedule                Assets         Liabilities
     ----------------                ------         -----------
  A. Real Property               US$13,532,000
  B. Personal Property           US$299,748,081
  C. Property Claimed
     as Exempt
  D. Creditors Holding
     Secured Claims                              US$151,706,635
  E. Creditors Holding
     Unsecured Priority Claims                       US$372,275
  F. Creditors Holding
     Unsecured Nonpriority
     Claims                                      US$132,925,351
                                  ------------     ------------
     Total                      US$313,280,081  [US$285,004,261]

A full-text copy of the Debtors' 603-page list of Tower Records'
schedules is available for a fee at:

  http://www.researcharchives.com/bin/download?id=061124034432

                       About Tower Records

Headquartered in Sacramento, California, Tower Records --
http://www.towerrecords.com/-- owns and operates 89 stores in  
the United States with 144 additional stores run by licensees in
nine different countries including the Philippines, Hong Kong,
Republic of Ireland, Israel, Colombia, Ecuador, Mexico and
Malaysia.  The Company opened one of the first Internet music
stores on America Online in June 1995 and followed a year later
with the launch of Tower.com.

The Debtor and its affiliates previously filed for Chapter 11
protection on Feb. 9, 2004 (Bankr. D. Del. Lead Case No. 04-
10394) due to heavy debt incurred during its aggressive
expansion in the 1990s, growing competition from mass
discounters, and Internet piracy.  It has exited Argentina,
Canada and the United Kingdom market and has sold off its
profitable Japanese operation, which has split off from the main
chain and is now an independent entity.

The Debtors filed its second Chapter 11 bankruptcy protection on
Aug. 20 (Bankr. Del. Case No. 06-10891).  Mark D. Collins, Esq.,
of Richards Layton & Finger, represents the Debtors in the
reorganization proceedings.  When the Debtors filed for
protection from their creditors, they estimated more than US$100
million in assets and debts.


TOWER RECORDS: Creditors Can File Proofs of Claim Until Jan. 21
---------------------------------------------------------------
The Honorable Brendan L. Shannon of the United States Bankruptcy
Court for the District of Delaware fixed Jan. 21, 2007, as the
last day for persons owed money by MTS Inc. -- doing business as
Tower Records -- and its debtor-affiliates to file proofs of
claim against the Debtors.

The Jan. 21 Bar Date applies to:

   -- entities other than governmental units holding claims that
      arose prior to Aug. 20, 2006; and

   -- entities asserting administrative expense claims against
      the Debtors arising or accruing on or before Nov. 1, 2006.

Governmental units have until Feb. 16, 2007, to file their
proofs of claim.

All entities who disagree with any amendment to the Debtors'
schedules must file their proofs of claim on or before the later
of:

   (i) Jan. 21, 2007; and

  (ii) 20 days after the date that notice of the applicable
       amendment to the schedules is served on the claimant.

Holders of claims arising from the Bankruptcy Court-approved
rejection of executory contracts or unexpired leases must file
their proofs of claim on or before the later of:

   (a) Jan. 21, 2007; and

   (b) 30 days after the date of the applicable rejection order.

Proofs of claims must be received on or before the applicable
bar date by the Debtor's claims agent at this address:

     Three A's Holdings LLC
     c/o Omni Management Group LLC
     Claims Agent
     16161 Ventura Boulevard
     PMB 617
     Encino, CA 91436

                       About Tower Records

Headquartered in Sacramento, California, Tower Records --
http://www.towerrecords.com/-- owns and operates 89 stores in  
the United States with 144 additional stores run by licensees in
nine different countries including the Philippines, Hong Kong,
Republic of Ireland, Israel, Colombia, Ecuador, Mexico and
Malaysia.  The Company opened one of the first Internet music
stores on America Online in June 1995 and followed a year later
with the launch of Tower.com.  

The Debtor and its affiliates previously filed for Chapter 11
protection on Feb. 9, 2004 (Bankr. D. Del. Lead Case No. 04-
10394) due to heavy debt incurred during its aggressive
expansion in the 1990s, growing competition from mass
discounters, and Internet piracy.  It has exited Argentina,
Canada and the United Kingdom market and has sold off its
profitable Japanese operation, which has split off from the main
chain and is now an independent entity.

The Debtors filed its second Chapter 11 bankruptcy protection on
Aug. 20 (Bankr. Del. Case No. 06-10891).  Mark D. Collins, Esq.,
of Richards Layton & Finger, represents the Debtors in the
reorganization proceedings.  When the Debtors filed for
protection from their creditors, they estimated more than US$100
million in assets and debts.


WENDY'S INTERNATIONAL: Completes Sale of Baja Fresh for US$31MM
---------------------------------------------------------------
Wendy's International, Inc., completed its sale of Baja Fresh
Mexican Grill for approximately US$31 million.  Baja Fresh
operates about 300 restaurants in the United States.

The purchaser of Baja Fresh is a West Coast restaurant operating
company owned by a consortium of investment groups led by David
Kim. Mr. Kim and his team own or operate several restaurant
concepts, including Sweet Factory, Cinnabon and Denny's.

                          About Wendy's

Wendy's International Inc. (NYSE:WEN) -- http://www.wendys-
invest.com/ -- is a restaurant operating and franchising company
with more than 9,900 total restaurants and quality brands,
including Wendy's Old Fashioned Hamburgers(R) and Baja Fresh
Mexican Grill.  The company also has investments in three
additional quality brands -- Tim Hortons, Cafe Express and Pasta
Pomodoro(R).  There are Wendy's restaurants in Asia, including
the Philippines.

                          *     *     *

On July 12, 2006, Moody's Investors Service assigned Wendy's
International Inc.'s long-term corporate family rating and
senior unsecured debt rating at Ba2.

Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured debt ratings on Wendy's International Inc.
to 'BB+' from 'BBB-'.  At the same time, the short-term rating
was lowered to 'B-1' from 'A-3'.  The outlook was negative.


* Business Confidence Highest in 5.5 Years, BSP Says
----------------------------------------------------
Business confidence on the Philippine economy in the fourth
quarter of 2006 is at its all-time high, a statement from the
Banko Sentral ng Pilipinas says.  Overall confidence index at
49.4% which went up quarter-on-quarter by more than twofold, is
the highest since the start of the BES in the second quarter of
2001.  The business executives also believe that outlook in the
first quarter of 2007 will remain favorable as the next quarter
index remains positive at 37.1%, although 3.8 points lower than
the level recorded a quarter-ago.

Results of the BES are used to predict the outcome of the GDP
during the quarter.  The slow down in GDP growth for the third
quarter 2006 was ably predicted by the third quarter BES overall
confidence index.  Given the record high confidence index, it is
expected that economic growth would strengthen in the fourth
quarter.

Both respondents from the National Capital Region and Areas
Outside the NCR were bullish on the current and next quarter
outlook.

A full-text copy of the report is available for free at:

http://www.bsp.gov.ph/downloads/Publications/2006/BES_4qtr2006.pdf

The CI is computed as the percentage of firms that answered in
the affirmative less percentage of firms that answered in the
negative in a given indicator.  A positive CI indicates a
favorable view, except for the average inflation rate and the
average peso-borrowing rate, where a positive CI indicates the
opposite.

                          *     *     *

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

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

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


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

AAR CORP: Good Financial Performance Cues Moody's Upgrades
----------------------------------------------------------
Moody's upgraded ratings of AAR Corporation, corporate family
rating and senior notes to Ba3 from B1, in response to improving
financial performance resulting form the strong commercial and
defense aviation supply and repair environment.

The ratings outlook is stable.

Moody's last rating action on AAR was taken on Aug. 5, 2005,
when the rating outlook was changed to stable from negative.

The Ba3 corporate family rating reflects the company's
relatively moderate debt levels and strong financial results
that ensue from a strong current and expected near-term
operating environment in the commercial aviation maintenance and
repair and supply chain sector.  The ratings are also supported
by a substantial liquidity provided by AAR's sizeable cash
balance and revolver availability.  

Ratings are constrained, however, by cash demand associated with
growth including expenditures on inventory and equipment as well
as by risk relating to the company's speculative investment
program in aircraft, both for its own account as well as through
joint venture agreements.  

Moody's is also concerned that AAR remains exposed to cyclical
demand and the financial health of its customers, primarily the
U.S. commercial airline sector.

The stable outlook reflects Moody's expectation that the company
will generate moderate free cash flow from operations over the
near term, and keep inventory levels under control as demand for
specialized parts remains high.  Moody's further expects that
AAR will maintain high levels of liquidity as it grows while
carefully managing its exposure to its customer base.  Both
factors are considered to be important given the company's
exposure to the highly cyclical airline industry.

Ratings or their outlook could be revised upward if the company
consistently achieves free cash flow to total debt close to 10%,
retained cash flow greater than 15% to total debt, and were
leverage to fall below 3.0 times for a sustained period.  A
further ratings upgrade would also require the demonstration
that AAR can contain the negative impact of the demands on
liquidity and increases in leverage that sometimes occur as a
result of the high level of investment in working capital and
equipment needed to support growth.

Ratings could be negatively affected if AAR's free cash flow
were to be negative for a prolonged period, particularly if the
company's liquidity were to deteriorate as a result. A negative
outlook or downgrade may ensue if leverage were to rise above 4x
or if EBIT/interest were to fall below 2x.  These factors are
most likely to occur, in Moody's opinion, in the event of an
increase in the pace of investments to support growth in its
Supply Chain Management business, or if the company were to
engage in large purchases in aircraft for its Sales and Leasing
segment or through joint ventures.

These ratings have been upgraded:

   -- Corporate family rating to Ba3 from B1
   -- Probability of default rating to Ba3 from B1
   -- Senior unsecured notes ratings to Ba3 from B1
   -- Senior unsecured shelf rating to Ba3 from B1
   -- Subordinated shelf rating to B2 from B3
   -- Preferred shelf rating to B2 from B3
   -- Convertible Preferred shelf rating to B2 from B3

                        About AAR Corp.

AAR Corp., (NYSE: AIR) -- http://www.aarcorp.com/-- provides  
products and value-added services to the worldwide
aviation/aerospace industry.  With facilities and sales
locations around the world, AAR uses its close-to-the-customer
business model to serve airline and defense customers through
Aviation Supply Chain; Maintenance, Repair and Overhaul;
Structures and Systems and Aircraft Sales and Leasing.  In Asia
Pacific, the company has offices in Singapore, China, Japan and
Australia.


ADVANCED MICRO: Gets DOJ Subpoena on Antitrust Violations
---------------------------------------------------------
Advanced Micro Devices Inc. received a subpoena from the United
States Department of Justice Antitrust Division in connection
with the DOJ's investigation into potential antitrust violations
related to graphics processors and cards.  

AMD entered the graphics processor business following the
company's acquisition of ATI Technologies Inc. on Oct. 25, 2006.  
The DOJ has not made any specific allegations against AMD or
ATI.  AMD intends to cooperate with the investigation.

                          *     *     *

Headquartered in Sunnyvale, California, Advanced Micro Devices,
Inc., -- http://www.amd.com/-- designs and manufactures  
microprocessors and other semiconductor products.

The company has a facility in Singapore. It has sales offices in
Belgium, France, Germany, the United Kingdom, Mexico and Brazil.


AVAGO TECHNOLOGIES: Members Decide on Voluntary Wind-Up
-------------------------------------------------------
At an extraordinary general meeting held on Nov. 16, 2006, the
members of Avago Technologies Sensor IP Pte Ltd decided to
voluntarily wind up the company's operations.

In this regard, the company's creditors are required to file
their proofs of debt by Jan. 5, 2007, to be included in the
company's distribution of dividend.

The liquidator can be reached at:

         Lau Chin Huat
         c/o Blk 150A
         Mei Chin Road #02-00
         Singapore 140150


CHEMTURA CORP: Posts US$39.9-Million Net Loss in 2006 Third Qtr.
----------------------------------------------------------------
Chemtura Corp. reported a US$39.9 million net loss on
US$917 million of sales for the third quarter ended Sept. 30,
2006, compared with a US$118.9 million net loss on
US$918.4 million of sales for the same period in 2005.

At Sept. 30, 2006, the company's balance sheet showed
US$4.62 billion in total assets, US$2.79 billion in total
liabilities, and US$1.83 billion in total stockholders' equity.

Third quarter 2006 net sales of US$917.0 million were less than
1% below third quarter 2005 net sales of US$918.4 million. The
decrease is due to lower sales of US$13.6 million related to the
sale of the company's Industrial Water Additives business in May
2006 and a US$21.7 million decrease in sales volume, which were
mostly offset by increased selling prices of US$26.5 million and
favorable foreign currency translation of US$7.0 million.

"This year's third quarter results reflect a number of operating
challenges and several notable accomplishments," said Robert L.
Wood, Chairman and CEO.

"Crop Protection results were negatively impacted by high bad
debt reserves and lower sales in Latin America and competitive
pressures in the U.S. mite market, and we continued to struggle
in Rubber Additives and EPDM Elastomers.  We've begun
recapturing volume in our non-flame retardant Plastic Additives
business but it has not yet translated into the margin recovery
we anticipate. Flame Retardants, Consumer Products, Lubricant
Additives and Urethanes all turned in solid performances.

Included in the operating loss for the three month period ended
Sept. 30, 2006, is a pre-tax impairment charge of
US$51.9 million, due primarily to continued weak market share
and the projected loss of revenue in the Fluorine business
resulting from the loss of a customer.  Additionally, the
company recorded an impairment charge related to certain assets
used in the Fluorine business of US$22.7 million.  

The operating loss for the third quarter of 2006 was
US$51.9 million as compared to an operating loss of
US$49.7 million for the third quarter of 2005

The loss from continuing operations for the third quarter of
2006 was US$85.8 million compared to US$120.3 million for the
third quarter of 2005.  The improvement is partly due to lower
interest expense of US$6.8 million and a higher tax benefit in
2006 compared to 2005 principally due to the absence of non-
recurring taxes in 2005 on dividends under the Foreign Earnings
Repatriation provisions of the 2004 American Jobs Creation Act
and the lack of any tax benefit in 2005 for the write-off of in-
process research and development.  These increases were
partially offset by higher costs of US$13.5 million for the loss
on early extinguishment of debt principally related to the early
retirement of the company's 9.875% Notes in July 2006.

During the third quarter of 2006, the company recorded a gain on
sale of discontinued operations of US$45.9 million related to
the sale of the OrganoSilicones business to General Electric
Company in July of 2003.  This gain represents the recognition
of the additional contingent earn-out proceeds related to the
combined performance of GE's existing Silicones business and the
OrganoSilicones business from the date of the sale through Sept.
30, 2006.

Full-text copies of the company's consolidated financial
statements for the third quarter ended Sept. 30, 2006, are
available at: http://researcharchives.com/t/s?1630

                     About Chemtura Corporation

Headquartered in Middlebury, Connecticut, Chemtura Corp. (NYSE:
CEM) -- http://www.chemtura.com/-- is a global manufacturer and  
marketer of specialty chemicals, crop protection and pool, spa
and home care products.  The company has approximately 6,400
employees around the world and sells its products in more than
100 countries.  In the Asia Pacific, Chemtura has facilities in
Singapore, Australia, China, Hong Kong, India, Japan, South
Korea, Taiwan, and Thailand.

                          *     *     *

Standard & Poor's Ratings Services revised its outlook on
Middlebury, Connecticut-based Chemtura Corp. to stable from
positive and affirmed the existing 'BB+' corporate credit and
senior unsecured debt ratings.

Moody's Investors Service assigned a Ba1 rating to Chemtura
Corp.'s US$400 million of senior notes due 2016 and affirmed the
Ba1 ratings for its other debt and the corporate family rating.


CLASSE CO: Will Pay First and Final Dividend to Creditors
---------------------------------------------------------
Classe Co. (Pte) Ltd, which is in liquidation, will pay the
first and final dividend to its creditors on December 11, 2006.

The company will pay SGD0.021 to a dollar to the submitted
claims.

The company's liquidator can be reached at:

         Lee Kay Beng
         Office of Liquidator
         c/o 7500A Beach Road
         #16-321 The Plaza
         Singapore 199591


GENESIS TECHNOLOGIES: Will Receive Proofs of Debt Until Dec. 15
---------------------------------------------------------------
Genesis Technologies International Pte Ltd, which is in
compulsory liquidation, will be receiving proofs of debt from
its creditors until Dec. 15, 2006.

Failure to submit proof of debt by the due date will exclude a
creditor from sharing in the company's distribution of dividend.

The company's liquidators can be reached at:

         Tay Swee Sze
         Ong Chew Chwee
         137 Telok Ayer Street #04-01
         Singapore 068602


LEAR CORP: Net Loss Down to US$74 Million in 2006 Third Quarter
-------------------------------------------------------------
Lear Corporation has filed its third quarter financial
statements ended Sept. 30, 2006, with the United States
Securities and Exchange Commission.

For the three months ended Sept. 30, 2006, the company reported
a US$74 million net loss compared with a US$750.1 million net
loss in the comparable quarter of 2005.

For the third quarter of 2006, Lear posted net sales of
US$4.1 billion and a pretax loss of US$65.9 million, including
US$46.1 million related to restructuring costs and a loss on the
divestiture of the company's European Interior business.

These results compare with year-earlier net sales of US$4
billion and a pretax loss of US$787.8 million, including
US$777.7 million related to impairments and restructuring costs.  
Net loss for the third quarter of 2006 was US$74 million.  This
compares with a net loss of US$750.1 million for the third
quarter of 2005.

"In response to very challenging industry conditions, we are
continuing to aggressively implement cost reduction and
restructuring actions to improve future profitability.  Margins
in our Seating business are showing solid improvement, and the
actions we are taking to improve our manufacturing footprint
will benefit our Electronic and Electrical margins in the
future.  We are also moving forward with our strategy to put in
place a new, more sustainable business model for our Interior
segment," Lear chairman and chief executive officer Bob Rossiter
said.

Net sales were up from the prior year, primarily reflecting the
addition of new business globally, offset in large part by lower
production in North America and Europe.  Operating performance
was slightly below the year-earlier results, reflecting the
adverse impact of lower production and higher raw material
costs, largely offset by the benefit of new business and cost
reductions in our core businesses.

Free cash flow was negative US$48.2 million for the third
quarter of 2006. (Net cash provided by operating activities was
negative US$8.1 million.)

Lear continued to make progress on important strategic
initiatives, including the completion of a transaction to
contribute substantially all of its European Interior business
to International Automotive Components Group LLC in return for a
1/3 equity interest.

With respect to the company's North American Interior business,
it has reached a definitive agreement with WL Ross & Co. LLC and
Franklin Mutual Advisers LLC to transfer substantially all of
its assets.

Lear is also aggressively expanding its business in Asia and
with Asian automakers globally, and was awarded several new
Asian programs during the third quarter.

The company's recent agreement to issue US$200 million of common
stock provides additional operating and financial flexibility,
allowing the company to invest in and further strengthen its
core businesses.

Additionally, the company continued to develop new products and
technologies, including the industry's first solid-state Smart
Junction Box.

                     Full-Year 2006 Guidance

On Oct. 16, 2006, the company completed the contribution of
substantially all of its European Interior business to
International Automotive Components Group, LLC. Accordingly,
Lear's full-year financial results will reflect Lear's minority
interest in the joint venture on an equity basis for the fourth
quarter.

For the full year of 2006, Lear expects worldwide net sales of
about US$17.7 billion, reflecting recently announced production
cuts in North America and the divestiture of the company's
European Interior business.

Lear anticipates full-year income before interest, other
expense, income taxes, impairments, restructuring costs and
other special items (core operating earnings) to be in the range
of US$345 million to US$375 million.  Restructuring costs for
the full year are estimated to be in the range of US$105 million
to US$115 million.

Full-year interest expense is estimated to be in the range of
US$210 million to US$215 million.  Pretax income before
impairments, restructuring costs and other special items is
estimated to be in the range of US$65 to US$95 million.  Income
tax expense is estimated to be approximately US$40 million in
the fourth quarter, subject to the actual mix of financial
results by country.

Full-year capital spending is estimated to be in the range of
US$380 million to US$390 million.  Free cash flow for the full
year is expected to be about breakeven.

Fourth quarter industry production assumptions underlying Lear's
financial outlook include 3.7 million units in North America,
down 5% from a year ago, and 4.7 million units in Europe, down
1% from a year ago.  Lear's major platforms in North America are
expected to be down significantly more than the industry
average.

                     Preliminary 2007 Outlook

With respect to its core Seating, Electronic and Electrical
businesses, the company estimates that it will add new business
of about US$800 million.  Seating margins are expected to
continue to improve to the mid-5% level.  In the Electronic and
Electrical segment, the company is continuing to implement
aggressive restructuring actions, and it expects margins to
improve during the course of the year to the 5.5% to 6% range.  
These margins assume an industry production environment roughly
in line with 2006 and reflect underlying operating margins,
excluding restructuring costs and other special items.  Capital
spending for 2007 in its core businesses is expected to be in
the range of US$250 million to US$280 million.  Free cash flow
is expected to return to a solid positive level.

At Sept. 30, 2006, the company's balance sheet showed
US$8.451 billion in total assets, US$7.328 billion in total
liabilities, and US$1.123 billion in total stockholders' equity.

Full-text copies of the company's third quarter financials are
available for free at http://ResearchArchives.com/t/s?163a

                     About Lear Corporation

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

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

                          *     *     *

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

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

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


OVERSEAS SHIPHOLDING: Completes US$471MM Purchase of Maritrans
--------------------------------------------------------------
Overseas Shipholding Group, Inc. completed the acquisition of
Maritrans Inc. for US$471 million.  The acquisition was made
pursuant to the definitive merger agreement between the
companies entered on Sept. 25, 2006.

At a special meeting of stockholders of Maritrans held on
Nov. 28, 2006, in Philadelphia, Pennsylvania, stockholders
holding greater than a majority of Maritrans' outstanding shares
approved and adopted the merger agreement.  Following the
stockholder vote and in accordance with the merger agreement,
Maritrans was merged with a wholly owned subsidiary of OSG, and
each outstanding share of Maritrans' common stock was converted
into the right to receive US$37.50 per share in cash.  Based on
12 million shares outstanding and the assumption of net debt
outstanding as of Sept. 30, 2006, the transaction is valued at
US$471 million.  OSG financed the acquisition with borrowings
under its revolving credit agreement and intends to repay up to
US$300 million of this amount from qualified withdrawals under
its Capital Construction Fund.  The transaction is expected to
be immediately accretive to OSG's earnings, before consideration
of any transaction synergies.  Maritrans will be renamed "OSG
America, Inc." in connection with the transaction.

As a result of the combination, OSG's U.S. Flag fleet now totals
35 operating and newbuild vessels that include handysize product
carriers, a car carrier, dry bulk carriers and articulated tug
barges.  OSG's U.S. Flag fleet provides U.S.-based companies
with a broad range of short haul and long haul transportation
and lightering services.  The strategic acquisition also gives
OSG a presence in all four major U.S. trading routes: intra
U.S.-Gulf, U.S. Gulf to the East Coast, U.S. Gulf to the West
Coast and the Alaskan North Slope trades.

"We view having a leading presence in the Jones Act trade as
integral to our long-term strategy of growth and
diversification," Morten Arntzen, President and Chief Executive
Officer of OSG, commented.  "As a leading player in the U.S.
coastwise trade, we can provide commercial and government
customers a diversified portfolio of services.  Our fleet of
high quality tankers and barges coupled with an experienced team
of more than 930 sea and shore-based professionals, enables us
to continue to provide superior customer service as well as
serving as a platform for future expansion."

"The predominantly medium and long-term nature of U.S. Flag
revenues support our balanced chartering strategy, thus
enhancing the stability of OSG's future earnings overall,"
stated Myles Itkin, Executive Vice President and Chief Financial
Officer of OSG.  "Additionally, OSG derives substantial economic
benefit by being able to apply its CCF fund to this
transaction."

Jonathan P. Whitworth, 39, appointed Senior Vice President of
OSG and Head of the U.S. Flag Strategic Business Unit in
conjunction with the transaction, commented, "Since 1998,
Maritrans has been actively engaged in a double-hull rebuilding
program aimed at ensuring that its Jones Act fleet is 100%
compliant with the U.S. Oil Pollution Act of 1990.  Maritrans'
patented barge rebuilding process allows articulated tug barges
to be converted at a significant cost advantage.  The rebuild
and newbuild programs of the newly combined Company comprise
thirteen vessels, including the Overseas Houston, which will be
delivered next month and has been chartered to Shell, and the
articulated tug and barge unit, the Overseas Vision and M350,
which is scheduled to deliver late next year and commence a
long-term charter to Sunoco.  The newbuild program with vessels
delivering through 2010 provides needed tonnage in the Jones Act
trade, which is facing a significant phase-out of non-OPA
compliant vessels."

Mr. Whitworth will lead OSG's U.S. Flag strategic business unit
from its offices in Tampa, Florida and will report directly to
Mr. Arntzen.  The management team of OSG's U.S. Flag unit
includes Eric F. Smith, 41, who previously led the unit, as
Chief Commercial Officer and Head of Government Affairs, Jack
Robinson, 57, as Vice President Marine Operations, Christopher
J. Flanagan, 47, as Vice President Marine Technical, Norman D.
Gauslow, 60, as Vice President Marine Labor Relations and
Matthew J. Yacavone, 39, as Vice President Business Development.

                        About Maritrans

Headquartered in Tampa, Florida, Maritrans Inc., (NYSE: TUG)
-- http://www.maritrans.com/-- is a U.S.-based company with a   
78-year commitment to building and operating petroleum transport
vessels for the U.S. domestic trades.  Maritrans employs a fleet
of 11 ATBs, five product carriers, two of which have been
redeployed to transport non-petroleum cargoes, and three large
ATBs under construction.  Approximately 75% of the company's oil
carrying fleet capacity is double-hulled with a fleet capacity
aggregating approximately 3.4 million barrels, 79% of which is
barge capacity.  Maritrans maintains an office in the
Philadelphia area.

                  About Overseas Shipholding

Headquartered in New York, U.S.A., Overseas Shipholding Group,
Inc. (NYSE:OSG) -- http://www.osg.com/-- is one of the largest
publicly traded tanker companies in the world with an owned,
operated and newbuild fleet of 117 vessels, aggregating 13.0
million dwt and 865,000 cbm, as of June 30, 2006.  As a market
leader in global energy transportation services for crude oil
and petroleum products in the U.S. and International Flag
markets, the company is committed to setting high standards of
excellence for its quality, safety and environmental programs.
OSG is recognized as one of the world's most customer-focused
marine transportation companies, with offices in New York,
Athens, London, Newcastle and Singapore.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
August 14, 2006, Moody's Investors Service affirmed the debt
ratings of Overseas Shipholding Group, Inc.'s Senior Unsecured
at Ba1.  The outlook has been changed to stable from negative.


SEA CONTAINERS: GE Wants Relief from Stay to Pursue Arbitration
---------------------------------------------------------------
GE Capital Container SRL and GE Capital Container Two SRL, Sea
Containers, Ltd. and its debtor-affiliates' partners in a
certain GE SeaCo Srl joint venture, obtained authority from the
Honorable Kevin J. Carey of the United States Bankruptcy Court
for the District of Delaware to file a request for relief from
the automatic stay under seal and to serve redacted versions of
that request on all entitled parties.

In their request, the GE Parties ask the Court to:

   * grant relief from stay to proceed to mandatory arbitration
     against Sea Containers, Ltd., to determine that a change
     of control occurred; and

   * upon that finding, appoint a third-party arbiter to
     determine a buy out price.

In March 1998, SCL, GE Container One, and Genstar Container
had entered into an omnibus agreement pursuant to which a joint
venture, GE SeaCo Srl, was formed.  SCL and GE Container One
filed articles of organization creating the JV under Barbados
law.

On May 1, 1998, SCL and GE Container One executed a members'
agreement setting forth certain rights, obligations, and duties
related to their membership interests in the JV -- the Quotas.
Pursuant to certain amendments to the Members' Agreement, GE
Container Two and Quota Holdings, Ltd., were added as members.

Under the JV' Articles of Organization and the Members'
Agreement, the GE Parties have the right to purchase the Quotas
owned by SCL and QHL at their fair market value if a change of
control occurs and if the parties are unable to agree on a
purchase price, a third party arbiter will determine the price.
The Members' Agreement also requires that any dispute concerning
the buy-out right be decided by binding arbitration.

Howard A. Cohen, Esq., at Drinker Biddle & Reath LLP, in
Wilmington, Delaware, discloses that prior to the Debtors'
filing for bankruptcy, the GE Parties notified SCL and QHL that:

   (1) a change of control had occurred with the resignation
       from various key positions of James Sherwood, a former
       controlling principal of SCL;

   (2) GE was exercising its right to purchase the entire equity
       interest held by SCL and QHL in the JV; and

   (3) GE was prepared to enter into good faith negotiations
       regarding the fair market purchase price of SCL's and
       QHL's Quotas.

SCL and QHL dispute that a change of control occurred.

Mr. Cohen points out that cause exists to grant GE's request
because, among other things:

   (a) allowing the arbitration of the change of control dispute
       and the valuation will not prejudice SCL;

   (b) no alternative forum that would be quicker, more
       efficient, and more cost effective than arbitration
       exists; and

   (c) the hardship to the GE Parties of continuing the stay
       considerably outweighs the hardship to SCL of modifying
       the stay.

Mr. Cohen notes that, the Third Circuit in Mintze v. Am. Gen.
Fin. Servs., Inc. (In re Mintze), 434 F.3d 222 (3d Cir. 2006),
has held that there is no judicial discretion to deny
arbitration even if the arbitration involves core proceedings
under Section 157(b) of the Bankruptcy Code.

Accordingly, Mr. Cohen asserts, SCL cannot use Chapter 11 to
shield itself from arbitration.  "Because there is no
alternative to arbitration, the Court need not and, indeed,
cannot analyze the costs and benefits of arbitration versus the
costs and benefits of an alternative means of resolving the
disputes, including the bankruptcy process."

Arbitrating now the Change of Control Dispute and the Valuation
will not burden the Debtors or their management, Mr. Cohen
maintains.  He says any delay in the arbitration will prejudice
the Debtors and their estates because resolution of the Change
of Control Dispute and the Valuation is indispensable to the
formulation of any plan of reorganization.

                      About Sea Containers

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight  
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 5; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


UNITED ASSEMBLY: To Invest US$100 Million for Thailand Expansion
----------------------------------------------------------------
United Test and Assembly Center Ltd will expand its operations
by investing approximately US$100 million over the next three
years for another plant in Thailand.

The company will lease another building, which will house UTAC's
test operations and also be used as a distribution center.  The
new plant, which measures approximately 29,100 square-meter and
boasts 10,000 square meters of 10K cleanroomspace, is a short
distance away from UTAC's existing plant in Wellgrow Industrial
Park of Chachoengsao Province.

Aside from UTAC's existing plant in Wellgrow, the company also
operates another plant in the district of Bangna, with a total
of 640,000 square feet of production space hosting 598 wire
bonders and 340 testers.  Moreover, in the past few months, UTAC
has invested additional capital expenditure to acquire new
production equipment to expand the scope and scale of its
Thailand operations, which is quickly filling up the remaining
floor space within the plants.

UTAC's expansion in Thailand follows upon its acquisition of NS
Electronics Bangkok (1993) Ltd -- UTAC Thai Limited -- in June
2006 for up to US$175 million.  UTAC Thai is currently a
recognized global leader in QFN semiconductor assembly services,
with a daily output of over 5 million units.

In accordance with the Group's plan to reap synergies between
UTAC Thai and UTAC Singapore and optimize group resources, lead
frame-based packaging activities will be consolidated in
Thailand over the next few years.  This will enable UTAC
Singapore to focus its resources on substrate-based packaging.

The production in the new plant is expected to begin in the
second half of 2007 and expects to employ over 1,000 staff.

For further information, contact:

         Josephine Lim
         Manager, Corporate Communications
         UTAC
         E-mail: media@sg.utacgroup.com
         Telephone: (65) 6551-1511
         Facsimile: (65) 6551-1521

                           About UTAC

United Test and Assembly Center Ltd, which is based in Singapore
and listed on the Singapore Stock Exchange since 2004, is an
independent provider of test and assembly services for
semiconductor devices, including memory, mixed-signal and logic
integrated circuits.

The company has manufacturing facilities in Singapore, China
(Shanghai), Taiwan and Thailand, and a global sales network in
Singapore, Thailand, Taiwan, the US, Italy, Korea and Japan.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific, on
Nov 06, 2006, Moody's Investors Service assigned a provisional
(P)Ba3 corporate family rating and a provisional (P)Ba3 senior
unsecured rating to UTAC's proposed US$200M convertible bonds
due 2013.  The ratings outlook is stable.  

Moreover, the TCR-AP also reported on Nov. 2, 2006, that
Standard & Poor's Ratings Services assigned its 'BB-' corporate
credit rating to UTAC.  The outlook is stable.  At the same
time, Standard & Poor's assigned its 'BB-' rating to UTAC's
proposed US$200 million convertible bonds due 2013.


VINARICH PTE: Pays First and Final Dividend to Creditors
--------------------------------------------------------
Vinarich Pte Ltd, which is in creditors' voluntary liquidation,
has paid the first and final dividend to its creditors on
Nov. 29, 2006.

The company paid 4.055% to all received claims.

The joint liquidators can be reached at:

         Chia Soo Hien
         Ng Geok Mui
         c/o BDO Raffles
         5 Shenton Way
         #07-01 UIC Building
         Singapore 068808


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

SIAM COMMERCIAL: To Focus on Retail-Banking Business Next Year
--------------------------------------------------------------
Siam Commercial Bank plans to boost its consumer-banking
business next year to keep ahead of the competition in the
retail-finance market, Nation Multimedia reports.  

The newspaper quoted Pradeep Roy, the bank's executive vice
president, last week as saying that SCB would concentrate on
credit-card loans, mortgages, bancassurance and auto hire-
purchase.

According to Reuters, retail banking generates more than 40% of
SCB's yearly revenue.

In addition, Siam Commercial aims to double its personal loans,
where it is on a low at THB5 billion, The Nation says.  

To realize this goal, Mr. Pradeep said that SCB will offer new
mortgages worth THB40 billion next year, an ambitious goal which
if successful will increase its market share to 31% from 30%
now.  It is already the market leader.

The bank is also targeting a credit-card base of 2 million by
the end of next year up from this year's expected 1.6 million.  
Mr. Pradeep is optimistic that its retail loan products will see
growth this year as credit card spending per month was recorded
at THB8,000 to THB9,200, up 39% to 41% year on year compared
with market growth of 20% to 21%.

Meanwhile, SCB's automobile loans will have more potential to
grow next year under its new financial subsidiary SCB Leasing,
-- 75% owned -- while its bancassurance is also expected to be
up as SCB has more than 50% shares of the market, Reuters
relates.

However, the bank has yet to finalize its retail plan for next
year, but expects that it will be completed soon.  Retail-loan
growth rate would normally be 5-10% higher than total loan
growth rate, the report says.

Reuters recounts that Jada Wattanasiritham, SCB's president,
announced an overall lending growth for next year to exceed 10%.

The bank is also planning to increase its branches nationwide
from 750 to 800 by the end of the year and add another 100 or so
next year.

                          *     *     *

Thailand's fourth largest commercial bank, Siam Commercial Bank
-- http://www.scb.co.th/-- provides a wide variety of personal  
and business banking options, including funds management, loan
and investment services, foreign currency exchange, and more.  
The bank has more than 500 branches countrywide, its total
assets added to THB814 billion as of December 31, 2005.

The Troubled Company Reporter - Asia Pacific reported on Aug.
23, 2006, that Moody's Investors Service confirmed Siam
Commercial Bank Public Company Limited's D+ bank financial
strength rating and changed its outlook to positive from stable.

On October 23, 2006, Fitch Ratings affirmed the ratings of Siam
Commercial Bank and removed them from Rating Watch Negative on
which they were placed on September 20, 2006 following the
military coup.  The Outlook on their ratings is now Stable.

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

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


* BOND PRICING: For the Week 4 December to 8 December 2006
----------------------------------------------------------

Issuer                               Coupon     Maturity  Price
------                               ------     --------  -----

AUSTRALIA & NEW ZEALAND
-----------------------
Ainsworth Game                        8.000%    12/31/09     1
Alinta Networks                       5.750%     9/22/10     6
APN News & Media Ltd                  7.250%    10/31/08     6
A&R Whitcoulls Group                  9.500%    12/15/10     9
Arrow Energy NL                      10.000%    03/31/08     1
Babcock & Brown Pty Ltd               8.500%    12/31/49     8
Becton Property Group                 9.500%    06/30/10     1
BIL Finance Ltd                       8.000%    10/15/07     9
Capital Properties NZ Ltd             8.500%    04/15/07     9
Capital Properties NZ Ltd             8.500%    04/15/09     8
Capital Properties NZ Ltd             8.000%    04/15/10     8
Cardno Limited                        9.000%    06/30/08     5
CBH Resources                         9.500%    12/16/09     1
Chrome Corporation Ltd               10.000%    02/28/08     1
Clean Seas Tuna Ltd                   9.000%    09/30/08     1
Djerriwarrh Investments Ltd           6.500%    09/30/09     4
Evans & Tate Ltd                      8.250%    10/29/07     1
Fletcher Building Ltd                 8.600%    03/15/08     7
Fletcher Building Ltd                 7.800%    03/15/09     7
Fletcher Building Ltd                 8.850%    03/15/10     8
Fletcher Building Ltd                 7.550%    03/15/11     8
Futuris Corporation Ltd               7.000%    12/31/07     2
Hy-Fi Securities Ltd                  7.000%    08/15/08     8
Hy-Fi Securities Ltd                  8.750%    08/15/08    11
Hutchison Telecoms Australia          5.500%    07/12/07     1
IMF Australia Ltd                    11.500%    06/30/10     1
Infrastructure & Utilities NZ Ltd     8.500%    09/15/13     8
Infratil Ltd                          8.500%    11/15/15     8
Kagara Zinc Ltd                       9.750%    05/06/07     8
Kiwi Income Properties Ltd            8.000%    06/30/10     1
Minerals Corporation Ltd             10.500%    09/30/07     1
Nuplex Industries Ltd                 9.300%    09/15/07     8
Pacific Print Group Ltd              10.250%    10/15/09    11
Primelife Corporation                 9.500%    12/08/06     1
Primelife Corporation                10.000%    01/31/08     1
Salomon SB Australia                  4.250%    02/01/09     7
Silver Chef Ltd                      10.000%    08/31/08     1
Software of Excellence                7.000%    08/09/07     1
Speirs Group Ltd.                    10.000%    06/30/49    70
Tower Finance Ltd                     8.750%    10/15/07     8
TrustPower Ltd                        8.300%    09/15/07     8
TrustPower Ltd                        8.300%    12/15/08     8
TrustPower Ltd                        8.500%    09/15/12     8
TrustPower Ltd                        8.500%    03/15/14     8
Vision Systems Ltd                    9.000%    12/15/08     3


KOREA
-----
Korea Development Bank                7.350%    10/27/21    49
Korea Development Bank                7.450%    10/31/21    49
Korea Development Bank                7.400%    11/02/21    49
Korea Development Bank                7.310%    11/08/21    49


MALAYSIA
--------
Aliran Ihsan Resources Bhd            5.000%    11/29/11     1
AHB Holdings Bhd                      5.500%    03/06/07     1
Asian Pac Bhd                         4.000%    12/21/07     1
Berjaya Land Bhd                      5.000%    12/30/09     1
Bumiputra-Commerce                    2.500%    07/17/08     1
Camerlin Group Bhd                    5.500%    07/15/07     2
Crescendo Corporation Bhd             3.000%    08/25/07     1
Dataprep Holdings Bhd                 4.000%    08/06/07     1
Denko Industrial Corporation Bhd      5.000%    03/15/07     1
Eastern & Oriental Hotel              8.000%    07/25/11     1
Eden Enterprises (M) Bhd              2.500%    12/02/07     1
EG Industries Bhd                     5.000%    06/16/10     1
Equine Capital Bhd                    3.000%    08/26/08     1
Gadang Holdings Bhd                   2.000%    12/24/08     1
Greatpac Holdings Bhd                 2.000%    12/11/08     1
Gula Perak Bhd                        6.000%    04/23/08     1
Hong Leong Industries Bhd             4.000%    06/28/07     1
Huat Lai Resources Bhd                5.000%    03/28/10     1
I-Berhad                              5.000%    04/30/07     1
Insas Bhd                             8.000%    04/19/09     1
Kamdar Group Bhd                      3.000%    11/09/09     1
Kosmo Technology Industrial Bhd       2.000%    06/23/08     1
Kretam Holdings Bhd                   1.000%    08/10/10     1
Kumpulan Jetson                       5.000%    11/27/12     1
LBS Bina Group Bhd                    4.000%    12/29/06     1
LBS Bina Group Bhd                    4.000%    12/31/07     1
LBS Bina Group Bhd                    4.000%    12/31/08     1
LBS Bina Group Bhd                    4.000%    12/31/09     1
Media Prima Bhd                       2.000%    07/18/08     1
Mithril Bhd                           8.000%    04/05/09     1
Mithril Bhd                           3.000%    04/05/12     1
Mutiara Goodyear Development Bhd      2.500%    01/15/07     1
Nam Fatt Corporation Bhd              2.000%    06/24/11     1
Pantai Holdings Bhd                   5.000%    03/28/07     2
Pantai Holdings Bhd                   5.000%    07/31/07     2
Pelikan International Corp Bhd        3.000%    04/08/10     1
Pelikan International Corp Bhd        3.000%    04/08/10     1
Poh Kong Holdings Bhd                 3.000%    01/20/07     1
Puncak Niaga Holdings Bhd             2.500%    11/18/16     1
Ramunia Holdings                      1.000%    12/20/07     1
Rashid Hussain Bhd                    3.000%    12/23/12     1
Rashid Hussain Bhd                    0.500%    12/24/12     1
Rhythm Consolidated Bhd               5.000%    12/17/08     1
Silver Bird Group Bhd                 1.000%    02/15/09     1
Southern Steel                        5.500%    07/31/08     1
Tanah Emas Corporation Bhd            2.000%    12/09/06     1
Tenaga Nasional Bhd                   3.050%    05/10/09     1
Tradewinds Plantations Bhd            3.000%    02/28/16     1
WCT Land Bhd                          3.000%    08/02/09     1
Wah Seong Corp                        3.000%    05/21/12     3
YTL Cement Bhd                        4.000%    11/10/15     1


SINGAPORE
---------
Sengkang Mall                         4.880%    11/20/12     1
Sengkang Mall                         8.000%    11/20/12     1
Structural System Singapore          11.000%    06/30/07     1
Tampines Assets                       6.000%    12/07/06     1




                            *********

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.
   
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