TCRAP_Public/061213.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, December 13, 2006, Vol. 9, No. 247

                            Headlines

A U S T R A L I A

ALLSTATE EXPLORATIONS: Mellick Inquiry Report Extended to Feb.
AUBURN CENTRAL: Court Issues Wind-Up Order
BUILDING CONTROLS: Members Pass Resolution to Wind Up Firm
CT & PA: Members' Final Meeting Slated for January 10
CUMULATIVE ENTERPRISES: Creditors Must Prove Debts by Dec. 27

HUON CORP: Former Empire Rubber Workers to Get Entitlements
I R ENTERPRISES: Placed Under Voluntary Wind-Up
J & M LEGAL: To Declare Dividend for Priority Creditors
J. INVERARITY: Members' Final Meeting Fixed on January 17
JAMES HARDIE WINDOWS: Schedules Final Meeting on January 9

NATIONWIDE CARDS: Benchmark Appoints Receiver and Manager
OWEN VENTURES: To Declare First and Final Dividend on Jan. 23
THE AUSTRALIAN PHARMACY: Placed Under Voluntary Wind Up
TRW AERONAUTICAL: Final Meeting Slated for December 29
ZINIFEX LIMITED: Signs MOU with Umicore to Form Joint Venture

* Fitch Says AU RMBS To Dominate In 2007, Outlook Positive


C H I N A   &   H O N G  K O N G

ASIAN REAL: Members Decide to Close Business
CHAODA MODERN: Moody's Reviews Ba3 Rating for Upgrade
DAIMLERCHRYSLER: Chrysler Group's Eberhardt Go to Mercedes-Benz
DAIMLERCHRYSLER: Chrysler Group's November Non-U.S. Sales Up 17%
DAIMLERCHRYSLER: Chrysler Group's November U.S. Sales Up 3%

DANA CORP: Enters Into Stock & Asset Purchase Pact With MAHLE
ID INNOVATION: Liquidators Cease to Act
LIN KEE: Appoints Yam Ming Fai as Liquidator
MOSAIC COMPANY: Completes US$2 Billion Refinancing
ON SKY: Court to Hear Wind-Up Petition on January 17

ORIENTAL HOME: Creditors' Proofs of Debt Due on January 8
PETROLEOS DE VENEZUELA: Inks Distribution Pact with West Indies
PIONEER LINK: Placed Under Voluntary Wind-Up
SINO UNICORN: Members to Receive Wind-Up Report
SMETOUN COMPANY: Members Resolve to Wind Up Operations

STAR CRUISES: S&P Sets BB- Corporate Credit Rating on WatchNeg
TONG YANG: Names Yee and Bruce as Liquidators
UNITY WIRELESS: Sept. 30 Balance Sheet Upside-Down by US$4.4MM
UNITY WIRELESS: Restates First and Second Quarter Financials
UNOCAL CHINA: Schedules Final General Meeting on December 27

XIN FA: Creditors Must Submit Claims by January 9
* China Remains Leader in Asia Pacific for 2007, S&P says
* Steady Economic Growth for Hong Kong in 2007, S&P Says


I N D I A

ALCATEL-LUCENT: Fitch Downgrades IDR to BB on Merger Completion
ALCATEL-LUCENT: Names Vincenzo Nesci to Head Middle East Unit
ARTSON ENGINEERING: Clarifies News; Updates Rehab Plan Progress
TATA MOTORS: Improved Profile Cues S&P to Raise Rating to BB+
UNION BANK OF INDIA: Revises Interest Rates on Domestic Deposits

UTI BANK: Interested to Buy Out UTI AMC
UTI BANK: Board Approves Allotment of Upper Tier II Debentures


I N D O N E S I A

ALLIANCE ONE: Posts US$10.9M Net Income For Q2 Ended Sept. 30
CORUS GROUP: Tata Increases Bid to 500 Pence Per Share in Cash
CORUS GROUP: Brazil's CSN Increases Offer to US$11.4 Billion
FREEPORT MCMORAN: SAC Capital Will Block Phelps Dodge Deal
KRONOS INT'L: Parent Posts US$11.6MM Net Income for 3rd Quarter

TELKOMSEL INDONESIA: Selects Alcatel-Lucent For Optical Network


J A P A N

ALBERTO-CULVER: Appoints Three New Directors to Board
DELPHI CORP: Opposes Former Employees' Indemnification Request
DELPHI CORP: Hires W.Y. Campbell & Co. as Financial Advisor
FORD MOTOR: S&P Holds Junk Rating on Proposed $4.5 Bil. Sr. Debt
JAPAN AIRLINES: To Launch Cooperative Projects with China's CASI

SOLO CUP: Posts US$19.7 Million Net Loss in Qtr. Ended October 1
* Japan's Asset Backed Securities to Decline in 2007, Fitch Says


K O R E A

DURA AUTOMOTIVE: Hires David Szczupak as Chief Operating Officer
KRISPY KREME: Posts US$135.8MM Net Loss in Year Ended Jan. 2006
PANTECH CO: Seeks Creditors' Nod on Debt-Workout Plan
SANDISK CORP: Earns US$103.2MM in 3rd Fiscal Qtr. Ended Oct. 1
SK CORP: Drops UBS AG as Advisor in Planned Incheon Unit IPO

SK CORP: No. 2 Naptha Cracker Unit Restarts Operations


M A L A Y S I A

ANTAH HOLDINGS: Court Approves Scheme; Rejects Lekas Purchase
ANTAH HOLDINGS: Plans to Dispose Entire Equity Interest in AMMS
ARK RESOURCES: Third Qtr. Net Loss Balloons to MYR28.45 Million
AVANGARDE RESOURCES: Bourse Defers Delisting to January 18
LITYAN HOLDINGS: Default Totals MYR17.05 Million by November 30

METROPLEX BERHAD: Default Totals MYR1.81 Million by End-November
SETEGAP BERHAD: Posts MYR5 Million Net Loss in 3Q 2006
UNITED CHEMICAL: Incurs MYR2.15 Million Net Loss in 3rd Qtr. '06


M O N G O L I A

TRADE & DEV'T BANK OF MONGOLIA: Moody's Assigns Ba2 Ratings


N E W   Z E A L A N D

AFFORDABLE PLUMBING: Liquidation Hearing Set on December 18
ARROW LANE: Creditors Must Prove Debts by January 9
ASIAN DRAINAGE: Faces Liquidation Proceedings
EDUCATIONAL HORIZONS: CIR Files Liquidation Petition
HAURAKI CONCRETE: Names Parsons and Kenealy as Liquidators

HYDRO COMPANY: Court Appoints Joint Liquidators
MOHAN WATERPROOFING: Shareholders Agree to Liquidate Business
MORTGAGE CENTRE: Creditors Must Lodge Claims by Dec. 21
PISTOIA LTD: Court Sets Liquidation Hearing on Dec. 19
S & Y CATERING: Official Assignee Acts as Liquidator

SOLID FOUNDATION: Court to Hear Liquidation Petition on Jan. 25


P H I L I P P I N E S

BANK OF THE PHILIPPINE ISLANDS: BSP Approves Cash Dividends
MIRANT CORP: Tokyo-Marubeni Consortium Buys Philippine Assets
PHIL. LONG DISTANCE: Gov't. Gets PHP25.2BB Offer for PTIC Stake
PHILIPPINE LONG DISTANCE: Declares Cash Dividends
UNITED COCONUT PLANTERS: Waits for Completion of Bad Assets Sale


S I N G A P O R E

CAPITAL GAIN: Pays First and Final Dividend to Creditors
COMPACT METAL: Posts Shareholder's Change of Interest
ESCO CORP: Moody's Rates Proposed US$275 Million Sr. Notes at B2
HLG ENTERPRISE: Directors Sell Shares Pursuant to Singapore Code
KLOCKNER HAENSEL: Creditors' Proofs of Debt Due on Jan. 8

PETROLEO BRASILEIRO: Expands Scope of Talks with Yacimientos
PETROLEO BRASILEIRO: Exports 484,000 Barrels Per Day in November
PETROLEO BRASILEIRO: Inks Agreements with Petroleos de Venezuela
REFCO INC: BDO Stoy Appointed as Refco Trading's Liquidator
REFCO INC: Ch. 11 Trustee Wants RCM's Case Converted to Ch. 7


T H A I L A N D

DOLE FOOD: Settles 16 US Lawsuits by Foreign Farm Workers
PHELPS DODGE: Names Nancy Mailhot as Senior VP - Human Resources
* BOT Issues New Directives; Increases CAR to 9.5%


* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

ALLSTATE EXPLORATIONS: Mellick Inquiry Report Extended to Feb.
--------------------------------------------------------------
On October 19, 2006, the Troubled Company Reporter - Asia
Pacific cited a report from The Australian stating that
Australian Workers Union boss, Bill Shorten, has demanded the
public release of safety reports and other technical documents
relating to a Beaconsfield goldmine tragedy after reports that
management was earlier warned of a potential disaster.

The Weekend Australian previously revealed that an independent
expert's report warned mine management three months before the
Anzac Day rockfall that its mining method may have been
inadequate, the TCR-AP said, noting that the incident caused the
closure of the Beaconsfield mine, and was subject to a coroner's
inquiry and a special investigation.

According to the TCR-AP, Greg Mellick was holding a closed-door
inquiry into the disaster.

In an update, The Australian relates that the Tasmanian
Government has extended the reporting deadline of the Mellick
Inquiry until the end of February 2007.

The extension was due to the volume of technical and other
material before it, and some tardy submissions, the paper
explains.

                         About Allstate

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

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

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


AUBURN CENTRAL: Court Issues Wind-Up Order
------------------------------------------
On Nov. 24, 2006, the Supreme Court issued an order to wind up
the operations of Auburn Central Real Estate Pty Ltd and
appointed Pino Florentino as the official liquidator.

The Official Liquidator can be reached at:

         Pino Fiorentino
         c/o Hamiltons
         Chartered Accountants
         Level 17, 25 Bligh Street
         Sydney, New South Wales 2000
         Australia
         Telephone: 9232 6611
         Facsimile: 9232 6166 DX 1208

                      About Auburn Central

Auburn Central Real Estate Pty Ltd is a developer of land,
except cemeteries.

The company is located in New South Wales, Australia.


BUILDING CONTROLS: Members Pass Resolution to Wind Up Firm
----------------------------------------------------------
The members of Building Controls Management Pty Ltd held a
general meeting on Nov. 30, 2006, and passed a special
resolution to voluntarily wind up the company's operations.

The liquidator can be reached at:

         Frank Lo Pilato
         RSM Bird Cameron Partners
         Level 1, 103-105 Northbourne Avenue
         Turner ACT 2612
         Australia
         Telephone:(02) 6247 5988

                    About Building Controls

Building Controls Management Pty Ltd provides business services.

The company is located in Wanniassa, ACT, Australia.


CT & PA: Members' Final Meeting Slated for January 10
-----------------------------------------------------
CT & PA Goodrich Pty Ltd, which is in voluntary liquidation,
will hold a final meeting for its members on Jan. 10, 2007, at
11:00 a.m.

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

The liquidator can be reached at:

         Des Munro
         SimsPartners
         Level 4, 12 Pirie Street
         Adelaide, South Australia 5000
         Australia

                          About CT & PA

CT & PA Goodrich Pty Ltd --
http://www.australianfoundries.com/goodrich-- provides services
like Patternmaking; timber, plastic, poly and metal foundry
tooling; Shell coremaking; Shell Moulding of shell cores in sand
and resin content to suit most foundries.  CT & PA also supplies
cast metal plaques, architectural lettering, logos and coats of
arms.

The company is located in South Australia, Australia.


CUMULATIVE ENTERPRISES: Creditors Must Prove Debts by Dec. 27
-------------------------------------------------------------
Cumulative Enterprises Pty Ltd will declare the first and final
dividend on Jan. 25, 2007.

In this regard, creditors are required to formally prove their
debts by Dec. 27, 2006, or they will be excluded from sharing in
the dividend distribution.

As reported by the TCR-AP, the company was placed under members'
voluntary liquidation on Sept. 21, 2006.

The liquidator can be reached at:

         Cliff Rocke
         PPB
         PO Box 7635, Cloisters Square
         Perth, Western Australia 6850
         Australia

                  About Cumulative Enterprises

Cumulative Enterprises Pty Ltd is involved with Security
Brokers, dealers, and Flotation companies.

The company is located in Western Australia, Australia.


HUON CORP: Former Empire Rubber Workers to Get Entitlements
-----------------------------------------------------------
On December 11, 2006, the Federal Government revealed that it
would make an exception to the rules of its General Employee
Entitlements and Redundancy Scheme to ensure that 89 former
Empire Rubber employees receive payment of their entitlements
before Christmas, Rural Press Limited reports.

The workers' entitlements aggregate AU$6 million.

According to the report, the payment is for the laid off
workers' long service leave, holiday pay, and other basic
entitlements since being made redundant.

Rural Press cites Senator Michael Ronaldson as saying that an
unresolved dispute over a AU$7-million insurance policy to cover
entitlements had added to the difficult situation.

"GEERS cannot be accessed if there are other sources of income
available," Senator Ronaldson noted.

Senator Ronaldson said that the Government would pursue the
trustees of the insurance policy -- Howarth Australia -- to
recoup the loss at a later date.

However, Sims Partners, who are managing Huon's liquidation,
said that the Government payment needed to be cleared and some
tax calculations to complete, but hoped workers would receive
the money within a week, Rural Press relates.

Principal Tony Sims said the Empire payroll system will be used
to hasten the payment process, the paper says.

                      About Huon Corporation

Based in Victoria, Australia, Huon Corp. manufactures car parts.
It has factories that supply parts including air intake hoses,
steering column covers, rubber seals, and fuel filler shields to
major car companies like Toyota, Holden, Ford, and PBR.

Huon Corp. went into voluntary administration after concerns
about its financial situation, saying the failure to perform
occurred after it purchased Empire Rubber, and Melbourne-based
firms FRN and Mills Elastomers from Nylex Ltd., in December
2005.  Tony Sims and Ken Sellars of SimsPartners were appointed
as administrators.

The Troubled Company Reporter - Asia Pacific reported on
Oct. 10, 2006, that at a meeting held on October 6, creditors of
Huon Corporation voted to put the company into liquidation.
According to ABC News Online, the Australian Manufacturing
Workers Union asks the Australian Securities and Investment
Commission to investigate Huon's demise.  Huon administrator,
Tony Sims, said that the company could be referred to the
ASIC for trading while insolvent.


I R ENTERPRISES: Placed Under Voluntary Wind-Up
-----------------------------------------------
At a general meeting held on Nov. 30, 2006, the members of I R
Enterprises Pty Ltd passed a special resolution to voluntarily
wind up the company's operations.

The liquidator can be reached at:

         Frank Lo Pilato
         RSM Bird Cameron Partners
         Level 1, 103-105 Northbourne Avenue
         Turner ACT 2612
         Australia
         Telephone:(02) 6247 5988

                     About I R Enterprises

I R Enterprises Pty Limited supplies Warm Air Heating and Air-
Conditioning equipment.

The company is located in ACT, Australia.


J & M LEGAL: To Declare Dividend for Priority Creditors
-------------------------------------------------------
J & M Legal Services Pty Ltd, which is in liquidation, will
declare the first and final dividend for priority creditors on
Jan. 31, 2007.

In this regard, the creditors are required to formally prove
their debts by Jan. 5, 2007, or they will be excluded from
participating in any distribution the company will make.

The liquidator can be reached at:

         Dino Travaglini
         Moore Stephens
         Level 3, 12 St Georges Terrace
         Perth, Western Australia
         Australia
         Telephone: 9225 5355

                       About J & M Legal

J & M Legal Services Pty Ltd is involved with legal services.

The company is located in Western Australia, Australia.


J. INVERARITY: Members' Final Meeting Fixed on January 17
---------------------------------------------------------
A final meeting of the members of J. Inverarity Holdings Pty
Ltd, which is in liquidation, will be held on Jan. 17, 2007, at
10:00 a.m.

At the meeting, the members will be asked to:

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

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

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

The liquidator can be reached at:

         Arthur Leonard Walters
         43 Greenhill Road
         Wayville, South Australia 5034
         Australia

                  About J Inverarity Holdings

J Inverarity Holdings Pty Limited operates Unit Investment
Trusts, Face-Amount Certificate Offices, and Closed-End
Management Investment Offices.

The company is located in South Australia, Australia.


JAMES HARDIE WINDOWS: Schedules Final Meeting on January 9
----------------------------------------------------------
James Hardie Windows (Holdings) Pty Ltd, which is in
liquidation, will hold a final meeting for its members on Jan.
9, 2007, at 2:30 p.m., to consider the liquidator's final
account of the company's wind-up proceedings.

The liquidator can be reached at:

         Kenneth Whittingham
         BDO
         Level 19, 2 Market Street
         Sydney, New South Wales 2000
         Australia

                  About James Hardie Windows

James Hardie Windows (Holdings) Pty Ltd is an investor relation
company.

The company is located in New South Wales, Australia.


NATIONWIDE CARDS: Benchmark Appoints Receiver and Manager
---------------------------------------------------------
Benchmark Debtor Finance Pty Ltd appointed Grahame Hill of
Hill's Insolvency Services Pty Ltd as receiver and manager of
Nationwide Cards Pty Ltd on Nov. 28, 2006.

The Receiver and Manager can be reached at:

         Grahame Hill
         Hill's Insolvency Services Pty Ltd
         581 Princes Highway
         Rockdale New South Wales
         Australia

                     About Nationwide Cards

Nationwide Cards Pty Ltd manufactures plastic products.

The company is located in New South Wales, Australia.


OWEN VENTURES: To Declare First and Final Dividend on Jan. 23
-------------------------------------------------------------
Owen Ventures Pty Ltd -- formerly known as trustee for The Owen-
Green Family Trust -- which is in liquidation, will declare the
first and final dividend on Jan. 23, 2007.

Accordingly, the creditors are required to submit their proofs
of debt by Jan. 2, 2007, or they will be excluded from sharing
in the dividend distribution.

The official liquidator can be reached at:

         I. C. Francis
         Taylor Woodings
         Chartered Accountants
         Level 6, 30 The Esplanade
         Perth, Western Australia 6000
         Australia

                      About Owen Ventures

Owen Ventures Pty Ltd is engaged with Trusts except those of
educational, religious, and charitable trusts.

The company is located in Western, Australia.


THE AUSTRALIAN PHARMACY: Placed Under Voluntary Wind Up
-------------------------------------------------------
The members of The Australian Pharmacy Examining Council
Incorporated held a meeting and resolved to voluntarily wind up
the association effective on Dec 1, 2006.

Accordingly, Michael Edward Slaven was appointed as liquidator.

The Liquidator can be reached at:

         Michael Edward Slaven
         Rangott Slaven
         Unit 12, Level 3
         Engineering House, 11 National Circuit
         Barton ACT
         Australia

                 About The Australian Pharmacy

The Australian Pharmacy Examining Committee --
http://www.apec.asn.au/-- formerly known as the Australian
Pharmacy Examining Council Inc., was established to assist
overseas trained pharmacists to obtain registration in Australia
and thus enable them to practice their profession in Australia.

The company is located in Canberra City ACT 2601, Australia.


TRW AERONAUTICAL: Final Meeting Slated for December 29
------------------------------------------------------
The final meeting of the members and creditors of TRW
Aeronautical Systems Australia Ltd will be held on Dec. 29,
2006, at 10:30 a.m.

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

   -- receive the final receipts and payments from the
      liquidators;

   -- receive formal notice of the end of the liquidation; and

   -- resolve that the books and records of the company be
      destroyed.

The liquidator can be reached at:

         Cliff Sanderson
         CRS Warner Sanderson
         Level 5, 30 Clarence Street
         Sydney, New South Wales 2000
         Australia

                     About TRW Aeronautical

TRW Aeronautical Systems Australia Limited -- formerly known as
Lucas Industries Australia Ltd -- was established during the
1950s and was a manufacturer of rubber and plastic components
for Aeronautical and Energy Industries.


ZINIFEX LIMITED: Signs MOU with Umicore to Form Joint Venture
-------------------------------------------------------------
On December 12, 2006, Umicore and Zinifex Limited signed a
Memorandum of Understanding with the objective of combining
their respective zinc smelting and alloying businesses.

Under the terms of the MOU, both companies have agreed not to
pursue competing transactions or to permit due diligence
investigations to be undertaken by third parties in relation to
the assets planned to be contributed to the new enterprise.
However, these restrictions will not apply if either company
receives an unsolicited, superior proposal, which would prevent
the new venture from taking place.

If either company solicits a competing transaction or terminates
the MOU as the result of receiving a superior proposal, a break
fee of EUR7.5 million is payable.

                      Assets to be Combined

The Zinifex assets to be contributed are the Hobart (Australia),
Port Pirie (Australia), Clarksville (USA), and Budel
(Netherlands) smelting and alloying operations as well as its
shareholdings in Australian Refined Alloys (Australia) and
Genesis Alloys (China).

The Umicore assets to be contributed are the Balen (Belgium),
Overpelt (Belgium), Auby (France), and GM Metal (France)
smelting and alloying operations as well as its shareholdings in
Australian Refined Alloys (Australia) and Genesis Alloys
(China).

Combined, these entities produce some 1.2 million tones of zinc
and zinc alloys per year and employ 4,500 people.

                       Independent Entity

Umicore and Zinifex intend to operate the new company as an
independent entity from its inception with its own Board of
Directors and Executive Committee.  The jointly owned company
would be incorporated in Belgium, have its global headquarters
in London and have regional support centers in Melbourne,
Australia and Balen, Belgium.  Executive management will be
drawn jointly from the two companies.  Paul Fowler, currently
Chief Operating Officer at Zinifex, is Chief Executive Officer
elect and Heinz Eigner, currently Controller of the Zinc
Specialties business group at Umicore, is Chief Financial
Officer elect.

The formation of the new enterprise is fully consistent with the
respective strategies of the two companies.

Both Zinifex and Umicore have a track record for proactive,
sector-leading commitment to safety and environmental
responsibility, which will continue to be a hallmark of the new
company.  The combined business would possess a portfolio of
quality assets and would benefit from a presence of both the
established and emerging markets of the world.  It would also
possess significant expertise in the development and marketing
of zinc die-casting and galvanizing alloys.

The two companies are committed to working together to complete
final due diligence and structuring discussions over the next
few months with a view to signing a binding Business Combination
and Shareholder Agreement by the end of the first quarter of
calendar 2007.  Subject to required presentation to the works
councils in Europe and the receipt of necessary regulatory and
shareholder approvals, the new venture is targeted to come to
existence in the third quarter of calendar 2007.

                     IPO for the New Entity

Subsequent to the formation of the joint venture, both companies
would intend to undertake an initial public offering of shares
in the new enterprise at an appropriate time.

Zinifex and Umicore shares in the new enterprise will reflect
the relative value of the contributed assets.  Until the time as
the IPO occurs, however, the initial joint venture will be
structured on an equal ownership basis with an appropriate
equalization payment being made to Zinifex from debt raised by
the joint venture company.

                          About Umicore

Umicore is a materials technology group.  Its activities are
centered on four business areas: 1) Advanced Materials, 2)
Precious Metals Products and Catalysts, 3) Precious Metals
Services, and 4) Zinc Specialties.  Each business area is
divided into market-focused business units.

Umicore focuses on application areas where it knows its
expertise in materials science, chemistry, and metallurgy can
make a real difference, be it in products that are essential to
everyday life or those at the cutting edge of new technological
developments.  Umicore's overriding goal of sustainable value
creation is based on this ambition to develop, produce, and
recycle materials in a way that fulfills its mission --
materials for a better life.

The Umicore Group has industrial operations on all continents
and serves a global customer base.  It generated a turnover of
EUR6.6 billion in 2005 and currently employs 16,000 people.

                         About Zinifex

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

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

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

                          *     *     *

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


* Fitch Says AU RMBS To Dominate In 2007, Outlook Positive
----------------------------------------------------------
On December 12, 206, Fitch Ratings said in a just-published
outlook report that the Australian structured finance market
continued to be dominated by residential mortgage backed
securities this year with increased volumes over 2005.  Despite
a slowing property market and increasing delinquencies in 2006
the prevalence of mortgage insurance combined with the
sequential pay structure of these transactions has protected
this asset class and led to five upgrades and no downgrades in
the first nine months of 2006.

Looking forward to 2007, Fitch expects the Australian property
market to continue to cool and stabilize and sees moderate
increases in delinquencies and mortgage insurance claims,
however, Fitch does not expect any downgrades as delinquencies
are coming from a very low base and the insurance and sequential
pay structural features of the Australian RMBS issuance will
continue to provide an upward rating bias.

With regards to Australian structured finance volumes, Fitch
expects asset backed securities and commercial mortgage backed
securities volumes to grow and to keep pace with anticipated
growth in the RMBS sector.  Australia's first reverse mortgage
transaction was issued during 2006 and Fitch believes this asset
class will become a regular feature in 2007, albeit from a very
low base.  Collateralized debt obligations saw significant
growth during 2006, with large balance sheet collateralized loan
obligations boosting volumes.  Continued growth is expected in
all asset classes in Australia during 2007.

The New Zealand market shares many of the fundamentals of
Australia, although it remains relatively small with only a
handful of issues seen during 2006.  Fitch expects the New
Zealand market to show growth during 2007, with new issuers
anticipated to enter the market.  There were no downgrades
during 2006 and the agency expects there may be some upgrades to
New Zealand's structured finance transactions during 2007 should
existing performance continue.

Fitch released its outlook for the global structured finance
market in 2007 overnight.  In its report, '2007 Global
Structured Finance Outlook: Economic and Sector-by-Sector
Analysis' the agency identified 73 sectors within global
structured finance (including Australia and New Zealand RMBS).
Of the 73 sectors, the majority (over 80%) exhibit a stable or
positive outlook for asset performance, while key sectors for
ratings volatility include US RMBS as well as US and UK ABS.

The global trend of upgrades outnumbering downgrades continued
for the sixth straight year in 2006. This trend was evident
across each region and globally within CDOs.


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

ASIAN REAL: Members Decide to Close Business
--------------------------------------------
On Nov. 28, 2006, the members of Asian Real Estate Society Ltd
passed a special resolution to voluntarily wind up the company's
operations and appointed Ling Wai Ming as liquidator.

The Liquidator can be reached at:

         Ling Wai Ming
         Certified Public Accountant
         Room 2802, 28/F.
         China Resources Building, No. 26 Harbour Road
         Wanchai, Hong Kong


CHAODA MODERN: Moody's Reviews Ba3 Rating for Upgrade
-----------------------------------------------------
On December 11, 2006, Moody's Investors Service placed the Ba3
corporate family rating and Ba3 foreign currency debt rating of
Chaoda Modern Agriculture Ltd on review for possible upgrade.

"This rating action follows ongoing positive developments in
Chaoda's operational performance and a second year of
unqualified opinion from the company's joint auditors -- Baker
Tilly and CCIF -- for its FY2006 financial results," says
Jeffrey Lam, Moody's lead analyst for the company.

Chaoda has demonstrated continuous strong financial performance
in FY2006 with turnover increasing by 25% and EBITDA by 24%,
mainly because of an expansion of the company's production base.

Chaoda has a vertically integrated business model with strong
R&D capacity, large-scale and diversified production bases and
distribution network, which support the company's strong growth
momentum and high margins.

The company's leverage increased following the issuance of the
USD225 million in notes in February 2005, and HKD1,344 million
in convertible bonds in May 2006.  Moody's notes that Chaoda is
projected to generate negative free cash flow over the next few
years, due to its heavy investment in farmland and related
infrastructure.  This will largely be funded by its cash on hand
of CNY2.6 billion as of June 30, 2006.

The review will focus on assessing the company's:

   -- financial policy, in particular the ongoing cash
management
      and financial discipline for new investments;

   -- internal control system to cope with the rapidly expanding
      business operation, as well as its corporate governance
      structure and practice;

   -- strategy and ability to sustain growth and strong profit
      margins; and

   -- capex requirements to support the company's pace of
      expansion.

Chaoda Modern Agriculture (Holdings) Limited is a vertically
integrated agricultural company.  It produces and distributes
vegetables and fruit mainly in China.  It is also involved in
livestock breeding and sales.


DAIMLERCHRYSLER: Chrysler Group's Eberhardt Go to Mercedes-Benz
---------------------------------------------------------------

DaimlerChrysler AG's Chrysler Group president and chief
executive officer Tom LaSorda has announced that Joe Eberhardt,
executive vice president for global sales, marketing, and
service, will be leaving the company in order to return to
automotive retailing within the Mercedes-Benz network in the
United States.  The senior vice presidents and vice presidents
of sales, marketing, international and service will report
directly to Mr. LaSorda until further notice.

"Joe brought a much-needed discipline to our sales, marketing,
and service organizations when he arrived in the summer of
2003," Mr. LaSorda said.  "Being back in the retail world is
something he has talked about for some time now, and having a
proven track record in that arena, makes it a natural."

Mr. Eberhardt joined Mercedes-Benz in Germany in 1982 as a
student in a work-study program.  In the early 1990s, he left
the corporate environment and became General Manager of
Mercedes-Benz Manhattan, turning it into one of the most
successful dealerships in the country.

He returned to Mercedes-Benz in 1995 and, in 1999, was named
President and CEO of DaimlerChrysler UK Ltd., where Eberhardt
more than doubled sales and improved dealer profitability in a
stagnant market.

"Joe's deep understanding of the automotive industry and his
proven leadership will continue to serve the company well as he
moves back to the retail side," Dieter Zetsche, chairman of the
board of Management DaimlerChrysler/Head of Mercedes Car Group,
said.

Mr. Eberhardt was born in Stuttgart, Germany, on Aug. 26, 1963.
He received his BA and MS degrees in Germany, and earned his
Masters of Business Administration degree at New York
University's Leonard N. Stern School of Business in 1992.

                    About DaimlerChrysler AG

DaimlerChrysler AG -- http://www.daimlerchrysler.com/-- engages
in the development, manufacture, distribution, and sale of
various automotive products, primarily passenger cars, light
trucks, and commercial vehicles worldwide.  It primarily
operates in four segments: Mercedes Car Group, Chrysler Group,
Commercial Vehicles, and Financial Services.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

DaimlerChrysler has operations in China, Australia, Indonesia,
Japan, Korea, Malaysia, and Thailand.

                         *     *     *

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures - particularly on light trucks - by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

To improve the earnings situation of the Chrysler Group as
quickly and comprehensively, measures to increase sales and cut
costs in the short term are being examined at all stages of the
value chain, in addition to structural changes being reviewed as
well.


DAIMLERCHRYSLER: Chrysler Group's November Non-U.S. Sales Up 17%
----------------------------------------------------------------
DaimlerChrysler AG's Chrysler Group operations outside North
America, November sales gains marked the milestone of 18
consecutive months of year-over-year sales gains; and with one
full month left, year-to-date sales have already surpassed the
total for all of 2005.

This month was the best November sales for Chrysler Group's
International operations in 10 years, and the sale of 18,900
units marked an increase of 17% over the same month last year.
Dodge Caliber sales accounted for much of the growth in November
with 2,867 units sold (15,042 units year-to-date), while top-
selling vehicles, such as Jeep(R) Grand Cherokee and Chrysler
300C, continued to perform well.

"We are confident that we made a sound decision by increasing
the number of vehicles equipped to meet the needs of customers
outside North America," executive director of international
sales and marketing Thomas Hausch said.

"This works hand-in-hand with our long-standing initiative to
continuously improve customer experience, and our dealers'
performance this year has been a major factor in our success."

Chrysler Group's year-to-date sales outside North America
climbed 14% compared with the same time period last year with
186,080 units sold.  All three of Chrysler Group's brands
contributed to this gain, with Chrysler brand sales up 6%
(82,142 units), Jeep brand up 1% (77,220 units) and Dodge brand
up 176% (26,718 units).

"All three brands working together to reach customers with very
diverse needs [are] responsible for boosting sales.  However,
despite the significant gains we've made in some of our key
markets, the competition is intense, and we must continue to
work hard to maintain sales growth," Mr. Hausch said.

Western and Central European sales, which account for the
largest part of Chrysler Group's sales outside North America,
have reached 100,583 units, a 20% increase over the region's
2005 sales through November.  The top-three markets, Italy, U.K,
and Germany respectively, are all in Western Europe and
continued to experience double-digit sales improvement.  Growth
in Latin America has been another driving force in the sales
increases, with year-to-date sales climbing 23% (33,202 units)
so far in 2006.  Venezuela, the highest-volume market for
Chrysler Group in Latin America, ranks as the company's number
four market outside North America, and has seen 33% growth so
far in 2006.

For the year, the Jeep Grand Cherokee led product sales with
35,558 units sold year-to-date.  It was closely followed by the
Chrysler Voyager (32,616 units) and the Jeep Cherokee (24,733
units).  The significant sales growth for the Chrysler 300C, 130
percent year-to-date, has landed the vehicle in the number four
position with 23,283 units sold outside North America.

"We anticipate continued positive results as more new products
reach dealerships in the local markets.  By the end of this
year, we are confident that a double-digit increase in
performance is a lofty, yet attainable goal," Mr. Hausch said.

"It means, however, that we cannot let up, and must remain
dedicated to the business and needs of customers outside North
America."

Chrysler Group sells and services vehicles in more than 125
countries around the world, and Chrysler Group sales outside
North America currently account for approximately eight percent
of the company's total global sales.  Vehicles available range
across all three Chrysler Group brands, with limited
availability on some trucks and SUV models.  The company's
operations outside North America have been experiencing year-
over-year sales increases since 2004, and will continue to
increase the number of product offerings, powertrain options and
RHD availability through 2007.

                    About DaimlerChrysler AG

DaimlerChrysler AG -- http://www.daimlerchrysler.com/-- engages
in the development, manufacture, distribution, and sale of
various automotive products, primarily passenger cars, light
trucks, and commercial vehicles worldwide.  It primarily
operates in four segments: Mercedes Car Group, Chrysler Group,
Commercial Vehicles, and Financial Services.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names. It also sells parts and accessories
under the MOPAR brand.

DaimlerChrysler has operations in China, Australia, Indonesia,
Japan, Korea, Malaysia, and Thailand.

                         *     *     *

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures - particularly on light trucks - by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

To improve the earnings situation of the Chrysler Group as
quickly and comprehensively, measures to increase sales and cut
costs in the short term are being examined at all stages of the
value chain, in addition to structural changes being reviewed as
well.


DAIMLERCHRYSLER: Chrysler Group's November U.S. Sales Up 3%
-----------------------------------------------------------
DaimlerChrysler AG's Chrysler Group reported that unadjusted
U.S. sales in November 2006 rose 3% to 164,556 units, compared
with November 2005 sales of 159,898 units.  November 2006 sales
establish a five-year November record.

"Chrysler Group sales in November were up 3% over last year,
marking the best November in five years," Chrysler Group vice
president for sales and field operations Steven Landry said.

"Our new product lineup continues its customer appeal as they
arrive at our dealerships and drive a big part of the sales
improvement for the Chrysler Group."

The company has launched nearly all of the 10 new products that
were announced at the beginning of the year, and those products
are generating customer and media praise while driving traffic
into Chrysler, Jeep(R), and Dodge showrooms.

Sales of the Jeep Wrangler, a direct descendant of the original
Jeep vehicle, rose 95% to 8,735 units, setting a new November
sales record.  Previous year sales of the Jeep Wrangler totaled
4,482 units.  The Jeep Wrangler has received in excess of 62,000
dealer orders, which exceeds three-quarters of total Jeep
Wrangler sales in calendar year 2005.

The all-new Dodge Nitro, the first mid-sized SUV for the Dodge
brand continues to distinguish itself in the retail marketplace
with consumers.  Sales of the Dodge Nitro totaled 5,489 units
for November 2006, 80% higher than October 2006 sales of 3,044
units. Customer response to the Dodge Nitro has been very strong
and Dodge dealers nationwide are responding by placing orders
for more than 50,000 units.

Sales of the Chrysler Group's best selling product, the Dodge
Ram Pickup, rose 8% in November, posting sales of 27,826 units.
Previous year sales totaled 25,667 units.

Chrysler Group finished the month with 499,036 units of dealer
inventory, or a 76-day supply.

                    About DaimlerChrysler AG

DaimlerChrysler AG -- http://www.daimlerchrysler.com/-- engages
in the development, manufacture, distribution, and sale of
various automotive products, primarily passenger cars, light
trucks, and commercial vehicles worldwide.  It primarily
operates in four segments: Mercedes Car Group, Chrysler Group,
Commercial Vehicles, and Financial Services.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names. It also sells parts and accessories
under the MOPAR brand.

DaimlerChrysler has operations in China, Australia, Indonesia,
Japan, Korea, Malaysia, and Thailand.

                         *     *     *

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures - particularly on light trucks - by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.

To improve the earnings situation of the Chrysler Group as
quickly and comprehensively, measures to increase sales and cut
costs in the short term are being examined at all stages of the
value chain, in addition to structural changes being reviewed as
well.


DANA CORP: Enters Into Stock & Asset Purchase Pact With MAHLE
-------------------------------------------------------------
Dana Corp. has entered into a stock and asset purchase agreement
with MAHLE GmbH, a leading supplier to the automotive and engine
industries, for the sale of Dana's non-core engine hard parts
business.

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

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

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

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

Dana Chairman and CEO Mike Burns said, "This divestiture is an
important step in implementing Dana's reorganization initiatives
and sharpening our focus on our core axle, driveshaft,
structural, sealing, and thermal products businesses for the
automotive, commercial vehicle, and off-highway markets."

Mr. Burns added, "This transaction also represents an excellent
opportunity for MAHLE.  While no longer central to Dana's future
direction, our engine hard parts business and people have strong
potential for an owner that is strategically focused on this
market segment."

                        About Dana Corp.

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

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

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

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

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

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

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

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


ID INNOVATION: Liquidators Cease to Act
---------------------------------------
On Nov. 29, 2006, Lai Kar Yan Derek and Darach E. Haughey ceased
to act as joint and several liquidators of iD Innovations Ltd.

As reported by the TCR-AP, the Liquidators presented the report
on the company's wind-up proceedings on Sept. 5, 2006.

The former Liquidators can be reached at:

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

                       About iD Innovation

iD Innovation Ltd -- http://www.idi.com.hk -- is a technology
company, which manufactures CD Applications from Wallet CD (TM)
technology and other Amusement products.

The company is located in Kowloon, Hong Kong.


LIN KEE: Appoints Yam Ming Fai as Liquidator
--------------------------------------------
At an extraordinary general meeting held on Nov. 29, 2006, a
special resolution was passed to appoint Yam Ming Fai as
liquidator of Lin Kee Book-Binding Company Ltd.

The Liquidator can be reached at:

         Yam Ming Fai
         Flat I, 3/F.
         285 King's Road, North Point
         Hong Kong



MOSAIC COMPANY: Completes US$2 Billion Refinancing
------------------------------------------------
The Mosaic Company has completed a refinancing pursuant to
which:

   * its subsidiaries purchased approximately US$1,410,991,676
     aggregate principal amount of their outstanding senior
notes
     and debentures pursuant to tender offers;

   * Mosaic refinanced a US$345 million term loan B facility
     under its existing senior secured bank credit agreement;
and

   * Mosaic funded the purchase of the existing senior notes
     and debentures and the refinancing of the existing term
loan
     B facility through the issuance of US$475 million aggregate
     principal amount of 7 3/8% Senior Notes due 2014 and US$475
     million aggregate principal amount of 7 5/8% Senior Notes
     due 2016, and new US$400 million term loan A-1 and US$612
     million term loan B facilities under its amended and
     restated senior secured bank credit agreement.

The senior notes and debentures purchased by Mosaic's
subsidiaries pursuant to tender offers consisted of
US$124,038,000 aggregate principal amount of Mosaic Global
Holdings Inc.'s 6.875% Debentures due 2007, US$370,979,676
aggregate principal amount of its 10.875% Senior Notes due 2008,
US$374,065,000 aggregate principal amount of its 11.250% Senior
Notes due 2011, and US$396,090,000 aggregate principal amount of
its 10.875% Senior Notes due 2013, and US$145,819,000 aggregate
principal amount of Phosphate Acquisition Partners L.P.'s 7%
Senior Notes due 2008.

After giving effect to these purchases, US$25,962,000 aggregate
principal amount of Mosaic Global Holdings Inc.'s 6.875%
Debentures due 2007, US$23,908,324 aggregate principal amount of
its 10.875% Senior Notes due 2008, US$29,395,000 aggregate
principal amount of its 11.250% Senior Notes due 2011, and
US$3,525,000 aggregate principal amount of its 10.875% Senior
Notes due 2013 and US$4,181,000 aggregate principal amount of
Phosphate Acquisition Partners L.P.'s 7% Senior Notes due 2008
remain outstanding.  The indentures pursuant to which these
senior notes and debentures were issued were amended to remove
substantially all of their restrictive covenants.

                     About The Mosaic Company

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

                         *     *     *

On December 12, 2006, the Troubled Company Reporter - Asia
Pacific reported that Fitch Ratings affirmed and removed The
Mosaic Company from Rating Watch Evolving, where it was
originally placed on July 26, 2006.  Fitch has also assigned
ratings to new issues following the completion of Mosaic's
refinancing.

Fitch's rating actions affected around US$2.5 billion of
outstanding debt, including the undrawn US$450 million revolving
credit facility and US$1.06 billion of term debt.  The Rating
Outlook is Stable.

Fitch affirmed these ratings:

The Mosaic Company

   -- Issuer Default Rating at BB-; and
   -- Senior secured revolver rating at BB+.

Mosaic Global Holdings

   -- IDR at BB-;
   -- Senior unsecured notes at BB; and
   -- Senior unsecured notes and debentures at BB-.

Phosphate Acquisition Partnership LP

   -- IDR at BB-; and
   -- Senior secured note rating at BB-.

Fitch has withdrawn Mosaic Global Holdings senior secured term
loan rating at BB+.

Fitch has assigned:

The Mosaic Company

   -- Senior secured term loans rating BB+; and
   -- Senior unsecured notes rating BB.

Mosaic Colonsay ULC

   -- IDR BB-; and
   -- Senior secured term loan rating BB+.


ON SKY: Court to Hear Wind-Up Petition on January 17
----------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
On Sky Medical Ltd on Jan. 17, 2007, at 9:30 a.m.

Cheung Kwok Ho filed the petition against the company on Nov.
17, 2006.

The solicitor for the Petitioner can be reached at:

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


ORIENTAL HOME: Creditors' Proofs of Debt Due on January 8
---------------------------------------------------------
Liquidator Chan Kai Kit requires the creditors of Oriental Home
Investments Ltd to submit their proofs of debt by Jan. 8, 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:

         Chan Kai Kit
         Unit 1602, 16/F
         Malaysia Building
         50 Gloucester Road
         Wanchai, Hong Kong


PETROLEOS DE VENEZUELA: Inks Distribution Pact with West Indies
---------------------------------------------------------------
Petroleos de Venezuela SA, the state-owned oil firm of
Venezuela, has signed an oil distribution accord with West
Indies Oil Co., Business News Americas reports.

Petroleos de Venezuela said in a statement that West Indies'
storage facilities in Antigua & Barbuda will become the main
collection point for liquid fuels to be distributed under the
Petrocaribe energy cooperation model Venezuela is promoting.

Under Petrocaribe, nations pay 60% of the cost of Venezuelan oil
at the time of purchase.  Governments can retain 40% of the cost
as financing for development projects.  The financing is then
amortized after a two-year grace period over 23 years at 1%
yearly interest.

BNamericas relates that Petroleos de Venezuela will store some
82,000 barrels at West Indies' facilities, which already hold
90,000 barrels.

Alejandro Grandado -- Petroleos de Venezuela's deputy president
of refining and PDV Caribe's president -- told BNamericas, "This
is a wholesale storage agreement that will generate savings in
as much as it will allow the transshipment of higher amounts of
hydrocarbons from Venezuela and later supply the islands of the
zone through smaller tankers."

Fixing tanks out of commission will bring 150,000 barrels more
of capacity to the facility.  The repair costs will be deducted
from West Indies' storage fee, BNamericas states.

                          *     *     *

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

                        *    *    *

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


PIONEER LINK: Placed Under Voluntary Wind-Up
--------------------------------------------
At an extraordinary general meeting held on Dec. 2, 2006, the
members of Pioneer Link Ltd passed a special resolution to
voluntarily wind up the company's operations and appointed Mo
Kai Tak Alfred as liquidator.

The Liquidator can be reached at:

         Mo Kai Tak Alfred
         Block E, 3/F
         Wang Cheong Building
         251 Reclamation Street, Kowloon
         Hong Kong

                       About Pioneer Link

Pioneer Link Ltd manufactures clothes and accessories for women,
children, and infants.

The company is located in Mongkok, KLN, Hong Kong.


SINO UNICORN: Members to Receive Wind-Up Report
-----------------------------------------------
The members of Sino Unicorn Trading Ltd will meet for their
final meeting on Jan. 9, 2007, at 10:00 a.m., to receive the
liquidator's report of the company's wind-up proceedings.

The liquidator can be reached at:

         Ho Wai Ip
         Room 1903, 19/F
         World-Wide House, 19 Des Voeux Road
         Central, Hong Kong


SMETOUN COMPANY: Members Resolve to Wind Up Operations
------------------------------------------------------
The members of Smetoun Company Ltd met on Dec. 1, 2006, and
passed a special resolution to voluntarily wind up the company's
operations.

Accordingly, Fung King Yiu was appointed as liquidator.

The Liquidator can be reached at:

         Fung King Yiu
         Ground Floor, No. 343 Reclamation Street
         Kowloon, Hong Kong


STAR CRUISES: S&P Sets BB- Corporate Credit Rating on WatchNeg
--------------------------------------------------------------
On December 11, 2006, Standard & Poor's Ratings Services placed
its BB- long-term corporate credit ratings on Malaysia-based
cruise operator Star Cruises Ltd. on CreditWatch with negative
implications.

In addition, it also placed its BB- long-term corporate credit
ratings on U.S.-based cruise operator NCL Corp. Ltd. (NCL) and
its B foreign currency ratings on NCL's senior unsecured debt of
US$250 million due 2014 on CreditWatch with negative
implications.

The placement of the ratings on Star Cruises and NCL on
CreditWatch negative follows a similar action on Malaysia's
Genting Bhd., and reflects the potential weakening of group
support from Genting, given that the company's financial profile
could be weakened by debt it plans to undertake for the
development of the Sentosa integrated resort.

The resolution of the CreditWatch on the ratings on Star Cruises
and NCL will follow that of Genting, which depends on
confirmation of its capital structure and debt-equity mix for
the investment in the integrated resort project.

Genting effectively owns about 20.8% of Star Cruises, while NCL
is a subsidiary of Star Cruises.  Star Cruises is the third-
largest cruise operator globally with 21 ships and about 32,300
lower berths currently in operation.

In the year ended Dec. 31, 2005, the company generated
consolidated revenue of US$1.95 billion and net income of
US$17.9 million.

NCL is the holding company for Star Cruises' North American
operations.  NCL operates 14 ships with over 26,600 lower
berths, with a further addition of three new ships with about
10,800 lower berths by 2010. In the year ended Dec. 31, 2005,
the company generated consolidated revenue of US$1.62 billion
and net income of US$19.16 million.


TONG YANG: Names Yee and Bruce as Liquidators
---------------------------------------------
On Nov. 28, 2006, Suen Pui Yee and Iain Ferguson Bruce were
appointed as joint and several liquidators of Tong Yang Hong
Kong Ltd.

The liquidators' appointments were subsequently confirmed at the
creditors' meeting held that same day.

The Joint and Several Liquidators can be reached at:

         Suen Pui Yee
         Iain Ferguson Bruce
         8/F, Gloucester Tower
         The Landmark
         15 Queen's Road, Central
         Hong Kong


UNITY WIRELESS: Sept. 30 Balance Sheet Upside-Down by US$4.4MM
--------------------------------------------------------------
Unity Wireless Corporation reported a US$2.3 million net loss on
US$1.5 million of net revenues for the three months ended Sept.
30, 2006, compared with a US$1 million net loss on US$949,700 of
net revenues for the same period in 2005.

At Sept. 30, 2006, the company's balance sheet showed US$27.8
million in total assets and US$32.3 million in total
liabilities, resulting in a US$4.4 million stockholders'
deficit.

The company's Sept. 30 balance sheet also showed strained
liquidity with US$10 million in total current assets available
to pay US$14.8 million in total current liabilities.

Since its inception, the company has been dependent on
investment capital and debt financing as its primary sources of
liquidity.  The company had an accumulated deficit at Sept. 30,
2006, of US$32.6 million.

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

              http://researcharchives.com/t/s?1663

                        Going Concern Doubt

KPMG LLP expressed doubt about Unity Wireless' ability to
continue as a going concern after auditing the company's 2005
financial statements.  The auditing firm pointed to the
company's recurring losses from operations.

                       About Unity Wireless

Based in Bellingham, Washington, Unity Wireless Corporation
(OTCBB: UTYW) -- http://www.unitywireless.com/-- is a developer
of wireless subsystems and coverage-enhancement solutions for
wireless communications networks.  The company has operations in
China.


UNITY WIRELESS: Restates First and Second Quarter Financials
------------------------------------------------------------
Unity Wireless Corporation filed its amended financial
statements for quarterly periods ended March 31, 2006, and June
30, 2006, with the Securities and Exchange Commission, to
restate the accounting for the US$2.2 million convertible
debentures and related warrants issued in February 2006.

During February 2006, the Corporation realized gross cash
proceeds of US$2,200,000 from the issuance of 8% redeemable
convertible notes of the Corporation plus 6,875,000 share
purchase warrants on the completion of a private placement
effected pursuant to Regulation D under the Securities Act of
1933.  The agreement was signed on Feb. 28, 2006, and the notes
are to mature on Feb. 28, 2009.

             Restated First and Second Quarter Results

For the three months ended March 31, 2006, the company incurred
a US$2.3 million net loss on US$1.1 million of net revenues
compared to a US$1.1 million net loss on US$1.9 million of net
revenues for the same period in 2005.

At March 31, 2006, the company's restated balance sheet showed
total assets of US$5.1 million, total liabilities of US$7.0
million and total stockholders' equity of US$1.8 million.

For the three months ended June 30, 2006, the company incurred a
US$673,934 net loss on US$1.9 million of net revenues compared
to a US$1.3 million net loss on US$1.7 million of net revenues
for the same period in 2005.

At June 30, 2006, the company's restated balance sheet showed
total assets of US$10.1 million, total liabilities of US$12.4
million and total stockholders' equity of US$2.3 million.

Full-text copies of the company's amended financial statements
for the quarter ended March 30, 2006, are available for free at:

                http://researcharchives.com/t/s?165f

Full-text copies of the company's amended financial statements
for the quarter ended June 31, 2006, are available for free at:

                http://researcharchives.com/t/s?1660

Based in Bellingham, Washington, Unity Wireless Corporation
(OTCBB: UTYW) -- http://www.unitywireless.com/-- is a developer
of wireless subsystems and coverage-enhancement solutions for
wireless communications networks.  The company has operations in
China.

At Sept. 30, 2006, the company's balance sheet showed US$27.8
million in total assets and US$32.3 million in total
liabilities, resulting in a US$4.4 million stockholders'
deficit.

                          Going Concern

KPMG LLP expressed doubt about Unity Wireless' ability to
continue as a going concern after auditing the company's 2005
financial statements.  The auditing firm pointed to the
company's recurring losses from operations.


UNOCAL CHINA: Schedules Final General Meeting on December 27
------------------------------------------------------------
Unocal China Ltd will hold a final general meeting at the
liquidator's -- Gary R. Pitman -- place of business on Dec. 27,
2006, at 9:30 a.m., or as soon as possible.

During the meeting, Unocal China's shareholders will determine
through a resolution, the manner in which the books, accounts
and documents of the company and of the liquidator will be
disposed.

Unocal China's creditors were given until Dec. 8, 2006, to prove
their claims to Mr. Pitman or be excluded from receiving any
distribution or payment, TCR-AP notes.

The TCR-AP recounts that on Nov. 23, 2006, Unocal China's
shareholders agreed voluntarily liquidate the company under
Bermuda's Companies Act 1981.

The liquidator can be reached at:

         Gary R. Pitman
         Chevron House, Church Street
         Hamilton, Bermuda


XIN FA: Creditors Must Submit Claims by January 9
-------------------------------------------------
Creditors of Xin Fa (International Trading) Ltd are required to
submit their proofs of debt to Liquidator Lai Wai Man Vincent by
Jan. 9, 2007, or they will be excluded from any distribution the
company will make.

The Liquidator can be reached at:

         Lai Wai Man, Vincent
         Room 506-7, 5/F
         Haleson Building
         1 Jubilee Street, Central
         Hong Kong


* China Remains Leader in Asia Pacific for 2007, S&P says
---------------------------------------------------------
The economic development in Asia Pacific will continue to
benefit from the three significant sub regional economies in
2007 -- China, India, and Japan.  China, in particular,
continues to be a key driver of regional growth, with the
economic slowdown in the U.S. expected to dampen China's growth
momentum only marginally.  That is the conclusion of the 2007
Asia-Pacific Markets Outlook published by Standard & Poor's on
December 12, 2006.

The report combines Standard & Poor's predictions for equity
markets, credit quality and economic performance across the
region next year, and includes the latest forecasts from
Standard & Poor's Ratings Services and Standard & Poor's Equity
Research.  It says that Chinese real GDP growth in 2006 is
likely to reach 10.5%, after hitting a high of 11.3% in the
second quarter.  GDP growth in 2007 should hit close to 10%, due
to factors including continuing macroeconomic stabilization
measures, tightening fiscal stance, and an over-performed stock
market in 2006.

"The theme of stability in 2007-2008 will be more crucial than
ever in guiding policymaking," said Ping Chew, Managing Director
of Corporate and Government Ratings, Asia.  "The new set of
party leaders will be installed in key government positions
during the March 2008 National People's Congress.  This will
come just before the 2008 Summer Olympics in Beijing.  Over this
period, conservativeness and gradualism will be even more
apparent in implementing key policy changes."

Overall credit metrics of the Chinese corporate sector is likely
to remain sound, but the divergence in corporate sector credit
quality and the higher proportion of sub-investment grade
ratings is likely to bring a higher level of volatility to the
rated corporate credit portfolio.

"Recently introduced austerity measures to cool down real estate
prices may rapidly weaken credit profile of small developers
with limited financial flexibility.  And high raw material cost
and increased price competition due to overcapacity will put
more pressure on profit margin for downstream companies in
China," said Ryan Tsang, Director and Team Leader of Corporate,
Infrastructure and Financial Institutions Ratings, Greater
China.

The outlook on China's banking industry is positive, according
to the report.  Reform efforts by the rated banks are producing
some tangible benefits.  Lending is likely to grow in a more
controlled manner in 2007, as government is expected to continue
to manage the economy to avoid overheat and over capacity in
certain industry.

"Having said that, the sector's risk management capability is
little tested and remains a key rating factor.  Slow down in
economic growth could turn the sector's large portfolio of
special mention loans into NPLs," said Tsang.

Standard & Poor's expects that the potential growth of the China
insurance will remain strong due to its low penetration and the
burgeoning economy.

"The increasing focus on improving operational fundamentals,
strong potential growth, and regulatory commitment to
policyholder interests are likely to offset challenges, such as
tough competition, lack of personnel talent, weak capitalization
as a result of ongoing growth, and the industry's need to
improve reserving and strengthen risk management," said Connie
Wong, Director and Team Leader of Insurance Ratings, Asia.

On the equity side, Standard & Poor's remains positive on China
although it is "concerned that the stock market rises of over
80% for the A-shares and 50% for the H-shares in 2006 are too
exuberant," according to the report.

"Reversion to mean would dictate a normalized performance in
2007," said Lorraine Tan, Vice President of Standard & Poor's
Equity Research.

"We note, however, that for the A-shares, which remain largely a
domestic-only equity market, 2006 represents the first year of
gains following five years of consolidation.  As such, share
ownership level remains historically low and valuations are not
demanding."

"Our interest in the A-shares, however, is mainly due to their
significance to the performance of the H-shares.  A rising A-
share market is likely to pull H-share prices higher although
the converse is not necessarily true given the lower PERs of the
H-shares.  Our preferred entry to the China market remains
through the H-shares," continued Tan.


* Steady Economic Growth for Hong Kong in 2007, S&P Says
--------------------------------------------------------
Implementation of further liberalization measures in China's
financial sector is likely to boost the importance of Hong Kong
as a financial center.  At the same time, increasing inflows of
direct investment and increasingly affluent visitors from the
mainland should continue to boost economic growth.  That is the
conclusion of the 2007 Asia-Pacific Markets Outlook published by
Standard & Poor's on December 12, 2006.

The report combines Standard & Poor's predictions for equity
markets, credit quality and economic performance across the
region next year, and includes the latest forecasts from
Standard & Poor's Ratings Services and Standard & Poor's Equity
Research.  The report says that Hong Kong is expected to post
real GDP growth of between 4% and 5% in 2007, based on
projections of moderating world economic growth and a less
hectic but still strong pace of growth in China.

"We expects limited policy changes to be introduced by the
administration," said Ping Chew, Managing Director of Corporate
and Government Ratings, Asia.  "Near term prospects of measures
to broaden the government revenue base has diminished, although
healthcare finance reform and minimum wage could still be
discussed."

In the corporate sector, rated indigenous Hong Kong companies
have generally sound credit metrics and this is unlikely to
change, although managing investments in China could become an
issue for such companies as many expand their operations in the
mainland, says the report.

"Such investments in most cases are diverse and not large enough
to sting the investing company.  But corporate exposure to China
is growing by the day, and is an area to be closely watched,"
said Ryan Tsang, Director and Team Leader of Corporate,
Infrastructure and Financial Institutions Ratings, Greater
China.

Standard & Poor's predicts that while the credit profiles of
most major Hong Kong banks will be stable, intensifying
competition is likely to put pressure on small and midsize
banks.

"Large retail banks with lower-than-average funding costs are
becoming increasingly aggressive," said Tsang.  "Although small
and midsize banks have been pushing their non-interest income
businesses in recent years to diversify their revenue sources,
with some success, their performances will inevitably be
negatively affected by increasingly aggressive competition."

In terms of cross-border expansion of Hong Kong banks, the
report predicts that the trend of moving into China and taking
on more exposure is highly likely to continue.

"Most banks are likely to continue to take a prudent approach in
expanding their China books. Some with long established networks
in the mainland are likely to become more comfortable in taking
on risk. Increasing exposure to China is unlikely to weaken the
sector's asset quality over the near term," Tsang continued.

Due to the territory's recent strong economic performance, good
growth potential, and the fact that strong profits are
strengthening the balance sheets of individual companies, the
outlook for Hong Kong's life and general insurance sectors in
2007 is stable, according to the report.

"The general insurance industry is expected to produce a
satisfactory underwriting performance over the medium term,
despite a recent deterioration in profits," said Connie Wong,
Director and Team Leader of Insurance Ratings, Asia.  "In the
life insurance sector, premium growth is expected to remain
strong in 2007 with good operating performances underpinning the
strong balance sheets of the larger life insurers thanks to
their strong franchises and ability to capitalize on favorable
market conditions.  Smaller operators with unsustainable niches
may be squeezed out over the longer term."

On the equity side, Standard & Poor's predicts that a rising A-
share market is likely to pull H-share prices higher, although
the converse is not necessarily true.

"Our preferred entry to the China market remains through the H-
shares," said Lorraine Tan, Vice President of Equity Research,
Asia.  "The positive sentiment on China should benefit Hong Kong
but we believe investors may continue to prefer the H-shares due
to better growth prospects and the potential for currency gains.
Nonetheless, we expect the property sector, dominant in Hong
Kong's stock index, to continue to perform well on pent-up
demand for space."


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

ALCATEL-LUCENT: Fitch Downgrades IDR to BB on Merger Completion
---------------------------------------------------------------
Following the completion of Alcatel SA's merger with Lucent
Technologies Inc., at which time Alcatel was renamed Alcatel-
Lucent, Fitch Ratings downgraded and removed Alcatel from Rating
Watch Negative:

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

Alcatel's F3 short-term rating has also been withdrawn.

The Rating Outlook for Alcatel-Lucent is Stable.

Fitch has also withdrawn the following Lucent ratings due to the
lack of clarity regarding Alcatel's support and, therefore,
expected recovery of these securities in a distressed scenario:

   -- Issuer Default Rating BB-;
   -- Senior unsecured debt BB-;
   -- Convertible subordinated debt B; and
   -- Convertible trust preferred securities B.

The ratings and Stable Outlook reflect:

   -- the integration risks associated with the merger, as well
      as Fitch's belief that the combined companies will be
      challenged to achieve their targeted US$1.7 billion of
      annual cost reductions within three years;

   -- the anticipated continuation of a volatile demand
      environment, driven by ongoing carrier consolidation, as
      well as more concentrated and uneven carrier capital
      spending;

   -- Fitch's expectations for continued modest annual free cash
      flow over the next few years, which should be pressured by
      significant cash charges associated with Alcatel-Lucent's
      restructuring program; and

   -- Alcatel-Lucent's limited opportunities to meaningfully
      improve credit protection measures over the intermediate-
      term, driven by a combination of weaker profitability
      metrics and financial profile relative to industry leading
      peers.

Ratings strengths center on:

   -- Fitch's expectations for less volatile operating
      performance and free cash flow over the longer-term,
      driven by cost reductions stemming from the company's
      stated restructuring objectives, as well as a more
      balanced geographic and customer mix;

   -- Alcatel-Lucent's leading industry positions in fixed line
      technologies such as DSL access, next generation networks,
      and optical transmission;

   -- a healthier overall supply and demand balance following
      much needed industry consolidation over the past year,
      resulting in increased market share of top tier companies,
      including Alcatel-Lucent; and

   -- sufficient liquidity position and manageable debt maturity
      schedule beyond meeting the company's approximately US$1.7
      billion of short-term debt, which could be funded by a
      combination of Alcatel-Lucent's nearly US$8 billion of
      cash and cash equivalents and approximately EUR710 million
      of anticipated proceeds during the first half of calendar
      year 2007 related to the company's sale of its satellite,
      transport and security operations to French defense
      company, Thales SA.

Fitch believes significant challenges exist integrating two
large cross-Atlantic, technology companies, although the
company's fixed line and mobile infrastructure positions should
strengthen.  Alcatel-Lucent's position in GSM/WCDMA will remain
considerably weaker than market leaders Ericsson
Telefonaktiebolaget LM and Nokia Corp. and significant margin
pressure has resulted from emerging markets, a trend that is
expected to continue.

Furthermore, in spite of recent consolidation, Fitch believes
competition will remain intense, particularly upon the
completion of competitors' integration plans and further albeit
less significant carrier consolidation, resulting in continued
pricing pressure across the sector and limiting prospects for
meaningful margin expansion.

Fitch estimates total adjusted leverage will remain at or above
3 times over the intermediate-term absent any material change in
the company's financial policies.

Pro forma liquidity as of Sept. 30, 2006, was sufficient and
consisted of:

   -- cash and equivalents of almost US$8 billion; and
   -- Alcatel's undrawn EUR1 billion senior unsecured revolving
      credit facility maturing 2009.

The aforementioned divestiture proceeds and modest annual free
cash flow will also support liquidity, while pension and post-
retirement health care obligations are not anticipated to be
material over the next few years.

Pro forma for the consummation of the merger, total debt with
equity credit for Lucent's 7.75% convertible trust preferred
securities was approximately US$7.8 billion as of Sept. 30,
2006.  Aside various tranches of Lucent debt, the support and
guarantee structure for which remains uncertain, total debt
includes the following Alcatel debt:

   -- EUR154 million of 5.675% senior unsecured bonds due 2007;

   -- EUR805 million of 4.375% senior unsecured bonds due 2009;

   -- EUR1 billion of 4.75% senior unsecured convertible bonds
      due 2011; and

   -- EUR462 million of 6.375% senior unsecured bonds due 2014.

                   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.


ALCATEL-LUCENT: Names Vincenzo Nesci to Head Middle East Unit
-------------------------------------------------------------
Alcatel-Lucent appointed Vincenzo Nesci to lead the Middle East
Regional Unit.  Regional Units are staffed with dedicated sales
and technical sales support resources that have overall
responsibility to conduct the business in their area.

Mr. Nesci, based in the Smart Village in Giza, Egypt, will be
responsible for the company's sales activities in the Middle
East region, where the company has main offices in Algeria,
Egypt, Jordan, Morocco, Lebanon, Pakistan, Saudi Arabia and UAE.

The Middle East Region is part of Alcatel-Lucent's Europe and
South Region, led by Olivier Picard, and headquartered in
France. The EUSO region is organized around 9 Regional Units
each one having central functions to support and coordinate
various activities and to ensure availability of necessary
skills and resources to achieve the region's business goals

Prior to this appointment, Mr. Nesci was the Alcatel Vice
President in charge of the Middle East since 1999.  In 1998, Mr.
Nesci was Alcatel Egypt's first managing director and later its
chairman.

Mr. Nesci joined Alcatel in 1980 and held several positions in
Italy, East Africa and Belgium.  Prior to joining Alcatel, Mr.
Nesci worked with General Electric in Libya and Nigeria, after
working as a University lecturer for some years.  Mr. Nesci is a
graduate in Economics from the Bocconi University in Milan,
Italy.

                    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.

According to the Troubled Company Reporter - Asia Pacific on
Dec. 13, 2006, after the completion of Alcatel's merger with
Lucent Technologies Inc., at which time Alcatel was renamed
Alcatel-Lucent, Fitch Ratings downgraded and removed Alcatel
from Rating Watch Negative:

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

Standard & Poor's, on Dec. 6, 2006, said that following news
that the merger 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'.


ARTSON ENGINEERING: Clarifies News; Updates Rehab Plan Progress
---------------------------------------------------------------
With reference to the news item appearing in a leading financial
daily titled "Artson Shines on Due Diligence Talk," Artson
Engineering Ltd clarifies with the Bombay Stock Exchange that
the company is a BIFR company and has been looking forward to
equity participations or strategic partner to meet its
commitments to the banks for one time settlement of the debt.

In this connection, the Board for Industrial and Financial
Reconstruction's authorities has nominated Bank of India as
operating agency to finalize Artson Engineering's Rehabilitation
Package, the company relates.

Consequently, Artson is in talks with possible investors or
Strategic Partners for investments and financing arrangements.

Presently, Artson says it is executing contracts for:

   -- Essar Projects,
   -- Reliance Refinery at Jamnagar,
   -- Reliance at Chennai, and
   -- an Export Order for M/s. HEISCO at Kuwait.

The Order Book Position is about INR50 crores.  Further, Four
Tenders - 2 in UAE & 2 in India of over total INR400 crores in
partnership with a major Indian Project Engineering Company are
in negotiations where Artson's share is expected to be over
INR100 crore on materialization of the same.

The prospective interested parties are carrying out their
respective investigations or diligence, Artson adds.

                    About Artson Engineering

Headquartered in Mumbai, India, Artson Engineering Limited --
http://www.artson.net/-- is a niche engineering company,
active in specialized area of refineries, ports and airports.

The Company was referred to the Board for Industrial and
Financial Reconstruction as a sick company.  It is
awaiting approval of its restructuring program.


TATA MOTORS: Improved Profile Cues S&P to Raise Rating to BB+
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
ratings for India's Tata Motors Ltd. (Tata Motors) to 'BB+' from
'BB'.  The outlook is stable.  At the  same time, Standard &
Poor's has raised its rating on Tata Motors' senior  unsecured
notes to 'BB+' from 'BB'.

"The upgrade reflects Tata Motor's improving business profile,
as reflected in a consistently strong position in the commercial
vehicle segment, improving revenue diversity from a wider
product portfolio and market coverage, integrated and efficient
operations, and overall adequate financial profile of the
company," said Standard & Poor's credit analyst Anshukant
Taneja.

Although there has been a marginal weakening in the credit-
protection ratios of Tata Motors in fiscal year ended March
2006, they remain strong in comparison with its peers in the
'BB' rating category.

"However, the ratings remain constrained by the company's
vulnerability to cyclical changes in the demand for commercial
vehicles, the intense competition in its target passenger
vehicle segments, and the significant capital commitments toward
capacity expansion and vehicle-financing activities," said Mr.
Taneja.

Standard & Poor's views Tata Motors' relatively large INR114
billion (US$2.5 billion) capital expenditure plan with concern,
given potentially softening demand and increased competition.

Lower-than-expected cash flows for funding a part of the capital
expenditure could mean additional borrowing, which can result in
deterioration in Tata Motor's overall credit-protection
parameters.  The company's current financial position, adequate
liquidity, and relatively high access to financial resources
mitigate some of these concerns.

In India, Tata Motors is the largest manufacturer of commercial
vehicles and the second-largest manufacturer of passenger
vehicles.  In fiscal 2006, the company's revenues stood at
INR271.4 billion and net income was INR13.6 billion.

The outlook on the ratings is stable.  Although the medium-term
forecasts for volume growth and operating profitability are
somewhat lower than the trend witnessed in the previous years,
Tata Motors' business diversity, its passenger vehicles
business, and increasing contribution from overseas operations
are expected to enhance its ability to manage cyclical downturns
in the domestic commercial vehicle segment.  The higher levels
of operating efficiency, integration, and access to financial
resources also add stability to the outlook on the ratings.

A sustained improvement in the business profile and the
competitive position of the company across all its businesses,
accompanied by prevailing levels of credit-protection parameters
and liquidity, could result in an improvement in the outlook or
the credit ratings of the company.

"However, a downturn in domestic demand conditions, increased
dependence on external debt for capital expenditure, large
acquisitions or vehicle-financing business could hurt cash flow
protection measures, which would place downward pressure on the
outlook or ratings," said Mr. Taneja.


UNION BANK OF INDIA: Revises Interest Rates on Domestic Deposits
----------------------------------------------------------------
Union Bank of India revised the interest rates applicable to
Domestic Deposits with effect from December 11, 2006.

The revised rates with effect from December 11, 2006, for
various periods of maturity are:

                                Amount of Deposit
                    ------------------------------------------
                    Less than INR15 lacs    INR15 lacs & above
                    --------------------    ------------------
Maturities          Existing    Revised     Existing   Revised
----------          --------    -------     --------   -------
7-14 days             3.50*       3.75*       3.50       4.00
15-45 days            4.25        4.75        4.25       5.00
46-90 days            5.25        5.25        5.25       5.50
91 - 179 days         5.50        5.75        5.75       6.00
180 days < 1 year     6.25        6.50        6.50       6.75
1 year < 2 years      6.75        7.50        7.00       7.75
2 years < 3 years     7.00        7.50        7.25       7.75
3 years < 5 year      7.25        7.50        7.25       7.75
5 years to 10 Years   7.25        8.00        7.25       8.00

* Subject to minimum deposit of INR5.00 lacs

Senior Citizens will continue to benefit from the additional
interest of 0.50% over the card rate on domestic deposits of one
year and above.

                         About the Bank

Union Bank of India -- http://www.unionbankofindia.com/-- is
one of the 10 largest Indian banks with total assets of over
INR800 billion as on March 31, 2006.  Union Bank was
incorporated in 1919 at Mumbai and was nationalized during the
first round of bank nationalization in 1969.  Until August 2002,
GoI fully owned the bank; currently, GoI has a 55% stake.
The bank has a nationwide presence with a geographically
diversified branch network.  As of March 31, 2006, it had 2,082
branches and 145 extension counters.

For the year ended March 31, 2006, Union Bank reported a PAT of
INR6.7 billion on total income (net of interest expenses) of
INR23.74 billion.  For the quarter ended June 2006, the bank
reported a PAT of INR1.7 billion (INR2.4 billion for the
corresponding period of the previous year) on a total income of
INR6.35 billion.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Oct. 23, 2006, that Fitch Ratings upgrades the Bank's individual
rating to 'C/D' from 'D.'

Moody's Investors Service gave the bank's foreign long-term bank
deposits a Ba2 rating.


UTI BANK: Interested to Buy Out UTI AMC
---------------------------------------
UTI Bank Ltd is interested in acquiring India's largest fund
house, UTI AMC, with which it shares a brand name, The Economic
Times reports.

Citing sources privy to the development, the newspaper says that
UTI Bank's management recently tipped off India's finance
ministry of a possible buyout of UTI AMC.

The bank announced plans to foray into the asset management
business but

                       About UTI Bank

Headquartered in Ahmedabad, India, UTI Bank Limited --
http://www.utibank.com/-- is engaged in treasury and other
banking operations.  The treasury services segment undertakes
trading operations on the proprietary account, foreign exchange
operations and derivatives trading. Revenues of the treasury
services segment primarily consist of fees and gains or losses
from trading operations and interest income on the investment
portfolio.  Other banking operations principally comprise the
lending activities (corporate and retail) of the bank.  The
corporate lending activity includes providing loans and
transaction services to corporate and institutional customers.
The retail lending activity includes raising of deposits from
customers and providing loans and advisory services to customers
through branch network and other delivery channels.  Total
deposits were INR31,712 crore at March 31, 2006.

                          *     *     *

On November 6, 2006, Moody's Investors Service assigned a Ba1
rating to the foreign currency perpetual non-cumulative
subordinated debt to be issued by UTI Bank's Singapore branch
under its US$1 billion Medium Term Note program.

The Troubled Company Reporter - Asia Pacific reported on
August 4, 2006, that Standard & Poor's Ratings Services assigned
its BB+/B counterparty credit ratings to UTI Bank Ltd.  The
outlook is positive.  S&P also assigned its C bank fundamental
strength rating to the bank.

At the same time, S&P assigned its ratings to UTI Bank's
proposed debt issues under its EUR1 billion medium-term note
program.  The agency rated UTI Bank's proposed senior unsecured
notes BB+, its lower Tier II subordinated notes BB, and its
upper Tier II subordinated notes 'BB-'.  The lower Tier II
subordinated notes will have a minimum tenor of five years, and
the upper Tier II subordinated notes will have a minimum term
of 15 years.

Another TCR-AP report on July 26, 2006, related that Fitch
Ratings assigned an individual rating of C/D to UTI Bank.  The
outlook on the ratings is stable.


UTI BANK: Board Approves Allotment of Upper Tier II Debentures
--------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 24, 2006, UTI Bank Ltd plans to raise INR200 crore by issue
of Upper Tier II Unsecured Redeemable Subordinated Debentures.

In an update, UTI Bank informed the Bombay Stock Exchange that
the bank's board of directors has passed a resolution approving
the allotment of the unsecured redeemable debentures to various
investors on private placement basis as its Tier II capital
aggregating to INR200 crores.

                       About UTI Bank

Headquartered in Ahmedabad, India, UTI Bank Limited --
http://www.utibank.com/-- is engaged in treasury and other
banking operations.  The treasury services segment undertakes
trading operations on the proprietary account, foreign exchange
operations and derivatives trading. Revenues of the treasury
services segment primarily consist of fees and gains or losses
from trading operations and interest income on the investment
portfolio.  Other banking operations principally comprise the
lending activities (corporate and retail) of the bank.  The
corporate lending activity includes providing loans and
transaction services to corporate and institutional customers.
The retail lending activity includes raising of deposits from
customers and providing loans and advisory services to customers
through branch network and other delivery channels.  Total
deposits were INR31,712 crore at March 31, 2006.

                          *     *     *

On November 6, 2006, Moody's Investors Service assigned a Ba1
rating to the foreign currency perpetual non-cumulative
subordinated debt to be issued by UTI Bank's Singapore branch
under its US$1 billion Medium Term Note program.

The Troubled Company Reporter - Asia Pacific reported on
August 4, 2006, that Standard & Poor's Ratings Services assigned
its BB+/B counterparty credit ratings to UTI Bank Ltd.  The
outlook is positive.  S&P also assigned its C bank fundamental
strength rating to the bank.

At the same time, S&P assigned its ratings to UTI Bank's
proposed debt issues under its EUR1 billion medium-term note
program.  The agency rated UTI Bank's proposed senior unsecured
notes BB+, its lower Tier II subordinated notes BB, and its
upper Tier II subordinated notes 'BB-'.  The lower Tier II
subordinated notes will have a minimum tenor of five years, and
the upper Tier II subordinated notes will have a minimum term
of 15 years.

Another TCR-AP report on July 26, 2006, related that Fitch
Ratings assigned an individual rating of C/D to UTI Bank.  The
outlook on the ratings is stable.


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

ALLIANCE ONE: Posts US$10.9M Net Income For Q2 Ended Sept. 30
-------------------------------------------------------------
Alliance One International, Inc., disclosed a net income of
US$10.9 million, or US$0.13 per basic share, for its second
fiscal quarter ended September 30, 2006, compared with a net
loss of US$20.5 million, or US$0.24 per basic share, for the
second quarter of the previous fiscal year.  The underlying net
income for the second quarter, which excludes market valuation
adjustments for derivative financial instruments, discontinued
operations, and non-recurring items, was US$30.6 million, or
US$0.35 per basic share, compared to an underlying net loss of
US$3.5 million or US$0.04 per basic share on the same basis last
year.

The Company's net income for the six months ended September 30,
2006, was US$16.9 million, or US$0.20 per basic share, compared
with a net loss of US$101.2 million, or US$1.32 per basic share,
for the year earlier period.  Underlying net income for the six
months, which excludes market valuation adjustments for
derivative financial instruments, discontinued operations, and
non-recurring items, was US$42.9 million, or Us$0.50 per basic
share, compared to underlying net loss of US$8.3 million, or
US$0.11 per basic share, on the same basis last year.

On May 13, 2005, DIMON Incorporated and Standard Commercial
Corporation merged and became Alliance One International, Inc.
Because the merger was completed after the close of the fiscal
year ended March 31, 2005, the comparative figures reported in
this release for the six months ended September 30, 2005,
include the operations of Standard Commercial since May 13,
2005, and a full six months of DIMON's results.

In discussing the Company's operating performance, management
consistently makes certain adjustments in reviewing comparative
financial information in order to provide what they feel is the
most meaningful view of the Company's results from core
operations, such as excluding results from discontinued
operations, gains and charges resulting from unusual
transactions or events that are not reflective of its underlying
operations and that are not expected to recur, as well as market
valuation adjustments on derivatives.

Brian J. Harker, Chairman and Chief Executive Officer stated,
"Against a backdrop of increasing costs of production, rising
interest rates and a weak U.S. dollar, results for the six
months reflect the progress we have made in improving prices.
We continue to benefit from improved operating efficiencies and
merger related integration savings that were stronger than
originally anticipated, demonstrating the strategic merits of
the merger.  However, the results for the full year will be
negatively impacted by the ongoing marketing of the below-
average quality Brazilian crop and a projected corporate income
tax rate of 60%.

"After taking all these factors into consideration, we are
increasing our previously provided guidance and now expect the
Company's underlying net income, excluding any effects of market
valuation adjustments for derivatives, restructuring and other
non-recurring charges, to be between US$0.25 and US$0.32 per
basic share for the fiscal year ending March 31, 2007."

                 Performance Summary Highlights

Three Months Ended September 30, 2006 Compared to Three Months
Ended September 30, 2005

Sales and other operating revenues decreased 3.2% from
US$613.2 million in 2005 to US$593.6 million in 2006.  The
US$19.6 million decrease is the result of a 13.9% decrease in
quantities sold offset by a 12.5% increase in average sales
prices.

Gross profit as a percentage of sales increased from US10.9% in
2005 to 17.5% in 2006.  Gross profit increased US$36.9 million
from US$66.9 million in 2005 to US$103.8 million in 2006.

Selling, administrative and general expenses decreased US$4.5
million or 9.9% from US$45.5 million in 2005 to US$41.0 million
in 2006.  The decrease is primarily due to decreased
compensation costs combined with a significant reduction in
insurance and travel expenses as a result of merger and
integration related reductions and the deconsolidation of
Zimbabwe.

Other Income of US$2.9 million in 2006 is primarily related to
the final collection of pre-1991 Gulf War Iraqi receivables
written off in prior years by former DIMON and former Standard.
The US$0.3 million in 2005 relates primarily to fixed asset
sales.

Restructuring and asset impairment charges were US$20.9 million
in 2006 compared to US$1.8 million in 2005.  The 2006 costs
relate to additional impairment charges of US$13.2 million to
write down our Zimbabwe operations to zero as a result of the
continuing political and economic strife as well as the further
decline in crop size.  Other asset impairment charges of
US$4.6 million relate to assets in Thailand and Greece,
primarily machinery and equipment.  The remaining US$3.1 million
in 2006 and the US$1.8 million in 2005 costs relate primarily to
employee severance and other integration related charges as a
result of the merger.

Debt retirement expense of US$1.6 million in 2005 relates to
one-time costs of retiring DIMON debt as a result of the merger.
The costs for the three months ended September 30, 2005, are
primarily related to tender premiums paid for the redemption of
convertible subordinated debentures and other related costs.

Interest expense decreased US$1.2 million from US$30.8 million
in 2005 to US$29.6 million in 2006 primarily due to lower
average borrowings partially offset by higher average rates.

Derivative financial instruments resulted in a benefit of
US$2.7 million in 2005.  These items are derived from changes in
the fair value of non-qualifying interest rate swap agreements.

Effective tax rates were an expense of US37.3% in 2006 and a
benefit of 7.4% in 2005.  The effective tax rates for these
periods are based on the current estimate of full year results
after the effect of taxes related to specific events which are
recorded in the interim period in which they occur.  The Company
forecasts the tax rate for the year ended March 31, 2007, will
be 60% after absorption of discrete items.

Losses from discontinued operations were US$0.8 million in 2006
and US$14.2 million in 2005.

                          Liquidity

At September 30, 2006 total debt, net of US$14.2 million of
cash, was US$988.2 million, compared to US$1,093.9 million at
September 30, 2005 and US$1,046.5 million at March 31, 2006.
Decreases in net debt levels of US$105.7 million from September
30, 2005 are a result of aggressive working capital management
and opportunistic term loan prepayments.  The US$58.3 million
decrease from March 31, 2006 is primarily related to normal
seasonal working capital repayments and term loan prepayments.
At September 30, 2006 the Company had seasonally adjusted
available lines of credit of US$482.8 million of which US$187.4
million was undrawn.  In addition, at September 30, 2006 the
Company had no outstanding borrowings under its US$300 million
revolving credit facility.

Effective November 8, 2006, the Company and the Lenders agreed
to the Third Amendment to the Senior Secured Credit Agreement
based on the potential of current quarter uncommitted inventory
levels exceeding the US$115 million maximum covenant level.  The
Third Amendment amends the maximum permitted uncommitted
inventory covenant to allow up to US$150 million of uncommitted
inventory at any time.  In addition, the Third Amendment also
provides for delivery of certain modified internal monthly
financial information within 45 days after the end of each
month.

                       About Alliance One

Based in Morrisville, North Carolina, Alliance One
International, Inc. (NYSE:AOI) -- http://www.aointl.com/-- is a
leaf tobacco merchant.  The company has worldwide operations in
Indonesia, Argentina, Bangladesh, Brazil, Bulgaria, Canada,
China, France, India, Philippines, Malaysia, and Singapore,
among others.

The Troubled Company Reporter - Asia Pacific reported on
Sept. 29, 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 US Consumer
Products, Beverage, Toy, Natural Product Processors, Packaged
Food Processors and Agricultural Cooperative sectors, the rating
agency confirmed its B2 Corporate Family Rating for Alliance One
International, Inc., and upgraded its B2 rating on the company's
US$300 million senior secured revolver to B1.  In addition,
Moody's assigned an LGD3 rating to notes, suggesting noteholders
will experience a 37% loss in the event of a default.


CORUS GROUP: Tata Increases Bid to 500 Pence Per Share in Cash
--------------------------------------------------------------
The boards directors of Tata Steel Ltd. and Corus Group plc have
agreed the terms of an increased recommended revised acquisition
at a price of 500 pence in cash per Corus share.

Commenting on this announcement, Ratan Tata, chairman of Tata
Steel, said: "We remain convinced of the compelling strategic
rationale of this partnership and the revised terms deliver
substantial additional value to Corus shareholders."

Jim Leng, chairman of Corus, said, "The Revised Acquisition
terms from Tata Steel are a substantial increase from the
previous offer.  Accordingly, the Corus Board are pleased to
recommend this to Corus Shareholders."

              Terms of the Revised Acquisition

Under the terms of the Revised Acquisition, Corus Shareholders
will be entitled to receive 500 pence in cash for each Corus
Share.  This represents a price of 1,000 pence in cash for each
Corus ADS.

The terms of the Revised Acquisition value the entire existing
issued and to be issued share capital of Corus at approximately
GBP4.7 billion and the Revised Price represents:

   * an increase of approximately 10% compared with 455 pence,
     being the Price under the original terms of the
     Acquisition;

   * on an enterprise value basis, a multiple of approximately
     7.5x EBITDA from continuing operations for the 12 months to
     Sept. 30, 2006 (excluding the non-recurring pension credit
     of GBP96 million) and a multiple of approximately 5.9x
     EBITDA from continuing operations for the year ended
     Dec. 31, 2005;

   * a premium of approximately 38.7% to the average closing
     mid-market price of 360.5 pence per Corus Share for the
     12 months ended Oct. 4, 2006, being the last business day
     before the announcement by Tata Steel that it was
     evaluating various opportunities including Corus; and

   * a premium of approximately 22.7% to the closing mid-market
     price of 407.5 pence per Corus Share on Oct. 4, 2006, being
     the last business day before the announcement by Tata Steel
     that it was evaluating various opportunities including
     Corus.

The terms of the Revised Acquisition remain subject to the
conditions and do not affect Tata Steel's intentions regarding
the business of Corus, its management, employees and locations,
nor the proposals relating to Corus's pension schemes, the Corus
Share Schemes, Convertible Bonds or cancellation of the Deferred
Shares.

On Dec. 4, 2006, the EGM and Court Meeting of Corus were
adjourned to Dec. 20, 2006.  Corus intends to advise
shareholders as appropriate in due course, and in any event in
advance of the meetings, on the action that shareholders should
take at those meetings.

                       Recommendation

The Corus Directors, who have been advised by Credit Suisse as
its lead financial adviser, JPMorgan Cazenove and HSBC, consider
the terms of the Revised Acquisition to be fair and reasonable,
so far as Corus Shareholders are concerned.

Accordingly, the Corus Directors unanimously recommend that
Corus Shareholders vote in favour of the Revised Acquisition as
they have undertaken to do in respect of their own beneficial
holdings of Corus Shares, representing approximately 0.1% of the
existing share capital of Corus.

Although Credit Suisse is acting as lead financial adviser to
Corus, other members of the Credit Suisse Group are, with the
consent of Corus, providing acquisition finance and related
services to Tata Steel in relation to the Revised Acquisition
and, as a consequence, Credit Suisse is a connected party to
Tata Steel.

JPMorgan Cazenove, as part of the JPMorgan group, has historical
relationships with the Tata companies and, as a consequence, is
also a connected party to Tata Steel.

HSBC is providing independent advice to the Board of Corus in
connection with the Revised Acquisition for the purposes of Rule
3 of the Code.

In providing advice to the Corus Directors, Credit Suisse,
JPMorgan Cazenove, and HSBC have taken into account the
commercial assessments of the Corus Directors.

                          Financing

The financing arrangements relating to Tata Steel UK remain in
place.  The additional funding required under the proposed terms
of the Revised Acquisition will be funded by way of two letter
of credit facility agreements dated Dec. 5, 2006, and Dec. 10,
2006, respectively, among TATASTEEL Asia Holdings Pte. Ltd.,
Tata Steel, Standard Chartered Bank, and Standard Chartered
First Bank of Korea.

ABN AMRO and Deutsche Bank, as joint financial advisers to Tata
Steel and Tata Steel UK, are satisfied that sufficient resources
are available to satisfy in full the consideration payable to
Corus Shareholders under the proposed terms of the Revised
Acquisition.

         Implementation Agreement and Inducement Fee

The Implementation Agreement remains in effect.  The amount of
the Inducement Fee referred to in the Implementation Agreement
is 1% of the value of the Revised Acquisition calculated by
reference to the price per Corus Share and the fully diluted
share capital of Corus, together with an amount equal to any
VAT, which is recoverable by Corus (if applicable).

                  Disclosure of Interests

Tata Limited, a wholly owned subsidiary of Tata Sons, holds
2,125 Corus Shares.  Since Corus Shares held either by members
of the Tata Steel Group or by Tata Limited are excluded from the
definition of Scheme Shares, Tata Steel will not be entitled to
vote these Shares at the Court Meeting.

Tata Steel UK has received irrevocable undertakings to vote in
favor of the Revised Acquisition and the resolutions at the
Court Meeting and EGM from the directors of Corus in respect of
1,164,416 Corus Shares, representing approximately 0.1% of the
existing issued ordinary share capital of Corus.  These
undertakings are in respect of their entire beneficial holdings
of Corus Shares.

The interests of the Deutsche Bank Group consist of, as at
Dec. 7, 2006, a long position of 4,786,061 Corus Shares, a long
position of 472,597 Dutch Bonds and a long position of 76,336
Euro Bonds.

                        About Corus Group

Corus Group plc, fka British Steel, was formed when the UK
privatized its major steelworks in 1988.  It then changed its
name to Corus Group after acquiring most of Dutch rival
Koninklijke Hoogovens.  Corus makes coated and uncoated strip
products, sections and plates, wire rod, engineering steels, and
semi-finished carbon steel products.  It also manufactures
primary aluminum products. Customers include companies in the
automotive, construction, engineering, and household-product
manufacturing industries.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 25, 2006,
Moody's Investors Service placed Corus Group plc's Ba2 Corporate
Family and other ratings under review.

In March 2006, Standard & Poor's Ratings Services placed its
'BB-' long-term corporate credit rating for Corus Group on
CreditWatch.

At the same time, Fitch Ratings changed Corus Group's outlook
to Positive from Stable and affirmed its Issuer Default Rating
at BB-.


CORUS GROUP: Brazil's CSN Increases Offer to US$11.4 Billion
------------------------------------------------------------
Brazil's Companhia Siderurgica Nacional agreed to buy Corus
Group for GBP5.8 billion (US$11.4 billion) in cash and assumed
debt, topping an offer that Corus had agreed with Indian rival
Tata Group, Market Watch reports.

According to the report, CSN said it is offering 515 pence a
share for Corus Group, or GBP4.9 million in cash and
GBP900 million in assumed debt.  The offer for U.S. holders is
worth around US$20.20 a share.

The report points out that the CSN bid came just hours after
Corus Group had agreed on new terms with India's Tata Steel on a
bid of 500 pence a share, which was 10% above Tata Steel's
initial offer.

Market Watch relates that after the CSN bid, Tata Steel said it
was considering its position.

The report says that the CSN offer is subject to shareholder
approval and regulatory clearance and also depends on the Tata
Steel deal falling through.

Lead shareholder Standard Life Investments, which holds nearly
8% of Corus, adopted a wait-and-see posture.  Head of U.K.
equities David Cumming said that they are clearly in a
competitive situation, adding that they will await developments,
Market Wire relates.

                   About Companhia Siderurgica

Companhia Siderurgica Nacional is one of the lowest-cost steel
producers in the world, which is a result of its access to
proprietary, high-quality iron ore (at the Casa de Pedra mine);
self-sufficiency in energy; streamlined facilities; and
logistics advantages.  This is in addition to the group's strong
market position in the fairly concentrated steel industry in
Brazil.

                          About Corus

Corus Group PLC -- http://www.corusgroup.com/-- produces metal
from its major operating facilities in the U.K., the
Netherlands, Germany, France, Norway, Belgium and Canada.  Corus
turns over GBP10 billion annually and employs 47,300 in over 40
countries and sales offices and service centers worldwide,
including Indonesia and the Philippines.  Corus was create
through the merger of British Steel plc and Koninklijke
Hoogovens N.V.

The group suffered six years ago from the crisis in British
manufacturing, which prompted it to shake up management, close
plants, cut jobs, and sell assets to lower debt.  Its debt was
thought to stand at GBP1.6 billion in 2002.

After posting a net loss of GBP458 million in 2003, it embarked
on a restructuring program, signed a new EUR1.2 billion banking
facility, and issued GBP307 million worth of shares.  It
returned to operating profit in the first quarter of 2004.  The
recent recovery of steel prices and the strength of the euro are
expected to help it achieve relatively strong earnings.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 25, 2006,
Moody's Investors Service placed Corus Group plc's Ba2 Corporate
Family and other ratings under review.

In March 2006, Standard & Poor's Ratings Services placed its
'BB-' long-term corporate credit rating for Corus Group on
CreditWatch.

At the same time, Fitch Ratings changed Corus Group's outlook
to Positive from Stable and affirmed its Issuer Default Rating
at BB-.


FREEPORT MCMORAN: SAC Capital Will Block Phelps Dodge Deal
----------------------------------------------------------
Hedge fund SAC Capital disclosed in a regulatory filing with the
United States Securities and Exchange Commission that it has a
5.1% stake in Phelps Dodge Corp. and wants to block Freeport
McMoRan Copper & Gold Inc.'s proposal to buy the company since
the price offered is too low, Reuters reports.

Freeport-McMoRan said in November that it had agreed to buy
Phelps Dodge for about US$26 billion in cash and stock to create
the world's largest publicly traded copper company, Reuters
relates.  Freeport will pay US$88 plus 0.67 share of its stock
for each Phelps share, which, based on trading levels, was worth
about US$129.31 per share.

Reuters cites the New York Post as having reported that SAC was
seeking a US$150-per-share price for the proposed buyout, about
15% higher than the agreed price.

SAC said in its SEC filing that it planned to vote against the
proposed transaction, which it believed would offer few benefits
to the combined operation and use Phelps Dodge' balance sheet
"to fund the purchase in what is essentially a public
recapitalisation," Reuters relates.

The report adds that SAC also said there was unrecognized long-
term value in Phelps' shares that would be lost in the deal at
Freeport's proposed terms.

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

                        *     *     *

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

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

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


KRONOS INT'L: Parent Posts US$11.6MM Net Income for 3rd Quarter
---------------------------------------------------------------
Kronos Worldwide, Inc., the parent company of Kronos
International, reported a US$11.6-million net income, or US$.24
per diluted share, for the third quarter of 2006, compared with
a net income of US$8.0 million, or US$.16 per diluted share, in
the third quarter of 2005.

For the first nine months of 2006, Kronos reported net income of
US$40.2 million, or US$.82 per diluted share, compared with net
income of US$62.2 million, or US$1.27 per diluted share, in the
first nine months of 2005.

Net sales of US$331.6 million in the third quarter of 2006 were
US$39.5 million, or 14%, higher than the third quarter of 2005.
Net sales of US$981.0 million for the first nine months of 2006
were US$85.3 million, or 10%, higher than the first nine months
of 2005.  Net sales increased in the third quarter of 2006
primarily due to higher TiO2 sales volumes and the favorable
effect of fluctuations in foreign currency exchange rates,
partially offset by lower average TiO2 selling prices.  For the
year-to-date period, net sales increased due to higher TiO2
sales volumes, partially offset by the unfavorable effect of
fluctuations in foreign currency exchange rates.  The Company's
average TiO2 selling prices in the first nine months of 2006
approximated those of the first nine months of 2005.

The Company's TiO2 segment profit for the third quarter of 2006
was US$36.2 million compared with US$39.5 million in the third
quarter of 2005, and was US$110.8 million for the first nine
months of 2006 compared with US$146.8 million for the first nine
months of 2005.  Segment profit decreased in the third quarter
of 2006 as the favorable effect of higher sales volumes was more
than offset by the unfavorable effect of lower average TiO2
selling prices, higher manufacturing costs, particularly raw
materials and energy costs and the effect of fluctuations in
foreign currency exchange rates, which decreased segment profit
by approximately US$3 million.  Full year segment profit
decreased as the favorable effect of higher sales volumes was
more than offset by the unfavorable effect of higher raw
materials and energy costs and the effect of fluctuations in
foreign currency exchange rates, which decreased segment profit
by approximately US$18 million.

The Company's TiO2 sales volumes were 11% higher in both the
third quarter and first nine months of 2006 as compared to the
same periods in 2005, with higher sales volumes in the US,
Europe and export markets offsetting the effects of lower sales
volumes in Canada.  The Company's TiO2 production volumes were
3% higher in both the third quarter and first nine months of
2006 as compared to the same periods in 2005, with operating
rates at near full capacity in all periods.  The Company's
finished goods inventories at September 30, 2006, which
represent less than two months of average sales, were lower
compared to June 30, 2006.  The Company's TiO2 sales and
production volumes in the first nine months of 2006 were both
records for Kronos.

The Company's results for the first nine months of 2005 include
a second quarter securities transaction gain of US$5.4 million
related to a gain on the sale of the company's passive interest
in a Norwegian smelting operation.

As previously reported, in April 2006 the Company's wholly owned
subsidiary, Kronos International, issued an aggregate of
EUR400 million principal amount of new 6.5% Senior Secured Notes
due April 2013.  KII used the proceeds from the issuance of the
6.5% Senior Secured Notes to redeem all of its 8.875% Senior
Secured Notes in May 2006 at 104.437% of the aggregate principal
amount of EUR375 million.  The Company recognized a US$22.3
million pre-tax charge in the second quarter of 2006 related to
the early extinguishments of the 8.875% Senior Secured Notes.
Other interest income increased for the third quarter and the
first nine months of 2006, due primarily to the interest earned
in the second quarter from the net proceeds of the new 6.5%
Senior Secured Notes which were held in escrow for approximately
one month until the 8.875% Senior Secured Notes were redeemed.

The Company's effective income tax rate varies significantly
from the U.S. statutory federal income tax rate in 2006 due
primarily to an aggregate net income tax benefit of
US$9.2 million, or US$.19 per diluted share, related to the net
effect of the withdrawal of certain income tax assessments
previously made by the Belgian and Norwegian tax authorities,
the favorable resolution of certain income tax issues related to
the Company's German and Belgian operations, the unfavorable
resolution of certain other income tax issues related to the
Company's German operations, an increase in the Company's income
tax contingency reserve principally related to ongoing income
tax audits in Germany and the enactment of a reduction in the
Canadian federal income tax rate.  Such net US$9.2 million
income tax benefit includes a net income tax benefit of US$12.6
million recognized in the first six months of 2006, and a net
US$3.4 million provision for income taxes, or US$.07 per diluted
share, in the third quarter of the year.  The Company's
provision for income taxes in 2005 includes a third quarter
aggregate non-cash income tax expense of US$5.0 million, or
US$.10 per diluted share, related to the effect of developments
of certain the Company's non-U.S. income tax audits.

Kronos International Inc. -- http://www.kronostio2.com/-- is a
wholly owned subsidiary of Kronos Worldwide, Inc., headquartered
in Dallas, Texas and produces titanium dioxide (TiO2) pigments
in Europe.  It has sales offices in the Asia Pacific, including:
Australia, Indonesia, Japan, Korea and the Philippines.

                          *     *     *

On Nov. 8, 2006, 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. chemical and allied
products sectors, the rating agency confirmed its B1 Corporate
Family Rating for Kronos International, Inc. as well as the B2
rating on the Company's EUR400 million Senior Secured Notes due
2013.  Moody's also assigned an LGD5 rating to those debentures,
suggesting noteholders will experience a 75% loss in the event
of a default.

Standard & Poor's Ratings Services lowered its corporate credit
rating on Valhi Inc. and its indirect subsidiary Kronos
International Inc. to 'BB-' from 'BB'.  At the same time,
Standard & Poor's lowered its rating on Kronos' EUR400 million
senior secured notes issue due 2013 to 'B' from 'B+'.  All
ratings remain on CreditWatch with negative implications, where
they were placed earlier this year in connection with an adverse
verdict in a Rhode Island lead pigment lawsuit.


TELKOMSEL INDONESIA: Selects Alcatel-Lucent For Optical Network
---------------------------------------------------------------
Alcatel-Lucent said that it is deploying its intelligent optical
networking solution for PT Telekomunikasi Selular Indonesia,
Assodigitale reports.

Alcatel-Lucent is expanding and upgrading the existing network
with its optical cross-connect and multi-service technologies to
enhance the current backhaul capacity and aggregation
capabilities, the report relates.

According to Assodigitale, the project will lay the foundation
for the smooth and cost-effective transformation of Telkomsel's
network to accelerate the rollout of new, IP-based business and
entertainment mobile services.

Telkomsel delivers 2G and 3G mobile services to more than 32
million subscribers and provides network coverage to over 90% of
Indonesia's population, the report notes

The report explains that Alcatel-Lucent's optical transport
solution will enable Telkomsel to offer innovative mobile data
services to its end-users over a converged infrastructure.  By
delivering enhanced aggregation functionality, the network will
enable tremendous flexibility and reliability, as well as
investment protection for highly efficient backhaul
consolidation.

The Alcatel-Lucent solution, based on its 1678 Metro Core
Connect and data-aware Optical Multi-Service Node systems, is
also integrating Automatic Switched Optical Network and
Generalized MPLS technologies, the report points out.

The report relates that these technologies empower intelligent
optical connectivity by enabling the end-to-end set-up and
control of optical connections thus addressing the critical
demand for a highly reliable and automatic multi-service
transport network.

                      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.

Alcatel-Lucent also has operations in Indonesia.

                        About Telkomsel

PT Telekomunikasi Selular Indonesia -- http://www.telkomsel.com/
-- is the leading operator of cellular telecommunications
services in Indonesia by market share.  By the end of June 2006,
Telkomsel had close to 29.3 million customers, which based on
industry statistics represented a market share of more than 50%.

Telkomsel provides GSM cellular services in Indonesia, through
its own nationwide Dual band 900/1800 MHz GSM network, and
internationally, through 259 international roaming partner in
153 countries as of June 2006.  The company provides its
subscribers with the choice between two prepaid cards-simPATI
and kartuAs of a pre-paid simPATI service, or the post-paid
kartuHALO service, as well as a variety of value-added services
and programs.

A Troubled Company Reporter - Asia Pacific report on Dec. 20,
2005, stated that Standard & Poor's Ratings Services raised the
foreign currency corporate credit ratings of PT Telekomunikasi
Selular from BB- to BB+ with a stable outlook, and its local
currency corporate rating from BB to BB+ with a stable outlook,
following a review of the impact of risk factors such as
economic structure, growth prospects, political stability, depth
and liquidity of capital markets and transfer and convertibility
risk.

Another TCR-AP report said that Fitch Ratings gave
Telekomunikasi Selular a BB long-term issuer default rating,
effective on August 18, 2006.  The outlook is stable.

Additionally Fitch Ratings gave the company a BB+ local currency
rating and a BB- foreign currency rating.  Both ratings carry a
positive outlook.


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

ALBERTO-CULVER: Appoints Three New Directors to Board
-----------------------------------------------------
The Alberto-Culver Company appointed three new directors
following its separation from Sally Beauty Holdings and the
establishment of each as a separate, publicly traded company.
The new directors are:

   -- Katherine S. Napier,
   -- Thomas A. Dattilo and
   -- George L. Fotiades.

As previously announced, V. James Marino, the new President &
Chief Executive Officer of Alberto-Culver, has also been
appointed to the board.  The announcement was made by Carol
Lavin Bernick, Executive Chairman of the Alberto-Culver company.

The new directors replace:

   -- A.G. Atwater,
   -- William W. Wirtz and
   -- Howard B. Bernick,

all of whom retired from the board following the completion of
the separation transaction, and John A. Miller who has joined
the new board of Sally Beauty Holdings.

In making the announcements, Mrs. Bernick commented, "We are
delighted to have been able to add this strong new talent to our
board all of whom have exceptional operating backgrounds, and
bring to us insights and learnings in those areas most critical
to our consumer products success."

Mrs. Bernick added that no additional appointments were
anticipated.

The backgrounds of the new directors are:

   -- Kay Napier is a versatile and talented marketer who brings
      the company a strong mix of both U.S. and international
      marketing experience.  In her 27-year marketing career,
      Kay has held senior marketing positions for McDonald's in
      both Europe and the U.S. and headed the North American
      Pharmaceuticals and Women's Health Group for Procter &
      Gamble.  Ms. Napier serves on the board of Third Wave
      Technologies, is a board of trustee member for Catholic
      Health Care Partners and Xavier University in Cincinnati
      and serves on the Board of Visitors for Wake Forest
      University.  She holds an MBA in marketing and finance
      from Xavier University and a BA in Economics and Studio
      Fine Arts from Georgetown University.

   -- Tom Dattilo most recently served as Chairman, President &
      CEO of Cooper Tire & Rubber.  He joined Cooper in 1999
      after having spent 22 years with the Dana Corporation in a
      wide variety of acquisition, organizational development
      and management roles.  Mr. Dattilo is a member of the
      board of Harris Corporation.  He holds a Juris Doctor
      degree from the University of Toledo and a Bachelor of
      Arts from Ohio State University.

   -- George Fotiades brings to us a broad background in health
      care and consumer products.  He has most recently served
      as President & Chief Operating Officer for Cardinal
      Health, a Fortune 20 company.  His previous consumer
      products background, covering a 20-year span, includes
      senior executive positions with Warner-Lambert, Bristol-
      Myers Squibb, American Home Products and Procter & Gamble.
      He is currently a member of the board of ProLogis.
      Mr. Fotiades holds a Master of Management, Marketing and
      Finance degree from Northwestern University's Kellogg
      School of Management and a bachelor's degree in economics
      from Amherst College.


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

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

                          *     *     *

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

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

These are the rating actions:

     -- Corporate family rating at B2

     -- Probability-of-default rating at B2

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

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

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

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

     -- Speculative Grade Liquidity Rating of SGL-2


DELPHI CORP: Opposes Former Employees' Indemnification Request
--------------------------------------------------------------
Delphi Corporation and its debtor-affiliates ask the United
States Bankruptcy Court for the Southern District to deny John
Blahnik, Paul Free, Milan Belans, Laura Marion, Peter Janak, and
Cathy Rozanski, former officers and employees, request to modify
the Human Capital Obligations Order to require Delphi to comply
with the provisions of its Amended and Restated Bylaws with
respect to indemnification and advancement.

The Debtors' decision to discontinue advancement of defense
costs to the Former Employees was entirely consistent with the
letter and spirit of the Human Capital Obligations Order, John
Wm. Butler, Jr., Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, in Chicago, Illinois, maintains.

Contrary to the Former Employees' assertions, the Order, far
from "prejudicing" any of the Former Employees' rights, in fact
improved their position by comparison with other general,
unsecured creditors, Mr. Butler points out.  Regardless of how
the Court would rule on the Human Capital Objections Motion, the
Former Employees, like other prepetition creditors, will retain
all of their rights in the Chapter 11 cases to file proofs of
claim and seek recovery from the Debtors under the Bankruptcy
Code.

The Order also did not violate or diminish the Former Employees'
"rights" to advancement because the commencement of the Chapter
11 cases itself stayed any advancements and transformed the
Former Employees into unsecured creditors of the Debtors'
estates, Mr. Butler asserts.

The Debtors received no pressure from the government with
respect to their advancement decisions, Mr. Butler clarifies.
The Compensation Committee took into account all of the
competing public policy concerns in making its decision,
including the Debtors' interest in ensuring the morale of
current employees, the Debtors' fiduciary obligation to preserve
the value of their estates for all unsecured creditors, and the
unfairness of paying out the Former Employees' prepetition
claims whose activities led to Delphi Corporation's restatement
of its financial results in June 2005.

Accordingly, the Debtors ask the Court to deny the Former
Employees' request.

           Equity Committee Supports Debtors' Objection

The Official Committee of Equity Security Holders contends that
the Former Employees are attempting to harm the Debtors, their
creditors, equity security holders, and their estates through
their request.

At the present time, the Former Employees' claims must be
disallowed, Bonnie Steingart, Esq., at Fried, Frank, Harris,
Shriver & Jacobson LLP, in New York, maintains.  "It would be
inappropriate to permit the [Former Employees] to receive any
payment on account of [their] claims unless and until [those]
claims are ultimately allowed."

Laura Marion, Mr. Steingart points out, is barred from the
relief she is seeking under the doctrine of unclean hands.

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

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

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

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


DELPHI CORP: Hires W.Y. Campbell & Co. as Financial Advisor
-----------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York has authorized Delphi Corporation and its debtor-
affiliates to employ W.Y. Campbell & Company as their financial
advisor and investment banker, effective as of Sept. 1, 2006.

As the Debtors' financial advisor, Campbell will:

   (a) identify, review, evaluate and initiate potential merger
       and acquisition transactions or other transactions;

   (b) review and analyze the assets and the operating and
       financial strategies of the Debtors' Mount Business;

   (c) assist in the definition of objectives related to value
       and terms of divestiture;

   (d) assist in identification of the Mount Business'
       proprietary attributes;

   (e) assist in the identification and solicitation of
       appropriate transaction parties;

   (f) prepare and distribute confidentiality agreements and
       appropriate descriptive selling materials;

   (g) initiate discussions and negotiations with prospective
       transaction parties;

   (h) assist the Debtors and their other professionals in
       reviewing and evaluating the terms of any proposed M&A
       Transaction or other transaction, in responding to it
       and, if directed, in developing and evaluating
       alternative proposals for an M&A Transaction or other
       transaction;

   (i) review and analyze any proposals the Debtors receive from
       third parties in connection with an M&A Transaction or
       other transaction;

   (j) assist or participate in negotiations with the parties-
       in-interest in connection with an M&A Transaction or
       other transaction;

   (k) advise and attend meetings of the Debtors' Board of
       Directors, creditor groups, official constituencies, and
       other interested parties;

   (l) participate in hearings before the Bankruptcy Court or
       any other court as the Debtors may request and provide
       relevant testimony;

   (m) assist the Debtors' internal and external counsel to
       enable that counsel to provide legal advice to the
       Debtors as contemplated under an engagement letter
       between the Debtors and Campbell; and

   (n) at the Debtors' request, render other financial advisory
       and investment banking services.

In exchange for its services, Campbell will be entitled to
receive in cash:

   * a US$50,000 monthly advisory fee of US$50,000, which in the
     aggregate will not be less than US$600,000;

   * an M&A fee due and payable upon the closing of any M&A
     Transaction;

   * US$750 per hour for preparing for, attending, or testifying
     at hearings;

   * to the extent the Debtors ask Campbell to perform
     additional services not contemplated by the Engagement
     Letter, the additional fees as will be mutually agreed upon
     by Campbell and the Debtors, in writing, in advance;

   * a monthly fee credit equal to 100% of the aggregate Monthly
     Fees credited against the M&A Fee; and

   * reasonable expenses incurred in connection with the
     performance of the firm's engagement.

A full-text copy of the Engagement Letter is available at
http://researcharchives.com/t/s?150e

Andre A. Augier, a managing director at Campbell, assures the
Court that his firm is a "disinterested person," as that term is
defined in Section 101(14) of the Bankruptcy Code.  Campbell
does not hold or represent an interest adverse to the Debtors or
their estates, Mr. Augier says.

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)


FORD MOTOR: S&P Holds Junk Rating on Proposed $4.5 Bil. Sr. Debt
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' bank loan
and '2' recovery ratings on Ford Motor Co. after the company
increased the size of its proposed senior secured credit
facilities to between US$17.5 billion and US$18.5 billion, up
from US$15 billion.

The 'B' bank loan rating and '2' recovery rating indicate the
expectation of substantial recovery of principal in the event of
a payment default.

In addition, Standard & Poor's affirmed its 'CCC+' issue rating
on Ford's proposed US$4.5 billion senior unsecured convertible
debt issue, which Ford increased from the earlier US$3 billion.
The size of this issue may increase to US$4.95 billion if
underwriters exercise their option to purchase an additional
US$450 million of notes.

The secured credit facilities consist of a revolving credit
facility, which Standard & Poor's believes will not exceed
US$11.5 billion, up from the original $8 billion, and a
US$7 billion term loan B.  The size of the term loan B, as well
as a US$1.5 billion permitted basket of non-loan exposure,
remains unchanged.

Although the substantial increase in the size of the revolving
credit facility does not change our '2' recovery rating,
estimated recoveries according to Standard & Poor's default and
emergence scenario are now at the lower end of the '2' range.

Standard & Poor's also notes that the increased revolving credit
facility reduces the cushion Ford has above a 1x borrowing-base
coverage test, one of the primary loan covenants afforded to
secured lenders.  Pro forma for the proposed transactions, Ford
would have availability to fully draw the revolving credit
facility with borrowing-base coverage of about 1.15x, down from
1.4x earlier.

Because Ford must maintain coverage of at least 1x under this
test, a significant future decline in collateral book values or
eligibility may reduce availability under the revolving credit
facility.

In addition to increasing the size of the financing package,
Ford also amended the terms under which it may borrow an
additional US$2 billion of first-lien debt at a later date.  To
access this additional US$2 billion of borrowings, Ford must add
its minority investment in Mazda Motor Corp. as collateral for
all senior secured facilities or reduce the amount of
availability under the revolving credit facility by a like
amount.

Ratings List:

   * Ford Motor Co.

      -- Corporate credit rating at B/Negative/B-3;
      -- Senior secured credit facilities at B; and
      -- US$4.5 billion senior unsecured debt at CCC+

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

The company also has operations in Japan.


JAPAN AIRLINES: To Launch Cooperative Projects with China's CASI
----------------------------------------------------------------
Japan Airlines and the Civil Aviation Administration of China
have reached an agreement to launch cooperative projects with
the Civil Aviation Safety Institute of China aimed at
contributing to the development of global flight safety.  A
meeting to exchange information and opinions will be held from
December 12 to 15 in Tokyo.

The Civil Aviation Safety Institute of China, under the umbrella
of the Civil Aviation Administration of China, was established
in Beijing on May 24, 2006, with the aim of strengthening the
safety management system of China's civil aviation due to the
rapid increase of air transportation and to train personnel to
promote flight safety.  It has six departments of study,
comprising operational standards, airport safety management, air
traffic safety management, aircraft airworthiness certification,
accident investigation and safety information, and safety
theory.  The Institute also provides specialist education on air
safety for Chinese commercial airlines' staff and students.  It
aims to expand the scale to 400 staff and 8,000 students per
year by fiscal year 2010.

JAL and CAAC have conducted many exchanges up till now.  JAL has
accepted a total of 146 CAAC personnel as trainees.

Since the establishment of the Institute, JAL's Corporate Safety
Division, the core safety organization, and the China Business
Promotion Department have played a central role in holding
discussions on the establishment of a cooperative relationship.
Based on the above agreement, the first meeting will be held.

At the meeting, a mission of 11 members headed by the director
of the Institute will visit Japan.  The mission will consist of
representatives from the public and private sectors, including
executive officers of the Institute, CAAC, and Air Traffic
Management Administration, and persons responsible for
maintenance and flight operations of Air China, China Eastern
Airlines, China Southern Airlines, and Hainan Airlines.  They
will visit JAL's aircraft and component maintenance facilities,
the JAL Safety Promotion Center, and hold discussions and
exchange opinions with flight operations and maintenance
personnel. The two parties will hold such meetings several times
a year, and promote diverse cooperative projects, such as the
exchange of safety related lecturers, in order to achieve the
common goal of flight safety.

                      About Japan Airlines

Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  Japan Airlines flies to the United States, Brazil and
France.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
October 10, 2006, that Moody's Investors Service affirmed its
Ba3 long-term debt ratings and issuer ratings for both Japan
Airlines International Co., Ltd and Japan Airlines Domestic Co.,
Ltd.  The rating affirmation is in response to the planned
restructuring of the Japan Airlines Corporation group on Oct. 1,
2006 with the completion of the merger of JAL's two operating
subsidiaries, JAL International and Japan Airlines Domestic.
JAL International will be the surviving company.  The rating
outlook is stable.

Meanwhile, Fitch Ratings Tokyo analyst Satoru Aoyama said that
the company's debt obligations and expenses for new aircraft
have placed it in an unfavorable financial position.  Fitch
assigned a BB- rating on the Company, which is three notches
lower than investment grade.

On July 20, 2006, Standard & Poor's Ratings Services had
affirmed its B+ long-term corporate credit and senior unsecured
debt ratings on the Company.


SOLO CUP: Posts US$19.7 Million Net Loss in Qtr. Ended October 1
----------------------------------------------------------------
Solo Cup Company incurred a US$19.7 million net loss on
US$620.6 million of net revenues for the three months ended
Oct. 1, 2006, compared to a US$9.4 million net loss on
US$620.2 million of net revenues for the same period in 2005.

The company said the net sales reflect an increase in average
realized sales price, partially offset by lower sales volumes.
The increase in average realized sales price reflects price
increases implemented over the past year in response to higher
paper and resin costs.  The volume decrease reflects general
industry trends as well as the effects of competitive pressure
in the marketplace.

The 2006 loss reflects a non-cash charge of US$228.5 million for
the impairment of goodwill and a non-cash charge of
US$112.8 million to income tax expense to increase the valuation
allowance for deferred tax assets.  The goodwill impairment
charge reflects the results of a previously announced valuation
test performed as of July 2, 2006, which was initiated based on
a combination of factors, including continued net losses and
significant increases in raw material and petroleum prices.

At Oct. 1, 2006, the company's balance sheet showed
US$1.6 billion in total assets and US$1.5 billion in total
liabilities and a US$45.6 million positive equity.

A full-text copy of the company's quarterly report is available
for free at http://researcharchives.com/t/s?1697

Commenting on the company's third-quarter results, Robert M.
Korzenski, Chief Executive Officer, said: "Our results were
impacted by a continued challenging industry environment,
increased raw material costs and isolated inventory management
issues.  While we have seen some relief in certain raw material
costs, we expect the challenging business environment to
continue for the remainder of the year.  We intend to address
these economic, competitive and operational issues by improving
our manufacturing and supply chain efficiencies, decreasing our
selling, general and administrative expenses and optimizing our
sales and marketing organization.  Through these efforts, we
expect to position the business to meet competitive industry
challenges, improve our overall financial performance, and
create value for our investors in 2007 and beyond."

                  Fourth Quarter Expectations

Based on the company's performance year-to-date, the company
currently expects to generate net sales of between US$600
million and US$650 million for the fourth quarter of 2006.
Operating income is expected to increase slightly versus the
third quarter of 2006 due primarily to moderating raw material
costs.  Cash flow from operations is also expected to be
positively impacted by moderating raw material costs, as well as
a reduction in inventory levels.  Capital expenditures are
expected to be approximately US$10 million for the fourth
quarter.

In addition, during the balance of the year, the company intends
to quickly implement the previously announced initiatives
designed to reduce costs and improve manufacturing efficiencies.
Mr. Korzenski stated, "The independent consulting firm that we
engaged during the third quarter has completed its diagnostic
work in the supply chain/operations area, and implementation of
the plan developed as a result of that work is under way.  In
addition, we have expanded the scope of the project being led by
our consulting firm to address commercial optimization and
general and administrative expenses.  Based on this diagnostic,
by year end we expect to launch an integrated performance
improvement program that will be designed to impact all key
value levers, accelerate the company's turnaround and ensure
sustainability."

                    Subsidiary's Assets Sold

In the third quarter of 2006, the company's management approved
a plan to sell certain assets of its Japanese subsidiary, Solo
Cup Japan Co. Ltd.  These assets were classified as assets held
for sale as of Oct. 1, 2006, and are included in other current
assets on the company's Consolidated Balance Sheet.  The company
recognized an impairment loss of US$5.2 million during the three
month period ended Oct. 1, 2006, to adjust the carrying value of
the assets to their fair value of approximately US$7.9 million.
The company executed a sale agreement related to these assets in
October 2006.

Headquartered in Highland Park, Illinois, Solo Cup Company
-- http://www.solocup.com/-- manufactures disposable
foodservice products for the consumer and retail, foodservice,
packaging, and international markets.  Solo Cup has broad
expertise in plastic, paper, and foam disposables and creates
brand name products under the Solo, Sweetheart, Fonda, and
Hoffmaster names.  The company was established in 1936 and has a
global presence with facilities in Asia, Canada, Europe, Mexico,
Panama and the United States.

The Troubled Company Reporter - Asia Pacific reported on
Oct. 27, 2006, that Standard & Poor's Ratings Services lowered
all its ratings on Solo Cup Co. by two notches, including its
corporate credit rating to 'CCC+', and removed them from
CreditWatch where they had been placed with negative
implications on Aug. 18, 2006.  The outlook is negative.

A TCR-AP report on Nov. 2, 2006, stated that in connection with
Moody's Investors Service's implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology
for the non-paper Packaging sector, the rating agency confirmed
its B3 Corporate Family Rating for Solo Cup Company.

Moody's also confirmed its probability-of-default ratings and
assigned loss-given-default ratings on these three loans and a
bond issue:

                                               Projected
                             POD      LGD      Loss-Given
   Debt Issue                Rating   Rating   Default
   ----------                -------  ------   -------
   US$150 million
   Sr. Sec.
   First Lien Revolver
   maturing
   Feb. 27, 2010             B2        LGD3     34%

   US$637 million
   Sr. Sec.
   First Lien
   Term Loan B
   due Feb. 27, 2011         B2        LGD3     34%

   US$80 million
   Second Lien
   Term Loan due
   Feb 27, 2012              Caa1      LGD5     70%

   US$325 million
   8.5% Sr. Sub. Notes
   due Feb. 15, 2014         Caa2      LGD5     87%


* Japan's Asset Backed Securities to Decline in 2007, Fitch Says
----------------------------------------------------------------
Fitch Ratings said in an outlook report published on Dec. 11,
2006, that the asset performance of Japanese asset backed
securities is likely to decline in 2007.  However, the agency
added that the mortgage backed sector would continue to show
stability along with the market for collateralized debt
obligations.

The agency added that total ABS issuance volume from Q106
through Q306 is estimated at approximately JPY1.5 trillion, a
decline of about 8% on the same period in 2005, with the
contraction most significant in the consumer sectors, such as
shopping credit and auto loans.  An unprecedented rise in
default rates along with excess payment refund claims
exacerbated by a Supreme Court ruling and a series of Financial
Services Authority sanctions imposed on these originators.  The
likely passage of an unfavorable money-lending bill as well as
generous conditions proposed through bank intermediaries should
weigh on new ABS issuance in the near future.

Nonetheless, Japan's structured finance market has been growing
steadily mainly in the MBS sector.  The agency added the vast
majority of structured finance transactions rated by Fitch in
Tokyo have demonstrated stable rating performance during 2006
primarily due to increased credit enhancement as the redemption
of senior notes progressed.

Specifically, Fitch upgraded 27 tranches in Japan (five ABS, two
CDOs and 20 commercial mortgage backed securitizations but no
residential mortgage backed securitizations), and downgraded two
CDOs in the first three quarters of 2006.

While moderate credit deteriorations are sporadically observed
in certain underlying assets, (e.g. unsecured consumer loans
affected by adverse business environment etc.) general
performance of underlying assets has also seen steady positive
migration.

Fitch's "2007 Global Structured Finance Outlook" includes a
review of 2006 and asset performance and rating volatility
forecasts for the global ABS, CMBS, RMBS and CDO sectors in
2007.  The report also evaluates the impact of broader
macroeconomic trends on the global structured finance markets
and gives an overview of asset performance and credit migration
trends over the past year.  The report is available at
http://www.fitchratings.com/ For a more detailed analysis of
the Asia Pacific CDO market, please refer to the 2007 Global CDO
& Credit Derivatives Outlook which will be published shortly.


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

DURA AUTOMOTIVE: Hires David Szczupak as Chief Operating Officer
----------------------------------------------------------------
DURA Automotive Systems, Inc., disclosed that David T. Szczupak,
has joined the company as chief operating officer, effective
immediately.

On Dec. 8, 2006, after a hearing on Dec. 7, 2006, the United
States Bankruptcy Court for the District of Delaware entered an
order authorizing the company to enter into an employment
agreement with Mr. Szczupak.

As chief operating officer, Mr. Szczupak will be responsible for
all aspects of DURA's manufacturing, engineering, quality and
procurement worldwide.

"David is a seasoned automotive industry executive who will be a
great asset to our leadership team," said Larry Denton, chairman
and chief executive officer of DURA Automotive.  "He brings
global operations expertise and will play a pivotal role in the
implementation of DURA's operational restructuring program and
growth initiatives."

Mr. Szczupak's automotive industry experience spans nearly 30
years.  He joins DURA from the Ford Motor Company, where he most
recently served as Ford's group vice president of manufacturing.
In this capacity, he directed global strategy and operations for
all vehicle manufacturing, engineering and operations at 31
manufacturing plants worldwide, and directed a major
restructuring of Ford's global manufacturing footprint to reduce
costs by 30%, among other initiatives.

"I am excited to join DURA's management," said Mr. Szczupak,
"and I look forward to further strengthening the company's
operations and performance, as we successfully complete the
operational restructuring program and build on the company's
reputation for delivering innovative quality products at
competitive prices."

Mr. Szczupak joined Ford in 1990 as chief engineer of Jaguar
Cars, following Ford's acquisition of Jaguar, and has since held
increasingly responsible senior management positions in
engineering and manufacturing operations. Before that, he served
in engineering positions with U.K.-based Jaguar Cars LTD and
with Holset Engineering (Cummins).

Mr. Szczupak received a master's degree in automotive
engineering from Cranfield University, U.K.

Mr. Szczupak is a past member of the Volvo Cars Board of
Directors and the Mazda Advisory Board, and past Chairman of the
SAE Global Powertrain Congress 2005.  He was named Engineer of
the Year by Autocar Magazine in 1999.

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

                          *     *     *

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

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

                          *     *     *

The Debtors filed for chapter 11 petition on October 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.  As of July 2, 2006, the Debtor had
US$1,993,178,000 in total assets and US$1,730,758,000 in total
liabilities.  (Dura Automotive Bankruptcy News, Issue No. 5;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


KRISPY KREME: Posts US$135.8MM Net Loss in Year Ended Jan. 2006
---------------------------------------------------------------
Krispy Kreme Doughnut, Inc. reported a US$135.8-million net loss
on US$543.4 million of revenues for the fiscal year ended
Jan. 31, 2006, compared with a US$198.3 million net loss on
US$707.8 million of revenues for the same period in 2005.

Both revenues from company owned stores and franchisee stores
declined in fiscal 2006 compared with fiscal 2005, as did
company sales to franchise stores.  This was offset mainly by
lower recorded direct operating expenses of US$474.6 million in
fiscal 2006, compared with US$598.3 million in fiscal 2005.  In
addition, the company recognized lower impairment charges and
lease termination costs of US$55.1 million in 2006 compared to
US$161.8 million in 2005.

At June 30, 2006, the company's balance sheet showed
US$410.8 million in total assets, US$302.2 million in total
liabilities, and US$108.7 million in total stockholders' equity.

The company's balance sheet at Jan. 29, 2006 also showed
US$147 million in total current assets available to pay
US$153.9 million in total current liabilities.

A full-text copy of the company's annual report is available for
free at http://researcharchives.com/t/s?1485

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme
(NYSE: KKD) -- http://www.krispykreme.com/-- is a branded
specialty retailer of premium quality doughnuts, including the
company's signature Hot Original Glazed.  There are currently
approximately 323 Krispy Kreme stores and 79 satellites
operating systemwide in 43 U.S. states, Australia, Canada,
Mexico, the Republic of South Korea, and the United Kingdom.

The company generates revenues from three distinct sources:
company-owned stores, franchise fees and royalties from
franchise stores, and a vertically integrated supply chain.

Freedom Rings, LLC, company's franchisee in Eastern
Pennsylvania, Delaware and Southern New Jersey, filed on
Oct. 16, 2005 for Chapter 11 protection with the Delaware
Bankruptcy Court (Bankr. D. Del. Case No. 05-14268).  Following
closure of its four remaining stores, the Bankruptcy Court
confirmed Freedom Rings' plan of liquidation on April 20, 2006
and its operations have been substantially wound up.

KremeKo, Inc., Krispy Kreme's Canadian franchisee, filed for
restructuring on April 15, 2005, pursuant to the Companies'
Creditors Arrangement Act with the Ontario Superior Court of
Justice.  Krispy Kreme Doughnut Corp. agreed to pay
approximately US$9.3 million to two secured creditors to settle
its obligations with respect to its guarantees pertaining to
certain indebteness and related equipment agreements.  In
exchange, a newly formed subsidiary of Krispy Kreme Doughnut
Corp. acquired substantially all of the operating assets of
KremeKo, as authorized by the Ontario Court.

Glazed Investments, LLC, company's franchisee in Colorado,
Minnesota and Wisconsin, filed for Chapter 11 protection on
Feb. 3, 2006 (Bankr. N.D. Ill. Case No. 06-00932).  Subsequent
to this filing, Glazed Investments sold its remaining 12 Krispy
Kreme stores to Western Dough, Krispy Kreme's area developer for
Nevada, Utah, Idaho, Wyoming and Montana, for appoximately US$10
million.  This sale was facilitated by the Chapter 11 filing, by
permitting the assets to be sold free and clear of all liens,
claims and encumbrances.

Under the plan of liquidation filed by Glazed Investments, it
will be dissolved after distribution of the sale proceeds to
creditors, and Krispy Kreme will not receive any payment on
account of its ownership in Glazed Investments.  While a
substantial portion of Glazed Investments' debts were retired
from the sale proceeds and liquidation of other assets, Krispy
Kreme paid approximately US$1 million of its franchisee's debt
which was guaranteed by it.


PANTECH CO: Seeks Creditors' Nod on Debt-Workout Plan
-----------------------------------------------------
Pantech Co., Ltd., and its affiliate, Pantech&Curitel
Communications Inc., seek their creditors' help -- through a
debt-workout -- plan to get back on track amid increasing debts
and mounting losses.

On Dec. 11, 2006, Pantech and its affiliate formally sought debt
bailout from creditors, The Korea Times reports.  If it will
proceed as planned, the debt workout will be the largest after
the drastic corporate restructuring following the currency
crisis," Na Jeong-ju of The Times notes.

Under a debt workout program, The Chosun Ilbo explains,
creditors of a company in financial trouble delay collecting
debts or write them off to save the company from bankruptcy but
require it to reduce its workforce and assets.

Pantech's 12 creditors, including major creditor Korea
Development Bank, will soon have to decide on the request.
Reports however disclose that some creditors have already agreed
in principle to rescue the phone manufacturer.

A KDB officer told The Chosun Ilbo that creditors agreed to
rescue the firm since it is a key exporter with globally
recognized technologies.  However, it is uncertain whether non-
bank creditors, who own corporate bonds and commercial papers,
will agree to the proposal, the officer added.

"A workout program requires unanimous approval of creditors,"
Chosun Ilbo points out.  "If the workout offer is rejected,
Pantech faces court receivership or bankruptcy."

According to The Times, Pantech and its affiliate have
KRW1.47 trillion (US$1.59 billion) in outstanding bank credit,
including KRW171 billion to KDB, KRW113 billion to Woori Bank,
KRW70 billion to Hana Bank and KRW49 billion won to Kookmin
Bank.

Pantech posted a second consecutive quarterly loss, piling up a
deficit of KRW55.2 billion won during the first nine months,
Bloomberg News says, citing a company statement in Nobember. The
affiliate also posted two losses, Bloomberg adds.

Headquartered in Seoul, Korea, Pantech Co., Ltd. --
http://www.pantech.co.kr/manufactures mobile phones.  Pantech's
products are mainly global system for mobile communication and
code division multiple access phones.  The company markets its
products internationally, and supplies Motorola as an original
equipment manufacturer and original design manufacturer.  It has
seven subsidiaries involved in the information technology and
telecommunication sectors.


SANDISK CORP: Earns US$103.2MM in 3rd Fiscal Qtr. Ended Oct. 1
--------------------------------------------------------------
SanDisk Corp. reported net income of US$103.2 million on total
revenues of US$751.3 million for the third fiscal quarter ended
Oct. 1, 2006, compared with net income of US$107.4 million on
total revenues of US$589.6 million for three months ended
Oct. 2, 2005.

For the three months ended Oct. 1, 2006, operating income was
US$128.3 million versus operating income of US$158.5 million in
the prior year quarter.

For the nine months ended Oct. 1, 2006, net income was
US$234 million from total revenues US$2 billion, compared with
$252.4 million of net income on total revenues of US$1.5 billion
for the comparable period in 2005.

Operating income was US$314.7 million for the nine months ended
Oct. 1, 2006, versus operating income of US$378.1 million for
the same period in 2005.

Product revenues for the three months ended Oct. 1, 2006,
increased compared with the three months ended Oct. 2, 2005, due
to a 217% increase in the number of megabytes sold, partially
offset by a 60% reduction in the Company's average selling price
per megabyte.

The increase in product revenues for the nine months ended
Oct. 1, 2006, compared with the nine months ended Oct. 2, 2005,
was comprised of a 191% increase in the number of megabytes
sold, partially offset by a 54% reduction in the Company's
average selling price per megabyte.  Its year-over-year product
revenue growth for the three months and nine months ended
Oct. 1, 2006, was primarily due to increased sales of its memory
products for mobile phones, Sansa(TM) MP3 players, memory cards
for gaming devices and USB drives.

The Company disclosed that its top 10 customers represented
approximately 51% of its total revenues for both the three and
nine months ended Oct. 1, 2006, compared with 46% and 53% in
three and nine months ended Oct. 2, 2005, respectively.
Customers who exceeded 10% of total revenues in either of the
three and nine months ended Oct. 1, 2006, or Oct. 2, 2005, were
Sony Ericsson Mobile Communications AB, which was 10% for the
three months ended Oct. 1, 2006, and Samsung Electronics Co.
Ltd., which was 11% in the nine months ended Oct. 1, 2006.

The increase in the Company's license and royalty revenues for
the three and nine months ended Oct. 1, 2006, was primarily
driven by increased overall sales by its licensees as well as
increased royalties related to licensee sales of multi-level-
cell (MLC) based products.

The Company's research and development expense growth for the
three months ended Oct. 1, 2006, was primarily due to stock
compensation expense of US$10.3 million, related to the adoption
of SFAS 123(R), increased payroll costs of US$8.2 million,
higher engineering consulting costs of US$2.8 million, and
FlashVision and Flash Partners common research and development
costs of US$11.3 million.

At Oct. 1, 2006, the Company had cash, cash equivalents and
short-term investments of US$2.55 billion and a working capital
balance of US$2.88 billion.  The Company does not expect any
liquidity constraints in the next 12 months.

The Company expects total investments, loans, expenditures and
guarantees over the next 12 months to be approximately
US$1.3 billion, of which, it expects to loan, make investments
or guarantee future operating leases for expansion of
approximately US$1 billion and spend approximately US$300
million on property and equipment.  The additions for property
and equipment includes assembly, test and engineering equipment,
information systems as well as a plan to purchase land and
equipment and construct a captive assembly and test
manufacturing facility in Shanghai, China.  The anticipated
expenditure for this China project over the next 12 months is
approximately US$100 million of the total property and equipment
expenditure, subject to approval by the Chinese government.

At Oct. 1, 2006, the Company's balance sheet showed
US$5.050 billion in total assets, US$1.737 billion in total
liabilities, and US$3.313 billion in total stockholders' equity.

Full-text copies of the Company's third fiscal quarter
financials are available for free at:

      http://ResearchArchives.com/t/s?15d3

                        About Sandisk Corp.

Headquartered in Milpitas, Calif., SanDisk Corp. (NASDAQ:SNDK)
-- http://www.sandisk.com/-- manufactures various formats of
flash memory cards for use in consumer electronics products,
including digital cameras, mobile phones, and game systems.  In
addition, the company produces devices such as USB drives and
MP3 music players.  SanDisk has worldwide locations in China,
Ireland, India, Israel, Japan, Taiwan and Korea.

                          *     *     *

As reported in the Troubled Company Reporter on May 11, 2006,
Standard & Poor's Ratings Services assigned its 'BB-' rating to
Sunnyvale, California-based SanDisk Corp.'s proposed issue of
US$1.0 billion of senior unsecured convertible notes due 2013.
The 'BB-' corporate credit rating on SanDisk was affirmed.  The
rating outlook is stable.


SK CORP: Drops UBS AG as Advisor in Planned Incheon Unit IPO
------------------------------------------------------------
SK Corp. dropped UBS AG as an advisor to its planned listing of
SK Incheon Oil, the Financial Times states.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 28, 2006, SK Corp. postponed its plan to sell partial stake
in Incheon Oil via an initial public offering on the London
Stock Exchange on Dec. 12.  The company said it will make a
follow-up decision "after January 2007, after taking into
consideration any and all business-related circumstances."

UBS was reportedly hired to assist Merrill Lynch to complete the
planned IPO.  Yet, it was terminated as advisor after a dispute
about the refinery's valuation, the FT says, citing people
familiar with the matter.

According to FT, UBS was dropped as advisor after the investment
bank insisted that Incheon Oil be given a valuation as much as a
third lower than SK was seeking.

                       About SK Corporation

Headquartered in Seoul, South Korea, SK Corporation --
http://eng.skcorp.com/-- is an energy and petrochemical company
with 4,916 employees and 22 offices around the world in 2005.
The company is strategically positioned as Korea's largest and
Asia's leading refiner next to Sinopec and PetroChina.  SK Corp.
currently explores, develops and produces oil in 13 nations that
span Africa, Asia and the Americas.

Moody's Investors Service gave SK Corp. a 'Ba1' Foreign Currency
Long-Term Debt Rating effective February 17, 2006.


SK CORP: No. 2 Naptha Cracker Unit Restarts Operations
------------------------------------------------------
SK Corp restarted operations of its 620,000 tpa No. 2 naphta
cracker unit after a planned turnaround that started on
December 1, pastermart.com relates.

According to the Web site, the plant is currently running at
about 50% of its capacity but will be maximized soon.

                       About SK Corporation

Headquartered in Seoul, South Korea, SK Corporation --
http://eng.skcorp.com/-- is an energy and petrochemical company
with 4,916 employees and 22 offices around the world in 2005.
The company is strategically positioned as Korea's largest and
Asia's leading refiner next to Sinopec and PetroChina.  SK Corp.
currently explores, develops and produces oil in 13 nations that
span Africa, Asia and the Americas.

Moody's Investors Service gave SK Corp. a 'Ba1' Foreign Currency
Long-Term Debt Rating effective February 17, 2006.


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

ANTAH HOLDINGS: Court Approves Scheme; Rejects Lekas Purchase
-------------------------------------------------------------
Malaysia's Securities Commission approved on December 7, 2006,
Antah Holdings Bhd's proposed restructuring scheme.

The restructuring scheme includes, among others, the proposed:

    * acquisition of Pipo Group;
    * Scheme of Arrangement with shareholders;
    * acquisition of LEKAS;
    * acquisition of property;
    * Scheme Arrangement with creditors;
    * issuance of Newco shares;
    * offer for sale of Newco shares;
    * offer for sale of Newco shares;
    * transfer of listing status; and
    * disposal.

The Commission, however, rejected the proposed acquisition of
LEKAS saying that it would not be able to provide immediate
benefits to Antah's shareholders and Sino Hua-An International
Sdn Bhd, the company incorporated in Malaysia to facilitate the
implementation of the restructuring.

In addition, the purchase consideration for the property known
as Wisma Antah, pursuant to the Proposed Acquisition of Property
has been revised to MYR17,400,000, as opposed to MYR18,500,000
proposed earlier, to be satisfied by the issuance of 17,400,000
new Hua-An shares.

Antah's Restructuring Scheme is further subject to these
conditions:

    a. The directors and substantial shareholders who are
       involved in full-time capacity in Hua-An should not be
       involved in full-time capacity in their personal
       businesses;

    b. The promoters, directors and substantial shareholders of
       Hua-An and its subsidiaries should not, in the future,
       carry out any other new business, which will compete and
       be in conflict with the business of the Hua-An Group.
       Hua-An's promoters, directors and substantial
       shareholders should provide an undertaking that they
       would not be involved in a new  similar or competing
       business with the existing businesses of Hua-An in the
       future;

    c. Afuture dealings between the Hua-An Group and the
       companies related to the promoters, substantial
       shareholders and directors of the Hua-An Group, if any,
       must be on arm's-length basis.  There should not be any
       special arrangements for the related-party transactions,
       which are beyond normal commercial terms and which would
       put the Hua-An Group at a disadvantaged position.  In
       this regard, the Audit Committee of Hua-An should monitor
       the terms of any transactions and the directors should
       report any transactions in the annual report of Hua-An;

    d. Moratorium on disposal to be imposed on 50% of the
       consideration shares to be received by the vendors of
       PIPO Overseas Limited, namely, Liu Guodong, Rock Point
       Alliance Pte Ltd, Rise Business Inc and CIM VI Limited
       respectively, for a period of three years from the date
       the securities issued are listed on the Main Board of
       Bursa Malaysia Securities Berhad.  In addition, each
       shareholder (if an individual) or ultimate individual
       shareholder (if the shareholder is another unlisted
       company of RPA Subsidiary, RBI and CIMVI, must give an
       undertaking that he will not sell, transfer or assign
       his shareholding in the related unlisted company for
       a period of three years.  The relevant undertaking
       letters must be submitted to the SC prior to the
       implementation of the Proposed Restructuring Scheme;

    e. Prior to the issuance of the prospectus, Hua-An is to
       enter into service contracts with the existing key
       management of PIPO inclusive of LGD, Zhu Qinghua and
       Zhang Tianran, for a minimum period of three years post
       listing, to ensure the continuity of the services of its
       key management personnel;

    f. Prior to the issuance of the prospectus, Hua-An is to
       enter into a metallurgical coke supply contract with
       Huasheng Jiangquan Group Co. Ltd group of companies for a
       period of three years post listing to ensure that the
       Jiangquan Group remains as a major customer of Hua-An;

    g. Prior to the issuance of the prospectus, ECM Libra
       Avenue/Hua-An is to submit a revised forecast and
       projection to the Securities Commission after taking into
       consideration the adjustment to the financial projections
       made by KPMG Corporate Services Sdn Bhd;

    h. Prior to the implementation of the Proposed Restructuring
       Scheme, ECM Libra Avenue or Antah should provide a
       detailed Report together with the relevant information on
       the events or transactions that led to the shareholders'
       deficit position of Antah and its subsidiaries to the SC
       and report any transgressions of the law to the relevant
       authorities;

    i. Hua-An will obtain the approval from the Ministry of
       International Trade and Industry to recognize its
       Existing Bumiputera shareholders and to inform the SC on
       the status.  In the event that MITI does not recognize
       the existing Bumiputera shareholders of Hua-An, the
       Bumiputera shareholders of Hua-An will be considered as
       nil and Hua-An is to submit the effective equity
       structure together with the latest audited financial
       accounts of Hua-An for SC's review, three years after the
       date of the implementation of the Proposed Restructuring
       Scheme, upon which, the SC may impose equity conditions
       on Hua-An;

    j. ECM Libra or Antah should fully comply with the SC's
       Policies and Guidelines on Issues/Offer of Securities in
       implementing the Proposed Restructuring Scheme; and

    k. ECM Libra or Antah is to inform the SC upon the
       completion of the Proposed Restructuring Scheme.

                          *     *     *

Headquartered in Petaling Jaya, Selangor Darul Ehsan, Malaysia,
Antah Holdings Berhad -- http://www.antah.com.my/--
manufactures and trades pharmaceutical products and fluid
engineering and manufacturing.  The Company's other activities
include retailing of houseware and kitchenware, property
development, insurance broking, provision of management
services, and investment holding.

The Group discontinued its beverage and security services
operations.  The Group operates in Malaysia, Australia, United
Kingdom, and Singapore.

Antah's balance sheet as of Sept. 30, 2006, showed insolvency
with total assets at MYR691.364 million and total liabilities at
MYR1.059 billion.  Shareholders' deficit amounted to MYR369.42
million.


ANTAH HOLDINGS: Plans to Dispose Entire Equity Interest in AMMS
---------------------------------------------------------------
Antah Holdings Bhd seeks to dispose its entire 60% equity
interest in Antah Melco Sales & Services Sdn Bhd as part of its
restructuring scheme.

In a filing submitted with the Bursa Malaysia Securities Bhd,
Antah and Mitsubishi Electric Asia Pte. Ltd. had on December 1,
2006, entered into a share purchase agreement for the disposal
of the company's equity interest in AMSS comprising 600,000
ordinary shares priced at MYR1.00 each, equal to a total cash
consideration of MYR1,894,394.

The proceeds from the proposed AMSS share purchase would be used
to fund the day-to-day operations of Antah, until the completion
of the Proposed Restructuring Scheme.  Accordingly, any balance
proceeds not utilized would be used to repay the creditors of
Antah.

The salient terms of the SPA include:

   a. Mitsubishi Electric Asia will purchase the Sale Shares
      free from all liens, charges, pledges, equities, mortgages
      and any encumbrances with effect from the completion date
      of the Proposed AMSS Disposal.

   b. The Purchase Price will be satisfied in this manner:

         * Mitsubishi Electric will pay a refundable deposit of
           MYR189,439.44 -- being 10% of the Purchase Price and
           forming part of the Purchase Price -- to a
           stakeholder on the execution of the SPA.  In the
           event the Proposed AMSS Disposal is not completed for
           any reason, the Stakeholder will return the Deposit
           to Mitsubishi with interest; and

         * The balance of the purchase price amounting to
           MYR1,704,954.96 will be paid upon completion of the
           Proposed AMSS Disposal.

   c. The SPA will be conditional upon the satisfaction of these
      conditions by December 21, 2006, or at other dates
      mutually agreed between the parties:

         * the approval of the relevant court of law in
           Malaysia, for the sale of the Sale Shares by the
           Company to Mitsubishi on the terms and conditions of
           the SPA, pursuant to the Company's debt restructuring
           exercise under Section 176 of the Companies Act 1965;

         * the approval of both parties' board of directors;

         * the approval of the Securities Commission, if
           applicable;

         * the approval of Bursa Malaysia Securities Berhad, if
           applicable;

         * there being no material adverse change in the
           business, assets, financial condition or prospects of
           the Company from July 1, 2006, until satisfaction of
           all other conditions; and

         * the granting of all other approvals and consents
           necessary to convey title and ownership of the Sale
           Shares to Mitsubishi.

    d. The SPA will be completed within five business days
       after the Unconditional Date.

                    Liabilities To Be Assumed

Antah and Mitsubishi will not assume any liabilities of AMSS
under the Proposed AMSS Disposal.  The existing liabilities of
AMSS will be settled by AMSS in the normal course of business.

           Conditions of the Proposed AMSS Disposal

The Proposed AMSS Disposal is subject to and conditional upon
approvals from:

    1. The Securities Commission (if required).  Antah proposes
       to seek SC's exemption from classifying the Proposed AMSS
       Disposal as "a significant change in business direction"
       pursuant to Chapter 10 of the SC's Policies and
       Guidelines on Issue/Offer of Securities;

    2. The Foreign Investment Committee; and

    3. Other Relevant Authorities/Parties.

Excluding any unforeseen circumstances, the Proposed AMSS
Disposal is expected for completion by the first quarter of
2007.  The application to the SC is expected to be made within
one month from the date of this announcement.

                 About Mitsubishi Electric Asia

Mitsubishi Electric Asia was incorporated in the Republic of
Singapore on June 3, 1977, as a private limited company.  As at
the date of this announcement, the issued share capital of the
Purchaser comprises 39,000,000 ordinary shares, all of which
have been fully paid up.

The principal activity of the Purchaser is distributions and
sales of products produced by Mitsubishi Electric Corporation
and its group of companies.  The directors of the Purchaser are
Takashi Fujii, Tatsuya Saito, Yasuo Wakai, Yoshifumi Beppu and
Kaname Hattori and are wholly owned by Mitsubishi Electric
Corporation (Japan).

           About Antah Melco Sales & Services Sdn Bhd

AMSS was incorporated on September 9, 1971, under the Companies
Act, 1965 as a private limited company.  As of December 4, 2006,
the authorized share capital of AMSS is MYR5,000,000 comprising
5,000,000 ordinary shares of RM1.00 each, of which 1,000,000
ordinary shares of RM1.00 each has been issued and fully paid-
up.  AMSS is principally engaged in the sales of consumer
electronics products and home appliances.  AMSS does not have
any subsidiary or associated company.

AMSS is a joint investment between Antah, which holds 60% equity
interest in AMSS and the Purchaser, which holds the remaining
40% equity interest.  Antah and the Purchaser had on November
26, 1980, entered into a shareholders' agreement for the said
joint investment.

                          *     *     *

Headquartered in Petaling Jaya, Selangor Darul Ehsan, Malaysia,
Antah Holdings Berhad -- http://www.antah.com.my/--
manufactures and trades pharmaceutical products and fluid
engineering and manufacturing.  The Company's other activities
include retailing of houseware and kitchenware, property
development, insurance broking, provision of management
services, and investment holding.

The Group discontinued its beverage and security services
operations.  The Group operates in Malaysia, Australia, United
Kingdom, and Singapore.

Antah's balance sheet as of Sept. 30, 2006, showed insolvency
with total assets at MYR691.364 million and total liabilities at
MYR1.059 billion.  Shareholders' deficit amounted to MYR369.42
million.


ARK RESOURCES: Third Qtr. Net Loss Balloons to MYR28.45 Million
---------------------------------------------------------------
Ark Resources Bhd posted net loss of MYR28.45 million on MYR2.98
million revenues in the quarter ended September 30, 2006, as
compared with MYR420,000 net loss on MYR5.36 million in the same
quarter last year.

As of September 30, 2006, the consolidated balance sheet of the
company showed strained liquidity with current assets of
MYR31.62 million available to pay current liabilities of
MYR217.80 million.

As of end-September Ark Resources' balance sheet showed
insolvency with total assets of MYR43.83 million and total
liabilities of MYR214.37 million resulting to a shareholders'
deficit of MYR170.54 million.

A full-text copy of the company's financial statements can be
viewed for free at:

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

                          *     *     *

Ark Resources Berhad, formerly known as Lankhorst Berhad --
http://www.lankhorst.com.my/-- is an investment holding company
with headquarters in Shah Alam, Malaysia.  Through its
subsidiaries, the Company provides civil and geotechnical
engineering

On April 24, 2006, Lankhorst was classified as an affected
listed issuer and is required to comply with the provisions of
the Bourse's Practice Note 17/2005 category or face delisting
procedures.

Currently, Ark Resources is under the protection of a
Restraining Order pursuant to Section 176 of the Companies Act
1965 and formulating a debt and capital restructuring scheme to
improve the Company's financial position.

As of September 30, 2006, Ark Resources' balance sheet showed
insolvency with total assets of MYR43.83 million and total
liabilities of MYR214.37 million resulting to a shareholders'
deficit of MYR170.54 million.


AVANGARDE RESOURCES: Bourse Defers Delisting to January 18
----------------------------------------------------------
Bursa Malaysia Securities Bhd on December 5, 2006, announced
that it will delist the securities of Avangarde Resources Bhd
from its official list of securities.  The delisting was
originally scheduled on December 15, 2006, at 9:00 a.m.

However, Avangarde Resources on December 7, 2006, had obtained
an extension of the restraining order until January 18, 2007.

Accordingly, the Bursa Securities deferred the delisting of the
company's securities until further notice.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Avangarde Resources
Berhad is involved in the construction and development of
housing projects.  The Group has incurred huge losses due to
provision of doubtful debts and writing off of bad debts.  It
was delisted from the Official List of Bursa Malaysia Securities
Berhad due to its inadequate financial condition and its failure
to meet with the requirements of the Bourse.  The Company is now
preparing the Proposed Scheme of Arrangement pursuant to the
Section 176 of the Companies Act to regularize its financial
condition.  The Company will unveil its Proposed Scheme once it
is finalized.

The Company's balance sheet as of June 30, 2006, showed total
assets of MYR20.349 million and total liabilities of
MYR147.824 million, resulting into a stockholders' deficit of
MYR127.475 million.


LITYAN HOLDINGS: Default Totals MYR17.05 Million by November 30
---------------------------------------------------------------
Lityan Holdings Bhd filed before the Bursa Malaysia Securities
Bhd its status of default to credit facilities as of November
30, 2006.

As of November 30, 2006, Lityan Holdings' default plus interest
owed to financial institutions totals MYR17.05 million:

                                             Total Principal and
Lender                Type of Facility       Interest in Default
------                ----------------       -------------------
RHB Bank Berhad       Overdraft Facility           MYR283,358.16
                      of MYR225,000/-

RHB Bank Berhad       Overdraft Facility              566,793.96
                      of MYR450,000/-

Bank Islam Malaysia   Letter of Credit              9,305,976.28
Berhad Labuan         Facility/ Murabah
Offshore Branch       Working Capital
(Formerly known as    Financing/ Revolving
Bank Islam (L) Ltd)   Al-Bai-Bithaman-Ajil
                      Facility of US$10-Mil.
                      (Secured)

Bank Islam Malaysia   Revolving Al-Bai-             5,649,821.50
Berhad Labuan         Bithaman-Ajil Facility
Offshore Branch       of US$ 5 million
(Formerly known as    (secured)
Bank Islam (L) Ltd)

Ambank Berhad         Overdraft Facility            1,243,931.42
                      of MYR1 million           ----------------
                                                MYR17,049,881.32
                                                ================

                          *     *     *

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

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

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


METROPLEX BERHAD: Default Totals MYR1.81 Million by End-November
--------------------------------------------------------------
Metroplex Bhd filed before the Bursa Malaysia Securities Bhd its
status of default to credit facilities as of November 30, 2006.

As of end-November, Metroplex Bhd's default plus interest owed
to financial institutions totals MYR1.81 million.

Currently, the company is in negotiations with its lenders on a
proposed composite scheme of arrangement, which will essentially
address the default in payment.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad's
activities are hotel and casino operations.  Other activities
include property investment, property development, provision of
administrative services, general and building construction,
leasing and financing, trading of building materials and
operation of hotel management training school.  Operations are
carried out in Malaysia, Hong Kong, and the Philippines.

On April 28, 2005, Morgan Stanley Emerging Markets Inc. had
filed a wind-up petition against the company with the Kuala
Lumpur High Court.  In the event the wind-up petition succeeds,
the company will be put into liquidation.

As of July 2006, the company's balance sheet showed MYR1.21
billion in total assets and MYR1.44 billion in total
liabilities, resulting in a total shareholders' deficit of
MYR223.77 million.


SETEGAP BERHAD: Posts MYR5 Million Net Loss in 3Q 2006
------------------------------------------------------
Setegap Bhd incurred net loss of MYR5 million on MYR16.69
million revenues in the quarter ended September 30, 2006, as
compared with net loss of MYR5.31 million on MYR18 million
revenues recorded in the same quarter last year.

As of September 30, 2006, the company's consolidated balance
sheet showed strained liquidity with current assets of MYR50.95
million available to pay current liabilities of MYR187.33
million.

As of end-September, Setegap's balance sheet also showed
solvency problems with total assets of MYR71.40 million and
total liabilities of MYR190.92 million.  Shareholders' deficit
reached MYR119.52 million.

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

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

                          *     *     *

Headquartered in Petaling Jaya, Malaysia, Setegap Berhad's
principal activities consist of the construction and maintenance
of roads, railways and building, including services rendered on
quarrying.  The Company's other activities include manufacturing
and selling offroad construction equipment, asphalt plants,
mixing plants, asphalt emulsions and premix.  The Group also
provides mechanical and electrical services, leases machinery
and investment holding.

Setegap's cash flow and profitability were affected by the Asian
financial crisis in 1997/98.

As of September 30, 2006, Setegap's balance sheet showed
solvency problems with total assets of MYR71.40 million and
total liabilities of MYR190.92 million.  Shareholders' deficit
reached MYR119.52 million.


UNITED CHEMICAL: Incurs MYR2.15 Million Net Loss in 3rd Qtr. '06
----------------------------------------------------------------
United Chemical Industries Bhd posted a net loss of MYR2.15
million in the quarter ended September 30, 2006, as compared
with MYR1.86 million net loss it recorded in the same quarter
last year.

As of September 30, 2006, the company's consolidated balance
sheet showed strained liquidity and insolvency with current
assets and total assets of MYR3.19 million and MYR79.21 million
of current liabilities and total liabilities.

Shareholders' deficit in the company reached MYR76.02 million.

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

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

                          *     *     *

United Chemical Industries Berhad, a company incorporated and
domiciled in Malaysia, is a public company limited by shares,
and is listed on the Second Board of Bursa Malaysia Securities
Berhad.  United Chemical is an investment holding company that
was previously involved in the manufacture and sale of
polypropylene and polyethylene woven bags together with its
allied products.  Its subsidiary company, Geotextiles (M) Sdn
Bhd, was previously involved in the manufacture and sale of
geotextile fabrics together with its allied products.

As of September 30, 2006, the company's consolidated balance
sheet showed insolvency with total assets of MYR3.19 million and
MYR79.21 in total liabilities.


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

TRADE & DEV'T BANK OF MONGOLIA: Moody's Assigns Ba2 Ratings
-----------------------------------------------------------
Moody's Investors Service has assigned first-time ratings to the
Trade and Development Bank of Mongolia.  The ratings assigned
are:

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

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

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

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

   * bank financial strength rating of D-.

The outlook for all ratings is stable.

"The BFSR of D- reflects TDBM's leading position in the domestic
corporate banking market, strong profitability, experienced
management team, and improving asset quality," says May Yan, a
Moody's VP/Senior Analyst based in Hong Kong.  "However, the
rating is constrained by the bank's rapid growth, exposure to
volatile commodity prices, the volatility inherent in its
operating environment, and some uncertainty evident in the
future make-up of its management and shareholders," adds Ms.
Yan.

TDBM is Mongolia's largest commercial bank and commands 22% of
total assets and 24% of deposits.  It is an important player in
the domestic money market, accounting for a 50% share, and
enjoys sizeable shares of the foreign exchange and gold bullion
markets.  It is largely a corporate bank with its clients
consisting mainly of large corporates.  Over 40% of its loan
portfolio is to Mongolia's leading corporates.  To ensure its
dominance in corporate banking and enhance profitability over
the long term, it is now entering the small- and medium-sized
enterprise segment.

"Profitability is excellent, but on a downtrend, reflecting
greater competition in lending. Pre-provision profits to average
risk-weighted assets measured 7.7% in 2005, while efficiency is
good with non-interest expenses to total operating income at
41%," says Ms. Yan.

TDBM has benefited from technical assistance from ING, a process
that started in 2003 when ING seconded key senior management.
Over the years, the bank has improved its banking practices and
risk management.

Asset quality has improved significantly.  Its non-performing
loans ratio fell to 5.7% at September 2006 from over 18% in
2003.  However, TDBM shows significant loan concentration in
commodities-related companies, a reflection of the Mongolian
economy's high reliance on this sector.  As commodities markets
are highly volatile, strong capital coverage -- for the purposes
of absorbing unexpected losses -- becomes an important credit
consideration.

TDBM shows a solid capital position.  Its Tier 1 and total
capital ratios were 15% and 19% at end-September 2006, partly
helped by an equity raising of US$5.3 million from old and new
shareholders in 2005.  Given Mongolia's volatile operating
environment, Moody's believes that TDBM needs to keep more than
a regulatory minimum of 10% total capital ratio to withstand
adverse changes.  In addition, the growth in the bank's risk-
weighted assets is much faster than its internal capital
formation.  If it keeps growing rapidly, it may need to
supplement its capital in the next few years.

TDBM has adequate liquidity, including access to a pool of
diversified funding sources, such as depositors, domestic and
foreign financial institutions.  Its loans to deposits measured
64% and short-term assets to total assets 37% as at September
2006.  It has a high portion (about 70%) of foreign currency
loans and deposits with largely matching positions. However,
hedging against currency and interest rate risk is difficult,
given the high volatility in Mongolian foreign exchange and
interest rates and the lack of hedging instruments.

After its privatization in 2002, TDBM became majority owned by
Globull Investment and Development, a consortium which includes
Gerald Metals Inc, a US-based commodities trading company.
Gerald Metals' interest in TDBM is as a financial investment and
is unlikely to prove long term.  Moreover, the bank's agreement
with ING is to expire at end-2006, possibly generating
uncertainty as to the future composition of its management team
and strategy.

The bank's Ba2 local currency deposit and issuer ratings
incorporate a certain degree of uplift from the potential for
regulatory support -- in case of need -- given TDBM's position
as the largest bank in the Mongolian banking system.  Its B2
foreign currency deposit rating is constrained by Mongolia's B2
foreign currency deposit ceiling.  Important considerations
underlying Mongolia's B2 foreign currency deposit rating are the
high degree of dollarization of the Mongolian economy, history
of hyperinflation, its narrow economic base, and relative
dependence on foreign aid to provide a source of foreign
exchange inflows.  The bank's foreign currency debt rating is
higher at Ba2, incorporating the potential for some systemic
support as well as the expectation that foreign currency debts
in Mongolia are less likely to experience moratorium that
foreign currency deposits, according to Moody's recently revised
sovereign rating methodology.

TDBM is headquartered in Ulaanbaatar, Mongolia.  It reported
assets of MNT448 billion (approximately US$364 million) at
September 2006.


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

AFFORDABLE PLUMBING: Liquidation Hearing Set on December 18
-----------------------------------------------------------
The High Court of Wellington will hear a liquidation petition
filed against Affordable Plumbing Services Ltd on Dec. 18, 2006,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition on
Oct. 11, 2006.

The solicitor for the Petitioner can be reached at:

         Aaron Reynolds Lyne
         Technical and Legal Support Group
         Wellington Service Centre
         First Floor, New Zealand Post House
         7-27 Waterloo Quay (P.O. Box 1462)
         Wellington
         New Zealand
         Telephone:(04) 890 1079
         Facsimile:(04) 890 0009


ARROW LANE: Creditors Must Prove Debts by January 9
---------------------------------------------------
Liquidators John Robert Buchanan and Callum James MacDonald
require the creditors of Arrow Lane Ltd to prove their debts by
Jan. 9, 2007, or they will be excluded from any distribution the
company will make.

The Troubled Company Reporter - Asia Pacific reported that
Christopher John Heron filed the petition against the company.
The Court heard the petition on Nov. 23, 2006.

The Liquidators can be reached at:

         John Robert Buchanan
         Callum James Macdonald
         Buchanan Macdonald Limited
         Chartered Accountants
         P.O. Box 101-993
         North Shore Mail Centre, Auckland
         New Zealand
         Telephone:(09) 441 4165
         Facsimile:(09) 441 4167


ASIAN DRAINAGE: Faces Liquidation Proceedings
---------------------------------------------
First Choice Drainage Ltd filed a petition to liquidate Asian
Drainage Ltd on Aug. 24, 2006.

Accordingly, the petition will be heard before the High Court of
Auckland on Dec. 19, 2006, at 10:45 a.m.

The solicitor for the Petitioner can be reached at:

         P. P. Buetow
         Kensington Swan
         Solicitors
         18 Viaduct Harbour Avenue, Auckland
         New Zealand


EDUCATIONAL HORIZONS: CIR Files Liquidation Petition
----------------------------------------------------
The Commissioner of Inland Revenue filed with the High Court of
Wellington a petition to liquidate Educational Horizons Ltd on
Oct. 20, 2006.

The Court heard the liquidation petition on Dec. 11, 2006.

The solicitor for the Petitioner can be reached at:

         Andrew Hamer Instone
         Technical and Legal Support Group
         Wellington Service Centre
         First Floor, New Zealand Post House
         7-27 Waterloo Quay (P.O. Box 1462)
         Wellington
         New Zealand
         Telephone:(04) 890 1133
         Facsimile:(04) 890 0009


HAURAKI CONCRETE: Names Parsons and Kenealy as Liquidators
----------------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were
appointed as joint and several liquidators of Hauraki Concrete
Ltd on Nov. 23, 2006.

According to the TCR-AP, the Court heard the petition against
the company on Nov. 23, 2006, filed by Accident Compensation
Corp.

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


HYDRO COMPANY: Court Appoints Joint Liquidators
-----------------------------------------------
On Nov. 23, 2006, the High Court of Auckland appointed Henry
David Levin and David Stuart Vance as joint and several
liquidators of Hydro Company Ltd.

The liquidators fix Dec. 21, 2006, as the last day for creditors
to make their claims.

As reported by the TCR-AP, the Commissioner of Inland Revenue
filed the petition against the company.  The Court heard the
petition on Nov. 23, 2006.

The Joint and Several Liquidators can be reached at:

         Henry David Levin
         David Stuart Vance
         c/o Gavin Harold
         PPB McCallum Petterson
         Level Eleven, Forsyth Barr Tower
         55-65 Shortland Street, Auckland
         New Zealand
         Telephone:(09) 336 0000
         Facsimile:(09) 336 0010


MOHAN WATERPROOFING: Shareholders Agree to Liquidate Business
-------------------------------------------------------------
Shareholders of Mohan Waterproofing Ltd resolved by special
resolution to liquidate the company's business and appointed
John Albert Price and Christopher Robert Ross Horton as joint
and several liquidators on Nov. 22, 2006.

Accordingly, the Liquidators require the creditors to prove
their claims by Dec. 21, 2006.

The Joint and Several Liquidators can be reached at:

         John Albert Price
         Christopher Robert Ross Horton
         Horton Price Limited
         P.O. Box 9125, Newmarket, Auckland
         New Zealand
         Telephone:(09) 366 3700
         Facsimile:(09) 366 7276

                       About Mohan Roofing

Mohan Roofing Services Ltd -- http://www.mohan.co.nz-- provides
roofing services with specialty in application of protective and
decorative coatings.

The company is located in Auckland, New Zealand.


MORTGAGE CENTRE: Creditors Must Lodge Claims by Dec. 21
-------------------------------------------------------
The High Court of Auckland appointed Henry David Levin and Barry
Phillip Jordan as joint and several liquidators of Mortgage
Centre of New Zealand Ltd on Nov. 23, 2006.

The liquidators fix Dec. 21, 2006, as the last day for creditors
to prove their claims and establish any priority claims they may
have.

As reported by the Troubled Company Reporter - Asia Pacific, the
Commissioner of Inland Revenue filed the petition against the
company.  The petition was heard before the Court on Nov. 23,
2006.

The Joint and Several Liquidators can be reached at:

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


PISTOIA LTD: Court Sets Liquidation Hearing on Dec. 19
------------------------------------------------------
A petition to liquidate Pistoia Ltd will be heard before the
High Court of Auckland on Dec. 19, 2006, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition on
Sept. 28, 2006.

The solicitor for the Petitioner can be reached at:

         Justine Berryman
         Technical and Legal Support Group
         Auckland North Service Centre
         Inland Revenue Department
         5-7 Byron Avenue (P.O. Box 33-150)
         Takapuna, Auckland
         New Zealand
         Telephone:(09) 984 1538
         Facsimile:(09) 984 3116


S & Y CATERING: Official Assignee Acts as Liquidator
----------------------------------------------------
On Nov. 16, 2006, the Official Assignee of S & Y Catering Ltd
was appointed as the company's liquidator.

As reported by the TCR-AP, Terry Lillis filed the petition
against the company.  The petition was heard before the Court on
Nov. 16, 2006.

The Liquidator can be reached at:

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


SOLID FOUNDATION: Court to Hear Liquidation Petition on Jan. 25
---------------------------------------------------------------
On Oct. 26, 2006, the Commissioner of Inland Revenue filed a
petition to liquidate Solid Foundation Flooring Ltd.

Accordingly, the High Court of Nelson will hear the petition on
Jan. 25, 2007, 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


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

BANK OF THE PHILIPPINE ISLANDS: BSP Approves Cash Dividends
-----------------------------------------------------------
In a letter dated December 11, 2006, the Monetary Board of the
Bangko Sentral ng Pilipinas approved the Bank of the Philippine
Islands' declaration of special and regular cash dividends of
PHP1.00 per share or PHP2.7 billion and PHP0.90 per share or
PHP2.4 billion, respectively, on the outstanding common shares
of the bank's capital stock.

In accordance with the bank's Board resolutions, all BPI common
shares stockholders of record as of December 27, 2006, will be
entitled to the Cash Dividends.

The Cash Dividends will be payable on January 11, 2006.

As reported in the Troubled Company Reporter - Asia Pacific on
November 17, 2006, BPI's Board declared a regular cash dividend
of PHP0.90 per share, for the second semester of 2006, on the
total outstanding common shares of the bank's capital stock,
subject to the BSP's approval.

                           About BPI

Bank of the Philippine Islands -- http://www.bpi.com.ph/-- is
the oldest bank in South East Asia and is the second largest
commercial bank in the Philippines in terms of assets, deposits,
loans and capital base in the year 2003.  The Bank has two major
products and services categories: the first covers its deposit
taking and lending/investment activities, while the second
covers income derived from all services other than deposit
taking, lending and investing, which are generally in the form
of commissions, service charges and fees.

Moody's Investors Service gave BPI a 'B1' Long-Term Bank
Deposits Rating effective February 16, 2005.  On November 2,
2006, Moody's revised the outlook of the BPI's foreign currency
long-term deposit rating of B1 to stable from negative.


MIRANT CORP: Tokyo-Marubeni Consortium Buys Philippine Assets
-------------------------------------------------------------
On December 4, 2006, the Troubled Company Reporter - Asia
Pacific cited a report from the Manila Bulletin stating that
Mirant Corp. distributed a purchase sale agreement to all
parties that submitted final purchase offers.

The TCR-AP recounts that four groups were vying to acquire
Mirant's power generating assets in the Philippines:

   1. Marubeni-Tokyo Electric-First Gen,
   2. Korea Electric Power Corp./Chubu Electric,
   3. One Energy with China Light and Power, and
   4. Mitsubishi Corp., Mitsui/International Power Group

In an update, a statement from the company dated December 11,
2006, disclosed that Mirant has entered into a definitive
purchase and sale agreement with the consortium of The Tokyo
Electric Power Company, Inc., and Marubeni Corporation for a
purchase price of US$3.424 billion plus working capital at the
closing.

After the payment of related debt (estimated to be
US$642 million at the closing), the net proceeds to Mirant are
expected to be US$3.152 billion.  The transaction is expected to
close in the second quarter of 2007 after the satisfaction of
certain conditions, including the Sual plant being operational.

Mirant's financial advisor for the sale is Credit Suisse.

"The Philippines is a good environment for foreign investment
and has been a wonderful place for us to do business," Edward R.
Muller, Chairman and Chief Executive Officer of Mirant
Corporation said.

The amount of net operating loss carryforwards that are
available in 2007 to offset the taxable gain resulting from this
transaction (expected to be approximately US$1.1 billion),
results of other transactions expected to close in 2007, and
Mirant's other anticipated taxable income for the year will
depend on whether Mirant elects to be treated under section
382(l)(5) or section 382(l)(6) of the Internal Revenue Code.
Mirant must make the election not later than September 17, 2007.
Although the ultimate decision on the election will depend on
Mirant's anticipated overall 2007 tax position, it is more
likely than not that Mirant will elect to determine its NOLs
under section 382(l)(5).

Upon completion of the transaction, Mirant expects to record a
pre-tax book gain of approximately US$2.2 billion.

As previously announced, Mirant plans to continue returning cash
to its shareholders upon completion of its planned asset and
business sales.  The amount of cash returned will be determined
based on the outlook for the continuing business:

   (1) to preserve the credit profile of the continuing
       business;

   (2) to maintain adequate liquidity for expected cash
       requirements including, among other things, capital
       expenditures for the continuing business; and

   (3) to retain sufficient working capital to manage
       fluctuations in commodity prices.

                          About Mirant

Headquartered in Atlanta, Georgia, Mirant Corporation (NYSE:
MIR) -- http://www.mirant.com/-- is an energy company that
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant owns or leases more than 18,000
megawatts of electric generating capacity globally.  Mirant
Corporation filed for chapter 11 protection on July 14, 2003
(Bankr. N.D. Tex. 03-46590), and emerged under the terms of a
confirmed Second Amended Plan on Jan. 3, 2006.  Thomas E.
Lauria, Esq., at White & Case LLP, represented the Debtors in
their successful restructuring.

When the Debtors filed for protection from their creditors, they
listed US$20,574,000,000 in assets and US$11,401,000,000 in
debts. The Debtors emerged from bankruptcy on Jan. 3, 2006.
(Mirant Bankruptcy News, Issue No. 107; Bankruptcy Creditors'
Service Inc., http://bankrupt.com/newsstand/or 215/945-7000).

                          *     *     *

Moody's Investors Service assigned its B2 corporate family
rating, effective July 13, 2006, on Mirant Corporation.


PHIL. LONG DISTANCE: Gov't. Gets PHP25.2BB Offer for PTIC Stake
---------------------------------------------------------------
On November 23, 2006, the Troubled Company Reporter - Asia
Pacific reported that five companies attended a pre-bidding
conference held by the Philippine Government, which is looking
to sell 111,415 shares in Philippine Telecommunications
Investment Corp., owner of a 14% interest in Philippine Long
Distance Telephone Company.

The TCR-AP cited TeleGeography as stating that the Government
holds a 46% stake in the investment group through Prime
Holdings, while First Pacific controls the remaining 54%.

A follow-up report from the Philippine Daily Inquirer cites XFN-
Asia as noting that the Government has received an offer of
PHP25.2 billion from Parallax Venture Fund XXCII.

Manila Standard Today relates that Parallax outbid Pan Asia
Presidio Capital, which offered to PHP24.9 billion for
government's 111,415 shares in PTIC.

Parallax Venture is a fund managed by Singapore-based Parallax
Capital Management, according to the Department of Finance, the
Daily Inquirer relates.

However, Hong Kong-based First Pacific Holdings has signified
interest to match the highest bid, Lawrence Agcaoili of Manila
Standard Today says.

"Only after this right to match is exercised, and only if any
shares are not bought by PTIC's other shareholders, or by PTIC
itself, will the shares be purchased by Parallax," the
Philippine Daily Inquirer cites a statement from the Department
of Finance.

The Standard notes that First Pacific of PLDT chairman Manuel
Pangilinan holds 54% of PTIC and has indicated that it would
exercise its right to match the highest bid as stated in the
company's articles of incorporation.

First Pacific now has 90 days to match the highest bid, the
Daily Inquirer cites the Department of Finance, as saying.

According to PTIC corporate secretary and PLDT board member Ray
Espinosa, First Pacific would exercise its right of first
refusal over the government-owned PTIC shares, the paper says.

Manila Standard says that, according Finance Secretary Margarito
Teves, the Government is looking at the possibility of receiving
the proceeds from the sale of its stake in PTIC this year or
early next year, but noted that the government could also
receive a portion of the proceeds from the sale and the balance
by next year.

According to Mr. Teves, it would be up to the Department of
Budget and Management to decide how the proceeds from the
government's shares in PTIC would be used.

The Standard recounts that the sale of the government's 111,415
shares in PTIC followed the Supreme Court's final ruling early
this year, forfeiting in favor of the government the shares of
Prime Holdings Inc. in PLDT as it was part of the ill-gotten
wealth of the late Ferdinand Marcos.

                          About PLDT

Based in Makati City, Philippines, Philippine Long Distance
Telephone Co. -- http://www.pldt.com.ph/-- is the leading
national telecommunications service provider in the Philippines.
Through three principal business groups -- wireless, fixed line,
and information and communications technology -- the company
offers a wide range of telecommunications services to over 22
million subscribers in the Philippines across the nation's most
extensive fiber optic backbone and fixed line, cellular and
satellite networks.

                          *     *     *

Moody's Investors Service placed a Ba1 local currency corporate
family rating on PLDT.  Moody's also affirmed the company's Ba2
foreign currency senior unsecured ratings, with a negative
outlook.

Standard & Poor's placed the company's long-term foreign issuer
credit rating at BB+.  Standard & Poor's also affirmed its 'BB+'
foreign currency rating on the company with a stable outlook.


PHILIPPINE LONG DISTANCE: Declares Cash Dividends
-------------------------------------------------
In a statement filed with the Philippine Stock Exchange,
Philippine Long Distance Corporation advises that during a
meeting of the company's board of directors held on December 12,
2006, the Board declared these cash dividends out of the
unrestricted retained earnings of the company as of December 31,
2005:

   -- PHP4.675 per outstanding share of the company's Series V
      Convertible Preferred Stock, for the quarter ending
      January 15, 2007, payable on January 15, 2007, to the
      holders of record on December 28, 2006;

   -- US$0.09925 per outstanding share of the company's Series
      VI Convertible Preferred Stock, for the outstanding
      quarter ending January 15, 2007, payable on January 15,
      2007, to the holders of record on December 28, 2006;

   -- PHP1.0 per outstanding share of the company's Series H 10%
      Cumulative Convertible Preferred Stock, for the annual
      period ending December 31, 2006, payable on January 31,
      2007, to the holders of record on January 3, 2007;

   -- PHP1.0 per outstanding share of the company's Series L 10%
      Cumulative Convertible Preferred Stock, for the annual
      period ending December 31, 2006, payable on January 31,
      2007, to the holders of record on January 3, 2007;

   -- PHP1.0 per outstanding share of the company's Series L 10%
      Cumulative Convertible Preferred Stock, for the annual
      period ending December 31, 2006, payable on January 31,
      2007, to the holders of record on January 3, 2007;

   -- PHP1.0 per outstanding share of the company's Series M 10%
      Cumulative Convertible Preferred Stock, for the annual
      period ending December 31, 2006, payable on January 31,
      2007, to the holders of record on January 3, 2007; and

   -- PHP1.0 per outstanding share of the company's Series Y 10%
      Cumulative Convertible Preferred Stock, for the annual
      Period ending December 31, 2006, payable on January 31,
      2007, to the holders of record on January 3, 2007.

                          About PLDT

Based in Makati City, Philippines, Philippine Long Distance
Telephone Co. -- http://www.pldt.com.ph/-- is the leading
national telecommunications service provider in the Philippines.
Through three principal business groups -- wireless, fixed line,
and information and communications technology -- the company
offers a wide range of telecommunications services to over 22
million subscribers in the Philippines across the nation's most
extensive fiber optic backbone and fixed line, cellular and
satellite networks.

                          *     *     *

Moody's Investors Service placed a Ba1 local currency corporate
family rating on PLDT.  Moody's also affirmed the company's Ba2
foreign currency senior unsecured ratings, with a negative
outlook.

Standard & Poor's placed the company's long-term foreign issuer
credit rating at BB+.  Standard & Poor's also affirmed its 'BB+'
foreign currency rating on the company with a stable outlook.


UNITED COCONUT PLANTERS: Waits for Completion of Bad Assets Sale
----------------------------------------------------------------
United Coconut Planters Bank will have to wait for the sale of
its PHP20-billion worth of bad assets before the Philippine
Deposit Insurance Corp. converts the bank's remaining PHP12-
billion rehabilitation loan into hybrid tier 1 capital, Eileen
A. Mencias of Manila Standard Today reports.

Manila Standard cites PDIC executive vice president Cristina
Orbeta, saying discussions with the bank continued and the
conversion request might be done by early 2007.

According to Ms. Orbeta, the actual amount to be converted into
hybrid tier 1 capital might be lower than the PHP12-billion
balance and that the actual amount converted would be contingent
on the value of the bank's assets, the paper relates.

Ms. Orbeta said the PDIC would wait for the completion of the
bad assets sale as it would the amount UCPB needs to comply with
government's capitalization requirements.  Ernst & Young was
tapped to sell UCPB's bad assets, Manila Standard says.

The paper explains that the sale of UCPB's bad assets will
lessen the amount of capital it will need to raise.

The Philippine Daily Inquirer cites Ms. Orbeta telling reporters
that the conversion of the remaining loans into hybrid
instruments was proposed by UCPB as a measure to shore up
capital.  The bank hopes to turn in profits in three or four
years, Ms. Orbeta said.

Manila Standard recounts that UCPB has submitted proposals to
PDIC and the Bangko Sentral ng Pilipinas, detailing its
rehabilitation plan that utilizes funds from both agencies.  It
asked for the conversion of the rehabilitation loan into a long-
term deposit.

The bank tapped a PHP25-billion loan from the PDIC in 2002,
which was funded partly by the BSP, the paper says, adding that
UCPB has paid part of the loan but still has an outstanding
balance of PHP12 billion.

However, in 2005, UCPB was unable to seek approval from the PDIC
to convert its PHP12-billion advances into a long-term deposit,
prompting the submission of a new proposal, Manila Standard
relates.

                 Further Bad Assets Disposal

According to the Daily Inquirer, UCPB has tapped Ernst and Young
as financial advisor for the planned sale of another PHP20-
billion tranche of bad assets possibly in the second or third
quarter of 2007.

The paper says the planned disposal is part of UCPB's
restructuring in line with a 10-year financial assistance
agreement it signed with PDIC in July 2003.

The Daily Inquirer reveals that the assets intended for disposal
will consist of:

   -- PHP6.29 billion in non-performing loans, and

   -- PHP13.75 billion in real and other properties acquired

From PHP41.3 billion in December 2002, UCPB has slashed its non-
performing assets to PHP28.9 billion as of end-2005 and hopes to
cut them further to PHP27.8 billion at end-2006 and to PHP7.8
billion in 2007, the Daily Inquirer relates.

                           About UCPB

United Coconut Planters Bank -- http://www.ucpb.com/-- is a
leading provider of financial products and services to
corporations, middle market companies, small- and medium- sized
businesses, and consumers in the Philippines.

Established in 1963 as a commercial bank, UCPB grew to become
the first private Philippine universal bank in 1981, enabling it
to invest in non-allied businesses.  Today, with assets close to
PHP114 billion, the UCPB group ranks among the largest financial
services group in the country.

UCPB offers a full range of expanded commercial banking
services. The bank has strong capabilities in corporate banking,
commercial credit, international trade financing, treasury and
money market operations, trust banking and consumer financing.

As the world crosses over to the next millennium, the UCPB Group
is busily transforming into a one-stop supermarket of banking
and non-banking services.

                         *     *     *

On November 6, 2006, the Troubled Company Reporter - Asia
Pacific reported that Moody's Investors Service has revised the
outlook of United Coconut Planters Bank's foreign currency long-
term deposit rating of B1 from negative to stable.

The outlooks for UCPB's foreign currency Not-Prime short-term
deposit rating and bank financial strength rating of E remains
stable.


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

CAPITAL GAIN: Pays First and Final Dividend to Creditors
--------------------------------------------------------
Capital Gain Investment Pte Ltd, which is undergoing
liquidation, has paid the first and final dividend to its
creditors on Nov. 30, 2006.

The company paid 2.5822% to all received claims.

The company's liquidator can be reached at:

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


COMPACT METAL: Posts Shareholder's Change of Interest
-----------------------------------------------------
Tan Kay Tho, a substantial shareholder of Compact Metal
Industries Ltd, has decreased his direct and deemed holdings in
the company.

Before the change, Mr. Tan held 3,347,920 direct shares with
1.513% issued share capital and 28,244,920 deemed shares with
12.767% issued share capital.

After the change, Mr. Tan holds 2,347,920 direct shares with
1.061% issued share capital and 27,244,920 deemed shares with
12.315% issued share capital.

The decrease of Mr. Tan's shares was due to his transfer of
shares to son Tan Zheng Yu.

                      About Compact Metal

Headquartered in Singapore, with offices in Malaysia, Compact
Metal Industries Limited manufactures, fabricates, and sells
aluminum windows and doors, aluminum sections, and other metal
products.  The company also manufactures and sells bricks,
undertakes aluminum architectural contracts and engineering
works, and sub-contracts building projects.  Its other
activities include trading aluminium and related products, and
hotel ownership and others.  The Group operates in Singapore,
Malaysia, Indonesia, the Philippines, and Australia

As reported by the Troubled Company Reporter - Asia Pacific on
August 10, 2006, auditors KPMG raised significant doubt on
Compact Metal's ability to continue as a going concern, citing
reasons that include:

   i. the group's and company's current liabilities that
      exceeded their current assets by SGD81.96 million and
      SGD78.82 million, respectively, as of December 31, 2005;

  ii. the group's and company's recorded net liabilities
      attributable to equity holders of the parent of SGD43.10
      million and $43.83 million, respectively, as of
      December 31, 2005;

iii. the group's recorded recurring losses with net losses
      attributable to equity holders of the parent of
      US$24.09 million for the year ended December 31, 2005;


ESCO CORP: Moody's Rates Proposed US$275 Million Sr. Notes at B2
----------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to ESCO
Corporation's proposed US$275 million seven-year senior
unsecured notes, a B1 corporate family rating, and a B1
probability of default rating.

Proceeds from the notes will help fund a partial sale of the
company via a leveraged ESOP transaction.

The rating for the notes is subject to final documentation.
This is the first time that Moody's has rated the company.

The rating outlook is stable.

ESCO's B1 corporate family rating is largely based on its global
#1 market position in the mining and hard rock dredging
industries where the company is a leading supplier of ground-
engaging consumable wear parts and a generator of stable revenue
from a diverse customer base.

Moody's expects that current strong fundamentals for the mining
industry will continue in the medium-term, thereby supporting
demand for ESCO's products.  ESCO has good relations with an
extensive list of customers in 4 major end markets, many of whom
have been customers for at least a decade.

Finally, the corporate family rating is supported by credit
metrics that are consistent with those of B1 rated steel and
manufacturing companies, considering ESCO's additional debt from
the leverage buyout transaction.  At the close of the
transaction, ESCO will have approximately US$300 million of
total debt.

The greatest restraints on the rating are the company's modest
size, limited free cash flow for debt repayment, dependence on a
highly cyclical industry and the narrow focus of its products.
ESCO is also exposed to the effects of increasing raw material
and energy costs and a potentially weakening US economy.

At the close of all the transactions, pro forma total debt to
EBITDA is projected to be 4.1 times while pro forma EBITDA
interest coverage is projected to be 5.6 times.  The B2 rating
for the notes is based on a 66% loss-given-default, which
reflects its unsecured status below the company's privately
placed secured bank facility.

ESCO's stable outlook is supported by its expanding geographic
diversification, stable operating margins, and a solid
competitive position relative to its peers.  Failure to maintain
margins due to weaker than anticipated operating results or an
impaired ability to pass on higher input costs could put
negative pressure on the outlook and/or ratings.

Alternatively, Moody's could consider an upgrade in ratings if
the company improved upon its cash flow generation and
considerably de-levered its balance sheet.

These ratings were assigned:

   * ESCO Corporation

   -- US$275 million senior unsecured notes due 2013 at B2,
      LGD4, 66%;

   -- Corporate Family Rating at B1;

   -- Probability of Default Rating at B1; and

   -- Speculative Grade Liquidity Rating at SGL-2;

The outlook is stable.

                      About ESCO Corporation

Headquartered in Portland, Oregon, ESCO Corporation is a global
manufacturer of engineered metal wear parts for mining and
construction applications and castings for gas turbines with a
presence on three continents in 23 facilities.  The company has
operations in Singapore, Belgium and Mexico.


HLG ENTERPRISE: Directors Sell Shares Pursuant to Singapore Code
----------------------------------------------------------------
HLG Enterprise Limited disclosed that pursuant to Rule 12.1 of
"The Singapore Code" on Take-Overs and Mergers, Lim Kong Chong
and Koh Chong Yih -- Directors of an associate company of HLG
Enterprise have sold their shares.

Mr. Lim held 23,651,342 shares with 2.7714% issued share
capital.  However, on Nov. 15, 2006, Mr. Lim sold his 1,000,000
shares at SGD0.085 per share with 0.1172% issued share capital.
This left Mr. Lim with 22,651,342 shares with 2.6542% issued
share capital.

On the other hand, Mr. Koh no longer holds any shares in HLG
Enterprise since Mr. Koh sold his 20,000 shares at SGD0.085 per
share with 0.0023% issued share capital on Dec. 1, 2006.

The dealings of both Directors were in relation to the mandatory
conditional cash offers made by Grace Star Services Ltd., a
substantial shareholder of the company.  As reported by the
TCR-AP on Nov. 20, 2006, Grace Star intends to make mandatory
conditional cash offers for:

   (a) all the issued ordinary shares in the capital of HLG
       Enterprise not already owned, controlled or agreed to be
       acquired by Grace Star;

   (b) all the issued series A and B redeemable convertible
       preference shares in the capital of HLG Enterprise not
       already owned, controlled or agreed to be acquired by
       Grace Star; and

   (c) all the issued non-redeemable convertible cumulative
       preference shares in the capital of HLG Enterprise, not
       already owned, controlled or agreed to be acquired by
       Grace Star.

The three offers will be made at a price of SGD0.02 in cash for
each Offer Share.

                  About HLG Enterprise Limited

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

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

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

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


KLOCKNER HAENSEL: Creditors' Proofs of Debt Due on Jan. 8
---------------------------------------------------------
Klockner Haensel Far East Pte Ltd, which is in liquidation,
requires its creditors to submit their proofs of debt by Jan. 8,
2006.

Failure to comply with the requirement will exclude a creditor
from sharing in the company's distribution of dividend.

The company's joint and several liquidators can be reached at:

         Chia Soo Hien
         Ng Geok Mui
         c/o BDO Raffles
         5 Shenton Way
         #07-01 UIC Building
         Singapore 068808


PETROLEO BRASILEIRO: Expands Scope of Talks with Yacimientos
------------------------------------------------------------
Petroleo Brasileiro SA aka Petrobras and Yacimientos
Petrolˇferos Fiscales Bolivianos held conversations on
Dec. 6 2006, in Santa Cruz de La Sierra, Bolivia, giving
continuity to the recent meetings held in the ambit of the GSA
(Gas Supply Agreement) Management Committee.

In an initiative to seek mutually acceptable alternatives to the
positions set forth by the parts in the GSA discussions, the
companies decided to submit a proposal, to their respective
boards, to expand the scope of the conversations in order to
include detailing and evaluating potential projects that may
attend to both companies' interests.

                 About Petroleo Brasileiro

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

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

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

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

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

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


PETROLEO BRASILEIRO: Exports 484,000 Barrels Per Day in November
----------------------------------------------------------------
Petroleo Brasileiro SA, the state-run oil company of Brazil,
said in a statement that it has exported about 484,000 barrels
per day in November, which is an all-time monthly record.

Petroleo Brasileiro told Business News Americas that the
previous record was that of October, which was 453,000 barrels
per day.

According to BNamericas, Petroleo Brasileiro has been increasing
exports this year as output has risen.

BNamericas relates that for the rest of November Petroleo
Brasileiro exported about 14.5 million barrels.

Petroleo Brasileiro told BNamericas that exported oil came from
the Campos basin, including:

   -- 259,000 barrels from the Marlim field;
   -- 88,000 barrels from the Albacora Leste;
   -- 56,000 barrels from Roncador;
   -- 16,000 barrels from Bijupira; and
   -- 65,000 barrels from Marlim P-37.

                 About Petroleo Brasileiro

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

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

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

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

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

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


PETROLEO BRASILEIRO: Inks Agreements with Petroleos de Venezuela
----------------------------------------------------------------
The presidents of Petroleo Brasileiro SA aka Petrobras, Jose
Sergio Gabrielli de Azevedo, and of Petroleos da Venezuela SA,
Rafael Ramirez, held a work meeting on Dec. 7 at the Palacio do
Planalto in Brasilia and signed these four agreements during the
event:

   -- Letter of Intent to mobilize good and service vendors, in
      Brazil and Venezuela

      New agreement aimed at encouraging competitiveness among
      Brazilian and Venezuelan vendors for the projects
      developed jointly by Petrobras and PDVSA, in both
      countries.  The agreement foresees wide-ranging and equal
      treatment of issues relative to national good and service
      content, both Brazilian and Venezuelan, in all agreements
      signed by the two companies.

   -- Memorandum of Understanding to develop a Joint Project at
      the Orinoco Range, and the Abreu e Lima refinery, in
      Pernambuco

      Renewal, for another year, of the joint memorandum of
      understanding for the extra-heavy oil exploration projects
      in the Carabobo-1 block, in the Orinoco Range region, in
      Venezuela, and the Abreu e Lima Refinery project, to be
      built in the State of Pernambuco.

   -- Additive to the Agreement to study the joint development
      of the Mariscal Sucre Project, involving Petrobras and
      Petroleos de Venezuela.

      Extension of the pre-agreement for the joint development
      of the Mariscal Sucre project, composed of four gas fields
      located in the Paria Gulf, Venezuela.  The agreement will
      be renewed through March 2007 to give the companies the
      chance to wrap the project's negotiations up.

   -- Additive to the Letter of Intent to Identify Hydrocarbon
      Business Opportunities in Block 5 of the Deltana Platform
      Project

      Renewal of the letter of intent for the exploratory
      activities at Block 5, located in the Deltana Platform
      region, in Venezuela, through March 2007.  The goal of the
      renewal is to allow additional information to be acquired
      to assist the two companies in their decision-making
      process.

               About Petroleos de Venezuela

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

                 About Petroleo Brasileiro

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

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

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

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

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

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


REFCO INC: BDO Stoy Appointed as Refco Trading's Liquidator
-----------------------------------------------------------
Simon Michaels and Malcom Cohen of BDO Stoy Hayward LLP were
appointed Joint Liquidators of Refco Trading Services Ltd. at
the company's Extraordinary Meeting on Aug. 22 for the members'
voluntary winding-up procedure.

The company's Directors made a Statutory Declaration that:

   -- a full inquiry has been launched into the company's
      affairs; and

   -- the company would be able to pay its debts in full within
      12 months from the commencement if the winding-up.

The Joint Liquidators can be reached at:

         BDO Stoy Hayward LLP
         8 Baker Street
         London W1U 3LL
         Phone: 020 7486 5888
         Fax: 020 7487 3686
         E-mail: london@bdo.co.uk
         Web: http://www.bdostoyhayward.co.uk/

                         About BDO Stoy

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.

                         About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its Chapter 11
cases.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).


REFCO INC: Ch. 11 Trustee Wants RCM's Case Converted to Ch. 7
-------------------------------------------------------------
Marc S. Kirschner, the Chapter 11 Trustee of Refco Capital
Markets, Ltd., asks the United States Bankruptcy Court for the
Southern District of New York to convert RCM's chapter 11 case
to a chapter 7 liquidation proceeding.

Timothy B. DeSieno, Esq., at Bingham McCutchen LLP, in New York,
relates that in March 2006, the Court issued a preliminary
ruling that RCM is a stockbroker subject to Subchapter III of
Chapter 7.  The Court deferred entry of a conversion order,
finding that there were "unusual circumstances" that might
militate against conversion, at least at that time, he says.

Instead, Mr. DeSieno continues, the Court appointed the RCM
Trustee to maximize RCM's asset values while he and the other
parties-in-interest sought to globally resolve Refco, Inc. and
its debtor-affiliates' Chapter 11 cases.  Within three months,
the RCM Trustee had brought the major RCM securities customers
and general unsecured creditors to consensus on a settlement of
their pending disputes.  Mr. DeSieno states that the core of the
litigation over the RCM estate has been subsequently resolved,
the settlement has been approved, and the RCM Trustee, the other
debtors, and the official creditors committees in the Refco
cases have co-proposed a global plan of reorganization.

           Plan Implementation Through RCM Conversion

The Plan incorporates, by reference, the terms and conditions of
the RCM Settlement Agreement.  Specifically, the Plan requires a
confirmation by Dec. 15, 2006, and an effective date to occur no
later than Dec. 31, 2006.

Consistent with the Preliminary Conversion Ruling, the RCM
Settlement resolves disputed issues surrounding possible
application of Chapter 7 to RCM's estate.  The RCM Settlement
also contemplates that it may be effectuated through the
conversion of RCM's Chapter 11 case.  In addition, the proposed
Plan contemplates that RCM's case will be converted to
Subchapter III of Chapter 7, unless the Debtors and the RCM
Trustee agree that the RCM estate should be administered under
Chapter 11.

Mr. DeSieno tells Judge Drain that the planned sequencing is
that the Conversion Motion would be heard and RCM's case would
be converted after the Plan confirmation, with conversion of
RCM's case as part of the Plan's means of implementation.
However, the RCM Trustee reserves the right to proceed with the
Motion, or to withdraw the Motion in whole or in part,
regardless of whether and when the Plan is confirmed.

Mr. DeSieno says the RCM Settlement was designed with the
distributive rules of Subchapter III of Chapter 7 and related
preference recoveries in mind.  Subchapter III of Chapter 7
appears likely to be the most efficient path to carry out that
distribution and recovery scheme, he notes.

Mr. DeSieno relates that the RCM Settlement's conditions
precedent to full effectiveness include that either:

     (i) a plan that incorporates the RCM Settlement be
         confirmed and become effective; or

    (ii) in the absence of a confirmed and effective plan, RCM's
         Chapter 11 case be converted to a case under Subchapter
         III of Chapter 7, in each case, before January 15,
         2007.

The RCM Trustee asserts that the Conversion Motion effectively
"pre-packages" three important aspects of a Subchapter III case,
in that the requirements:

   (1) preserves and continues the RCM Chapter 7 trustee's
       ability to maximize the value of the RCM estate, dealing
       with sales of the RCM portfolio under the Court's
       previous orders in the Chapter 11 case, rather than
       arguably being required to "reduce the assets to money"
       as soon as practicable;

   (2) includes provisions that effectuate the inter-estate
       distributive rules contained in the Plan, if confirmed,
       as between the RCM estate and the estates of the other
       Debtors; and

   (3) includes procedural requirements and clarifications that
       maximize the efficiency of the conversion process and
       minimize the delay that the Chapter 7 conversion might
       otherwise have caused.

                 Applicability of Plan Provisions

The RCM Trustee also asks the Court to extend the applicability
of the Plan provisions to the RCM Trustee or RCM Chapter 7
trustee, as applicable, by granting to either trustee, as the
case may be, authority to:

   -- resolve disputed claims on certain terms and conditions,
      consistent with the authority provided for the Plan
      Administrator in the Plan;

   -- address executory contracts to which RCM is a party on the
      terms and conditions; and

   -- seek expedited tax determinations under Section 505(b).

The RCM Trustee proposes a Court hearing on his request during
the Plan confirmation hearing on December 15, 2006.

                         About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its Chapter 11
cases.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).


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

DOLE FOOD: Settles 16 US Lawsuits by Foreign Farm Workers
---------------------------------------------------------
Dole Food Co., Inc., settled 16 of the 25 United States lawsuits
by foreign farm workers who claim injuries from alleged exposure
more than 20 years ago to the agricultural chemical DBCP in
countries in which Dole and its subsidiaries then operated.  One
of these lawsuits had been due to go to trial in Galveston,
Texas in January 2007.  The settlements will not have a material
effect on Dole's financial condition or results of operations.

Michael Carter, Dole's Executive Vice President, General Counsel
and Corporate Secretary said, "We are pleased with this
successful continuation of our program of resolving outstanding
DBCP claims.  As we announced on Oct. 23, 2006, Standard Fruit
de Honduras, S.A., the Government of Honduras and
representatives of Honduran banana workers reached agreement to
establish a Honduran Worker Program to resolve the claims of
male banana workers alleging sterility as a result of exposure
to DBCP.  The lawsuit settlements announced today build on that
success."  Mr. Carter noted, "Although there is no reliable
scientific basis for alleged injuries from the agricultural
field application of DBCP, Dole has continued to seek reasonable
resolution of the pending claims."

Headquartered in Westlake Village, California, Dole Food
Company's -- http://www.dole.com-- is a producer and marketer
of fresh fruit, fresh vegetables and fresh-cut flowers, and
markets a line of packaged foods. The company has four primary
operating segments. The fresh fruit segment produces and markets
fresh fruit to wholesale, retail and institutional customers
worldwide. The fresh vegetables segment contains operating
segments that produce and market commodity vegetables and ready-
to-eat packaged vegetables to wholesale, retail and
institutional customers primarily in North America, Europe and
Asia. The packaged foods segment contains several operating
segments that produce and market packaged foods, including
fruit, juices and snack foods. Dole's fresh-cut flowers segment
sources, imports and markets fresh-cut flowers, grown mainly in
Colombia and Ecuador, primarily to wholesale florists and
supermarkets in the United States.

Dole has three canneries in Asia: two in Thailand and one in the
Philippines.

Standard & Poor's Ratings Services lowered its ratings on
Westlake Village, Calif.-based Dole Food Co. Inc. and Dole
Holding Co. LLC, including its corporate credit rating, to 'B'
from 'B+'.  The ratings were removed from CreditWatch, where
they were placed on Aug. 9, 2006, with negative implications,
following materially weaker-than-expected financial performance
in the first half of fiscal 2006, which typically represents a
substantial portion of cash flow.  The outlook is negative.
Total debt outstanding at the company was about US$2.3 billion
as of Oct. 7, 2006.


PHELPS DODGE: Names Nancy Mailhot as Senior VP - Human Resources
----------------------------------------------------------------
Phelps Dodge Corp. elected Nancy F. Mailhot to the position of
senior vice president-human resources.  Ms. Mailhot is
responsible for leading the company's human resource programs
worldwide and is a member of the company's Senior Management
Team.  She will continue to report to J. Steven Whisler,
chairman and chief executive officer.

Ms. Mailhot was named vice president-human resources in October
2005. Since then, she has led the company's efforts to develop
world-class human resource programs.

Ms. Mailhot joined Phelps Dodge in 2001 as vice president-global
supply chain management.  She holds a bachelor of science degree
in engineering and management from Clarkson University.

Headquartered in New Orleans, Louisiana, Freeport-McMoRan Copper
& Gold Inc. (NYSE: FCX) -- http://www.fcx.com/-- explores for,
develops, mines, and processes ore containing copper, gold, and
silver in Indonesia, and smelts and refines copper concentrates
in Spain and Indonesia.

                     About Phelps Dodge

Phelps Dodge -- http://www.phelpsdodge.com/-- is among the
world's largest producers of molybdenum, molybdenum-based
chemicals, and manufacturer of wire and cable products.

Phelps Dodge has operations in Thailand, Venezuela, China, the
Philippines and Japan, among others.

                        *    *    *

On June 26, 2006, Moody's Investors Services has placed Phelps
Dodge's Ba1 junior preferred shelf rating in CreditWatch for a
possible downgrade.


* BOT Issues New Directives; Increases CAR to 9.5%
--------------------------------------------------
The Bank of Thailand will issue a new directive next month
allowing it to force commercial banks to raise capital or revamp
their boards of directors, the Nation reports.

Under the new measures, central bank could force banks to raise
capital when their capital-adequacy ratio is lower than 9.5% of
risk-weighted assets, the paper says citing Krirk Vanikkul, BOT
Assistant Governor.  It could also instruct banks to slow down
extending risky loans or paying dividends.

Soon, the BOT will also set a minimum CAR to replace the current
across-the-board requirement of 8.5%, which was adopted after
the financial meltdown in 1997.

"The banking industry's CAR averages 14%, and banks with a CAR
below 9.5% must be closely monitored," Mr. Krirk said.  "Banks
have so far realized the importance of a strong financial
position by having a CAR greater than the minimum requirement of
the central bank."

In addition, Mr. Krirk said the central bank would also adopt
"Prompt Corrective Action", which authorizes it to step in and
remove top executives of banks with capital below 60% of the
requirement.

In worst cases, the central bank will have a mandate to shut
down banks with capital below 35% of the required level, Mr.
Krirk added.  These banks could be exempted from the regulation
with Finance Ministry approval.

In cases where financially ailing banks must be shut down, the
Deposit Insurance Agency (DIA) -- to be established soon -- will
take responsibility for their depositors, the paper says.

After the DIA's formation, commercial banks will have to switch
their contribution from the Financial Institutions Development
Fund to the new entity.  Banks now contribute 0.4% of deposits
and lending to the rescue fund.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
December 13, 2006
  Turnaround Management Association
    LI TMA Holiday Party
      TBA, Long Island, New York
        Contact: 631-251-6296 or http://www.turnaround.org/

December 13, 2006
  Turnaround Management Association - Australia
    Christmas Function Australia
      GE Commercial Finance, George Street,
        Sydney, Australia
          Telephone: 0438-653-179
            e-mail: tma_aust@bigpond.net.au

December 20, 2006
  Turnaround Management Association
    Holiday Extravaganza - TMA, AVF & CFA
      Georgia Aquarium, Atlanta, GA
        Contact: 678-795-8103 or http://www.turnaround.org/

January 11, 2007
  Beard Audio Conferences
    Diagnosing Problems in Troubled Companies: Evaluating
      Turnaround Potential and Establishing the Basis for
        Actionable, Achievable Solutions
          Telephone: 240-629-3300
            Web site: http://www.beardaudioconferences.com/

January 11, 2007
  Turnaround Management Association
    Lender's Panel
      University Club, Jacksonville, FL
        Contact: http://www.turnaround.org/

January 12, 2007
  Turnaround Management Association
    Annual Lender's Panel Breakfast
      Westin Buckhead, Atlanta, GA
        Contact: http://www.turnaround.org/

January 17, 2007
  Turnaround Management Association
    South Florida Dinner
      TBA, South FL
        Contact: 561-882-1331 or http://www.turnaround.org/

January 17-19, 2007
  Turnaround Management Association
    Distressed Investing Conference
      Wynn, Las Vegas, NV
        Contact: http://www.turnaround.org/

February 2007
  American Bankruptcy Institute
    International Insolvency Symposium
      San Juan, Puerto Rico
         Telephone: 1-703-739-0800
           Web site: http://www.abiworld.org

February 8-9, 2007
  EUROMONEY
    Leveraged Finance Asia
      JW Marriott Hong Kong
        Web site: http://www.euromoneyplc.com/

February 8-11, 2007
  Turnaround Management Association
    Certified Turnaround Professional (CTP) Training
      NY/NJ
        Contact: http://www.turnaround.org/

February 22, 2007
  Turnaround Management Association
    TMA PowerPlay - Atlanta Thrashers
      Philips Arena, Atlanta, GA
        Contact: 678-795-8103 or http://www.turnaround.org/

February 21-22, 2007
  EUROMONEY
    Euromoney Pakistan Conference
      Perceptions & Realities
        Marriott Hotel, Islamabad, Pakistan
          Web site: http://www.euromoneyplc.com/

February 22, 2007
  EUROMONEY
    2nd Annual Euromoney Japan Forex Forum
      Mandarin Oriental, Tokyo, Japan
        Web site: http://www.euromoneyplc.com/

February 25-26, 2007
  NORTON INSTITUTES
    Norton Bankruptcy Litigation Institute
      Marriott Park City, UT
        Contact: http://www2.nortoninstitutes.org/

March 21-22, 2007
  EUROMONEY
    2nd Annual Vietnam Investment Forum
      Melia, Hanoi, Vietnam
        Web site: http://www.euromoneyplc.com/

March 21-22, 2007
  EUROMONEY
    Euromoney Indian Financial Market Congress
      Grand Hyatt, Mumbai, India
        Web site: http://www.euromoneyplc.com/

March 27-31, 2007
  Turnaround Management Association - Australia
    2007 TMA Spring Conference
      Four Seasons Las Colinas, Dallas, TX, USA
        e-mail: livaldi@turnaround.org

April 11-15, 2007
  American Bankruptcy Institute
    ABI Annual Spring Meeting
      J.W. Marriott, Washington, DC, USA
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

October 16-19, 2007
  Turnaround Management Association - Australia
    TMA 2007 Annual Convention
      Boston Marriott Copley Place, Boston, MA, USA
        e-mail: livaldi@turnaround.org

March 25-29, 2008
  Turnaround Management Association - Australia
    TMA Spring Conference
      Ritz Carlton Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

October 28-31, 2008
  Turnaround Management Association - Australia
    TMA 2008 Annual Convention
      New Orleans Marriott, New Orleans, LA, USA
        e-mail: livaldi@turnaround.org

October 5-9, 2009
  Turnaround Management Association - Australia
    TMA 2009 Annual Convention
      JW Marriott Desert Ridge, Phoenix, AZ, USA
        e-mail: livaldi@turnaround.org

October 4-8, 2010
  Turnaround Management Association - Australia
    TMA 2010 Annual Convention
      JW Marriot Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

Beard Audio Conferences
  Coming Changes in Small Business Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Audio Conferences CD
  Beard Audio Conferences
    Distressed Real Estate under BAPCPA
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changes to Cross-Border Insolvencies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Healthcare Bankruptcy Reforms
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Calpine's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changing Roles & Responsibilities of Creditors' Committees
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Validating Distressed Security Portfolios: Year-End Price
    Validation and Risk Assessment
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Employee Benefits and Executive Compensation
    under the New Code
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Dana's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Reverse Mergers-the New IPO?
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Fundamentals of Corporate Bankruptcy and Restructuring
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  High-Yield Opportunities in Distressed Investing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Privacy Rights, Protections & Pitfalls in Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  When Tenants File -- A Landlord's BAPCPA Survival Guide
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Clash of the Titans -- Bankruptcy vs. IP Rights
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/




                            *********

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

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

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


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Nolie Christy Alaba, Rousel Elaine Tumanda,
Valerie Udtuhan, Francis James Chicano, Catherine Gutib, Tara
Eliza Tecarro, Freya Natasha Fernandez, and Peter A. Chapman,
Editors.

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is $575 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are $25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.

                 *** End of Transmission ***