TCRAP_Public/061211.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

           Monday, December 11, 2006, Vol. 9, No. 245

                            Headlines

A U S T R A L I A

AURA HOMES: Schedules Final Meeting on January 10
B & S GARAGE: Undergoes Voluntary Liquidation
EUREKA SALES: Final Meeting Fixed for January 11
G & A FISHER: Members Decide to Close Business
HAZELWOOD JOINERY: Liquidator to Present Wind-Up Report

LQ4 (CBMC): Members to Receive Wind-Up Report on Jan. 19
LQ5 (DFC): Members' Final Meeting Slated for January 19
MARYBOROUGH ENGINEERING: Members To Hear Wind-Up Report
MITCHAM LEGAL: Members' Final Meeting Fixed for Jan. 9
MULTIPLEX GROUP: Appoints A. Cameron as Independent Director

PREMIER FORGE: To Hold Final Meeting on January 4
REVLON CONSUMER: S&P Junks US$840-Mln Senior Secured Term Loan
REVLON CONSUMER: Plans to Increase Term Loan to US$840 Million
WESTPOINT GROUP: Court Orders Wind Up of 14 Related Companies


C H I N A   &   H O N G  K O N G

ALEXANDER FORBES: Members to Receive Wind-Up Report on Jan. 9
BENQ CORP: Posts NT$11.9 Billion Sales for November 2006
BENQ: Plans to Raise NT$4.5 Billion in Corporate Bonds
BUDDYZ COFFEE: Final Meeting Slated for January 11
CATHAY WORLDWIDE: Appoints Fong Fu Yin Albert as Liquidator

EXCEL CHOICE: Court to Hear Wind-Up Petition on January 3
GLAMOUR LTD: Members Pass Resolution to Wind Up Firm
HK CHINA: Creditors' Proofs of Debt Due on January 12
PACIFIC PRECISION: Sole Shareholder Opts to Wind Up Firm
PROMINENCE REALTY: Liquidators to Receive Claims Until Dec. 22

RAYDAR TRADING: Wind-Up Hearing Set on January 24
TAI SUN: Lui Wan Ho Ceases to Act as Liquidator
ZTE CORP: Secures US$700-Million Contract with Reliance Comm.
* Fitch Positive on China's Bankruptcy Law Reforms


I N D I A

GENERAL MOTORS: November U.S. Sales for New Cars & Trucks Up 6%
INDUSIND BANK: Sept. 2006 Quarter Net Down 45% at INR17 Crore
RELIANCE INDUSTRIES: Rig Shortage Sets Back Production & Revenue
RELIANCE INDUSTRIES: Retail Unit Acquires Adani's Retail Arm
STIEFEL LABORATORIES: S&P Rates US$735-Mil. Senior Loans at B+

* Fitch: Growth in Indian Sugar Inventories May Pressure Margins


I N D O N E S I A

ALCATEL-LUCENT: S&P Cuts Debt Ratings to BB- on Merger Approval
ALCATEL-LUCENT: BT Global Awards US$350MM Maintenance Deal
ALCATEL-LUCENT: Inks Network Solution Contract with Korea's KT
NORTEL NETWORKS: RBC Capital Market Maintains Rating
TELKOM INDONESIA: To Pay IDR48.45/shr Interim Dividend

VERITAS DGC: Profit More Than Doubles in 1st Quarter to Oct. 6


J A P A N

CB RICHARD: Completes 9-3/4% Senior Notes Tender Offer
DELPHI CORP: Judge Drain Approves SEC Settlement Agreement
DELPHI CORPORATION: Wants to Amend Fee Structure for Rothschild
DELPHI CORP: Orix Vacates Opposition to Lease Decision Extension
EMAGIN CORP: Posts US$3.7 Million Net Loss in 2006 Third Quarter

FLOWSERVE CORP: Opens New Quick Response Center in Germany
FORD MOTOR: Prices US$4.5 Bil. of Sr. Convertible Notes Due 2036


K O R E A

DRESSER INC: Unit Acquires Assets of Blackhawk Industries
DURA AUTOMOTIVE: Court Okays Richards Layton as Local Counsel
DURA AUTOMOTIVE: Court Gives Final Nod on Vendor Claims Payment


M A C A U

GALAXY CASINO: Moody's Places B1 Ratings on Review
GALAXY CASINO: S&P Places B+ Ratings on Watch Negative


M A L A Y S I A

FOAMEX INT'L: Judge Walsh Reassigns Ch. 11 Cases to Judge Gross
INDUSTRIAS METALURGICAS: Inks Contract with Centrais Electricas
KAI PENG: Net Loss Balloons to MYR1.34 Mil. in 1st Qtr. FY 2007
SOLUTIA INC: Court Approves January 15 Plan-Filing Deadline
SUREMAX GROUP: Unit Receives Demand for Payment of MYR57,088


N E W   Z E A L A N D

CAMPANELLA CONFECTIONERY: Faces Liquidation Petition
DIABLO HOSPITALITY: Creditors Must Prove Debts by December 22
EVERGREEN CELL: Creditors to Lodge Claims by December 14
HARPER BUILDERS: Court to Hear Liquidation Petition on Dec. 18
KRAMILA KRUTCHING: Faces Liquidation Proceedings

L & Y HOLDINGS: Appoints Michael Andrew Clarke as Liquidator
MILTON CONSTRUCTION: Liquidation Hearing Slated for Dec. 11
PRINCE ROOFING: Creditors to Prove Claims by December 11
SCORPION LTD: Names Parsons and Kenealy as Liquidators
SPRING STREET: Creditors to Prove Debts by December 13

TRADITIONAL TIMBER: Court Sets Liquidation Hearing on Dec. 11


P H I L I P P I N E S

ASIA AMALGAMATED: Still Non-Operating as of September 30, 2006
MAGNUM HOLDINGS: Records PHP89,886,436 Deficit as of Sept. 30
RB MALINAO: PDIC Starts Claims Services from Nov. 29 to Dec. 15
RURAL BANK OF PILAR: Monetary Board Orders Closure


S I N G A P O R E

DIGILAND INTERNATIONAL: Inks Purchase Agreement with Warrantors
FALMAC LIMITED: United Overseas Decreases Holdings in Company
HIQ BIOSCIENCE: Commences Wind-Up of Operations
KIN YEW: Pays Preferential Dividend to Creditors
LEAR CORP: Discloses Early Results of Senior Notes Tender Offer

MAE ENGINEERING: Enters Second IP Agreement with Founders
PDC CORP: Posts Shareholders' Change of Interest
SEA CONTAINERS: GE Wants Relief from Stay to Pursue Arbitration
SEA CONTAINERS: GNER's UK East Coast Operation Franchise Ceased
STANDARD AERO: Moody's Affirms B2 Corporate Family Rating

UNI-FRUITVEG: Court Directs Wind-Up of Operations


T H A I L A N D

TANAYONG PCL:  Shareholders' Meeting Slated for December 18
THAI-GERMAN: Bankruptcy Court Okays Rehab Plan Termination

     - - - - - - - -

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

AURA HOMES: Schedules Final Meeting on January 10
-------------------------------------------------
Aura Homes Pty Ltd -- formerly known as Traffic Control
Operations (Australia) Pty Ltd, -- which is in liquidation, will
hold a final meeting for its members and creditors on Jan. 10,
2007, at 9:30 a.m.

During the meeting, Liquidator Mark Pearce will present an
account of the company's wind-up proceedings and property
disposal activities.

Liquidator Pearce can be reached at:

         Mark Pearce
         Pearce & Heers
         Insolvency Accountants
         Level 8, 410 Queen Street
         Brisbane
         Australia

                        About Aura Homes

Aura Homes Pty Ltd is involved in the business services.

The company is located in Queensland, Australia.


B & S GARAGE: Undergoes Voluntary Liquidation
---------------------------------------------
The members of B & S Garage Door Operators Pty Ltd met on
Nov. 17, 2006, and resolved by special resolution to voluntarily
wind up the company's operations.

Accordingly, John Lethbridge Greig was appointed as liquidator.

The Liquidator can be reached at:

         John Lethbridge Greig
         Deloitte Touche Tohmatsu
         Chartered Accountants
         Riverside Centre, 123 Eagle Street
         Brisbane, Queensland 4001
         Australia

                       About B & S Garage

B & S Garage Door Operators Pty Ltd is engaged in the electrical
works.

The company is located in Queensland, Australia.


EUREKA SALES: Final Meeting Fixed for January 11
------------------------------------------------
A final meeting of the members and creditors of Eureka Sales
(Australia) Pty Ltd, which is in liquidation, will be held on
Jan. 11, 2007, at 10:00 a.m.

At the meeting, the members and creditors will receive an
account of the liquidator's costs and dealings on the company's
wind-up.

The company's liquidator can be reached at:

         O'Keeffe Walton Richwol
         Suite 3, 431 Burke Road
         Glen Iris 3146
         Australia

                       About Eureka Sales

Eureka Sales (Australia) Pty Ltd specializes in cleaning,
polishing, and sanitary preparations.

The company is located in Victoria, Australia.


G & A FISHER: Members Decide to Close Business
----------------------------------------------
At an extraordinary general meeting held on Nov. 27, 2006, the
members of G & A Fisher Pty Ltd resolved to voluntarily wind up
the company's operations.

In this regard, Clyde Peter White and Philip Newman were
appointed as liquidators.

The company's Liquidators can be reached at:

         P. Newman
         HLB Mann Judd
         Chartered Accountants
         Level 1, 160 Queen Street
         Melbourne
         Australia

                        About G & A Fisher

G & A Fisher Pty Ltd is an investor relation holdings company.

The company is located in Victoria, Australia.


HAZELWOOD JOINERY: Liquidator to Present Wind-Up Report
-------------------------------------------------------
Hazelwood Joinery Pty Ltd, which is in liquidation, will hold a
final meeting for its members and creditors on Jan. 5, 2007, at
11:00 a.m.

During the meeting, Liquidator D. A. Turner will present an
account of the company's wind-up proceedings.

The Liquidator can be reached at:

         D. A. Turner
         PKF
         Chartered Accountants
         11th Floor, 485 Latrobe Street
         Melbourne, Victoria 3000
         Australia

                     About Hazelwood Joinery

Hazelwood Joinery Pty Ltd manufactures wood kitchen cabinets.

The company is located in Victoria, Australia.


LQ4 (CBMC): Members to Receive Wind-Up Report on Jan. 19
--------------------------------------------------------
The members of LQ4 (CBMC) Pty Ltd will meet for their final
meeting on Jan. 19, 2007, at 10:00 a.m., to receive the
liquidators' report regarding the company's wind-up proceedings.

As reported by the TCR-AP, the company's creditors were required
to prove their debts by Dec. 31, 2006.

The liquidators can be reached at:

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

                        About Lq4 (Cbmc)

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


LQ5 (DFC): Members' Final Meeting Slated for January 19
-------------------------------------------------------
A final meeting of the members of LQ5 (DFC) Pty Ltd will be held
on Jan. 19, 2007, at 10:00 a.m., to consider the liquidators'
account of the company's wind-up proceedings.

According to TCR-AP, the company will declare a final dividend
for its creditors on Jan. 16, 2006.

The liquidators can be reached at:

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

                         About Lq5 (Dfc)

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


MARYBOROUGH ENGINEERING: Members To Hear Wind-Up Report
-------------------------------------------------------
Maryborough Engineering and Fabrications Company Pty Ltd, which
is in members' voluntary liquidation, will meet on Jan. 9, 2007,
at 11:30 a.m.

At the meeting, the members will receive an account of the
company's wind-up proceedings and property disposal exercises.

The liquidator can be reached at:

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

                  About Maryborough Engineering

Maryborough Engineering and Fabrication Company Pty Ltd is
engaged with Structural Steel erection.

The company is located in Victoria, Australia.


MITCHAM LEGAL: Members' Final Meeting Fixed for Jan. 9
------------------------------------------------------
The members of Mitcham Legal Services Pty Ltd will hold a final
meeting on Jan. 9, 2007, at 12:00 p.m., to consider Liquidator
Downey's account of the company's wind-up proceedings.

As reported by the TCR-AP, the company was placed under
voluntary wind-up on Aug. 31, 2006.

The liquidator can be reached at:

         James Patrick Downey
         Cole Downey & Co
         Chartered Accountants
         Level 1, 22 William Street
         Melbourne, Victoria 3000
         Australia

                       About Mitcham Legal

Mitcham Legal Services Pty Ltd is involved with miscellaneous
personal services.

The company is located in Victoria, Australia.


MULTIPLEX GROUP: Appoints A. Cameron as Independent Director
------------------------------------------------------------
On December 4, 2006, Multiplex Group disclosed that it has
appointed Alan Cameron to the Multiplex Limited and Multiplex
Funds Management Limited boards as an independent Non-Executive
Director.

Accordingly, the Multiplex Limited Board now comprises five
independent and five executive directors, led by Non-Executive
Chairman Allan McDonald.

"Mr. Cameron's appointment progresses our commitment to comply
with the ASX Principles of Good Corporate Governance in relation
to Board composition," Mr. McDonald said.

                         About Multiplex

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

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

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

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


PREMIER FORGE: To Hold Final Meeting on January 4
-------------------------------------------------
The members and creditors of Premier Forge Pty Ltd will hold its
final meeting on Jan. 4, 2007, at 11:00 a.m., to receive an
account of the company's wind-up proceedings from Liquidator
Russel Peake.

The TCR-AP previously reported that the company declared its
first and final dividend on June 26, 2006.

The Liquidator can be reached at:

         Russell Peake
         Jenkins Peake & Co
         Chartered Accountants
         PO Box 1570, Geelong 3220
         New Zealand
         Telephone:(03) 5223 1000
         Facsimile:(03) 5221 4938

                       About Premier Forge

Premier Forge Pty Ltd trading operated beauty shops.

The company is located in Geelong, Victoria, Australia.


REVLON CONSUMER: S&P Junks US$840-Mln Senior Secured Term Loan
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its loan and
recovery ratings to New York, N.Y.-based Revlon Consumer
Products Corp.'s new US$840-million senior secured term loan due
2012.

The loan rating is 'CCC+', with a recovery rating of '2',
indicating the expectation for substantial (80%-100%) recovery
of principal in the event of a payment default.  At the same
time, Standard & Poor's affirmed its existing ratings on Revlon,
including the 'CCC+' corporate credit rating.  The rating
outlook is negative.

In addition to the proposed term loan facility, Revlon also
announced that it intends to increase the size of its previously
planned US$75 million rights offering to US$100 million.  
McAndrews & Forbes is committed to purchasing its 60% pro rata
share of the equity covered by the offering.  M&F will also
backstop up to US$75 million of the offering, and will continue
to provide an additional US$50 million line of credit through
January 2008.  The bank refinancing will close in December 2006,
and the rights offering will be completed in January 2007.

Proceeds from the new term loan facility will be used to
refinance Revlon's existing US$800 million term loan facility,
and the balance will be available for general corporate purposes
after the repayment of transaction related fees and expenses.

Proceeds from the rights offering will be used to repay US$50
million of its 8.625% subordinated notes (rated 'CCC-') due in
2008, with the remainder used to pay down its existing revolver
balance after fees and expenses (the US$160 million maximum
revolver commitment remains unchanged).

At Sept. 30, 2006, the company had about US$1.465 billion in
total debt outstanding and, on a pro forma basis, will have
about US$1.404 billion of total debt outstanding at the closing
of the bank refinancing and rights offering.

                          About Revlon

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


REVLON CONSUMER: Plans to Increase Term Loan to US$840 Million
--------------------------------------------------------------
Revlon Consumer Products Corp., a wholly owned operating
subsidiary of Revlon Inc., plans to refinance its existing
credit agreement as part of the Company's overall plans to
improve cash flow and strengthen its balance sheet and capital
structure.

As part of the refinancing, RCPC expects to refinance and
replace its existing US$800 million term loan with a new 5-year
US$840 million term loan facility and amend its existing US$160
million multi-currency revolving credit facility and extend its
maturity through the same 5-year period.

It is expected that the 2006 Term Loan Facility would be secured
by substantially the same collateral package and guarantees that
secure RCPC's existing term loan facility and the 2006 Revolving
Credit Facility will continue to be secured by its existing
collateral package and guarantees.

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

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

RCPC expects to close and fund the 2006 Credit Facilities in
late December 2006.  Consummation of the 2006 Credit Facilities
transactions is subject to a number of customary conditions,
including, among other things, the execution of definitive
documentation, perfection of security nterests in collateral and
that Revlon launch a rights offering for at least US$100 million
in equity securities.

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

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

Headquartered in New York, Revlon Consumer Products Corp. is a
worldwide cosmetics, skin care, fragrance, and personal care
products company.  The company is a wholly owned subsidiary of
Revlon Inc. -- http://www.revloninc.com/-- which in turn is  
majority-owned by MacAndrews and Forbes, which is wholly owned
by Ronald O. Perelman.

                         *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
December 11, 2006, Standard & Poor's Ratings Services assigned
loan and recovery ratings to Revlon Consumer's new US$840-
million senior secured term loan due 2012.

The loan rating is 'CCC+', with a recovery rating of '2',
indicating the expectation for substantial (80%-100%) recovery
of principal in the event of a payment default.  At the same
time, Standard & Poor's affirmed its existing ratings on Revlon,
including the 'CCC+' corporate credit rating.  The rating
outlook is negative.


WESTPOINT GROUP: Court Orders Wind Up of 14 Related Companies
-------------------------------------------------------------
The Australian Securities and Investments Commission obtained
orders from the Federal Court to wind up companies associated
with Norman Phillip Carey and the Westpoint group of companies.

On December 7, 2006, Justice French delivered judgment on the
ASIC's application to wind up Forestview Nominees Pty Ltd, and
appointed Simon Andrew Read and Clifford Stuart Rocke of PPB in
Perth and Ian Menzies Carson of PPB in Melbourne as liquidators
of the company.

In a separate judgment on December 6, 2006, Justice French
ordered that an additional 13 companies be wound up:

   1. Eastlands Pty Ltd,
   2. Goldtag Pty Ltd,
   3. Westpoint Money Management Pty Ltd,
   4. Asset Build (Aust.) Pty Ltd,
   5. Cinema City Development Pty Ltd,
   6. Westpoint Consulting Group Pty Ltd,
   7. Jetstone Pty Ltd,
   8. Network Company Pty Ltd,
   9. Pagelight Nominees Pty Ltd,
  10. Kingdream Pty Ltd,
  11. Juson Pty Ltd CAN,
  12. Bridgeview Holdings Pty Ltd, and
  13. Westside Brisbane Developments Pty Ltd

Messrs. Read, Rocke, and Carson were also appointed as joint and
several liquidators of these companies.

"ASIC welcomes the findings of Justice French as an important
step in unravelling the complex network of companies left behind
by the collapse of the Westpoint Group's Executive Director of
Enforcement," Jan Redfern said.

The ASIC's application to wind up Bowesco Pty Ltd (receiver and
manager appointed) and Lanepoint Enterprises Pty Ltd is
currently scheduled to be heard starting February 26, 2007.

As reported in the Troubled Company Reporter- Asia Pacific on
June 15, 2006, the ASIC has filed a wind-up petition with the
Federal Court in Perth against Lanepoint.

According to the TCR-AP, the ASIC alleged that Lanepoint was
insolvent and sought the appointment of Messrs. Read and Birch
as liquidators for the company.

The sole shareholder of Lanepoint is Bowesco, which is subject
to orders obtained by the ASIC, the TCR-AP noted.  The sole
director of both companies is Karen Carey-Hazell, Mr. Carey's
sister.

The ASIC's investigation into the affairs of the Westpoint group
of companies is continuing.

           N. Carey Says Other Companies were Solvent

The Court heard the ASIC's applications on November 20 and 21,
2006, which were opposed by Mr. Carey and in some cases, by his
sister.

The ASIC relates that Mr. Carey, who was granted leave to appear
at the hearings, conceded that some of the companies that the
ASIC was seeking to wind up were insolvent.  However, he argued
that the remainder of the companies were solvent, giving
evidence on oath to the effect that the documentary evidence
available to the ASIC was not complete and that he had personal
knowledge of matters that, if taken into account, demonstrated
that the companies involved were solvent.  These were not
matters that Mr. Carey, or anyone else, had raised with the ASIC
previously.

                    About Westpoint Group

Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property  
development and owns or manages retail and commercial properties
with a total value of over AU$300 million.  The Group's troubles
began in 2005 when the Australian Securities and Investments
Commission commenced investigations on 160 companies within the
Westpoint Group.  The ASIC's investigation led to ASIC
initiating action in late 2005 in the Federal Court of Australia
against a number of mezzanine companies in the Westpoint Group,
including winding up proceedings.  The ASIC contends that
Westpoint projects are suffering from significant shortfall of
assets over liabilities so that hundreds of investors are at
serious risk of not receiving repayment of their investments.  
The ASIC also sought wind-up orders after the Westpoint
companies failed to comply with its requirement to lodge
accounts for certain financial years.  These wind-up actions are
still continuing.

In February 2006, the Federal Court in Perth issued a wind-up
order against Westpoint Corporation Pty Ltd.  The ASIC had
applied to wind up the company on grounds of insolvency.  The
ASIC believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.  
The ASIC was concerned that Westpoint Corporation was unable to
pay its debts, including its obligations under the guarantees
given to the mezzanine companies to make good expected
shortfalls in the repayment of amounts owed to investors.

The Westpoint Group's collapse is considered by many as the
largest of its type in recent years, with small investors being
the biggest group affected.  Investors are currently joining
forces to commence a class action against Westpoint and its
advisors.


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

ALEXANDER FORBES: Members to Receive Wind-Up Report on Jan. 9
-------------------------------------------------------------
The members of Alexander Forbes Risk & Reinsurance Solutions Ltd
will meet for their final general meeting on Jan. 9, 2007, at
10:00 a.m., to receive the liquidators' report regarding the
company's wind-up proceedings.

According to the Troubled Company Reporter - Asia Pacific, the
company was placed under voluntary wind-up on July 6, 2006.

The liquidators can be reached at:

         Chan Mi Har
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


BENQ CORP: Posts NT$11.9 Billion Sales for November 2006
--------------------------------------------------------
BenQ Corp. disclosed its consolidated revenue for the month of
November.  The company's core business recorded sales of NT$11.9
billion.

Unit sales of projectors hit a record high again in November as
the company recorded sales growth four quarters in a row.
"Projector strength is especially apparent in Europe and Asia
Pacific," according to Eric Ky Yu, BenQ's Senior Vice President
of Finance and Spokesperson. BenQ projectors continued its
strong performance in third quarter, ranking No. 1 in twelve
markets, including Germany, according to DTC Worldwide, a
leading market research firm.

Organizational Restructuring

BenQ is moving ahead with its organizational re-alignment as
previously announced. With BenQ's handset business, "we plan to
continue making adjustments to headcount and capacity,"
continued Mr. Yu, and additionally, following the announced re-
alignment of the company's Integrated Manufacturing Services
business, "customers have responded quite favorably as evidenced
by BenQ's recent customers wins."

For purposes of improving the company's balance sheet and
financial structure, BenQ's board of directors convened Dec. 6
to approve a proposed issuance of unsecured bonds exchangeable
into shares of AU Optronics and NT$5 billion in syndication
financing.

                           About BenQ

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

                         *     *     *

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


BENQ: Plans to Raise NT$4.5 Billion in Corporate Bonds
------------------------------------------------------
BenQ Corp plans to raise up to NT$4.5 billion in corporate bonds
to raise more cash, Reuters reports.

According to the company's statement, the five-year zero-coupon
bonds would be exchangeable for AU Optronics Corp. shares it now
holds.

Reuters relates that BenQ currently owns a 9.6% stake in AU
Optronics, Taiwan's largest flat-screen panel maker.

In addition, Reuters says that based on its Basis Point data,
BenQ also plans to issue around NT$5 billion to NT$6 billion in
syndicated loans.

                          *     *     *

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

                          *     *     *

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


BUDDYZ COFFEE: Final Meeting Slated for January 11
--------------------------------------------------
A final meeting of the members and creditors of Buddyz Coffee
Ltd will be held at Room B, 4/F., Kiu Fu Commercial Building,
300 Lockhart Road in Wan Chai, Hong Kong on Jan. 11, 2007, at
3:00 p.m. and 3:30 p.m., respectively.

During the meeting, the members and creditors will receive
Liquidator Leung Chi Wing's account of the company's wind-up
proceedings and property disposal exercises.

The Troubled Company Reporter - Asia Pacific has reported that
the company's creditors held their meeting on March 9, 2006.

The Liquidator can be reached at:

         Leung Chi Wing
         Room 1101, 11/F
         Shiu Lam Building
         23 Luard Road
         Wan Chai, Hong Kong


CATHAY WORLDWIDE: Appoints Fong Fu Yin Albert as Liquidator
-----------------------------------------------------------
Fong Fu Yin Albert was appointed liquidator of Cathay Worldwide
Ltd on Nov. 27, 2006.

The Liquidator can be reached at:

         Fong Fu Yin Albert
         Premier Services Hong Kong Limited
         Room 1903, Cameron Commercial Centre
         458-468 Hennessy Road, Causeway Bay
         Hong Kong


EXCEL CHOICE: Court to Hear Wind-Up Petition on January 3
---------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition filed
against Excel Choice International Ltd on Jan. 3, 2007, at
9:30 a.m.

The Secretary for Justice and the Commissioner of Customs &
Excise acting for the Government filed the petition with the
Court on Nov. 2, 2006.

The solicitors for the Petitioner can be reached at:

         Yasmin E. Mahomed
         Department of Justice
         2/F, High Block Queensway Government Offices
         66 Queensway
         Hong Kong


GLAMOUR LTD: Members Pass Resolution to Wind Up Firm
----------------------------------------------------
At an extraordinary general meeting held on Nov. 24, 2006, the
members of Glamour Ltd passed a special resolution to
voluntarily wind up the company's operations.

Accordingly, Chung Wai Leung and Mok Pui Shu Pansy were
appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Chung Wai Leung
         Mok Pui Shu Pansy
         Unit 1305, Tai Tung Building
         8 Fleming Road, Wanchai
         Hong Kong


HK CHINA: Creditors' Proofs of Debt Due on January 12
-----------------------------------------------------
Liquidator Peter P.F. Chan requires the creditors of Hong Kong
China Ipo Society Ltd to submit their proofs of debt by Jan. 12,
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:

         Peter P.F. Chan
         2/F, Caltex House
         258 Hennessy Road
         Wanchai, Hong Kong


PACIFIC PRECISION: Sole Shareholder Opts to Wind Up Firm
--------------------------------------------------------
On Nov. 29, 2006, the sole shareholder of Pacific Precision Ltd
passed a special resolution to voluntarily wind up the company's
operations.

In this regard, Ying Hing Chiu and Chung Miu Yin Diana were
appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Ying Hing Chiu
         Chung Miu Yin, Diana
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


PROMINENCE REALTY: Liquidators to Receive Claims Until Dec. 22
--------------------------------------------------------------
Liquidators Anthony Nedderman and Yan Miu Ping are receiving
proofs of debt from creditors of Prominence Realty
(International) Ltd until Dec. 22, 2006.

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

The Liquidators can be reached at:

         Anthony Nedderman
         Yan Miu Ping
         11/F, China Hong Kong Tower
         8 Hennessy Road
         Hong Kong


RAYDAR TRADING: Wind-Up Hearing Set on January 24
-------------------------------------------------
A wind-up petition filed against Raydar Trading (International)
Ltd will be heard before the High Court of Hong Kong on Jan. 24,
2006, at 9:30 a.m.

Hang Seng Bank Ltd filed the petition with the Court on Nov. 20,
2006.

The Solicitor for the Petitioner can be reached at:

         Li, Kwok & Law
         Units 1204-6, Man Yee Building
         68 Des Voeux Road, Central
         Hong Kong

Raydar Trading (International) Limited --
http://www.raydar.com.hk/-- is in the recycling business since  
1999.  The company specializes in importing various types of
plastic, metal & electronic scrap from all over the world for
recycling in China.  All scrap materials are shipped directly to
Hong Kong or China where they are processed by the company and
reshipped directly to the factories for production into recycled
products.


TAI SUN: Lui Wan Ho Ceases to Act as Liquidator
-----------------------------------------------
On Dec. 1, 2006, Lui Wan Ho ceased to act as liquidator of Tai
Sun Plastic Novelties Ltd.

As reported by the TCR-AP, Mr. Ho presented the account of the
company's wind-up proceedings at the meeting held on Dec. 1,
2006.

Mr. Ho can be reached at:

         Lui Wan Ho
         Room 1701, Olympia Plaza
         255 King's Road, North Point
         Hong Kong

                          About Tai Sun

Tai Sun Plastic Novelties is a family-run company that makes
toys for J.C. Penney and Carrefour in China's Guangdong
province.


ZTE CORP: Secures US$700-Million Contract with Reliance Comm.
----------------------------------------------------------------
ZTE Corp has secured a US$700 contract with India's Reliance
Communications, AFX News says, citing a report from The
Standard.

The Standard, citing ZTE vice presidents Chen Jie and Huang
Dabin, said the contract involves a supply of 2.5 million mobile
phones running over both GSM and CDMA systems.

The company declined to disclose further details saying an
announcement would be made at the end of the month, the
newspaper said.

ZTE now derives more than 50% of its total revenue from outside
China, The Standard added.

The deal, according to a report from India Times, is believed to
be the largest overseas order ever for a Chinese
telecommunications firm.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Dec. 1,
2006, that Fitch Ratings assigned China-based ZTE Corporation
Long-term foreign and local currency Issuer Default ratings of
'BB+'.  The rating Outlook is Stable.



* Fitch Positive on China's Bankruptcy Law Reforms
--------------------------------------------------
On December 7, 2006, Fitch Ratings said that it viewed
positively the reforms proposed under China's new enterprise
bankruptcy law to be implemented next year.  

These reforms are in the form of western-style provisions and
practices, which give creditors more direct involvement and
power.  However, the agency expects that it will be years before
the proposed new bankruptcy law is widely used and consistently
applied, given the time and detailed rules and procedures
required to ensure the successful implementation of any new
bankruptcy law.

Additionally, an effective judicial infrastructure can only be
established over time as the judges accumulate experience and
expertise in handling bankruptcies and reorganizations.

"Whilst Fitch welcomes the potential improvement in creditor
rights through the enactment of the new bankruptcy law, China
currently lacks an established track record for security
enforceability and transparency of the legal system," said Siew
Huey Loong, director in Fitch's Asia-Pacific Corporate Ratings
Group, in the second of a series of special reports on
insolvency regimes in Asia-Pacific published today, "Until a
track record is established and the new bankruptcy law is
applied consistently and effectively, Fitch can therefore give
only limited weighting to this factor when assigning instrument
ratings."

The report entitled "China's Insolvency Regime and its Impact on
Recovery Ratings" first focuses on the issues encountered with
the insolvency regime under the old bankruptcy law before
highlighting the key aspects of the new enterprise bankruptcy
law.  It also examines how the new bankruptcy law will affect
the rights of secured and unsecured creditors and the potential
issues creditors will face in the event of default.

In addition, the report outlines how Fitch incorporates these
factors into its assignment of ratings to instruments issued by
Chinese corporates and examines the common structure applied in
Chinese high yield bonds and the position of unsecured
bondholders vis-a-vis other creditors in the event of default.

The publication of Fitch's report coincides with an increasing
number of Chinese corporates accessing the international debt
capital markets to meet their funding needs.


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

GENERAL MOTORS: November U.S. Sales for New Cars & Trucks Up 6%
---------------------------------------------------------------
General Motors dealers in the United States sold 297,556 new
cars and trucks in November, a 6% increase compared with last
year.

Beginning with the 2007 model year in September, retail sales
are up 13% while retail sales for November were up 11% compared
with a year ago.

Retail truck sales were up 17%, led by a 29% increase in large
pickup retail sales such as Chevy Silverado and GMC Sierra and a
36% increase in luxury utility retail sales, including triple-
digit retail increases for the entire Cadillac Escalade lineup.
Retail car sales were up 1%, led by Chevrolet Impala, Buick
Lucerne, Pontiac G5, Saturn Aura, and Cadillac CTS.

"We continue to experience strong customer demand for our lineup
of fuel efficient vehicles and new launch products.  In a
challenging market, we are pleased to be gaining momentum with
our truck lineup, which we attribute to offering the best fuel
economy and the best warranty in the segment," General Motors
North America vice president for vehicle sales, service, and
marketing Mark LaNeve said.

"Importantly, sales were solid throughout the month with dealers
driving traffic with our annual year-end Red Tag Event."  The
Red Tag Event runs through Jan. 2, 2007.

GMC, Cadillac, Chevrolet, Buick, Saab, and Saturn all had retail
sales increases in November.  GMC was up 23% retail, compared
with a year ago, with double-digit sales increases for the
Sierra, Yukon and Yukon XL.

Cadillac retail sales were up 26%, with a 15% Increase in CTS
and triple-digit increases for the entire Escalade lineup.  
Chevrolet retail sales were up 9%, with retail increases by
Silverado, up 23%; Tahoe, up 50%; and Suburban, up 36%.

Buick retail sales were up 38%, led by Lucerne, which saw a
sales increase of more than 6,000 vehicles compared with last
November.  Saab retail sales were up 25%, driven by an 87% hike
for 9-5, a 64% rise for 9-7X and an 11% retail increase for 9-3.  
Lastly, Saturn retail sales were up 14% as the all-new 2007 Aura
and Sky continue to bring new customers into the Saturn
family.

"Our Manufacturing team worked extremely hard on a high-quality
launch and has already produced more than 50,000 new 2007 Chevy
Silverados and GMC Sierras," Mr. LaNeve added.

"This accelerated launch means we are in the marketplace 13
weeks ahead of schedule -- and most importantly -- ahead of the
competition with the best quality, fuel economy, and value in
the important full-size pickup segment."

GM continues to reduce its reliance on daily rental sales.  
Sales to daily rental companies were down 13% compared with
year-ago levels, while non-daily rental fleet business was up
5%.  Overall fleet sales of 80,452 vehicles were down 7%
compared with last November.

                   Certified Used Vehicles

November sales for GM Certified Used Vehicles, Cadillac
Certified Pre-Owned Vehicles, Saab Certified Pre-Owned Vehicles,
and HUMMER Certified Pre-Owned Vehicles, were 42,006 down 1%
comparable with last November's sales.

Certified sales from Saturn Certified Pre-Owned Vehicles were
not available at the time of this release. Total year-to-date
certified GM sales, excluding November sales of Saturn Certified
Pre-Owned Vehicles, are 478,389 units, down 1% compared with the
same period last year.

GM Certified Used Vehicles, the industry's top selling certified
pre-owned brand, posted 36,485 sales in November, down 1.7% from
November 2005.

Year-to-date sales for GM Certified Used Vehicles are 413,688
units, comparable to last year's results for the same period.

Cadillac Certified Pre-Owned Vehicles posted 3,545 sales in
November, up 16% from last November.  Saturn certified pre-owned
sold 1,351 units down 25%.

Saab Certified Pre-Owned Vehicles sold 514 units, up nearly 5%.  
In its eleventh month of operation, HUMMER Certified Pre-Owned
sold 112 units.

"Cadillac Certified Pre-Owned Vehicles continues to roll along
with another strong monthly sales performance.  For the month,
they were up 16% over November 2005, with year-to-date sales up
8% from the same period last year," Mr. LaNeve said.  "Through
November, GM Certified Used Vehicles, the industry's top-selling
certified brand, sold 413,688 units, comparable to its category
record annual sales in 2005."

         GM North America Reports November 2006 Production

In November, GM North America produced 360,000 vehicles (148,000
cars and 212,000 trucks).  This is down 71,000 units or 16%
compared with November 2005 when the region produced 431,000
vehicles (169,000 cars and 262,000 trucks).  (Production totals
include joint venture production of 20,000 vehicles in November
2006 and 30,000 vehicles in November 2005.)

The region's 2006 fourth quarter production forecast is
unchanged at 1.110 million vehicles (449,000 cars and 661,000
trucks).  In the fourth quarter of 2005 the region produced
1.281 million vehicles (483,000 cars and 798,000 trucks).

Additionally, the region's initial 2007 first quarter production
forecast is set at 1.140 million vehicles (457,000 cars and
683,000 trucks), down 9% from actual first quarter of 2006
results.  The majority of the production decrease in the first
quarter is attributed to GM's ongoing efforts to reduce low-
margin daily rental fleet sales.  The remainder of the cuts is
attributed to shifting production to the company's new full-size
pickups and the ongoing management of inventories.

          Initial 2007 First Quarter Production Forecasts
                   For Its International Regions

GM Europe

GM Europe's 2006 fourth quarter production forecast is unchanged
at 445,000 units.  In the fourth quarter of 2005 the region
built 443,000 vehicles.  The region's initial 2007 first quarter
production forecast is set at 508,000 vehicles.

GM Asia Pacific

The region's 2006 fourth quarter production forecast is
unchanged at 504,000 units.  In the fourth quarter of 2005 the
region built 420,000 vehicles.  GM Asia Pacific's initial 2007
first quarter production forecast is set at 539,000 vehicles.

GM Latin America, Africa and the Middle East

The region's 2006 fourth quarter production forecast is
unchanged at 215,000 units.  In the fourth quarter of 2005 the
region built 188,000 vehicles. The region's 2007 first quarter
production forecast is set as 214,000 vehicles.

                      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: Sept. 2006 Quarter Net Down 45% at INR17 Crore
-------------------------------------------------------------
IndusInd Bank Ltd.'s board of directors, on Oct. 31, 2006,
approved and adopted the bank's unaudited financial results
intended for the second quarter and first half-year ended
September 30, 2006.

Performance highlights for the quarter ended September 30, 2006
are:

   -- Total Income was INR429.01 crore as compared to INR352.03
      crore in the corresponding quarter of the previous year.

   -- Net Interest Income was INR65.75 crore as compared to
      INR91.42 crore in the corresponding quarter of the
      previous year.

   -- Other Fee Income comprising Commission, Exchange, and
      Brokerage for the quarter stood at INR68.41 crore vis-a-
      vis INR48.14 crore in the corresponding quarter of the
      previous year.

   -- Operating Profit for the quarter was INR49.09 crore as
      against INR62.51 crore in the corresponding quarter of the
      previous year, and INR36.95 crore in Q1 of this year.

   -- Net Profit for the quarter was INR17.18 crore as against
      INR31.49 crore in the corresponding quarter of the
      previous year and INR8.01 crore in Q1 of this year.  The
      profits were lower mainly due to the absence of profit on
      securitization in the quarter ended September 30, 2006,
      (the securitization profit in Q2 last year was INR23.91
      crores) and increase in cost of deposits.

   -- Net Interest Margin for the current quarter was 1.34% as
      against 2.24% in the corresponding quarter of the previous
      year.  NIM was impacted on account of higher interest cost
      and the absence of securitization profit.  NIM for the Q1
      of the current year was 1.22%.

   -- The quarterly EPS works out to INR0.59 (non annualized) on
      an equity capital base of INR290.51 crore.

   -- Capital Adequacy Ratio as on September 30, 2006, was
      10.31% as against the minimum requirement of 9%.

The performance highlights for the six-month period ended
September 30, 2006, are:

   -- Total Income for the first half-year was INR819.15 crore
      as compared to INR 701.89 crore in the corresponding
      period of the previous year.

   -- Net Interest Income was INR122.78 crore as compared to
      INR162.42 crore in the corresponding period of the
      previous year.

   -- Operating Profit for the half-year period ended Sept. 30,
      2006, was INR86.04 crore as against INR140.02 crore in
      the corresponding period of the previous year.

   -- Net Profit for the half-year period ended September 30,
      2006, was INR25.19 crore as against INR71.85 crore in the
      corresponding period of the previous year.  Profits were
      lower due to lower bad debts recovery and the absence of
      profit on securitization.

   -- Net Interest Margin for the half year period was 1.28% as
      against 2.06% in the corresponding period of the previous
      year.

   -- Total Advances as on September 30, 2006, were INR10,724
      crore as compared to INR 9,082 crore as on September 30,
      2005, recording a growth of 18.07%.

   -- Total deposits as of September 30, 2006 were INR15,986
      crore as compared to INR13,913 crore as on September 30,
      2005, recording a growth of 14.90%.

   -- The Current Accounts-Savings Accounts ratio improved to
      14.02% of total deposits against 11.82% in H1 FY06.

Commenting on the performance, Mr. Bhaskar Ghose, managing
director and chief executive officer, IndusInd Bank said, "Our
business growth has been satisfactory, with emphasis on retail
banking -- particularly vehicle finance by way of Assets and
retail deposits by way of liabilities.  These two areas of
growth, increasing our yields on advances on the one hand and
lowering our dependence on high-cost bulk deposits on the other,
speak well for our future."

The Bank introduced its Indus Tax Saver Scheme last quarter,
offering a rate of interest of 8.50% p.a. on five-year deposits
with 9% p.a. for senior citizens.  The Bank also launched two
cards during the quarter -- the Indus Gift Card and the Indus
Gold Debit Card.

Indus Gift Card was launched in association with VISA.  It
enables the cardholder to shop at any Point of Sale outlet in
India or abroad, as well as to make on-line purchases.  The card
is available for customers as well as non-customers of the Bank.
Indus Gold Debit Card has been the latest addition to the array
of cards being offered by the Bank.  Apart from access to its
many attractive features, the customer will also receive regular
SMS alerts on all transactions made using the Debit Card.

The Bank recently entered into an arrangement with Doha Bank and
launched its E-Remittance facility for NRI customers.  This new
facility will enable seamless, electronic transfer of funds
across boundaries.  Apart from this initiative, seventeen
exchange houses from the UAE, Kuwait and Oman have entered into
arrangements with IBL to provide convenient, cost-effective, and
quick funds-transfer facilities to NRIs.  IBL also caters to
other banking and financial needs of expatriate Indians through
NRE and FCNR deposits, e-broking, direct investment in Mutual
Funds, and other related third-party distribution products and
services.

                      About Indusind Bank Ltd

Private-sector bank, Indusind Bank Ltd. -- http://indusind.com/
provides commercial, transactional and electronic banking
products to corporate clients in India.  

Headquartered in Pune, India, the bank 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.                          

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
December 8, 2006, Fitch Ratings gave the bank an Individual
Rating of 'D.'


RELIANCE INDUSTRIES: Rig Shortage Sets Back Production & Revenue
----------------------------------------------------------------
Reliance Industries Ltd is experiencing delays and incurring
higher costs in drilling natural gas off India's east coast
because of a shortage of rigs, The Financial Express reports.

Citing filings by Reliance's partner, Niko Resources Ltd, and a
statement by drilling contractor Transocean Inc., Financial
Express says that two rigs will be delivered late.  One of the
rigs will arrive at least eight months late in February 2008.

As reported in the Troubled Company Reporter - Asia Pacific on
November 6, 2006, Reliance and Niko Resources were awarded a
deepwater block in Krishna - Godavari Basin off the east coast
of India in Bay of Bengal.  RIL, as operator of the block, holds
90% of the participating interest and NIKO the remaining 10%.

India's biggest gas project, aimed at finding gas reserves in
deep waters and reduce dependence on Middle East supply, was
scheduled to start producing by March 2009, FE points out.  

With the lack of needed rigs, Reliance's cost of developing the
discovery has doubled, while plans to increase production to a
maximum 80 million cubic meters a day is likely to be delayed,
the newspaper adds.

The newspaper attributes the rig shortage to a boom in offshore
exploration, hence increasing competition for sea-drilling
equipment.

                   About Reliance Industries

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

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

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


RELIANCE INDUSTRIES: Retail Unit Acquires Adani's Retail Arm
------------------------------------------------------------
Reliance Industries Ltd's retail subsidiary, Reliance Retail,
has purchased the INR13,500-crore retail division of Adani
Group, fibre2fashion.com reports.

According to the report, the buy-out aims to:

   -- keep pace with the rapidly growing retail industry; and

   -- enhance business under plans of combining acquisitions
      with organic development.

The move, fibre2fashion.com says, will enable RIL to focus on
Adani's core competencies -- transport, energy and global
commodity trading.

RIL Chairman Mukesh Ambani reportedly invested INR110 crore in
the deal, offering ownership of 54 Adani outlets situated in 15
Gujarati cities.  Local stores, supermarkets and hypermarkets
are also a part of the acquisition, fiber2fashion.com adds.

                   About Reliance Industries

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

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

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


STIEFEL LABORATORIES: S&P Rates US$735-Mil. Senior Loans at B+
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' corporate
credit rating to Coral Gables, Florida-based specialty
pharmaceuticals manufacturer Stiefel Laboratories Inc.

The rating outlook is positive.

At the same time, Standard & Poor's assigned its loan and
recovery ratings to Stiefel's US$735 million senior secured
first-lien credit facility, consisting of a US$75 million
revolver maturing in 2012 and a US$660 million term loan
maturing in 2013. The loan is rated 'B+' with a recovery rating
of '2', indicating the expectation for substantial recovery of
principal in the event of a payment default.

In addition, Stiefel's US$150 million senior secured second-lien
term loan was rated 'B-' with a recovery rating of '5',
indicating the expectation for negligible recovery of principal
in the event of a payment default.

Proceeds mainly will be used to fund the company's US$640
million acquisition of specialty pharmaceutical company
Connetics Corp.

"Stiefel Laboratories holds a well-established position in the
niche market for dermatological treatments and has a diverse
product portfolio," noted Standard & Poor's credit analyst
Arthur Wong.

"However, the speculative-grade ratings overwhelmingly reflect
the significant debt leverage incurred from the secured
financing transaction."

Following the completion of the acquisition, privately held
Stiefel will be the fourth-largest player in the dermatology
market, with more than US$730 million in annual sales.  The
company will have a diverse product portfolio, with its top
three products--Duac, Soriatane, and Olux--collectively
accounting for only 34% of total sales.  This percentage is
relatively low when compared with other pharmaceutical companies
rated in the 'B' category, which tend to be more reliant on
fewer products.

Pro forma for the acquisition, Stiefel's debt to EBITDA will
jump to 5.1x, funds from operations to debt will be less than
10%, and EBITDA interest coverage will be 2.3x--measures that
are weak for the rating.  However, the company should be able to
generate excess cash flows and improve its credit measures
rapidly over the next two years.

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


* Fitch: Growth in Indian Sugar Inventories May Pressure Margins
----------------------------------------------------------------
Fitch Ratings commented in a special report that the agency
expects domestic Indian sugar inventories to grow, which,
coupled with the expectation of an increase in sugar cane prices
may put pressure on margins in the short term.  This situation
is on account of strong capacity expansion due to the upward
trend seen by the Indian sugar industry since 2003.

Additionally, with capacity additions funded through significant
debt, Indian sugar producers' debt protection measures are
expected to deteriorate.  Though there are pressures on debt
protection measures, they are not likely to be as adverse as
seen during 2002 to 2003.  Fitch expects ratings within the
industry to remain stable.

Fitch also believes that entities that have used the last two-
to-three years to strengthen their cost structures and diversify
their operations through integration will be in a better
position to manage the pressures.

In the report entitled "Indian Sugar Industry: Will the Cycle
Lengthen?" the agency commented that the government of India is
contemplating the removal of the export ban on sugar and that
oil companies are making headway in the use of ethanol in
petrol.  However, the benefits of these developments are
difficult to quantify since the sector remains exposed to
political and regulatory risks.  If these developments occur,
this would help extend the cycle.  However, a susceptibility to
monsoons remains the key driver for the availability of sugar
cane, and hence the overall performance of the sector.

Over the past twelve months, sugar production has remained high
as manufacturers have been encouraged by their profitability.
Access to low-cost funding, opportunity of blending ethanol with
petrol and fiscal incentives for producers have also resulted in
large sugar capacities.  The closing stocks for the sugar year
(October to September) 2007 to SY08 are expected to be
significantly higher than that for the last two years.

"While exports are inevitable at some stage, this will expose
domestic manufacturers to global sugar trade volatility and
producers will face the additional challenge of developing new
markets," said Rakesh Valecha, director with Fitch's Corporates
team in India.  "Furthermore, only those companies that are
located close to ports may benefit as freight costs may prove
inhibitive for others," Mr. Valecha added.

Fitch also notes that need for more cane by new capacities would
be primarily possible through increasing cane drawal.  It is
imperative for sugar manufacturers to forge good relationships
with cane farmers if cane drawal is to be increased.

Fitch expects sugar cane prices to remain firm due to
competition and political factors, and sugar prices to soften
over the short term.  However, a large reduction in industry
margins may be averted due to profits from other businesses.  
Over the next two years, domestic industry debt/PBDITA is
projected to be over 3.5x (2.49x in FYE05) and debt/equity is
likely to be over 2.0x (1.31x in FYE05).  For its analysis the
agency has considered the top 30 sugar companies which comprise
the significant industry revenues.

According to Fitch's analysis, the key issues to be considered
for the evaluation of the credit profile of a domestic sugar
company are level of integration, scale of expansion, its track
record in project implementation, and its ability to swiftly
ramp up operations to generate operating cash flows.  A high
recovery for lower raw material costs and the ability to
influence cane drawal and ensure cane availability for sugar
capacities are also critical.  The company's overall financial
flexibility, in terms of its future leverage and its ability to
infuse equity capital, is also taken into account.


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

ALCATEL-LUCENT: S&P Cuts Debt Ratings to BB- on Merger Approval
---------------------------------------------------------------
Standard & Poor's said that following news that the merger
between French telecoms equipment supplier Alcatel and U.S. peer
Lucent Technologies Inc. has received final approval from the
U.S. Committee on Foreign Investments, it has lowered its
long-term corporate credit and senior unsecured debt ratings on
Alcatel -- now named Alcatel-Lucent -- to 'BB-' from 'BB', in
line with its preliminary indication in its Nov. 7, 2006,
research update.

The 'B' short-term corporate credit rating on Alcatel-Lucent was
affirmed.  The outlook is positive.

At the same time, Standard & Poor's equalized its long-term
corporate credit rating on Lucent with that of Alcatel-Lucent,
raising it to 'BB-' from 'B', and affirmed its 'B-1' short-term
corporate credit rating on the U.S. company.  The outlook is
positive.  Standard & Poor's also raised its long-term
ratings on Lucent's senior unsecured debt to 'B+' from 'B', on
its subordinated debt to 'B' from 'CCC+', and on its preferred
stock to 'B-' from 'CCC'.

All of the long-term ratings on Alcatel-Lucent and on Lucent
were removed from CreditWatch -- except Lucent's senior
unsecured debt ratings, which remain on CreditWatch with
positive implications -- where they had been placed with
negative and positive implications, respectively, on March 24,
2006, on news of the merger plans.

The completion of the proposed consent solicitation for Lucent's
2.75% Series A and B convertible senior debentures due
respectively in 2023 and 2025, in return for a full and
unconditional subordinated guarantee from Alcatel, will be a
first step toward resolving the CreditWatch status on Lucent's
senior unsecured debt.  Resolution will also depend on our
analysis of the ranking and support mechanisms for the various
debt classes within the merged group, in particular Lucent's
senior debt.

"The downgrade reflects the challenges that Alcatel-Lucent will
face combining two large organizations, integrating different
technology platforms while preserving key customer
relationships, implementing a large restructuring program, and
continuing to support significant levels of debt and unfunded
health care obligations," said Standard & Poor's credit analyst
Leandro de Torres Zabala.  "Nevertheless, we believe the merger
has a clear logic, given continuing carrier consolidation and
the convergence of fixed-and mobile-network technologies."

The combined group will have a larger scale, greater product
depth, wider geographic reach, and stronger R&D capability.

Alcatel-Lucent will be headquartered in Paris, France.  Pro
forma for the Thales S.A. transaction and the acquisition of
Nortel's third-generation (3G) activities, Standard & Poor's
estimates that Alcatel-Lucent achieved EUR19 billion in sales in
2005 and had about EUR7.4 billion in debt securities and bank
debt outstanding at Sept. 30, 2006.

The ratings on Alcatel-Lucent are supported by:

   -- S&P's assessment of the industry's moderate revenue
      growth prospects, as well as by

   -- the group's broad portfolio of wireline and
      wireless systems,

   -- large-scale and geographically diversified operations,

   -- strong customer relations,

   -- R&D capabilities that are among the largest in
      the industry, and

   -- robust liquidity.

These positive factors are constrained by:

   -- the very competitive telecoms equipment industry,
      notably in the context of continuing
      carrier consolidation;

   -- ongoing major changes in the industry's
      technology direction, resulting in potential rapid
      adverse changes in demand patterns;

   -- significant gross debt; and

   -- uneven free cash flow generation, reflecting
      moderate sales growth, health care payments,
      restructuring costs, and working-capital changes.

"An upgrade is possible over the next 18 months if the group
shows clear progress in integrating the two former entities and
in achieving its targeted synergies, reaching high-single-digit
operating margins (adjusted for purchase accounting) and
meaningful sustained free cash flow generation, as well as
maintaining solid liquidity in stable market conditions," said
Mr. de Torres.

Conversely, the outlook would be revised to stable if the
integration of the two companies and the extraction of synergies
did not proceed apace and had harmful effects on profitability
and free cash flow generation.

                      About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable  
service providers, enterprises and governments worldwide, to
deliver voice, data and video communication services to end
users.  Through its operations in fixed, mobile and converged
broadband networking, Internet protocol (IP) technologies,
applications, and services, Alcatel-Lucent offers the end-to-end
solutions that enable communications services for people at
home, at work and on the move.

On Nov. 30, 2006, Alcatel SA and Lucent Technologies Inc.
completed their merger transaction, and began operations as a
communication solutions provider under the name Alcatel Lucent
on Dec. 1, 2006.

Headquartered in Murray Hill, New Jersey, Lucent Technologies
(NYSE: LU) -- http://www.lucent.com/-- has operations in China,  
India, Japan and Korea.

Headquartered in Paris, France, Alcatel S.A. (Paris: CGEP.PA and
NYSE: ALA) -- http://www.alcatel.com/-- provides communications    
solutions to telecommunication carriers, Internet service
providers and enterprises for delivery of voice, data and video
applications to their customers or employees.


ALCATEL-LUCENT: BT Global Awards US$350MM Maintenance Deal
----------------------------------------------------------
BT Global Services has awarded an eight-year equipment
maintenance contract worth US$350 million (GBP176 million) to
Alcatel-Lucent, ComputerWeekly relates.

According to the report, the managed services deal will see
Alcatel-Lucent assume responsibility for most of BT Global
Services' current equipment maintenance and spares management
contracts.

BT Global expects the consolidation of its equipment maintenance
contracts with Alcatel-Lucent to generate more than
US$100 million in cost savings over the term of the deal,
ComputerWeekly notes.

BT Global's president of customer service and network operation,
Roel Louwhoff, said that by moving to a single-point-of-contact
supplier, they will benefit from having one primary interface
for support services rather than having to manage a large number
of service vendors, while service level agreements will remain
at the current high level, or be improved where needed.

The report further cites Mr. Louwhoff as saying that the
approach was in line with the company's strategy of combining
efficiency savings with improvements in customer service.

The contract will come into operation as BT Global carries out
its transition from legacy corporate networks to an all-IP
platform under its 21CN programme, the report points out.

                    About Lucent Technologies

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

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

                           About Alcatel

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

                      About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable  
service providers, enterprises and governments worldwide, to
deliver voice, data and video communication services to end
users.  Through its operations in fixed, mobile and converged
broadband networking, Internet protocol (IP) technologies,
applications, and services, Alcatel-Lucent offers the end-to-end
solutions that enable communications services for people at
home, at work and on the move.

Standard & Poor's, on Dec. 6, 2006, said that following news
that the merger between French telecoms equipment supplier
Alcatel and U.S. peer Lucent Technologies Inc. has received
final approval from the U.S. Committee on Foreign Investments,
it has lowered its long-term corporate credit and senior
unsecured debt ratings on Alcatel -- now named Alcatel-Lucent --
to 'BB-' from 'BB', in line with its preliminary indication in
its Nov. 7, 2006 research update.

The 'B' short-term corporate credit rating on Alcatel-Lucent was
affirmed.  The outlook is positive.

At the same time, Standard & Poor's equalized its long-term
corporate credit rating on Lucent with that of Alcatel-Lucent,
raising it to 'BB-' from 'B', and affirmed its 'B-1' short-term
corporate credit rating on the U.S. company.  The outlook is
positive.  Standard & Poor's also raised its long-term
ratings on Lucent's senior unsecured debt to 'B+' from 'B', on
its subordinated debt to 'B' from 'CCC+', and on its preferred
stock to 'B-' from 'CCC'.


ALCATEL-LUCENT: Inks Network Solution Contract with Korea's KT
--------------------------------------------------------------
Alcatel-Lucent reveals that KT, the leading fixed incumbent
operator in Korea, is deploying Alcatel-Lucent's optical
solution to enhance the flexibility and the managed capacity of
its transport network.

The solution will enable KT to cope with the growing bandwidth
needs driven by new and existing broadband services, to address
its mobile traffic backhaul requirements and to simplify its
operations.

KT is deploying Alcatel-Lucent's 1678 Metro Core Connect (MCC),
a scalable platform for metro and core applications that
integrates data and transport functionality into a single node,
thus optimizing network investments.  Simplifying network
operations, the Alcatel-Lucent 1678 MCC offers a cost-efficient
solution to fixed and mobile operators who want to aggregate and
consolidate multi-protocol traffic streams from the metro
towards the core.  Furthermore, its industry-leading density
allows service providers to further reduce operating costs.
Alcatel-Lucent's solution will be managed by its 1350 management
suite, which allows the supervision of packet, TDM and
wavelength services.

"As data and transport worlds move closer and increase network
traffic, we need to accommodate this growth while continuing to
focus on network simplification and high-density solutions,"
said Chul Kim, Vice President of International Network Planning
Division, KT.   "Alcatel-Lucent offers us the ability to rely on
a modular architecture that we can scale for anticipated growth
when and where needed."

"We are committed to help its customers to operate in a single
network for current and new services, with secure, seamless
connectivity, while minimizing the total cost of network
ownership," said Romano Valussi, Alcatel-Lucent's optical
activities.  "Our solution offers a solid and cutting-edge
platform allowing Korea Telecom to succeed in serving its end-
user demands for broadband services."

The award further strengthens the long-lasting cooperation in
optical networking with KT, who already deployed Alcatel-
Lucent's data-aware Optical Multi-Service Node (OMSN) systems
and the 1696 Metrospan WDM platform.

                    About Lucent Technologies

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

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

                           About Alcatel

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

                      About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that enable  
service providers, enterprises and governments worldwide, to
deliver voice, data and video communication services to end
users.  Through its operations in fixed, mobile and converged
broadband networking, Internet protocol (IP) technologies,
applications, and services, Alcatel-Lucent offers the end-to-end
solutions that enable communications services for people at
home, at work and on the move.

Standard & Poor's, on Dec. 6, 2006, said that following news
that the merger between French telecoms equipment supplier
Alcatel and U.S. peer Lucent Technologies Inc. has received
final approval from the U.S. Committee on Foreign Investments,
it has lowered its long-term corporate credit and senior
unsecured debt ratings on Alcatel -- now named Alcatel-Lucent --
to 'BB-' from 'BB', in line with its preliminary indication in
its Nov. 7, 2006 research update.

The 'B' short-term corporate credit rating on Alcatel-Lucent was
affirmed.  The outlook is positive.

At the same time, Standard & Poor's equalized its long-term
corporate credit rating on Lucent with that of Alcatel-Lucent,
raising it to 'BB-' from 'B', and affirmed its 'B-1' short-term
corporate credit rating on the U.S. company.  The outlook is
positive.  Standard & Poor's also raised its long-term
ratings on Lucent's senior unsecured debt to 'B+' from 'B', on
its subordinated debt to 'B' from 'CCC+', and on its preferred
stock to 'B-' from 'CCC'.

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


NORTEL NETWORKS: RBC Capital Market Maintains Rating
----------------------------------------------------
Analysts at RBC Capital Markets maintain their "sector perform"
rating on Nortel Networks Corp, while raising their estimates
for the company.  The 12-month target price has been reduced
from US$25 to US$24, New Ratings relates.

In a research note published, the analysts mention that Nortel's
steadying execution and market share recovery could enable the
company to increase its revenues by 8% to an estimated
US$11.98 billion in 2008.  

The report notes that the analysts expect Nortel Networks'
earnings variability to remain high in the outlying years, since
a majority of the company's operating income would come from
opex cuts.  

New ratings further notes that there is uncertainty surrounding
the company's ability to compete in a growing price sensitive
market, RBC Capital Markets adds.  The EPS estimates for 2006
and 2007 have been raised from US$0.03 to US$0.11 and from
US$0.08 to US$0.18, respectively.

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

                          *     *     *

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

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

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

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


TELKOM INDONESIA: To Pay IDR48.45/shr Interim Dividend
------------------------------------------------------
PT Telekomunikasi Indonesia Tbk plans to pay an interim dividend
of IDR48.45 per share for the 2006 fiscal year, Reuters reports.

According to the report, Telkom published a statement in the
newspaper saying that the ex-dividend date for the distribution
of the dividend was set on Dec. 22 and would be paid on Dec. 29.

Based in Bandung, Indonesia, Perusahaan Perseroan (Persero) PT
Telekomunikasi Indonesia Tbk
-- http://www.telkom-indonesia.com-- provides local and long-
distance telephone service in Indonesia.  Known as Telkom, the
company also offers fixed-wireless service, leased lines, and
data transport through affiliates.

As reported in the Troubled Company Reporter - Asia Pacific on
May 22, 2006, Moody's Investors Service gave Telekomunikasi
Indonesia a Ba1 local currency corporate family rating.

Standard & Poor's Ratings Services gave the company foreign and
local currency corporate credit ratings of BB+.

Fitch Ratings has assigned Telkom Indonesia Long-term foreign
and local currency Issuer Default Ratings of 'BB-'.


VERITAS DGC: Profit More Than Doubles in 1st Quarter to Oct. 6
--------------------------------------------------------------
Veritas DGC Inc. (NYSE: VTS) revealed on December 6 its
financial results for its first fiscal quarter ended October 31,
2006.  Revenue and earnings compared to the prior year's first
fiscal quarter are:

                       (in millions, except per share amounts)

                                     3 Months Ended Oct. 31
                                     ----------------------
                                     2006              2005
                                     ----              ----
      Revenue                   US$230.80         US$168.70
      Net income                    27.50             11.80
      Diluted earnings per share     0.68              0.32

Chairman and CEO Thierry Pilenko commented, "Following our
fiscal year 2006 record performance, I am pleased to report that
our fiscal year 2007 is off to an outstanding start with revenue
of US$231 million or 37% above last year, operating income more
than doubling quarter over quarter to US$38 million and net
income also more than doubling to US$28 million -- each setting
all time first quarter records.  Operating income without
exceptional items would have been higher by US$14 million.  
These outstanding results were driven by strong sales across all
product lines and regions.  Performance was especially strong in
the Canadian Foothills, Gulf of Mexico, North Sea and
Kazakhstan.  In Kazakhstan, we successfully completed our first
season of multi-client acquisition as part of an exclusive five-
year agreement for the acquisition of non-exclusive seismic data
over the entire open acreage of the Kazakh sector of the Caspian
Sea.  Looking forward we remain confident, within the current
global economic environment, that exploration spending will
further strengthen and demand for seismic services will continue
to surpass capacity.  These trends support a longer-term view of
robust conditions in the seismic industry, as seen in our
US$550 million record backlog.  The on-going strength of the
industry together with the potential benefits achievable from
the previously announced merger agreement between Compagnie
Generale de Geophysique and Veritas create a very positive
outlook for 2007 and beyond."

Exceptional items in operating income included merger and
related costs of US$10.3 million, depreciation of US$2.7 million
related to the land acquisition business and professional fees
of US$1.4 million related to obtaining a significant refund from
a foreign taxing authority.  The impact of these exceptional
items reduced operating income by US$14.4 million.

Revenue for the first fiscal quarter was US$231 million, a
US$62 million or 37% increase from prior year's first fiscal
quarter.

                                     3 Months Ended Oct. 31
                                     ----------------------
                                     2006              2005
                                     ----              ----
                                           (millions)
      Multi-client:
        Land                     US$43.70          US$25.90
        Marine                      64.60             48.60
                                 --------          --------
      Subtotal                     108.30             74.50

      Contract:
        Land                        48.80             47.60
        Marine                      73.70             46.60
                                 --------          --------
      Subtotal                     122.50             94.20
                                 --------          --------
      Total Revenue             US$230.80         US$168.70
                                 --------          --------

      Revenue by segment:
        North & South America   US$139.30         US$102.80
        Europe, Africa, the
          Middle East, & CIS        54.20             34.80
        Asia Pacific                32.20             26.80
        Veritas Hampson Russell      5.10              4.30
                                 --------          --------
      Total Revenue             US$230.80         US$168.70
                                 --------          --------


Multi-client

Multi-client revenue in the first quarter of fiscal 2007 of
US$108.3 million increased by US$33.8 million, or 45%, compared
to the prior year's first fiscal quarter.  Land multi-client and
marine multi-client contributed increases of US$17.8 million and
US$16.0 million, respectively.  The increases in the land multi-
client revenue came primarily from Canada survey sales.  Marine
survey sales continue to remain strong globally with
particularly good results coming from the Gulf of Mexico and the
North Sea.  In addition, we had significant multi-client sales
from Kazakhstan, a new and promising area for Veritas.

Contract

Total contract revenue increased US$28.3 million, or 30%, from
the prior year's first fiscal quarter with strong growth from
marine acquisition and imaging work from across all geographic
regions.  Our NASA region continues to see significant growth in
revenues from the Gulf of Mexico area.  Our land contract
business remains strong, improving from the excellent first
quarter results from the prior year that included a large
project in South America.

Operating Income

Operating income for the first quarter of fiscal 2007 of
US$37.9 million more than doubled from the US$18.3 million in
the prior year's first fiscal quarter.  The increase in the
operating income was primarily due to higher revenue and margins
in both multi-client and contract work.  Margin increases were
generated by marine multi-client sales in the Gulf of Mexico,
Canada, North Sea and Kazakhstan.

Operating income included US$10.3 million of merger and related
costs.  We terminated discussions with a third party relating to
the possible sale of our land seismic acquisition business
during the first quarter of fiscal 2007.  The US$10.3 million
includes fees in connection with the termination of those
discussions, consisting of amounts paid in settlement of all
claims by the third party buyers and professional fees,
including accounting and legal fees, and professional fees
related to the pending merger with CGG.

Also included in operating income in the first quarter of fiscal
2007 was approximately US$2.7 million of depreciation that
related to the land seismic acquisition assets that were
considered held for sale during fiscal 2006.  Another
significant item within operating income was US$1.4 million of
professional fees related to obtaining a significant refund from
a foreign taxing authority.  The benefit of the refund was
recorded as a reduction of income tax expense.

General and administrative expenses increased US$2.6 million
from the prior year's first fiscal quarter primarily due to the
professional fees related to the tax refund discussed above.

Other items

Interest expense increased by US$0.7 million from the prior
year's first fiscal quarter as a result of increases in the
LIBOR rate on the US$155 million convertible debt.  Interest
income increased US$3.1 million compared to the prior year's
first fiscal quarter due to a higher cash balance and higher
interest rates.

In the first quarter of fiscal 2006, the Company recognized a
pre-tax insurance gain of US$2 million related to insurance
settlements for the equipment loss on the Veritas Viking
experienced in fiscal year 2005.

Income Taxes

The Company's effective tax rate for the quarter ended Oct. 31,
2006 was 32%, which is lower than the 35% U.S. statutory rate
and the prior year's first quarter tax rate of 43%.  The
reduction in the current quarter rate was attributable to non-
U.S. activities and a US$5.0 million tax benefit related to a
refund received from a foreign taxing authority with respect to
certain prior year tax matters.  This reduction was partially
offset by a US$3.6 million tax provision related to
US$10.3 million of non-deductible merger and related costs.  The
Company currently expects the effective tax rate for the full
year fiscal 2007 to be in the range of 33% to 34%.

Backlog

At October 31, 2006, our backlog was up to a record
US$550 million compared to US$456 million at July 31, 2006, and
US$459 million at October 31, 2005.

Balance Sheet

The Company ended the first quarter with approximately
US$354 million in cash and US$155 million in convertible debt.
The debt of US$155 million is considered short term because the
stock price has remained above the level that triggers the
convertibility features of the debt.

Investment in the multi-client library, net of depreciation, was
approximately US$81 million for the first quarter compared to
US$62 million in the prior fiscal year's first quarter.  Our
multi-client balance was US$324 million at October 31, 2006.

       Consolidated Statements of Operations (Unaudited)
           (In thousands, except per share amounts)


                                     3 Months Ended Oct. 31
                                     ----------------------
                                     2006              2005
                                     ----              ----
      Revenue                  US$230,831        US$168,678
      Cost of services            165,792           136,666
      Research and development      5,404             4,902
      Merger and related costs     10,259                 -
      General & administrative     11,432             8,855
                               ----------        ----------
      Operating income             37,944            18,255
      Interest expense              2,188             1,476
      Interest income              (4,983)           (1,901)
      Gain on involuntary
        conversion of assets            -            (2,000)
      Other (income) expense,
        net                            29              (126)
                               ----------        ----------
      Income before provision
        for income taxes           40,710            20,806
      Income taxes                 13,182             9,019
                               ----------        ----------
      Net income                US$27,528         US$11,787
                               ----------        ----------
                               ----------        ----------


      Earnings Per Share:
      Basic:
        Net income per common
          share                    US$0.77          US$0.34
        Weighted average common
          shares                    35,973           34,689

      Diluted:
        Net income per common
          share                    US$0.68          US$0.32
        Weighted average common
          shares                    40,748           36,838

      Supplemental Data:
      Cash Flow Data:
        Depreciation and
          amortization, net      US$14,619         US$9,045
        Multi-client
          amortization              57,925           52,840

        Multi-client
          expenditures, net cash    80,901           61,622
        Capital expenditures        19,221           11,451


     Balance Sheet Data (at period end):

     Cash                       US$353,819       US$227,971
     Debt(1)                       155,000          155,000

     Multi-client data library     324,069          333,250
     Total shareholders' equity    749,833          607,830

Headquartered in Houston, Texas, Veritas DGC, Inc.
--http://www.veritasdgc.com/-- is a leading provider of    
integrated geophysical information and services to the petroleum
industry worldwide.  Veritas is listed on New York Stock
Exchange under the ticker VTS, and has offices in Malaysia and
Indonesia.

The Troubled Company Reporter - Asia Pacific reported on
Oct. 11, 2006, that in connection with Moody's Investors
Service's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology for the oilfield service
and refining and marketing sectors, the rating agency confirmed
its Ba3 Corporate Family Rating for Veritas DGC.

Standard & Poor's Ratings Services gave Veritas a 'BB' corporate
credit rating.


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

CB RICHARD: Completes 9-3/4% Senior Notes Tender Offer
------------------------------------------------------
CB Richard Ellis Services Inc., a wholly owned subsidiary of CB
Richard Ellis Group Inc., disclosed the completion of the
company's reported cash tender offer and consent solicitation to
purchase all of its 9-3/4% Senior Notes due 2010.

A total of US$126,690,000 in aggregate principal amount of
Notes, or approximately 97.5% of the outstanding principal
amount of the Notes, were tendered prior to the expiration date
of 5:00 p.m., New York City time, on Dec. 4, 2006.  The company
has accepted for purchase and has paid for, all Notes tendered
pursuant to the Offer.

On Nov. 17, 2006, the company, CB Richard Ellis Group, Inc.,
certain subsidiary guarantors and the indenture trustee executed
a supplemental indenture effecting certain amendments to the
indenture governing the Notes.  The amendments, which eliminate
or modify the restrictive covenants and certain events of
default, became operative upon acceptance of the Notes for
purchase.

Credit Suisse Securities (USA) LLC acted as Dealer Manager in
connection with the Offer.

Headquartered in Los Angeles, California, CB Richard Ellis
Group, Inc. (NYSE: CBG) -- http://www.cbre.com/-- a FORTUNE  
1000 company, is the world's largest commercial real estate
services firm (in terms of 2005 revenue).  With approximately
14,500 employees, the company serves real estate owners,
investors, and occupiers through more than 200 offices
worldwide, including those in Argentina, Japan, and the United
Kingdom.

On Nov. 2, 2006, Moody's Investors Service affirmed the ratings  
of CB Richard Ellis Services Inc.'s senior secured bank credit  
facility at Ba1, with a stable outlook following the
announcement that CBRE will acquire Trammell Crow Company in a
transaction valued at US$2.2 billion.

In April 2006, Moody's raised the senior debt ratings of CB
Richard Ellis Services, Inc. to Ba1, from Ba3.

Standard & Poor's Ratings Services placed its ratings on
CB Richard Ellis Services Inc., including its 'BB+' long-term
counterparty credit rating, on CreditWatch with negative
implications.


DELPHI CORP: Judge Drain Approves SEC Settlement Agreement
----------------------------------------------------------
The Honorable Robert Drain of the United States Bankruptcy Court
for the Southern District of New York has approved Delphi
Corporation's settlement agreement with the Securities and
Exchange Commission on alleged accounting fraud charges, the
Associated Press reports.

Judge Drain opines that the SEC settlement is "fair and
equitable" and says that the Settlement is in Delphi's best
interest, the Associated Press adds.

As reported in the Troubled Company Reporter on Oct. 31, 2006,
the SEC commenced and simultaneously settled with Delphi a
lawsuit alleging violations of federal securities laws.  The
lawsuit and settlement relate to transactions that were the
subject of a restatement by Delphi in June 2005.

Under the agreement approved by the Commission, Delphi agreed,
without admitting or denying any wrongdoing, to be enjoined from
future violations of the securities laws.  The SEC did not
impose civil monetary penalties against Delphi.

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

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

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

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Aug. 31, 2005, the Debtors' balance sheet showed
US$17,098,734,530 in total assets and US$22,166,280,476 in total
debts.  (Delphi Bankruptcy News, Issue No. 49; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or   
215/945-7000).


DELPHI CORPORATION: Wants to Amend Fee Structure for Rothschild
---------------------------------------------------------------
Delphi Corporation and its debtor-affiliates ask the United
States Bankruptcy Court for the Southern District of New York
for permission to amend the fee structure for services provided
by Rothschild Inc. as their financial advisor and investment
banker, nunc pro tunc to July 19, 2006.

John D. Sheehan, vice president and chief restructuring officer
of Delphi Corporation, relates that the Debtors' request is in
connection with any merger and acquisition transaction involving
the Debtors' steering and interior divisions.  The Steering
Division includes the Debtors' Steering Systems and Halfshafts
businesses, while the Interior Division includes the Debtors'
Instrument Panels and Consoles, Cockpits, Door Modules, and
Latching Systems businesses.

The Debtors propose to pay Rothschild these minimum fees for any
M&A Transaction involving the Steering Division:

   (a) US$5,000,000, if the M&A Transaction involves both the
       Debtors' Steering Systems and Halfshafts businesses and
       is consummated in a single transaction;

   (b) US$3,500,000, if the M&A Transaction involves only the
       Debtors' Steering Systems business; and

   (c) US$1,500,000, if the M&A Transaction involves only the
       Debtors' Halfshafts business.

On the other hand, the Debtors propose to pay Rothschild these
minimum fees for any M&A Transaction involving the Interior
Division:

   (a) US$4,000,000, if the M&A Transaction involves all four of
       the Interior Division business lines in a single
       transaction;

   (b) US$3,000,000, if the M&A Transaction involves any three
       of the Interior Division business lines in a single
       transaction;

   (c) US$2,000,000, if the M&A Transaction involves any two of
       the Interior Division business lines in a single
       transaction; and

   (d) US$1,250,000, if the M&A Transaction involves any one of
       the Interior Division business lines in a single
       transaction.

If the Steering Division, the Interior Division, or any of their
respective business lines are sold for amounts exceeding the
value implied by the Minimum M&A Fees, the Debtors will pay for
Rothschild's services pursuant to the terms of the Original
Engagement Letter.

Furthermore, if the Debtors decide not to complete an M&A
Transaction for the Steering Division or Interior Division as a
result of an agreement with the Debtors' stakeholders on a plan
of reorganization, the Debtors and Rothschild will agree in good
faith at that time on a fee commensurate with Rothschild's
services in connection with the contemplated M&A Transactions.

In addition to the Minimum M&A Fees, the Debtors will pay for
Rothschild's actual expenses incurred while performing services
relating to an M&A Transaction.

Mr. Sheehan asserts that the proposed fee structure is fair and
reasonable in light of the unique circumstances surrounding the
terms of sales of the Steering and Interior Divisions.  In
addition, the proposed M&A Fees will competitively compensate
Rothschild for its time and expertise, and adequately
incentivize Rothschild to pursue an M&A Transaction.

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

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

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

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Aug. 31, 2005, the Debtors' balance sheet showed
US$17,098,734,530 in total assets and US$22,166,280,476 in total
debts.  (Delphi Bankruptcy News, Issue No. 49; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or   
215/945-7000).


DELPHI CORP: Orix Vacates Opposition to Lease Decision Extension
----------------------------------------------------------------
Orix Warren, LLC, has vacated its objection to an extension of
Delphi Corporation and its debtor-affiliates' deadline to assume
or reject the Orix Lease.  Orix did not state its reasons for
withdrawing its objection.

The Debtors are asking the U.S. Bankruptcy Court for the
Southern District of New York to extend the Orix Lease decision
deadline to June 7, 2007.

John Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in Chicago, Illinois, argued that the Debtors satisfy
the four factors that the United States Court of Appeals for the
Second Circuit has held should be weighed in determining whether
cause exists to extend a debtor's deadline to assume or reject
an unexpired lease:

   (1) Whether the debtor was paying for the use of the
       property;

   (2) Whether the debtor's continued occupation could damage
       the lessor beyond the compensation available under the
       Bankruptcy Code;

   (3) Whether the lease is the debtor's primary asset; and

   (4) Whether the debtor has had sufficient time to formulate a
       plan of reorganization.

The Debtors are current on its postpetition lease payments to
Orix Warren, LLC, Mr. Butler informed the Court.  Moreover, the
Debtors have significant resources and liquidity to provide
adequate assurance to Orix Warren that it will continue to
receive its postpetition rent on time.

In addition, the Debtors' continued occupation of the property
will not damage Orix Warren beyond the compensation available
under the Bankruptcy Code, Mr. Butler asserted.

The Orix Lease is currently being used as a research facility
for one of the Debtors' core divisions.  The Debtors admit that
the Orix Lease is not their primary asset.  The Orix Lease,
however, is a part of the Debtors' real estate portfolio, the
evaluation of which is one of the essential components of the
Debtors' reorganization efforts, Mr. Butler contended.

Furthermore, because of the size of the Debtors' Chapter 11
cases and the complexity of the issues involved in their
restructuring, the Debtors have not had sufficient time to make
critical decisions regarding all of their leases, Mr. Butler
argued.  Forcing the Debtors to assume or reject the Orix Lease
prematurely could trigger additional administrative claims that
would otherwise be general unsecured claims limited by Section
502(b)(6) of the Bankruptcy Code if the Lease will be rejected,
Mr. Butler noted.

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

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

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

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Aug. 31, 2005, the Debtors' balance sheet showed
US$17,098,734,530 in total assets and US$22,166,280,476 in total
debts.  (Delphi Bankruptcy News, Issue No. 49; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or   
215/945-7000).


EMAGIN CORP: Posts US$3.7 Million Net Loss in 2006 Third Quarter
----------------------------------------------------------------
eMagin Corp. reported a US$3.7-million net loss on
US$2.3 million of revenues for the third quarter ended Sept. 30,
2006, compared with a US$3.8-million net loss on US$1.1 million
of revenues for the same period in 2005.

The increase in revenues is attributable due to increased
microdisplay demand and increased availability of finished
displays due to manufacturing improvements.  This revenue
increase was however offset by increases in operating expenses,
primarily  by the increase in selling, general and
administrative expenses of US$618,000 related to the stock-based
compensation expense of approximately US$458,000, and by the
increase in interest expense of US$353,000.

At Sept. 30, 2006, the company's balance sheet showed
US$8.44 million in total assets and US$8.98 million in total
liabilities, resulting in a US$540,000 total stockholders'
deficit.

The company's balance sheet at Sept. 30, 2006, also showed
strained liquidity with US$6.64 million in total current assets
available to pay US$7.67 million in total current liabilities.

Full-text copies of the company's consolidated financial
statements for the third quarter ended Sept. 30, 2006, are
available at http://researcharchives.com/t/s?1688

Headquartered in Bellevue, Wahsington, eMagin Corp. (AMEX: EMA)
-- http://www.emagin.com/-- manufactures and markets virtual  
imaging products and information technology softwares.  In
addition, eMagin offers engineering support, as well as various
support products, including developer kits and personal computer
interface kits. The company offers its products to OEMs in the
military, industrial, medical, and consumer market sectors
through direct technical sales in North America, Japan, and
Europe.

                        Going Concern Doubt

Eisner, L.L.P, in New York, raised substantial doubt about
eMagin Corp.'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
recurring losses from operations, which it believes will
continue through 2006.


FLOWSERVE CORP: Opens New Quick Response Center in Germany
----------------------------------------------------------
Flowserve Corp. has opened the new administrative headquarters
for its Flow Solutions Europe, Middle East, and Africa
operations. Located in Essen, Germany, the facility houses a
Quick Response Center that provides local sales, service,
support and manufacturing of seals and associated products, and
a Learning Resource Center that offers best-practices
maintenance training programs for pumps and seals for employees
and customers.

The Essen QRC provides Flowserve customers with local access to
spare parts inventory, repair, quick turnaround manufacturing,
CAD design, and technical services for sealing requirements. The
QRC also manufactures pump seals, mixer seals, and piston rod
packing rings for large reciprocating compressors, which are
widely used in chemical refining and manufacturing applications.

The LRC specializes in hands-on training in pumps, valves, and
seals for engineers, operators, craftsmen, and other plant
professionals.  Experienced instructors teach OEM-standard
procedures through a combination of classroom instruction and
hands-on experience in state-of-the-art static and power labs.  
The Essen LRC cross-trains with other Flowserve facilities in
the United States, Saudi Arabia, and Singapore, as well as
university and government sites around the world, to provide
education on the most modern and consistent installation and
maintenance practices.

In addition to supporting active OEM customers in Germany and
providing faster service and support to end user customers, the
Flowserve Essen facility provides direct, local access to the
company's LifeCycle Advantage equipment management program.  
Easy access to LCA technical consultants, replacement parts, and
extensive service and repair offerings enable participating
customers to streamline inventory, reduce product life cycle
costs, and extend equipment life.

"With the opening of the Essen facility, Flowserve continues its
promise to support customers throughout the life of their
equipment - from spare parts to maintenance to training," said
Andy Beall, president, Flowserve Flow Solutions.  "Our growing
network of QRCs and learning centers provide Flowserve customers
with consistent, outstanding service, across the board and
around the world."

                      About Flowserve Corp

Headquartered in Irving, Texas, Flowserve Corporation --
http://www.flowserve.com/-- has offices in Europe, Latin  
America, China, Indonesia, Japan, the Philippines and Australia,
among others.

The Troubled Company Reporter - Asia Pacific reported on
October 26, 2006, that in connection with Moody's Investors
Service's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology for the U.S. manufacturing
sector, the rating agency revised the Corporate Family Rating
for Flowserve Corporation to B1 from Ba3, as well as the ratings
on the company's US$400 million revolver due 2010 and the US$600
million term loan due 2012 to Ba2 from Ba3.  These debentures
were assigned an LGD3 rating suggesting that creditors will
experience a 41% loss in the event of a default.

Standard & Poor's Ratings Services raised its short-term rating
on Flowserve Corp. to 'B-2' from 'B-3'.


FORD MOTOR: Prices US$4.5 Bil. of Sr. Convertible Notes Due 2036
----------------------------------------------------------------
Ford Motor Co. priced US$4.5 billion principal amount of
unsecured Senior Convertible Notes due 2036 (increased from US$3
billion).  Ford expects to close the sale of the notes on
Dec. 15, 2006, subject to the satisfaction of customary closing
conditions.

The notes will pay interest semiannually at a rate of 4.25% per
annum.  The notes will be convertible into shares of Ford's
common stock, based on a conversion rate (subject to adjustment)
of 108.6957 shares per US$1,000 principal amount of notes (which
is equal to a conversion price of US$9.20 per share,
representing a 25% conversion premium based on the closing price
of US$7.36 per share on Dec. 6, 2006).

Ford expects to use the net proceeds from the offering for
general corporate purposes.  In addition, Ford has granted 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.

A copy of the prospectus and prospectus supplement can be
obtained from:

          Citigroup Corporate and Investment Banking
          Brooklyn Army Terminal, 140 58th Street, 8th Floor
          Brooklyn, NY 11220
          Tel: 718-765-6732 or Fax: 718-765-6734

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

          J.P. Morgan Securities Inc.
          National Statements Processing
          4 Chase Metrotech Center, CS Level
          Brooklyn, NY  11245
          Tel: 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
including Brazil and Mexico in Latin America.  With more than
324,000 employees worldwide, the company's core and affiliated
automotive brands include Aston Martin, Ford, Jaguar, Land
Rover, Lincoln, Mazda, Mercury and Volvo.  Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corp.

The company also has operations in Japan.

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.


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

DRESSER INC: Unit Acquires Assets of Blackhawk Industries
---------------------------------------------------------
Dresser Piping Specialties, headquartered in Bradford,
Pennsylvania, and part of Dresser, Inc.'s Natural Gas Solutions
group, has acquired substantially all of the assets of Blackhawk
Industries, Inc., of Tulsa, Okla.  Blackhawk manufactures hot
tapping and plugging fittings for the natural gas, oil and
chemical industries.  These products enable pipeline operators
to repair sections of pipe or replace a faulty valve without
interrupting service.

"The Blackhawk products will enhance Dresser Piping Specialties'
offerings in the gas transmission markets in the United States
and strengthen our product portfolio available to international
markets," said Daniel E. Jezerinac, president of Dresser Natural
Gas Solutions.  "Blackhawk's solid reputation for quality and
reliability is especially significant as the industry worldwide
places additional focus on pipeline integrity."

John Clabo, who founded Blackhawk in 1992, was named Dresser's
general manager for Blackhawk products.  Dresser expects to
continue to manufacture products in Tulsa, and Ben Shelton,
Blackhawk's business team manager, will oversee the Tulsa-based
operations.

Dresser did not disclose details of the transaction.

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

                          *     *     *

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

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


DURA AUTOMOTIVE: Court Okays Richards Layton as Local Counsel
-----------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
authorized DURA Automotive Systems Inc. and its debtor
affiliates to employ Richards, Layton & Finger P.A. as their
local counsel, general co-counsel, and conflicts counsel, nunc
pro tunc to Oct. 30, 2006.

As reported in the Troubled Company Reporter on Nov. 10, 2006,
Richards, Layton & Finger will:

    * provide legal advice to the Debtors with respect to their
      rights, powers, and duties as debtors-in-possession in the
      continued operation of their business and management of
      their properties;

    * take all necessary action to protect and preserve the
      Debtors' estates, including the prosecution of actions on
      the Debtors' behalf, the defense of any actions commenced
      against the Debtors, the negotiation of di8sputes in which
      the Debtors are involved, and the preparation of
      objections to claims filed against the Debtors' estates;

    * prepare and pursue confirmation of the Debtors' plan,
      approval of that plan, and approval of the Debtors'
      disclosure statement;

    * prepare necessary applications, motions, answers, order,
      reports, and other legal papers on behalf of the Debtors;

    * appear in Court and protect the interests of the debtors
      before the Court; and

    * perform all other legal services for the Debtors that may
      be necessary and proper in the bankruptcy proceeding.

The principal attorneys and paralegals presently designated to
represent the Debtors will be paid:

          Professionals                   Hourly Rate
          -------------                   -----------
          Directors:                     US$390 - US$605

          Mark D. Collins, Esq.              US$520
          Daniel J. DeFranceschi, Esq.       US$465

          Associates:                    US$210 - US$350

          Jason M. Madron, Esq.              US$270
          Mark Kurtz, Esq.                   US$225

          Paralegals:                    US$125 - US$180

          Ann Jerominski                     US$165
          Rebecca V. Speaker                 US$165

Daniel J. DeFranceschi, Esq., a director of RL&F, assured the
Court that his firm is disinterested pursuant to Section 101(14)
of the Bankruptcy Code.

RL&F does not hold or represent an interest adverse to the
Debtors or their estates, Mr. DeFranceschi said.

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 Gives Final Nod on Vendor Claims Payment
---------------------------------------------------------------
The Honorable Kevin J. Carey of the United States Bankruptcy
Court for the District of Delaware approved on a final basis
DURA Automotive Systems, Inc., and its debtor affiliates request
to direct all applicable banks and other financial institutions
to receive, process, honor and pay any and all checks and fund
transfer requests made by the Debtors related to Critical Vendor
Claims or Priority Vendor Claims.

Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, relates that certain parties supply goods
or services critical to the continued operation of the Debtors'
business.

The Debtors are the sole manufacturers of certain essential
component parts and vehicle systems used by major automobile
original equipment manufacturers, including Ford Motor Company,
General Motors Corporation and DaimlerChrysler Corporation, as
well as a number of tier one automotive parts suppliers.  If
outside suppliers are needed, the Debtors typically contract
with one vendor for a particular component and rely on that
vendor as their sole source supplier.

In general, the Critical Vendors fall into two main categories:

   (1) The materials vendors supply, among other things, bulk
       raw materials like coil steel, wire, bulk resins, and
       flat glass; components and parts directly assembled into
       the Debtors' products; production materials like welding
       wire and lubricants; and other materials consumed in the
       production process.

   (2) The maintenance vendors provide parts, materials, and
       services to the Debtors' specialized manufacturing
       equipment and machinery.

Without timely shipments from their sole-source suppliers, the
Debtors' manufacturing facilities would lack the requisite goods
necessary for their operational needs, and in some instances,
could be forced to shut down certain facilities shortly after a
missed shipment, Mr. Collins says.

By this motion, the Debtors seek the Court's authority to pay
the prepetition claims of certain critical vendors and
administrative claimholders, subject to these cap amounts:

                            Estimated       Interim       Final
                            Payables        Relief        Relief
                            as of 10/26     Sought        Sought
                            -----------     -------       ------
    Critical Vendor Claims  $28,830,384  $9,250,000  $29,000,000
    Priority Vendor Claims   24,321,404   9,250,000   25,000,000

Priority Vendors are vendors who sold or transferred goods to
the Debtors in the ordinary course of their business during the
20-day period prior to the bankruptcy filing date.  Priority
Vendor Claims are entitled to administrative expense priority
under Section 503(b)(9) of the Bankruptcy Code.

The Debtors estimate that the claims of about 500 vendors
constitute Critical Vendor Claims.

The Debtors also ask the Court to approve a procedure for
addressing those vendors who repudiate and refuse to honor their
postpetition contractual obligations to the Debtors.

                    Identifying Critical Vendors

The Debtors, in conjunction with Glass & Associates, Inc.,
closely reviewed their accounts payable and prepetition vendor
lists and consulted with facility management and others
throughout the Debtors' management and purchasing operations to
identify those creditors most essential to their operations.

The criteria considered included whether:

    (a) a particular vendor is a "sole-source" provider;

    (b) certain quality control requirements of the OEMs prevent
        the Debtors from replacing the vendor;

    (c) the Debtors currently receive advantageous pricing or
        other terms from a vendor; and

    (d) a vendor additionally might face its own liquidity
        crisis, due to that vendor's operational or cash flow
        issues, if the Debtors do not immediately pay its
        prepetition claim.

The Debtors also considered whether a vendor would make good on
its threat to stop shipping goods and whether an amount less
than the full amount of a vendor's claim could induce
continuation of shipments.

The Debtors propose to condition payment to Critical Vendors and
Priority Vendors upon agreement to continue supplying goods and
services to the Debtors on terms that are acceptable to the
Debtors with an awareness of industry trade terms between the
parties.  The Debtors reserve the right to negotiate trade terms
with any vendor demanding terms less favorable to them.

The Debtors seek the Court's authority to enter into Trade
Agreements with certain Critical Vendors, if and at the time the
Debtors determine in their discretion that the agreement is
necessary to their postpetition operations.

The Debtors also seek the Court's authority to make payments on
account of a Critical/Priority Vendor's claims in the event that
no Trade Agreement has been reached, if the Debtors determine,
in their business judgment, that failure to pay the
Critical/Priority Vendor Claim is likely to result in
irreparable harm to their business operations.

The Debtors will maintain a matrix summarizing, as of the date
of bankruptcy filing:

    1. the name of each Critical/Priority Vendor;

    2. the amount each Critical/Priority Vendor was been paid on
       account of its Critical/Priority Vendor Claims; and

    3. the goods and/or services provided by each
       Critical/Priority Vendor.

Mr. Collins maintains that the Debtors have anticipated access
to sufficient DIP financing to pay all Critical Vendor Claims
and Priority Vendor Claims as the amounts become due in the
ordinary course of their businesses.

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.


=========
M A C A U
=========

GALAXY CASINO: Moody's Places B1 Ratings on Review
--------------------------------------------------
Moody's Investors Service has today placed the B1 corporate
family rating and B1 senior unsecured debt rating for Galaxy
Casino S.A. (Galaxy) on review for possible downgrade.

The review has been promoted by the announcement by the parent
company, Galaxy Entertainment Group Limited, that it has issued
US$240 million in convertible notes that will be streamed down
to Galaxy Casino S.A. to fund upgrades, expansions and
accelerate development of Galaxy's Mega Resort at Cotai in
Macau.

"The review will focus on how the proceeds of the notes will be
streamed down to Galaxy Casino SA, as either debt, equity or a
combination of both," says Peter Fullerton, a Moody's
AVP/Analyst, adding, "It will also consider changes in Galaxy's
business plan, particularly alterations to construction and
development commitments."

"Moody's does not expect the ratings to be downgraded by more
than one notch should the review result in a change," says
Fullerton, who is based in Sydney.

Moody's further notes that the convertible notes are zero
coupon, zero yield and may not adversely impact interest
coverage metrics and short-term debt servicing obligations,
assuming that its benefits flow through to Galaxy Casino S.A.

In addition, Moody's recognises that Galaxy has exercised an
option over the use of a fixed price contract for part of the
expansion costs, thereby lowering its exposure to potential
rises in construction costs.

Galaxy Casino S.A. (Galaxy), incorporated in 2001, holds one of
6 concessions and sub-concessions for gaming activities in
Macau.  The company operates a number of casinos in Macau,
including the Star World complex.  It also intends to construct
a large-scale resort in Macau, and which is expected to open in
2008.


GALAXY CASINO: S&P Places B+ Ratings on Watch Negative
------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating on Galaxy Casino S.A. on CreditWatch
with negative implications following an announcement that its
parent company, Galaxy Entertainment Group Ltd., plans to place
US$240 million of zero-coupon convertible notes due 2011.  At
the same time, the 'B+' issue rating on US$600 million of senior
unsecured notes issued by Galaxy Entertainment Finance Co. Ltd.,
a subsidiary of Galaxy, was also placed on CreditWatch with
negative implications.  The unsecured notes are guaranteed by
Galaxy and several subsidiaries.

"Our CreditWatch placement reflects the heightened level of debt
leverage," said Standard & Poor's credit analyst Ryan Tsang.
"The issue does not add to GEG or Galaxy's interest payment
burden, however, and it provides some financial flexibility to
the group over the near term."

"The group plans use approximately US$200 million to expand and
upscale its Cotai Mega Resort projects to maintain its
competitiveness in a fast changing market," added Tsang.

The CreditWatch placement is likely to be resolved after a
detailed review of Galaxy's business plan and the potential
financial impact.  A bullet redemption on the proposed notes in
2011 could put heavy pressure on the group's cash flow, if they
are not converted.  Expansion at Cotai Mega Resort will increase
the project's execution risk. The margin for error could fall,
depending on the pace of revenue growth and the group's ability
to control rapid growing staff costs and other operating
expenses.


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

FOAMEX INT'L: Judge Walsh Reassigns Ch. 11 Cases to Judge Gross
---------------------------------------------------------------
The Hon. Peter J. Walsh of the U.S. Bankruptcy Court for the
District of Delaware reassigned the jointly administered Chapter
11 cases of Foamex International Inc. and its debtor-
subsidiaries to Judge Kevin Gross.

The reassignment includes the two pending adversary proceedings
in the Debtors' cases:

   * Chorman v. Foamex International Inc., et al.,
     Case No. 06-50824-PJW

   * Foamex International Inc., et al., v. U.S. Bank, N.A.,
     Case No. 06-50913-PJW

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

The Company and eight affiliates filed for chapter 11 protection
on Sept. 19, 2005 (Bankr. Del. Case Nos. 05-12685 through 05-
12693).  Attorneys at Paul, Weiss, Rifkind, Wharton & Garrison
LLP, represent the Debtors in their restructuring efforts.  
Houlihan, Lokey, Howard and Zukin and O'Melveny & Myers LLP are
advising the ad hoc committee of Senior Secured Noteholders.  
Kenneth A. Rosen, Esq., and Sharon L. Levine, Esq., at
Lowenstein Sandler PC and Donald J. Detweiler, Esq., at Saul
Ewings, LP, represent the Official Committee of Unsecured
Creditors.  As of July 3, 2005, the Debtors reported
US$620,826,000 in total assets and US$744,757,000 in total
debts.  (Foamex International Bankruptcy News, Issue No. 34;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

Standard & Poor's Ratings Services lowered its senior secured
and subordinated debt ratings on Foamex L.P./Foamex Capital
Corp. to 'D' from 'C'.  The downgrades follow Foamex's
announcement that it has filed a voluntary pre-negotiated
Chapter 11 bankruptcy plan.
     
The ratings were also removed from CreditWatch with negative
implications, where they were placed on July 11, 2005, on
concerns that Foamex's leveraged financial profile and liquidity
would continue to deteriorate.  The corporate credit rating was
lowered to 'D' on August 15, 2005, following the company's
failure to make a US$51.6 million principal payment on its 13.5%
subordinated notes that matured Aug. 15, 2005.


INDUSTRIAS METALURGICAS: Inks Contract with Centrais Electricas
---------------------------------------------------------------
Centrais Electricas Brasileiras SA said in a statement that it
signed a contract with Industrias Metalurgicas Pescarmona to
supply electrical equipment for the BRL1.2-billion 334-megawatt
Simplicio hydro project.  

According to a statement, Centrais Electricas and Furnas -- its
operational unit -- signed contracts with Andrade Gutierrez and
Odebrecht to construct the Simplicio project.

Business News Americas relates that Furnas won a 30-year
construction and operation concession for Simplicio at a
government auction in December 2005.  The Simplicio project
needs to be completed by early 2010 to comply with power
contracts signed at the same auction.

Centrais Electricas also said in a statement that it is still
negotiating with Brazil's Banco Nacional de Desenvolvimento
Economico e Social SA for the financing of the power plant's
construction.

BNamericas underscores that Simplicio is one of six projects of
Centrais Electricas' operational units, marking the firm's
return to a leading position in Brazil's power sector after the
power sector's privatization in the late 1990s.

Centrais Electricas said in a statement that it expects to begin
construction works for the 52.2-megawatt Batalha hydro
generation project by January 2007 with investments of BRL381
million.  The company has began building the 82-megawatt Retiro
Baixo hydro project that will cost BRL276 million.  

According to BNamericas, concessions for Batalha and Retiro
Baixo were awarded in government auctions.

BNamericas notes that Centrais Electricas also has interests in
these three projects:

          -- 855-megawatt Foz do Chapoeco,
          -- 210-megawatt Serra do Facao, and
          -- 140-megawtt Baguari.

Centrais Electricas said in a statement that it will participate
in projects that total BRL5.2 billion.

                       About Banco Nacional

Banco Nacional de Desenvolvimento Economico e Social is Brazil's
national development bank.  It provides financing for projects
within Brazil and plays a major role in the privatization
programs undertaken by the federal government.

                    About Centrais Electricas

Headquartered in Brasilia, Brazil, Centrais Electricas
Brasileiras SA aka Eletrobras -- http://www.eletrobras.gov.br/-
- operates in the electric power sector.  The objective of
Eletrobras is to perform activities involving studies, projects,
construction and operation of electric power plants,
transmission and distribution lines as well as underlying trade
operations.  Eletrobras has also an objective to assist the
Ministry of Mines and Energy in designing Brazil's electric
energy policy.  It engages areas involving granting loans and
financing, providing guarantees, locally or abroad, and
acquiring debentures of companies and holders of public electric
power services under their control; providing loans and
guarantees, locally or abroad, for technical and scientific
research institutions; and promoting and supporting researches
relating to the power sector, linked the generation,
transmission and distribution of electric power, as well as
studies involving the exploitation of hydrographical basins for
various purposes.

                  About Industrias Metalurgicas  

Industrias Metalurgicas Pescarmona SAIC& F aka IMPSA --
http://www.impsa.com.ar/ -- is one of the largest worldwide  
provider of integrated energy solutions for hydropower and wind
energy projects through the production of capital goods and by
investing in power generation projects.

The company has offices in Malaysia, China, and Argentina.

                          *     *     *

Fitch Argentina confirmed the BB- (arg) rating to the
Obligaciones Negociables Series 8, 9, 10, 11 and 12 issued by
Industrias Metalurgicas Pescarmona SA, and the D (arg) rating
the ONs Series 2 for US$150 million (effective balance
US$804,000).

                          *     *     *

Moody's Latin America rated Industrias Metalurgicas Pescarmona's
US$150 million bond issuance under its US$250 million global
program at D.  The unpaid debt since May 20, 2002, amounts to
US850,000.  The rating action is based on the company's
financial standing at April 30, 2006.


KAI PENG: Net Loss Balloons to MYR1.34 Mil. in 1st Qtr. FY 2007
---------------------------------------------------------------
Kai Peng Bhd's net loss in the first quarter of fiscal year
ending June 30, 2007, amounted to MYR1.34 million on MYR37.55-
million revenue as compared with a net loss of MYR141,000 on
MYR37.04 million revenue in the same quarter fiscal last year.

As of September 30, 2006, the company's balance sheet showed
strained liquidity with MYR55.12 million current assets
available to pay current liabilities of MYR132.05 million.

In addition, the company's balance sheet as of end-September
2006 reflected solvency problem with MYR105.29 million of total
assets and total liabilities of MYR142.93 million resulting to a
shareholders' deficit of MYR37.64 million.

                          *     *     *

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.

As of September 30, 2006, the company's balance sheet showed
insolvency with MYR105.29 million of total assets, MYR142.93
million in total liabilities, resulting to a shareholders'
deficit of MYR37.64 million.


SOLUTIA INC: Court Approves January 15 Plan-Filing Deadline
-----------------------------------------------------------
The Honorable Prudence Carter Beatty of the U.S. Bankruptcy
Court for the Southern District of New York granted Solutia Inc.
and its debtor-affiliates a 60-day extension of the Exclusive
Periods, Bloomberg News reports.  Accordingly, Solutia has the
exclusive right to file a plan until Jan. 15, 2007, and the
exclusive right to solicit acceptances of that plan until Feb.
9, 2007.

Bruce Bennett, Esq., at Hennigan, Bennett & Dorman LLP, counsel
to the Noteholders Committee, told Bloomberg's Thom Weidlich
that the Court's ruling reflects that it is not satisfied with
the progress of the case and that there hasn't been any serious
effort by other parties to adequately deal with the rights of
the bondholders.

              Equity Panel to Continue Plan Talks

Karen B. Dine, Esq., at Pillsbury Winthrop Shaw Pittman LLP, in
New York, had informed the Court that the Official Committee of
Equity Security Holders continued to explore alternate plan
structures regarding the Debtors' Plan of Reorganization and
Disclosure Statement.  She said the Equity Committee and the Old
and New Monsanto were pursuing mediation that could alter the
Plan, if successful.

The Equity Committee reserved its rights with respect to the
Debtors' request to extend their exclusive periods to file and
solicit acceptances of the Plan.

Ms. Dine stated that despite the mediation efforts, the Equity
Committee remained concerned that the Debtors intended to
pressure creditors to give in to their reorganization demands
despite their assertion that they were willing to work with
other constituencies to create a new plan.

While the Equity Committee had determined to not formally object
to the requested extension at this time, it continued to be
concerned about the confirmability of the Debtors' Plan, Ms.
Dine says.  While the Committee hoped that mediation would help
lead to a consensual Plan, it wanted confirmation that any
further extension of the Debtors' Exclusive Periods would not
unduly prejudice the panel's rights to either seek to terminate
the exclusivity or object to any further extensions.

                 Noteholders Committee Objects

Representing the Ad Hoc Committee of Solutia Noteholders,
Bennett J. Murphy, Esq., at Hennigan, Bennett & Dorman LLP, in
Los Angeles, California, stated that in three years, the Debtors
had not presented a viable Plan.  He added that they had misused
the privilege of the Exclusive Periods to make wrong choices,
resulting to a retarded, rather than advanced, conclusion and
the "dead-letter global settlement."

Mr. Murphy related that the Debtors' failed management and
strategy had taken millions of the estate's money.  He noted
that recent public filings revealed US$52,000,000 in
professional fees paid in the year ending Sept. 30, 2006 -- a
burn rate of more than US$4,300,000 each month, equating to
nearly 20% of the Debtors' projected 2006 EBITDAR.

Mr. Murphy said the Noteholders Committee, whose professionals
had not been paid by the estate, was the only party pushing for
serious and conclusive plan negotiations.  He also contended
that Monsanto Company and Pharmacia, Inc., had refused to engage
the Noteholders Committee in a negotiation to a substantive
give-and-take.

The Noteholders Committee had wanted the Extension Motion denied
because the Debtors:

   1) repeatedly failed to submit a memorandum of law despite
      the Court's admonishment, indicating their doubtful
      sincerity to the request;

   2) failed to provide any evidence to warrant another
      extension since cause does not exist;

   3) squandered the given extensions and, at estate's expense,
      assembled a legion of lawyers and advisors to hold a trial
      over their claim for millions in bonuses;

   4) merely repeated their previous reasons for an extension,
      without offering any progress towards a Plan;

   5) filled their Motion with excuses as to why they remain
      in bankruptcy and offer no viable plan on how to
      emerge;

   6) did not use their leadership to create a process where all
      key parties engage in a bone fide give and take;

   7) were improperly using their Exclusive Periods to favor a
      single bloc -- Monsanto and Pharmacia -- and pressure the
      Noteholders into submitting to their demands;

   8) used the JPMorgan and Equity Committee adversary
      proceedings as contingencies to justify the extension,
      which is entirely self-inflicted; and

   9) emphasized the size and complexity of their cases for
      their past Motions and the argument is now stale and
      insufficient.

                         Debtors Respond

Based on conversations with the Creditors Committee and Trade
Committee, the Debtors had agreed to reduce the requested
extensions to Feb. 16, 2007, to file a plan and April 19, 2007,
to solicit plan votes.

Jonathan S. Henes, Esq., at Kirkland & Ellis LLP, in New York,
told Judge Beatty that all of the Debtors' constituencies except
the Noteholders Committee, had engaged and were willing to
cooperate in good faith negotiations to reach a consensual
agreement regarding modifications to the Plan.  Mr. Henes noted
that each of the parties understood that a negotiation required
compromise and they must make concessions from their original
positions.  However, he continued, the Noteholders refused to
acknowledge that risks existed to their litigation position and
instead, attempted to dictate the path for the cases to the
detriment of the other parties-in-interest.

Mr. Henes pointed out to the Court that sufficient cause exists
to extend the Debtors' Exclusive Periods:

   (a) the JPMorgan and Equity Committee adversary proceedings
       needed to be resolved;

   (b) after discussions with constituencies, the Debtors and
       their stakeholders had agreed to the Standstill Period to
       enable negotiations;

   (c) it was for the stakeholders' best interests for the
       Debtors to be the sole fiduciary of the estates, to
       continue to bring their various constituencies together
       to reach consensus and enable Solutia to emerge from
       bankruptcy;

   (d) the Debtors spent the last several months working to
       negotiate and develop an amendment to the Plan.

The Noteholders announced their so-called "detailed roadmap for
a consensual plan" but that was not even attached to their
objection nor shared to other parties, Mr. Henes says.  He added
that the Noteholders had assumed to be the only one desirous of
a consensual deal, when they had not even recognized their risks
and were not willing to make concessions to achieve a deal.

Mr. Henes disclosed that the Debtors and other constituents had
devised a proposal wherein cash would be reserved to pay the
secured claim in full in the event that a final, non-appealable
Court order ruling that Noteholders were secured.  He said the
amendment as embodied in the Proposal preserved the three key
goals of the Plan:

   (a) Monsanto would take financial responsibility for
       significant legacy liabilities;

   (b) Solutia would receive necessary new money to fund the
       Retiree Settlement and legacy liabilities through the
       Sale reorganized Debtors' stocks; and

   (c) cash -- as opposed to equity -- would be distributed to
       Monsanto and Solutia's unsecured creditor.

Mr. Henes related that the Debtors tried to win the Equity
Committee's support for the Proposal by bringing it to
negotiations for the resolution of the Equity panel's adversary
proceeding.

Terminating the Exclusive Periods was highly detrimental to the
Chapter 11 cases and the Debtors' businesses, Mr. Henes
asserted.  The current progress in the negotiations, the
customer and vendor relationships, and the Debtors' ability to
generate new business would be greatly affected, he continued.

Jeffry N. Quinn, chairman, president and CEO of Solutia, told
the Court that contrary to the Noteholders Committee's claims,
the Debtors had enhanced their businesses as evidenced by:

   (a) improved financial performance;

   (b) continuing grooming of the asset portfolio;

   (c) development of new robust business strategies; and

   (d) selective strategic investments made.

Mr. Quinn relates that since the beginning of 2004, sales
increased 23% despite shutting down or exiting several
businesses, operating income increased over 1000%, EBIT
increased 460% and EBITDAR more than doubled.

However, Mr. Quinn said these improvements were not enough to
get them out of bankruptcy; they had to balance among obtaining
new capital, addressing obligations and reallocating legacy
liabilities inherited from Old Monsanto.  Through discussions
and negotiations with Monsanto, Pharmacia, and the Creditors and
Retirees Committees, the Global Settlement materialized that
became the basis for the Plan.

Aside from negotiations, Mr. Quinn said their professionals were
also resolving the adversary cases of the Equity Committee and
JPMorgan.  He added that they also spent the last months on
meetings and discussions on the original Plan's modification, as
embodied in the Proposal, to find a compromise that would be
acceptable to all constituents, including the Noteholders.

                 Other Parties Support Extension

Monsanto and the various committees representing the Retirees,
Creditors and Trade Claimants agreed that the Debtors' Exclusive
Periods should be extended.

Headquartered in St. Louis, Missouri, Solutia, Inc.
(OTCBB:SOLUQ) -- http://www.solutia.com/-- with its  
subsidiaries, make and sell a variety of high-performance
chemical-based materials used in a broad range of consumer and
industrial applications.  Solutia has operations in Malaysia,
China, Singapore, Belgium, and Colombia.

The company filed for chapter 11 protection on Dec. 17, 2003,
(Bankr. S.D.N.Y. Case No. 03-17949).  When the Debtors filed for
protection from their creditors, they listed US$2,854,000,000 in
assets and US$3,223,000,000 in debts.  Solutia is represented by
Richard M. Cieri, Esq., at Kirkland & Ellis.  Daniel H. Golden,
Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin
Gump Strauss Hauer & Feld LLP represent the Official Committee
of Unsecured Creditors, and Derron S. Slonecker at Houlihan
Lokey Howard & Zukin Capital provides the Creditors' Committee
with financial advice. (Solutia Bankruptcy News, Issue No. 73;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SUREMAX GROUP: Unit Receives Demand for Payment of MYR57,088
------------------------------------------------------------
Suremax Group Bhd's wholly owned subsidiary Suremax Marketing
Sdn Bhd on November 14, 2006, has been served with a statutory
notice of demand by ICI Paints (Malaysia) Sdn Bhd seeking
payment of MYR57,088.

Absent SMSB's payment within 21 days after receiving the notice,
SMSB will be deemed to be unable to pay its debts and
appropriate action will be taken for the winding-up of the
subsidiary.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Suremax Group Berhad is
engaged in property development, construction, trading in
construction materials and sub-contracting works.  The firm's
other activities include the provision of property management
services and building construction.  The Group is also involved
in the manufacture and sale of ready mixed concrete.

Suremax Group has suffered losses since 2004 due to sluggish
market demand.  The company's balance sheet at the end of the
fiscal period ended August 31, 2006, showed current assets at
MYR63.36 million while current liabilities is at MYR35.03
million.

At the end of the reviewed fiscal year, total assets of the
company amounted to MYR64.60 million while liabilities reached
MYR39.67 million.  Shareholders' equity in the company totaled
MYR24.983 million.


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

CAMPANELLA CONFECTIONERY: Faces Liquidation Petition
----------------------------------------------------
On Sept. 26, 2006, Nuplex Industries Ltd has filed before the
High Court of Auckland a liquidation petition against Campanella
Confectionery Ltd.

The petition is scheduled for hearing on Jan. 25, 2007, at
10:00 a.m.

The solicitor for the Petitioner can be reached at:

         M. R. Bos
         DLA Phillips Fox
         22/F, DLA Phillips Fox Tower
         209 Queen Street, Auckland
         New Zealand

                 About Campanella Confectionery

Campanella Confectionery Ltd -- http://www.campanella.co.nz--  
is a manufacturer of sugar panned, choc panned and deposited,
compressed sugar, high boil, low boil, twist wrapped products,
pillowpacked products, gums, jellies, marshmallows, enrobed
chocolate products.  The company is also an importer and
contract manufacturer of confectionery products.

The company is located in Auckland, New Zealand.


DIABLO HOSPITALITY: Creditors Must Prove Debts by December 22
-------------------------------------------------------------
The shareholders of Diablo Hospitality Ltd appointed Peri
Micaela Finnigan and Boris van Delden as the company's joint and
several liquidators on Nov. 16, 2006.

Accordingly, the creditors are required to prove their debts by
Dec. 22, 2006, or they will be excluded from any distribution
the company will make.

The Joint and Several Liquidators can be reached at:

         Peri Micaela Finnigan
         Boris van Delden
         McDonald Vague
         P.O. Box 6092
         Wellesley Street Post Office, Auckland
         New Zealand
         Telephone:(09) 303 0506
         Facsimile:(09) 303 0508


EVERGREEN CELL: Creditors to Lodge Claims by December 14
--------------------------------------------------------
On Nov. 16, 2006, the High Court of Auckland appointed Henry
David Levin and Barry Phillip Jordan as joint and several
liquidators of Evergreen Cell Transplants Ltd.

Subsequently, creditors are required to lodge and establish any
priority claims they have by Dec. 14, 2006.

The Joint and Several Liquidators can be reached at:

         Henry David Levin
         Barry Phillip Jordan
         c/o Daryll Powell
         PPB McCallum Petterson
         Level Eleven, Forsyth Barr Tower
         55-65 Shortland Street, Auckland
         New Zealand
         Telephone:(09) 336 0000
         Facsimile:(09) 336 0010


HARPER BUILDERS: Court to Hear Liquidation Petition on Dec. 18
--------------------------------------------------------------
A petition to liquidate Harper Builders Ltd will be heard before
the High Court of Whangarei on Dec. 18, 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:

         M. B. Smith
         P. J. Smith
         Marsden Woods Inskip & Smith
         122 Bank Street (P.O. Box 146)
         Whangarei
         New Zealand


KRAMILA KRUTCHING: Faces Liquidation Proceedings
------------------------------------------------
On Oct. 31, 2006, the Commissioner of Inland Revenue filed
before the High Court of Christchurch a liquidation petition
against Kramila Krutching Kradle Ltd.

The petition will be heard before the Court on Jan. 29, 2006, at
10:00 a.m.

The Solicitor for the Petitioner can be reached at:

         Julia Dykema
         Inland Revenue Department
         Technical and Legal Support Group
         South Island Service Centre
         Ground Floor Reception
         518 Colombo Street (P.O. Box 1782)
         Christchurch 8140
         New Zealand
         Telephone:(03) 968 0809
         Facsimile:(03) 977 9853


L & Y HOLDINGS: Appoints Michael Andrew Clarke as Liquidator
------------------------------------------------------------
L & Y Holdings  (No. 2) Ltd has commenced liquidation
proceedings on Nov. 17, 2006.

Accordingly, Michael Andrew Clarke was appointed as the
company's liquidator.

The Liquidator can be reached at:

         Michael Andrew Clarke
         170 Parnell Road (P.O. Box 38-411)
         Auckland
         New Zealand
         Telephone:(09) 358 3666
         Facsimile:(09) 358 3947


MILTON CONSTRUCTION: Liquidation Hearing Slated for Dec. 11
-----------------------------------------------------------
On Oct. 25, 2006, the High Court of Christchurch received a
liquidation petition from the Commissioner of Inland Revenue
filed against Milton Construction Ltd.

The petition was heard today -- Dec. 11, at 10:00 a.m.

The Solicitor for the Petitioner can be reached at:

         Julia Dykema
         Inland Revenue Department
         Technical and Legal Support Group
         South Island Service Centre
         Ground Floor Reception
         518 Colombo Street (P.O. Box 1782)
         Christchurch 8140
         New Zealand
         Telephone:(03) 968 0809
         Facsimile:(03) 977 9853


PRINCE ROOFING: Creditors to Prove Claims by December 11
--------------------------------------------------------
Bryan Edward Williams was appointed as liquidator of Prince
Roofing Ltd on Nov. 16, 2006.

Accordingly, Mr. Williams fixed Dec. 11, 2006, as the last day
for which creditors are to make their claims.

The Liquidator can be reached at:

         Bryan Edward Williams
         Bryan Williams & Associates
         Insolvency Practitioners
         131 Taupaki Road, R.D. 2
         Henderson 0782
         New Zealand
         Telephone:(09) 412 9762
         Facsimile:(09) 412 9763


SCORPION LTD: Names Parsons and Kenealy as Liquidators
------------------------------------------------------
On Nov. 13, 2006, Dennis Clifford Parsons and Katherine Louise
Kenealy were appointed as joint and several liquidators of
Scorpion Ltd.

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


SPRING STREET: Creditors to Prove Debts by December 13
------------------------------------------------------
On Nov. 16, 2006, the shareholders of Spring Street Investments
Ltd resolved by special resolution to liquidate the company's
business and appointed Ian Renner as liquidator.

Mr. Renner fixes Dec. 13, 2006, as the last day for creditors to
prove their debts.

The Liquidator can be reached at:

         Ian Renner
         Spencer Financial Partners Limited
         P.O. Box 91-840, Auckland
         New Zealand
         Telephone:(09) 306 0662


TRADITIONAL TIMBER: Court Sets Liquidation Hearing on Dec. 11
-------------------------------------------------------------
The High Court of Christchurch heard a liquidation petition
filed against Traditional Timber Blinds Ltd on Dec. 11, 2006, at
10:00 a.m.

Prime Television New Zealand Ltd filed the petition with the
Court on Nov. 9, 2006.

The Solicitor for the Petitioner can be reached at:

         Kevin Patrick McDonald
         11/F, Global House
         19-21 Como Street
         (P.O. Box 331-065 or D.X. B.P. 66-086)
         Takapuna, Auckland
         New Zealand
         Telephone:(09) 486 6827
         Facsimile:(09) 486 5082


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

ASIA AMALGAMATED: Still Non-Operating as of September 30, 2006
--------------------------------------------------------------
For the quarter ended September 30, 2006, Asia Amalgamated
Holdings Corporation's revenue was PHP1,151, representing
interest on bank deposits only, while revenue for the same
quarter last year was PHP3.03 million, which represents accrual
of interest on loans to affiliates.

The company's quarter ended September 30, 2006, posted a loss of
PHP230,872 as against a loss of PHP45 million for the same
quarter in 2005.  The decline is essentially due to non-accrual
of interest on loans to affiliates.

Total assets stood at PHP179.82 million as of September 30,
2006.  This represents a decrease of PHP443,000 as compared with
the PHP180.26 million as of December 31, 2005.

Stockholder's equity decreased by PHP907,000 from
PHP166.75 million as of Dec. 31, 2005, to PHP165.8 million as of
Sept. 30, 2006.  The decrease is principally due to the net loss
sustained for the quarter.

The company and its subsidiaries are still in the non-operating
status as of the quarter ended September 30, 2006.  Management
still has no concrete plans on how and when operations will be
resumed.

              Status of the Company's Subsidiaries

The company's three subsidiaries have no operation as of the end
of the first three quarters of the year 2006:

   1. Unikleen International Corporation has not been in
      operation for the past six years now.

   2. Marilag Transport, Inc., decided to stop its operation in
      the middle of 2001, due to heavy losses incurred in its
      operation brought by frequent breakdowns on its boats and
      the escalating cost of fuels and maintenance; and

   3. ESBI Insurance Brokers has likewise ceased operating by
      end of June 2001, as it has not renewed its license.

As emphasized in the company's previous reports, in as much as
all the subsidiaries have shut down their respective operations
and management still has no concrete plans yet as to the current
situation, it is expected that no recovery is foreseen in the
near future.

The company and its subsidiaries' continuance of operations in
the normal course is dependent on their ability to:

   (a) generate sufficient cash flow to meet their obligations
       on a timely basis;

   (b) obtain additional financing or capital infusion;

   (c) get competent technical people and personnel to regain
       the operations and eventually profitability.

Asia Amalgamated's financial report for the quarter ended
Sept. 30, 2006, is available for free at:

http://bankrupt.com/misc/asia_amalgamated_Sep2006.pdf

                    About Asia Amalgamated

Asia Amalgamated Holdings Corporation --
http://www.uniwide.com.ph/-- was originally incorporated as  
Sulu Sea Development Corporation on October 7, 1970 and later
changed its name to Asia Amalgamated Holdings Corporation after
majority ownership transferred from the National Development
Corporation to the present majority stockholders.

During the first years of its operation as an investment holding
company, Asia Amalgamated has made significant investments in
various businesses such as financial and banking services,
distribution of household water filtration equipment and
industrial wastewater treatment, water transport services and
non-life insurance brokerage.  The company has incorporated four
subsidiaries namely:

   (1) Ecology Savings Bank, Inc.,
   (2) Unikleen International Corporation,
   (3) Marilag Transport Systems, Inc., and
   (4) ESBI Insurance Brokers, Inc.

The economic crisis in the late 1990s adversely affected the
Company's main affiliate and business client, the Uniwide Group,
and ultimately, the Company itself.  From 1998 until the
present, the Company's subsidiaries ceased operations one by one
due to continued financial losses.

First it was Ecology Bank, which was acquired by Equitable PCI
Group in 1998.  The following year, Unikleen began winding up
its operations until cessation of operations in 2000.  In 2001,
ESBI Insurance Brokers did not renew its license with the
Insurance Commission.  Marilag Transport Systems, Inc. also
ceased operations within that year.


MAGNUM HOLDINGS: Records PHP89,886,436 Deficit as of Sept. 30
-------------------------------------------------------------
Magnum Holdings, Inc., posted an PHP89,886,436 deficit as of
September 30, 2006, slightly higher compared to the
PHP88,943,609 deficit posted as of Sept. 30, 2005.

As of September 30, 2006, the company has total assets of
PHP43,028.

Magnum Holding's September 30, 2006 balance sheet showed total
current liabilities of PHP4,699,465.  It also revealed total
stockholders' deficit of PHP4,656,436.

In its report for the quarter ended September 30, 2006, Magnum
Holdings disclosed that it has not seen any significant
improvement in the economic conditions that will ease up the
cost of doing business during the quarter as it is in 2005.  
Because of the uncertain profitability of doing business, the
company noted that it has maintained the same "Cautious" stance
during the quarter and will maintain the same stance for the
next quarter.

To sustain the "necessary" expenses that had to be incurred
during the continued suspension of operation, the company
continuously depended on the financial support of its major
stockholder, Sagarmatha, Inc.  The support is in a bilateral
agreement approved in the Board Resolution, between the company
and Sagarmatha, in which Sagarmatha will temporarily advance the
payment of the suspended operation expenses.  These advances are
non-interest bearing.  However, commencing January 2006, an
interest of 2% per month is charged on all advances to the
company.

The company has been sustaining losses since August 2000.  This
represents the cost of suspended operation expenses of a going
concern including office rental, annual listing, maintenance
fee, audit fee, and professional fee, among others.

The third quarter expenses increased by PHP91,347 from
PHP139,539 in 2005 to PHP230,886 in 2006.

                 Company to Issue Stock Rights

The company revealed that it is working on the documentation of
the stock rights to be issued from the unissued shares of
PHP14,960,000.  The proceeds of 17% or PHP14,456,800 will enable
the company to eliminate the capital deficit of PHP4,656,436 as
of September 30, 2006, and the balance of about PHP9.8 million
will be invested in some profitable venture as soon as
management has determined its investment priority and use as
working capital in active trading in the Philippine Stock
Exchange.

The company is still in the process of looking for investment
priorities as of September 30, 2006.

Magnum Holding's financial report for the quarter ended
Sept. 30, 2006, is available for free at:

http://bankrupt.com/misc/magnum_holdings_Sep2006.pdf

                    About Magnum Holdings, Inc.

Magnum Holdings, Inc., formerly known as Summit Minerals, Inc.,
was originally organized to engage in mining exploration.  On
February 24, 1994, the Securities and Exchange Commission
approved the change in the Company's primary purpose to that of
a holding company and the change in its corporate name to Magnum
Holdings, Inc.

                 Significant Going Concern Doubt

After auditing Magnum Holdings' financial report for the year
ended December 31, 2005, A.S. Arellano and Co., raised
significant doubt on the Company's ability to continue as a
going concern.  The Auditor cites these reasons:

   * The Company incurred losses of PHP0.78 million,
     PHP0.69 million and PHP0.82 million for the years ending
     December 31, 2005, 2004 and 2003.

     As of December 31, 2005, the Company's capital deficiency
     amounted to PHP89.1 million.

   * The Company is dependent on the continuing support of its
     major stockholder, Sagarmatha, Inc.

     As of December 31, 2005, the Company's current liabilities
     exceeded its current assets by some PHP3.8 million.

   * The losses were attributed primarily to the poor trading
     conditions caused by financial turmoil affecting the region
     as well as representing the cost of maintaining and
     safeguarding the Company's assets and resources.


RB MALINAO: PDIC Starts Claims Services from Nov. 29 to Dec. 15
---------------------------------------------------------------
Pursuant to Monetary Board Resolution No. 872 dated July 6,
2006, ordering the closure of the Rural Bank of Malinao (Albay),
Inc., the Philippine Deposit Insurance Corporation started
servicing depositors' claims for insured deposits in the closed
Rural Bank of Malinao (Albay), Inc., on November 29, 2006.

In a statement, PDIC advised depositors to proceed directly to
the rural bank and present their evidence of deposits like:

   (a) savings passbooks, certificates of time deposits, or bank
       statements; and

   (b) two valid identification documents with depositor's
       signature to PDIC representatives.

PDIC is servicing claims at the bank from November 29 to
December 15, 2006, during office hours (8:00 a.m. to 5:00 p.m.),
Monday to Friday except holidays.

After the service period, depositors may file their claims
personally at the:

         Claims Processing Department
         PDIC Extension Office
         6/F SSS Bldg.,
         Ayala Avenue corner V.A. Rufino St.
         Makati City

         or by mail to:

         The Manager
         Claims Processing Department, PDIC
         2228 Chino Roces Avenue
         1231 Makati City

As of June 30, 2005, RB Malinao has estimated total deposit
liabilities of PHP15.78 million with about 6,700 deposit
accounts.

As of July 7, 2006, the bank's estimated insured deposits
amounted to PHP15.323 million comprising of 6,159 accounts.

Under Republic Act 9302 that amended the PDIC Charter, effective
August 12, 2004, the maximum deposit insurance coverage is now
at P250,000 per depositor.

Depositors of RB Malinao are given 24 months from bank takeover
to file their claims or until July 7, 2008 only -- after which
PDIC will no longer accept any claim for insured deposits
maintained with the RB Malinao.

RB Malinao is a single unit bank located in Malinao, Albay.


RURAL BANK OF PILAR: Monetary Board Orders Closure
--------------------------------------------------
The Philippine Deposit Insurance Corporation, as statutory
receiver of closed banks, took over Rural Bank of Pilar (Capiz),
Inc., after the Monetary Board ordered its closure by virtue of
Monetary Board Resolution No. 871, dated July 6, 2006.

As of June 30, 2005, estimated total deposit liabilities of RB
Pilar is PHP10.24 million with around 1,500 deposit accounts.

PDIC stated that the servicing of claims is dependent on the
state of the bank records.  The schedule for claims servicing
will be published in newspapers and announced over the radio as
soon as the masterlist of insured deposits is completed.

Under Republic Act 9302 that amended the PDIC Charter, the
maximum deposit insurance coverage is now at PHP250,000 per
depositor effective August 12, 2004.

PDIC advised the bank's depositors and creditors to directly
transact only with designated PDIC representatives.

RB Pilar has two banking units, including its head office in
Pilar, Capiz.  Its only branch is located in Roxas City.


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

DIGILAND INTERNATIONAL: Inks Purchase Agreement with Warrantors
---------------------------------------------------------------
On Dec. 7, 2006, Digiland International Limited entered into a
conditional sale and purchase agreement with warrantors
Ximeta Inc, Han Gyoo Kim, Deog Kyoon Jeong and John K. Park for
the purchase of Ximeta's securities, which includes:

     (i) 4,703,964 ordinary shares of US$0.10 each in Ximeta's
         capital for an aggregate consideration of US$7,055,946
         at a price of US$1.50 per share;

    (ii) 1,759,311 shares -- being issued pursuant to the
         conversion of certain convertible bonds -- for an
         aggregate consideration of US$3,5128,621 at a price of
         US$2 per share; and

   (iii) 766,273 unconverted convertible bonds with a
         principal amount of US$1,076,729.51 and accrued
         interest of US$72,679.24, which will be converted at a
         conversion price of US$1.50 per share.

Upon Digiland's completion of all the installments of
acquisition of securities and the conversion of the unconverted
convertible bonds, the company will hold not less than 45% of
the total issued shares of all Ximeta's convertible securities,
which have been converted into shares.

If Digiland also acquires the shares pursuant to the exercise of
the option granted by Ximeta under the Distribution Agreement
dated Nov. 19, 2005, Digiland will hold in aggregate of not less
than 52% of the total issued shares on a fully converted basis.

                    Consideration of Purchase

The factors considered on the purchase, which was arrived on a
willing buyer-willing seller basis, were the NDAS technology
that Ximeta owns and the market potential of the technology.  
The NDAS products have the potential to connect into other
devices seamlessly.  NDAS is a patented technology, which
enables digital storage devices direct connection into standard
Ethernet networks.  It is a potentially revolutionary network
storage solution for the next generation.  NDAS is the world-
class solution that provides high performance, extensive
expansion, simplicity and advanced features for digital
connection at home and in the office.  The distribution of NDAS
products is expected to give Digiland better margins.

                       Terms of Purchase

The Securities will be paid by Digiland through cash by bank
draft, cashier's order or by telegraphic transfer.  It is
contemplated under the Agreement that there will be two
completion dates:

   -- five business days after the fulfillment or waiver as the
      case may be of all the conditions precedent, in the case
      of acquisition completion of the first installment of the
      Securities; and

   -- the date falling within six months of the first completion
      in the case of acquisition completion of the second
      installment of the Securities.

The completion of the acquisitions is conditional upon:

   (a) the approval Digiland's shareholders in accordance with
       the requirements of the Singapore Exchange Securities
       Trading Limited Listing Manual for the transactions
       contemplated under the Agreement;

   (b) the satisfaction of Digiland with the results of its
       legal and financial due diligence review of the business
       and operations of Ximeta and its subsidiaries, which will
       be done by Digiland in its own discretion;

   (c) the approvals of all required third party, person or
       governmental regulatory body or competent authority
       having jurisdiction over the transactions under the
       Agreement and, if the approvals are granted subject to
       conditions, the conditions must be acceptable to the
       parties of the Agreement;

   (d) approval of the shareholders of the Company in accordance
       with the requirements of the SGX-ST Listing Manual and
       applicable Singapore law for the fund raising exercises
       that the company may or will seek to implement to raise
       funds to pay the consideration;

   (e) approval in principle from SGX-ST for the listing and
       quotation of new shares of the Company to be issued
       pursuant to the Fund Raising Exercises;

   (f) the signing and continuance of the service agreements of
       Han, Jeong and Park with Ximeta on terms approved by the
       investor;

   (g) the signing of the sale and purchase agreements for the
       Converted Shares and the Unconverted Convertible Bonds on
       terms approved by Digiland;

   (h) the signing of the option agreements between Ximeta and
       each of Han, Jeong and Park pursuant to which Ximeta
       grants Han, Jeong and Park to subscribe for new shares on
       terms approved by Digiland; and

   (i) the signing of a shareholders' agreement between Digiland
       and the relevant holders of securities in Ximeta
       containing provisions to safeguard the interests of
       Digiland in Ximeta and to give Digiland certain rights
       over reserved matters and to appoint its nominees as
       directors of Ximeta.

If the conditions set out are not fulfilled -- except to the
extent that they may have been waived in writing by Digiland --
within six months of the date of the Agreement, the Agreement
will cease will have no effect.

Ximeta, as legal and beneficial owner, will charge and mortgage
to Digiland as a continuing security for the performance of the
obligations by the Warrantors of their obligations under the
Agreement by first mortgage and charge all its rights, title and
interest in Digiland's intellectual property rights.

                         Uses of Payment

The Warrantors will procure that the payment of US$7,055,946
received by Ximeta from Digiland will be used through:

   (a) The conduct of research and development projects in
       Singapore and the conduct of research and development
       projects for obtaining the benefits of any matching fund
       program or scheme established by the government of the
       Republic of Singapore, which is worth to be US$2 million;
       and

   (b) Ximeta's working capital.

Digiland will not dispose any Securities for a period of 24
months after the respective completion date without the prior
written consent of Ximeta.

                          About Ximeta

Ximeta was incorporated in the United States of America and its
registered office is located at 161 Whitney Place, Fremont in
California 94539, U.S.A.  Ximeta is the creator of Network
Direct Attached System Technology and is in the business of
manufacturing and distributing products using the NDAS
Technology.  The Warrantors are the holders of shares and also
part of Ximeta's management team.

                         About Digiland

Digiland International Limited -- http://www.digiland.com.sg/--  
is a major distributor of IT products and provider of IT
services in the Asia-Pacific.  The Digiland International Group
of Companies was set up initially as the distribution arm of GES
International Limited to handle sales, marketing and
distribution of GES products, specifically the Datamini brand of
Personal Computer, designed and manufactured by GES
International Limited.  It was renamed Digiland International
Private Ltd in 1998 and has since expanded geographically to
cover most countries in Asia-Pacific.  The company has been
reporting a string of losses in the recent years due to the
negative impact of the highly cyclical nature of the computer
industry.  Sales were adversely affected by the shortening
product cycles of IT products and downward pressure on selling
prices as newer and more technologically advanced products enter
mass production.  Aside from recurring losses, the company's
subsidiaries have also been bombarded by wind-up petitions filed
by creditors.

The company has acquired losses for the past two years.  For the
fiscal year ended June 2005, the Company's annual report showed
a US$18.7-million loss while fiscal year ended June 2004 showed
a US$44.7-million loss.

As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 13, 2006, the company registered US$31.32 million in total
assets and a US$11.94 million shareholders' equity deficit as of
October 12, 2006.


FALMAC LIMITED: United Overseas Decreases Holdings in Company
-------------------------------------------------------------
United Overseas Bank Limited, a substantial shareholder of
Falmac Limited, has decreased its holdings in the company, due
to open market sales.

Before the change, United Overseas held 23,638,300 deemed shares
with 15.24% issued share capital.  Presently, United Overseas
holds 22,888,300 deemed shares with 14.76%.

                       About Falmac Ltd.

Headquartered in Singapore, Falmac Limited manufactures and
trades knitting machines and related precision parts and
components, as well as cotton yarn.

A report by the Troubled Company Reporter - Asia Pacific on
July 8, 2004, stated that the company has entered into these
definitive agreements in relation to the company's restructuring
on July 6, 2004:

   (1) Restructuring Deed with Ho Liong Fen, Falmac
       Investment Holdings Pte Ltd, and the creditor banks
       of the Company.

   (2) Shareholder's Loan Agreement with Sino Equity.

   (3) Strategic Subscription Agreement with Sino Equity.

Moreover, the TCR-AP reported on Aug. 16, 2006, that the company
registered a widening shareholders' deficit, from a shortfall of
SGD1.21 million as of December 31, 2005, to a deficit of
SGD1.88 million as of June 30, 2006.

The company's total assets as of June 30, 2006, stood at
SGD17.62 million, while the total liabilities figure was at
SGD19.50 million.  The company has SGD10.39 million of secured
loans repayable within in one year, but current assets stands at
SGD7.23 million.


HIQ BIOSCIENCE: Commences Wind-Up of Operations
-----------------------------------------------
On Nov. 24, 2006, the High Court of Singapore entered a wind-up
order pertaining to HIQ Bioscience Pte Ltd.

Accordingly, the company's creditors are required to submit
their proofs of debt to the appointed liquidator, Goh Boon Kok.

As reported by the Troubled Company Reporter - Asia Pacific, the
petition was filed by Eddie Ong Chin Hin on Oct. 25, 2006.

The company's liquidator can be reached at:

         Goh Boon Kok
         Goh Boon Kok & Co.
         1 Stadium Walk
         Kallang Theatre
         Singapore 397688


KIN YEW: Pays Preferential Dividend to Creditors
------------------------------------------------
Kin Yew Heng Construction Pte Ltd, which is undergoing
liquidation, had paid the first and final preferential dividend
to its creditors on Nov. 21, 2006.

The company paid 32.38% to all preferential claims.

The company's liquidator can be reached at:

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


LEAR CORP: Discloses Early Results of Senior Notes Tender Offer
---------------------------------------------------------------
Lear Corp. disclosed results to date of its tender offer
commenced Nov. 21, 2006, for up to US$850 million aggregate
principal amount of its 8.125% senior notes due 2008, of which
approximately EUR237 million are outstanding, and its 8.11%
senior notes due 2009, of which approximately US$593 million are
outstanding.

The early tender date with respect to the notes has expired.  As
of 5:00 p.m., New York City time, on Dec. 5, 2006, holders of
approximately EUR170.3 million in aggregate principal amount of
2008 notes and approximately US$543.2 million in aggregate
principal amount of 2009 notes had tendered their notes pursuant
to the offer.  This represents approximately 72% and 92% of the
outstanding principal amount of 2008 notes and 2009 notes,
respectively.  Rights to withdraw tendered notes terminated at
5:00 p.m., New York City time, on Dec. 5, 2006.

Holders of the 2008 notes who delivered valid tenders by the
early tender date and whose notes are accepted for payment will
receive the total consideration of EUR1,045 per EUR1,000
principal amount at maturity plus accrued interest.  The payment
date for the 2008 notes tendered as of the early tender date
will occur promptly following the acceptance of the tenders,
which is currently expected to occur on Dec. 6, 2006.

Lear also disclosed that all holders whose 2009 notes are
validly tendered on or prior to the expiration date will be
eligible to receive the total consideration offered pursuant to
the tender offer.  Accordingly, all holders whose 2009 notes are
validly tendered on or prior to the expiration date, including
notes validly tendered after the early tender date of Dec. 5,
2006, will be eligible to receive a purchase price of US$1,055
per US$1,000 principal amount at maturity for the 2009 notes.

The tender offer will expire at midnight, New York City time, on
Dec. 19, 2006, unless extended.  The purchase price for any 2008
notes validly tendered after Dec. 5, 2006, and prior to the
expiration of the tender offer is EUR1,025 per EUR1,000
principal amount at maturity plus accrued interest.  The tender
offer for the 2009 notes will be in an aggregate amount such
that the aggregate principal amount of 2008 notes and 2009 notes
purchased in the tender offer will not exceed an aggregate
maximum tender offer amount of US$850 million.

All notes purchased in the tender offer will be retired upon
consummation of the tender offer.  The consummation of the
tender offer is conditioned upon certain customary closing
conditions.  If any of the conditions are not satisfied, Lear is
not obligated to accept for payment, purchase or pay for, or may
delay the acceptance for payment of, any tendered notes, and may
terminate the tender offer.  Subject to applicable law, Lear may
waive any condition applicable to the tender offer and extend or
otherwise amend the tender offer.

Citigroup Corporate and Investment Banking is the dealer manager
for the tender offer.

Questions regarding the tender offer may be directed to
Citigroup Corporate and Investment Banking at 800-558-3745 (toll
free) or at 212-723-6106 (collect).

Global Bondholder Services Corporation is acting as information
agent and the depositary.

Copies of the Offer to Purchase, Letter of Transmittal and
related documents may be obtained at no charge from:

         Global Bondholder Services Corporation
         Telephone: 866-873-5600 (toll-free)
                    212-430-3774 (collect).

The company has also retained Dexia Banque Internationale a
Luxembourg to act as depositary for the 2008 notes.

                      About Lear Corporation

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

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

                          *     *     *

Moody's Investors Service assigned a B3, LGD4, 61% rating to
Lear Corp.'s new offering of US$700 million of unsecured notes.
At the same time, Moody's affirmed Lear's Corporate Family
Rating of B2, Speculative Grade Liquidity rating of SGL-2 and
negative outlook.  All other long-term ratings are unchanged.

Standard & Poor's Ratings Services also assigned its 'B-'
ratings to Lear Corp.'s US$300 million senior notes due 2013 and
its US$400 million senior notes due 2016.  Lear's 'B+' corporate
credit and other ratings were affirmed.  S&P said the outlook is
negative.

Standard & Poor's also affirmed the 'B+' rating on the US$1
billion first-lien term loan.  Standard & Poor's corporate
credit rating on Lear Corp. is B+/Negative/B-2.  The
speculative-grade rating reflects the company's depressed
operating performance caused by severe industry pressures.

Moreover, Moody's Investors Service has raised Lear
Corporation's rating outlook to stable from negative and
affirmed all the company's other ratings, as reported by the
TCR-AP on Dec. 7, 2006.


MAE ENGINEERING: Enters Second IP Agreement with Founders
---------------------------------------------------------
Mae Engineering on Dec. 6, 2006, entered into an agreement with
founders David John Beresford-Long, Fong Soon Leong, Giorgio
Vanalli, Gian Franco Longhini and Ho Siau Chiang with regard the
use of Intellectual Property.

The Intellectual Property means the intellectual property
associated with the "Process" -- producing biodiesel using the
specialized equipment and chemical formulae -- including any
patent, trade mark, copyright, design right in as well as any
rights in respect of any, trade secrets or proprietary
information which includes, but will not be limited to equipment
designs, processes, know-how, chemical formulations, compounds
or recipes and operational methodologies, test results,
software, manufacturing, reports and other analysis of the
process that may be prepared by the Founders, drawings and
equipment relating to the production of biodiesel whether
existing or registered.

                     Terms of the Agreement

   (a) Mae Engineering agreed with the Founders to, inter alia
       jointly own the "Process" and the Intellectual Property
       in these proportions:

           David John Beresford-Long                  13.4%
           Fong Soon Leong                            16.0%
           Giorgio Vanalli                             8.3%
           Gian Franco Longhini                        8.3%
           Ho Siau Chiang                             16.0%
           Mae Engineering                            38.0%
                                                    --------
           Total                                     100.0%

   (b) Mae Engineering will pay a consideration of SGD1.00 to
       the Founders; and

   (c) The Agreement will be effective immediately upon the
       approvals of the Singapore Exchange Trading Limited
       and the company's shareholders.

Mae Engineering has inked a first agreement with Eligro and
Lereno Sdn Bhd to acquire 4,768,396 ordinary shares of MYR1 each
in Lereno's capital representing 38% of the 12,548,410 ordinary
shares of the issued and paid-up capital of Lereno, as reported
by the Troubled Company Reporter Asia Pacific on Oct. 5, 2006.

Upon the execution of the Second Agreement, Mae Engineering will
be in better and stronger position to increase its future share
of the local and international biodiesel production capacity and
market.

Moreover, the company's application for the approval of SGX-ST
is in already in progress since Oct. 27, 2006.

                     About MAE Engineering

Headquartered in Singapore, MAE Engineering Limited is engaged
in the provision of integrated electrical and mechanical
engineering services including designing, planning and
procurement.  These services are categorized into electrical
installations, mechanical installations, electrical power supply
installations, instrumentation and building automation as well
as maintaining electrical and mechanical systems.  The Group
also offers consulting and specialist services to oceanariums
and aquariums.  The Group has disposed off its prawn and fish
farming as well as edutainment businesses, after suffering
accumulated losses of SGD48 million as of September 30, 2005.
The company also suffered a liquidity crunch since September 30,
2005, when its total current liabilities of SGD23,695,000
exceeded its total current assets of SGD5,582,000.

As of March 31, 2006, the company's balance sheet showed
SGD7,404,000 in total assets and SGD27,257,000 in total
liabilities, resulting in a SGD19,853,000 stockholders' equity
deficit.  


PDC CORP: Posts Shareholders' Change of Interest
------------------------------------------------
Ong Bee Huat, a substantial shareholder of PDC Corp Ltd, has
decreased his deemed interest in the company, due to an open
market sale on Dec.5, 2006.

Previously, Mr. Ong held 104,404,733 deemed shares with 8.42%
issued share capital.  Presently, Mr. Ong holds 97,904,733
deemed shares with 7.90% issued share capital.  Mr. Ong still
holds 80,000,000 direct shares with 6.45% issued share capital.

                         About PDC Corp.

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

                          *     *     *

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

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


SEA CONTAINERS: GE Wants Relief from Stay to Pursue Arbitration
---------------------------------------------------------------
GE Capital Container SRL and GE Capital Container Two SRL, Sea
Containers, Ltd., and its debtor-affiliates' partners in a
certain GE SeaCo Srl joint venture, obtained authority from the
Honorable Kevin J. Carey of the United States Bankruptcy Court
for the District of Delaware to file a request for relief from
the automatic stay under seal and to serve redacted versions of
that request on all entitled parties.

In their request, the GE Parties ask the Court to:

   * grant relief from stay to proceed to mandatory arbitration
     against Sea Containers, Ltd., to determine that a change of
     control occurred; and

   * upon that finding, appoint a third-party arbiter to
     determine a buy out price.

In March 1998, SCL, GE Container One, and Genstar Container had
entered into an omnibus agreement pursuant to which a joint
venture, GE SeaCo Srl, was formed.  SCL and GE Container One
filed articles of organization creating the JV under Barbados
law.

On May 1, 1998, SCL and GE Container One executed a members'
agreement setting forth certain rights, obligations, and duties
related to their membership interests in the JV -- the Quotas.
Pursuant to certain amendments to the Members' Agreement, GE
Container Two and Quota Holdings, Ltd., were added as members.

Under the JV' Articles of Organization and the Members'
Agreement, the GE Parties have the right to purchase the Quotas
owned by SCL and QHL at their fair market value if a change of
control occurs and if the parties are unable to agree on a
purchase price, a third party arbiter will determine the price.  
The Members' Agreement also requires that any dispute concerning
the buy-out right be decided by binding arbitration.

Howard A. Cohen, Esq., at Drinker Biddle & Reath LLP, in
Wilmington, Delaware, discloses that prior to the Debtors'
filing for bankruptcy, the GE Parties notified SCL and QHL that:

   (1) a change of control had occurred with the resignation
       from various key positions of James Sherwood, a former
       controlling principal of SCL;

   (2) GE was exercising its right to purchase the entire equity
       interest held by SCL and QHL in the JV; and

   (3) GE was prepared to enter into good faith negotiations
       regarding the fair market purchase price of SCL's and
       QHL's Quotas.

SCL and QHL dispute that a change of control occurred.

Mr. Cohen points out that cause exists to grant GE's request
because, among other things:

   (a) allowing the arbitration of the change of control dispute
       and the valuation will not prejudice SCL;

   (b) no alternative forum that would be quicker, more
       efficient, and more cost effective than arbitration
       exists; and

   (c) the hardship to the GE Parties of continuing the stay
       considerably outweighs the hardship to SCL of modifying
       the stay.

Mr. Cohen notes that the Third Circuit in Mintze v. Am. Gen.
Fin. Servs., Inc. (In re Mintze), 434 F.3d 222 (3d Cir. 2006),
has held that there is no judicial discretion to deny
arbitration even if the arbitration involves core proceedings
under Section 157(b) of the Bankruptcy Code.

Accordingly, Mr. Cohen asserts, SCL cannot use Chapter 11 to
shield itself from arbitration.  "Because there is no
alternative to arbitration, the Court need not and, indeed,
cannot analyze the costs and benefits of arbitration versus the
costs and benefits of an alternative means of resolving the
disputes, including the bankruptcy process."

Arbitrating now the Change of Control Dispute and the Valuation
will not burden the Debtors or their management, Mr. Cohen
maintains.  He says any delay in the arbitration will prejudice
the Debtors and their estates because resolution of the Change
of Control Dispute and the Valuation is indispensable to the
formulation of any plan of reorganization.

                      About Sea Containers

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight  
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 6; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


SEA CONTAINERS: GNER's UK East Coast Operation Franchise Ceased
---------------------------------------------------------------
The British Government ended Great North Eastern Railway's
GBP1,300,000,000 franchise agreement to operate the East Coast
main line railway, London-based The Times reported.

The U.K. Department for Transport will re-let the franchise but
has agreed to allow GNER to run the line for up to two years on
a new, fixed management-contract basis, as a temporary solution.

In 1996, Sea Containers Ltd., GNER's parent, entered into a
franchise agreement with the Strategic Rail Authority of the
British Government to operate the GNER carrying passengers on
high-speed trains along the East Coast main line in Great
Britain, United Kingdom.  Sea Containers and the Transport
Department entered into a new 10-year contract in April 2005,
under which the Debtor agreed to pay the British Government
GBP1,300,000,000 over the course of the franchise.

The Times reports that talks are underway between the Transport
Department and Sea Containers to come up with terms for the new
arrangement.  Under the new arrangement, GNER is expected to
continue running the East Coast line between 18 and 24 months
until a new train operating company is selected.

According to The Times, an agreement is expected given that
GNER's financial situation is unsustainable under the terms of
the current franchise.  Christopher Garnett, GNER's former chief
executive, had previously admitted that GNER had overbid.

GNER is said to be close to breaching the liquidity ratio
legally required to its franchise agreement, The Times relates.

                       About Sea Containers

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 6; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


STANDARD AERO: Moody's Affirms B2 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service has affirmed the ratings of Standard
Aero Holdings, Inc., Corporate Family Rating of B2, and has
changed the ratings outlook to stable from negative.  The change
in outlook was prompted by the company's recent announcement
that it has negotiated an extension of its contract with a key
customer, Kelly Aviation Center, L.P., assuring Standard Aero
will be the sole subcontractor for Maintenance, Repair, and
Overhaul work on KAC's Kelly Air Force Base contract through
2010.  Standard Aero has a Speculative Grade Liquidity Rating of
SGL-3.

The ratings reflect Standard Aero's high degree of leverage,
modest levels of liquidity, and revenue concentration risk
associated with its MRO line of business.  Ratings also consider
the company's historically stable, recurring revenue base, the
successful renegotiation of a major contract and its strong
market position in the engine platforms in which is competes.

The stable outlook reflects Moody's expectation that the company
will modestly grow its sales base, albeit at lower operating
margins as the effects of the amended KAC contract become more
apparent.  Nonetheless, Moody's expects credit metrics to remain
approximately within the B rating category, while free cash flow
should remain modestly positive (under 5% of debt) over the near
term.  Liquidity and debt levels will be subject to periodic use
of the liquidity facility owing to short-term working capital
needs as contract commitments may require.


Ratings or their outlook could be revised upward if the company
were to restore operating margins to over 10% while
substantially repaying debt like the Debt/EBITDA were to fall
below 4.0 times for a sustained period.  Upward rating
consideration would also be supported if the company could
achieve significant diversification in its sales base, becoming
less reliant on certain engine platforms (T56 in particular),
with less concentration on MRO business in general.

Ratings could be negatively affected if Standard's operating
performance were to deteriorate materially, or if the company
were to undertake a large leveraged acquisition or re-
capitalization, as to that leverage were to exceed 6.0 times
Debt/EBITDA, EBIT/Interest were to fall below 1.3 times.  A
downgrade could also be warranted the company's liquidity
profile were to substantially weaken for any reason, or if
compliance with financial covenants prescribed by the secured
credit facilities becomes doubtful.

These ratings/assessments have been affirmed/revised:

   -- Senior secured revolving credit facility at Ba3 (LGD2, to
      28% from 29%);

   -- Senior secured term loan at Ba3 (LGD2, to 28% from 29%);

   -- Senior subordinated notes at Caa1 (LGD5, to 80% from 81%);

   -- Corporate Family Rating of B2;

   -- Probability of Default Rating of B2; and

   -- Speculative Grade Liquidity Rating of SGL-3.

While the Senior unsecured issuer rating of B3 has been
withdrawn.

                    About Standard Aero

Standard Aero Holdings Inc. -- http://www.standardaero.com/--
maintains, repairs, and overhauls engine parts, wheels, and
braking systems for military and business aircraft. Previously
divided into two groups -- design and manufacturing and engine
repair and overhaul -- the company was split when investment
firm Doughty Hanson sold the group for US$1.4 billion to US
investment firm The Carlyle Group and British aerospace parts
manufacturer Meggitt.

Standard Aero operates facilities strategically located in
Canada, the United States, Europe, Australia and certain
locations in Asia like Singapore.


UNI-FRUITVEG: Court Directs Wind-Up of Operations
-------------------------------------------------
On Nov. 24, 2006, the High Court of Singapore has entered an
order directing the wind-up of Uni-Fruitveg Pte Ltd's
operations.

The Troubled Company Reporter - Asia Pacific reported that
Singapore Food Industries filed the petition against the company
on Nov. 2, 2006.

The company's liquidator can be reached at:

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


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

TANAYONG PCL:  Shareholders' Meeting Slated for December 18
-----------------------------------------------------------
Shareholders' of Tanayong Public Company Ltd will hold their
extraordinary general meeting on December 18, 2006, at 10:30
a.m.

The meeting will be held at Ballroom, Four Seasons Hotel, 155
Rajadamri Rd. Lumpini, in Pathumwan, Bangkok.

Agenda of the meeting will be:

   1. To certify the minutes of the Annual General Meeting of
      Shareholders No.1/2544 held on July 31, 2001.

   2. To appoint the additional number of directors.

      The company's board of directors proposed that since the
      shareholding of major shareholders had changed, there
      should be additional director for each major shareholder
      increasing the number of director from seven to 13
      members.

   3. To appoint all new directors.

      Tanayong's board of directors' meeting No.1/2549 proposed
      to the shareholders of the appointment of new directors
      after the resignation of the members of the previous
      board.

      The proposed directors are:

         -- Keeree Kanjanapas
         -- Kavin Kanjanapas
         -- Rangsin Kritalug
         -- Kong Chi Keung
         -- Abdulhakeem Kamkar
         -- Dato' Amin Rafie Othman
         -- Dr. Paul Tong
         -- Cheung Che Kin
         -- Sutham Siritipsakorn
         -- Pol.Maj.Gen. Vara Ieammongkol
         -- Lieutenant Gen. Phisal Thepsithar
         -- Dr. Anat Arbhabhirama
         -- Kom Panomreongsak

   4. Set the power of the directors

      Tanayong's board considered to propose to the shareholders
      to set the powers of the directors.  Accordingly, the
      members of the board will be separated to groups:

         Group A                Group B
         -------                -------
         Keeree Kanjanapas      Sutham Siritipsakorn
         Rangsin Kritalug       Kong Chi Keung
         Kavin Kanjanapas       Pol.Maj.Gen. Vara Ieammongkol

      According to the proposed power of directors, one director
      from group A will jointly sign with one director from
      group B with the company seal.

   5. To Fix the Remuneration for the Directors.

      Tanayong's board propose to fix the remuneration for the
      directors not exceeding THB3,200,000 per year.

                          *     *     *

Headquartered in Bangkok, Thailand, Tanayong Public Company
Limited -- http://www.tanayong.co.th/-- manages, develops and  
invests in property for both residential and commercial
purposes; investment in various infrastructure projects such as
investment in Electric Train Bangkok Mass Transit System;
ownership and operation of hotels, apartments, restaurants and
clubs; and provision of financial services and investment
holding.

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

Tanayong, in the second quarter ended September 2006, turns
around by recording THB2.651 billion net profit on THB2.772
billion revenues, compared with THB377.246 million net loss on
THB82.94 million revenues posted in the same period the previous
year.

The company's balance sheet, at the end of September 30, 2006,
showed strained liquidity with THB3.660 billion in current
assets available to pay THB31.608 billion in current
liabilities.

                          Going Concern

Supachai Phanyawattano of Ernst & Young Office Ltd expressed
substantial doubt about Tanayong Pcl's ability to continue as a
going concern after auditing the company's financial statement
for the second quarter ended September 30, 2006.

Mr. Supachai pointed to the company's ability to realize asset
increments and settle its liabilities in the ordinary course of
business, which is stipulated in Tanayong Pcl's rehabilitation
plan.


THAI-GERMAN: Bankruptcy Court Okays Rehab Plan Termination
----------------------------------------------------------
On November 7, 2006, Thai-German Products Public Company Limited
had requested The Central Bankruptcy Court of Thailand to
approve the termination of its rehabilitation plan.

According to the company, the reason for their request was that
they were able to comply successfully with the rehab plan, which
stipulates a restructuring in its shareholders' equity to
positive amount.

Accordingly, on November 30, 2006, the Central Bankruptcy Court
approved Thai-German's request and the company's management will
be transferred from its plan administrator to the former
management.

                          *     *     *

Thai-German Products Public Co., Ltd -- http://www.tgpro.co.th/
-- is the manufacturer of stainless steel pipe, tube, and sheet
in Thailand under the name of "TGPRO" founded by Pracha
Leelaprachakul in 1973.

As reported by the Troubled Company Reporter - Asia Pacific on
June 13, 2006, Thai German posted a THB29,468,149 net loss for
the year ended December 31, 2005, against a THB6,063,875,782 net
profit for the year ended December 31, 2004.

The Company's balance sheets as of December 31, 2005, and as of
December 31, 2004, reflect these key figures:

                                    2005             2004
                                    ----             ----
   Total Current Assets      THB1,047,503,658   THB818,423,875
   Total Assets                 2,058,480,280    1,886,125,511
   Total Current Liabilities      640,189,966      372,275,803
   Total Liabilities            1,967,367,078    1,765,544,160
   Total Shareholders Equity       91,113,202      120,581,351




                            *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.  
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.  
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Nolie Christy Alaba, Rousel Elaine Tumanda,
Valerie Udtuhan, Francis James Chicano, Catherine Gutib, Tara
Eliza Tecarro, Freya Natasha Fernandez, and Peter A. Chapman,
Editors.

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
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mail.  Additional e-mail subscriptions for members of the same
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thereof are $25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***