TCRAP_Public/061206.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  

           Wednesday, December 6, 2006, Vol. 9, No. 242

                            Headlines

A U S T R A L I A

A & M CONSULTING: Members Agree to Close Business
ALLSTATE EXPLORATIONS: No Trustee Found, Macquarie to Sell Debt
ALLSTATE EXPLORATIONS: Interested in Macquarie's Debt Sale
ALLSTATE EXPLORATIONS: Reports AU$43MM Restated Deficit for FY06
BETIGL PTY: Members Pass Resolution to Wind Up Firm

BRINTAM PTY: Members Resolve to Wind Up Firm
CIGMA METALS: Reports Zero Revenue for Fiscal Years 2005 & 2004
FARM IMPLEMENT: Receiver and Manager Ceases to Act
FIT FOR BUSINESS: Posts US$1,677,717 Net Loss for FY 2006
KALARINA PTY: Final Meeting Fixed on January 5

LUCRATIVE FINANCIAL: To Declare First and Interim Dividend
MONTGOMERY BROS: Placed Under Voluntary Wind-Up
PAUL BRITON: Members to Receive Wind-Up Report on Jan. 11
TOMBAY GROUP: Schedules Final Meeting on January 5
TOMEN COAL: To Declare Final Dividend on January 23

* ASX Group to be Branded Australian Securities Exchange


C H I N A   &   H O N G  K O N G

AFFINITY GLOBAL: Liquidator to Present Wind-Up Report
ANZAM LTD: Names Corkhill and Bruce as Liquidators
BOMBARDIER INC: Earns US$74 Million in Quarter Ended October 31
CHINA OPTOTECH: Court to Hear Wind-Up Petition on Dec. 13
DANA CORP: Franklin Can Use Expert Rebuttal Until Jan. 8

DANA CORP: Agrees To Change IBC Lease Cure Amount to US$578,868
DANA CORP: Equity & Creditor Committees Tap European Counsel
EMI GROUP: Permira Advisers Possible Offer at GBP2 Billion
EMI GROUP: Inks Mobile Music Deal with Jamba & Jamster
IAC BANK: Fitch Lifts Individual Rating to D

INTERNATIONAL PAPER: Selling 13 Sawmills for US$325 Million Cash
INVERNESS MEDICAL: Incurs US$9.6 Million Net Loss in Third Qtr.
JABIL CIRCUIT: To Acquire All Shares of Taiwan Green Point
LUNG KEE: Members' Final Meeting Scheduled on January 3
M.O. HOLDINGS: First Meetings Slated for December 14

MEGASKY INDUSTRIAL: Appoints Lee Kwok On Alexander as Liquidator
MOSAIC COMPANY: Extends Payment Date for Tender Offers
PETROLEOS DE VENEZUELA: Inks Oil Tanker Accord with Andrade
PETROLEOS DE VENEZUELA: Expenses Totaling US$64 Billion in 2007
PETROLEOS DE VENEZUELA: Files Form 20-F with US SEC

PIHANA PACIFIC: Tan Tuan Hong Ceases to Act as Liquidator
PREMAIN LTD: Shareholders Appoint Sui as Liquidator
ROYAL CARIBBEAN: Planning US$20-Million Project with Stake Bank
SILICONWARE: S&P Upgrades Credit Rating to BB+
STANLEIGH INTERNATIONAL: Proofs of Debt Due on Dec. 22

TITANIUM METALS: Earns US$54.1 Million in Quarter Ended Sept. 30
* Chinese Carmakers Gaining Strength in Local Market, Fitch Says


I N D I A

GMAC LLC: Fitch Upgrades Issuer Default Rating to BB+
KOTAK MAHINDRA: Plans to Expand Overseas Operations
NTPC LTD: To Jointly Bid with BHEL for Ultra Mega Power Projects
ORIENTAL BANK: Sh. Kamal Bhushan Appointed as Employee Director
PUNJAB NATIONAL BANK: Director Argawal Completes 3-Yr. Tenure

RELIANCE INDUSTRIES: Temporarily Shut Downs Paraxylene Plant
RELIANCE INDUSTRIES: Hydrotreater Unit Back in Operation


I N D O N E S I A

BANK DANAMON: 3rd Quarter 2006 Net Income Ups 16% to IDR356 Bil.
BANK INDONESIA: Reference Rate Can Still Be Lowered to 9.75%
INCO LTD: Forms Joint Venture with Germany's Sud-Chemie
LIPPO BANK: Earns IDR407 Bil. in 9-Month Pd.; Up 18% from 2005
MATAHARI PUTRA: Third Quarter Result Better Than Expected

NORTEL NETWORKS: Provides R Cable with VoIP Multimedia Services
NORTEL NETWORKS: Sells Radio Business to Alcatel-Lucent
PERUSAHAAN LISTRIK: To Use Biofuel To Cut Costs in 2007


J A P A N

ALBERTO-CULVER: Reorganizes Business After Separation from Sally
ALITALIA SPA: Italian Government to Sell 20-25% Stake
ALITALIA SPA: Lowers Net Debt by EUR51 Million at Oct.31, 2006
BANCO BRADESCO: Unit Eyes BRL10-Billion Revenues for 2006
BANCO BRADESCO: Unit Won't Sell Individual Health Portfolio

FORD MOTOR: S&P Rates US$15B Senior Sec. Credit Facilities at B
FORD MOTOR: S&P Junks Ratings on 8 Synthetic ABS Transactions
FUJI HEAVY: First-Half Net Up 46% on Cost Cuts and Weak Yen
METROLOGIC INSTRUMENTS: Moody's Assigns B2 Corp. Family Rating
NORTHWEST AIRLINES: Can Implement DIP Settlement Terms

NORTHWEST AIRLINES: Court OKs US$778.7 Mil. Sec. Sub. Financing
NOVOLIPETSK STEEL: Inks RUR200-Mln Rolls Deal with OMZ Group
NOVOLIPETSK STEEL: S&P Keeps Ratings Despite Duferco Deal
SENSATA TECHNOLOGIES: Revenues Rise 11% to US$298MM in 2nd Qtr.
TIMKEN CO: Gets US$92.6 Million Subsidy from U.S. Customs


K O R E A

DRESSER INC: Makes Additional US$20MM Prepayment on Term Loan
DURA AUTO: U.S. Trustee Appoints 7-Member Creditors Committee
HYNIX SEMICONDUCTOR: Adopts LithoCruiser for Process Development
HYNIX SEMICONDUCTOR: Claims World's Fastest Mobile DRAM
SK CORP: To Acquire Stake in Australia's Centennial Coal Mine


M A L A Y S I A

INDUSTRIAS METALURGICAS: Gets US$50-Mil. Loan for Hydro Project
MEDIA PRIMA: Posts MYR28 Million Net Profit in 3Q 2006
OLYMPIA INDUSTRIES: First Quarter Net Loss Reaches MYR31.6MM
PANGLOBAL BERHAD: Incurs MYR13.25-Mil. Net Loss in 3rd Qtr. '06
PARACORP BERHAD: Incurs MYR7.59-Mil. Net Loss in Third Qtr. 2006

PROTON HOLDINGS: Net Loss Widens in 2nd Qtr., Topping MYR250MM


N E W   Z E A L A N D

IROAM INVESTMENT: Creditors Must Prove Claims by Dec. 15
KEADAN HOLDINGS: Court Orders Liquidation of Business
NGAHERE CONTRACTORS: Appoints Joint Liquidators
PARKER GARAGES: Shareholders Resolve to Liquidate Business
PROJECT TRANZACTIONS: Court Issues Liquidation Order

ROCKIT PLASTER: Names Official Assignee as Liquidator
ROSSALL HOLDINGS: Liquidation Hearing Slated for Dec. 11
ROSSALL PROPERTIES: Faces Liquidation Proceedings
SANSOM CONTRACTING: Court to Hear CIR's Liquidation Petition
SMT CONTRACTING: Court Sets Liquidation Hearing on Dec. 11

TANNER OUTDOOR: Names Brown and Rodewald as Liquidators
T3M LTD: Liquidation Petition Hearing Set on December 14
* Inflation at its Peak, No More Rate Increases, NZIER Says


P H I L I P P I N E S

FAIRCHILD SEMICONDUCTOR: Court Postpones POWI Trial
MIRANT CORP: NY Subsidiaries Settles Haverstraw Town Dispute
* RP Gov't. Seeks Two New ADB Loans Aggregating US$133.8 Million
* BDO Sees Moody's Rating Outlook Upgrade After 2007 Elections


S I N G A P O R E

AAR CORP:  Names Poulton as VP of Acquisitions & Investment
BARRELS EXPRESS: Creditors Must Prove Debts by Dec. 28
DIGILAND INTERNATIONAL: Posts Shareholder's Change of Interest
E-TECH MANUFACTURING: Will Pay Dividend on Dec. 14
FREESCALE: Blackstone-Led Consortium Closes Purchase of Company

GLOBAL AERO: Pays Dividend to Creditors
ODYSSEY RE: Fairfax to Sell 9 Mil. Shares at US$34.60 Per Share
PDC CORP: Subsidiary Inks Sale Agreement with Asian Prosperity
REFCO INC: Has Until January 12 to Solicit Plan Acceptances
REFCO INC: Various Parties Raise Issues Against Joint Plan

SEA CONTAINERS: NYSE ARCA to Remove Securities on December 12
SEE HUP SENG: Loke and Leong to Exercise their Options
SURGE ELECTRICAL: Enters Wind-Up Proceedings


T H A I L A N D

DOLE FOOD: Weak Performance Cues S&P to Cut Credit Rating to B
FEDERAL-MOGUL: Mesothelioma Claimants Balk at US$500M Settlement


* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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


A & M CONSULTING: Members Agree to Close Business
-------------------------------------------------
At an extraordinary general meeting held on Nov. 20, 2006, the
members of A & M Consulting Pty Ltd resolved to voluntarily wind
up the company's operations.

In this regard, Robert Peile was appointed as liquidator.

The Liquidator can be reached at:

         Robert Peile
         3 John Davey Avenue, Cronulla
         Australia
         Telephone:(02) 9523 0637

                     About A & M Consulting

A & M Consulting Pty Limited is involved with management
services.

The company is located in New South Wales, Australia.  


ALLSTATE EXPLORATIONS: No Trustee Found, Macquarie to Sell Debt
---------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
July 31, 2006, a rockfall killing a miner caused the closure of
Allstate Explorations NL's Beaconsfield Mine Joint Venture in
Beaconsfield, Tasmania.  After the rockfall, Macquarie Bank
agreed to transfer AU$47 million worth of inter-company loans
into a trust for the mine's employees, which trust would only
have value if the mine reopened.

As of October 5, 2006, Macquarie Bank has failed to establish
the trust, the TCR-AP report noted.

A follow-up report from the Sydney Morning Herald relates that
Macquarie was unable to find a trustee.  Thus, it has decided to
sell the debt and hand the sale proceeds to the mine's
employees.  The paper recounts that Macquarie said potential
trustees had been unwilling to participate because of the
"unusual" nature of the trust and its assets.

On November 13, 2006, Macquarie said it appointed insolvency
firm KordaMentha to find a buyer, the report relates, noting
that employees will decide whether to accept any offer.

The sale funds, though, will be released more quickly to the
miners as compared to a trust.  It could also help bring
Allstate out of administration and restore an orthodox board to
oversee mining, the Sydney Herald says.

According to the TCR-AP, in 2002 Macquarie controversially
acquired the rights for AU$300,000 from Allstate which operates
the mine.  Allstate owns 51.51% of the mine while Beaconsfield
Gold owns the remaining 48.49%.  Beaconsfield Gold has declared
its interest in moving to full ownership of the mine and
replacing Allstate as the operator.  Beaconsfield Gold argued
that the current ownership structure hinders redevelopment plans
and creates insufficient technical supervision of the mine.

However, a sale before the mine's future is known could deliver
employees a smaller benefit if it reopens and performs well, the
Sydney Herald says.

           Joint Administrators' Validity, Challenged

The Sydney Herald adds that a further complication to the sale
is an action in the Federal Court action involving Macquarie and
Allstate's administrators, Michael Ryan and Tony Woodings.

The paper relates that Messrs. Ryan and Woodings were ordered to
appear and answer questions under oath at a public examination.  
Macquarie has been ordered to produce documents, the paper adds.

However, the orders have been frozen pending a hearing on the
challenge to the joint administrators' validity.

Simon Evans, an Allstate shareholder, obtained the orders after
the Australian Securities and Investments Commission authorized
him to seek them, the Sydney Herald relates.

The paper relates that the Administrators and Macquarie argued
that ASIC failed to take into account several matters, including
that ASIC had investigated shareholder complaints and had
decided in 2003 to take no further action.

Justice Roger Gyles and all federal and state Attorneys-General
have also been put on notice that Mr. Evans authorization could
be an unconstitutional exercise of power by the Federal Court.

Mr. Evans is supported by litigation funder IMF (Australia) Ltd,
the Sydney Herald reveals, noting that IMF earlier failed in a
NSW Supreme Court bid by another shareholder, Jeffrey Knapp, to
have a special purpose administrator appointed to Allstate.  The
paper relates that Justice Paul Brereton found there was neither
precedent nor statutory power for appointing a special purpose
administrator to investigate the conduct of an original
administrator.

                         About Allstate

Allstate Explorations NL solely operates in Australia.  The
Company manages, develops, and operates the Beaconsfield Mine
Joint Venture in Beaconsfield, Tasmania.  Allstate partially
owns the Beaconsfield gold mine with its partner Beaconsfield
Gold NL.  The Beaconsfield mine is located in Launceston,
Tasmania, Australia.

Allstate was placed under administration in 2004.  The
Administrator can be reached at:

         Allstate Explorations NL
         The Administrator
         Taylor Woodings Corporation Services
         6th Floor, 30 The Esplanade
         Perth, Australia, 6000
         Telephone: 08 9321 8533
         Fax: 08 9321 8544


ALLSTATE EXPLORATIONS: Interested in Macquarie's Debt Sale
----------------------------------------------------------
As reported by the Troubled Company Reporter - Asia Pacific on
August 23, 2006, Macquarie Bank decided to sell the AU$47-
million worth of inter-company loans, which it planned to put
into a trust for employees of Allstate Explorations NL's
Beaconsfield Mine Joint Venture in Beaconsfield, Tasmania.  

A report from the Sydney Morning Herald relates that bidding for
Macquarie's AU$48 million parcel of debts connected with the
Beaconsfield mine closed on December 1, 2006, with at least two
expressions of interest:

   1. Allstate; and

   2. Beaconsfield Gold

The TCR-AP noted that Allstate owns 51.51% of the mine while
Beaconsfield Gold owns the remaining 48.49%.  Beaconsfield Gold
has declared its interest in moving to full ownership of the
mine and replacing Allstate as the operator.  Beaconsfield Gold
argued that the current ownership structure hinders
redevelopment plans and creates insufficient technical
supervision of the mine

According to the paper, the future value of the debt depends on
whether and when safety regulators allow the mine to reopen.  If
gold production does not restart, the debt will have no value,
the Sydney Herald says.

The paper notes that though mining the access decline started on
December November 29, 2006, gold production is yet to resume.

                         About Allstate

Allstate Explorations NL solely operates in Australia.  The
Company manages, develops, and operates the Beaconsfield Mine
Joint Venture in Beaconsfield, Tasmania.  Allstate partially
owns the Beaconsfield gold mine with its partner Beaconsfield
Gold NL.  The Beaconsfield mine is located in Launceston,
Tasmania, Australia.

Allstate was placed under administration in 2004.  The
Administrator can be reached at:

         Allstate Explorations NL
         The Administrator
         Taylor Woodings Corporation Services
         6th Floor, 30 The Esplanade
         Perth, Australia, 6000
         Telephone: 08 9321 8533
         Fax: 08 9321 8544


ALLSTATE EXPLORATIONS: Reports AU$43MM Restated Deficit for FY06
----------------------------------------------------------------
After issuing Allstate Explorations NL's initial financial
report for the year-ending June 30, 2006, the Deed
Administrators became aware of a misstatement, where a financial
derivative liability was overstated by AU$8,839,00 in the
financial position of the Company.

Accordingly, the company's financial report was restated and
reissued.  The restatement decreased the company's:

   (a) operating loss after income tax by AU$8,522,000 to
       AU$1,663,000; and

   (b) deficiency in net assets by AU$8,839,000 to AU$4,635,000

The overstated liability arose because of a misstatement in
recognizing the restructure to the Allstate Group's gold hedging
position, which was put in place in October 2004.  Before the
restructure, each of the company and two of its subsidiaries --
Allstate Prospecting Pty Ltd and ACN 070 164 653 Pty Ltd -- were
principally liable under the gold hedging agreements.  However,
the company is only liable as a guarantor to the extent of its
shareholding in the two subsidiaries.

Because the carrying value of the company's shareholding in APPL
and ACNPL was AU$nil as at June 30, 2005 and 2006, the
unrealized loss on these gold hedging agreements was misstated
as an unrealized loss of the company and should have been
limited to the Allstate Group plus a dominant subsidiary, Mojixi
Pty Ltd.

Mojixi was not placed into voluntary administration.

Michael Ryan, the company's Deed Administrator clarifies that
there has been no change to the result and financial position of
the consolidated entity.

The company's consolidated loss for the year after income tax
was AU$9,226,000.  The net deficit of liabilities over assets of
the Consolidated Entity at balance date was AU$43,213,000.

As of June 30, 2006, the company's consolidated balance sheet
revealed strained liquidity with AU$10,806,000 in total current
assets available to pay AU$15,083,000 of total current
liabilities coming due within the next 12 months.

The company's June 30, 2006 balance sheet also showed total
liabilities of AU$69,040,000 exceeding total assets of
AU$25,827,000.

A full-text copy of the company's financial report for the year-
ended June 30, 2006, is available for free at:

   http://www.asx.com.au/asxpdf/20061129/pdf/3ztzg7y42c58h.pdf

                    No Dividend Distribution

The Deed Administrators did not recommend payment of any
dividend to shareholders for the financial year ended June 30,
2006.  The company has not paid any amount by way of dividend to
shareholders since the end of the previous financial year.

                  Auditor's Going Concern Doubt

After auditing the company's financial report, M.L. Port, a
partner at PKF, Chartered Accountants, raised an uncertainty on
the process and timing of the company's divestment of assets.

According to the auditor's report, without the ongoing support
from financiers and creditors, and the successful restructuring
of the current debt facilities, the company and the consolidated
entity will be unable to pay its debts as and when they become
due and payable.  There is also significant uncertainty
concerning the actual timing of any recommencement of commercial
mining operations at the Beaconsfield Mine.

Due to these uncertainties, Mr. Port disclosed that there was
insufficient audit evidence as to the carrying value of the
consolidated entity's assets included in property, plant and
equipment of AU$11,880,000 and development properties of
AU$2,964,000.  As a result, the financial report may not include
all adjustments relating to the recoverability and
classification of recorded asset amounts or to the amounts and
classifications of liabilities that might be necessary.

These conditions constitute the limitations on the scope of our
audit, Mr. Port says.

                         About Allstate

Allstate Explorations NL solely operates in Australia.  The
Company manages, develops, and operates the Beaconsfield Mine
Joint Venture in Beaconsfield, Tasmania.  Allstate partially
owns the Beaconsfield gold mine with its partner Beaconsfield
Gold NL.  The Beaconsfield mine is located in Launceston,
Tasmania, Australia.

Allstate was placed under administration in 2004.  The
Administrator can be reached at:

         Allstate Explorations NL
         The Administrator
         Taylor Woodings Corporation Services
         6th Floor, 30 The Esplanade
         Perth, Australia, 6000
         Telephone: 08 9321 8533
         Fax: 08 9321 8544


BETIGL PTY: Members Pass Resolution to Wind Up Firm
---------------------------------------------------
The members of Betigl Pty Ltd held a general meeting on Nov. 17,
2006, and passed a special resolution to voluntarily wind up the
company's operations.

The liquidators can be reached at:

         David Clement Pratt
         Timothy James Cuming
         Level 15, 201 Sussex Street
         Sydney New South Wales 1171
         Australia

                       About Betigl Pty

Betigl Pty Limited is engaged with miscellaneous business credit
institutions.

The company is located in Queensland, Australia.


BRINTAM PTY: Members Resolve to Wind Up Firm
--------------------------------------------
At an extraordinary general meeting held on Nov. 22, 2006, the
members of Brintam Pty Ltd resolved to voluntarily wind up the
company's operations and appointed James Alexander Shaw as
liquidator.

The Liquidator can be reached at:

         J. A. Shaw
         Ferrier Hodgson
         Chartered Accountants
         Level 3, 2 Market Street
         Newcastle, New South Wales 2300
         Australia

                        About Brintam Pty

Brintam Pty Limited is involved with management services.  

The company is located in New South Wales, Australia.


CIGMA METALS: Reports Zero Revenue for Fiscal Years 2005 & 2004
---------------------------------------------------------------
In its Annual Report for the fiscal year ended December 31,
2005, filed with the United States Securities and Exchange
Commission, Cigma Metals Corporation revealed that it had no
revenues during Fiscal 2005 and Fiscal 2004.  Funds raised in
Fiscal 2005 and Fiscal 2004 were used for exploration of the
company's properties and general administration.

In Fiscal 2005, Cigma Metals recorded a loss of US$888,224 or
US$0.06 per share, higher compared to a loss of US$657,031
(US$0.05 per share) in Fiscal 2004.

Total liabilities as of December 31, 2005, was US$43,880 as
compared to US$21,722 on December 31, 2004 -- an increase of
US$22,158.

                     No Dividend Distribution

Cigma Metals noted that it has not paid cash dividends in Fiscal
2005, Fiscal 2004, or Fiscal 2003.  No cash dividends have been
paid subsequent to December 31, 2005.  The company explained
that the amount and frequency of cash dividends are
significantly influenced by metal prices, operating results, and
its cash requirements.

                  Auditor's Going Concern Doubt

In its report to the company's Board of Directors and
Stockholders, dated August 15, 2005, Ernst & Young LLP,
Chartered Accountants, noted that Cigma Metals' financial
statements have been prepared assuming that the company will
continue as a going concern.  However, Ernst & Young revealed
that the company has recurring losses from operations since its
inception that raise substantial doubt about its ability to
continue as a going concern.  The auditor noted that the
financial statements do not include any adjustments that might
result from the outcome of this uncertainty.

                       About Cigma Metals

Cigma Metals Corp. -- http://www.cigmametals.com/-- is a  
mineral exploration company with offices in Coolum Beach,
Australia and Tomsk, Russia, and is engaged in the exploration
of base, precious metals, and industrial minerals worldwide.

The company was incorporated under the laws of the State of
Florida on January 13, 1989, as Cigma Ventures Corp.  On
April 17, 1999, the company changed its name to Cigma Metals
Corporation to more fully reflect its status as an exploration
stage enterprise and its engagement in resource exploration
activities.


FARM IMPLEMENT: Receiver and Manager Ceases to Act
--------------------------------------------------
On Nov. 23, 2006, Michael John Morris Smith ceased to act as
receiver and manager of Farm Implement Tractor & Motor Co. Pty
Ltd.

Mr. Smith can be reached at:

         M. J. M. Smith
         Partner
         Smith Hancock
         Level 4, 88 Phillip Street
         Parramatta, New South Wales 2150
         Australia
         Telephone:(02) 9689 2266

                      About Farm Implement

Farm Implement Tractor & Motor Co Pty Ltd is an automotive
dealer.

The company is located in New South Wales, Australia.


FIT FOR BUSINESS: Posts US$1,677,717 Net Loss for FY 2006
---------------------------------------------------------
In its Annual Report for fiscal year ended June 30, 2006, filed
with the United States Securities and Exchange Commission, Fit
For Business International, Inc., revealed that it has sustained
operating losses and expect the losses to continue in the
foreseeable future.  Fit for Business has not generated
sufficient revenues to achieve profitable operations or positive
cash flow from operations.  

For the period ended June 30, 2006, Fit for Business posted
total revenues of US$9,622, or a 13% decrease over revenues of
US$11,053 for the same period ended June 30, 2005.  The decrease
in revenues resulted from a lack of capital to employ a
sufficient sales force, the company explained.

Net loss for the period ended June 30, 2006, was US$1,677,717,
higher compared to the US$536,308 for the same period ended
June 30, 2005.  The increase in the net loss of US$1,141,409
resulted primarily from the overall decrease in selling, general
and administrative expenses, and the increase in revenues for
the period.

As of June 30, 2006, the company's total current assets were
US$1,372 and total current liabilities was US$1,784,215,
resulting in a working capital deficit of US$1,782,843.  As of
the same date, Fit for Business also had an accumulated deficit
during the development stage of US$2,609,860.

                 Auditor's Going Concern Doubt

Davis Accounting Group P.C. audited the company's balance sheet
as of June 30, 2006, and the related statements of operations
and comprehensive loss, stockholders' deficit, and cash flows
for each of the two years in the period ended June 30, 2006, and
2005, and from inception -- December 14, 1998 -- through June
30, 2006.

In its report to Fit for Business' Stockholders and Board of
Directors, dated October 22, 2006, the Auditor raised
substantial doubt about the company's ability to continue as a
going concern, citing these factors, among others:

   (a) the Company which is in its development stage and is
       conducting its capital formation activities, has
       experienced operating losses since inception; and

   (b) the company's working capital is insufficient to meet
       planned business objectives.

The auditor stated that the financial statements have been
prepared assuming that the company will continue as a going
concern.  The financial statements do not include any
adjustments that might result from the outcome of the
uncertainty, Davis Accounting noted.

                      Management's Plans

According to Fit for Business, there is no assurance that
profitable operations, if ever achieved, will be sustained on a
continuing basis.  During the period ended June 30, 2006, the
company derived revenues from the sale of programs to corporate
and living well customers.

Thus, with its main revenues likely to be generated from the
sale of the company's wellness programs to corporations and
government departments, Fit for Business will be concentrating
on sales efforts with those corporations most likely to purchase
its programs.

Market research will be conducted to identify those corporations
most likely to purchase the company's programs after which the
sales process can take anywhere from three to 12 months to
complete.

The company notes that corporations and government departments
categorize Fit for Business' programs as mainly employee
benefits programs.  If economic circumstances become tight,
corporations tend to reduce their expenditures on employee
benefits programs and this will have a detrimental impact on our
revenues, Fit for Business added.

                     About Fit for Business

Fit For Business International, Inc. is a Nevada corporation in
the development stage with a mission to improve the wellness and
productivity of people in the workplace.  FFBI provides products
and services for: (i) corporate wellness programs which address
business productivity, stress and absenteeism issues; and (ii)
living well programs directed primarily, but not exclusively, to
individuals over 45 years of age.

The company's subsidiary -- Fit For Business (Australia) Pty
Limited -- was organized as an Australian private company on
December 14, 1998, and subsequently began certain marketing
studies and corporate awareness programs to obtain customers for
its products and services.  In October 2003, FFB Australia
initiated a capital formation activity through the private
placement of certain convertible promissory notes, which
provided, through September 14, 2004, proceeds of US$365,000.  
Subsequent to the completion of the reverse merger between FFBI
and FFB Australia, the liability associated with the convertible
promissory notes was assumed by FFBI.  Thereafter, all of the
promissory notes were converted into shares of common stock of
FFBI.


KALARINA PTY: Final Meeting Fixed on January 5
----------------------------------------------
A final meeting of the members and creditors of Kalarina Pty Ltd
-- trading as Gold Coast Signs -- will be held on Jan. 5, 2007,
at 9:00 a.m., for the purpose of attending to statutory duties.

The Liquidator can be reached at:

         Nicholas Crouch
         Crouch Insolvency
         Level 28, 31 Market Street
         Sydney, New South Wales
         Australia

                       About Kalarina Pty

Kalarina Pty Ltd -- trading as Gold Coast Signs -- is involved
with business services.

The company is located in Queensland, Australia.


LUCRATIVE FINANCIAL: To Declare First and Interim Dividend
----------------------------------------------------------
Lucrative Financial Solutions Pty Ltd will declare the first and
interim dividend for unsecured creditors on Jan. 22, 2007.

Creditors are required to submit their proofs of debt by Jan. 8,
2007, or they will be excluded from the benefit of the dividend.

As reported by the Troubled Company Reporter - Asia Pacific, the
company declared priority dividends on Oct. 28, 2005, and
Oct. 10, 2006.

The liquidator can be reached at:

         M. E. Slaven
         Rangott Slaven
         Unit 12, Level 3
         Engineering House, 11 National Circuit
         Barton ACT 2600
         Australia
         Telephone:(02) 6285 1430
         Facsimile:(02) 6281 1966

                    About Lucrative Financial

Lucrative Financial Solutions Pty Limited is involved with
management consulting services.

The company is located in ACT, Australia.


MONTGOMERY BROS: Placed Under Voluntary Wind-Up
-----------------------------------------------
The members of Montgomery Bros Pty Ltd met on Nov. 21, 2006, and
passed a resolution to voluntarily wind up the company's
operations.

Accordingly, Brian Patrick Woodward was appointed as liquidator.

The Liquidator can be reached at:

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

                     About Montgomery Bros

Montgomery Bros Pty Ltd is engaged with Piece Goods and Notions.

The company is located in New South Wales, Australia.


PAUL BRITON: Members to Receive Wind-Up Report on Jan. 11
---------------------------------------------------------
The members of Paul Briton Photography Pty Ltd will meet on
Jan. 11, 2007, at 10:00 a.m., to receive Liquidator Smith's
account of the company's wind-up proceedings.

The Troubled Company Reporter - Asia Pacific previously reported
that the company was placed under voluntarily wind-up on May 15,
2006.

The Liquidator can be reached at:

         M. J. M. Smith
         Smith Hancock
         Chartered Accountants
         Level 4, 88 Phillip Street
         Parramatta, New South Wales 2150
         Australia

                        About Paul Briton

Paul Briton Photography Pty Ltd -- trading as Paul Briton
Photographer -- operates Photographic Studios.

The company is located in New South Wales, Australia.


TOMBAY GROUP: Schedules Final Meeting on January 5
--------------------------------------------------
Tombay Group Pty Ltd, which is in liquidation, will hold a final
meeting for its members and creditors on Jan. 5, 2007, at
9:30 a.m., for the purpose of attending to statutory duties.

The liquidator can be reached at:

         Nicholas Crouch
         Crouch Insolvency
         Level 28, 31 Market Street
         Sydney, New South Wales
         Australia

                       About Tombay Group

Tombay Group Pty Ltd is involved with Plastering, Drywall,
Acoustical, and Insulation Works.

The company is located in Victoria, Australia.


TOMEN COAL: To Declare Final Dividend on January 23
---------------------------------------------------
Tomen Coal Resources Pty Ltd, which is in liquidation, will
declare the final dividend for its creditors on Jan. 23, 2007.

Creditors are required to formally prove their debts by Dec. 26,
2006, or they will be excluded from participating in any
distribution the company will make.

Moreover, the company will hold a final meeting for its members
on Jan. 26, 2007, at 10:00 a.m.

During the meeting, the liquidators will present the report
regarding the company's wind-up proceedings and property
disposal exercises.

The joint and several liquidators can be reached at:

         Peter G. Yates
         H. W. Mosley
         Deloitte Touche Tohmatsu
         Grosvenor Place, 225 George Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9322 7000

                        About Tomen Coal

Tomen Coal Resources Pty Limited is an investor relations
company.

The company is located in New South Wales, Australia.


* ASX Group to be Branded Australian Securities Exchange
--------------------------------------------------------
Effective December 5, 2006, the Australian Stock Exchange
Limited will officially change its name to ASX Limited.  The new
ASX group will operate under the brand "Australian Securities
Exchange."

Mark Hawthorne of The Age explains that under Australia's new
sharemarket system, ASX Limited will control ASX Markets
Supervision Pty Ltd, which in turn will supervise and operate
ASX, SFE, ACH, SFECC, ASTC and Austraclear.

According to Mr. Hawthorne, the ASX Supervisory Review has shut
down.  The company running the show is ASXMS.

The change of company name was approved by ASX shareholders at
the Annual General Meeting held on October 9, 2006.  The new
group was created by the merger of the Australian Stock Exchange
Limited and SFE Corporation Limited in July 2006.

ASX Limited, one of the world's top-10 listed exchange groups by
capitalization, will be the holding company for the group that
includes licensed businesses spanning the equity, interest rate,
commodity and energy markets, offering a full range of listing,
trading, clearing, depository, settlement and market data
services to domestic and international customers.


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

AFFINITY GLOBAL: Liquidator to Present Wind-Up Report
-----------------------------------------------------
The members and creditors of Affinity Global Co. Ltd will hold
final meetings on Jan. 3, 2007, at 10:30 a.m. and 11:00 a.m.,
respectively.

At the meetings, Liquidator Choi Wai Lung Edward will present
the report regarding the company's wind-up proceedings.

As reported by the Troubled Company Reporter - Asia Pacific, the
company's creditors agreed to liquidate the company's business
on August 9, 2006.

The Liquidator can be reached at:

         Choi Wai Lung Edward
         Room C, 2/F
         Wing Tat Commercial Building
         121-125 Wing Lok Street
         Central, Hong Kong


ANZAM LTD: Names Corkhill and Bruce as Liquidators
--------------------------------------------------
On Nov. 22, 2006, Thomas Andrew Corkhill and Iain Ferguson Bruce
were appointed as joint and several liquidators of Anzam Ltd by
a special resolution passed by the company.

The Joint and Several Liquidators can be reached at:

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


BOMBARDIER INC: Earns US$74 Million in Quarter Ended October 31
---------------------------------------------------------------
Bombardier Inc. disclosed its financial results for the third
quarter of fiscal year 2007 showing improvements in
profitability for the Corporation.  Net income reached US$74
million for the quarter ended Oct. 31, 2006, compared to a loss
of US$9 million

last year.  Earnings before income taxes from continuing
operations amounted to US$55 million for the third quarter,
compared to US$22 million before special items for the same
period last year.  The overall order backlog reached US$35
billion, a US$3.4 billion increase since year-end.

"At Bombardier Transportation, EBIT margin increased and we had
an impressive US$2.8 billion in new orders.  This is compelling
evidence that the group is indeed becoming more efficient and
competitive," said Laurent Beaudoin, Chairman of the Board and
Chief Executive Officer, Bombardier Inc.  "The productivity
improvement measures put in place at Bombardier Aerospace should
enable the group to better position itself in a challenging
environment.  While the regional jet market remains tough, the
turboprop and business jet segments are showing sustained
demand.  The overall improvement in Bombardier's profitability
indicates that our continued focus on managing costs and
sharpening execution are generating positive results," he said.

The Corporation also undertook a comprehensive refinancing plan
during the third quarter, which included tender offers of
certain notes, a new issue of senior notes, as well as bank line
renewals.  The EUR1.9-billion issue of senior notes, which
successfully closed in November, is one of the largest euro-
denominated corporate issues ever completed.

                       Bombardier Aerospace

Earnings before financing income, financing expense and income
taxes totaled US$43 million, compared to US$31 million for the
same period last fiscal year.  The EBIT margin also improved
reaching 2.3%, compared to 1.7% for the corresponding period
last year.  The total number of aircraft deliveries remained
stable at 73 deliveries, compared to 74 for the same period last
fiscal year, despite a labor strike at the Learjet plant in
Wichita.  The Aerospace group recorded an increase in net orders
during the three-month period ended Oct. 31, 2006, with 95 net
orders, compared to 53 during the same period last year.

At business aircraft, a healthy order intake of 57 aircraft for
the quarter underscores the market's continued strength.  During
the past quarter, the Challenger 605 aircraft received type
certification from Transport Canada, the European Aviation
Safety Agency, and the U.S. Federal Aviation Administration, and
the group delivered the first green Challenger 605 aircraft.

Major restructuring within the U.S. airline industry continues
impacting the regional aircraft market for all manufacturers.  
Bombardier Aerospace proactively adjusted its production
schedule by aligning regional aircraft production with demand.  
The group reduced its production rate of the CRJ700/900
aircraft, while ramping up production of 70-seat Q400
turboprops, which continue to enjoy strong favor within cost-
sensitive markets.

New orders from Northwest Airlines for 36 CRJ900 aircraft and
from My Way Airlines of Italy for 19 CRJ900 aircraft testify to
the market's migration toward larger Bombardier regional jets
and to the group's determined sales efforts.  These contracts,
as well as Frontier Airlines' order for 10 Q400 turboprops, are
enduring reminders that the group's regional aircraft offer the
industry's most compelling economics.  Bombardier Aerospace's
total order backlog reached US$11.6 billion at the end of the
third quarter, compared to US$10.7 billion at year-end.

                     Bombardier Transportation

Bombardier Transportation's EBIT improved again this quarter,
reaching US$62 million from US$39 million before special items
for the same period last fiscal year.  This translates into an
EBIT margin of 4% for the third quarter, compared to 2.6% before
special items for the same period last year.

Bombardier Transportation's new order intake reached US$2.8
billion during the third quarter, resulting in a book-to-bill
ratio of 1.8, while the total order backlog stood at US$23.4
billion at the end of the third quarter.  Ongoing efforts to
hone the group's operational competitiveness resulted in the
signing of a landmark contract with the Gauteng Provincial
Government of South Africa for a rapid rail transit system and a
15-year maintenance agreement, valued at approximately US$1.7
billion.  Bombardier Transportation was also awarded a
significant contract by Transport for London for Electrostar
electric multiple unit cars, along with a maintenance and
services agreement of 7.5 years, valued at approximately US$425
million.

In November 2006, Societe Nationale des Chemins de fer Francais
reiterated its confidence in Bombardier Transportation by
awarding a contract for the supply of new regional trains for
its Greater Paris/Ile-de-France suburban network.  The initial
order includes 172 trains valued at approximately US$1.8
billion, with an option for an additional 200 trains valued at
approximately US$1.7 billion.

Also in November 2006, Bombardier Transportation received an
order valued at approximately US$605 million for 112 high-
capacity trains, AGC type, from the SNCF.

                       Consolidated results

Consolidated revenues totaled US$3.4 billion for the third
quarter ended Oct. 31, 2006, compared to US$3.3 billion for the
same period last year.  For the nine-month period ended Oct. 31,
2006, consolidated revenues reached US$10.4 billion compared to
US$10.7 billion for the same period last year.  The US$87-
million increase for the three-month period mainly reflects
increased deliveries of the larger regional jets and turboprops,
the favorable mix and improved selling prices for business
aircraft and higher services and system and signaling revenues
in Transportation, partially offset by lower selling prices for
regional aircraft and decreased mainline revenues in
Transportation.  The US$262-million decrease for the nine-month
period mainly reflects decreased mainline revenues in the United
Kingdom and Germany in Transportation and lower deliveries of
regional jets, mainly CRJ200 aircraft, partially offset by
increased deliveries of, and improved selling prices for
business aircraft and higher services and system and signaling
revenues in Transportation.

EBT from continuing operations before special items, related to
the Transportation restructuring plan initiated in fiscal year
2005, for the three-month period ended Oct. 31, 2006 amounted to
US$55 million, compared to US$22 million for the same period
last year.  For the nine-month period ended Oct. 31, 2006, EBT
from continuing operations before special items amounted to
US$185 million, compared to US$124 million for the same period
last fiscal year.  These increases result from a higher EBIT
margin in Transportation, mainly due to improvements in contract
execution and the positive impact of restructuring initiatives.  
In addition, the EBT from continuing operations for the three-
month period reflects an improvement in the EBIT margin in
Aerospace.

EBT from continuing operations amounted to US$55 million for the
third quarter of fiscal year 2007, compared to a loss of US$3
million for the same period the previous year.  For the nine-
month period ended Oct. 31, 2006, EBT from continuing operations
amounted to US$161 million, compared to US$73 million for the
corresponding period last year.

Income from continuing operations before special items, net of
tax totaled US$53 million for the third quarter ended Oct. 31,
2006, compared to US$22 million for the same period last year.  
Net income was US$74 million for the third quarter of fiscal
year 2007, compared to a loss of US$9 million for the same
period the previous year.

For the nine-month period ended Oct. 31, 2006, income from
continuing operations before special items, net of tax, totaled
US$153 million compared to US$92 million for the same period the
previous year.  Net income was US$156 million for the nine-month
period ended Oct. 31, 2006, compared to US$163 million for the
same period the previous year.

As at Oct. 31, 2006, Bombardier's order backlog was US$35
billion, compared to US$31.6 billion as at Jan. 31, 2006.  The
US$3.4-billion increase is due to a higher order intake compared
to revenues recorded for Transportation and business aircraft,
and a positive currency impact on the order backlog in
Transportation, mainly arising from the strengthening of the
euro and the pound sterling compared to the U.S. dollar,
amounting to US$830 million.

Bombardier Aerospace

Bombardier Aerospace's revenues amounted to US$1.8 billion for
the three-month periods ended Oct. 31, 2006, and 2005.

Margin amounted to US$255 million, or 13.9% of revenues, for the
three-month period ended Oct. 31, 2006, compared to US$266
million, or 14.9%, for the same period the previous year.  The
one percentage-point decrease is mainly due to the negative
impact of severance and other involuntary termination costs,
lower margins on the sale of regional jets and lower deliveries
of business aircraft, partially offset by the positive impact of
achieved cost savings, mainly for business aircraft that led to
a revision of cost estimates, the favourable mix and improved
selling prices for business aircraft, higher margin on spare
parts sales and increased margins on turboprops.

Earnings before financing income, financing expense, income
taxes, depreciation and amortization amounted to US$148 million,
or 8% of revenues, for the three-month period ended Oct. 31,
2006, compared to US$141 million, or 7.9%, for the same period
last year.  EBIT amounted to US$43 million, or 2.3% of revenues,
for the third quarter ended Oct. 31, 2006, compared to US$31
million, or 1.7%, for the same period the previous year.

For the quarter ended Oct. 31, 2006, aircraft deliveries totaled
73, compared to 74 for the same period the previous year.  The
73 deliveries consisted of 42 business aircraft (48 aircraft for
the corresponding period last fiscal year) and 31 regional
aircraft (26 aircraft for the corresponding period last fiscal
year).  The decrease in business aircraft deliveries reflects
lower deliveries of Learjet 45 XR and Learjet 60 aircraft,
mainly due to a strike at the Learjet facility in Wichita and
lower deliveries of the Challenger 604 aircraft due to the
transition to the new Challenger 605 aircraft.  The increase in
regional aircraft deliveries reflects a shift in demand towards
larger regional jets and turboprops, partially offset by a
decline in smaller regional jets (CRJ200 aircraft).

Bombardier received 57 net orders for business aircraft, during
the three-month period ended Oct. 31, 2006, compared to 58 net
orders during the same period last fiscal year.  The order
intake remains strong and is consistent with the continued
strength of the business aircraft market.  For the quarter ended
Oct. 31, 2006, Bombardier received 38 net orders for regional
aircraft net of the removal of 30 aircraft as a result of an
agreement reached with U.S. Airways, compared to five net
cancellations for the same period last year.  Net orders for the
quarter included an order for 36 CRJ900 aircraft from Northwest
Airlines of U.S. valued at approximately US$1.35 billion; 19
CRJ900 regional jets from My Way Airlines of Italy valued at
approximately US$702 million and for 10 Q400 turboprops from
Frontier Airlines of U.S. valued at approximately US$257
million.

Free cash flow (cash flows from operating activities less net
additions to property, plant and equipment) amounted to US$18
million for the three-month period ended Oct. 31, 2006, compared
to US$470 million for the same period the previous year.  The
free cash flow for the three-month period ended Oct. 31, 2005,
was positively impacted by the closing of the RASPRO
securitization.

As at Oct. 31, 2006, the Aerospace order backlog totaled US$11.6
billion, compared to US$10.7 billion as at January 31, 2006. The
increase in the order backlog is mainly due to higher order
intake compared to revenues recorded for business aircraft.

Bombardier Transportation

Bombardier Transportation's revenues amounted to US$1.5 billion
for the three-month periods ended Oct. 31, 2006 and 2005.

Margin amounted to US$214 million, or 13.8% of revenues, for the
three-month period ended Oct. 31, 2006, compared to US$193
million, or 12.8%, for the same period the previous year.  The
one percentage-point increase is mainly due to improvements in
contract execution and the positive impact of the restructuring
initiatives.

EBITDA amounted to US$86 million, or 5.6% of revenues, for the
three-month period ended Oct. 31, 2006, compared to US$68
million before special items, or 4.5%, for the same period last
year.  EBIT totalled US$62 million, or 4% of revenues, for the
third quarter ended Oct. 31, 2006, compared to US$39 million
before special items, or 2.6%, for the same quarter the previous
year.

Free cash flow use amounted to US$142 million for the three-
month period ended Oct. 31, 2006, compared to a use of US$127
million for the same period last fiscal year.

Order intake during the three-month period ended Oct. 31, 2006,
totalled US$2.8 billion, an increase of US$700 million compared
to the same period last fiscal year.  Major orders were for a
fleet of 96 Electrostar vehicles and for signalling and
maintenance from Gauteng Provincial Government of South Africa,
valued at approximately US$1.7 billion and for 152 Electrostar
electric multiple unit cars and maintenance from Transport of
London of U.K., valued at approximately US$425 million.

Bombardier Transportation's order backlog totalled US$23.4
billion as at Oct. 31, 2006, compared to US$20.9 billion as at
Jan. 31, 2006.  The increase in the value of the order backlog
is mainly due to higher order intake compared to revenue
recorded and reflects the net positive currency adjustment,
amounting to approximately US$830 million.  The net positive
currency adjustment results mainly from the strengthening of the
euro and the pound sterling compared to the U.S. dollar as at
Oct. 31, 2006, compared to Jan. 31, 2006.

                         About Bombardier

Headquartered in Valcourt, Quebec, Bombardier Inc. (TSX: BBD) --
http://www.bombardier.com/-- manufactures innovative   
transportation solutions, from regional aircraft and business
jets to rail transportation equipment.  The company has
operations in North America, Europe and China.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported that Fitch
Ratings has downgraded the debt and Issuer Default Ratings for
both Bombardier Inc. and Bombardier Capital Inc.:

   Bombardier Inc.

     -- IDR to 'BB-' from 'BB';
     -- Senior unsecured debt to 'BB-' from 'BB';
     -- Credit facilities to 'BB-' from 'BB';
     -- Preferred stock to 'B' from 'B+'.

   Bombardier Capital Inc.

     -- IDR to 'BB-' from 'BB';
     -- Senior unsecured debt to 'BB-' from 'BB'.

The Troubled Company Reporter - Asia Pacific reported that
Moody's Investors Service assigned its Ba2 rating to Bombardier
Inc.'s proposed EUR1.8 billion in new senior unsecured notes and
affirms all current ratings.  

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services affirmed its 'BB' long-term
corporate credit rating on Montreal, Que.-based Bombardier Inc.

At the same time, Standard & Poor's assigned its 'BB' issue
rating to Bombardier's proposed issuance of up to EUR1.8 billion
seven-to-ten-year multitranche senior unsecured notes.  The
notes are to be used to refinance EUR1.175 billion of debt
maturing on or before Feb. 22, 2008.  The remainder will form
part of the collateral required for a new LOC issuance credit
facility to be arranged after the completion of the bond issue.  
The outlook is negative.

Fitch Ratings placed the debt and Issuer Default Ratings for
both Bombardier Inc. and Bombardier Capital Inc. on Rating Watch
Negative.  The existing ratings are:

Bombardier Inc.

   -- IDR BB;
   -- Senior unsecured debt BB;
   -- Bank facilities BB; and
   -- Preferred stock B+.

Bombardier Capital Inc.

   -- IDR BB; and
   -- Senior unsecured debt BB.

These ratings cover approximately US$4.2 billion of outstanding
debt and preferred stock.  Due to the existence of a support
agreement and demonstrated support by the parent, BC's ratings
are linked to those of BI.

Bombardier Inc.'s 6.3% Notes due 2014 also carry Moody's
Investor Service's Ba2 rating and Standard & Poors' and Fitch
Ratings' BB ratings.


CHINA OPTOTECH: Court to Hear Wind-Up Petition on Dec. 13
---------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition filed
against China Optotech Company Ltd -- formerly known as Castec
Company Ltd -- on Dec. 13, 2006, at 9:30 a.m.

Hsu Yui Wei filed the petition with the Court on Oct. 13, 2006.

The Solicitors for the Petitioner can be reached at:

         Augustine C. Y. Tong & Co.
         Rooms 607-9, 6/F Wing On House
         71 Des Voeux Road, Central
         Hong Kong


DANA CORP: Franklin Can Use Expert Rebuttal Until Jan. 8
--------------------------------------------------------
The Honorable Burton R. Lifland of the U.S. Bankruptcy Court for
the Southern District of New York authorized Franklin Fueling
Systems Inc. to make use of expert rebuttal testimony and submit
that expert's opinions not later than Jan. 8, 2007, if Dana
Corporation and its debtor-affiliates decide to identify an
expert.

The Court's Order relates to Franklin Fueling's October 2006
request for the modification of the automatic stay to permit it
to
immediately terminate these agreements it entered into with the
Debtors in November 2005:

   (1) A Supply Agreement requiring the Debtors to supply
       certain in-ground flexible fuel pipe to FFS;

   (2) A Bailment Agreement relating to certain of FFS' property
       to be used by the Debtors in the manufacture of the
       piping products; and

   (3) An Equipment Sale Agreement to convey certain used
       equipment to FFS.

Judge Lifland amended the dates that govern the discovery
process
between the Debtors and Franklin:

   Dec. 29, 2006  -- Close of written discovery

   Jan. 5, 2007   -- Close of fact witness deposition discovery

   Jan. 15, 2007  -- Close of expert witness deposition
discovery

   Jan. 22, 2007  -- Deadline to file pre-hearing briefs,
witness
                     identification lists, hearing exhibit
                     identification lists and any stipulations
of
                     facts

   Jan. 29, 2007  -- Evidentiary hearing

The Court clarifies that the authority to extend the scheduled
dates do not apply to the Jan. 22, 2007, deadline for pre-
hearing briefs and the Jan. 29, 2007, hearing date.

The Court previously set a Dec. 18, 2006 evidentiary hearing on
Franklin's request and directed the Debtors to provide Franklin
Fueling a report of their expert's opinions for testimony and
that expert's related information not later than Nov. 10, 2006.

The Court then also allowed Franklin to make use of expert
rebuttal testimony, and by no later than Nov. 17, 2006, provide
the Debtors with a report of its expert's opinions for testimony
and that expert's related information.

                      About Dana Corporation

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs  
and manufactures products for every major vehicle producer in
the world, and supplies drivetrain, chassis, structural, and
engine technologies to those companies.  Dana employs 46,000
people in 28 countries.  Dana is focused on being an essential
partner to automotive, commercial, and off-highway vehicle
customers, which collectively produce more than 60 million
vehicles annually.  Dana has facilities in China, Argentina and
Italy.

Dominion Bond Rating Service downgraded Dana Corporation's Bank
Debt rating to D from CCC, and cut the Senior Unsecured Notes
rating to D from CC.  DBRS's rating action follows the company's
decision to file for Chapter 11 bankruptcy protection.  The
filing covers Dana and 40 U.S. subsidiaries of the company, and
excludes Dana's European, South American, Asia-Pacific,
Canadian, and Mexican subsidiaries.

Following Dana Corporation's announcement that it has filed for
Chapter 11 bankruptcy court protection and defaulted on its debt
agreements, Fitch downgraded Dana's issuer default rating to 'D'
from 'C'.

Fitch also affirms and removes from Rating Watch Negative the
'CC' rating and 'RR4' recovery rating on Dana's unsecured notes.  
These ratings will be withdrawn in 30 days.  The 'B-' rating on
the pre-petition senior secured facility and the recovery rating
of 'RR1' are being withdrawn, as the facility is expected to
achieve full recovery through the establishment of US$1.45
billion in debtor-in-possession facilities.

Moody's Investors Service assigned B3 ratings to the US$1.45
billion debtor-in-possession financing of Dana Corporation as a
Debtor-in-Possession.  The DIP financing consists of a US$750
million super priority senior secured asset based revolving
credit and a US$700 million super priority senior secured term
loan B.

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total
assets and US$6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.  

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.  
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.  

The Debtors' exclusive period to file a plan expires on Jan. 3,
2007.  They have until Mar. 5, 2007, to solicit acceptances to
that plan.  

(Dana Corporation Bankruptcy News, Issue No. 26; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


DANA CORP: Agrees To Change IBC Lease Cure Amount to US$578,868
---------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
previously authorized Dana Corporation and its debtor-affiliates
to assume a non-residential real property lease between Debtor
Torque-Traction Technologies Inc. and IBC Inc. for a property
located at 315 Matzinger Road, in Toledo, Ohio.

The Debtors then determined that the cure amount to be paid in
connection with the assumption of the IBC Lease is US$0.

In subsequent discussions with IBC, the Debtors acknowledged
that certain amounts were to be paid to IBC as cure payment.  
Due to oversight, however, the Debtors inadvertently omitted the
acknowledged amounts from the original cure amount.

Accordingly, the parties stipulate that the Original Cure Amount
is revised and changed to US$578,868.  The Debtors will pay the
Revised Cure Amount to IBC in cash.

The Revised Cure Amount is comprised these charges and liens:

   Charges and Liens                                Amount
   -----------------                                ------
   Certain utility charges owed to IBC
   for the Matzinger Facility pursuant
   to the IBC Lease                                US$33,113

   A valid mechanic's lien asserted against
   the Matzinger Facility by Retzke Snyder
   Electrical Contractor's Inc. for goods
   and services provided to the Debtors at
   the Matzinger Facility                            225,275

   A valid mechanic's lien asserted against
   the Matzinger Facility by Jim Wing Plumbing
   Co., Inc., for goods and services provided
   to the Debtors at the Matzinger Facility           42,917

   A valid mechanic's lien asserted against
   the Matzinger Facility by Tim A. Ault,
   attorney for The Delventhal Company, for
   goods and services provided to the Debtors
   at the Matzinger Facility                         142,436

   A valid mechanic's lien asserted against
   the Matzinger Facility by Buckeye Power
   Sales for goods and services provided to
   the Debtors at the Matzinger Facility             124,129

   A valid mechanic's lien asserted against
   the Matzinger Facility by Program
   Solutions, Inc. for goods and services
   provided to the Debtors at the Matzinger
   Facility.                                          10,995

Upon receipt of the Revised Cure Amount, IBC will immediately
pay
and satisfy all amounts owed on account of the Liens to the
lienholders.

                      About Dana Corporation

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs  
and manufactures products for every major vehicle producer in
the world, and supplies drivetrain, chassis, structural, and
engine technologies to those companies.  Dana employs 46,000
people in 28 countries.  Dana is focused on being an essential
partner to automotive, commercial, and off-highway vehicle
customers, which collectively produce more than 60 million
vehicles annually.  Dana has facilities in China, Argentina and
Italy.

Dominion Bond Rating Service downgraded Dana Corporation's Bank
Debt rating to D from CCC, and cut the Senior Unsecured Notes
rating to D from CC.  DBRS's rating action follows the company's
decision to file for Chapter 11 bankruptcy protection.  The
filing covers Dana and 40 U.S. subsidiaries of the company, and
excludes Dana's European, South American, Asia-Pacific,
Canadian, and Mexican subsidiaries.

Following Dana Corporation's announcement that it has filed for
Chapter 11 bankruptcy court protection and defaulted on its debt
agreements, Fitch downgraded Dana's issuer default rating to 'D'
from 'C'.

Fitch also affirms and removes from Rating Watch Negative the
'CC' rating and 'RR4' recovery rating on Dana's unsecured notes.  
These ratings will be withdrawn in 30 days.  The 'B-' rating on
the pre-petition senior secured facility and the recovery rating
of 'RR1' are being withdrawn, as the facility is expected to
achieve full recovery through the establishment of US$1.45
billion in debtor-in-possession facilities.

Moody's Investors Service assigned B3 ratings to the US$1.45
billion debtor-in-possession financing of Dana Corporation as a
Debtor-in-Possession.  The DIP financing consists of a US$750
million super priority senior secured asset based revolving
credit and a US$700 million super priority senior secured term
loan B.

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total
assets and US$6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.  

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.  
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.  

The Debtors' exclusive period to file a plan expires on Jan. 3,
2007.  They have until Mar. 5, 2007, to solicit acceptances to
that plan.  

(Dana Corporation Bankruptcy News, Issue No. 27; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


DANA CORP: Equity & Creditor Committees Tap European Counsel
------------------------------------------------------------
The Official Committee of Equity Security Holders and the
Official Committee of Unsecured Creditors in Dana Corp. and its
debtor-affiliates' chapter 11 cases believe that the Debtors'
bankruptcy proceedings in the United States are intertwined with
their European businesses.  

The Committees contend that the United States bankruptcy
proceedings will likely give rise to complex legal issues
involving the European subsidiaries.

Thus, the Committees seek the U.S. Bankruptcy Court for the
Southern District of New York's authority to retain Berwin
Leighton Paisner, LLP, as their joint special European counsel,
nunc pro tunc to November 1, 2006.

As special European counsel, Berwin will, among other things,
advise the Committees with respect to the assets, liabilities,
financial condition, and legal issues surrounding any of the
businesses of the Debtors' European affiliates that may be
relevant to the Chapter 11 Cases.

Berwin will be paid in its hourly rates, subject to a 10%
reduction:

      Professional                        Hourly Rates
      ------------                        ------------
      Partners                          GBP440 to GBP500
      Senior Associates                 GBP300 to GBP385
      Junior Associates                 GBP170 to GBP280
      Trainees                          GBP120 to GBP130

Berwin will also be compensated for reasonable out-of-pocket
expenses it incurs.

David Uri Lebowitz, Esq., at Berwin Leighton Paisner, LLP,
assures the Court that his firm is a "disinterested person" as
the term is defined in Section 101(14) of the Bankruptcy Code,
and does not represent any interest adverse to the Committees.

                      About Dana Corporation

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs  
and manufactures products for every major vehicle producer in
the world, and supplies drivetrain, chassis, structural, and
engine technologies to those companies.  Dana employs 46,000
people in 28 countries.  Dana is focused on being an essential
partner to automotive, commercial, and off-highway vehicle
customers, which collectively produce more than 60 million
vehicles annually.  Dana has facilities in China, Argentina and
Italy.

Dominion Bond Rating Service downgraded Dana Corporation's Bank
Debt rating to D from CCC, and cut the Senior Unsecured Notes
rating to D from CC.  DBRS's rating action follows the company's
decision to file for Chapter 11 bankruptcy protection.  The
filing covers Dana and 40 U.S. subsidiaries of the company, and
excludes Dana's European, South American, Asia-Pacific,
Canadian, and Mexican subsidiaries.

Following Dana Corporation's announcement that it has filed for
Chapter 11 bankruptcy court protection and defaulted on its debt
agreements, Fitch downgraded Dana's issuer default rating to 'D'
from 'C'.

Fitch also affirms and removes from Rating Watch Negative the
'CC' rating and 'RR4' recovery rating on Dana's unsecured notes.  
These ratings will be withdrawn in 30 days.  The 'B-' rating on
the pre-petition senior secured facility and the recovery rating
of 'RR1' are being withdrawn, as the facility is expected to
achieve full recovery through the establishment of US$1.45
billion in debtor-in-possession facilities.

Moody's Investors Service assigned B3 ratings to the US$1.45
billion debtor-in-possession financing of Dana Corporation as a
Debtor-in-Possession.  The DIP financing consists of a US$750
million super priority senior secured asset based revolving
credit and a US$700 million super priority senior secured term
loan B.

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total
assets and US$6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.  

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.  
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.  

The Debtors' exclusive period to file a plan expires on Jan. 3,
2007.  They have until Mar. 5, 2007, to solicit acceptances to
that plan.  

(Dana Corporation Bankruptcy News, Issue No. 27; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000).


EMI GROUP: Permira Advisers Possible Offer at GBP2 Billion
----------------------------------------------------------
Permira Advisers Ltd. has approached EMI Group PLC with a
possible bid valued at GBP2 billion, Aaron Patrick and Jason
Singer write for the Wall Street Journal.

EMI revealed that it received a preliminary approach on Nov. 28,
which may or may not lead to an offer being made for the
company.  The company did not mention who made the offer.

According to WSJ, EMI's reliability to generate profits
attracted private-equity buyer Permira to bid.  

"There is logic for a deal for spinning off the publishing
business and turning around the operating profitability of the
recorded-music business," Simon Wallis, an analyst at broker
Collins Stewart told WSJ.

Analysts said that Permira could break up EMI and sell half to
reduce debt and it will probably sell EMI's music unit to Warner
Music Group Corp, WSJ relates.

                          About Permira

Permira Advisers Ltd. -- http://www.permira.com/-- is a  
European-based private equity firm.  Permira acts as adviser to
the 19 Permira Funds, totaling approximately EUR22 billion, that
have been raised since 1985.  These funds have invested in over
280 transactions in over 15 different countries, in companies
across a variety of sectors and geographies, at all stages of
the business lifecycle.

                            About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in China.  
The group employs over 6,600 people.  Revenues in 2005 were near
EUR2 billion and operating profit generated was over EUR225
million.

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

The Troubled Company Reporter - Asia Pacific reported that
Moody's Investors Service downgraded EMI Group plc's senior debt
and guaranteed debt ratings to Ba2 from Ba1.  At the same time
Moody's assigned a Ba2 Corporate Family Rating to EMI.  The
downgrade is based on Moody's expectation that EMI's debt
protection measurements will not improve near-term to a level
commensurate with the Ba1 rating category.  The rating outlook
is now stable.


EMI GROUP: Inks Mobile Music Deal with Jamba & Jamster
------------------------------------------------------
Digital entertainment service provider Jamba completed an
agreement with EMI Music, a unit of EMI Group Plc, to make
realtones and music videos by EMI artists available to Jamba and
Jamster customers across Europe, the Middle East and Africa.  

In addition, EMI's digital catalogue of around 250,000 full
tracks will be available for a la carte downloads and via
subscription to Jamba Music customers in Germany, with further
markets launching the Jamba Music service soon.  

Music from artists including Corinne Bailey Rae, Coldplay,
Depeche Mode, Queen, the Rolling Stones, KT Tunstall and Robbie
Williams, as well as Bebe (Spain), Tiziano Ferro (Italy), LaFee
(Germany) and Diam's (France) are now available through the
Jamba and Jamster portals.

"More and more consumers are using their phones to listen to
music, or using music to personalize their mobile phone.  Music
is now central to the mobile experience, and we are pleased to
be able to expand our relationship with one of the largest
digital entertainment distributors in Europe.  This deal is a
cornerstone in our European mobile strategy, and demonstrates
our commitment to this fast moving sector," said Jean-Francois
Cecillon, chairman and CEO of EMI Music Continental Europe.

"Working with EMI means that we have joined forces with a very
important major music label," Markus Berger-de Leon, Managing
Director of Jamster, stated.  We are extremely pleased to be
able to present our customers an even more diverse selection of
music, ringtones, and videos from great EMI artists."

Currently available in the German market, Jamba Music is Jamba's
new music portal, offering a simple and unlimited music
subscription solution for both the PC and mobile phone
simultaneously.  The specially developed software allows for
automatic synchronization between PC and mobile, meaning that
users no longer need to carry a separate music player - they can
simply connect and download content directly to their mobiles
when on the move.  Jamba Music in Germany allows music fans to
purchase single tracks, sign up to a subscription service, or
use both models concurrently.

                About Jamster International Sarl

Jamster International Sarl -- http://www.jamster.co.uk/--  
develops, markets and provides digital content and services.  
The wide range of products includes music, graphics, games and
information services, all available directly on mobile devices
via SMS text messages, WAP or the Internet.  

                            About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in China.  
The group employs over 6,600 people. Revenues in 2005 were near
EUR2 billion and operating profit generated was over EUR225
million.

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

The Troubled Company Reporter - Asia Pacific reported that
Moody's Investors Service downgraded EMI Group plc's senior debt
and guaranteed debt ratings to Ba2 from Ba1.  At the same time
Moody's assigned a Ba2 Corporate Family Rating to EMI.  The
downgrade is based on Moody's expectation that EMI's debt
protection measurements will not improve near-term to a level
commensurate with the Ba1 rating category.  The rating outlook
is now stable.


IAC BANK: Fitch Lifts Individual Rating to D
--------------------------------------------
On December 4, 2006, Fitch Ratings upgraded the Individual
rating of Industrial & Commercial Bank of China to D from D/E
following its US$21.9 billion initial public offering, and
affirmed its other ratings:

    * Long-term Issuer Default rating at A- with Positive
      Outlook; and

    * Support rating at 1

The Individual rating upgrade reflects the bank's strengthened
capital position following its IPO in October 2006 and its
overall improved credit profile in the wake of recent
restructuring efforts.  ICBC's long-term IDR of A-, one notch
below China's sovereign rating, is driven by very high
expectations of state support in the event of stress, as
highlighted by the bank's Support rating.  

Post-IPO, ICBC's ratio of equity/assets has risen to c.7% from
4% at end-2005 -- amongst the highest of China's commercial
banks -- while the bank's Total capital adequacy ratio has
climbed to c.15.5% from 9.9% at end-2005.  Fitch takes some
comfort in ICBC's more modest growth relative to its peer --
5.2% compared to an average 10.2% in H106 -- which should ease
associated pressure on capital ratios for the time being. Like
its peers, credit risk remains a concern, with mid-2006
NPLs/total loans of 4.1%, special mention loans/total loans of
8%, and loan loss reserve coverage at just 60% of NPLs.  ICBC's
earnings also are somewhat thin relative to internationally-
listed Chinese peers, with return on average assets of 0.76% at
H106 versus a peer average of 0.85%.

Like many banks, ICBC's net interest margins have been under
some pressure from rising global interest rates, intensifying
competition, and the large balance of low-yielding debt paper
inherited during its restructuring.


INTERNATIONAL PAPER: Selling 13 Sawmills for US$325 Million Cash
----------------------------------------------------------------
International Paper Company will sell 13 of its sawmills to West
Fraser Timber Co. for US$325 million in cash, Christopher
Donville writes for Bloomberg News.  The sale is part of
International Paper's ongoing plan to focus on its industrial
packaging and office paper operations.

Mr. Donville reports that the deal, which would increase West
Fraser's lumber production capacity by 40%, is expected to close
in the first quarter of 2007.  

International Paper spokeswoman Amy Sawyer told Bloomberg that
the 13 sawmills represent about half of the Company's U.S.
timber products industry.  The Company continues to seek buyers
for its remaining wood products business, its Arizona Chemicals
unit and its beverage packaging business, Ms. Sawyer adds.

                           Asset Sales

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

In addition, the Company, on Nov. 3, completed the sale of
around 4.2 million acres of forestlands located across the
southern U.S. and Michigan to an investor group led by Resource
Management Service, LLC.  The purchase price was around US$4.96
billion.  Around US$1.04 billion was paid in cash and US$3.92
billion in promissory notes, the Troubled Company Report reports
on Nov. 24.

                        About West Fraser

Headquartered in Vancouver, Canada, West Fraser Timber Co Ltd. -
- http://www.westfraser.com/-- is an integrated forest products  
company producing lumber, wood chips, fibreboard, plywood, pulp,
linerboard, kraft paper, and newsprint.  The company carries on
its operations through subsidiary companies and joint ventures
owned directly or indirectly by the company's principal
operating subsidiary West Fraser Mills.

                     About International Paper

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

                           *     *     *

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


INVERNESS MEDICAL: Incurs US$9.6 Million Net Loss in Third Qtr.
---------------------------------------------------------------
For the three months ended Sept. 30, 2006, Inverness Medical
Innovations Inc. posted a US$9.6 million net loss on US$144.9
million of net revenues compared to a US$6.5 million net loss on
US$106.2 million of net revenues for the same period in 2005.

At Sept. 30, 2006, the company's balance sheet showed US$1
billion in total assets and US$373.8 million in total
liabilities.

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

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

On July 17, 2006, the company signed a non-binding letter of
intent with The Procter & Gamble Company to form a joint venture
to develop and market consumer diagnostic products.

On Nov. 17, 2006, discussions with P&G regarding Inverness
Medical's previously disclosed consumer diagnostics joint
venture remain on course and the company continues to be hopeful
that definitive agreements can be signed during the fourth
quarter.  

While the joint venture will be complex, the company expects the
core of the arrangement to involve a 50/50 partnership to
develop, acquire and market consumer diagnostic and monitoring
products, other than for cardiology and diabetes.  

The company will contribute its assets related to this business
to the joint venture in exchange for US$325 million cash,
however the company will retain all of its manufacturing assets
and it will supply the joint venture with its products.  P&G
will retain an option to put its interest in the venture back to
us at market value on the 4th anniversary of the closing.  The
nature of any relationship that the company enters into with P&G
remains subject to negotiation and may ultimately differ
significantly.

                     About Inverness Medical

Based in Waltham, Massachusetts, Inverness Medical Innovations,
Inc. -- http://www.invernessmedical.com/-- makes diagnostic  
products including home pregnancy tests and fertility monitors.
The company also manufactures consumer vitamins and nutritional
products.

The company has offices in China, Australia, Canada, Germany,
Japan, and the United Kingdom, among others.

The Troubled Company Reporter - Asia Pacific reported that
Moody's Investors Service upgraded Inverness Medical
Innovations, Inc.'s corporate family rating to B2 from B3.  
Additionally, Moody's upgraded the company's Probability of
Default rating to B2 from B3, the rating on its senior
subordinated notes to Caa1 from Caa2, and revised the rating
outlook to stable from negative.

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services placed its 'B' corporate
credit rating and 'CCC+' subordinated debt rating for Inverness
Medical Innovations Inc. on CreditWatch with positive
implications.


JABIL CIRCUIT: To Acquire All Shares of Taiwan Green Point
----------------------------------------------------------
Jabil Circuit Inc. plans to acquire 100% of the outstanding
shares of Taiwan Green Point Enterprises Co. Ltd. for TWD109 per
share in cash through a wholly owned Jabil subsidiary.  The
acquisition includes nine Asian plants, including seven located
in China and one in both Taiwan and Malaysia.

"We are thrilled to announce this deal with Green Point
Enterprises -- a market leader in advanced electro-mechanical
manufacturing and services for the mobile product and consumer
market," said Tim Main, President and CEO of Jabil.  "Green
Point has significant scale in the design and production of
advanced plastics and metals for the mobile products market.  
When combined with Jabil's global infrastructure, systems and
electronic expertise, we will possess a market leading end-to-
end capability with outstanding long-term growth prospects."

Per the proposed agreement, approximately 30,000 Green Point
employees will join Jabil, including the current management
team.  The Green Point name will be retained and will operate as
an independent business within Jabil.  Jabil and Green Point
management will work together to jointly market the integrated
services.

"Acquiring Green Point is a natural extension of Jabil's
business strategy to provide sector-specific supply chain
solutions to our diversified base of customers," said Mr. Main.  
"Our growth strategy contemplates diversification of end-markets
served and providing a best in class end-to-end solution within
each of those segments.  Electro-mechanical integration in the
consumer and mobile products market is consistent with this
strategy."  

Mr. Main said Jabil would continue to utilize a well-developed
set of strategic component suppliers in our other segments.

The acquisition provides Jabil with new capabilities in advanced
decoration and coating technologies and will augment existing
and new customer relationships.  Mr. Main said that Jabil must
continually evolve its service offerings to the changing global
market conditions.

The transaction is structured as a tender offer for all of the
outstanding shares of Green Point followed by a merger.  It is
currently anticipated that the tender offer will be launched on
Thursday, Nov. 23, 2006, in Taiwan and remain open for 50 days.  
The tender offer may be extended or withdrawn for certain
reasons.  The closing of the tender offer is subject to
customary closing conditions, including competition clearance
under the laws of Taiwan and China and acquisition of a majority
of the outstanding Green Point shares in the tender offer.

Shareholders owning approximately 42.7% of the outstanding
shares of Green Point common stock have entered into agreements
under which they have agreed to tender their shares to Jabil.  
Assuming that the Tender is successfully closed, it is then
anticipated that the two companies will merge pursuant to a
merger agreement between them that provides any remaining
shareholders TWD109 cash per share.  

Completion of the merger, which would be subject to approval by
Green Point's shareholders after the tender closes, would be
expected to take place in Jabil's fiscal third quarter.  The
purchase price, depending upon final shares outstanding and the
exchange rate at the time of the closing is anticipated to be
between US$875 and US$900 million.

                     About Jabil Circuit

Jabil Circuit, Inc. (NYSE:JBL) -- http://www.jabil.com/-- is  
an electronic product solutions company providing comprehensive
electronics design, manufacturing and product management
services to global electronics and technology companies.  Jabil
Circuit has more than 50,000 employees and facilities in 20
countries, including Brazil, Mexico, Austria, and China

                        *    *    *

Standard & Poor's Ratings Services placed a BB+ preliminary
rating on Jabil Circuit's US$1.5 billion senior and subordinated
debts on  Aug. 19, 2005.


JASPER TECHNOLOGY: Members and Creditors to Hear Wind-Up Report
--------------------------------------------------------------
The members and creditors of Jasper Technology Ltd will meet for
their final meeting on Jan. 3, 2007, at 11:00 a.m., to receive
the liquidator's report regarding the company's wind-up
proceedings.

According to the Troubled Company Reporter - Asia Pacific, the
company held its annual meeting on Oct. 20, 2006, to receive the
liquidator's wind-up report during the preceding year.

The liquidator can be reached at:

         Desmond Chung Seng Chiong
         Ferrier Hodgson Limited
         14/F, Hong Kong Club Building
         3A Chater Road, Central
         Hong Kong


LUNG KEE: Members' Final Meeting Scheduled on January 3
-------------------------------------------------------
Lung Kee Investment Company Ltd, which is in members' voluntary
liquidation, will hold a final meeting for its members at 35th
Floor, One Pacific Place in 88 Queensway, Hong Kong, on Jan. 3,
2007, at 10:30 a.m.

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

The Joint and Several Liquidators can be reached at:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         26/F, Wing On Centre
         111 Connaught Road, Central
         Hong Kong


M.O. HOLDINGS: First Meetings Slated for December 14
----------------------------------------------------
The first meetings of creditors and contributories of M. O.
Holdings Ltd will be held at 501A, Kin Wing Commercial Building,
24-30 Kin Wing Street in Tuen Mun, Hong Kong on Dec. 14, 2006,
at 3:00 p.m. and 3:30 p.m., respectively.

The Troubled Company Reporter - Asia Pacific previously reported
that the company received a wind-up order from the High Court of
Hong Kong on Aug. 30, 2006.  Guangdong International Trust &
Investment Corp Hong Kong Ltd filed the wind-up petition.

The liquidator can be reached at:

         Pui Chiu Wing
         805 Capitol Centre
         5-19 Jardine's Bazaar
         Causeway Bay
         Hong Kong


MEGASKY INDUSTRIAL: Appoints Lee Kwok On Alexander as Liquidator
----------------------------------------------------------------
On Nov. 24, 2006, Lee Kwok On Alexander was appointed by a
special resolution as liquidator of Megasky Industrial (Hong
Kong) Co., Ltd.

The Liquidator can be reached at:

         Lee Kwok On, Alexander
         Rooms 1901-2, Park-In Commercial Centre
         56 Dundas Street, Kowloon
         Hong Kong

                    About Megasky Industrial

Megasky Industrial (Hong Kong) Co. Limited is engaged with
Electronic Parts and Equipment business.

The company is located in KLN, Hong Kong.


MOSAIC COMPANY: Extends Payment Date for Tender Offers
------------------------------------------------------
The Mosaic Company's subsidiary, Mosaic Global Holdings Inc.,
has extended the payment date for its tender offers and consent
solicitations to purchase for cash any and all of its 6.875%
Debentures due 2007, 10.875% Senior Notes due 2008, 11.250%
Senior Notes due 2011, and 10.875% Senior Notes due 2013.

Mosaic Global's subsidiary, Phosphate Acquisition Partners L.P.,
has also extended the payment date for its tender offer and
consent solicitation to purchase for cash any and all of its 7%
Senior Notes due 2008.

The terms of the tender offers and consent solicitations for the
debt securities are set out in Mosaic Global Holdings Inc.'s and
Phosphate Acquisition Partners L.P.'s respective Offer to
Purchase and Consent Solicitation Statements, each dated Oct.
31, 2006.

The payment dates, previously set to be Nov. 30, 2006, will now
be Dec. 1, 2006, unless further extended.  Interest will accrue
up to but will not include the payment date as amended.  Except
for the above changes, all terms and conditions of the tender
offers and consent solicitations are unchanged and remain in
full force and effect.

Both Mosaic Global Holdings Inc. and Phosphate Acquisition
Partners L.P. have received the requisite consents to adopt the
proposed amendments pursuant to the consent solicitations as
described in the respective Offer to Purchase and Consent
Solicitation Statements.

Questions concerning the terms of the offers may be directed to:

     J.P. Morgan Securities Inc.
     Dealer Manager and Solicitation Agent
     Attention: Laura Yachimski
     Phone: 212-270-3994 (call collect)

Questions concerning procedures regarding the offers may be
directed to:

     MacKenzie Partners, Inc.
     Information Agent/Depositary
     Attention: Jeanne Carr or Simon Coope
     Phone: 800-322-2885

                  About The Mosaic Company

Plymouth, Minn.-based  Mosaic Company --
http://www.mosaicco.com/-- is a producer of phosphate and  
potash combined, as well as nitrogen and animal feed
ingredients. The company operates its business through four
business segments. The Phosphates segment operates mines and
concentrates plants in Florida that produce phosphate fertilizer
and feed phosphate, and concentrates plants in Louisiana that
produce phosphate fertilizer. The Potash segment mines and
processes potash in Canada and the United States.  The Offshore
segment consists of sales offices, fertilizer blending and
bagging facilities, port terminals and warehouses in several
countries, as well as production facilities in China, Brazil,
and Argentina.  The Nitrogen segment includes activities related
to the North American distribution of nitrogen products that are
marketed for Saskferco Products Inc. as well as nitrogen
products purchased from third parties.

Standard & Poor's Ratings Services revised its outlook on The
Mosaic Co. to negative from stable.  It also affirmed its 'BB'
long-term and 'B-1' short-term corporate credit ratings on the
company.

Fitch assigned a 'BB' rating to The Mosaic Company's proposed
senior unsecured notes due 2014 and 2016 and a 'BB+' rating to
the company's proposed senior secured term loans.  The ratings
affected approximately US$950 million of new senior notes and
$1.05 billion of new term loans.

Moody's Investors Service assigned Ba1 ratings to The Mosaic
Company's proposed new US$1.05 billion guaranteed senior secured
credit facilities.  Moody's also assigned B1 ratings to US$900
million of proposed senior unsecured debt.  Mosaic's Ba3
corporate family rating was affirmed but the ratings of the
existing revolver and the term loan A were downgraded to Ba1
from Baa3 and those of the existing senior unsecured debt
lowered to B1 from Ba3 in accordance with the LGD methodology.  
The ratings outlook is stable.


PETROLEOS DE VENEZUELA: Inks Oil Tanker Accord with Andrade
-----------------------------------------------------------
Petroleos de Venezuela SA, the state-owned oil firm of
Venezuela, told Dow Jones Newswires it signed a deal with
Andrade Gutierrez, a Brazilian industrial conglomerate, for the
construction of oil tankers in Venezuela.

As reported in the Troubled Company Reporter-Latin America on
Oct. 20, 2006, Petroleos de Venezuela signed a letter of intent
with Andrade Gutierrez for the construction of a shipyard in
eastern Venezuela.  As previously reported, PDV Marina -- a unit
of Petroleos de Venezuela -- entered into a memorandum of
understanding with Andrade Gutierrez for technical assistance to
build a shipyard.  The yard would be used to manufacture
400,000-ton capacity Suezmax vessels, which would be used to
transport crude oil and refinery products.  The agreement
involves the completion of the construction of two vessels in
Brazil and two in Venezuela.

Petroleos de Venezuela said in a statement that the new venture
will be the first in Venezuela to manufacture tankers and
offshore oil platforms.

Petroleos de Venezuela did not tell Dow Jones the ownership
percentage in the new firm.

According to Dow Jones, the agreement is considered the first
step needed for Petroleos de Venezuela to construct a new fleet
that will transport more oil to China and other Asian nations.

Offshore platforms will become a useful tool in tapping offshore
energy deposits, Dow Jones states, citing Petroleos de
Venezuela.

Petroleos de Venezuela told Dow Jones that it will raise its
total fleet to 42 ships by 2012 so it can transport 45% of its
crude and oil products volume.

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

                        *    *    *

Standard & Poor's said on July 17 that it may lower the
company's B+ foreign-currency debt rating in part because of the
absence of timely financial and operating information.


PETROLEOS DE VENEZUELA: Expenses Totaling US$64 Billion in 2007
---------------------------------------------------------------
The quasi-fiscal expenses -- the special funds managed by state-
run Petroleos de Venezuela -- as well as the expenses of the
Venezuelan government's Executive Branch and will amount to
US$64 billion next year, exceeding a 100% increase in four
years, El Universal reports.

El Universal relates that Venezuelan revenues will continue to
increase in 2007, allowing the Executive Branch to continue to
boost expenses.

The Venezuelan government's economic policies in 2007 will be
the same with those in 2006, as expenses will continue to
increase and the official exchange is likely to be adjusted up
by 7%, El Universal says, citing Francisco Vivancos, an
economist.

Mr. Vivancos told El Universal that price controls and regulated
interest rates would continue in force.  There will be no
changes on the policies.

The Venezuelan economy would continue to increase.  The sectors
of banking, construction and communications are to lead an
expansion, El Universal states, citing Mr. Vivancos.

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

                        *    *    *

Standard & Poor's said on July 17 that it may lower the
company's B+ foreign-currency debt rating in part because of the
absence of timely financial and operating information.


PETROLEOS DE VENEZUELA: Files Form 20-F with US SEC
---------------------------------------------------
Petroleos de Venezuela SA, the state-owned oil firm of
Venezuela, has filed Form 20-F with the United States Securities
and Exchange Commission, disclosing a thorough analysis of the
company's operational and financial performance in 2004, El
Universal reports.

El Universal relates that Petroleos de Venezuela previously
published its financial statements and results in Venezuelan
newspapers.  

According to El Universal, Form 20-F is the last report
Petroleos de Venezuela has to file with SEC.  On May 25 it filed
Form 15-15D of suspension of duty to report.

Petroleos de Venezuela said in the filing with SEC that the
firm's costs and expenses increased steadily to USUS$54.56
billion in 2006, from USUS$40.70 billion in 2000.  Revenues were
unsteady due to a nationwide strike in 2002 and 2003.

Purchases of crude oil and by-products increased by USUS$21
billion to USUS$25.44 billion, compared with 2003 when Petroleos
de Venezuela was forced to purchase gasoline due to general
strike.

Petroleos de Venezuela's operational costs increased to
USUS$24.58 billion in 2004, from USUS$17.26 billion in 2000,
including taxes at USUS$9.24 billion.

El Universal underscores that while the performance could be
attributable to the burden the operational accords represented
for Petroleos de Venezuela accounts until 2005, production cost
per oil barrel excluding those businesses increased by 48% to
USUS$3.29 in 2004, from USUS$2.22 in 2000.

Petroleos de Venezuela's profits increased to USUS$4.40 billion
in 2004, compared with those of 2001, 2002 and 2003.  However,
the 2004 profits was lesser, compared with the USUS$7.2 billion
recorded in 2000, and almost USUS$1 billion below the results
the holding published earlier, El Universal notes.

According to El Universal, Petroleos de Venezuela's cash flow in
2004 was negative at USUS$1.19 billion, compared with a positive
balance of USUS$2.17 billion in 2000 and USUS$1.23 billion in
2003.

El Universal emphasizes that Petroleos de Venezuela's
circulating assets decreased even though total assets increased,
compared with previous years, and that circulating liabilities
significantly rose to USUS$12.13 billion in 2004, from USUS$8.21
billion in 2000.

Petroleos de Venezuela told El Universal that oil output in 2004
was 2.73 million barrels per day, including its stake in
operational accords and partnerships at the Orinoco oil belt.  
Total capacity was 3.7 million barrels per day.  Gas extraction
was 6.56 billion cubic feet per day.

Petroleos de Venezuela's exploratory wells decreased to 5 in
2004 from 14 in 2000.  Its development wells dropped to 313 from
474, El Universal states.

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

                        *    *    *

Standard & Poor's said on July 17 that it may lower the
company's B+ foreign-currency debt rating in part because of the
absence of timely financial and operating information.


PIHANA PACIFIC: Tan Tuan Hong Ceases to Act as Liquidator
---------------------------------------------------------
On Nov. 15, 2006, Tan Tuan Hong ceased to act as liquidator of
Pihana Pacific Business Recovery Hong Kong Ltd.

As reported by the Troubled Company Reporter - Asia Pacific,
Mr. Hong presented the company's wind-up report on Sept. 11,
2006.

The former Liquidator can be reached at:

         Tan Tuan Hong
         Apt Blk 543, Jelapang Road
         #16-60
         Singapore 670543


PREMAIN LTD: Shareholders Appoint Sui as Liquidator
---------------------------------------------------
At an extraordinary general meeting held on Nov. 30, 2006, the
shareholders of Premain Ltd passed a special resolution
appointing Lam Ying Sui as the company's liquidator.

The Liquidator can be reached at:

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


ROYAL CARIBBEAN: Planning US$20-Million Project with Stake Bank
---------------------------------------------------------------
Royal Caribbean Cruise is planning a US$20-million project with
Stake Bank Enterprises to build two offshore terminals in
Belize, Business News Americas reports.

BNamericas relates that the terminals will have a capacity of
3,000 cruise ship passengers daily.

Martin Alegria, Belize chief environmental officer, told
BNamericas that combining capacity at existing terminals with
the proposed new ones, the port's total cruise passenger
capacity will be 8,000 people a day.

The environmental impact study on Stake Bank-Royal Caribbean
project was submitted in August and could be approved in
December 2006, BNamericas says, citing Mr. Alegria.  

Based in Miami, Florida, Royal Caribbean Cruises Ltd. --
http://www.royalcaribbean.com/-- operates a cruise line with  
more than 170 destinations worldwide including China, Vietnam,
Australia, and an array of shore excursions and cruise tour
options.  The company's ships offer itineraries, activities and
amenities designed to appeal to every taste, energy level and
age group giving guests the opportunity to create their own
adventure.

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 Gaming, Lodging & Leisure sector, the rating
agency confirmed its Ba1 Corporate Family Rating for Royal
Caribbean Cruises Ltd.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Unsecured Notes
   6.75%-8.75%
   2006-2027              Ba1      Ba1     LGD4       55%

   US$550 Senior
   Unsecured 7% 2013      Ba1      Ba1     LGD4       55%

   US$350 Senior
   Unsecured 7.25% 2016   Ba1      Ba1     LGD4       55%

   Zero Coupon
   Convertible Notes      Ba1      Ba1     LGD4       55%

   Senior Unsecured
   Shelf                  Ba1      Ba1     LGD4       55%

   Preferred Shelf        Ba3      Ba2     LGD6       97%


SILICONWARE: S&P Upgrades Credit Rating to BB+
----------------------------------------------
On December 5, 2006, Standard & Poor's Ratings Services said
that it had raised its corporate credit rating on Siliconware
Precision Industries Co. Ltd. to BB+ from BB.  The outlook is
stable.  At the same time, it also raised the issue rating on
the company's senior unsecured notes to BB+ from BB.
     
"Our rating actions reflect SPIL's strengthened profitability
and cash flow generation, which should help the company to
maintain an adequate financial profile," said credit analyst
Raymond Hsu.
     
The ratings on SPIL reflect the highly cyclical and competitive
nature of the outsourced semiconductor assembly and test
industry.  These weaknesses are partly offset by a favorable
industry growth trend, and the company's good market position,
its consistent operating performance, and low leverage.
     
SPIL is the world's third-largest independent provider of
semiconductor assembly and test services, with a market share of
10% in the first half of 2006.  The company's revenue and
operating profit rose 46% and 66% year-on-year to Taiwan dollar
NT$41.3 billion and NT$16.6 billion in the first nine months of
2006.  Moderate to high growth is expected over the medium term,
due to a continued outsourcing trend.
     
SPIL's free operating cash flow grew to NT$6.4 billion in the
first nine months of 2006 from NT$3.6 billion in the
corresponding period of 2005, in contrast to persistent cash
outflows in the previous years. Its ratio of debt to EBITDA
improved to 0.5x in the first nine months of 2006 from 2.0x in
2004 due to robust profits and lower debt.  Standard & Poor's
expects SPIL to continue to generate free operating cash flow,
allowing it to maintain conservative leverage over the next few
quarters, given expectations of relatively stable profitability
and moderate capital expenditure.


STANLEIGH INTERNATIONAL: Proofs of Debt Due on Dec. 22
------------------------------------------------------
Liquidator John Robert Lees requires the creditors of Stanleigh
International Ltd, which is in members' voluntary liquidation,
to submit their proofs of debt by Dec. 22, 2006.

Failure to submit proof of debt by the due date will exclude a
creditor from sharing in the distribution the company will make.

The Liquidator can be reached at:

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


TITANIUM METALS: Earns US$54.1 Million in Quarter Ended Sept. 30
--------------------------------------------------------------
Titanium Metals Corporation reported net income of US$54.1
million for the quarter ended Sept. 30, 2006, compared with
US$36.2 million for the same quarter in 2005.

Net sales during the third quarter of 2006 increased 43%, or
US$81.8 million, to US$271.8 million from US$190 million for the
third quarter of 2005.  The increase, the company says, was due
to increased demand for titanium across all major industry
market sectors that has driven melted and mill titanium prices
to record levels.  Average selling prices for melted and mill
products have increased 68% and 37%, respectively, over the same
period in the prior year.

Cost of sales increased US$39.7 million, or 30%, in the third
quarter of 2006 as compared to the third quarter of 2005,
substantially due to higher cost of raw materials, including
purchased titanium sponge and purchased titanium scrap.

Gross margin, during the third quarter 2006, increased to
$97.8 million from US$55.7 million for the same period in 2005,
and resulting gross margin percentage increased to 36% in the
third quarter of 2006 from 29% in the third quarter of 2005.

Operating income for the third quarter of 2006 increased by 63%
to US$84.6 million, from US$51.7 million for the same period in
2005.

                First Nine Months of 2006 Results

Net sales for the first nine months of 2006 increased by 62%, or
US$330.6 million, to US$859.6 million from US$529 million for
the first nine months of 2005, due to increased demand for
titanium.

Gross margin during the first nine months of 2006 increased 136%
to US$312.4 million compared to the same period in 2005.  Gross
margin percentage increased to 36% in the first nine months of
2006 from 25% in the first nine months of 2005.

Operating income for the first nine months of 2006 increased by
153% to US$273.3 million from US$108 million for the same period
in 2005, and operating income percentage increased to 32% in the
first nine months of 2006 from 22% in the first nine months of
2005.

                      European operations

The company disclosed that approximately 36% of its sales
originated in Europe for the nine months ended Sept. 30, 2006,
of which approximately 53% were denominated in the British pound
sterling or the euro.  Certain purchases of raw materials,
principally titanium sponge and alloys, for our European
operations are denominated in U.S. dollars, while labor and
other production costs are primarily denominated in local
currencies.

The company also disclosed that it does not use currency
contracts to hedge its currency exposures.  At Sept. 30, 2006,
its consolidated assets and liabilities denominated in
currencies other than functional currencies were approximately
US$84.5 million and US$65.5 million, respectively, consisting
primarily of U.S. dollar cash, accounts receivable and accounts
payable.

                            Outlook

At Sept. 30, 2006, the company's backlog was at US$1 billion,
compared to US$870 million at Dec. 31, 2005 and US$710 million
at Sept. 30, 2005.  

The company anticipates full year 2006 net sales revenue to
range from US$1.1 billion to US$1.2 billion and full year 2006
operating income to range from US$350 million to US$365 million.

Headquartered in Denver, Colorado, Titanium Metals Corporation
(NYSE: TIE) -- http://www.timet.com/-- is a worldwide producer  
of titanium metal products.

The company has sales offices in Australia, China, Japan, Saudi
Arabia, India, and Taiwan.

                           *     *     *

Moody's Investors Services placed a Caa1 issuer rating and B3 LT
Corp Family Rating on Titanium Metals.


* Chinese Carmakers Gaining Strength in Local Market, Fitch Says
----------------------------------------------------------------
On December 5, 2006, Fitch Ratings commented that China's
carmakers have made significant progress in establishing an
independent auto manufacturing industry.  However, the agency
cautions that there is still a long way to go before Chinese
carmakers can compete on an equal footing in an increasingly
globalized and competitive industry.

The agency notes that Chinese domestic branded cars garnered
unprecedented attention alongside the more established global
brands during the 10-day Beijing Auto Show, which ended on
November 27.  The models presented by Chinese companies were
reported to constitute approximately one-third of the entire
fleet of cars showcased at the auto show.

"Chinese carmakers have good reason to take pride in their
achievements as they are gaining strength in the domestic
market," said Matthew Kong, associate director with Fitch's
Corporate team in Beijing.  In the first three quarters of this
year, domestic branded cars secured a 26% market share,
surpassing that of any single foreign country's brands sold in
the Chinese market.  In addition, the new models exhibited at
the auto show highlighted the ambition of Chinese carmakers in
aggressively pushing their product lines towards the medium and
premium segment rather than focusing primarily on the small
economy car segment.

The agency, however, cautioned that while these notable
improvements deserve recognition, much progress still needs to
be made by the Chinese carmakers.  The global car giants still
dominate the domestic car market with a combined three quarters
of the market in China.

"For a long time, domestic players had to target the low-end
market due to limited technological expertise and research and
development capabilities.  Consequently profit margins have been
constrained.  This in turn restricted their ability to generate
sufficient cash flow internally to cover the needs of capital
expenditure and R&D for future expansion," explained Mr. Kong.  
"The alternative for local carmakers is to look to debt
financing to cover their large capex needs but this means higher
leverage and lower financial flexibility."  Fitch notes that
several Chinese carmakers are optimising their product
portfolios by expanding into the higher-end segment, which
commands stronger margins, but it still remains to be seen if
they can deliver a consistently high quality product offering in
this demanding category.

In the first nine months of this year, Chinese companies
exported more than 252,000 motor vehicles -- a 109% year on year
surge -- mainly to the emerging markets, according to China's
Ministry of Commerce.  The agency is of the view that Chinese
automakers should be cautious when they enter overseas markets
given their limited international experience.  "Competitive
pricing has been a key advantage for Chinese automakers but the
agency stresses that for Chinese automakers to succeed, it is
also crucial to be able to deliver high-quality cars and after-
sales services," said Mr. Kong.

Fitch warns that it may not be worthwhile for any Chinese
company to rush into the international market at the expense of
their profitability and reputation.  "Almost all the Chinese
carmakers are not very experienced in developing core components
such as car engines and gearboxes.  Chinese carmakers are
trailing behind their Japanese and Korean counterparts in the
race to compete globally but they should be aware that both the
Japanese and Koreans have established a solid foothold at home
before expanding their franchises into international markets,"
Mr. Kong added.


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

GMAC LLC: Fitch Upgrades Issuer Default Rating to BB+
-----------------------------------------------------
Fitch Ratings upgraded GMAC LLC's Issuer Default Rating to BB+
from BB and Residential Capital LLC's IDR to BBB from BBB-
following the closing of the sale of a controlling interest in
GMAC to a consortium led by Cerberus FIM Investors, LLC.  

The ratings for GMAC and ResCap have also been removed from
Rating Watch Positive, where they were originally placed on
April 3, 2006.  The Rating Outlook for GMAC, ResCap and related
subsidiaries is Positive.  The rating of GMAC Bank have been
withdrawn and this entity has been effectively merged into GMAC
Automotive Bank.

With the closing of the transaction, the ratings of GMAC will no
longer be directly linked to those of General Motors Corp., in
the sense that a rating action on GM will not automatically
translate into a similar action at GMAC.  Rather, Fitch will
view GMAC's relationship with GM as one of a significant
customer concentration.

As such Fitch would consider how issues at GM, such as labor
disruption or weakening market share could impact GMAC's
business.  If such events would be material, Fitch would factor
that into the rating.  Nonetheless, Fitch's ratings can
withstand a fair degree of weakening at GM.

Fitch's upgrade of GMAC reflects a number of factors.  First, it
recognizes the good record of operating performance the company
has demonstrated, despite significant challenges over the past
five years.  The company's most recent quarter notwithstanding,
Fitch expects GMAC will continue to maintain good operating
performance, with solid earnings while maintaining credit and
capital discipline.

Fitch's upgrade also considers the company's capitalization on a
risk-adjusted basis.  Under Fitch's own standards, GMAC has over
the past few years reported solid risk-adjusted capital levels,
commensurate with a higher rating.  Fitch continues to believe
that the good capital discipline witnessed at the company will
remain.

Fitch also recognizes the good liquidity management the company
has demonstrated over a very stressful period.  GMAC has been
successful obtaining alternative financing sources such as whole
loan sales and greater use of securitization to fund its balance
sheet as access to capital became more difficult.

In addition, the company has carried significant committed
liquidity support to protect itself.  Fitch notes that the
company's dealer floorplan securitization program, SWIFT, has
covenants related to a GM bankruptcy.  

Under such a scenario, a filing by GM would accelerate
maturities of the notes issued out of the trust, creating a
significant call on liquidity.  At Nov. 30, 2006, there was
around US$18 billion of SWIFT notes outstanding.  Although a
concern, Fitch expects GMAC to have in place contingent
liquidity to address such a scenario.  Moreover, Fitch expects
that future floorplan transactions would not contain such a GM
bankruptcy trigger.

Fitch is maintaining its two notch differential between GMAC and
ResCap, however, given certain changes in the operating
agreement between GMAC and ResCap, necessitated by the GMAC Bank
restructuring, Fitch may narrow the notching between GMAC and
ResCap over time particularly as ResCap approaches its stand-
alone rating of mid to high BBB.

The Positive Rating Outlook reflects Fitch's view that should
GMAC be successful in prudently growing non-GM related financing
and insurance businesses, improving operational efficiencies,
and maintaining disciplined underwriting, ratings could be
raised from the current levels.

Fitch has upgraded and removed these ratings from Rating Watch
Positive:

* GMAC LLC
* GMAC International Finance B.V.
* GMAC Bank GmbH
* General Motors Acceptance Corp., Australia
* General Motors Acceptance Corp. of Canada Ltd.

   -- Issuer Default Rating to BB+ from BB; and
   -- Senior unsecured debt to BB+ from BB.

* Residential Capital LLC

   -- Issuer Default Rating to BBB from BBB-;
   -- Senior debt to BBB from BBB-;
   -- Subordinated debt to BBB- from BB+; and
   -- Short-term Issuer to F2 from F3.

The Rating Outlook is Positive.

Ratings affirmed by Fitch include:

* GMAC LLC
* GMAC International Finance B.V.
* GMAC Bank GmbH
* GMAC Australia Finance
* General Motors Acceptance Corp. (U.K.) Plc.
* General Motors Acceptance Corp. Australia
* General Motors Acceptance Corp. of Canada Ltd.
* General Motors Acceptance Corp. (N.Z.) Ltd.

   -- Short-term Issuer B; and
   -- Short-term debt B.

These ratings are removed from Rating Watch Evolving, affirmed
and subsequently withdrawn:

* GMAC Bank

   -- Issuer Default Rating BBB-;
   -- Long-term deposits BBB;
   -- Short-term deposits F3;
   -- Short-term Issuer F3;
   -- Individual B/C; and
   -- Support 3.

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.


KOTAK MAHINDRA: Plans to Expand Overseas Operations
---------------------------------------------------
Kotak Mahindra Bank Limited is planning to expand operations
abroad including centers in West Asia, Far East and Japan,
myiris.com says, citing a report by Business Line.

India is at an inflection point of major growth phase and the
potential has been barely tapped, myiris.com cites bank vice-
chairman and managing director Uday S. Kotak as saying.

According to Mr. Kotak, the bank may raise about INR3 billion as
Tier II capital and increase its branches from 84 to 110 by
March 2007.

As the bank taps into the overseas markets, the accent would be
on helping global investors to invest in India product, Mr.
Kotak added.

                      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.


NTPC LTD: To Jointly Bid with BHEL for Ultra Mega Power Projects
----------------------------------------------------------------
NTPC Limited inked a deal with Bharat Heavy Electrical Ltd for
joint bidding of Ultra Mega Power Projects, The Economic Times
reports.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 21, 2006, the Indian Government waived the INR1,000-crore
ceiling on equity investments by NTPC while establishing
financial joint ventures and wholly owned subsidiaries.  The
waiver is meant to help NTPC bid for UMPPs.

The waiver, however, is subject to the implementation of maximum
of two projects, which is being established at the initiative of
the Power Ministry.

                         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.


ORIENTAL BANK: Sh. Kamal Bhushan Appointed as Employee Director
---------------------------------------------------------------
Oriental Bank of Commerce informed the Bombay Stock Exchange
that the Central Govt. has appointed Sh. Kamal Bhushan, Chief
Manager of the Bank, as Officer Employee Director on its board
of directors.

The appointment will take effect if, a period of three years
starting Nov. 23, 2006, or until his successor is nominated or
until he ceases to be an officer of the Bank whichever is
earlier.

                 About Oriental Bank of Commerce

Headquartered in New Delhi, India, Oriental Bank of Commerce --
http://www.obcindia.com/-- is a scheduled commercial bank.  The
company's domestic services include deposits, comprised of term
deposits, savings accounts, current accounts and the Suvidha
deposit scheme; advances, which consist of corporate advances, a
range of retail credit products and specialty schemes, and
government business, comprised of direct tax collection, pension
disbursement and savings bonds.  It also provides non-resident
Indian banking solutions, including non-resident external
accounts, non-resident ordinary accounts, foreign currency non-
resident accounts and resident foreign currency accounts.  It
also offers debit card services.  The bank also provides
treasury services and merchant banking services.  The bank has
introduced products and services, such as Anywhere Branch
Banking, Cash Management Service, Telebanking, automated teller
machines and Internet banking through select branches.  During
the fiscal year ended March 31, 2006, the Bank had a total of
1,148 branches.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
August 21, 2006, that Fitch Ratings assigned a long-term foreign
currency issuer default rating of BB+ to Oriental Bank of
Commerce.  The Bank's individual and support ratings have been
affirmed at C/D and 4, respectively.  The outlook on the ratings
is stable.


PUNJAB NATIONAL BANK: Director Argawal Completes 3-Yr. Tenure
-------------------------------------------------------------
Punjab National Bank informs the Bombay Stock Exchange that Sh.
A S Agarwal, Government nominee director on the bank's board of
directors has demitted his post on November 24, 2006.

Mr. Argawal gave up his position upon the completion of his
three-year tenure.

                  About Punjab National Bank

Headquartered in New Delhi, India, Punjab National Bank --
http://www.pnbindia.com/-- is a public-sector commercial bank   
in India, offering banking products and services to corporate
and commercial, retail and agricultural customers.  The bank has
expanded its operations to provide products and services to over
36 million customers across India through more than 4,510
branches.  Its banking operations for corporate and commercial
customers include a range of products and services for large-
corporate customers, as well as for small- and middle-market
businesses and government entities.  It also caters to the
financing needs of the agricultural sector and other priority
sectors, including small-scale industries.  Its retail credit
products include home loans, personal loans and automobile
loans.  Through its subsidiaries and joint ventures, the Bank
deals in Indian government securities and provides housing
finance and asset-management services.

Fitch Ratings gave Punjab National Bank a 'D' individual rating
on June 1, 2005


RELIANCE INDUSTRIES: Temporarily Shut Downs Paraxylene Plant
------------------------------------------------------------
One of Reliance Industries Ltd's Paraxylene Train at Jamnagar
complex has been shutdown starting November 21, 2006, for the
changing of catalyst, the company disclosed in a filing with the
Bombay Stock Exchange.

Reliance Industries expects the Paraxylene Plant to restart in
the 2nd or 3rd week of January 2007.

                   About Reliance Industries

Reliance Industries Limited -- http://www.ril.com/-- is engaged   
in the exploration and production sector.  The company is
organized into three major business segments, which include
Exploration and Production of oil and gas; Refining and
Marketing of petroleum products, and Petrochemicals, including
the manufacturing and marketing of polymers, polyester,
polyester intermediates and chemicals.  RIL's operations capture
value addition at every stage, from the production of crude oil
and gas to polyester, polymer and chemical products, and finally
to the production of textiles.  RIL also has exploration and
production interests in India, Yemen and Oman.  The company
operates mainly in India but has business activities and
customers in more than 100 countries around the world.  

Fitch Ratings gave Reliance Industries Ltd's foreign currency
long-term debt, long-term issuer default and local currency
long-term debt BB+ ratings effective on December 15, 2005.

Moody's Investors Service gave the company 'Ba2' long-term
corporate family, issuer, and senior unsecured debt ratings
effective March 17, 2005.


RELIANCE INDUSTRIES: Hydrotreater Unit Back in Operation
--------------------------------------------------------
Reliance Industries Ltd's VGO Hydrotreater II Unit of the
Refinery at Jamnagar commenced normal operations on December 1,
2006.

The VGO Hydrotreater II Unit was shut down in view of the fire
that occurred on October 25, 2006, Reliance Industries relates.
The damaged portion of the Unit was refurbished within 35 days.

The company points out that the Jamnagar refinery continued its
normal production throughout the entire period of the shutdown.

"I compliment the Reliance Team at Jamnagar Refinery for once
again demonstrating exemplary performance by restarting the VGO
Hydrotreater II Unit in such a short time and for ensuring
normal operations at the refinery including continued supply of
LPG in an uninterrupted manner through the period of the shut
down," the company's Chairman and Managing Director Shri Mukesh
Ambani said.

                   About Reliance Industries

Reliance Industries Limited -- http://www.ril.com/-- is engaged   
in the exploration and production sector.  The company is
organized into three major business segments, which include
Exploration and Production of oil and gas; Refining and
Marketing of petroleum products, and Petrochemicals, including
the manufacturing and marketing of polymers, polyester,
polyester intermediates and chemicals.  RIL's operations capture
value addition at every stage, from the production of crude oil
and gas to polyester, polymer and chemical products, and finally
to the production of textiles.  RIL also has exploration and
production interests in India, Yemen and Oman.  The company
operates mainly in India but has business activities and
customers in more than 100 countries around the world.  

Fitch Ratings gave Reliance Industries Ltd's foreign currency
long-term debt, long-term issuer default and local currency
long-term debt BB+ ratings effective on December 15, 2005.

Moody's Investors Service gave the company 'Ba2' long-term
corporate family, issuer, and senior unsecured debt ratings
effective March 17, 2005.


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

BANK DANAMON: 3rd Quarter 2006 Net Income Ups 16% to IDR356 Bil.
----------------------------------------------------------------
PT Bank Danamon Indonesia Tbk revealed a consolidated third
quarter 2006 net profit after tax of IDR356 billion, 16% higher
than the IDR307-billion net profit it recorded in the second
quarter.  The increase has been supported by continuing growth
of the Bank's loans and deposits in the quarter ended Sept. 30,
2006, during which its loans increased 6% to IDR40.96 billion
driven by micro/mass market and corporate segments, while
funding grew 4% to IDR63.56 billion despite competitive market
conditions.

"We have seen a solid quarter-on-quarter continuation of loan
growth in our key business segments since the beginning of the
year.  This is very promising, especially as we move into a more
favorable, lower interest rate environment in the upcoming
quarters," remarked Bank Danamon President Director Sebastian
Paredes.  "We are also pleased with the steady increase in our
deposits, bearing in mind the heightened competition for funding
in the market," he added.

For the first nine months of 2006, Bank Danamon reported
earnings per share of IDR185.6, while ROAA and ROAE stood at
1.7% and 14.1%, respectively.

"Our net interest income increased by 6% to IDR1.48 billion in
the third quarter of 2006 from IDR1.39 billion in the previous
quarter as net interest margin widened in line with decreasing
cost of funds.  We believe this positive trend will still
continue," stated Vera Eve Lim, Bank Danamon's Director and CFO.  

Bank Danamon's net interest income was recorded at
IDR4.09 billion for the first nine months of 2006, or 18% higher
than the same period last year.  In the first nine months of
this year, interest income rose by 38% to IDR7.99 billion from
IDR5.79 billion in the same period last year.  Meanwhile, the
bank's net interest margin improved to 9.4% in the third quarter
of 2006 as compared to 9.2% in the previous quarter.

Led by Danamon Simpan Pinjam initiative, mass market loans grew
by 17% in the third quarter to IDR5.44 billion and now accounts
for 13% of the bank's loan book.  Corporate loans also rose by
17% to IDR6.44 billion, representing 16% of total loan book as
of September 30, 2006, and bringing the Bank's total loans to
IDR40.96 billion.

As of the end of the third quarter 2006, Bank Danamon's Loan-to-
Deposit Ratio stood at 78%, while its Loan-to-Total Funding
ratio was 64%.  The Bank's total funding include long-term
funding to finance long-term loans, as well as to reduce
maturity mismatches.

The Bank's third party deposits grew 4% in the third quarter to
IDR53.92 billion, bringing its accumulative growth of 21% from
IDR44.66 billion a year earlier.

The Bank's non-performing loans ratio declined to 3.5% in the
third quarter of 2006 from 3.6% in the previous quarter, and
remains well below the industry norm of 8.9% as of the end of
July 2006.  Net NPL remained zero, as loan loss provision of
IDR1.87 billion was enough to cover NPL with the coverage ratio
reaching 136% as of 30 September 2006.

Bank Danamon's government bonds portfolio reduced by 5.3% from
the previous quarter, to IDR16.25 billon as of 30 September
2006, and accounted for 21% of the bank's assets, down from 22%
a year earlier.  Capital Adequacy Ratio remains strong at 21.1%
as of 30 September 2006 as compared to 24.4% a year earlier.

Headquartered in Jakarta, Indonesia, PT Bank Danamon Indonesia
Tbk provides a range of products and services, including
Consumer Banking, Small to Medium-Sized Enterprise and
Commercial, Trade Finance, Treasury Product, Cash Management,
Other Services, Financial Planning and e-Banking.  Danamon
Syariah is the Bank's business unit that provides its customers
with syariah banking products and services.  The Bank also
operates Danamon Simpan Pinjam, which caters to micro banking
customers.  DSP is divided into two groups: DSP to serve and
help enterprises in micro and small-scale banking, and DSP for
individual customers with fixed income.  Bank Danamon is
supported by 86 domestic branch offices, 325 domestic supporting
branch offices, 25 domestic cash office, 739 supporting branches
for DSP, six personal banking branch offices, 10 syariah branch
offices and one overseas branch.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
July 5, 2006, that Moody's Investors Service has placed Bank
Danamon Indonesia's D- bank financial strength rating on review
for possible upgrade.

These ratings were unaffected:

   -- Subordinated debt of Ba3.  The outlook is stable; and

   -- Long-term/short-term deposit of B2/Not Prime.  The outlook
      is stable.

Fitch Ratings, according to a May 24, 2006 TCR-AP report,
affirmed Bank Danamon's:

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

   * Short-term at 'B';

   * Individual at 'C/D'; and

   * Support at '4'.


BANK INDONESIA: Reference Rate Can Still Be Lowered to 9.75%
------------------------------------------------------------
The reference rate of Bank Sentral Republik Indonesia could be
lowered further by 50 base points to 9.75% at the end of this
year, Antara News reports, citing economic analyst Hendrawan
Supratikno.

According to the report, Mr. Supratikno, who is an economic
observer of the Indonesia Revives Team, said that the Bank's
rate could be lowered as a preparation to fuel national economic
activities in 2007.

Antara says that Mr. Supratikno made the remarks in response to
the fact that the inflation rate in November could be maintained
at a controllable level.

The Central Bureau of Statistics had announced that the
inflation rate last month was 0.34%, annual inflation (January-
November) at 5.32% and year-on-year inflation (November 2005-
November 2006) at 5.27%, Antara notes.  The report points out
that the 2006 year-on-year inflation is lower than that of the
October 2006 inflation at 6.29%.

Mr. Supratikno said that a BI rate level at 9.75% at the end of
the year would help push down the interest rates of banking
loans in the first semester of 2007, the report relates.

Yet, Mr. Supratikno explains that in response to a BI rate
lowering, banks would need some three to six months for cutting
down the interest rates of their loans.  He said that the
lowering of the interest rates of banking credits is important
to help drive the dynamics of the production sector.

Antara notes that Mr. Supratikno estimated the interest rate of
banking loans to go down to a level between 13% to 14% in the
first semester of 2007, with the lowering of the bank's rate by
50 base points.  At present, the interest rates of the banking
credits are still at a range between 16% and 17%.

Mr. Supratikno further said that the current BI rate still could
be lowered because it still had a conducive difference between
that of the US Fed so that there was no need to be concerned
that cutting further the BI rate would boost capital flight and
depreciation of the rupiah.

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

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

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


INCO LTD: Forms Joint Venture with Germany's Sud-Chemie
-------------------------------------------------------
Inco Ltd. and Germany's Sud-Chemie AG agreed to join forces in
forming a new company that will produce and market emission-
control materials for the automotive industry, Canadian Press
reports.

According to the report, interests in the new joint venture
company -- Alantum -- will be divided equally between Inco ECM
GmbH, an indirect subsidiary of Inco Ltd., and Sud-Chemie.

Alantum will first focus on producing diesel oxidation catalyst
and diesel particulate filter applications for European car and
truck markets, Canadian Press relates.  Production is expected
to begin in 2008 and will take place at a new facility at Sud-
Chemie's site in Heufeld, Germany.

Sud-Chemie is a supplier of catalysts for the chemical and
refining industries and for environmental applications.

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

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


LIPPO BANK: Earns IDR407 Bil. in 9-Month Pd.; Up 18% from 2005
--------------------------------------------------------------
PT Lippo Bank Tbk continues to post strong performance in 2006
with its 2006 nine-month period results continuing the trend of
the previous two quarters despite tough real sector conditions
in Indonesia, the bank stated in a press release.

Lippo Bank's operating income grew 25% year-on-year to
IDR1.6 trillion in the 2006 nine-month period, driven by a 35%
YoY jump in net interest income to IDR1.2 trillion.  The growth
in net interest income came on the back of strong loans growth
and improved earning assets.  Net interest margin significantly
expanded to 7.1% in 9M06 from 5.2% in 9M05.  In addition, other
operating income grew by 3% YoY to IDR385 billion.

The loan book grew by 48% YoY to IDR10.9 trillion resulting from
a combination of strong growth in consumer and commercial loans,
which rose by 100% YoY to IDR2.5 trillion and 46% YoY to
IDR5.1 trillion, respectively.  Loans growth was achieved
without compromising the loan portfolio quality, NPL improved to
2.0% in 9M06 from 5.3% in 9M05 and remains stable quarter-on-
quarter.  On the liabilities, deposits grew by 5% YoY to
IDR25.5 trillion.  Lippo Bank's deposits franchise remains
strong in "checking accounts and savings", wherein both
contributed to 67% of total deposits.  LDR increased to 42.8% in
9M06 from 30.4% in the previous year.

Lippo Bank recorded a strong 20% YoY growth in pre-provision
operating profit to IDR570 billion.  Net profit before tax
showed a commendable growth by 20% YoY to IDR588 billion.  EPS
improved to IDR104/share in 9M06 from IDR88/share in 9M05.  Net
profit after tax for the 2006 nine-month period was IDR407
billion, an 18% YoY increase.

Lippo Bank's capital structure remains strong with shareholder's
equity amounting to IDR3.2 trillion in 9M06, a 28% YoY increase
compared to the previous year, and Capital Adequacy Ratio
remains at a healthy level of 17.9%.

Gottfried Tampubolon, on behalf of Lippo Bank, said that they
are pleased with the strong top line operational results,
commensurate with the objective set at the beginning of the
year, which was growth without sacrificing asset quality and
profitability.  Mr. Tampubolon added that the trend should
continue in the 4th quarter.

Gottfried said that the recent exercise of raising the Tier-2
sub-debt capital was successful.  The bank completed its
acquisition of PT Primus Financial Services from Ford Credit and
Ford Motor Indonesia with Marubeni Corporation.

Headquartered in Jakarta, Indonesia, PT Lippo Bank Tbk
-- http://www.lippobank.co.id/-- offers two product segments:
Consumer Products, comprised of personal accounts, debit cards,
distribution cards, VIP banking, credit cards, loans,
bancassurance, payment services, loyalty programs and safe
deposit boxes, and Corporate Products, consisting of
LippoKredit, LippoTrade, LippoGiro, LippoDeposit, e-LippoLink
and MFTS. The bank is supported by 134 branch offices, 21 sub
branch offices, 238 cash offices and four payment service
offices nationwide.

The Troubled Company Reporter - Asia Pacific reported on
December 28, 2005, that Fitch Ratings Services has affirmed Bank
Lippo's Individual rating at 'D', while upgrading its support
rating to '4' from '5' to reflect the entry of Khazanah
Nasional Berhad, the investment arm of the Malaysian government,
as the majority shareholder of the bank.

The TCR-AP stated on Nov. 9, 2006, that Moody's Investors
Service has assigned first-time ratings to Bank Lippo:

   -- issuer/subordinated debt of Ba3/Ba3;

   -- foreign currency long-term/short-term deposit of B2/Not
      Prime; and

   -- bank financial strength (BFSR) of D-.

Fitch Ratings has assigned these ratings to PT Bank Lippo Tbk:

   * Long-term foreign currency Issuer Default rating of 'BB-';

   * Short-term foreign currency rating of 'B'; and

   * Long-term National rating of 'A+(idn)'.


MATAHARI PUTRA: Third Quarter Result Better Than Expected
---------------------------------------------------------
Having the favorable financial results achievements in the first
and second quarter of 2006 despite the weak economic condition
during these periods, PT Matahari Putra Prima Tbk continued to
chart another positive growth in the 2006 third quarter with
sales and EBITDA growing 25.1% and 24.7% year-on-year, the
company said in a press release.

   * The Q3 sales amounted to IDR2.2 trillion representing 38.5%
     of the Company's YTD sales which indicated a relatively
     favorable pre-Lebaran season.

   * YTD Sept. '06 sales grew by 25.3% reaching IDR5.7 trillion,
     up from last year's IDR4.5 trillion, which was supported by
     the continued growth of its two core retail businesses:
     7.2% growth in the department store division with total net
     sales reaching IDR2.9 trillion and 57.6% growth in the
     supermarket/hypermarket division with total net sales
     reaching IDR2.5 trillion, mainly driven by the growth of
     hypermarkets.

   * Apart from IDR71 billion one-time extraordinary income from
     HERO divestment last year.

     -- Q3 EBITDA grew by 24.7% from IDR137.6 billion last year
        to IDR171.6 billion whilst it showed a positive growth
        of 31.4% to IDR464.8 billion for year-to-year date
        period which was the result of continuing tight control
        of overall operating expenses.
      
     -- The net income after tax grew 15.1% amounting to IDR80.7
        billion from last year's IDR70.1 billion.  The reported
        YTD Sept. '05 Net Income was IDR141.5 billion.

According to Benjamin Mailool, President Director & CEO of
Matahari, "We are delighted to see business units to continue
contributing positive progresses in Q3 to lead Matahari
achieving another encouraging results in YTD Sep 2006.  The pre-
Lebaran season has been better than expected with Q3 sales
contributing close to 40% of total YTD sep' 06 sales."

As of Oct. 6, 2006, Matahari has completed its 3-year US$150
million bond offering bearing 9.5% coupon rate with 10% yield
(issue price=98.731%).  Together with its upcoming rights issue
plan, the proceeds will mainly utilized to finance the
aggressive new store expansions and working capital for the next
several years.  These aggressive fund raising are aimed to
accelerate the Company's expansion plan, mainly in relation to
the hypermarket formula.  It will take a longer number of
hypermarket for Matahari to achieve economies of scale.  The
hypermarket segments demonstrates its upward growth potentials
and we believe the hypermarket format is the correct format for
Indonesian consumers going forward.  Matahari would be in a
better position to make significant progress into the
Indonesian's hypermarket business.

During Q3 2006, the Company continued to roll out its expansion
plan by opening another three new department stores and six new
hypermarkets which was the continuation to the previous
successful opening of three hypermarkets, two children specialty
store and two family entertainment centers in the first half of
the year.

Headquartered in Tangerang, Indonesia, PT Matahari Putra Prima
Tbk -- http://www.matahari.co.id/-- is a consumer goods company
engaged in the retail business, providing clothes, jewelries,
bags, shoes, cosmetics, electronics appliances, toys,
stationeries, books, drugs and other everyday needs.  It is also
engaged in the family entertainment industry through the
operation of Time Zone, a game center.  The company operates
Matahari Supermarket, Hypermart stores, Cut Price stores, Boston
Drugs pharmacies, Baker's Delight bakeries, Deli Bon stores and
Market Place grocery stores.  During the year ended December 31,
2005, the company opened its first store in Shenzhen, China, 13
Hypermart stores, four Cut Price stores and one Matahari
Supermarket.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
November 10, 2006, that Moody's Investors Service has affirmed
its B1 corporate family rating assigned to PT Matahari Putra
Prima Tbk.  At the same time, Moody's has affirmed its B1 senior
unsecured rating on  Matahari Finance BV's US$150 million bond
issuance, which is guaranteed by Matahari.  The ratings outlook
is stable.  

The TCR-AP reported on Oct. 2, 2006, that Standard & Poor's
Ratings Services affirmed its 'B+' rating to the proposed long-
term senior unsecured bonds to be issued by Matahari Finance
B.V., a special purpose financing vehicle wholly owned by
Indonesia-based retailer PT Matahari Putra Prima Tbk. (Matahari;
B+/Stable/--).  The bond, which will be due in 2009, will have
an issue size of US$100 million to US$150 million.


NORTEL NETWORKS: Provides R Cable with VoIP Multimedia Services
---------------------------------------------------------------
R Cable y Telecomunicaciones is delivering a suite of voice,
multimedia and advanced IP services, including telephony, video
and instant messaging, to business and residential customers
using a Carrier VoIP solution from Nortel Networks.  

R's new services portfolio enables business customers to
outsource their communications, enhance productivity and prepare
for fixed mobile convergence, while residential customers can
select from a range of new voice and multimedia services.

"We're in the business of making it easier to talk, instant
message, watch videos, listen to music, get the news and play
games -- in fact whatever makes business and personal life more
simple, more pleasant, more effective and more productive," said
Arturo Dopico, managing director, R Cable.  "The growing demand
for interactive services, and the need to deliver them as simply
as possible, is as relevant for our business clients as it is
for the personal user."

R chose Nortel's Carrier VoIP, Multimedia and Global Services
solution because it helped deliver the broadest suite of VoIP
business and residential services with the highest levels of
service reliability and availability.  The solution includes
PacketCable(TM) voice and SIP multimedia services for
residential and business markets.  "When introducing new
services it is also reassuring to know that we're working with
the global leaders in Carrier VoIP with established expertise in
this field," Mr. Dopico added.

"R is a key customer for Nortel Spain and we've worked closely
with them for a number of years," said Michel Clement, president
Southern Europe and Africa, Nortel.  "This latest project
focuses on Nortel's key strength, which is building a highly
dependable and scalable network and acting as systems integrator
to enable R to deliver reliable and cost-effective new services
to its customers across Galicia."

A clear evolution path -- that provides IMS-ready elements for
secure services running across both Internet and mobile networks
and supports a full range of multimedia capabilities -- was also
a deciding factor in R's selection of its Nortel solution.  
While R's immediate objective was to launch VoIP value added
services they also continually track customer wants and
satisfaction and chose a solution to help them handle changing
customer requirements in a timely and cost-efficient manner.

R's Cable VoIP solution is based on the Nortel Communication
Server 2000-Compact a carrier-grade softswitch that supports a
wide range of voice and multimedia business and residential
features and open industry-standard SIP PacketCable and
PacketCable Multimedia protocols.

Nortel ranked number one in the global markets for service
provider softswitches and gateways for the first half of 2006,
according to Synergy Research Group.  The solution for R also
includes turnkey services from Nortel's Global Services
portfolio consisting of change design, engineering,
installation, commissioning, network integration and marketing
support.

Nortel's Global Services include a full range of network
application, implementation and support services for end-to-end
multi-vendor networks.  Nortel has also deployed IMS-ready
solutions with over 100 customers and is currently engaged in
IMS trials with leading operators in cable, wireline, CDMA and
GSM/UMTS markets.

                      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: Sells Radio Business to Alcatel-Lucent
-------------------------------------------------------
Nortel Networks Corporation has reached a definitive agreement
for the sale of certain assets and the transfer of certain
liabilities related to its UMTS access business to Alcatel-
Lucent.  The move follows the signing of the non-binding
Memorandum of Understanding between the two companies announced
Sept. 1, 2006.  

The transaction is a 320 million cash transaction, less
significant deductions and transaction related costs.  The
parties have agreed to target a closing at year-end, and in any
event, a closing within 90 days of yesterday's announcement.  
Approximately 1,700 of Nortel's UMTS access business employees
will transfer to Alcatel-Lucent.

"The completion of this transaction will allow Nortel to
increase resources dedicated to our strategic business
priorities.  It also positions Alcatel-Lucent to be successful
in the UMTS access market with an infusion of great technology
and great people," said Mike Zafirovski, president and chief
executive officer, Nortel.  "This transaction is a win-win for
both companies, but more importantly, for our customers.  We
will continue to work with Alcatel-Lucent to ensure the
transition is seamless to our customers."

"Nortel is committed to developing the wireless technologies
that will deliver 4G Mobile Broadband and this provides one more
step in reaching that objective," said Richard Lowe, president,
Mobility and Converged Core Networks, Nortel.  "Nortel is
focused on providing the foundation for the coming mobile video
and multimedia revolution that mobile network operators will
soon face.  At the same time, we will continue delivering
superior value to our GSM and CDMA customers, as well as our
customers that have deployed our UMTS core networks".

Completion of the transaction is subject to, among other things,
the conclusion of consultations with works councils and other
employee representatives, finalization of the terms of certain
ancillary agreements including a transitional services agreement
whereby Nortel will provide to Alcatel-Lucent setup,
infrastructure and application services for a defined period of
time as well as customary closing conditions including
regulatory approvals.

                      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.


PERUSAHAAN LISTRIK: To Use Biofuel To Cut Costs in 2007
-------------------------------------------------------
PT Perusahaan Listrik Negara will start using biofuel to fire
114 small- and medium-scale power plants around Indonesia
beginning 2007, People's Daily Online reports.

According to the report, Perusahaan Listrik's chief
commissioner, Alhilal Hamdi, said that the plan had been
approved following the success of pilot projects for the use of
biofuel in an 11-MW plant in Lampung and a 1.5-MW power plant in
Nusa Penida earlier this year.

People's Daily notes that Mr. Hamdi, also the head of the
government's biofuel development committee, said that in 2007,
PLN will start using biofuel in West Nusa Tenggara, East Nusa
Tenggara and South Kalimantan.

Mr. Hamdi also said that the power generated by this plant,
which used a blend made up of 80% pure plant oil and 20% diesel,
was IDR300 cheaper per kilowatt hour than power produced from
oil-based fuels, according to the report.

Mr. Hamdi hopes that the company would be able to save more
using this alternative energy source, and help reduce the
Government's subvention.  According to a review conducted by the
State Ministry for Research and Technology's technological
assessment and application agency, the Indonesian Government
could cut the subvention it pays to Perusahaan Listrik to
IDR2.56 trillion per year with the greater use of PPO, made
mainly from palm oil.

Indonesian state utility firm PT Perusahaan Listrik Negara
-- http://www.pln.co.id/-- transmits and distributes  
electricity to around 30 million customers, roughly 60% of
Indonesia's population.  The Indonesian Government decided to
end PLN's power supply monopoly to attract independents to build
more capacity for sale directly to consumers, as many areas of
the country are experiencing power shortages.  PLN posted a
IDR4.92-trillion net loss in 2005, against a net loss of
IDR2.02 trillion in 2004.

The Troubled Company Reporter - Asia Pacific reported on Oct. 5,
2006, that Moody's Investors Service has assigned a B1 senior
unsecured rating to PT Perusahaan Listrik Negara's proposed U.S.
dollar bond issuance.  At the same time, Moody's has assigned
its B1 corporate family rating to PLN.  The rating outlook is
stable.

Standard & Poor's Ratings Services also assigned its 'BB-'
foreign currency rating and 'BB' local currency rating to PLN.
The outlook on the ratings is stable.  At the same time,
Standard & Poor's assigned its 'BB-' issue rating to the
proposed U.S. dollar senior unsecured notes issued by PLN's
wholly owned subsidiary, Majapahit Holding B.V.


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

ALBERTO-CULVER: Reorganizes Business After Separation from Sally
----------------------------------------------------------------
The Alberto-Culver Co. disclosed a reorganization following its
recent separation from Sally Beauty Holdings, Inc., into a
separate, publicly traded company.

V. James Marino, President & Chief Executive Officer of the
company, commented, "Alberto-Culver has always prided itself on
being a lean and nimble organization, so the changes that were
needed are not dramatic.  This represents a right-sizing,
looking primarily at those areas that related to services we
were maintaining in support of Sally and corporate activities
that could be scaled back to match the needs of a smaller
company."

As part of the reorganization, two marketing units will be
combined into a single unit and some specific international
services will be outsourced or combined into regional offices
according to Mr. Marino.  He said that all personnel impacted by
the changes had been notified and that this reorganization and
the financial charges related to it would be substantially
completed by the end of the fiscal year 2007 second quarter.  
The company's worldwide workforce of approximately 3,800 will be
reduced by approximately 90 as a result of the changes.  The
company expects to take restructuring charges of approximately
US$13 million and US$3 million in its fiscal year 2007 first and
second quarters, respectively, related to the reorganization.

These expected restructuring charges are in addition to other
first quarter charges related to the separation transaction that
were previously announced including lump sum payments totaling
approximately US$14 million to its former president and chief
executive officer and the former chairman of Sally Beauty and a
non-cash charge of approximately US$18 million for the
acceleration of stock options and restricted stock as of the
closing date of the separation transaction.  A portion of these
disclosed charges, along with expenses incurred in connection
with the separation transaction, will be included in
discontinued operations in Alberto-Culver's fiscal year 2007
statement of earnings.

The company plans to sell its corporate airplane in early 2007
and that it expects to close its manufacturing facility in
Dallas, Texas by the end of 2007.

Alberto-Culver Company manufactures, distributes and markets
leading personal care products including Alberto VO5, St. Ives,
TRESemme and Nexxus in the United States and internationally.  
Several of its household/grocery products such as Mrs. Dash and
Static Guard are niche category leaders in the U.S.  Its Pro-
Line International unit is the second largest producer in the
world of products for the ethnic hair care market with leading
brands including Motions and Soft & Beautiful.  Its Cederroth
International unit is a major consumer goods marketer in the
Nordic countries.

New Sally Holdings, Inc., headquartered in Denton, Texas, will
be a leading national retailer and distributor of beauty
supplies with operations under its Sally Beauty Supply and
Beauty Systems Group businesses.  For the fiscal year ended
Sept. 30, 2005, New Sally's revenues exceeded US$2.2 billion.
The company has stores in Canada, Mexico, Puerto Rico, the U.K.,
Ireland, Germany and Japan.

                          *     *     *

Moody's Investors Service assigned first time ratings, including
a corporate family rating of B2 and a speculative grade
liquidity rating of SGL-2, to Sally Holdings, LLC.

The rating outlook is stable.  The ratings are conditional upon
review of final documentation.

These are the rating actions:

     -- Corporate family rating at B2

     -- Probability-of-default rating at B2

     -- US$400 million senior secured guaranteed bank revolving
        credit facility at Ba2 (LGD 1, 7% LGD rate)

     -- US$1.07 billion senior secured guaranteed term loans at
        B2 (LGD 4, 50% LGD rate)

     -- US$430 million senior unsecured guaranteed notes at B2
        (LGD 4, 55% LGD rate)

     -- US$280 million unsecured senior subordinated guaranteed
        notes at Caa1 (LGD 6, 93% LGD rate)

     -- Speculative Grade Liquidity Rating of SGL-2


ALITALIA SPA: Italian Government to Sell 20-25% Stake
-----------------------------------------------------
The Italian government will sell around 25% stake in Alitalia
S.p.A. to help save the national carrier from financial
collapse.

"The strategic recovery of Alitalia cannot be done without the
entry in the company's capital of new industrial and financial
partners," Prime Minister Romano Prodi said in a statement
following a cabinet meeting.

Alfonso Pecoraro Scanio, Italy's Environment Minister, said
Italy plans to dispose of around 20%-25% stake in Alitalia as
part of its pledge to find a solution for the ailing airline.  

The government, which has yet to name advisers on the sale, aims
to complete the process by January 2007.  Italy described the
sale as the "finalization of the company's privatization."

Antonio Di Pietro, Italy's Infrastructure Minister, said the
government's decision opened the "exit doors for those who
occupy positions of power at Alitalia because they have failed
in their mission."

As reported in the TCR-Europe on Dec. 1, the Italian Government
is making a three-prong approach to bail out the national
carrier through:

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

As previously reported, Alitalia confirmed that it is holding
talks with Air France over a possible alliance.  Alitalia,
however, said that the talks are "still at an early stage and
not exclusive."

Airline industry experts, however, expressed doubts that an Air
France takeover would occur given Alitalia's history of
unprofitability, poor management, labor unrest and political
interference.  Air France also stipulated that Alitalia must be
first privatized and financially restructured before it
increases its two-percent stake in the national carrier.

Giancarlo Cimoli, Alitalia's Chief Executive, told the
parliament that an alliance with other carriers is the most
viable solution for the company's woes.

"The only strategic direction for Alitalia is to integrate
itself in a big international group," Mr. Cimoli said.

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

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

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

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

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

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

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

Mr. Cimoli particularly blamed:

   -- excessive market regulations;

   -- high labor costs;

   -- recurrent labor strikes;

   -- rising oil prices;

   -- airport and regulatory inefficiencies; and

   -- unfair competitive advantages' enjoyed by low-cost
      airlines.

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

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

                         About Alitalia

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

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



ALITALIA SPA: Lowers Net Debt by EUR51 Million at Oct.31, 2006
--------------------------------------------------------------
Alitalia S.p.A.'s net debt as of Oct. 31, 2006, amounted to
EUR972 million, showing a decrease in net indebtedness of
EUR51 million (-5.0%) compared to the situation on Sept. 30,
2006.

Alitalia's net debt including short-term net financial credits
for subsidiaries on Oct. 31, 2006, amounted to EUR948 million,
showing a decrease in net indebtedness of EUR56 million (-5.6%)
compared to net debt as of Sept. 30 2006.  

The Group's cash-to-hand and short-term financial credits as of
Oct. 31, 2006, amounted to EUR769 million while the parent
company Alitalia as of the same date amounted to EUR801 million.  

It should be noted that as of Oct. 31, 2006, there were several
leasing contracts at the Group level -- referring almost
entirely to fleet aircraft mostly held by the parent company
amounting to EUR138 million -- whose capital share, including
lease closure value, amounted to EUR154 million, of which
EUR21 million euros represent the current capital share falling
due within 12 months of the reference date, with EUR19 million
held by the parent company.

By comparison, the same figure as of Sept. 30 2006, amounted to
EUR155 million, of which EUR21 million falling due in the 12
months from the reference date.

It should also be noted that existing debts to banks are almost
entirely backed up by real guarantees (mortgages on aircraft) or
by personal guarantees (mainly guarantees issued by banks for
export credit).  The relative financing contracts contain
standard legal clauses relating to withdrawal.  None of the
contracts refer to specific requirements regarding assets or
economic/financial aspects, in order to maintain the credit
line.

During October 2006, repayments were made of medium/long-term
financing amounting to about EUR2 million.   

Regarding debts of a financial, fiscal and social welfare
nature, there were no outstanding sums or payment irregularities
on Oct. 31, 2006, both for the parent company and for the other
companies in the Group.

As far as debts of a commercial nature are concerned, there were
no outstanding sums or payment irregularities on Oct. 31, 2006,
both for the parent company and for other Group companies,
except for those relating to disputed situations.

Regarding the latter, there were outstanding sums owed to some
airport management companies for disputed debts amounting to a
total of EUR82 million as of Oct. 31, 2006.  

In addition, decisions are still pending for the petitions filed
by Alitalia regarding:

   -- injunctions issued by an airport management company for
      a total of about EUR14 million (5 decrees);

   -- a further injunction has been issued by an IT
      services supplier for about EUR812,000 (1 decree);

   -- another injunction has been issued by a professional
      studio for EUR534,000;

   -- a contractor for restructuring work has issued an
      injunction for about EUR635,000 (1 decree);

   -- an injunction issued by a supplier of on-board movies for
      around EUR909,000 (1 decree); and

   -- there are injunctions issued by suppliers for a total
      of around EUR110,000 (6 decrees).

Except for the above, there are no other injunction orders or
executive actions undertaken by creditors notified as of
Oct. 31, 2006, nor are there any threats by suppliers to suspend
operations.     

                         About Alitalia

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

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


BANCO BRADESCO: Unit Eyes BRL10-Billion Revenues for 2006
---------------------------------------------------------
Marco Antonio Rossi -- chief executive officer of Bradesco Vida
e Previdencia, a subsidiary of Banco Bradesco -- told Business
News Americas that the company expects revenues to increase 25%
to BRL10 billion in 2006, compared with 2005.

Bradesco Vida's revenues grew 25% to BRL6 billion from January
to September 2006, compared with the same period in 2005,
BNamericas says, citing Mr. Rossi.  Private pension plans
reported BRL5 billion in revenues in the first nine months of
2006, while life products had BRL1 billion revenues.

Mr. Rossi told BNamericas, "November and December are very
special months and we expect revenues to rise at the same rate
of 25%."

Mr. Rossi said that many people invest their bonuses in
retirement savings instruments.  Under the Brazilian law, formal
sector workers receive a year-end bonus equal to one month's
pay.  

The report says that Vida Gerador de Beneficios Livres or VGBL
-- a combination of life insurance and survivors' benefit
contracts -- receive 60% of the company's private pension
contributions.  In this plan, contributors can make monthly
deposits and can withdraw assets upon retirement or before.  It
is a combination of life insurance and survivors' benefit
contracts.  VGBL plans are aimed at taxpayers who file
simplified returns

Meanwhile, Plano Gerador de Beneficios Livres or PGBL get 35% of
the firm's private pension contributions.  PGBL is a plan
generator of benefits.  It is a private pension plan created in
1997 and inspired in the American 401-K.  PGBL plans are for
those who file itemized returns, BNamericas notes.  

BNamericas emphasizes that VGBL and PGBL plans hold savings in
investment funds and only allow withdrawals under penalty.  
Contributions to traditional plans that predate the 2002
introduction of VGBL and PGBL plans came to 5%.

Bradesco Vida will launch in the first half of 2007 a flexible-
premium life product with a savings element, similar to
universal life policies in the United States, BNamericas says,
citing Mr. Rossi.

Mr. Rossi told BNamericas that the life division is developing
new products that focus on the increase in terminal illnesses
like Alzheimer's and diabetes, as Brazil's population grows
older.

BNamericas underscores that Bradesco Vida had an investment
portfolio of BRL43 billion in September 2006 with pension plans
accounting for BRL41 billion.

Bradesco Vida managed in September 2006 5 million life policies
-- both corporate and individual -- and 2 million private
pension plans.  The company pays benefits to 15,000 retirees,
BNamericas states.

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

                          *     *     *

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

Fitch has earlier taken these rating actions on Banco Bradesco:

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

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

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

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

   -- Support rating affirmed at '4';

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

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

Moody's Investors Service upgraded these ratings of Banco
Bradesco SA:

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

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

Moody's said the ratings outlook is stable.


BANCO BRADESCO: Unit Won't Sell Individual Health Portfolio
-----------------------------------------------------------
Marcio Cypriano, the chief executive officer of Banco Bradesco,
told reporters that the bank's insurance division won't sell its
individual health portfolio, despite an increasing focus on
corporate plans.

Mr. Cypriano explained to Business News Americas, "We're not
going to leave any business area.  We have to increase our
client base."

BNamericas relates that individual policies made up 22% of Banco
Bradesco's health portfolio as of September 2006, compared with
the 50% recorded 10 years ago.

According to BNamericas, some local insurers have decreased
their individual health portfolios or sold them off in the past
few months.

Marco Antonio Rossi -- chief executive officer of Bradesco Vida
e Previdencia, a subsidiary of Banco Bradesco -- told BNamericas
that the insurance group always analyzed acquisition
opportunities but had nothing in sight.

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

                          *     *     *

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

Fitch has earlier taken these rating actions on Banco Bradesco:

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

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

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

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

   -- Support rating affirmed at '4';

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

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

Moody's Investors Service upgraded these ratings of Banco
Bradesco SA:

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

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

Moody's said the ratings outlook is stable.


FORD MOTOR: S&P Rates US$15B Senior Sec. Credit Facilities at B
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' bank loan
rating and '2' recovery ratings to Ford Motor Co.'s proposed
US$15 billion senior secured credit facilities, which consist of
an US$8 billion revolving credit facility and a US$7 billion
term loan B facility.

The bank loan rating is equal to Ford's corporate credit rating.  
This and the '2' recovery rating indicate that lenders can
expect substantial (80% to 100%) recovery of principal in the
event of a payment default.

Ford intends to replace its existing US$6.3 billion unsecured
bilateral revolving facilities with the new US$8 billion senior
secured revolving credit facility.  In addition to the
US$7 billion term loan B facility, Ford also anticipates raising
US$3 billion in other unsecured capital market transactions.  
The rating agency expects to assign ratings to these
transactions once Ford announces further details.

Earlier, Standard & Poor's lowered its senior unsecured debt
issue ratings on Ford to 'CCC+' from 'B'.  The downgrade of the
unsecured debt stemmed from the pending secured credit
facilities, which would significantly disadvantage the unsecured
debt in the event of default.

                         Ratings List

Ford Motor Co.

  Corp. credit rating                         B/Negative/B-3    

Rating Assigned

  US$15 bil. sr. secured credit facilities   B (Recovery rtg: 2)

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

Ford also has operations in Japan.


FORD MOTOR: S&P Junks Ratings on 8 Synthetic ABS Transactions
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on eight
U.S. single-issue synthetic ABS transactions related to Ford
Motor Co. (Ford; B/Negative/B-3) and removed them from
CreditWatch, where they were placed with negative implications
on Oct. 24, 2006.

The Nov. 27, 2006, lowering of the senior unsecured debt ratings
on Ford and their removal from CreditWatch negative does not
have any immediate rating impact on the Ford-related ABS
supported by collateral pools of consumer auto loans or auto
wholesale loans.

Each of the securitizations with ratings lowered and removed
from CreditWatch negative is weak-linked to Ford's senior
unsecured debt. Ford provides the underlying collateral in the
affected securitizations.

The Nov. 27, 2006, lowering of the senior unsecured debt ratings
on Ford and their removal from CreditWatch negative reflects the
significant disadvantage to Ford's unsecured creditors by the
planned introduction of US$15 billion of secured debt into the
capital structure.

           Ratings Lowered and Off Creditwatch Negative

Corporate Backed Trust Certificates Ford Motor Co. Debenture-
Backed Series 2001-36 Trust

           Class    To               From         

           A-1      CCC+             B/Watch Neg

           A-2      CCC+             B/Watch Neg

Corporate Backed Trust Certificates Ford Motor Co. Note-Backed
Series 2003-6 Trust

          Class    To               From       

          A-1      CCC+             B/Watch Neg

CorTS Trust for Ford Debentures

          Class    To               From       

          Certs    CCC+             B/Watch Neg

CorTS Trust II for Ford Notes

          Class    To               From

          Certs    CCC+             B/Watch Neg

Freedom Certificates US Autos Series 2004-1 Trust

          Class    To               From

          A        CCC+             B/Watch Neg

          X        CCC+             B/Watch Neg

PPLUS Trust Series FMC-1

          Class    To               From       

          Certs    CCC+             B/Watch Neg

PreferredPLUS Trust Series FRD-1

          Class    To               From       

          Certs    CCC+             B/Watch Neg

SATURNS Trust No. 2003-5

          Class    To               From

          Units    CCC+             B/Watch Neg

Trust Certificates (TRUCs) Series 2002-1 Trust

          Class    To               From       

          A-1      CCC+             B/Watch Neg

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

The company also has operations in Japan.

   
FUJI HEAVY: First-Half Net Up 46% on Cost Cuts and Weak Yen
-----------------------------------------------------------
Fuji Heavy Industries Ltd posted a net profit of
JPY11.60 billion in the first half ended Sept. 30, 2006, up 46%
from the JPY7.96-billion net profit it recorded in the same
period last year.

XFN-Asia relates that the rise was aided by a weak yen and the
benefits of previous cost cutting efforts.  Fuji Heavy said that
the benefits masked the adverse impact of sluggish vehicle
sales.

According to the report, the company's operating profit rose 4%
in the 2006 first half to JPY18.13 billion from last year's
figure, while revenue increased 4.7% to JPY698.68 billion in the
term.

In the six months ended Sept. 30, 2006, Fuji Heavy said that its
foreign exchange hedging, which benefited from a weaker yen over
the term, helped lift operating income by JPY8.4 billion, while
procurement cost cuts and reductions in other operational costs
added an additional JPY3.6 billion.

XFN-Asia recounts that in the past fiscal year to March 30,
2006, Fuji Heavy spent JPY8 billion in compensation charges for
the shedding of more than 700 jobs, or about 5% of its 14,000-
strong work force.

The company said the rise in net profit was more pronounced than
at the operating level given the absence of a special loss that
compressed the bottom-line last year, XFN notes.

In the first half the previous fiscal year, Fuji Heavy booked a
special loss of JPY5.6 billion related to the termination of a
joint development project with Saab, a unit of General Motors
Corp, after GM dissolved its six-year-old business and capital
partnership with Fuji Heavy.

The report notes that despite the improved profitability,
domestic vehicle sales in the first half of 2006 fell 1.7% to
112,000 units, hit by an 18.2% drop in sales of cars, with
engine displacement of over 1,000ccs.

For the year to March 2007, Fuji Heavy expects its net profit to
nearly double to JPY30 billion, as it does not expect to book
any large, one-off restructuring charges.  The figure was
unchanged from the previous estimate.

Yet, the company slashed its revenue forecast to JPY1.50
trillion from JPY1.55 trillion previously due to falling sales
of high-end vehicles such as the Legacy, Impreza and B9 Tribeca
models.

In cutting its revenue projection, the company also reduced its
year to March 2007 global vehicle sales forecast to 582,000
units from 611,000 units in the year to March 2006.

Headquartered in Tokyo, Japan, Fuji Heavy Industries Ltd. --
http://www.fhi.co.jp/-- is a manufacturing company engaged in  
the production, sale, repair and leasing of automobile and
transportation-related products.

Standard & Poor's Ratings Services lowered its long-term credit
rating on Fuji Heavy Industries Ltd. to 'BB+' from 'BBB-' based
on diminished prospects for a recovery in profitability and cash
flow over the near term along with intensifying competition in
the global auto industry.  


METROLOGIC INSTRUMENTS: Moody's Assigns B2 Corp. Family Rating
--------------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family
rating to Metrologic Instruments, Inc.  At the same time,
Moody's assigned a B1 rating to the proposed 1st lien senior
secured credit facility (US$125 million term loan and US$35
million undrawn revolver) and a Caa1 rating to the proposed
US$75 million 2nd lien senior secured credit facility.  The
ratings for the two senior secured facilities reflect both the
overall probability of default of the company, to which Moody's
assigns a PDR of B2, and a loss given default of LGD 3 for the
first lien and LGD 5 for the second lien. The rating outlook is
stable.

Proceeds from the new credit facility together with an equity
contribution of preferred and common stock and cash on hand will
be used to fund the roughly US$475 million acquisition of
Metrologic by Francisco Partners and to refinance Metrologic's
existing debt.

Metrologic's ratings are constrained by the high debt levels
that are being assumed to fund the leverage recapitalization,
the recent sale of Adaptive Optics Associates, Inc., which
represented approximately 15% of the company's revenue in 2005,
modest scale (revenue for the LTM ended September 30, 2006
approximated US$210 million), and ongoing litigation issues.  
The ratings are also constrained by the company's limited
financial flexibility as all assets are secured by both the
first and second lien.

Metrologic's credit profile benefits from its customer and
geographic diversification, it's strong, albeit softening,
operating margins and increasing market share.  The ratings are
also supported by the company's history of organic growth, low
cost manufacturing position and modest capital requirements.

The B1 rating of the first lien senior secured credit facility
reflects an LGD 3 loss given default assessment as this facility
is secured by a pledge of all of the company's assets and there
is a significant amount (38%) of second lien debt below it.  The
Caa1 rating of the second lien reflects an LGD 5 loss given
default assessment given that it is contractually subordinated
to the first lien.  Both the first lien and second lien benefit
from the full guarantees of existing and future domestic
subsidiaries and 2/3 stock pledge of foreign subsidiaries.

The final credit agreement is anticipated to contain customary
limitations, an excess cash flow sweep (subject to financial
performance measures) varying from none to 50% and financial
covenants governing maximum leverage and minimum interest
coverage.  The final credit agreement is also expected to
restrict additional indebtedness, dividends, investments, liens,
asset sales, affiliate transactions, and mergers and
acquisitions.  The ratings assume covenant levels for the first
lien facilities, when finalized, will give the company
appropriate covenant leeway.

The stable outlook reflects Moody's expectation that Francisco
Partners views the preferred stock akin to common equity and
that it has no intention of redeeming the preferred stock prior
to the maturity of both the first and second lien facilities;
the preferred stock hybrid instrument is analytically viewed by
Moody's as 50% debt like and 50% equity like as the instrument
has no stated maturity, but is redeemable upon certain events
occurring.  The outlook also reflects Moody's belief that the
merged company will continue to generate operating margins
supportive of the ratings and will generate growth in sales and
free cash flow through new product introductions, penetration of
new markets, low cost manufacturing position, and working
capital control.  The stable outlook also assumes that the
company's financial leverage, as measured by adjusted
debt/EBITDA, will improve steadily from the current pro-forma
7.8x for the LTM ended September 2006 (Moody's expects the
company's pro-forma debt/EBITDA to approximate a little over 7x
for 2006) in the medium term and that the company will sustain
strong operating margins even if the ongoing legal disputes
linger.

These ratings/assessments were assigned:

   -- Corporate Family Rating, rated B2;

   -- Probability of default rating, rated B2;

   -- US$35 Million Revolving Credit Facility, rated B1
      (LGD3, 33%);

   -- US$125 Million Senior Secured First Lien Term Loan, rated
      B1 (LGD3, 33%); and

   -- US$75 Million Senior Secured Second Lien Term Loan, rated
      Caa1 (LGD5, 84%).

Headquartered in Blackwood, New Jersey, Metrologic Instruments,
Inc. is a global supplier for data capture and collection
hardware, and image processing software.  The company had LTM
September 2006 revenues of approximately US$210 million.  The
company has operations in Japan, Brazil, Singapore, and Germany.


NORTHWEST AIRLINES: Can Implement DIP Settlement Terms
------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York authorizes Northwest Airlines Corp. and its debtor-
affiliates to implement settlement terms relating to the final
payoff amount due under the US$975,000,000 Second Amended and
Restated Credit and Guarantee Agreement dated as of April 15,
2005.

The Court declares that the Settlement Agreement is the full,
final and complete settlement of all disputes among the Debtors,
JPMorgan Chase Bank, N.A., as administrative agent, and the
Lenders relating to the Credit Agreement and all related
documents.

The Court also rules that all direct and indirect claims and
causes of action between the parties arising in connection with
the Credit Agreement, and any payments or transfers made
pursuant to it, are released and discharged.

As reported in the Troubled Company Reporter on Nov. 1, 2006,
the Debtors had asked the Court to implement settlement terms
relating to the final payoff amount due under the US$975,000,000
Second Amended and Restated Credit and Guarantee Agreement dated
as of April 15, 2005.

On Aug. 8, 2006, Judge Gropper entered a final order authorizing
the Debtors to obtain up to US$1,225,000,000 of DIP financing
from Citicorp USA, Inc., and other lenders.  The Debtors used
the proceeds of the financing to repay the US$983,700,000
principal and interest outstanding under the Prepetition Credit
Agreement.

JPMorgan Chase Bank, N.A., as administrative agent under the
Prepetition Credit Agreement, however, demanded an additional
US$55,000,000 to US$60,000,000 on account of a US$19,500,000
repayment fee, default interest, and additional interest due to
their alleged inability to elect Eurodollar loans, interest on
interest, and other amounts.  The Debtors disputed JPMorgan's
demands.

Pursuant to a Court-approved stipulation, the Debtors deposited
US$59,792,291 in an interest-bearing segregated account for the
benefit of JPMorgan and the Prepetition Lenders to the extent
the Disputed Amounts are determined to be payable under the
Prepetition Credit Agreement.

On Sept. 20, 2006, Northwest Airlines, Inc., and JPMorgan, on
behalf of the Prepetition Lenders, signed a letter agreement
pursuant to which they agreed in principle on the full, final
and complete settlement of the Disputed Amounts.

The Debtors agree to pay from the Segregated Account:

   (i) US$23,000,000 to JPMorgan for distribution to the
       Prepetition Lenders:

        -- US$6,250,000 in prepayment fee,

        -- US$11,500,000 in interest on account of the
           Eurodollar/ABR interest rate differential and
           interest thereon, and

        -- US$5,250,000 in default interest;

  (ii) Wachtell, Lipton, Rosen & Katz's fees and expenses as
       counsel to JPMorgan, amounting to US$425,000 as of
       September 30, 2006;

(iii) US$260,899 as reimbursement to certain Prepetition
       Lenders for fees and expenses paid to L.E.K. Consulting,
       Inc., consultant to JPMorgan; and

  (iv) US$18,038 to JPMorgan for its prepetition expenses.

The Debtors will also pay interest on the agreed amounts from
Aug. 21, 2006, to the payment date, at the interest rate earned
on the funds deposited in the Segregated Account.

Funds remaining in the Segregated Account after the settlement
amounts have been paid in full will be made available to the
Debtors.

Mark C. Ellenberg, Esq., at Cadwalader, Wickersham & Taft LLP,
in New York, tells the Court that the terms and conditions of
the Letter Agreement are fair and reasonable, and in the best
interests of the Debtors, their estates and their creditors.  He
notes that the nearly US$24,000,000 in settlement payments
represent less than half of the amount sought by JPMorgan.

                     About Northwest Airlines

Northwest Airlines Corp. (OTC: NWACQ) -- http://www.nwa.com/--  
is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures.  Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks.  Northwest and its
travel partners serve more than 900 cities in excess of 160
countries on six continents.  The company and 12 affiliates
filed for chapter 11 protection on Sept. 14, 2005 (Bankr.
S.D.N.Y. Lead Case No. 05-17930).  Bruce R. Zirinsky, Esq., and
Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP
in New York, and Mark C. Ellenberg, Esq., at Cadwalader,
Wickersham & Taft LLP in Washington represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors has retained Akin
Gump Strauss Hauer & Feld LLP as its bankruptcy counsel in the
Debtors' chapter 11 cases.  When the Debtors filed for
protection from their creditors, they listed US$14.4 billion in
total assets and US$17.9 billion in total debts.  The Debtors'
exclusive period to file a chapter 11 plan expires on Jan. 16,
2007.

(Northwest Airlines Bankruptcy News, Issue No. 47; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000).  In July 2006, Northwest Airlines Corp. unit
Northwest Airlines Inc. reached a tentative concessionary
contract agreement with its flight attendants' union.  Standard
& Poor's Ratings Services affirmed its 'D' corporate credit
ratings on both entities, which are determined by the companies'
bankruptcy status.


NORTHWEST AIRLINES: Court OKs US$778.7 Mil. Sec. Sub. Financing
---------------------------------------------------------------
The Hon. Allan Gropper of the United States Bankruptcy Court for
the Southern District of New York grants Northwest Airlines
Corp. and its debtor-affiliates' request to:

    -- obtain postpetition financing of up to US$778,760,000 on
       a secured and subordinated superpriority basis pursuant
       to the

        (i) Commitment Letter dated Nov. 3, 2006, between
            Northwest and Citigroup Global Markets Inc., on
            behalf of Citigroup, Citibank, N.A.; Citicorp USA
            Inc.; Citicorp North America Inc.; and any other of
            their affiliates, and

       (ii) the Fee Letter dated Nov. 3, 2006, between
            Northwest and Citigroup; and

    -- repay and refinance certain existing prepetition loans
       secured by seven Airbus A330 aircraft, existing
       postpetition loans secured by the Airbus A330 aircraft
       with U.S. Registration Nos. N812NW and N860NW, and
       postpetition loans that are scheduled to be made before
       the closing of the new financing in connection with the
       acquisition of the A330 aircraft with U.S. Registration
       Nos. N813NW and N861NW.

Judge Gropper rules, among others, that:

   (1) With respect to any Collateral granted under the Loan
       Documentation, neither the Agents nor the Lenders will be
       required to file or serve financing statements,
       mortgages, notices of lien or similar instruments which
       otherwise may be required under federal or state law in
       any jurisdiction, or take any action, including taking
       possession, to validate and perfect the liens;

   (2) To the extent applicable, the automatic stay under
       Section 362 of the Bankruptcy Code is modified to permit
       the Lenders and the Agents under the Aircraft Financing
       Facility to pursue remedies under the Loan Documentation,
       except that five business days' notice to Northwest
       Airlines will be required prior to the commencement of a
       foreclosure action with respect to any Collateral;

   (3) The provisions of the Court order and any actions taken
       pursuant to the Court order will survive entry of any
       order (a) confirming any plan of reorganization in
       Northwest Airlines' Chapter 11 case, (b) converting any
       of the Debtor's Chapter 11 case to a Chapter 7 case, or
       (c) dismissing the Debtor's Chapter 11 case.  The
       superpriority claims and postpetition liens will maintain
       their priority as provided by the Court order and the
       Loan Documentation until all of the obligations under the
       Aircraft Financing Facility are indefeasibly paid in full
       in cash and discharged;

   (4) The Agent and the Lenders are relieved of the requirement
       to file proofs of claim in the Debtor's Chapter 11 case
       with respect to any obligations under the Aircraft
       Financing Facility and any other claims or liens granted;
       and

   (5) The Agents and the Lenders under the Aircraft Financing
       Facility will be entitled to the protections of Section
       364(e) of the Bankruptcy Code.

                    Citigroup-Backed Financing

The Debtors had also asked the Court to file (i) a redacted
version of its request and Commitment Letter, and (ii) the Fee
Letter under seal to protect confidential commercial information
in the agreements.

The Fee and Commitment Letters also contemplate the financing of
the Airbus A320 aircraft with U.S. Registration No. N377NW and
the Airbus A319 aircraft with U.S. Registration No. N371NB, the
existing mortgage loans on which will have been fully repaid at
the time of closing of the new financing.

In order to further its reorganization efforts, Northwest
Airlines has negotiated with Citigroup to arrange refinancing
for certain existing loans, and to provide financing for the
purchase of certain new aircraft, that will provide savings to
the Debtor over the existing loans and financing commitments
that it will replace.

Even though the new loans will have a slightly lower loan-to-
value ratio and shorter average life than the existing
financings, the initial cash outlay by Northwest Airlines in the
refinancing and the faster amortization of the new loans will
not have a significant impact on Northwest's liquidity, and will
be more than set off by the significant cost savings provided by
the refinancing, Mark C. Ellenberg, Esq., at Cadwalader,
Wickersham & Taft LLP, in New York, relates.

According to Mr. Ellenberg, the new financing is structured to
be more efficient for lenders in the market, with loan to value
funding levels and average debt amortization repayment schedules
which will make the loans more liquid and attractive to
subsequent investors.

The new postpetition credit facility will continue beyond
Northwest Airlines' emergence from bankruptcy provided certain
conditions are satisfied.  For these reasons, approval of the
new credit facility and the repayment and refinancing of the
Debtor's existing loans will provide significant benefits to the
estate and are important to its restructuring efforts, Mr.
Ellenberg says.

                        Existing Financings

Northwest Airlines owns each of the Prepetition A330 aircraft,
subject to prepetition mortgage loan facilities.  The value of
the collateral under each of the existing loans exceeds the
amounts outstanding under the loans.

In addition, Northwest Airlines and Airbus S.A.S., AVSA,
S.A.R.L. were parties to a purchase agreement, which provided
for the purchase and delivery terms of Airbus A330 aircraft.  
Northwest assumed the A330 Purchase Agreement, subject to
certain amendments and the fixing of contingent administrative
liabilities in the event of liquidation.  Airbus and its
affiliates have agreed to provide or procure financing for up to
10 A330 aircraft scheduled to be delivered in 2006 and 2007, of
which three are subject to the proposed refinancing.

Northwest Airlines also entered into a Term Sheet with United
Technologies Corp. and UT Finance Corp.  UTC also agreed to
provide financing for Northwest's purchase of four new A330
aircraft, of which one is subject to the proposed refinancing.  

The A330 Purchase Agreement and the financing agreements were
filed under seal in order to protect confidential terms.

Northwest Airlines also owns, subject to prepetition mortgage
loan facilities, the Airbus N377NW and N371NB Aircraft.  The
existing loans with respect to each of these aircraft will be
maturing in November and December 2006 pursuant to the Debtor's
1110(a) agreements.

                        New Financing

Pursuant to the Commitment and Fee Letters, Citigroup has agreed
to arrange refinancing for the Prepetition A330 aircraft;
refinancing for the N812NW and N860NW Aircraft that were
delivered to Northwest with financing from Airbus; and
refinancing or new financing, as the case may be, for the N813NW
and N861NW Aircraft that are scheduled to be delivered under the
A330 Purchase Agreement during November and December 2006.

The new financing from Citigroup will be in the form of a senior
secured subordinated superpriority credit facility of up to
US$778,760,000 under Sections 364(c)(1), (2) and (3) of the
Bankruptcy Code.  The amount of the facility corresponds to a
percentage of the appraised value of the aircraft to be financed
or refinanced.

As set forth in the Commitment Letter, Citigroup will provide a
senior facility in the principal amount of up to US$632,742,500,
and a junior facility in the principal amount of up to
US$146,017,500.  

The refinanced aircraft and the new aircraft purchased with
financing under the credit facility will serve as collateral
under the credit facility.  

The senior facility in the principal amount of US$632,742,500 is
equal to the total of:

   --  US$20,566,000 per 2003 A319 Aircraft;
   --  US$22,724,000 per 2003 A320 Aircraft;
   --  US$50,095,500 per 2004 A330-200 Aircraft;
   --  US$51,733,500 per 2004 A330-300 Aircraft;
   --  US$57,895,500 per 2006 A330-200 Aircraft; and
   --  US$59,858,500 per 2006 A330-300 Aircraft.

The amounts correspond to 65% of the value of each Aircraft as
set out in a valuation report of Airclaims.

The junior facility in the principal amount of US$146,017,500 is
equal to the sum of:

   --  US$4,746,000 per 2003 A319 Aircraft;
   --  US$5,244,000 per 2003 A320 Aircraft;
   --  US$11,560,500 per 2004 A330-200 Aircraft;
   --  US$11,938,500 per 2004 A330-300 Aircraft;
   --  US$13,360,500 per 2006 A330-200 Aircraft; and
   --  US$13,813,500 per 2006 A330-300 Aircraft.

The amounts correspond to 15% of the appraised value of each
Aircraft.

All amounts owing under the credit facility will constitute
superpriority administrative claims against Northwest's
bankruptcy estate, junior only to superpriority claims granted
to the lenders under the Debtor-In-Possession Financing Facility
dated August 21, 2006.

Maturity dates of the senior and junior facilities were not
disclosed, but if these conditions are not satisfied, both
facilities will terminate on the effective date of the Debtors'
reorganization plan:

   (a) Northwest's plan of reorganization becomes effective;

   (b) reorganized Northwest assumes the loans and other
       obligations under the loan documents;

   (c) Citigroup, as collateral agent, on behalf of the lenders,
       has a perfected first priority security interest in the
       collateral entitled to the benefits and restrictions of
       Section 1110 of the Bankruptcy Code; and

   (d) no default or event of default has occurred and be
       continuing under the loan documents.

The facility will be syndicated by Citigroup.  For a period of
time Northwest and its subsidiaries and agents will not be
permitted to syndicate or issue any debt security or commercial
bank or other debt facility, without the prior written consent
of Citigroup, other than secured aircraft debt and lease
financings with respect to certain aircraft, aircraft
restructurings and aircraft financings with manufacturers.

Citigroup will act as the sole Administrative Agent, Collateral
Agent, Lead Arranger, and Book-Running Manager in the
transaction.  It will also have the sole right, but not the
obligation, to add one or more co-arrangers to the facility in
its discretion, with Northwest Airlines' consent.

The new financing is expected to close before year-end 2006.  
Northwest Airlines may prepay any individual aircraft loan under
the credit facility without premium or penalty, subject to
reimbursement of the lenders' LIBOR breakage costs, if any.  
Amounts borrowed under the senior or junior facilities that are
repaid or prepaid may not be reborrowed.  Northwest will also
pay certain fees in connection with the financing.

                          Interest Rates

The interest rates for the two facilities reflect a blend margin
over LIBOR of about 1.97% on an internal rate of return basis.

The interest rates per annum applicable to the senior facility
will be LIBOR, including statutory reserves, plus 1.75% or, at
the option of Northwest Airlines, the Alternate Base Rate plus
0.75%.  The Alternate Base Rate is to be defined as the highest
of:

   (x) the base rate of Citibank, N.A.;

   (y) the Federal Funds rate plus 0.50%; and

   (z) the latest three-week moving average of secondary market
       morning offering rates for three-month certificates of
       deposit, as determined by Citibank and adjusted for the
       cost of reserves and FDIC insurance assessments plus
       0.50%.

The interest rates per annum applicable to the senior facility
will be LIBOR, including statutory reserves, plus 3.50% or, at
Northwest Airlines' option, the Alternate Base Rate plus 2.50%.

LIBOR rate advances will be based on three-month interest
periods.  Interest will be payable quarterly at the end of each
interest period.

During the continuance of any payment default under the loan
documentation, the interest rate on all overdue obligations
under the loan documentation will increase by 2% per annum.

A full-text copy of the redacted Commitment Letter is available
for free at http://ResearchArchives.com/t/s?163d

                   Aircraft Creditors' Concerns

Several aircraft creditors said the Debtors' Financing Motion
does not include a carve-out for the Section 1110 interests in
any of the aircraft subject to the proposed financing.

The aircraft creditors are MBIA Insurance Company, Bank of
America, Transamerica Aviation LLC and TA Air VII, Goldman Sachs
Credit Partners, Credit Industriel et Commercial, DVB Bank AG,
Halifax Bank plc, The Governor and Company of the Bank of
Scotland, Bayerische Landesbank, HSH Nordbank AG, Lloyds Bank
PLC, BS Greenwich Kahala B757 N537US LLC, GMAC Commercial
Finance LLC, Merrill Lynch Credit Products LLC, Bear Stearns
Investment Products Inc., and Sumitomo Bank.

According to Douglas J. Lipke, Esq., at Vedder, Price, Kaufman &
Kammholz P.C., in Chicago, Illinois, the Financing Motion and
redacted Commitment Letter are, at best, unclear about the
proposed treatment of the Section 1110 assets and agreements
under the proposed financing transactions.

Thus, the Aircraft Creditors objected to the Debtors' Financing
Motion and requested that these provisions be included in the
Debtors' proposed draft order:

   (x) No Waiver of Section 1110 Beneficiary Rights; and

   (y) Limitation on Liens in Section 1110 Assets.

The Aircraft Creditors also clarified the definition of a
Section 1110 Agreement and the Section 1110 Assets.

On November 20, 2006, the Aircraft Creditors withdrew their
limited objection after the Debtors' counsel assured them that
the Financing Motion does not affect any Section 1110 Assets or
Agreements in which any of them have an interest.

                     About Northwest Airlines

Northwest Airlines Corp. (OTC: NWACQ) -- http://www.nwa.com/--  
is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures.  Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks.  Northwest and its
travel partners serve more than 900 cities in excess of 160
countries on six continents.  The company and 12 affiliates
filed for chapter 11 protection on Sept. 14, 2005 (Bankr.
S.D.N.Y. Lead Case No. 05-17930).  Bruce R. Zirinsky, Esq., and
Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP
in New York, and Mark C. Ellenberg, Esq., at Cadwalader,
Wickersham & Taft LLP in Washington represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors has retained Akin
Gump Strauss Hauer & Feld LLP as its bankruptcy counsel in the
Debtors' chapter 11 cases.  When the Debtors filed for
protection from their creditors, they listed US$14.4 billion in
total assets and US$17.9 billion in total debts.  The Debtors'
exclusive period to file a chapter 11 plan expires on Jan. 16,
2007.

(Northwest Airlines Bankruptcy News, Issue No. 47; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000).  In July 2006, Northwest Airlines Corp. unit
Northwest Airlines Inc. reached a tentative concessionary
contract agreement with its flight attendants' union.  Standard
& Poor's Ratings Services affirmed its 'D' corporate credit
ratings on both entities, which are determined by the companies'
bankruptcy status.


NOVOLIPETSK STEEL: Inks RUR200-Mln Rolls Deal with OMZ Group
------------------------------------------------------------
UralmashSpecStal, a part of OMZ-SpecStal division of Uralmash-
Izhora Group concluded a contract with OJSC Novolipetsk Steel
for the production of working and back-up rolls for rolling
mills.  The contract provides for rolls valued at more than
RUR200 million in 2007.

UralmashSpecStal is a traditional supplier to NLMK.  
UralmashSpecStal has supplied some 30-50% of all rolls for
various NLMK rolling mills.  In 2007 the company will supply
rolls made with high-chromium steel (3%-5% chromium content)
characterized by a high level of durability.  The operating
procedures for this type of rolls at a Model 2000 hot rolling
mill were developed jointly by NLMK and UralmashSpecStal experts
in order to raise the quality of the rolls.

                      About UralmashSpecStal

UralmashSpecStal produces four types of steel forged rolls: back
up and working rolls for hot and cold rolling.   Rolls produced
by OMZ companies were included into the list of best Russian
products, and were named Gold and Platinum Quality Mark at the
All-Russian Quality Mark Award.  In 2006, UralmashSpecStal
exported more than 50% of all rolls produced.

                        About Novolipetsk

Headquartered in Lipetsk, Russia, Novolipetsk Steel --
http://www.nlmksteel.com/-- manufactures pig iron, slabs, hot-
rolled steel, and a variety of value-added steel products, such
as cold-rolled sheet, electrical steel and other specialty flat
products.  The group also operates in Denmark and Japan.

The group entered the Danish steel market in the first quarter
of 2006 by acquiring a 100% stake at DanSteel A/S.

                          *     *     *

Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Russia-based steelmaker OJSC
Novolipetsk Steel to 'BB+' from 'BB'.  S&P said the outlook is
stable.  The Russia national scale rating was also raised to
'ruAA+' from 'ruAA'.

"The upgrade reflects the company's continuing strong
performance and conservative financial policies," said Standard
& Poor's credit analyst Tatiana Kordyukova.


NOVOLIPETSK STEEL: S&P Keeps Ratings Despite Duferco Deal
---------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings and
outlook on Russian steelmaker OJSC Novolipetsk Steel (NLMK;
BB+/Stable/--; Russia national scale 'ruAA+') are unchanged by
the announcement of NLMK's acquisition of a 50% share in a joint
venture with Duferco Group for US$850 million.

This cash outflow will not deteriorate NLMK's strong financial
metrics, which have sufficient flexibility for M&A and
investments.  In the longer term, the business profile could
benefit from NLMK's sale to the joint venture of excess output
of semi-finished products for processing into higher-value-added
products.

Headquartered in Lipetsk, Russia, Novolipetsk Steel --
http://www.nlmksteel.com/-- manufactures pig iron, slabs, hot-
rolled steel, and a variety of value-added steel products, such
as cold-rolled sheet, electrical steel and other specialty flat
products.  The group also operates in Denmark and Japan.


SENSATA TECHNOLOGIES: Revenues Rise 11% to US$298MM in 2nd Qtr.
---------------------------------------------------------------
Sensata Technologies B.V. reported the results of its operations
for the quarter ended June 30, 2006.  Revenue for the quarter
was US$298 million, increasing 11% from the quarter ended
June 30, 2005.  Adjusted EBITDA was US$81 million, US$3 million
greater than the first quarter, but US$2 million less than the
quarter ended June 30, 2005.

"Our results for the Second Quarter were in line with our
expectations for the period.  Revenue in the Sensors business
was strong as we began to realize the benefits of our investment
in the Occupant Weight Sensor technology.  Additionally, as
planned for the year, we saw some decrease in margin levels
relative to 2005 due to additional manufacturing costs of
transitioning new products into production and an increase in
corporate costs associated with the move to a stand-alone
company.  We continue to track in line with our plans for 2006,"
said Tom Wroe, Chairman, President and Chief Executive Officer.

               Highlights of the Second Quarter 2006

Revenues for the quarter ended June 30, 2006, were a record
US$298 million, an increase of one% over the quarter ended
March 31, 2006, and 11% over the quarter ended June 30, 2005 due
to strength in the Sensors business, primarily driven by
increased sales of new products including Occupant Weight
sensors and Mass Air Flow sensors.

Adjusted EBITDA increased US$3 million from the first quarter
related to increased contributions from new products and the
positive impact from cost reduction programs.  Compared to the
Second Quarter of 2005, EBITDA was down US$2 million due to
higher corporate level expenses.

Cash at June 30, 2006, was US$52 million and the company's line
of credit remained undrawn.  Additionally, capital expenditures
were US$12 million for the second quarter of 2006, compared with
US$10 million for the first quarter, and US$9 million in the
second quarter 2005 as the company continued to invest in new
equipment to support growth.

            Highlights of the First Six Months of 2006

Revenues increased 10% over the same period in the prior year to
a record US$592 million.  The increase in revenue was driven by
growth in our Sensors products including new products and strong
sales of our core pressure sensors.

Adjusted EBITDA was US$159 million which was US$2 million less
than the same period last year due to higher corporate level
expenses.

                         Business Outlook

"The business outlook remains strong.  Despite the challenges
facing the Big 3 US auto makers, our global footprint and
continuous investment in new technologies has positioned us well
for delivering on our plans," Mr. Wroe added.

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

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

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

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

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

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


TIMKEN CO: Gets US$92.6 Million Subsidy from U.S. Customs
---------------------------------------------------------
The Timken Company received approximately US$92.6 million from
the United States Customs under the U.S. Continued Dumping and
Subsidy Offset Act for 2006.  The company will apply the entire
amount toward funding its U.S. pensions.

CDSOA provides the authority for U.S. Customs to distribute
antidumping duties to U.S. producers harmed by unfair trade that
have continued to invest in their technology, equipment, and
people.

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR) --
http://www.timken.com/-- is a manufacturer of highly engineered   
bearings and alloy steels.  It also provides related components
and services such as bearing refurbishment for the aerospace,
medical, industrial and railroad industries.  The company has
operations in Japan, Australia, China, India, Singapore, among
others, and employs 27,000 employees.

                          *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
confirmed the Ba1 Corporate Family Rating for The Timken
Company, as well as the Ba1 rating on the company's US$300
Million Unsecured Medium Term Notes Series A due 2028.  Those
debentures were assigned an LGD3 rating suggesting noteholders
will experience a 46% loss in the event of default.


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

DRESSER INC: Makes Additional US$20MM Prepayment on Term Loan
-------------------------------------------------------------
Dresser, Inc., made an optional prepayment of US$20 million on
its new US$785 million term loan, reducing the total amount
outstanding under the facility to US$765 million.

On Oct. 31, 2006, Dresser refinanced its U.S. debt with the
US$785 million term loan and a US$150 million revolving credit
facility.  Prior to the refinancing, the company had made
optional prepayments totaling US$75 million during 2006 on its
then-existing term loan.

The company noted that its operations continue to generate
significant positive cash flow and its backlog and bookings
remain strong.

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

                          *     *     *

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

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


DURA AUTO: U.S. Trustee Appoints 7-Member Creditors Committee
-------------------------------------------------------------
Relative to DURA Automotive Systems, Inc. and its debtor
affiliates' Chapter 11 cases, Kelly Beaudin Stapleton, United
States Trustee for Region 3 pursuant to Section 1102(a)(1) of
the Bankruptcy Code, appointed seven creditors to the Official
Committee of Unsecured Creditors.

The appointed creditors are:

     (1) Wilfrid Aubrey LLC
         Attn: Nicholas W. Walsh
         100 William Street
         Suite 1850
         New York, NY 10038
         Phone: 212-675-4906
         Fax: 212-675-3626

     (2) BNY Trust Company Midwest.
         Attn: Robert H. Major
         6525 W. Campus Oval
         New Albany, OH 43054
         Phone: 614-775-5278
         Fax:614-775-5636

     (3) US Bank National Association.
         Attn: James E. Murphy
         100 Wall Street
         Suite 1600
         New York, NY 10005
         Phone: 212-361-6174
         Fax: 212-514-6841

     (4) International Union, UAW
         Attn: Niraj Ganatra, Esq.
         8000 East Jefferson Avenue
         Detroit, MI 48214
         Phone: 313-926-5216
         Fax: 313-926-5240

     (5) Pension Benefit Guaranty Corporation
         Attn: William McCarron, Jr.
         1200 K Street N.W.
         Washington, D.C. 20005
         Phone: 202-326-4000, ex. 3471
         Fax: 202-326-4112

     (6) Johnson Electric N.A., Inc.
         Attn: Douglas G. Eberle
         47660 Halyard Drive
         Plymouth, MI 48170
         Phone: 734-392-5308
         Fax: 734-392-5388

     (7) Thompson I.G., LLC
         Attn: Christine Maria DeSonia
         3196 Thompson Rd.
         Fenton, MI 48430
         Phone: 810-629-9558
         Fax: 810-629-8342

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

                         *     *     *

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

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

                          *     *     *

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


HYNIX SEMICONDUCTOR: Adopts LithoCruiser for Process Development
----------------------------------------------------------------
Hynix Semiconductor Inc. has standardized on ASML Holding NV's
LithoCruiser software for the company's process development
activity.  Hynix has purchased multiple licenses of LithoCruiser
to perform lithography simulation and optimization for critical
layers in all sub-60-nanometer DRAM and flash memory devices.

ASML is the leading provider of lithography systems to the
semiconductor industry.  In addition, the company offers tightly
integrated mask technologies such as DDL(TM) Technology, and
software solutions for scanner and mask feature optimization,
such as LithoCruiser.

The production resolution capability of an optical lithography
system is determined by the wavelength, Numerical Aperture (NA),
and process factor, k1.  By applying different lithographic
enhancement techniques, resolution can be extended.  
LithoCruiser is specifically developed for ASML scanners.  As a
result, it performs automatic optimization of ASML scanner
settings and critical mask features.

"As a provider of leading-edge memory devices, it is critical
for us to maximize the imaging performance and process windows
in our production fabs," said Dr. Dong Gyu Yim, Senior Member of
Technical Staff, R&D Department, Hynix.  "ASML proved to be a
trusted partner by implementing all the necessary functions and
features in LithoCruiser that fully met our requirements."

"We are proud that Hynix has selected LithoCruiser as the
process development tool of choice for their next generation
DRAM and flash memory devices," said Dinesh Bettadapur,
president and CEO, ASML MaskTools.  "Hynix's choice to
standardize on LithoCruiser demonstrates ASML's commitment to
providing our customers with innovative lithography capabilities
to enable their advanced process development."

                            About ASML

ASML is the world's leading provider of lithography systems for
the semiconductor industry, manufacturing complex machines that
are critical to the production of integrated circuits or chips.
Headquartered in Veldhoven, the Netherlands, ASML is traded on
Euronext Amsterdam and NASDAQ under the symbol ASML.

                    About Hynix Semiconductor

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

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


HYNIX SEMICONDUCTOR: Claims World's Fastest Mobile DRAM
-------------------------------------------------------
Hynix Semiconductor, Inc., has developed the world's fastest and
smallest 512Megabit mobile DRAM.  This product meets the JEDEC
standards and operates at the world's fastest speed of 200MHz.

By using 32 I/Os, Hynix's 512Mb mobile DDR SDRAM processes
1.6Gbytes (400Mbps x 32) of data in 1 second, which is by close
to 1.5 times faster than speed of the company's existing mobile
DRAM products.  Hynix says, "as the third generation of mobile
phones has emerged, our 512Mb mobile DRAM is expected to offer
higher capacity and faster speed solutions, which are required
for advanced handsets such as DMB players and display phones."

In addition to improved speed, Hynix's 512Mb mobile DRAM
features the industry's smallest size, 8mm x 10mm.  Thus the
memory is projected to enhance the Company's competitiveness in
the mobile sector, which has showed a trend of miniaturization.
Moreover, Hynix is expected to combine 512Mb mobile DRAM and
NAND Flash in a multi-chip package, which will contribute to
production of slimmer mobile phones.

Hynix says, "We are almost in the final stage to receive the
world's first validation by major mobile chipset companies and
we have already received positive response from them."  Hynix is
looking forward to achieving the validation and leading the
JEDEC standards.

By launching the world's fastest 512Mb mobile DRAM, Hynix has
proved its technology leadership again.  The Company will
continue enhancing its development and marketing of mobile DRAM
products in order to meet such different demands for higher
speed, larger capacity and lower power memory.

                   About Hynix Semiconductor

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

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


SK CORP: To Acquire Stake in Australia's Centennial Coal Mine
-------------------------------------------------------------
SK Corp., together with Korea Resources Corp., will acquire a
50% stake in Australia's Centennial Coal Ltd.'s Angus Place
mine, Bloomberg News reports, citing as source Centennial's
disclosure with the Australian Stock Exchange.

Both SK Corp and Korea Resources are also investors in
Centennial's Springvale mine.

According to Centennial, the two Korean companies agreed to pay
US$63 million for the investment in Angus Place.

"Common ownership of Angus Place and Springvale will create an
opportunity to maximize synergies, including increased
participation in export market opportunities," Bloomberg quotes
a Centennial statement.

Expected completion date of the sale will be the end of March,
Bloomberg adds.

                       About SK Corporation

Headquartered in Seoul, South Korea, SK Corporation --
http://eng.skcorp.com/-- is an energy and petrochemical company  
with 4,916 employees and 22 offices around the world in 2005.
The company is strategically positioned as Korea's largest and
Asia's leading refiner next to Sinopec and PetroChina.  SK Corp.
currently explores, develops and produces oil in 13 nations that
span Africa, Asia and the Americas.

Moody's Investors Service gave SK Corp. a 'Ba1' Foreign Currency
Long-Term Debt Rating effective February 17, 2006.


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

INDUSTRIAS METALURGICAS: Gets US$50-Mil. Loan for Hydro Project
---------------------------------------------------------------
Industrias Metalurgicas Pescarmona has secured a US$50 million
syndicated loan to help fund its hydroelectric project in
Venezuela, LatinLawyer Online reports.

According to LatinLawyer, the first disbursement of the three-
year loan was granted on Oct. 26, with BCP Securities heading
the lenders' syndicate.

LatinLawyer relates that the loan will be used to repay existing
debts, and fund a US$200 million contract with Venezuelan
hydroelectric supplier Electrificacion del Caroni.  IMPSA will
supply equipment for the 3,100 megawatt Macagua dam in
Venezuela.  The loan is based on future services and cash flows
from the project.

Deutsche Bank Trust Co. Americas was the administrative agent
and collateral agent on the deal, LatinLawyer notes.

"It's important that an Argentine company can get financing from
international lenders at this point after the crisis.  It's hard
for Argentine businesses to do that, as it's still seen as quite
unstable.  It's a rare type of company that exports technology,
engineering and know-how from Argentina, and competes with other
major companies in the world," Diego Serrano Redonnet -- a
partner at Perez Alati, Grondona, Benites, Arntsen & Martinez de
Hoz, who advised Industrias Metalurgicas -- told LatinLawyer.

The adviser can be reached at:

    Jose Martinez de Hoz
    Damaso A. Pardo
    Perez Alati, Grondona, Benites,
    Arntsen & Martinez de Hoz (h)
    Tte. Gral. Peron 555, Piso 3 "A",
    C1038AAK, Buenos Aires, Argentina
    Phone: 54.11.5.032.3640 x 2025
    Fax: 54.11.5.032.3644
    E-mail: dap@pagbam.com.ar

Industrias Metalorgicas Pescarmona SAIC& F aka IMPSA --
http://www.impsa.com.ar/ -- is one of the largest worldwide  
providers of integrated energy solutions for hydropower and wind
energy projects through the production of capital goods and by
investing in power generation projects.

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

                          *     *     *

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

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


MEDIA PRIMA: Posts MYR28 Million Net Profit in 3Q 2006
------------------------------------------------------
Media Prima Bhd posted a net profit of MYR27.99 million in the
third quarter ended September 30, 2006, up 53% from
MYR18.33 million a year earlier due to strong growth in
advertising expenditure, The Edge Daily reports.

Revenue rose 42% to MYR155.11 million from MYR109.05 million.

According to a company's statement, the increase in figures
during the reviewed quarter was due to Media Prima's TV networks
-- consisting of TV3, NTV7, 8TV and Ch-9 Media Sdn Bhd --
maintaining its leadership position by collectively capturing
49% share of viewership against 39% captured in the previous
corresponding period.

The Edge relates that the company is optimistic in maintaining
its industry leadership and future earnings growth via continued
investment in quality programming, branding and prudent
financial management.

Meanwhile, the company recorded a 21% increase in net profit
after tax and exceptional items to MYR37.3 million for the nine
months ended September 30 2006, on 38% growth in revenue to
MYR387.8 million, the Business Times notes.

The strong growth, according to the paper, was attributable to
increased advertising expenditure arising during the World Cup,
innovative content and aggressive promotions as well as the
direct result of the aggressive expansion and consolidation
strategy adopted by the group.

                          *     *     *

Headquartered in Selangor Darul Ehsan, Malaysia, Media Prima
Bhd's -- http://www.mediaprima.com.my/-- is the largest media  
corporation in Malaysia.  Through its subsidiaries, it controls
several television networks, newspapers and a radio station.  
The company was established and launched on September 23, 2003.

As reported by the Troubled Company Reporter - Asia pacific on
Nov 28, 2006, Media Prima Bhd's issued bond with a coupon rate
of 2% and maturing on July 18, 2008, is currently traded at one
cent on the dollar (US).


OLYMPIA INDUSTRIES: First Quarter Net Loss Reaches MYR31.6MM
------------------------------------------------------------
On November 27, 2006, Olympia Industries Bhd filed its financial
results for the quarter ended September 30, 2006, with the Bursa
Malaysia Securities Bhd.

The company posted a MYR31.61-million net loss on
MYR53.79 million of revenues for the September 2006 quarter
compared with the MYR33.1-million net loss on MYR48.41 million
of revenues in the same quarter last year.

As of September 30, 2006, the company's balance sheet showed
strained liquidity with MYR371.60 million in current liabilities
available to pay MYR2.006 billion in current liabilities.

Furthermore, Olympia's September 30, 2006, balance sheet
reflected insolvency with MYR1.01 billion in total assets and
MYR2.07 billion in total liabilities, resulting to a
shareholders' deficit of MYR1.06 billion.

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/OLYMPIA-1Q-2007.xls

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Olympia Industries
Berhad organizing and managing numbers forecast pools and public
lotteries, operation of recreation clubs, investment holding and
property development.  Other activities include trading in
securities, paint spraying of aluminium, other metal products
and architectural products, letting of properties, maintaining
and operating internet based transaction facilities and
services, food and beverage business, events organizer and
project management, travel and tours agency, servicing of oil
and gas pipeline, asset management, money lending and
stockbroking.  

Operations are carried out in Malaysia, Papua New Guinea and
Singapore.  The Company has incurred continuous losses in the
past and has also been fined many times by Bursa Malaysia
Securities for failing to maintain appropriate standards of
corporate responsibility and accountability to the investing
public.

Olympia's balance sheet as of Sept. 30, 2006, reflected
MYR1.01 billion in total assets and MYR2.07 billion in total
liabilities, resulting to a shareholders' deficit of
MYR1.06 billion.


PANGLOBAL BERHAD: Incurs MYR13.25-Mil. Net Loss in 3rd Qtr. '06
---------------------------------------------------------------
Bursa Malaysia Securties Bhd received on November 30, 2006,
PanGlobal Bhd's financial results for the quarter ended
September 30, 2006.

The company posted a MYR13.25-million net loss on
MYR73.51 million of revenues in its third quarter 2006
operations as compared with the MYR28.1-million net loss on
MYR77.49 million of revenues reported in the same quarter last
year.

As of September 30, 2006, the company's balance sheet reflected
strained liquidity with current assets of MYR189.65 million
available to pay MYR275.56 million in current liabilities.

PanGlobal's balance sheet as of September 30, 2006, showed
insolvency with total assets of MYR690.55 million and total
liabilities of MYR1.58 billion.  Shareholders' deficit totaled
MYR368.08 million.

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

       http://bankrupt.com/misc/pan-global-2006.xls

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, PanGlobal Berhad --
http://home.panglobal.com.my/-- is engaged in underwriting all  
classes of general insurance business, extracting of logs,
sawmilling, manufacturing of veneer and extraction of coal.  
Other activities include property investment and development and
leasing of real estate, investment holding, business management,
building and fitness club management.

PanGlobal is listed under Practice Note 4/2001.  The Bursa
Malaysia Securities has required the company to regularize its
financial condition, curb huge losses and settle debts in order
to continue operating.  The company has already submitted a
Proposed Restructuring Scheme to the Securities Commission on
September 9, 2005.  On April 6, 2006, the Securities Commission
approved PanGlobal Berhad's proposed restructuring scheme.

The company's balance sheet as of September 30, 2006, revealed
total assets of MYR690.55 million and total liabilities of
MYR1.58 billion, resulting to a stockholders' deficit of
MYR368.08 million.


PARACORP BERHAD: Incurs MYR7.59-Mil. Net Loss in Third Qtr. 2006
----------------------------------------------------------------
Paracorp Bhd posted a MYR7.59-million net loss on
MYR16.8 million of revenues in the quarter ended September 30,
2006, compared with the MYR2.8-million net loss on
MYR19.54 million of revenues recorded in the same quarter last
year.

As of September 30, 2006, the company's consolidated balance
sheet showed strained liquidity with MYR48 million in current
assets available to pay MYR108.5 million in current liabilities.

In addition, Paracorp's balance sheet as of September 30, 2006,
reflected insolvency with total assets of MYR101.37 million and
total liabilities of MYR115.48 million.  Shareholders' deficit
reached MYR14.12 million.

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

         http://bankrupt.com/misc/PARACORP-3Q2006FS.xls

                          *     *     *

Paracorp Berhad's principal activities are the manufacture and
trading of printed graphic overlay, printed electronic circuits,
electroluminescent display, telemetry monitoring system,
electronic circuit components, corrugated plastic sheets,
corrugated carton boxes and plain boards.  Its other activities
include the provision of management services, investment
holding, property investment, property management, money
lending, technology management and research and development
services.  The Group operates in Malaysia, Oceanic countries,
European countries, American countries and other Asian
countries.

The Company is classified under Practice Note 17 of Bursa
Malaysia Securities Berhad's Listing Requirements.  As an
affected listed issuer, the Company is required to submit a
financial regularization plan by January 7, 2007.

The company's balance sheet as of end-September 2006, reflected
total assets of MYR101.37 million and total liabilities of
MYR115.48 million, resulting in shareholders' deficit of
MYR14.12 million.


PROTON HOLDINGS: Net Loss Widens in 2nd Qtr., Topping MYR250MM
--------------------------------------------------------------
Proton Holdings Bhd's fiscal second-quarter loss widened as
lower revenue and higher expenses pressured Malaysia's national
carmaker, the Wall Street Journal reports.

Based on the company's financial report for the three months
ended Sept. 30, 2006, Proton had a loss of MYR250.3 million
compared with a loss of MYR154.3 million in the same quarter a
year earlier.  

Revenue fell 29% to MYR1.27 billion from MYR1.8 billion.

The Edge relates that up to October, Proton sold 100,515 units
compared with 139,689 units in the previous corresponding
period.  Its share of the passenger cars market was 32.14%.

The decrease in the figures was due to lower sales in the second
quarter brought by sluggish and competitive market environment,
Proton said in a filing before the Malaysia Securities Bhd.

"Efforts in reducing operating expenditure have not been fully
realized and are dampened by lower production volume," the
company added.

In addition, Proton said the Malaysian automotive industry is
likely to face sales challenges caused by reduced trade-in
values, high interest rates and tightening credit.  The company,
however, plans to intensify its marketing efforts and cut costs
to counter the challenges, WSJ relates.

Furthermore, analysts told WSJ that Proton will likely post a
loss in the fiscal third quarter, amid higher marketing costs.

The Star notes that for the half year ended Sept 30, 2006,
Proton made a cumulative net loss of MYR308.9 million compared
with a net loss of MYR166.7 million in the first six months in
2005.

Managing director Datuk Syed Zainal Abidin Syed Mohamed Tahir
expects however that Proton's performance will be better in the
near to medium term with a strategic blueprint in place.

The blueprint, according to The Edge includes the planned launch
of two new models in 2007, the finalization of strategic
alliance with foreign carmakers envisaged by the first quarter
of next year and the expected positive results of some
initiatives under the company's comprehensive business
turnaround plan.

                          *     *     *

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.proton-edar.com.my/-- is engaged in manufacturing,  
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products.  Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles, related
spare parts and accessories, holds intellectual property,
provides engineering consultancy, operates single make race
series and carries out specific engineering contracts.  The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.

Proton was reported to be among Malaysia's worst-performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter - Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner by the end of this
year.


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

IROAM INVESTMENT: Creditors Must Prove Claims by Dec. 15
--------------------------------------------------------
Liquidators David Blanchett and Peter McLean require the
creditors of Iroam Investment Ltd to submit their claims and
establish any priority claims by Dec. 15, 2006.

The TCR-AP previously reported that The Mill Liquorsave Ltd.
filed a wind-up petition against the company, which was heard by
the Court on Nov. 16, 2006.

The Joint and Several Liquidators can be reached at:

         David Blanchett
         Peter McLean
         Beattie Rickman
         P.O. Box 191, Hamilton
         New Zealand


KEADAN HOLDINGS: Court Orders Liquidation of Business
-----------------------------------------------------
On Oct. 30, 2006, the High Court of Christchurch entered an
order to liquidate the business of Keadan Holdings Ltd.  
Accordingly, Iain Andrew Nellies and Wayne John Deuchrass were
appointed as joint and several liquidators.

The Troubled Company Reporter - Asia Pacific has reported that a
petition filed by Verve Works Ltd against the company was heard
before the High Court of Christchurch on Oct. 30, 2006.

The Joint and Several Liquidators can be reached at:

         Iain Andrew Nellies
         Wayne John Deuchrass
         Insolvency Management Limited
         Level One, 148 Victoria Street (P.O. Box 13-401)
         Christchurch
         New Zealand


NGAHERE CONTRACTORS: Appoints Joint Liquidators
-----------------------------------------------
On Nov. 13, 2006, Kenneth Peter Brown and Thomas Lee Rodewald
were appointed as joint and several liquidators of Ngahere
Contractors Ltd.

As reported by the Troubled Company Reporter - Asia Pacific, the
Commissioner of Inland Revenue filed the liquidation petition
against the company, which was heard before the Court on
Nov. 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


PARKER GARAGES: Shareholders Resolve to Liquidate Business
----------------------------------------------------------
Shareholders of Parker Garages Ltd on Nov. 16, 2006, resolved by
special resolution to liquidate the company's business and
appointed Grant Bruce Reynolds as liquidator.

The Liquidator can be reached at:

         Grant Bruce Reynolds
         Reynolds & Associates Limited
         P.O. Box 259-059, Burswood
         East Tamaki, Auckland
         New Zealand
         Telephone:(09) 577 0162
         Facsimile:(09) 576 5503


PROJECT TRANZACTIONS: Court Issues Liquidation Order
----------------------------------------------------
On Oct. 30, 2006, the High Court of Christchurch entered an
order to liquidate the business of Project Tranzactions Ltd.

Moreover, Iain Andrew Nellies and Wayne John Deuchrass were
appointed as joint and several liquidators.

As reported by the Troubled Company Reporter - Asia Pacific, the
Commissioner of Inland Revenue filed the liquidation petition
against the company, which was heard before the Court on
Oct. 30, 2006.

The Joint and Several Liquidators can be reached at:

         Iain Andrew Nellies
         Wayne John Deuchrass
         Insolvency Management Limited
         Level One, 148 Victoria Street (P.O. Box 13-401)
         Christchurch
         New Zealand

                   About Project Tranzactions

Project Tranzactions Limited is engaged in the management
consulting services.

The company is located in Christchurch, New Zealand.


ROCKIT PLASTER: Names Official Assignee as Liquidator
-----------------------------------------------------
On Nov. 13, 2006, the Official Assignee of Rockit Plaster Pumps
NZ Ltd -- now known as RKT LQD Ltd -- was named as the company's
liquidator.

The Troubled Company Reporter - Asia Pacific previously reported
that CSR Building Products (NZ) Ltd filed a liquidation petition
against the company on Sept. 26, 2006.  The Court heard the
petition on Nov. 13, 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

                      About Rockit Plaster

Rockit Plaster Pumps New Zealand Limited is a Fire, Marine, and
Casualty Insurance.

The company is located in Auckland, New Zealand.


ROSSALL HOLDINGS: Liquidation Hearing Slated for Dec. 11
--------------------------------------------------------
The High Court of Christchurch will hear a liquidation petition
filed against Rossall Holdings Ltd on Dec. 11, 2006, at 10:00
a.m.

The Commissioner of Inland Revenue filed the petition on
Oct. 25, 2006.

The Solicitor for the Petitioner can be reached at:

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


ROSSALL PROPERTIES: Faces Liquidation Proceedings
-------------------------------------------------
On Oct. 25, 2006, the Commissioner of Inland Revenue filed a
liquidation petition against Rossall Properties Ltd.

The High Court of Christchurch will hear the petition on Dec.
11, 2006, at 10:00 a.m.

The Solicitor for the Petitioner can be reached at:

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


SANSOM CONTRACTING: Court to Hear CIR's Liquidation Petition
------------------------------------------------------------
On Oct. 25, 2006, the Commissioner of Inland Revenue filed a
petition to liquidate Sansom Contracting Ltd.

The High Court of Christchurch will hear the petition on Dec.
11, 2006, at 10:00 a.m.

The Solicitor for the Petitioner can be reached at:

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


SMT CONTRACTING: Court Sets Liquidation Hearing on Dec. 11
----------------------------------------------------------
The Commissioner of Inland Revenue filed with the High Court of
Christchurch a liquidation petition against SMT Contracting Ltd
on Oct. 25, 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:

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


TANNER OUTDOOR: 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 Tanner
Outdoor Centre Ltd.

According to the Troubled Company Reporter - Asia Pacific, the
Commissioner of Inland Revenue filed the petition against the
company, which was heard before the Court on Nov. 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


T3M LTD: Liquidation Petition Hearing Set on December 14
--------------------------------------------------------
The High Court of Auckland will hear a petition to liquidate T3M
Ltd on Dec. 14, 2006,

The Trouble Company Reporter - Asia Pacific recounts that the
Commissioner of Inland Revenue filed the petition on Sept. 28,
2006.

The Solicitor for the Petitioner can be reached at:

         Hi Chong (Sylvia) Ko
         Technical and Legal Support Group
         Auckland North Service Centre
         Inland Revenue Department
         5-7 Byron Avenue (P.O. Box 33-150)
         Takapuna, Auckland
         New Zealand
         Telephone:(09) 984 1294
         Facsimile:(09) 984 3116)


* Inflation at its Peak, No More Rate Increases, NZIER Says
-----------------------------------------------------------
In its latest quarterly forecast, New Zealand Institute of
Economic Research forecast no further increases in the Reserve
Bank's Official Cash Rate in the current cycle, but said it
would be toward the middle of 2007 before the bank begins
cutting the 7.25% rate, the New Zealand Press Association
reports.

"We believe that consumer price index inflation peaked at 4% in
the June quarter 2006, and that either late this year or early
next it will return to within the Reserve Bank target band of 1-
4%," the report cites NZIER director Brent Layton, as saying.

The institute said it had made no significant changes to its
growth forecasts from its September forecasts.  Gross domestic
product growth is expected to slow from an annual rate of 1.9%
in the year to June 2006, to 1.5% in the year to March 2007.

"Growth will remain relatively weak in the year to March 2008
before recovering back to an annual average growth rate of 3.5%
from 2009 to 2011," Mr. Layton said.

The Institute expected a slightly stronger domestic economy as
earlier forecast, ShareChat News relates.  

A faster than expected fall in fuel prices, surprisingly low
September quarter inflation, increasing net immigration, and a
stronger currency, all contributed to the Institute's slightly
more optimistic view of the domestic economy, ShareChat says.

But private consumption is expected to fall to just 1.7% in the
March 2007 year, and 2% in 2008, NZPA notes, adding that
investment activity will decline by 3.8% and then 3% during that
period.

In contrast, government consumption is tipped to grow at 6.1% in
the March 2007 year, NZPA relates.


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

FAIRCHILD SEMICONDUCTOR: Court Postpones POWI Trial
---------------------------------------------------
Fairchild Semiconductor disclosed that the jury trial set to
begin early this week against Power Integrations Inc. has been
canceled by order of the Delaware United States District Court.  
The court questioned whether the KSR v. Teleflex case, currently
pending before the U.S. Supreme Court, and argued only days ago
on Nov. 28, 2006, might affect the dispute between Fairchild and
Power Integrations.

The court found that the same issue of obviousness, a defense to
the validity of the Power Integrations patents, "permeates the
validity contentions in this case."  At issue in the KSR case is
whether the defense of obviousness has been improperly
restricted by lower court rulings.  

The court reset the Power Integrations v. Fairchild
Semiconductor jury trial on validity issues to May 7, 2007.

                        About Fairchild

Fairchild Semiconductor -- http://www.fairchildsemi.com/--  
supplies power products critical to leading electronic
applications in the computing, communications, consumer,
industrial and automotive segments.  Fairchild's 9,000 employees
design, manufacture and market power, analog & mixed signal,
interface, logic, and optoelectronics products.  The company has
locations in Korea, Malaysia, and the Philippines.

                          *     *     *

On November 10, 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 U.S. technology
semiconductor and distributor sector, the rating agency affirmed
its Ba3 corporate family rating on Fairchild Semiconductor Corp.


MIRANT CORP: NY Subsidiaries Settles Haverstraw Town Dispute
------------------------------------------------------------
Mirant Corporation's New York subsidiaries, Haverstraw-Stony
Point Central School District, Town of Haverstraw, Town of Stony
Point, and County of Rockland resolved the long-running tax
disputes concerning two of Mirant's power generating plants and
reached an agreement in principle.

The disputes date back to 1995 and have worked their way through
both state and federal courts.  The problems intensified after
the company and its New York subsidiaries filed for Chapter 11
protection in 2003.

The parties began meeting in person with Elizabeth Warren, the
mediator, at the Harvard Law School in Cambridge, Massachusetts,
where they negotiated and struck a deal.

Ms. Warren, a professor of Law at Harvard Law School, said, "The
problems were complex, and the negotiations were difficult.  But
all parties worked extremely hard to find the best possible
solution."  Ms. Warren added, "The representatives of
Haverstraw, Stony Point and Rockland County were aggressive as
they worked to protect the homeowners and school children who
depend on tax revenues from the Mirant plants.  They were tough
negotiators, but they also recognized the enormous gains that
would come from settling this very expensive and long- running
litigation.  I was deeply impressed by their skills and
professionalism, and by their dedication to the welfare of their
communities."

At the mediator's direction, details of the agreement will
remain confidential until the final papers are signed.  The
mediator has also insisted that the discussions during the
negotiations remain confidential.

"What matters is the very good outcome," Ms. Warren said.  "Both
sides can stop hemorrhaging money for legal fees and can work
with stable financial projections.  The agreement resolving the
existing tax disputes will allow the New York subsidiaries of
Mirant to exit bankruptcy, and it will provide the taxing
authorities with a much more stable revenue base.  This is a win
for everyone."

                          About Mirant

Headquartered in Atlanta, Georgia, Mirant Corporation (NYSE:
MIR) -- http://www.mirant.com/-- is an energy company that  
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant owns or leases more than 18,000
megawatts of electric generating capacity globally.  Mirant
Corporation filed for chapter 11 protection on July 14, 2003
(Bankr. N.D. Tex. 03-46590), and emerged under the terms of a
confirmed Second Amended Plan on Jan. 3, 2006.  Thomas E.
Lauria, Esq., at White & Case LLP, represented the Debtors in
their successful restructuring.

When the Debtors filed for protection from their creditors, they
listed US$20,574,000,000 in assets and US$11,401,000,000 in
debts. The Debtors emerged from bankruptcy on Jan. 3, 2006.
(Mirant Bankruptcy News, Issue No. 107; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).

                         *     *     *

Moody's Investors Service assigned its B2 corporate family
rating, effective July 13, 2006, on Mirant Corporation.


* RP Gov't. Seeks Two New ADB Loans Aggregating US$133.8 Million
----------------------------------------------------------------
Manila Standard Today cites sources from the Bangko Sentral ng
Pilipinas saying that the Philippine government is negotiating
two new loans from the Asian Development Bank aggregating
US$133.8 million, comprising of:

   -- a US$100-million loan improve the lives of the urban poor
      in Metro Manila; and

   -- a US$33.8-million to upgrade coastal resources.

The new loans are scheduled to be presented to the ADB board for
approval in 2007, the paper relates.

The US$100-million loan, called the Metro Manila Services for
the Urban Poor loan four components:

   1. shelter development,
   2. institutional strengthening and capacity building,
   3. microfinance, and
   4. project management support

The US$33.8-million integrated coastal resource management loan
seeks to ensure the sustainability and conservation of coastal
resources and increase income in those communities, Manila
Standard explains.  The paper adds that the project aims to
clarify the roles of national government agencies and local
governments and address their capacity-building needs.

The paper recounts that the national government recently
received the go-signal from the ADB and BSP for the US$450-
million power sector loan and the US$200-million financial
markets intermediation program loan.  Both loans have yet to be
released, Manila Standard notes.

                          *     *     *

"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.


* BDO Sees Moody's Rating Outlook Upgrade After 2007 Elections
--------------------------------------------------------------
Moody's Investor Service may further raise its credit rating
outlook on the Philippines from "stable" to "positive" due to
improved fiscal management, but only after the local elections
next year, Doris Dumlao of the Philippine Daily Inquirer
reports, citing Banco de Oro Universal Bank.

As reported in the Troubled Company Reporter - Asia Pacific on
November 3, 2006, Moody's 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.

According to BDO chief market strategist Jonathan Ravelas,
fiscal improvements would likely solidify in 2007.  However, Mr.
Ravelas noted that the government is facing spending pressures
and political risks in line with the upcoming May 2007
elections.

Mr. Ravelas projected that the Philippines would post a gross
domestic product growth of 5.5% in 2006 and 5.75%-6% in 2007,
the Inquirer relates.

Mr. Ravelas noted that the Philippines is benefiting from higher
revenues and lower expenses as well as declining risk premiums.  
He added that "the correction in global oil prices and the
appreciating peso provided a boost to the local economy," the
Inquirer relates.

                          *     *     *

"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:  Names Poulton as VP of Acquisitions & Investment
-----------------------------------------------------------
On Dec. 1, 2006, Richard Poulton was named as the Vice President
of AAR Corporations's Acquisitions and Strategic Investment.

With the new position, Mr. Poulton will lead the AAR team for
identifying and acquiring businesses that complement the
company's core capabilities and will also introduce AAR to new
markets.

According to David Storch, AAR's Chairman, President and Chief
Executive Officer, "Rick brings a wealth of business experience
and industry knowledge to an already strong team focused on
expanding our capabilities and growing AAR's business."

Mr. Poulton spent ten years in the aviation industry and held
senior executive leadership positions with UAL Corporation,
including Senior Vice President of Business Development, Senior
Vice President and Chief Procurement Officer for United
Airlines, before joining AAR in September 2006.

                         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.

                          *     *     *

Standard & Poor's Ratings Services assigned its 'BB-' rating to
AAR Corp.'s 1.75% US$125 million convertible senior notes due
2026 sold via SEC Rule 144A with registration rights.  At the
same time, Standard & Poor's affirmed its ratings, including the
'BB-' corporate credit rating, assigned effective June 16, 2003,
on the aviation support services provider.  S&P said the rating
outlook is stable.  

However, the TCR-AP reported on Oct. 18, 2006, that S&P upgraded
the corporate credit rating from 'BB-' to 'BB'.  The outlook is
stable.

Moreover, as reported by the TCR-AP on Dec. 5, 2006, Moody's
upgraded AAR's corporate family rating and senior notes to Ba3
from B1, in response to improving financial performance
resulting from the strong commercial and defense aviation supply
and repair environment.  The ratings outlook is stable.


BARRELS EXPRESS: Creditors Must Prove Debts by Dec. 28
------------------------------------------------------
Koh Kong Meng, as liquidator for Barrels Express Pte Ltd, which
was placed under voluntary liquidation, requires the creditors
of the company to submit their proofs of debt by Dec. 28, 2006,
to be included in the company's distribution of dividend.

Barrels Express' liquidator can be reached at:

         Koh Kong Meng
         c/o 59 Penjuru Road
         Vopak Terminals
         Singapore 609142


DIGILAND INTERNATIONAL: Posts Shareholder's Change of Interest
--------------------------------------------------------------
Vincent Tan Kim Yong, a substantial shareholder of Digiland
International Ltd, has on Nov. 30, 2006, decreased his deemed
shares in the company by 1,000,000,000 shares while increasing
his direct shares by 1,000,000,000.

Before the change, Mr. Yong held 1,001,687,750 deemed shares
with 13.08% issued share capital and 4,573,452,500 direct shares
with 59.71% issued share capital and.  Presently, Mr. Yong holds
1,687,750 deemed shares with 0.02% issued share capital and
5,573,452,500 direct shares with 72.77% issued share capital.

The change in interest was due to transfer of shares from
Philips Securities to beneficial owner.    

                         About Digiland

Digiland International Limited -- http://www.digiland.com.sg/--  
is a major distributor of IT products and provider of IT
services in the Asia-Pacific.  The Digiland International Group
of Companies was set up initially as the distribution arm of GES
International Limited to handle sales, marketing and
distribution of GES products, specifically the Datamini brand of
Personal Computer, designed and manufactured by GES
International Limited.  It was renamed Digiland International
Private Ltd in 1998 and has since expanded geographically to
cover most countries in Asia-Pacific.  The company has been
reporting a string of losses in the recent years due to the
negative impact of the highly cyclical nature of the computer
industry.  Sales were adversely affected by the shortening
product cycles of IT products and downward pressure on selling
prices as newer and more technologically advanced products enter
mass production.  Aside from recurring losses, the company's
subsidiaries have also been bombarded by wind-up petitions filed
by creditors.

The company has acquired losses for the past two years.  For the
fiscal year ended June 2005, the Company's annual report showed
a US$18.7-million loss while fiscal year ended June 2004 showed
a US$44.7-million loss.

As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 13, 2006, the company registered US$31.32 million in total
assets and a US$11.94 million shareholders' equity deficit as of
October 12, 2006.


E-TECH MANUFACTURING: Will Pay Dividend on Dec. 14
--------------------------------------------------
E-Tech Manufacturing Pte Ltd, which was placed under creditors'
voluntary liquidation, will pay the first and final dividend on
Dec. 14, 2006.

The company will pay 100% to all submitted claims.

The company's liquidators can be reached at:

         Loke Poh Keun
         Ewe Pang Kooi
         c/o 8 Robinson Road
         #08-00 ASO Building
         Singapore 048544


FREESCALE: Blackstone-Led Consortium Closes Purchase of Company
---------------------------------------------------------------
Freescale Semiconductor disclosed the completion of the merger
of the company with an entity controlled by a consortium of
private equity funds led by The Blackstone Group and including
The Carlyle Group, funds advised by Permira Advisers LLC and
Texas Pacific Group.

Freescale stock will cease to trade on the New York Stock
Exchange at market close and will be delisted.  Under the terms
of the merger agreement entered into on Sept. 15, 2006, and
adopted by Freescale's stockholders at a special meeting on
Nov. 13, 2006, Freescale stockholders are entitled to receive
US$40 in cash for each share of Freescale common stock that they
hold.

As soon as possible, a paying agent appointed by Freescale will
mail a letter of transmittal and instructions to all
stockholders of record.  The letter of transmittal and
instructions will contain information on how to
surrender Freescale common stock in exchange for the merger
consideration, without interest and less any applicable
withholding tax.  Stockholders of record should be in receipt of
the letter of transmittal before surrendering their shares.  
Stockholders who hold shares through a bank or broker will
not have to take any action to have their shares converted into
cash as the conversions will be handled by the bank or broker.

In addition, on Dec. 1, 2006, Freescale completed its tender
offers and consent solicitations for its outstanding
US$350,000,000 aggregate principal amount of 6.875% senior notes
due 2011 and its outstanding US$500,000,000 aggregate principal
amount of 7.125% senior notes due 2014, pursuant to its Offer to
Purchase and Consent Solicitation Statement, dated Oct. 23,
2006.  The tender offers expired at 5:00 p.m. prevailing Eastern
time on Nov. 29, 2006.

On Dec. 1, 2006, Freescale accepted for payment all validly
tendered Notes, consisting of US$349,889,000 in aggregate
principal amount of the 2011 Notes, representing approximately
99.97% of the outstanding 2011 Notes, and US$499,935,000 in
aggregate principal amount of the 2014 Notes, representing
99.99% of the outstanding 2014 Notes.  Upon acceptance, the
supplemental indenture executed in connection with the consent
solicitations became operative.

                      About Freescale

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and   
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.
Freescale became a publicly traded company in July 2004.  The
company has design, research and development, manufacturing or
sales operations in more than 30 countries, including Australia,
China, Hong Kong, India, Japan, Korea, Malaysia, Taiwan and
Singapore.

The company's 7-1/8% Senior Notes due 2014 carry Moody's
Investors Service's Ba1 rating.

Moody's Investors Service assigned Freescale Semiconductor a
corporate family rating of Ba3 and a speculative grade liquidity
rating of SGL-1. A shareholder meeting has been scheduled on
Nov. 13 to vote on the company's proposed acquisition, which is
expected to close by the end of November 2006.

In addition, Standard & Poor's Ratings Services kept its
ratings, including the 'BB+' corporate credit rating, on
Freescale Semiconductor Inc. on CreditWatch with negative
implications, where they were placed on Sept. 11 following the
company's announcement that it was considering a business
transaction, later confirmed as a leveraged buyout.

Fitch downgraded Freescale Semiconductor Inc.'s Issuer Default
Rating, senior unsecured notes, and senior unsecured bank credit
facility to 'BB+' from 'BBB-' following the company's
confirmation that it has entered into a definitive agreement to
be purchased by a consortium of private equity firms for US$17.6
billion, the largest ever technology leveraged buy-out.


GLOBAL AERO: Pays Dividend to Creditors
---------------------------------------
Global Aero Design Centre Pte Ltd has paid the first and final
dividend to its creditors on Nov. 21, 2006.

The company paid 1.088% to all received claims.

Global Aero's liquidator can be reached at:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


ODYSSEY RE: Fairfax to Sell 9 Mil. Shares at US$34.60 Per Share
---------------------------------------------------------------
The underwritten public offering of Fairfax Financial Holdings
Limited to sell 9,000,000 common stocks of Odyssey Re Holdings
will be priced at US$34.60 per share.  

The sale price will result in approximately US$300 million net
proceeds for Fairfax.  Odyssey Re will not receive any proceeds
from the sale of the shares.

As reported by the Troubled Company Reporter - Asia Pacific, on
Nov. 29, 2006, Fairfax intends to use the proceeds for general
corporate purposes, which may include opportunistically
affecting open market or privately negotiated repurchases
of its outstanding debt or shares.  

Moreover, the TCR-AP also recounts that Fairfax will grant the
underwriters an option to purchase up to 1,350,000 additional
common shares of common stock to cover over-allotments, if any.  
The proposed offering will be jointly led by Citigroup Corporate
and Investment Banking and Wachovia Capital Markets, LLC.

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

                        About Odyssey Re

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

                          *     *     *

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


PDC CORP: Subsidiary Inks Sale Agreement with Asian Prosperity
--------------------------------------------------------------
PDC International Pte Ltd, a wholly owned subsidiary of PDC
Corp., has entered on Dec. 1, 2006, into a Sale and Purchase
Agreement with Asian Prosperity Export Import Co. Ltd., a
Myanmar-based company.

Under the Agreement, PDC International will sell the prilled
agricultural fertilizers over a period of 24 months to Asian
Prosperity.  

The agreement, which is estimated to be US$111,000,000, will
remain in force only if the first three shipments are deemed
successfully done, and if Asian Prosperity will fulfill the
order commitments and terms set out by PDC International.  The
parties are allowed to review the price every six months.

The transaction will be financed by trade facilities, and if
successfully completed, will not have a material impact on the
company's earnings for the current financial year ending Dec.
2007.

                         About PDC Corp.

Headquartered in Singapore, PDC Corporation Limited is
principally involved in the provision of general construction,
property development, real estate and investment.  Its other
activities are the provision of renovation work of any kind and
for the demolition of any structure, trading, rental and
servicing of industrial machinery and equipment and the
distribution of multimedia products, home automation system,
other high technology products and investment holding.

                          *     *     *

PDC Corporation's Auditors, Ernst & Young had issued a report on
the company's financial statement for the year ended Dec. 31,
2005, highlighting a going concern issue, but without qualifying
their opinion.

As at Dec. 31, 2005, the current liabilities of the company and
the Group exceeded current assets by US$3,852,210 and
US$20,001,069 respectively, and their total liabilities exceeded
total assets by US$3,912,981 and US$20,062,940 respectively.


REFCO INC: Has Until January 12 to Solicit Plan Acceptances
-----------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York extends Refco Inc. and its debtor-affiliates' exclusive
periods to solicit acceptances of their First Amended Chapter 11
Plan through and including Jan. 12, 2007, without prejudice to
their right to seek further extensions.

                        About Refco Inc.

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

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

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

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

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

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

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

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

(Refco Bankruptcy News, Issue No. 49; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or    
215/945-7000).


REFCO INC: Various Parties Raise Issues Against Joint Plan
----------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York approved procedures governing discovery with respect to
the confirmation of the Chapter 11 Plan filed by Refco Inc. and
its debtor-affiliates; Marc S. Kirschner, the Chapter 11 Trustee
for Refco Capital Markets, Ltd.; and the Joint Sub-Committee of
the Official and Additional Committees of Unsecured Creditors,
the Troubled Company Reporter reported on Nov. 17, 2006.

Pursuant to the Court's order governing discovery with respect
to confirmation of the First Amended Joint Chapter 11 Plan, the
Ad Hoc Committee of Equity Security Holders of Refco, Inc.;
Forex Capital Markets, LLC; and certain customers and creditors
of the Chapter 11 Debtors, including Refco FX Associates, LLC,
and Refco Capital Markets, Ltd., separately filed with the Court
their statements of issues to be raised against the confirmation
of the Joint Chapter 11 Plan for the Refco Debtors.

The Court will convene a Plan confirmation hearing on Dec. 15,
2006.

(1) Ad Hoc Equity Committee

The Ad Hoc Equity Committee contends that the Plan violates
Section 1129(a)(7) of the Bankruptcy Code because, among others:

   (a) the Plan fails to provide Refco, as the equity security
       holder of New Refco Group Ltd., LLC, and holders of
       Class 8 Old Equity Interests as much as they would
       receive in Refco's hypothetical Chapter 7 liquidation;

   (b) the vast majority of proofs of claim filed against Refco
       and New Refco lack merit and would be disallowed in a
       Chapter 7 liquidation of the parties;

   (c) the scheduled intercompany debt of Refco and New Refco
       lacks basis and would not result in an allowed
       intercompany claim against them;

   (d) Refco and New Refco possess valuable causes of action
       against third parties, the proceeds of which, in a
       Chapter 7 Liquidation, would provide a distribution to
       Class 8 Old Equity Interests greater than what is
       provided to them under the Plan;

   (e) there are likely many additional claims and defendants
       known to the Plan Proponents -- information that are not
       available to the Ad Hoc Equity Committee;

   (f) Refco and New Refco suffered damages in the form of loss
       of value in their subsidiaries, which is cognizable under
       applicable law;

   (g) Refco suffered damages in the form of the loss of its IPO
       proceeds;

   (h) any fraudulent transfer claims or other non-preference
       avoidance claim brought by Refco and New Refco would not
       result in a replacement claim against them under Section
       502(h);

   (i) the Plan improperly releases subsidiary estates for
       liabilities that are effectively reallocated to the
       parent estates; and

   (j) in addition to improperly providing proceeds of Refco and
       New Refco causes of action to subsidiary creditors ahead
       of equity, the Plan does protect equity's chance to
       receive any residual value under this waterfall.

The Ad Hoc Equity Committee asserts that the compromises
embodied in the Plan are improper and should not be approved
because the settlements:

   (i) were not negotiated at arm's-length since the fiduciaries
       representing Refco and New Refco were conflicted;

  (ii) were negotiated with no consideration given to Refco and
       New Refco's downstream claims for loss, damages and
       contribution;

(iii) cannot be approved because they materially prejudice
      Class 8 Old Equity Interests; and

  (iv) do not satisfy the standards applicable under Rule 9019
       of the Federal Rules of Bankruptcy Procedure and Section
       1123(b)(3)(A).

In addition, the Ad Hoc Equity Committee complains that the Plan
violates Sections 1129(a)(1) to (3) because it does not comply
with the applicable provisions of the Bankruptcy Code.

Paul N. Silverstein, Esq., at Andrews Kurth LLP, in New York,
tells Judge Drain that it is likely that Section 1129(a)(10)
will not be satisfied as to Refco and New Refco, because:

   -- given that the Plan does not provide for substantive
      consolidation, at least one impaired accepting class of
      Refco and New Refco must vote to accept the Plan, not
      counting the vote of insiders; and

   -- there are three potential impaired accepting subclasses
      for Refco and New Refco corresponding to Class 5(a),
      Class 5(b), and Class 6.

Mr. Silverstein further argues that the Plan fails to satisfy
the Section 1129(b) cram-down requirements on the basis that it
discriminates unfairly against, and is not fair and equitable to
holders of Class 8 Old Equity Interest because it deprives them
of the proceeds of causes of action to which they would be
entitled.

To the extent that the Plan Proponents seek substantive
consolidation, or the Plan is deemed to constitute a substantive
consolidation, of Refco and New Refco with any of the other
Refco entities, the consolidation is manifestly inappropriate,
Mr. Silverstein maintains.

The Ad Hoc Equity Committee reserves the right to take discovery
on any issue that has been addressed to date, to the extent
those issues have any bearing on the Plan confirmation.

(2) FXA Customers

The FXA Customers assert that the customer funds held by FXA
that are to be subject to a variety of equitable remedies do not
constitute property of the estate under Section 541(a) of the
Bankruptcy Code.

Therefore, the Plan as it relates to FXA cannot dispose of
funds, the FXA Customers contend.

Todd E. Duffy, Esq., at Duffy & Amedeo LLP, in New York, states
that the Plan cannot be confirmed before final adjudication of
the FXA Customers' property rights in the customer funds on
deposit with FXA.

Mr. Duffy adds that the Plan violates the Section 1122
requirements in respect of the classification of customer claims
with non-customer claims.

Mr. Duffy argues that Plan is not feasible under Section
1129(a)(11) and does not otherwise satisfy the confirmation
requirements as it proposes to use customer funds -- subject of
a variety of equitable remedies, including constructive trust
claims -- to pay claims of other non-customer creditors.

The FXA Customers contend that the global settlement proposed in
the Plan violates the requisite elements of Rule 9019 and
applicable decisional law.  Specifically, FXA is not receiving
any comparable or reasonable benefit under that settlement in
exchange for waiving its rights to collect on the $84,000,000
intercompany receivable owed to FXA.

Mr. Duffy states that the value attributable to the agreement by
the senior secured lenders and the senior subordinated
noteholders to waive or release their claims against FXA is not
reasonable in relation to the value attributable to the
distribution that FXA could obtain from RCM on account of the
intercompany receivable.

The FXA Customers also assert that the creation of Refco FX
Convenience Claims in Class 6 violates Section 1122.

Furthermore, the FXA Customers complain that the Plan violates
Section 1129(a)(7) requirements, as to whether claimholders in
dissenting and impaired classes will receive or retain under the
Plan on account of claim property of a value that is not less
than the amount that a holder would receive or retain if the
debtor were liquidated under Chapter 7.

Mr. Duffy notes that FXA Customers will receive a larger
recovery on their claims either:

     (i) based on the variety of equitable remedies asserted in
         the constructive trust litigation presently pending;

    (ii) through a Chapter 7 of FXA; and

   (iii) as a result of the denial of the Global Settlement,
         enabling FXA to seek to avoid the claims and liens of
         the senior secured lenders and the senior subordinated
         noteholders, while at the same time, recover a dividend
         on the intercompany receivable owed from RCM.

The FXA Customers reserve the right to assert additional
objections to the Plan Confirmation.

(3) FXCM

Forex Capital Markets, LLC, may object to the Plan to the extent
that its provision prejudices the right of FXCM or any of its
holder of interest or affiliate to seek rescission of Refco
Group Ltd., LLC's purchases of interest in FXCM Entities.

FXCM and certain holders of interests in FXCM Entities have
filed proofs of claim against RGL and other related Debtors,
asserting the right to seek rescission of purchases of interests
in FXCM Entities.

In addition, FXCM may object to the Plan to the extent that it
does not provide an opportunity for any holder of an interest in
any FXCM Entity to exercise any right of first refusal contained
in a Limited Liability Operating Agreement or other similar
document for any FXCM Entity.

Accordingly, FXCM and its affiliates reserve the right to assert
additional Plan confirmation objections, and to contend that the
Discovery Order:

     (i) violates the Federal Rules of Bankruptcy Procedure,
         including Bankruptcy Rule 2002;

    (ii) was not entered after "notice and a hearing" within the
         meaning of Section 102(1) of the Bankruptcy Code; and

   (iii) denies them due process of law as required by the Fifth
         Amendment to the Constitution of the United States of
         America.

                          About Refco Inc.

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

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

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

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

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

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

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

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

(Refco Bankruptcy News, Issue No. 49; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or    
215/945-7000).


SEA CONTAINERS: NYSE ARCA to Remove Securities on December 12
-------------------------------------------------------------
The New York Stock Exchange Arca, Inc., notified the United
States Securities and Exchange Commission that it intends to
remove the entire Class A and Class B common shares of Sea
Containers, Ltd., from listing and registration on the NYSE Arca
at the opening of business on Dec. 12, 2006.

The NYSE Arca believes that the securities are no longer
suitable for continued listing and trading after a review by the
NYSE Regulation indicated that SCL delayed the filing of its
Form 10-K for Dec. 31, 2005 and certain 2006 Form 10-Q filings
with the SEC.  SCL was unable to give any assurance as to when
the delayed reports may be available for filing because of,
among others, SCL's focus on developing a restructuring plan.

The NYSE had previously determined that the Securities should be
suspended from trading and filed with the SEC an application to
remove the Securities from listing and registration on the NYSE
Arca.  SCL was notified of the decision on September 29 and had
a right to appeal the determination to de-list its Securities to
a Committee of the Board of Directors, provided that it file a
written request for a review with the Secretary of the NYSE
Arca.

SCL did not do so within the specified time period and the
Securities were suspended from trading on Oct. 3, 2006.

The NYSE Arca also intends to remove these four classes of
senior notes from their listing:

   (1) 10-3/4% Series B Senior Notes due October 15, 2006,
   (2) 7-7/8% Series B Senior Notes due February 15, 2008,
   (3) 12-1/2% Senior Notes due December 1, 2009, and
   (4) 10-1/2% Senior Notes due May 15, 2012.

                      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. 6; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


SEE HUP SENG: Loke and Leong to Exercise their Options
------------------------------------------------------   
See Hup Seng Limited disclosed on Nov. 30, 2006, that Loke Chee
Choong and Koh Kok Leong submitted a notice to the company to
exercise their options to subscribe for their full entitlement
of 1,000,000 shares each at an option price of SGD0.12 per new
share.

The listing and quotation of the 2,000,000 new shares on the
SGX-Sesdaq is expected to take place on Dec. 7, 2006.

As reported by the TCR-AP on July 26, 2006, See Hup Seng has
entered into a placement agreement with Aw Yong Wee, Chan Hiang
Ngee, Koh Kok Leong, Lee See Kee, Loke Chee Choong, Pek Choon
Heng and Yap Sew to undertake an aggregate of 18,800,000 new
ordinary shares in the company's capital at SGD0.11 per
placement share.

                      About See Hup Seng

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

                       Significant Doubt

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


SURGE ELECTRICAL: Enters Wind-Up Proceedings
--------------------------------------------
On Nov. 24, 2006, the High Court of Singapore has entered an
order directing the wind-up of Surge Electrical Engineering Pte
Ltd's operations.

Sigma Cable Company (Private) Limited filed the petition against
the company.

Surge Electrical's liquidator can be reached at:

         The Official Receiver
         Insolvency & Public Trustee's Office
         45 Maxwell Road #06-11
         The URA Centre (East Wing)
         Singapore 069118


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

DOLE FOOD: Weak Performance Cues S&P to Cut Credit Rating to B
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
Westlake Village, Calif.-based Dole Food Co. Inc. and Dole
Holding Co. LLC, including its corporate credit rating, to 'B'
from 'B+'.  The ratings were removed from CreditWatch, where
they were placed on Aug. 9, 2006, with negative implications,
following materially weaker-than-expected financial performance
in the first half of fiscal 2006, which typically represents a
substantial portion of cash flow.  The outlook is negative.  
Total debt outstanding at the company was about US$2.3 billion
as of Oct. 7, 2006.

"The downgrade follows Dole's recent third-quarter earnings
release and reflects continued weak operating performance and
significantly higher than expected leverage," said Standard &
Poor's credit analyst Alison Sullivan.

For the 12 months ended Oct. 7, 2006, adjusted EBITDA declined
by 39%, compared with the prior-year period, because of higher
operating costs.  Dole also is faced with ongoing challenging
conditions in Europe following the tariff change effective Jan.
1, 2006, that has increased competition, leading to lower
pricing and higher net tariff costs.  As a result, credit
measures have weakened further than anticipated.  Lease and
pension adjusted total debt to EBITDA increased to about 9.5x
for the 12 months ended Oct. 7, 2006, from about 6x at Dec. 31,
2006.  Given expected ongoing difficult industry conditions,
Standard & Poor's believes Dole will not meet prior expectations
of leverage at around 6x and EBITDA interest coverage in the
low-2x area for fiscal 2006.

The ratings on Dole reflect its highly leveraged financial
profile and participation in the competitive and commodity-
oriented fresh produce industry, that is subject to seasonality.

                          *     *     *

Headquartered in Westlake Village, California, Dole Food
Company's -- http://www.dole.com/-- is a producer and marketer  
of fresh fruit, fresh vegetables and fresh-cut flowers, and
markets a line of packaged foods.  The company has four primary
operating segments.  The fresh fruit segment produces and
markets fresh fruit to wholesale, retail and institutional
customers worldwide.  The fresh vegetables segment contains
operating segments that produce and market commodity vegetables
and ready-to-eat packaged vegetables to wholesale, retail and
institutional customers primarily in North America, Europe and
Asia.  The packaged foods segment contains several operating
segments that produce and market packaged foods, including
fruit, juices and snack foods.  Dole's fresh-cut flowers segment
sources, imports and markets fresh-cut flowers, grown mainly in
Colombia and Ecuador, primarily to wholesale florists and
supermarkets in the United States.

Dole has three canneries in Asia: two in Thailand and one in the
Philippines.


FEDERAL-MOGUL: Mesothelioma Claimants Balk at US$500M Settlement
----------------------------------------------------------------
Certain individuals asserting personal injury claims for
exposure either to asbestos-containing products produced by
Federal-Mogul Corporation, its debtor affiliates and Pneumo Abex
LLC, ask the U.S. Bankruptcy Court for the District of Delaware
to deny the US$500,000,000 alternative settlement among the
Debtors; the Asbestos Claimants Committee; Eric D. Green, the
current legal representative of futures asbestos claimants; and
the Pneumo Parties.

The Mesothelioma Claimants, represented by SimmonsCooper LLC,
are defendants in a complaint for declaratory and injunctive
relief under Sections 362 and 105 of the Bankruptcy Code filed
by the Debtors, the Asbestos Committee, and the FCR, styled
Federal-Mogul Corp., et al. v. Bobby Whitley, et al.

On the Mesothelioma Claimants' behalf, Patricia P. McGonigle,
Esq., at Seitz, Van Ogtrop & Green, P.A., in Wilmington,
Delaware, tells the Honorable Judith K. Fitzgerald of the U.S.
Bankruptcy Court for the District of Delaware that the Settling
Parties' request lacks adequate information to constitute fair
notice of the terms of the Plan B Settlement.  She notes that
nowhere in any of the Motion, the Plan B Settlement, or a Second
Term Sheet does it state where the money is coming from to pay
Cooper Industries, LLC, Cooper Industries, Ltd., and Pneumo
Abex.  Thus, she says, no asbestos creditor can possibly
evaluate whether or not to object to the Plan B Settlement
without that additional information.

Ms. McGonigle argues that the Motion and the underlying Plan B
Settlement improperly divide and seek separate approval for what
is clearly a unified settlement under the aegis of the Second
Term Sheet.  While the amount of the Pneumo Protected Parties'
allowed claims may be liquidated by the Plan B Settlement terms,
not all of the binding terms concerning the Settlement's
implementation are contained therein.  Rather, she states, the
Second Term Sheet contains numerous provisions that directly
impact whether and when the Plan B Settlement will take effect,
and certainly provides that the eventual fourth amended plan
will control over the Plan B Settlement.

"For this reason, the Court cannot separately approve the Plan B
Settlement Agreement without also taking under advisement
whether to approve the Second Term Sheet as a whole, or indeed
waiting until all of these terms are incorporated into the
eventual fourth amended plan of reorganization," Ms. McGonigle
points out.

Furthermore, the Mesothelioma Claimants complain that the
interests of current and future PI claimants against Pneumo Abex
are not adequately represented by the FCR.

Ms. McGonigle contends that the FCR has an inescapable and
incurable conflict of interest in his simultaneous
representation of the Abex Claimants, on one hand, and the
remaining future asbestos creditors of the Debtors, on the
other.  She avers that the FCR, instead, has been forced to make
a decision either:

   (i) to take money directly from the trusts for certain
       asbestos creditors of the Debtors to give to the Pneumo
       Protected Parties, and, hence allow the Abex Claims to
       remain in the tort system; or

  (ii) not to take money from the trusts for the Debtors'
       asbestos creditors by choosing to send the Abex Claims to
       a trust.

The Mesothelioma Claimants maintain that the Motion does not
proffer a sufficient evidentiary basis to conclude that the Plan
B Settlement is indeed a reasonable compromise of the Cooper
Industries and Pneumo Abex claims, in that it appears that the
two claimants will be receiving a far greater recovery on their
claims than that enjoyed by other creditors of the Debtors.

The Mesothelioma Claimants insist that the Court should, in the
alternative, refuse to consider whether to approve the Plan B
Settlement until the time as adequate information concerning the
Settlement is disclosed.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's  
largest automotive parts companies with worldwide revenue of
some US$6 billion.  In the Asian Pacific region, the company has
operations in Malaysia, Australia, China, India, Japan, Korea
and Thailand.  

The company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.  (Federal-Mogul Bankruptcy News, Issue
No. 115; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstandor 215/945-7000).


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

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

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

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

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

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

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

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

January 11, 2007  
  Beard Audio Conferences
    Diagnosing Problems in Troubled Companies: Evaluating
      Turnaround Potential and Establishing the Basis for
        Actionable, Achievable Solutions
          Telephone: 240-629-3300
            Web site: http://www.beardaudioconferences.com/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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




                            *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.  
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.  
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


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

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