TCRAP_Public/061218.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Monday, December 18, 2006, Vol. 9, No. 250

                            Headlines

A U S T R A L I A

123 LONSDALE: Creditors' Proofs of Debt Due on January 8
ADVANCED APPLIED: Members' Final Meeting Slated for Jan. 23
BATTENSTONE PTY: To Declare Dividend for Priority Creditors
CARBON IRON: Members to Receive Wind-Up Report on Jan. 23
CENTRAL CLEANING: To Declare First Interim Dividend on Jan. 31

GLOBAL ENGINEERED: Ajax Engineered Slides Into Liquidation
HENSLEIGH PTY: Placed Under Members' Voluntary Wind-Up
KL CORPORATE: To Hold Final Meeting on January 24
MUNRO TAXI: Members Opt to Close Business
PROMPT PEOPLE: Schedules Joint Meeting on January 15

SOVEREIGN PRUDENTIAL: Court Allows Capital to Wind Up Firm
SUPERIOR ENERGY: S&P Rates US$400 Mil. Exchangeable Notes at BB-
SUPERIOR ENERGY: Moody's Affirms Ba3 Corporate Family Rating
TERRY R. LANCASHIRE: Members and Creditors to Meet on Jan. 15
THE OPULENT: Members Agree on Liquidation

U.T.E. MANAGEMENT: Former Director Sentenced to Imprisonment


C H I N A   &   H O N G  K O N G

BENQ: Closes Beijing Operations; Lays Off 400 Workers
CALAPOOIA AIR: Names Corkhill and Bruce as Liquidators
FORTRESS INTERNATIONAL: Liquidators Cease to Act
KINGBOLT (HK): Shareholders Agree to Close Business
MBF DISCOUNT: Appoints Ha Man Kit Marcus as Liquidator

MEGA HARVEST: Court to Hear Wind-Up Petition on Jan. 31
MINDWOOD LTD: Members to Receive Wind-Up Report on Jan. 18
PROFIT CONTAINER: Inability to Pay Debts Prompts Wind-Up
SANTEI INTERNATIONAL: Shareholders Resolve to Wind Up Firm
SHANGHAI PUDONG: To Open Hong Kong Branch Next Year

SILETZ AIR: Sole Member Decides to Shut Down Firm
WRAY INTERNATIONAL: Final Meeting Scheduled on January 18


I N D I A

AGILENT TECHNOLOGIES: Moody's Lifts Corp. Family Rating to Ba1
CENTURION BANK: Partners with Ambit & TV-18 in Broking Venture
CENTURION BANK: Increases Deposit and Prime Lending Rates
CENTURION BANK: To Deploy SAS Banking Intelligence Solution
CITY UNION BANK: Board Oks Preferential Issue to Larsen & Toubro

CITY UNION BANK: Extraordinary General Meeting Set on Dec. 29
INDIAN OIL: Signs MOU on Hydrocarbon Cooperation with Sinopec
INDIAN OIL: To Set Up Petrol Stations in Ansals Group Projects


I N D O N E S I A

CORUS GROUP: Agrees to Terms of CSN's GBP4.9-Bln Purchase Deal
INTERNATIONAL NICKEL: Experiencing Falling Reservoir Levels
PERUSAHAAN GAS: Government May Sell Shares At IDR11,000 Each


J A P A N

AMAZON.COM INC: Moody's Lifts Corporate Family Rating to Ba2
FORD MOTOR: Inks MOU with Valeo to Sell ACH Climate Control Biz
FORD MOTOR: Will Launch Buyout Offers for Employees
LOPRO CORPORATION: Fitch Places 'BB' Ratings on Watch Negative
NOMURA HOLDINGS: Unit to Transfer Taiyo Electric's Operations

RISKMETRICS GROUP: Moody's Rates US$130-Million Term Loan at B3
RISKMETRICS GROUP: S&P Junks Rating on Proposed US$130-Mil. Loan
SAMSONITE CORPORATION: Moody's Rates New US$80MM Sr. Debt at Ba3
SANYO ELECTRIC: Financial Target Delays Cue S&P Rating Downgrade
SANYO ELECTRIC: To Exit LCD Panel Production by Selling JV Stake

SOJITZ CORP: To Set Up Food Wholesaling Joint Venture in Beijing
SUMITOMO MITSUI BANKING (EUR): Moody's Lifts Bank Rating to D+
US AIRWAYS: Wants Bombardier Global Settlement Approved


K O R E A

DURA AUTOMOTIVE: Hires Glass & Associates as Financial Advisors
DURA AUTOMOTIVE: Gets Court's Final Okay for Customer Programs
HYNIX SEMICONDUCTOR: Local Watchdog Questions Tax Breaks
KOOKMIN BANK: Still Interested in Acquiring Korea Exchange Bank
KOOKMIN BANK: Ties Up with SGCIB to Expand Commodity Derivatives

UAL CORP: In Talks with Continental Airlines for Possible Merger
WORLDSPAN LP: S&P Rates Revolver and First-Lien Term Loan at B


M A L A Y S I A

ANTAH HOLDINGS: November Loan Default Totals MYR259,925,000
PROTON HOLDINGS: Told to Show Improvements by 2008
TALAM CORP: High Court Extends Restraining Order to Unit
TENCO BERHAD: Inks MOUs with Two Chinese Companies
TENCO BERHAD: Files Additional Proposals with the Bursa

TENGGARA OIL: Unit Inks Amicable Settlement with Lender


N E W   Z E A L A N D

AWAN INTERNATIONAL: Shareholders Resolve to Liquidate Business
BROWN MILLER: Creditors Must Prove Debts by January 15
ECEEG LTD: Creditors Must Lodge Claims on December 18
FMP HIRE: Shareholders Resolve to Close Business
FMP SERVICES: Undergoes Liquidation Proceedings

INTERNATIONAL PEOPLE: Court Hears Liquidation Petition
KOTARE HII: Creditors to Prove Claims by February 20
MANOWAR OYSTERS: Official Assignee to Liquidate Business
P & D ASPHALTERS: Court to Hear CIR's Liquidation Petition
PLATINUM WHOLESALE: Commences Liquidation Proceedings

QUANTUM DEVELOPMENTS: Faces Liquidation Proceedings


P H I L I P P I N E S

BANKARD INC: Board of Directors Approves Sale of Assets to RCBC
METROPOLITAN BANK: Expects Increase in 2006 Net Income
METROPOLITAN BANK: To Declare 3% Cash Dividend on January 20
METROPOLITAN BANK: Board Appoints F. Tansingco as Executive VP
PRC LLC: Promotes Joseph Livingston as President

PHILIPPINE AIRLINES: Buys Four Boeing 777-300ER & Leases 2 More
* Bangko Sentral ng Pilipinas Maintains Key Policy Rates
* DBCC Approves 4% Inflation Target for 2008


S I N G A P O R E

COMPACT METAL: To Hold General Meeting on Dec. 30
ESCO CORP: S&P Assigns B Rating on Proposed US$275-Mil. Notes
MACSEA PTE: Liquidators to Receive Claims Until Jan. 15
PETROLEO BRASILEIRO: Has 4 Months to Ink Oil Pact with Bolivia
PETROLEO BRASILEIRO: May Consider Investment Projects in Bolivia

QM INVESTMENT: Pays First and Final Dividend
REFCO INC: Parties Ink Pact Resolving Alqahtani's Claim
REFCO INC: Seven Claimants Want Temporary Allowance on Claims
SEE HUP SENG: Share Registrar Moves to Another Location
YEW ENG: High Court to Hear Wind-Up Petition on Dec. 21


T H A I L A N D

TRUE MOVE: Issues US$465-Mil. Bond Successfully

     - - - - - - - -

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

123 LONSDALE: Creditors' Proofs of Debt Due on January 8
--------------------------------------------------------
123 Lonsdale Street Pty Ltd, which is in liquidation, will
declare the first and final dividend on Feb. 6, 2007.

Accordingly, creditors are required to submit their proofs of
debt by Jan. 8, 2007, or they will be excluded from sharing in
the dividend distribution.

The liquidator can be reached at:

         Andrew McLellan
         c/o PPB
         Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia

                       About 123 Lonsdale

123 Lonsdale Street Pty Ltd is an investor relation company.  It
is located in Victoria, Australia.


ADVANCED APPLIED: Members' Final Meeting Slated for Jan. 23
-----------------------------------------------------------
A final meeting of the members of Advanced Applied Technology
Pty Ltd will be held on Jan. 23, 2007, at 10:00 a.m., to
consider the liquidator's account of the company's wind-up
proceedings.

According to the TCR-AP, the company commenced wind-up
proceedings on Feb. 8, 2006.

The liquidator can be reached at:

         R. H. Carnegie
         PO Box 7458
         Melbourne, Victoria 8004
         Australia

                     About Advanced Applied

Advanced Applied Technology Pty Ltd operates offices of holding
companies.  It is located in Victoria, Australia.


BATTENSTONE PTY: To Declare Dividend for Priority Creditors
-----------------------------------------------------------
Battenstone Pty Ltd, which is in liquidation, will declare the
first and final dividend for its priority creditors on Feb. 13,
2007.

In this regard, priority creditors are asked to file their
proofs of debt by Jan. 5, 2007, to be included in the dividend
distribution.

The liquidator can be reached at:

         Adrian Brown
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia

                     About Battenstone Pty

Battenstone Pty Ltd provides plumbing, heating, and air-
conditioning services.

The company is located in Victoria, Australia.


CARBON IRON: Members to Receive Wind-Up Report on Jan. 23
---------------------------------------------------------
The members of Carbon Iron Industries Pty Ltd will meet on
Jan. 23, 2007, at 10:30 a.m., to receive the report of the
company's wind-up proceedings from Liquidator R. H. Carnegie.

As reported by the TCR-AP, the company was placed under members'
voluntary liquidation on Feb. 8, 2006.

The Liquidator can be reached at:

         R. H. Carnegie
         PO Box 7458
         Melbourne, Victoria 8004
         Australia

                       About Carbon Iron

Carbon Iron Industries Pty Ltd manufactures durable goods.

The company is located in Victoria, Australia.


CENTRAL CLEANING: To Declare First Interim Dividend on Jan. 31
--------------------------------------------------------------
Central Cleaning Supplies Pty Ltd, which is subject to a deed of
company arrangement, will declare a first interim dividend on
Jan. 31, 2007.

Creditors who will not be able to prove their claims by Jan. 10,
2007, will be excluded from sharing in the dividend
distribution.

The deed administrator can be reached at:

         R. D. Grant
         Dye & Co. Pty Ltd
         Chartered Accountants
         165 Camberwell Road
         Hawthorn East 3123
         Australia

                     About Central Cleaning

Central Cleaning Supplies Pty Ltd manufactures chemicals and
allied products.

The company is located in Victoria, Australia.


GLOBAL ENGINEERED: Ajax Engineered Slides Into Liquidation
----------------------------------------------------------
A division of Global Engineered Fasteners -- Ajax Engineered
Fasteners -- has gone into liquidation after a meeting of its
creditors, leaving 189 people unemployed, the Australian
Associated Press reports.

The report relates that workers had hoped the company could be
sold to an Indian-based consortium -- the Uma Group -- but it
will now be wound down because it is not viable in its current
form.

However, the Australian Workers Union hopes that the Uma Group
will still purchase part of the company and initially provide
jobs for up to 60 workers, The Age says.

The paper cites AWU Victorian state secretary Cesar Melham as
saying "maybe we can build up from there.  It has to be a new
company, people will be starting as new employees, because no
one will buy the company in its current structure or liability."

Mr. Melham explained that by going into liquidation, workers
would be able to claim under the federal government's General
Employee Entitlement and Redundancy Scheme for unpaid leave and
redundancy pay.  GEERS will be sped up expeditiously so that
workers get some money before Christmas.

Further discussions with the Uma Group would take place and an
agreement can be reached by next week, Mr. Melham disclosed.

Carmakers Holden and Ford owed the Ajax workers "millions of
dollars" as a result of a now collapsed rescue package brokered
in August, Mr. Melham asserted.

As reported in the Troubled Company Reporter - Asia Pacific on
August 25, 2006, jobs at Ajax have been saved by a last-minute
rescue deal.  On August 23, 2006, major industry players,
including Holden and Ford, signed a deal to keep Ajax running
for at least six more months.

According to the TCR-AP, Ajax's 190 workers voted to accept the
six-month deal, which bought the company some time to trade
itself out of financial difficulty.

However, the package unraveled late last month after Ajax's
major shareholder moved to liquidate the company, The Age notes.

                           About GEF

Based at the Ajax plant in Braeside, Victoria, Global Engineered
Fasteners -- http://www.ajaxfast.com.au/-- wholly owns Ajax
Engineered Fasteners.  GEF also owns the full-service automotive
supplier Global Automotive Logistics.  Allen Capital Private
Equity and a team of company directors jointly own GEF.  GEF was
established in 2004 to acquire the assets of Ajax EF and GAL
from the Nylex Group.

GEF supplies customers, including GM Holden, Pacifica Group, and
Textron, with nuts and bolts for engines and suspension parts as
well as fasteners for other vehicle parts.

The Troubled Company Reporter - Asia Pacific reported on Aug. 9,
2006, that Allen Capital, the private equity owner of Global
Engineered Fasteners, called in administrators to try to
engineer a turnaround after the Company's battle with rising
costs and falling volumes failed.  The report noted that the
action was due to the Company's more than AU$5 million in debt
and the inability to convince Holden and brakes-maker Pacifica
to agree to price rises.

The directors of GEF appointed Stephen Longley and David McEvoy,
of PricewaterhouseCoopers, as the Company's voluntary
administrators.


HENSLEIGH PTY: Placed Under Members' Voluntary Wind-Up
------------------------------------------------------
At a general meeting held on Nov. 30, 2006, the members of
Hensleigh Pty Ltd resolved to voluntarily wind up the company's
operations.

Accordingly, Russell Graeme Peake and Geoffrey Charles Ridgeway
were appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

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

                      About Hensleigh Pty

Hensleigh Pty Ltd is an investor relation company.  It is
located in Victoria, Australia.


KL CORPORATE: To Hold Final Meeting on January 24
-------------------------------------------------
KL Corporate Pty Ltd, which is in liquidation, will hold a final
meeting for its members and creditors on Jan. 24, 2007, at
11:00 a.m.

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

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

   -- receive a formal notice of the end of administration; and

   -- discuss other related business.

The liquidator can be reached at:

         Paul Burness
         Worrells
         Solvency & Forensic Accountants
         Level 5, 15 Queen Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9613 5507
         Facsimile:(03) 9614 3233
         Website: http://www.worrells.net.au

                       About Kl Corporate

Kl Corporate Pty Ltd -- trading as Heritage Financial Group --
is an investor relation company.  It is located in Victoria,
Australia.


MUNRO TAXI: Members Opt to Close Business
-----------------------------------------
The members of Munro Taxi Service Proprietary Ltd met on
Nov. 10, 2006, and resolved to voluntarily wind up the company's
operations and appointed Gregory Stuart Andrews as liquidator.

The Liquidator can be reached at:

         G. S. Andrews
         G. S. Andrews & Assocs
         22 Drummond Street
         Carlton, Victoria 3053
         Australia
         Telephone:(03) 9662 2666
         Facsimile:(03) 9662 9544

                        About Munro Taxi

Munro Taxi Service Proprietary Limited operated taxicabs.

The company is located in Victoria, Australia.


PROMPT PEOPLE: Schedules Joint Meeting on January 15
----------------------------------------------------
Prompt People Pty Ltd, which is in liquidation, will hold a
joint meeting for its members and creditors on Jan. 15, 2007, at
9:30 a.m.

At the meeting, Liquidator Paul Vartelas will present an account
of the company's wind-up proceedings.

The Liquidator can be reached at:

         Paul Vartelas
         B. K. Taylor & Co
         8/608 St Kilda Road
         Melbourne, Victoria 3004
         Australia

                       About Prompt People

Prompt People Pty Ltd provides business services.

The company is located in Victoria, Australia.


SOVEREIGN PRUDENTIAL: Court Allows Capital to Wind Up Firm
----------------------------------------------------------
The Australian Securities and Investments Commission has
intervened in an application brought by Sovereign Capital
Limited to wind up the Sovereign Prudential Fund.

Sovereign Capital brought an urgent application to obtain orders
from the Supreme Court of Queensland to allow it to wind up the
Fund.  The application was that the Fund be wound up on just and
equitable grounds, because among other things, Sovereign
Capital's professional indemnity insurance was not being
renewed.  The requirement to hold professional indemnity
insurance forms part of Sovereign Capital's license conditions
as a Responsible Entity for the Fund.

The ASIC intervened in the application seeking the appointment
of an independent liquidator because it was concerned that
Sovereign Capital was not the appropriate entity to wind up the
Fund.

Specifically, the ASIC has commenced administrative action to
have Sovereign Capital's Australian Financial Services license
revoked or suspended for breaches of their general compliance
obligations.

Instead of appointing an independent liquidator, the Court
ordered that Sovereign Capital be permitted to wind up the Fund
under the supervision of William Fletcher, of Bentleys MRI, who
was appointed to act in the capacity as Supervising Accountant.

"ASIC's intervention was aimed to ensure members' interests were
protected and maintain public confidence during the winding up
process of the Sovereign Prudential Fund.  The reporting
obligations imposed on Sovereign Capital largely address ASIC's
concerns, prior to a decision being made on the status of
Sovereign's license," Jennifer O'Donnell, ASIC Executive
Director of Compliance, said.

The Court further directed that in the course of the winding up
of the Fund, Sovereign Capital provide Mr. Fletcher and the ASIC
a monthly report beginning January 12, 2007, on:

   1. the progress of the realization of investments in which
      member's funds have been invested;

   2. a list of all receipts and payments made by Sovereign in
      the preceding month; and

   3. a copy of settlement statements, if any, on the sale of
      any real property assets of the Fund.

Sovereign Capital is also required to write to each of the
investors in the Fund to inform them of the nature of the
application and the terms of the Court orders.

Further, Mr. Fletcher's costs, expenses, and remuneration up to
a limit of AU$50,000, is to be paid by Sovereign Capital.

Sovereign Capital, the ASIC, Mr. Fletcher, and any investor in
the Fund have liberty to apply to the Court in relation to the
orders by giving five days notice in writing.

                       About Sovereign Prudential

The Sovereign Prudential Fund is involved in lending money to
property developers in New South Wales Victoria and Queensland.
Based on the information provided to the Court, the Fund has
approximately AU$54 million invested on behalf of approximately
700 investors.


SUPERIOR ENERGY: S&P Rates US$400 Mil. Exchangeable Notes at BB-
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' senior
unsecured rating to oilfield services firm SESI LLC's proposed
US$400 million exchangeable notes due 2026.  At the same time,
Standard & Poor's affirmed SESI's and parent Superior Energy
Services Inc.'s 'BB' corporate credit rating and 'BB-' rating on
the US$300 million senior unsecured notes.  The outlook is
stable.

Pro forma for the proposed US$400 million note offering, Harvey,
La.-based SESI is expected to have about US$739 million of debt,
adjusted for operating leases.

The notes are guaranteed by SESI parent, Superior.

Superior intends to use the proceeds for the Warrior Energy
Services Corp. acquisition, US$160 million of the net proceeds,
to repurchase shares of its common stock and various costs
associated with the offering.

The ratings on Superior reflect the company's exposure to the
cyclical oil and gas industry and a growing crude oil and
natural gas production business, viewed as higher risk than the
remainder of Superior's business portfolio.  Solid financial
measures, good cash flow generation, and increasing geographic
diversity buffer these weaknesses.

"The stable outlook reflects the expectation that Superior will
remain focused on its core services business," said Standard &
Poor's credit analyst Aniki Saha-Yannopoulos.  "In addition,
Superior is expected to continue to make opportunistic
acquisitions, while maintaining a moderate financial policy,"
she continued.

If the EBITDA contribution from Superior's oil and gas segment
increases dramatically, or if that segment exhibits greater-
than-expected volatility, ratings would be pressured.
Meanwhile, if Superior can successfully expand away from the
Gulf of Mexico and bolster its business risk profile, ratings
could be raised over the medium to long term.

Superior Energy Services Inc. -- http://www.superiorenergy.com/
-- provides specialized oilfield services and equipment focused
on serving the production-related needs of oil and gas companies
primarily in the Gulf of Mexico and the drilling-related needs
of oil and gas companies in the Gulf of Mexico and select
international market areas.  The Company uses its production
related assets to enhance, maintain and extend production and,
at the end of an offshore property's economic life, plug and
decommission wells.  Superior also owns and operates mature oil
and gas properties in the Gulf of Mexico.

The company has operations in Australia, the United States, the
United Kingdom, and Venezuela, among others.


SUPERIOR ENERGY: Moody's Affirms Ba3 Corporate Family Rating
------------------------------------------------------------
Moody's Investor's Service affirmed with a negative rating
outlook SESI, L.L.C.'s Ba3 Corporate Family Rating, Ba3
Probability of Default Rating, and B1 rated senior unsecured
notes guaranteed by Superior Energy Services, Inc., with the LGD
assessment changed to LGD 4 (60%) from LGD 5 (71%).  At the same
time, Moody's withdrew the Ba3 rating on SESI's US$200 million
secured term loan facility, as the facility has been terminated.
The rating action follows Superior's announcement that it
intends to issue US$350 million in unsecured convertible notes
due 2026, with a US$50 million green-shoe option.  Proceeds from
the convertible notes will effectively be used to finance 100%
of the cost of Superior's acquisition of Warrior Energy Services
Corporation.  The Warrior transaction is expected to close by
year-end 2006.

The negative rating outlook reflects Superior's increasingly
aggressive growth strategy and financial policies.  Moody's
considers the use of convertible debt to finance 100% of the
Warrior transaction, as opposed to the terms presented to
Moody's at the time of our last press release in which
approximately 55% of the transaction was to be debt financed, to
be financially aggressive.  In addition, the Warrior transaction
represents the company's second material transaction, following
its investment in Coldren Resources, that the company has
undertaken in a relatively short amount of time at purchase
prices that Moody's considers to be high.  The company's pro-
forma capital structure, both direct and implicit with Coldren's
debt, may be incompatible with the Ba3 Corporate Family Rating
in the event of a significant sector slowdown.  There remains
little flexibility in the rating at the current level for a
slippage in operating performance, further increases in
financial leverage, or additional debt financed acquisitions or
share repurchases.

Implicit in the rating affirmation is that Superior will take
actions to reduce its direct and implicit debt burden prior to a
material erosion in cash flow.  The ratings affirmation also
reflects Superior's improving profitability and returns, the
company's scale and product diversification, with strong market
positions in the niche businesses in which it participates, its
considerable production-related focus, and the company's
ability to provide a broad array of services in an integrated
fashion, which place the company's overall profile in line with
its Ba3 rated peers.

The 100% debt financing of the Warrior acquisition is expected
to increase Superior's leverage to 2.1x Debt/EBITDA (as adjusted
for Moody's standard adjustments and assuming exercise of the
green-shoe option) from 1.2x based on the last twelve months
EBITDA ending September 30, 2006.  In addition, Moody's
estimates that debt/capitalization will increase to 57% form 37%
at Sept. 30, 2006.

As Moody's has previously noted, the Warrior acquisition
represents a purchase price of approximately 9.4x last twelve
months ending June 30, 2006, EBITDA and about a 84% premium to
Warrior's closing price on September 22, 2006, which Moody's
considers high.  Superior projects considerable increases in
both Warrior's and its consolidated EBITDA in 2007.  However,
Moody's notes that it is late in a very prolonged up cycle and
that the company could be faced with a potential softening in
demand for oilfield services during the course of 2007 and into
2008 as a result of lower commodity prices and new capacity
additions. Furthermore, Superior plans to ramp up its capital
spending levels in 2007, and Moody's believes there is a
risk that the company could rely on debt to finance cash
shortfalls, particularly in the event of a weakening in sector
demand.

The convertible notes will provide an immediate degree of value
transfer from the bonds to equity, since part of the proceeds
will be used to offset the potential impact to equity through a
synthetic hedge and stock buybacks.  A portion of Superior's
convertible note proceeds will be used to pay for the net cost
of hedge transactions, which serve to protect the equity from
dilution.  The hedge transactions include Superior's purchase of
a call option equal to the conversion price of the notes and the
sale of warrants with a higher strike price, effectively
increasing the underlying conversion premium and making
conversion harder to achieve.  While approximately US$233
million of the proceeds will be used to fund the US$175 million
cash purchase price of the Warrior acquisition, refinance
Warrior's existing debt, and to pay related fees and expenses,
the company will use the remaining proceeds from the offering,
as well as a portion of cash on the balance sheet, to buy back
up to US$160 million in common stock. The stock repurchase
offsets the 5.3 million shares of common equity issued in the
Warrior acquisition, as well as the degree of short selling that
has become a feature of convertibles.  The use of a portion of
the proceeds to purchase the hedge transactions and purchase
stock increases the effective coupon on the notes.

The ratings could face downward pressure if management pursues:

   -- aggressive operating and financial policies, including
      increasing its financial leverage to a range unable to
      withstand the company's business risk profile
      (debt/EBITDA, as adjusted, above 2.3x or in a downcycle,
      above 2.75x),

   -- debt financing material acquisitions or share repurchases,

   -- materially growing its oil and gas operations, or

   -- increasing its business risk profile through drilling risk
      exposure.

The outlook could stabilize if management is successful in
meeting its projections and reducing its direct and implicit
debt burden, integrating and growing the Warrior operations, and
managing capital spending within cash flow.

Superior Energy Services Inc. -- http://www.superiorenergy.com/
-- provides specialized oilfield services and equipment focused
on serving the production-related needs of oil and gas companies
primarily in the Gulf of Mexico and the drilling-related needs
of oil and gas companies in the Gulf of Mexico and select
international market areas.  The Company uses its production
related assets to enhance, maintain and extend production and,
at the end of an offshore property's economic life, plug and
decommission wells.  Superior also owns and operates mature oil
and gas properties in the Gulf of Mexico.

The company has operations in Australia, the United States, the
United Kingdom, and Venezuela, among others.


TERRY R. LANCASHIRE: Members and Creditors to Meet on Jan. 15
-------------------------------------------------------------
The members and creditors of Terry R. Lancashire Pty Ltd will
meet on Jan. 15, 2007, at 10:00 a.m., to receive a report
regarding the company's wind-up proceedings from Liquidator Paul
Vartelas.

The Troubled Company Reporter - Asia Pacific previously reported
that the company commenced wind-up proceedings on July 28, 2006.

The Liquidator can be reached at:

         Paul Vartelas
         B. K. Taylor & Co
         8/608 St Kilda Road
         Melbourne, Victoria 3004
         Australia

                    About Terry R Lancashire

Terry R Lancashire Pty Ltd provides engineering services.

The company is located in Victoria, Australia.


THE OPULENT: Members Agree on Liquidation
-----------------------------------------
On Dec. 1, 2006, the members of The Opulent Group Pty Ltd
resolved to voluntarily wind up the company's operations and
appointed Bruce Neil Mulvaney as liquidator.

The Liquidator can be reached at:

         Bruce Neil Mulvaney
         Bruce Mulvaney & Co
         Chartered Accountants
         1st Floor, 613 Canterbury Road
         Surrey Hills, Victoria 3127
         Australia

                     About The Opulent Group

The Opulent Group Pty Ltd provides communication services.

The company is located in Victoria, Australia.


U.T.E. MANAGEMENT: Former Director Sentenced to Imprisonment
------------------------------------------------------------
Roy Albert Edwards, of Perth, Western Australia, has been
sentenced to nine months imprisonment -- to be released
immediately on a recognizance of AU$1,000 and on good behavior
for 18 months -- after an investigation by the Australian
Securities and Investments Commission.

Mr. Edwards was sentenced in the Magistrates Court of Western
Australia on December 12, 2006, after pleading guilty to one
charge of managing a company while disqualified.

The ASIC alleged Mr. Edwards made decisions that affected a
substantial part of the business of U.T.E. Management Pty Ltd,
between October 30, 2003 and December 31, 2004, including the
signing of contracts on behalf of the company and managing its
day to day operations.

The Court also ordered Mr. Edwards to pay the prosecution's
costs in the sum of AU$1,766.70.

The Commonwealth Director of Public Prosecutions prosecuted the
matter.

                          *     *     *

On January 17, 2005, pursuant to a creditor's application, the
Supreme Court of Western Australia entered an order winding up
U.T.E. Management Pty Ltd in insolvency.

UTE operated a business based on barter.  Roy Albert Edwards was
appointed as the company's managing director on April 17, 2002.

On October 29 and November 11, 2003, Mr. Edwards was convicted
of fraud under the Criminal Code of Western Australia.

Mr. Edwards was made bankrupt pursuant to a court order dated
September 6, 2004, and automatically disqualified from managing
corporations for a period of five years pursuant to the
Corporations Act.


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

BENQ: Closes Beijing Operations; Lays Off 400 Workers
-----------------------------------------------------
BenQ Corp. disclosed on December 15, 2006, that it will close
down a product development unit in Beijing as part of its
restructuring program, Reuters reports.

BenQ acquired the center last year when it purchased the mobile
phone assets of Siemens, the report says.

Reuters recounts that the firm announced last month that it was
cutting half of its workforce at the firm's Shanghai factory,
leaving around 400 employees at its production facility.  These
employees are expected to be laid off, Colleen Ho, the company's
spokeswoman told reporters.

"We are now in the process of telling the workers about our plan
to shut down the center.  The plan should take effect within a
few days," Ms. Ho said.

BenQ said it would continue to make and sell handsets in Asia
and Europe, but on a smaller scale.

As reported in the Troubled Company Reporter - Asia Pacific on
October 25, 2006, BenQ Mobile unit has downsized operations in
Latin America and major European cities like Spain and Britain,
cutting down 1,900 jobs of its 3,000-strong workforce.

BenQ failed to turn around the loss-making business it took over
from Siemens a year ago and filed for insolvency at a Munich
court in September after it had spent around US$1.05 billion in
hopes of reviving its mobile arm.

                          *     *     *

Headquartered in Taiwan, Republic of China, BenQ Corporation,
Inc. -- http://www.benq.com/-- is principally engaged in
manufacturing, developing and selling of computer peripherals
and telecommunication products.  It is also a major provider of
3G handset, 3G handset, Camera phones, and other products.

BenQ Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany.  BenQ Mobile filed for insolvency
in Germany on Sept. 29.  The collapse follows a year after
Siemens sold the company to Taiwanese technology group BenQ.

BenQ Mobile has lost market share against giant competitors.

On Aug. 24, BenQ disclosed of plans to spin-off its
manufacturing operations in early 2007, separating contract
manufacturing and own-brand divisions.

                        *     *     *

The Troubled Company Reporter - Asia Pacific on December 5,
2006, Taiwan Ratings Corp., assigned its long-term twBB+ and
short-term twB corporate credit ratings to BenQ Corp.  The
outlook on the long-term rating is negative.  At the same time,
Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's:

   * continuing operating losses from its handset operations;

   * high leverage; and

   * the competitive nature and low profitability of the LCD
     monitor industry.


CALAPOOIA AIR: Names Corkhill and Bruce as Liquidators
------------------------------------------------------
Thomas Andrew Corkhill and Iain Ferguson Bruce were appointed as
joint and several liquidators of Calapooia Air Ltd by a special
resolution passed on Dec. 11, 2006.

The Joint and Several Liquidators can be reached at:

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


FORTRESS INTERNATIONAL: Liquidators Cease to Act
------------------------------------------------
On Dec. 4, 2006, Ding Wai Chuen and Kwok Yuen Man ceased to act
as joint and several liquidators of Fortress International Ltd.

As reported by the TCR-AP, Liquidators Chuen and Man presented
the company's wind-up accounts on Dec. 4, 2006.

The former Liquidators can be reached at:

         Ding Wai Chuen
         Kwok Yuen Man
         34/F., The Lee Gardens
         33 Hysan Avenue, Causeway Bay
         Hong Kong


KINGBOLT (HK): Shareholders Agree to Close Business
---------------------------------------------------
On Dec. 11, 2006, the shareholders of Kingbolt (Hong Kong) Ltd
passed a special resolution to voluntarily wind up the company's
operations and appointed Kong Chi How Johnson as liquidator.

The Liquidator can be reached at:

         Kong Chi How, Johnson
         25/F, Wing On Centre
         No. 111 Connaught Road, Central
         Hong Kong


MBF DISCOUNT: Appoints Ha Man Kit Marcus as Liquidator
------------------------------------------------------
Ha Man Kit Marcus was appointed as sole liquidator of MBF
Discount Card International Ltd.

A special resolution was passed on Dec. 8, 2006, to voluntarily
wind up the company.

The Liquidator can be reached at:

         Ha Man Kit, Marcus
         Room 2302, 23/F
         99 Hennessy Road, Wan Chai
         Hong Kong


MEGA HARVEST: Court to Hear Wind-Up Petition on Jan. 31
-------------------------------------------------------
A wind-up petition filed against Mega Harvest International Ltd
will be heard before the High Court of Hong Kong on Jan. 31,
2007, at 9:30 a.m.

Yu Teng Hung filed the petition on Nov. 24, 2006.

The solicitors for the Petitioner can be reached at:

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


MINDWOOD LTD: Members to Receive Wind-Up Report on Jan. 18
----------------------------------------------------------
The members of Mindwood Ltd will meet on Jan. 18, 2007 at
4:00 p.m., to receive the liquidator's report on the company's
wind-up proceedings.

The Liquidator can be reached at:

         Tse Wai Hing
         14/F., Nan Fung Tower
         173 Des Voeux Road, Central
         Hong Kong


PROFIT CONTAINER: Inability to Pay Debts Prompts Wind-Up
--------------------------------------------------------
At an extraordinary general meeting held on Dec. 8, 2006, the
shareholders of Profit Container Drayage Company Ltd passed a
special resolution to voluntarily wind up the company's
operations due to its inability to pay its debts.

In this regard, Leung Shi Ho was appointed as liquidator.

The Liquidator can be reached at:

         Leung Shi Ho
         27/F., Tung Wai Commercial Building
         111 Gloucester Road, Wanchai
         Hong Kong


SANTEI INTERNATIONAL: Shareholders Resolve to Wind Up Firm
----------------------------------------------------------
On Dec. 8, 2006, the shareholders of Santei International
(Hong Kong) Ltd passed a special resolution to voluntarily wind
up the company's operations and appointed Ying Hing Chiu and
Chung Miu Yin Diana as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

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


SHANGHAI PUDONG: To Open Hong Kong Branch Next Year
---------------------------------------------------
Shanghai Pudong Development Bank will open its first branch in
Hong Kong in the first half of 2007, China Daily reports citing
an official with the bank as saying.

"We will open a branch in Hong Kong so we can better serve our
customers," the official told the paper.  "In recent years,
there have been a growing number of customers, corporate and
individual alike, traveling or even moving to Hong Kong."

China Daily relates that the bank currently has 24 branches and
sub-branches in over 20 first-tier cities in the country, with a
total of 328 business network sites.

The paper also notes that Hong Kong has one of the highest
concentrations of banking institutions in the world.  About 71
of the largest 100 banks in the world have an operation in the
city.

"Mainland banks will be able to provide cross-border travelers
with services that Hong Kong banks cannot, so market potential
is pretty high," said May Yan from Moody's Asia Pacific Ltd.

As reported by the Troubled Company Reporter - Asia Pacific on
December 1, 2006, Shanghai Pudong issued 439.88 million new
shares to raise a total of CNY5.9 billion to fuel its expansion
plans.

                          *     *     *

A nationwide commercial bank with a registered capital of
CNY3.915 billion, Shanghai Pudong Development Bank Co., Ltd --
http://www.spdb.com.cn/-- established in October 1992,
officially opened in January 1993 and listed in the Shanghai
Stock Exchange in November 1999.  By the end of 2005, SPDB has
set up 350 branches in 41 cities across Mainland China.

On August 15, 2006, the Troubled Company Reporter - Asia Pacific
reported that Fitch Ratings affirmed the bank's Individual D/E
rating. According to Fitch, the action reflects the bank's weak
credit profile, including sizeable under-capitalization and weak
asset quality relative to peers.

The recent failure of the bank's non-tradable share reform
proposal has placed negative pressure on its rating, as
additional capital cannot be raised until the reform is
completed.  SZDB's capital adequacy improved in 2005, with the
bank's total capital adequacy ratio rising to 3.7% from 2.3% the
prior year.  However, this ratio remains well below the
regulatory requirement of 8%.


SILETZ AIR: Sole Member Decides to Shut Down Firm
-------------------------------------------------
On Dec. 11, 2006, the sole member of Siletz Air Ltd passed a
special resolution to put the company's business into
liquidation and appointed Thomas Andrew Corkhill and Iain
Ferguson Bruce as joint and several liquidators.

Furthermore, Liquidators Corkhill and Bruce are given the
authority to distribute the assets of the company.

The Joint and Several Liquidators can be reached at:

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


WRAY INTERNATIONAL: Final Meeting Scheduled on January 18
---------------------------------------------------------
A final meeting of Wray International Ltd will be held on
Jan. 18, 2007, 11:00 a.m., at 65 Tras Street, Singapore 079004.

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

The Troubled Company Reporter - Asia Pacific previously reported
that on Aug. 18, 2006, the company's members resolved to
voluntarily wind up the company's operations and appointed
Mr. Wong as liquidator.

The Liquidator can be reached at:

         Wong Leung Wai
         Room 2001-4
         China Insurance Group Building
         141 Des Voeux Road, Central
         Hong Kong


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

AGILENT TECHNOLOGIES: Moody's Lifts Corp. Family Rating to Ba1
--------------------------------------------------------------
Moody's Investors Service upgraded the ratings of Agilent
Technologies Inc. to Ba1 from Ba2 and revised the outlook to
positive.

The upgrade to Ba1 reflects the completion of the final phase of
Agilent's multi-year strategic repositioning and transition to a
business model that has the propensity to deliver enhanced
operating margins and consistently higher levels of positive
free cash flow compared to prior periods and its peers.

Over the past year, Agilent reduced infrastructure costs by 35%
to better align its workforce and operating facilities with a
smaller revenue base after the disposition of its Semiconductor
Products Group in 2005 and Semiconductor Test assets earlier
this year.

The rating action also considered the company's more focused
business strategy in less volatile business segments affording
increased growth opportunities in Agilent's core electronic and
bio-analytical test and measurement businesses.

Additionally, Moody's took into account recent R&D and
investment efforts that were refocused to align Agilent's
business with new market opportunities to capture market share
and deliver above-average revenue growth.  Finally, the upgrade
also factored the company's improved credit metrics.

The positive outlook reflects Moody's expectation that Agilent
will demonstrate improving revenue growth in conjunction with
higher margins driven by new product introductions, increased
market penetration, favorable product mix, continued cost
containment measures and significantly reduced restructuring
charges.

The outlook also factors our expectations that Agilent's
electronic measurement business, which accounts for 70% of total
revenues, will demonstrate operating margins that are comparable
to its peers in this business segment.

These ratings were upgraded:

   -- Corporate Family Rating to Ba1 from Ba2
   -- Probability of Default Rating to Ba1 from Ba2

This rating was affirmed:

   -- Speculative Grade Liquidity Rating at SGL-1

Agilent Technologies, Inc. -- http://www.agilent.com-- is a
measurement company providing core bio-analytical and electronic
measurement solutions to the communications, electronics, life
sciences and chemical analysis industries.

The company has operations in India, Argentina and Luxembourg.


CENTURION BANK: Partners with Ambit & TV-18 in Broking Venture
--------------------------------------------------------------
Centurion Bank of Punjab Ltd joins hands with the Ambit RSM
Group and the Television Eighteen Group to form an equity
broking venture in India.

In a filing with the Bombay Stock Exchange dated Dec. 7, 2006,
Centurion Bank discloses that its board of directors has given
its nod on the investment in the stock broking business.

"The venture will be the first of its kind with three domestic
players coming together to capture the fast-growing brokerage
market," a joint press release states.  "Apart from stock
broking, a range of financial services including distribution of
third-party products, portfolio management services etc. will be
offered by the venture."

With the increasing Internet penetration in India, retail
customers will be serviced online by the venture.

Centurion Bank believes the initiative will enable it to:

   -- offer an increasing array of sophisticated financial
      products to its mass affluent and high net worth
      customers; and

   -- complete its suite of Wealth Management Services, which
      currently includes complete financial advisory services
      and distribution of products like mutual funds and life
      insurance.

A professional board chaired by Rana Talwar will manage the
businesses, the BSE filing adds.

The joint venture is still subject to obtaining all regulatory
approvals.  Amarchand Mangaldas are the legal advisors to the
joint venture.

                           About TV-18

Television Eighteen Group claims to be India's No. 1 news and
information network with leading interests in broadcast
television and the Internet space.  Its leading business news
channels, CNBC-TV18 and CNBC Awaaz, are in partnership with NBC
Universal.  Its general news channel, CNN-IBN, is a partnership
with Time Warner.

Web18, a TV-18 company, owns moneycontrol.com, a financial,
business and investor platform with more than 5,000,000 users.

                       About Ambit RSM Group

Ambit RSM Group is the holding company of, among others,
investment bank Ambit Corporate Finance.

                  About Centurion Bank of Punjab

Headquartered in Goa, India, Centurion Bank of Punjab Limited --
http://www.centurionbop.co.in/-- is a private-sector bank.  The
bank provides a range of transaction banking products under cash
management services to various customer segments, such as
corporates, small and medium enterprises, utility providers and
domestic correspondent banks.  The bank has entered into an
enterprise partnership with Indecomm Global Services to form
Centillion Solutions and Services.  Centillion will focus on
operations and services for banking and related financial
services.  The Retail Asset servicing operations of the Bank are
being transitioned to Centillion.  The bank has entered into an
arrangement with IL&FS Investsmart Limited for offering equity
broking services to its customers.  The wholesale banking
business is divided into Corporate, SME and Financial
Institutions Group.  NRI business has been a focus of the bank.
In Trade Finance business, the bank provides services, such as
export trade, import trade, remittance, domestic trade and
structured trade.

Fitch Ratings, on November 2, 2005, gave Centurion Bank of
Punjab a support rating of 5.


CENTURION BANK: Increases Deposit and Prime Lending Rates
---------------------------------------------------------
Centurion Bank of Punjab Ltd. increased its deposit rates by 25
to 50 basis points across various maturities, the bank stated in
a release dated Dec. 14, 2006.

Additionally, the bank raised its Prime Lending Rate by 50 basis
points from 12.50% to 13%.  According to the bank, the rate
revision is in line with prevailing trends in the market.

The revised interest rates will take effect from Dec. 18.

                  About Centurion Bank of Punjab

Headquartered in Goa, India, Centurion Bank of Punjab Limited --
http://www.centurionbop.co.in/-- is a private-sector bank.  The
bank provides a range of transaction banking products under cash
management services to various customer segments, such as
corporates, small and medium enterprises, utility providers and
domestic correspondent banks.  The bank has entered into an
enterprise partnership with Indecomm Global Services to form
Centillion Solutions and Services.  Centillion will focus on
operations and services for banking and related financial
services.  The Retail Asset servicing operations of the Bank are
being transitioned to Centillion.  The bank has entered into an
arrangement with IL&FS Investsmart Limited for offering equity
broking services to its customers.  The wholesale banking
business is divided into Corporate, SME and Financial
Institutions Group.  NRI business has been a focus of the bank.
In Trade Finance business, the bank provides services, such as
export trade, import trade, remittance, domestic trade and
structured trade.

Fitch Ratings, on November 2, 2005, gave Centurion Bank of
Punjab a support rating of 5.


CENTURION BANK: To Deploy SAS Banking Intelligence Solution
-----------------------------------------------------------
Centurion Bank of Punjab has selected comprehensive SAS Banking
Intelligence Solution Suite for maximizing the profitability and
strengthening its customer service.  The SAS Banking
Intelligence Solution to be deployed at Centurion Bank of Punjab
includes solutions for customer segmentation, cross-sell and up-
sell, campaign management and customer Retention.


Speaking on the occasion, Mr. Vivek Vig, Country Head - Retail
Bank, Centurion Bank of Punjab said "We at Centurion Bank of
Punjab focus on delivering enriched customer experience and
customized banking services.  By implementing SAS Banking
Intelligence Solutions, CBOP can now gain access to customer
insight and analytics thus enabling efficient service to the
esteemed patrons.  Identification of potentially profitable
products across the customer base and strengthen our customer
acquisition strategies, would be an added advantage. We are
delighted to partner with SAS to offer tailored products and
services to meet the demands of our esteemed customers."

"We are proud to be associated with Centurion Bank of Punjab and
help them support their business objectives by providing
required relevant business and customer intelligence to
accelerate their growth and strengthen customer relationships"
said Mr. Sudipta K. Sen, CEO and Managing Director, SAS
Institute India Pvt. Ltd.  "With our award winning solutions
coupled with our 30 years of industry expertise, Centurion Bank
of Punjab will get unified view of its customers across multiple
products and channels thus increasing its customer intimacy and
effectiveness.  Additionally it will also help Centurion Bank of
Punjab in their customer segmentation, cross sell and upsell
marketing initiatives for driving growth, reducing costs and
increasing profitability, added Mr. Sen."

Benefits of SAS Enterprise Intelligence Platform to Centurion
Bank of Punjab:

   * Single View of Customers

     SAS Solution would provide Centurion Bank with single view
     of their customer enabling complete visibility to customers
     consolidated relationship with Bank.

   * Performance Analysis and Reporting

     SAS solutions would enable Centurion Bank to translate
     business strategy in to measurable actions by quick
     monitoring of progress towards the strategic objectives.

   * Increase cross-selling on existing customer base

     With SAS solutions Centurion Bank would be able to
     categorize it's customers from the existing customer base
     and thus develop strategies and campaigns to suit
     individual customer requirement.  This would enable the
     bank to identify and execute cross/up selling
     opportunities, channel preferences based on customers'
     profitability, risk potential.

   * Maximize ROI on marketing campaigns

     With the help of Marketing Automation, the bank would be
     able to efficiently implement and measure multi-channel,
     multifunction campaigns for customer acquisition and
     retention objectives.

   * Increase Profitability

     The availability of accurate and consolidated customer data
     and information will enable Centurion Bank of Punjab to
     further strengthen the cross sell scenario leading to
     multiple product & services subscription by the customer
     which in-turn boosts profitability

                  About Centurion Bank of Punjab

Headquartered in Goa, India, Centurion Bank of Punjab Limited --
http://www.centurionbop.co.in/-- is a private-sector bank.  The
bank provides a range of transaction banking products under cash
management services to various customer segments, such as
corporates, small and medium enterprises, utility providers and
domestic correspondent banks.  The bank has entered into an
enterprise partnership with Indecomm Global Services to form
Centillion Solutions and Services.  Centillion will focus on
operations and services for banking and related financial
services.  The Retail Asset servicing operations of the Bank are
being transitioned to Centillion.  The bank has entered into an
arrangement with IL&FS Investsmart Limited for offering equity
broking services to its customers.  The wholesale banking
business is divided into Corporate, SME and Financial
Institutions Group.  NRI business has been a focus of the bank.
In Trade Finance business, the bank provides services, such as
export trade, import trade, remittance, domestic trade and
structured trade.

Fitch Ratings, on November 2, 2005, gave Centurion Bank of
Punjab a support rating of 5.


CITY UNION BANK: Board Oks Preferential Issue to Larsen & Toubro
----------------------------------------------------------------
City Union Bank Ltd's board of directors approved the
preferential issue of up to 26,65,000 of the company's equity
shares of INR10 each to Larsen and Toubro Ltd.

The board came up with the decision at its Nov. 30 meeting.

The issue would be for cash on preferential basis at a price of
INR169 per share (including a INR159 per share premium), which
is higher than the price determined in accordance with the
Securities and Exchange Board of India Guidelines, 2002 on
preferential issues.

The issuance is also still subject to the approval of the bank's
shareholders and the Reserve Bank of India.

                     About City Union Bank

City Union Bank Limited -- http://cityunionbank.com/-- provides
savings accounts, current accounts, fixed deposits, cash
certificates, monthly savings, VIP deposit schemes, Flexifix
deposits, CUB Smart deposits and the insurance linked Multiple
Benefits Plan.

As reported in the Troubled Company Reporter - Asia Pacific on
August 8, 2006, Fitch Ratings affirmed City Union's Individual
and Support ratings at 'D/E' and '5', respectively.


CITY UNION BANK: Extraordinary General Meeting Set on Dec. 29
-------------------------------------------------------------
City Union Bank Ltd informs the Bombay Stock Exchange that it
will hold an Extraordinary General Meeting of its members on
Dec. 29, 2006, to consider the:

   -- increase in the bank's authorized capital i.e, INR30
      crores divided into 3,00,00,000 equity shares of INR10 to
      INR100 crores divided into 10,00,00,000 equity shares of
      INR10 each;

   -- the acquisition of the bank's shares by permitted foreign
      entities, registered Foreign Institutional Investor and
      Non-Resident Indians by purchase or acquisition on the
      recognized stock exchanges, subject to the condition that
      the individual holding of those entities will not exceed
      5% of the paid-up capital and the total holding of the
      Foreign entities together will not exceed 26% of the
      bank's paid-up equity share capital or at other maximum
      limit as may be prescribed from time to time, subject to
      necessary provisions & approvals; and

   -- issuance to Larsen & Toubro Ltd. a maximum of 26,65,000
      fully paid-up equity shares of INR10 each, constituting
      10% of the bank's total post-issue paid-up share capital
      of INR10 each at a price of INR169 per share, for cash on
      a preferential basis.

                     About City Union Bank

City Union Bank Limited -- http://cityunionbank.com/-- provides
savings accounts, current accounts, fixed deposits, cash
certificates, monthly savings, VIP deposit schemes, Flexifix
deposits, CUB Smart deposits and the insurance linked Multiple
Benefits Plan.

As reported in the Troubled Company Reporter - Asia Pacific on
August 8, 2006, Fitch Ratings affirmed City Union's Individual
and Support ratings at 'D/E' and '5', respectively.


INDIAN OIL: Signs MOU on Hydrocarbon Cooperation with Sinopec
-------------------------------------------------------------
Indian Oil Corporation Ltd signed a memorandum of understanding
for hydrocarbon cooperation with China's Sinopec on Dec. 14, a
company release states.

The other areas of cooperation in the MoU include:

   -- international trade;

   -- exploration and production activities in third countries;

   -- collaboration in engineering and technical services;

   -- exchange of knowledge and technology in operations;

   -- refinery optimization; and

   -- training.

The signing of the MoU will be mutually beneficial to both
companies and countries, Murli Deora, India's Minister of
Petroleum & Natural Gas said.

Indian Oil is the leading refining and marketing oil PSU of
India with interests in petrochemicals and exploration and
production, while Sinopec is a major integrated National Oil
Company of China.

According to the release, Indian Oil also held discussions with
Sinochem, another large NOC of China with whom it has an
existing MOU for cooperation in international trade matters.
Indian Oil and Sinochem agreed that cooperation should be
expanded to include collaboration in the areas of overseas E&P
activities, Petrochemicals, Chemicals, etc.  B. M. Bansal,
Indian Oil Director, will be holding follow-up meetings with
officials of Sinochem to draw out the broad framework of
cooperation in those areas.

                  About Indian Oil Corporation

Headquartered in New Delhi, Indian Oil Corporation Limited --
http://www.iocl.com/-- is engaged in the sale of petroleum
products.  Other businesses comprise the sale of imported crude
oil, sale of gas, petrochemicals and oil and gas exploration
activities jointly undertaken in the form of unincorporated
joint ventures.  The company's premium fuels include XTRAPREMIUM
petrol and XTRAMILE diesel.  AutoGas is Indian Oil's auto liquid
petroleum gas brand and sells SERVO lubricants in 10 countries.
The aviation fuel supply business caters to the aviation fuel
requirements of the defense services, national carriers,
scheduled private airlines and international airlines.  The
Digboi Refinery of the Assam Oil Division processes crude oil
and its marketing network comprises 366 retail outlets, 399
kerosene/light diesel oil dealerships, and 271 Indane
distributors.  It owns and operates 18 refineries with a
combined refining capacity of 54.20 million tones per annum (1.1
million barrels per day).

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
April 21, 2006, that Standard & Poor's Ratings Services revised
the outlook on Indian Oil to positive from stable.  At the same
time, S&P affirmed the 'BB+' issuer credit rating on the
Company.  The outlook revision follows the revision in the
outlook on the sovereign credit ratings on India
(BB+/Positive/B) on April 19, 2006.

Additionally, Moody's Investors Service gave Indian Oil a Ba1
long-term corporate family rating and a Ba2 issuer rating on
March 3, 2005.


INDIAN OIL: To Set Up Petrol Stations in Ansals Group Projects
--------------------------------------------------------------
Indian Oil Corporation Limited and the Ansals Group inked a deal
for setting up petrol stations, a company press release says.

In a memorandum of cooperation, the parties agreed to the
setting up of stations in select projects being conceived by the
Ansals Group.

Ansal API Ltd. is a major real estate developer in the country
with a yearly turnover of around INR375 crores (FY 2005 - 06).
Its multiple projects in hand exceed INR3,200 Crores and spans
the whole gamut of construction activity -- Housing, Townships,
Commercial Complexes, Hotels, Entertainment and Educational
Institutions etc.

                  About Indian Oil Corporation

Headquartered in New Delhi, Indian Oil Corporation Limited --
http://www.iocl.com/-- is engaged in the sale of petroleum
products.  Other businesses comprise the sale of imported crude
oil, sale of gas, petrochemicals and oil and gas exploration
activities jointly undertaken in the form of unincorporated
joint ventures.  The company's premium fuels include XTRAPREMIUM
petrol and XTRAMILE diesel.  AutoGas is Indian Oil's auto liquid
petroleum gas brand and sells SERVO lubricants in 10 countries.
The aviation fuel supply business caters to the aviation fuel
requirements of the defense services, national carriers,
scheduled private airlines and international airlines.  The
Digboi Refinery of the Assam Oil Division processes crude oil
and its marketing network comprises 366 retail outlets, 399
kerosene/light diesel oil dealerships, and 271 Indane
distributors.  It owns and operates 18 refineries with a
combined refining capacity of 54.20 million tones per annum (1.1
million barrels per day).

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
April 21, 2006, that Standard & Poor's Ratings Services revised
the outlook on Indian Oil to positive from stable.  At the same
time, S&P affirmed the 'BB+' issuer credit rating on the
Company.  The outlook revision follows the revision in the
outlook on the sovereign credit ratings on India
(BB+/Positive/B) on April 19, 2006.

Additionally, Moody's Investors Service gave Indian Oil a Ba1
long-term corporate family rating and a Ba2 issuer rating on
March 3, 2005.


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

CORUS GROUP: Agrees to Terms of CSN's GBP4.9-Bln Purchase Deal
--------------------------------------------------------------
The boards of Companhia Siderurgica Nacional and Corus Group plc
have agreed on the terms of a recommended pre-conditional cash
acquisition by CSN Acquisitions of the entire issued and to be
issued share capital of Corus at a price of 515 pence for each
Corus Share, valuing Corus at around GBP4.9 billion.

CSN believes there is compelling strategic and industrial logic
for a combination with Corus as it would:

   -- create a top five global steel group with around
      24 million tons of annual steel production and, by 2010,
      around 50 million tons of annual iron ore production;

   -- enable Corus to secure supply of high quality, low cost
      iron ore from CSN's Casa de Pedra mine, one of the largest
      captive mines in the world, leading to incremental annual
      cash-flow in Corus of around US$450 million on a pre-tax
      basis by 2009;

   -- in time, provide Corus with access to increasing
      quantities of low cost semi-finished steel for further
      processing through its downstream facilities in Europe;

   -- allow Corus greater access to fast growing markets as
      well as providing opportunities for cross-selling
      the enlarged portfolio of products;

   -- create the potential to capture significant annual
      synergy benefits of around US$300 million on a pre-tax
      basis by 2009, through initiatives including global
      procurement savings, optimization of product flows,
      integrated commercial policy and the sharing of
      best practices; and

   -- give CSN the ability to leverage Corus' exceptional
      research and development and engineering expertise across
      the combined group.

The price of 515 pence per Corus Share represents:

   -- a premium of around 42.9% to the average closing mid-
      market price of 360.5 pence per Corus share for the 12
      months to and including Oct. 4, 2006, being the last
      business day before the announcement by Tata Steel Ltd.
      that it was evaluating various opportunities, including
      Corus;

   -- a premium of around 26.4% to the closing mid-market price
      of 407.5 pence per Corus Share on Oct. 4, 2006; and

   -- a premium of around 3% to the revised offer price made by
      Tata at 500 pence per Corus share.

CSN Acquisitions has held constructive and satisfactory
discussions with the trustees of Corus' two main U.K. pension
schemes and has agreed with committees of the relevant boards of
pension trustees an arrangement, which will be recommended to
the full boards of the pensions trustees, whereby CSN
Acquisitions will:

   -- fund upfront the IAS 19 deficit on the Corus Engineering
      Steels Pension Scheme by paying GBP138 million into the
      scheme; and

   -- increase the contribution rate on the British Steel
      Pension Scheme from 10% to 12% until March 31, 2009.

The acquisition is subject to the satisfaction or waiver of the
Pre-Condition that either:

   -- Corus Shareholders reject the Tata Scheme; or

   -- the Tata Scheme is otherwise withdrawn by Corus for
      lapses.

Subject to the satisfaction or waiver of the Pre-Condition, the
acquisition will be made by CSN Acquisitions, an indirect wholly
owned subsidiary of CSN, and is proposed to be implemented by
way of a scheme of arrangement under section 425 of the
Companies Act.  The scheme will be put to Corus shareholders at
the Court Meeting and at the Extraordinary General Meeting,
which will be convened in due course.

The scheme document will be posted to Corus Shareholders within
28 days of satisfaction or waiver of the Pre-Condition.
In addition, a further document setting out further details of
the Acquisition and information relating to the CSN Group will
be sent to Corus Shareholders as soon as possible.

The Loan Note Alternative will be made available to Corus
Shareholders.

As at the date of this announcement, the CSN Group owns
34,072,613 Corus Shares, representing around 3.8% of Corus'
existing issued share capital.

The Corus Directors, who have been so advised by Credit Suisse,
JPMorgan Cazenove and HSBC, consider the terms of the
acquisition to be fair and reasonable, so far as Corus
Shareholders are concerned.  Accordingly, the Corus Directors
intend unanimously to recommend that Corus Shareholders vote in
favor of the scheme at the Court Meeting and Extraordinary
General Meeting to be convened in relation to the acquisition.
In providing their advice, Credit Suisse, JPMorgan Cazenove and
HSBC have taken into account the commercial assessments of the
Corus Directors.

"The strategic impetus for this combination is growth -- growth
in Brazil, in Europe and for our combined workforces," Benjamin
Steinbruch, Chairman and Chief Executive Officer of CSN, said.
Our goal is to unlock the value of our iron ore assets through
Corus, transforming them into cost effective, high quality steel
products using Corus' advanced engineering capabilities and its
excellent European distribution platform.  This is a winning
combination for all stakeholders."

"As I informed shareholders in my letter of Nov. 27, 2006, once
the Corus Directors received an approach from CSN, we provided
information and made our senior management available to enable
CSN to meet its pre-conditions and complete its due diligence.

This offer is both higher than the initial proposal by CSN as
well as the revised Tata offer of 500 pence per share.  It is
also consistent with our strategic objective of securing access
to raw materials, low cost production and growth markets.  The
combination of the two businesses will create a strong platform
from which to compete and grow in an increasingly global
market," Jim Leng, Chairman of Corus, said.

Lazard is acting as lead financial adviser, Goldmans Sachs
International as financial adviser and joint broker, and UBS as
joint broker to CSN and CSN Acquisitions in relation to the
acquisition.  Credit Suisse is acting as lead financial adviser,
JPMorgan Cazenove as joint financial adviser and corporate
broker and HSBC as independent financial adviser for the
purposes of Rule 3 of the Takeover Code to Corus.

                   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 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.

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.

                          *     *     *

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-.


INTERNATIONAL NICKEL: Experiencing Falling Reservoir Levels
-----------------------------------------------------------
PT International Nickel Indonesia Tbk disclosed that lower-than-
average rainfall since October and an apparent delay in the
arrival of the rainy season (December to March) have resulted in
falling reservoir levels, Antara News reports.

Antara says that unless significant rainfall occurs,
International Nickel's hydroelectric power generating capacity
will be negatively affected and its nickel-in-matte production
will need to be limited on or about December 20, 2006.

The report notes that International Nickel is currently
producing at a rate of about 1,400-1,500 tonnes of nickel-in-
matte per week.  Production cuts may result in the company just
missing its current production estimate for 2006 of
approximately 71,000 tonnes of nickel-in-matte, Antara points
out.

Antara says that to help mitigate the impact of low reservoir
levels on production for 2007, the company will bring forward
certain maintenance activities originally scheduled to occur
during a planned shutdown at the end of the first quarter of
2007.

Due to the unpredictability of weather patterns, it is not
possible for International Nickel to estimate the production
impact of current low reservoir levels at this time.  If lower-
than-average rainfall persists over a period of several weeks,
the company may need to make more significant production cuts in
order to raise the levels of its reservoirs, the report
explains.

Headquartered in Jakarta, Indonesia, PT International Nickel
Indonesia Tbk -- http://www.pt-inco.co.id/-- is a nickel
producer with a production facility and mine are in Sorowako,
Sulawesi, where it has a contract agreement until 2025.  It
produces nickel matte, an intermediate product, from lateritic
ores at its integrated mining and processing facilities near
Sorowako on the island of Sulawesi.  Inco Limited of Canada
holds a 60.8% stake of the company and Sumitomo Metal Mining Co
Ltd. holds a 20.1% stake.

                          *     *     *

Standard and Poor's gave the company's long-term foreign and
local issuer credit both a BB- rating.

The company carries Fitch Ratings' BB long-term issuer default
and foreign currency long-term debt ratings.


PERUSAHAAN GAS: Government May Sell Shares At IDR11,000 Each
------------------------------------------------------------
The Indonesian Government may sell a 5.31% stake in PT
Perusahaan Gas Negara at a minimum price of IDR11,000 a share,
Bloomberg News reports.

According to the report, the Government, which owns 59.4% of Gas
Negara, plans to raise at least IDR2 trillion (US$220.5 million)
by selling 185.8 million shares of the company.

Bloomberg says that the minimum price of the shares is 2.7%
lower than the IDR11,300 closing price on Dec. 13, 2006.

Indonesia is selling assets or shares in state-owned firms to
raise money to fund its budget deficit, the report relates.  The
Southeast Asian nation's parliament in September approved a
shortfall of IDR40 trillion, or 1.3% of gross domestic product
for this year, the report notes.

The report points out that the company has hired PT Danareksa
Sekuritas, PT Bahana Securities and Credit Suisse to help sell
the Gas Negara shares.

Director for investment banking at PT Bahana Securities Andi
Sidharta said that Perusahaan Gas' shares will be suspended from
trading ahead of the share sale.

Headquartered in Jakarta, Indonesia, PT Perusahaan Gas Negara
(Persero) Tbk -- http://www.pgn.co.id/-- is a gas and energy
company that is comprised of two core businesses: distribution
and transmission.  For distribution, PGN signs long-term supply
agreements with upstream operators, which give the company
scheduled and reliable gas volumes and fixed gas prices.  These
volumes are subsequently sold to commercial and industrial
customers under gas sales agreements.  Under these agreements,
sales volumes are take-or-pay and the gas pricing is fixed and
in US dollar.  On the transmission business, PGN ships gas on
behalf of the upstream suppliers under a fixed US dollar tariff
with ship-or-pay volumes agreements.   The company is 59.4%
owned by the Government of Indonesia

The Troubled Company Reporter - Asia Pacific reported on
June 28, 2006, that Fitch Ratings Agency assigned these ratings
to PT Perusahaan Gas Negara Tbk on June 27:

   -- Long-term foreign currency Issuer Default Rating 'BB-';

   -- Long-term local currency IDR 'BB-'; and

   -- PGN Euro Finance 2003 Limited's IDR1.12-trillion notes due
      2014 and IDR1.35-trillion notes due 2013 guaranteed by PGN
      and its subsidiaries 'BB-'.

Additionally, the TCR-AP said on May 23, 2006, that Moody's
Investors Service has upgraded the foreign currency debt rating
of PGN Euro Finance 2003 Ltd. and guaranteed by PT Perusahaan
Gas Negara to Ba3 from B1.  This rating action follows Moody's
decision to upgrade Indonesia's foreign currency sovereign
rating for bonds from B2 to B1.  At the same time, Moody's has
affirmed the Ba2 corporate family rating of PGN. The rating
outlook is stable.

Standard & Poor's Rating Services had, on Nov. 24, 2005,
affirmed its 'B+' rating on PGN.


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

AMAZON.COM INC: Moody's Lifts Corporate Family Rating to Ba2
------------------------------------------------------------
Moody's Investors Service upgraded the long-term debt ratings of
Amazon.com, affirmed the speculative grade liquidity rating at
SGL-2, and assigned a stable rating outlook.

The upgrade recognizes the company's continued reduction in
funded debt levels, which has resulted in further improvement in
credit metrics and should allow the company to maintain strong
credit metrics despite potential uneven operating income
performance.  Since 2003 the company has retired approximately
US$1.2 billion in debt.

These ratings are upgraded:

   -- Corporate family rating to Ba2 from Ba3;

   -- Probability of default rating to Ba2 from Ba3;

   -- Senior subordinated notes to Ba3, LGD5-82% from B2, LGD5,
      82%; and,

   -- Multiple shelf ratings to Ba1; LGD3-35%, Ba3; LGD5-82%,
      B1; LGD6-97% from Ba2; LGD3-35%, B2; LGD5-82%, B2; LGD6-
      97%.

Amazon.com's Ba2 corporate family rating reflects the company's
dominant position in online retailing, well recognized brand
name, international diversification, and solid credit metrics.

The impact of these strengths on the rating is limited by the
company's uneven and unpredictable operating profits, which are
a by-product of its limited track record, evolving business
strategy, and recent rapid growth.

In addition, the rating is constrained by the potential
ramifications of its young corporate age on business procedures,
controls and corporate governance.

The rating also reflects profitability that is below that of its
peer group and very high seasonality, with the vast majority of
its cash flow generation being highly dependent on its fourth
quarter.  The company's lack of a committed bank facility is a
negative rating factor and will likely constrain upward rating
pressure over the near term.

The rating outlook is stable.

Upward ratings momentum could develop should the company's
operating margins stabilize above 4% while maintaining
Debt/EBITDA below 3x.

In addition, upward ratings momentum would require additional
predictability of the company's profitability and evidence of
stability in its business strategy.  Additional upward rating
pressure would develop should the company obtain a reasonable
level of committed bank financing.  Given the recent upgrade a
downgrade is highly unlikely.

However, the rating outlook could be changed to negative should
the company experience a sharp decline in profitability, begin
to fund its growth with debt, or should Debt/EBITDA rise above
4x. The long term ratings, as well as the speculative grade
liquidity rating, could fall should cash balances be sustained
below US$1 billion without the company having committed bank
facilities in place.

Based in Seattle, Wash., Amazon.com, Inc. (Nasdaq: AMZN) a
Fortune 500 company, opened on the World Wide Web in July 1995
and offers Earth's Biggest Selection.  Amazon.com seeks to be
Earth's most customer-centric company, where customers can find
and discover anything they might want to buy online, and
endeavors to offer its customers the lowest possible prices.
Amazon.com and other sellers offer millions of unique new,
refurbished and used items in categories such as health and
personal care, jewelry and watches, gourmet food, sports and
outdoors, apparel and accessories, books, music, DVDs,
electronics and office, toys and baby, and home and garden.
Amazon.com and its affiliates operate retail sites
http://www.amazon.com/, http://www.amazon.co.uk/,
http://www.amazon.de/, http://www.amazon.co.jp/,
http://www.amazon.fr/, http://www.amazon.ca/ and
http://www.joyo.com/. The company has fulfillment centers in
Japan and China.  Other office locations include those in
Germany, India, and the United Kingdom.


FORD MOTOR: Inks MOU with Valeo to Sell ACH Climate Control Biz
---------------------------------------------------------------
Ford Motor Company and Valeo have announced a Memorandum of
Understanding for Valeo's purchase of the Automotive Components
Holdings climate control business, including the Sheldon Road
Plant in Plymouth Township, Michigan.  This paves the way for a
Definitive Agreement and sale of the business to Valeo as soon
as possible.

The Sheldon Road plant produces automotive climate control
systems and components for a number of Ford vehicles.  It
employs about 1,250 people, including salaried employees leased
from Visteon and UAW hourly employees leased from Ford.  It is
part of Automotive Components Holdings, a Ford-managed temporary
company formed in October 2005.

"This is an important step for Ford's North American operations
and the Way Forward Acceleration Plan, especially as we seek to
reduce material costs over time," Mark Fields, president of the
Americas and Ford executive vice president, said.

"This MOU follows a lot of hard work by this plant and the
entire ACH team," said Al Ver, chief executive officer and chief
operating officer, Automotive Components Holdings, and Ford vice
president.  "We have focused on preparing our businesses for
sale to buyers who can grow and invest in them."

Automotive Components Holdings produces interior, climate,
chassis, and powertrain components and operates 11 plants in the
United States and three in Mexico.

"This acquisition is an important part of Valeo's strategy to be
a global leader in its core product lines," Valeo chairman and
chief executive officer Thierry Morin said.

The final agreement is contingent upon reaching a new and
competitive agreement with the United Auto Workers.

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

Ford also has operations in Japan.

                          *     *     *

On Dec. 12, 2006, 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.

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 US$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 Standard and Poor's '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 noted 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.

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: Will Launch Buyout Offers for Employees
---------------------------------------------------
Ford Motor Co. will start buyout offers for its workers, as part
of a move to remove 14,000 jobs in 2006, the Associated Press
reports.

AP relates that the 14,000 workers is about one-third of Ford
Motor's North American white-collar work force.  The company's
job cuts are part of its "Way Forward" restructuring plan.

Tom Hoyt, spokesperson of Ford Motor, told AP that workers who
receive the offers will have until Jan. 5, 2007, to decide
whether to accept.

According to AP, Ford Motor laid off 4,000 of its employees in
the first quarter of 2006.

AP relates that Ford Motor said in September that it would cut
about 10,000 jobs through early retirement and buyout packages.

Mr. Hoyt told AP that an earlier round of offers started in
October.

Ford Motor said in November that about 38,000, or almost 50%, of
its US unionized workers agreed to accept early retirement or
buyout packages this year, AP says.

If Ford Motor does not reach its job reduction target, it could
make involuntary cuts, AP relates, citing Mr. Hoyt.

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

Ford also has operations in Japan.

                          *     *     *

On Dec. 12, 2006, 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.

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 US$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 Standard and Poor's '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 noted 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.

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+


LOPRO CORPORATION: Fitch Places 'BB' Ratings on Watch Negative
--------------------------------------------------------------
Fitch Ratings has placed all the ratings of Lopro Corporation
on Rating Watch Negative:

   * Long-term foreign currency issuer default rating of 'BB',

   * Long-term local currency issuer default rating of 'BB',

   * Short-term foreign currency issuer default rating of 'B',

   * Short-term local currency issuer default rating of 'B', and

   * senior unsecured note rating of 'BB'.

This action followed the revision in the Money Lending Business
Law and the commencement of Fitch's rating review on Lopro, as
well as other non-bank finance companies.

Fitch has taken this rating action at this time because the
agency believes it is now in a strong position to assess the
full ramifications of the revised law upon the operations and
business strategies of each of the Japanese non-banks that the
agency rates.  This full assessment incorporates not only the
crystallisation of the details of the revised law, but the
agency is also currently in the process of conducting
comprehensive review meetings with each of the non-bank finance
companies.

Through this process, the agency will complete its reviews and
announce the ratings conclusions by early next year.

On December 13, the draft revision of the MLBL passed the
Japanese Parliament.  The most significant changes produced by
this revision affecting the non-bank financial institution
sector in Japan are the following:

   -- lowering of the ceiling interest rate in three years
      to the levels that banks are subject to;

   -- limiting the aggregate amount of loans for an individual
      from all non-banks; and

   -- establishing a common credit bureau to facilitate the
      checking of an individual's current aggregate loan status.

The interest rate ceiling, currently 29.2%, will be lowered to
20% (for a loan up to JPY100,000), 18% (for a loan up to
JPY1 million) and 15% (thereafter).  Fitch calculates that the
average interest rate on loans provided by the above non-banks
is somewhat above 20% p.a., with an average loan amount of about
JPY500,000 among the consumer finance companies.  (Lopro's
average loan amount is larger, as it is a commercial finance
company.)  Although the reduction will take full effect most
likely from January 2010, non-banks have already started to
lower interest rate charged on selective borrowers.  While this
squeezes margins, loan losses are also expected to increase.
Non-banks have been selective in extending new loans for some
time, a trend that is likely to accelerate and should introduce
cash flow problems for many borrowers, although cash flow
constraints may be a temporary and transitional phenomenon.
However, as these industry pressures converge i.e. a squeeze in
margins, increasing credit costs and a reduction in receivables,
each non-bank will face difficult times.

The agency noted that a positive aspect of the revision in the
law is that it should lead to a shake-out in market participants
which would result in the industry consisting of solid lenders
as competition weeds out the weaker non-banks.  In Fitch's view,
the non-banks most likely to succeed are those with a good
franchise.  Name recognition and solid branding are important
features, since the new limitations on loan amounts mean that a
lender should be the first- or at least the second lending
choice for a new borrower.  However securing new business in the
changed market conditions will need to be achieved with much
lower advertisement budgets, as non-banks plan to reduce
expenses in order to mitigate the reduction in profit and
cutting advertisement costs is the most effective way.

In the meantime, competition will intensify among the non-banks,
while Fitch also expects that banks will increase their focus on
the consumer finance market segment.  Consumer finance companies
have built an extensive credit database among themselves which
has given them an advantage in extending unsecured consumer
loans. As a consequence, many banks have guarantee agreements
with the consumer finance companies which guarantee their
unsecured consumer loans.  However, if access to the non-bank
credit database is opened up to banks, their competitive
advantage is likely to be affected.

The operating environment for Japan's non-banks is changing
drastically.  Fitch has started to review the non-banks listed
above to assess the viability of their business plans to
confront the increasingly competitive business environment and
measure any changes in their financial integrity which has been
sustaining our ratings.


NOMURA HOLDINGS: Unit to Transfer Taiyo Electric's Operations
-------------------------------------------------------------
Nomura Principal Finance Co., Ltd., a wholly owned subsidiary of
Nomura Holdings, Inc., disclosed that it will transfer the
operations of Taiyo Electric Industry Co., Ltd., an NPF
subsidiary, via a management and employee buyout to a company
set up mainly by management and employees of Taiyo Electric
Industry.

Established in 1954, Taiyo Electric Industry specializes in the
manufacture and sales of control equipment for building
facilities and printing machines.  The company is capitalized at
JPY102.5 million.

Nomura Principal Finance Co., Ltd., was established in July 2000
to explore principal finance opportunities in Japan using the
expertise acquired by Nomura in investing its own capital in
international markets.  NPF invests in businesses with stable
cash flow, future growth prospects, and improving performance,
as well as in assets that may be securitized later on. NPF
focuses on adding value to businesses in order to realize long-
term return on investments, exiting via initial public offerings
and other methods.

                      About Nomura Holdings

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

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


RISKMETRICS GROUP: Moody's Rates US$130-Million Term Loan at B3
-------------------------------------------------------------
Moody's Investors Service assigned first time ratings to
RiskMetrics Group Holdings LLC.

Moody's assigned a B1 corporate family rating, a Ba3 rating to
the first lien credit facility and a B3 rating to the second
lien term loan facility.

The ratings for these debt instruments reflect both the overall
probability of default of the company, to which Moody's assigns
a PDR of B1, and a loss given default of LGD 3 to the first lien
credit facility and LGD 5 to the second lien credit facility.

The rating outlook is stable.

On Nov. 1, 2006, RiskMetrics reported that it entered into a
definitive agreement to acquire Institutional Shareholder
Services, Inc. for US$527 million excluding transaction
expenses, which represents a multiple of 17.5 times projected
2006 EBITDA. The transaction is expected to close in January
2007 and is subject to customary closing conditions.  Upon
closing of the transaction, RiskMetrics' largest shareholders
will be company management and the private equity firms,
Spectrum Equity Investors, General Atlantic and Technology
Crossover Ventures.

The acquisition is expected to be funded with a US$300 million
first lien term loan, US$130 million second lien term loan,
US$80 million of cash on hand and US$60 million of rollover
equity.

Moody's views the acquisition of ISS by RiskMetrics favorably as
it combines two businesses with strong growth potential,
increases business line diversification and offers the
opportunity to cross-sell products across a similar client base.

Integration risk appears to be minimal since each of the
entities will operate as separate subsidiaries.  The ratings
reflect interest coverage and leverage metrics that will
initially be weak for the rating category but that are expected
to improve significantly over the next 12-24 months.

The ratings also reflect a relatively small pro forma revenue
and EBIT base, high revenue visibility, a broad customer base,
and leading market positions in each of its business segments.

The Ba3 rating on the proposed first lien secured credit
facility reflects a loss given default of greater than or equal
to 30% and less than 50%, LGD3.  The first lien credit facility
is secured by a first lien pledge of substantially all of the
company's domestic assets and 65% of the stock of foreign
subsidiaries.  The loss given default assessment reflects the
priority position of the first lien credit facility in the
capital structure and debt cushion provided by the second lien
term loan facility.

The B3 rating on the proposed second lien term loan facility
reflects a loss given default of greater than or equal to 70%
and less than 89%, LGD5.  The second lien term loan is secured
by a second lien pledge of substantially all of the company's
domestic assets and 65% of the stock of foreign subsidiaries.
The loss given default assessment reflects effective
subordination to the first lien credit facility.

Ratings assigned:

   -- Corporate family rating at B1

   -- Probability-of-default rating at B1

   -- US$25 million 6 year first lien revolver at Ba3, LGD3, 34%

   -- US$300 million 7 year first lien term loan at Ba3, LGD3,
      34%

   -- US$130 million 7.5 year second lien term loan at B3, LGD5,
      87%

The stable outlook anticipates strong revenue and EBITDA growth
over the next 12-18 months.  Cash flow from operations is
expected to be used to repay term loan indebtedness.

The ratings anticipate solid improvement in credit metrics in
2007 with debt to EBITDA declining to about 5.5x and free cash
flow to debt in the 6%-9% range.  The outlook could be changed
to positive if revenue growth and EBITDA margin expansion
substantially exceed Moody's expectation over the next year.
The ratings could be upgraded if financial performance improves
such that Debt to EBITDA and free cash flow to total debt can be
sustained at under 4 times and over 10%, respectively.

The outlook could be changed to negative if the company fails to
execute on its business plan and reports weaker than expected
revenue growth and EBITDA margins.  A significant debt financed
acquisition that substantially weakens credit metrics and
liquidity could also pressure the rating.

The ratings could be downgraded if Debt to EBITDA and free cash
flow to total debt are expected to be sustained at over 5.5x and
under 6%, respectively.

Based in New York, New York, RiskMetrics Group, Inc. --
http://www.riskmetrics.com/-- provides financial analytics and
wealth management solutions to financial institutions,
corporations and central banks worldwide.  It has sales offices
in London, Tokyo and Singapore.  RiskMetrics' analytics, data
and services enable users to measure and manage risk, and to
communicate that risk to managers, clients, investors,
shareholders and regulators.  RiskMetrics has about 600 clients
and reported revenues of US$101 million for the 12-month period
ending Sept. 30, 2006.


RISKMETRICS GROUP: S&P Junks Rating on Proposed US$130-Mil. Loan
----------------------------------------------------------------
Standard & Poor's Rating Services assigned its 'B' corporate
credit rating to New York City-based RiskMetrics Group Holdings
LLC, a global supplier of risk analytics, data, and processing.

The outlook is stable.

"At the same time, we assigned our 'B+' bank loan rating, with a
recovery rating of '1', to the company's proposed US$325 million
first priority senior secured bank facility, which will consist
of a US$300 million term loan (due 2014) and a US$25 million
revolving credit facility (due 2013), indicating a high
expectation of full recovery of principal in the event of a
payment default," said Standard & Poor's credit analyst David
Tsui.

Standard & Poor's assigned its 'CCC+' bank loan rating, with a
recovery of '4', to the proposed US$130 million second priority
term loan, indicating that lenders can expect a marginal
recovery of principal in the event of a payment default.

All ratings are based on preliminary offering statements and are
subject to review upon final documentation.

Proceeds from the US$300 million first lien term loan and
US$130 million second lien term loan, along with US$80 million
cash on hand and US$60 million of rollover equity, will be used
to fund the purchase of Institutional Shareholder Services, a
provider of proxy voting and corporate governance services,
refinance existing debt of ISS and pay for transaction-related
expenses.

The ratings on RiskMetrics Group reflect the company's narrow
business profile, short operating track record at current
revenue and profitability levels, and high leverage.  These
factors are partly offset by its predictable and recurring
revenue stream stemming from high renewal rates and
subscription-based revenues, and favorable business segment
growth.

Based in New York, New York, RiskMetrics Group, Inc. --
http://www.riskmetrics.com/-- provides financial analytics and
wealth management solutions to financial institutions,
corporations and central banks worldwide.  It has sales offices
in London, Tokyo and Singapore.  RiskMetrics' analytics, data
and services enable users to measure and manage risk, and to
communicate that risk to managers, clients, investors,
shareholders and regulators.  RiskMetrics has about 600 clients
and reported revenues of US$101 million for the 12-month period
ending Sept. 30, 2006.


SAMSONITE CORPORATION: Moody's Rates New US$80MM Sr. Debt at Ba3
----------------------------------------------------------------
Moody's Investors Service confirmed the B1 corporate family
rating for Samsonite Corporation.

Moody's also assigned Ba3 ratings to the proposed US$80 million
senior secured revolving credit facility and US$450 million term
loan B.  Proceeds from the new facilities, along with a portion
out outstanding cash balances, will be used to fund a special
dividend and debt repurchase, and pay associated fees and
premiums.

The outlook is positive.

This concludes the review for possible upgrade that commenced on
Sept. 13, 2006.

The confirmation reflects Moody's concern that the proposed
US$175 million special dividend, which was announced as part of
a series of transactions in November 2006, will significantly
increase leverage and weaken credit metrics to a level that is
inconsistent with an upgrade at this time.

Moody's estimates that pro forma leverage would exceed 6x upon
completion of the transaction, up from 4.1x for the LTM period
ending July 30, 2006.

The positive rating outlook reflects Moody's expectation that
the company will continue its profitable growth, both
organically and through further investment, while improving free
cash flow generation and rapidly reducing leverage.  A ratings
upgrade would likely occur if leverage approaches 4.5x while
maintaining positive free cash flow and EBITA margins of over
10% by the end of FYE January 2008.

On Nov. 21, 2006, Samsonite reported a series of transactions
including:

   1) an offer to purchase for cash any and all of its
      outstanding 8-7/8% Senior Subordinated Notes due 2011 and
      Floating Rate Senior Notes due 2010;

   2) the conversion of at least 90% of the company's
      outstanding shares of convertible preferred stock into
      shares of its common stock;

   3) the entering into a new credit facility consisting of an
      approximately US$450 million term loan facility and an
      approximately US$80 million revolving credit facility;
      and,

   4) the distribution of US$175 million in cash in the form of
      a special dividend to the company's stockholders.

Ratings assigned and confirmed:

   * Samsonite Corporation

      -- US$80 million senior secured revolving credit facility
         at Ba3, LGD2, 25%

      -- US$450 million senior secured term loan at Ba3, LGD2,
         25%

      -- Corporate Family Rating at B1

Ratings downgraded are:

   * Samsonite Corporation

      -- EUR100 million senior unsecured notes to B1 from Ba3
      -- US$205 million 8.875% subordinated to Caa1 from B3

The ratings on both instruments will be withdrawn upon
completion of the transaction.

Samsonite's ratings are supported by the global strength of its
brands, strong global market share, good geographic and
distribution diversity, and solid cash flow generation and
liquidity.

However, the ratings are currently constrained by high pro forma
leverage and weak proforma credit metrics as a result of the
proposed special dividend, its small size relative to other
global consumer products companies, and limited product
diversification.

The new revolver and term loan are secured by substantially all
assets of Samsonite Corporation and all wholly owned domestic
direct and indirect subsidiaries.  The obligations of Samsonite
Europe N.V. will be secured by a first priority lien on those
same assets and by a first priority pledge of a portion of the
equity of SC International Holdings C.V. and all of the equity
of SC Denmark ApS and Samsonite Europe N.V.

However, a portion of the Samsonite's assets are pledged as
security to the Pension benefit Guaranty Corporation under a
2003 agreement.  Both the revolver and term loan are guaranteed
by the U.S. subsidiaries, while borrowings from Samsonite Europe
N.V. also benefit from additional guarantees by Samsonite
Corporation, SC International Holdings C.V. and SC Denmark ApS.
A mechanism in the credit facilities will provide for pari passu
sharing of collateral between the lenders to Samsonite
Corporation and Samsonite Europe N.V.  The facilities will
include one financial covenant limiting the level of total debt
to EBITDA at levels to be determined.

Samsonite Corporation -- http://www.samsonite.com--
manufactures, markets and distributes luggage and travel-related
products.  The company's owned and licensed brands, including
Samsonite, American Tourister, Trunk & Co, Sammies, Hedgren,
Lacoste and Timberland, are sold globally through external
retailers and 284 company-owned stores.  Executive offices are
located in London.  The company has locations in Japan,
Australia, Indonesia, India, and the United States, among
others.


SANYO ELECTRIC: Financial Target Delays Cue S&P Rating Downgrade
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'BB-' from 'BB'
its long-term corporate credit rating on Sanyo Electric Co. Ltd.
At the same time, Standard & Poor's lowered to 'BB' from 'BB+'
its issue ratings on Sanyo Electric's senior unsecured debt.
The outlook on the long-term credit rating is negative.  The
ratings were removed from CreditWatch, where they were placed on
Nov. 22, 2006.

"The downgrade reflects delays in Sanyo Electric meeting its
financial improvement targets, as well as remaining concerns
over the company being able to stabilize its earnings by
strengthening the competitiveness of its weak businesses," said
Standard & Poor's credit analyst Katsuyuki Nakai.

Sanyo Electric revised its performance outlook, lowering its
operating profit forecast through fiscal 2007 (ending March 31,
2008) to JPY50 billion, from JPY97.2 billion as initially
announced in its medium term management plan in November 2005.
The primary reasons for the downward revision are earnings
deterioration due to a delayed response to changes in the
business environment in digital cameras and mobile telephones,
and additional restructuring costs from reducing personnel and
reorganizing production systems.  Although downsizing is
expected to result in lower fixed costs, concerns linger over
whether the company will be able to generate stable cash flows
by fundamentally strengthening the business franchises of its
weak segments, including mobile telephones and digital cameras,
amid a severe competitive environment.

The company expects to record a net loss of about JPY50 billion
in fiscal 2006, and as a result, its capitalization is expected
to decrease.  However, Sanyo Electric has continued to cut debt,
which totaled JPY746 billion at Sept. 30, 2006, and is expected
to be able to reduce its ratio of total debt to total capital to
the lower 60% level by March 2008 from 66.6% as of March 31,
2006.

Sanyo Electric remains challenged in rebuilding its group-wide
business franchise.  Key factors include improving
competitiveness via structural reforms, strengthening earnings,
and early implementation of effective tie-ups with other
companies.  Downward pressure on the company's ratings may
increase if structural reforms are further delayed, and concerns
grow over whether the company can improve its business
performance and financial standing according to its revised
plans.  The support stance of the company's main financial
institutions will also be an important factor in considering
further rating actions.

The long-term senior unsecured debt rating is one notch higher
than the corporate credit rating, reflecting the expectation
that creditor banks would grant debt forgiveness in the event of
any default based on the currently supportive positions of the
principal financial institutions.


SANYO ELECTRIC: To Exit LCD Panel Production by Selling JV Stake
----------------------------------------------------------------
Sanyo Electric Co. disclosed that it will exit LCD panel
production by selling its stake in joint-venture Sanyo Epson
Imaging Devices Corp. to its partner, Seiko Epson Corp., Asia
Pulse relates.

According to Antara News, Sanyo made the decision as part of its
broader business restructuring strategy.  Over the next three
years the company plans to reduce its roughly 300 group firms by
100, the report says.

Asia Pulse recounts that Sanyo Epson Imaging Devices was set up
in 2004 to integrate the Sanyo Electric's and Seiko Epson's LCD
panel operations.  However, business has stagnated as panel
prices have fallen, and sales for the year ending March 31,
2007, are now expected to reach only about JPY245 billion
(US$2.1 billion), which is JPY50 billion below the initial
estimate.

                       About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading
manufacturers of consumer electronics products.

The company has global operations in Brazil, Germany, India,
Ireland, Spain, the United States and the United Kingdom, among
others.

As reported in the Troubled Company Reporter - Asia Pacific on
September 28, 2006, Fitch Ratings has assigned BB+ long-term
foreign and local currency issuer default ratings to Sanyo
Electric Co., Ltd.  The outlook on the ratings is Stable.  Fitch
has also assigned a senior unsecured rating of BB+ to Sanyo's
outstanding bonds.

Fitch noted that the company is restructuring its operations and
its financial flexibility has relatively improved due to new
capital injection in March 2006.

Standard & Poor's Ratings Services lowered to 'BB-' from 'BB'
its long-term corporate credit rating on Sanyo Electric Co. Ltd.
At the same time, Standard & Poor's lowered to 'BB' from 'BB+'
its issue ratings on Sanyo Electric's senior unsecured debt.
The outlook on the long-term credit rating is negative.  The
ratings were removed from CreditWatch, where they were placed on
Nov. 22, 2006.


SOJITZ CORP: To Set Up Food Wholesaling Joint Venture in Beijing
----------------------------------------------------------------
Sojitz Corp. (TSE:2768) revealed a plan to establish a general
food-wholesaling joint venture in Beijing in February 2007 to
handle frozen, chilled and other foods, Asia Pulse relates.

According to Antara News, the new firm will be capitalized at
about JPY870 million (US$7.4 million).  Sojitz will hold a 49%
stake in the new company and the remaining shares will be owned
by Beijing Sanyuan Group Co., Asia Pulse says.

Beijing Sanyuan sells dairy, ham, mayonnaise and other products
through group companies.

The report says that the new venture will first take over
Beijing Sanyuan's distribution operations, expanding into the
food-wholesaling business as early as September next year.

                       About Sojitz Corp.

The Sojitz Group was essentially formed through the business
integration between Nichimen Corporation and Nissho Iwai
Corporation, two companies with over a century of history. This
business integration took shape in December 2002 and was
followed on April 1, 2003, by the incorporation of a joint
holding company.  As a public listed company, this holding
company was incorporated to pursue business integration,
management supervision and comprehensive disclosure. Heralding a
new era, the principal operating arms of the Group, Nichimen
Corporation and Nissho Iwai Corporation were merged to form a
new single entity, Sojitz Corporation on April 1, 2004.  On
October 1, 2005, the final phase of business integration was
completed through the merger of the holding company and Sojitz
Corporation

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Oct. 3,
2006, that Standard & Poor's Ratings Services raised its long-
term corporate credit rating on Sojitz Corp. to 'BB' from 'BB-'
and its long-term senior unsecured debt rating on the company to
'BBB-' from 'BB+', reflecting Sojitz's improved capitalization
and profitability.  The corporate credit rating remains on
CreditWatch with positive implications, while the long-term
senior unsecured debt rating was removed from CreditWatch.

Japan Credit Rating on August 8, 2006, assigned a BBB- rating to
bonds to be issued under the shelf registration of Sojitz
Corporation.  The bonds will be issued on August 17, 2006, and
will mature on August 17, 2006.


SUMITOMO MITSUI BANKING (EUR): Moody's Lifts Bank Rating to D+
--------------------------------------------------------------
Moody's Investors Service has upgraded bank financial strength
rating of Sumitomo Mitsui Banking Corporation Europe Limited to
D+ from D.  BFSR of SMBCE has been on review since July 2006.
Long and short-term deposit ratings (A1/Prime-1) of SMBCE were
not affected by this review.  The outlook for BFSR is stable.

The upgrade is prompted mainly by upgrade of BFSR of its parent,
Sumitomo Mitsui Banking Corporation, due to SMBCE's strong
linkage to SMBC, in terms of risk and liquidity management, and
business strategy.  SMBCE's D+ BFSR also incorporates its
wholesale targeted strategy and its credit portfolio
concentration, however, these features of SMBCE are balanced by
its standalone high regulatory capital and good asset quality.

SMBCE is a wholly owned subsidiary of SMBC.

Headquartered at Chiyoda-ku, in Tokyo, Japan, Sumitomo Mitsui
Banking Corporation -- http://www.smbc.co.jp/-- provides
commercial banking services including deposits, loans, foreign
exchange transactions, and correspondents banking services
around the world.  The bank also provides leasing, securities
brokerages, credit cards, consumer loans, venture capital, and
mortgage securitization services.

The Troubled Company Reporter - Asia Pacific reported on
Oct. 24, 2006, that Fitch Ratings has upgraded Sumitomo Mitsui
Banking Corporation's Individual rating to 'C' from 'C/D'.

The TCR-AP reported on July 17, 2006, that Moody's Investors
Service has upgraded the bank financial strength rating of
Sumitomo Mitsui Banking Corporation to D+ from D.

A subsequent TCR-AP report on Oct. 3, 2006, stated that Fitch
Ratings has affirmed Sumitomo Mitsui's Individual Rating at C/D.


US AIRWAYS: Wants Bombardier Global Settlement Approved
-------------------------------------------------------
Reorganized US Airways, Inc., and its affiliates, on May 9,
2003, entered into a master purchase agreement with Bombardier
Inc. pursuant to which Bombardier agreed to sell, and the
Reorganized Debtors agreed to purchase, up to 226 Bombardier CRJ
aircraft.

According to Douglas M. Foley, Esq., at McGuirewoods LLP, in
Norfolk, Virginia, US Airways was obligated to purchase 42 of
the Bombardier Aircraft, designated as "Firm Aircraft," which
remained undelivered under the terms of the Master Purchase
Agreement as of the Petition Date.

US Airways and Bombardier also entered into ancillary
agreements:

   (i) a Sale of Goods and Services Agreement No. SOG-023
       between Bombardier, as represented by Bombardier
       Aerospace Regional Aircraft, and Piedmont Airlines, Inc.;
       and

  (ii) a License Agreement No. DAT-1146 and a License Agreement
       for CRJ200 Flight CBT No. MIS-0657 between Bombardier, as
       represented by Bombardier Aerospace, and US Airways
       Group.

Subsequently, the Reorganized Debtors commenced their Chapter 11
Cases, wherein Bombardier filed seven claims aggregating
US$1,300,000,000:

    -- Claim Nos. 4325 and 4328 against US Airways Group, Inc.;
    -- Claim Nos. 4324, 4327, and 4329 against Piedmont; and
    -- Claim Nos. 4326 and 4330 against PSA Airlines, Inc.

Mr. Foley relates that following negotiations, US Airways and
Bombardier entered into a global settlement letter agreement
dated November 10, 2006, which provides for:

   (1) the Reorganized Debtors' assumption, pursuant to Section
       365, of the US Airways MPA, as modified by the Letter
       Agreement, with the assumption to be deemed effective as
       of September 27, 2005, the effective date of the Debtors'
       confirmed Joint Plan of Reorganization;

   (2) the full satisfaction and resolution of Bombardier's
       Claims by allowing it a general unsecured claim for
       US$147,500,000, which includes the US$135,000,000 allowed
       claim under the US Airways MPA, and by permitting
       Bombardier to set off or cancel credit notes and
       memoranda issued to US Airways against a similar amount
       in prepetition spare parts and equipment receivables;

   (3) the return to US Airways of all pre-delivery payments
       currently held by Bombardier;

   (4) a waiver of Bombardier's September 22, 2004, reclamation
       demand and any associated administrative expense claims
       under Sections 546(c)(2) and 503(b) of the Bankruptcy
       Code; and

   (5) a waiver of any cure amounts due in connection with any
       assumption of the Master Purchase Agreement and the
       Ancillary Agreements.

In connection with the modification and assumption of the US
Airways MPA:

   (a) All obligations of US Airways to purchase and take
       delivery of the 42 "Firm Aircraft" remaining undelivered
       under the US Airways MPA, and the rights of US Airways to
       purchase and take delivery of the 90 "Reconfirmable
       Aircraft" and the 94 "Option Aircraft" under the US
       Airways MPA, and all obligations of Bombardier to
       manufacture and deliver the 226 aircraft will be deemed
       terminated; and neither party will have any further
       obligations, rights, claims or causes of action regarding
       the aircraft, whether arising under the US Airways MPA or
       otherwise, except that Bombardier will be entitled to an
       allowed general unsecured claim for US$135,000,000;

   (b) The US Airways MPA will be amended to provide US Airways
       with new Purchase Right Aircraft.  US Airways will have
       the right to purchase an agreed-upon number of Bombardier
       200/700/900 series aircraft, as US Airways will from time
       to time elect during the Purchase Right Period;

   (c) For a period of five years commencing upon the date of
       the execution of an amended and restated US Airways MPA
       incorporating the terms and conditions of the Letter
       Agreement relative thereto -- the "Purchase Right
       Period", US Airways will have the right to purchase some
       or all of the Purchase Right Aircraft, subject to
       availability, by delivering a written notice to
       Bombardier; and

   (d) Upon assumption of the US Airways MPA, as modified and
       amended by the Letter Agreement, Bombardier will not be
       obligated to provide any financing assistance of any kind
       in connection with any Bombardier CRJ aircraft, whether
       delivered or undelivered as of the date of the Letter
       Agreement, under the US Airways MPA or under the US
       Airways MPA, as modified and amended by the Letter
       Agreement.

By this motion, the Reorganized Debtors ask the U.S. Bankruptcy
Court for the Eastern District of Virginia to:

     * approve the Global Settlement Letter Agreement;

     * authorize the assumption of the Master Purchase
       Agreement, as modified and amended by the Letter
       Agreement, and the Ancillary Agreements; and

     * resolve all remaining Bombardier claims against the
       Reorganized Debtors.

Mr. Foley says the Master Purchase Agreement and the Ancillary
Agreements were among the executory contracts and unexpired
leases to be assumed or rejected listed on the Reorganized
Debtors' post-effective date determination schedule.

From and after the Effective Date, the parties entered into
several Court-approved stipulations extending the deadline for
the Reorganized Debtors to assume or reject the Master Purchase
Agreement and the Ancillary Agreements.  The current stipulation
extends that deadline through and including December 14, 2006.

Mr. Foley tells Judge Mitchell that the relief requested should
be granted, because, among other things:

   (a) the request will bring closure to the remaining issues
       between the Reorganized Debtors and Bombardier related to
       the Chapter 11 Cases;

   (b) the settlement eliminates the possibility of complex and
       costly litigation that would be required to resolve the
       numerous issues remaining between the parties; and

   (c) the Letter Agreement fixes the value of the Reorganized
       Debtors' previously unliquidated assets and liabilities
       and permits the parties to move forward under the Master
       Purchase Agreement.

The Post-Effective Date Committee has approved the Letter
Agreement and consented to the relief requested, including the
allowance of the Bombardier Claims.

                         About US Airways

Headquartered in Arlington, Virginia, US Airways' primary
business activity is the ownership of the common stock of US
Airways, Inc., Allegheny Airlines, Inc., Piedmont Airlines,
Inc., PSA Airlines, Inc., MidAtlantic Airways, Inc., US Airways
Leasing and Sales, Inc., Material Services Company, Inc., and
Airways Assurance Limited, LLC.

The company and its affiliates filed for chapter 11 protection
on Aug. 11, 2002 (Bank. E.D. Va. Case No. 02-83984).  Under a
chapter 11 plan declared effective on March 31, 2003, USAir
emerged from bankruptcy with the Retirement Systems of Alabama
taking a 40% equity stake in the deleveraged carrier in exchange
for US$240 million infusion of new capital.

US Airways and its subsidiaries filed their second chapter 11
petition on Sept. 12, 2004 (Bankr. E.D. Va. Case No. 04-13820).
Brian P. Leitch, Esq., Daniel M. Lewis, Esq., and Michael J.
Canning, Esq., at Arnold & Porter LLP, and Lawrence E. Rifken,
Esq., and Douglas M. Foley, Esq., at McGuireWoods LLP, represent
the Debtors in their restructuring efforts.  In the company's
second bankruptcy filing, it listed US$8,805,972,000 in total
assets and US$8,702,437,000 in total debts.  The Debtors'
chapter 11 plan for its second bankruptcy filing became
effective on Sept. 27, 2005.  The Debtors completed their merger
with America West on the same date.

On March 31, 2006, the Court entered a final decree closing the
chapter 11 cases of four affiliates.  Only US Airways, Inc.'s
chapter 11 case remains open.

US Airways (NYSE: LCC) and America West's merger created the
fifth largest domestic airline employing nearly 35,000 aviation
professionals.  US Airways, US Airways Shuttle and US Airways
Express operate approximately 3,800 flights per day and serve
more than 230 communities in the U.S., Canada, Europe, the
Caribbean and Latin America.  US Airways is a member of Star
Alliance, which provides connections for our customers to 841
destinations in 157 countries worldwide.

US Airways has operations in Japan, Australia, China, Costa
Rica, Philippines, and Spain, among others.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services placed its ratings on US
Airways Group Inc., including the 'B-' corporate credit ratings
on US Airways Group Inc. and its major operating subsidiaries
America West Holdings Corp., America West Airlines Inc., and US
Airways Inc., on CreditWatch with developing implications.

At the same time, ratings on enhanced equipment trust
certificates of Delta Air Lines Inc. were also placed on
CreditWatch with developing implications.


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

DURA AUTOMOTIVE: Hires Glass & Associates as Financial Advisors
---------------------------------------------------------------
DURA Automotive Systems Inc. and its debtor affiliates obtained
authority from the United States Bankruptcy Court for the
District of Delaware to employ Glass & Associates Inc. as their
financial advisors.

John C. DiDonato, president of Glass & Associates, Inc., relates
that since 1986, his firm has acquired significant experience
with business assessments, management consulting, interim
management, financial consulting, interim management, financial
restructuring, litigation consulting, and bankruptcy matters.

Glass has served boards of directors, senior management, secured
and unsecured lenders, unsecured creditors' committees, and
other stakeholders of distressed businesses in more than 750
engagements in approximately 30 different industries, including
more than 100 engagements in the automotive supplier sector.

Specifically, Glass has acted as financial or operational
advisor to Allied Holdings, Inc., Intermet Corporation, CEP
Holdings, LLC, General Chemical Group, Inc., Integrated
Electrical Services, Inc., Mississippi Chemical Corporation,
Railworks Corporation, and Transit Group, Inc., in those
debtors' Chapter 11 cases.  The firm, Mr. DiDonato says, has
also acted as advisors to lenders, acquirers and customers in
the Chapter 11 cases of Collins & Aikman Corporation, BBi
Enterprises, Inc., Metalforming Technologies, Tower Automotive,
Inc., and Trim Trends Co., LLC.

According to Keith Marchiando, chief financial officer of Dura
Automotive Systems, Inc., the Debtors have selected Glass after
reviewing the qualifications and experience of the firm's
personnel and because of Glass' diverse knowledge and
considerable expertise in assisting restructuring companies both
inside and outside of Chapter 11 cases.

On Aug. 15, 2006, the Debtors engaged Glass to provide financial
advisory services.  Since that time, Glass has:

   (1) developed a weekly liquidity budget, a 13-week cash
       forecast, and analyzed working capital requirements in
       both the short-term and the longer-term;

   (2) assisted the Debtors in developing and implementing cash
       management strategies, tactics and processes;

   (3) assisted the Debtors in developing contingency plans in
       support of operational and financial restructuring
       efforts; and

   (4) developed financial projections models, which will be
       used in coordination with the Company's business plan and
       valuation to which Glass is also providing assistance.

As a result, Glass has developed a great deal of institutional
knowledge regarding the Debtors' operations, finance and
systems.

"Such experience and knowledge will be valuable to the Debtors
in their efforts to reorganize," Mr. Marchiando says.

Thus, as the Debtors' financial advisors, Glass will:

   (a) assist the Debtors in the preparation of financial-
       related disclosures required by the Court, including the
       Schedules of Assets and Liabilities, the Statements of
       Financial Affairs, and Monthly Operating Reports;

   (b) assist the Debtors with information and analyses required
       pursuant to the Debtors' debtor-in-possession financing;

   (c) assist with the identification and implementation of
       short-term cash management procedures;

   (d) assist in responding to and tracking calls received from
       suppliers in the Debtors' call center, including the
       production of various management reports reflecting call
       center activity;

   (e) advise and assist the Debtors in connection with the
       development and implementation of key employee retention
       and other critical employee benefit programs;

   (f) assist with the identification of executory contracts and
       leases and performance of cost/benefit evaluations with
       respect to the affirmation or rejection of each;

   (g) assist the Debtors' management team and counsel focused
       on the coordination of resources related to the ongoing
       reorganization effort;

   (h) assist in the preparation of financial information for
       distribution to creditors and others, including, but not
       limited to, cash flow projections and budgets, cash
       receipts and disbursement analysis, analysis of various
       asset and liability accounts, and analysis of proposed
       transactions for which Court approval is sought;

   (i) attend meetings and assist in discussions with potential
       investors, banks and other secured lenders, any official
       committee(s) appointed in the Debtors' cases, the United
       States Trustee, other parties-in-interest, and
       professionals hired by these parties, as requested;

   (j) analyze creditor claims by type, entity, and individual
       claim, including assistance with development of
       databases, as necessary, to track those claims;

   (k) assist in the preparation of information and analysis
       necessary for the confirmation of a plan of
       reorganization, including information contained in the
       disclosure statement;

   (l) assist in the evaluation and analysis of avoidance
       actions, including fraudulent conveyances and
       preferential transfers;

   (m) provide litigation advisory services with respect to
       accounting and tax matters, along with expert witness
       testimony on case related issues as required by the
       Debtors; and

   (n) render other general business consulting or other
       assistance as the Debtors' management or counsel may deem
       necessary that are consistent with the role of a
       financial advisor and not duplicative of services
       provided by other professionals.

According to Mr. Marchiando, Glass will also provide assistance
in responding to and handling calls received from the Debtors'
suppliers in the Debtors' call center, including the production
of various management reports reflecting call center activity.

In connection with the Vendor Call Center process, Glass'
professionals will be performing repetitive tasks in responding
to numerous vendor calls including answering incoming calls,
communicating relevant factual information regarding the
proceedings, negotiating terms of supply and updating the Vendor
Call Center database to reflect the outcome of calls received.

Given the nature of these tasks and the expected volume of
supplier calls, Mr. Marchiando says, it would be impractical and
would provide little monitoring insight to various parties-in-
interest for the professionals to maintain detailed time records
for tasks performed in connection with the Vendor Call Center.

Thus, the Debtors ask the Court to allow the Vendor Call Center
professionals to submit only summary documentation with the
overall Glass applications that provide the hours incurred by
level and descriptions of the categories of tasks that were
completed by the group during the applicable time period in lieu
of providing detailed time records.

The Debtors will pay Glass's professionals based on their hourly
rates:

          Professional                      Hourly Rate
          ------------                    ---------------
          Principal                       US$375 - US$575
          Case Director                   US$350 - US$500
          Senior Consultant               US$250 - US$380
          Consultant                      US$200 - US$300
          Clerical/Administrative          US$75 - US$125

In addition, the Debtors will pay the firm a US$1,000,000
completion fee on (a) the effective date of a confirmed Chapter
11 plan of reorganization, or (b) the consummation of a
Restructuring Transaction.

The term "Restructuring Transaction" means any recapitalization
or restructuring of the Debtors' preferred, equity or debt
securities, and other indebtedness, obligations or liabilities,
including pursuant to a repurchase or exchange transaction,
solicitation of consents, waivers, acceptances or
authorizations.

The Debtors may also, at their sole discretion and subject to
the Court's approval, pay Glass on the Effective Date an
Incentive Fee of up to US$1,000,000 for its role in matters
including:

   (a) obtaining customer price and other concessions;

   (b) stabilizing and improving vendor relations;

   (c) developing a liquidation analysis; or

   (d) any other matters in which Glass provides a benefit to
       the Debtors.

Glass will seek reimbursement for reasonable and necessary
expenses incurred in connection with the Debtors' reorganization
cases.

Mr. Marchiando asserts the fee structure is consistent with
Glass' normal and customary billing practices for comparably
sized and complex cases.  The parties believe the compensation
arrangements are both reasonable and market-based.

The Debtors will indemnify and hold Glass harmless against
liabilities arising out of or in connection with its retention
by the Debtors, except for any liability for losses, claims,
damages, or liabilities incurred by the Debtors that are finally
judicially determined by a court of competent jurisdiction to
have primarily resulted from the bad faith, self-dealing, breach
of fiduciary duty (if any), gross negligence, or willful
misconduct of Glass.

According to the firm's books and records, during the 90-day
period prior to the Petition Date, Glass received $3,259,512
from the Debtors for professional services performed and
expenses incurred.  "These payments have been applied to
outstanding invoices and applied on account to fees and expenses
incurred in providing services to the Debtors in contemplation
of, and in connection with, [the] prepetition restructuring
activities," Mr. DiDonato says.

Glass estimates it has received unapplied advance payments from
the Debtors in excess of prepetition billings totaling
US$500,000.

Mr. DiDonato assures the Court that Glass is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.  In addition, he says, Glass neither holds nor
represents an interest adverse to the Debtors within the meaning
of Section 327(a) of the Bankruptcy Code.

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: 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).


DURA AUTOMOTIVE: Gets Court's Final Okay for Customer Programs
--------------------------------------------------------------
DURA Automotive Systems Inc. obtained from the United States
Bankruptcy Court for the District of Delaware final
authorization to continue, renew, replace, implement new, or
terminate, and perform prepetition obligations under their
Customer Programs.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 27, 2006, the company, pursuant to Sections 105(a), 363,
1107(a), and 1108 of the Bankruptcy Code, obtained, on an
interim basis, the Court's authority to:

    (a) perform their prepetition obligations related to the
        foregoing Customer Programs; and

    (b) continue, renew, replace, implement new, or terminate
        their Customer Programs, in the ordinary course of
        business, without further application to the Court.

The Debtors also sought to continue their Customer Programs as
they have proven:

    (i) successful business strategies in the past; and

   (ii) responsible for generating valuable goodwill, repeat
        business, and net revenue increases.

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).


HYNIX SEMICONDUCTOR: Local Watchdog Questions Tax Breaks
--------------------------------------------------------
Citizens for Public Accountability, a local public watchdog
group, wants a county tax assessor to investigate if Hynix
Semiconductor Inc.'s subsidiary in Eugene, Oregon, in the United
States should get tax breaks, The Register-Guard, a daily
newspaper in Eugene, reports.

According to the report, the local watchdog sent a letter on
Dec. 7, asking the local tax assessor to start a probe whether
Hynix Semiconductor's alleged illegal activities may render its
Eugene computer-chip plant ineligible from enterprise zone
property tax breaks.

Hynix has reportedly obtained more than US$50 million in
property tax breaks because of location of the plant in an
enterprise zone.

The group reportedly made the move after learning that the State
of Oregon joined a multi-state lawsuit against chip
manufacturers including Hynix Semiconductor asserting that
consumers paid more for their computers than they should have
because of collusion among producers of dynamic random access
memory.

The Troubled Company Reporter - Asia Pacific reported on
April 25, 2006, that Hynix Semiconductor pleaded guilty to the
U.S. Department of Justice's charge that the company conspired
with other entities to fix prices of DRAM chips.

Hynix paid US$185 million in fines, and several Hynix executives
will be serving jail time, the local daily recounts.

An environmental law group also questioned the entitlement of
the company's Eugene unit to tax breaks it has received over the
years, TCR-AP reported on Oct. 17.

                  About Hynix Semiconductor

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

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


KOOKMIN BANK: Still Interested in Acquiring Korea Exchange Bank
---------------------------------------------------------------
Kookmin Bank is still interested in acquiring Korea Exchange
Bank even after the failed deal to buy it from United States-
based Lone Star Funds, Reuters reports, citing a statement made
by Kookmin.

As answer to market speculations, Kookmin made it clear that it
has no plans to buy a brokerage, Reuters notes.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 27, 2006, Lone Star terminated its agreement to sell a
controlling stake in KEB to Kookmin because of the continuing
investigations by South Korean prosecutors into the equity
fund's investment in KEB.

The probe resulted in the Supreme Prosecutors Office declaring
the KEB sale to Lone Star in 2003 as illegal, a Dec. 8 TCR-AP
report said.

Even with the recent development, Kookmin remains hopeful.

"KEB will be put up for sale again some time, then we will have
another try at buying it," Reuters quotes Kookmin CEO Kang
Chung-won as telling reporters.  "We are a good fit."

                       About Kookmin Bank

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

                          *     *     *

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

Fitch Ratings gave the bank a B/C individual rating.


KOOKMIN BANK: Ties Up with SGCIB to Expand Commodity Derivatives
----------------------------------------------------------------
Kookmin Bank and Societe Generale Corporate & Investment Banking
have signed a service agreement to expand commodity derivatives
business in Korea.  The Service Agreement was signed in the
presence of Young-Han Choi, Senior Executive Vice President,
Capital Markets & Treasury Group of Kookmin Bank, and Francis
Repka, SG CIB Head of Fixed Income & Commodity Derivatives, Asia
(ex-Japan).

This is the first partnership on commodity derivatives business
between a Korean bank and a foreign bank.  From this
partnership, Kookmin bank is expecting to assure a leading
position in commodity derivatives business in Korea through the
close cooperation with SG CIB.

SG CIB is highly appraised by its well-known global
competitiveness especially in derivatives products.  In 2006, SG
CIB was selected as "2006 Energy/Commodity Derivatives House of
the Year" in Asia Risk Magazine.  A worldwide management of SG
CIB in energy/commodity derivatives business has been very
successful through partnerships with six different worldwide
institutions in Japan, France, Canada, and USA etc.  In case of
Mizuho Bank, which formed a partnership with SG CIB in 2001, it
was selected as "Energy/Commodity Derivatives House of the
Year".

The prices of commodities have been continuously increasing due
to high demand and low supply caused by rapid economic growth in
China and India.  The Korean companies are aware that the risk
management for the price of raw materials is essential, since
they depend highly on the importation of raw materials (e.g.
Korean companies' ranked 4th place in oil importation among
Asian countries).  However, except for those few large
enterprises, most of the Korean companies are not properly
hedging the risk of price fluctuation in raw materials due to
lack of knowledge as well as low credibility.

Young-Han Choi, Senior Executive Vice President, Capital Markets
& Treasury Group in Kookmin Bank, said that, "This agreement
will enable us to develop tailor-made products for the clients
who are exposed to the price risk especially in raw materials
such as energy, metals, grains etc. through synergy between
Kookmin Bank's strong network of corporate clients and SG CIB's
advanced system and capabilities to develop innovative
products".

Marc Lansonneur, SG CIB Head of Commodity Trading, Asia, said
that "Hopefully this partnership will succeed in providing
Korean manufacturing companies with the risk management service
for commodities based on SG CIB's know-how."  Dong-young Park,
Managing Director, Head of Financial Institutions Group of SG
CIB Korea, insisted that "This partnership stands on trust and
the longstanding relationship between Kookmin and SG CIB".

Two banks agreed to cooperate and contribute sincerely to the
development of the commodity derivatives' markets in Korea.

                       About Kookmin Bank

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

                          *     *     *

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

Fitch Ratings gave the bank a B/C individual rating.


UAL CORP: In Talks with Continental Airlines for Possible Merger
----------------------------------------------------------------
UAL Corp., the parent of United Airlines, and Continental
Airlines Inc. are talking of merging their companies, creating a
US$9 billion carrier, reports say.

An unnamed source disclosed that US Airways' move to bid for
rival Delta Airlines prompted Continental to respond to UAL's
bid, which was broached three months ago.

According to reports, the talks are still in the early stages.

There are plenty of obstacles to the UAL and Continental merger,
including regulatory concerns, Northwest Airlines' share in
Continental, and shareholders' votes.

                    About Continental Airlines

Continental Airlines Inc. (NYSE: CAL) -- http://continental.com/
-- is the world's fifth largest airline.  Continental, together
with Continental Express and Continental Connection, has more
than 3,200 daily departures throughout the Americas, Europe and
Asia, serving 154 domestic and 138 international destinations.
More than 400 additional points are served via SkyTeam alliance
airlines.  With more than 43,000 employees, Continental has hubs
serving New York, Houston, Cleveland and Guam, and together with
Continental Express, carries approximately 61 million passengers
per year.  Continental consistently earns awards and critical
acclaim for both its operation and its corporate culture.

                         About UAL Corp.

Headquartered in Chicago, Illinois, UAL Corporation (NASDAQ:
UAUA) -- http://www.united.com/-- through United Air Lines,
Inc., is the holding company for United Airlines -- the world's
second largest air carrier.  The airline flies to Brazil, Korea
and Germany.

                          *     *     *

Moody's Investors Service assigned ratings in July 2006 to
United Air Lines Inc.'s Pass Through Trust Certificates, Series
2000-1: Ba3 rating to US$233,244,336 Class A-1 Certificates; Ba3
rating to US$324,913,300 Class A-2 Certificates; and B3 rating
to US$186,368,450 Class B Certificates.


WORLDSPAN LP: S&P Rates Revolver and First-Lien Term Loan at B
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned ratings to Worldspan
L.P.'s proposed US$1 billion secured credit facility.

The revolver and first-lien term loan are rated 'B', the same as
the corporate credit rating, and are assigned a recovery rating
of '2', indicating expectations of substantial recovery of
principal in the event of a payment default.

The US$750 million facility consists of a US$50 million revolver
due 2012 and a US$700 million term loan due 2013.  The US$250
million second-lien term loan that matures in 2014 is rated
'CCC+', and assigned a recovery rating of '5', indicating
expectations of negligible recovery of principal in the event of
a payment default.

The bank loan ratings have been placed on CreditWatch with
developing implications; the recovery ratings are not on
CreditWatch.

Proceeds from the proposed credit facility and a US$250 million
payment-in-kind loan from Travelport Inc. will be used to
refinance the company's existing debt and pay its owners a
dividend.

Worldspan has also entered into a merger agreement with
Travelport.  Upon closing of the proposed credit facility, the
'B' ratings on Worldspan's existing US$490 million secured
credit facility and US$300 million secured floating rate notes
will be withdrawn.  Existing ratings on Worldspan remain on
CreditWatch with developing implications, where they were placed
on Dec. 7, 2006, based on reports of its proposed merger with
Travelport and its recapitalization.

"A combination with Travelport is expected to result in new
revenue opportunities as well as US$50 million of operating
synergies for the combined entity, which could result in
Worldspan's corporate credit rating being raised to 'B+', the
same as Travelport's, depending on how the combined entity is
capitalized," said Standard & Poor's credit analyst Betsy
Snyder.

"If a larger-than-expected portion of Worldspan's business were
to migrate to its competitors, resulting in a weaker operating
performance, ratings could be lowered, although we consider this
outcome less likely."

Affirmation of ratings at the current level is another possible
outcome.   Completion of the merger will depend on approval by
government regulatory authorities.  Standard & Poor's will
assess synergies from the proposed merger as well as the effect
of the recapitalization on Worldspan's financial profile in
resolving the CreditWatch.

The ratings on Worldspan reflect its weak financial profile and
limited financial flexibility after several recapitalizations,
in which debt was used to redeem preferred stock held by the
company's owners and to pay them a dividend of approximately
US$600 million.

Worldspan does benefit from its leading position in processing
on-line travel bookings, the fastest-growing segment of the
travel distribution industry.  This segment accounts for
approximately 45% of Worldspan's revenues.

Headquartered in Atlanta, Georgia, Worldspan, L.P. --
http://www.worldspan.com/-- is a leader in travel technology
services for travel suppliers, travel agencies, e-commerce sites
and corporations worldwide.  Utilizing some of the fastest, most
flexible and efficient networks and computing technologies,
Worldspan provides comprehensive electronic data services
linking approximately 800 travel suppliers around the world to a
global customer base.  Worldspan offers industry-leading Fares
and Pricing technology such as Worldspan e-Pricing(R), hosting
solutions, and customized travel products.  Worldspan enables
travel suppliers, distributors and corporations to reduce costs
and increase productivity with technology like Worldspan
Go!(R) and Worldspan Trip Manager(R) XE.  The company's
operations include those in Korea, Argentina and Belgium.


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

ANTAH HOLDINGS: November Loan Default Totals MYR259,925,000
-----------------------------------------------------------
Antah Holdings Bhd filed with the Bursa Malaysia Securities Bhd
the default status of its credit facilities as of November 30,
2006.

As of end-November, Antah Holdings' default plus interest owed
to financial institutions totals MYR259,925,000:

                                            Loan Default
   Lender                                  (in thousands)
   ------                                   ------------
   RHB Sakura Merchant Bankers Berhad           MYR8,472
   RHB Bank Berhad                                 2,992
                                                   4,302
   OCBC Bank Berhad                                7,733
                                                   1,363
   Mizuho Corporate Bank Ltd                      36,950
   Standard Chartered Bank Malaysia Berhad         6,940
   EON Bank Berhad                                 5,267
   Bank of Tokyo-Mitsubishi (M) Berhad             1,934
   Aseambankers Malaysia Berhad                      985
   AmBank Berhad                                   1,222
   Arab Malaysian Bank Berhad                      4,303
   Bank Pertanian Malaysia                        10,501
   Malayan Banking Berhad                         17,015
   DBS Bank Ltd                                  123,036
   Deutsche Bank (M) Berhad                        5,183
   Affin Bank Berhad                               8,650
   Malayan Banking Berhad                         10,570
                                                   2,508
                                              ----------
                                              MYR259,925
                                              ==========

                          *     *     *

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.


PROTON HOLDINGS: Told to Show Improvements by 2008
--------------------------------------------------
State-owned Proton Holdings Bhd must start showing improvements
by 2008, its senior management team was told at a closed-door
briefing late last week, Business Times reports.

At the meeting, Proton managing director Datuk Syed Zainal
Abidin Syed Mohamed Tahir outlined details of a 10-year plan
that included cutting cost, improving quality and introducing
fresh models, the newspaper relates.

According Business Times' sources (unnamed executives who
attended the briefing), during the meeting:

   -- Proton's management team asserted that creating loose
      alliances with rival foreign carmakers to build new
      platforms will help pull the company out from its current
      slump;

   -- two division heads were given "show cause" letters by the
      management.

Proton has five divisions -- manufacturing, marketing,
engineering, finance and international business -- Business
Times states.

Business Times notes the extension of agreements entered by
Proton with foreign carmakers:

   -- Proton has extended for the second time a preliminary
      agreement with Mitsubishi Motors Corp to build new models
      and cooperate on technology and component-supply areas;

   -- The company also extended the feasibility-study period
      for agreements with China's Chery Automobile Co and Alado
      Corp. for a possible collaboration.

"To build really new models via joint ventures, Proton will have
to inject cash heavily into research and development," a Proton
executive, who spoke on condition of anonymity, told the
newspaper.  He also suggested that there could be some
disagreement between the shareholders and top management team on
how Proton should move forward.

                          *     *     *

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad --
http://www.proton-edar.com.my/-- is engaged in manufacturing,
assembling, trading and provision of engineering and other
services in respect of motor vehicles and related products.  Its
other activities include property development, trading of steel
and related products, engine and technologies research,
development of automotive related technologies, investment
holding, importation and distribution of motor vehicles, related
spare parts and accessories, holds intellectual property,
provides engineering consultancy, operates single make race
series and carries out specific engineering contracts.  The
Group's operations are carried out in Malaysia, England,
Australia, Socialist Republic of Vietnam and the United States
of America.

Proton was reported to be among Malaysia's worst-performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

As reported by the Troubled Company Reporter - Asia Pacific on
December 06, 2006, Proton Holdings' fiscal second-quarter loss
widened as lower revenue and higher expenses pressured
Malaysia's national carmaker.  Based on the company's financial
report for the three months ended Sept. 30, 2006, Proton had a
loss of MYR250.3 million compared with a loss of MYR154.3
million in the same quarter a year earlier.


TALAM CORP: High Court Extends Restraining Order to Unit
--------------------------------------------------------
The Kuala Lumpur High Court further extends to June 26, 2007,
the restraining order given to Maxisegar Sdn Bhd, a wholly owned
subsidiary of Talam Corporation Bhd.

Maxisegar obtained the restraining order from the court on
May 30, 2006, to facilitate the holding of creditors meeting
concerning the implementation of a proposed debt-restructuring
scheme.

As reported by the Troubled Company Reporter - Asia Pacific on
June 12, 2006, the Court previously extended the RO from June
27, 2006, to December 27, 2006.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad is principally engaged in property development.  Its
other activities include trading building materials,
manufacturing of ready mixed concrete, provision for higher
educational programs, development and management of hotel, golf
and country club horticulturists, agriculturists and landscaping
designers and contractors and investment holding.  Operations of
the group are carried out in Malaysia and China.

The Troubled Company Reporter - Asia Pacific reported on Sept.
11, 2006, that based on the Audited Financial Statements of
Talam Corporation for the financial year ended January 31, 2006,
the Auditors Ernst & Young were unable to express their opinion
on the Company's Audited Accounts.  As such, the Company is an
affected listed issuer of the Amended Practice Note 17 category.
In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition within
eight months from September 1, 2006.


TENCO BERHAD: Inks MOUs with Two Chinese Companies
---------------------------------------------------
Tenco Bhd on November 28, 2006, signed memorandums of
understanding with two Chinese entities:

    1. MBTS International Cargo (Xiamen) Co. Ltd -- intends to
       summarize the discussions and the understanding of the
       parties concerning the possible cooperation with each
       other in developing their respective businesses in the
       People's Republic of China.

    2. Huizhou Longji Real Estate Development Co. Ltd -- intends
       to summarize the discussions and the understanding of the
       parties concerning the possible cooperation with each
       other in developing their respective businesses in the
       PRC.

Tenco Bhd makes it clear that the MOUs are intended solely as a
basis for further discussions and are not intended to be and do
not constitute any legally binding obligations whatsoever by or
among the respective parties.  The MOUs will terminate upon,
among others, the expiry of six months from the date of the
MOUs, or at another date as may be agreed by the parties.

                            About MBTS

MBTS Xiamen is a company incorporated in the PRC and is
primarily involved as a domestic and international cargo agent
in Xiamen in the PRC.

                       About Huizho Longji

Huizhou Longji is a company incorporated in the PRC and is
primarily involved in property development in Danshui, Huiyang
District, Guangdong Province in the PRC.

                          *     *     *

Headquartered in Selangor, Malaysia, Tenco Berhad's principal
activities are manufacturing and selling of polymer, chemicals,
adhesive, decorative coatings and related products, building
materials, equipment and consumer products.  Other activities
include investment holding and provision of management services.

The Group operates in Malaysia, Singapore and Canada.

Tenco is classified as a Practice Note 17 company because its
current shareholders' equity on a consolidated basis is less
than 25% of its issued and paid up capital, and it defaulted on
various loan facilities and is unable to provide a solvency
declaration.  Tenco is required to submit its financial
regularization plan to relevant authorities not later than
January 8, 2007.

Total assets as of September 30, 2006, amounted to MYR60.44
million while total liabilities reached MYR58.55 million.
Shareholders' equity in the company totaled MYR1.89 million.


TENCO BERHAD: Files Additional Proposals with the Bursa
-------------------------------------------------------
On November 28, 2006, Tenco Bhd disclosed before the Bursa
Malaysia Securities Bhd its additional proposals to the
regularization plan of the company.

The additional proposals were made after Tenco Bhd and its
subsidiaries' agree on a debt settlement with its lenders and
Malaysian Trustee Berhad.  As reported by the Troubled Company
Reporter - Asia Pacific, on October 19, 2006, Tenco and its
wholly owned subsidiaries Westech Sdn Bhd, Wilron Products Sdn
Bhd and Tenco Industries Sdn Bhd, signed an agreement for the
full and final settlement of MYR10,000,000 in debts, paid in
cash, with its lenders:

     * Standard Chartered Bank Malaysia Berhad;
     * Deutsche Bank (Malaysia) Berhad;
     * United Overseas Bank (Malaysia) Bhd;
     * Affin Bank (Malaysia) Berhad;
     * Ambank (M) Berhad;
     * Hong Leong Bank Berhad;
     * Malayan Banking Berhad;
     * RHB Bank Berhad;
     * Digital Transmission Systems Sdn Bhd;
     * HSBC Bank Malaysia Bhd; and
     * Malaysian Trustees Berhad (as the coordinator for the
       Lenders)

The additional proposals, as proposed by the company's board
include:

    a. Proposed capital reconstruction involving a capital
       reduction of MYR0.50 in each existing issued and fully
       paid-up ordinary share of MYR1.00 each in Tenco and
       thereafter a capital consolidation on the basis of two
       ordinary shares of RM0.50 each into one ordinary share of
       MYR1.00 each in Tenco;

    b. Proposed renounceable rights issue of 13,050,000 new
       Tenco Shares at an issue price of MYR1.00 per Tenco
       Share, being the par value of Tenco Shares on the basis
       of one Rights Share for every two existing Tenco Shares
       held after the completion of the Proposed Capital
       Reconstruction, on an entitlement date to be determined
       later;

    c. Proposed special issue of up to 3,915,000 new Tenco
       Shares at an issue price of MYR1.00 per Tenco Share,
       being the par value of Tenco Shares, representing up to
       10% of the enlarged share capital of Tenco after the
       Proposed Capital Reconstruction and the Proposed Rights
       Issue to Bumiputera investors to be identified; and

    d. Proposed acquisitions by Tenco:

          -- 100.00% equity interest in MB Travel for a purchase
             consideration of MYR11.80 million to be satisfied
             by the issuance of 11,800,000 new Tenco Shares; and

          -- 100.00% equity interest in MB Online for a cash
             consideration of MYR1.00.

                          *     *     *

Headquartered in Selangor, Malaysia, Tenco Berhad's principal
activities are manufacturing and selling of polymer, chemicals,
adhesive, decorative coatings and related products, building
materials, equipment and consumer products.  Other activities
include investment holding and provision of management services.

The Group operates in Malaysia, Singapore and Canada.

Tenco is classified as a Practice Note 17 company because its
current shareholders' equity on a consolidated basis is less
than 25% of its issued and paid up capital, and it defaulted on
various loan facilities and is unable to provide a solvency
declaration.  Tenco is required to submit its financial
regularization plan to relevant authorities not later than
January 8, 2007.

Total assets as of September 30, 2006, amounted to MYR60.44
million while total liabilities reached MYR58.55 million.
Shareholders' equity in the company totaled MYR1.89 million.


TENGGARA OIL: Unit Inks Amicable Settlement with Lender
-------------------------------------------------------
On December 12, 2006, Tenggara Oil Bhd notified the Bursa
Malaysia Securities that Tenggara Concrete Sdn Bhd, a wholly
owned subsidiary, had reached an amicable settlement with Tampin
Metal (Pang Brothers) Sdn Bhd.

As reported by the Troubled Company Reporter - Asia Pacific on
October 11, 2006, Tampin Metal issued a notice demanding payment
of MYR34,682.81.  The claim amount represents the total
outstanding amount owed by Tenggara Concrete to Tampin Metal as
of Aug. 31, 2006.

                          *     *     *

Tenggara Oil Berhad is undertaking a divestment and
restructuring exercise, which will reposition it as a service-
oriented and trading group from its current resource-based
businesses.  Current businesses include investment holding,
supply of ready mixed concrete, property holding, management and
construction.  As part of a corporate revamp exercise, the
Company has repositioned itself in the oil and gas business,
which will be its core business.  The Company is headquartered
in Kuala Lumpur, Malaysia.

Tenggara is in the process of formulating a debt-restructuring
scheme with relevant parties.  Tenggara has been incurring
losses, with a MYR3.728-million loss for the 12-month period to
July 31, 2006, and a MYR2.848-million loss for the same period
to July 31, 2005.


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

AWAN INTERNATIONAL: Shareholders Resolve to Liquidate Business
--------------------------------------------------------------
On Nov. 21, 2006, the shareholders of Awan International NZ Ltd
passed a special resolution to liquidate the company's business
and Daran Nair was appointed as liquidator.

Accordingly, Mr. Nair requires the company's creditors to prove
their debts by Dec. 22, 2006, or they will be excluded from
sharing in the distribution the company will make.

The Liquidator can be reached at:

         Daran Nair
         Nair & Associates Chartered Accountants Limited
         280 Great South Road
         Greenlane, Auckland
         New Zealand
         Telephone:(09) 522 5182
         Facsimile:(09) 522 5183


BROWN MILLER: Creditors Must Prove Debts by January 15
------------------------------------------------------
On Nov. 20, 2006, the shareholders of Brown Miller Press Ltd
appointed Boris van Delden and Peri Micaela Finnigan as joint
and several liquidators.

In this regard, the Liquidators fixed Jan. 15, 2007, as the last
day for the company's creditors to prove their debts and to
establish any priority claims they may have.

The Joint and Several Liquidators can be reached at:

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

                       About Brown Miller

Based in Auckland, Brown Miller Press Ltd --
http://www.brownmillerpress.co.nz-- is engaged with high-end
commercial printing.  It boasts some of New Zealand's leading
print technology with Heidelberg offset machines supplemented by
leading edge digital offset printing from Indigo and high-
quality digital printing from Xerox.  Brown Miller also provides
Sherpa proofing and Computer-to-Plate image technology from
AGFA, including Apogee X RIP/Imposition software to the group.
Brown Miller's central city location provides an ideal
distribution location for the group.


ECEEG LTD: Creditors Must Lodge Claims on December 18
-----------------------------------------------------
Liquidators Stephen Mark Lawrence and Anthony John McCullagh are
receiving proofs of debt from the creditors of ECEEG Ltd until
today, Dec. 18, 2006, and to establish any priority claims they
may have.

The Liquidators can be reached at:

         Stephen Mark Lawrence
         Anthony John McCullagh
         Horwath Corporate (Auckland) Limited
         P.O. Box 3678
         Shortland Street, Auckland 1015
         New Zealand
         Telephone:(09) 306 3440
         Facsimile:(09) 302 0536


FMP HIRE: Shareholders Resolve to Close Business
------------------------------------------------
The shareholders of FMP Hire Ltd -- formerly known as
Containertech Hire Ltd -- resolved by a special resolution to
liquidate the company's business and appointed Deborah Nobilo as
liquidator.

The Liquidator can be reached at:

         Deborah Nobilo
         Nobilo & Co Limited
         P.O. Box 300-114
         Albany, Auckland
         New Zealand
         Telephone:(09) 415 7518
         Facsimile:(09) 415 8511


FMP SERVICES: Undergoes Liquidation Proceedings
-----------------------------------------------
On Nov. 14, 2006, the shareholders of FMP Services Ltd resolved
by a special resolution to liquidate the company's business and
appointed Deboran Nobilo as liquidator.

The Liquidator can be reached at:

         Deborah Nobilo
         Nobilo & Co Limited
         P.O. Box 300-114
         Albany, Auckland
         New Zealand
         Telephone:(09) 415 7518
         Facsimile:(09) 415 8511


INTERNATIONAL PEOPLE: Court Hears Liquidation Petition
------------------------------------------------------
On Sept. 18, 2006, Zhihua Zhong filed a petition before the High
Court of Auckland to liquidate the business of International
People Solutions Ltd.

The petition was heard on Dec. 14, 2006.

The Solicitor for the Petitioner can be reached at:

         J. Boyce
         Foy & Halse
         Solicitors
         145 Manukau Road, Auckland
         New Zealand
         Telephone:(09) 638 7151
         Facsimile:(09) 630 2782


KOTARE HII: Creditors to Prove Claims by February 20
----------------------------------------------------
Joint Liquidators Vivian Judith Fatupaito and Richard Dale Agnew
require the creditors of Kotare Hii Ika Ltd to prove their
claims by Feb. 20, 2007.

According to the TCR-AP, the High Court of Whangarei heard the
petition against the company on Nov. 20, 2006, filed by The
Chief Executive of the Ministry of Fisheries at Wellington.

The Joint and Several Liquidators can be reached at:

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


MANOWAR OYSTERS: Official Assignee to Liquidate Business
--------------------------------------------------------
On Nov. 20, 2006, the Official Assignee was appointed as
liquidator of Manowar Oysters Ltd.

As reported by the TCR-AP, the High Court of Whangarei heard the
petition against the company on Nov. 20, 2006, filed by Nolas
Wine & Spirits Ltd.

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


P & D ASPHALTERS: Court to Hear CIR's Liquidation Petition
----------------------------------------------------------
The High Court of Wellington will hear a liquidation petition
against P & D Asphalters Ltd on Dec. 18, 2006, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition on
Oct. 18, 2006.

The Solicitor for the Petitioner can be reached at:

         Philip Hugh Brian Latimer
         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 1028
         Facsimile:(04) 890 0009


PLATINUM WHOLESALE: Commences Liquidation Proceedings
-----------------------------------------------------
On Nov. 21, 2006, the shareholders of Platinum Wholesale Ltd
passed a special resolution to liquidate the company's business
and appoint Daran Nair as liquidator.

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

The Liquidator can be reached at:

         Daran Nair
         Nair & Associates Chartered Accountants Limited
         280 Great South Road
         Greenlane, Auckland
         New Zealand
         Telephone:(09) 522 5182
         Facsimile:(09) 522 5183


QUANTUM DEVELOPMENTS: Faces Liquidation Proceedings
---------------------------------------------------
A petition to liquidate Quantum Developments Ltd was heard
before the High Court of Wellington today, Dec. 18, 2006, at
10:00 a.m.

Schindler Lifts NZ Ltd filed the petition with the Court on
Nov. 6, 2006.

The Solicitor for the Petitioner can be reached at:

         K. G. Ogles
         Kevin Ogles & Associates
         Solicitors
         707 Mt Albert Road
         (P.O. Box 24 059 or D.X. E.P. 70-502)
         Royal Oak, Auckland
         New Zealand
         Telephone:(09) 624 2069
         Facsimile:(09) 624 2067


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

BANKARD INC: Board of Directors Approves Sale of Assets to RCBC
---------------------------------------------------------------
Bankard Inc. advises the Philippine Stock Exchange that on
December 14, 2006, its Board of Directors approved the sale of
the bank's assets to and the assumption of certain liabilities
by Rizal Commercial Banking Corporation, or to other interested
parties if sale to RCBC is not consummated.

The sale is subject to the approval of Bankard's stockholders
and regulatory bodies.

                         About Bankard

Bankard, Inc. -- http://www.bankard.com/-- is a 67%-owned
subsidiary of RCBC Capital Corporation.  It was organized by
PCIBank in December 1981 as Philippine Commercial Credit Card,
Inc. to engage in domestic credit card operation.  It issued the
country's first credit card by a commercial bank.  On July 8,
1992, PCCCI changed its corporate name to Bankard Inc.

Bankard is a licensee of Mastercard International Incorporated,
JCB International Co., Ltd. and VISA International Service
Association to issue credit cards accepted by affiliated banks
and merchant establishments worldwide.  The Company markets a
line of credit cards, which includes Bankard MasterCard, Bankard
Visa, Bankard JCB Standard and Premiere and its latest, myDream
JCB.

Bankard's total current assets as of March 31, 2006, stood at
PHP3.58 billion, while its total current liabilities amounted to
PHP4.44 billion.  Bankard's total assets amounted to
PHP4.48 billion, and its equity was pegged at PHP32.17 million.
The Company posted a PHP242.59-million net loss for the quarter
ended March 31, 2006, on total revenues of PHP494.33 million,
and expenses of PHP736.93 million.

                           About RCBC

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

Moody's Investors Service gave Rizal Commercial Banking's Long
Term Bank Deposits a Ba3 rating effective May 25, 2006.


METROPOLITAN BANK: Expects Increase in 2006 Net Income
------------------------------------------------------
In a filing with the Philippine Stock Exchange, Metropolitan
Bank and Trust Co. confirms reports that it expects profits in
2006 to increase more than 20%.

Reports say the expected increase is based on strong gains from
trading of securities.

A substantial portion of the increase is due to interest income,
Arthur Ty, Metrobank's president, adds.

According to Malaya, analysts expect Metrobank to post full-year
net income of around PHP5.08 billion (US$103 million) in 2006,
up around 18% from PHP4.3 billion in 2005.

However, Mr. Ty said that the growth may slow down in 2007
because of the fall in interest rates, the paper relates.

Mr. Ty noted that Metrobank grew its net income by 20% in 2005
from a year earlier, but added that 2007 will be "uncertain" as
yields from bonds trading continue to drop, Malaya relates.

Mr. Ty predicted that loans next year will "probably remain the
same" as this year.  Yet, he noted that the bank will try to
grow its lending to offset income loss from its trading
activities.

"Loan growth in the Philippines has been flat for the past few
years and has not necessarily been boosted by the fall in
interest rates," Mr. Ty said.

Metrobank's profit next year would depend on its reorganization
efforts and on how much demand for loans would grow, the
Philippine Daily Inquirer cites Mr. Ty, as saying.

According to Mr. Ty, banks in general will focus on loans as the
opportunity for trading is lesser.  There will be increased
competition among banks, Mr. Ty said, noting "they [banks] may
look at fee-based income and interest income, the Daily relates.

Fee-based income is a "small" portion of the revenue streams,
while interest income contributes a substantial portion, the
paper explains.

                         About Metrobank

Metropolitan Bank and Trust Company --
http://www.metrobank.com.ph/-- is the flagship company of the
Metrobank Group.  Metrobank provides a host of deposit, savings,
and loan products as well as electronic banking services like
internet banking, mobile banking, and phone banking, as well as
its huge ATM network.  Metrobank is also the leading provider of
trade finance in the country, and its overseas branch network
has enabled it to service the fund remittances of Filipino
overseas contract workers.

The Bank has 583 local branches and 35 international branches
and offices located in Taiwan, China, Japan, Korea, Guam, United
States, Hong Kong, Singapore, Bahamas, and in Europe.

                          *     *     *

On March 3, 2006, the Troubled Company Reporter - Asia Pacific
reported that Standard and Poor's Rating Service assigned a CCC+
rating on Metrobank's US$125-million non-cumulative capital
securities, whereas Moody's Investors Service Rating Agency
issued a B- rating on the same capital instruments.

On September 21, 2006, the TCR-AP reported that Fitch Ratings
upgraded Metrobank's Individual rating to 'D' from 'D/E'.  All
the bank's other ratings were affirmed:

   * Long-term Issuer Default rating 'BB-' -- with a stable
     Outlook,

   * Short-term rating 'B,'

   * Support rating '3.

On November 6, 2006, the TCR-AP reported that Moody's Investors
Service revised the outlook of Metrobank's foreign currency
long-term deposit rating of B1 and foreign currency subordinated
debt rating of Ba3 from negative to stable.


METROPOLITAN BANK: To Declare 3% Cash Dividend on January 20
------------------------------------------------------------
Metropolitan Bank and Trust Co. discloses with the Philippine
Stock Exchange that, as authorized by the Board of Directors,
the bank's president, Arthur Ty, has fixed December 29, 2006, as
the record date to determine the stockholders entitled to a 3%
cash dividend.

On December 6, 2006, the Board declared the 3% cash dividend
amounting to PHP1,084,361,610.  The payment date will not be
later than January 20, 2007.  The 3% cash dividend translates to
PHP0.60 per share based on the par value of PHP20.00 per share.

In its letter dated December 14, 2006, the Bangko Sentral ng
Pilipinas informed Metrobank that it has no obligation to the
declaration of the 3% cash dividend.

                         About Metrobank

Metropolitan Bank and Trust Company --
http://www.metrobank.com.ph/-- is the flagship company of the
Metrobank Group.  Metrobank provides a host of deposit, savings,
and loan products as well as electronic banking services like
internet banking, mobile banking, and phone banking, as well as
its huge ATM network.  Metrobank is also the leading provider of
trade finance in the country, and its overseas branch network
has enabled it to service the fund remittances of Filipino
overseas contract workers.

The Bank has 583 local branches and 35 international branches
and offices located in Taiwan, China, Japan, Korea, Guam, United
States, Hong Kong, Singapore, Bahamas, and in Europe.

                          *     *     *

On March 3, 2006, the Troubled Company Reporter - Asia Pacific
reported that Standard and Poor's Rating Service assigned a CCC+
rating on Metrobank's US$125-million non-cumulative capital
securities, whereas Moody's Investors Service Rating Agency
issued a B- rating on the same capital instruments.

On September 21, 2006, the TCR-AP reported that Fitch Ratings
upgraded Metrobank's Individual rating to 'D' from 'D/E'.  All
the bank's other ratings were affirmed:

   * Long-term Issuer Default rating 'BB-' -- with a stable
     Outlook,

   * Short-term rating 'B,'

   * Support rating '3.

On November 6, 2006, the TCR-AP reported that Moody's Investors
Service revised the outlook of Metrobank's foreign currency
long-term deposit rating of B1 and foreign currency subordinated
debt rating of Ba3 from negative to stable.


METROPOLITAN BANK: Board Appoints F. Tansingco as Executive VP
--------------------------------------------------------------
Metropolitan Bank and Trust Co. informs the Philippine Stock
Exchange that on December 14, 2006, the bank's Board of
Directors appointed Fernand Antonio A. Tansingco as Executive
Vice President effective January 2, 2007.

                         About Metrobank

Metropolitan Bank and Trust Company --
http://www.metrobank.com.ph/-- is the flagship company of the
Metrobank Group.  Metrobank provides a host of deposit, savings,
and loan products as well as electronic banking services like
internet banking, mobile banking, and phone banking, as well as
its huge ATM network.  Metrobank is also the leading provider of
trade finance in the country, and its overseas branch network
has enabled it to service the fund remittances of Filipino
overseas contract workers.

The Bank has 583 local branches and 35 international branches
and offices located in Taiwan, China, Japan, Korea, Guam, United
States, Hong Kong, Singapore, Bahamas, and in Europe.

                          *     *     *

On March 3, 2006, the Troubled Company Reporter - Asia Pacific
reported that Standard and Poor's Rating Service assigned a CCC+
rating on Metrobank's US$125-million non-cumulative capital
securities, whereas Moody's Investors Service Rating Agency
issued a B- rating on the same capital instruments.

On September 21, 2006, the TCR-AP reported that Fitch Ratings
upgraded Metrobank's Individual rating to 'D' from 'D/E'.  All
the bank's other ratings were affirmed:

   * Long-term Issuer Default rating 'BB-' -- with a stable
     Outlook,

   * Short-term rating 'B,'

   * Support rating '3.

On November 6, 2006, the TCR-AP reported that Moody's Investors
Service revised the outlook of Metrobank's foreign currency
long-term deposit rating of B1 and foreign currency subordinated
debt rating of Ba3 from negative to stable.


PRC LLC: Promotes Joseph Livingston as President
------------------------------------------------
PRC LLC promoted Joseph Livingston, PRC's Executive Vice
President and Chief Operating Officer, to President of the
company.  Mr. Livingston will also continue to serve as Chief
Operating Officer.

Mr. Livingston's career spans over three decades of work in both
operations and technology for high-growth companies.  Prior to
joining PRC in 2004, he was Executive Vice President and COO for
TeleTech Holdings, Inc., where he was instrumental in growing
the Company from US$2 million to over US$1 billion in revenues.
Prior to joining TeleTech, Livingston held senior management
positions at Coopers & Lybrand, Medical Computer Systems,
Brinker
International, and under Ross Perot as a founding employee of
Electronic Data Systems/EDS.

"Joe has been instrumental in PRC's continuing growth and under
his leadership our company has met and is on target to achieving
both our short and long term strategic goals," said John G.
Hall, Chief Executive Officer of PRC.  "Joe has successfully led
our Business-to-Consumer (B2C) Solutions group, delivering
solutions that drive customer acquisition and loyalty for brand-
focused companies."

Mr. Livingston earned his Presidential/Key Executive MBA from
Pepperdine University and his Bachelor of Science degree in
Computer Programming & Systems from E.C.P.I. Pittsburgh.

Plantation, Fla.-based PRC is a business process outsourcing or
BPO provider with operations in the U.S., the Philippines,
India, the Dominican Republic, and Ireland.  The company
provides dedicated-agent communication services focusing on
business-to-consumer and business-to-business transactions.

                        *    *    *

On December 15, 2006, the Troubled Company Reporter - Asia
Pacific reported that Moody's Investors Service assigned PRC,
LLC a first time B2 corporate family rating with a stable
outlook.  Moody's assigned a Ba3 rating to its first lien credit
facilities, consisting of:

   -- an undrawn US$20 million revolving credit facility
      (expires 2012),

   -- a US$25 million delayed draw facility for capital
      expenditures (expires 2013), and

   -- a US$105 million term loan (expires 2013).

Moody's also assigned a B3 rating to its US$55 million second
lien term loan facility.

On that day, the TCR-AP also reported that Standard & Poor's
Ratings Services assigned its 'B+' corporate credit rating and
stable outlook to PRC.

At the same time, Standard & Poor's assigned a bank loan rating
of 'BB-', one notch above the corporate credit rating, and
recovery rating of '1' to PRC's proposed US$150 million first-
lien credit facilities, indicating a high expectation of full
recovery of principal in the event of a payment default.


PHILIPPINE AIRLINES: Buys Four Boeing 777-300ER & Leases 2 More
---------------------------------------------------------------
Philippine Airlines has confirmed an order of two Boeing 777-
300ER planes, valued at US$250 million each.

According to Jaime Bautista, President of PAL, the airline had
signed a firm order for two planes for delivery in 2010 and
would be leasing two more for delivery in 2009.  PAL also has
purchase rights for another two planes for delivery between 2011
and 2012.

"The acquisition of the B777-300ER allows PAL to expand direct
services between the Philippines and the United States," Mr.
Bautista said.

"Plans to increase its presence in long-haul destinations moved
PAL to choose the more fuel-efficient Boeing 777, a two-engine
jet that seats 368 passengers, over the four-engine 747 that
seats 400," the Philippine Daily Inquirer cites Mr. Bautista.

The purchase is likely to be financed by the US Export-Import
Bank -- the official U.S. export credit agency.  However, the
two planes to be leased in 2009 will be funded internally.

According to the Daily Inquirer, for the outright purchase of
two planes costing a total of US$500 million, a 15% down payment
of US$75 million will come from PAL equity and the remainder
from loans.

For the lease of the two aircraft, the paper relates that PAL
has signed a letter of intent with GE Commercial Aviation
Services.

PAL will proceed with its aggressive expansion despite a
projected global industry loss of US$1.7 billion in 2006,
fluctuating fuel costs and a comparatively modest rise in global
passenger traffic, which was at 4.8%.

The airline flies to 19 domestic and 24 international
destinations, including San Francisco, Los Angeles, and Las
Vegas in the United States and Vancouver in Canada.  However,
PAL is looking to expand into servicing Seattle and San Diego.

Deliveries of the ordered and leased aircraft will begin in the
third quarter of 2009 and will continue until 2010, the Daily
Inquirer reveals.

                   About Philippine Airlines

Philippine Airlines -- http://www.philippineairlines.com/-- is
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation.  With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.  As of 2005, it claims
to serve 21 domestic airports and 31 foreign cities.  Its main
hub is the Ninoy Aquino International Airport in the capital
city of Manila.

Following labor problems and its failure to settle debts, PAL
filed for rehabilitation in June 1998, and is slated to complete
its 10-year debt rehabilitation program in 2009.

A March 21, 2006 report by the Troubled Company Reporter - Asia
Pacific stated that the airline company will continue a
government-led rehabilitation program even as creditors neither
approved nor rejected the program to leave the protection of the
Securities and Exchange Commission.

A report by the Manila Times in July 2006 said that since its
corporate rehabilitation in 1998, PAL reduced its debts to
PHP237.23 billion from PHP496.02 billion by selling assets and
using the proceeds to pay off maturing debts.


* Bangko Sentral ng Pilipinas Maintains Key Policy Rates
--------------------------------------------------------
On December 14, 2006, the Monetary Board decided to keep Bangko
Sentral ng Pilipinas' key policy interest rates steady at 7.5%
for the overnight borrowing or reverse repurchase rate and 9.75%
for the overnight lending or repurchase rate.  The tiering
scheme on bank placements with the BSP was also maintained.

In its assessment of the monetary policy stance, the Monetary
Board agreed that the sum of new information since the previous
policy meeting argues for keeping policy settings unchanged.
Latest inflation readings remain in line with the forecast path,
given easing oil prices and a firm peso.  Equally important,
inflation expectations also remain well-anchored.

The Monetary Board also believes that the policy action in
November should be given time to work its way through the
various channels of monetary policy, including the credit
channel.

Despite recent benign readings in inflation, the Monetary Board
noted that there continue to be upside risks to future
inflation.  Domestic power costs could be adjusted upward in
2007, while food prices may come under pressure if the mild El
Nio dry spell becomes prolonged.

The outlook for international crude oil prices also remains
vulnerable to geopolitical disruptions.  At the same time,
continued strong foreign inflows could imply added potential
inflation pressures from surges in liquidity growth that, if
sustained, could have adverse implications for inflation over
the medium term.

                          *     *     *

"Standard & Poor's Ratings Services assigned its 'BB-' senior
unsecured rating to the Republic of Philippines' proposed new
bond issue that will mature in 2024, as well as the new debt
under the series of 7.75% Global Bonds due in 2031.  The
government is offering these bonds in exchange for some of its
existing debt.  At the same time, Standard & Poor's also
affirmed its 'BB-' ratings on the bonds that are eligible for
exchange."

On November 3, 2006, the Troubled Company Reporter - Asia
Pacific reported that Moody's Investors Service changed to
stable from negative the outlook on the Philippines' key ratings
due to the progress made in reining in fiscal deficits in 2006
and an easing in dependence on external financing.

The affected ratings include the B1 long-term government
foreign- and local-currency ratings, the B1 foreign-currency
bank deposit ceiling and Ba3 foreign currency country ceiling,
the TCR-AP noted.


* DBCC Approves 4% Inflation Target for 2008
--------------------------------------------
In connection with the inflation targeting approach of the
Bangko Sentral ng Pilipinas in the conduct of monetary policy,
the Development Budget and Coordination Committee, the
Government's inter-agency economic planning body has approved
the inflation target for 2008 of 4%, plus or minus 1 percentage
point.  This is in line with an earlier decision of the
Committee to re-specify the Government's inflation target from a
range target to a point target with a tolerance interval of 1
percentage point.

The shift from a range inflation target to a point target with a
tolerance interval effectively widens the BSP's target band.  A
broader target band is seen to provide added flexibility to
monetary authorities in steering inflation, particularly in the
Philippine setting where consumer prices are subject to large
supply shocks because of the sizeable share of food items in the
consumer basket.  It helps ensure that the design of the
inflation target is more consistent with the country's economic
circumstances, and safeguards the credibility of the inflation
targeting framework.  It also helps align monetary policy
practices in the Philippines with those in other inflation
targeting countries, like the UK, Canada, New Zealand,
Indonesia, and Mexico.  Most inflation targeting countries
employ ranges for headline inflation at two percentage points or
more, formulated as a target rate plus or minus one percentage
point.

The change in the form of the inflation target supports the
efforts of the BSP to enhance the operational framework for
monetary policy.

                Longer Policy Meeting Interval

Earlier, the Monetary Board approved the lengthening of the
interval between monetary policy meetings from four to six weeks
and the shortening of the publication lag of the highlights of
the policy meetings from six weeks to four.

The longer interval between policy meetings will allow the
Monetary Board to consider a wider set of macroeconomic data in
its policy discussions and have more time for analysis and
evaluation of the economic evidence.

Meanwhile, the shorter publication lag of the highlights of
policy meetings will further enhance the transparency of
monetary decision-making and convey to the public the Monetary
Board's overall thinking about its policy stance in a more
timely manner.

Inflation targeting is an approach to monetary policy that
involves the use of a publicly announced inflation target set by
the Government.  In the case of the Philippines, the BSP commits
to achieve the inflation target over a two-year horizon.
Promoting price stability is the BSP's main priority, and the
target serves as a guide for the public's expectations about
future inflation, allowing them to formulate their plans with
greater certainty.

                          *     *     *

"Standard & Poor's Ratings Services assigned its 'BB-' senior
unsecured rating to the Republic of Philippines' proposed new
bond issue that will mature in 2024, as well as the new debt
under the series of 7.75% Global Bonds due in 2031.  The
government is offering these bonds in exchange for some of its
existing debt.  At the same time, Standard & Poor's also
affirmed its 'BB-' ratings on the bonds that are eligible for
exchange."

On November 3, 2006, the Troubled Company Reporter - Asia
Pacific reported that Moody's Investors Service changed to
stable from negative the outlook on the Philippines' key ratings
due to the progress made in reining in fiscal deficits in 2006
and an easing in dependence on external financing.

The affected ratings include the B1 long-term government
foreign- and local-currency ratings, the B1 foreign-currency
bank deposit ceiling and Ba3 foreign currency country ceiling,
the TCR-AP noted.


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

COMPACT METAL: To Hold General Meeting on Dec. 30
-------------------------------------------------
An extraordinary general meeting of Compact Metal Industries Ltd
will be held at 120 Pioneer Road, in Singapore, on Dec. 30,
2006, at 10.00 a.m., to pass these resolutions:

Ordinary Resolution 1:

   * Approval of Restated and Supplemental Restructuring
     Agreement "RSRA" -- entered between the company, its
     Singapore subsidiaries, creditor banks and Tan family --
     and the Debt Purchase and Conversion Agreement "DPCA";

Ordinary Resolution 2:

   * Approval of the proposed creditor banks' debt conversion,
     proposed investor debt conversion and proposed investor
     further debt conversion;

Ordinary Resolution 3:

   * Approval of the Proposed Rights Issue;

Ordinary Resolution 4:

   * Proposed Investor Share Placement.  That contingent upon
     the passing of Resolutions 1 to 3 and Resolutions 5 to 10:

     -- the Directors will  be authorized to allot and issue to
        the proposed investor the number of new shares and one
        Warrant with each new share issued, equivalent to the
        number of Rights Shares that remain unsubscribed; and

     -- the Directors will be authorized to complete and execute
        all the documents and to approve any amendments,
        alteration or modification to any documents as they may
        consider necessary, desirable or expedient to give full
        effect to this Resolution.

Ordinary Resolution 5:

   * Proposed Ratus Projek Acquisition.  That contingent upon
     the passing of Resolutions 1 to 4 and Resolutions 6 to 10:

     -- approval will be given for the company's acquisition of
        the entire issued and paid-up share capital of Ratus
        Projek, which is subject to the terms of the Ratus
        Projek Acquisition Agreement and that the entry in the
        execution of the Ratus Projek Acquisition Agreement will
        be ratified, confirmed and approved; and

     -- the Directors will be authorized to allot and issue
        214,149,478 new shares at an issue price of US$0.02 each
        pursuant to the Ratus Projek Acquisition Agreement, in
        respect with the existing shares.

Ordinary Resolution 6:

   * Proposed Trade and Professionals' Debt Conversion.  That
     contingent upon the passing of Resolutions 1 to 5 and
     Resolutions 7 to 10:

     -- the Directors will be authorized to allot and issue of
        up to 100,000,000 new shares at an issue price of
        US$0.02 each to the trade creditors and to the company's
        professional advisors, pursuant to the RSRA, for the
        partial settlement of amounts owed to them.

Ordinary Resolution 7:

   * Proposed Grant of Management Options.  That contingent upon
     the passing of Resolutions 1 to 6 and Resolutions 8 to 10,
     the Directors will be authorized to grant:

     -- 40,000,000 Management Options to the proposed investor
        or his nominated person to subscribe for new shares at
        an issue price of US$0.0132 each pursuant to the
        Investment Agreement; and

     -- 8,000,000 Management Options to Mr. John Chew Choy Seng,
        Group General Manager, to subscribe for new Shares at an
        issue price of SGD0.0132 each pursuant to the Investment
        Agreement.

Ordinary Resolution 8:

   * Proposed Grant of Management Options.  That contingent upon
     the passing of Resolutions 1 to 7 and Resolutions 9 and 10,
     the Directors will be authorized to grant 8,000,000
     Management Options to Tan Chin Eng, Tan Hua Joo, Tan Kay
     Tho and Tan Hua Tian, to subscribe for new Shares at an
     issue price of SGD0.0132 each pursuant to the Investment
     Agreement;

Ordinary Resolution 9:

   * Proposed Grant of Management Options.  That contingent upon
     the passing of Resolutions 1 to 8 and Resolution 10: and

     -- the Directors will be authorized under Section 161 of
        the Companies Act, Chapter 50 to allot and issue up to
        80,000,000 new Shares pursuant to the exercise of the
        Management Options.

Ordinary Resolution 10:

   * Proposed Whitewash Resolution.  That contingent upon the
     passing of Resolutions 1 to 9 and subject to the
     satisfaction of all the conditions set out in the
     Securities Industry Council's letter of granting a waiver
     for the proposed investor and his concert parties to make a
     mandatory offer for the remaining shares not owned or
     controlled by him and his concert parties under the
     Proposed Investor Debt Conversion, the shareholders waive
     their rights to receive the Offer under Rule 14 of the Code
     from the proposed investor and parties acting in concert
     with him.

                      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.

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 US$43.83 million, respectively, as
        of December 31, 2005; and

   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: S&P Assigns B Rating on Proposed US$275-Mil. Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' corporate
credit rating to Portland, Ore.-based ESCO Corp.  At the same
time, Standard & Poor's assigned its 'B' ratings to the
company's proposed US$275 million, seven-year senior unsecured
notes.

The outlook is stable.

Proceeds from the issuance will be used to complete a partial
leveraged ESOP buyout transaction following the sale of two
business units.

"The ratings reflect ESCO's highly leveraged financial profile
as well as the cyclical and competitive nature of its markets,
somewhat offset by the company's technical expertise and strong
recent operating performance," said Standard & Poor's credit
analyst Dan Picciotto.

ESCO is a leading manufacturer of engineered products for the
mining, construction and industrial sectors as well as turbine
components.  The Engineered Products Group produces tooth and
lip systems, buckets and other products, and will represent
around 80% of sales following the divestitures.

This segment benefits from the consumable wear-part nature of
much of its sales.  The other 20% of sales will be generated by
the Turbine Technologies division, which manufactures precision
cast components for aerospace and industrial gas turbine
applications.  The company plans on selling its Integrated
Manufacturing Group and Engineered Metals Group, which together
represent around 9% of EBITDA.

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.


MACSEA PTE: Liquidators to Receive Claims Until Jan. 15
-------------------------------------------------------
Macsea Pte Ltd, which was placed under members' voluntary
liquidation, requires its creditors to submit their proofs of
debt by Jan. 15, 2007.

Failure to comply with the requirement will exclude a creditor
from sharing in the company's distribution of dividend.

The company's liquidators can be reached at:

         Low Sok Lee Mona
         Teo Chai Choo
         c/o Low, Yap & Associates
         4 Shenton Way
         #04-01 SGX Centre 2
         Singapore 068807


PETROLEO BRASILEIRO: Has 4 Months to Ink Oil Pact with Bolivia
--------------------------------------------------------------
Brazil's state-oil firm, Petroleo Brasileiro must decide on its
Bolivian energy investments within four months, The Associated
Press reports.

A Dec. 10 deadline for reaching an agreement on gas prices and
fair compensation of Petrobras' refineries in Bolivia was
extended for four months.

Chief Executive Sergio Gabrielli told AP that Brazil can now
consider investments frozen earlier this year in the Andean
nation because a new contract between the two nations
"guarantees the profitability of current operations and allows
us to think about future projects."

The two nations' relations were strained after Bolivia declared
May 1 the nationalization of its hydrocarbons sector, a move
that would strip foreign oil firms a controlling stake on their
oil fields.

Brazil is the biggest consumer of Bolivian natural gas for power
and as fuel for cars and cooking.  While Brazil is working to
tap other sources, it will likely be years before the nation can
turn its back on Bolivian natural gas, AP says.

                    About Petroleo Brasileiro

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

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

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

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

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

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


PETROLEO BRASILEIRO: May Consider Investment Projects in Bolivia
----------------------------------------------------------------
Published reports say that Petroleo Brasileiro SA, the state-
owned oil company of Brazil, may consider new investments in
Bolivia.

As reported in the Troubled Company Reporter-Latin America on
Dec. 14, 2006, Petroleo Brasileiro has four months to decide on
its Bolivian energy investments, as a Dec. 10 deadline for
reaching an agreement on gas prices and fair compensation of its
refineries in Bolivia was extended.  The two nations' relations
were strained after Bolivia declared on May 1 the
nationalization of its hydrocarbons sector, a move that would
strip foreign oil firms of controlling stakes on their oil
fields.

Jose Gabrielli, Petroleo Brasileiro's chief executive officer,
told Business News Americas, "We have several operations in
Bolivia and now we have four months to study our options."

The investments would be analyzed on a case-by-case basis,
Agencia Estado notes, citing Mr. Gabrielli.

Petrolworld underscores that Mr. Gabrielli was speaking to the
Bolivian congress on the production agreements with the
government, signed into law by President Evo Morales on Dec. 10.
The contract with Petroleo Brasileiro includes increasing the
tax on royalties from oil and gas production to 80% from 50%.

Bolivia assured Petroleo Brasileiro return on investments when
the former's congress ratified exploration and production
accords in the country, paving the way for new investments,
BNamericas says, citing Mr. Gabrielli.

The new contracts give Brazil the legal stability in Bolivia to
consider other investments, Silas Rondeau, the mines and energy
minister of Brazil, told Petrolworld.

                    About Petroleo Brasileiro

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

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

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

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

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

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


QM INVESTMENT: Pays First and Final Dividend
--------------------------------------------
QM Investment Pte Ltd, which is in liquidation, has paid the
first and final dividend to its creditors on Dec. 8, 2006.

The company paid 64.4% for 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


REFCO INC: Parties Ink Pact Resolving Alqahtani's Claim
-------------------------------------------------------
Pursuant to a stipulation approved by the United States
Bankruptcy Court for the Southern District of New York, Saeed
Abdulrahman Alqahtani and Refco F/X Associates agree that FXA
will immediately pay US$2,300,000, in cash, to Mr. Alqahtani, by
wire transfer.

Mr. Alqahtani will waive and release all claims, rights,
remedies and causes of action that he has or may assert against
FXA or any of the other debtors or estates in the Debtors'
consolidated Chapter 11 cases or their professionals.

Before Refco, Inc., and its debtor-affiliates filed for
bankruptcy, Mr. Alqahtani initiated a US$3,000,000 wire transfer
from his account at Bank Albilad in Riyadh, Saudi Arabia, to a
bank account maintained by FXA at Bank of America.

J.P. Morgan Chase, the intermediary bank, wired the Funds to
BofA through the Fedwire Funds Service, a settlement system
administered by Federal Reserve Bank for participating banks.

According to the wire transfer detail, JPMorgan issued the
applicable payment order to FRB at 9:02 p.m. on October 17,
2005, less than three hours before FXA's commencement of its
Chapter 11 case at 11:54 p.m.  The Funds were subsequently
credited to FXA's BofA account.  In a payment advice to FXA,
BofA showed acknowledgement of receipt of the Funds in FXA's
account at 7:00 a.m. on Oct. 18, 2006.

Mr. Alqahtani continued to use FXA's Web site to execute trades
postpetition.  As a result of those trades, Mr. Alqahtani
asserts, the value of his FXA account as of May 25, 2006, was
about US$5,865,000.

Mr. Alqahtani has filed an administrative expense priority claim
against FXA in the full amount of the value of his FXA account.

FXA does not dispute the asserted claim amount.  However, it
disputes that the claim is entitled to administrative expense
priority and to treatment as a general unsecured prepetition
claim, for which Mr. Alqahtani would receive a pro rata
distribution like other FXA customers.

Mr. Alqahtani and FXA agree on the claim amount, but disagree
over whether his claims are entitled to priority as an
administrative expense.

Mr. Alqahtani argues that his US$3,000,000 FXA deposit occurred
postpetition and that his claim for its return is entitled to
postpetition treatment as an administrative expense.  He also
contends that his trading gains of US$2,865,000 during the
Debtors' Chapter 11 case are entitled to administrative expense
priority because:

   -- his claim for the deposit is entitled to that treatment;
      and

   -- FXA permitted continued trading in customers' foreign
      exchange accounts after the Chapter 11 filing and,
      therefore appeared to continue to conduct its business in
      the ordinary course under Section 1108.

Furthermore, Mr. Alqahtani avers that even if his deposit was
made prepetition -- so that his initial account balance was
entitled to be allowed as a general unsecured claim -- his
postpetition trading gains were incurred in FXA's continued
operations in the ordinary course of business, and are therefore
entitled to administrative expense priority.

However, FXA argues that Mr. Alqahtani's deposit actually
occurred when JPMorgan sent the wire to BofA, about three hours
prepetition, and that, therefore his deposit claim is a general
unsecured prepetition claim.  FXA also states that any
postpetition foreign exchange trading gains that customers made
as a result of FXA keeping the computer trading platform open
are entitled only to the same priority as the claims with which
the customers traded -- that is, the general unsecured
prepetition claims resulting from the prepetition deposits --
and that they should be netted against the customers' Petition
Date account balances to arrive at a prepetition claim amount.

Mr. Milmoe says that if Mr. Alqahtani is successful in asserting
priority for both portions of his claim, the estate would be
obligated to pay him more than US$5,800,000 in cash.  Even if he
is successful in asserting priority for only one of the two
portions of his claim, the estate would be obligated to pay him
from US$2,800,000 to US$3,000,000 in cash as an administrative
expense claim, and a partial distribution on the balance of his
claim, which is estimated at 10% to 35%, for a total cash
distribution of US$3,080,000 to US$4,050,000.

On the other hand, Mr. Milmoe notes, if FXA is successful in
defeating Mr. Alqahtani's claim for priority, FXA would make a
partial distribution on the Claim, of US$580,000 to
US$2,030,000.  There would also be litigation expense for both
sides and substantial delay for Mr. Alqahtani in receiving any
distribution, Mr. Milmoe says.

                         About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

On Oct. 6, 2006, the Debtors filed their Amended Plan and
Disclosure Statement.  On Oct. 16, 2006, the gave its tentative
approval on the Disclosure Statement and on Oct. 20, 2006, the
Court Clerk entered the written disclosure statement order.

The hearing to consider confirmation of Refco, Inc., and its
debtor-affiliates' plan is set for Dec. 15, 2006.  Objections to
the plan, if any, must be in by Dec. 1, 2006.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  RCMI's exclusive period to file a chapter 11 plan
expires on Feb. 13, 2007.

(Refco Bankruptcy News, Issue No. 50; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


REFCO INC: Seven Claimants Want Temporary Allowance on Claims
-------------------------------------------------------------
Pursuant to Rule 3018(a) of the Federal Rules of Bankruptcy
Procedure, seven claimants separately ask the U.S. Bankruptcy
Court for the Southern District of New York for temporary
allowance of their claims for purposes of voting on Refco,
Inc.'s Chapter 11 Plan.

The Claimants are:

Claimant                    Claim Amount   Asserted Claim Status
--------                    ------------   ---------------------
West Loop Associates, LLC    US$77,753,268   Unsecured

PlusFunds Group, Inc.        220,000,000   Unsecured

Gerald M. Sherer              10,597,620   Admin. Expense

Stephen Grady                  2,069,916   Admin. Expense

Nomura International plc       1,406,696   RCM Class 3 FX/
                                           Unsecured Claim

RBC Dexia Investor Services    2,999,113   RCM Class 3 FX/
Espana, S.A.                               Unsecured Claim

Ixis Corporate & Investment    4,673,994   RCM Class 3 FX/
Bank                                       Unsecured Claim

PlusFunds asserts that it is entitled to an amount precisely
equal to a preference cash plus its so-called "enterprise value"
of US$220,000,000 and unliquidated damages in an amount to be
determined at trial related to PlusFunds' lost management fees.

PlusFunds contends that its claim reflects the actual amounts
owed by the Debtors arising from breach of contract, fraud and
related torts committed by the Debtors and their officers and
directors.

PlusFunds asks the Court for voting ballots for:

   * Class 5(a) Contributing Debtors General Unsecured Claims,
   * Class 5(a) FXA General Unsecured Claims, and
   * Class 3 RCM FX/Unsecured Claims.

West Loop asserts:

   -- a US$9,949,142 claim arising under the rejection of Refco
      Group Ltd.'s lease with West Loop; and

   -- a US$67,695,652 damage incurred upon its purchase of
      property in reliance on misrepresentations by RGL and
      other Debtors, including in an estoppel certificate that
      predated the Debtors' filing for bankruptcy.

Ixis and Nomura ask Judge Drain to clarify that their votes will
be for voting purposes only and will not affect the ultimate
determination and treatment of their claims, and that the
elections will apply regardless of the ultimate claims
classification.  Ixis and Nomura received FX/Unsecured Ballots.

The Claimants further insist that allowance of their Claims
solely for voting purposes will foster the goals of the
Bankruptcy Code by encouraging creditor voting, and will not
prejudice any party.

To be entitled to vote, a creditor must hold an allowed claim or
interest.  Bankruptcy Rule 3018(a), however, provides a
mechanism to enable a creditor to vote to accept or reject a
debtor's plan, prior to allowance of its claim.  Rule 3018(a)
provides that notwithstanding objection to a claim or interest,
the court after notice and hearing may temporarily allow the
claim or interest in an amount which the court deems proper for
the purposes of accepting or rejecting a plan.

                          About Refco Inc.

Based in New York, Refco Inc. -- http://www.refco.com/-- is a
diversified financial services organization with operations in
14 countries and an extensive global institutional and retail
client base.  Refco's worldwide subsidiaries are members of
principal U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

The Company and 23 of its affiliates filed for chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported US$16.5 billion in assets and US$16.8 billion in debts
to the Bankruptcy Court on the first day of its chapter 11
cases.

On Oct. 6, 2006, the Debtors filed their Amended Plan and
Disclosure Statement.  On Oct. 16, 2006, the gave its tentative
approval on the Disclosure Statement and on Oct. 20, 2006, the
Court Clerk entered the written disclosure statement order.

The hearing to consider confirmation of Refco, Inc., and its
debtor-affiliates' plan is set for Dec. 15, 2006.  Objections to
the plan, if any, must be in by Dec. 1, 2006.

Refco LLC, an affiliate, filed for chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  Albert Togut, the chapter 7
trustee, is represented by Togut, Segal & Segal LLP.

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  RCMI's exclusive period to file a chapter 11 plan
expires on Feb. 13, 2007.

(Refco Bankruptcy News, Issue No. 50; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


SEE HUP SENG: Share Registrar Moves to Another Location
-------------------------------------------------------
See Hup Seng Limited disclosed that effective today, Dec. 18,
2006, the registered address of the company's Share Registrar,
Lim Associates (Pte) Ltd, where the Company's Register of
Members and Index are kept, is located at:

         3 Church Street #08-01
         Samsung Hub
         Singapore 049483

                      About See Hup Seng

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

                       Significant Doubt

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


YEW ENG: High Court to Hear Wind-Up Petition on Dec. 21
--------------------------------------------------------
Metra Aussenhandels GMBH has, on Nov. 20, 2006, filed an
application to wind up the operations of Yew Eng Pte Ltd.

Accordingly, the High Court of Singapore will hear the wind-up
petition on Dec. 21, 2006.

The Petitioner's solicitor can be reached at:

         Christopher Bridges
         No. 9-A Mosque Street
         Singapore 059489


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

TRUE MOVE: Issues US$465-Mil. Bond Successfully
-----------------------------------------------
True Move had successfully issued US$465 million worth of seven-
year US-dollar bonds to international investors, the Bangkok
Post reports.

According to the report, the issue attracted offers of more than
US$750 million.

The bonds are unsecured and carry a fixed annual coupon of
10.75%, the paper relates.  They were priced at 98.799% to yield
11% and mature on Dec 16, 2013 with a bullet payment on that
date.  Interest will be paid semi-annually in June and December
of each year.  True Move may redeem these bonds in whole or in
part at any time.

"This was the first time True Move had sought to raise funds
globally and we're delighted with the response from investors in
the US, Europe and Asia," William Harris, the chief financial
officer of parent True Corp, told the Post.

Proceeds of the bond issue will be used to pay around two-thirds
of the debt it owes to Thai commercial banks, Mr. Harris added.

Mr. Harris believes that the debt payment will allow True Move
to significantly extend the average life of its debt.  It will
also free up substantial cash flow by moving about half of the
company's scheduled repayments to the end of 2013, he said.

Mr. Harris estimates the reduction in debt-service requirements
at approximately THB1.3 billion in 2006 and 2007 and more than
THB8 billion from 2008 through 2011.

The newspaper also points out that the debt payment will reduce
the proportion of True Move's total debt held at floating rates
to 28% from approximately 80%, providing the company with
greater certainty around future obligations.

                          *     *     *

True Move Company Limited, formerly TA Orange, is a wholly owned
subsidiary of True Corp Pcl.  The company is headquartered in
Bangkok, Thailand, and is the country's third largest mobile
telecommunications operator.

As reported by the Troubled Company Reporter - Asia Pacific on
November 27, 2006, Standard & Poor's Ratings Services assigned
its BB- long-term corporate credit rating to Thailand's third-
largest cellular operator, True Move Co. Ltd.  The outlook is
negative.

In addition, Standard & Poor's assigned its B issue rating to
True Move's proposed senior unsecured notes, assuming a debt
size of about US$450 million.

At the same time, the TCR-AP also reported that Moody's
Investors Service assigned a provisional (P)B1 corporate family
rating to True Move Company Limited and a (P)B2 senior unsecured
rating to the company's proposed US$450 million 7-year notes
issue.  The ratings outlook is negative.




                            *********

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 ***