TCRAP_Public/061207.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

           Thursday, December 7, 2006, Vol. 9, No. 243

                            Headlines

A U S T R A L I A

AWB LIMITED: Federal Government Changes Single Desk Arrangements
ALLSTATE EXPLORATIONS: Administrators Withdraw Challenge to ASIC
BETIGL PTY: Members' Final Meeting Slated for December 20
CAPITAL CITY: To Declare First Dividend on January 25
CLUCOR: ASIC Bans Taylors from Managing Corporations

HOECHST AUSTRALIA: Shareholders Pass Resolution to Wind Up Firm
HOECHST AUSTRALIAN: Commences Wind-Up Proceedings
LQ4 (CBMC): Prepares to Declare Final Dividend on January 16
LQ5 (DFC): To Declare Final Dividend on January 16
LQ6 (DFE): Creditors Must Prove Debts by December 31

P & N BUTTERFIELD: Members to Receive Wind-Up Report
RHONE-POULENC RORER: Placed Under Voluntary Wind-Up
STARENA INTERNATIONAL: To Declare First and Interim Dividend
SYDNEY INVESTMENT HOUSE: Placed Into Liquidation
WATTS ENTERPRISES: Final Meeting Slated for January 9


C H I N A   &   H O N G  K O N G

ANZAM LTD: Creditors' Proofs of Debt Due on January 1
BOLD WARE: To Hold Annual Meeting on December 20
HOTEL MERLIN: Creditors Must Submit Claims by December 18
INCO INVESTMENTS: Members to Receive Wind-Up Report
KIU FUNG: Court to Hear Wind-Up Petition on January 3

MILLION HERO: Liquidators Cease to Act
PANVA GAS: Hong Kong & China Gas Plans to Take 45% Stake
PANVA GAS: S&P Puts BB Credit Rating on Watch Positive
PANVA GAS: Moody's Reviews Ba2 Rating for Possible Upgrade
PARKSON RETAIL: Moody's Keeps Ba1 Bond Rating

PRAVOLI INTERNATIONAL: Wind-Up Hearing Set on Dec. 27
PREMAIN LTD: Creditors Must Prove Debts by December 30
SINO-FOREST: S&P Affirms BB- LTCR; Outlook Revised to Positive
STAGE AND ART: Liquidator to Present Wind-Up Report on Jan. 3
START III: Fitch Hands Final Ratings to 5 Notes Due 2011

TIN SUM: Members to Hear Wind-Up Report on January 8


I N D I A

POWER FINANCE: Sees Initial Public Offering by March 2007
RELIANCE INDUSTRIES: In Talks for Possible Tie-Up with AIOCD
RELIANCE INDUSTRIES: To Sell Piped Gas at Well Below LPG Price
RELIANCE INDUSTRIES: To Seek Permission for US$750MM Network
SCHEFENACKER AG: S&P Lowers Junk Corporate Credit Rating

SITRONICS JSC: Inks Regional Alliance Deal with Cisco Systems
SITRONICS JSC: Intracom Unit Inks EUR1.1-Mln Deal with T-HT
STATE BANK OF INDIA: S&P Gives 'BB+' Rating to US$300-Mil. Notes
STATE BANK OF INDIA: Gets McKinsey's Help for Major Makeover
VEDANTA RESOURCES: Extends Offer for Sterlite's Common Shares

VNESHTORGBANK: VTB24 Unit Earns RUR900 Mln for First 10 Months


I N D O N E S I A

ANEKA TAMBANG: To Recall US$171 Million Bonds After Tax Treaty
BANK NIAGA: CIMB Group Plans to Rebrand in 2007
BANK TABUNGAN: To Offer 30% Shares in 2007 IPO to Boost Loans
BEARINGPOINT INC: Establishing SAP Center of Excellence
FREEPORT MCMORAN: Urged to Review Indonesian Mining Operations

NORTEL NETWORKS: Board Taps KPMG as Independent Auditor
NORTEL NETWORKS: Still On Track For 2008 Operating Profit Target


J A P A N

ALIMENTATION COUCHE-TARD: Earns US$74.7-M in FY 2007 2nd Quarter
CONTINENTAL AIRLINES: Launches New Low-Cost Return Fare
DELPHI CORP: Court OKs DLA Piper as MobileAria's IP Counsel
FORD MOTOR: Moody's Junks Rating on US$3-Bil. Convertible Notes
ITOCHU CORP: Unit Forms Strategic Partnership with China Medical

NOMURA HOLDINGS: Gets Antitrust Clearance to Acquire Instinet


K O R E A

LUCENT TECHNOLOGIES: Completes Merger with Alcatel SA
LUCENT TECH: Nortel Sells UMTS Access Business to Alcatel-Lucent
LUCENT: Alcatel-Lucent Extended Consent Solicitation Expiration
SK CORP: Sets Up Joint Venture with Indonesia's PT Pertamina


M A L A Y S I A

AMBANK BHD: Moody's Keeps Ratings Amid Proposed ANZ's Alliance
CRIMSON LAND: Annual General Meeting Slated for December 20
CYGAL BERHAD: Posts MYR7.66 Million Net Loss in 3Q 2006
MYCOM BERHAD: First Quarter FY 2007 Net Loss Tops MYR18 Million
TENAGA NASIONAL: Inks Power Purchase Agreement with AMDB


M O N G O L I A

XACBANK: Moody's Assigns B2 Long- & Short-Term Deposit Ratings


N E W   Z E A L A N D

BCHP INVESTMENTS: High Court Orders Liquidation of Business
GOVERNORS BAY: Faces Liquidation Petition
IP SERVICES: Court to Hear Liquidation Petition on Dec. 19
LAM FINANCIAL: Creditors Must Prove Claims by February 16
MAG EQUITIES: Appoints Joint Liquidators

MID ISLAND: Faces Liquidation Proceedings
OXFORD TIMBER: Court Issues Liquidation Order
R. T. DAVIS: Court Appoints Joint Liquidators
RISQY LTD: ASIC Obtains Injunctions Over AU$11-Million Scheme
THREE SISTERS: Hearing of Liquidation Petition Set on Feb. 1

W LOGGING: Court Sets Liquidation Hearing on December 11
WYNDHAM CONSTRUCTION: Creditors to Prove Debts by December 15


P H I L I P P I N E S

MAYNILAD WATER: DMCI-MPIC Consortium Wins Auction for 84% Stake
* Philippines' Inflation Eases Further to 4.7% in November
* Philippine Peso May Hit Fresh 4-1/2-Year High


S I N G A P O R E

ARGON INVESTMENTS: High Court Issues Wind-Up Order
HLG ENTERPRISE: Grants Option for Subsidiary to Purchase Tristar
JAYA MAKMUR: Creditors Must File Proofs of Debt by Dec. 28
LAZARD LTD: Prices Class A Stock Offering at US$45.42 Per Share
LEAR CORPORATION: Moody's Affirms B2 Rating with Stable Outlook

PDC CORP: Shareholder Decreases Shareholding
PETROLEO BRASILEIRO: Defending Bolivia Pact Before Lower House
PETROLEO BRASILEIRO: Expects 2 Mil. Barrels Daily Output in 2007
PETROLEO BRASILEIRO: Spending US$780MM on Renewable Energy Dev't
REGAL MARINE: Pays First and Final Dividend to Creditors

SEA CONTAINERS: Received Dividends from GNER Before Bankruptcy
SEA CONTAINERS: Wants Richards Butler as Special Foreign Counsel
YIN FRESH: Commences Wind-Up of Operations


T H A I L A N D

ADVANCED PAINT: Auditor Raises Going Concern Doubt
TONGKAH HARBOUR: Posts THB16.42-Million Net Profit in 3Q 2006

     - - - - - - - -

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

AWB LIMITED: Federal Government Changes Single Desk Arrangements
----------------------------------------------------------------
AWB Limited Chairman Brendan Stewart says the company's board of
directors is examining the Federal Government's decision to
transfer the bulk veto to the Minister for Agriculture.

The veto powers for wheat exports will be taken off AWB's
monopoly wheat export arm, AWB International, and given to
Agriculture Minister Peter McGauran, Skynews reports, adding
that Prime Minister John Howard has confirmed that the
government is rushing through legislation to transfer the veto
power.

The move was approved at the coalition joint party room meeting,
the report notes.

Mr. Stewart notes that that further information about the
proposed changes is needed before the company can comment in
detail about the impacts.  "We are seeking additional
information to determine the impact on Estimated Pool Returns
for the 2005-2006 and 2006-2--7 National Pools and the impact on
company earnings," Mr. Stewart notes.

"Our main focus is to avoid unintended consequences for wheat
growers, customers, shareholders, employees as a result of the
proposed changes," Mr. Stewart adds.

The government considered the issue and decided on the interim
measure, Skynews cites Mr. Howard, as saying.

Over the next three months the government will undertake
extensive consultation with the wheat industry over future
arrangements, Skynews relates.

Skynews also cites Nationals Senator Barnaby Joyce as saying
that the outcome is a better option than losing the single desk
and facing complete deregulation.

As reported in the Troubled Company Reporter - Asia Pacific on
November 21, 2006, Federal Liberal MPs, led by West Australian
MP Wilson Tuckey, has put up a private member's bill that would
strip AWB of its power to stop wheat exports by other companies.

On November 16, 2006, Mr. Tuckey presented the Bill to
parliamentary clerks.  Mr. Tuckey wanted Prime Minister John
Howard to consider changes to Australia's wheat marketing
system.  If not, he wanted the Bill debated in Parliament during
the final two sitting weeks of the year, which began on Nov. 27,
2006.

The previous TCR-AP report said Mr. Tuckey demanded that:

   * AWB Limited be stripped of its single-desk monopoly as
     Australia's wheat exporter; or

   * responsibility for wheat be given to the Wheat Export
     Authority, which would enlist private operators to handle
     buying and selling.

                AWB Requests Shares Trading Halt

In a filing with the Australian Securities Exchange, AWB
requested a trading halt in respect of its shares, to assess the
impact of the Federal Government's decision to transfer the bulk
veto to the Minister for Agriculture for six months.

The company requested that the trading halt to last until it
makes an announcement regarding the impact of the decision.

                          About AWB

AWB Limited -- http://www.awb.com.au/-- is Australia's leading  
agribusiness and one of the world's largest wheat marketing
companies.  It is also one of Australia's top 100 publicly
listed companies.  The Company is the exclusive manager and
marketer of all Australian bulk wheat exports through what is
known as the Single Desk.  The Company markets wheat, and a
range of other grains, into more than 50 countries, with
Australian wheat exports worth up to AU$5 billion per year.  
AWB's footprint includes more than 430 outlets through its
subsidiary landmark and has offices across the world.  The
company employs more than 2,700 staff reaching over 100,000
customers.  AWB is also one of the nation's largest suppliers of
rural merchandise, distributors of fertilizer, marketers of
livestock, brokers of rural real estate and handlers of wool.

In late 2005, AWB was accused of knowingly paying AU$290 million
in kickbacks to the Government of Iraq, under Saddam Hussein's
administration, through the United Nation's oil-for-food
program.  A UN report then found out that AWB paid the kickbacks
to a Jordanian trucking company linked to Hussein's deposed
regime.  The Australian Government then appointed a commission,
headed by retired judge Terence Cole, to investigate into the
Company's role in and the Government's alleged "knowledge" of
the scandal.  The "Cole Inquiry" is currently underway.  The
scandal is anticipated to create great political repercussions
to the Australian Government, given the country's contribution
to military action against President Hussein in the 2003
invasion of Iraq.

However, after auditing AWB's financial results for the fiscal
year ended September 30, 2006, Brett Kallio, a partner at Ernst
& Young, disclosed that there is inherent uncertainty
surrounding the consolidated entity with regard to matters
associated with the Federal Inquiry into certain Australian
companies in relation to the United Nations Oil-for-Food
Programme.

Mr. Kallio noted that there is uncertainty as to the nature of
the findings of the Oil-for-Food Inquiry and the resultant
impact, if any, on the company's financial position, financial
performance, cash flows and its operations arising directly or
indirectly from the Inquiry.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
July 12, 2006, that six American wheat farmers have launched a
AU$1-billion class action against AWB in the United States,
claiming its dealings in overseas markets damaged their own
incomes.  According to the TCR-AP report, more farmers are
considering joining the class action.

The TCR-AP also previously reported that Australian law firm
Maurice Blackburn Cashman was considering a class action against
AWB on behalf of shareholders who lost money in the wake of the
Cole Inquiry.

AWB's September 30, 2006, balance sheet showed total assets of
AU$5.65 billion and total liabilities of AU$4.52 billion
resulting to total shareholders' equity of AU$1.12 billion.


ALLSTATE EXPLORATIONS: Administrators Withdraw Challenge to ASIC
----------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
December 6, 2006, the Federal Court ordered Allstate
Explorations NL's administrators, Michael Ryan and Tony
Woodings, to appear and answer questions under oath at a public
examination.  However, the orders have been frozen pending a
hearing on the challenge to the joint administrators' validity,
the TCR-AP said.

According to the TCR-AP, Simon Evans, an Allstate shareholder,
obtained the orders after the Australian Securities and
Investments Commission authorized him to seek them.

The Administrators, with Macquarie Bank, have argued that the
ASIC failed to take into account several matters, including that
the ASIC had investigated shareholder complaints and had decided
in 2003 to take no further action, the TCR-AP noted.

A follow up report from the Sydney Morning Herald states that
the Administrators have withdrawn the constitutional challenge
to the ASIC's decision to allow public examinations into
Allstate's financial affairs.

The paper says the Administrators will press with a Federal
Court application to overturn the ASIC's decision on other
grounds.

The Sydney Herald cites court papers which foreshadowed that the
barrister representing Messrs. Ryan and Woodings, Michael
Pembroke, SC, told Justice Roger Gyles would argue that it could
be an unconstitutional exercise of power by the Federal Court to
allow lawyers for Mr. Evans to examine Messrs. Ryan and Woodings
in public.

The TCR-AP reported on July 31, 2006, that 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.

                         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' Final Meeting Slated for December 20
---------------------------------------------------------
Betigl Pty Ltd, which is in liquidation, will hold a final
meeting for its members on Dec. 20, 2006, at 10:00 a.m.

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

As reported by the TCR-AP, the company entered wind-up
proceedings on Nov. 17, 2006.

The liquidators can be reached at:

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

                        About Betigl Pty

Betigl Pty Limited is located in Queensland, Australia.  The
company is involved with miscellaneous business credit
institutions.


CAPITAL CITY: To Declare First Dividend on January 25
-----------------------------------------------------
Capital City Waste Services Pty Ltd, which is subject to a deed
of company arrangement, will declare the first dividend on
Jan. 25, 2007.

Creditors are required to submit their proofs of debt by
Dec. 26, 2006, or they will be excluded from sharing in the
dividend.

The deed administrator can be reached at:

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

                       About Capital City

Capital City Waste Services Pty Ltd is located in New South
Wales, Australia.  The company operates Refuse Systems.


CLUCOR: ASIC Bans Taylors from Managing Corporations
----------------------------------------------------
In statement dated December 5, 2006, the Australian Securities
and Exchange Commission disclosed that it has disqualified
property developer James Taylor and his son, Adam John Taylor,
from managing corporations during the month of November after
their involvement in failed companies.

The Australian Stock Exchange has banned the elder Taylor for a
maximum period of five years.

Mr. Taylor's banning follows an investigation by the ASIC into
his involvement in failed companies, MSTA Pty Ltd and Clucor Pty
Ltd.  This investigation found that Mr. Taylor had managed MSTA
Pty Ltd, Clucor Pty Ltd, and 11 other companies within five
years of a fraud conviction in October 2000.

The ASIC also found that Mr. Taylor had failed to pay statutory
debts owing to the Australian Taxation Office and had allowed
Clucor Pty Ltd to trade while insolvent.  Further, Mr. Taylor
had allowed Clucor to enter into loans at interest rates that
were described as being "extortionate" and engaged in
transactions to divert company property for his own benefit.

In disqualifying Mr. Taylor, the ASIC also took into account his
convictions in 2005 on five counts of managing corporations
while disqualified and four counts of failing to assist
liquidators.

The ASIC has also banned Mr. Taylor's son, Adam John, for two
years as a result of his involvement in MSTA Pty Ltd and Clucor
Pty Ltd.

The ASIC found that the younger Taylor breached his director's
duties by allowing his father to engage in un-commercial and
fraudulent transactions concerning Clucor.  Furthermore, he
allowed Clucor to trade while insolvent and permitted his father
to manage a company while disqualified.

The Taylors have the right to appeal to the Administrative
Appeals tribunal for a review of the ASIC's decision.

The Troubled Company Reporter - Asia Pacific has reported that
on April 26, 2006, Robert Hutson and John Park have ceased to
act as Joint and Several Receivers and Managers of Clucor Pty
Ltd.


HOECHST AUSTRALIA: Shareholders Pass Resolution to Wind Up Firm
---------------------------------------------------------------
At an extraordinary general meeting on Nov. 16, 2006, the
shareholders of Hoechst Australia Ltd passed a special
resolution to voluntarily wind up the company's operations.

In this regard, Geoffrey Reidy was appointed as liquidator.

The Liquidator can be reached at:

         Geoffrey Reidy
         Rodgers Reidy
         Level 8, 333 George Street
         Sydney, New South Wales 2000
         Australia

                    About Hoechst Australia

Hoechst Australia Ltd was established in 1964.  The company
manufactured industrial chemicals, plastics and pharmaceuticals.
It had plants in many suburbs including Altona and Moorabbin.  
In January 1997, Hoechst Australia sold its polyolefin
operations at Altona to Kemcor Australia.  Around 1999 the
global Hoechst company was bought out by Aventis, which is now
called Sanofi-aventis.

The company is located in Victoria, Australia.


HOECHST AUSTRALIAN: Commences Wind-Up Proceedings
-------------------------------------------------
On Nov. 16, 2006, a special resolution was passed by Hoechst
Australian Investment Pty Ltd to voluntarily wind up the
company's operations.

Accordingly, Geoffrey Reidy was named as liquidator.

The Liquidator can be reached at:

         Geoffrey Reidy
         Rodgers Reidy
         Level 8, 333 George Street
         Sydney, New South Wales 2000
         Australia

                    About Hoechst Australian

Hoechst Australian Investments Pty Limited is involved with
miscellaneous business credit institutions.

The company is located in Victoria, Australia.


LQ4 (CBMC): Prepares to Declare Final Dividend on January 16
------------------------------------------------------------
LQ4 (CBMC) Pty Ltd, which is in liquidation, will declare a
final dividend on Jan. 16, 2007.

Creditors are required to prove their debts by Dec. 31, 2006, or
they will be excluded from participating in any distribution the
company will make.

The joint and several liquidators can be reached at:

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

                        About Lq4 (Cbmc)

Lq4 (Cbmc) Pty Limited is located in New South Wales, Australia.  
The company is engaged in food preparations.


LQ5 (DFC): To Declare Final Dividend on January 16
--------------------------------------------------
LQ5 (DFC) Pty Ltd, which is in liquidation, will declare the
final dividend for its creditors on Jan. 16, 2006.

Failure to prove debt by Dec. 31, 2006, will exclude a creditor
from sharing in the dividend distribution.

The joint and several liquidators can be reached at:

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

                         About Lq5 (Dfc)

Lq5 (Dfc) Pty Limited -- trading as Aqua-Feed Products Australia
-- is located in Queensland, Australia.  The company is a
distributor of Animal fats, Marine fats, and oils.


LQ6 (DFE): Creditors Must Prove Debts by December 31
----------------------------------------------------
LQ6 (DFE) Pty Ltd, which is in liquidation, will declare a final
dividend for its creditors on Jan. 16, 2007.

Creditors who cannot prove debts by Dec. 31, 2006, will be
excluded from sharing in the dividend distribution.

The joint and several liquidators can be reached at:

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

                         About Lq6 (Dfe)

Lq6 (Dfe) Pty Limited -- trading as G T P Bakery Equipment -- is
located in Queensland, Australia.  The company is a distributor
of food products machinery.


P & N BUTTERFIELD: Members to Receive Wind-Up Report
----------------------------------------------------
The members of P & N Butterfield Pty Ltd will meet for their
final meeting on Jan. 8, 2007, at 10:00 a.m., to receive
Liquidator P. J. Steece's report of the company's wind-up
proceedings.

As reported by the Troubled Company Reporter - Asia Pacific, the
company was placed under voluntary wind-up on June 14, 2006.

The Liquidator can be reached at:

         P. J. Teece
         Teece & Teece
         239 Rocky Point Road
         Sans Souci, New South Wales 2219
         Australia

                    About P & N Butterfield

P & N Butterfield Pty Ltd is a general contractor of
Nonresidential Buildings aside from Industrial Buildings and
Warehouses.

The company is located in New South Wales, Australia.


RHONE-POULENC RORER: Placed Under Voluntary Wind-Up
---------------------------------------------------
At an extraordinary general meeting held on Nov. 16, 2006, the
shareholders of Rhone-Poulenc Rorer Australia Pty Ltd resolved
to voluntarily wind up the company's operations and appointed
Geoffrey Reidy as liquidator.

The Liquidator can be reached at:

         Geoffrey Reidy
         Rodgers Reidy
         Level 8, 333 George Street
         Sydney, New South Wales 2000
         Australia

                      About Rhone-Poulenc

Rhone-Poulenc Rorer Australia Pty Limited is located in New
South Wales, Australia.  The company is engaged with drugs, drug
proprietaries and druggists' sundries.


STARENA INTERNATIONAL: To Declare First and Interim Dividend
------------------------------------------------------------
A first and interim dividend is to be declared on Jan. 31, 2007,
for the unsecured creditors of Starena International Pty Ltd.

Unsecured creditors are required to formally prove their debts
by Dec. 27, 2006, to be included in the dividend distribution.

As reported by the TCR-AP, the company declared the first and
final dividend for its priority creditors on Oct. 4, 2006.

The deed administrator can be reached at:

         R. W. Whitton
         Lawler Partners
         Chartered Accountants
         763 Hunter Street
         Newcastle West New South Wales 2302
         Australia

                  About Starena International

Headquartered in New South Wales, Australia, Starena
International Pty Ltd -- http://www.starenaint.com--
is a major supplier of Fit Out Products to the Stadia, Theatre
and Auditorium Industry.  The company has four operating
divisions namely: Seating Division, which provides engineered
design solutions in the areas of Telescopic, Fixed Stadia,
Theatre and Entertainment Seating Systems; Electronic Display
Division, which provides Lamp and LED based Electronic Displays;
Commercial Fit Out Division, which provides Turnkey Fit Out
Solutions, incorporating products, like Turnstiles, Crowd
Control Systems and Portable Staging Equipment and Explosion
Resistant Litter Bins; and Timber Sports Floor Division, which
provides Turnkey Custom Design Sports Floor Solutions for Multi
Use Facilities and Basketball Centers.


SYDNEY INVESTMENT HOUSE: Placed Into Liquidation
------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
November 6, 2006, the Supreme Court of New South Wales has
appointed Quentin Olde of Taylor Woodings as provisional
liquidator to seven companies related to the Sydney Investment
House Group after an application by the Australian Securities
and Investments Commission:

   1. Sydney Investment House Equities Pty Ltd (SIH Equities);
   2. Sydney Investment House Capital Limited (SIH Capital);
   3. Sydney Investment House Pty Ltd;
   4. Sydney Investment House (Beaconsfield) Pty Ltd;
   5. Melbourne Investment House Pty Ltd;
   6. Melbourne Investment House (Hawthorn) Pty Ltd; and
   7. Melbourne Investment House (Collingwood) Pty Ltd

A subsequent TCR-AP report stated that Mr. Olde was also
appointed as provisional liquidator to Sydney Investment House
(Newcastle) Pty Ltd -- the eighth company related to the Sydney
Investment House Group.

In an update, the ASIC has succeeded in its application to
appoint Mr. Olde as liquidator to these seven companies:

   1. Sydney Investment House Equities Pty Ltd (SIH Equities);
   2. Sydney Investment House Capital Limited (SIH Capital);
   3. Sydney Investment House Pty Ltd;
   4. Sydney Investment House (Beaconsfield) Pty Ltd;
   5. Melbourne Investment House Pty Ltd;
   6. Melbourne Investment House (Hawthorn) Pty Ltd; and
   7. Sydney Investment House (Newcastle ) Pty Ltd

The ASIC notes that Mr. Olde was previously appointed as
liquidator to Melbourne Investment House (Collingwood) after an
application made by a creditor.

In making its decision to place the remaining seven companies
into liquidation, the court considered reports it had previously
ordered from Mr. Olde regarding their financial position.  These
reports concluded that the companies were insolvent and the
court ordered the companies to be wound up.

As noted in the TCR-AP, the ASIC alleges that two of the
directors of SIH Capital, Edwin Goulding (who is also a director
of the other seven companies within the SIH Group) and Steven
Geagea, and the companies within the SIH Group had been involved
in a number of contraventions of the Corporations Act and ASIC
Act, including that SIH Equities operated an unregistered
managed investment scheme and that Messrs. Goulding and Geagea
were involved in making false and misleading statements to
investors.  The ASIC alleged these false and misleading
statements were made to investors to encourage them to invest
with SIH Capital.

The TCR-AP report specifically noted that SIH Capital is an
unlisted public company that raised over AU$8.4 million from the
public through the issue of redeemable preference shares between
November 2004 and June 2005.  The funds raised from the public
were lent to other companies within the SIH Group that were
controlled by Mr. Goulding.  Many of the investors in SIH
Capital were previously investors in SIH Equities and had their
investments rolled over into SIH Capital.

According to the TCR-AP report, SIH Newcastle, which is a
defendant in the SIH Group proceedings, was not placed under
provisional liquidation.

According to the ASIC, the court considered an application by
Mr. Goulding's mother, Eileen Jelfs, and AJEG Holdings Pty Ltd
to set aside the previous orders of the court with respect to
the appointment of Mr. Olde as receiver and manager to the
trusts.  The court dismissed this application and awarded
indemnity costs to the ASIC and Mr. Olde.

On November 1, 2006, the Court gave Mr. Olde the powers required
to prepare a report on the affairs of SIH Newcastle and provide
it to the Court by December 1.  He was also appointed by the
court as receiver and manager to the assets comprised in a
number of trusts associated with Mr. Goulding, the TCR-AP said.

The ASIC is also concerned that some of the funds raised by SIH
Capital through the issue of a prospectus were then lent to
related companies and trusts by the defendants in a manner
contrary to statements made in the prospectus.

Thus, the ASIC is seeking orders and declarations in relation to
these and other allegations.  The court will hear these matters
on April 12, 2007.

                       About SIH Capital

SIH Capital is an unlisted public company that raised over
AU$8.4 million from the public through the issue of redeemable
preference shares between November 2004 and June 2005.  The
funds raised from the public were lent to other companies within
the Sydney Investment House Group that were controlled by Edwin
Goulding.  Many of the investors in SIH Capital were previously
investors in SIH Equities and had their investments rolled over
into SIH Capital.

The Australian Securities and Investments Commission alleges
that Mr. Goulding, Steven Geagea and the companies within the
Sydney Investment House Group had been involved in a number of
contraventions of the Corporations Act and ASIC Act, including
that SIH Equities operated an unregistered managed investment
scheme and that Messrs. Goulding and Geagea were involved in
making false and misleading statements to investors.  It is
alleged these false and misleading statements were made to
investors to encourage them to invest with SIH Capital.

As of November 22, 2006, all eight companies associated with the
SIH Group have now been placed into provisional liquidation.


WATTS ENTERPRISES: Final Meeting Slated for January 9
-----------------------------------------------------
Watts Enterprises Pty Ltd, which is in liquidation, will hold a
final meeting for its members and creditors on Jan. 9, 2007, at
10:00 a.m.

At the meeting, Liquidator Murray Godfrey will present an
account of the company's wind-up proceedings and property
disposal activities.

The Liquidator can be reached at:

         Murray Godfrey
         RMG Partners
         Level 12, 88 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9231 0889

                    About Watts Enterprises

Located in New South Wales, Australia, Watts Enterprises Pty
Limited is involved with durable goods.


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

ANZAM LTD: Creditors' Proofs of Debt Due on January 1
-----------------------------------------------------
Liquidators Thomas Andrew Corkhill and Iain Ferguson Bruce
require the creditors of Anzam Ltd to submit their proofs of
debt by Jan. 1, 2007.

Failure to comply with the requirement will exclude a creditor
from sharing in any distribution the company will make.

The Troubled Company Reporter - Asia Pacific previously reported
that on Nov. 22, 2006, Mr. Corkhill and Mr. Bruce were appointed
as joint and several liquidators of the company.

The Liquidators can be reached at:

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


BOLD WARE: To Hold Annual Meeting on December 20
------------------------------------------------
The members and creditors of Bold Ware Optical (Metal)
Manufactory Ltd will hold and annual meeting on Dec. 20, 2006,
at 11:00 a.m., to consider the liquidator's account of the
company's wind-up during the preceding year.

The Troubled Company Reporter - Asia Pacific previously reported
that the company held a creditors' meeting on Nov. 11, 2005.

The joint and several liquidator can be reached at:

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


HOTEL MERLIN: Creditors Must Submit Claims by December 18
---------------------------------------------------------
Creditors of Hotel Merlin (Hong Kong) Ltd are required to submit
their proofs of debt to Liquidator Lim Ooi Kong by Dec. 18,
2006, or they will be excluded from any distribution the company
will make.

According to the Troubled Company Reporter - Asia Pacific, the
company commenced a wind-up of its operations on Nov. 23, 2006.

The Liquidator can be reached at:

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


INCO INVESTMENTS: Members to Receive Wind-Up Report
---------------------------------------------------
The members of Inco Investments Ltd will meet for their final
general meeting on Jan. 3, 2007, at 11:00 a.m. to receive
Liquidator Rainier Lam Hok Chung's report regarding the
company's wind-up proceedings.

As reported by the Troubled Company Reporter - Asia Pacific on
April 10, 2006, the company's members passed a resolution to
voluntarily wind up the company's operations.

The Joint and Several Liquidator can be reached at:

         Rainier Lam Hok Chung
         22/F Prince's Building Central
         Hong Kong  


KIU FUNG: Court to Hear Wind-Up Petition on January 3
-----------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition filed
against Kiu Fung Lan Ltd on Jan. 3, 2007, at 9:30 a.m.

The Secretary for Justice and on behalf of the Director of
Agriculture, Fisheries and Conservation acting for the
Government filed the petition with the Court on Oct. 20, 2006.

The solicitors for the Petitioner can be reached at:

         Chan, Yuk Ching Jess
         Department of Justice
         2/F, High Block
         Queensway Government Offices
         66 Queensway, Hong Kong


MILLION HERO: Liquidators Cease to Act
--------------------------------------
Chun Shu Kin and Chow Chi Tong ceased to act as joint and
several liquidators of Million Hero Development (Peking) Ltd on
Dec. 1, 2006.

As reported by the Troubled Company Reporter - Asia Pacific, the
liquidators presented an account of the company's wind-up
proceedings during the members' final meeting on Nov. 24, 2006.

The former Joint Liquidators can be reached at:

         Chan Shu Kin
         Chow Chi Tong
         9/F, Tung Ning Building
         249-253 Des Voeux Road, Central
         Hong Kong


PANVA GAS: Hong Kong & China Gas Plans to Take 45% Stake
--------------------------------------------------------
Hong Kong & China Gas Co plans to buy a 45% stake in Panva Gas
Holdings Ltd for HK$3.23 billion, Market Watch reports.

Market Watch relates that Panva will issue 773 million new
shares at HK$4.18 each to Hong Kong's dominant gas supplier,
which is better known as Towngas.  In return, Panva will acquire
10 operating piped-gas projects in eastern China now held by
Towngas.

Towngas owns 50% stakes in six of the projects, while its equity
interests in the other four projects range from 27% to 100%, the
paper adds.

Market Watch notes that on completion of the deal, Towngas
Managing Director Alfred Chan will sit on Panva's board as an
executive director.

"China's gas market has huge potential. We won't have enough
manpower to increase our market share without Panva," the paper
cites Mr. Chan telling reporters at a news conference.

Panva, however, said that the deal is pending shareholders'
approval, without disclosing the date when shareholders would
meet to vote on the deal, Market Watch relates.

                          *     *     *

Panva Gas, listed on the Hong Kong Stock Exchange, is primarily
engaged in the downstream selling and distribution of LPG and
natural gas in Mainland China.  Its main operations include the
sale of LPG in bulk and cylinders, the provision of piped
natural gas, the construction of gas pipelines and, to a lesser
extent, the sale of LPG household appliances.

On Dec. 5, 2006, Standard & Poor's Ratings Services had placed
its BB corporate credit rating on Panva Gas Holdings Ltd on
CreditWatch with positive implications following an announcement
that the company plans to acquire 10 piped gas projects from
Hong Kong & China Gas Co. Ltd.  At the same time, the BB issue
ratings on US$50 million convertible bonds due 2008 and US$200
million senior unsecured notes due 2011 were also placed on
CreditWatch with positive implications.

Moody's Investors Service on December 4, 2006, has placed under
review for possible upgrade its Ba2 corporate family rating and
senior unsecured bond rating of Panva Gas.

The rating action follows Panva's announcement that it will
issue new shares to Hong Kong and China Gas and, in return,
acquire ten piped gas operating projects in Eastern China.  
Accordingly, the transaction will involve no cash payment.


PANVA GAS: S&P Puts BB Credit Rating on Watch Positive
------------------------------------------------------
On December 5, 2006, Standard & Poor's Ratings Services placed
its BB corporate credit rating on Panva Gas Holdings Ltd on
CreditWatch with positive implications following an announcement
that the company plans to acquire 10 piped gas projects from
Hong Kong & China Gas Co. Ltd by issuing 772.9 million common
shares to Towngas.

At the same time, the 'BB' issue ratings on US$50 million
convertible bonds due 2008 and US$200 million senior unsecured
notes due 2011 were also placed on CreditWatch with positive
implications.  The CreditWatch placements reflect the
potentially positive impact of the proposed acquisitions on
Panva's business and financial profiles.
     
Towngas is the dominant piped gas supplier in Hong Kong with
extensive experience in China's piped gas market.  The proposed
transaction is valued at Hong Kong dollar HK$3.2 billion.  
Towngas would then become the largest shareholder in Panva, with
a 45% controlling stake.  EnerChina Holdings Ltd. would become
the second largest, with a 30% interest.
     
"Towngas could be a strong partner for Panva by providing
management and financial support to help Panva to expand.  In
return, Towngas has an opportunity to increase its exposure and
improve its position in a fast-growing piped gas market," said
Standard & Poor's credit analyst Ryan Tsang.

Panva's financial profile could improve after the completion of
this all-shares transaction. The company's debt leverage is
likely to decrease.  The acquired piped project could improve
the company's cash-generating ability and profitability.
     
Prior to this CreditWatch placement, the outlook on the rating
on Panva Gas was negative.  This reflected Panva's declining
operating performance and weakened balance sheet liquidity in
the first half of 2006.
     
The CreditWatch placement is likely to be resolved after a
detailed review of Panva's business plan, the quality of
projects injected, the potential financial impact, and
relationships between Panva and its major shareholders.  The
ratings could be raised if Standard & Poor's believes there has
been substantial improvement in the company's debt servicing
ability and its risk management.  In addition, strong commitment
from major shareholders would be a supporting factor.


PANVA GAS: Moody's Reviews Ba2 Rating for Possible Upgrade
----------------------------------------------------------
On December 4, 2006, Moody's Investors Service has placed under
review for possible upgrade its Ba2 corporate family rating and
senior unsecured bond rating of Panva Gas.

The rating action follows Panva's announcement that it will
issue new shares to Hong Kong and China Gas and, in return,
acquire ten piped-gas operating projects in Eastern China.  
Accordingly, the transaction will involve no cash payment.

Once the transaction is approved, Towngas will become the
largest single shareholder of Panva with 45%, while Enerchina's
stake will decline from 60% to 30%.

The rating action reflects Moody's view that the acquisition of
ten piped gas projects is likely to strengthen the
competitiveness of Panva, as piped gas sales volume is expected
to more than double as the acquired projects have a high
concentration of industrial and commercial users.

The rating action also reflects the potential benefits derived
from the new shareholding structure, including any potential
upside to Panva's credit profile in terms of operating
synergies, financial enhancements and corporate governance
standards.

The rating review will address the operational and financial
impact of the transaction, and Towngas's view of Panva Gas's
strategic importance and likely support.  The review will also
focus on management's ability to manage a much larger scale of
operations, quality of earnings being derived from the acquired
projects, and any debt held at the project level.

Other aspects -- such as operational synergies and any changes
to the corporate governance framework arising from the new
ownership structure -- will also be assessed.

Panva Gas, listed on the Hong Kong Stock Exchange, is primarily
engaged in the downstream selling and distribution of LPG and
natural gas in Mainland China. Its main operations include the
sale of LPG in bulk and cylinders, the provision of piped
natural gas, the construction of gas pipelines and to a lesser
extent the sale of LPG household appliances.


PARKSON RETAIL: Moody's Keeps Ba1 Bond Rating
---------------------------------------------
On December 4, 2006, Moody's Investors Service has affirmed
Parkson Retail Group Ltd's Ba1 senior secured bond rating
following the successful closing of its US$200 million bond
issuance.  The rating has had its provisional status removed.  
The rating outlook is stable.

Parkson Retail Group Limited is listed on the Hong Kong Stock
Exchange.  It is one of the largest national retailers in China,
operating 23 self-owned and 15 managed stores in over 26 cities.  
For the year end-2005, revenues were CNY1.2 billion while net
income was CNY248 million.  


PRAVOLI INTERNATIONAL: Wind-Up Hearing Set on Dec. 27
-----------------------------------------------------
A wind-up petition filed against Pravoli International Ltd will
be heard before the High Court of Hong Kong on Dec. 27, 2006, at
9:30 a.m.

Lai Siu Ching filed the petition with the Court on Nov. 3, 2006.

The Solicitor for the Petitioner can be reached at:

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


PREMAIN LTD: Creditors Must Prove Debts by December 30
------------------------------------------------------
Creditors of Premain Ltd are required to submit their proofs of
claim to Liquidator Lam Ying Sui by Dec. 30, 2006, or they will
be excluded from sharing in any distribution the company will
make.

According to the Troubled Company Reporter - Asia Pacific, the
company's shareholders appointed Lam Ying Sui as liquidator on
Nov. 30, 2006.

The Liquidator can be reached at:

         Lam Ying Sui
         Room 1004-1005
         Allied Kajima Bldg.
         138 Gloucester Road
         Wanchai, Hong Kong


SINO-FOREST: S&P Affirms BB- LTCR; Outlook Revised to Positive
--------------------------------------------------------------
On December 4, 2006, Standard & Poor's Ratings Services had
revised its outlook on the rating on Sino-Forest Corp to
positive from stable to reflect expectations that cash flow
should improve following acquisitions made in 2006.  At the same
time, Standard & Poor's affirmed its BB- long-term corporate
credit rating on Sino-Forest.
     
"The positive outlook reflects expectations of increasing EBITDA
and funds from operations as the company executes its business
plan in relation to existing assets and those acquired under the
acquisition of 100,000 hectares in Hunan," said Standard &
Poor's credit analyst Mary Ellen Olson.
     
The rating reflects strong demand for wood products in China and
the company's growing asset base, which is geographically
diverse and generates stable cash flow.  These strengths are
offset by ongoing aggressive investment in plantation assets and
execution risk as the company expands, rising competition, and
regulatory risks.
     
Sino-Forest's financial metrics are solid, with operating cash
flow for the nine months ended Sept. 30, 2006 of about US$165
million or 37% of total debt outstanding of US$450 million.  The
company's debt leverage peaked in 2006.  Its ratio of debt to
capitalization reached 49% in the nine months ended Sept. 30,
2006, but remains appropriate for the rating.  The intended
acquisition of a total of 400,000 ha in Hunan over the next 14
years is expected to add about 3.1 million cubic meters in sales
annually, increasing the company's EBITDA and cash flow in 2007.  
The acquisition price is fixed on a volume basis, protecting
Sino-Forest from potential overpayment if yields are lower than
the 110-120 cubic meters per ha currently expected.
     
While Sino-Forest's expansion outside southern China creates
execution risks for the company, Standard & Poor's expects
management to maintain good financial management policies and a
prudent expansion strategy.


STAGE AND ART: Liquidator to Present Wind-Up Report on Jan. 3
-------------------------------------------------------------
A final general meeting of the members of Stage and Art Design
Associates Ltd will be held on Jan. 3, 2007, at 3:00 p.m.

During the meeting, Liquidator Wong Wai Pui Ricky will present
an account of the company's wind-up proceedings and property
disposal exercises.

The Joint and Several Liquidator can be reached at:

         Wong Wai Pui Ricky
         1902 MassMutual Tower
         38 Gloucester Road, Wanchai
         Hong Kong


START III: Fitch Hands Final Ratings to 5 Notes Due 2011
--------------------------------------------------------
On December 6, 2006, Fitch Ratings assigned final ratings to
Start III CLO Limited's notes due 2011:

   -- US$56.25 million Class A notes: AAA

   -- US$41.25m Class B notes: AAA

   -- US$22.5m Class C notes: A+

   -- US$37.5m Class D notes: BBB+

   -- US$30.0m Class E notes: BB+

The transaction is a synthetic collateralized loan obligation
linked to a diverse pool of senior and predominantly unsecured
loans.  Interest on the notes will be derived from fixed
payments under a credit default swap linked to the credit risk
of this portfolio.  Under the CDS agreement, Standard Chartered
Bank will buy USD1.5 billion protection on an initial pool of
520 reference obligations from 374 Asian and Middle Eastern
entity groups.  

The three largest country concentrations are:

   1. Hong Kong: 34.12%;  
   
   2. South Korea: 13.44%; and

   3. the UAE: 9.70%.

Asia, excluding the Middle East, represents 78.75% of the
initial portfolio.

Proceeds from the issue of the notes will initially be deposited
with the account bank, Deutsche Bank AG.  However, this can be
switched to a repo agreement, when eligible securities will be
purchased and held by the issuer in exchange for repo premiums
paid by a repo counterparty rated at least 'A'/'F1'.  The repo
counterparty is subject to downgrade triggers.

There is no swap counterparty trigger in the transaction as a
guarantor or replacement swap counterparty cannot be sought.  
However, to mitigate any failure to pay interest, SCB will post
the next period's interest in advance.  This meets Fitch swap
counterparty criteria for swap counterparties with ratings of
'BBB+'/'F2' and above.  It is likely that the notes will be
credit-linked to the rating of SCB, should SCB be downgraded to
below 'BBB+'/'F2' given the absence of downgrade protection
below this rating threshold.

The transaction, which is jointly arranged by Lehman Brothers
Asia Limited and SCB, will be subject to replenishments by SCB
in the first two-and-a-half years subject to certain conditions
being met, including the Fitch Vector Test.  Upon the occurrence
of a regulatory change SCB has the option to redeem the notes at
any time by giving 30 days' notice.  Should this occur, SCB will
be required to repay noteholders any accrued interest and
outstanding principal in accordance with the documentation of
the transaction.

The final ratings are based on the credit quality of the
portfolio, a mapping of Standard Chartered Bank's internal
credit scoring system, the arrangements provided under the CDS,
the available credit enhancement and the sound legal and
financial structure of the transaction.  The final ratings
address the likelihood of receiving payment of interest and
ultimate repayment of principal by legal maturity in 2011, in
accordance with the transaction documentation.


TIN SUM: Members to Hear Wind-Up Report on January 8
----------------------------------------------------
The members of Tin Sum Valley United Village Office Ltd will
meet for their final general meeting on Jan. 8, 2007, at 10:00
a.m., to receive a report regarding the company's wind-up
proceedings from Liquidator Tsoi Chiu Hee.

The Liquidator can be reached at:

         Tsoi Chiu Hee
         Tin Sum Valley United Village Office Limited
         Area 2A, Lung Hang Estate
         Shatin, New Territories  


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

POWER FINANCE: Sees Initial Public Offering by March 2007
---------------------------------------------------------
Power Finance Corporation Ltd sees offering its shares in the
market via an initial public offering in March 2007, reports
cite PFCL Chairman V.K. Garg as saying.

According to Mr. Garg, Power Finance has already received the
Indian Government's approval and is just waiting for the
Securities and Exchange Board of India to also give the go
signal.

The company has got approval to offer up to 10% stake to the
public, the Business Standard says.

The newspaper adds that there will be no sale of existing shares
owned by the Government, since this was opposed by key members
of the ruling coalition, which led to the deferment of the IPO
planned earlier this year.

The book value of the shares, NDTVProfit.com states, will be
INR62 with the premium to be decided by the market.

                 About Power Finance Corp. Ltd.

Power Finance Corporation Ltd http://www.pfcindia.com/is a  
financial institution in the power sector committed to the
integrated development of the power and associated sectors by
channeling the resources and providing financial, technological
and managerial services.  The company's products and services
include term loan, buyer's line of credit, loan to equipment
manufacturers, equipment leasing and consultancy services.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 28, 2005, Standard & Poor's Ratings Services gave Power
Finance a BB+ long-term foreign and local currency issuer credit
rating.  The outlook is stable.


RELIANCE INDUSTRIES: In Talks for Possible Tie-Up with AIOCD
-----------------------------------------------------------
Reliance Industries Ltd and Godrej are in negotiations for
possible joint ventures with the All India Organization of
Chemists and Druggists' proposed corporate partnership chain,
All India Origin Chemists and Distributors Ltd, the Business
Standard reports.

The talks, according to the report, are part of Reliance
Industries' and Godrej's plan to enter the INR30,000-crore
retail pharmaceutical market.

Citing sources close to the development, the newspaper says that
AIOCDL "would take a decision on the issue shortly."

"We have kept the option open and will choose a partner once
there is clarity on the synergies," AIOCD President JS Shinde
told BS.

Set to start operations in April 2007, the AIOCDL will have
500,000 retail outlets belonging to its existing members, making
it India's largest pharmacy chain, BS notes.

                   About Reliance Industries

Reliance Industries Ltd -- 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: To Sell Piped Gas at Well Below LPG Price
--------------------------------------------------------------
Reliance Industries Ltd. will sell piped natural gas at one-
third less than the price of liquefied petroleum gas, The
Financial Express reports, citing a statement by the company's
Chairman Mukesh Ambani.

According to the report, the move is aimed at capturing market
share.

Mr. Ambani told the newspaper that commercial production of the
piped gas will start by mid-2008.  The company expects the gas
business to significantly contribute to its revenue by that
financial year to March 2010.

                   About Reliance Industries

Reliance Industries Ltd -- 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: To Seek Permission for US$750MM Network
------------------------------------------------------------
Reliance Industries Ltd is set to apply for permission to set up
a nationwide broadband telecom network for internal use,
myiris.com says, citing a report by the Business Standard.

According to the report, the network -- which will, in part, use
the global system for mobile standard for mobile communications,
as well as the latest broadband wireless technologies like WiMax
to support a number of business applications -- may require
investments of up to US$750 million in the long term.

The plan behind the network, myiris.com says, is to connect
Reliance Industries' entire set-up in India onto a common
intelligent backbone.
  
The network will, among others:

   -- connect the entire Reliance Retail supply chain and front-
      end to a real time platform;

   -- link the Reliance Petroleum chain; and

   -- hook up the company to various trading centers and
      commodity exchanges in India and abroad.

The company will also use the network for connectivity within
its planned special economic zones and to meet bandwidth
demands, the report notes.

The company will have to apply to the department of telecom for
approvals, myiris.com adds.

                   About Reliance Industries

Reliance Industries Ltd -- 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.


SCHEFENACKER AG: S&P Lowers Junk Corporate Credit Rating
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on German automotive parts supplier
Schefenacker AG to 'SD' (selective default) from 'CCC-'.

At the same time, the rating was removed from CreditWatch, where
it had been placed with negative implications on Sept. 12, 2006,
following the company's announcement that it had appointed
financial-restructuring experts.

The 'C' long-term debt rating on the Schefenacker's
EUR200-million subordinated notes maturing in 2014 remains on
CreditWatch with negative implications.

The downgrade follows Schefenacker's announcement that it has
extended until mid-December 2006 its standstill agreement
reached on Nov. 2, 2006, with the majority of the lenders of its
EUR50-million revolving credit facility and EUR155-million
senior term loan.  The agreement grants a deferral of interest
payments on these facilities.

"According to our criteria, the missed payment of contractually
due interest constitutes a selective default," said Standard &
Poor's credit analyst Barbara Castellano.

The company has stated that it is current in all scheduled
payments for its other liabilities.

Schefenacker is working on a financial restructuring plan
involving the injection of fresh capital from its sole
shareholder, the acceptance of less onerous conditions by the
second lien lenders, and the conversion of the EUR200-million
subordinated bond into equity.  At the same time, Schefenacker
AG is waiting for the approval from bondholders to migrate to
the U.K.  The aim is to conclude the restructuring negotiations
by year-end.

"Assuming the described plan is completed, we will likely
subsequently raise the rating to reflect the group's longer term
operating and financial outlook," said Ms. Castellano.  "Failure
to accomplish the financial restructuring, however, would push
Schefenacker's rating into default."

The company has locations in India, Mexico and China.


SITRONICS JSC: Inks Regional Alliance Deal with Cisco Systems
-------------------------------------------------------------
Cisco Systems Inc. and Sitronics JSC disclosed of regional
alliance to address the rapidly expanding telecommunications
market in Russia and CIS countries and other emerging markets,
such as Central and Eastern Europe, and Middle East and Africa.  

Cisco and Sitronics will focus on providing advanced
communication solutions in countries that are undergoing major
economic and social transformation.  This includes Information
and Communications Technologies planning and implementation to
increase the productivity of businesses, ramp up connectivity
and find new ways to educate the populace.

"The ability to connect countries and communities in a way that
is replicable across multiple regions, in alignment with
government policies and beneficial to both the population and
the economy, is a major area of focus for Cisco," commented Paul
Mountford, President of Emerging Markets Theatre for Cisco.  
"The go-to-market model developed by Cisco and SITRONICS will
help telecoms operators increase their profitability and market
reach, as well as help improve broadband penetration which, at
present, is around 11 percent for the regions in question."

Initially focused on migrating existing public switched
telephone network infrastructure to an IP network platform, the
modernization solution offered will be built around Sitronics'
IP-NGN soft-switching and OSS portfolio, and Cisco's core
routing and switching products, including the CRS-1 Carrier
Routing System.  MGTS, the leading Russian telecommunications
operator that has 4.3 million subscribers in the Moscow region,
is already successfully implementing the solution.

The advanced solution for our network modernization is based on
NGN technology developed by Cisco and Sitronics.

"It's the optimal solution for our company," commented Alexei
Goltsov, MGTS CEO.  "Their collaboration helps MGTS offer its
subscribers advanced telecom services in a short timeframe."

In addition to the PSTN Modernization solution, Cisco and
SITRONICS are also investigating potential engagements in
additional areas of technology, such as IPTV, wireless broadband
and managed services.

"The competitive challenges in developing markets can differ
significantly.  That is why the creation of strong working
relationship with Cisco will ensure our continued growth in the
region," commented Evgeni Utkin, CEO at Sitronics.  "Sitronics
is a unique technology company that, geographically, covers the
entire Russia and CIS region, as well as the developing markets
of Southern Europe and Middle East.   The alliance demonstrates
Cisco's and SITRONICS' commitment to the Emerging Markets
theatre."

                          About Cisco

Cisco Systems Inc. -- http://www.cisco.com/-- is the worldwide  
leader in networking that transforms how people connect,
communicate and collaborate.

                         About Sitronics

Headquartered in Moscow, Russia, JSC Sitronics --
http://www.sitronics.com/-- provides telecommunications  
solutions, IT solutions and microelectronic solutions in the CIS
region with a rapidly growing presence in other EEMEA markets.  
Sistema controls the company.  The company also operates in
Russia, CIS countries, Eastern Europe, Middle East, Africa,
India, and North America.  

                          *     *     *

Fitch Ratings gave Concern Sitronics JSC a Long-term IDR rating
of B- with a Stable Outlook and an expected rating of B- to
Sitronics' guaranteed up to US$200 million bond with a maturity
of three years.  The assignment of the final bond rating is
contingent on receipt of final documents conforming to
information already received.

The ratings take into account that Sitronics is Russia and the
CIS region's largest technology group, and its small scale on a
global perspective.  Sitronics benefits from support of Sistema
Joint Stock Financial Corp, its dominant shareholder.  Although
it does not guarantee Sitronics' obligations, Sitronics is its
second largest subsidiary and its default would trigger a cross-
default of Sistema's bonds.

The Stable Outlook reflects an expectation that although
Sitronics' businesses will continue to grow at strong rates, the
company is likely to remain a niche player and will not be able
to materially improve its competitive position vis-a-vis its
larger rivals.


SITRONICS JSC: Intracom Unit Inks EUR1.1-Mln Deal with T-HT
-----------------------------------------------------------
Intracom Telecom, a unit of Sitronics JSC, has signed an
agreement for provisioning and implementing a Network Management
project to T-HT Croatian Telecom Inc.  

The EUR1.1 million project includes the extension -- 3rd in
three years -- of the Real Time Traffic Management System, the
extension of the Signaling Monitoring System for SS7, as well as
the equivalent support and maintenance services for a two years
period.

Within the framework of the agreement, apart from the relevant
hardware and software, Intracom Telecom will provide associated
professional services including installation, configuration,
training and support & maintenance services.

Intracom Telecom's provisioning is based on two different
products:

   -- RTTMS is an Intracom Telecom product, which encompasses
      all the functions necessary to identify and mitigate/
      resolve the conditions that adversely affect the PSTN/ISDN
      network performance and customer quality of service, by
      collecting the related Key Performance Indicators and by
      automatically applying the necessary network controls.
      The new RTTMS extension will provide T-HT with new RTTMS
      capabilities and enable more efficient management of the
      PSTN/ISDN network.

   -- SIGNALING Monitoring System (acceSS7) Solution was
      developed by Agilent Technologies and will enable T-HT
      Croatia to have prompt and efficient supervision of the
      entire SS7 network protocol by retrieving valuable
      information for the rendered services in order to ensure a
      high quality of service level offered to their customers.

                           About T-HT

Croatian Telecom Inc. is the leading provider of
elecommunications services in Croatia and the sole company to
offer the full range of telecommunication services.  The basic
activities of Croatian Telecom Inc. and its subsidiary T-Mobile
Croatia LLC, or T-HT Group, comprise provision of
telecommunications services, design and construction of
telecommunications networks on the territory of the Republic of
Croatia.

                         About Sitronics

Headquartered in Moscow, Russia, JSC Sitronics --
http://www.sitronics.com/-- provides telecommunications  
solutions, IT solutions and microelectronic solutions in the CIS
region with a rapidly growing presence in other EEMEA markets.  
Sistema controls the company.  The company also operates in
Russia, CIS countries, Eastern Europe, Middle East, Africa,
India, and North America.  

                          *     *     *

Fitch Ratings gave Concern Sitronics JSC a Long-term IDR rating
of B- with a Stable Outlook and an expected rating of B- to
Sitronics' guaranteed up to US$200 million bond with a maturity
of three years.  The assignment of the final bond rating is
contingent on receipt of final documents conforming to
information already received.

The ratings take into account that Sitronics is Russia and the
CIS region's largest technology group, and its small scale on a
global perspective.  Sitronics benefits from support of Sistema
Joint Stock Financial Corp, its dominant shareholder.  Although
it does not guarantee Sitronics' obligations, Sitronics is its
second largest subsidiary and its default would trigger a cross-
default of Sistema's bonds.

The Stable Outlook reflects an expectation that although
Sitronics' businesses will continue to grow at strong rates, the
company is likely to remain a niche player and will not be able
to materially improve its competitive position vis-a-vis its
larger rivals.


STATE BANK OF INDIA: S&P Gives 'BB+' Rating to US$300-Mil. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' issue
rating to the proposed issue of US$300 million senior unsecured,
five-year, floating-rate U.S. dollar notes to be issued by
India's State Bank of India (BB+/Positive/B), acting through its
London branch.  These notes are being issued under the bank's
multi-currency US$2-billion medium-term note issuance program.

The senior notes will constitute direct, unconditional,
unsubordinated, and unsecured obligations of the bank and will
rank pari passu with all of the bank's unsecured and
unsubordinated obligations, and ahead of all subordinated debt
issues.  The issue proceeds will be used to meet the funding
requirements of the bank's international operations and for
general corporate purposes, subject to regulatory approvals.

Any material change to the terms and conditions of future senior
unsecured note issues could affect the rating on the particular
issue.

Standard & Poor's credit ratings are not recommendations to
purchase, hold, or sell any particular security.  In addition, a
rating does not comment on the suitability of an investment for
a particular investor.


STATE BANK OF INDIA: Gets McKinsey's Help for Major Makeover
------------------------------------------------------------
State Bank of India Ltd gets the help of global consultants
McKinsey & Co. for a comprehensive makeover, The Financial
Express reports.

SBI, which reportedly is losing its market share in the domestic
banking industry lately, decided to embark on the makeover
program to enhance the communication skills of its staff who are
still lagging behind their private and foreign counterparts, the
newspaper says, citing sources close to the development.

The report, describing the program as "ambitious," notes that
the scheme even involves changing the mindset of the bank's
staff from bureaucratic to a business oriented one like the
private entities.

According to the newspaper, the bank's new chairman, Om Bhatt,
initiated the initiative.

"Ever since he assumed charge in June this year, he has briefed
McKinsey about his thinking on human resources enhancement and
is personally getting involved in the process wherever it is
required", the newspaper's unnamed sources say.

                     About State Bank of India

State Bank of India Ltd -- http://www.sbi.co.in/-- is the  
oldest and largest bank in India.  SBI, along with its associate
banks, offers a wide range of banking products and services
across client markets.  In 2005-06, SBI has embarked on
implementing a business process re-engineering project to
enhance customer service and profitability levels.  The bank has
branches in Bahrain, Japan, Mauritius and the United States.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
April 21, 2006, that Fitch Ratings has affirmed State Bank of
India's Long-term Issuer Default rating at BB+, Short-term
rating at "B", Individual rating at "C" and Support rating at
'3'.  The outlook on the ratings is stable.

Additionally, Standard and Poor's Rating Service, on Dec. 6,
2006, assigned its 'BB+' issue rating to the proposed issue of
US$300 million senior unsecured, five-year, floating-rate U.S.
dollar notes to be issued by India's State Bank of India
(BB+/Positive/B), acting through its London branch.

Moody's Investors Service placed a Ba2/Not Prime rating on State
Bank of India's foreign currency bank deposits, a Ba2/Not Prime
rating on its domestic currency bank deposits, and a D Bank
Financial Strength Rating in June 2006.


VEDANTA RESOURCES: Extends Offer for Sterlite's Common Shares
-------------------------------------------------------------
Vedanta Resources plc has further extended its previously
disclosed offer, made through its wholly owned subsidiary
Twin Star International Ltd., for all of the outstanding common
shares of Sterlite Gold Ltd. not already owned by TSI and its
affiliates, excluding those common shares held by United States
shareholders, on the basis of CDN0.258 in cash per common share.
The Offer will now expire at 5:00 p.m. (Toronto time) on
Jan. 9, 2007, unless further extended.  

The Offer has been extended to allow time for, among other
things, remaining Sterlite Gold shareholders to tender their
common shares to the Offer and the satisfaction of certain
applicable United States regulatory requirements in order to
permit Vedanta to extend the Offer to Sterlite Gold shareholders
in the United States.

A notice of extension will promptly be mailed to those
Sterlite Gold shareholders to whom the Offer to Purchase and
Circular was originally sent.  Subject to applicable securities
laws, any common shares validly deposited to the Offer must be
taken up and paid for within ten days of the deposit of such
common shares.  Sterlite Gold shareholders are encouraged to
tender their remaining common shares to the Offer as soon as
possible to receive prompt payment.

As of Nov. 30, 2006, a total of 75,506,127 common shares of
Sterlite Gold had been taken up under the Offer, representing,
together with common shares already owned by TSI at the
commencement of the Offer, around 83.5% of the outstanding
common shares of Sterlite Gold (on a fully diluted basis).

As previously disclosed, Vedanta Resources' Indian-based
subsidiary, Sterlite Industries (India) Limited, filed a Form
F-1 registration statement with the U.S. Securities and Exchange
Commission on Nov. 15 in relation to a proposed offering of
Sterlite's equity shares in the form of American Depositary
Shares.

The Offering enables the Group to capitalize on attractive
growth opportunities in India and maintain a strong balance
sheet.  It will allow Sterlite to exercise its call option to
acquire the Government of India's remaining interest in HZL, the
Group's zinc business, after the call option becomes exercisable
on or after April 11, 2007, assuming the Government of India
does not exercise its right to make a public offering of its
remaining interest or sell part of its remaining interest to HZL
employees prior to Sterlite's exercise of the call option.  The
Offering will also enable the Group to expand into the
commercial energy sector in India.  The Board believes that with
India's large coal reserves, ongoing government deregulation and
high demand for power relative to supply, this business
represents an attractive growth opportunity.

The Board believes that Sterlite is well positioned to undertake
these growth opportunities and will enhance the Group's
competitive advantage in India.  The Group's entry into the
commercial energy sector will leverage Sterlite's experienced
management, strong project execution skills and experience in
building and operating captive power plants in its existing
operations.  The entry into the commercial energy sector and
consolidation of HZL minorities are consistent with the Group's
strategy to create a world-class metals and mining business,
leverage its established skills and generate strong returns.

The Group currently has a 76.0% effective interest in Sterlite's
issued share capital.  Following the Offering Vedanta will
continue to own a majority of Sterlite's equity shares and will
retain management control.

Headquartered in London, England, Vedanta Resources PLC --
http://www.vedantaresources.com/-- is a FTSE 100 diversified  
metals and mining group.  Its principal operations are located
throughout India, with further operations in Zambia and
Australia.  The major metals produced are aluminum, copper, zinc
and lead.  

                          *     *     *

Moody's Investors Service placed the Baa3 corporate family
rating and the Ba1 long-term senior unsecured rating of Vedanta
Resources plc on review for possible downgrade.

In February 2006, Standard & Poor's Ratings Services assigned
its 'BB' rating to the US$725 million convertible bond issue of
Vedanta Finance (Jersey) Ltd., a wholly owned subsidiary of
London-based mining company Vedanta Resources PLC (foreign
currency BB/Negative/--).


VNESHTORGBANK: VTB24 Unit Earns RUR900 Mln for First 10 Months
--------------------------------------------------------------
Vneshtorgbank Retail Financial Services, a unit of JSC
Vneshtorgbank, released its financial results for the 10 months
ended Oct. 31, 2006.

VTB24 hiked its net profit by 220% year-on-year to
RUR900.7 million for the first 10 months of 2006.  The unit also
increased its operating profit by 113% increase from
RUR519.3 million for the first 10 months of 2006 to
RUR1.1 billion for the same period of 2005.

VTB24 specializes in servicing individuals, private
entrepreneurs and small business organizations.

                      About Vneshtorgbank

Headquartered in Moscow, Russia, JSC Vneshtorgbank and its
subsidiaries are a leading Russian commercial banking group,
offering a wide range of banking services and conducting
operations in both Russian and international markets.

The Group operates through three subsidiaries located in the CIS
(Armenia, Georgia, Ukraine), seven subsidiaries located in
Western Europe (Austria, Cyprus, Switzerland, Germany,
Luxembourg, France) and Great Britain and through five
representative offices located in India, Italy, China,
Byelorussia and Ukraine.

                          *     *     *

Following the recent upgrade of the Russian sovereign foreign
and local currency IDRs to BBB+ from BBB, Fitch ratings lifted
Vneshtorgbank and Vnesheconombank ratings at:

Vnesheconombank:

   -- Upgraded to IDR BBB+ from BBB with a Stable Outlook; and
   -- Short-term upgraded to F2 from F3, Support affirmed at 2.

Vneshtorgbank:

   -- Upgraded to foreign currency and local currency IDR BBB+
      from BBB with a Stable Outlook;

   -- Short-term upgraded to F2 from F3;

   -- Individual affirmed at C/D; and

   -- Support affirmed at 2.


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

ANEKA TAMBANG: To Recall US$171 Million Bonds After Tax Treaty
--------------------------------------------------------------
PT Aneka Tambang Tbk said that it is planning to recall bonds
worth US$171 million at par following the termination of a tax
treaty between Indonesia and Mauritius, Reuters says.

According to the report, the bond was issued in September 2003
by Antam's subsidiary, Antam Finance Ltd., priced at US$97.348
with a coupon of 7.375%, in order to raise US$200 million.

The report cites dealers as saying that the bond was trading
closer to its par value at 100.25/100.5 on Dec. 5, after hitting
a low of 100.25, while in previous days, the paper traded at
101.75/102.75.

Reuters relates that an investor relation official at Antam,
Cameron Tough, said that US$171 million of the paper was
outstanding currently.  Mr. Tough said that the changes in the
tax system make it more expensive, adding that the company had
exhausted all options in the effort to solve the problem arising
from the cancellation of the tax treaty, Reuters notes.

The report points out that the Indonesian Government decided to
end its tax treaty with the island nation in 2007, which meant
that the withholding tax on the bonds increased.

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

                        *     *     *

The Troubled Company Reporter - Asia Pacific reported on Dec. 4,
2006, that Standard & Poor's Ratings Services raised its long-
term corporate credit rating on Indonesian state-owned mining
company PT Antam Tbk. to 'B+' from 'B'.  The outlook is stable.  
At the same time, Standard & Poor's also raised to 'B+', from
'B', the rating on the senior unsecured notes issued by Antam
Finance Ltd. and guaranteed by Antam.

Moody's Investors Service gave Aneka Tambang a local
currency B1 corporate family rating, and a B2 foreign currency
bond rating.


BANK NIAGA: CIMB Group Plans to Rebrand in 2007
-----------------------------------------------
CIMB Group wants to rebrand PT Bank Niaga Tbk in 2007 as part of
the group's synergy towards strengthening its foothold in
Indonesia, Bernama reports, citing CIMB's chief executive
officer, Datuk Nazir Tun Razak.

According to the report Mr. Razak said that as the appropriate
rebranding for Bank Niaga is yet to be finalized, it would take
into account the preferences of their customers.

Mr. Razak told reporters that the bank wanted to ensure that the
rebranding would be value-creating and not value-destroying,
Bernama relates.

Bernama notes that Mr. Razak said Bank Niaga itself has been a
very strong brand in Indonesia, and if they are to rebrand, they
want to gain from the convergence on recognition of the CIMB
brand and don't want to lose the strong brand loyalty.

Bernama points out that the holding company for CIMB Group,
Bumiputera-Commerce Holdings Bhd, currently holds about 65.03%
stake in Bank Niaga.

Mr. Razak also said that the company's agenda was to be a local
institution in South East Asia, so that one could connect with
the local population in every market that the group has
operated, and since Indonesia is one of its key market in the
region, the group was planning on more synergies with Bank
Niaga.

Headquartered in Jakarta, Indonesia, PT Bank Niaga Tbk --
http://www.bankniaga.com/-- has a license to operate as a  
commercial bank, a foreign exchange bank and a bank engaged in
activities based on Syariah principles.  The bank's products and
services include: Funding, Consumer Financing, Business
Financing, Credit and Debit Cards, Private Banking, Preferred
Circle, e-Banking, Corporate Trust, Bancassurance and Treasury
Indicator. The bank's subsidiaries consist of: PT Niaga Aset
Manajemen and PT Saseka Gelora Finance. As of January 31, 2006,
the Bank operates 54 domestic branches, 145 domestic supporting
branches, 22 domestic payment points, seven Syariah units and
one overseas branch.

                         *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
July 6, 2006, Moody's Investors Service has placed Bank Niaga's
E+ bank financial strength rating on review for possible
upgrade.

These ratings were unaffected:

   -- Issuer rating of Ba3. Outlook stable;

   -- Subordinated debt rating of Ba3. Outlook stable; and

   -- Long-term/short-term deposit ratings of B2/Not Prime.
      Outlook stable.

Additionally, Fitch Ratings gave a B+ rating to Bank Niaga's
proposed US$100 million, 10-year subordinated debt issue.  At
the same time, Fitch has affirmed the bank's existing ratings
including Long-term Senior foreign currency rating of 'BB-' (BB
minus), Individual rating of D, and Support rating of 4.


BANK TABUNGAN: To Offer 30% Shares in 2007 IPO to Boost Loans
-------------------------------------------------------------
PT Bank Tabungan Negara (Persero) expects to offer 30% of its
shares in an initial public offering next year to support its
lending growth, Reuters reports.

According Reuters, Bank Tabungan's President Director Kodradi
told reporters that the state bank might opt for a bond issuance
to raise IDR1 trillion should the IPO plan not come through.

Mr. Kodradi, however, did not elaborate how much money the bank
expected to raise from the IPO, the report notes.

Mr. Kodradi added that the bank was aiming to increase
outstanding loans to IDR22.2 trillion in 2007 from
IDR18.2 trillion this year, Reuters says.

The report points out that net profit is expected to increase to
IDR367.8 billion from an estimated IDR312 billion this year.

Headquartered in Jakarta, Indonesia, Bank Tabungan Negara
(Persero) -- http://www.btn.co.id/-- is a state-owned bank
involved in commercial banking.  In 1974, Bank Tabungan was
appointed as the financing institution for low- to medium-income
housing in an effort to support the Government's housing
development program.  Nonetheless, BTN suffered huge losses from
large corporate lending during the 1997 economic crisis.  The
Government then recapitalized the Bank, and still wholly owns
it.

BTN is now the smallest state bank, but retains a dominating 31%
share in housing loans as of end-2004.  In 2002, the Government
directed it to focus on commercial housing loans.  Hence, its
subsidized housing loans dropped to 44% of its portfolio at July
2005 from 75% at end-2002.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Aug. 4, 2006, that Moody's Investors Service revised the outlook
for Bank Tabungan Negara's 'E' bank financial strength rating to
positive from stable.  An earlier TCR-AP report on May 22, 2006,
stated that Moody's has upgraded Bank Tabungan Negara's long-
term deposit rating to B2 from B3, concluding the review
initiated on February 27, 2006.  The outlook for the revised
rating is stable.


BEARINGPOINT INC: Establishing SAP Center of Excellence
-------------------------------------------------------
BearingPoint, Inc., will open a Center of Excellence at the SAP
PartnerPort in Walldorf, Germany, on Dec. 12, 2006.   
BearingPoint will mark the occasion with a formal event
beginning at 4:30 p.m.

The center will serve to concentrate BearingPoint's SAP practice
in Europe to work with BearingPoint's SAP applications group, as
well as SAP customers and partners to deliver leading
BearingPoint and SAP integrated applications.  The Walldorf
PartnerPort is dedicated to SAP partners, and is used as a
central hub for collaboration between SAP, its partners and
customers.

"Establishing this center of excellence solidifies our
commitment to work with SAP to develop the next generation of
enterprise-level service-oriented architecture and business
process platform solutions, as well as innovative, verticalized
composite applications," said Kiumars Hamidian, managing
director with BearingPoint's EMEA SAP Solutions group.

Headquartered in McLean, Virginia, BearingPoint, Inc., (NYSE:
BE) -- http://www.BearingPoint.com/-- provides of management  
and technology consulting services to Global 2000 companies and
government organizations in 60 countries worldwide.  The firm
has approximately 17,500 employees, and major practice areas
focusing on the Public Services, Financial Services and
Commercial Services markets.

BearingPoint has global locations including in Indonesia,
Australia, Austria, China, India, Japan, Mexico, Portugal,
Singapore and Thailand.

                          *     *     *

Moody's Investors Service confirmed the ratings for
BearingPoint, Inc.  The action concludes the review that began
on April 21, 2005 following the company's announcement that it
would delay the filing of its 2004 financials.  The rating
outlook is negative.

Ratings confirmed include:

   * Corporate Family Rating -- B1

   * US$250 million series A subordinated convertible bonds
     due 2024 -- B3

   * US$200 million series B subordinated convertible bonds
     due 2024 -- B3

   * US$1 billion multiple seniority
     shelf -- (P)Ba3/(P)B2/(P)B3/(P)Caa1


FREEPORT MCMORAN: Urged to Review Indonesian Mining Operations
--------------------------------------------------------------
A United States public pension fund revealed plans for a
shareholder drive to urge Freeport-McMoRan Copper and Gold Inc.
to improve environmental practices at its gold and copper mine
in Indonesia, Asia News reports.

According to the report, New York City Comptroller William
Thompson came in the wake of criticism from the Indonesian
Government and environmental groups claiming that Freeport-
McMoRan has violated environmental standards at its mine in
Indonesia's Papua province.

The report relates that Mr. Thomson said that the company's poor
environmental record needs to be examined, adding that since
Freeport-McMoRan profits from its operations in Indonesia, the
least the company can do is ensure that it is not causing
environmental damages.

Reuters explains that Mr. Thompson oversees New York City's
pension funds, which are calling on shareholders of the company
to urge it at its annual general meeting next year to review its
environmental policies in Indonesia.

Freeport-McMoRan's spokesman, Bill Collier, said that the
company regularly commissions internal and external audits of
its environmental practices, which it has released publicly, the
report notes.

Reuters relates that Mr. Collier said they are reviewing their
shareholder proposal and they'll respond to it in due course,
but that he disputes the characterization of their operations,
adding that they have very strong and proactive environmental
policies and management programs.

The report points out that the pension funds control 544,458 of
Freeport-McMoRan's shares worth around US$29 and that the public
pension funds want the company to report back to shareholders on
the environmental concerns by September 2007.

Freeport-McMoRan is accused of polluting the World Heritage-
listed Lorenz National Park and dumping copper-rich ore around
the edge of its Papua mining operations.  However, Mr. Collier
said that such claims were not accurate, the report notes.

Mr. Thompson contended that Freeport-McMoRan may be adversely
affecting Indonesia's environment, the Funds' long-term share
value, as well as its societal license to operate in Indonesia,
the report says.

The report adds that Freeport-McMoRan's annual general meeting
usually occurs in May, but it might be delayed in 2007 due to
the company's US$25.9-billion bid to acquire United States rival
Phelps Dodge.

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

                        *     *     *

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

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

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


NORTEL NETWORKS: Board Taps KPMG as Independent Auditor
-------------------------------------------------------
Nortel Networks Corporation's Board of Directors has selected
KPMG LLP as its independent auditor commencing with fiscal year
2007.  The selection concludes a thorough evaluation in which
the company conducted as part of its corporate renewal process.

"Nortel is committed to building a great company founded on
world-class corporate governance.  As such, we conducted a
rigorous selection process in search of an independent auditor
with the optimal skills mix to match our current business
requirements," said Peter Currie, executive vice president and
chief financial officer, Nortel.  "We found that KPMG has the
expertise to help us cement a leading-edge corporate governance
practice."

The appointment of KPMG as independent auditor is subject to the
approval of the company's shareholders at its next annual
shareholder meeting.

Deloitte & Touche LLP is the company's current independent
auditor.  The intended change in independent auditor does not
result from any disagreement or dissatisfaction between Nortel
and Deloitte.

"Nortel has been pleased with the service of Deloitte & Touche
and, in particular, with the close collaboration provided in
recent years.  Deloitte helped Nortel overcome significant
challenges to ensure that our financial reporting is accurate
and up-to-date.  We thank them for their service and look
forward to continued work with them in other capacities going
forward," said Mr. Currie.

KPMG was also selected as Nortel Networks Limited's independent
auditor commencing with fiscal 2007.

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: Still On Track For 2008 Operating Profit Target
----------------------------------------------------------------
Nortel Networks Corp. said that it was still on track to achieve
its operating profit targets by 2008, Reuters News reports.  
However, the company acknowledged that investors might be
disappointed by its performance so far this year.

According to the report, Nortel Chief Executive Officer Mike
Zafirovski told media that "there is a commitment, there is a
path for them to go from a break-even, a loss position, to be a
US$1.5 billion operating margin company in 2008."

The report cites Mr. Zafirovski as explaining that the
US$1.5 billion represents operating margin profitability.  He
said that after that, one has special charges and the interest
expense.

The company, recounts Reuters, reported a smaller third-quarter
loss in September, but its stock fell after it warned that stiff
competition and a shift to selling new, less profitable
technologies were hurting results.

Reuters says that Mr. Zafirovski has been reviewing Nortel
Network's operations with the goal of only backing businesses
where the company has a leadership position.

The report recalls that earlier in 2006, Nortel agreed to sell
its third-generation universal wireless telecommunications
system access unit to Alcatel, arguing that it was losing money
and had little prospect of a near-term turnaround.

The CEO said that the process that led to the sale was still
ongoing, but declined to comment further if additional
dispositions were likely in the near term adding that the
process they've done of trying to optimize the portfolio is
never ending, Reuters notes.

The report notes that Mr. Zafirovski said one of the
technologies it is very keen on backing developing is Wimax.  
The wireless standard is similar to WiFi technology featured in
most laptops, but it has a higher capacity and operates across
much larger distances.

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

                          *     *     *

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

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

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

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


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

ALIMENTATION COUCHE-TARD: Earns US$74.7-M in FY 2007 2nd Quarter
----------------------------------------------------------------
Alimentation Couche-Tard Inc. reported net earnings of
US$74.7 million on US$2.76 billion of revenues for the 12-week
period ended Oct. 15, 2006, compared with net earnings of
US$55.5 million on US$2.39 billion of revenues for the 12-week
period ended Oct. 9, 2005.

At Oct. 15, 2006, the company's balance sheet showed total
assets of US$2.44 billion, US$1.37 billion in total liabilities,
and US$1.07 billion in total stockholders' equity.

For the 12-week period ended Oct. 15, 2006, the growth of
merchandise and service revenues was US$85.5 million or 8.6%, of
which US$23.6 million was generated by the stores acquired from
Spectrum and US$23 million was related to a 6.6% appreciation of
the Canadian dollar against the U.S. dollar.

For the 12-week period ended Oct. 15, 2006, motor fuel revenues
increased US$282.3 million or 20.1%.  The stores Couche-Tard
acquired from Spectrum contributed US$74.2 million of this
growth, while the appreciation of the Canadian dollar accounted
for US$14.8 million of the increase.  These factors were
partially offset by the negative impact of US$19.8 million
created by the decrease of the average retail price at the pump.

During the 12-week period ended Oct. 15, 2006, the merchandise
and service gross margin was 34.1%, up from 33.1% in the same
12-week period ended Oct. 9, 2005.  In both the U.S. and
Canadian markets, the impact of improvements in purchasing
terms, changes in the product mix with a focus on higher margin
items, the launch of new products that were well received by
customers and that generated higher margins, as well as the
implementation of the company's IMPACT program in an increasing
number of its stores, are all reasons behind the increase in
gross margin.

For the 12-week period ended Oct. 15, 2006, the motor fuel gross
margin for the company-operated stores in the United States
increased substantially to 20.73 cents per gallon compared with
17.05 cents per gallon in the corresponding 12-week period of
the previous fiscal year.  In Canada, it fell to CDN3.88 cents
per liter compared with CDN6.02 cents per liter last year.

Operating, selling, administrative, and general expenses
increased 1.0% as a percentage of merchandise and service
revenues for the 12-week period ended Oct. 15, 2006.  These
costs were significantly affected by higher salaries, which in
part are due to a labor shortage in certain regions, by the
increase in public utility expenses and finally, by the increase
in expenses related to electronic payment modes, which vary in
line with motor fuel sales.

Depreciation and amortization of property and equipment and
other assets increased primarily because of investments made
over the past year through acquisitions and the ongoing
implementation of the IMPACT program in the company's network.

Financial expenses were up US$1 million for the 12-week period
ended Oct. 15, 2006, compared with the 12-week period ended
Oct. 9, 2005.  The change is mainly due to higher interest rates
and a negative variance of US$600,000 related to the interest
rate swaps, offset by US$1.1 million in interest income
generated from the investing of excess cash as well as by the
drop in average borrowing.

Full-text copies of the company's financials are available for
free at http://ResearchArchives.com/t/s?1669

Headquartered in Laval, Quebec, Alimentation Couche-Tard, Inc.
-- http://www.couche-tard.qc.ca/-- operates or licenses about  
3,500 convenience stores in the  United States and Canada under
the "Circle K", "Couche-Tard", "Mac's", and other banners.  The
company also licenses around 4,200 "Circle K" convenience stores
in Mexico and Japan.

Moody's Investors Service affirmed Alimentation Couche-Tard
Inc.'s Ba1 Corporate Family Rating and held its Ba1 probability-
of-default rating in connection with the rating agency's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology.


CONTINENTAL AIRLINES: Launches New Low-Cost Return Fare
-------------------------------------------------------
Continental Airlines has launched a new low cost return fare in
New York, bringing the cost of a Newark flight on a Tuesday or
Wednesday in February 2007 to US$279, complete with fees and
taxes, Bermuda Sun reports.

Continental Airlines is one of the three airlines having daily
flights into the New York area, Bermuda Sun states.

According to Bermuda Sun, Continental Airlines initially offered
flights for US$179 return.  

Bermuda Sun relates that the fare could increase travel to
Newark during the new 'Golf and Spa' travel season.

James Howes, the general manager of Bermuda International
Airport, told Bermuda Sun, "One of the strategic goals that the
Ministry of Tourism has is to really promote Bermuda as a winter
time destination by taking advantage of our close proximity to
New York.  You can live in Manhattan and in two hours be on the
golf links."

The cheaper fare, plus the 'off season' hotel rates make Bermuda
a very attractive place to visit during the cruel winters on the
east coast, Bermuda Sun notes, citing Mr. Howes.

Continental Airlines Inc. (NYSE: CAL) -- http://continental.com/
-- is the world's fifth largest airline.  Continental, together
with Continental Express and Continental Connection, has more
than 3,200 daily departures throughout the Americas, Europe and
Asia.  It serves 15 European cities, 7 South American cities,
Tel Aviv, Hong Kong and Tokyo.  International operations are
carried out throughout Europe, Canada, Mexico, Central and South
America, Caribbean and also Tel Aviv, Hong Kong and Tokyo.  More
than 400 additional points are served via SkyTeam alliance
airlines.  With more than 43,000 employees, Continental has hubs
serving New York, Houston, Cleveland and Guam, and together with
Continental Express, carries approximately 61 million passengers
per year.  Continental consistently earns awards and critical
acclaim for both its operation and its corporate culture.

                          *     *     *

Standard & Poor's Ratings Services affirmed its ratings,
including the 'B' long-term and 'B-3' short-term corporate
credit ratings, on Continental Airlines Inc.  The outlook is
revised to stable from negative.  Houston, Texas-based
Continental has about US$17 billion of debt and leases.

Moody's Investors Service assigned ratings of Caa1, LDG5-75% to
the US$200 million of senior unsecured notes issued by
Continental Airlines, Inc.'s.  Moody's affirmed the B3 corporate
family rating.  The outlook is stable.

Fitch Ratings has upgraded Continental Airlines Inc.'s Issuer
Default Rating (IDR) to 'B-' from 'CCC' and Senior Unsecured
Debt to 'CCC/RR6' from 'CC/RR6'.  Rating outlook was stable.


DELPHI CORP: Court OKs DLA Piper as MobileAria's IP Counsel
-----------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York has authorized Delphi Corporation and its debtor-
affiliates to employ DLA Piper LLP as Debtor affiliate
MobileAria, Inc.'s corporate, employment, and intellectual
property counsel, nunc pro tunc to May 1, 2006.

MobileAria has previously retained DLA Piper as an ordinary
course professional.  At the end of April 2006, however, DLA
Piper exceeded the fee cap established in the Ordinary Course
Professionals Order.  Pursuant to the OCP Order, the Debtors are
required to formally retain DLA Piper in order to continue
receiving DLA Piper's services.

As MobileAria's counsel, DLA Piper will continue to:

   (a) advise and represent MobileAria with respect to general
       business, corporate, and employment matters as they
       arise;

   (b) maintain MobileAria's rights in intellectual property
       assets and counsel MobileAria with respect to its rights
       in connection with any reorganization, restructuring,
       sale, or transfer of its intellectual property rights;
       and

   (c) advise and assist MobileAria with the sale of
       substantially all of its assets.

As reported in the Troubled Company Reporter on Nov. 7, 2006,
MobileAria will pay DLA Piper its standard hourly rates, subject
to annual adjustment according to the firm's standard policies:

           Attorney                Hourly Rate
           --------                -----------
           Christie Branson            US$405
           James Koshland               685
           Michael Standlee             495
           Victoria Lee                 495

MobileAria will also reimburse DLA Piper's expenses according to
heir reimbursement policies.

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

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

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

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Aug. 31, 2005, the Debtors' balance sheet showed
US$17,098,734,530 in total assets and US$22,166,280,476 in total
debts.  (Delphi Bankruptcy News, Issue No. 48; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or   
215/945-7000).


FORD MOTOR: Moody's Junks Rating on US$3-Bil. Convertible Notes
---------------------------------------------------------------
Moody's Investors Service assigned a Caa1(LGD4, 62%) rating to
Ford Motor Company's US$3 billion of senior convertible notes
due 2036.  The rating reflects Moody's expectation that proceeds
will be used to enhance Ford's liquidity position, and also
reflects Moody's Loss Given Default Methodology.

Bruce Clark, senior vice president with Moody's, said that "This
convertible issue is an expected component of Ford's liquidity-
building funding program that also includes an announced
US$8 billion secured revolving credit facility and a
US$7 billion secured term loan."

Ford has indicated that due to the level of market interest, the
ultimate size of the revolver and the convertible notes could be
larger than the originally indicated amounts of US$8 billion and
US$3 billion respectively.  Should such increases occur, Moody's
anticipates that the company's current rating levels would be
maintained.  These ratings are:

   * corporate family - B3/negative outlook;

   * secured debt - Ba3(LGD2,19%);

   * senior unsecured debt - Caa1(LGD4, 62%); and

   * trust preferred -- Caa2(LGD6, 93%).

Ford Motor Company, headquartered in Dearborn, Michigan, is the
world's third largest automobile manufacturer.

The company also has operations in Japan.


ITOCHU CORP: Unit Forms Strategic Partnership with China Medical
----------------------------------------------------------------
Century Medical, Inc., a Japan-based medical device distributor
wholly owned by Itochu Corporation entered into an exclusive
distribution agreement with China Medical Technologies, Inc., a
China-based medical device company that develops, manufactures
and markets high intensity focused ultrasound products and
advanced in-vitro diagnostic systems, to distribute HIFU tumor
therapy systems in Japan.

According to the terms of the agreement, China Medical's HIFU
tumor therapy systems will be exclusively marketed and
distributed by Century Medical in Japan after the designated
marketing authorization approval, or "shonin," is obtained.
Century Medical will work together with China Medical to obtain
the shonin from the Japanese Ministry of Health, Labor and
Welfare.  China Medical intends to use the data from the
clinical trials to be conducted in the United States to apply
for the shonin and will bear all relevant costs.

"We are very pleased to appoint Century Medical as the exclusive
distributor of our HIFU tumor therapy system in Japan upon
obtaining the shonin," commented Mr. Xiaodong Wu, Chairman and
CEO of China Medical.  "We believe this partnership marks an
important milestone for China Medical as it takes advantage of
the strengths of both companies and sets a foundation to support
the long term growth of our business by expanding into one of
the world's largest medical device markets.  In addition, we
will continue to explore other cooperation opportunities with
Century Medical for medical device distribution in Japan."

"The forming of our strategic partnership with China Medical is
based on a series of detailed and thorough evaluations.  We look
forward to working closely with China Medical to pave the way
for our execution of a comprehensive marketing and distribution
plan for the HIFU tumor therapy system in Japan.  We believe
China Medical's HIFU tumor therapy system will bring Japanese
patients substantial benefits given its non-invasive
characteristics," stated Mr. Toshio Konishi, President and CEO
of Century Medical.

                 About China Medical Technologies

China Medical Technologies -- http://www.chinameditech.com/--  
is a China-based medical device company that develops,
manufactures and markets products using high intensity focused
ultrasound for the treatment of solid cancers and benign tumors
and advanced in-vitro diagnostics products using enhanced
chemiluminescence technology, to detect and monitor various
diseases and disorders.

                    About Century Medical

Century Medical, Inc., is wholly owned by Itochu Corp. which is
a major trading and investment conglomerate in Japan that was
founded in 1858.  Century Medical has over 30 years of
experience in the distribution of advanced medical devices,
including extensive experience in import licensing, importation,
inventory support, sales and marketing, and customer service.
Century Medical's product offering includes surgical products,
interventional peripheral and neuron-radiology, cardiology and
cardiovascular devices.

                    About Itochu Corp

Itochu Corporation -- http://www.itochu.co.jp/-- is a Japan-  
based trading company.  It operates in eight business segments.  
The Textile segment offers clothing and interior products, such
as wool, synthetic fabrics, silk and others.  The Machinery
segment is engaged in the automobile, industrial machinery,
plants and related businesses.  The Space, Information and
Multimedia segment is involved in the media network, high
technology and related businesses.  The Metal and Energy segment
is involved in the mining, metal, energy and related businesses.  
The Living Materials and Chemicals segment is involved in the
precision chemistry, rubber, timber, glass, cement and other
related businesses.  The Food segment is involved in the
production, distribution and sale of wheat, rice, corn, frozen
food and others.  The Financial, Real Estate, Insurance and
Logistics segment provides financial consultation, real estate,
transportation and other services.  The Overseas Corporation
segment is involved in various trading activities.

The company has operations in Bulgaria, France, Colombia, and
Argentina, among others.

Fitch Ratings gave Itochu Corp's long-term local credit issuer a
BB+ rating on October 2, 2005.  Fitch had earlier given the
company a BB+ rating for its senior unsecured debt and long-term
foreign credit default on March 10, 2004.

Moody's Investors Service gave the company a Ba1 rating on its
issuer rating and local currency long-term debt and an NP on its
short term rating on February 7, 2005.  Moody's had earlier
given the company's senior unsecured debt a Ba1 rating.


NOMURA HOLDINGS: Gets Antitrust Clearance to Acquire Instinet
-------------------------------------------------------------
Nomura Holdings Inc. was granted an antitrust clearance by the
Federal Trade Commission to acquire Instinet Inc. for about
US$1.2 billion, Dow Jones Newswires.

As reported by the Troubled Company Reporter - Asia Pacific on
Nov. 7, 2006, Nomura Holdings will acquire the major electronic
stock broker from private-equity firm Silver Lake Partners.

The TCR-AP report stated that Nomura, the parent of Japan's top
brokerage Nomura Securities, will be paying cash for Instinet,
and expects to complete the deal in the first quarter of 2007.

Dow Jones says that the FTC granted early termination on Friday
of the waiting period required under the Hart-Scott-Rodino
antitrust law.

The report explains that the Hart-Scott-Rodino law requires,
under certain circumstances, that prospective acquirers of
voting securities or assets apply for clearance from regulators.
Requests for early termination or clearance are granted when the
FTC and the Justice Department's antitrust division have
determined that they won't take enforcement action during the
waiting period.

Dow Jones relates that Instinet, based in New York, executes
trades for mutual funds, hedge funds and pension funds.  It has
about 1,500 clients worldwide and half of its revenue is made
outside the United States.

                      About Nomura Holdings

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

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


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

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

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

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

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

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

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

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

There will be five Business Groups:

   -- the Wireline Business Group,

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

   -- the Enterprise Business Group, and

   -- the Service Business Group.

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

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

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

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

   -- consolidating support functions,

   -- optimizing the supply chain and procurement structure,

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

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

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

The 14 Members of the Board of Directors are:

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

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

                          About Alcatel

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

                     About Lucent Technologies

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

                          *     *     *

As reported on Nov. 9, 2006, Standard & Poor's Ratings Services
said that its 'BB' long-term corporate credit rating on France-
based Alcatel and its 'B' long-term corporate credit rating on
U.S.-based Lucent Technologies Inc. remain on CreditWatch with
negative and positive implications, respectively, where they
were placed on March 24 on news of the two telecoms equipment
makers' plans to merge.

The ratings will remain on CreditWatch until completion of the
merger and clarification of the ranking and support mechanisms
for the various debt classes within the merged group's capital
structure.  The ratings on the individual debt issues of each
company will be clarified at that time.

Standard & Poor's 'B' and 'B-1' short-term corporate ratings on
Alcatel and Lucent, respectively, are not on CreditWatch and
remain unchanged.

According to Troubled Company Reporter on April 7, Moody's
Investors Service placed Lucent Technologies, Inc.'s B1
corporate family rating, B1 senior unsecured rating, B3
subordinated rating, and B3 trust preferred rating under review
for possible upgrade following the company's announcement of a
definitive merger agreement with Alcatel.


LUCENT TECH: Nortel Sells UMTS Access Business to Alcatel-Lucent
----------------------------------------------------------------
Nortel Networks has reached a definitive agreement for the sale
of certain assets and the transfer of certain liabilities
related to the company's UMTS access business to Alcatel-Lucent.  
It follows the signing of the non-binding Memorandum of
Understanding between the two companies disclosed on Sept. 1,
2006.  The transaction is a US$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 the announcement on Dec. 4,
2006.  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 Alcatel-Lucent

Alcatel-Lucent provides solutions that enable service providers,
enterprises and governments worldwide, to deliver voice, data
and video communication services to end-users.  As a leader in
fixed, mobile and converged broadband networking, IP
technologies, applications, and services, Alcatel-Lucent offers
the end-to-end solutions that enable compelling communications
services for people at home, at work and on the move.  With
79,000 employees and operations in more than 130 countries,
Alcatel-Lucent is a local partner with global reach.  Alcatel-
Lucent achieved proforma combined revenues of EUR18.6 billion in
2005, and is incorporated in France, with executive offices
located in Paris.

                           About Nortel

Headquartered in Ontario, Canada, Nortel Networks Corp.
(NYSE/TSX: NT) -- http://www.nortel.com/-- delivers 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
Mexico.

                     About Lucent Technologies

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

                          *     *     *

As reported on Nov. 9, 2006, Standard & Poor's Ratings Services
said that its 'BB' long-term corporate credit rating on France-
based Alcatel and its 'B' long-term corporate credit rating on
U.S.-based Lucent Technologies Inc. remain on CreditWatch with
negative and positive implications, respectively, where they
were placed on March 24 on news of the two telecoms equipment
makers' plans to merge.

The ratings will remain on CreditWatch until completion of the
merger and clarification of the ranking and support mechanisms
for the various debt classes within the merged group's capital
structure.  The ratings on the individual debt issues of each
company will be clarified at that time.

Standard & Poor's 'B' and 'B-1' short-term corporate ratings on
Alcatel and Lucent, respectively, are not on CreditWatch and
remain unchanged.

According to Troubled Company Reporter on April 7, Moody's
Investors Service placed Lucent Technologies, Inc.'s B1
corporate family rating, B1 senior unsecured rating, B3
subordinated rating, and B3 trust preferred rating under review
for possible upgrade following the company's announcement of a
definitive merger agreement with Alcatel.


LUCENT: Alcatel-Lucent Extended Consent Solicitation Expiration
---------------------------------------------------------------
Alcatel-Lucent, the company formed by Alcatel and Lucent
Technologies' merger, has extended until 5 p.m. Eastern Standard
Time on Dec. 5, 2006, its consent solicitation from holders of
Lucent's 2.75% Series A Convertible Senior Debentures due 2023
and 2.75% Series B Convertible Senior Debentures to allow
holders additional time to deliver consents.  The consent
solicitation was scheduled to expire at 5 p.m. EST on Dec. 1,
2006.  All holders of the debentures who have previously
delivered consents do not need to redeliver the consents.

As stated in the supplement to the joint consent solicitation
statement/prospectus, dated Nov. 27, 2006, Alcatel-Lucent will
pay a one-time consent fee only to holders who deliver valid
consents in accordance with the terms of the consent
solicitation on or prior to the expiration date and do not
revoke their consents.  For each US$1,000 in principal amount of
each series of debentures for which consents are received,
consenting holders will receive the product of US$7.50
multiplied by a fraction, the numerator of which is the
aggregate principal amount of debentures of each series
outstanding on the expiration date, and the denominator of which
is the aggregate principal amount of debentures of each series
for which Alcatel-Lucent received and accepted consents.

All other terms of the consent solicitation stated in the joint
consent solicitation statement/prospectus, dated Nov. 14, 2006,
and the supplement to the joint consent solicitation
statement/prospectus, dated Nov. 27, 2006, remain applicable,
including Alcatel-Lucent's obligation to provide a full and
unconditional guaranty, which is unsecured and subordinated to
senior debt, of each series for which Alcatel-Lucent has
received and accepted consents, regardless of whether a holder
delivered and did not revoke its consent prior to the expiration
date.

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

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

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

                     About Alcatel-Lucent

Alcatel-Lucent provides solutions that enable service providers,
enterprises and governments worldwide, to deliver voice, data
and video communication services to end-users.  As a leader in
fixed, mobile and converged broadband networking, IP
technologies, applications, and services, Alcatel-Lucent offers
the end-to-end solutions that enable compelling communications

services for people at home, at work and on the move.  With
79,000 employees and operations in more than 130 countries,
Alcatel-Lucent is a local partner with global reach.  Alcatel-
Lucent achieved proforma combined revenues of EUR18.6 billion in
2005, and is incorporated in France, with executive offices
located in Paris.

                    About Lucent Technologies

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

                          *     *     *

As reported on Nov. 9, 2006, Standard & Poor's Ratings Services
said that its 'BB' long-term corporate credit rating on France-
based Alcatel and its 'B' long-term corporate credit rating on
U.S.-based Lucent Technologies Inc. remain on CreditWatch with
negative and positive implications, respectively, where they
were placed on March 24 on news of the two telecoms equipment
makers' plans to merge.

The ratings will remain on CreditWatch until completion of the
merger and clarification of the ranking and support mechanisms
for the various debt classes within the merged group's capital
structure.  The ratings on the individual debt issues of each
company will be clarified at that time.

Standard & Poor's 'B' and 'B-1' short-term corporate ratings on
Alcatel and Lucent, respectively, are not on CreditWatch and
remain unchanged.

According to Troubled Company Reporter on April 7, Moody's
Investors Service placed Lucent Technologies, Inc.'s B1
corporate family rating, B1 senior unsecured rating, B3
subordinated rating, and B3 trust preferred rating under review
for possible upgrade following the company's announcement of a
definitive merger agreement with Alcatel.


SK CORP: Sets Up Joint Venture with Indonesia's PT Pertamina
------------------------------------------------------------
SK Corp. and Indonesia's PT Pertamina set up a joint venture
company, Patra SK, to build an oil base plant in Indonesia,
Antara News reports.

The joint venture plans to start construction of the plant in
January 2007 with cost estimated at US$200 million, Patramina
President Ari Soemarno told Antara.  Estimated completion date
is 2008.

Additionally, Mr. Soemarno continues, both companies are in
talks to upgrade capacity at Pertamina's Duami refinery in the
Sumatran province of Riau.

                       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
===============

AMBANK BHD: Moody's Keeps Ratings Amid Proposed ANZ's Alliance
--------------------------------------------------------------
Moody's Investors Service confirmed on December 4, 2006, AmBank
(M) Berhad's rating of its long-term/short-term deposit of
Baa2/P-3 and bank financial strength rating of D-.  The outlook
is stable for all ratings.

The affirmation follows the announcement that the Australia and
New Zealand Banking Group Limited has entered into separate
Heads of Agreements with the principal shareholder of AMMB
Holdings Berhad and AHB.  "The affirmation of AmBank's credit
ratings reflects Moody's view that, while the proposed alliance
with ANZ would, in all probability, be positive for ratings over
the long-term, it could take considerable time before
substantial benefits materialize", says Christine Kuo, Moody's
VP/Senior Analyst.

The Agreements set out the intentions of the respective parties
in relation to ANZ's involvement as an investor and partner of
the group.

AmBank is 100% owned and is the most important subsidiary of
AHB.

Based on the current proposal, ANZ is expected to purchase 14.1%
of existing AHB shares from the company's principal shareholder.  
In addition, ANZ will bring new capital to the company by
subscribing to the convertible preference shares -- MYR500
million -- to be issued by AHB, and the unsecured exchangeable
bonds -- MYR575 million -- to be issued by AmBank.  If all
shares are purchased and conversion and exchange is executed,
ANZ will emerge as AHB's largest shareholder with 24.9%.

However, finalization of the strategic partnership is subject to
due diligence, execution of transaction documentation and
regulatory/shareholder approval.

"The affirmation of AmBank's credit ratings reflects the
considerable time it may take for the bank to work out detailed
plans, implement necessary changes, and realize the potential
benefits from the partnership, which could merit an upgrade,"
says Christine Kuo, a Moody's VP/Senior Analyst.

"ANZ is known as being a relatively supportive partner with a
history of forming strategic banking partnerships in Asia.  
Overtime AmBank is expected to benefit from adopting ANZ's core
policies, procedures, practices and codes of conduct, as well as
from having ANZ's participation in business development and risk
management.  The partnership could lead to an enhancement of
AmBank's business position and financial performance and
therefore an upgrade to the rating at a later date," adds Kuo,
also Moody's Lead Analyst for AmBank.

AmBank's rating could see upward pressure if the bank
demonstrates:

    -- better provisioning of its problem loans -- NPLs are
       above and loan loss reserves are below system norms;

    -- greater earnings diversification via growth of non-
       interest income; and

    -- lower cost of funds.

Also, meaningful enhancement of its earnings power and scale as
a result of its partnership with ANZ could be positive for both
AmBank's credit ratings and its BFSR.

However, AmBank's rating could be subject to downward pressure
if its:

    -- asset quality deteriorated, such that its loan loss
       reserve and capital coverage of NPLs weakened further;
       and/or

    -- market share in key businesses was eroded.

Furthermore, consolidation among its peers thereby marginalizing
its market position could be negative for both its credit
ratings and BFSR.

Headquartered in Kuala Lumpur, AmBank (M) Berhad is Malaysia's
sixth largest bank with regard to assets  -- MYR56 billion, or
US$15 billion as at September 30, 2006.  It is also an important
part of publicly listed AHB.


CRIMSON LAND: Annual General Meeting Slated for December 20
-----------------------------------------------------------
Crimson Land Berhad will hold its 32nd annual general meeting at
the Perdana Ballroom, 1st Floor, Bukit Jalil Golf & Country
Resort, Jalan 3/155B, Bukit Jalil, 57000 Kuala Lumpur on,
December 20, 2006 at 10.00 a.m.

The agenda of the meeting includes:

    1. receiving the Audited Financial Statements for the
       financial year ended June 30, 2006, together with the
       related directors' and auditors' reports;

    2. re-electing the following directors retiring under the
       provisions of the company's Articles of Association:

          (a)Dato' Hilmi Bin Mohd Noor
          (b)Lau Hok Chook

    3. approving the payment of Directors' fees for the
       financial year ended June 30, 2006;

    4. re-appointing Messrs KPMG as auditors of the company and
       authorizing the directors to fix their remuneration;

    5. transacting any other ordinary business of which due
       notice has been given; and

    6. considering and if thought fit, to pass the following
       Ordinary Resolution:

          That pursuant to Section 132D of the Companies Act,
          1965, the Directors authorized with full powers to
          issue shares -- aggregate number of the shares will
          not exceed 10% of the issued capital -- in the company
          from time to time subject to the approval of the
          relevant government or regulatory authorities.


CYGAL BERHAD: Posts MYR7.66 Million Net Loss in 3Q 2006
-------------------------------------------------------
Cygal Bhd incurred a MYR7.66-million net loss on
MYR24.91 million revenues in the quarter ended September 30,
2006, compared with the MYR7.22-million net loss on
MYR17.27 million revenues in the same quarter last year.

As of September 30, 2006, the company's balance sheet showed
strained liquidity with MYR151.19 million in current assets
available to pay MYR490.17 million in current liabilities.

In addition, Cygal's balance sheet as of end-September 2006,
showed insolvency with total assets of MYR221.95 million and
total liabilities of MYR505.21 million, resulting in a
shareholders' deficit of MYR283.26 million.

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

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

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Cygal Berhad's
principal activity is civil and building construction works.  
Its other activities include housing development; manufacturing
and trading in ready mix concrete; trading in building
materials; leasing of aircraft parts and equipment; provision of
hotel management services; and investment holding.  The Group's
activities are located in Malaysia and Hong Kong.

On Nov. 19, 2001, Cygal Berhad and its subsidiary companies
finalized a debt restructuring agreement with their lenders on
involving debts outstanding of approximately MYR230 million.  
The Troubled Company Reporter - Asia Pacific reported on January
13, 2006, that Cygal has obtained the consent of the majority of
its financial institution creditors for a further extension of
time within which Cygal is to meet the conditions precedent as
stipulated in its Nov. 2001 Settlement Agreement with its
creditors.  The deal relates to the settlement of Cygal's
MYR229,637,109 debt to its lenders.

Cygal's balance sheet as of end-September 2006, showed total
assets of MYR221.95 million and total liabilities of
MYR505.21 million.  Shareholders' deficit reached MYR283.26
million.


MYCOM BERHAD: First Quarter FY 2007 Net Loss Tops MYR18 Million
---------------------------------------------------------------
Mycom Bhd posted a MYR18.04-million net loss on MYR20.80 million
revenues in the first quarter of the fiscal year ended June 30,
2007, compared with the MYR17.25-million net loss on MYR23.45
million revenues incurred in the same quarter last year.

The company's balance sheet as of September 30, 2006, reflected
strained liquidity with MYR49.74 million in current assets
available to pay MYR1.30 billion in current liabilities.

In addition, Mycom is facing insolvency as of September 30,
2006, with total assets of MYR815.37 million and total
liabilities of MYR1.33 billion, resulting in a shareholders'
deficit of MYR518.41 million.

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

             http://bankrupt.com/misc/mycom1q-2006.xls

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Mycom Berhad is engaged
in the provisions of granite quarry services, manufactures and
sells latex rubber thread, tape, plywood, laminated board and
sawn timber, cultivates oil palm fruits, and develops property.  
The company is also involved in hotel operation, provision of
management and financial services and investment holding.  
Operations of the Group are carried out in Malaysia and South
Africa.

Mycom is in the advanced stage of negotiations to settle its
foreign debts.  The proposed capital reduction and consolidation
by Mycom, as well as the proposed share premium account
reduction will reduce the company's accumulated losses.  
     
As of Sept. 30, 2006, Mycom's balance sheets show total assets
of MYR815.37 million and total liabilities of MYR1.33 billion,
resulting in shareholders' deficit MYR518.41 million.


TENAGA NASIONAL: Inks Power Purchase Agreement with AMDB
--------------------------------------------------------
Tenaga Nasional Bhd announced on November 29, 2006, that it
signed a power purchase agreement with AMDB Perting Hydro Sdn.
Bhd.

According to the deal, Tenaga will buy electricity through a
small Renewable Energy power project developed by AMDB.  The
company will purchase the electricity from AMDB for a period of
21 years.  The estimated value of this agreement is about
MYR4.68 million per year.

The government in May 2001, launched the utilization of
renewable energy in power generation in line with its Fifth Fuel
Policy aimed at reducing the emission of greenhouse gases.

The signing of this Renewable Energy Power Purchase Agreement
demonstrates the continuous support given by TNB for the success
of the Government's SREP Program.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Tenaga Nasional Berhad
-- http://www.tnb.com.my/-- is engaged in the generation,  
transmission, distribution and sale of electricity. The Company
also manufactures, sells and repairs transformers and
switchgears. It is also involved in provision of project
management, consultancy, engineering works, contracting,
trading, risk management, risk surveys, insurance, research and
development, property management, energy project development and
investment holding services. It also undertakes repairs and
maintenance of motor vehicles. The Group operates in Malaysia
and Mauritius.

The Company is currently undertaking liability management
exercises, which are expected to extend the Company's debt
maturity profile and reduce refinancing risk.

Moody's gave the Company a 'Ba' rating due to its relatively
high financial leverage and significant PPA obligations.


===============
M O N G O L I A
===============

XACBANK: Moody's Assigns B2 Long- & Short-Term Deposit Ratings
--------------------------------------------------------------
Moody's Investors Service has assigned first-time ratings to
XacBank.  This is the first time that Moody's has rated a bank
in Mongolia.

The ratings assigned are:

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

   * long- and short-term local currency deposit ratings --
     Ba2/Not Prime;

   * long- and short-term foreign currency issuer ratings --
     Ba2/Not Prime;

   * long- and short-term local currency issuer ratings --
     Ba2/Not Prime; and

   * bank financial strength rating of D.

The outlook for all ratings is stable.

"The D BFSR rating reflects the bank's well-managed micro-
finance franchise, its strong profitability, solid capital
position and superior asset quality," says May Yan, a Moody's
VP/Senior Analyst based in Hong Kong.

"However, the rating is constrained by the bank's rapid growth,
the volatility inherent in its operating environment, and a
certain degree of performance uncertainty as it moves gradually
into the small- and medium-sized enterprise business," adds Yan.

XacBank is Mongolia's second largest micro-finance player and
ranks eighth in the banking system by assets at end-June 2006.

It has a small but rapidly growing franchise that targets the
less well-off sections of Mongolia's population.  As such, it
has a unique "double-bottom line" goal of promoting
socioeconomic development as well as enhancing shareholder
value.  Its unique mobile service and franchise models give it a
broad reach, and grow its rural services rapidly.  Its assets
have increased 18x within five years through innovative
strategies, but the approaching saturation of the micro-finance
market is prompting its move into the SME segment.

The bank has an effective board and exhibits good transparency.
It is 55% owned by a number of foreign investors, including
Mercy Corp, a US-based non-profit organization, Micro Vest,
ShoreCap International and Triodos.  All these institutions
share its "double-bottom line" philosophy and aim to assist in
the development of Mongolia's financial sector.  "Moody's
believes XacBank's international shareholders are very
supportive of the bank, which has been providing good returns,
and they will continue to underpin its strong capitalization,
sound governance and access to foreign technical assistance,"
says Yan.

In terms of its financial fundamentals, profitability is
excellent.  Net interest margins exceeded 14% in 2005 and pre-
provision profits to average risk-weighted assets measured 5.6%.
However, earnings are highly reliant on loan interest income.  
In contrast, non-interest income accounts for less than 14% of
earnings.  Due to higher competition, lending rates in Mongolia
have been trending downwards, pressuring XacBank's very strong
margins.  Furthermore, because of its small scale, efficiency
has been low with cost to income generally 65-75% in the past
few years.

Risk awareness at XacBank is high.  The bank follows well-
defined comprehensive risk management policies.  Asset quality
has always been very strong and lending fully secured.  Loan
concentration is low with its average loan sized at MNT760,000
(US$631).  Its non-performing loan ratio was only 0.67% in June
2006.  However, as the micro-finance sector matures and the bank
moves into the SME segment, it is set to evolve towards more
mainstream commercial banking, potentially raising concentration
risk.

XacBank has a solid capital position.  Its total capital ratio
was 18.7% at end-June 2006, partly helped by an equity raising
from old and new shareholders in 2005.  But, given Mongolia's
volatile operating environment, Moody's believes that it needs
to keep more than the regulator's required minimum 10% total
capital ratio to withstand adverse changes.  In addition, growth
in its risk-weighted assets is much faster than its internal
capital formation.  If the bank keeps growing rapidly, it may
need to supplement its capital in the next few years.

Although the bank enjoys diversified funding sources from
depositors, domestic and foreign financial institutions, and
government agencies, liquidity is tight.  At end-2005, loans to
deposits measured 120% and loans to funds (loans to deposits +
financial institutions funding) exceeded 93%, higher than major
Mongolian banks. Short-term assets to total assets were 22%.

The bank also shows a fair amount of market risk.  However,
hedging against currency and interest rate risk is difficult,
given the high volatility in Mongolian foreign exchange and
interest rates and the lack of hedging instruments.

The bank's Ba2 local currency deposit rating does not
incorporate any support from its major shareholders or the
government.  Its B2 foreign currency deposit rating is
constrained by Mongolia's B2 foreign currency deposit ceiling.
Important considerations underlying Mongolia's B2 foreign
currency deposit rating are the high degree of dollarization of
the Mongolian economy, history of hyperinflation, its narrow
economic base, and relative dependence on foreign aid to provide
a source of foreign exchange inflows.  The bank's foreign
currency debt rating is higher at Ba2, reflecting debts are less
likely to experience a moratorium than its foreign currency
deposits, according to Moody's recently revised sovereign rating
methodology.

XacBank is headquartered in Ulaanbaatar, Mongolia.  It reported
assets of MNT73 billion (approximately US$63 million) at June
2006.


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

BCHP INVESTMENTS: High Court Orders Liquidation of Business
-----------------------------------------------------------
On Nov. 13, 2006, the High Court of Christchurch ordered BCHP
Investments Ltd to liquidate its business and appointed Iain
Andrew Nellies and Paul William Gerrard Jenkins as joint and
several liquidators.

The Joint and Several Liquidators can be reached at:

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


GOVERNORS BAY: Faces Liquidation Petition
-----------------------------------------
Governors Bay Transport Ltd is facing a liquidation petition
filed by Accident Compensation Corporation before the High Court
of Christchurch on Oct. 31, 2006.

The petition is scheduled for hearing on Dec. 11, 2006, at
10:00 a.m.

The solicitor for the Petitioner can be reached at:

         Dianne S. Lester
         Maude & Miller
         Second Floor, McDonald's Building
         Cobham Court (P.O. Box 50-555 or D.X. S.P. 32-505)
         Porirua City
         New Zealand


IP SERVICES: Court to Hear Liquidation Petition on Dec. 19
----------------------------------------------------------
A petition to liquidate IP Services Ltd will be heard before the
High Court of Auckland on Dec. 19, 2006, at 10:00 a.m.

Lowndes Associates filed the petition with the Court on Oct. 18,
2006.

The Solicitor for the Petitioner can be reached at:

         T. Faasili
         Level Five, Lowndes Associates House
         18 Shortland Street, Auckland
         New Zealand


LAM FINANCIAL: Creditors Must Prove Claims by February 16
---------------------------------------------------------
On Nov. 16, 2006, Vivian Judith Fatupaito and Richard Dale Agnew
were appointed as joint and several liquidators of Lam Financial
Services Ltd.

The Liquidators required the company's creditors to prove their
claims and to establish any priority claims they have by
Feb. 16, 2007.

The Joint and Several Liquidators can be reached at:

         Vivian Judith Fatupaito
         Richard Dale Agnew
         PricewaterhouseCoopers
         Level Eight, PricewaterhouseCoopers Tower
         188 Quay Street, (Private Bag 92-162)
         Auckland
         New Zealand
         Telephone:(09) 355 8000
         Facsimile:(09) 355 8013


MAG EQUITIES: Appoints Joint Liquidators
----------------------------------------
On Nov. 13, 2006, Kenneth Peter Brown and Thomas Lee Rodewald
were appointed as joint and several liquidators of Mag Equities
Ltd.

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


MID ISLAND: Faces Liquidation Proceedings
-----------------------------------------
On Nov. 3, 2006, Accident Compensation Corporation filed before
the High Court of Rotorua a liquidation petition against Mid
Island Transport Ltd.

The petition will be heard before the Court on Dec. 11, 2006, at
10:45 a.m.

The Solicitor for the Petitioner can be reached at:

         Dianne S. Lester
         Maude & Miller
         Second Floor, McDonald's Building
         Cobham Court (P.O. Box 50-555 or D.X. S.P. 32-505)
         Porirua City
         New Zealand


OXFORD TIMBER: Court Issues Liquidation Order
---------------------------------------------
On Oct. 30, 2006, the High Court of Christchurch ordered Oxford
Timber and Milling Ltd to liquidate its business and appointed
Iain Andrew Nellies and Wayne John Deuchrass as joint and
several liquidators.

As reported by the Troubled Company Reporter - Asia Pacific, on
Oct. 25, 2006, the Court heard the petition filed against the
company by Desmond James Lines, Adrienne Anne Lines and Nina
Caroline McCallum-Clark -- as trustees of The Octon Grange Trust
-- on Oct. 30.

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


R. T. DAVIS: Court Appoints Joint Liquidators
---------------------------------------------
The High Court of Auckland appointed Peri Micaela Finnigan and
John Trevor Whittfield as joint and several liquidators of R. T.
Davis Builders Ltd on Nov. 16, 2006.

Mr. Finnigan requires the company's creditors to prove their
claims by Jan. 12, 2007, or they will be excluded from sharing
in any distribution the company will make.

The Joint and Several Liquidators can be reached:

         Peri Micaela Finnigan
         John Trevor Whittfield
         McDonald Vague
         P.O. Box 6092, Wellesley Street Post Office
         Auckland
         New Zealand
         Telephone:(09) 303 0506
         Facsimile:(09) 303 0508
         Web site: http://www.mvp.co.nz


RISQY LTD: ASIC Obtains Injunctions Over AU$11-Million Scheme
-------------------------------------------------------------
The Australian Securities and Investments Commission obtained
injunctions in the Supreme Court in Brisbane to stop a managed
investment scheme involving approximately AU$11 million.

The action against New Zealand company, Risqy Limited, and its
Queensland based directors, Leslie George Whitford and Graham
George Lee, and associate Elizabeth Flora Lacey, follows
allegations by the ASIC that almost 200 Australian investors
paid over AU$11 million into the company's New Zealand account
this year on the understanding it would be invested on the
United States market.  Investors were promised a 67% annual
return.

The ASIC's inquiries, however, indicate that over US$800,000
(approximately AUD$1 million) of investors' money has been lost
on the market as of December 4, 2006.

The ASIC is concerned that the company, its directors, and
associate are not registered to carry on business in Australia
nor do they hold the necessary Australian financial services
license.

The ASIC has also expressed concern that the scheme is an
illegal managed investment scheme and that a proper disclosure
document was not provided to investors.

As a result of these concerns and to protect investors, the ASIC
made an application to the Supreme Court and successfully
obtained injunctions and orders:

   (a) restraining Risqy Limited, Messrs. Whitford and Lee, and
       Ms. Lacey from operating the scheme, fundraising, and
       dealing with scheme money, property and records;

   (b) appointing William Fletcher of Bentleys MRI as receiver
       over scheme property to identify, secure, and recover
       investor funds and report to the court;

   (c) requiring Messrs. Whitford and Lee, and Ms. Lacey to
       provide the receiver and the ASIC with details of scheme
       bank accounts and property and to provide the ASIC with
       investors' details; and

   (d) restraining Messrs. Whitford and Lee, and Ms. Lacey from
       leaving Australia and requiring them to deliver up their
       passports to the court.

The ASIC has also applied to wind up the scheme, for injunctions
permanently preventing the company and its directors from
operating the scheme, and for declarations of contravention of
various provisions of the Corporations Act.

The ASIC's investigations are continuing.


THREE SISTERS: Hearing of Liquidation Petition Set on Feb. 1
------------------------------------------------------------
On Oct. 24, 2006, the High Court of Auckland received a
liquidation petition filed against Three Sisters Hills No2 Ltd
from Equity Investment Advisers and Sharebrokers Ltd.

The petition will be heard on Feb. 1, 2007, at 10:00 a.m.

The Solicitor for the Petitioner can be reached at:

         Michael David Arthur
         Chapman Tripp Sheffield Young
         Level Thirty-five, ANZ Centre
         23-29 Albert Street, Auckland
         New Zealand


W LOGGING: Court Sets Liquidation Hearing on December 11
--------------------------------------------------------
The High Court of Rotorua will hear a liquidation petition filed
against W Logging Ltd on Dec. 11, 2006, at 10:45 a.m.

Accident Compensation Corporation filed the petition with the
Court on Oct. 25, 2006.

The Solicitor for the Petitioner can be reached at:

         Dianne S. Lester
         Maude & Miller
         Second Floor, McDonald's Building
         Cobham Court (P.O. Box 50-555 or D.X. S.P. 32-505)
         Porirua City
         New Zealand


WYNDHAM CONSTRUCTION: Creditors to Prove Debts by December 15
-------------------------------------------------------------
Jeffrey Philip Meltzer and Michael Lamacraft were appointed as
joint and several liquidators of Wyndham Construction Ltd on
Nov. 15, 2006.

The liquidators fix Dec. 15, 2006, as the day for which
creditors are to make their claims.

The Joint and Several Liquidators can be reached at:

         Jeffrey Philip Meltzer
         Michael Lamacraft
         Meltzer Mason Heath
         Chartered Accountants
         P.O. Box 6302, Wellesley Street
         Auckland 1141
         New Zealand
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


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

MAYNILAD WATER: DMCI-MPIC Consortium Wins Auction for 84% Stake
---------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
December 4, 2006, only the Ayala family-led Manila Water Co.,
together with JW International and BPI Capital Corp., and the
Consunji family-controlled DMCI Holdings Inc., together with
Metro Pacific Corp., qualified for the bid for the Government's
83.97% stake in Maynilad Water Services Inc.

On December 5, DMCI-MPIC Water Company Inc. disclosed that it
has won the auction for the ownership of the government's stake.

DMCI-MPIC is a 50/50% joint venture formed by DMCI Holdings and
Metro Pacific Investments for the purposes of participating in
the Maynilad auction and for its future ownership and
management.

Under the terms of the auction, DMCI-MPIC has committed to pay a
total of US$503.9 million for the 83.97% stake, comprised of:

   (a) a minimum cash bid of US$56.7 million, comprising of:

       -- US$22.7 million worth of common shares in Maynilad
          plus US$3 million in interest; and

       -- US$31 million in financial assistance for past
          Metropolitan Waterworks and Sewerage System advances
          made to Maynilad; and

   (b) a financial supplement of US$447.2 million to be infused
       as new equity into the company over a succeeding three-
       year period, in respect of funding new capital
       expenditure or debt repayment.

Maynilad currently has approximately US$256.8 million of debt
that is subject to various debt and restructuring agreements.  
The US$447.2 million financial supplement will be represented by
standby letters of credit to be presented by DMCI-MPIC on the
transaction completion date of January 10, 2007.

Under the mandatory requirements of the bidding process, DMCI-
MPIC will also be required to establish a performance bond in
the amount of US$12 million in respect of Maynilad's obligations
under the concession and required to undertake payment of
transaction fees and expenses of approximately US$19.6 million.

                    Significant Opportunities

DMCI-MPIC believes there is significant opportunity for long-
term value creation by its investment in Maynilad due to water
distribution being a critical and essential public service and
from the potential of stable operating cashflows resulting from
an expected turnaround of Maynilad's operations under its
management.

DMCI-MPIC has devised a formidable rehabilitation plan for
Maynilad's West Concession Zone:

   1. conducting a system-wide water audit.  Improve water
      supply and pressure management, enhance reservoir
      management, and pump station efficiencies and to implement
      an overhaul of the system's software and I.T. facilities;
      and

   2. provide for physically replacing old water mains,
      conducting extensive post-rehabilitation network
      maintenance and improving overall service repairs and
      connections, with a goal of providing safe, reliable 24-
      hour water supplies to the tens of thousands of businesses
      and households in the concession zone.

There is further opportunity for DMCI-MPIC to achieve
substantial improvements in revenue, for while Maynilad
presently supplies over 2,100 million liters of water per day to
approximately 6 million of the 8+ million population included in
its concession areas, approximately 67.6% of that is non-revenue
due to antiquated infrastructure delivery, leakage and
pilferage.  DMCI-MPIC believes that consumers can be
increasingly informed and persuaded to become legal, revenue
collectible water consumers.

Maynilad holds a 25-year exclusive concession to provide water
in the 540 sq. km. West Zone of Greater Metro Manila region, an
area covering 8 cities and 3 municipalities and 1 city and 5
municipalities in Cavite, a rapidly industrializing province
located due south of the Greater Metro Manila region.  
Maynilad's network facilities include two water treatment plants
and 4,100 kilometers of pipes and aqueducts.

Leovigildo Veroy and Bienvenido Guarino along with DCCD
Engineering, a leading Philippines engineering firm and
Sinclair, Knight Merz SDN Berhad, a regionally respected water
management consultancy, served as DMCI-MPIC's technical
advisors.  The Philippine firm of Picazo, Buyco Tan Fider &
Santos served as legal advisors.

                           About MPIC

Metro Pacific Investments Corporation is a Manila-based
investment management company focused on long-term value
creation in the Philippines' property and infrastructure
sectors.  MPIC is the product of an extensive rehabilitation
program recently concluded by Metro Pacific Corporation.  MPIC
will list its shares on the Philippine Stock Exchange under the
symbol "MPA" beginning December 15, 2006.

                          About DMCI

DMCI is among the Philippines' largest construction firms, with
a core competency in providing water utility services through
its investment and management of Subic Water and Sewerage
Company Inc., the primary water and sewerage and sanitation
provider for the Subic Bay Freeport, a special economic zone
located to east of Metro Manila.  DMCI also has considerable
interests in real estate and in mining.

                      About Maynilad Water

Maynilad Water, formerly known as Benpres-Lyonnaise Waterworks,
Inc., was incorporated on January 22, 1997 as a joint venture
between the Parent Company and Suez-Lyonnaise Des Eaux, now
known as Suez Environnement, primarily to bid for the operation
of the privatized system of waterworks and sewerage services of
the Metropolitan Waterworks and Sewerage System for Metropolitan
Manila.

According to a report by the TCR-AP on November 19, 2003, the
Company filed for corporate rehabilitation with the Quezon City
Regional Trial Court, saying it could not pay its debts
following an international arbitration panel's decision
regarding the early termination of Maynilad's water concession
agreement with Metropolitan Waterworks & Sewerage System.

On August 6, 2004, the Rehabilitation Court directed Maynilad
Water to submit a revised rehabilitation plan based on a full
draw of a US$120-million performance bond within a non-
extendable 30-day period or until September 6, 2004.  On
September 9, 2004, Maynilad Water, its shareholders, MWSS, and
the Department of Finance set out their intents in a Memorandum
of Understanding relating to the restructuring of:

   -- the financial obligation of Maynilad Water with various
      banks; and

   -- the unpaid Concession Fees of Maynilad Water under the
      Concession Agreement.

            Debt Capital and Restructuring Agreement

On April 29, 2005, Maynilad Water, its shareholders, bank
creditors, and MWSS executed a debt capital and restructuring
agreement to set out the terms and conditions of their
understanding and to govern their respective rights and
obligations in connection with the restructuring of the debt and
capital of Maynilad Water.  The DCRA provides, among others, the
capital restructuring and restructuring of debt and concession
fees of Maynilad Water, and will take effect upon the
satisfaction of precedent conditions set forth in the DCRA,
including Court approval.  The Rehabilitation Court approved the
DCRA on June 1, 2005, and the DCRA was effected on July 20,
2005.


* Philippines' Inflation Eases Further to 4.7% in November
----------------------------------------------------------
Headline inflation slowed down to its lowest level since May
2004 at 4.7% in November 2006, with all commodity groups except
housing and repairs posting lower inflation rates.  This level
was within the Bangko Sentral ng Pilipinas' forecast range for
the month of 4.5%-5.2%, and brought the year-to-date average
inflation rate to 6.4%.  Lower domestic oil prices, a stronger
peso and subsiding base effects have contributed to the
continued easing in price pressures.

As reported in the Troubled Company Reporter - Asia Pacific on
November 30, 2006, the BSP expected consumer prices to rise
within a range of 4.5% to 5.2% in November from a year earlier,
below October's 5.4% increase.

The month-on-month headline inflation was unchanged at 0.1%, as
the slowdown in inflation for food, beverage, and tobacco and
the decline in the price index for services offset the higher
inflation rate for fuel, light and water.  Meanwhile, core
inflation resumed its downtrend in November at 4.7% from 5.1% in
the previous month.   

The November inflation outturn continued to decline in line with
the BSP's outlook of a general deceleration in inflation over
the policy horizon, with average inflation in 2007 likely to
settle within the Government's target range of 4%-5% in the
absence of unanticipated domestic or external shocks.  This
outlook is further supported by indications of limited demand-
based price pressures in the near term, particularly as evident
in the deceleration in core inflation.  Equally important,
inflation expectations have remained well contained based on
recent survey data.


The BSP continues to remain watchful of the potential upside
risks to inflation, which include the volatility in oil prices
and the potential impact on food prices of the El Nino weather
phenomenon.  The BSP also continues to closely monitor
developments in domestic liquidity in view of their potential
impact on future inflation.

                          *     *     *

"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.


* Philippine Peso May Hit Fresh 4-1/2-Year High
-----------------------------------------------
The Philippine peso is likely to hit fresh 4-1/2-year highs
against the dollar this week at PHP49.50 to PHP49.60, a
statement from the Philippine Information Agency cites dealers.

It will derive its strength mainly from still robust remittance
inflows from Filipino workers abroad, which are expected to hit
a new record-high this month, PIA says.

The central bank earlier said remittances coursed through banks
could reach US$12.3 billion by year-end, an improvement from an
earlier projection of US$11.9 billion.  Foreign exchange
remittances in the nine months to September totaled
US$9.112 billion, up by 14.41% from US$7.964 billion a year ago.

Last week, the peso closed at PHP49.66, its highest in four-and-
a-half years, amid an overall weakness of the dollar against
regional currencies.  A slowing U.S. economy and prospects of an
interest rate cut by the United States Federal Reserve early
next year continued to lessen the dollar's lure.

Coupled with an expected huge supply of dollars from overseas
Filipino workers, this global bearish view on the dollar will
lead to the peso's further ascent, dealers said.

Last week, HSBC economic analysts said they expect the peso to
end at P49.50 per dollar by year-end and maintain the rate in
the first quarter of 2007.

The local currency is expected to appreciate further to PHP49 in
the second quarter, to PHP48 in the third and to end stronger
next year at PHP47 per dollar.

The peso will get strength not only from rising remittances but
also from expectations of higher deployments of Filipinos
abroad, which should buoy the stock of overseas workers and
ensure sustained remittance flows down the track, HSBC economic
analysts said.

                          *     *     *

"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
=================

ARGON INVESTMENTS: High Court Issues Wind-Up Order
--------------------------------------------------
On Nov. 24, 2006, the High Court of Singapore issued an order
for the wind-up of Argon Investments Pte Ltd's operations.

Accordingly, all creditors of Argon Investments are required to
file their proofs of debt to be included in the company's
distribution of dividend.

The Troubled Company Reporter - Asia Pacific previously reported
that Hands-On Resources Limited filed the petition on Oct. 30,
2006, against the company.

Argon Investment's liquidator can be reached at:

         The Official Receiver
         45 Maxwell Road
         #05-11/#06-11 URA Centre
         East Wing
         Singapore 069118


HLG ENTERPRISE: Grants Option for Subsidiary to Purchase Tristar
----------------------------------------------------------------
Joo Chiat Holding Pte Ltd, HLG Enterprise's indirect wholly-
owned subsidiary, on Dec. 4, 2006, granted in favor of Classic
Holdings Pte Ltd, an unrelated third party, an option to
purchase Tristar Inn, which is located at 970 Geylang Road in
#01-01 Singapore.  The option is exercisable by Classic Holdings
within 14 days from the date of the option.  

This was in accordance to the company's shareholder circular, in
which it was stated that an approval has been given to the
company's directors to sell off or procure the sale of the Class
Two Assets and the Class Three General Mandate Assets.  
Moreover, the circular also states that -- in the event that any
transaction covered under the general mandate involves an actual
amount where its relative value as computed under Rule 1006 of
the Listing Manual of the Singapore Exchange Securities Trading
Limited exceeds the 20% threshold, HLG Enterprise will make an
announcement and will disclose to its shareholders through a
letter the details of the transaction as required under Rule
1014 of the Listing Manual."

Tristar Inn constitutes the Class Two Asset and the
consideration is approximately 25.23% of the market
capitalization of the Group as at the close of business on
Dec. 1, 2006.

                     Key terms of the Option

     (i) The sale price of Tristar Inn will be SGD18,300,000
         and the sale will be subject to the Law Society of
         Singapore's Conditions of Sale 1999;

    (ii) The Property will be sold with the assets as set out
         in a list attached as an annexure to the Option;

   (iii) The date of completion for the sale and purchase of the
         Property and assets is March 12, 2007, and Joo Chiat
         will be required to deliver vacant possession of the
         Property on completion;

    (iv) The sale and purchase of the Property is subject to,
         inter alia, satisfactory replies to Classic Holdings
         solicitors' legal requisitions to the various
         Government Departments; and

     (v) The Property and the assets are sold on "as is where
         is" basis and Classic Holdings is deemed to have
         inspected the Property and the assets before the
         grant of the option and will be satisfied as to the
         condition thereof.

Tristar Inn is a 99-year leasehold property starting from
Nov. 1, 1994.  The Proposed Sale is in line with HLG
Enterprise's objective of disposing its non-core assets as
contemplated under its restructuring scheme as described in the
circular.

Hong Leong Management Services Pte. Ltd. was appointed to assist
Joo Chiat in the Proposed Sale.  Hong Leong will be paid a fee
of SGD183,000.  Hong Leong is a subsidiary of Hong Leong
Investment Holdings Pte. Ltd., which is deemed a controlling
shareholder of HLG Enterprise.  Wong Hong Ren, Neo Teck Pheng
and Kevin Hangchi, who hold executive positions in Hong Leong
Management are the Non-Executive Chairman, Executive Director
and Non-Executive Director of HLG Enterprise, respectively.

Mr. Kevin Hangchi is also a member of the Kwek family, which has
interests in Hong Leong Investment.

                  About HLG Enterprise Limited

HLG Enterprise Limited -- formerly known as LKN-Primefield
Company Pte Ltd -- is a Singapore-based company involved in
investment holding and investing in property for rental.
Through a number of subsidiaries, the company is engaged in
building and civil engineering construction; the construction of
crude oil tanks and piping systems; commercial and home repair
works and the provision of related maintenance services;
property development, investment and management; property
rental; the operation of hotels and restaurants, and the
provision of hotel management and consultancy.  LKN- Primefield
is also involved in the manufacture, retail sale, distribution,
import and export of computer hardware (including computer
peripherals) and software, and the development of multimedia
transactional payphone kiosks.  In addition, it is an ESDN
electronic service delivery network provider that owns and
operates a large network of public broadband transactional
terminals.  The company's operations are mainly concentrated in
Singapore, China and Indonesia.

On November 29, 2004, HLG Enterprise and certain of its
subsidiaries entered into a debt restructuring plan with the
company's bondholders.  HSBC Trustee (Singapore) Ltd. acted as
the trustee for the bondholders; KPMG Business Advisory Pte.
Ltd. acted as New Restructuring Agent/Independent Special
Consultant/Paying Agent.

The company's Sept. 30, 2006, consolidated balance sheet showed
total assets of US$177.62 million and total liabilities of
US$189.1 million, resulting in a shareholders' equity deficit of
US$11.5 million.

As of Oct. 12, 2006, the company has shareholders' deficit of
US$12.72 million, on total assets of US$150.70 million as
reported by the Troubled Company Reporter - Asia Pacific on
Oct. 13.


JAYA MAKMUR: Creditors Must File Proofs of Debt by Dec. 28
----------------------------------------------------------
Jaya Makmur Enterprise Co (Pte) Ltd, which was placed under
members' voluntary liquidation, requires its creditors to submit
their proofs of debt by Dec. 28, 2006, to be included in the
company's distribution of dividend.

The company's liquidators can be reached at:

         Chee Yoh Chuang
         Lim Lee Meng
         18 Cross Street
         #08-01 Marsh & McLennan Centre
         Singapore 048423


LAZARD LTD: Prices Class A Stock Offering at US$45.42 Per Share
---------------------------------------------------------------
Lazard Ltd. has priced an offering of 13,000,000 shares of
Lazard Ltd Class A common stock at a price to the public of
US$45.42 per share.  Of the 13,000,000 shares, Lazard will sell
7,000,000 shares and the selling shareholders will sell
6,000,000 shares.  Lazard will not receive any proceeds from the
sale of shares by its selling shareholders.

Lazard also granted the underwriters a 30-day option to purchase
an additional 1,950,000 shares of common stock from the company
at the public offering price to cover over-allotments, if any.

Goldman, Sachs & Co. and Lazard Capital Markets were the
underwriters of the offering.  Copies of the final prospectus
relating to the offering may be obtained by contacting:

         Goldman, Sachs & Co.
         Prospectus Department
         85 Broad Street
         New York, NY 10004
         Telephone: (212) 902-1171

                        About Lazard Ltd

Lazard Ltd. -- http://www.lazard.com/-- one of the world's  
preeminent financial advisory and asset management firms,
operates from 29 cities across 16 countries in North America,
Europe, Asia, Australia and South America.  With origins dating
back to 1848, the firm provides services including mergers and
acquisitions advice, asset management, and restructuring advice
to corporations, partnerships, institutions, governments, and
individuals.  The company has locations in Australia, China,
Hong Kong, India, Japan, Korea, and Singapore.

                          *     *     *

At June 30, 2006, the company's balance sheet showed
US$2.1 billion in total assets and US$2.8 billion in total
liabilities resulting in US$745 million stockholders' deficit.


LEAR CORPORATION: Moody's Affirms B2 Rating with Stable Outlook
---------------------------------------------------------------
Moody's Investors Service has raised Lear Corporation's rating
outlook to stable from negative and affirmed all other Lear
ratings.  The action follows Lear's announcement that it has
entered into an agreement to contribute the assets of its North
American Interior unit to International Automotive Components
Group North America, LLC.  While Lear will not receive any
proceeds from the sale, indeed it will initially have to
contribute US$25 million of cash into IAC North America, the
disposition will remove a business that has had negative EBITDA.
The transaction will effectively increase Lear's cash flow by
curtailing those losses and amount to a de-leveraging of the
company.  While automotive industry pressures in North America
and Western Europe will continue to affect its remaining seating
and electronics business units, Lear will be both better
positioned within the B2 Corporate Family Rating and be less
vulnerable to those pressures through the improved complexion of
its cash flows.

Lear's North American interior business has had operating losses
for the last two years.  Combined with the earlier sale of its
European interior unit, the segment would account for roughly
US$3.3 billion in annual revenue, combined operating losses of
approximately US$0.2 billion, and EBITDA of roughly (US$0.1
billion).  Prior to working capital requirements and at recent
run-rates of the business, Moody's would estimate the
transaction could save Lear some US$0.2 billion in cash flow.
While Lear will have to invest an initial US$25 million into IAC
North America, and may have to add a further US$40 million if
defined EBITDA targets for 2007 in IAC North America are not
met, Lear has recently received US$200 million from an equity
investment from funds managed by Mr. Carl Icahn to effectively
these requirements.  Lear will receive a 25% interest in IAC
North America in addition to its 33% interest in International
Automotive Components Group LLC -- into which it contributed
assets of its European interior business.  Lear expects to
report a loss on the sale of the North American assets of
approximately US$675 million.  Combined with the US$29 million
loss on the sale of the European business, US$1,013 million of
goodwill impairment charges take in 2005 and a further fixed
asset impairment in that year of US$82 million, Lear will have
incurred a cumulative reduction in the value of its investment
in the interior segment of some US$1.8 billion over the last 15
months (prior to operating losses or other restructuring
charges).

Adjusting 3rd quarter results pro forma for the transactions,
Moody's would estimate Lear's debt/EBITDA would improve to 3.9
times compared to 4.3 times; EBIT/Interest would have been 1.9
times compared to 1.4 times; and positive free cash flow of
around US$0.1 billion would have been generated compared to the
(US$0.1) billion experienced.  The transaction will also lower
Lear's book net worth and raise its debt to book capitalization
ratio.

The stable outlook considers the improved prospects for Lear's
free cash flow which will make it less vulnerable to potential
industry pressure in 2007 and beyond.  While the company
continues with ongoing exposure to build rates at General
Motors, Ford and DaimlerChrysler, and the current mix of
vehicles it supports may be adversely affected by recent trends
in consumer vehicle preferences, its credit metrics are better
positioned within the B2 Corporate Family rating and more likely
to remain in an acceptable range for the rating category.  The
stable outlook also incorporates Lear's favorable liquidity
profile, recently lengthened debt maturities, and the benefits
of its new business awards which will, over time, facilitate
improved customer diversification.

All other ratings have been affirmed.  

                    About Lear Corporation

Headquartered in Southfield, Michigan , Lear Corporation (NYSE:
LEA) -- http://www.lear.com/-- supplies automotive interior
systems and components.  Lear provides complete seat systems,
electronic products and electrical distribution systems and
other interior products.

Lear has operations in these Asian countries: Singapore, China,
India, Japan, the Philippines and Thailand.


PDC CORP: Shareholder Decreases Shareholding
--------------------------------------------
Goh Bak Heng, a substantial shareholder of PDC Corp Ltd,
decreased the number of shares he held in the company on Dec. 4,
2006.

Before the change, Mr. Goh held 128,400,000 direct shares with
10.36% issued share capital.  Presently, Mr. Goh holds
108,400,000 direct shares with 8.74% issued share capital.

The decrease of Mr. Goh's shares was due to the sales in the
open market.

                         About PDC Corp.

Headquartered in Singapore, PDC Corporation Limited is
principally involved in the provision of general construction,
property development, real estate and investment.  Its other
activities are the provision of renovation work of any kind and
for the demolition of any structure, trading, rental and
servicing of industrial machinery and equipment and the
distribution of multimedia products, home automation system,
other high technology products and investment holding.

                          *     *     *

PDC Corporation's Auditors, Ernst & Young had issued a report on
the company's financial statement for the year ended Dec. 31,
2005, highlighting a going concern issue, but without qualifying
their opinion.

As at Dec. 31, 2005, the current liabilities of the company and
the Group exceeded current assets by US$3,852,210 and
US$20,001,069 respectively, and their total liabilities exceeded
total assets by US$3,912,981 and US$20,062,940 respectively.


PETROLEO BRASILEIRO: Defending Bolivia Pact Before Lower House
--------------------------------------------------------------
Petroleo Brasileiro SA, the state-owned oil firm of Brazil, said
in a statement that Jose Gabrielli, its chief executive officer,
will defend the firm's new exploration and production contract
with Yacimientos Petroliferos Fiscales Bolivianos -- its
Bolivian counterpart -- in a public hearing in the lower house.

Business News Americas relates that Petroleo Brasileiro signed
an exploration and production accord with Yacimientos
Petroliferos on Oct. 28, ending six months of talks that
commenced from Bolivia's May 1 hydrocarbons nationalization
decree.  The Bolivian congress still has to approve the new
contracts.

The hearing was tentatively slated for Dec. 6 with the lower
house's mines and energy committee.  The committee also wants to
hear from Silas Rondeau, the Brazilian mines and energy
minister, about the contract, Bnamericas notes.

The lower house said in a statement that Congressman Raul
Jungmann wants Petroleo Brasileiro to give more details on the
accord to determine whether it is in the firm's interests.

Congressman Jungmann told BNamericas that it is unclear from the
minutes of the contract that Petroleo Brasileiro guaranteed
returns on the US$1.5 billion invested in Bolivia.

Petroleo Brasileiro said in a statement that the minutes were
not the final version of the accord and investments are
guaranteed.  Petroleo Brasileiro cannot publish contract details
due to certain confidential clauses.

According to BNamericas, Congressman Jungmann wants to ensure
that Petroleo Brasileiro will still be an operator in Bolivia,
and not just a service provider to Yacimientos Petroliferos.

BNamericas underscores that Petroleo Brasileiro and Yacimientos
Petroliferos still have to conclude negotiations over gas export
conditions and compensation payments for the nationalization of
Petroleo Brasileiro's refining assets in Bolivia.

Petroleo Brasileiro said in a statement that it can take
Yacimientos Petroliferos and Bolivian authorities to
international arbitration courts if its investments are
threatened.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
SA aka Petrobras --
http://www2.petrobras.com.br/ingles/index.asp-- was founded in  
1953.  The company explores, produces, refines, transports,
markets, distributes oil and natural gas and power to various
wholesale customers and retail distributors in Brazil.

Petrobras has operations in China, India, Japan, and Singapore.

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's.

Fitch Ratings assigned these ratings on Petroleo Brasileiro's
senior unsecured notes:

  Maturity Date           Amount        Rate       Ratings
  -------------           ------        ----       -------
  April  1, 2008      US$400,000,000    9%          BB+
  July   2, 2013      US$750,000,000    9.125%      BB+
  Sept. 15, 2014      US$650,000,000    7.75%       BB+
  Dec.  10, 2018      US$750,000,000    8.375%      BB+

Fitch upgraded the foreign currency rating of Petrobras to BB+
from BB, with positive outlook, in conjunction with Fitch's
upgrade of the long-term foreign and local currency IDRs of the
Federative Republic of Brazil to BB, from BB- on June 29, 2006.


PETROLEO BRASILEIRO: Expects 2 Mil. Barrels Daily Output in 2007
----------------------------------------------------------------
Almir Barbassa -- chief financial officer of Petroleo Brasileiro
SA, the state-run oil company of Brazil -- told Dow Jones
Newswires that the company sees its domestic oil production to
exceed 2 million barrels per day by the end of 2007.

Mr. Barbassa said that Petroleo Brasileiro expects its Brazil
oil output to average 1.979 million barrels per day during the
rest of next year, Dow Jones relates.

According to Dow Jones, the production would be 5.3% higher in
2007 than Petroleo Brasileiro's expected 1.88 million barrel per
day average domestic output for 2006.

Dow Jones underscores that the rapid expected boost in oil
output next year comes as Petroleo Brasileiro plans to take in
2007 four new oil rigs on stream off the Brazilian coast that
will have a 480,000 barrel per day combined production capacity.

Mr. Barbassa told Dow Jones that despite the massive increase in
new output, average production is not expected to grow even
faster due to the natural decline in output at already-producing
oil fields.

Dow Jones emphasizes that Petroleo Brasileiro's production was
at 1.821 million barrels per day in October.  The company's
combined oil and gas production, both in Brazil and overseas,
averaged at 2.343 million barrels of oil equivalent per day in
October.

Petroleo Brasileiro will reach in December its full output
capacity at its 180,000 barrel per day P-50 rig that was
launched in April.  Production at the 100,000 barrel per day
FPSO Capixaba rig that was started operating in May will reach
its full capacity in 2007, Dow Jones says, citing Mr. Barbassa.

Mr. Barbassa told Dow Jones that for the 2008 to 2011 period,
Petroleo Brasileiro will take another seven new oil rigs on
stream that will add 1.02 million barrels per day to its
domestic oil output capacity.

The report says that after the output loss from the natural
decline is included in calculations, Petroleo Brasileiro expects
to boost its Brazilian production to 2.3 million barrels per day
in 2010.

Petroleo Brasileiro told Dow Jones that including overseas oil
output and natural gas production both in Brazil and abroad,
Petroleo Brasileiro hopes to reach production of 3.493 million
barrels per day of oil equivalent in 2011 and 4.556 million
barrels of oil equivalent per day in 2015.

"We will get close to production levels of oil majors such as
ExxonMobil (XOM), which now pumps about 4 million BOE/d (barrels
of oil equivalent per day)," Mr. Barbassa told Dow Jones.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
SA aka Petrobras --
http://www2.petrobras.com.br/ingles/index.asp-- was  
founded in 1953.  The company explores, produces, refines,
transports, markets, distributes oil and natural gas and power
to various wholesale customers and retail distributors in
Brazil.

Petrobras has operations in China, India, Japan, and Singapore.

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's.

Fitch Ratings assigned these ratings on Petroleo Brasileiro's
senior unsecured notes:

  Maturity Date           Amount        Rate       Ratings
  -------------           ------        ----       -------
  April  1, 2008      US$400,000,000    9%          BB+
  July   2, 2013      US$750,000,000    9.125%      BB+
  Sept. 15, 2014      US$650,000,000    7.75%       BB+
  Dec.  10, 2018      US$750,000,000    8.375%      BB+

Fitch upgraded the foreign currency rating of Petrobras to BB+
from BB, with positive outlook, in conjunction with Fitch's
upgrade of the long-term foreign and local currency IDRs of the
Federative Republic of Brazil to BB, from BB- on June 29, 2006.


PETROLEO BRASILEIRO: Spending US$780MM on Renewable Energy Dev't
----------------------------------------------------------------
An official of Petroleo Brasileiro, the state-run oil firm of
Brazil, told the Associated Press that the company will spend
US$780 million from 2007 to 2011 to develop renewable energy.

AP relates that Almir Barbassa, chief financial officer of
Petroleo Brasileiro, said at a seminar on oil and energy in Rio
de Janeiro that most of the spending will be channeled to
biofuels.  The remainder will be used for the production of
electricity from solar, wind and small hydroelectric power
plants.

The investment volumes for renewable energies are still small
when compared to the total investments of Petroleo Brasileiro,
AP notes, citing Mr. Barbassa.

AP underscores that Petroleo Brasileiro disclosed in July a
US$87-billion investment plan for the 2007-2011 period.

According to the report, Petroleo Brasileiro will spend
US$136 million on new biodiesel plants, and US$140 million for
investments in the production of its new H-Bio diesel fuel.

H-Bio, which Petroleo Brasileiro developed, has vegetable oils
blended into it at the plant, AP says.

Petroleo Brasileiro told AP that it will begin producing H-Bio
on an industrial scale in December.  In 2008, the company will
use 425 million liters of vegetable oils -- mostly from soy --
per year to produce H-Bio.

The report says that Petroleo Brasileiro will spend US$170
million to construct an ethanol-only pipeline from producing
areas in western Brazil and Sao Paulo state to the coast.  The
firm hopes to export 3.5 billion liters of ethanol yearly.

AP emphasizes that Petroleo Brasileiro will invest:

   -- US$104 million in wind power in the five-year period;

   -- US$123 million in small hydroelectric power plants; and

   -- US$10 million in solar energy.

Petroleo Brasileiro presented on Nov. 22 a BRL2-billion plan to
modernize its oil pipeline system in Sao Paulo.  Construction on
new pipeline portions and the recovery of existing parts will
start in the second half of 2008 and will take two years to
complete, BNamericas states.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
SA aka Petrobras --
http://www2.petrobras.com.br/ingles/index.asp-- was  
founded in 1953.  The company explores, produces, refines,
transports, markets, distributes oil and natural gas and power
to various wholesale customers and retail distributors in
Brazil.

Petrobras has operations in China, India, Japan, and Singapore.

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's.

Fitch Ratings assigned these ratings on Petroleo Brasileiro's
senior unsecured notes:

  Maturity Date           Amount        Rate       Ratings
  -------------           ------        ----       -------
  April  1, 2008      US$400,000,000    9%          BB+
  July   2, 2013      US$750,000,000    9.125%      BB+
  Sept. 15, 2014      US$650,000,000    7.75%       BB+
  Dec.  10, 2018      US$750,000,000    8.375%      BB+

Fitch upgraded the foreign currency rating of Petrobras to BB+
from BB, with positive outlook, in conjunction with Fitch's
upgrade of the long-term foreign and local currency IDRs of the
Federative Republic of Brazil to BB, from BB- on June 29, 2006.


REGAL MARINE: Pays First and Final Dividend to Creditors
--------------------------------------------------------
Regal Marine Pte Ltd, which is in compulsory liquidation, has
paid the first and final dividend to its creditors on Dec. 4,
2006.

The company paid 4.8769 cents to a dollar on account of all
received claims.

The company's liquidator can be reached at:

         c/o PricewaterhouseCoopers
         8 Cross Street #17-00
         PWC Building
         Singapore 048424


SEA CONTAINERS: Received Dividends from GNER Before Bankruptcy
--------------------------------------------------------------
Sea Containers Ltd. received GBP35,700,000 dividend from its
railway subsidiary, Great North Eastern Railway, before SCL
filed for Chapter 11 protection on Oct. 15, 2006, Mark Smith
writes for The Herald.

For the year ended Jan. 7, 2006, GNER's pre-tax profits stood
at GBP8,600,000, compared with GBP22,200,000 for the same period
in 2005.

"Sea Containers' Chapter 11 status does not affect the
operations of GNER.  Sea Containers is in Chapter 11, not GNER,"
Lisa Barnard, SCL's director of communications was quoted by The
Herald.

Ms. Barnard blamed the sharp decline in GNER's pre-tax profit on
the July 7, 2005, bombings in London.

As per the accounts obtained by the Herald from the Companies
House, GNER's operating expenditure for the year ended Jan. 7,
2006, was GBP470,500,000 from GBP15,000,000 in 2005.

At 52 weeks to Jan. 7, 2006, GNER paid out a dividend of
GBP8,800,000, compared with the GBP26,900,000 dividend for the
53 weeks to Jan. 8, 2005.

Turnover was GBP477,000,000 in 2006 compared with GBP475,000,000
in 2005.

As reported in the Troubled Company Reporter-Europe on Aug. 15,
2006, GNER must pay the U.K. Department for Transport
GBP1,300,000,000 for the right to run trains on the east coast
main line until 2015.

Sea Containers agreed to stand behind a GBP30,000,000 standby
credit facility during the term of the franchise and a
GBP10,000,000 overdraft facility to provide additional working
capital if needed.

According to The Herald, rivals like FirstGroup and Virgin Rail
were waiting for GNER to falter to take over the east coast
franchise.

                            About GNER

Headquartered in London, United Kingdom, Great North Eastern
Railway (GNER) Limited operates high-speed express train
services on the East Coast Main Line.  Most of their trains run
between London King's Cross and either Edinburgh Waverley or
Leeds.

                      About Sea Containers

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)


SEA CONTAINERS: Wants Richards Butler as Special Foreign Counsel
----------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates ask permission
from the U.S. Bankruptcy Court for the District of Delaware to
employ Richards Butler LLP as special counsel for certain
foreign legal matters, nunc pro tunc to Oct. 15, 2006.

Richards Butler has served as the Debtors' outside counsel on
legal matters in the United Kingdom and France as well as
matters involving their interests in their non-debtor subsidiary
Great North Eastern Railway, Ltd., since 1987, relates Edwin S.
Hetherington, vice president, general counsel, and secretary of
Sea Containers Ltd.

Mr. Hetherington discloses that the firm's professionals have
become very familiar with the Debtors and their business
affairs, and have gained extensive experience in most aspects of
the Debtors' general legal work and needs outside the United
States.

As the Debtors' Special Foreign Counsel, Richards Butler will
continue to advise and represent the Debtors with respect to the
foreign legal matters as well as other non-bankruptcy related
matters, which may arise in the Debtors' Chapter 11 cases in the
ordinary course of business.

Richards Butler's services will be paid in accordance with its
customary hourly rates:

         Professional                  Hourly Rate
         ------------                  -----------
         Partners                      US$522 - US$997
         Associates                    US$360 - US$740
         Paraprofessionals             US$295 - US$360

The firm will also be reimbursed for necessary out-of-pocket
expenses.

Mr. Hetherington tells the Court that Richards Butler has
received a replenishing prepetition retainer, with a remaining
balance of US$150,461, for providing the Debtors with
representation on certain of the foreign legal matters prior to
the Petition Date.  In addition, Richards Butler also received
US$4,412,000 from the Debtors within one year prior to the
Petition Date for services rendered to certain Foreign Legal
Matters.

Jonathan Yorke, Esq., a member of Richards Butler LLP, assures
the Court that his firm does not hold or represent any interests
adverse to the Debtors, or to their estates in matters upon
which his firm is to be engaged.

                      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)


YIN FRESH: Commences Wind-Up of Operations
------------------------------------------
On Nov. 24, 2006, the High Court of Singapore has entered an
order directing the wind-up of Yin Fresh Frozen Food Pte Ltd's
operations.

As reported by the Troubled Company Reporter - Asia Pacific,
Singapore Food Industries Limited filed a wind-up petition
against Yin Fresh on Nov. 2, 2006.

The company's liquidator can be reached at:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


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

ADVANCED PAINT: Auditor Raises Going Concern Doubt  
--------------------------------------------------
Atipong AtipongSakul of ANS Audit Company Ltd raised doubt on
Advanced Paint & Chemical (Thailand) Pcl's ability to continue
operations as a going concern after auditing the company's
financial results for the third quarter and nine-month periods
ended September 30, 2006.

According to Mr. Atipong, the company continues to operate on
recurring losses and has current liabilities substantially in
excess of current assets.  "The Company's ability to continue
operations as a going concern is dependent on its ability to
generate sufficient profit and cash flows to serve its debts,"
he added.

Advanced Paint incurred a THB6.42-million net loss on
THB11.61 million revenues in the third quarter ended
September 30, 2006, as compared with the THB7.47-million net
loss on THB10.94 million revenues posted in the same quarter
last year.

As of September 30, 2006, the company's consolidated balance
sheet showed strained liquidity with THB19.21 million in current
assets available to pay THB58.99 million in current liabilities.

The company's balance sheet as of end-September 2006, revealed
total assets of THB105.95 million and total liabilities of
THB58.99 million.  Shareholders' equity amounted to
THB46.96 million.

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

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

                          *     *     *

Headquartered in Bangkok, Thailand, Advanced Paint & Chemicals
Public Company Limited manufactures and distributes decorative
paint, heavy-duty coating, and industrial painting under Dutch
boy, and Seven Stars brand names.  It has assets of THB124.83
million in December 2005.  The Company signed a 30-year contract
with Sherwin-Williams Company starting from June 1, 1987, for
the use of brand names and technology.

Advance Paint is currently undergoing business rehabilitation
and is categorized under the Non-Performing Group Sector of the
Stock Exchange of Thailand.

As of September 30, 2006, the company's consolidated balance
sheet showed strained liquidity with THB19.21 million current
assets available to pay THB58.99 million current liabilities.

                       Going Concern Doubt

Atipong AtipongSakul of ANS Audit Company Ltd raised doubt on
Advanced Paint & Chemical (Thailand) Pcl's continued operations
as a going concern after auditing its financial results for the
third quarter and nine-month period ended September 30, 2006.

According to Mr. Atipong, the company continues to operate on
recurring losses and has current liabilities substantially in
excess of current assets.  "The Company's ability to continue
operations as a going concern is dependent on its ability to
generate sufficient profit and cash flows to serve its debts,"
he added.


TONGKAH HARBOUR: Posts THB16.42-Million Net Profit in 3Q 2006
-------------------------------------------------------------
Tongkah Harbour Pcl posted a THB16.42-million net profit on
THB104.08 million revenues in the quarter ended September 30,
2006, as compared with the THB15-million net loss on
THB7 million revenues in the same quarter last year.

As of September 30, 2006, the company's balance sheet showed
strained liquidity with THB128.77 million in current assets
available to pay THB302.51 million in current liabilities.

Tongkah Harbour's total assets as of September 30, 2006,
amounted to THB1.78 billion and total liabilities equaled
THB618.83 million.  Shareholders' equity reached
THB1.16 billion.

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

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

                        Nine-Month Results

Tongkah Harbour Pcl posted a THB44.79-million net loss on
THB123.25 million revenues in the nine-month period ended
September 30, 2006, as compared with the THB53.62-million net
loss on THB22.53 million revenues in the same period last year.

                       Going Concern Doubt

After auditing the company's financial report for the third
quarter and nine-month periods ended Sept. 30, 2006, Kesree
Narongdej of A.M.T. & Associates Ltd expressed doubt on
Tongkah's continued operations as a going concern.

According to the auditor, the company and its subsidiaries have
experienced the continuous operating losses, and its
consolidated financial statements for nine-month period ended
September 30, 2006, showed operating losses of THB44.78 million
and a working capital deficit of THB173.74 million.  These may
have significant effect on the liquidity status and the going
concern position of the Company.

                          *     *     *

Headquartered in Bangkok, Thailand, Tongkah Harbour Public
Company Limited -- http://www.tongkahharbour.co/-- is primarily  
engaged in mining operations.  The Company is engaged in
offshore tin mining, gold exploration and mining, igneous rock
quarrying, as well as property development and management.

The Company had been listed under the Rehabco sector --
Companies under rehabilitation -- until July 3, 2006, when the
Thailand Stock Exchange reclassified the whole sector.  
Currently, SET categorized the Company under the "non-performing
group."  Companies under the group will retain their listing
status and will be obligated to comply with the SET
requirements.



                            *********

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.
   
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Christopher Beard at 240/629-3300.
   
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