TCRAP_Public/061208.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

            Friday, December 8, 2006, Vol. 9, No. 244

                            Headlines

A U S T R A L I A

ADSTEAM MARINE: Commission Asks Sale of Liverpool Assets
ASCAN SECURITY: To Declare First and Final Dividend on Feb. 6
CANBERRA STAR: Appoints Joint Liquidators
EARL SUPERFINE: Members to Hear Wind-Up Report on January 9
FIT FOR BUSINESS: Employs Mendoza as New Independent Accountant

JAMES HARDIE: Asbestos Exposure Prompts Rosehill Plant Closure
MARTIN BOROWSKY: Undergoes Wind-Up Proceedings
MOTORSPORT TYRES: Liquidator Dunner to Present Wind-Up Report
PALMER ALUMINIUM: Members Resolve to Wind Up Firm
QUEANBEYAN COMMUNITY: To Declare Final Dividend on Jan. 29

SETON HOUSE: Members Decide to Close Business
SMIT CHARTERS: Enters Voluntary Liquidation
TOTAL RECALL: Apple Appoints Receivers and Managers
W M RITCHIE: Members to Receive Wind-Up Report on January 9
ZINIFEX LIMITED: Signs Joint Venture Agreement with SmartTrans


C H I N A   &   H O N G  K O N G

AMC ENT: Posts US$10.7 Million Net Loss in Period Ended Sept. 28
BETONSPORTS: Antiguan Regulator Asks Court to Halt Firm's Sale
CANARE ELECTRIC: Members to Receive Wind-Up Report on Jan. 4
DANA CORP: Selling Engine Parts Biz to German Supplier
GSI GROUP: Earns US$6.1 Million in 2006 Third Quarter

HANESBRANDS INC: S&P Rates Proposed US$500 Mil. Sr. Notes at B-
HIP SOON: Court to Hear Wind-Up Petition on December 13
IAC BANK: Moody's Lifts Individual Strength Rating to D-
INTELSAT LTD: Renews China Central's Contract for Global Dist.
KESSEL ELECTRONICS: To Hold Annual Meetings on December 22

MEGASKY INDUSTRIAL: Creditors' Proofs of Debt Due on Jan. 2
NBS TECHNOLOGIES: UbiQ Ex-Shareholders' Claims Are Without Merit
PETROLEOS DE VENEZUELA: Absorbs About 1,700 Temporary Workers
PROSPERITY INDUSTRIAL: Members' Final Meeting Slated for Dec. 27
TAG-IT PACIFIC: Earns US$339,117 in 3rd Quarter Ended Sept. 30

* China to Approve Bankruptcy of 500 Small Firms by Year-End


F I J I   I S L A N D S

* Moody's Changes Fiji Govt's 'Ba' Rating Outlook to Negative


I N D I A

GENERAL MOTORS: Kerkorian Sells Remaining 5% Stake to BofA
INDUSIND BANK: Fitch Affirms 'D' Individual Rating
INDUSIND BANK: Gets RBI's Nod to Open 10 More Branches
INDUSIND BANK: Board Appoints Two Additional Directors
NTPC LTD: Forays Into Nuclear Power; To Build Two Power Plants

NTPC LTD: Two Plants Get Asian Development Bank's Aid
QUEBECOR WORLD: Unit Offers to Buy QWCC's US$125-Mil. Sr. Notes


I N D O N E S I A

BANK INDONESIA: Wants Clearance Payments Linked to System by '07
BANK NEGARA: Wants to Offer 40% of Shares Next Year
CILIANDRA PERKASA: Fitch Gives Final B+ Rating to Secured Notes
DIRECTED ELECTRONICS: Lowers Earning Guidance For 2006
PT PERTAMINA: Will Invest US$2.3BB For Refinery Expansion Plan


J A P A N

ALL NIPPON: Expands Code-Sharing Deal with South Korea's Asiana
FORD MOTOR: Fitch Rates US$3 Billion Senior Unsecured Notes at B
FORD MOTOR: S&P Junks Rating on Proposed US$3-Bil. Senior Debt
FORD MOTOR: Fitch Pares Senior Unsecured Ratings to B- from B
FORD MOTOR: To Raise Borrowing Capacity of Financing to US$23BB

FORD MOTOR: Intends to Offer US$3-Bil. Senior Convertible Notes
FORD MOTOR: November U.S. Sales Down 10% Compared with Last Year
NORTHWEST AIRLINES: Can Assume Management Employment Contracts
USINAS: S&P Says Ratings Reflect Volatility of Steel Industry


K O R E A

DURA AUTOMOTIVE: Ontario Court Grants Foreign Recognition Order
DURA AUTOMOTIVE: Taps Brunswick as Communications Consultants
DURA AUTOMOTIVE: Court OKs Kirkland & Ellis as Bankr. Counsel
HYNIX SEMICONDUCTOR: Ichon Regulations Hinder Fab Additions
KOOKMIN BANK: Earns Bank of The Year Award for Improved Earnings

KOREA EXCHANGE BANK: Prosecutors Find Sale to Lone Star Illegal
THOMAS EQUIPMENT: Unit Obtains US$1.5-Million Financing


M A L A Y S I A

AKER KVAERNER: Unveils Dividend & Shareholders Policies
KAI PENG: Annual General Meeting Set on December 29
KUMPULAN BELTON: Faces Wind-Up Petition
MCSB SYSTEMS: Annual General Meeting Slated for December 28
MCBS SYSTEMS: Receives Wind-Up Petition for MYR37,250 Claims

MERGE ENERGY: Unit to Dispose Two Properties for MYR1 Million
MOL.COM BERHAD: Extraordinary Meeting Set for December 14
SBBS CONSORTIUM: Fails to Submit 2Q Ended June 30, 2006 Results


N E W   Z E A L A N D

ANTONY O'HANLON: Court Hears CIR's Liquidation Petition
CENTRAL INSURANCE: Creditors' Proofs of Claim Due on Jan. 19
DATURN PROPERTIES: Court Sets Liquidation Hearing on Dec. 14
FLEXIBLE CEILINGS: Creditors Must Prove Debts by Jan. 12
LYDICO FREIGHT: Court Appoints Joint Liquidators

STONE BLACK: Names Parsons and Kenealy as Liquidators
VERTECH NZ: Court to Hear Liquidation Petition on Dec. 14
W A & M J: Faces Liquidation Proceedings
WAIRAKA INVESTMENTS: Liquidation Hearing Slated for Dec. 11
* New Zealand's Official Cash Rate Remains at 7.25%


P H I L I P P I N E S

BENPRES HOLDINGS: Disposes of 0.09% Digitel Shares for PHP9.6 MM
MANILA ELECTRIC: Raises PHP12 Billion for Refinancing Facility
RIZAL COMMERCIAL BANKING: Resets Special Stockholders' Meeting


S I N G A P O R E

PACIFIC CENTURY: Redeems Balance of US$250 Million Bonds
PETROLEO BRASILEIRO: Expects Campos Basin Production in 2007
PETROLEO BRASILEIRO: Investing BRL350 Mil. on Wastewater Reuse
PETROLEO BRASILEIRO: Reaffirms Natural Gas Price Raise Policy
SEE HUP SENG: Passes Resolutions at General Meeting

SHIP FINANCE: Earns US$45.72 Million for Third Quarter 2006
SHIP FINANCE: Hikes Ordinary Cash Dividend to US$0.53 per Share
SHIP FINANCE: Hires Moore Stephens P.C. as Auditors


T H A I L A N D

TRUE CORP: Unit Offers US$465-Million Bond, Yields 11 Percent


* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

ADSTEAM MARINE: Commission Asks Sale of Liverpool Assets
--------------------------------------------------------
The UK Competition Commission has ruled that some assets held by
Adsteam Marine Ltd at a Liverpool port in the United Kingdom
must be sold if the company is taken over by SvitzerWijsmuller
Marine, the tugboat unit of shipping and oil group AP Moeller-
Maersk AS, AFX News Limited cites Adsteam Marine, as saying.

AFX News relates the Competition Commission ruled that the
recommended takeover, worth about AU$700 million, would reduce
competition in the market for harbor towage services in
Liverpool.

Thus, the commission asked the two companies to submit plans to
divest either Adsteam's operations in Liverpool or
SvitzerWijsmuller's, AFX News says, noting that in September,
the commission raised concerns that a merger of these companies
would create a monopoly in Liverpool.

The Commission has advised that a summary of the provisional
findings is available at:

http://www.competition-commission.org.uk/inquiries/ref2006/adsteam/index.htm

The full provisional findings report will be published at a
later date.

The statutory deadline for the final report from the Commission
remains February 14, 2007.

At present, SvitzerWijsmuller's offer to shareholders of Adsteam
Marine closes at 7:00 p.m. on January 12, 2007, unless extended
or withdrawn.

The offer remains conditional, including the satisfaction or
waiver of the UK regulatory condition and 90% shareholder
acceptance.

SvitzerWijsmuller presently intends to extend the Offer as
required to accommodate the UK Competition Commission process.
However, it reserves the right to declare the Offer free from
the UK Competition Approval Condition, or to determine to allow
the Offer to lapse in accordance with the Offer terms and the
Australian Corporations Act, particularly if it considers that
circumstances change.

Shareholders with questions in relation to the Offer should
contact the Adsteam Offer Information Line on:

   -- 1800 24 23 00 from within Australia, between 8:00 a.m. and
      6:00 p.m. (AEST time) Monday to Friday; or

   -- + 61 2 9207 3622 (calls from outside Australia) between
      8:00 a.m. and 6:00 p.m. (AEST), or the SvitzerWijsmuller
      Offer Information Line on 1300 650 907 from within
      Australia, or +61 3 9415 4265 from outside Australia,
      between 9:00 a.m. and 5:00 p.m. (AEST time) Monday to
      Friday.


                     About SvitzerWijsmuller

SvitzerWijsmuller -- http://www.svitzerwijsmuller.com/-- is a
major global towage and salvage company headquartered in
Copenhagen, Denmark with activities in 35 countries within
harbor towage, terminal towage, salvage, emergency response and
rescue, ocean towage and crew boat operations.
SvitzerWijsmuller is a subsidiary of A.P. Moller - Maersk A/S.
Last year, SvitzerWijsmuller had a turnover of US$355 million
and it employs approximately 2,500 people.

                         About Adsteam

Headquartered in New South Wales, Australia, Australia Adsteam
Marine Ltd -- http://www.adsteam.com.au/-- currently has a
fleet of more than 200 vessels and also offers other maritime
services such as a shipping agency, fuel distribution and
salvage.

The Company had undertaken steps in a plan to divest non-core
businesses since May 2003 as part of its business transformation
program and has raised money to support its rescue plan designed
to trim down debts and repay borrowings.  Adsteam's debt was
estimated to be AU$360 million.

As reported in the Troubled Company Reporter - Asia Pacific on
November 13, 2006, the group is in a financially healthy
position with net debt of AU$297.3 million as of June 30, 2006.
During the year, the company refinanced AU$173 million of
syndicated debt with a new AU$300 million, five year syndicated
debt facility.  The gearing of the group at June 30, 2006, stood
at 46%, down from 51% at the same time last year.


ASCAN SECURITY: To Declare First and Final Dividend on Feb. 6
-------------------------------------------------------------
Ascan Security Staff Management Pty Ltd, which is in
liquidation, will declare the first and final dividend on Feb.
6, 2007.

Creditors are required to formally prove their debts by Jan. 10,
2007, or they will be excluded from participating in any
distribution the company will make.

The liquidator can be reached at:

         David H. Scott
         Jones Condon
         Chartered Accountants
         Ground Floor, 77 Station Street
         Malvern, Victoria 3144
         Australia

                      About Ascan Security

Ascan Security Staff Management Pty Ltd trading as -- Response
Services, Guardtech Monitoring, Response Services, Protect-All
Security -- provides security systems services.

The company is located in Victoria, Australia.


CANBERRA STAR: Appoints Joint Liquidators
-----------------------------------------
On Nov. 23, 2006, the creditors of Canberra Star Motors Pty Ltd
resolved to voluntarily wind up the company's operations and
appointed Roderick Mackay Sutherland and Daniel Civil as joint
liquidators.

The Joint Liquidators can be reached at:

         Roderick Mackay Sutherland
         Daniel Civil
         Jirsch Sutherland
         Chartered Accountants
         Level 2, 84 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9233 2111
         Facsimile:(02) 9233 2144

                      About Canberra Star

Canberra Star Motors Pty Limited is located in ACT, Australia.
The company is a dealer of new and used cars.


EARL SUPERFINE: Members to Hear Wind-Up Report on January 9
-----------------------------------------------------------
The members of Earl Superfine Wool Pty Ltd will meet on Jan. 9,
2007, at 11:00 a.m., to receive Liquidator Geoff Ridgeway's
report of the company's wind-up proceedings.

As reported by the Troubled Company - Asia Pacific, the company
was placed under voluntary liquidation on August 21, 2006.

The Joint and Several Liquidators can be reached at:

         Geoff Ridgeway
         Russell Graeme Peake
         Jenkins Peake & Co
         Chartered Accountants
         PO Box 1570, Geelong, 3220
         Australia
         Telephone:(03) 5223 1000
         Facsimile:(03) 5221 4938

                      About Earl Superfine

Earl Superfine Wool Pty Ltd is in the business of exporting
wools from sheeps and goats.

The company is located in Victoria, Australia.


FIT FOR BUSINESS: Employs Mendoza as New Independent Accountant
---------------------------------------------------------------
In a filing with the United States Securities and Exchange
Commission, Fit For Business International, Inc., discloses that
on November 12, 2006, it has engaged Mendoza Berger & Company,
LLP as the company's new independent registered public
accounting firm.

Fit For Business relates that its former independent registered
public accounting firm -- Davis Accounting Group, P.C. -- has
resigned effective November 10, 2006.

The resignation of Davis and engagement of Mendoza were approved
by the company's board of directors.

The company notes that for the periods July 1, 2002, through
June 30, 2006, its financial statements did not contain any
adverse opinions or disclaimers of opinion, and were not
qualified or modified as to uncertainty, audit scope, or
accounting principles, except for an explanatory paragraph
indicating substantial doubt about the company's ability to
continue as a going concern.

As reported in the Troubled Company Reporter - Asia Pacific on
December 6, 2006, Davis audited the company's balance sheet as
of June 30, 2006, and the related statements of operations and
comprehensive loss, stockholders' deficit, and cash flows for
each of the two years in the period ended June 30, 2006, and
2005, and from inception -- December 14, 1998 -- through June
30, 2006.

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

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

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

However, Fit For Business says during its fiscal year ended June
30, 2007, prior to the resignation of Davis, the company did not
experience any reportable events.

                     About Fit for Business

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

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

                         *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
December 6, 2006, Davis Accounting Group P.C. audited the
company's balance sheet as of June 30, 2006, and the related
statements of operations and comprehensive loss, stockholders'
deficit, and cash flows for each of the two years in the period
ended June 30, 2006, and 2005, and from inception -- Dec. 14,
1998 -- through June 30, 2006.

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

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

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


JAMES HARDIE: Asbestos Exposure Prompts Rosehill Plant Closure
--------------------------------------------------------------
James Hardie Industries was forced to close a western Sydney
factory after exposing its workers to asbestos, the Australian
Associated Press reports.

A report from The Australian says James Hardie Industries
spokesman Cameron Hamilton confirmed that the company had halted
production of its fibre cement building products at the plant in
Rosehill in Sydney's west.

According to the Australia Manufacturing Workers Union, it first
alerted plant managers at the Rosehill factory to the asbestos
exposure after a union safety inspection on November 3, 2006,
The Daily Telegraph cites News Ltd.

However, the union said James Hardie allowed the factory to stay
operating for almost another four weeks, until November 28,
2006.

The company's spokesman argued that James Hardie was only
notified in writing of the union's concerns on November 22,
2006, six days before the plant was shut, the AAP relates.

Union sources told The Australian that an occupational health
and safety officer from the Australian Manufacturing Workers
Union, David Henry, had on a routine inspection of the plant
found what he believed to be asbestos in "friable" form.

"We have temporarily suspended production at the Rosehill plant
to seek advice about asbestos material at the site," The
Australian cites Mr. Hamilton, as saying.  About 100 workers
have been stood down on full pay, pending an expert's report,
the paper says.

Mr. Hamilton noted that the company expects to receive the
advice later in the week.  In the interim, the plant would
remain closed.

The Australian Securities and Investments Commission is expected
to soon begin actions against some serving or former Hardie
officers in relation to allegations raised in the Jackson
commission of inquiry into the under-funding of its asbestos
responsibilities, The Australian says.

                      About James Hardie

James Hardie Industries Limited -- http://www.jameshardie.com/-
- manufactures, markets and distributes fiber cement and gypsum
products, fiberglass reinforced plastic and PVC products,
sanitary ware and bathroom products, insulating materials and
fillers, strippers and adhesives.  On July 2, 1998, the then
public company announced a plan of reorganization and capital
restructuring.  James Hardie N.V. was incorporated in August
1998 as an intermediary holding company, with all of its common
stock owned by indirect subsidiaries of JHIL.  Effective as of
November 1998, JHIL contributed its fiber cement businesses, its
United States gypsum wallboard business, its Australian and New
Zealand building systems businesses and its Australian windows
business to JHNV and its subsidiaries.

On July 24, 2001, JHIL announced a further plan of
reorganization and capital restructuring, which reorganization
was completed on October 19, 2001.  In connection with the 2001
reorganization, James Hardie Industries N.V., formerly RCI
Netherlands Holdings B.V., issued common shares represented by
CHESS Units of Foreign Securities on a one for one basis to
existing JHIL shareholders in exchange for their shares such
that JHINV became the new ultimate holding company for JHIL and
JHNV.  Following the 2001 Reorganization, JHINV controls the
same assets and liabilities as JHIL controlled immediately prior
to the 2001 Reorganization.

The Company's troubles began with its "under-funded" allocation
for asbestos claims, which were brought in by people who suffer
or may have diseases caused by exposure to the asbestos-related
products produced by JHIL.  In 2001, James Hardie set up an
independent entity, Medical Research and Compensation
Foundation, to handle asbestos claims.  The Foundation has
warned that it could run out of money within five years.  The
Asbestos Diseases Foundation of Australia and workers unions
called for all the Company's asbestos profits to be immediately
placed in the fund.  James Hardie was later accused of topping
up the dwindling asbestos fund it established.

By 2004, James Hardie's former asbestos manufacturing
subsidiaries -- Amaca Pty Ltd, Amaba Pty Ltd, and ABN 60 Pty Ltd
-- are three of around 150 defendants in asbestos litigation,
and based on the Foundation's own figures, they account for
US$1,000,000,000 of the predicted US$6,000,000,000 future
asbestos liabilities in Australia.  Although James Hardie
stopped making asbestos products in 1987, the average 35-year
latency of mesothelioma, an asbestos-related disease, means
asbestos compensation funds will be needed until mid-century.

In a 2005 report by a company-hired actuary from KPMG, it was
predicted that 4,915 Australians would contract mesothelioma
from exposure to Hardie products in the coming decades.  When
less serious forms of asbestos-related disease are included,
James Hardie should expect to compensate 8,725 victims.

On December 1, 2005, the Company announced that the NSW
Government and a wholly owned Australian subsidiary of the
Company -- LGTDD Pty Ltd -- had entered into a conditional
agreement to provide long-term funding to a special purpose fund
that will provide compensation for Australian asbestos-related
personal injury claims against certain former James Hardie
asbestos companies.  The amount of the asbestos provision of
AU$1 billion, at March 31, 2006, is the Company's best estimate
of the probable outcome, which estimate includes an actuarial
calculation prepared by KPMG Actuaries Pty Ltd of the projected
future cash outflows, undiscounted and uninflated, and the
anticipated tax deduction arising from Australian legislation
which came into force on April 6, 2006.


MARTIN BOROWSKY: Undergoes Wind-Up Proceedings
----------------------------------------------
At an extraordinary general meeting held on Nov. 13, 2006, the
members of Martin Borowsky Pty Ltd agreed to voluntarily wind-up
the company's operations.

Subsequently, Trevor Mark Pogroske and Paul Andrew Billingham
were appointed as joint and several liquidators at the
creditors' meeting held that same day.

The Joint and Several Liquidators can be reached at:

         T. M. Pogroske
         Grant Thornton
         Level 17, 383 Kent Street
         Sydney, New South Wales 2000
         Australia

                     About Martin Borowsky

Martin Borowsky Pty Limited is located in New South Wales,
Australia.  The company provides health and allied services.


MOTORSPORT TYRES: Liquidator Dunner to Present Wind-Up Report
-------------------------------------------------------------
The final meeting of the members and creditors of Motorsport
Tyres Pty Ltd, which is in liquidation, will be held on Jan. 9,
2007, at 10:30 a.m.

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

The Liquidator can be reached at:

         Andrew L. Dunner
         Andrew Dunner & Associates
         Chartered Accountants
         23 Erin Street, Richmond
         Australia

                     About Motorsport Tyres

Headquartered in Victoria, Australia, MotorSport Tyres Pty Ltd
-- http://www.motorsporttyres.com.au/-- was established in 1997
as Pirelli Motorsport Distributor for Australia.  The company is
a supplier of premium brand motorsport tyres.


PALMER ALUMINIUM: Members Resolve to Wind Up Firm
-------------------------------------------------
The members of Palmer Aluminium Pty Ltd met on Nov. 24, 2006,
and resolved to voluntarily wind up the company's operations.

In this regard, Raymond George Tolcher was nominated to act as
liquidator.

The Liquidator can be reached at:

         R. G. Tolcher
         Lawler Partners
         Chartered Accountants
         763 Hunter Street
         Newcastle, West New South Wales 2302
         Australia

                     About Palmer Aluminium

Palmer Aluminium Pty Limited is located in New South Wales,
Australia.  The company is in the Aluminum Foundries business.


QUEANBEYAN COMMUNITY: To Declare Final Dividend on Jan. 29
----------------------------------------------------------
Queanbeyan Community Training Centre Inc -- trading as Qskillz
-- will declare the first and final dividend for priority
employee creditors on Jan. 29, 2006.

Accordingly, priority employee creditors are required to submit
their proofs of debt by Dec. 19, 2006, or they will be excluded
from sharing in the dividend.

As reported by the Troubled Company Reporter - Asia Pacific, the
company was placed under members' voluntary liquidation on
Sept. 1, 2006.

The liquidator can be reached at:

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

                   About Queanbeyan Community

Queanbeyan Community Training Centre was incorporated in New
South Wales, Australia on Oct. 26, 1987, and operated as a
Community Youth Support Scheme for a number of years.  In 1994,
the Organization changed its name to QSkillz.  From 1997-1999
QSkillz delivered job matching services, intensive assistance
services, and NEIS as part of job network services.

In recent years, QSkillz has focused more on small business and
vocational training.  QSkillz staff have in-depth knowledge of
small and micro-business operations, and provide services which
are focused on commercial and operational needs.


SETON HOUSE: Members Decide to Close Business
---------------------------------------------
The members of Seton House Property Holdings Pty Ltd met on
Nov. 20, 2006, and decided to voluntarily wind up the company's
operations.

Richard Mansell of R. G. Mansell & Associates was consequently
appointed as liquidator.

The Liquidator can be reached at:

         Richard Mansell
         R. G. Mansell & Associates
         Level 3, 118 Queen Street
         Melbourne
         Australia
         Telephone: 03 9603 0090
         Facsimile: 03 9603 0099

                       About Seton House

Seton House Property Holdings Pty Ltd is located in Victoria,
Australia.  The company is a developer and subdivider of land
except cemeteries.


SMIT CHARTERS: Enters Voluntary Liquidation
-------------------------------------------
At a general meeting held on Nov. 24, 2006, the members of Smit
Charters Pty Ltd passed a special resolution to voluntarily
liquidate the company's business and distribute the proceeds of
its assets disposal.

The liquidator can be reached at:

         Robert Bruce Mercer
         c/o Ian F. Hansen & Co Pty Limited
         6/F, 12 Mount Street
         North Sydney, New South Wales 2060
         Australia

                       About Smit Charters

Smit Charters Pty Limited is located in New South Wales,
Australia.  The company is a distributor of durable goods.


TOTAL RECALL: Apple Appoints Receivers and Managers
---------------------------------------------------
On Nov. 22, 2006, Apple Computer Australia Pty Ltd has appointed
Scott Bradley Kershaw and Murray Campbell Smith as receivers and
managers of Total Recall Solutions Pty Ltd.

The Receivers and Managers can be reached at:

         Scott Bradley Kershaw
         Murray Campbell Smith
         McGrathnicol & Partners
         Level 9, 10 Shelley Street
         Sydney, New South Wales
         Australia

                       About Total Recall

Total Recall Solutions Pty Limited operates Computer and
Software Stores.

The company is located in New South Wales, Australia.


W M RITCHIE: Members to Receive Wind-Up Report on January 9
-----------------------------------------------------------
W M Ritchie (Aust) Pty Ltd, which is in liquidation, will hold a
final meeting for its members on Jan. 9, 2007, at 11:00 a.m.

During the meeting, the members will receive Liquidator G. D.
Olling's report regarding the company's wind-up proceedings and
property disposal exercises.

The Liquidator can be reached at:

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

                       About W.M. Ritchie

W M Ritchie (Australia) Services Pty Ltd is a major supplier and
manufacturer of women's shoes and accessories.

The company is located in Sydney, Australia.


ZINIFEX LIMITED: Signs Joint Venture Agreement with SmartTrans
--------------------------------------------------------------
SmartTrans Holdings Limited has signed a binding joint venture
agreement with Zinifex Australia Limited on SmartTrans' advanced
exploration tenements covering 56,320 hectares near the Century
zinc mine in North Queensland.

The agreement allows Zinifex to earn 70% equity in the project
by spending at least AU$10 million over 7.5 years on exploration
and completing a bankable feasibility study.

Zinifex will manage the joint venture and will start work this
month.  It will spend at least AU$1,000,000 during the next 18
months.  If Zinifex then proceeds to the second and third stages
it will spend at least another AU$9,000,000 within the next six
years.

Upon completion of Stage 3 including finalization of a bankable
feasibility study, Zinifex will acquire 70% equity in the
project.  No equity is earned prior to completion of stage 3.

SmartTrans will then have the option to contribute funds to the
project in proportion to its 30% equity or to not contribute and
dilute its interest.  SmartTrans also has an option to convert
its 30% equity to a Net Smelter Return Royalty of 2.5% if and
when a decision to mine is made.

                       About SmartTrans

Smarttrans Holdings Ltd -- http://www.smarttrans.com.au/--is
listed on the Australian Securities Exchange.  The Company's
principal activities are mineral exploration in Australia and
transport logistics systems.

                         About Zinifex

Zinifex Limited, one of the world's largest integrated zinc and
lead companies -- http://www.zinifex.com/-- is headquartered in
Melbourne, Australia.  The company owns and operates two mines
and four smelters.  The mines and two of the smelters are
located in Australia and supply the growing industrial markets
of the Asian-Pacific region, including China.  The company also
has a zinc smelter in the Netherlands and the United States.

The company sells a range of zinc metal, lead metal, and
associated alloys in 20 countries.

More than 80% of our products are distributed outside Australia,
particularly in Asia, which is experiencing significant growth
in construction activity and vehicle production.  Zinc is used
for steel galvanizing and die-casting and lead for lead acid
batteries used mainly in cars and other vehicles.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
August 9, 2006, that Fitch Ratings assigned Zinifex a Long-term
foreign currency Issuer Default Rating of 'BB+' with a Stable
Outlook.


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

AMC ENT: Posts US$10.7 Million Net Loss in Period Ended Sept. 28
----------------------------------------------------------------
AMC Entertainment Inc. reported a US$10.711 million net loss on
US$631.55 million of revenues for the thirteen weeks ended Sept.
28, 2006, compared with a US$10.717 million net loss on
US$398.94 million of revenues for the same period in 2005.

At Sept. 28, 2006, the company's consolidated balance sheet
showed US$4.28 billion in total assets, US$3.06 billion in total
liabilities, and US$1.22 billion in total stockholders' equity.

At Sept. 28, 2006, the company's consolidated balance sheet also
showed US$401.18 million in total current assets available to
pay US$381.75 million in total current liabilities.

While revenues increased 58.3%, or US$232.62 million, during in
the thirteen weeks ended Sept. 28, 2006 compared to the same
period in 2005, total costs and expenses also increased by
US$207.03 million during the thirteen weeks ended Sept. 28, 2006
compared to the thirteen weeks ended Sept. 29, 2005. Other
expense also increased by US$22.05 million, primarily due to the
increase in interest expense of US$25.36 million, or 97.2%,
primarily due to increased borrowings.

Full-text copies of the company's consolidated financial
statements for the thirteen weeks ended Sept. 28, 2006, are
available for free at: http://researcharchives.com/t/s?161e


Headquartered in Kansas City, Missouri, AMC Entertainment Inc. -
- http://www.amctheatres.com/-- is one of the world's leading
theatrical exhibition companies with interests in approximately
411 theatres with 5,635 screens.  About 82% of the company's
theaters are located in the U.S. and Canada, and 18% in China
(Hong Kong), Mexico, Argentina, Brazil, Chile, Uruguay, France,
Spain and the United Kingdom.

                           *     *     *

AMC Entertainment Inc.'s Senior Secured Revolving Credit
Facility carries Moody's Investors Service's Ba1 Probability-of-
Default rating.


BETONSPORTS: Antiguan Regulator Asks Court to Halt Firm's Sale
--------------------------------------------------------------
The Financial Services Regulatory Commission or FSRC of Antigua
and Barbuda has sought a Court injunction to stop the sale of
BETonSPORTS (Antigua) Ltd., a unit of BetonSports Plc in Antigua
and Barbuda, Caribbean 360 reports.

According to Caribbean 360, FSRC asked the court to stop
BETonSPORTS (Antigua) from entering into any accord or
arrangement to sell, transfer or dispose of cash and assets
within or outside Antigua and Barbuda without the regulator's
consent, management and supervision.

The office of the prime minister said in a press release that
FSRC's application also called for BETonSPORTS to account for
its assets and obligations or provide the information that will
assist FSRC in making sure that the firm's clients are protected
to the maximum extent possible and that Antigua and Barbuda's
Laws and Regulations are followed, for the orderly closure of
BETonSPORTS US operations.

Caribbean 360 underscores that FSRC sought for the court's
intervention after a settlement was disclosed between the US
government and BETonSPORTS and its affiliates concerning
criminal and civil charges filed against the company by US
authorities earlier in this year.

Kaye McDonald, the director of gaming for FSRC, told Caribbean
360, "While the jurisdiction of the United States government
over BETonSPORTS is questionable, by virtue of being the holder
of an Interactive Gaming and Interactive Wagering license issued
by the Antiguan and Barbudan authorities, BETonSPORTS has
acquiesced to our International jurisdiction over the company
and its assets.  It is important for the protection of consumers
that whatever assets BETonSPORTS has remaining be properly
available to depositors and other creditors and not be
dissipated on fines or penalties or otherwise improperly
disposed."

Lebrecht Hesse, the FSRC chairperson commented to Caribbean 360,
"We believe that the United States should step aside and ensure
that our regulators can enforce and oversee the application of
the laws of Antigua and Barbuda to the orderly dissolution of
BETonSPORTS.  We are disappointed that the United States efforts
to prohibit cross-border competition in gambling and betting
services have led to the disruption of a once-healthy and robust
service provider, but we are just as adamant that our
jurisdiction be respected in the interests of consumers and
others."

Caribbean 360 relates that FSRC's petition will be heard this
week.  BETonSPORTS will be given the chance to respond to the
application for a restraining order.

Meanwhile, the BetOnSport.com website has been temporarily
closed, Caribbean 360 states.

"In light of court papers filed in the United States, the
company has temporarily suspended this facility pending its
ability to assess its full position.  During this period no
financial or wagering transactions can be executed.  Further
information will be posted once the company is in a position to
do so," BETonSPORTS told Caribbean 360.


BetonSports is an online gaming company publicly trading on the
London Stock Exchange, but has no operations in the United
Kingdom.  Around 80% of the company's business operates in the
United States, where sports betting is illegal except in the
State of Nevada.  The group also has operations in China,
Argentina, and Mexico.


CANARE ELECTRIC: Members to Receive Wind-Up Report on Jan. 4
------------------------------------------------------------
The members of Canare Electric Company (Hong Kong) Ltd will meet
for their final meeting on Jan. 4, 2007, at 10:30 a.m. to
receive the liquidators' report regarding the company's wind-up
proceedings.

As reported by the Troubled Company Reporter - Asia Pacific, the
company's members appointed Lai Kar Yan (Derek) and Darach E.
Haughey as liquidators on Jan. 20, 2006.

The Liquidators can be reached at:

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

               About Canare Electric (Hong Kong)

Canare Electric (Hong Kong) Ltd. -- http://www.canare.co.jp/--
is one of the seven subsidiaries of Canare Electric Co., Ltd.,
which is headquartered in Japan.  The company manufactures and
sells cables, harnesses, and connectors for broadcasting and
communications.  Canare Electric's products include portable
transmission equipment with optical camera connectors, optical
camera cable checkers, optical camera cables, optical receptacle
cables, optical conversion cables, 75 ohm video patch panels,
duplex video jacks, optical converters, six-channel portable
electricity supply units and optical converters for crossband
wave division multiplex (CWDM) use, among others.


DANA CORP: Selling Engine Parts Biz to German Supplier
------------------------------------------------------
Dana Corporation has entered into a stock and asset purchase
agreement with MAHLE GmbH, a German supplier to the automotive
and engine industries, for the sale of Dana's non-core engine
hard parts business.

The agreement provides for MAHLE and certain of its affiliates
to acquire the equity and tangible and intangible assets of the
global operations comprising Dana's engine hard parts business
from Dana and certain of its affiliates for an aggregate price
of approximately US$157 million.  The price includes
approximately US$98 million in cash, subject to usual
adjustments at closing, and the buyers' assumption of certain
liabilities related to the business.  In connection with the
transaction, the parties will also enter into ancillary
agreements, including a transition services agreement and a
distribution agreement relating to Victor Reinz(R) branded
products.

Closing of the transaction is subject to the approval of the
United States Bankruptcy Court for the Southern District of New
York, which has jurisdiction over Dana's Chapter 11
reorganization proceedings; government regulatory approvals; and
customary closing conditions.

As a standard element of the bankruptcy process, Dana has filed
a motion with the Bankruptcy Court seeking approval of
procedures that will provide an opportunity for competitive bids
on the engine hard parts business before the Court approves the
sale.  Dana expects to complete the bidding process and to
secure the regulatory approvals in time to close the sale in the
first quarter of 2007.

The engine hard parts business consists of 39 facilities, which
manufacture piston rings, engine bearings, cylinder liners, and
camshafts under the Perfect Circle(R), Clevite(R), and Glacier
Vandervell(TM) brands.  With annual revenues of approximately
US$670 million in 2005, the operations to be divested employ
approximately 5,000 people in 10 countries.  Dana announced its
intention to sell its engine hard parts business in late 2005.

"This divestiture is an important step in implementing Dana's
reorganization initiatives and sharpening our focus on our core
axle, driveshaft, structural, sealing, and thermal products
businesses for the automotive, commercial vehicle, and off-
highway markets," Dana Chairman and CEO Mike Burns said.  "This
transaction also represents an excellent opportunity for MAHLE.
While no longer central to Dana's future direction, our engine
hard parts business and people have strong potential for an
owner that is strategically focused on this market segment."

                      About Dana Corporation

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

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

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

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

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

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

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

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


GSI GROUP: Earns US$6.1 Million in 2006 Third Quarter
---------------------------------------------------
The GSI Group Inc. reported a US$6.1 million net income on
US$97.7 of revenues for the third quarter ended Sept. 30, 2006,
compared with a US$5.4 million net income on US$107.7 million of
revenues for the same period in 2005.

Net income increased by US$0.7 million to US$6.1 million for the
third quarter of 2006 from US$5.4 million in the same period of
2005, attributable to the increase in gross profit of
US$837,000, the decrease in operating expenses of US$982,000,
offset by the increase in other expenses of US$1.0 million
primarily due to the cost related to the extinguishment of debt.

At Sept. 30, 2006, the company's balance sheet showed US$254.6
million in total assets, US$176.5 million in total liabilities,
US$3 million in minority interest, and US$75.1 million in total
stockholders' equity.

At Sept. 30, 2006, cash and cash equivalents were US$6.5
million, compared to cash and cash equivalents of US$2.5 million
at Dec. 31, 2005.  The increase was due to net cash flows of
US$21.8 million from operating activities, offset by net cash
used in investing activities of US$9.2 million and net cash used
in financing activities of US$8.6 million.

Full-text copies of the company's consolidated financial
statements for the third quarter ended Sept. 30, 2006, are
available for free at http://researcharchives.com/t/s?1644

Headquartered in Billerica, MA, GSI Group Inc. --
http://www.gsig.com/-- supplies precision motion components,
lasers and laser-based advanced manufacturing systems to the
global semiconductor, electronics, medical, aerospace and
industrial markets. The company is organized into three
segments: Precision Motion, Laser Systems and Lasers. The
Precision Segment includes technologies for precision motion and
motion control. The Laser segment designs and manufactures
mainly lasers from a few watts to two kilowatts. The Laser
Systems Segment sells large, end-user systems that enable the
manufacturing process of certain semiconductor chips, such as
dynamic random access memory chips (DRAM) and flash memory (NAND
Flash) chips.

GSI has locations in China, Japan, Germany, and the United
Kingdom.

In May 2005, Moody's Investors Service assigned a B3 rating to
the senior notes of The GSI Group, Inc.  In addition, Moody's
affirmed GSI's existing ratings, including its B2 senior implied
rating, and assigned a speculative grade liquidity rating of
SGL-2.

Also in May 2005, Standard & Poor's Ratings Services assigned
its 'B' corporate credit rating to GSI Group and assigned its
'B-' senior secured rating to the US$125 million senior
unsecured notes due in 2013.  The outlook was stable.


HANESBRANDS INC: S&P Rates Proposed US$500 Mil. Sr. Notes at B-
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' senior
unsecured debt rating to Winston-Salem, North Carolina-based
intimate apparel and activewear maker Hanesbrands Inc.'s
proposed US$500 million senior notes to be issued as a
combination of fixed- and floating-rate notes.

The notes are being offered in the U.S. pursuant to Rule 144A,
with registration rights. Proceeds from the notes will be used
to refinance the company's interim US$500 million bridge bank
facility.  The existing 'B-' rating on the US$500 million bridge
loan facility will be withdrawn upon the closing of the
transaction.

At the same time, existing ratings on the company, including the
'B+' corporate credit rating, were affirmed.

The rating outlook is stable.

The new senior unsecured notes are rated two notches below the
'B+' corporate credit rating due to the large amount of secured
debt in the capital structure.

"The rating reflects Hanesbrands' high leverage resulting from
its all debt-financed US$2.4 billion special dividend to Sara
Lee Corp. following the Sept. 5, 2006 spin-off, the commodity-
like nature of some of its products, the highly competitive and
promotional retail environment, and the company's relatively
narrow business focus," said Standard & Poor's credit analyst
Susan Ding.

"There is also execution risk for new management in operating
the company as a standalone entity.  However, these risks are
somewhat mitigated by Hanesbrands' strong and widely recognized
brand names (including Hanes, Champion, Playtex, and Bali), its
core replenishment business (which is less susceptible to
fashion risk), and its relatively stable cash flows."

Due to the significant debt leverage resulting from the special
dividend to Sara Lee, Standard & Poor's expect Hanesbrands to
focus on reducing debt with internally generated cash flow.

Standard & Poor's also expect the company to maintain credit
measures above the median for the rating to offset some of the
inherent risks in the apparel industry.

Standard & Poor's estimate that Hanesbrands will maintain lease-
adjusted operating margins in the 13% range, EBITDA interest
coverage at more than 2.5x, and total debt to EBITDA at less
than 4.5x pro forma for the notes transaction.


Hanesbrands Inc. -- http://www.hanesbrands.com/-- markets
innerwear, outerwear and hosiery apparel under consumer brands,
including Hanes, Champion, Playtex, Bali, Just My Size, barely
there and Wonderbra.  The company designs, manufactures, sources
and sells T-shirts, bras, panties, men's underwear, children's
underwear, socks, hosiery, casual wear and active wear.
Hanesbrands has approximately 50,000 employees in 24 countries,
including India and China.


HIP SOON: Court to Hear Wind-Up Petition on December 13
-------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition filed
against Hip Soon Trading Company Ltd on Dec. 13, 2006, at
9:30 a.m.

Co Bun Ka filed the petition with the Court on Sept. 15, 2006.

The solicitors for the Petitioner can be reached at:

         Yau and Lau
         18/F, China Hong Kong Tower
         No. 8 Hennessy Road
         Queensway, Hong Kong
         Telephone: 2810 1108
         Facsimile: 2810 1022


IAC BANK: Moody's Lifts Individual Strength Rating to D-
--------------------------------------------------------
On December 6, 2006, Moody's Investors Service upgraded to D-
from E+ the Bank Financial Strength Rating for Industrial and
Commercial Bank of China.  The D- BFSR has a stable outlook.
The upgrade concludes a review of ICBC's BFSR started on August
9, 2006.

The bank's A2 long-term deposit and P-1 short-term deposit
ratings, both with a positive outlook, were unaffected.  The
positive outlook for its deposit ratings was assigned after
Moody's gave a positive outlook to China's sovereign rating on
July 7, 2006.

"The BFSR upgrade reflects ICBC's significantly improved
financial position, particularly its strengthened capital
levels," says May Yan, a Moody's VP/Senior Analyst.

"After its IPOs on the Hong Kong and Shanghai Stock Exchanges on
October 27, 2006, its total regulatory capital adequacy ratio --
as estimated by Moody's -- rose to over 14%," says Yan, adding,
"Government recapitalization and the bank's own restructuring
efforts have also helped improve asset quality in recent years."

At the same time, ICBC's financial improvements have been
largely due to external forces, which have overshadowed the
bank's own restructuring efforts.  Accordingly, further positive
rating actions -- that is beyond the current upgrade -- would
require a track record of continued stabilization in asset
quality and improvements in other stand-alone financial
indicators.

Asset quality, although stabilizing after government measures to
cool the economy and especially the real estate sector, remains
untested by economic cycles.  In particular, the bank's special-
mention loan ratio, although the lowest among its large Chinese
bank peers, remains very high, and a concern for future trends
in asset quality.

Moody's expects ICBC to continue with its reforms and maintain
its leading franchise through the pursuit of quality growth in
China's high-growth banking market.  Furthermore, given its IPO
and status as a public company, its operations should become
more transparent and subject to greater scrutiny.

Accordingly, corporate governance and risk management should
improve gradually.  Furthermore, the introduction of Goldman
Sachs, Allianze and American Express as strategic investors has
the potential to help improve operations over the long run.

Industrial and Commercial Bank of China, headquartered in
Beijing, is China's largest commercial bank.  As of June 2006,
it had total assets of CNY7,055 billion or US$885 billion.


INTELSAT LTD: Renews China Central's Contract for Global Dist.
--------------------------------------------------------------
Intelsat Ltd. disclosed that China Central Television or CCTV
renewed a multi-year contract for the global distribution of its
programming. CCTV is also utilizing Intelsat for its
international backhaul transmission of the Asian Games from
Doha, Qatar, back to Beijing, which started on Dec. 1 and run
through Dec. 15.

A long-standing customer since the launch of PAS-2 in 1994, CCTV
became the world's first global Mandarin Chinese television
service when it expanded its services internationally via the
PAS-3 satellite in 1995.

Intelsat currently provides full-time program distribution
services for CCTV via its PAS-1R Atlantic Ocean Region
satellite, PAS-9 Atlantic Ocean Region satellite and PAS-10
Indian Ocean Region satellite. Intelsat also provides CCTV with
capacity on its Galaxy 3C satellite for direct-to-home (DTH)
services in the United States.  This renewal contract also
expands CCTV's C- and Ku-band capacity agreement.

"With the increased demand for regional programming
distribution, CCTV is pleased to continue growing its
relationship with Intelsat," said He Zongjiu, Vice President of
CCTV.  "Intelsat has long partnered with us in the expansion of
our services, and we are confident that its network will
continue to support us as we develop programming platforms."

David Ball, Regional Vice President, Asia-Pacific Sales, said,
"We are proud that CCTV has continued to entrust us with the
global distribution of its programming, and the Asian Games.  As
Intelsat expands its global services, we are strategically
situated to provide greater power and coverage for China's
preeminent national broadcaster. Likewise, Intelsat will be well
positioned to offer broadcasters of the 2008 Summer Olympics in
Beijing a complete suite of global transmission services."


Intelsat, Ltd. -- http://www.intelsat.com/-- offers telephony,
corporate network, video and Internet solutions around the globe
via capacity on 25 geosynchronous satellites in prime orbital
locations.  Customers in approximately 200 countries rely on
Intelsat's global satellite, teleport and fiber network for
high-quality connections, global reach and reliability.

In Asia, Intelsat has sales offices in China, Japan, Singapore,
and Australia.

                           *     *     *

Fitch upgraded the Issuer Default Rating for Intelsat to 'B'
from 'B-' pro forma for its pending acquisition of PanAmSat. The
ratings were also removed from Rating Watch Negative, where they
had originally been placed on Aug. 30, 2005.  Fitch said the
Rating Outlook is Stable.

Moody's Investors Service affirmed the B2 corporate family
rating of Intelsat, Ltd., and downgraded the corporate family
rating of PanAmSat Corporation to B2, given the greater clarity
regarding the final capital structure and the near-term
completion of the PanAmSat acquisition by Intelsat.


KESSEL ELECTRONICS: To Hold Annual Meetings on December 22
----------------------------------------------------------
The members and creditors of Kessel Electronics (Hong Kong) Ltd,
which is in members' voluntary liquidation, will hold an annual
meeting on Dec. 22, 2006, at 10:00 a.m., at Room 203, Duke of
Windsor Social Service Building, 15 Hennessy Road, in Wanchai,
Hong Kong.

The liquidator can be reached at:

         Kennic Lai Hang Lui
         Kennic L. H. Lui & Co.
         5/F, Ho Lee Commercial Building
         38-44 D'Aguilar Street, Central
         Hong Kong

                    About Kessel Electronics

Founded in Hong Kong in 1976, Kessel Electronics (Hong Kong) Ltd
-- http://www.kessel.com.hk/-- manufactures electronic consumer
products.  The company designs and produces Personal Digital
Assistants (PDA), electronic organizers, multi-language
translators, electronic weather measuring products, electronic
scales as well as personal care products.


MEGASKY INDUSTRIAL: Creditors' Proofs of Debt Due on Jan. 2
-----------------------------------------------------------
Liquidator Lee Kwok On Alexander requires the creditors of
Megasky Industrial (H.K.) Co. Ltd to submit their proofs of debt
by Jan. 2, 2007.

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

The Liquidator can be reached at:

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


NBS TECHNOLOGIES: UbiQ Ex-Shareholders' Claims Are Without Merit
----------------------------------------------------------------
NBS Technologies Inc. reported that a statement of claim has
been filed with the offices of the American Arbitration
Association against it and certain of its subsidiaries by and on
behalf of former shareholders of UbiQ Incorporated.  UbiQ is a
software development firm dedicated to the smart card industry
that was acquired by NBS in August 2004 for US$3,060,000 in cash
and 1,330,435 common shares of NBS.

The statement of claim seeks to rescind the agreement pursuant
to which NBS acquired UbiQ and is also claiming damages and
injunctive relief against NBS for alleged fraudulent
misrepresentation.  NBS believes the Claims are without merit
and intends to aggressively defend itself.

As reported in the Troubled Company Reporter on Nov. 20, 2006,
NBS disclosed a going private transaction proposed by its
controlling shareholder Brookfield Asset Management.  The going
private transaction provides for the shareholders of NBS, other
than Brookfield and its affiliates, to receive, in addition to
cash consideration, a non-transferable contingent entitlement to
share in the net proceeds received by NBS from any final
adjudication or final settlement of all matters related to the
claims and counterclaims of the Card Technology v. DataCard
litigation involving NBS and the related proceedings in the
United States Department of Justice.  As the subject matter of
the Litigation relates to assets acquired on the acquisition of
UbiQ, shareholders would no longer be entitled to receive any
payments in respect of the Contingent Consideration should the
UbiQ Agreement be rescinded.

                     About NBS Technologies

Based in Toronto, Ontario, NBS Technologies Inc. (TSX: NBS) --
http://www.nbstech.com/-- provides smart card manufacturing and
personalization equipment, secure identity solutions and point
of sale transaction services for financial institutions,
governments and corporations worldwide.  NBS Technologies is a
global company with locations in Canada, China, France, the U.S.
and the United Kingdom, along with a worldwide dealer network.

At June 30, 2006, NBS Technologies' balance sheet showed a
stockholders' deficit of CDN$13,743,000, compared to a deficit
of CDN$4,646,000 at Sept. 30, 2005.


PETROLEOS DE VENEZUELA: Absorbs About 1,700 Temporary Workers
-------------------------------------------------------------
Under the slogan, "Labor justice for those who deserve justice,"
1,799 temporary workers of Petroleos de Venezuela SA Exploracion
y Produccion Occidente received the cards that identify them as
permanent workers of the oil industry, in recognition for the
tasks they have been performing for years as contracted
personnel.

"Today is an important day, we are doing justice to all those
companions who have worked for years as contracted workers and
finally today become part of PDVSA's payroll, in keeping with
the promise made by the minister of Energy and Petroleum and
president of Petroleos de Venezuela, Rafael Ramirez", stated the
vice-president of Exploration and Production, Luis Vierma, after
giving out the new identification cards to the workers.

Mr. Vierma also highlighted that this new contingent of workers
will contribute to continue taking the benefits of oil to the
sovereign people and to the places where the company carries out
operations.  This differs from the scheme used in the old
Petroleos de Venezuela, which installed the drills and withdrew
after extracting the oil, leaving hunger and misery in the
population.


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

                        *    *    *

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


PROSPERITY INDUSTRIAL: Members' Final Meeting Slated for Dec. 27
----------------------------------------------------------------
A final general meeting of the members of Prosperity Industrial
Chemical Company Ltd will be held on Dec. 27, 2006, at 10:30
a.m., at Rooms 201-5 China Insurance Group Building, in 141 Des
Voeux Road Central, Hong Kong.

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

According to the TCR-AP, the company was placed under members'
voluntary wind-up on Sept. 25, 2006.

The Liquidator can be reached at:

         Choi Wai Kin
         Room 208, Wang Sun House
         Wang Fuk Court, Tai Po
         New Territories
         Hong Kong


TAG-IT PACIFIC: Earns US$339,117 in 3rd Quarter Ended Sept. 30
--------------------------------------------------------------
Tag-it Pacific Inc. earned US$339,117 of net income on US$13.4
million of net sales for the third quarter ended Sept. 30, 2006,
compared with a US$10.3 million net loss on US$9.5 million of
net sales for the same period in 2005.

At Sept. 30, 2006, the company's balance sheet showed US$27.7
million in total assets, US$26.1 million in total liabilities,
and US$1.5 million in total stockholders' equity.

The increase in sales for the three months ended Sept. 30, 2006
as compared to the same period in 2005 was due to double-digit
revenue growth in all of the company's product categories,
despite lower sales of trim products in Mexico and the shift of
both U.S. and Mexico production from these areas to Asia and
other worldwide markets.  Sales in the three months ended Sept.
30, 2005 was negatively impacted by the business restructuring
that began in the third quarter of 2005 closing the Mexican
assembly and U.S. manufacturing facilities, including the
discontinuance of the thread product line in said period.

Operations in the third quarter of 2006 was positively impacted
by lower cost of sales and interest expenses in the third
quarter of 2006, compared to the same period in 2005.  Cost of
sales was US$9.2 million or US$2.3 million less than cost of
sales for the same period in 2005, attributable to costs
associated with sales volume changes, improved product margins,
reduced distribution charges since more products are now sourced
and delivered within the same market place, reduced
manufacturing and assembly overhead costs, and lower provisions
for obsolescence as inventory levels have been reduced and turns
accelerated.

Interest expense decreased by approximately US$106,000 for the
three months ended Sept. 30, 2006, as compared to the same
period in 2005, due primarily to lower average borrowings.

Cash and cash equivalents for the nine months ended Sept. 30,
2006 increased US$1,449,000 from Dec. 31, 2005 principally
arising from cash generated by operating activities, net of
payments on notes payable and capital leases.

Full-text copies of the company's consolidated financial
statements for the quarter ended Sept. 30, 2006, are available
for free at: http://researcharchives.com/t/s?1606

                     Going Concern Doubt

Singer Lewak Greenbaum & Goldstein, LLP, in Los Angeles,
California, raised substantial doubt about Tag-It Pacific,
Inc.'s ability to continue as a going concern after auditing the
company's consolidated financial statements for the year ended
Dec. 31, 2005.  The auditor pointed to the company's incurred
net loss of US$29,537,709 and accumulated deficit of
US$50,434,042 at Dec. 31, 2005.

                   About Tag-It Pacific

Tag-It Pacific, Inc., -- http://www.tagitpacific.com--
distributes apparel items to fashion manufacturers United
States, Hong Kong, Mexico, the Dominican Republic, and Central
and South America.  Also it offers formed wire metal zippers for
the jeans and sportswear industries.


* China to Approve Bankruptcy of 500 Small Firms by Year-End
------------------------------------------------------------
China plans to approve the bankruptcy of around 500 more
struggling state-owned enterprises by the end of this year, the
China Daily reports.

The Daily, citing a statement from State-owned Assets
Supervision and Administration Commission of the State Council,
notes that more than 2,000 SOEs will go bankrupt before 2008.
The commission has approved 619 of them.

The paper cites Li Wei, deputy director of the SASAC, saying
they would try to finish work on the bankruptcy plan in the
first half of 2007.

"Social security, reemployment and exhausted mines are major
problems to consider in the bankruptcy process," Mr. Li told the
paper.

China Daily relates that the 2,000 SOEs will be the last
exception in China's market economy.  Afterwards, all the 8
million companies in China will follow a unified corporate
bankruptcy law if they fail.

The bankruptcy process for SOEs over the past ten years has been
referred to as "administrative closure".  Unlike the bankruptcy
process outside China, the money recovered from insolvent SOEs
was used to manage the unemployed first, with the leftovers
going to the creditors -- the state-owned banks, China Daily
relates.


=======================
F I J I   I S L A N D S
=======================

* Moody's Changes Fiji Govt's 'Ba' Rating Outlook to Negative
-------------------------------------------------------------
Moody's Investors Service has changed the outlook to negative
from stable on the Ba2 rating of both foreign and domestic
currency government bonds of the Fiji Islands following a
military coup on December 4 that ousted the constitutional
government.  A negative outlook was also placed on the Ba3
foreign currency country ceiling for bank deposits.  Fiji's Ba1
foreign currency country ceiling for bonds retains its stable
outlook.

"The immediate effects of the coup on government finance are not
threatening, given the government's low level of external debt
servicing requirements, said Moody's Vice President Steven Hess.
"However, the effect on the tourism industry, investment, and
overall economic growth could lead to deterioration in
government revenues at a time when spending pressures may
increase."

As a result, he said, there is a risk of deterioration in
government fiscal performance as well.  A decline in visitor
arrivals of more than 25% occurred in 2000, the last time the
government was overthrown.  Since that time, tourism has grown
strongly, and investment in new hotels and resorts has risen.

According to Moody's, the country has become more dependent on
tourism because other important industries, notably sugar and
garments, have been hit with problems in recent years.

"It is possible that the effect of this coup on tourism could be
less than in 2000 in that it appears to have been carried out
peacefully and the military commander has stated he will restore
a civilian government relatively quickly," said Hess.
"Nonetheless, the coup will have economic effects that need to
be monitored.

Other potential effects of the coup, he said, include its
international repercussions, with some sanctions imposed by
foreign governments and possibly the expulsion of Fiji military
personnel from United Nations peacekeeping forces, a source of
overseas remittances for Fiji.


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

GENERAL MOTORS: Kerkorian Sells Remaining 5% Stake to BofA
----------------------------------------------------------
Bank of America has bought billionaire investor Kirk Kerkorian's
remaining 5% stake in General Motors Corp., according to
published reports.

Mr. Kerkorian sold the rest of his shares in GM this week for
US$28.75 to US$29.25 per share.  East Bay Business Times says
the 5% stake was worth more than US$800 million.

As reported in the Troubled Company Reporter on Dec. 1, 2006,
Mr. Kerkorian's Tracinda Corp. sold 14 million shares of GM's
stock in a private transaction for US$28.75 per share.  This
transaction came on the heels of the sale of another 14 million
of Tracinda-held GM stock for US$33 per share.  Tom Krisher at
the Associated Press writes that this week's sale was the last
block of the nearly 10% percent stake Mr. Kerkorian once held in
GM.

Mr. Kerkorian abandoned his shares in GM after failing to
implement strategic changes at the automaker.  Mr. Kerkorian and
his adviser, Jerome York, had pressured the company to take
drastic action in response to its US$10.6-billion loss last
year, the Charlotte Business Journal notes.

Mr. Kerkorian and Mr. York, who was a member of GM's board,
lobbied for a global alliance between GM and Renault-Nissan.
Mr. Kerkorian believed that the proposed alliance would allow GM
to realize substantial synergies and cost savings.  Alliance
talks between the automakers collapsed in October after GM's
board concluded that the alliance framework required by
Renault-Nissan would substantially disadvantage GM's
shareholders.

                     About General Motors

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

                          *     *     *

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

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


INDUSIND BANK: Fitch Affirms 'D' Individual Rating
--------------------------------------------------
Fitch Ratings assigned a National Long-term 'A(ind)' rating to
IndusInd Bank Limited's INR1,650 million Upper Tier 2 bonds.
The Outlook on the rating is Negative.

At the same time, the agency also affirmed all of IBL's ratings
as follows:

   -- National Long-term at 'A+(ind)'/Negative;

   -- National Short-term at 'F1+(ind)';

   -- INR5,575m subordinated debt at 'A+(ind)'/Negative;

   -- INR2,000m Upper Tier 2 bonds at 'A(ind)'/Negative;

   -- INR2,500m certificates of deposit programme at 'F1+(ind)';

   -- Individual at 'D'; and

   -- Support at '5'.

Fitch had revised the Outlook on IBL's Long-term ratings in
September 2006 to Negative to reflect the bank's low equity to
assets ratio relative to its peers and its weak operating
performance.  Although IBL's regulatory CAR has remained
satisfactory (10.3% at September 2006; 10.4% at March 2006) on
account of issuance of Tier 2 debt and temporary sale of assets
from its balance sheet, Fitch notes that an equity infusion is
important to support the bank's long-term improvement in
performance.

The agency notes that IBL plans to raise equity from strategic
investors, although the timing and size of the issue have not
yet been announced.  An improvement in IBL's capitalization
could result in the ratings Outlook being revised to Stable.
However, if the bank's plans to raise equity do not materialize
in a timely fashion, its ratings could be downgraded.


INDUSIND BANK: Gets RBI's Nod to Open 10 More Branches
------------------------------------------------------
The Reserve Bank of India authorized IndusInd Bank Ltd to open
10 more branches and 100 new off-site automated teller machines,
the bank says in a filing with the Bombay Stock Exchange.

Currently, the bank has a network of 147 branches and 84 off-
site ATMs spread over 118 geographical locations in 24 states
and Union Territories.

IndusInd Bank relates that it had received permission earlier
this year to open 11 branches in under-banked centers.  Out of
these, seven branches are operational, and the rest will be
opened soon.  In the last quarter, the bank also converted its
eight extension counters into Bank branches for full-fledged
banking operations.

The 10 new authorizations for branches relate to semi-urban and
rural centers.  The bank plans to open these branches by the end
of the current financial year.

Internationally, the bank has a representative office each in
Dubai and London.  The bank also enjoys strategic alliances with
Union National Bank, Abu Dhabi in the UAE and Doha Bank in
Qatar.  The bank states that these strategic alliances encompass
a wide range of banking services, including deposit accounts,
remittance business, loans, wealth management advisory,
distribution of third party products, trade finance, global
banking, and investment banking including corporate finance.
Through the partnership, the bank and its allies treat each
other as preferred partners, with reciprocity of business flows
and promotion of each other's banking services.

The bank also has arrangements with 17 exchange houses from the
UAE, Kuwait, Bahrain, Qatar and Oman to provide convenient,
cost-effective, and quick funds-transfer facilities to NRIs.

Headquartered in Pune, India, IndusInd Bank Ltd. --
http://indusind.com/provides commercial, transactional and
electronic banking products to corporate clients in India.  It
offers corporate banking services, including working capital
finance, term loans, trade and transactional services, foreign
exchange and cash management services.  The bank also offers
international banking products and services to its clients.

                          *     *     *

On December 6, 2006, Fitch Ratings affirmed the bank's 'D'
Individual Rating.


INDUSIND BANK: Board Appoints Two Additional Directors
------------------------------------------------------
IndusInd Bank Ltd has informed the Bombay Stock Exchange that
its board of directors appointed Ajay Hinduja and Premchand
Godha as its additional directors.

The decision, arrived at on the boards' meeting on October 31,
2006, is still subject to the Reserve Bank of India's approval.

Headquartered in Pune, India, Indusind Bank Ltd. --
http://indusind.com/provides commercial, transactional and
electronic banking products to corporate clients in India.  It
offers corporate banking services, including working capital
finance, term loans, trade and transactional services, foreign
exchange and cash management services.  The bank also offers
international banking products and services to its clients.

                          *     *     *

On December 6, 2006, Fitch Ratings affirmed the bank's 'D'
Individual Rating.


NTPC LTD: Forays Into Nuclear Power; To Build Two Power Plants
--------------------------------------------------------------
NTPC Ltd plans to build two nuclear power projects in India, The
Financial Express reports.

According to the report, NTPC will come out with a roadmap for
its foray in nuclear power "shortly."

In a draft Memorandum of Understanding, NTPC assured India's
power ministry that it would, during 2007 to 2008, begin the
process of site selection and preparation for at least one site
for the plant, The Financial Express says.

"The nuclear power capacities will be executed by NTPC in joint
venture with a suitable technical partner," the newspaper
relates.  "Currently, NTPC has engaged a consultant to prepare a
report on geo-political, statutory and regulatory issues."

The consultant, reportedly, will also explore technology
options, issues related to fuel tie-ups and associated risks,
among others.

The Financial Express, citing sources, says that NTPC may
consider co-operation with suitable United States agencies for
preparation of detailed project reports in this regard.

                         About NTPC Ltd

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

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


NTPC LTD: Two Plants Get Asian Development Bank's Aid
-----------------------------------------------------
The Asian Development Bank agreed to grant NTPC LTD a
US$300-million loan to fund the capital expenditure of its coal-
based Sipat (2,980 mw) and Kahalgaon-II (1,500 mw) projects, The
Financial Express reports.

ADB will provide US$75 million, the first tranche of the loan,
which will mature in 11 years.  The remaining US$225 million
will be lent by 32 banks, led by Bank of America, in the second
tranche, with a seven-year maturity period.

In NTPC's Web site, the company discloses that the loan
agreement was signed in September 2006 at Manila, Philippines.
The transaction attracted funds worh US$640 million and was
oversubscribed by 2.9 times of the syndicated US$225 million.

"Strong financials of NTPC coupled with its practice of adhering
to stringent environmental standards has infused this confidence
in ADB resulting in overwhelming response during syndication,"
NTPC asserts.

FE says that ADB has already disbursed US$1 million from the
first tranche and US$90 million from the second.

According to FE's sources a fee of US$6 million-plus Libor at a
rate of 0.7093% (excluding the commitment fee) was charged for
processing the loan.

                         About NTPC Ltd

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

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


QUEBECOR WORLD: Unit Offers to Buy QWCC's US$125-Mil. Sr. Notes
---------------------------------------------------------------
Quebecor World (USA) Inc., a wholly owned subsidiary of Quebecor
World Inc., commenced cash tender offers to purchase:

   (i) any and all of Quebecor World Capital Corporation's
       outstanding US$91 million in aggregate principal amount
       of 8.54% Senior Notes, Series C, due Sept. 15, 2015 and
       Quebecor World Capital's $30 million in aggregate
       principal amount of 8.69% Senior Notes, Series D, due
       Sept. 15, 2020; and

  (ii) an aggregate principal amount of Quebecor World Capital's
       outstanding 8.42% Senior Notes, Series A, due July 15,
       2010 (the Series A Notes) and 8.52% Senior Notes, Series
       B, due July 15, 2012 equal to the balance of
       US$125,000,000 less the total aggregate principal amount
       of Series C Notes and Series D Notes accepted for
       purchase.

The Series C Notes, the Series D Notes, the Series A Notes and
the Series B Notes are referred to collectively as the "Notes."

Quebecor World (USA) will accept for purchase Series A Notes and
Series B Notes under the tender offer on a pro rata basis after
having first accepted for payment all Series C Notes and Series
D Notes validly tendered pursuant to the tender offer.

The tender offers are being made upon and are subject to the
terms and conditions set forth in the Offer to Purchase dated
Nov. 30, 2006 and the related Letter of Transmittal.  The total
consideration to be paid for each validly tendered and accepted
Series C Note and Series D Note will be a fixed price of
US$1,000 per US$1,000 principal amount.  The total consideration
to be paid for each validly tendered and accepted Series A Note
and Series B Note will be a fixed price of US$1,000 per US$1,000
principal amount.

In addition, holders of the Notes will receive accrued and
unpaid interest up to, but not including, the settlement date,
in respect of Notes accepted for purchase.

The total consideration, which will be paid for Notes validly
tendered prior to or at 5:00 p.m., New York City time, on
Dec. 13, 2006, includes an early tender premium in the amount of
US$20 per US$1,000 principal amount of Notes.  Notes validly
tendered after 5:00 p.m., New York City time, on Dec. 13, 2006,
and prior to 11:59 p.m., New York City time, on Dec. 28, 2006,
will not be eligible to receive the early tender premium.

Tendered Notes may be withdrawn until 5:00 p.m., New York City
time, on Dec. 13, 2006, but not thereafter, except in the
limited circumstances set forth in the Offer to Purchase.

The tender offers will expire at 11:59 p.m., New York City time,
on Dec. 28, 2006, unless extended or earlier terminated as
described in the Offer to Purchase. The settlement date is
expected to be the business day immediately following the
expiration date of the offers, which, assuming that the offers
are not extended, will be Dec. 29, 2006 or as soon as possible
thereafter.

The tender offer documents are being distributed to holders.
The Dealer Manager for the offers is Citigroup Global Markets
Inc.  Questions regarding the tender offers may be directed to
Citigroup Global Markets at (800) 558-3745 (toll free) or at
(212) 723-6106 (collect).  Global Bondholder Services
Corporation is the Information Agent and the Depositary for the
tender offers.

Requests for documents and questions regarding procedures for
tendering Notes should be directed to Global Bondholder Services
Corporation at (866) 470-4300 (toll free) or at (212) 430-3774
(collect).


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

BANK INDONESIA: Wants Clearance Payments Linked to System by '07
----------------------------------------------------------------
Bank Sentral Republik Indonesia expects all payments made
through bank clearance to be already connected to its national
clearance system by late 2007, Antara News reports.

Antara notes that, according to the deputy head of accounting of
Bank Indonesia's directorate of clearance and payment system
affairs, Tri Sugiyono, the program will provide an effective and
efficient payment system.  The report says that BI's national
clearing system would allow the central bank to coordinate all
paperless inter-bank credit transfers in Indonesia.

Antara points out that the system had already been applied at
the bank's headquarters in Jakarta and at most of Bank
Indonesia's branch offices since July 2005, adding that other
concerned agencies would start implementing it before the end of
2007.

The new bank clearance system would replace the old ones, namely
automated clearance system, local semi-automated clearance
system and manual clearance system, the report points out.  Mr.
Sugiyono said that the old methods were no longer effective
since the clearance volume had increased to an average of 300
transaction papers a day.

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

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

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


BANK NEGARA: Wants to Offer 40% of Shares Next Year
---------------------------------------------------
PT Bank Negara Indonesia (Persero) Tbk wants to offer 40% of its
shares to the public next year, Tempo Interactive reports.

The bank's plan, Tempo relates, was proposed to the parliament
at a meeting together with the Working Committee on
Privatization at the House of Representatives.

According to the report, Bank Negara's management has proposed
the privatization of the bank's shares of 40% or 5,312,674,960
shares.  The plan was through two scenarios:

   1. the right issue with 15% of shares and sales funds will be
      saved in the company's office and the Government's
      ownership will be diluted.

   2. a secondary offering to the public with 25% shares.

The report notes that based on its proposal to the House of
Representatives, bank Negara's management has assumed that the
share price of the bank would be between IDR1,400 and IDR2,200
per share.  Using the method of comparative approach, sales of
40% of Bank Negara's shares will emerge with state revenues of
between IDR7.3 trillion and IDR12.6 trillion.

The offering is also an attempt to add a portion of the bank's
shares at the stock exchange so that it would increase
liquidity, the report adds.

Tempo notes that Max Moein, a member of the House of
Representatives working committee did not agree with the bank
management's proposal, saying that the 40% offering of the
bank's shares would be too high and that the realistic rate
would be 25% to 30%.  However, Mr. Moein did not argue about the
plan of share offering since it will improve the performance and
strengthen the capital structure.

Tempo points out that in addition to the Government, the
corporate act would be aimed at covering revenue target of
privatization of State-Owned Enterprises next year with
IDR3.3 trillion.  Up until now, public shares that the
Government own are only around 1%.

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

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

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

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

   * Short-term rating at 'B';

   * Individual rating at 'D'; and

   * Support rating at '4'.

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


CILIANDRA PERKASA: Fitch Gives Final B+ Rating to Secured Notes
---------------------------------------------------------------
Fitch Ratings has assigned a final rating of 'B+' with a
Recovery Rating of 'RR4' to the US$160 million senior secured
notes due 2011 issued by Ciliandra Perkasa Finance Company Pte.
Ltd. and guaranteed by PT Ciliandra Perkasa (rated 'B+'/Stable)
and its subsidiaries.

The rating action follows the completion of the notes issue and
receipt of documents conforming to information previously
received.  The final rating is the same as the expected rating
assigned on Nov. 20, 2006, despite an increase in the issue size
to US$160 million from US$150 million.  This is because the
increase still leaves Ciliandra's debt protection measures
consistent with the rating.  The additional US$10 million will
be used to increase capital expenditure for new plantings.

Ciliandra is a palm oil plantation company with 76,830 hectares
of oil palm plantations as at September 30, 2006, with nearly
50,000 hectares at prime age.  Ciliandra plans to use proceeds
from the notes issue to refinance all other borrowings, increase
the size of plantation and to construct a bio-diesel
manufacturing facility.  Ciliandra achieved revenue of
IDR703 billion (US$75 million) and an EBITDA of IDR240 billion
(US$26 million) in 2005.


DIRECTED ELECTRONICS: Lowers Earning Guidance For 2006
------------------------------------------------------
Directed Electronics Inc. lowered its earnings guidance for 2006
because of lower-than-anticipated sales of satellite radio
receivers, Business Week reports.

According to the report, the company said it now expects pro
forma earnings in the range of US$1.04 per share to US$1.08 per
share, compared with its previous guidance of US$1.09 per share
to U$1.13 per share.

The report notes that Directed Electronics now anticipates
revenue in the range of US$430 million to US$440 million,
compared with its previous guidance of US$440 million to
US$460 million.

Thomson Financial's polled analysts presently had expected a
profit of US$1.11 per share on revenue of US$443.6 million, the
report says.

The report relates that Directed Electronics President and Chief
Executive Office Jim Minarik said that although several weeks
remain in the holiday shopping season, sales have not been as
robust as expected.

Tempo intends to provide 2007 earnings guidance when it releases
this year's results in March.

Directed Electronics, Inc. (Nasdaq: DEIX) --
http://www.directed.com/-- is the largest designer and marketer
of consumer branded vehicle security and convenience systems
inthe United States based on sales and a major supplier of home
audio, mobile audio and video, and satellite radio products.  As
the sales leader in the vehicle security and convenience
category, Directed offers a broad range of products, including
security, remote start, hybrid systems, GPS tracking and
navigation, and accessories, which are sold under its Viper(R),
Clifford(R), Python(R), and other brand names. In the home audio
market, Directed designs and markets Definitive Technology(R)
and a/d/s/(R) premium loudspeakers.  Directed's mobile audio
products include speakers, subwoofers, and amplifiers.  Directed
also markets a variety of mobile video systems under the
Directed Video(R), Directed Mobile Media(R) and Automate(R)
brand names.  Directed also markets and sells certain SIRIUS-
branded satellite radio products, with exclusive distribution
rights for such products to Directed's existing U.S. retailer
customer base. The company has Asian Sales offices, including in
Indonesia, Japan, Malaysia, Singapore, Korea and Thailand.

Standard & Poor's Ratings Services placed its 'BB-' corporate
credit rating on Directed Electronics Inc. on CreditWatch with
negative implications.  The rating action follows the company's
announcement that it intends to acquire Polk Audio Inc., a
provider of loudspeakers and audio equipment for homes and cars,
for US$136 million in cash.


PT PERTAMINA: Will Invest US$2.3BB For Refinery Expansion Plan
--------------------------------------------------------------
PT Pertamina (Persero) plans to invest around US$2.3 billion for
the expansion of its Dumai and Cilacap oil refineries, Antara
News reports.

According to the report, Pertamina President Ari Hernanto said
that the company had already reached a US$1.3 billion financing
agreement with Mitsui & Co for the Cilacap project, which is
scheduled to be complete in 2009.

The report cites Mr. Hernanto as saying that the processing
capacity of the Cilacap refinery will be expanded to 250,000
barrels of crude oil per day from the current 200,000 barrels.

Meanwhile, the company is still seeking financial support for
the expansion of the Dumai refinery from SK Corp., the report
says.

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

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

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

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


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

ALL NIPPON: Expands Code-Sharing Deal with South Korea's Asiana
---------------------------------------------------------------
All Nippon Airways and Asiana Airlines agreed on Dec. 5 to
expand their code-sharing partnership to cover all Korea-Japan
routes, the Digital Chosun Ilbo states.

According to Kyodo News, All Nippon and the South Korean
airlines will bolster the number of weekly flights linking
Japan's and South Korea's airports from the current 105 to 154
beginning in February 2007.

Currently, Kyodo News notes, the two airlines jointly operate
flights on routes linking Narita and Kansai International with
Incheon.

Yet, under the new arrangement, All Nippon and Asiana will
jointly operate flights linking South Korea's chief gateway,
Incheon, with such regional destinations as Asahikawa, Hokkaido;
Fukushima; Toyama; Takamatsu, Kagawa Prefecture; Matsuyama,
Ehime Prefecture; Yonago, Tottori Prefecture; Kumamoto;
Miyazaki; and Okinawa, The Japan Times says.

The Digital Chosun relates that the two airliners are members of
the global network Star Alliance.  As a result, the number of
their code-sharing flights will increase from six to 19 and All
Nippon can offer services to Seoul, Busan, Jeju and other major
Korean cities.

The Digital Chosun explains that code sharing is a commercial
agreement between two airlines to allow one company to sell a
certain number of seats on another airline's flights under its
name by effectively enlarging their flight and destination
networks.  With the partnership, the report relates, the two
carriers will also seek a stronger strategic alliance in the
sales, shipping and purchase sectors.

                    About All Nippon Airways

Headquartered in Tokyo, All Nippon Airways Co., Limited --
http://www.ana.co.jp/eng/-- is Japan's second-largest airline
company in terms of revenue.  The company, which was founded in
1952, provides these services:

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

   3. Business of buying, selling, leasing and maintenance of
      aircraft and aircraft parts; and

   4. Aircraft transportation ground support business, including
      passenger boarding procedures and loading of hand baggage.

The airlines flies to all key Asian destinations, the United
States and Canada, France, the United Kingdom and key European
countries.

As reported in the Troubled Company Reporter - Asia Pacific on
June 13, 2006, Fitch Ratings said that the credit quality gap
between Japan's top two airlines continues to widen with All
Nippon Airways Co. Limited -- rated 'BB+'/Stable -- benefiting
from market improvements, while its rival, Japan Airlines
Corporation -- rated 'BB-'/Stable -- continues to be grounded by
internal woes.

The TCR-AP also stated on May 30, 2006, that Moody's Investors
Service has upgraded to Ba1 from Ba3 the senior unsecured debt
ratings of All Nippon Airways Co., Ltd.  The rating action
concludes the review initiated on March 3, 2006.  The rating
outlook is stable.

On May 3, 2006, Standard & Poor's Ratings Services revised its
outlook on the BB- long-term corporate credit rating on All
Nippon Airways to positive from stable, reflecting the company's
improved earnings and expectations for stable profitability,
thanks to cost reductions efforts as well as a stronger
competitive position.


FORD MOTOR: Fitch Rates US$3 Billion Senior Unsecured Notes at B
----------------------------------------------------------------
Fitch has assigned a rating of 'B/RR4' to the US$3 billion in
senior unsecured convertible notes being offered by Ford Motor
Company.

The securities rank pari-pasu with other existing senior
unsecured debt.  The notes are part of an US$18 billion
financing plan underway by Ford to shore up liquidity as it
faces several years of very heavy negative cash flows.

Under Fitch's Recovery Rating analysis, it is estimated that
unsecured holders would recover between 30%-35% of principal
value in the event of a bankruptcy.

Fitch could review the rating of the unsecured debt for further
downgrade if the final amount of the financings being arranged
is meaningfully larger than currently anticipated, further
impairing the recovery of unsecured holders, or if changes to
Fitch's assumptions are warranted.

Recovery estimates assume a significant restructuring of North
American operations, values associated with various
international holdings, and 100% ownership of Ford Motor Credit
Company.

The Rating Outlook remains Negative.

Ford has estimated that cash outflows over the next several
years will approximate US$17 billion as a result of operating
losses, restructuring costs and working capital outflows.  Ford
is expected to have cash of approximately US$20 billion at year-
end 2006, plus an additional US$3 billion in long-term VEBA that
is expected to be spent over the next several years.

Of the US$18 billion in new financing being arranged,
approximately US$15 billion is in the form of secured bank
lines, thereby subordinating existing unsecured debt of
approximately US$18 billion and the planned offering of
US$3 billion in convertible notes.

Approximately US$7 billion of expected cash outflows are
associated with restructuring costs.  Ford also faces a
renegotiation of its UAW contract in September 2007, and a
stressed supply base, both of which represent event risk through
potential production disruptions.

Fitch's Recovery Ratings, introduced in 2005, are a relative
indicator of creditor recovery on a given obligation in the
event of a default.

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

The company also has operations in Japan.


FORD MOTOR: S&P Junks Rating on Proposed US$3-Bil. Senior Debt
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'CCC+' rating to
Ford Motor Co.'s proposed US$3-billion senior unsecured
convertible debt issue.

The company is in the process of raising several billion dollars
of financing, including the proposed convertible offering.  Much
of the pending financing is secured, resulting in Ford's
unsecured debt being rated two notches below the credit
corporate rating.

Ford intends to use the proceeds from the various borrowings
under the senior secured credit facilities and from the offering
of the unsecured notes to fund prospective cash operating losses
and restructuring plans while preserving cash and short-term
VEBA trust balances near current levels of about US$20 billion.

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

The company also has operations in Japan.


FORD MOTOR: Fitch Pares Senior Unsecured Ratings to B- from B
-------------------------------------------------------------
Fitch Ratings downgraded Ford Motor Company's senior unsecured
ratings to 'B-/RR5' from 'B/RR4' due to the increase in size of
both the secured facilities and the senior unsecured convertible
notes being offered.

The upsizing of these facilities reduces expected recoveries for
unsecured debtholders to between 25-30% under Fitch's recovery
analysis, corresponding to an 'RR5' rating.  Ford's 'B' Issuer
Default Rating is unaffected, and the Rating Outlook remains
Negative.

Ford disclosed its intent to increase the size of its secured
revolving credit facility to US$10.5 - US$11.5 billion, up from
US$8 billion previously.

Ford will also increase the size of its senior unsecured
convertible note offering from US$3 billion to US$4.5 billion.

The total amount of the financing package now being raised could
total US$23 billion, up from a previous expectation of US$18
billion.

As much as US$18.5 billion of this amount is expected to be on a
secured basis, further impairing the position of unsecured
holders.  Unsecured debt outstanding that would share in
recoveries in the event of a bankruptcy will expand to
US$22.5 billion from approximately US$18 billion at Sept. 30,
2006.

The increased liquidity will provide Ford with additional time
and resources as it progresses in its restructuring plan, and is
expected to allay any concerns regarding liquidity during 2007.

Fitch downgrades these ratings with a Negative Rating Outlook:

   * Ford Motor Co.

      --Senior unsecured debt to 'B-/RR5' from 'B/RR4'.

   * Ford Holdings, Inc.

      -- Senior unsecured debt to 'B-/RR5' from 'B/RR4'.

   * Ford Motor Co. of Australia

      -- Senior unsecured debt to 'B-/RR5' from 'B/RR4'.

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

The company also has operations in Japan.


FORD MOTOR: To Raise Borrowing Capacity of Financing to US$23BB
---------------------------------------------------------------
Ford Motor Company plans to increase its new borrowing capacity
to as much as US$23 billion, up from US$18 billion disclosed
earlier, reports Business Writer Tom Krisher of Associated
Press.

On Nov. 27, 2006, Ford stated plans to obtain financing totaling
approximately $18 billion in order to address near- and medium-
term negative operating-related cash flow, to fund its
restructuring, and to provide added liquidity to protect against
a recession or other unanticipated events.

The financing transactions consist of:

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

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

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

"Our target is still US$18 billion, but these contingencies
assure us that we have access to additional funding options,"
Ford spokesman Oscar Suris said.

Ford said in a Securities and Exchange Commission filing that
part of the raise was due to overwhelming support from lenders.

                Senior Convertible Notes Offering

According to Mr. Krisher, Ford also raised its offering of
convertible notes to US$4.5 billion, from US$3 billion as
previously declared.

On Dec. 4, 2006, Ford intended to offer, subject to market and
other conditions, approximately US$3 billion principal amount of
Senior Convertible Notes due 2036, which will be unsecured.
Ford also expected to grant the underwriters an over-allotment
option to purchase up to US$450 million principal amount of
additional notes.

The joint-book running managers for this offering are:

   * Citigroup Corporate and Investment Banking,
   * Goldman, Sachs & Co.,
   * J.P. Morgan Securities Inc.,
   * Deutsche Bank Securities Inc.,
   * Lehman Brothers Inc.,
   * Merrill Lynch, Pierce, Fenner & Smith Incorporated and
   * Morgan Stanley & Co. Incorporated.

The joint-lead manager for this offering is BNP Paribas
Securities Corp.

The interest rate, conversion price, offering price and other
terms will be determined by negotiations between Ford and the
underwriters of the notes.  Ford expects to use the net proceeds
from the offering for general corporate purposes.

Offers and sales of the notes will be made only by the related
prospectus and prospectus supplement.  A copy of the prospectus
and prospectus supplement can be obtained from:

   1) Citigroup Corporate and Investment Banking
      Brooklyn Army Terminal
      140 58th Street, 8th Floor
      Brooklyn, NY 11220
      Telephone (718) 765-6732
      Fax (718) 765-6734

   2) Goldman, Sachs & Co.
      Attn: Prospectus Dept.
      85 Broad St.
      New York, NY 10004
      Fax (212) 902-9316

   3) J.P. Morgan Securities Inc.
      National Statements Processing
      4 Chase Metrotech Center, CS Level
      Brooklyn, NY 11245
      Telephone (718) 242-8002
      Fax (718) 242-1350

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

Ford also has operations in Japan.

                           *     *     *

On Dec. 5, 2006, Moody's Investors Service assigned a Caa1,
LGD4, 62% rating to Ford Motor Company's US$3 billion of senior
convertible notes due 2036.


FORD MOTOR: Intends to Offer US$3-Bil. Senior Convertible Notes
---------------------------------------------------------------
Ford Motor Company intends to offer, subject to market and other
conditions, approximately US$3 billion principal amount of
Senior Convertible Notes due 2036, which will be unsecured.
Ford also expects to grant the underwriters an over-allotment
option to purchase up to US$450 million principal amount of
additional notes.  This offering of notes will be registered
under the United States Securities Act of 1933, as amended.

The joint-book running managers for this offering are Citigroup
Corporate and Investment Banking, Goldman, Sachs & Co., J.P.
Morgan Securities Inc., Deutsche Bank Securities Inc., Lehman
Brothers Inc., Merrill Lynch, Pierce, Fenner & Smith
Incorporated and Morgan Stanley & Co. Incorporated.  The joint-
lead manager for this offering is BNP Paribas Securities Corp.

The interest rate, conversion price, offering price and other
terms will be determined by negotiations between Ford and the
underwriters of the notes.  Ford expects to use the net proceeds
from the offering for general corporate purposes.

Offers and sales of the notes will be made only by the related
prospectus and prospectus supplement.  A copy of the prospectus
and prospectus supplement can be obtained from:

   1) Citigroup Corporate and Investment Banking
      Brooklyn Army Terminal
      140 58th Street, 8th Floor
      Brooklyn, NY 11220
      Telephone (718) 765-6732
      Fax (718) 765-6734

   2) Goldman, Sachs & Co.
      Attn: Prospectus Dept.
      85 Broad St.
      New York, NY 10004
      Fax (212) 902-9316

   3) J.P. Morgan Securities Inc.
      National Statements Processing
      4 Chase Metrotech Center, CS Level
      Brooklyn, NY 11245
      Telephone (718) 242-8002
      Fax (718) 242-1350

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

Ford also has operations in Japan.

                          *     *     *

On Dec. 5, 2006, Moody's Investors Service assigned a Caa1,
LGD4, 62% rating to Ford Motor Company's US$3 billion of senior
convertible notes due 2036.


FORD MOTOR: November U.S. Sales Down 10% Compared with Last Year
----------------------------------------------------------------
Ford Motor Company's dealers delivered 182,259 vehicles to U.S.
customers in November, down 10% compared with a year ago.

November car sales were 3% lower than a year ago, reflecting
lower deliveries to fleet customers.  Sales to individual retail
customers were up reflecting higher sales for the company's new
mid-size sedans (Ford Fusion, Mercury Milan and Lincoln MKZ).
Fusion was up 66%, Milan was up 29% and MKZ was up 83%.  These
2007 models feature standard side-air bags and available all-
wheel drive.

Overall, truck sales were down 13%, but the company's all-new,
full-size sport utility vehicles (Ford Expedition and Lincoln
Navigator) posted higher sales.  Expedition sales were up 14%
and Navigator sales were up 65%.

At the end of November, Ford, Lincoln and Mercury inventories
were estimated at 631,000 units.  This level is 122,000 units
lower than a year ago.  The company estimates 85% of the
inventory is new 2007 models.

                    North American Production

In the fourth quarter 2006, the company plans to produce 620,000
vehicles (240,000 cars and 380,000 trucks).  This plan is 15,000
units lower than the previously announced plan reflecting the
temporary suspension of Freestar production at the Oakville
Assembly Plant in Ontario, Canada.

In the first quarter 2007, the company plans to produce 750,000
vehicles (240,000 cars and 510,000 trucks).  In the first
quarter 2006, the company produced 876,000 vehicles (316,000
cars and 560,000 trucks).  Earlier, the company indicated first
half 2007 production would be 8-12% lower than the first half
2006.  The first quarter 2007 plan is consistent with the high
end of this range.

                            About Ford

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

Ford also has operations in Japan.

                           *     *     *

On Dec. 5, 2006, Moody's Investors Service assigned a Caa1,
LGD4, 62% rating to Ford Motor Company's US$3 billion of senior
convertible notes due 2036.


NORTHWEST AIRLINES: Can Assume Management Employment Contracts
--------------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York, at a hearing held on Nov. 21, 2006, grants Northwest
Airlines Corp. and its debtor-affiliates' request, as modified,
for:

   (i) authorization to assume, subject to certain limitations,
       36 prepetition executory management employment contracts;
       and

  (ii) approval of five new management employment contracts for
       officers promoted during the pendency of their Chapter 11
       cases.

The Court declares that:

   (1) The Management Employment Contracts will immediately
       become effective and enforceable against the Debtors at
       the reduced compensation and benefit levels they have
       previously implemented;

   (2) None of the Management Employment Contracts may be
       rejected by the Debtors;

   (3) The Debtors are authorized to perform all their
       obligations under the Management Employment Contracts, in
       accordance with the Contracts' terms.  The authorization
       may not be modified with respect to any Management
       Employment Contract, unless the Court will enter an order
       under Section 1113(c) of the Bankruptcy Code authorizing
       the Debtors to implement further modifications to their
       ratified CBAs previously approved by the Court, in which
       event, the Debtors may impose further modifications to
       the compensation and benefits under the Management
       Employment Contracts, as may be equitable under the
       circumstances;

   (4) In the event of a liquidation of the Debtors' estate, the
       provisions of the Court order will not give rise to any
       administrative expense claims for severance or otherwise
       under any Management Employment Contract, except that
       amounts which were accrued or earned in the ordinary
       course of the Debtors' operations by the Officers prior
       to the liquidation, including earned and unpaid severance
       for Officers terminated prior to the liquidation event,
       will be deemed an administrative expense claim,
       notwithstanding the liquidation event; and

   (5) Any reductions in compensation or benefits previously
       implemented, or hereafter implemented by the Debtors upon
       entry of a Subsequent 1113 Order, will not constitute a
       basis for any Officer to claim under any Management
       Employment Contract a wrongful termination by the Debtors
       or a termination by the Officer for good reason, or for
       an administrative priority claim against the Debtors for
       the reductions.

The Court notes that the Management Employment Contracts will
not be assumed or deemed assumed by the Debtors unless and until
their Chapter 11 plan have been confirmed by the Court and
substantially consummated, at which time all of the Management
Employment Contracts will be assumed automatically, without
further Court approval or any further action by the Debtors.

As reported in the Troubled Company Reporter on Nov. 7, 2006, by
assuming the Contracts, Northwest will not have any discretion
to breach the Contracts, and the Contracts will be legally
enforceable by the Officers, Bruce R. Zirinsky, Esq., at
Cadwalader, Wickersham & Taft LLP, in New York, related.

Mr. Zirinsky noted that Northwest is not seeking to make any
changes to any of the Contracts nor is it seeking to implement
any new compensation, incentive, benefit or severance programs.

According to Mr. Zirinsky, the assumption of the Contracts is
intended solely to make the existing Contracts legally
enforceable against Northwest on a postpetition basis.

The assumption of the Contracts at this time is necessary,
appropriate and important to the Debtors' continued progress in
achieving a successful reorganization, Mr. Zirinsky asserted.
He noted, among others, during the pendency of the Debtors'
Chapter 11 cases, the Officers have continued to perform
services to the estates in an exemplary manner, under difficult
circumstances, and without the benefit and security of
assumption of their Contracts.

                            Responses

(1) Creditors Committee

Initially, the Official Committee of Unsecured Creditors
expressed some concern about the relief being sought the Debtors
for (i) it might be viewed as providing the Debtors' senior
management with something the unions did not have, and (ii) it
also might be unnecessary.

The Creditors Committee believed that the assumption of
management employment contracts at this time could upset the
very delicate balance between management and labor groups, and
in the process, potentially undo some of the progress made
between the parties.

The Creditors Committee sought to negotiate a compromise with
the Debtors that would provide management with the assurances
they sought, while also ensuring that the Debtors would assume
the Contracts at the same time that they agreed to assume their
collective bargaining agreements.

Scott L. Hazan, Esq., at Otterbourg, Steindler, Houston & Rosen
PC, in New York, tells the Court that the Creditors Committee
and the Debtors were able to agree that:

   (a) The Contracts will become effective and enforceable
       against the Debtors upon Court approval of the reduced
       compensation and benefit levels implemented previously
       by the Debtors;

   (b) The Contracts will not be assumed or deemed assumed by
       the Debtors until their plan of reorganization is
       confirmed and substantially consummated;

   (c) The Debtors will perform all of their obligations under
       the Contracts; and

   (d) The Debtors may only impose further modifications to the
       management's compensation and benefits, as may be
       equitable if the Debtors obtain authorization from the
       Court to further modify the CBAs previously approved by
       the Court.

The Debtors' request to assume the contracts provides the senior
managers with assurances that their employment contracts will be
honored, while creating parity among the management and labor
groups by ensuring that the contracts will be assumed in a
manner similar to the CBAs approved in the Debtors' Chapter 11
cases, Mr. Hazan says.

The Creditors Committee urges the Court to grant the Debtors'
request, as modified.

(2) ALPA

The Air Line Pilots Association, International, asks the Court
to deny the Debtors' request or consider it only at the time of
the Chapter 11 Plan confirmation.

According to the ALPA, on any standard of review, the Debtors'
request for approval of assumption at this time should be
denied, as it:

   (1) is unnecessary in light of the September 2005 Court order
       authorizing the Debtors to pay prepetition employee
       obligations, including obligations under executive
       employment agreements;

   (2) is presented prior to confirmation without demonstrated
       needs;

   (3) is in some respects inconsistent with the Debtors'
       treatment of collective bargaining agreements;

   (4) is being presented in isolation from other likely
       requests for approval of executive compensation and
       eliminates any requirement of mitigation; and

   (5) may negatively impact employee morale.

There is also no showing of a need for this relief at this time,
Richard M. Seltzer, Esq., at Cohen, Weiss and Simon LLP, in New
York, says.

According to Mr. Seltzer, the Debtors have not demonstrated that
attrition in the executive ranks has increased in the last few
months.

"This is not a case where there has been public speculation
about a possible liquidation, indeed there is public
speculation, and trading of claims, based on the belief that
Northwest will not only successfully reorganize, but unsecured
creditors will receive a substantial recovery in excess of 50%,
even prior to the public announcement of US Airways' bid for
Delta Air Lines," according to Mr. Seltzer.

As further compensation programs can be expected for the
executives in question, the ALPA says that the Debtors' request
is better heard at the time of a plan of reorganization,
presumably within the next six to nine months, when all
compensation can be considered at the same time.

(3) IAM

The International Association of Machinists and Aerospace
Workers, AFL-CIO, also asks the Court to deny the Debtors'
request.

According to the IAM, the Debtors are seeking relief the Court
previously authorized in the September 2005 Wage Order, and any
further relief related to the officer and management contracts
should be considered, if at all, as part of their Plan.

The IAM contends that the assumption of senior management
contracts constitute insider transactions subject to heightened
scrutiny, and that the proposed assumption of the management
contracts fails to meet the business judgment test.

The IAM welcomes the modifications the Debtors made to the
relief requested inasmuch as they no longer seek to assume the
management contracts but rather to treat those contracts in a
manner consistent with the treatment of the CBAs previously
modified under Section 1113(c) of the Bankruptcy Code.

The IAM further notes that modifications were made in large part
in response to the concerns raised by the IAM and other labor
groups to the disparate treatment proposed for management under
the motion as originally filed.

However, the IAM asserts that the requested relief should still
be denied because it is unwarranted, or at best premature, under
the circumstances of the Debtors' Chapter 11 cases.

                  Debtors Respond to Objections

The Debtors assert that the unions' objections are without merit
and should be overruled.

The Debtors underscore that their proposed action does not
modify any Officer's contract, does not provide any additional
compensation or new benefit to the Officers, and will not
restore the very substantial reductions already imposed upon the
Officers.

In response to the objections, the Debtors state, among others,
that the:

   (x) Wage Order does not afford protections requested in
       their request;

   (y) modified relief parallels the protections provided to
       each of the ALPA and the IAM under the terms of the
       modified collective bargaining agreements approved by the
       Court; and

   (z) requested relief is necessary to provide the Officers
       legal protection and raise their morale.

The Debtors maintain that it is in their business judgment,
exercised through the independent and disinterested compensation
committee of their board of directors, that the action is
necessary, fair and reasonable, and will assist in the retention
of their management team, and is warranted by all the facts and
circumstances.

The Debtors point out that their management team has been
working for 14 months, at reduced levels of compensation and
benefits, without the basic protections offered by their
prepetition employment contracts.  Furthermore, granting the
request will not insulate the Officers from further compensation
and benefit reductions in the event of another round of labor
cost reductions.

The Debtors firmly believe that the Officers are entitled to the
assurance at this time that their rights will be protected.

                  Creditors' Committee's Consent

The Official Committee of Unsecured Creditors has consented to
the Debtors' request after the Debtors made modifications that
would provide for:

   (i) the approval of all Management Employment Contracts as
       modified to specify all compensation and benefit
       reductions imposed as of the date of the Court order;

  (ii) the assumption of the Contracts as of the effective date
       of a plan of reorganization; and

(iii) the potential for further modification if the CBAs are
       subject to further modification.

The Debtors also clarified that in the event of a liquidation
their request will not give rise to administrative claims.

                     About Northwest Airlines

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

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

(Northwest Airlines Bankruptcy News, Issue No. 47; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


USINAS: S&P Says Ratings Reflect Volatility of Steel Industry
-------------------------------------------------------------
The ratings on Usinas Siderurgicas de Minas Gerais SA aka
Usiminas reflect:

   -- its exposure to the cyclical and volatile global steel
      sector;

   -- its reliance on the equally volatile economic and
      operating environment of its home market of Brazil;

   -- the increasing competition within the Brazilian steel
      industry; and

   -- the risks associated with the company's significant
      capital expenditures program.

These risks are tempered by:

   -- Usiminas' sound financial profile, with total debt levels
      and liquidity currently very conservative;

   -- a solid business profile, made evident by a very
      competitive cost structure;

   -- resilient operating profitability and robust free cash
      generation through economic cycles; and

   -- a favorable market position in the fairly concentrated
      flat carbon steel sector in Brazil, in particular in the
      higher end, quality-products segments.

The ratings on Usiminas reflect the combined operating and
financial profiles of Usiminas and its wholly owned subsidiary
Companhia Siderurgica Paulista aka Cosipa, as well as their
respective subsidiaries.   Usiminas' consolidated revenues and
EBITDA amounted to US$4.2 billion and US$1.5 billion,
respectively, in the nine months ended Sept. 30, 2006,
equivalent to 6.0 million tons shipped.  About 34% of its
consolidated shipments in the period were destined for export
markets.

Usiminas' operating performance began to recover strongly in
third-quarter 2006 as a result of improving domestic demand.
Peak prices through second-quarter 2006 and still reasonably
strong prices in the third quarter also helped the company boost
profitability, which led the EBITDA margin to return to 39% in
third-quarter 2006 alone.  Global steel market conditions are
expected to remain benign in 2007, although some mild price
pressures are possible.  In any event, Usiminas' sound product
portfolio, favorable logistics, modern facilities, streamlined
operations, and low legacy costs are positives that place the
company in an advantageous position compared with its global
peers, particularly in the U.S., Europe, and China.

The company's financial profile remained stable through the nine
months of 2006 and is regarded as the most conservative among
the Brazilian steel makers.  Cash-flow protection measures
remained quite strong for the rating category, with funds from
operations  to total debt at 64%, total debt to EBITDA at 1.1x,
and EBITDA interest coverage at 6.0x for the 12 months ended
Sept. 30, 2006.  These ratios reflect the company's currently
low debt levels and its ability to preserve cash flows, even
under negative conditions in its main market.  Debt should
marginally increase in the next couple of years, as the company
will be financing a large portion of its capital expenditures
budget from 2006 to 2010. Nevertheless, we see resilience in the
company's ratios.  Even assuming that EBITDA margins will be at
the lower end of historic levels and that steel prices will be
more restrained for this period, we still expect Usiminas' funds
from operation to total debt to average a strong 40% and total
debt to EBITDA to average less than 2.0x.

On Nov. 6, 2006, Usiminas announced that its shareholders
completed a new arrangement under which Companhia Vale do Rio
Doce has joined Usiminas' shareholders agreement, at the same
time that existing controlling shareholders Votorantim Group,
Camargo Correa S.A., and Nippon Steel Corp. have increased their
respective voting shares.  Standard & Poor's believes these
changes in Usiminas' ownership structure are rating neutral, as
the company is expected to preserve its current prudent
financial stance.  The new shareholders agreement composition
may speed up the analysis of Usiminas' expansion projects.
While our ratings do not totally factor in Usiminas' long-term
"second wave" of investments, which include the construction of
a greenfield 5-million-tons-per-year steel mill at a cost of
US$3 billion, we believe that Usiminas will try to sustain its
current prudent debt profile and sound liquidity even if it
decides to go ahead with this project.

Liquidity

Usiminas' liquidity remains sound.  The company reported cash
and cash equivalent reserves of US$923 million as of
Sept. 30, 2006, compared with short-term debt maturities of
US$437 million through September 2007.  Besides those cash
reserves, Usiminas counts on a standby credit facility in the
amount of US$250 million that is fully available through mid-
2007 and has a two-year repayment tenor.   Debt concentration is
low and limited to two bonds.  Otherwise, the debt maturity
schedule is fairly smooth.  Higher capital expenditures should
put some pressure on free operating cash flow, but we expect the
company to be marginally net cash-flow positive because of the
positive fundamentals for the industry in the next couple of
years.

Outlook

The stable outlook reflects our expectation that programmed
capital expenditures and associated financing debt will not hurt
the company's credit measures, which should remain consistent
with the rating category.  We believe these ratios can be
sustained even if steel prices decline and costs are not
adjusted downward at the same pace.  A negative rating
revision, however, could be triggered if Usiminas continually
breaches its target ratios, as this would likely indicate either
deterioration in the positive business fundamentals sustaining
the ratings or signal a departure from the company's currently
prudent financial policies.  On the other hand, the company's
significant capital expenditures and its expected marginal
increase in debt leverage in the years ahead limit upward
potential for the ratings.  If there were a positive revision,
it would stem from a material improvement in the company's
business profile, either from a better competitive position or
business diversification, provided that financial policies
remain sound.

Standard & Poor's Ratings Services affirmed on June 7, 2006, its
'BB+' long-term corporate credit rating on Brazil-based steel
maker Usinas Siderurgicas de Minas Gerais SA -- Usiminas.
Standard & Poor's said that the outlook on the corporate credit
rating is stable.

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


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

DURA AUTOMOTIVE: Ontario Court Grants Foreign Recognition Order
---------------------------------------------------------------
The Honorable Justice Sidney N. Lederman of the Ontario Superior
Court of Justice (Commercial List) in Canada ruled that
proceedings commenced by Dura Automotive Systems, Inc., and
certain of its affiliates before the U.S. Bankruptcy Court for
the District of Delaware under Chapter 11 of the U.S. Bankruptcy
Code are a "foreign proceeding" as defined in subsection 18.6(1)
of the Companies' Creditors Arrangement Act, R.S.C. 1985, c. C-
36, as amended.

Justice Lederman also holds that until and including Dec. 15,
2006, creditors and other parties-in-interest subject to the
jurisdiction of the Canadian court are enjoined and restrained
from initiating or continuing actions in any court or tribunal
in Canada against the Debtors or that affect their ability to
carry on their business.  Any actions against the Debtors or
their former, current or future officers and directors are
stayed.

Suppliers and other parties providing service to the Debtors
are barred from discontinuing, failing to honor, altering,
interfering with, repudiating or ceasing to perform any right,
renewal right, contract, agreement, license or permit held by
the Debtors, absent their written consent or leave of the CCAA
Court.

The CCAA Court authorizes the Debtors to enter into a
postpetition Senior Secured Super-priority DIP Term Loan and
Guaranty Agreement with Goldman Sachs Credit Partners, L.P., as
agent; and a Senior Secured Super-priority DIP Revolving Credit
and Guaranty Agreement with General Electric Capital Corp., as
agent.  Goldman Sachs and GECC are granted liens and security
interests on the Debtors' property to secure repayment of the
DIP Loans.

The Debtors are also permitted to continue to utilize their
central cash management system currently in place.

                        D&O Indemnification

The CCAA Court authorizes the Debtors to indemnify their
directors and officers from all claims and causes of action with
respect to any liabilities or obligations related to their
capacities as directors and officers of the Debtors, except in
the event of the directors and officers' breach of their
fiduciary duties or grossly negligent or willful misconduct.

Justice Lederman also grants the directors and officers of Dura
Automotive's Canadian affiliates a charge on the Applicants'
Property not exceeding US$2,500,000 in the aggregate, as
security for the Applicants' indemnification obligations.

                        Information Officer

The CCAA Court appoints RSM Richter, Inc., as the Debtors'
information officer.  RSM will report to the Court at least once
every three months on the status of the U.S. bankruptcy
proceedings and other material information.

As information officer, RSM will not take possession of the
Debtors' property nor take part in the management or supervision
of the Debtors' business.

Nothing in the Initial CCAA Order, however, will prevent RSM
from acting as interim receiver, receiver, manager, monitor
under the CCAA, or trustee in bankruptcy of the Debtors, or
their business or property.

RSM will be paid on a monthly basis for its services.  The
Applicants are authorized to pay a CDN$25,000 retainer to RSM as
security for payment of its fees and disbursements outstanding
from time to time.

The CCAA Court also grants RSM an administration charge not
exceeding CDN$250,000 in the aggregate as security for its
professional fees and disbursements incurred.  The
Administration Charge will have priority over the DIP Lender's
Charge and the Directors' Charge, in that order.

The Administration Charge, DIP Lender's Charge and Directors'
Charge will rank in priority to all Encumbrances, other security
interests, trusts, liens and charges on the Debtors' property in
favor of other parties, excluding:

    1. existing purchase-money security interests and equipment
       financing leases registered in accordance with applicable
       personal property security legislation and recognized
       under the legislation as being entitled to priority over
       the security in place as of November 1, 2006;

    2. with respect to any real property, (a) existing by-laws
       and regulations as to the use of the Debtors' property;
       (b) notices of lease; (c) subdivision, site plan control,
       development, servicing and other similar agreements with
       municipal and other governmental authorities; (d)
       permits, rights of access or user licenses, easements,
       and rights of way;

    3. future purchase-money security interests registered in
       accordance with applicable personal property security
       legislation and recognized under the legislation as being
       entitled to priority; and

    4. Encumbrances arising by operation of law -- other than as
       a result of a default in payment or performance of an
       obligation by the Debtors -- without any grant of a
       security interest by the Debtors, and that are given
       priority over prior fixed charges by statute or law in
       the event of the Debtors' bankruptcy.

A full-text copy of the Initial Recognition Order is available
at no charge at http://ResearchArchives.com/t/s?15c3

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

                          *     *     *

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

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

                          *     *     *

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


DURA AUTOMOTIVE: Taps Brunswick as Communications Consultants
-------------------------------------------------------------
DURA Automotive Systems Inc. and its debtor affiliates seek
authority from the U.S. Bankruptcy Court for the District of
Delaware to employ Brunswick Group LLC as corporate
communications consultants, nunc pro tunc to Oct. 30, 2006.

Keith Marchiando, the company's chief financial officer, notes
that Brunswick has extensive experience in corporate and crisis
communications.

The company says that since its founding in 1987, Brunswick has
provided public relations services to companies experiencing
financial and operating difficulties.  It has recently provided
services in a number of large and mid-sized bankruptcy
restructurings.

As communications consultants, Brunswick will:

    (a) prepare materials to be distributed to the Debtors'
        employees explaining the impact of the Reorganization
        Cases,

    (b) draft correspondence to creditors, vendors, employees
        and other interested parties regarding the
        Reorganization Cases,

    (c) prepare written guidelines for head office and location
        managers to assist them in addressing employee and
        customer concerns,

    (d) prepare news releases for dissemination to the media for
        distribution,

    (e) interface and coordinate media reports to contain the
        correct facts and the Debtors' perspective as an ongoing
        business,

    (f) assist the Debtors in maintaining their public image as
        a viable business and going concern during the Chapter
        11 reorganization process,

    (g) assist the Debtors, and develop internal systems, in
        handling inquiries,

    (h) coordinate public relations services with a third party
        making an investment in the Debtors,

    (i) perform other strategic communications consulting
        services as may be required by the Debtors in the
        Reorganization Cases, and

    (j) provide additional public relations services appropriate
        and necessary to the benefit of the Debtors' estates.

The Debtors will pay Brunswick based on the firm's hourly rates:

             Professional    Hourly Rate
             ------------    -----------
             Partner             US$700
             Director            US$550
             Associate           US$450
             AD                  US$325
             Exec                US$225

The Debtors will also reimburse Brunswick for its actual and
necessary out-of-pocket expenses.  Production-related
expenditures -- e.g., photography, printing, etc. -- will be
charged to the Debtors at cost.

The Debtors have made prepetition payments totaling US$227,917
to Brunswick in the year preceding the bankruptcy filing date.

The payments have been applied to outstanding invoices and on
account of fees and expenses incurred in providing services to
the Debtors in connection with the restructuring activities.

The payments received include:

    (a) US$91,495 for fees and expenses incurred for periods
        before Oct. 13, 2006, and

    (b) US$136,422 on Oct. 24, 2006.

The Debtors do not owe Brunswick any amount for services
performed or expenses incurred prior to its bankruptcy filing
and thus Brunswick is not a prepetition creditor of the Debtors.

Robert Mead, a partner at Brunswick, assures the Court that his
firm is a "disinterested person" within the meaning of Section
101(14) of the Bankruptcy Code, and it does not hold nor
represent any interest adverse to the Debtors or their estates.

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

                          *     *     *

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

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

                          *     *     *

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


DURA AUTOMOTIVE: Court OKs Kirkland & Ellis as Bankr. Counsel
------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
authorized DURA Automotive Systems Inc. and its debtor
affiliates to employ Kirkland & Ellis as their bankruptcy
counsel, under a general retainer, nunc pro tunc to Oct. 30,
2006.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 14, 2006, Kirkland will:

    (a) advise the Debtors with respect to their powers and
        duties as debtors-in-possession in the continued
        management and operation of their business and
        properties;

    (b) attend meetings and negotiate with representatives of
        creditors and other parties in interest;

    (c) take all necessary action to protect and preserve the
        Debtors' estates, including prosecuting actions on the
        Debtors' behalf, defending any action commenced against
        the Debtors, and representing the Debtors' interests in
        negotiations concerning all litigation in which the
        Debtors are involved;

    (d) prepare all motions, applications, answers, orders,
        reports, and papers necessary to the administration of
        the Debtors' estates;

    (e) take any necessary action on behalf of the Debtors to
        obtain approval of a disclosure statement and
        confirmation of the Debtors' plan of reorganization;

    (f) represent the Debtors in connection with obtaining
        financing after its filing for Chapter 11 protection;

    (g) advise the Debtors in connection with any potential sale
        of assets;

    (h) appear before the Court, any appellate courts, and the
        U.S. Trustee, and protect the interests of the Debtors'
        estates before the courts and the U.S. Trustee; and

    (i) perform all other necessary legal services to the
        Debtors in connection with the Reorganization Cases,
        including:

        * analyze the Debtors' leases and executory contracts
          and their assumption or assignment;

        * analyze the validity of liens against the Debtors; and

        * advise on corporate, litigation, environmental, and
          other legal matters.

Kirkland will be paid based on the firm's standard hourly rates:

          Professional                 Hourly Rate
          ------------               ---------------
          Partners                   US$425 - US$950
          Counsel                    US$325 - US$740
          Associates                 US$245 - US$540
          Paraprofessionals           US$90 - US$280

Nineteen professionals are expected to have primary
responsibility for
providing services to the Debtors:

          Partners:

          Lyndon E. Norley, Esq.                    US$975
          Richard M. Cieri, Esq.                    US$825
          Todd F. Maynes, P.C., Esq.                US$795
          Partha Kar, Esq.                          US$775
          Marc Kieselstein, P.C., Esq.              US$745
          Dennis M. Myers, P.C., Esq.               US$745
          Maureen Sweeney, Esq.                     US$575
          Dr. Bernd Meyer-Loewy, Esq.               US$575
          Roger James Higgins, Esq.                 US$545
          David A. Agay, Esq.                       US$545
          Leo Plank, Esq.                           US$525

          Associates:

          Natasha Watson, Esq.                      US$610
          Ryan Blaine Bennett, Esq.                 US$510
          Michelle Mulkern, Esq.                    US$430
          Uday Gorrepati, Esq.                      US$355
          Joy Lyu Monahan, Esq.                     US$350
          Kathryn Louise Koenig, Esq.               US$350
          Thad W. Davis, Esq.                       US$325
          Lauren Hawkins, Esq.                      US$295

As of Oct. 30, 2006, the Debtors do not owe Kirkland any amounts
for legal services rendered prior to the bankruptcy filing.

Mr. Kieselstein assured the Court that his firm is disinterested
pursuant to Section 101(14) of the Bankruptcy Code, as modified
by Section 1107(b).

Kirkland does not hold or represent an interest adverse to the
Debtors or their estates, Mr. Kieselstein added.


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

                          *     *     *

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

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

                          *     *     *

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


HYNIX SEMICONDUCTOR: Ichon Regulations Hinder Fab Additions
-----------------------------------------------------------
As part of Hynix Semiconductor Inc.'s plan to be the world's
most cost-effective supplier of memory chips, it wants to add
new factories in its main complex in Ichon, the International
Herald Tribune says in a report dated November 28, 2006.

Hynix's fab-addition plans, however, are stalled because the
Ichon complex sits in a zone subject to strict environmental
regulations.

"To survive competition, we must build one fab each year," James
Kim, Hynix vice president of investor relations told IHT in an
interview.  "We must start construction as soon as possible.
It's up to the government to decide, yet building the fabs at
Ichon is our most cost-effective option because we already have
land, research center and infrastructure there."

The set of laws, designed to protect the Han river, prohibits
copper in the zone, which is must-use for Hynix's chips, Choe
Sang-Hun of IHT points out.

Hence, Hynix is asking the regulators to bend the rules while
assuring them not to cause copper contamination, IHT says.

"For Hynix, the investment will mark a reversal of fortune from
the days when no bank wanted to lend it money," Mr. Choe writes.

The government, however, remains undecided, the newspaper notes.

                  About Hynix Semiconductor

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

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


KOOKMIN BANK: Earns Bank of The Year Award for Improved Earnings
----------------------------------------------------------------
An industry magazine published by the Financial Times honored
Kookmin Bank as the Bank of The Year, The Korea Herald reports.

According to the report, Kookmin Bank was granted the award
because of the bank's efforts to enhance risk management and
overall business performance, resulting in significantly
improved earnings and share value.

The Banker awards, The Herald explains, recognize the best
overall performances of banks in their respective countries.

"Its net income jumped five and a half times from the previous
year, while its stock price rose by 89%," the newspaper points
out.

The bank attributed the dramatic results to its:

   -- improved risk management;

   -- an internal control system; and

   -- customer relationship management.

                       About Kookmin Bank

Kookmin Bank -- http://inf.kbstar.com/-- provides various
commercial banking services, such as deposits, credit cards,
trust funds, foreign exchange transactions, and corporate
finance.  The bank also offers Internet banking services.

                          *     *     *

Moody's Investors Service gave Kookmin Bank a Bank Financial
Strength rating of D+ effective March 27, 2006.

Fitch Ratings gave the bank a B/C rating.


KOREA EXCHANGE BANK: Prosecutors Find Sale to Lone Star Illegal
---------------------------------------------------------------
South Korea's Supreme Prosecutors Office declared that the sale
of Korea Exchange Bank to United States-based Lone Star Funds is
illegal.

Prosecutors have been investigating KEB's 2003 sale to Lone Star
for alleged irregularities including the underrating of the
bank's assets and exaggerating of its bad loans resulting in a
cheap deal.

"Through this investigation, we confirmed that the sale of Korea
Exchange Bank was conducted abnormally without following
regulations and due procedure, and the sale price did not reach
the adequate level," Reuters quotes a statement by the Supreme
Prosecutors' Office.

The Korean prosecutors determined that ex-finance ministry
official Byeon Yang-ho, induced by a lawyer hired by Lone Star,
agreed with then-CEO of KEB, Lee Kang-won, to inflate KEB's
losses and understate its value to allow Lone Star to buy the
bank at below its proper value, Reuters noted.

According to The Chosun Ilbo, the prosecutors arrested six
people including Lee Kang-won and Hyundai Marine and Fire
Insurance president Ha Jong-sun, then a lawyer for Lone Star,
and indicted nine others including Byeon Yang-ho without
detention.

The prosecutors' findings raise the likelihood of the
nullification of the 2003 KEB sale to Lone Star and the arrest
of regulators, policymakers and former KEB executives.

AFX News Limited, citing chief prosecutor Park Young-Soo, states
that a final ruling over the qualifications of Lone Star to
participate in the deal and the validity of its acquisition of
KEB will be left to the courts.

If the court decides that the U.S. buyout fund was not qualified
to buy the bank, then it must sell all its holdings over 10%
within six months, AFX News points out.  Currently, Lone Star
holds 64% of KEB, the newspaper adds.

South Korean laws bar funds and non-banking institutions from
owning more than 10% in a local bank.  Lone Star was, however,
exempted from the requirement in 2003 because of KEB's then-
urgent financial problems.

                      About Korea Exchange

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

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

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


THOMAS EQUIPMENT: Unit Obtains US$1.5-Million Financing
-------------------------------------------------------
Thomas Equipment Asia Co. Ltd., a subsidiary of Thomas Equipment
Inc., obtained US$1.5 million of financing in secured notes
provided by Laurus Master Fund Ltd.  The financing was provided
under the existing senior secured credit facility between Thomas
and Laurus.

Thomas is not providing Laurus with any additional equity
consideration in conjunction with this transaction.  Proceeds of
the financing will be used to pay Thomas Asia's suppliers.

"With the injection of additional working capital, Thomas Asia
will be fully operational and commence manufacturing
immediately," according to Mr. Lim Chul Jin, President of Thomas
Asia.  "Production will focus on the new 1500 lb class skid
loaders with advanced features.  Initially it is estimated that
the Korean plant will have the capacity to produce 90 loaders
per month. Subject to resource availability, the plant capacity
will increase to 180 loaders per month."

Thomas Equipment Inc. and Pneutech Inc. continue to operate
under the Notice of Inquiry and Canadian Companies' Creditors
Arrangement Act proceedings, respectively.  Thomas anticipates
developing a plan for the consideration of creditors in the
fourth quarter of 2006.  Thomas Asia is not a party to the CCAA
proceedings or any other debtor protection laws.

                      About Thomas Equipment

Headquartered in Milwaukee, Wisconsin, Thomas Equipment, Inc. --
http://www.thomas-equipment.com/-- is a technologically
advanced  global manufacturer of a full line of skid steer and
mini skid steer loaders as well as attachments, mobile screening
plants and six models of mini excavators.  The company
distributes its products through a worldwide network of
distributors and wholesalers.  In addition, the company's wholly
owned subsidiaries manufacture specialty industrial and
construction products, a complete line of potato harvesting and
handling equipment, fluid power components, pneumatic and
hydraulic systems, spiral wound metal gaskets, and packing
material.  The company maintains an office in Korea.

As of March 31, 2006, Thomas Equipment Inc.'s balance sheet
showed a stockholders' deficit of US$31,289,000, compared to a
US$67,129,000 on June 30, 2005.


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

AKER KVAERNER: Unveils Dividend & Shareholders Policies
-------------------------------------------------------
Aker Kvaerner, at the Capital Markets Day, Dec. 1, 2006,
discloses of:

   -- Dividend Policy Going Forward:

      The intention is to give Aker Kvaerner shareholders a
      competitive yearly dividend by distributing 30-50 percent
      of net profit, either through cash dividend and /or share
      buy-back.

   -- External Guiding:

      Aker Kvaerner's target of an EBITDA margin of 6.5-7.0
      percent by the end of 2007 is confirmed.  Based on the
      quality of the order backlog and the positive market
      outlook, there is potential for further improvement in the
      profitability after 2007.

At the Ordinary General Assembly in Aker Kv'rner ASA, taking
place March 29, 2007, the Board of Directors will propose the
following:

   -- Share Split 1-5:

      To split the face value of NOK 10 per share to NOK 2 per
      share and thus increase outstanding number of shares to
      275,146,170.

   -- Share Buy-Back Program:

      A renewal of the "Share buy-back program" of up to 10
      percent of the outstanding shares for between NOK1 and
      NOK900 in the period 18 months following the day of the
      General Assembly Meeting, March 29, 2007.

   -- Extraordinary Dividend After Pulping & Power Disposal:

      Based on the expected closing of the transaction with
      Metso before yearend 2006, to pay an extraordinary
      dividend of NOK30 per share, in total NOK1.65 billion.

                      About Aker Kvaerner

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

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

                        *     *     *

Moody's Investors Service, in April 2006, upgraded the ratings
of Aker Kvaerner Oil & Gas Group and Aker Kvaerner AS, primarily
to reflect the sustainable strong recovery in profitability and
cash flow generation of the ring-fenced oil and gas group over
the past two years, coupled with the clear reduction in senior
debt, repaid from internally generated funds.

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

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

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


KAI PENG: Annual General Meeting Set on December 29
---------------------------------------------------
Kai Peng Bhd will hold its 28th Annual General Meeting on
December 29, 2006, 9:00 a.m., at Seminar Room 1, Kelab Golf
Negara Subang, Jalan SS7/2 Kelana Jaya, 47301 Petaling Jaya,
Selangor Darul Ehsan.

The agenda of the meeting will, among others, be:

    1. to receive and adopt the Audited Financial Statements for
       the year ended June 30, 2006, together with the related
       reports of the directors and auditors;

    2. to approve the payment of Directors' Fees for the year
       ended June 30, 2006;

    3. to re-elect the director Dato' Wan Ismail Bin Abd Rahman
       who retired pursuant to Article 78 of the Company's
       Articles of Association;

    4. To re-elect director Encik Mohd Rodzi Bin Salleh who
       retired pursuant to Article 83 of the Company's Articles
       of Association; and

    5. To appoint Messrs. Anuarul Azizan Chew & Co. as auditors
       and to authorize the directors to fix their remuneration.

Notice of Nomination pursuant to Section 172(11) of the
Companies Act, 1965, a copy of which is enclosed in the Annual
Report has been received by the Company for the nomination of
Anuarul Azizan Chew & Co who gave their consent to act, for
appointment as auditors in place of the retiring auditors Ernst
& Young.

During the meeting, the company will also consider and, if
thought fit, to pass this ordinary resolution:

   Authority to Directors to Issue and Allot Shares Pursuant to
   Section 132D of the Companies Act, 1965:

   "Subject to the Companies Act, 1965, the Articles of
   Association of the Company and approvals from Bursa Malaysia
   Securities Berhad and other governmental/regulatory bodies,
   the Directors be and are hereby empowered, pursuant to
   Section 132D of the Companies Act, 1965 to issue and allot
   shares in the Company at any time and upon such terms and
   conditions and for purposes as the Directors may, in their
   absolute discretion deem fit, provided that the aggregate
   number of shares issued pursuant to this resolution does not
   exceed 10% of the issued capital of the Company for the time
   being and that the authority will continue in force until the
   conclusion of the next Annual General Meeting of the
   Company."


                          *     *     *

Headquartered in Selangor, Darul Ehsan, Malaysia, Kai Peng
Berhad Kai manufactures, markets and distributes steel products.
Other activities include provision of information and
communication technology services, undertaking steel fabrication
and engineering works and investment holding.  Operations are
carried out principally in Malaysia.

Kai Peng was on May 9, 2006, classified under Practice Note 17
of Bursa Malaysia Securities Berhad after its shareholders'
equity failed to meet the listing requirement.  As an affected
listed issuer, the Company is required to submit a financial
regularization plan or risk the possibility of delisting.

On November 9, 2006, the Troubled Company Reporter - Asia
Pacific reported that the external auditors of Kai Peng Berhad,
Ernst & Young, have raised a substantial doubt on the company's
and the group's ability to continue as going concerns after
auditing the Kai Peng's financial statements for the fiscal year
ended June 30, 2006.

Specifically, Ernst & Young raised substantial doubt on the
company's ability to continue as a going concern after pointing
out these factors in Kai Peng's June 30, 2006 financial
statements:

   -- that the group and the company reported net losses of
      MYR62,181,981 and MYR53,789,921 respectively;

   -- that the group and the company's current liabilities
      exceeded their current assets by MYR77,245,002 and
      MYR49,988,562 respectively; and

   -- that the group and the company's June 30, 2006, balance
      sheet showed shareholder's deficit of MYR36,300,109 and
      MYR34,116,889 respectively.


KUMPULAN BELTON: Faces Wind-Up Petition
---------------------------------------
On November 21, 2006, Hameetuh Khan bin A. AM Sallehu filed a
wind-up petition -- Ipoh High Court Civil Suit Winding-up No.
28-71-2006 -- before the High Court of Malaysia against Kumpulan
Belton Bhd and its six directors:

    1. Leong Kim Hoe
    2. Sow Yeng Chong
    3. Looi See Chiong
    4. Leong Kim Foo
    5. Leong Hing Wah
    6. En Mohd Nizam bin Mohd Hassan.

Mr. Hameetuh filed the petition in relation to the alleged
deviation in the use of the fund arising from the rights issue
in 1999/2000.

The petition did not claim any amount but Kumpulan Belton says
it may incur cost and other relief deemed fair and just by the
Court.

The company sees no foreseeable financial and operational impact
thus far as expected losses is only limited to the expenses
which will be incurred in having to defend the company in this
suit.

The Court appointed Poo Kok Cheong to act as provisional
liquidator for the company.

                          *    *     *

Headquartered in Perak Darul Ridzuan, Malaysia, Kumpulan Belton
Berhad -- http://www.beltongroup.com-- manufactures and sells
automotive suspension parts and components.  Other activities
include property development and investment, provision of
machining and heat treatment services and investment holding.
Operations of the Group are carried out in Malaysia and
Australia.

Kumpulan Belton was classified under the Amended Practice Note
No. 17 Criteria on May 5, 2006, as the company's shareholders'
equity on a consolidated basis is less than 25% of its issued
and paid up capital as at Dec. 31, 2005.  Moreover, the auditors
have expressed a modified opinion with emphasis on the company's
going concern for the financial year ended Dec. 31, 2005.


MCSB SYSTEMS: Annual General Meeting Slated for December 28
-----------------------------------------------------------
MCSB Systems Bhd will hold their 25th annual general meeting at
East VIP Lounge, Kuala Lumpur Golf & Country Club, No. 10, Jalan
1/70D, Off Jalan Bukit Kiara, 60000 Kuala Lumpur on December 28,
2006 at 10.00 a.m.

Agenda of the meeting will be:

    1. To receive the Audited Financial Statements for the year
       ended June 30, 2006, and the related reports of the
       directors and auditors;

    2. To re-elect Lim Wei Chow as director who will retire
       pursuant to Article 82 of the company's Articles of
       Association; and

    3. To re-appoint Tai, Yapp & Co. as auditors and to
       authorize the directors to determine their remuneration.

The meeting will also consider these ordinary resolutions:

    1. Directors' Fees: the payment of directors' fees amounting
       to MYR60,000.00 for the year ended June 30, 2006, be
       approved.

    2. Authority for the Allotment of Shares: subject to the
       Companies Act, 1965 and the approvals of the relevant
       governmental and/or regulatory authorities, the directors
       be and are hereby authorized, pursuant to Section 132D of
       the Companies Act, 1965, to issue shares in the Company
       at any time, upon such terms and conditions and for such
       purposes as the Directors may deem fit, provided that the
       aggregate number of shares issued pursuant to this
       resolution does not exceed 10% of the issued share
       capital of the Company at the time of issue and that the
       Directors be also empowered to obtain the approval for
       the listing and the quotation of the additional shares so
       issued on Bursa Malaysia Securities Berhad and that such
       authority shall continue to be in force until the
       conclusion of the next Annual General Meeting of the
       Company.

    3. Proposed Renewal of the Shareholders' Mandate for
       Recurrent Related Party Transactions of a Revenue or
       Trading Nature:

       That an approval is hereby given for the company and/or
       its subsidiaries to enter into the category of recurrent
       transactions of a revenue or trading nature and with
       those Related Parties as specified in Section 2.2.3 of
       the Circular to shareholders dated December 6, 2006,
       provided that such transactions are necessary for the
       day-to-day operations and they are carried out in the
       ordinary course of business and the approval will be in
       force until:

          a. the conclusion of the next Annual General Meeting
             of the company, at which time the mandate will
             lapse, unless by a resolution passed at the
             meeting, the authority is renewed; or

          b. the expiration of the period within which the next
             AGM is required to be held pursuant to Section
             143(1) of the Companies Act, 1965 -- but shall not
             extend to such extensions as may be allowed
             pursuant to Section 143(2) of the Companies Act,
             1965; or

          c. revoked or varied by a resolution passed by the
             shareholders of the Company in a general meeting,
             whichever is the earlier and that the Directors of
             the Company and each of them be authorized to do
             all such acts and things -- including, without
             limitation, to execute all such documents -- as
             they or he may consider necessary, expedient or in
             the interests of the Company to give effect to this
             resolution.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, MCSB Systems (Malaysia)
Berhad's principal activity is the provision of Information
Technology services ranging from hardware, software, consultancy
and professional services.  Information Technology services are
categorized into Systems Support Services, Internet Professional
Services, Outsourcing Services, Software Services, Education
Services, eCommerce Consultancy and Development Services.  The
company is also into investment holdings.  The company's
operations are carried out in Malaysia, Singapore, China and
Hong Kong.

On May 9, 2006, the company was classified as an affected listed
issuer pursuant to paragraph 2.1(a) of the Amended PN 17/2005,
as MCSB Systems' current shareholders' equity on a consolidated
basis is less than 25% of its issued and paid-up capital.


MCBS SYSTEMS: Receives Wind-Up Petition for MYR37,250 Claims
------------------------------------------------------------
MCSB Systems Bhd on December 1, 2006, received a wind-up
petition for a MYR37,250 claim.

The petition will be heard in the High Court of Malaya at Kuala
Lumpur on February 21, 2007.

According to MCSB, the petitioner filed the wind-up petition due
to the company's default on its audit fees.

However, MCSB asserts that it is in the process of suing the
petitioner for the damage caused in the delay in releasing
MCSB's audited financial report for the year ended June 30,
2004, for submission to Bursa Malaysia Securities Berhad.  The
delay, according to MCSB, had caused the company to be publicly
reprimanded and fined MYR14,000.

The petition do not have any financial and operational impact on
the Group as there were no losses expected to be incurred other
than legal fees arising from the winding-up petition, MCSB adds.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, MCSB Systems (Malaysia)
Berhad's principal activity is the provision of Information
Technology services ranging from hardware, software, consultancy
and professional services.  Information Technology services are
categorized into Systems Support Services, Internet Professional
Services, Outsourcing Services, Software Services, Education
Services, eCommerce Consultancy and Development Services.  The
company is also into investment holdings.  The company's
operations are carried out in Malaysia, Singapore, China and
Hong Kong.

On May 9, 2006, the company was classified as an affected listed
issuer pursuant to paragraph 2.1(a) of the Amended PN 17/2005,
as MCSB Systems' current shareholders' equity on a consolidated
basis is less than 25% of its issued and paid-up capital.


MERGE ENERGY: Unit to Dispose Two Properties for MYR1 Million
-------------------------------------------------------------
Mewah Kota Sdn Bhd, a wholly owned subsidiary of Merge Energy
Bhd entered into a sale and purchase agreement on October 9,
2006, with Madam Khong Fooi Chin to dispose two properties owned
by MKSB for a total cash consideration of RM1,000,000.

The properties are two parcels of freehold land measuring
approximately 4,295 square feet held under Lot 000201, Geran No.
5078 and Lot 000202, Geran No. 5079 in Bandar Alor Setar, Daerah
Kota Setar, Kedah Darul Aman and comprise of two four-storey
shophouses with a built-up area of 17,169 square feet.

The postal addresses of the properties are No. 501 and 502,
Jalan Pintu Sepuluh, Off Jalan Putra, 05100 Alor Setar, Kedah
Darul Aman.

Based on the latest audited financial statements of MEB as of
January 31, 2006, the net book value of the properties was
RM995,940.

Upon execution of the SPA and Memorandum of Transfer, KFC will
pay in these manner:

   * A deposit of RM100,000, being a sum equivalent to 10% of
     the consideration, is payable to MKSB; and

   * The remaining balance will be paid to the solicitors of
     MKSB, as stakeholders.

Proceeds from the proposed disposal will be utilized for working
capital.

Barring any unforeseen circumstances, the proposed disposal is
expected to be completed within two months from the date of the
SPA.

The disposal will not have any material effect on the issued and
paid-up share capital and the shareholdings of major
shareholders of MEB, as the Proposed Disposal does not involve
any issuance of securities, the company says.

In addition, MEB does not believe the proposed disposal has any
material effect on the Group's NA and the Group's earnings for
the financial year ending January 31, 2007.   The disposal is
not subject to the approval from MEB's shareholders since the
percentage ratio of the transaction does not exceed 25% based on
the Listing Requirements of Bursa Malaysia Securities Berhad.

                          *     *     *

Merge Energy Berhad's principal activities involve building
construction, structural, infrastructure and civil engineering
works.  Other activity includes property investment and
investment holding.  Operations of the company are carried out
predominantly in Malaysia.

The company was ordered to formulate a financial regularization
plan pursuant to its admission on May 5, 2006, to the Bursa
Malaysia Securities Berhad's Practice Note 17 category.


MOL.COM BERHAD: Extraordinary Meeting Set for December 14
---------------------------------------------------------
Mol.Com Bhd will hold its extraordinary general meeting at Dewan
Berjaya, Bukit Kiara Equestrian & Country Resort, Jalan Bukit
Kiara, Off Jalan Damansara, 60000 Kuala Lumpur on December 14,
2006, at 10.30 a.m. or immediately after the conclusion or
adjournment of the company's 24th annual general meeting of the
company.

The annual general meeting will be held on the same day at 10:00
a.m.

                          *     *     *

Based in Malaysia, Mol.Com Bhd's principal activities are
provision of electrical engineering services and contracting and
trading of electrical machinery and apparatus.  Other activities
include operation and maintenance of web portals, registration
and marketing of internet domain names, provision of web and
information technology solutions, advertising, promotional
activities and investment holding.

Operations are carried out in Malaysia, British Virgin Islands
and Singapore.

                          Going Concern

The auditors raised a substantial doubt on the company's
operation as going concern after auditing Mol.Com Bhd's Annual
Audited Financial Statement as of June 30, 2006.

They specifically pointed at the company's current liabilities
exceeding its current assets by MYR6.3 million as of June 30,
2006.

In addition, the ability of the company to continue as a going
concern is dependent upon the successful outcome of the proposed
disposal of a property and the company's plan to regularize its
financial condition, continuing financial support from a
significant shareholder and financial institutions as well as
achieving successful future operations.


SBBS CONSORTIUM: Fails to Submit 2Q Ended June 30, 2006 Results
---------------------------------------------------------------
SBBS Consortium Berhad failed to submit to Bursa Malaysia
Securities Berhad its report for the quarter ended June 30,
2006, for public release due on August 31, 2006.

Pursuant to Bursa's listing requirements, if a listed issuer
fails to issue the outstanding financial statements within three
months from the expiry of the timeframes, Bursa Securities will
suspend trading of the securities of the issuer.  The suspension
will take effect on the market day after the expiry of the
Suspension Deadline.

However, the SBBS Consortium's securities have been suspended
since March 31, 2006, due to a winding-up order made against the
company by the High Court on March 29, 2006.


                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, SBBS Consortium Berhad
is engaged in the trade, manufacture and sale of molded and sawn
timber and other wood-based products.  Its other activity is
investment holding.

Due to its inability to service loan facilities, the company had
entered into various negotiations with its bank creditors, and
in order to ensure that these creditors are treated on a pari
passu basis, the company had ceased making repayments to its
bank creditors on an ad-hoc basis.  As a consequence of this
treatment, its bank creditors have taken various measures to
recover their outstanding loans.

Negotiations between the company and its bank creditors are
nonetheless, still continuing.  The company is considering
various sources of new business and funds to address its
financial position, and had on June 24, 2005, appointed Covenant
Equity Consulting Sdn Bhd to advise on its options.  Currently,
the company is working to implement corporate rehabilitation
exercises to turn its business around.  On May 9, 2006, SBBS
acknowledged that it belongs to Bursa Malaysia Securities
Berhad's Practice Note 17/2005 category because it is insolvent
by virtue of the wind-up order granted by the Kuala Lumpur High
Court on March 29, 2006.


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

ANTONY O'HANLON: Court Hears CIR's Liquidation Petition
-------------------------------------------------------
On Dec. 5, 2006, the High Court of New Plymouth heard a
liquidation petition against Antony O'Hanlon Motors Ltd.

The Commissioner of Inland Revenue filed the petition on
Oct. 13, 2006.

The solicitor for the Petitioner can be reached at:

         E. M. Duncan-Sittlington
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone:(07) 959 0471


CENTRAL INSURANCE: Creditors' Proofs of Claim Due on Jan. 19
------------------------------------------------------------
John Howard Ross Fisk and Malcolm Grant Hollis were appointed as
joint and several liquidators of Central Insurance Brokers Ltd
by the High Court on Nov. 16, 2006.

Accordingly, Liquidators Fisk and Hollis requires the creditors
to submit their proofs of claim by Jan. 19, 2007, to share in
the distribution the company will make.

As reported by the Troubled Company Reporter - Asia Pacific, the
Court heard the petition on Oct. 5, 2006, filed by ING Life (NZ)
Ltd against the company.

The Joint and Several Liquidators can be reached at:

         John Howard Ross Fisk
         Malcolm Grant Hollis
         PricewaterhouseCoopers
         119 Armagh Street (P.O. Box 13-244)
         Christchurch
         New Zealand
         Telephone:(03) 374 3000
         Facsimile:(03) 374 3001


DATURN PROPERTIES: Court Sets Liquidation Hearing on Dec. 14
------------------------------------------------------------
The High Court of Auckland will hear a liquidation petition
filed against Daturn Properties Ltd on Dec. 14, 2006, at 10:45
a.m.

The Commissioner of Inland Revenue filed the petition on Oct. 9,
2006.

The solicitor for the Petitioner can be reached at:

         Geraldine Ann Ryan
         Auckland South Service Centre
         17 Putney Way (P.O. Box 76-198)
         Manukau City
         New Zealand
         Telephone:(09) 984 2002)


FLEXIBLE CEILINGS: Creditors Must Prove Debts by Jan. 12
--------------------------------------------------------
Liquidators Peri Micaela Finnigan and John Trevor Whittfield
require the creditors of Flexible Ceilings Ltd to submit their
claims and establish any priority claims by Jan. 12, 2007.

The TCR-AP previously reported that Accident Compensation Corp
filed a wind-up petition against the company, which was heard by
the Court on Nov. 16, 2006.

The Liquidators can be reached at:

         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


LYDICO FREIGHT: Court Appoints Joint Liquidators
------------------------------------------------
The High Court of Auckland appointed Peri Micaela Finnigan and
John Trevor Whittfield as joint and several liquidators of
Lydico Freight Ltd on Nov. 16, 2006

Subsequently, Mr. Finnigan fixes Jan. 12, 2007, as the last day
for the creditors to prove their debts.

The Troubled Company Reporter - Asia Pacific previously reported
that the Court heard a liquidation petition on Nov. 16, 2006,
filed by Accident Compensation Corporation against the company.

The Joint and Several Liquidators can be reached at:

         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


STONE BLACK: Names Parsons and Kenealy as Liquidators
-----------------------------------------------------
On Nov. 16, 2006, Dennis Clifford Parsons and Katherine Louise
Kenealy were appointed as joint and several liquidators of Stone
Black Construction Ltd.

As reported by the TCR-AP, the High Court of Auckland heard a
liquidation petition on Nov. 16, 2006, filed by Clark Equipment
New Zealand Ltd against the company.

The Joint and Several Liquidators can be reached at:

         Dennis Clifford Parsons
         Katherine Louise Kenealy
         Indepth Forensic Limited
         Insolvency Practitioners
         P.O. Box 278, Hamilton
         New Zealand
         Telephone:(07) 957 8674
         Facsimile:(07) 957 8677


VERTECH NZ: Court to Hear Liquidation Petition on Dec. 14
---------------------------------------------------------
The High Court of Auckland will hear a liquidation petition
filed against Vertech New Zealand Ltd on Dec. 14, 2006, at 10:00
a.m.

Accident Compensation Corporation filed the petition on Sept.
14, 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


W A & M J: Faces Liquidation Proceedings
----------------------------------------
A petition to liquidate W A & M J Cawthorn Ltd will be heard
before the High Court of Rotorua on Dec. 11, 2006, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on Oct. 24, 2006.

The solicitor for the Petitioner can be reached at:

         E. M. Duncan-Sittlington
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone:(07) 959 0471


WAIRAKA INVESTMENTS: Liquidation Hearing Slated for Dec. 11
-----------------------------------------------------------
The Commissioner of Inland Revenue filed with the High Court of
Rotorua a liquidation petition against Wairaka Investments Ltd
on Oct. 19, 2006.

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

The solicitor for the Petitioner can be reached at:

         E.M. Duncan-Sittlington
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone:(07) 959 0471


* New Zealand's Official Cash Rate Remains at 7.25%
---------------------------------------------------
A statement posted at the Reserve Bank of New Zealand's Web site
states that the Official Cash Rate will remain unchanged at
7.25%, with Reserve Bank Governor Alan Bollard saying "medium-
term inflation pressures remain persistent.  While the short-
term inflation outlook has improved, we are less optimistic
about medium-term prospects.  Economic activity has been
stronger than expected, given the resilience in domestic demand,
and medium-term inflation risks appear weighted to the upside."

"A welcome decline in oil prices has improved the near-term
inflation outlook.  As foreshadowed in our October OCR Review,
we expect to see a very low December quarter CPI figure.  Annual
inflation could be as low as 2% next year, which should help to
restrain inflation expectations and therefore give some
assistance in containing medium-term inflation pressures," Mr.
Bollard says.

"But household spending continues to show surprising resilience.
The labor market remains very firm, with continued strong growth
in incomes despite some easing in employment in the third
quarter.  There has been some improvement in business and
consumer confidence.  The housing market appears to have
developed new momentum after slowing in the first half of the
year.  Houses are now selling as fast as at any time this year."

"Many exporters are feeling pressure from the high exchange rate
which, if sustained, could threaten the ongoing rebalancing of
the economy.  However, primary exporters are getting significant
relief from favorable world commodity prices, which are now
expected to continue for longer as a result of global supply
shortages."

"While overall medium-term inflation pressures have increased,
the balance of risks also appears to be on the upside.  The
housing market could continue to defy predictions of a downturn,
and domestic demand could be further boosted by a fiscal
expansion over and above the stimulus that is already allowed
for in our projections (based on the Government's 2006 Budget)."

"Looking ahead, our projections and risk assessment suggest that
a firmer monetary policy stance could still be required to
maintain downward pressure on inflation in the medium term.
Further tightening cannot therefore be ruled out.  This will
depend on economic outcomes and in particular the emerging
trends in housing and domestic demand indicators.  Any easing of
policy must remain some considerable way off," Mr. Bollard
notes.


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

BENPRES HOLDINGS: Disposes of 0.09% Digitel Shares for PHP9.6 MM
----------------------------------------------------------------
Benpres Holdings Corporation discloses that it has disposed of
6,000,000 Digital Telecommunications Inc. shares for
PHP9.6 million through the Philippine Stock Exchange.  Benpres
notes that it is unaware of the identity of the buyer.

The disposed shares are equivalent to 0.09% of the total issued
and outstanding shares of Digitel based on the total outstanding
shares of 6,356,976,310 as of December 31, 2005.  However, this
number of shares does not reflect the dilution from the parent
company zero coupon convertible bonds and DCPL zero coupon
convertible bonds as disclosed in the Digitel 2005 audited
financial statements.

The funds will be used for Benpres' working capital
requirements.

                     About Benpres Holdings

Headquartered in Pasig City Philippines, Benpres Holdings
Corporation is a 56.22%-owned subsidiary of Lopez, Inc.  Both
entities were incorporated in the Philippines.  Benpres Holdings
and its subsidiaries are mainly involved in investment holdings,
broadcasting and entertainment, and water distribution.  The
Company's associates are involved in telecommunications, power
generation and distribution, cable television, real estate
development and infrastructure.

Starting in 2002, Benpres Holdings defaulted on its principal
and interest payments on its long-term direct obligations and
guarantees and commitments.  As proposed in the Company's
Balance Sheet Management Plan, all of Benpres' liabilities were
computed as of May 31, 2002.  Also as proposed in the BSMP, the
Company would make good faith semi-annual payments on its direct
and contingent obligations.  The first payment was made on
December 2, 2002, and succeeding payments were made in June and
December 2003, June and November 2004, and May and November
2005.

As of Dec. 31, 2005, Benpres Holdings' long-term direct
obligations due for payment stood at PHP9.96 billion.  By virtue
of its guarantees and commitments, based on the BSMP, the
Company may be liable for certain obligations that already fell
due, amounting to approximately PHP10.94 billion as of Dec. 31,
2005, excluding guarantees in its unit, Maynilad Water Services,
Inc.  As of December 31, 2005, consolidated current liabilities
exceeded consolidated current assets by PHP22.12 billion.  Net
loss attributable to Benpres Holdings' equity holders for the
year ended December 31, 2004, amounted to PHP1.2 billion.

After auditing the Company's annual report for the period ended
December 31, 2005, Sycip Gorres Velayo & Co. raised substantial
doubt on Benpres Holdings' ability to continue as a going
concern, which would depend on success of the Company's
balancesheet management plan.


MANILA ELECTRIC: Raises PHP12 Billion for Refinancing Facility
--------------------------------------------------------------
Manila Electric Company successfully raised PHP12 billion of
Fixed-Rate and Floating-Rate Corporate Notes to refinance its
existing secured loan obligations, as well as fund its working
capital requirements.  The deal is the largest debt capital
issue in the Philippines to date that was executed in less than
two months' time.  The Notes will have a tenor of seven years to
be secured by a Negative Pledge, which will take out Meralco's
existing Mortgage Trust Indenture.

As reported in the Troubled Company Reporter - Asia Pacific on
November 15, 2006, Meralco disclosed with the Philippine Stock
Exchange that it has signed an Underwriting Agreement for the
issuance of PHP12 billion corporate notes to be issued to not
more than 19 qualified institutional lenders.

Of the PHP12 billion total issue amount:

   -- PHP6 billion constitutes the Fixed-Rate Tranche with an
      interest rate of 9% per annum; and

   -- the balance of PHP6 billion represents the Floating-Rate
      Tranche which was auctioned off on December 4, 2006.

The auction generated total bid amounts of PHP12 billion, two
times oversubscribed from the offer amount of PHP6 billion.  The
Floating-Rate Tranche was eventually priced at 200 bps over the
three-month MART1 rate.

The Note Facility Agreement stating the terms and conditions of
the Notes was signed on December 6, 2006, by and among Meralco,
the Noteholders, the Joint Issue Managers and Underwriters, and
the Agent.  The Issue date is on December 14, 2006.

Comprising the participating noteholders/lenders are:

   (a) the Bank of the Philippine Islands and Bank of the
       Philippine Islands-Asset Management and Trust Group;

   (b) Banco de Oro-Universal Bank and BDO Private Bank;

   (c) Equitable PCI Bank;

   (d) China Banking Corporation;

   (e) Philippine National Bank;

   (f) Development Bank of the Philippines;

   (g) Rizal Commercial Banking Corporation; and

   (h) Union Bank of the Philippines

Equitable PCI Bank Trust Banking is the Facility Agent,
Registrar, and Paying Agent for the Notes.

The Notes issue was managed and underwritten by:

   (a) BDO Capital & Investment Corp.;

   (b) BPI Capital Corp.;

   (c) China Banking Corp.;

   (d) Development Bank of the Philippines;

   (e) PCI Capital Corp.; and

   (f) PNB Capital and Investment Corp.

BDO Capital & Investment Corp., acted as Meralco's financial
advisor.

                      About Manila Electric

Headquartered in Ortigas, Pasig City, the Manila Electric
Company -- http://www.meralco.com.ph/-- is the largest utility
in the Philippines, providing power to 4.1 million customers in
metropolitan Manila and more than 100 surrounding communities.
As deregulation takes effect, Meralco is reducing its dependence
on state-owned National Power Corp. by increasing the amount of
power it purchases from independent power producers.  Meralco is
also preparing for competition by moving into non-regulated
activities, including energy consulting, independent power
production, engineering, fiber optics, e-commerce, and real
estate.

                          *     *     *

A March 31, 2006 report by the Troubled Company Reporter - Asia
Pacific stated that the Company posted a 79.7% decrease in its
2005 net losses to PHP411 million from PHP2.03 billion in 2004,
due to provisions for probable losses while awaiting a Supreme
Court final decision on a pending unbundling rate case, and the
adoption of new accounting standards.

In a TCR-AP report on April 24, 2006, it was noted that Manila
Electric cannot seek a loan to expand its facilities unless it
repays outstanding short-term debts amounting to around
PHP4.7 billion.


RIZAL COMMERCIAL BANKING: Resets Special Stockholders' Meeting
--------------------------------------------------------------
Rizal Commercial Banking Corporation advises that it will hold a
Special Stockholders' Meeting held on January 22, 2007, at 4:00
p.m. at:

         Antonio delas Alas Executive Dining Hall
         47th Floor, Yuchengco Tower, RCBC Plaza,
         6819 Ayala Avenue corner Sen. Gil Puyat Avenue
         Makati City

Stockholders of record as of December 21, 2006, will be entitled
to vote at the meeting.

The Troubled Company Reporter - Asia Pacific previously reported
that the bank's board of directors has approved the Special
Stockholders' Meeting scheduled on December 27, 2006 -- subject
to the approval by the Bangko Sentral ng Pilipinas.

                           About RCBC

Rizal Commercial Banking Corporation -- http://www.rcbc.com/--
is a universal bank principally engaged in all aspects of
banking.  It provides services such as deposit products, loans
and trade finance, domestic and foreign fund transfers,
treasury, foreign exchange and trust services.  In addition, the
Bank is licensed to enter into forward currency contracts to
service its customers and as a means of reducing and managing
the Bank's foreign exchange exposure.

                          *     *     *

On September 21, 2006, the Troubled Company Reporter - Asia
Pacific reported that Fitch Ratings affirmed RCBC's ratings at
Long-term Issuer Default rating 'BB-', Individual "D/E" and
Support "3" after a review of the bank.  The Outlook of the
Long-term rating is Stable.

On November 6, 2006, the TCR-AP also reported that Moody's
Investors Service revised the outlook for RCBC's foreign
currency senior debt rating of Ba3, foreign currency Hybrid Tier
1 of B3, and foreign currency long-term deposit rating of B1 to
stable from negative.

The outlook for RCBC's foreign currency Not-Prime short-term
deposit rating and bank financial strength rating of E+ remains
stable, the TCR-AP said.


=================
S I N G A P O R E
=================

PACIFIC CENTURY: Redeems Balance of US$250 Million Bonds
--------------------------------------------------------
On Dec. 6, 2006, Pacific Century Regional Developments Limited
redeemed the balance of its US$250,000,000 secured redeemable
exchangeable bonds held by AIG Asian Infrastructure Fund II
L.P., American International Assurance Company (Bermuda) Limited
and AIG Asian Opportunity Fund, L.P., with an aggregate
principal value of US$150,000,000.

The redemption has been made in accordance with the terms of the
Bonds.  The aggregate redemption price of US$173,891,111.14 is
inclusive of a premium of 3% per annum compounded annually over
the 5-year period since the issue of the Bonds amounting to
US$23,891,111.14.

                      About Pacific Century

Pacific Century Regional Developments Limited is a Singapore
based company with operations in Hong Kong, China, Vietnam and
India.  The group's principal activities include the provision
of international, local and mobile telecommunications services.
Other activities include sale and rental of telecommunication
equipment, provision of life insurance services, investment in
and development of infrastructure and properties, investment in
and development of technology-related businesses, Internet and
interactive multimedia services, provision of computer,
engineering and other technical services, and hotel operations.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported that the
company has remained insolvent for the two consecutive years
from April 2005 up to the present.

According to a TCR-AP report on Nov. 17, 2006, the company has a
US$107.11 million shareholder's deficit on total assets of
US$1.381 billion.


PETROLEO BRASILEIRO: Expects Campos Basin Production in 2007
------------------------------------------------------------
Petroleo Brasileiro SA, the state-owned oil firm of Brazil, said
in a statement that it expects its 100,000-barrel per day
floating production, storage and offloading vessel or FPSO to
start producing oil at the Campos basin in January 2007.

Business News Americas relates that the Cidade de Rio de Janeiro
FPSO was delivered to Petroleo Brasileiro on Dec. 4.  It was
leased from Modec, a Japanese oil services firm, through Modec
International, its subsidiary in the United States.

According to BNamericas, the FPSO will be situated in the
deepwater Espadarte oilfield at depths of 1,350 meters.  It will
be connected to nine wells.  It will have the capacity to
produce 2.5 million cubic meters of natural gas daily.

Espadarte was forecasted to reach 40,000 barrels per day output
peak this year through another production unit, which has
operated since 2000.  The new FPSO will boost output in the
field, which was discovered in 1994, BNamericas states.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/-- 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: Investing BRL350 Mil. on Wastewater Reuse
--------------------------------------------------------------
Petroleo Brasileiro SA, the state-owned oil firm of Brazil, will
invest BRL350 million through 2009 to install a system to reuse
industrial wastewater in its plants, Valor Economico reports.

Business News Americas relates that Petroleo Brasileiro aims to
reuse up to 1,800 cubic meters per hour, or 15 million cubic
meters per year, of wastewater to reduce water consumption and
wastewater emissions into the environment.  That amount of water
is equal to the domestic consumption of a city with 300,000
residents.

Estimates of Geoplan, a water reuse firm, indicate that the
amount of wastewater to be reused at Petroleo Brasileiro is
about 1.44% of Brazil's market potential, BNamericas notes.

Paulo Ceschin, president of Geoplan, told BNamericas, "Petrobras
(Petroleo Brasileiro) is the benchmark -- when it moves in a
certain direction, the trend is for the other large companies to
do the same."

Reaching the market's full potential of 1.08 billion cubic
meters yearly would mean the investment of BRL4.32 billion,
BNamericas says, citing Mr. Ceschin.

Vania Junqueira Santiago, Petroleo Brasileiro's project
coordinator, told BNamericas that the company is in the bidding
process to conduct the first stage of the project at the Vale do
Paraiba refinery in Sao Paulo.  The plant is expected to use up
to 300 cubic meters per hour.

BNamericas underscores that other processes are expected to be
carried out at Petroleo Brasileiro's refineries in:

          -- Parana,
          -- Paulinia,
          -- Betim, and
          -- Duque de Caxias.

The research department of Petroleo Brasileiro modified the
wastewater reuse technology from different systems used in the
United States, Canada and Japan, BNamericas states.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
SA aka Petrobras -- http://www2.petrobras.com.br/-- 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: Reaffirms Natural Gas Price Raise Policy
-------------------------------------------------------------
Jose Gabrielli -- chief executive officer of Petroleo Brasileiro
SA, the state-owned oil firm of Brazil -- has reaffirmed to O
Estado de S Paulo the company's policy to increase natural gas
prices to control demand.

Mr. Gabrielli told O Estado, "There is no other way.  If demand
rises, either prices are readjusted or there will be rationing.
There won't be [natural gas rationing]."

Business News Americas relates that demand has been increasing
at double-digit rates and is expected to continue rising in the
coming years.  Supply, however, cannot keep up since the
nationalization of Bolivian hydrocarbons forced Petroleo
Brasileiro to abandon plans to raise Bolivian gas imports.

Brazil consumes 45 million cubic meters per day, of which 26
million cubic meters per day come from Bolivia, BNamericas
notes.  Demand is expected go beyond 100 million cubic meters
per day, including from gas-fired power plants, in 2010.

BNamericas underscores that Petroleo Brasileiro plans to boost
domestic production and import the fuel.  Most of the projects,
however, won't be ready until after 2009.

Petroleo Brasileiro restarted in 2005 quarterly readjustments of
gas prices frozen since 2003.  The readjustments are based on
fluctuations in international prices, the report says.

Mr. Gabrielli told BNamericas that Petroleo Brasileiro has to
buy time to set up a program to boost domestic output, which
should reach 71 million cubic meters per day by 2011.  Most of
the projects are already being developed, so the cancellation of
the 8th hydrocarbons licensing round should not affect Petroleo
Brasileiro's plan in the mid-term.

Brazil's yearly auction of oil and gas exploration and
production blocks, which was cancelled by a court order, could
affect long-term plans for gas production, Mr. Gabrielli
admitted to BNamericas.  However, he said he expected this to be
overcome since round 9 should be scheduled for coming months.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
SA aka Petrobras -- http://www2.petrobras.com.br/-- 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.


SEE HUP SENG: Passes Resolutions at General Meeting
---------------------------------------------------
As previously reported by the Troubled Company Reporter - Asia
Pacific, See Hup Seng Limited held an extraordinary general
meeting on Dec. 5, 2006.

Accordingly, at the meeting, members resolved:

   -- to give approval to the company's directors to effect the
      disposal, on the terms and conditions of the separate
      conditional share sale agreements dated Sept. 6, 2006,
      entered between the company, Lesoon Equipment Pte Ltd and
      Liu Yi Cheng for the sale of the 70% interest and 30%
      interest held by the company and Lesoon Equipment
      respectively in See Hup Seng Special Coating Equipment &
      Engineering (Guangzhou) Co Ltd and See Hup Seng Special
      Coating Equipment & Engineering (Shanghai) Co Ltd to Liu
      Yi Cheng;

   -- to authorize and empower the company's directors to
      complete, approve, modify and execute all documents and to
      approve any amendment, alteration or modification to any
      document as they may consider necessary, desirable or
      expedient in the interests of the company to give effect
      to the Conditional Share Sale Agreements; and

   -- to approve the proposed alterations to the company's
      existing Memorandum and Articles of Association.

                      About See Hup Seng

See Hup Seng Limited -- http://www.seehupseng.com.sg/-- is
engaged in the provision of corrosion prevention services
through a range of marine and industrial blasting and coating
methods.  Its other activities are the provision of tank
cleaning, painting and coating, ship repair, shipbuilding and
scaffolding services, trading and manufacturing of blasting and
painting equipment and investment holding.  The group is
domiciled in Singapore and markets its products and services
domestically and in the People's Republic of China, Hong Kong
and Cayman Islands.

                       Significant Doubt

As reported in the Troubled Company Reporter - Asia Pacific on
May 24, 2006, after reviewing the company's full year financials
for the year 2005, Moore Stephens -- See Hup Seng's independent
auditors -- expressed, on April 7, significant doubt in the
company's ability to continue as going concern, citing the
company's losses and net current liabilities.  Moore Stephens
adds that the ability of the group and the company to continue
as going concerns is dependent the company's debt restructuring
exercise.


SHIP FINANCE: Earns US$45.72 Million for Third Quarter 2006
-----------------------------------------------------------
Ship Finance International Ltd. released its financial results
for the third quarter and nine-month periods ended Sept. 30,
2006.

Ship Finance posted US$45.72 million in net profit against
US$121.8 million in revenues for the third quarter of 2006,
compared with US$65.27 million in net profit against
US$118.4 million in revenues for same period in 2005.

The company posted US$122.99 million in net profit against
US$296.82 million in revenues for the first nine months of 2006,
compared with US$126.47 million in net profit against
US$295.57 in revenues for same period in 2005.

The company's net income for the third quarter of 2006 was
reduced by a US$16.4 million unrealized loss, representing the
change in the fair value of the company's interest rate swaps
related to its secured credit facilities.  A part of the
company's debt is on floating rate terms and lower interest
rates in the future will, if sustained, improve long-term
earnings.

For the first nine months of 2006, the company estimates that a
total of US$63.9 million (US$0.88 per share) in profit share
from Frontline Ltd. has accumulated.  Based on U.S. GAAP, around
US$43 million has been accounted for in the period, of which
US$37.5 million was included in the third quarter.

The unrecognized income of US$20.9 million will be recognized in
the fourth quarter provided Ship Finance's vessels continue to
earn in excess of the fixed charter rates received from
Frontline Ltd.

The single-hull VLCC "Front Tobago" has been sold for a gross
sales price of US$45.0 million. Delivery to the new owners is
expected in December 2007.

The single-hull Suezmax "Front Sunda" will be converted to a
heavy-lift vessel.  The vessel will be delivered from the
shipyard at the beginning of the second quarter of 2007.

After delivery, the vessel will commence a new 10-year fixed-
rate charter to Frontline Shipping II Limited.

Two Suezmax newbuildings have been ordered in China for delivery
in 2009. The vessels will be marketed for medium to long-term
charters, consistent with the company's strategy.

                       About Ship Finance

Headquartered in Bermuda, Ship Finance International Limited --
http://www.shipfinance.org/-- through its subsidiaries engages
in the ownership and operation of oil tankers, including
oil/bulk/ore (OBO) carriers.  The company operates through
subsidiaries and partnerships located in Bermuda, Cyprus, Isle
of Man, Liberia, Norway and Singapore.

It is also involved in the charter, purchase and sale of
vessels.

                          *     *     *

Moody's Investors Service affirmed Ship Finance International
Ltd.'s ratings, including the Ba3 Corporate Family Rating, the
Ba2 Senior Secured Bank Credit Facilities and the B1 Senior
Unsecured Notes rating.  Moody's said the ratings outlook
remains stable.


SHIP FINANCE: Hikes Ordinary Cash Dividend to US$0.53 per Share
---------------------------------------------------------------
The Board of Directors of Ship Finance International Ltd.
reviewed the long-term prospects for the company including its
significant fixed charter backlog and growth prospects, and
decided to increase the ordinary cash dividend basis from
US$0.45 per share to US$0.50 per share.

In addition, the Board of Directors decided to pay a
supplementary extraordinary dividend of US$0.03 per share,
bringing the total dividend payment for the quarter to US$0.53
per share.

The dividend will be paid on Dec. 21, to shareholders of record
as of Dec. 7. The ex dividend date is Dec. 5, 2006.

                       About Ship Finance

Headquartered in Bermuda, Ship Finance International Limited --
http://www.shipfinance.org/-- through its subsidiaries engages
in the ownership and operation of oil tankers, including
oil/bulk/ore (OBO) carriers.  The company operates through
subsidiaries and partnerships located in Bermuda, Cyprus, Isle
of Man, Liberia, Norway and Singapore.

It is also involved in the charter, purchase and sale of
vessels.

                          *     *     *

Moody's Investors Service affirmed Ship Finance International
Ltd.'s ratings, including the Ba3 Corporate Family Rating, the
Ba2 Senior Secured Bank Credit Facilities and the B1 Senior
Unsecured Notes rating.  The ratings outlook remains stable.


SHIP FINANCE: Hires Moore Stephens P.C. as Auditors
---------------------------------------------------
Ship Finance International Limited reveals that at the 2006
Annual General Meeting of the company on Dec. 1, 2006, these
resolutions were passed to:

   -- reelect Tor Olav Troim as a Director;

   -- reelect Paul Leand Jr. as a Director;

   -- reelect Kate Blankenship as a Director;

   -- appoint Moore Stephens, P.C. as auditors and to
      authorize the Directors to determine their remuneration;

   -- approve an amendment to the company's Bye-law 104. to
      change the requirements for the form of, and signatories
      to, the seal of the company.

                       About Ship Finance

Headquartered in Bermuda, Ship Finance International Limited --
http://www.shipfinance.org/-- through its subsidiaries engages
in the ownership and operation of oil tankers, including
oil/bulk/ore (OBO) carriers.  The company operates through
subsidiaries and partnerships located in Bermuda, Cyprus, Isle
of Man, Liberia, Norway and Singapore.

It is also involved in the charter, purchase and sale of
vessels.

                          *     *     *

Moody's Investors Service affirmed Ship Finance International
Ltd.'s ratings, including the Ba3 Corporate Family Rating, the
Ba2 Senior Secured Bank Credit Facilities and the B1 Senior
Unsecured Notes rating.  Moody's said the ratings outlook
remains stable.


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

TRUE CORP: Unit Offers US$465-Million Bond, Yields 11 Percent
-------------------------------------------------------------
True Move Co. Ltd, a wholly owned subsidiary of True Corp Pcl,
has priced its US$465-million, seven-year bond yielding 11%,
Reuters reports.

The bond, according to Reuters, carries a coupon of 10.75%, and
was priced at 98.799%.  True Move intends to use the proceeds to
refinance US$450 million of bank debt.

Reuters notes that it is the company's first global bond issue
and the largest dollar bond offering from a Thai issuer this
year.

Meanwhile, Reuters citing a market source familiar with the
deal, says that the offer had attracted more than US$700 million
of orders.

According to the source, U.S. buyers bought 70% of the deal,
while Asian investors took 19% and the remainder went to
European accounts.

By investor type, fund managers accounted for 76%, banks 6%,
insurance companies 11%, and retail and others 7%; Reuters'
source adds.

                          *     *     *

True Move Company Limited, formerly TA Orange, is a wholly owned
subsidiary of True Corp Pcl.  The company is headquartered in
Bangkok, Thailand, and is the country's third largest mobile
telecommunications operator.

As reported by the Troubled Company Reporter - Asia Pacific on
November 27, 2006, Standard & Poor's Ratings Services assigned
its BB- long-term corporate credit rating to Thailand's third-
largest cellular operator, True Move Co. Ltd.  The outlook is
negative.

In addition, Standard & Poor's assigned its B issue rating to
True Move's proposed senior unsecured notes, assuming a debt
size of about US$450 million.

At the same time, the TCR-AP also reported that Moody's
Investors Service assigned a provisional (P)B1 corporate family
rating to True Move Company Limited and a (P)B2 senior unsecured
rating to the company's proposed US$450 million 7-year notes
issue.  The ratings outlook is negative.


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                      Total
                                           Total   Shareholders
                                          Assets      Equity
Company                        Ticker      ($MM)      ($MM)
-------                        ------     ------   ------------

AUSTRALIA

Allstate Explorations NL          ALX      12.65      -51.62
Austar United Communications Ltd. AUN     231.54      -52.58
Hutchison Telecommunications
   (Aust) Ltd.                    HTA    1696.65     -786.31
Indophil Resources NL             IRN      37.79      -69.96
Intellect Holdings Limited        IHG      15.01       -0.83
KH Foods Ltd                      KHF      62.30       -1.71
Stadium Australia Group           SAX     135.23      -41.84
Tooth & Company Limited           TTH      97.05      -70.08


CHINA AND HONG KONG

Artel Solutions Group
  Holdings Limited                931      29.19      -18.65
Asia Telemedia Limited            376      10.89       -5.50
Bestway International             718      25.00       -0.67
Chang Ling Group                  561      77.48      -76.83
Chengdu Book - A               600083      21.50       -3.07
China Liaoning International
  Cooperation Holdings Ltd.       638      18.76      -44.61
China Kejian Co. Ltd.              35      54.71     -179.23
Everpride Biopharmaceutical
   Company Limited               8019      10.16       -2.16
Fujian Changyuan Investment
   Holdings Limited               592      31.36      -54.04
Guangdong Meiya Group
   Company Ltd.                   529     107.16      -49.54
Hainan Overseas Chinese
   Investment Co. Ltd.         600759      32.70      -15.28
Hans Energy Company Limited       554      94.75      -10.76
Heilongjiang Sun & Field
   Science & Tech.                620      29.96      -49.18
Hualing Holdings Limited          382     242.26      -28.15
Huda Technology & Education
   Development Co. Ltd.        600892      17.29       -0.19
Hunan Anplas Co., Ltd.            156      94.17      -65.04
Hunan GuoGuang Ceramic
   Co., Ltd.                   600286      87.44      -68.55
Hunan Hengyang                 600762      67.04      -11.68
Innovo Leisure Recreation
   Holdings Ltd.                  703      13.68       -2.01
Jiamusi Paper Co. Ltd.            699     101.37      -67.36
Jiangxi Paper Industry
   Co. Ltd                     600053      19.58      -12.80
Loulan Holdings Limited          8039      13.01       -1.04
Mindong Electric Group Co., Ltd.  536      21.63       -1.50
New City (Beijing) Development
   Limited                        456     242.25      -21.46
New World Mobile Holdings Ltd     862     295.66      -12.53
Orient Power Holdings Ltd.        615     176.86      -64.20
Shenyang Hejin Holding
   Company Ltd.                   633      83.18      -20.87
Shenz China Bi-A                   17      39.13     -224.64
Shenzhen Dawncom Business Tech
   and Service Co., Ltd           863      79.84      -37.30
Shenzen Techo Telecom Co., Ltd.   555      14.84       -6.25
Sichuan Changjiang Packaging
   Holding Co. Ltd.            600137      13.11      -72.76
Sichuan Topsoft Investment
   Company Limited                583     113.12     -148.61
SMI Publishing Group Ltd.        8010      10.48       -7.83
Songliao Automobile Co. Ltd.   600715      49.56       -3.76
Taiyuan Tianlong Group Co.
   Ltd                         600234      13.47      -87.63
UDL Holdings Limited              620      12.04       -9.31
Winowner Group Co. Ltd.        600681      38.03      -62.88
Xinjiang Hops Co. Ltd          600090      86.63      -11.26
Yantai Hualian Development
   Group Co. Ltd.              600766      59.99       -7.66
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622      49.89      -17.71
Zarva Technology Co. Ltd.         688     101.76     -102.01
Zhejiang Haina Sporting and
  Touring Goods Co. Ltd.          925      21.43      -33.33


INDONESIA

Ades Waters Indonesia Tbk        ADES      21.35       -8.93
Eratex Djaja Ltd. Tbk            ERTX      30.30       -1.21
Hotel Sahid Jaya                 SHID      71.05       -4.26
Jakarta Kyoei Ste                JKSW      44.72      -38.57
Mulialand Tbk                    MLND     141.33      -45.99
Panca Wiratama Sakti Tbk         PWSI      39.72      -18.82
Steady Safe                      SAFE      19.65       -2.43
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86
Unitex Tbk                       UNTX      29.08       -5.87
Wicaksana Overseas
   International Tbk             WICO      43.09      -46.36
Sekar Bumi Tbk                   SKBM      23.07      -41.95
Suba Indah Tbk                   SUBA      85.17       -9.18
Surya Dumai Industri Tbk         SUDI     105.06      -30.49


JAPAN

Mamiya-OP Co., Ltd.              7991     152.37      -67.11
Montecarlo Co. Ltd.              7569      66.29       -3.05
Nihon Seimitsu Sokki Co., Ltd.   7771      23.82       -1.10
Sumiya Co., Ltd.                 9939      89.32      -11.57
Yakinikuya Sakai Co., Ltd.       7622      79.44      -11.14


MALAYSIA

Antah Holdings Bhd                ANT     184.60      -98.30
Ark Resources Berhad              ARK      25.91      -28.35
Cygal Bhd                         CYG      58.47      -69.79
Comsa Farms Bhd                   CFB      50.74      -25.55
Mentiga Corporation Berhad       MENT      22.13      -18.25
Metroplex Bhd                     MEX     323.51      -49.28
Mycom Bhd                         MYC     222.58     -136.17
Lityan Holdings Bhd               LIT      22.22      -19.11
Olympia Industries Bhd           OLYM     272.49     -281.44
Pan Malay Industries             PMRI     199.08       -6.30
Panglobal Bhd                     PGL     188.83      -60.07
Park May Bhd                      PMY      11.04      -13.58
PSC Industries Bhd                PSC      62.80     -116.18
Sateras Resources Bhd             SRM      43.84      -27.08
Setegap Berhad                    STG      19.92      -26.88
Wembley Industries Holdings Bhd   WMY     111.72     -204.61


PHILIPPINES

APC Group Inc.                    APC      67.04     -163.14
Atlas Consolidated Mining and
   Development Corp.               AT      33.59      -57.17
Cyber Bay Corporation            CYBR      11.54      -58.06
East Asia Power Resources Corp.   PWR      92.55      -64.61
Fil-Estate Corporation             FC      33.30       -5.80
Filsyn Corporation                FYN      19.20       -8.83
Gotesco Land, Inc.                 GO      17.34       -9.59
Prime Orion Philippines Inc.     POPI      98.36      -74.34
Swift Foods Inc.                  SFI      26.95       -8.23
Unioil Resources & Holdings
   Company Inc.                   UNI      10.64       -9.86
United Paragon Mining Corp.       UPM      21.19      -21.52
Universal Rightfield Property
   Holdings Inc.                   UP      45.12      -13.48
Uniwide Holdings Inc.              UW      61.45      -30.31
Victorias Milling Company Inc.    VMC     127.83      -32.21


SINGAPORE

China Aviation Oil (Singapore)
   Corporation                    CAO     211.96     -390.07
Compact Metal Industries Ltd.     CMI      54.36      -25.64
Falmac Limited                    FAL      10.90       -0.73
Gul Technologies Singapore
   Limited                        GUL     152.80      -27.74
HLG Enterprise                   HLGE     150.70      -12.72
Informatics Holdings Ltd         INFO      22.30       -9.14
L&M Group of Companies            LNM      57.98       -5.20
Liang Huat Aluminium Ltd.         LHA      19.30      -76.43
Lindeteves-Jacoberg Limited        LJ     225.52      -53.23
Pacific Century Regional          PAC    1381.26     -107.11
See Hup Seng Ltd.                 SHS      17.36       -0.09


SOUTH KOREA

BHK Inc                          3990      24.36      -17.38
C & C Enterprise Co. Ltd.       38420      28.05      -14.50
Cenicone Co. Ltd.               56060      36.82       -1.46
Cheil Entech Co. Ltd.           53330      37.25       -0.31
DaeyuVesper Co. Ltd.            41140      19.06       -1.60
Dewell Elecom Inc.              32590      10.93       -6.92
Everex Inc.                     47600      23.15       -5.10
EG Greentech Co.                55250     186.00       -1.50
EG Semicon Co. Ltd.             38720     166.70      -12.34
Tong Yang Major                  1520    2332.81      -86.95
TriGem Computer Inc             14900     629.32     -292.96


THAILAND

Bangkok Rubber PCL                BRC      70.19      -56.98
Central Paper Industry PCL      CPICO      40.41      -37.02
Circuit Electronic
   Industries PCL              CIRKIT      20.37      -64.80
Daidomon Group Pcl              DAIDO      12.92       -8.51
Datamat PCL                       DTM      12.69       -6.13
Kuang Pei San Food Products
   Public Co.                  POMPUI      12.51       -9.87
Sahamitr Pressure Container
   Public Co. Ltd.               SMPC      20.77      -28.13
Sri Thai Food & Beverage Public
   Company Ltd                    SRI      18.29      -43.37
Tanayong PCL                    TYONG     178.27     -734.30
Thai-Denmark PCL                DMARK      21.37      -18.88
Thai-Wah PCL                      TWC      91.56      -41.24




                            *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Nolie Christy Alaba, Rousel Elaine Tumanda,
Valerie Udtuhan, Francis James Chicano, Catherine Gutib, Tara
Eliza Tecarro, Freya Natasha Fernandez, and Peter A. Chapman,
Editors.

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is $575 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are $25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.

                 *** End of Transmission ***