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                     A S I A   P A C I F I C  

          Wednesday, December 20, 2006, Vol. 9, No. 252

                            Headlines

A U S T R A L I A

ADAIR INVESTMENTS: Enters Wind-Up Proceedings
CARAVAN COUNTY: Creditors' Proofs of Debt Due on January 2
CENTRALIAN MINERALS: To Declare Dividend for Priority Creditors
CROWN CASTLE: Moody's Withdraws Ratings Following Debt Repayment
D.G. MANAGEMENT: Strasburger Appoints Receiver and Manager

EQUITABLE FUNDS: Liquidator to Present Wind-Up Report
EVERBLEST PTY: To Declare First and Final Dividend on Jan. 9
GIANTS REEF: To Declare Final Dividend for Priority Creditors
HL DIAGNOSTICS: Creditors Opt to Wind Up Firm
NORD RESOURCES: Sept. 30 Balance Sheet Upside-Down by US$4.3MM

NORD RESOURCES: Platinum Shareholders Approve Merger Transaction
PAN PHARMACEUTICALS: James Selim Committed to Stand Trial
PEABODY ENERGY: S&P Rates US$500-Mil. Junior Debentures at B
PEABODY ENERGY: US$500-Mil. Debentures Gets Moody's Ba2 Rating
PEABODY ENERGY: Prices US$675MM of Conv. Junior Sub. Debentures

PRIMELIFE CORPORATION: Acquires Point Cook Development Site
PRINCIPLE INDUSTRIES: Creditors Must Prove Debts by Jan. 9
SUN CA: To Declare Dividend for Unsecured Creditors


C H I N A   &   H O N G  K O N G

ASAT HOLDINGS: S&P Lowers Rating to CCC on Liquidity Concerns
BANK OF CHINA: SALE Purchase no Impact on Ratings, Moody's Says
CHARTER TARGET: Court to Hear Wind-Up Petition on Jan. 31
DALLAS PACIFIC: Appoints Sum Wai Ching to Act as Liquidator
E-CHANCE LTD: Creditors Must Submit Claims by January 10

GUANGDONG BANK: Completes Shares Transfer to New Shareholders
HK FOOK: Creditors' Proofs of Debt Due on January 19
MISSIONARY TRAINING: Liquidator to Present Wind-Up Report
POWER TEAM: Names Chan Chun Hing as Liquidator
SEA BOND: Joint Liquidators Cease to Act

SIBER HEGNER: Members Appoint Tsang Man Hing as Liquidator
TAITUNG BANK: TRC Changes twBB Rating to twR
UNIRISE DEVELOPMENT: Faces Wind-Up Proceedings
ZHONG LU: Appoints Leung Shiu Tong as Liquidator


I N D I A

FEDERAL BANK: Sees Mergers & Acquisitions as Necessary
HDFC BANK: Allots 3,11,100 Shares to Employees Under ESOS
HDFC BANK: Taps IBM for Information Management Software Project
HINDUSTAN COPPER: In Talks for Possible Exploration Tie-Up
HMT LTD: Members Okays Increase in Authorized Share Capital

ICICI BANK: Hikes Deposit and Lending Rates
ICICI BANK: UK Branch Raises US$150 Mil. from Perpetual Bonds
ICICI BANK: Allots 94,706 Equity Shares Under ESOS


I N D O N E S I A

ANEKA TAMBANG: Gets US$121 Million in Loans to Refinance Debt
BAKRIE SUMATERA: Moody's Affirm B2 Ratings On US$110M Bond Issue
BANK NISP: Pefindo Upgrades Rating to "idA+" from "idA"
CILIANDRA PERKASA: Moody's Affirms B2 Ratings; Outlook Stable
COMVERSE TECHNOLOGY: Chairman Ron Hiram Resigns from Board

FREEPORT-MCMORAN: Barrick Gold May Make Bid to Boost Reserves
GARUDA INDONESIA: Updates Creditors in Singapore on Fin'l Status
PT PERTAMINA: Buys 3.5 Million Barrels of Crude Oil For February


J A P A N

ENER1 INC: Sept. 30 Balance Sheet Upside-Down by US$47 Million
FONIX CORP: Sells US$1,038,750 9% Debentures to McCormack Avenue
FONIX CORP: Sells Series E 9% Debentures to Southridge Partners
FORD MOTOR: Appoints Mark Fields to Lead Ford of the Americas
FORD MOTOR: Corporate Realignment to Focus on Worldwide Markets

INEOS GROUP: Moody's Changes Rating Outlook to Negative
J. CREW: October 28 Equity Deficit Narrows to US$55.1 Million
PGMI INC: Reports US$727,852 Net Loss in Quarter Ended Sept. 30
SANYO ELECTRIC: S&P Cuts Rating to BB- on Weak Business


K O R E A

ASAT HOLDINGS: Weak Liquidity Cues S&P to Lower Rating to CCC
ASAT HOLDINGS: Expects US$7.8-Mil. Net Loss for 2nd Qtr. FY 2007
ASAT HOLDINGS: To Change ADS Ratio Effective Dec. 22
PANTECH CO: Unit's Stock Trading Suspended on Bankruptcy Rumors


M A L A Y S I A

ARK RESOURCES: Inks Cooperation Agreement with Thai Firm
COMSA FARMS: RHB Investment Seeks MYR216,747 Debt Payment
COMSA FARMS: Bourse Suspends Securities Trading
COMSA FARMS: CIMB Bank Seeks MYR.5.41 Million Payment from Unit
FEDERAL FURNITURE: Authorities May Forfeit Terengganu Property

METROPLEX BERHAD: Bourse Suspends Trading of Securities
METROPLEX BERHAD: Wind-Up Petition Hearing Moved to Jan. 9


N E W   Z E A L A N D

AIR NEW ZEALAND: Seeks to Employ 83 Engineering Staff
APOLLO PROPERTIES: Creditors Must Prove Debts by Dec. 28
BAWA OVERSEAS: CIR Files Liquidation Petition
BROWN'S PHARMACY: Commences Wind-Up Proceedings
CACTUS JACK'S: Court Sets Liquidation Hearing on Jan. 23

GREAT CREATIONS: Shareholders Resolve to Liquidate Business
M & S PROPERTY: Faces Liquidation Proceedings
MEDIAHEAD LTD: Court Hears Liquidation Petition
PAEROA PHARMACY: Creditors to Prove Debts by January 19
ROSENEATH PROPERTIES: Liquidation Hearing Slated for Jan. 25

SILVERDALE MOTORS: Faces Liquidation Petition
THORNDON FARE: Creditors Must Lodge Claims by December 29


P H I L I P P I N E S

PHILIPPINE LONG DISTANCE: To Voluntarily Delist from NYSE Arca


S I N G A P O R E

ADVANCED MICRO: Forecasts 20% Increase in Shipments for 2007
CHEMTURA CORP: Karen Oscar to Retire on Mar. 31, 2007
DIGILAND INTERNATIONAL: To Propose Preferential Offering
FALMAC LIMITED: Share Registrar Moves to Another Location
INTERMEC INC: Fitch Withdraws BB- Rating on Sr. Unsecured Debt

POLYONE CORP: Expands Operations in India
REFCO INC: Plan Satisfies 13 Steps for Confirmation, Court Rules
VALEANT PHARMA: Moody's Downgrades Corp. Family Rating to B2


T H A I L A N D

iTV PLC: Prosecutors Says Administrative Court Must Take Rule
TANAYONG PCL: Shareholders' Okays EGM's Agenda
TRUE MOVE: Moody's Keeps Ratings; Outlook Remains Negative


* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

ADAIR INVESTMENTS: Enters Wind-Up Proceedings
---------------------------------------------
At a general meeting of Adair Investments Pty Ltd held on
Nov. 28, 2006, a special resolution was passed to wind up the
company's operations and to distribute the proceeds of its
assets disposal.

The liquidator can be reached at:

         Malcolm Shreeve
         Shreeve & Carslake
         24 Walters Drive
         Herdsman, Western Australia 6017
         Australia

                    About Adair Investments

Adair Investments Pty Ltd is an investor relation company.

The company is located in Western, Australia.


CARAVAN COUNTY: Creditors' Proofs of Debt Due on January 2
----------------------------------------------------------
Caravan County (Brisbane) Pty Ltd, which is subject to a deed of
company arrangement, will declare the first and final dividend
on Jan. 5, 2007.

Accordingly, creditors are required to submit their proofs of
debt by Jan. 2, 2007, to share in the distribution of dividend.

The deed administrator can be reached at:

         Matthew L. Joiner
         c/o JCJ Partners Pty Ltd
         Level 4, 370 Queen Street
         Brisbane, Queensland 4000
         Australia

                      About Caravan County

Caravan County (Brisbane) Pty Ltd --
http://www.caravancounty.com.au-- is a manufacturer of caravan.
Moreover, the company's services include: servicing new and used
caravans and campers, caravan refurbishment, installation of
spares and accessories, insurance repairs, drum and electric
brake repairs and service, electronic brake controller
installations, towbars and wiring, roll out awnings and walls to
your requirements, annexes supplied and fitted, refrigeration
repairs and service, upholstery restoration or replacement,
installation and maintenance of caravan air conditioning,
caravan and trailer roadworthy checks and certificates.

The company is located in Queensland, Australia.


CENTRALIAN MINERALS: To Declare Dividend for Priority Creditors
---------------------------------------------------------------
Centralian Minerals Ltd will declare a final dividend for its
priority creditors on Jan. 23, 2007.

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

As reported by the TCR-AP, the company will declare another
dividend on Jan. 8, 2007.

The former deed administrator can be reached at:

         Bryan Hughes
         Pitcher Partners
         140 St Georges Terrace
         Perth, Western Australia 6000
         Australia
         Telephone:(08) 9322 2022
         Facsimile:(08) 9322 1262

                    About Centralian Minerals

Centralian Minerals Limited -- formerly known as Giants Reef
Mining Limited -- is engaged in mining and treatment of gold ore
from Chariot, Malbec West, and Cat's Whiskers deposits and
mineral exploration.

The company is located in Western, Australia.


CROWN CASTLE: Moody's Withdraws Ratings Following Debt Repayment
----------------------------------------------------------------
Moody's Investors Service withdrew all ratings of Crown Castle
Operating Company as all rated debt has been repaid with
proceeds from its US$1.55 billion offering of senior secured
tower revenue notes.

Outlook Actions:

   * Issuer: Crown Castle Operating Company

      -- Outlook, Changed To Rating Withdrawn From Stable

Withdrawals:

   * Issuer: Crown Castle Operating Company

      -- Speculative Grade Liquidity Rating, Withdrawn,
         previously rated SGL-2

      -- Corporate Family Rating, Withdrawn, previously rated B1

Based in Houston, Crown Castle Operating Company owns and
operators communication towers and is a subsidiary of Crown
Castle International Corp.

                         About Crown Castle

Crown Castle International Corp. -- http://www.crowncastle.com/
-- engineers, deploys, owns and operates shared wireless
infrastructure, including extensive networks of towers.  Crown
Castle offers wireless communications coverage to 68 of the top
100 United States markets and to substantially all of the
Australian population.  Crown Castle owns, operates and manages
over 10,600 and over 1,300 wireless communication sites in the
U.S. and Australia, respectively.


D.G. MANAGEMENT: Strasburger Appoints Receiver and Manager
----------------------------------------------------------
On Nov. 29, 2006, Strasburger Enterprises (Properties) Pty Ltd
appointed Jonathan Paul McLeod of McLeod & Partners as receiver
and manager of D.G. Management Pty Ltd -- trading as Mobil
Aspley, Mobil Eatons Hill, Mobile Strathpine and Mobil
Robertson.

The Receiver and Manager can be reached at:

         Jonathan Paul McLeod
         McLeod & Partners
         Level 3, 380 Queen Street
         Brisbane, Queensland 4000
         Australia

                      About D G Management

D G Management Pty Ltd operates gasoline service stations.

The company is located in Queensland, Australia.


EQUITABLE FUNDS: Liquidator to Present Wind-Up Report
-----------------------------------------------------
Equitable Funds Management Ltd, which is in liquidation, will
hold a final meeting for its members and creditors on Jan. 12,
2007, at 10:00 a.m.

At the meeting, Liquidator A. H. Douglas-Brown will present a
report regarding the company's wind-up proceedings and property
disposal activities.

The Liquidator can be reached at:

         A. H. Douglas-Brown
         Bentleys MRI Perth
         1st Floor, 10 Kings Park Road
         West Perth, Western Australia 6005
         Australia
         Telephone:(08) 9480 2000

                     About Equitable Funds

Equitable Funds Management Ltd manages trusts, except
educational, religious, and charitable trusts.

The company is located in Western, Australia.


EVERBLEST PTY: To Declare First and Final Dividend on Jan. 9
------------------------------------------------------------
Everblest Pty Ltd, which is in liquidation, will declare the
first and final dividend on Jan. 9, 2007.

In this regard, 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:

         Ian Richard Hall
         Waterfront Place
         1 Eagle Street
         Brisbane, Queensland 4001
         Australia

                       About Everblest Pty

Everblest Pty Ltd is a subdivider and developer of land, except
cemeteries.

The company is located in Queensland, Australia.


GIANTS REEF: To Declare Final Dividend for Priority Creditors
-------------------------------------------------------------
Giants Reef Exploration Pty Ltd -- formerly subjecte to a deed
of company arrangement -- will declare a final dividend for its
priority creditors on Jan. 23, 2007.

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

The former deed administrator can be reached at:

         Bryan Hughes
         Pitcher Partners
         140 St Georges Terrace
         Perth, Western Australia 6000
         Australia
         Telephone:(08) 9322 2022
         Facsimile:(08) 9322 1262

                        About Giants Reef

Giants Reef Exploration Pty Ltd is engaged with mining of gold
ores.

The company is located in Western, Australia.


HL DIAGNOSTICS: Creditors Opt to Wind Up Firm
---------------------------------------------
On Nov. 27, 2006, the creditors of HL Diagnostics Pty Ltd met
and resolved to wind up the company's operations.

Martin Jones, Darren Weaver, and Andrew Saker were subsequently
appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Martin Jones
         Darren Weaver
         Andrew Saker
         Ferrier Hodgson
         Chartered Accountants
         Level 26, 108 St. George's Terrace
         Perth, Western Australia 6000
         Australia

                      About Hl Diagnostics

Hl Diagnostics Pty Ltd provides health and allied services.

The company is located in Western Australia, Australia.


NORD RESOURCES: Sept. 30 Balance Sheet Upside-Down by US$4.3MM
--------------------------------------------------------------
Nord Resources' Sept. 30, 2006 balance sheet showed US$4.6
million in total assets and US$8.9 million in total liabilities,
resulting in a US$4.3 million total stockholders' deficit.  The
company's balance sheet also showed strained liquidity with
US$1.9 million in total current assets available to pay $8.7
million in total current liabilities.

The company reported a US$354,245 net loss for the third quarter
ended Sept. 30, 2006, compared with a US$871,752 net loss for
the same period in 2005.

The company did not have any sales during the three and nine
months ended Sept. 30, 2006 and 2005 as the Johnson Camp mine
was on a care and maintenance program during said periods.

The decrease in net loss is mainly due to a US$1.9 million
miscellaneous income from the settlement agreement with Titanium
Resource Group in August 2006 in connection with the sale of the
company's remaining 13/15 fractional interest in SRL Acquisition
No. 1 Limited, partly offset by the increase in operating
expenses from US$643,573 for the three months ended Sept. 30,
2005, to US$2 million for the three months ended Sept. 30, 2006.

The increase in operating expenses is due primarily to a
US$450,362 increase in professional fees related to the
preparation of the company's recent SEC filings under the
Exchange Act, other activities undertaken by the company to
bring the Johnson Camp mine into production and the negotiation
and due diligence investigations relating the acquisition of the
company by Platinum Diversified Mining Inc.  The acquisition of
the company has been approved by the shareholders of Platinum
Diversified Mining Inc.

Full-text copies of the company's consolidated financial
statements are available for free at:

               http://researcharchives.com/t/s?171c

                     About Nord Resources

Headquartered in Dragoon, Arizona, Nord Resources Corporation
(Pink Sheets:NRDS) -- http://www.nordresources.com/-- is a  
natural resource company focused on near-term copper production
from its Johnson Camp Mine and the exploration for copper, gold
and silver at its properties in Arizona and New Mexico.  The
company also owns approximately 4.4 million shares of Allied
Gold Limited, an Australian company.  In addition, the company
maintains a small net profits interest in Sierra Rutile Limited,
a Sierra Leone, West African company that controls the world's
highest-grade natural rutile deposit.

                       Going Concern Doubt

Mayer Hoffman McCann PC expressed substantial doubt about Nord's
ability to continue as a going concern after it audited the
company's financial statements for the years ended Dec. 31, 2005
and 2004.  The auditing firm pointed to the company's
significant operating losses.  Nord incurred a US$3,084,166 net
loss for the year ended Dec. 31, 2005, in contrast to a
US$864,357 net loss in the prior year.

Nord Resources' balance sheet at June 30, 2006, showed
US$4,214,657 in total assets and US$8,430,713 in total
liabilities, resulting in a US$4,216,056 stockholders' deficit.  
The company had a US$3,120,573 deficit at March 31, 2006.


NORD RESOURCES: Platinum Shareholders Approve Merger Transaction
----------------------------------------------------------------
Mr. Ronald A. Hirsch, Chairman of the Board of Directors of Nord
Resources Corporation, disclosed that Platinum Diversified
Mining Inc.'s shareholders have approved Platinum's proposed
acquisition of Nord in the all-cash merger transaction.  The
extraordinary meeting of Platinum's shareholders was reconvened
and held at 6:00 p.m. (United Kingdom time) on Dec. 12, 2006.

Completion of the merger and re-admission of the issued share
capital of Platinum to trading on AIM remain conditional, among
other things, on the approval of the merger agreement and the
merger by Nord's stockholders at the special meeting of
stockholders due to be held at 620 East Wetmore Road, Tucson,
Arizona 85705 on Dec. 20, 2006, at 10:00 a.m. Arizona time.

                       The Merger Agreement

The merger will be completed pursuant to an agreement and plan
of merger dated Oct. 23, 2006 between Nord, Platinum, Platinum
Diversified Mining USA, Inc., and PDM Merger Corp.  PDM Merger
is a wholly-owned subsidiary of Platinum USA, which in turn is a
wholly owned subsidiary of Platinum.  If the merger is
completed, PDM Merger will merge with and into Nord, with Nord
continuing as the surviving corporation and a wholly-owned
subsidiary of Platinum USA.

The merger has been approved by a special committee of Nord's
board of directors comprised of independent directors who
considered a fairness opinion of an independent financial
advisor in reaching their determination.  

Upon completion of the merger, stockholders of Nord will
receive:

   * a cash amount based on the aggregate merger consideration
     to be paid Platinum net of a holdback of $3 million.  This
     cash amount is referred to as the "per share merger
     consideration".  Nord estimates that the per share merger
     consideration will equal US$1.20 per share.  Payment of the
     per share merger consideration will be made upon
     consummation of the merger; and

   * a contingent right to receive a pro rata share of the
     amount remaining, if any, of the $3 million holdback amount
     after the expiry of a six month holdback period, which is
     referred to as the "per share net holdback consideration".  
     Nord estimates that the per share net holdback
     consideration will equal $0.07 per share, prior to
     deduction of fees and expenses associated with the escrow
     arrangement for the holdback, if there are no claims for
     damages made against the holdback amount.  Payment of the
     per share net holdback consideration will be made upon
     expiry of the holdback or upon resolution of all claims for
     damages, if there are any claims for damages outstanding
     when the holdback period expires.

Accordingly, stockholders of Nord will receive an aggregate of
US$1.27 per share, prior to deduction of fees and expenses
associated with the escrow arrangement for the holdback, if
there are no claims for damages made during the holdback period.

                      About Nord Resources

Headquartered in Dragoon, Arizona, Nord Resources Corporation
(Pink Sheets:NRDS) -- http://www.nordresources.com/-- is a  
natural resource company focused on near-term copper production
from its Johnson Camp Mine and the exploration for copper, gold
and silver at its properties in Arizona and New Mexico.  The
company also owns approximately 4.4 million shares of Allied
Gold Limited, an Australian company.  In addition, the company
maintains a small net profits interest in Sierra Rutile Limited,
a Sierra Leone, West African company that controls the world's
highest-grade natural rutile deposit.

                       Going Concern Doubt

Mayer Hoffman McCann PC expressed substantial doubt about Nord's
ability to continue as a going concern after it audited the
company's financial statements for the years ended Dec. 31, 2005
and 2004.  The auditing firm pointed to the company's
significant operating losses.  Nord incurred a US$3,084,166 net
loss for the year ended Dec. 31, 2005, in contrast to a
US$864,357 net loss in the prior year.

Nord Resources' balance sheet at June 30, 2006, showed
US$4,214,657 in total assets and US$8,430,713 in total
liabilities, resulting in a US$4,216,056 stockholders' deficit.  
The company had a US$3,120,573 deficit at March 31, 2006.


PAN PHARMACEUTICALS: James Selim Committed to Stand Trial
---------------------------------------------------------
On December 18, 2006, James Selim, the former Chief Executive
Officer and Managing Director of Pan Pharmaceuticals Limited,
was committed in the Balmain Local Court in Sydney to face four
charges brought by the Australian Securities and Investments
Commission.

The charges relate to the provision of information by Mr. Selim
to the directors of Pan Pharmaceuticals between February 2003
and April 2003.

It is alleged Mr. Selim gave information to the directors of Pan
Pharmaceuticals that he knew omitted certain details, which
rendered the information misleading in a material respect.  This
information relates to an investigation by the Therapeutic Goods
Administration into Travacalm and Pan Pharmaceuticals.

The case against Mr. Selim follows an investigation by ASIC that
commenced in April 2003.  Mr Selim was charged in the Downing
Centre Local Court on September 28, 2004, and his committal
hearing began September 2005.  The committal was adjourned to
February 2006 and then August 2006.

The Australian Stock Exchange Limited assisted in this matter.

Mr. Selim is to appear in the NSW Supreme Court on February 2,
2007, when it is expected that a trial date will be set.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.

                    About Pan Pharmaceuticals

On May 22, 2003, Anthony Gregory McGrath & Christopher John
Honey of McGrathNicol+Partners were appointed as administrators
for Pan Pharmaceuticals Limited and its subsidiaries:

   1. Pan Pharmaceuticals Services Pty Limited;
   2. Pan Pharmaceuticals Exports Pty Limited;
   3. Pan Laboratories (Australia) Pty Limited; and
   4. Pan Pharmaceuticals Technologies Pty Limited

On September 23, 2003, the creditors of Pan rejected a proposal
for a Deed of Company Arrangement submitted by Fred Bart and Jim
Selim.  Subsequently on the same day, the creditors of Pan and
Laboratories resolved that these two companies be wound-up.

On October 21, 2003, the creditors of Services, Exports, and
Technologies resolved to place these three companies into
liquidation.

                        Sale of business

Since their appointment, the Administrators and the Liquidators
have overseen a major upgrade of Pan's facilities, processes,
and documentation.  On October 1, 2003, the Therapeutic Goods
Administration advised that it was satisfied that Pan was
compliant with the Australian Code of GMP for Medicinal Products
with respect to the manufacture of soft gelatine capsules that
are required to be listed in the Australian Register of
Therapeutic Goods, and that reinstatement of the company's soft-
gel license could be recommended.  The TGA issued the soft-gel
license on November 4, 2003.

After the reinstatement of the soft-gel license, the Liquidators
recommenced the sale process for the Pan business.  The
Liquidators offered the assets as a going concern and accepted
an offer of AU$20 million.  Settlement occurred on December 15,
2003.

The business and assets of Pan have been sold to Sphere
Healthcare Pty Ltd.

                    No Dividend Distribution

On November 12, 2003, the Liquidators executed a declaration for
the purposes of Section 104-145 of the Income Tax Assessment Act
that there is no likelihood that shareholders will receive a
dividend from the winding up.


PEABODY ENERGY: S&P Rates US$500-Mil. Junior Debentures at B
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' rating to
the US$500 million convertible junior subordinated debentures
due 2066 of Peabody Energy Corp.   Proceeds from the notes are
expected to reduce bank loan borrowings, which were used to fund
the recent acquisition of Excel Coal Ltd.

Standard & Poor's characterized the bonds as having intermediate
equity content given the securities' long-dated maturity (60
years), deep subordination, and cumulative optional deferral of
interest up to 10 years.

The ratings on Peabody reflect its aggressive financial
leverage, including significant debt-like liabilities, ongoing
cost pressures, and challenges posed by the inherent risks of
coal mining.  The ratings also reflect the company's leading
market position, its substantial and diversified reserve base,
and currently favorable coal industry conditions.  Peabody is
North America's largest coal producer, with approximately 240
million tons of coal sold during 2005, and 10.3 billion tons of
reserves.

Headquartered in St. Louis, Missouri, Peabody Energy Corp.,
(NYSE: BTU) -- http://www.peabodyenergy.com/-- is the world's  
largest private-sector coal company, with 2005 sales of 240
million tons of coal and US$4.6 billion in revenues.  Its coal
products fuel 10% of all US and 3% of worldwide electricity.  
The company has coal operations in Australia.


PEABODY ENERGY: US$500-Mil. Debentures Gets Moody's Ba2 Rating
--------------------------------------------------------------
Moody's Investors Service assigned Peabody Energy Corp.'s
proposed US$500 million convertible junior subordinated
debentures a rating of Ba2.  Moody's also revised Peabody's
outlook to stable from negative.  At the same time, Moody's
affirmed Peabody's Ba1 corporate family rating and the Ba1
senior unsecured rating on its existing revolver, term loan and
notes.

The ratings reflect the overall probability of default of the
company, to which Moody's affirms a PDR of Ba1.  The convertible
junior subordinated debentures (Debentures) rating of Ba2
reflects a loss given default of LGD-6.  The senior unsecured
rating of Ba1 reflects a loss given default of LGD-3.   Moody's
also affirmed Peabody's SGL-1 Speculative Grade Liquidity
rating.  The revision in outlook reflects the 75% equity
component that Moody's credits to the "Basket D" convertible
junior subordinated debentures, and the related notional
reduction in debt.

The proceeds of the US$500 million Debentures, along with
proceeds of the recent US$900 million senior unsecured notes and
drawings under the company's term loan, are being used to
provide the long term funding of Peabody's recent acquisition of
Australian coal miner, Excel Coal Limited, for US$1.9 billion,
including assumption of debt and fees.

The acquisition of Excel will significantly expand Peabody's
operation in Australia and its penetration of both the export
metallurgical and thermal coal markets.  Excel expects to
increase its production from about 6 million tons currently to
15 to 20 million tons in 2007 and 2008.

The Ba1 corporate family rating reflects Peabody's:

   1) favorable debt to EBITDA and good earnings ratios;

   2) diversified low-cost operations;

   3) extensive and geographically diversified reserves of high
      quality coal;

   4) strong management; and

   5) portfolio of long-term coal supply agreements with a
      large number of electricity generation customers.

However, the rating also reflects the significant increase in
debt to fund the Excel acquisition, which increases Peabody's
pro forma Sept. 30, 2006, debt to EBITDA ratio to 3.4x from
2.3x, and, giving equity credit of $375 million to the
Debentures, the debt to capitalization ratio to 55.8% from
49.9%.  The rating also considers the volatile nature of the
coal mining business, and operating and development cost
pressures that could continue to constrain Peabody's weak free
cash flow.

The Debentures will, in Moody's view, have sufficient equity-
like features to allow it to receive basket "D" treatment, i.e.
75% equity and 25% debt, for financial leverage purposes.  This
basket designation will shift from "D" to "C" in ten years, i.e.
when the Debentures have less than fifty years to maturity.  The
basket will shift again to "B" after 20 years and "A" after the
next 10 years.  The basket allocation is based on the following
rankings for the three dimensions of equity:

   (i) No maturity: Moderate

       The Debentures have a 60-year final maturity with a
       scheduled redemption after 35 years, subject to a
       Replacement Capital Covenant or RCC.  The RCC, which
       obligates Peabody not to redeem or repurchase the
       Debenture unless it has previously issued qualifying new
       equity, will be put in place at inception, but will not
       be operational until year 35.  At year 35, Peabody is
       required to use its commercially reasonable efforts,
       subject to a market disruption event, to raise sufficient
       net proceeds from the issuance of qualifying capital
       securities and redeem the Debentures in full on each
       succeeding interest payment date prior to the final
       60-year maturity.  If a qualifying replacement security
       can't be issued, the maturity extends from interest
       payment date to interest payment date until the final
       maturity in 60 years.

       For the first 35 years, the security can be called
       subject to intent-based replacement language where
       Peabody Energy intends to replace the security with the
       same or more equity-like security.  The Debentures are
       also convertible into Basket D preferred stock at the
       option of the investor.

  (ii) No ongoing payments: Strong

       There is optional deferral of distributions for a maximum
       of 10 years and mandatory deferral tied to the breach of
       covenants, without giving rise to an event of default and
       without causing acceleration.  If mandatorily deferred or
       if there is optional deferral for 5 years, distributions
       must be settled with the issuance of warrants or benign
       preferred stock .  For warrants, there is an 84 million
       share cap, and for benign preferred stock, 25% of the
       principal amount.  In bankruptcy, any distributions not
       settled with warrants or benign preferred stock are
       limited to a claim of 2 years.

(iii) Loss absorption: Strong

      The Debenture will be the most junior subordinated debt of
      all existing debt, with limited rights and limited ability
      to cause acceleration.

Moody's last rating action on Peabody was to rate its US$900
million senior unsecured notes Ba1 in October 2006.

Headquartered in St. Louis, Missouri, Peabody Energy Corp.,
(NYSE: BTU) -- http://www.peabodyenergy.com/-- is the world's  
largest private-sector coal company, with 2005 sales of 240
million tons of coal and US$4.6 billion in revenues.  Its coal
products fuel 10% of all US and 3% of worldwide electricity. The
company has coal operations in Australia.


PEABODY ENERGY: Prices US$675MM of Conv. Junior Sub. Debentures
---------------------------------------------------------------
Peabody Energy has priced US$675 million principal amount of
Convertible Junior Subordinated Debentures due 2066 in a public
offering, pursuant to a registration statement filed with the
U.S. Securities and Exchange Commission.  The company has
granted the underwriters an option to purchase up to an
additional US$75 million of debentures to cover over-allotments.

The debentures will pay interest semiannually at a rate of 4.75%
per year.  The initial conversion price is US$61.95, reflecting
a 40% premium over Dec. 14's closing stock price of US$44.25.  
The debentures are convertible under certain circumstances
including when the price of BTU shares reaches US$86.73.  Upon
conversion, holders will receive cash in the amount of, or
preferred stock with a liquidation preference equal to, the
principal amount, and only any value in excess of the principal
amount will be delivered in BTU common stock.

The company will use commercially reasonable efforts to raise
net proceeds by issuing securities to pay holders the principal
amount of the debentures, together with accrued and unpaid
interest, on Dec. 15, 2041, the scheduled maturity date.

Lehman Brothers Inc., Morgan Stanley & Co. Incorporated and
Citigroup Global Markets Inc. are the joint book running
managers for the offering.

The company expects to close the sale of the debentures on Dec.
20, 2006, subject to the satisfaction of customary closing
conditions.  Net proceeds of the offering are expected to be
used primarily to repay debt under the company's revolving
credit facility and term loan facility, which partly financed
the recent acquisition of Excel Coal Limited, and for other
corporate purposes.

Peabody Energy is the world's largest private-sector coal
company, with 2005 sales of 240 million tons of coal and US$4.6
billion in revenues. Its coal products fuel approximately 10
percent of all U.S. electricity generation and 3 percent of
worldwide electricity.

A preliminary prospectus supplement related to the offering was
filed with the Securities and Exchange Commission and is
available on the SEC's website at http://www.sec.gov

Copies of the prospectus supplement relating to the offering may
also be obtained from:

          Lehman Brothers
          c/o ADP Financial Services Integrated
          Distribution Services
          1155 Long Island Avenue
          Edgewood, NY 11717
          Tel: (888) 603-5847
          Fax: (631) 254-7268
          E-mail: monica_castillo@adp.com

               -- or --

         Morgan Stanley
         Attn: Prospectus Department
         180 Varick Street 2/F
         New York, NY 10014
         Tel: (866) 718-1649
         E-mail: prospectus@morganstanley.com

               -- or --

         Citigroup Global Markets Inc.
         Brooklyn Army Terminal
         140 58th Street, 8th Floor
         Brooklyn, NY 11220
         Tel: (718) 765-6732
         Fax: (718) 765-6734

The prospectus and other documents the company has filed may be
obtained for free by visiting EDGAR on the SEC website at
http://www.sec.gov/

Alternatively, the company, any underwriter or any dealer
participating in the offering will arrange to send you the
prospectus if requested.

Retail Investors may call toll-free at (800) 584-6837 and
institutional investor may call toll-free at (866) 718-1649.

Headquartered in St. Louis, Missouri, Peabody Energy Corp.,
(NYSE: BTU) -- http://www.peabodyenergy.com/-- is the world's  
largest private-sector coal company, with 2005 sales of 240
million tons of coal and US$4.6 billion in revenues.  Its coal
products fuel 10% of all US and 3% of worldwide electricity. The
company has coal operations in Australia.

                          *     *     *

On October 24, 2006, the Troubled Company Reporter - Asia
Pacific reported that in connection with Moody's Investors
Service's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology for the North American
Metals & Mining sectors, the rating agency confirmed its Ba1
Corporate Family Rating for Peabody Energy Corporation.


PRIMELIFE CORPORATION: Acquires Point Cook Development Site
-----------------------------------------------------------
On December 15, 2006, Primelife Corporation Limited confirmed
that it has acquired the Sneydes Road, Point Cook development
site after orders made in the Victorian Supreme Court.

The orders dated Dec. 11, 2006, relate to a judgment handed down
by his Honour, Justice Mandie, in which it was found that
Primelife validly exercised the call option granted to it by
Mainpoint over the Property in December 2003.  The Property's
purchase price is AU$5.32 million plus GST, which was the
exercise price payable under the call option.

Primelife has also resolved with Mainpoint all other issues
arising in connection with the judgment handed down in the Point
Cook dispute.

Primelife Managing Director, John Martin, is confident that
"there will be strong demand for this new retirement community
as there is a lack of quality retirement stock in the western
region of Melbourne."

The Property is a retirement development of in excess of 250
independent living units in the growth corridor in the City of
Wyndham.

                        About Primelife

Headquartered in Melbourne, Australia, Primelife Corporation --
http://www.primelife.com.au/-- develops and manages properties  
catering to a wide range of senior living needs, including
independent retirement living, serviced apartments, aged care or
low care hostels and high care nursing homes, and in-home care.

Primelife almost skidded into insolvency when, on September 23,
2004, the Australian Securities and Investments Commission filed
37 proceedings in the Federal Court of Australia seeking, among
other things, orders that an investigating accountant be
appointed over managed investment schemes under Primelife to
report to the Federal Court to ascertain the position of each of
the schemes.  ASIC also applied for the schemes to be wound up.

The ASIC alleged that the schemes are not registered, as
required under the Corporations Act.  ASIC brought the Federal
Court proceedings against Primelife and a number of other
defendants including parties who, ASIC alleges, have been
involved in promoting and managing the schemes to a large number
of investors since 1997.

The unregistered schemes are undergoing or were completely wound
up starting October 2005.  The Company had currently resolved
most of the legal issues and was turning the corner after a
couple of years.


PRINCIPLE INDUSTRIES: Creditors Must Prove Debts by Jan. 9
----------------------------------------------------------
Principle Industries Pty Ltd, which is in liquidation, will
declare the first and final dividend on Jan. 31, 2007.

Accordingly, creditors are required to formally prove their
debts by Jan. 9, 2007, or they will be excluded from
participating in any distribution the company will make.

The liquidator can be reached at:

         Lachlan Mcintosh
         KordaMentha (Qld)
         22 Market Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3225 4000
         Facsimile:(07) 3225 4999

                   About Principle Industries

Situated in Loganholme, Queensland, Principle Industries Pty Ltd
-- http://www.principleindustries.com.au/company.htm-- is  
engaged with metal fabrication.  The company also specializes in
architectural steel fabrication for large and small commercial
membrane structures, fabrication of construction steel,
commercial and industrial metal fabrication and the manufacture
of architectural cantilever umbrellas.


SUN CA: To Declare Dividend for Unsecured Creditors
---------------------------------------------------
Sun Ca Pty Ltd -- formerly known as Sunrise Cleaning Australia
Pty Ltd -- which is in liquidation, will declare the first and
final dividend for unsecured creditors on Feb. 12, 2007.

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

The liquidator can be reached at:

         M. G. McCann
         Grant Thornton
         Level 4, Grant Thornton House
         102 Adelaide Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3222 0200
         Facsimile:(07) 3222 0446

                          About Sun Ca

Sun Ca Pty Ltd provides building cleaning and maintenance
services.

The company is located in Queensland, Australia.


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

ASAT HOLDINGS: S&P Lowers Rating to CCC on Liquidity Concerns
-------------------------------------------------------------
On December 15, 2006, Standard & Poor's Ratings Services lowered
its long-term corporate credit rating on ASAT Holdings Ltd. to
CCC from B-, reflecting heightened liquidity concerns and
persistent operating losses.  The outlook is negative.

At the same time, the issue rating on US$150 million in 9.25%
senior notes due in 2011 that are guaranteed by ASAT was also
lowered to CCC from B-.

"Our rating on ASAT reflects the company's very weak liquidity
and financial positions, limited financial flexibility due to a
heavy debt burden, concentrated customer base, and exposure to
the highly competitive and cyclical semiconductor industry,"
said Standard & Poor's credit analyst Jacphanie Cheung.  These
weaknesses are partly offset by opportunities for the company to
increase its profitability through ongoing cost-cutting measures
and access to advanced packaging technologies.

The company is facing significant financial pressure.  In its
quarterly report for the period ended July 31, 2006, it said:
"As we continue to face commercial business challenges, we have
occasionally been in default or otherwise been out of compliance
with the covenants and conditions in the agreements governing
our debt.  Such defaults have been cured or otherwise remedied
by obtaining amendments or waivers from our creditors."

Standard & Poor's has very limited access to the company's
management and financial information.  The rating is based on
publicly available information.

ASAT has extremely tight liquidity and limited financial
flexibility because of its heavy debt burden.  Its cash balance
has fallen significantly due to negative operating cash flows
and high capital expenditure resulting from the relocation of
its manufacturing facilities from Hong Kong to China.  The
company indicated that at the end of October 2006 it had US$8.8
million in cash.  This was marginally sufficient to cover the
semi-annual interest payment of US$6.9 million on its senior
notes due 2011.  A US$1.3 million undrawn credit line and US$5
million remaining from a purchase money loan facility should
help support ASAT's liquidity needs over the short term.

However, the availability of the remaining purchase money loan
facility is subject to certain conditions.  In addition, the
company's heavy interest burden, persistent operating losses,
competitive pressure on prices, and heavy capital expenditure
should continue to exert pressure on the company's liquidity
over the near term.

ASAT is a small operator in the highly fragmented and
competitive semiconductor sector.  The company's capital
structure is highly leveraged, as reflected by a very high ratio
of net debt to capitalization of 162% as at July 31, 2006 due to
accumulating losses.

In the first quarter of fiscal 2007, ended July 31, 2006, the
company posted a net loss of US$8.1 million, compared with a net
loss of US$17.1 million in the previous quarter.  Although the
company indicates that its preliminary results for the second
quarter of fiscal 2007 show an improvement in its gross margin
and narrower losses, Standard & Poor's is concerned that the
company's cash balance has continued to fall to a marginal
level.


BANK OF CHINA: SALE Purchase no Impact on Ratings, Moody's Says
---------------------------------------------------------------
On December 18, 2006, Moody's Investors Service said that it saw
no rating impact for Bank of China Ltd following its acquisition
of Singapore Aircraft Leasing Enterprise Pte Ltd.

BOC announced on December 15 that it had, through its wholly
owned Hong Kong subsidiary BOC Group Investment Ltd, acquired
100% of SALE for US$965 million in cash.

The acquisition will be funded through BOC's internal funds and
is expected to take 3-6 months to complete.

"Moody's views this acquisition as potentially credit positive
for BOC," says May Yan, a Moody's VP/Senior Credit Officer,
adding, "It will broaden the bank's corporate business lines to
include aircraft leasing, an area that shows rapid growth in
Asia."

"BOC will also leverage the expertise of its strategic investor,
Royal Bank of Scotland, in this area," says Yan.  Through
aircraft leasing and other banking businesses, BOC is hoping to
offer broader financial services to the fast-growing aviation
industry in Asia, particularly in China.

After the acquisition, BOC will retain SALE's current management
team and also appoint directors to SALE's board of directors.

"Careful management of the company's ownership transition is
extremely important," says Yan.

The SALE deal is BOC's first acquisition since its IPOs in Hong
Kong and Shanghai in May 2006, and which significantly boosted
its capital respectively to 10.6% and 12.4% for tier 1 and total
capital ratios at end-June 2006.

"Its strengthened capital position should provide an important
cushion in the next few years for rapid growth, and which would
be in line with China's strong economic growth," says Yan.

Given its strengthened capital position, BOC is also likely to
become more acquisitive.  Moody's believes careful use of its
precious capital on selective strategic acquisitions, which
complement its existing geographic and business lines, could
prove credit positive.  However, overpaying for acquisitions
would be credit negative.

Singapore Aircraft Leasing Enterprise Pte Ltd, headquartered in
Singapore, is the largest aircraft leasing company based in
Asia.  As of September 30, 2006, it had total assets of US$3.1
billion.

Bank of China Ltd., headquartered in Beijing, is the third
largest commercial bank in China.  As of end-June 2006, it had
total assets of RMB5.2 trillion (US$657 billion).


CHARTER TARGET: Court to Hear Wind-Up Petition on Jan. 31
---------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition filed
against Charter Target International Ltd on Jan. 31, 2007, at
9:30 a.m.

ITEQ (Dongguan) Corporation filed the petition with the Court on
Nov. 29, 2006.

The solicitors for the Petitioner can be reached at:

         Jones Day
         29/F, Edinburgh Tower
         The Landmark
         15 Queen's Road, Central
         Hong Kong


DALLAS PACIFIC: Appoints Sum Wai Ching to Act as Liquidator
-----------------------------------------------------------
At an extraordinary general meeting held on Dec. 8, 2006, the
members of Dallas Pacific Management Ltd appointed Sum Wai Ching
Helena as liquidator.

The Liquidator can be reached at:

         Sum Wai Ching, Helena
         19/F, S.B. Commercial Building
         478 Nathan Road, Yau Ma Tei
         Kowloon
         Hong Kong


E-CHANCE LTD: Creditors Must Submit Claims by January 10
--------------------------------------------------------
Creditors of E-Chance Ltd are required to submit their proofs of
claim to by Jan. 10, 2007, to be included from any distribution
the company will make.

The liquidator can be reached at:

         Chiu Tin Lap, Jack
         Flat 5, 8/F Fontana Gardens
         Ka Ning Path
         Causeway Bay
         Hong Kong


GUANGDONG BANK: Completes Shares Transfer to New Shareholders
-------------------------------------------------------------
Guangdong Development Bank has completed its share transfer to
new shareholders including the Citigroup, and that the entire
fund for nearly 85.6% of GDB's shares has also been transacted
into the GDB's account, Xinhuanet says, citing a company source
as saying.

The Troubled Company Reporter - Asia Pacific reported on Nov.
21, 2006, that Citigroup has won the bid for a majority stake in
Guangdong Development Bank.  Citigroup'c consortium took 86%
stake in Guangdong for US$3.1 billion.

Citigroup's consortium, which includes China Life, and State
Grid will each hold 20% stake in the bank, complying with the
25% majority stake allotted to foreign shareholders by the
Chinese government.  CITIC Group and IBM will take 12.8% and 5%
stake respectively, China Puhua will get 8%, TCR-AP said.

Meanwhile, on December 18, 2006, Guangdong Bank held its first
shareholders' meeting.  The new board has 17 members where
Citigroup, China Life, and State Power Grip nominated directors
to the board.

Citigroup will take six board seats -- including one independent
director the bank will nominate -- as part of the agreement with
GDB, Reuters notes.

The China Banking Regulatory Commission also approved GDB's
application for foreign shareholders on December 18.

                          *     *     *

Guangdong Development Bank -- http://ebank.gdb.com.cn/-- is a  
bank based in Guangzhou, Guangdong, People's Republic of China.  
The bank was founded in 1988.

Fitch Ratings on August 14, 2006, affirmed Guangdong Development
Bank's Individual 'E' and Support '4' ratings.

According to Fitch, Guangdong Development Bank's Individual E
rating reflects its very weak profitability, large stock of
NPLs, low capital and poor disclosure.

The GDB, established in 1988, was developed into a national bank
with assets worth of CNY370 billion (US46.25 billion) and more
than 12,000 employees.

By the end of 2003, the bank's bad loans totaled CNY35.7
billion, accounting for 18.53% of its total loans.


HK FOOK: Creditors' Proofs of Debt Due on January 19
----------------------------------------------------
Liquidator Cheuk Miu Fun Clara requires the creditors of Hong
Kong Fook Sung Foundation Ltd to submit their proofs of debt by
Jan. 19, 2007.

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

The Liquidator can be reached at:

         Cheuk Miu Fun Clara
         Suite 1807, The Gateway
         Tower II, 25 Canton Road
         Tsimshatsui, Kowloon
         Hong Kong


MISSIONARY TRAINING: Liquidator to Present Wind-Up Report
---------------------------------------------------------
Missionary Training College of Asia Ltd, which is in members'
voluntary liquidation, will hold a final general meeting for its
members on Jan. 19, 2007, at 3:00 p.m.

During the meeting, Liquidator Lai Wai Man Vincent will report
on the company's wind-up proceedings and property disposal
exercises.

The Liquidator can be reached at:

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


POWER TEAM: Names Chan Chun Hing as Liquidator
----------------------------------------------
On Dec. 8, 2006, Chan Chun Hing was appointed as liquidator of
Power Team Development Ltd by virtue of a special resolution.

The Liquidator can be reached at:

         Chan Chun Hing
         Room 1503, Skyline Commercial Centre
         71-77 Wing Lok Street, Sheung Wan
         Hong Kong


SEA BOND: Joint Liquidators Cease to Act
----------------------------------------
Ng Siu Chui and Hsieh Hui Yun Lily ceased to act as joint and
several liquidators of Sea Bond Company Ltd on Dec. 15, 2006.

As reported by the TCR-AP, Mr. Ng Siu Chui presented the report
regarding the company's wind-up proceedings during the members'
final meeting on Oct. 16, 2006.

The former Liquidators can be reached at:

         Ng Siu Chui
         Hsieh Hui Yun Lily
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


SIBER HEGNER: Members Appoint Tsang Man Hing as Liquidator
----------------------------------------------------------
The members of Siber Hegner Luxury Ltd pursuant to Clause 69 of
the Articles of Association, appointed Tsang Man Hing to act as
the company's liquidator on Dec. 8, 2006.

The Liquidator can be reached at:

         Tsang Man Hing
         12/F, Grand Building
         Nos. 15-18 Connaught Road, Central
         Hong Kong


TAITUNG BANK: TRC Changes twBB Rating to twR
--------------------------------------------
On December 18, 2006, Taiwan Ratings Corp revised its long-term
credit rating on Taitung Business Bank to twR from twBB after a
task force from Central Deposit Insurance Corp, under the
instruction of the Financial Supervisory Commission, took full
control of the bank on Dec. 15, 2006.

The twR rating reflects the extension of regulatory supervision
due to Taitung BB's failure to meet the minimum requirement for
regulatory capital.

Based on the Act for the Establishment and Administration of the
Financial Restructuring Fund, and primarily to ensure a stable
financial system in Taiwan, the regulator is entitled to take
over the operations of financially weak banks.

CDIC has represented the regulator on the board of Taitung BB
and supervised the bank's operations since a deposit run in
1996.  Despite CDIC's involvement, Taitung BB's financial
condition has remained weak and significantly deteriorated in
the past one year due to an increase of NPLs arising from the
bank's large amount of unsecured consumer lending.  At the end
of July 2006, the bank's net worth became negative.  It declined
further to negative NT$1.1 billion at the end of November 2006.  
The situation would be far more serious if potential credit
costs were also taken into consideration.

The future credit profile of Taitung BB will depend on the
result of an auction to sell off the bank that the regulator
plans to undertake in about five months' time after evaluating
its debts and assets.  Under the Act for the Establishment and
Administration of the Financial Restructuring Fund, the
regulator is allowed to utilize the Financial Restructuring Fund
to support the bank's ability to fulfill its deposit and non-
deposit obligations.

An obligor rated twR is under regulatory supervision owing to
its financial condition.  During the pendency of the regulatory
supervision the regulator may have the power to favor one class
of obligations over others or pay some obligations and not
others.


UNIRISE DEVELOPMENT: Faces Wind-Up Proceedings
----------------------------------------------
On Nov. 1, 2006, INCE & CO filed a petition to wind up the
operations of Unirise Development Ltd.

The petition will be heard before the High Court of Hong Kong on
Jan. 3, 2007, at 9:30 a.m.

The solicitors for the Petitioner can be reached at:

         INCE & CO
         Room 3801-6, 38/F
         ICBC Tower
         Citibank Plaza
         3 Garden Road
         Hong Kong


ZHONG LU: Appoints Leung Shiu Tong as Liquidator
------------------------------------------------
Leung Shiu Tong was appointed as liquidator of Zhong Lu
Vegetable Oils (Hong Kong) Ltd by virtue of a special resolution
passed on Dec. 1, 2006.

The Liquidator can be reached at:

         Leung Shiu Tong
         16/F, Jonsim Place
         228 Queen's Road East, Wanchai
         Hong Kong


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

FEDERAL BANK: Sees Mergers & Acquisitions as Necessary
------------------------------------------------------
Federal Bank Limited is reportedly planning to widen its
portfolio and is even on the lookout for acquisition or merger
opportunities.

According to reports, Federal Bank intends to foray into wealth
management and is examining the possibility of venturing the
asset management business.

The Business Standard, citing a statement by Federal Bank, says
the bank intends to buy a stake in an asset management company
and is looking to take over banks in Kerala and Tamil Nadu.

"Unless you have the size, you can not survive.  So mergers &
acquisitions are necessary for us," BS quotes Federal Bank
Chairman and CEO M Venugopalan as saying.

For the bank's plans, it may have to raise additional funds.

According to The Economic Times, Mr. Venugopalan admits that the
bank has adequate capital but would need more to expand
aggressively either through the organic or inorganic route.

Currently, Federal Bank's capital adequacy ratio stands at
12.8%, The Economic Times notes.  Mr. Venugopalan told the paper
that besides a head room of INR450 crore as tier-II capital, the
bank could possibly examine a rights-cum-public issue to raise
more funds.

The Bank has recently merged with The Ganesh Bank of Kurundwad
Ltd.  As reported by the Troubled Company Reporter - Asia
Pacific, the merger took effect on January 25, 2006, pursuant to
a scheme of amalgamation.

                      About Federal Bank

Headquartered in Aluva, India, the Federal Bank Limited --
http://www.federal-bank.com/-- is engaged in the banking    
business, offering a number of deposit products to its retail
customers, including non-resident Indians, such as savings bank
account, current deposits, time deposits and recurring deposits
with suitable variations for customized products targeting
different groups, including students, salaried employees and
senior citizens.

Fitch Ratings gave Federal Bank a support rating of 5 on
July 22, 2003.


HDFC BANK: Allots 3,11,100 Shares to Employees Under ESOS
---------------------------------------------------------
HDFC Bank Ltd has informed the Bombay Stock Exchange that the
bank's Investor Grievance (Share) Committee approved allotment
of 3,11,100 equity shares to its employees under the Employees
Stock Option Scheme.

The Investor Committee came up with the decision at its meeting
held on Dec. 11, 2006.

                        About HDFC Bank

Headquartered in Mumbai, India, HDFC Bank Limited --
http://www.hdfcbank.com/-- is a private sector bank that offers  
a range of commercial and transactional banking services and
treasury products to wholesale and retail customers.  The bank
operates in three segments: retail banking, wholesale banking
and treasury services.  The retail banking segment serves retail
customers through a branch network and other delivery channels.
The wholesale banking segment provides loans and transaction
services to corporate and institutional customers.  The treasury
services segment undertakes trading operations on the
proprietary account, foreign exchange operations and derivatives
trading.

Fitch Ratings, on June 1, 2005, gave HDFC Bank a 'C' individual
rating.


HDFC BANK: Taps IBM for Information Management Software Project
---------------------------------------------------------------
HDFC Bank Limited selected IBM for an industry-first information
management software project designed to help HDFC rapidly
enhance customer care and identify new business opportunities.

Using the new software developed by IBM Research Laboratory,
India, the bank will be able to make full use of the customer
feedback received from emails and phone calls from among its 535
branches in 300 cities.  This feedback will be analyzed so
business insight can be extracted, enabling the bank to better
respond to customer complaints and suggestions spread across the
company's computer systems.

The IBM solution automatically correlates incoming information
with existing customer data and other business intelligence
sources, and provides insight into changing customer needs and
banking trends.  This real-time analysis enables HDFC Bank to
quickly respond to emerging customer demands, capitalize on
unexpected opportunities, and deliver a higher level of
personalized service.

"Working with IBM has enabled us to unlock useful knowledge and
derive tremendous value out of the customer information already
being captured across our organization," said C. N. Ram, head,
information technology, HDFC Bank.  "The ability to associate
this information with emerging customer needs will help our bank
deliver superior service to our more than 10 million customers
and will be a massive competitive differentiator for us."

Building upon the successful solution developed for HDFC Bank
and other new technologies recently developed by IBM Research,
IBM is delivering new software solutions to help organizations
like HDFC Bank access, analyze and deliver the right information
in the right context to optimize business processes.  These
solutions will deliver increased business insight by combining
structured and unstructured information using text analytics to
turn content into information that can be more readily leveraged
by users and applications.  The offerings, based on IBM OmniFind
search technology, will also provide clients with new ways to
use semantics and enterprise search, introducing software for
analyzing all kinds of content, including text, voice and even
images and video.

"Through a combination of research technology, internal
development and acquisitions, IBM has put together the
industry's most complete set of technologies in the market for
delivering new levels of business insight," said Ponani
Gopalakrishnan, director, IBM Content Discovery Solutions.
"These offerings will enable new innovative uses of content that
address common challenges around finding information needed to
improve customer service, address product and service issues,
and identify new business opportunities."

Banking on Structured and Unstructured Information
The solution IBM designed for HDFC rapidly categorizes and
manages a wide variety of customer e-mails and calls on numerous
subjects, such as complaints, billing questions or other types
of inquiries, and enables identification of specific issues
associated with each inquiry such as late payment, service
charges or interest rates.  The solution also automatically
assesses the sentiment of the customer to determine their level
of concern or satisfaction, and identifies the top keywords
mentioned throughout the content.

By automatically combining structured and unstructured
information, HDFC Bank can provide call center agents with a
more complete history of all customer activity so they are aware
of information that has already been shared through previous
interactions.  It also enables HDFC Bank to generate new
contextual and actionable insights that can be used to automate
tasks, enhance up-selling and cross-selling opportunities, and
improve agent performance.

"This project with HDFC Bank is another example of IBM India
Research Laboratory working with clients to generate new
technologies to solve some of their most pressing business
needs," said Swarup Choudhury, director, IBM Financial Services
Sector.  "The combination of our expertise in delivering
business insight and IBM's unique understanding of the financial
services industry will further enable other IBM clients as we
bring new solutions such as this to market."

IBM will offer a new solution for analyzing customer feedback
found in structured and unstructured information in early 2007.

                        About HDFC Bank

Headquartered in Mumbai, India, HDFC Bank Limited --
http://www.hdfcbank.com/-- is a private sector bank that offers  
a range of commercial and transactional banking services and
treasury products to wholesale and retail customers.  The bank
operates in three segments: retail banking, wholesale banking
and treasury services.  The retail banking segment serves retail
customers through a branch network and other delivery channels.
The wholesale banking segment provides loans and transaction
services to corporate and institutional customers.  The treasury
services segment undertakes trading operations on the
proprietary account, foreign exchange operations and derivatives
trading.

Fitch Ratings, on June 1, 2005, gave HDFC Bank a 'C' individual
rating.


HINDUSTAN COPPER: In Talks for Possible Exploration Tie-Up
----------------------------------------------------------
Hindustan Copper Ltd. is in talks with four companies as it
seeks exploration partners, Reuters reports citing an unnamed
company official as its source.

The four firms that reportedly showed interest for a possible
exploration tie-up with Hindustan copper are:

   1. Hunter Dickinson Inc.
   2. Geo Mysore
   3. Monarch Gold
   4. Mineral Exploration Corporation Ltd.

Hindustan Copper expects a deal in three months since according
to Reuters' source, the company expects that much time to come
to a conclusion and finalize a proper business agreement.

"Hindustan Copper may opt for a joint venture or form single-
project special purpose vehicles with one or more of the
companies for work in different locations," the company officer
told Reuters.

Hindustan Copper has rights to explore copper deposits in the
Indian states of Rajasthan, Jharkhand, and Madhya Pradesh, the
news agency notes.

                  About Hindustan Copper Limited

Based in Kolkata, India, Hindustan Copper Limited --  
http://www.hindustancopper.com/-- is an undertaking of the   
Government of India.  The company is the sole fully integrated
copper manufacturer in India.

On November 18, 2005, CRISIL Ratings upgraded its outstanding
rating on the non-convertible bond program of Hindustan Copper
Limited to 'C' from 'D'.  Since July 2004, Hindustan Copper has
met its interest obligations on the rated instrument on time.
The upward revision in the rating is in line with CRISIL's
policy of revising ratings, post-default only after monitoring
timely debt servicing for a year.  Hindustan Copper, however,
continues to default on its interest obligations relating to its
unrated debt.


HMT LTD: Members Okays Increase in Authorized Share Capital
-----------------------------------------------------------
HMT Ltd informed the Bombay Stock Exchange that its members have
agreed to increase in the company's Authorized Share Capital
from INR500 crore made up of 50,00,00,000 equity shares of INR10
each to INR600 crore made up of 60,00,00,000 equity shares of
INR10 each by the creation of 10,00,00,000 equity shares of
INR10 each which.  The new equity shares will rank pari passu
with the existing equity shares.

The members arrived at the decision at the company's 53rd Annual
General Meeting held on Nov. 11, 2006.

During the meeting, the members also agreed to:

   -- the adoption of the Directors' Report for the year 2005 to
      2006, Audited Balance Sheet as at and Profit and Loss
      Account for the year ended March 31, 2006, and the related
      Auditors Report;

   -- the re-appointment of Shri. A Didar Singh as Director;

   -- authorize the company's board of directors to decide and
      fix the remuneration for the company's statutory or branch
      auditors appointed by the comptroller & auditor general of
      India for the financial year 2006 to 2007; and

   -- the appointment of Shri. Sham Sunder Sharma and Dr. Saibal
      Kanti Gupta as directors;

HMT Limited -- http://www.hmtindia.com/-- is an engineering    
conglomerate. The company retains the Tractor's Business, which
develops tractors ranging from 25 horsepower to 75 horsepower.  
It has an installed capacity of 18,000 tractors for
manufacturing and assembly operations.  The Company has three
tractor manufacturing units in India located at Pinjore in
Haryana, Mohali in Punjab, and Hyderabad in Andhra Pradesh.  The
subsidiaries of the company include HMT Machine Tools Limited,
HMT Watches Limited, HMT Chinar Watches Limited, HMT
(International) Limited, HMT Bearings Limited and Praga Tools
Limited.  The principal segments include Machine tools, Watches,
Tractors, Bearings and Exports.  The Company has a Joint Venture
with SUDMO HMT Process Engineers (India) Limited, Bangalore.

                          *     *     *

Credit Analysis and Research Limited downgraded HMT's long term
bond issue of INR310 crore to CARE BB(SO) on February 18, 2005.  
At the same time, the company's medium term bond issue of
INR40.40 crore was likewise downgraded to CARE BB(SO).  
Instruments rated 'Double B' are considered to be speculative,
with inadequate protection for interest and principal payments.


ICICI BANK: Hikes Deposit and Lending Rates
-------------------------------------------
ICICI Bank increased by 0.5% its Benchmark Advance Rate and its
Floating Reference Rate for consumer loans (including home
loans) effective starting on Dec. 18, 2006.   The revised I-BAR
will be 13.75% p.a. payable monthly as against 13.25% at
present.  The revised FRR will be 10.75% p.a. as against 10.25%
at present.

For existing floating rate customers, the increase FRR by 0.50%
will be effective from Jan. 1, 2007.  The existing fixed rate
customers whose loans are fully disbursed, will, however, not be
impacted by the increase and their contracted rates will remain
unchanged.

ICICI Bank has also announced an increase in interest rates on
deposits of value less than INR10.0 million in the range 0.25%
to 0.75% across various tenors with effect from Dec. 18, 2006.

                         About ICICI Bank

Headquartered in Mumbai, India, ICICI Bank Limited --
http://www.icicibank.com/-- is a financial services group  
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance.  It also has
interests in the software development, software services and
business process outsourcing businesses.  The Company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others.  It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.

                          *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to
the hybrid Tier-1 securities to be issued by ICICI Bank Ltd.  On
Oct. 16, S&P assigned its 'BB+' issue rating to its senior
unsecured, five-year, fixed-rate U.S. dollar notes.


ICICI BANK: UK Branch Raises US$150 Mil. from Perpetual Bonds
-------------------------------------------------------------
ICICI Bank UK, ICICI Bank Ltd.'s United Kingdom branch, raised
US$150 million from the issue of perpetual bonds, The Economic
Times reports.

According to the report, the UK unit exceeded by 50% its initial
target of raising US$100 million to fund expansion plans in
Europe.

The bonds, callable in 10 years, are issued at a price of 99.657
and have coupon rate of 6.375% that effectively work out to
about 150 basis points over USD 3-month Libor.

The issue was lead managed by Barclays Capital, the new agency
says.

                         About ICICI Bank

Headquartered in Mumbai, India, ICICI Bank Limited --
http://www.icicibank.com/-- is a financial services group  
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance.  It also has
interests in the software development, software services and
business process outsourcing businesses.  The Company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others.  It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.

                          *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to
the hybrid Tier-1 securities to be issued by ICICI Bank Ltd.  On
Oct. 16, S&P assigned its 'BB+' issue rating to its senior
unsecured, five-year, fixed-rate U.S. dollar notes.


ICICI BANK: Allots 94,706 Equity Shares Under ESOS
--------------------------------------------------
ICICI Bank Ltd informed the Bombay Stock Exchange that the bank
has allotted 94,706 equity shares with face value of INR10 each
on Dec. 4, 2006.

The allotment is pursuant to the Employees Stock Option Scheme,
2000 (ESOS).

                         About ICICI Bank

Headquartered in Mumbai, India, ICICI Bank Limited --
http://www.icicibank.com/-- is a financial services group  
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance.  It also has
interests in the software development, software services and
business process outsourcing businesses.  The Company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others.  It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.

                          *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to
the hybrid Tier-1 securities to be issued by ICICI Bank Ltd.  On
Oct. 16, S&P assigned its 'BB+' issue rating to its senior
unsecured, five-year, fixed-rate U.S. dollar notes.


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

ANEKA TAMBANG: Gets US$121 Million in Loans to Refinance Debt
-------------------------------------------------------------
PT Aneka Tambang has received US$121 million in loans from Bank
Central Asia and Bank Mandiri to refinance debt, Bloomberg News
says, citing Bisnis Indonesia.

According to the report, Bisnis Indonesia said that Antam got
US$71 million from Bank Central Asia and US$50 million from Bank
Mandiri.  Antam will use the funds to repay part of
US$171 million in bonds, the report says.

Bloomberg points out that the loan agreements were already
signed.

The Troubled Company Reporter - Asia Pacific reported on Dec. 7,
2006, that Antam is planning to recall bonds worth
US$171 million at par following the termination of a tax treaty
between Indonesia and Mauritius.

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

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

                          *     *     *

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

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


BAKRIE SUMATERA: Moody's Affirm B2 Ratings On US$110M Bond Issue
----------------------------------------------------------------
Moody's Investor Services has affirmed Bakrie Sumatera
Plantations' B2 corporate family rating and B2 senior secured
bond rating after the successful completion of the US$110
million 5-year bond issue.  The provisional status of the two
ratings has also been removed.  The outlook for both ratings is
stable.

PT Barkrie Sumatera Plantations is a well established Indonesian
upstream plantation company operating in Sumatra, Indonesia.  It
is 54% owned by PT Bakrie & Brothers Tbk.  Its products include
crude palm oil, palm oil kernel oil and rubber latex.  It was
listed on the Jakarta Stock Exchange in 1990.


BANK NISP: Pefindo Upgrades Rating to "idA+" from "idA"
-------------------------------------------------------
Pefindo upgraded its ratings for PT Bank NISP Tbk to "idA+" from
"idA", while the Bank's subordinated debt I/2003 is upgraded to
"idA" from "idA-".  The rating upgrades reflect the Bank's
strengthening business position following the presence of OCBC
as the controlling shareholder.  The upgrades also reflect the
Bank's solid capital base over the years.  However, the Bank's
thin profitability still mitigated the ratings.

Established on April 28, 1941 in Bandung, West Java, NISP is
regarded as one of the oldest banks in the country with solid
track record.  Due to its strong reputation and well-managed
operations, several international financial institutions have
committed to become shareholders and creditors of the Bank.  

IFC has initiated its investment in the Bank by providing long
term senior loans in 1997 and started to own the Bank in 2001
with the ownership of 9.6% in addition to providing a
subordinated loan of USD5 million.  Starting in April 2004, OCBC
Bank through its wholly owned subsidiary, OCBC Overseas
Investment Pte. Ltd. bought 22.5% of the Bank's shares and
gradually increased its ownership to 51% by March 2005, and
72.29% by the end of 2005.  As a result, the Bank shareholders
structure currently comprises of OCBC, IFC, and others.  

By June 2006, NISP has recorded total assets of IDR20.8 trillion
with total service network of 212 offices, 277 units of self-
owned ATM and cooperation with ATM Bersama, ATM BCA, Bankcard
Malaysia, and ATM OCBC.  Currently, the Bank employs around
3,894 staffs.

PT Bank NISP Tbk -- http://www.banknisp.com/english/index.html
-- categorizes its products into two groups: Funding, which
consists of savings and deposits, and Lending, consisting of
working capital loans, investment loans and consumer loans. In
addition, the bank has three service categories: Individual,
Corporate and Others.  As of January 18, 2006, the bank has 29
branch offices, 101 representative offices and 26 cash offices
throughout the country.  The Bank is headquartered in Jakarta,
Indonesia.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Dec.
15, 2006, that Fitch Ratings has affirmed all these ratings of
Bank NISP:

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

   -- Long-term local currency IDRs at 'BB-';

   -- Short-term foreign currency rating at 'B';

   -- National Long-term rating at 'AA+(idn)';

   -- Individual rating at 'C/D';

   -- Support rating at '3'; and

   -- subordinated notes at 'B+';


CILIANDRA PERKASA: Moody's Affirms B2 Ratings; Outlook Stable
-------------------------------------------------------------  
Moody's Investor Services has affirmed the B2 corporate family
rating of PT Ciliandra Perkasa.  At the same time, Moody's has
also affirmed the B2 rating of the US$160 million 5-year secured
bonds issued by Ciliandra Perkasa Finance Company Pte Ltd,
guaranteed by PT Ciliandra Perkasa.

The provisional status of both ratings has also been removed
after the successful completion of the bond issue.  The outlook
for both ratings is stable.

"The increase in bond size from the original amount of US$150
million to US$160 million will not affect the company's key
credit metrics," says Peter Choy, a Moody's Vice President and
Senior Credit Officer.  "Rather, the increased bond proceeds
will provide Ciliandra with more liquidity to invest in its new
bio-diesel project."

PT Ciliandra Perkasa is a private Indonesian upstream palm oil
plantation company operating in Sumatra, Indonesia.  It has 13
oil palm plantation estates totaling 76,830 planted hectares,
and six palm oil crushing mills with a total capacity of 2.07
million tones of fresh fruit bunches.


COMVERSE TECHNOLOGY: Chairman Ron Hiram Resigns from Board
----------------------------------------------------------
Comverse Technology Inc. Chairman Ron Hiram has resigned from
the company's board of directors, Market Watch reports, citing a
company filing with the United States Securities and Exchange
Commission.

According to the report, Comverse said that Mr. Hiram's
resignation was tendered in view of the recent appointment of an
additional five new independent directors to the board and his
other time commitments.

Additionally, Comverse said that Mark Terrell was named non-
executive chairman, adding that Mr. Terrell currently serves as
a director, the report notes.

Comverse Technology, Inc. (NASDAQ: CMVT) --
http://www.comverse.com/-- provides software and systems that  
enable network-based multimedia enhanced communication and
billing services.  Over 450 communication and content service
providers in more than 120 countries use Comverse products to
generate revenues, strengthen customer loyalty and improve
operational efficiency.Comverse has offices all over the world,
including Indonesia, Malaysia and the Philippines

                          *     *     *

The Troubled Company Reporter reported on Sept. 21, 2006, that
Standard & Poor's Ratings Services' 'BB-' corporate credit and
senior unsecured debt ratings on Comverse Technology remained on
CreditWatch with negative implications, where they were placedon
March 15, 2006.


FREEPORT-MCMORAN: Barrick Gold May Make Bid to Boost Reserves
-------------------------------------------------------------
Barrick Gold Corp. may make a bid for Freeport-McMoRan Copper &
Gold Inc. to boost reserves and lower operating costs, Bloomberg
News reports, citing CIBC World Markets Inc.

According to the report, CIBC analysts Cosmos Chiu and Barry
Cooper said that Barrick Gold will see its gold output drop 4.2%
in 2007 as costs increase because of some declining ore grades.
The CIBC analysts noted that the company's production profile
and costs "will trend unfavorably for 2007."

Therefore, Bloomberg says, Barrick may make a play for Freeport
before it becomes a total copper company.  Such an acquisition
would be accretive under most assumptions.

The report says that Barrick spokesman Vince Borg stated in an
e-mail that Barrick's cash costs per ounce of gold produced may
rise by as much as 18% in 2007 because of a decrease in grades
to be processed, partly a result of processing material re-
classified to ore due to higher gold prices.

According to Bloomberg, an offer by Barrick may disrupt
Freeport's bid for Phelps Dodge Corp., the world's third-largest
copper producer.  Freeport wants to reduce its dependence on the
Grasberg gold and copper mine in Indonesia and add copper
assets, the report says.  The combined company would get three-
quarters of its sales from copper.

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

                          *     *     *

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

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

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


GARUDA INDONESIA: Updates Creditors in Singapore on Fin'l Status
----------------------------------------------------------------
PT Garuda Indonesia met its creditors, particularly the floating
rate notes holders, in Singapore on Dec. 15, 2006, Antara News
reports.

Antara cites Garuda President Emirsyah Satar as saying in a
press release that apart from explaining the company's financial
performance and operation, they also reported their plans and
debt restructuring.

The report relates that in line with its debt restructuring,
Garuda Indonesia continues to consistently pay debt interest.  
This includes the payment to airplane leasers.

Antara notes that Mr. Satar said the Government has agreed with
Garuda's debt restructuring in order to strengthen the company's
financial condition through the reduction of debt.  Mr. Satar
added that the Government had agreed to convert the company's
debt into PT Angkasa Pura I and PT Ankasa Pura II, amounting to
US$36 million as capital participation.

Moreover, Mr. Satar stated that the House of Representatives had
agreed to provide a IDR1 trillion Government fund to Garuda
within two years to support its operations, but not to pay
debts, Antara relates.

According to Antara, the Government has stated not to give
assurance to Garuda's creditors

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--  
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves another 10 domestic routes.  Garuda
also ships about 200,000 tons of cargo a month and operates a
computerized tracking system.

The Troubled Company Reporter - Asia Pacific reported on
August 16, 2006, that PT Garuda Indonesia will get fresh capital
of IDR1 trillion from the Government to enable the airline to
turn around its business.

The airline was affected by plunging arrivals on the resort
island of Bali, where tourists have been killed in bomb attacks
in 2002 and 2005.  It has also suffered from soaring global oil
prices, a weakening of the Indonesian rupiah and rising interest
rates.  At present, Garuda is concentrating its efforts on
repaying its IDR4.55-trillion debt with foreign creditors under
the European Credit Agency, which were due last December 31,
2005.


PT PERTAMINA: Buys 3.5 Million Barrels of Crude Oil For February
----------------------------------------------------------------
PT Pertamina (Persero) bought 3.5 million barrels of crude oil
for delivery in February 2007, Bloomberg News reports, citing
traders who bid to supply the cargoes.

The traders, who requested not to be identified because of
confidentiality agreements, told Bloomberg that Pertamina bought
1 million barrels of Azerbaijan's Azeri Light crude from BP Plc,
650,000 barrels of Azeri Light from Gold Manor, and 600,000
barrels of Brunei's Champion from Pacific Petroleum & Trading
Ltd.  The company further bought 600,000 barrels of Brunei's
Bebatik from Kipco and 650,000 barrels of Algeria's Saharan
Blend from Concord Energy Pte.

Bloomberg recounts that in November, Pertamina bought
3.6 million barrels of crude -- 600,000 barrels each
of Vietnam's Bach Ho, Rang Dong, Malaysia's Tapis and Brunei's
Bebatik and Champion -- for delivery in January 2007.

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

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

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

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


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

ENER1 INC: Sept. 30 Balance Sheet Upside-Down by US$47 Million
--------------------------------------------------------------
Ener1 Inc. filed its financial statements for the quarter ended
Sept. 30, 2006, with the United States Securities and Exchange
Commission.

The company reported a US$6,015,000 net loss on zero sales for
the three months ended Sept. 30, 2006, versus a US$30,697,000
net loss on US$25,000 of net sales for the three months ended
Sept. 30, 2005.

At Sept. 30, 2006, the company's balance sheet showed a
stockholders' deficit of US$47,055,000, compared to a deficit of
US$75,943,000 at Dec. 31, 2005.

A full-text copy of the regulatory filing is available for free
at http://ResearchArchives.com/t/s?1713

                       Going Concern Doubt

Malone & Bailey, PC, expressed substantial doubt about Ener1's
ability to continue as a going concern after auditing the
company's financial statements for the years ended Dec. 31, 2005  
and 2004.  The auditing firm pointed to the company's recurring
losses from operations, negative cash flow and accumulated
deficit.

                          About Ener1

Ener1 Inc. (OTCBB: ENEI) -- http://www.ener1.com/-- is an    
alternative energy technology company.  Its interests include:
EnerDel, a lithium-ion battery company in which Delphi Corp.
owns a minority interest, Japan-based Enerstruct, a lithium-ion
company in which Ener1 strategic investor ITOCHU Corporation has
a major interest; wholly owned subsidiary EnerFuel, a fuel cell
products and services company, and wholly owned subsidiary
NanoEner, which develops nanotechnology-based materials and
manufacturing processes for high-power batteries and other
applications.


FONIX CORP: Sells US$1,038,750 9% Debentures to McCormack Avenue
----------------------------------------------------------------
Fonix Corporation entered into a securities purchase agreement
with McCormack Avenue Ltd. relating to the purchase and sale of
the company's Series E 9% Secured Subordinated Convertible
Debenture in the principal amount of US$1,038,750.

Pursuant to the Agreement, McCormack paid the purchase price by
tendering outstanding promissory notes in the amounts of
US$300,000 and US$350,000, together with combined interest
thereon of US$63,750, and agreed that advances to the company in
the amount of US$325,000 will constitute part of the purchase
price.

The Debenture is convertible into shares of the company's Class
A common stock.  McCormack agreed not to convert the Debenture
to the extent that it will cause McCormack to beneficially own
in excess of 4.999% of the then-outstanding shares of the
company's Class A common stock, except in the case of a merger
by the company or other organic change.

The company and McCormack also entered into a registration
rights agreement, pursuant to which the company agreed to file a
registration statement to register the resale by McCormack of up
to 300,000,000 shares of Fonix Class A common stock.

The company did not receive new capital in connection with the
issuance and sale of the Debenture.

The Debenture was sold without registration under the 1933 Act
in reliance on Section 4(2) of the 1933 Act.

A full text-copy of the Securities Purchase Agreement may be
viewed at no charge at http://ResearchArchives.com/t/s?170a

A full text-copy of the Series E 9% Secured Subordinated
Convertible Debenture may be viewed at no charge at
http://ResearchArchives.com/t/s?170b

A full text-copy of the Registration Rights Agreement may be
viewed at no charge at http://ResearchArchives.com/t/s?170c

Based in Salt Lake City, Utah, Fonix Corporation (OTCBB: FNIX)
-- http://www.fonix.com/-- is an innovative speech recognition  
and text-to-speech technology company that provides value-added
speech solutions through its wholly owned subsidiary, Fonix
Speech, Inc. Interactive speech technologies allow Fonix to
provide customers with comprehensive cost-effective solutions to
enhance and expand their communications needs.  The company has
offices in Maynard, Massachusetts, and Japan.

Fonix Corporation's telecom subsidiaries, LTEL Holdings, Inc.,
LecStar DataNet, Inc., LecStar Telecom, Inc. and Fonix Telecom,
Inc. filed for bankruptcy protection on Oct. 2, 2006 in Delaware
pursuant to Chapter 7 under the U.S. Bankruptcy Code.  A trustee
has been appointed to liquidate the assets of those entities.

                       Going Concern Doubt

Hansen, Barnett & Maxwell, the company's auditor, expressed
substantial doubt about the company's ability to continue as a
going concern after auditing the company's balance sheet for the
year ending Dec. 31, 2005.  The auditor pointed to the company's
significant losses; negative cash flows from operating
activities for three years; and negative working capital.


FONIX CORP: Sells Series E 9% Debentures to Southridge Partners
---------------------------------------------------------------
Fonix Corporation entered into a securities purchase agreement
with Southridge Partners LP relating to the purchase and sale of
the company's Series E 9% secured subordinated convertible
debenture in the principal amount of US$850,000.

Pursuant to the Agreement, Southridge paid the purchase price by
tendering a prior debenture in the aggregate amount of
US$640,713 and agreed that an advance to the company in the
amount of US$75,000 made in November 2006, would also constitute
part of the purchase price.  Southridge agreed to fund the
remaining US$134,286 upon the effectiveness of a registration
statement for the resale of shares issuable to Southridge.

The Debenture is convertible into shares of the company's Class
A common stock.  Southridge has agreed not to convert the
Debenture to the extent that the conversion causes beneficially
ownership to exceed 4.999% of the then-outstanding shares of
Class A common stock of the company except in the case of a
merger by the company or other organic change.

The company and Southridge also entered into a registration
rights agreement, pursuant to which the company agreed to file a
registration statement to register the resale by Southridge of
up to 300,000,000 shares of Fonix Class A common stock.

The cash component of the purchase price is intended to be used
by the company for working capital and general corporate
purposes.

The Debenture was sold without registration under the 1933 Act
in reliance on Section 4(2) of the 1933 Act.

A full text-copy of the Securities Purchase Agreement may be
viewed at no charge at http://ResearchArchives.com/t/s?1703

A full text-copy of the Secured Subordinated Convertible
Debenture may be viewed at no charge at
http://ResearchArchives.com/t/s?1704

A full text-copy of the Registration Rights Agreement may be
viewed at no charge at http://ResearchArchives.com/t/s?1705

Based in Salt Lake City, Utah, Fonix Corporation (OTCBB: FNIX)
-- http://www.fonix.com/-- is an innovative speech recognition  
and text-to-speech technology company that provides value-added
speech solutions through its wholly owned subsidiary, Fonix
Speech, Inc. Interactive speech technologies allow Fonix to
provide customers with comprehensive cost-effective solutions to
enhance and expand their communications needs.  The company has
offices in Maynard, Massachusetts, and Japan.

Fonix Corporation's telecom subsidiaries, LTEL Holdings, Inc.,
LecStar DataNet, Inc., LecStar Telecom, Inc. and Fonix Telecom,
Inc. filed for bankruptcy protection on Oct. 2, 2006 in Delaware
pursuant to Chapter 7 under the U.S. Bankruptcy Code.  A trustee
has been appointed to liquidate the assets of those entities.

                        Going Concern Doubt

Hansen, Barnett & Maxwell, the company's auditor, expressed
substantial doubt about the company's ability to continue as a
going concern after auditing the company's balance sheet for the
year ending Dec. 31, 2005.  The auditor pointed to the company's
significant losses; negative cash flows from operating
activities for three years; and negative working capital.


FORD MOTOR: Appoints Mark Fields to Lead Ford of the Americas
-------------------------------------------------------------
Ford Motor Company President and CEO Alan Mulally disclosed a
realignment of the company's organization that puts additional
focus on its worldwide markets and customers while better
leveraging the company's global assets and capabilities.

Reporting directly to Mr. Mulally under the new structure are
the company's three automotive business unit leaders:

   * Mark Fields, Ford of the Americas;

   * Lewis Booth, Ford of Europe and the Premier Automotive  
     Group; and

   * John Parker, Ford of Asia Pacific and Africa, and Mazda.

In support of the business units, Derrick Kuzak will lead global
product development, and report to Mr. Mulally.  He will also
continue to be responsible for product development for the
Americas.  J. Mays, vice-president of design for the Ford Motor
Company, continues to lead Ford design and will support Mr.
Kuzak.

Also now reporting to Mr. Mulally, and similarly focused on
using the company's global assets to better support its
automotive business units, are:

   * Tony Brown, purchasing; Bennie Fowler, quality and advanced
     manufacturing engineering;

   * Nick Smither, information technology; and

   * Richard Parry-Jones, chief technical officer.

Mr. Mulally's other direct reports remain unchanged.

"An integrated, global product development team supporting our
automotive business units will enable us to make the best use of
our global assets and capabilities and accelerate development of
the new vehicles our customers prefer, and do so more
efficiently," Mr. Mulally said.  "This new leadership will
enable us to work together more effectively as one Ford team to
continuously improve the quality, productivity and speed of our
product development process."

                      About Ford Motor Co.

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 Corp.

The company 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: Corporate Realignment to Focus on Worldwide Markets
---------------------------------------------------------------
Ford Motor Co. President and CEO Alan Mulally disclosed a
realignment of the company's organization that puts additional
focus on its worldwide markets and customers while better
leveraging the company's global assets and capabilities.

Reporting directly to Mr. Mulally under the new structure are
the company's three automotive business unit leaders:

   -- Mark Fields, Ford of the Americas;

   -- Lewis Booth, Ford of Europe and the Premier Automotive
      Group; and

   -- John Parker, Ford of Asia Pacific and Africa, and Mazda.

In support of the business units, Derrick Kuzak will lead global
product development, and report to Mr. Mulally.  He will also
continue to be responsible for product development for the
Americas.  J Mays continues to lead Ford design and will support
Mr. Kuzak.

Also now reporting to Mr. Mulally, and similarly focused on
using the company's global assets to better support its
automotive business units, are:

   -- Tony Brown, purchasing;

   -- Bennie Fowler, quality and advanced manufacturing
      engineering;

   -- Nick Smither, information technology; and

   -- Richard Parry-Jones, chief technical officer.

Mr. Mulally's other direct reports remain unchanged.

"An integrated, global product development team supporting our
automotive business units will enable us to make the best use of
our global assets and capabilities and accelerate development of
the new vehicles our customers prefer, and do so more
efficiently," Mr. Mulally said.  "This new leadership will
enable us to work together more effectively as one Ford team to
continuously improve the quality, productivity and speed of our
product development process."

                      About Ford Motor Co.

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 Corp.

The company 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+


INEOS GROUP: Moody's Changes Rating Outlook to Negative
-------------------------------------------------------
Moody's Investors Service changed outlook on all ratings of
Ineos Group to negative reflecting slower than expected
deleveraging of the group in 2006 and the agency's cautious view
of the company's modest prospects of an accelerated debt
reduction in the near future.

Ineos operating performance in 2006 remained broadly stable.  
The group continues to benefit from supporting market conditions
in the US and Europe that underpinned good growth in revenues in
the first 9 months of 2006.  Ineos EBITDA margins, however, are
below Moody's initial expectations even after taking into
account raw material price dynamics, the third quarter weak
performance of the refining division as well as certain
reliability issues at the refineries.  EBITDA margins are
expected to decline towards 8% for the year, notwithstanding
fixed cost reduction remaining on track for 2006.

Following recent reorganization (that brought Ineos Vinyls and
Ineos Chlor into the group) as well as follow-up acquisition of
assets at Dormagen, Ineos 2006 LTM Total Debt / EBITDA level (on
a non-adjusted basis) is expected to remain just above 4 times.
At the peak of the petrochemical cycle, Moody's views this level
of leverage as elevated, given that the current Ba3 corporate
family rating of the group is underpinned by an expectation of
strong de-leveraging before the cycle turns.

Moody's will look for a resolute strengthening in cash flows as
a result of continuous fixed cost reductions, higher utilization
rate of the refineries and improvement in working capital
management targeted by the group in 2007 to support Ineos's
current ratings with FCF/Debt in low teens.

Ratings affected:

   -- corporate family ratings at Ineos Group Holdings plc: Ba3;

   -- Senior Secured Bank Facilities at Ineos Holdings
      Limited: Ba3;

   -- Senior Second Lien Loans at Ineos Holdings Limited: B1;

   -- global notes at Ineos Group Holdings plc: B2; and

   -- Eurobonds at Ineos Vinyls Finance plc: B3.

Ineos Group Holdings plc -- http://www.ineos.com/-- is a  
diversified and integrated chemicals group headquartered in
Southampton, the United Kingdom.  Following the completion of
the Innovene acquisition in December 2005, Ineos reported 2005
revenues of EUR22.3 billion and 9 months 2006 revenues of
EUR20.2 billion and EBITDA of EUR1.9 billion for 2005 and EUR1.5
billion for 9 months of 2006.

The company also has operations in Japan.


J. CREW: October 28 Equity Deficit Narrows to US$55.1 Million
-----------------------------------------------------------
J. Crew Group Inc.'s balance sheet at Oct. 28, 2006, showed
total assets of US$413.9 million and total liabilities of US$469
million, resulting in a total stockholders' deficit of US$55.1
million.  The company's stockholders' deficit at Jan. 28, 2006,
stood at US$587.8 million.

Net income increased to US$26 million in the third quarter ended
Oct. 28, 2006, from US$3 million in the third quarter ended
Oct. 29, 2005.  The increase was due to an increase in operating
income of US$11.2 million, which resulted from the increase in
gross profit attributable primarily to the 23.4% increase in
revenues, and the decrease in interest expense of
US$13.3 million.

Revenues for the third quarter of fiscal 2006 increased by
US$52.2 million, or 23.4%, to US$275.5 million from
US$223.3 million in the third quarter of fiscal 2005.

Gross profit increased by US$30.1 million to US$127.9 million in
the third quarter of fiscal 2006 from US$97.8 million in the
third quarter of fiscal 2005.  Gross margin increased to 46.4%
in the third quarter of fiscal 2006 from 43.8% in the third
quarter of fiscal 2005.

Net interest expense decreased by US$13.3 million to
US$5.2 million in the third quarter of 2006 from US$18.5 million
in the third quarter of 2005.  Outstanding Debts and preferred
stock were redeemed during the second quarter of 2006 with
proceeds from its US$285 million term loan in May 2006 and the
issuance of 21.6 million shares of common stock in the company's
initial public offering in July 2006.

A full text-copy of the company's quarterly report on Form 10-Q
may be viewed at no charge at
http://ResearchArchives.com/t/s?1715

J. Crew Group is a nationally recognized retailer of men's and
women's apparel, shoes and accessories.  The company operates
164 retail stores, the J. Crew catalog business, jcrew.com, and
44 factory outlet stores.  There are J. Crew stores in Japan.

The Troubled Company Reporter - Asia Pacific reported on
Oct. 16, 2006, that in connection with Moody's Investors
Service's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology for the US and Canadian
Retail sector, the rating agency confirmed its Ba3 Corporate
Family Rating for J. Crew Operating Corporation and its Ba3
rating on the company's US$250 million term loan.  In addition,
Moody's assigned an LGD4 rating to notes, suggesting noteholders
will experience a 58% loss in the event of a default.


PGMI INC: Reports US$727,852 Net Loss in Quarter Ended Sept. 30
--------------------------------------------------------------
PGMI Inc. posted a US$727,852 net loss on US$5.5 million of net
revenues for the three months ended Sept. 30, 2006, compared
with US$18,101 of net income on US$6.3 million of net revenues
for the same period in 2005.

The increase in net loss, the company said, could be attributed
to the decrease of gaming revenue due to the high competition
and US$325,000 of investor relations fee incurred in the three
months ended Sept. 30, 2006.

The company's balance sheet at Sept. 30, 2006, showed
US$61.1 million in total assets, US$53.4 million in total
liabilities and a US$7.6 million positive stockholders' equity.

As of Sept. 30, 2006, the company's balance sheet also showed
strained liquidity with US$9.8 million in total current assets
available to pay US$14.3 million in total current liabilities.

A Full-text copy of the company's first quarter financials is
available for free at http://researcharchives.com/t/s?1711

As of Sept. 30, 2006, five new stores were under construction or
planning to construct.  On Oct. 30, 2006, a new store in Bando-
city with 560 machines will be open.  The total cost of the
Bando store is approximately US$9,100,000.  The company is
currently constructing a new store in Gyoda-city.  The Gyoda
store is to be opened in December 2006 and the estimated total
costs at completion are approximately US$9,600,000.  
US$3,200,000 of construction cost for the two new stores
incurred during the period ended Sept. 30, 2006, is capitalized
as either land or construction in progress.

In addition to the Bando and Gyoda stores, the company plans to
construct three stores to be opened in 2007 and 2008.  These
stores will operate between 500 to 800 Pachinko and Pachislot
machines each.  As of Sept. 30, 2006, the company incurred
approximately US$1,200,000 of construction in progress costs for
these three sites.  The company plans to leverage its expertise
and capitalize on new development opportunities to expand
operations in Japan.

                       Going Concern Doubt

As reported in the Troubled Company Reporter on Oct. 10, 2006,
McKennon, Wilson & Morgan LLP expressed substantial about PGMI
Inc.'s ability to continue as a going concern after auditing the
Company's financial statements for the fiscal years ended June
30, 2006 and 2005.  The auditing firm pointed to the company's
losses, working capital deficiency at June 30, 2006, and
commitments to fund new store expansions.

                          About PGMI Inc.

PGMI Inc. provides pachinko gaming entertainment in Japan.  The
company traces its origin to its founder Gakushin Kanemoto's
pachinko business in 1951.  It later incorporated in Japan as
Marugin Co., Ltd in 1972.  The management team brings many
decades of experience in the pachinko industry to PGMI.  
Currently the company operates 13 locations in Japan.


SANYO ELECTRIC: S&P Cuts Rating to BB- on Weak Business
-------------------------------------------------------
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.


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

ASAT HOLDINGS: Weak Liquidity Cues S&P to Lower Rating to CCC
-------------------------------------------------------------
Standard & Poor's Ratings Services on Dec. 15, 2006, lowered its
long-term corporate credit rating on ASAT Holdings Ltd. to 'CCC'
from 'B-', reflecting heightened liquidity concerns and
persistent operating losses.

The outlook is negative.

At the same time, the issue rating on US$150 million in 9.25%
senior notes due in 2011 that are guaranteed by ASAT was also
lowered to 'CCC' from 'B-'.

"Our rating on ASAT reflects the company's very weak liquidity
and financial positions, limited financial flexibility due to a
heavy debt burden, concentrated customer base, and exposure to
the highly competitive and cyclical semiconductor industry,"
said Standard & Poor's credit analyst Jacphanie Cheung.  These
weaknesses are partly offset by opportunities for the company to
increase its profitability through ongoing cost-cutting measures
and access to advanced packaging technologies.

The company is facing significant financial pressure. In its
quarterly report for the period ended July 31, 2006, it said:
"As we continue to face commercial business challenges, we have
occasionally been in default or otherwise been out of compliance
with the covenants and conditions in the agreements governing
our debt.  Such defaults have been cured or otherwise remedied
by obtaining amendments or waivers from our creditors."

Standard & Poor's has very limited access to the company's
management and financial information.  The rating is based on
publicly available information.

ASAT has extremely tight liquidity and limited financial
flexibility because of its heavy debt burden.  Its cash balance
has fallen significantly due to negative operating cash flows
and high capital expenditure resulting from the relocation of
its manufacturing facilities from Hong Kong to China.

The company indicated that at the end of October 2006 it had
US$8.8 million in cash.  This was marginally sufficient to cover
the semi-annual interest payment of US$6.9 million on its senior
notes due 2011.  A US$1.3 million undrawn credit line and US$5
million remaining from a purchase money loan facility should
help support ASAT's liquidity needs over the short term.

However, the availability of the remaining purchase money loan
facility is subject to certain conditions.  In addition, the
company's heavy interest burden, persistent operating losses,
competitive pressure on prices, and heavy capital expenditure
should continue to exert pressure on the company's liquidity
over the near term.

ASAT is a small operator in the highly fragmented and
competitive semiconductor sector.  The company's capital
structure is highly leveraged, as reflected by a very high ratio
of net debt to capitalization of 162% as at July 31, 2006 due to
accumulating losses.  In the first quarter of fiscal 2007, ended
July 31, 2006, the company posted a net loss of US$8.1 million,
compared with a net loss of US$17.1 million in the previous
quarter.  Although the company indicates that its preliminary
results for the second quarter of fiscal 2007 show an
improvement in its gross margin and narrower losses, Standard &
Poor's is concerned that the company's cash balance has
continued to fall to a marginal level.

                      About ASAT Holdings

ASAT Holdings Limited (Nasdaq: ASTT) -- http://www.asat.com/--   
is a global provider of semiconductor package design, assembly
and test services.  With more than 17 years of experience, the
Company offers a definitive selection of semiconductor packages
and world-class manufacturing lines.  ASAT's advanced package
portfolio includes standard and high thermal performance ball
grid arrays, leadless plastic chip carriers, thin array plastic
packages, system-in-package and flip chip.  ASAT was the first
company to develop moisture sensitive level one capability on
standard leaded products.  The Company has operations in the
United States, Asia and Europe.

One of ASAT's Asian headquarters is in Seoul, Korea.


ASAT HOLDINGS: Expects US$7.8-Mil. Net Loss for 2nd Qtr. FY 2007
----------------------------------------------------------------
ASAT Holdings Limited updated financial guidance for its second
quarter of fiscal 2007, ended Oct. 31, 2006.

The Company expects its revenue, gross margin, net loss and cash
and cash equivalents will be approximately:

   * Revenue of US$41 million

   * Gross margin of 9 percent

   * Net loss of US$7.8 million or US$0.06 per ADS

   * Cash and cash equivalents of US$8.8 million

"The October quarter revenue results were slightly below our
original forecast due to an unexpected loss of manufacturing
capacity in the back-end of our production line during the last
couple of days of the quarter.  The issues were resolved
quickly, but resulted in some revenue being pushed into the
January quarter.  In addition, we continue to forecast our
January quarter revenue will be flat to up in the single digits
over the October quarter," said Tung Lok Li, acting CEO of ASAT
Holdings Limited.  "Our cost structure continued to improve in
the October quarter with direct variable and fixed manufacturing
costs each down 10 percent sequentially.  With our move to China
complete, we should see ongoing improvements in both areas in
the next several quarters."

"The cash balances at the end of October, which included a semi-
annual interest payment of US$6.9 million for our senior notes,
are in-line with previous guidance," said Kei Chua, acting CFO
of ASAT Holdings Limited.  "At the end of the second quarter we
had approximately US$15 million of liquidity available.  This
included our cash balances, US$5 million remaining from the
purchase money loan we secured in July 2005 and approximately
US$1.3 million remaining from the line of credit we obtained in
September."

ASAT cautions that its preliminary financial results are based
on the best information currently available and are subject to
completion of its financial statements for the second quarter of
fiscal 2007.  Management plans to hold a conference call to
discuss its second quarter financial results prior to the end of
December.  Details of the conference call will be distributed at
a later date.

                      About ASAT Holdings

ASAT Holdings Limited (Nasdaq: ASTT) -- http://www.asat.com/--   
is a global provider of semiconductor package design, assembly
and test services.  With more than 17 years of experience, the
Company offers a definitive selection of semiconductor packages
and world-class manufacturing lines.  ASAT's advanced package
portfolio includes standard and high thermal performance ball
grid arrays, leadless plastic chip carriers, thin array plastic
packages, system-in-package and flip chip.  ASAT was the first
company to develop moisture sensitive level one capability on
standard leaded products.  The Company has operations in the
United States, Asia and Europe.

One of ASAT's Asian headquarters is in Seoul, Korea.

                          *     *     *

Standard & Poor's Ratings Services on Dec. 15, 2006, lowered its
long-term corporate credit rating on ASAT Holdings Ltd. to 'CCC'
from 'B-', reflecting heightened liquidity concerns and
persistent operating losses.


ASAT HOLDINGS: To Change ADS Ratio Effective Dec. 22
----------------------------------------------------
ASAT Holdings Limited will be changing its current American
Depositary Share ratio effective December 22, 2006.

The ratio will change from the current ratio of one ADS for
every 5 ordinary shares to one ADS for every 15 ordinary shares.

For ASAT ADS holders, the ratio change has the same effect as a
one-for-three reverse share split.  ADS holders at the close of
business on December 22, 2006, will have one ADS for every three
ADSs previously held.  All fractional entitlements of ASAT ADS
holders resulting from the reverse split will be aggregated and
sold by the depositary bank (The Bank of New York), which
administers the Company's ADS program, on behalf of the ADS
holders, and cash proceeds will be distributed the ADS holders
in due proportion to their fractional interests.  There will be
no change to ASAT's underlying ordinary shares.

"We believe the ADS ratio change will increase the visibility
and marketability of our ADSs to potential investors," said
Henry Montgomery, Chairman of the Board of Directors of ASAT
Holdings Limited.  "In addition, we expect this change will
result in a higher ADS trading price, which should enable us to
satisfy the minimum share price requirement to remain on the
Nasdaq Capital Market."

                      About ASAT Holdings

ASAT Holdings Limited (Nasdaq: ASTT) -- http://www.asat.com/--   
is a global provider of semiconductor package design, assembly
and test services.  With more than 17 years of experience, the
Company offers a definitive selection of semiconductor packages
and world-class manufacturing lines.  ASAT's advanced package
portfolio includes standard and high thermal performance ball
grid arrays, leadless plastic chip carriers, thin array plastic
packages, system-in-package and flip chip.  ASAT was the first
company to develop moisture sensitive level one capability on
standard leaded products.  The Company has operations in the
United States, Asia and Europe.

One of ASAT's Asian headquarters is in Seoul, Korea.

                          *     *     *

Standard & Poor's Ratings Services on Dec. 15, 2006, lowered its
long-term corporate credit rating on ASAT Holdings Ltd. to 'CCC'
from 'B-', reflecting heightened liquidity concerns and
persistent operating losses.


PANTECH CO: Unit's Stock Trading Suspended on Bankruptcy Rumors
---------------------------------------------------------------
Korea Exchange suspended the trading of Pantech&Curitel
Communications Inc. stock on Dec. 19 after hearing bankruptcy
rumors, Yonhap News reports.  The financial authorities asked
Pantech&Curitel to clarify the rumors by 6:00 p.m. of the same
day.  

The suspension came after creditors of Pantech&Curitel and
affiliate Pantech Co., Ltd. gave their nod to the companies'
debt-workout plan.

                Creditors Okay Debt Workout Program

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 13, both companies sought their creditors' approval of a
debt-workout program amid increasing debts and mounting losses.

The creditors on Dec. 15, "swiftly" approved to bailout the
company through the workout program, The Korea Times says.

According to The Times, Pantech's creditors, including the Korea
Development Bank, decided to offer a two-month grace period on
the company's matured debts.  In return, creditors ask Pantech's
management to accept their proposals for restructuring and take
drastic measures to improve profitability.

The Times expects creditors to soon begin inspecting Pantech's
balance sheets and ongoing business deals to check whether it is
capable of overcoming its financial woes.  After the
examination, they will decide on whether it is necessary to
inject fresh capital into the company, KDB officials said, the
paper adds.

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


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

ARK RESOURCES: Inks Cooperation Agreement with Thai Firm
--------------------------------------------------------
Ark Resources Bhd entered into a Cooperation Agreement with
Pastiya Thai Co Ltd for the construction of five-story low cost
houses in Thailand.

Ark Resources makes it clear that the agreement does not involve
any capital or investment outlay as it is only for the purpose
of setting out the cooperation between both parties in
undertaking the design, building and completion of 6,800 units
of low cost houses for the National Housing Authority of
Thailand.

However, both parties expect to enter into further definitive
agreement relating to Ark Resources' scope of work with the
project.  The definitive agreement, if agreed upon will require
a Sub-Contract Agreement between the two firms.  Ark Resources
then will create an investment outlay, which will involve
capital.

Further, Ark Resources made these clarifications:

    1. The source of funds for financing the investment in Sub-
       Contract Agreement will be via internally generated funds
       or financing from financial institutions.

    2. The cost and profits of the project arising from ARK's
       scope of work under the Sub-Contract Agreement to be
       entered into will accrue entirely to ARK.

    3. The Cooperation Agreement does not have any effect on the
       net assets or earnings of the ARK Group for the financial
       year ending December 31, 2006.  However, the undertaking
       of the Project by ARK pursuant to the Sub-Contract
       Agreement to be entered into is expected to contribute
       positively to ARK's business operations in the medium
       term.

    4. The Cooperation Agreement will enable the company to
       expand the group's construction activities overseas which
       is in line with the group's strategy to increase its
       revenue base.  The Cooperation Agreement in itself does
       not involve the Group's normal business risks.  However,
       the Sub-Contract Agreement will expose the group to
       certain risks, including those faced by the group in its
       ordinary course of business.  Further information on the
       risk factors will be announced upon the execution of the
       Sub-Contract Agreement.

    5. ARK will commence development works only after the Sub-
       Contract Agreement has been executed, which is expected
       for completion within eighteen months after commencement.  
       Barring unforeseen circumstances and subject to the
       execution of the Sub-Contract Agreement, development
       works is expected to commence in the 2nd quarter of 2007.

    6. Other than the normal approvals from the land and
       building authorities in Thailand required for the
       development, the Cooperation Agreement is not subject to
       the approval of any authority nor the shareholders of the
       Company.

                          *     *     *

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

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

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

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


COMSA FARMS: RHB Investment Seeks MYR216,747 Debt Payment
---------------------------------------------------------
Comsa Farms Bhd on November 28, 2006, received a letter of
demand from RHB Investment Bank Bhd for repayment of outstanding
amount and interest due.

RHB Investment seeks MYR216,747 in payment of advisory fee and
service tax related to the proposed renounceable rights issue of
redeemable convertible secured loan stocks and proposed private
placement of up to 10% of the issued and paid-up share capital
of Comsa vide RHB's letter of appointment dated September 18,
2004.

Absent Comsa Farm's immediate payment, RHB Investment intends to
commence legal proceedings to recover all amounts due and
payable.

                          *     *     *

Headquartered in Sabah, Malaysia, Comsa Farms Berhad engages in
the wholesale and retail of fresh and frozen chicken products,
meat and foodstuff.  Its other activities include livestock,
aqua feed milling, poultry feeding, hatchery operations, and
layer farming.

On April 10, 2006, the company was declared a Practice Note 17
company by Bursa Malaysia due to a stockholders' equity deficit.  
As an affected listed issuer, Comsa Farms is required to submit
a plan to regularize its financial condition.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 3, 2006, the company registered US$63.60 million in total
assets and a US$5-million shareholders' equity deficit as of
Nov. 2.


COMSA FARMS: Bourse Suspends Securities Trading
-----------------------------------------------
Comsa Farms Bhd failed to submit its regularization plan to the
relevant authorities for approval within the timeframe
stipulated by Bursa Securities pursuant to paragraph 8.14C of
the Listing Requirements of Bursa Malaysia Securities Berhad and
paragraph 4.0 of PN17 affected listed companies.

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 4, the Bourse rejected Comsa Farms' application to extend
the time for submission of a regularization plan.  The Bourse
required the company to pass the plan to relevant authorities by
Dec. 6.

With Comsa Farms failing to file a plan on Dec. 6, the Bourse
served the company a notice on Dec. 7 to make representations as
to why its securities should not be delisted from the Official
List of Bursa Securities.  Additionally, the Bourse suspended
the trading of the company's securities starting at 9:00 a.m.,
on Dec. 13.
                          *     *     *

Headquartered in Sabah, Malaysia, Comsa Farms Berhad engages in
the wholesale and retail of fresh and frozen chicken products,
meat and foodstuff.  Its other activities include livestock,
aqua feed milling, poultry feeding, hatchery operations, and
layer farming.

On April 10, 2006, the company was declared a Practice Note 17
company by Bursa Malaysia due to a stockholders' equity deficit.  
As an affected listed issuer, Comsa Farms is required to submit
a plan to regularize its financial condition.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 3, 2006, the company registered US$63.60 million in total
assets and a US$5-million shareholders' equity deficit as of
Nov. 2.


COMSA FARMS: CIMB Bank Seeks MYR.5.41 Million Payment from Unit
--------------------------------------------------------------
CIMB Bank Bhd on Nov. 29, 2006, issued a Letter of Demand
against Comsa Layer Farms Sdn Bhd, a wholly owned subsidiary of
Comsa Farms Bhd, regarding payment of MYR5,415,839 outstanding
sum related to a INR5,000,000 term loan facility.  CIMB Bank
also seeks payment of related interest as of Sept. 30, 2006.

The company's board received the letter on December 15, 2006.

The Letter of Demand, among others, states:

(a) CIMB Bank demands full payment of the outstanding sum
    together with interest and all incidental expenses within
    seven days from date of the Letter of Demand.  Absent CLF's
    payment, CIMB has to take legal actions against Comsa and
    its unit including realization of any property charged,
    assigned, pledged or put up as a security for the Facility,
    for the recovery including legal costs without further
    reference to CLF and Comsa.

(b) Any subsequent part payment or payments made by CLF and
    Comsa to CIMB or FC will be accepted on a without-prejudice
    basis and will not tantamount to a waiver of CIMB's rights
    to proceed with legal action for recovery of the full amount
    outstanding under the Facility.

                          *     *     *

Headquartered in Sabah, Malaysia, Comsa Farms Berhad engages in
the wholesale and retail of fresh and frozen chicken products,
meat and foodstuff.  Its other activities include livestock,
aqua feed milling, poultry feeding, hatchery operations, and
layer farming.

On April 10, 2006, the company was declared a Practice Note 17
company by Bursa Malaysia due to a stockholders' equity deficit.  
As an affected listed issuer, Comsa Farms is required to submit
a plan to regularize its financial condition.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 3, 2006, the company registered US$63.60 million in total
assets and a US$5-million shareholders' equity deficit as of
Nov. 2.


FEDERAL FURNITURE: Authorities May Forfeit Terengganu Property
--------------------------------------------------------------
Pejabat Tanah of Hulu Terengganu on November 12, 2006, ordered
one of the properties belonging to Federal Furniture Holdings
Bhd to be forfeited in favor of the State Authorities due to the
company's breach of one of the express conditions on the land
title.

The property is situated at P.N. 3590 Lot 5611 Mukim Tanggul,
Daerah Hulu Terengganu, Negeri Terengganu Darul Iman.

However, the company expressed that as part of the Debt
Restructuring plan of Federal Furniture, Terengganu Land is one
of the properties identified for transfer to the Special Purpose
Vehicle 2 as security for the proposed issuance of redeemable
secured loan stocks to be issued by SPV2.

The forfeiture will be effective upon the publication in the
Gazette of a notification of forfeiture, which the company has
yet to receive.

Meanwhile, if the forfeiture of the property will push through,
where title of the Terengganu Land cannot be legally transferred
to SPV2, Federal Furniture proposed to the scheme lenders to
replace Terengganu Land with properties of a similar value
and/or cash, subject to the approval of all relevant
authorities, if necessary.

Federal Furniture however may apply to the State Authority to
annul the forfeiture by presenting a petition.  The validity of
any forfeiture may also be challenged in Court by appeal.

                          *     *     *

Headquartered in Selangor Darul Ehsan Malaysia Federal Furniture
Holdings Bhd -- http://www.federal-furniture.com/-- is a listed  
company on the Kuala Lumpur Stock Exchange and is Malaysia's
premier furniture and interior design group.  It consists of
companies in all the main sectors of the furniture-related
industries, from manufacturing, marketing, exporting, contract
furnishing and interior design to retail.

On June 24, 2004, the Board of Directors of Federal Furniture
has proposed a capital reduction, a share premium reduction,
rights issue with warrants and a debt settlement scheme with
some of its financial institution lenders to restructure and
settle a substantial part of its total bank borrowings.  On July
5, 2006, the Company submitted its Regularization Plan to Bursa
Malaysia Securities Berhad for approval.

The company's balance sheet as of September 30, 2006, reflected
MYR149.14 million in total assets and MYR159.09 million in total
liabilities.  Shareholders' deficit totaled MYR9.95 million.


METROPLEX BERHAD: Bourse Suspends Trading of Securities
-------------------------------------------------------
Metroplex failed to submit its regularization plan to the
relevant authorities for approval within the timeframe
stipulated by Bursa Malaysia Securities Bhd.

Consequently, Bursa Securities on December 15, 2006, suspended
the trading of the securities of Metroplex Bhd pursuant to the
listing requirements of the bourse.

In addition, the securities of Metroplex were also removed from
the official list of Bursa Securities.

                          *     *     *

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

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

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


METROPLEX BERHAD: Wind-Up Petition Hearing Moved to Jan. 9
----------------------------------------------------------
The Troubled Company Reporter - Asia Pacific previously reported
that the Kuala Lumpur High Court adjourned Morgan Stanley
Emerging Markets' wind-up petition hearing against Metroplex
Berhad to Dec. 14, 2006.  The Wind-Up Petition was originally
set for hearing on Oct. 10.

In an update, the court further moved the hearing to Jan. 9,
2007.

The court will also consider on the Jan. 9 hearing:

   -- MSEMI's application for the appointment of a Provisional
      Liquidator for Metroplex;

   -- Metroplex's application to strike out MSEMI's Winding-Up
      Petition; and

   -- cross examination of the Third Independent Expert, Quentin
      Loh SC on his reports.

Meanwhile, the counsel for MSEMI has requested the court to fix
an early date for the hearing of the appointment of a
Provisional Liquidator for the limited and specific purposes of
assisting MB to avoid delisting by Bursa Securities Malaysia
Berhad.  Hence, the court decided to convene a hearing today,
Dec. 20, to consider the appointment request.

                          *     *     *

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

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

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


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

AIR NEW ZEALAND: Seeks to Employ 83 Engineering Staff
-----------------------------------------------------
Air New Zealand Limited gained two contracts to install in-
flight entertainment systems for Virgin Blue and British charter
carrier Thomsonfly, ShareChat News says citing The Dominion Post
as source.

Hence, the airline is seeking to employ:

   -- 37 recruits for the Auckland wide-body and Christchurch
      narrow-body maintenance bases; and

   -- 46 temporary staff needed in Christchurch for the 10-month
      Virgin Blue contract.

According to the New Zealand Herald, Air New Zealand will also
carry out heavy maintenance checks on Thomsonfly's nine Boeing
767-300s.

The airline, however, is struggling to attract enough workers
for the new contracts, ShareChat News cites Aviation and Marine
Engineers' Association Secretary George Ryde as saying

The bitter fight over the engineering business as well as the
continuing instability of the global aviation industry has
scared off potential candidates, Mr. Ryde explained.

As reported in the Troubled Company Reporter - Asia Pacific on
February 23, 2006, Air New Zealand proceeded with its plan to
outsource wide body aircraft heavy maintenance after union
members failed to ratify their own counterproposal.  

A total of 617 positions were affected by outsourcing, of which
121 were licensed aircraft engineers and the remainder includes
trades people, sales and customer support, clerical staff,
planners and cleaners, the TCR-AP said.

It is surprising additional staff are required so soon after the
redundancies, Mr. Ryde further said.

According to stuff.co.nz, many of the redundant engineers were
asked to come back, but there had been few takers.

Others are also not applying for engineering apprenticeships
with Air New Zealand or the Christchurch Engine Centre joint
venture with United States engine maker Pratt and Whitney, the
paper adds.

Air New Zealand chief executive Rob Fyfe said other engineering
contracts are in the pipeline from northern hemisphere airlines,
stuff.co.nz relates.  Engineering capacity is more than 90%
filled for the financial year -- as full as was reasonably
achievable, Mr. Fyfe said.

                      About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand is the country's
flag air carrier, with domestic and international passenger and
freight operations, and an aviation engineering business.

As reported in the Troubled Company Reporter - Asia Pacific on
September 2, 2005, Moody's Investors Service affirmed its Ba1
issuer rating on Air New Zealand Limited after the airline
announced its annual results for FY2005.  Air NZ's rating
reflected its dominant position in the New Zealand domestic
market, with around 80% market share, and the profitability of
domestic operations following their restructuring to a low-cost
network model.  Also supporting Air NZ's rating was its solid
liquidity position, with cash balances of NZ$1.071 billion held
as at June 30, 2005.

However, while Air NZ has a solid position in New Zealand and
other parts of the international network are performing well,
intense competition on trans-Tasman routes has resulted in it
being unprofitable for Air NZ.  International competition also
limits Air NZ's ability to expand.  Its management is also aware
of the airline's vulnerability to external shocks and the
actions of key competitors.


APOLLO PROPERTIES: Creditors Must Prove Debts by Dec. 28
--------------------------------------------------------
On Nov. 30, 2006, Henry David Levin and Barry Jordan were
appointed as joint and several liquidators of Apollo Properties
and Construction Ltd.

In this regard, the liquidators fixed Dec. 28, 2006, as the last
day for the company's creditors to prove their debts and to
establish any priority claims they may have.

As reported by the TCR-AP, the High Court of Auckland heard the
petition against the company on Nov. 30, 2006, filed by the CIR.

The Joint and Several Liquidators can be reached at:

         Henry David Levin
         Barry Jordan
         PPB McCallum Petterson
         Level Eleven, Forsyth Barr Tower
         55-65 Shortland Street, Auckland
         New Zealand


BAWA OVERSEAS: CIR Files Liquidation Petition
---------------------------------------------
On Sept. 26, 2006, the Commissioner of Inland Revenue filed
before the High Court of Auckland a liquidation petition against
Bawa Overseas Corporation Ltd.

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

The solicitor for the Petitioner can be reached at:

         S. J. Eisdell Moore
         Crown Solicitor
         Meredith Connell
         Level Seventeen, Forsyth Barr Tower
         55-65 Shortland Street
         (P.O. Box 2213 or D.X. C.P. 24-063)
         Auckland
         New Zealand


BROWN'S PHARMACY: Commences Wind-Up Proceedings
-----------------------------------------------
On Sept. 21, 2006, the shareholders of Brown's Pharmacy (Paeroa)
Ltd passed a special resolution to liquidate the company's
business and appointed Atul Mehta as liquidator.

Mr. Mehta fixed Jan. 19, 2007, as the last day for which
creditors are to prove their debts and to establish any priority
title they may have.

The Liquidator can be reached at:
        
         Atul Mehta
         Markhams MRI Auckland Limited
         Level Ten, 203 Queen Street (P.O. Box 2194)
         Auckland
         New Zealand
         Telephone:(09) 309 6011
         Facsimile:(09) 366 0261


CACTUS JACK'S: Court Sets Liquidation Hearing on Jan. 23
--------------------------------------------------------
The High Court of Invercargill will hear a liquidation petition
filed against Cactus Jack's Entertainment Centre Ltd on Jan. 23,
2007, at 10:00 a.m.

Wellesley Land Company Ltd filed the petition with the Court on
Nov. 7, 2006.

The solicitor for the Petitioner can be reached at:

         S. N. McKenzie
         Preston Russell Law
         Solicitors
         92 Spey Street (P.O. Box 355)
         Invercargill
         New Zealand
         Telephone:(03) 211 0080
         Facsimile:(03) 211 0079


GREAT CREATIONS: Shareholders Resolve to Liquidate Business
-----------------------------------------------------------
On Nov. 30, 2006, the shareholders of Great Creations Ltd
resolved by a special resolution to liquidate the company's
business and appointed Kiran Dutt as liquidator.

The Liquidator can be reached at:

         Kiran Dutt
         P.O. Box 9687
         Newmarket, Auckland
         New Zealand
         Telephone:(09) 630 3808
         Facsimile:(09) 630 3970


M & S PROPERTY: Faces Liquidation Proceedings
---------------------------------------------
GHD Ltd filed with the High Court of Wellington a petition to
liquidate M & S Property Developments Ltd on Nov. 21, 2006.

The Court heard the liquidation petition on Dec. 18, 2006.

The solicitor for the Petitioner can be reached at:

         Belinda Jane Moffat
         Buddle Findlay
         Solicitors
         PricewaterhouseCoopers Tower
         188 Quay Street, Auckland
         New Zealand


MEDIAHEAD LTD: Court Hears Liquidation Petition
-----------------------------------------------
On Oct. 10, 2006, the High Court of Auckland received a petition
to liquidate Mediahead Ltd from the Commissioner of Inland
Revenue.

The petition was heard on Dec. 19, 2006.

The solicitor for the Petitioner can be reached at:

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


PAEROA PHARMACY: Creditors to Prove Debts by January 19
-------------------------------------------------------
On Sept. 21, 2006, the shareholders of Paeroa Pharmacy Ltd
passed a special resolution to liquidate the company's business
and appointed Atul Mehta as liquidator.

Accordingly, creditors are required to prove their debts by
Jan. 19, 2007, to share in the company's distribution of
dividend.

The Liquidator can be reached at:

         Atul Mehta
         Markhams MRI Auckland Limited
         Level Ten, 203 Queen Street (P.O. Box 2194)
         Auckland
         New Zealand
         Telephone:(09) 309 6011
         Facsimile:(09) 366 0261


ROSENEATH PROPERTIES: Liquidation Hearing Slated for Jan. 25
------------------------------------------------------------
On Sept. 26, 2006, the High Court of Auckland received a
petition to liquidate Roseneath Properties Ltd from the
Commissioner of Inland Revenue.

The petition will be heard on Jan. 25, 2007, at 10:00 a.m.

The solicitor for the Petitioner can be reached at:

         S. J. Eisdell Moore
         Crown Solicitor
         Meredith Connell
         Level Seventeen, Forsyth Barr Tower
         55-65 Shortland Street
         (P.O. Box 2213 or D.X. C.P. 24-063)
         Auckland
         New Zealand


SILVERDALE MOTORS: Faces Liquidation Petition
---------------------------------------------
A petition to liquidate Silverdale Motors 1999 Ltd will be heard
before the High Court of Auckland on Jan. 25, 2007, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on Sept. 20, 2006.

The solicitor for the Petitioner can be reached at:

         S. J. Eisdell Moore
         Crown Solicitor
         Meredith Connell
         Level Seventeen, Forsyth Barr Tower
         55-65 Shortland Street
         (P.O. Box 2213 or D.X. C.P. 24-063)
         Auckland
         New Zealand


THORNDON FARE: Creditors Must Lodge Claims by December 29
---------------------------------------------------------
Liquidator Terence Hillson requires the creditors of Thorndon
Fare Ltd -- trading as Mezzaluna Restaurant & Wine Bar -- to
file their claims by Dec. 29, 2006, and to establish any
priority claims they may have.

The Liquidator can be reached at:

         Terence Hillson
         Chartered Accountant
         Level Twenty, ASB Bank Centre
         135 Albert Street (P.O. Box 1240)
         Auckland
         New Zealand
         Telephone:(09) 355 7272
         Facsimile:(09) 355 7273
         Mobile: 027 280 5580


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

PHILIPPINE LONG DISTANCE: To Voluntarily Delist from NYSE Arca
--------------------------------------------------------------
Philippine Long Distance Telephone Company intends to
voluntarily delist from NYSE Arca Equities, Inc., PLDT American
Depositary Shares each representing one PLDT Common Stock,
Napoleon L. Nazareno, PLDT President and Chief Executive Officer
informs the Philippine Stock Exchange.

The withdrawal, Mr. Nazareno explains, will eliminate
duplicative administrative burdens and costs inherent with dual
listing.

PLDT American Depositary Shares continue to be listed on the New
York Stock Exchange, its principal listing exchange.

The company says it also permits NYSE Arca to include PLDT in a
press release on Jan. 8, 2007, on behalf of a group of dually
listed companies voluntarily delisting.

PLDT also acknowledges that it will not file a Form 25 with the
United States Securities and Exchange Commission before January
18, 2007.

                         About PLDT

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

                          *     *     *

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

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


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

ADVANCED MICRO: Forecasts 20% Increase in Shipments for 2007
------------------------------------------------------------
Advanced Micro Devices Inc. anticipates a 20% increase in
shipments in 2007, Ian King of Bloomberg News reports.

In a presentation to New York analysts, AMD chief financial
officer Robert Rivet forecasted that the company's gross margin
would increase 50% in 2007, instead of the 47% average in the
previous four quarters.  "They gave a very optimistic long-term
view," commented John Lau, an analyst at Jefferies & Co.  
Mr. Lau noted that the company did not focus on the current
quarter's price increases.

Citing Mercury Research, Bloomberg relates that AMD's market
share is up 17% from last year.  The company's share of sales
increased by 23.3% in the third quarter of 2006.

The company's US$5.4 billion acquisition of graphics chip maker
ATI Technologies Inc. in October will help win more market share
from Intel Corp., AMD chief executive officer Hector Ruiz said.  
The company is benefiting from large PC makers diversifying
their product lines to include AMD's microprocessors.

AMD will release its 2006 fourth quarter financial results in
January 2007.

                           About AMD

Headquartered in Sunnyvale, California, Advanced Micro Devices,
Inc., -- http://www.amd.com/-- designs and manufactures  
microprocessors and other semiconductor products.

The company has a facility in Singapore.  It has sales offices
in Belgium, France, Germany, the United Kingdom, Mexico and
Brazil.

Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Sunnyvale, California-based Advanced Micro
Devices Inc.

Standard & Poor's removed the rating from CreditWatch negative
where it had been placed on July 24, 2006, following the
announced acquisition of unrated ATI Technologies Inc.  The
ratings outlook is negative.

At the same time, the rating agency assigned its 'BB-' bank loan
rating, one notch above the corporate credit rating, and a '1'
recovery rating to the company's proposed US$2.5 billion senior
secured term loan, to be used as partial funding of the
acquisition.

Standard & Poor's also raised its rating on the company's
US$600 million (US$390 million outstanding) senior notes to 'B+'
from 'B', because the company plans to withdraw its shelf
registration which structurally subordinated the notes.  
Concurrent with the closing of the new bank loan and pursuant to
a debt incurrence test in the indenture for the notes, the notes
will become pari passu to the bank loan and the note rating will
become 'BB-' with a '1' recovery rating.

The Troubled Company Reporter - Asia Pacific reported on Nov. 2,
2006, that in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. technology semiconductor
and distributor sector, the rating agency affirmed its Ba3
corporate family rating on Advanced Micro Devices, Inc.

Additionally, Moody's revised or held its probability-of-default
ratings and assigned loss-given-default ratings on these loans
and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$600 Mil. senior
   unsecured notes         B1      Ba3     LGD4        59%

   Shelf - Sr.
   Unsecured Notes         B1      Ba3     LGD4        59%

   Shelf - Subor.          B2       B2     LGD6        97%

   Shelf - Preferred       B3       B2     LGD6        97%


CHEMTURA CORP: Karen Oscar to Retire on Mar. 31, 2007
-----------------------------------------------------
Chemtura Corp. disclosed that Karen R. Osar, executive vice
president and chief financial officer, will retire on March 31,
2007.  The company has commenced a process to name her successor
and expects to make an announcement during the first quarter.

"Karen has made many significant contributions since joining
this organization in 2004, including engineering an essential
debt restructuring as her first order of business," said Robert
Wood, chairman and chief executive officer.  "We will miss her
financial and strategic acumen but respect her decision to spend
more time on family and outside board activities and appreciate
that she is working closely with us on transition. She leaves
with our gratitude and best wishes."

                     About Chemtura Corporation

Headquartered in Middlebury, Connecticut, Chemtura Corp. (NYSE:
CEM) -- http://www.chemtura.com/-- is a global manufacturer and  
marketer of specialty chemicals, crop protection and pool, spa
and home care products.  The company has approximately 6,400
employees around the world and sells its products in more than
100 countries.  In the Asia Pacific, Chemtura has facilities in
Singapore, Australia, China, Hong Kong, India, Japan, South
Korea, Taiwan and Thailand.

                          *     *     *

Standard & Poor's Ratings Services revised its outlook on
Middlebury, Connecticut-based Chemtura Corp. to stable from
positive and affirmed the existing 'BB+' corporate credit and
senior unsecured debt ratings.

Moody's Investors Service assigned a Ba1 rating to Chemtura
Corp.'s US$400 million of senior notes due 2016 and affirmed the
Ba1 ratings for its other debt and the corporate family rating.


DIGILAND INTERNATIONAL: To Propose Preferential Offering
--------------------------------------------------------
Digiland International Limited disclosed that it will propose a
non-renounceable preferential offering of up to 52,222,200,975
new ordinary shares in the company, which will be divided in two
tranches.

The preferential offering will be issued at SGD0.001 per offer
share on the basis that for every share held by entitled
shareholder, two shares will be offered in the case of the first
tranche, while, in the second tranche, one share will be offered
for every share held by entitled shareholder.

As of Dec. 15, 2006, the company has 7,659,258,143 issued shares
and 2,785,182,052 outstanding warrants.

Accordingly, up to 52,222,200,975 offer shares could be issued
under the preferential offering comprising 20,888,880,390 offer
shares under the first tranche and 31,333,320,585 offer shares
under the Second Tranche.

The minimum and maximum estimated net proceeds from the
Preferential Offering are expected to be approximately
SGD18,289,406 and SGD51,922,201 respectively -- assuming the
preferential offering is fully subscribed.

The objective of the preferential offering is to raise funds for
the acquisition of securities in Ximeta Inc. pursuant to the
sale and purchase agreement entered into between the company and
Ximeta on Dec. 7, 2006.  Under the sale and purchase agreement,
the company needs to pay an aggregate sum of US$11,723,978 or
approximately SGD18,289,406 at an exchange rate of 1.56 for
Ximeta's securities in two installments of US$5,874,522 and
US$5,849,456 respectively.  The balance of the proceeds, if any
will be used for the company's working capital.

The preferential offering is subject to:

   a. the approval of shareholders and authorization of the
      company's directors to allot and issue the Offer Shares;

   b. receipt of in-principle approval from the SGX-ST for the
      listing and quotation of the Offer Shares; and

   c. the lodgment of the Offer Information Statement with the
      Monetary Authority of Singapore, in respect for each
      tranche of the Preferential Offering.

                         About Digiland

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

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

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


FALMAC LIMITED: Share Registrar Moves to Another Location
---------------------------------------------------------
Falmac Limited disclosed that effective on Dec. 18, 2006, the
company's Share Registrar, Lim Associates (Pte) Ltd, and the
place where the company's Register of Members and Index is kept,
is now located at 3 Church Street in #08-01 Samsung Hub,
Singapore 049483.

                       About Falmac Ltd.

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

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

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

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

   (3) Strategic Subscription Agreement with Sino Equity.

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

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


INTERMEC INC: Fitch Withdraws BB- Rating on Sr. Unsecured Debt
--------------------------------------------------------------
Fitch Ratings has affirmed and simultaneously withdrawn these
ratings for Intermec, Inc.:

   -- Issuer Default Rating at 'BB-';
   -- Senior secured bank facility at 'BB+'; and,
   -- Senior unsecured debt at 'BB-'.

All debt ratings for this issuer are also withdrawn at this
time.

Fitch will no longer provide rating coverage of Intermec.

                       About Intermec Inc.

Intermec Inc. -- http://www.intermec.com/-- develops,
manufactures and  integrates technologies that identify, track
and manage supply chain assets.  Core technologies include RFID,
mobile computing and data collection systems, bar code printers
and label media.

The company has locations in Australia, Bolivia, Brazil, China,
France, Hong Kong, United Kingdom and Singapore.


POLYONE CORP: Expands Operations in India
-----------------------------------------
PolyOne Corp. expanded its operations by opening an office in
Mumbai, India, according to Crain's Cleveland Business.

According to the report, the company's first office in India is
a key move to expand its business outside North America.  

"PolyOne has entered India to support our global customers, who
want us there as they expand in this region, and to develop new
opportunities within this market, Bernard Baert, senior vice
president and general manager of PolyOne's International Colors
and Engineered Materials unit, says in a company release.  "Our
full range of vinyl and engineered compounds and color additives
will find attractive new uses in this rapidly growing part of
the world."

A core component of PolyOne's strategy is to enlarge its global
footprint, the release noted.  By 2010, the company expects to
generate 30% of its revenues outside North America.  

In accordance with its strategy, PolyOne has already:

   -- opened its third compounding facility in southern China
      and expanded the plant's capacity;

   -- built a color compounding plant in Poland, where it
      expects to begin operations in the second quarter of 2007;
      and

   -- signed a definitive agreement to acquire 95% of the vinyl
      compounding assets and operations of Ngai Hing PlastChem
      Company Ltd., a subsidiary of Ngai Hing Hong Company
      Limited.

The Ngai Hing transaction is expected to close during the first
half of 2007, pending completion of the requirements of Stock
Exchange of Hong Kong, approval by governmental authorities and
other customary closing conditions.

                  About PolyOne Corp.

Headquartered in Avon Lake, Ohio, PolyOne Corp. --
http://www.polyone.com/-- is a global compounding and North
American distribution company with operations in thermoplastic
compounds, specialty polyvinyl chloride (PVC) vinyl resins,
specialty polymer formulations, color and additive systems, and
thermoplastic resin distribution, with equity investments in
manufacturers of PVC resin and its intermediates.  The company
has 53 manufacturing sites and 14 warehouses in North America,
Europe and Asia.  The company maintains operations in China,
Colombia, Thailand and Singapore.


REFCO INC: Plan Satisfies 13 Steps for Confirmation, Court Rules
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
confirmed Refco, Inc., and its debtor-affiliates' Modified Joint
Chapter 11 Plan on Dec. 15, 2006.

Marc S. Kirschner, the Chapter 11 Trustee for Refco Capital
Markets, Ltd.; and the Official Committee of Unsecured Creditors
and the Additional Committee are co-proponents of the Plan.

           Plan Satisfies 16 Steps Toward Confirmation

Judge Drain finds that the Plan satisfies the 16 statutory
requirements necessary to confirm a plan pursuant to Section
1129 of the Bankruptcy Code:

A. The Plan complies with the applicable provisions of Section
   1129(a)(l), which encompasses the requirements of Sections
   1122 and 1123 governing classification of claims and
   interests and contents of the Plan.

   The Plan provides for (i) the impairment of certain classes
   of claims and interests, while leaving others unimpaired,
   hence modifying the rights of certain holders of claims and
   interests and leaving the rights of others unaffected, and
   (ii) the assumption and assignment or rejection of executory
   contracts and unexpired leases to which the Debtors are
   parties.

   In addition, in accordance with Section 1123(b)(6), the Plan
   includes additional appropriate provisions that are
   consistent with applicable provisions of the Bankruptcy Code,
   including, but not limited to:

      * the Plan provisions governing distributions on account
        of Allowed Claims;

      * the Plan provisions establishing that confirmation will
        not discharge claims against the Debtors;

      * the preservation of rights of action and the creation of
        the Litigation Trust to pursue the Contributed Claims;

      * the disposition of executory contracts and unexpired
        leases;

      * retention of jurisdiction by the Court over certain
        matters after the Plan Effective Date; and

      * the means for implementation of the Plan.

B. Refco has complied with the Section 1129(a)(2) requirements
   regarding solicitation of acceptances of the Plan.

   Judge Drain concludes that the impact of the proposed
   settlement between the Plan Proponents and the Ad Hoc
   Committee of Equity Security Holders on those Classes that
   were solicited to vote is not "material" or "adverse" enough
   to warrant re-solicitation.  Judge Drain notes that no value
   was attributed to the Litigation Trust Interests in the
   original Disclosure Statement.  Any speculation as to the
   value of those interests was expressly disavowed by the
   Plan's liquidation analysis.  As a result, none of the
   Claimholders in Classes receiving Tranche A Litigation Trust
   Interests could possibly have predicated its vote for the
   Plan on a precise estimate of the value of its Litigation
   Trust recovery.

C. The Plan has been proposed in good faith, with the legitimate
   and honest purposes of maximizing the value of the Debtors'
   estates and the recovery to Claimholders.  The Plan also
   provides for the distribution of the Debtors' assets and the
   wind-down of the Debtors' corporate affairs.  Accordingly,
   the Plan complies with Section 1129(a)(3).

D. Any payment made or to be made by the Plan Proponents, or by
   a person issuing securities or acquiring property under the
   Plan, for services or for costs and expenses in or in
   connection with the Debtors' Chapter 11 case, or in
   connection with the Plan and incident to the Debtors' case,
   has been approved by, or is subject to the approval of, the
   Court as reasonable, thereby satisfying Section 1129(a)(4).

   Pursuant to interim application procedures established under
   Section 331, the Court has authorized and approved the
   payment of certain fees and expenses of professionals in the
   Debtors' cases, which fees remain subject to final review by
   a fee committee and the Court for reasonableness.

E. The manner of selection of (i) a Plan administrator, who will
   be the sole officer and director or manager, as applicable,
   of the Reorganized Debtors, and (ii) an RCM Trustee -- as the
   party responsible for the administration of the RCM estate --
   is appropriate.  Accordingly, the selection process satisfies
   Section 1129(a)(5) because the Plan Administrator will be
   appointed by the Joint Sub-Committee, and the RCM Trustee was
   appointed by Court order.  The RCM Trustee is to wind down
   the RCM Estate in accordance with the RCM Settlement
   Agreement.

F. The Plan satisfies Section 1129(a)(6) because it does not
   provide for any change in rates over which a governmental
   regulatory commission has jurisdiction.

G. In accordance with Section 1129(a)(7), the Plan satisfies the
   "best interests" test as to each Class of Impaired Claims and
   Interests because the estimated Plan recovery percentage for
   all creditors is not less than, and in most cases greater
   than, recoveries under a hypothetical Chapter 7 liquidation.

H. Holders of Class 7 Subordinated Claims against one or more of
   the Contributing Debtors and Class 8 Old Equity Interests,
   Holders of Class 7 FXA Subordinated Claims against FXA and
   Holders of Class 9 RCM Subordinated Claims against RCM are
   deemed to have rejected the Plan because they are not
   entitled to receive or retain any Distribution or property
   under the Plan on account of their Claims or Interests.  
   Holders of FXA Class 5(a) Claims voted to reject the Plan.

   Although Section 1129(a)(8) has not been satisfied with
   respect to FXA Class 5(a) and the Rejecting Classes, the Plan
   is confirmable because the Plan satisfies Section 1129(b)
   with respect to those Classes.  Section 1129(b) provides that
   the Court may cram down a plan over a dissenting vote of
   impaired classes of Claims or Interests as long as a plan
   does not "discriminate unfairly" and is "fair and equitable"
   with respect to the dissenting class.

   Judge Drain holds that the Plan Proponents presented
   uncontroverted evidence at the Confirmation Hearing that the
   Plan does not discriminate unfairly and is fair and equitable
   with respect to the Rejecting Classes as required by the
   "cramdown" requirements of Section 1129(b)(1).  Accordingly,
   Judge Drain says, upon Confirmation and the occurrence of the
   Effective Date, the Plan will be binding upon the members of
   the Rejecting Classes and FXA Class 5(a).

I. The Plan meets the requirements under Section 1129(a)(9)
   because it provides for:

      (1) payment by the Debtors of Administrative Claims, in
          full, in cash;

      (2) payment of the unpaid portion of the Non-Tax Priority
          Claims in full, in cash;

      (3) each Allowed Priority Tax Claimholder to receive:

             * cash equal to the unpaid portion of the Allowed
               Priority Tax Claim;

             * treatment in any other manner such that the
               Allowed Priority Tax Claims will not be impaired
               pursuant to Section 1124; or

             * other treatment as agreed upon in writing.

J. At least one Class of Claims against each Debtor has voted to
   accept the Plan.  Judge Drain notes that:

      (a) all impaired voting Classes have voted to accept the
          Plan with respect to each of the Contributing Debtors;

      (b) Classes 4 and 6 have voted to accept the Plan with
          respect to Refco F/X Associates, LLC; and

      (c) all impaired voting Classes have voted to accept the
          Plan with respect to RCM.

   Accordingly, the requirement under Section 1129(a)(10) has
   been met.

K. The Plan is feasible and meets the requirements of Section
   1129(a)(11) because it includes a means for liquidating a
   debtor's property.

L. All fees payable under 28 U.S.C. Section 1930 have been paid
   or will be paid on the Effective Date, thereby satisfying
   Section 1129(a)(12).

M. Under the Plan, all benefit plans, policies and programs of
   the Debtors applicable to their retirees and the retirees of
   its subsidiaries are treated as executory contracts that are
   subject to rejection.  Accordingly, the requirements of
   Section 1129(a)(13) are satisfied.

N. Refco is not required by a judicial or administrative order,
   or by statute, to pay a domestic support obligation.  Section
   1129(a)(14) is, therefore, inapplicable.

0. Refco is not an individual, and accordingly, Section
   1129(a)(15) is inapplicable.

P. Refco is a moneyed, business, or commercial corporation, and
   Section 1129(a)(16) is, thus, inapplicable.

A full-text copy of the Court's Findings of Fact, Conclusions of
Law, and Order Confirming the Modified Joint Chapter 11 Plan is
available at no charge at http://researcharchives.com/t/s?174e

                    Admin. Claims Bar Date Set

Unless previously paid before the Plan's Confirmation Date, all
requests for payment of Administrative Claims against all
Debtors and RCM that were not previously filed must be submitted
no later than 30 days after the Effective Date or be forever
barred.

The Reorganized Debtors and the RCM Trustee will have until the
later of (i) 60 days after the Effective Date or (ii) 30 days
after the filing of the Administrative Claim, to object to those
claims.

                       RCM Case Conversion

Judge Drain finds that if RCM's Chapter 11 case is converted to
a Chapter 7 case, all aspects of the Plan relating to RCM,
including all settlements, compromises and releases, will
nonetheless be and remain binding with full force and effect as
a settlement between the RCM Chapter 7 estate and the Debtors'
estates.  The Plan Effective Date will constitute the effective
date of the settlement between the RCM Chapter 7 estate and the
Estates of other Debtors.  The conversion of RCM's Chapter 11
case before the Effective Date will not impair the Effective
Date occurring with respect to the other Debtors.

                Other Plan Provisions Are Approved

Judge Drain rules that the remaining property of the Debtors'
estates, other than the Contributed Claims, which will be
transferred to and vest in the Litigation Trust, will not revest
in the Debtors or RCM on or following the Confirmation Date or
Effective Date, but will remain property of the Estates and
continue to be subject to the Court's jurisdiction until
distributed to Allowed Claimholders.

The Court also appoints RJM LLC, a New Jersey Limited Liability
Company, as the Plan Administrator.  RJM was designated by the
Joint Subcommittee.

In the event that, after the Effective Date RJM determines that
it is appropriate, each of the Affiliate Debtors will be
dissolved or merged with and into Refco Inc., with the parent
company as the surviving entity.

The Affiliate Debtors and FXA -- until they are wound up and
potentially merged with and into Refco -- will continue to exist
as Reorganized Refco, Reorganized FXA or the applicable
Reorganized Affiliate Debtor, after the Effective Date.

On the Effective Date, all executory contracts or unexpired
leases of the Debtors will be deemed rejected in accordance with
Sections 365 and 1123.

Moreover, Judge Drain rules that on the Effective Date, the
Reorganized Debtors and Post-Confirmation RCM will fund a
segregated bank account consisting of 110% of:

   (x) the amount of any holdbacks on previously billed and paid
       amounts, provided, however, that the 10% holdback of fees
       is released and may be remitted to certain professionals;
       and

   (y) the amount of estimated additional fees and expenses
       expected to be incurred by each Professional through the
       Effective Date.

All settlements of disputes embodied in the Plan are approved as
fair, equitable, reasonable and in the best interests of the
Debtors, the Reorganized Debtors and their estates.

Notwithstanding the transfer of claims to the Litigation Trust,
Judge Drain clarifies that the claims will not be merged into a
single entity, but will be deemed asserted on behalf of each
applicable Estate holding that claim immediately prior to
contribution, and will remain separate and distinct from other
Estates in connection with the prosecution.

Pursuant to Section 1123(b)(3), Judge Drain approves the Plan
Proponents' appointment of Mr. Kirschner as Litigation Trustee
to represent each of the Estates.  The Litigation Trustee will
be deemed the successor-in-interest to each of the Contributing
Debtors, FXA, and the RCM Trustee.

In addition, Mr. Kirschner will also act as trustee in the
Private Actions Trust to hold certain claims and causes of
action against third parties owned by holders of Claims or
Interests against RCM or the Debtors, and which claims, even
after contribution, are not assets of the Estates.

             Court Addresses Confirmation Objections

Judge Drain rules that all Plan confirmation objections that
have not been withdrawn, waived, or settled are overruled on the
merits.

(1) Director and Officer Indemnification Objections

Judge Drain says timely filed Claims arising in favor of present
or former officers or directors under contract, statute, or
entity governance documents of any of the Debtors, will entitled
to be asserted against the estate of each and every Debtor to
the same extent as provided for under applicable law.

Nothing in the Plan or Confirmation Order will (i) permit
Officer and Director Claims to be treated as Subordinated Claims
or otherwise subordinated, or (ii) be construed to prevent
present or former directors and officers of the Debtors from
seeking and obtaining coverage and payments from insurance
policies of Refco Inc. or from insurance policies of any other
Refco Entity.

(2) New York Financial and Hillier Capital Objections

Judge Drain directs RCM to transfer to the FXA Estate
US$2,000,000 on the Effective Date to settle the dispute.

Judge Drain also directs the Plan Administrator to form a
committee of FXA customers who did not do business with FXA in
Japan to oversee and direct the litigation involving FXA assets
in Japan.  New York Financial will serve as the chair of the
committee; Hillier Capital is appointed as member of that
committee.

Judge Drain says the Non-Japan FXA Customer Committee will have
consent rights with respect to any settlement regarding the
litigation involving FXA assets in Japan.  Furthermore, all
reasonable expenses born in connection with the role of chair of
the Non-Japan FXA Customer Committee will be born by the FXA
Estate.

New York Financial and Hillier Capital are granted an Allowed
Administrative Expense Claim against the FXA Estate pursuant to
Section 503(b) in an aggregate collective amount not to exceed
US$200,000.

(3) West Loop Objection

Judge Drain notes that West Loop Associates, LLC, will be paid
US$3,750,000 in cash by the Refco LLC estate on or before the
Effective Date.  West Loop will release all claims against the
Debtors and against Refco LLC.

In addition, West Loop will be barred from bringing any action
against any third party as to the potential matters set forth in
the Plan.  However, West Loop will expressly retain all rights
to bring actions against Mark Goodman & Associates; 550 West
Jackson Associates Limited Liability Company; Mark Goodman;
Phillip R. Bennett; Santo Maggio; and Grant Thornton.

The Court grants West Loop a US$20,000,000 Claim against Refco
Group Ltd.  The Claim will be satisfied in full by distribution
of the Litigation Trust Interests allocable to the Claim.  
However, Judge Drain says, all Litigation Trust Interests
distributable on account of West Loop's Allowed Claim will be
deemed to have been assigned by West Loop to the Contributing
Debtors for distribution to Holders of Allowed Contributing
Debtors General Unsecured Claims.

The Contributing Debtors will transfer US$1,875,000 from
Contributing Debtors Cash Distribution to the RCM Trustee for
addition to the RCM Cash Distribution.

(4) Securities Plaintiff Objection

Judge Drain clarifies that nothing in the Plan or the
Confirmation Order will be deemed to release, enjoin or bar any
claims or the prosecution of any claims asserted in In re Refco
Securities Litigation, Case No. 05-civ-8626 (SDNY), against:

   -- any of the Secured Lender Releasees that acted as an
      underwriter, book running manager or initial purchaser in
      connection with the underwriting, offering, distribution,
      or sale of the 9% Senior Subordinated Notes due 2012
      issued by certain of the Debtors or of any equity
      securities of Refco Inc., with respect to any act or
      failure to act by any Secured Lender Releasee; and

   -- other non-Debtor defendants in the Securities Litigation,
      except the Released Parties identified in the Plan,
      the Contributing Non-Debtor Affiliates, and the
      Contributing Non-Debtor Affiliate Management, to the
      extent that the Lead Plaintiffs or the putative class
      members receive a distribution under the Modified Plan.

(5) FXCM Objection

Judge Drain also clarifies that nothing in the Plan will impair
the right of FXCM Sellers from arguing that they are entitled to
an equitable remedy of rescission of RGL's purchase of the FXCM
Equity Stake.  However, any action seeking that remedy will be
heard by the Bankruptcy Court unless it has permitted the FXCM
Sellers to bring that action in a different forum.

                   Allocation of BAWAG Proceeds

The Court authorizes the Debtors to utilize the BAWAG P.S.K.
Bank fur Arbeit und Wirtschaft und Osterreichische Postsparkasse
Aktiengesellschaft  Proceeds in accordance with the Plan and the
BAWAG Allocation Order.  The BAWAG Proceeds may be used to pay
the obligations owing to RCM under the Cash Management Advance
Agreement dated October 16, 2006, and to implement the other
Distributions contemplated in the Plan.  For purposes of making
Cash Distributions, the BAWAG Contingent Proceeds will be used
to satisfy the Senior Subordinated Note Distribution to the
extent the funds are available to the Estates prior to the
payment in full of the Senior Subordinated Note Distribution.

                          About Refco Inc.

Based in New York, Refco Inc. (OTC: RFXCQ) --
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).


VALEANT PHARMA: Moody's Downgrades Corp. Family Rating to B2
------------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating
of Valeant Pharmaceuticals International to B2 from B1, and kept
Valeant's ratings under review for possible further downgrade.
Moody's initially placed the ratings under review for possible
downgrade on October 23, 2006.

This rating action follows the company's recent announcement
that the trustee for the holders of its 3% convertible notes due
2010 has declared a notice of default related to Valeant's late
filing of its Form 10-Q for the quarter ended September 30,
2006.  According to the indentures governing US$300 million of
Valeant's senior notes, US$240 million of convertible notes due
2010 and US$240 million of convertible notes due 2013, failure
to file timely SEC reports constitutes a covenant violation.  If
the trustee or holders of 25% of the respective series of notes
or convertibles declares a default, Valeant must cure the
violation within 60 days or the trustee or holders may declare
the debt immediately due and payable.

The full amount of the potential debt acceleration is
approximately US$780 million.  Valeant reported cash and short-
term investments of US$253 million as of June 30, 2006.  Valeant
does not currently maintain committed credit facilities.

In addition, the rating downgrade reflects several challenges
that Valeant faces in its core pharmaceutical business that
could hinder an improvement in cash flow.  These challenges
include:

   (a) boosting sales of newly-launched products without a
       substantial increase in promotional spending; and

   (b) entering favorable co-development agreements with
       external partners for several late-stage pipeline
       products.

Valeant's newly-launched products include Zelapar that is for
Parkinson's disease and Cesamet, which is a synthetic
cannabinoid for chemotherapy-induced nausea and vomiting.
Zelapar faces competition from Teva Pharmaceutical's new
Parkinson's product "Agilect".  Meanwhile, Valeant and Par
Pharmaceuticals recently terminated a co-promotion arrangement
for Cesamet.

Valeant's late-stage pipeline products include Viramidine, which
id for hepatitis C and retigabine, which is for epilepsy and
possible other indications.  For both of these products, Moody's
believes that Valeant would be challenged to fully fund the
remaining clinical trials without the financial resources of a
co-development partner.  Based on setbacks this year in the
Viramidine clinical development program, Moody's does not
anticipate a launch prior to 2010 or 2011, even with a co-
development partner.

Moody's acknowledges several recent positive developments, which
includes:

   (a) ongoing progress at cost-restructuring initiatives; and

   (b) an out-licensing agreement with Schering-Plough
       Corporation for Pradefovir, a potential hepatitis B
       treatment, in which Valeant will receive US$19.2 million
       upfront and milestones potentially totaling US$65
       million, plus royalties on any future sales.

Moody's ongoing rating review will primarily focus on Valeant's
ability to avoid an acceleration of its debt maturities due to
its late 10-Q filing.  Moody's currently believes that by mid-
January the ratings could be downgraded further unless one of
these events will occur:

   (a) Valeant will cure the default by filing its Form 10-Q;

   (b) Valeant will obtain waivers from the holders of the
       senior notes and convertible notes waiving the default or
       the provision related to debt acceleration; or

   (c) Valeant will obtain committed credit facilities for the
       full amount of its potentially accelerated debt
       maturities.  

If one of those events does not occur, the ratings could be
subject to a multi-notch downgrade.

The ratings that were downgraded and left under review for
possible further downgrade include:

   -- Valeant's Corporate Family Rating to B2 from B1; and

   -- Probability of default rating to B1 from Ba3.

The rating left under review for possible further downgrade
includes:

   -- Valeant's Ba3 (LGD3, 39%) senior unsecured notes of
      US$300 million due 2011.

The Ba3 rating on Valeant's senior unsecured notes due 2011 is
not being downgraded at this time, but remains under review for
downgrade.  Although the expected loss on these notes has
widened as a result of the downgrade of the Corporate Family
Rating, the expected loss is still within the range applicable
for the Ba3 rating specified in Moody's Loss Given Default
Methodology.

Moody's does not rate Valeant's 3% convertible subordinated
notes of US$240 million due 2010 or its US$4% convertible
subordinated notes of US$240 million due 2013.

                 About Valeant Pharmaceuticals

Headquartered in Costa Mesa, California, Valeant Pharmaceuticals
International -- http://www.valeant.com-- is a global specialty
pharmaceutical company with US$823 million of 2005 revenues.  It
has offices in Singapore and Taiwan.


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

iTV PLC: Prosecutors Says Administrative Court Must Take Rule
-------------------------------------------------------------
The controversy over the iTV concession fees and fines should be
forwarded to the Administrative Court for settlement, the
Bangkok Post reports citing Atthapol Yaisawang, spokesman for
the Office of the Attorney-General as saying.  

According to Mr. Atthapol, a panel of public prosecutors
deliberating the issue agreed the issue could no longer be
regarded as a dispute over fees and penalties; instead, it was
the failure to repay debts on the part of iTV.

The Administrative Court is needed to pass the verdict ordering
the television station to pay back concession fees and fines to
the Prime Minister's Office, Mr. Atthapol added.  

However, the panel must wait for the cabinet's decision today on
how to proceed with the case.  The cabinet will today consider
if a compromise could be reached between the contract partners -
- iTV and the PM's Office, the Post relates.  

Mr. Atthapol said he was not confident the arbitration system
could settle a dispute involving a joint venture between the
state and private sectors.  In several cases, the state was put
at a disadvantage when arbitration was brought into play, the
paper notes.

The arbitration system was best suited for resolving disputes
involving just members of the private sector, he said.

                          *     *     *

iTV Plc's principal activity is producing and broadcasting
television programs and channels, including the promotion of
related rights and assets.  Shin Corp Plc is iTV's major
shareholder, with a 53% stake.  Singapore's state investment arm
Temasek Holdings controls more than 96% of Shin, which was
previously owned by caretaker Prime Minister Thaksin
Shinawatra's family.  Earlier this year, it sold its majority
stake in iTV to Temasek.

On December 15, 2006, the Troubled Company Reporter - Asia
Pacific reported that the Supreme Administrative Court upholds
the Central Administrative Court's verdict by voiding the
arbitration ruling on concession fee payments won by iTV in
2004, various reports say.

The TCR-AP reported on June 23, 2006, that the Prime Minister's
Office demanded a concession fee payment and fines to the
government from the television network.

The demand, TCR-AP recounted, was a result of the Arbitration
Court's consent given to the company to pay an annual concession
fee to the Prime Minister's office amounting to THB230 million.  
The original rate before the consent amounted to THB1 billion
per year.


TANAYONG PCL: Shareholders' Okays EGM's Agenda
----------------------------------------------
As previously reported by the Troubled Company Reporter - Asia
Pacific, shareholders of Tanayong Pcl were to convene on Dec.
18, 2006, to approve various agenda.

The agenda of the meeting, among others are:

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

   2. To appoint the additional number of directors.

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

   3. To appoint all new directors.

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

      The proposed directors are:

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

   4. Set the power of the directors

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

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

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

   5. To Fix the Remuneration for the Directors.

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

In an update, Tanayong informed the Stock Exchange of Thailand
that the shareholders of the company resolved to approve and
accept all the agenda of the meeting.

                          *     *     *

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

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

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

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

                          Going Concern

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

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


TRUE MOVE: Moody's Keeps Ratings; Outlook Remains Negative
----------------------------------------------------------
On Dec. 19, 2006, Moody's Investors Services affirmed its B1
corporate family rating for True Move Company Limited and its B2
senior unsecured long-term debt ratings for True Move's US$465
million Notes issue, due 2013, and removed all ratings from
their provisional status.

This rating action follows the successful completion of the
issuance of the Notes.  The outlook for the ratings remains
negative.

True Move Company Limited -- formerly TA Orange -- headquartered
in Bangkok, Thailand, is the country's third largest mobile
telecommunications operator.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
December 20, 2006
  Turnaround Management Association
    Holiday Extravaganza - TMA, AVF & CFA
      Georgia Aquarium, Atlanta, GA
        Contact: 678-795-8103 or http://www.turnaround.org/

January 11, 2007
  Beard Audio Conferences
    Diagnosing Problems in Troubled Companies: Evaluating
      Turnaround Potential and Establishing the Basis for
        Actionable, Achievable Solutions
          Telephone: 240-629-3300
            Web site: http://www.beardaudioconferences.com/

January 11, 2007
  Turnaround Management Association
    Lender's Panel
      University Club, Jacksonville, FL
        Contact: http://www.turnaround.org/

January 12, 2007
  Turnaround Management Association
    Annual Lender's Panel Breakfast
      Westin Buckhead, Atlanta, GA
        Contact: http://www.turnaround.org/

January 17, 2007
  Turnaround Management Association
    South Florida Dinner
      TBA, South FL
        Contact: 561-882-1331 or http://www.turnaround.org/

January 17-19, 2007
  Turnaround Management Association
    Distressed Investing Conference
      Wynn, Las Vegas, NV
        Contact: http://www.turnaround.org/

January 30-31, 2007
  Euromoney Institutional Investor
    Korea Securitisation and Structured Credit Summit
      JW Marriott Hotel, Seoul, South Korea
        Web site: http://www.euromoneyplc.com/

January 31-February 1, 2007
  Euromoney Institutional Investor
    Asia M&A Forum
      Island Shangri-La, Hong Kong
        Web site: http://www.euromoneyplc.com/

February 2007
  American Bankruptcy Institute
    International Insolvency Symposium
      San Juan, Puerto Rico
         Telephone: 1-703-739-0800
           Web site: http://www.abiworld.org

February 8-9, 2007
  Euromoney
    Leveraged Finance Asia
      JW Marriott Hong Kong
        Web site: http://www.euromoneyplc.com/

February 8-9, 2007
  Euromoney Conferences
    2nd Philippines Investment Conference
      Cebu Convention Center, Cebu, Philippines
        Web site: http://www.euromoneyplc.com/

February 8-11, 2007
  Turnaround Management Association
    Certified Turnaround Professional (CTP) Training
      NY/NJ
        Contact: http://www.turnaround.org/

February 22, 2007
  Turnaround Management Association
    TMA PowerPlay - Atlanta Thrashers
      Philips Arena, Atlanta, GA
        Contact: 678-795-8103 or http://www.turnaround.org/

February 21-22, 2007
  Euromoney
    Euromoney Pakistan Conference
      Perceptions & Realities
        Marriott Hotel, Islamabad, Pakistan
          Web site: http://www.euromoneyplc.com/

February 22, 2007
  Euromoney
    2nd Annual Euromoney Japan Forex Forum
      Mandarin Oriental, Tokyo, Japan
        Web site: http://www.euromoneyplc.com/

February 25-26, 2007
  Norton Institutes
    Norton Bankruptcy Litigation Institute
      Marriott Park City, UT
        Contact: http://www2.nortoninstitutes.org/

March 21-22, 2007
  Euromoney
    2nd Annual Vietnam Investment Forum
      Melia, Hanoi, Vietnam
        Web site: http://www.euromoneyplc.com/

March 21-22, 2007
  Euromoney
    Euromoney Indian Financial Market Congress
      Grand Hyatt, Mumbai, India
        Web site: http://www.euromoneyplc.com/

March 22-23, 2007
  Euromoney Institutional Investor
    Euromoney Indonesian Financial Markets Congress
      Bali, Indonesia
        Web site: http://www.euromoneyplc.com/

March 27-31, 2007
  Turnaround Management Association - Australia
    2007 TMA Spring Conference
      Four Seasons Las Colinas, Dallas, TX, USA
        e-mail: livaldi@turnaround.org

April 11-15, 2007
  American Bankruptcy Institute
    ABI Annual Spring Meeting
      J.W. Marriott, Washington, DC, USA
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

October 16-19, 2007
  Turnaround Management Association - Australia
    TMA 2007 Annual Convention
      Boston Marriott Copley Place, Boston, MA, USA
        e-mail: livaldi@turnaround.org

March 25-29, 2008
  Turnaround Management Association - Australia
    TMA Spring Conference
      Ritz Carlton Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

October 28-31, 2008
  Turnaround Management Association - Australia
    TMA 2008 Annual Convention
      New Orleans Marriott, New Orleans, LA, USA
        e-mail: livaldi@turnaround.org

TBA 2008
  INSOL
    Annual Pan Pacific Rim Conference
      Shanghai, China
        Web site: http://www.insol.org/

June 21-24, 2009
  INSOL
    8th International World Congress
      TBA
        Web site: http://www.insol.org/

October 5-9, 2009
  Turnaround Management Association - Australia
    TMA 2009 Annual Convention
      JW Marriott Desert Ridge, Phoenix, AZ, USA
        e-mail: livaldi@turnaround.org

October 4-8, 2010
  Turnaround Management Association - Australia
    TMA 2010 Annual Convention
      JW Marriot Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

Beard Audio Conferences
  Coming Changes in Small Business Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Audio Conferences CD
  Beard Audio Conferences
    Distressed Real Estate under BAPCPA
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changes to Cross-Border Insolvencies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Healthcare Bankruptcy Reforms
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Calpine's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changing Roles & Responsibilities of Creditors' Committees
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Validating Distressed Security Portfolios: Year-End Price
    Validation and Risk Assessment
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Employee Benefits and Executive Compensation
    under the New Code
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Dana's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Reverse Mergers-the New IPO?
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Fundamentals of Corporate Bankruptcy and Restructuring
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  High-Yield Opportunities in Distressed Investing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Privacy Rights, Protections & Pitfalls in Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  When Tenants File -- A Landlord's BAPCPA Survival Guide
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Clash of the Titans -- Bankruptcy vs. IP Rights
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/


                            *********

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

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

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


                            *********


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

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is $575 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are $25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***