TCRAP_Public/061226.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

           Tuesday, December 26, 2006, Vol. 9, No. 255

                            Headlines

A U S T R A L I A

2TM MANAGEMENT: Schedules Members' Final Meeting on Jan. 30
ANSETT AUSTRALIA: Administrators Distribute AU$27-Mil. Dividend
ANSETT AUSTRALIA: Winds Up Five Super Plans & Sets Up New Fund
ARBT PTY: To Hold Final Meeting on January 19
AWB LIMITED: Renews AU$750 Million Syndicated Loan Facility

BDI PTY LTD: Court Prevents Sale of Assets at ASIC's Request
GLOBAL ENGINEERED: Taken Over by Specifix Fasteners
HOLLENBERG KAY: Members' Final Meeting Slated for Jan. 19
NIGHT OWL: To Declare First and Final Dividend on Jan. 18
NM (PROPERTIES): Liquidator to Present Wind-Up Report

NORDISK AVIATION: Enters Voluntary Wind-Up
PERLITE CORPORATION: Members to Receive Wind-Up Report
QEST CONSULTING: Placed Under Voluntary Wind-Up
R & J CONN: Members Opt to Liquidate Business
SPUDS SURF: Members and Creditors to Receive Wind-Up Report

WATTS PUBLISHING: Undergoes Voluntary Liquidation
WONSANA PTY: Court Issues Wind-Up Order


C H I N A   &   H O N G  K O N G

ASSOCIATED CONSULTING: Joint Liquidators Cease to Act
BRIDGELEY LTD: Members to Hear Liquidators' Report on Jan. 22
BYTEPOWER TECHNOLOGY: Faces Wind-Up Proceedings
CHINA STAR: Members Decide to Close Business
DAH CHUNG BILLS: Fitch Affirms 'C' Individual Rating

FLOAT SPARK: Shareholders Opt to Wind Up Firm
FORTUNE TOWER: Creditors' Proofs of Debt Due on January 22
HUA NAN COMMERCIAL BANK: Fitch Affirms 'C/D' Individual Rating
INTERNATIONAL BILLS: Fitch Affirms 'C' Individual Rating
NEW GAGNEUR: Final Meeting Slated for January 23

PACE MICRO: Appoints Joint Liquidators
SKYLINE VIEW: Members to Receive Wind-Up Report on Jan. 25
WATERLAND FINANCIAL: Fitch Affirms 'C' Individual Rating
WATERLAND SECURITIES: Fitch Affirms 'BB' Long-Term Rating
WEIHAI SHIPPING: Placed Under Voluntary Wind-Up


I N D I A

AES CORP: Entering Into Electric Transmission Business
INDIAN OIL: Fitch Gives 'BBB-' Long-Term Foreign Currency IDR
NTPC LTD: Inks JV Pact to Build Coal Power Plant in Haryana
ORIENTAL BANK: Plans to Focus on Resource Mobilization
ORIENTAL BANK: Names V Vijayasai Reddy as Non-Official Director

POWER FINANCE: Submits Red Herring Prospectus with SEBI
RELIANCE INDUSTRIES: DGH Oks Addendum to KG-D6 Development Plan
VNESHTORGBANK JSC: Fitch Affirms Individual Rating at C/D
VNESHTORGBANK JSC: Eyes US$4.6 Billion Fresh Capital in 2007 IPO


I N D O N E S I A

ALCATEL-LUCENT: Pascal Bantegnie to Lead Investor Relations Team
ALCATEL-LUCENT: Inks IP Network Contract with Hawaiian Telcom
BANK DANAMON: To Issue IDR 1.5-2 Trillion Bonds in 2007
BEARINGPOINT: Completes SAP Utility Project for Light Servicos
INTERNATIONAL NICKEL: Expects To Meet 71, 000 Tons Nickel Output

PT PERTAMINA: Can't Speed Up Gas Production in Cepu Block in '09


K O R E A

ARAMARK INC: Shareholders Approve Investors' Buyout of Firm
CLOROX CO: To Buy Colgate's Canada & Latin America Bleach Assets
DURA AUTOMOTIVE: Gets Final Nod to Pay Non-Debtor Affiliates
DURA AUTOMOTIVE: Moody's Withdraws Ratings on Chapter 11 Filing
DURA AUTO: Wants to Enter Into Senior Executive Employment Pact

PANTECH CO: Pantech&Curitel Fails to Honor KRW2-Billion Debt


M A L A Y S I A

AKER KVAERNER: Unveils Updated Corporate Responsibility Policies
COGNIS GMBH: Fitch Junks Senior Unsecured Debt
NORTH BORNEO: Posts MYR50.487-Mil. Net Profit in 3rd Qtr. 2006
PSC INDUSTRIES: Files Proposed Restructuring Scheme
SOLUTIA INC: Receives Commitment for US$1.1-Billion DIP Loan


M O N G O L I A

* S&P Raises Long-Term Sovereign Credit Ratings to 'B+'


N E W   Z E A L A N D

ABOUT CEILINGS: Shareholders Resolve to Liquidate Business
BELL MACINTOSH: Creditors Must Lodge Claims by January 3
COASTLINES LTD: Creditors' Proofs of Debt Due on Jan. 26
FOREIGN WHOLESALE: Creditors to File Claims by Jan. 3
METRO AIR: Liquidators to Accept Claims Until Jan. 3

MONEY EXPRESS: Creditors' Proofs of Claim Due on Jan. 19
MOTOMAHOE FARMS: Shareholders Agree to Close Business
R F AND C A: Creditors Must Lodge Claims by Dec. 28
T F LTD: Court Appoints Joint Liquidators


P H I L I P P I N E S

* Pres. Arroyo Receives US$653 Mln. in Loans & Grants from ADB
* Philippine Economy to Grow 5.7% in 2007, NEDA says


S I N G A P O R E

ARMSTRONG INDUSTRIAL: Share Registrar Moves to Another Place
AVAGO TECHNOLOGIES: Posts US$405 Mil. Revenue in 2006 4th Qtr.
CHINA AVIATION: Closes January 2007 Fuel Tender
CHINA AVIATION: Relocates Share Registrar and Place of Index
HLG ENTERPRISE: Classic Exercises Option to Purchase Tristar

HLG ENTERPRISE: Subsidiary to Sell Two Shops to Noble Pte
SEE HUP SENG: Merrill Lynch Take Shares
SEE HUP SENG: Completes Placement Agreements


T H A I L A N D

DAIMLERCHRYSLER AG: Truck Unit Eyes US$300-Mln Plant in Mexico
DAIMLERCHRYSLER AG: Applauds ITC's Order to Revoke Steel Duties
FEDERAL-MOGUL: Bankruptcy Court Okays Ernst & Young as Advisors
FEDERAL-MOGUL: Trizec to Serve on Asbestos Claimants Panel


* BOND PRICING: For the Week 18 December to 22 December 2006

     - - - - - - - -

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

2TM MANAGEMENT: Schedules Members' Final Meeting on Jan. 30
-----------------------------------------------------------
2TM Management Pty Ltd, which is in members' voluntary
liquidation, will hold a meeting for its members on Jan. 30,
2007, at 11:00 a.m.

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

The Liquidator can be reached at:

         John Morgan
         PKF
         Chartered Accountants & Business Advisers
         Level 10, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia

                      About 2TM Management

2TM Management Pty Ltd provides business services.

The company is located in New South Wales, Australia.


ANSETT AUSTRALIA: Administrators Distribute AU$27-Mil. Dividend
---------------------------------------------------------------
The distribution of Ansett Australia Pty Ltd's seventh dividend
-- AU$27.0 million -- has started on Dec. 14, 2006, through
electronic transfer, the company's administrators Mark Korda and
Mark Mentha discloses.

The seventh dividend consists of:

   -- AU$16.4 million to former Ansett employees; and

   -- AU$10.6 million to the Federal Government to repay staff
      entitlements previously paid under the Commonwealth SEESA
      scheme.

A dividend is being paid as AU$22 million of assets have been
sold since September 2006 and various contingent liabilities
resolved, Mr. Korda explains.  Assets sold include aircraft and
aircraft parts and spares.

"The seventh dividend payment is 15% of each employee's
outstanding entitlements," Mr. Korda says.  "It is an average of
approximately AU$1,700 per employee, with some employees
receiving more than AU$17,000."

Accordingly, the seventh dividend brings to:

   -- AU$666.9 million the total payments made to Ansett's
      15,000 former staff; and

   -- AU$132.5 million the total of dividends paid by the Ansett
      Administrators during the 2006 calendar year.

Ansett continues to sell off the spare parts inventory and the
remaining assets.  Currently there is in excess of 9 million
units of inventory across 217,000 line items to be sold and two
remaining properties.

Further dividends will be paid over the next one to two years
dependent on further asset sales.

Mr. Korda expects that on average, employees will receive over
90 cents on the dollar of their entitlements.

                        Employees Protest

However, a report from ABC News Online relates that former
Ansett employees and their families called on the Federal
Government to release more than AU$90 million still owing to
more than 9,000 workers.

They demanded the entitlements left unpaid since the airline's
collapse in 2001, the report relates.

The Transport Workers Union asserted that the Federal Government
has raised more than enough money to pay the entitlements with
the help of the Ansett ticket levy, ABC News says.

The paper cites TWU's Wayne Forno, as saying it is unethical for
the Government to have charged the public the ticket tax without
passing on the money to the workers.

"The reality is they haven't been paid that AU$93 million, so
that's another broken commitment given by John Howard at the
time," Mr. Forno said.

"The reality is there's AU$220 million sitting in the Treasury
coffers, and AU$93 million still outstanding to pay for the
Ansett workers," Mr. Forno added.

Mr. Forno noted that they will continue to protest "until such
time as the Federal Government lives up to its promise."

                     About Ansett Australia

Ansett Australia Pty Ltd. -- http://www.ansett.com.au/-- was a  
major Australian domestic and international airline at its
height in 1996.  Ansett operated for 66 years and 11 days after
its first take off from Hamilton in Western Victoria.

On September 12, 2001, the acting chairman of Air New Zealand,
Jim Farmer, announced that Ansett Holdings and a number of its
subsidiary businesses, including airlines, have resolved into
voluntary administration.  Gregory Hall, Peter Hedge and Allan
Watson of PricewaterhouseCoopers were appointed as
administrators to take control of Ansett.

On September 17, 2001, Mr. Hedge stood down as administrator.  
Accordingly, Mark Korda and Mark Mentha of KordaMentha Pty Ltd
were named as the new administrators of the Ansett Group of
Companies.  The new administrators estimated Ansett's debt to be
as high as
AU$2 billion.

On May 2, 2002, 36 Ansett companies under administration
executed Deeds of Company Arrangement.  Copies of the DOCAs can
be accessed for free at:

        http://www.ansett.com.au/administrator/doca.htm

Since March 4, 2002, flights operated by the Ansett Australia
Group ceased.

A timeline of announcements made by the Ansett Administrators
from the time of Ansett's resolve into Voluntary Administration
is available for free at:

        http://www.ansett.com.au/timeline/timeline_f.htm


ANSETT AUSTRALIA: Winds Up Five Super Plans & Sets Up New Fund
--------------------------------------------------------------
All outstanding superannuation contributions to former employees
of Ansett Australia Pty Ltd have been paid in full, the
Australian Associated Press cites Assistant Treasurer Peter
Dutton as saying.

The Australian Prudential Regulation Authority supervised the
funds, AAP says.

According to Mr. Dutton, Ansett's five stand-alone super plans
have since been wound-up, The Daily Telegraph relates.

A new fund -- Ansett Residual Superannuation Fund -- was
established on July 1, 2004, to represent the residual assets
and liabilities of two of the wound-up plans:

   1. the Ansett Australia Ground Staff Superannuation Plan; and

   2. the Flight Attendants' Benefits Scheme

APRA continues to supervise the administration of the new fund.

"APRA continues to supervise the administration of this fund,
which is intended to be wound up once all outstanding insurance
claims have been settled and surplus assets have been
distributed amongst the members," Mr. Dutton said.

                     About Ansett Australia

Ansett Australia Pty Ltd. -- http://www.ansett.com.au/-- was a  
major Australian domestic and international airline at its
height in 1996.  Ansett operated for 66 years and 11 days after
its first take off from Hamilton in Western Victoria.

On September 12, 2001, the acting chairman of Air New Zealand,
Jim Farmer, announced that Ansett Holdings and a number of its
subsidiary businesses, including airlines, have resolved into
voluntary administration.  Gregory Hall, Peter Hedge and Allan
Watson of PricewaterhouseCoopers were appointed as
administrators to take control of Ansett.

On September 17, 2001, Mr. Hedge stood down as administrator.  
Accordingly, Mark Korda and Mark Mentha of KordaMentha Pty Ltd
were named as the new administrators of the Ansett Group of
Companies.  The new administrators estimated Ansett's debt to be
as high as AU$2 billion.

On May 2, 2002, 36 Ansett companies under administration
executed Deeds of Company Arrangement.  Copies of the DOCAs can
be accessed for free at:

        http://www.ansett.com.au/administrator/doca.htm

Since March 4, 2002, flights operated by the Ansett Australia
Group ceased.

A timeline of announcements made by the Ansett Administrators
from the time of Ansett's resolve into Voluntary Administration
is available for free at:

        http://www.ansett.com.au/timeline/timeline_f.htm


ARBT PTY: To Hold Final Meeting on January 19
---------------------------------------------
ARBT Pty Ltd, which is in liquidation, will hold a final meeting
for its members and creditors on Jan. 19, 2007, at 10:00 a.m.

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

The liquidator can be reached at:

         R. W. Whitton
         c/o Lawler Partners
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 8346 6000

                         About ARBT Pty

ARBT Pty Ltd -- trading as Heartland Communications -- is a
subsidiary of Maxis Corporation.  The company specializes in the
delivery of broadband telecommunications to regional and remote
Australia using a 2-way satellite and wireless local loop
solutions.  Its initial target market is the regional Australian
towns of up to 40,000 people where population is sparse and
offers a greater opportunity for satellite applications.  It
planned to expand later to larger towns and use alternative
hybrid wireless solutions, in conjunction with vsats.

The company is located in New South Wales, Australia.


AWB LIMITED: Renews AU$750 Million Syndicated Loan Facility
-----------------------------------------------------------
In a filing with the Australian Securities Exchange, AWB Limited
discloses that it has secured ongoing funding commitment from
its banking syndicate for a AU$750 million Syndicated Loan
Facility for the commercial business operations.

As part of this commitment, AWB and its Australian subsidiaries
-- excluding AWB International, AWB Harvest Finance, AWB
Services and the assets of the Rural Master Trust -- have agreed
to provide the banking syndicate with security over its assets.  
The charge also provides security to the trustee of Landmark's
interest bearing deposit notes.

                          About AWB

AWB Limited -- http://www.awb.com.au/-- is Australia's leading  
agribusiness and one of the world's largest wheat marketing
companies.  It is also one of Australia's top 100 publicly
listed companies.  The Company is the exclusive manager and
marketer of all Australian bulk wheat exports through what is
known as the Single Desk.  The Company markets wheat, and a
range of other grains, into more than 50 countries, with
Australian wheat exports worth up to AU$5 billion per year.  
AWB's footprint includes more than 430 outlets through its
subsidiary landmark and has offices across the world.  The
company employs more than 2,700 staff reaching over 100,000
customers.  AWB is also one of the nation's largest suppliers of
rural merchandise, distributors of fertilizer, marketers of
livestock, brokers of rural real estate and handlers of wool.

In late 2005, AWB was accused of knowingly paying AU$290 million
in kickbacks to the Government of Iraq, under Saddam Hussein's
administration, through the United Nation's oil-for-food
program.  A UN report then found out that AWB paid the kickbacks
to a Jordanian trucking company linked to Hussein's deposed
regime.  The Australian Government then appointed a commission,
headed by retired judge Terence Cole, to investigate into the
Company's role in and the Government's alleged "knowledge" of
the scandal.  The "Cole Inquiry" is currently underway.  The
scandal is anticipated to create great political repercussions
to the Australian Government, given the country's contribution
to military action against President Hussein in the 2003
invasion of Iraq.

However, after auditing AWB's financial results for the fiscal
year ended September 30, 2006, Brett Kallio, a partner at Ernst
& Young, disclosed that there is inherent uncertainty
surrounding the consolidated entity with regard to matters
associated with the Federal Inquiry into certain Australian
companies in relation to the United Nations Oil-for-Food
Programme.

Mr. Kallio noted that there is uncertainty as to the nature of
the findings of the Oil-for-Food Inquiry and the resultant
impact, if any, on the company's financial position, financial
performance, cash flows and its operations arising directly or
indirectly from the Inquiry.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
July 12, 2006, that six American wheat farmers have launched a
AU$1-billion class action against AWB in the United States,
claiming its dealings in overseas markets damaged their own
incomes.  More farmers followed suit.

The TCR-AP also previously reported that Australian law firm
Maurice Blackburn Cashman was considering a class action against
AWB on behalf of shareholders who lost money in the wake of the
Cole Inquiry.

AWB's September 30, 2006, balance sheet showed total assets of
AU$5.65 billion and total liabilities of AU$4.52 billion
resulting to total shareholders' equity of AU$1.12 billion.


BDI PTY LTD: Court Prevents Sale of Assets at ASIC's Request
------------------------------------------------------------
The Australian Securities and Investments Commission sought and
obtained ex parte orders from the Supreme Court of New South
Wales preventing Jennifer Lee Robbins and BDI Pty Ltd from
selling or disposing of certain properties without first having
given the ASIC 14 clear days written notice of its intention to
do so.

The ASIC became aware that certain property of BDI had been sold
or was currently on the market.

The Court issued the orders on December 20, 2006.  The issuance
was part part of proceedings against Neil Austin Burnard and
Palentia Pty Ltd, formerly known as Kebbel (NSW) Pty Ltd
(Palentia).

Ms. Robbins -- the only shareholder of BDI -- is also the wife
of Mr. Burnard.  The couple is the sole director of the company.  
BDI is the trustee of several trusts of which members of the
Burnard family are beneficiaries.  

In relation to other properties which have already been sold,
Justice Brereton directed BDI to pay the proceeds of sales into
an interest-bearing account with the National Australia Bank in
the name of BDI and to not transfer or otherwise deal with the
proceeds without first having given the ASIC 14 clear days
written notice of its intention to do so.

The ASIC has previously obtained orders from the Supreme Court
of NSW to restrain Mr. Burnard from leaving the country and to
deliver up all passports, as well as orders preventing Mr.
Burnard and Palentia from disposing of their assets until 5:00
p.m. on January 29, 2007, subject to the payment of certain
expenses as authorized by the Court.

The parties have liberty to apply to the Court in relation to
these orders.

The matter will return to the New South Wales Supreme Court for
further hearing at 10:00 a.m. on January 29, 2007.


GLOBAL ENGINEERED: Taken Over by Specifix Fasteners
---------------------------------------------------
Former workers at Ajax Fasteners' Melbourne factory, which
produced automotive and industrial fasteners for Ford, General
Motors, Holden, Toyota and Mitsubishi, will re-open production
on Jan. 1, 2007, under a proposed takeover deal that will save
some jobs, the Australian Associated Press reports.

The report says that the workers unanimously voted to accept the
deal, which would see the company taken over by Specifix
Fasteners Pty Ltd.

As reported in the Troubled Company Reporter - Asia Pacific on
December 18, 2006, Ajax Engineered Fasteners went into
liquidation after a meeting of its creditors, leaving 189 people
unemployed.  The workers had hoped the company could be sold to
an Indian-based consortium -- the Uma Group -- but it will now
be wound down because it is not viable in its current form.

According to The Age, the workers received a total of
AU$5.86 million in redundancy payments, and it is expected that
60-70 will be rehired under the deal.  Those rehired will be
able to keep their redundancy pay-out, the paper adds.

There was written confirmation from all stakeholders that the
deal with Specifix should go-ahead, AAP quotes AWU Victorian
secretary Cesar Melham.  

Mr. Melham hoped the deal would be signed December 29, 2006, or
earlier.

"The lawyers are drafting the final paperwork, the actual sale
contract. Until that is actually signed, sealed and delivered,
this one is not over," Mr. Melham noted.

Stephen Longley from Ajax's liquidator PricewaterhouseCoopers
said the deal was the "best offer on the table" and should be
accepted, AAP relates.

                           About GEF

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

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

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

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

A TCR-AP report on Dec. 18, 2006, related that GEF's division
Ajax Engineered Fasteners has gone into liquidation after a
meeting of its creditors, leaving 189 people unemployed.


HOLLENBERG KAY: Members' Final Meeting Slated for Jan. 19
---------------------------------------------------------
The final meeting of the members of Hollenberg Kay Pty Ltd,
which is in liquidation, will be held on Jan. 19, 2007, at
10:00 a.m.

During the meeting, the members will receive an account of the
company's wind-up proceedings and property disposal exercises
from Liquidator R. G. Tolcher.

The Liquidator can be reached at:

         R. G. Tolcher
         Lawler Partners
         Chartered Accountants
         763 Hunter Street
         Newcastle, West New South Wales 2303
         Australia

                      About Hollenberg Kay

Hollenberg Kay Pty Limited manufactures home furnishings.

The company is located in New South Wales, Australia.


NIGHT OWL: To Declare First and Final Dividend on Jan. 18
---------------------------------------------------------
Night Owl Plumbing Pty Ltd, which is in liquidation, will
declare its first and final dividend on Jan. 18, 2007.

In this regard, creditors are required to submit their proofs of
debt by Jan. 4, 2007, or they will be excluded from the dividend
distribution.

The liquidator can be reached at:

         P. Newman
         HLB Mann Judd
         Chartered Accountants
         Level 1, 160 Queen Street
         Melbourne 3000
         Australia

                        About Night Owl

Night Owl Plumbing Pty Ltd provides plumbing, heating, and air-
conditioning services.

The company is located in Victoria, Australia.


NM (PROPERTIES): Liquidator to Present Wind-Up Report
-----------------------------------------------------
The members of NM (Properties) Pty Ltd, which was placed under
members' voluntary liquidation, will meet on Jan. 30, 2007, at
11:00 a.m.

At the meeting, Liquidator John Morgan will present the report
of the company's wind-up proceedings and property disposal
activities.

The Liquidator can be reached at:

         John Morgan
         PKF
         Chartered Accountants & Business Advisers
         Level 10, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia

                      About NM (Properties)

NM (Properties) Pty Ltd manufactures durable goods.

The company is located in New South Wales, Australia.


NORDISK AVIATION: Enters Voluntary Wind-Up
------------------------------------------
On Dec. 7, 2006, the shareholders of Nordisk Aviation Products
Australia Pty Ltd resolved by a special resolution to
voluntarily wind up the company's operations and John Lord was
appointed as liquidator.

The Liquidator can be reached at:

         John Lord
         PKF
         Chartered Accountants
         Level 10, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia

                     About Nordisk Aviation

Nordisk Aviation Products Australia Pty Limited runs repair
shops and provide related services.

The company is located in New South Wales, Australia.


PERLITE CORPORATION: Members to Receive Wind-Up Report
------------------------------------------------------
The members of Perlite Corporation (O'Seas) Pty Ltd will meet on
Jan. 19, 2007, at 11:00 a.m., to receive a report regarding the
company's wind-up proceedings from Liquidator G. D. Olling.

As reported by the TCR-AP, the company was placed under
voluntary liquidation on Aug. 23, 2006.

The Liquidator can be reached at:

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

                    About Perlite Corporation

Perlite Corporation (O/Seas) Pty Ltd is a distributor of beer
and ale.

The company is located in New South Wales, Australia.


QEST CONSULTING: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Dec. 6, 2006, the members of Qest Consulting Pty Ltd met and
resolved to voluntarily liquidate the company's operations.

Accordingly, Nicholas Martin was appointed as liquidator at the
creditors' meeting held subsequently that same day.

The Liquidator can be reached at:

         Nicholas Martin
         PPB
         Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia

                      About Qest Consulting

Qest Consulting Pty Ltd -- trading as Qest Consulting Engineers
Pty Ltd -- provides engineering services.

The company is located in Victoria, Australia.


R & J CONN: Members Opt to Liquidate Business
---------------------------------------------
The members of R & J Conn Pty Ltd, on Nov. 30, 2006, passed a
special resolution to liquidate the company's business and to
distribute the proceeds of its assets disposal.

The liquidator can be reached at:

         Sinclair Wilson
         Accountants & Business Advisors
         177 Koroit Street
         Warrnambool, Victoria 3280
         Australia

                        About R & J Conn

R & J Conn Pty Ltd operates miscellaneous food stores.

The company is located in Victoria, Australia.


SPUDS SURF: Members and Creditors to Receive Wind-Up Report
-----------------------------------------------------------
The members and creditors of Spuds Surf North Rocks Pty Ltd will
meet on Jan. 30, 2007, at 11:00 a.m., to receive Liquidator
Scott Pascoe's final report regarding the company's wind-up.

As reported in the Troubled Company Reporter - Asia Pacific, the
company was placed under creditors' voluntary wind-up on June
30, 2006.

The Liquidator can be reached at:

         Scott Pascoe
         Sims Partners
         Level 24, Australia Square
         264 George Street
         Sydney, New South Wales 2001
         Australia
         Telephone: 9241 3422

                        About Spuds Surf

Spuds Surf North Rocks Pty Limited is a distributor of Women's
outerwear.

The company is located in New South Wales, Australia.


WATTS PUBLISHING: Undergoes Voluntary Liquidation
-------------------------------------------------
At an extraordinary general meeting held on Dec. 1, 2006, the
members of Watts Publishing Australia and New Zealand Pty Ltd
passed a special resolution to voluntarily liquidate the
company's business and appointed David Cocking as liquidator.

The Liquidator can be reached at:

         David Cocking
         24 Simla Road
         Denistone, New South Wales 2114
         Australia

                     About Watts Publishing

Watts Publishing Australia and New Zealand Pty Limited is a
publisher of books, periodicals, and newspapers.

The company is located in New South Wales, Australia.


WONSANA PTY: Court Issues Wind-Up Order
---------------------------------------
The Federal Court of New South Wales issued an order on Dec. 6,
2006, to wind up the operations of Wonsana Pty Ltd and appointed
Daniel Civil as the official liquidator.

The Official Liquidator can be reached at:

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

                       About Wonsana Pty

Wonsana Pty Ltd -- trading as Tower Taxi Trucks; Tower Taxi
Trucks & Removals -- operates local trucks with storage.

The company is located in New South Wales, Australia.


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

ASSOCIATED CONSULTING: Joint Liquidators Cease to Act
-----------------------------------------------------
Shek Chun Wilfred and Yu Tak Yee Beryl ceased to act as joint
and several liquidators of Associated Consulting Engineers Ltd
on Dec. 7, 2006.

As reported in the Troubled Company Reporter - Asia Pacific, Mr.
Shek presented the company's wind-up report during the final
meeting of the company's members held on Dec. 7, 2006.

The former Liquidators can be reached at:

         Wu Shek Chun Wilfred
         Yu Tak Yee Beryl
         YWC & Partners
         17/F, Punfet Building
         701 Nathan Road, Kowloon
         Hong Kong


BRIDGELEY LTD: Members to Hear Liquidators' Report on Jan. 22
-------------------------------------------------------------
The members of Bridgeley Ltd will meet on Jan. 22, 2007, at
10:00 a.m., to receive the liquidators' report of the company's
wind-up proceedings and property disposal activities.

The Liquidators can be reached at:

         Wong Poh Weng
         Bruce William Dunlop
         7/F, Allied Kajima Building
         138 Gloucester Road
         Hong Kong


BYTEPOWER TECHNOLOGY: Faces Wind-Up Proceedings
-----------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Bytepower Technology Ltd -- formerly Associate Century Ltd -- on
Jan. 24, 2007, at 9:30 a.m.

Net-Tech Products Ltd filed the petition against the company on
Nov. 21, 2006.

The solicitors for the Petitioner can be reached at:

         Chui and Lau
         Room 42, 4/F
         New Henry House
         10 Ice House Street, Central
         Hong Kong

                   About Bytepower Technology

Bytepower Technology Ltd -- http://www.bytepower.com.hk/-- is a  
distributor of LCD Monitor, Bytepro PMP and Bytepro Digital
Partner.

The company is located in Kwai Chung NT, Hong Kong.


CHINA STAR: Members Decide to Close Business
--------------------------------------------
On Dec. 15, 2006, the members of China Star Oilfield Materials
Trading Ltd passed a special resolution to voluntarily wind up
the company's operations.

In this regard, Lau Wing Ling was appointed as liquidator and
was authorized to divide the company's assets.


DAH CHUNG BILLS: Fitch Affirms 'C' Individual Rating
----------------------------------------------------
Fitch Ratings has affirmed the ratings of Taiwan-based Dah Chung
Bills Finance Corporation as follows:

   * Long-term foreign currency Issuer Default rating of 'BBB-';

   * National Long-term rating of 'A(twn)';

   * Short-term foreign currency rating of 'F3';

   * National Short-term rating of 'F1(twn)';

   * Individual rating of 'C'; and

   * Support rating of '4'.

The Outlook on all the ratings remains Stable.  These
affirmations follow an annual review of the company.

The ratings also reflect DCBF's solid capitalisation and
adequate asset quality.  While its investment portfolio has a
relatively low risk profile, this is offset by weaknesses such
as the relatively concentrated credit exposure and the potential
liquidity risk arising from the maturity timing mismatch between
assets and liabilities.

DCBF's exposure to the real estate and construction sector has
grown substantially since 2003; at 8M06, the sector accounted
for 39.2% of the total guarantee portfolio, compared to 18.8% in
2003.  The growth has created a potential concentration risk and
the company's asset quality could be affected if the domestic
property market experiences a sudden downturn.  Nevertheless,
the company applied stringent risk assessment and collateral
policies when extending credit lines; at 73%, the company's
secured guarantee lines as a proportion of total credit exposure
are relatively higher than that of its peers (50% to 60%).  It
also seeks diversification within the property market and
progressively increased its undertaking of commercial property
financing, which often has reasonably good rental yield to
secure interest payment.  The company's profitability remained
relatively stable thanks to the management's decision to avoid
investing in the bond market.  Most bills finance corporations
saw a substantial decline in their bottom lines due to an abrupt
rate hike in April 2006, but DCBF's H106 pre-provision profit
improved moderately from FY05.  Capitalisation remained robust
at end-H106, a capital adequacy ratio of 16.9% is above the
industry average of 15% and the 8% legal requirement.

DCBF is one of the new bills finance corporations founded after
the industry was deregulated in 1995.  Far Eastern International
Bank (rated 'BBB', Negative Outlook) and Taishin International
Bank (rated 'BBB') are its major institutional shareholders with
stakes of 22.5% and 18.8% respectively.  DCBF's core businesses
are bills and bond underwriting, trading and providing
guarantees for local corporations seeking short-term financing.


FLOAT SPARK: Shareholders Opt to Wind Up Firm
---------------------------------------------
At an extraordinary general meeting held on Dec. 11, 2006, the
shareholders of Float Spark Ltd passed a special resolution to
voluntarily wind up the company's operations.

In this regard, Chan Cheuk Ying and Lee Cho Yiu Julia were
appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Chan Cheuk Ying
         Lee Cho Yiu Julia
         Suite 1, 8/F
         New Henry House, 10 Ice House Street
         Central, Hong Kong


FORTUNE TOWER: Creditors' Proofs of Debt Due on January 22
----------------------------------------------------------
Liquidator Lee Siu Leung requires the creditors of Fortune Tower
Ltd, which is in members' voluntary liquidation, to submit their
proofs of debt by Jan. 22, 2007.

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

The Liquidator can be reached at:

         Lee Siu Leung
         Room 1702, 17/F
         Tung Hip Commercial Building
         248 Des Voeux Road, Central
         Hong Kong


HUA NAN COMMERCIAL BANK: Fitch Affirms 'C/D' Individual Rating
--------------------------------------------------------------
Fitch Ratings affirmed the ratings of Taiwan-based Hua Nan
Commercial Bank and upgraded the Long- and Short-term foreign
currency, National Long- and Short-term, and Support ratings of
its affiliate Hua Nan Bills Finance Corp. and affirmed its
Individual Rating.  Both are subsidiaries of Hua Nan Financial
Holding Co.

HNCB:

   -- Long-term Issuer Default rating of 'BBB+',

   -- Short-term foreign currency rating of 'F2',

   -- National Long-term rating of 'AA-(twn)',

   -- National Short-term rating of 'F1(twn)',

   -- Individual rating of 'C/D', and

   -- Support rating of '2'.

The Outlook on the ratings remains Stable.

HNBFC:

   -- Long-term IDR upgraded to 'BBB-' from 'BB+',

   -- Short-term foreign currency rating upgraded to 'F3' from
      'B',

   -- National Long-term rating upgraded to 'A(twn)' from
      'A-(twn)',

   -- National Short-term rating upgraded to 'F1(twn)' from
      'F2(twn)',

   -- Individual affirmed at 'D/E', and

   -- Support rating upgraded to '2' from '3'.

The Outlook on the ratings is Stable.

The ratings on HNCB reflect its sound overall asset quality,
established market position, its systemic importance to the
local banking sector, and expected strong government support in
event of need.  HNCB has generated steady net interest income
and pre-provision profits since 2003, and its net income has
been boosted by strong recoveries from sales of collaterals
after its large NPL write-off in 2002.  Its loan portfolio grew
6% year-on-year in H106, and had balanced growth across
different sectors.  Corporate lending makes up over 50% of the
loan portfolio, while consumer lending, mostly in the form of
mortgages, accounts for 30%.  The NPL level has been steady and
nearly 50% of NPLs is secured by real estate. HNCB has strong
liquidity and reasonable capital adequacy.

HNBFC's IDR and Short-term ratings have been upgraded to reflect
stronger likelihood of business and liquidity support from its
parent HNFHC and HNCB.  Its Individual rating reflects weak,
though improving asset quality, increasing diversity of its
revenue source and its asset/liability maturity mismatch, which
is typical among bills finance corporations.  HNBFC incurred
trading losses of over TWD200 million in H106 as government bond
yields spiked in April and May.  However, net interest income
and fee income have offset the trading losses and allowed HNBFC
to book a small profit before provision expenses by end-Q306.
HNBFC's guarantee portfolio shrank by 13.6% between end-2005 and
end-Q306.  Its guarantee-to-equity ratio is in-line with the
sector average at end-Q306.  HNBFC's problem exposure to
guarantee ratio dropped to 15.2% at end-Q306 from 38.0% at end-
2004.  HNBFC plans to write off additional problem credits by
end-2006.

HNCB is Taiwan's fourth-largest bank with a 6.3% market share in
deposits and 5.9% market share in loans, and has a network of
182 domestic branches at end-Q306.  Through a share swap in
2001, it became a wholly-owned subsidiary of HNFHC.  HNCB is the
principal subsidiary of HNFHC.  The government owns 35% of
HNFHC.

HNBFC is the successor of Central Bills Finance Corporation.  In
December 2002, HNFHC injected fresh capital and took control of
the company with beneficiary shares totaling 99.9%, including
42.4% held by HNCB.  The company adopted its present name in
July 2003 to reflect its new identity.  HNBFC has its
headquarters in Taipei and a branch office in southern Taiwan.


INTERNATIONAL BILLS: Fitch Affirms 'C' Individual Rating
--------------------------------------------------------
Fitch Ratings has affirmed the ratings of International Bills
Finance Corporation as follows:

   -- Long-term foreign currency Issuer Default rating of
      'BBB-',

   -- Short-term foreign currency rating of 'F3',

   -- National Long-term rating of 'A+(twn)',

   -- National Short-term rating of 'F1(twn)',

   -- Individual rating of 'C', and

   -- Support rating of '4'.

The Outlook for all the ratings is Stable.

Fitch has affirmed the rating of IBF to reflect its robust risk
management, sound asset quality and adequate capitalisation.  
Its ROE dropped to a rather modest level of 8.8% in H106 as a
result of the continued interest margin attrition and a
depreciation in value of its bond portfolio due to a sudden
surge in long term bond yield in April 2006.

IBF's problem exposure continues to decline given a well-
established credit line evaluation and approval process and
market risk exposure limits are well defined and controlled.
IBF's reported CAR (13.76% as at end-H106) has been well above
the regulatory requirement of 8% and Fitch views it is
sufficient to absorb any unexpected loss from daily business
operation and investment.

Waterland Financial Holdings, founded in 2002, is a relatively
small financial holding company in Taiwan.  It wholly-owns
International Bills Finance, the second largest bills finance
corporation and has a 55% stake in Waterland Securities Co., a
medium-sized securities company.  WFH's core competence is in
the fixed income market and to date, interest related- and
trading income have been the group's major source of earnings
through IBF's business operations.


NEW GAGNEUR: Final Meeting Slated for January 23
------------------------------------------------
The final meeting of the members and creditors of New Gagneur
Ltd will be held on Jan. 23, 2007, at 10:30 a.m. and 10:45 a.m.,
respectively.

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

According to the TCR-AP, the members and creditors of the
company met on Oct. 12, 2006, to receive the liquidators' final
account.

The Joint and Several Liquidators can be reached at:

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


PACE MICRO: Appoints Joint Liquidators
--------------------------------------
Alan C W Tang and Wong Kwok Man were appointed as joint and
several liquidators of Pace Micro Technology (Asia Pacific) Ltd
by virtue of a special resolution passed on Dec. 15, 2006.

The Joint and Several Liquidators can be reached at:

         Alan C W Tang
         Wong Kwok Man
         Grant Thornton
         Certified Public Accountants
         13/F, Gloucester Tower
         The Landmark
         15 Queen's Road, Central
         Hong Kong


SKYLINE VIEW: Members to Receive Wind-Up Report on Jan. 25
----------------------------------------------------------
The members of Skyline View Ltd will meet on Jan. 25, 2007, at
10:30 a.m., to receive a report regarding the company's wind-up
proceedings from Liquidator Lin Lai Har Wendy.

The Liquidator can be reached at:

         Lin Lai Har Wendy
         1301 Eton Tower
         8 Hysan Avenue, Causeway Bay
         Hong Kong


WATERLAND FINANCIAL: Fitch Affirms 'C' Individual Rating
--------------------------------------------------------
Fitch Ratings has affirmed the ratings of Waterland Financial
Holdings as follows:

   -- Long-term foreign currency Issuer Default rating of
      'BBB-',

   -- Short-term foreign currency rating of 'F3',

   -- National Long-term rating of 'A(twn)',

   -- National Short-term rating of 'F1(twn)',

   -- Individual rating of 'C', and

   -- Support rating of '5'.

The Outlook for all the ratings is Stable.

The ratings of Waterland Financial reflect the Waterland Group's
strong capitalisation and limited leverage.  Compared to its
"bank-centric" financial holding peers, WFH's business scope is
relatively restrictive to the operations of bills finance and
securities companies.  As International Bills Finance
Corporation makes up 94% of WFH's asset base and contributes an
equivalent proportion of group net income, WFH's ratings mainly
hinge on IBF's financial strength and risk profile.

Waterland Financial Holdings, founded in 2002, is a relatively
small financial holding company in Taiwan.  It wholly-owns
International Bills Finance, the second largest bills finance
corporation and has a 55% stake in Waterland Securities Co., a
medium-sized securities company.  WFH's core competence is in
the fixed income market and to date, interest related- and
trading income have been the group's major source of earnings
through IBF's business operations.


WATERLAND SECURITIES: Fitch Affirms 'BB' Long-Term Rating
---------------------------------------------------------
Fitch Ratings has affirmed the ratings of Waterland Securities
Co. as follows:

   -- Long-term foreign currency Issuer Default rating of 'BB+',

   -- Short-term foreign currency rating of 'B',

   -- National Long-term rating of 'A-(twn)',

   -- National Short-term rating of 'F2(twn)',

   -- Individual rating of 'D', and

   -- Support rating of '3'.

The Outlook for all the ratings is Stable.

The ratings of Waterland Securities reflect the expected strong
support from its parent, Waterland Financial Holdings.  The
Individual rating incorporates its weaker market position and a
less diversified business operation, but solid capitalisation.
Its reported CAR was 677% as at end-H106, far exceeding the
regulatory 150%.  WSC experienced a major reshuffle of
management in its proprietary trading and research department.  
Fitch views the changes as positive for WSC's operating profile,
its operations having hitherto been concentrated in its
brokerage division.  WSC's profitability has recovered from the
previous year's loss and the company reported an annualised ROE
of 1.5% at end-Q306 thanks to the increased turnover of Taiwan's
stock market.

Waterland Financial Holdings, founded in 2002, is a relatively
small financial holding company in Taiwan.  It wholly-owns
International Bills Finance Corp., the second largest bills
finance corporation and has a 55% stake in Waterland Securities
Co., a medium-sized securities company.  WFH's core competence
is in the fixed income market and to date, interest related- and
trading income have been the group's major source of earnings
through IBF's business operations.


WEIHAI SHIPPING: Placed Under Voluntary Wind-Up
-----------------------------------------------
On Dec. 15, 2006, the members of Weihai Shipping Service Ltd
passed a special resolution to voluntarily wind-up the company's
operations.

Accordingly, Lau Wing Ling was appointed as liquidator and
authorized to divide the company's assets.


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

AES CORP: Entering Into Electric Transmission Business
------------------------------------------------------
The AES Corp. is entering the electric transmission business as
part of its overall growth strategy for North America.  Through
a new wholly owned subsidiary, AES said it has acquired the
development pipeline and trade name from Trans-Elect, LLC, a
leading transmission developer.  In addition, AES disclosed that
the new subsidiary has entered into an agreement with Trans-
Elect's former management team to jointly develop projects
across North America to extend and improve the nation's
electricity grid.

"We see significant potential for transmission development in
North America with grid investment expected to nearly double by
2010.  Increasing congestion costs in many high demand areas of
the country, the growing development of renewable generation
located far from load centers, and enhanced regulatory support
at the state, regional, and federal levels are driving this
growth," said David Gee, President of AES North America.  
"Independent electric transmission is a natural complement to
our existing generation development business. We also see
significant synergy and opportunity in working with Trans-
Elect's development team as they are proven and respected in the
transmission business."

Trans-Elect was formed in 1999 as the first independent
transmission company in North America to pursue the development
of independently owned electric transmission with the goal of
increasing the reliability of the system and lowering costs to
consumers.  Since 2002, Trans-Elect has acquired an interest in
the AltaLink transmission system in Alberta, Canada, purchased
Consumers Energy's Michigan transmission system and secured
financing to construct the expansion of the Path 15 transmission
line in California.  Before being sold to third parties, these
assets totaled 12,600 miles of transmission assets under
management.

"Trans-Elect is proud to have pioneered independent electric
transmission ownership and new transmission development in this
country," said Bob Mitchell, Chief Executive Officer of Trans-
Elect Development, LLC, and a former executive at Trans-Elect.  
"We are excited about this new relationship with AES as they
have been a creative force in developing independent generation
in the US. Additionally, we believe that AES's development
skills, industry relationships, and financing capabilities will
enhance our efforts to meet the nation's electricity needs."

Transmission investment in the United States has increased
dramatically since the late 1990's from US$2.5 billion in 1998
to US$5.5 billion in 2005. According to the Edison Electric
Institute, transmission investment could reach US$8.0 billion
per year by 2008 and US$10.0 billion or more by 2010.

                        About AES Corp.

AES Corporation -- http://www.aes.com/-- is a global power   
company.  The company operates in South America, Europe, Africa,
Asia and the Caribbean countries.  Generating 44,000 megawatts
of electricity through 124 power facilities, the company
delivers electricity through 15 distribution companies.

The company has presence in India, China and Sri Lanka.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
Given-Default rating methodology.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.


INDIAN OIL: Fitch Gives 'BBB-' Long-Term Foreign Currency IDR
-------------------------------------------------------------
Fitch Ratings assigned on Dec. 22, 2006, a 'BBB-' Long-term
foreign currency Issuer Default rating and an 'AAA(ind)'
National Long-term issuer rating to Indian Oil Corporation
Limited.  The Outlook on the ratings is Stable reflecting
Fitch's expectation that IOC, as the largest corporation in
India, will maintain a credit profile appropriate for the rating
category and will continue to be supported by the government of
India.

The ratings reflect IOC's position as the largest downstream oil
and gas company in India with the largest refining capacity,
marketing network and pipeline infrastructure in the country.
The ratings are supported by IOC's majority GoI ownership, its
strong linkage with and strategic importance to the GoI, for
controlling this important sector, given that oil accounts for
34% of India's energy requirements.

The strong implicit support from the GoI is evident from the
sharing mechanism, including the issue of oil bonds and direct
subsidies to IOC and other public sector oil marketing companies
to compensate for the losses caused by GoI's price caps on
select fuels.  Public sector upstream oil companies also share a
part of these under recoveries on GoI's instructions.  While the
standalone rating profile of IOC is not constrained by the
sovereign ceiling, Fitch expects IOC to continue receiving GoI's
support given its role as an extended arm of GoI for policy
implementation.

The ratings also factor in IOC's status as the largest company
in India in terms of revenues and its past record of maintaining
a conservative financial profile.  IOC's profitability is
supported by its competitive refining margins and extensive
pipeline network, reducing logistics costs.  The strong economic
growth expected in India is likely to lead to steady increase in
demand for refined products in the medium to long term.

The ratings take into account IOC's reduced debt protection
measures over the last two years as a result of lower
profitability due to under recoveries caused by GoI's fuel
pricing policy.  These are unlikely to improve materially if
under recoveries continue at similar levels.

The company has a substantial capital expenditure plan, the
implementation of which will depend upon continued GoI support
if under recoveries persist.  Importantly, a large part of the
capex is planned for upgrading refineries, increasing pipeline
network and forward integrating into petrochemicals, steps which
are expected to improve its profitability and business risk
profile in the long run.

Moreover, the company holds substantial marketable equity
investments with a current market value of around US$3 billion
and has good access to external financing sources, which can
provide a cushion to its liquidity, if required.  Increased
competition from the private sector may reduce IOC's dominance
of the industry in the future.

IOC may also consider expanding its exploration and production
activities through the acquisition of a mid-sized upstream
overseas oil company.  Should such a transaction proceed, Fitch
would weigh up the vertical integration benefits that may arise
from less exposure to volatile international oil prices against
the funding arrangements, in light of Fitch's expectation of
ongoing support from the GoI.

IOC, formed in 1964, is the largest oil refining and marketing
company in India.  It controls 10 of India's 18 oil refineries,
accounting for 41% of the country's refining capacity of 132.5
million metric tonnes per annum in FY06 and had a 47% share of
the country's refined products market in FY06.  It owns 51% of
the petroleum product pipeline capacity and 100% of the crude
oil pipeline capacity in the country.  During FY06, IOC
registered consolidated revenues of US$36bn on which it earned a
net income of US$1.1bn.

                          *     *     *

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


NTPC LTD: Inks JV Pact to Build Coal Power Plant in Haryana
-----------------------------------------------------------
NTPC Ltd. signed a joint venture agreement with Indraprastha
Power Generation Company Ltd. and Haryana Power Generation
Corporation Ltd on Dec. 15, 2006, NTPC disclosed in its Web
site.

The joint venture is formed to set up a 1,500-MW Coal-Based
Power Plant at Jhajjar in Haryana, New Delhi.

                         About NTPC Ltd

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

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


ORIENTAL BANK: Plans to Focus on Resource Mobilization
------------------------------------------------------
Oriental Bank of Commerce plans to focus on resource
mobilization, The Hindu reports citing a statement made by the
bank's Executive Director Allen C A Pereira.

Additionally, the bank also intends to concentrate on:

   -- credit expansion to small and medium enterprises;

   -- giving credit to the agriculture sector; and

   -- extend the benefits of information technology to customers
      through computerized banking system.


The bank has also chalked out a special plan to contact
villagers in the low-income group, with a view to stress on
rural banking, Mr. Pereira was quoted as saying.

                About Oriental Bank of Commerce

Headquartered in New Delhi, India, Oriental Bank of Commerce --
http://www.obcindia.com/-- is a scheduled commercial bank.  The  
company's domestic services include deposits, comprised of term
deposits, savings accounts, current accounts and the Suvidha
deposit scheme; advances, which consist of corporate advances, a
range of retail credit products and specialty schemes, and
government business, comprised of direct tax collection, pension
disbursement and savings bonds.  It also provides non-resident
Indian banking solutions, including non-resident external
accounts, non-resident ordinary accounts, foreign currency non-
resident accounts and resident foreign currency accounts.  It
also offers debit card services.  The bank also provides
treasury services and merchant banking services.  The bank has
introduced products and services, such as Anywhere Branch
Banking, Cash Management Service, Telebanking, automated teller
machines and Internet banking through select branches.  During
the fiscal year ended March 31, 2006, the Bank had a total of
1,148 branches.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
August 21, 2006, that Fitch Ratings assigned a long-term foreign
currency issuer default rating of BB+ to Oriental Bank of
Commerce.  The Bank's individual and support ratings have been
affirmed at C/D and 4, respectively.  The outlook on the ratings
is stable.


ORIENTAL BANK: Names V Vijayasai Reddy as Non-Official Director
---------------------------------------------------------------
Oriental Bank of Commerce informed the Bombay Stock Exchange
that the Central Govt. has appointed V Vijayasai Reddy,
Chartered Accountants, Chennai, as part time non-official
director under chartered accountant category on its board of
directors.

The appointment is for a period of three years with effect from
Dec. 14, 2006.

                About Oriental Bank of Commerce

Headquartered in New Delhi, India, Oriental Bank of Commerce --
http://www.obcindia.com/-- is a scheduled commercial bank.  The  
company's domestic services include deposits, comprised of term
deposits, savings accounts, current accounts and the Suvidha
deposit scheme; advances, which consist of corporate advances, a
range of retail credit products and specialty schemes, and
government business, comprised of direct tax collection, pension
disbursement and savings bonds.  It also provides non-resident
Indian banking solutions, including non-resident external
accounts, non-resident ordinary accounts, foreign currency non-
resident accounts and resident foreign currency accounts.  It
also offers debit card services.  The bank also provides
treasury services and merchant banking services.  The bank has
introduced products and services, such as Anywhere Branch
Banking, Cash Management Service, Telebanking, automated teller
machines and Internet banking through select branches.  During
the fiscal year ended March 31, 2006, the Bank had a total of
1,148 branches.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
August 21, 2006, that Fitch Ratings assigned a long-term foreign
currency issuer default rating of BB+ to Oriental Bank of
Commerce.  The Bank's individual and support ratings have been
affirmed at C/D and 4, respectively.  The outlook on the ratings
is stable.


POWER FINANCE: Submits Red Herring Prospectus with SEBI
-------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 7, 2006, Power Finance Corp. Ltd. sees the initial public
offering of its shares by March 2007.  The company, the TCR-AP
report noted, has already received government approval and is
just waiting for the Securities and Exchange Board of India to
give the go signal.

In an update, equitybulls.com says that Power Finance has filed
the Draft Red Herring Prospectus with SEBI for the forthcoming
IPO.  A SEBI press release shows that it has received Power
Finance's offer documents on Dec. 11.

According to equitybulls.com, Power Finance will offer for a
public issue of up to 117,316,700 equity shares of INR10 each
for cash at a price to be decided through 100% book-building
process.

The issue comprises an issue of up to 114,816,700 equity shares
by PFC and a reservation of up to 2,500,000 equity shares for
subscription by employees at the issue price, the Web site
states.   The issue will constitute 10.22% of the fully diluted
post-issue capital of the company.

The lead managers for the issue are ENAM Financial Consultants
Pvt Ltd, ICICI Securities Ltd and Kotak Mahindra Capital
Company.  Karvy Computershare Pvt Ltd is the registrar for the
issue.

               About Power Finance Corp. Ltd.

Power Finance Corporation Ltd http://www.pfcindia.com/is a   
financial institution in the power sector committed to the
integrated development of the power and associated sectors by
channeling the resources and providing financial, technological
and managerial services.  The company's products and services
include term loan, buyer's line of credit, loan to equipment
manufacturers, equipment leasing and consultancy services.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 28, 2005, Standard & Poor's Ratings Services gave Power
Finance a BB+ long-term foreign and local currency issuer credit
rating.  The outlook is stable.


RELIANCE INDUSTRIES: DGH Oks Addendum to KG-D6 Development Plan
---------------------------------------------------------------
The Directorate General of Hydrocarbons approved the addendum to
the initial development plan for the Deepwater Block KG-DWN-98/3
in Krishna - Godavari Basin off the East coast of India in Bay
of Bengal (referred to as KG-D6) on Dec. 12, 2006.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 6, 2006, Reliance Industries filed an amendment to the
initial development plan for with the DGH's approval.

The KG-D6 Block was awarded to Reliance Industries and NIKO
Resources Limited, Calgary, Canada under NELP-1 bidding round.  
RIL, as operator of the block holds 90% of the participating
interest and NIKO the remaining 10%.

As per the approved addendum the capital expenditure for initial
phase of development to produce 80 mmscmd of gas is revised to
US$5.2 billion.

The block covers an area of 7645 sq kms and its north-western
boundary is about 40-60 kms southcast of Kakinada in Andhra
Pradesh, Reliance says in a press release.  Water depth in the
block ranges up to 2700 m.

According to Reliance, it made the world's largest gas discovery
in 2002 in this block.

                   About Reliance Industries

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

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

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


VNESHTORGBANK JSC: Fitch Affirms Individual Rating at C/D
---------------------------------------------------------
Fitch Ratings affirmed the ratings of Russia-based JSC
Vneshtorgbank and its London-, Paris- and Cyprus-based
subsidiaries, respectively VTB Europe plc, VTB Bank France SA.
and Russian Commercial Bank (Cyprus), at:

   * JSC Vneshtorgbank:

      -- Foreign currency Issuer Default rating: 'BBB+',
         Short-term foreign currency 'F2', Individual 'C/D',
         Support '2', National Long-term 'AAA(rus)', Local
         currency IDR 'BBB+'.

         The Outlooks on the bank's IDRs and National Long-term
         rating are Stable.

         VTB's IDRs, Short-term and Support ratings are
         underpinned by its majority state ownership, importance
         to the Russian banking system, and Fitch's view of the
         high probability of support from the Russian state in
         case of need.  However, the bank's support floor
         continues to depend on its status, ownership and
         importance to the Russian banking system.  Upside
         potential for the Individual rating is currently
         limited given VTB's exposure to political risk,
         pressured capitalization, transparency issues
         surrounding the bank's largest credit exposures and
         increasing operational and credit risks.

   * VTB Europe plc:

      -- Foreign currency IDR 'BBB', Short-term foreign
         currency, 'F3', Individual 'C' and Support '2'.  

         The Outlook on the bank's IDR is Stable mirroring that
         assigned to VTB's IDR.

         In light of VTBE's 89%-owner, VTB, which is Russia's
         second largest, state-owned bank, as well as the
         comfort letter Fitch understands that VTB has provided
         to the UK's Financial Services Authority in respect of
         VTBE (which although not legally binding provides a
         strong moral obligation to support VTBE), there is a
         high probability that support for VTBE would be
         forthcoming from VTB, if needed, flowing ultimately
         from the Russian state.  Fitch does not expect an
         upgrade of VTBE's Individual rating in the near future.
         Downward movement could result from failure to offset
         revenue pressures, a decline in asset quality or an
         increase in risk appetite.

   * VTB Bank France SA.:

      -- Foreign currency IDR 'BBB', Short-term foreign currency
         'F3', Individual 'C/D' and Support '2'.

         The Outlook on the bank's IDR is Stable mirroring that
         assigned to VTB's IDR.

         The Issuer Default, Short-term and Support ratings of
         VTBF reflect Fitch's view of the high probability of
         support from VTB, if needed, flowing ultimately from
         the Russian government.  This is based on VTBF's 87%-
         ownerhip by VTB, as well as the assurances provided by
         VTB to the French authorities in respect of VTBF's
         solvency and by the Central Bank of Russia (VTBF's
         former majority owner) in respect of VTBF's liquidity
         (up until end-2007).  Fitch does not expect an upgrade
         of VTBF's Individual rating in the near future.  
         However, downward movement could result from failure to
         offset revenue pressures or should VTB channel upstream
         a large amount of capital from VTBF.

   * Russian Commercial Bank (Cyprus):

         Foreign currency IDR 'BBB', Short-term foreign currency
         'F3' and Support '2'.  The Outlook on the bank's IDR is
         Stable mirroring that assigned to VTB's IDR.  RCBC's
         Individual rating of 'D/E' is affirmed and withdrawn.
         
         RCBC's ratings reflect the high probability of support
         being forthcoming from its 100% shareholder, VTB, in
         case of need.  Under the terms of RCBC's banking
         license granted by the Cypriot authorities, its
         obligations are guaranteed by VTB in the case of RCBC
         being wound up.  However, in light of possible
         timeliness issues relating to enforcement of the
         guarantee, and also its cross-border nature, Fitch
         maintains a one-notch differential between the ratings
         of VTB and RCBC.  The withdrawal of RCBC's Individual
         rating reflects the extent of integration between RCBC
         and its parent, which makes an analysis of RCBC on a
         standalone basis difficult.  Fitch is informed that
         RCBC will remain a direct subsidiary of VTB for the
         foreseeable future, notwithstanding the ongoing
         restructuring of VTB's western European subsidiaries.

                     About Vneshtorgbank

Headquartered in Moscow, Russia, JSC Vneshtorgbank and its
subsidiaries are a leading Russian commercial banking group,
offering a wide range of banking services and conducting
operations in both Russian and international markets.

The Group operates through three subsidiaries located in the CIS
(Armenia, Georgia, Ukraine), seven subsidiaries located in
Western Europe (Austria, Cyprus, Switzerland, Germany,
Luxembourg, France) and Great Britain and through five
representative offices located in India, Italy, China,
Byelorussia and Ukraine.


VNESHTORGBANK JSC: Eyes US$4.6 Billion Fresh Capital in 2007 IPO
----------------------------------------------------------------
JSC Vneshtorgbank aims to raise up to RUB120 billion from its
planned initial public offering in 2007, Bloomberg News reports.

VTB will offer to the public 20% to 22% of its total shares,
which could earn around RUR90-RUR120 billion for the company,
Economy Minister German Gref said in a televised government
meeting.  

As reported in the TCR-Europe on Dec. 6, the Russian government
eyes beneficial terms for initial public offerings of state-
controlled banks OAO Sberbank Rossii and Vneshtorgbank.  

As reported, the government plans an IPO for Sberbank in the
first quarter of 2007, and for Vneshtorgbank in the second
quarter.  Russia intends to gradually reduce its holdings in the
two banks.  

Mr. Gref said VTB's IPO will occur in May or June 2007, after
President Vladimir Putin signs the necessary decree.

Bloomberg suggests that Russian banks are raising capital to
boost lending as the country enters a ninth year of economic
expansion and embarks on a multibillion-dollar overhaul of
Soviet-era infrastructure.

The need for capital will swell in 2007, thus investors are
encouraged to invest in state-owned institutions like OAO
Sberbank, Renaissance Capital investment bank told Bloomberg
News.  Sberbank is seeking to raise around US$7 billion in 2007
via a secondary share sale to raise its legal lending limit.

                       About Vneshtorgbank

Headquartered in Moscow, Russia, JSC Vneshtorgbank and its
subsidiaries are a leading Russian commercial banking group,
offering a wide range of banking services and conducting
operations in both Russian and international markets.

The Group operates through three subsidiaries located in the CIS
(Armenia, Georgia, Ukraine), seven subsidiaries located in
Western Europe (Austria, Cyprus, Switzerland, Germany,
Luxembourg, France) and Great Britain and through five
representative offices located in India, Italy, China,
Byelorussia and Ukraine.

                          *     *     *

In Dec. 2006, Fitch Ratings affirmed JSC Vneshtorgbank's 'C/D'
Individual Rating.

Following the recent upgrade of the Russian sovereign foreign
and local currency IDRs to BBB+ from BBB, Fitch ratings lifted
Vneshtorgbank and Vnesheconombank ratings at:

Vnesheconombank:

   -- Upgraded to IDR BBB+ from BBB with a Stable Outlook; and
   -- Short-term upgraded to F2 from F3, Support affirmed at 2.

Vneshtorgbank:

   -- Upgraded to foreign currency and local currency IDR BBB+
      from BBB with a Stable Outlook;

   -- Short-term upgraded to F2 from F3;

   -- Individual affirmed at C/D; and

   -- Support affirmed at 2.


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

ALCATEL-LUCENT: Pascal Bantegnie to Lead Investor Relations Team
----------------------------------------------------------------
Alcatel-Lucent revealed that Pascal Bantegnie would lead the
Investor Relations team, responsible for communication towards
the investment community, including institutional investors and
retail shareholders.

Pascal Bantegnie will report to Scott Ashby, Alcatel-Lucent's
deputy CFO, with regional support in the Paris office from Maria
Alcon for Europe and Asia, and in the Murray Hill office from
John DeBono for North America.

With six years experience in Investor Relations, Pascal was Vice
President, Investor Relations of Alcatel prior to this
appointment.  Previously, he held various engineering positions
in the space industry and was responsible for the space risks
underwriting activity at the AGF insurance company.   He holds
an engineering degree in Aeronautics and a Master of Science in
Space.

                     About Alcatel-Lucent

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

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

Alcatel-Lucent also has operations in Indonesia.

                          *     *     *

As reported in the TCR-Europe on Dec. 14, following the
completion of Alcatel S.A.'s merger with Lucent
Technologies Inc., at which time Alcatel was renamed Alcatel-
Lucent, Fitch Ratings downgraded and removed Alcatel from Rating
Watch Negative:

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

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

The Rating Outlook for Alcatel-Lucent is Stable.

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

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

Moody's Investors Service downgraded to Ba2 from Ba1 the
Corporate Family Rating of Alcatel S.A., which has completed its
merger with Lucent Technologies Inc. and was renamed to Alcatel
Lucent.  The ratings for senior debt of Alcatel were equally
lowered to Ba2 from Ba1 and its Not-Prime rating for short-term
debt was affirmed.

At the same time, Moody's raised the ratings for senior debt of
Lucent to Ba3 from B1 reflecting both the standalone credit
profile of Lucent and, given the strategic importance of Lucent
to round-off the group's product range and regional presence
expected financial support from Alcatel-Lucent, although this is
not formally committed at this time.  The ratings for the other
legacy debt of Lucent were raised to B2 from B3 for subordinated
debt and trust preferreds, and to P(B3) from P(Caa1) for
preferred stock issuable under its shelf registration.

Moody's has withdrawn Lucent's Corporate Family Rating of B1,
assuming that management of the two entities will be fully
integrated over the next several months and all of Lucent's non-
US activities merged with their Alcatel counterparts.  This
should result in a rapid convergence of the credit risks of the
affected companies.  The outlook for all these ratings is
stable.  This rating action concludes the rating reviews
initiated on April 3, 2006.

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

The 'B' short-term corporate credit rating on Alcatel-Lucent was
affirmed.  S&P said the outlook is positive.


ALCATEL-LUCENT: Inks IP Network Contract with Hawaiian Telcom
-------------------------------------------------------------
Hawaiian Telcom has selected Alcatel-Lucent's Triple Play
Service Delivery Architecture as the blueprint for network
transformation that will enable the delivery of new and
innovative consumer and enterprise service offerings.

Hawaiian Telcom will deploy Alcatel-Lucent's access and IP
routing solutions to replace the existing high-speed Internet
infrastructure, and to provide the scalability, reliability and
speeds necessary to deliver compelling new service offerings
such as IPTV, advanced and interactive Internet and premium
Ethernet and IP VPN services.

"By offering innovative and advanced services to our consumer,
small business and enterprise customers, Hawaiian Telcom is
strengthening its competitive position," Michael McHale, Chief
Marketing Officer for Hawaiian Telcom, said.  "The deployment of
Alcatel-Lucent's Triple Play Service Delivery Architecture is a
significant element of our ongoing network transformation
strategy to IP-based technologies."

"The transformation of operator networks is something that we
continue to see in all regions around the world as our customers
strive to maintain an edge in a competitive marketplace," Tim
Krause, Alcatel-Lucent's Chief Marketing Officer, North America,
said.  "We are pleased to continue working with Hawaiian Telcom
as it transforms its network and business in a way that will
benefit both consumers and enterprises."

Alcatel-Lucent will provide Hawaiian Telcom with its state-of-
the-art ISAM product family a modular and flexible platform
(including the Alcatel 7330 ISAM FTTN and the Alcatel 7342 ISAM
FTTU) to extend the bandwidth potential of fiber from the
network core to the subscriber premises, as well as the 7750
Service Router and Alcatel 7450 Ethernet Service Switch to
address its service routing requirements.

Worldwide, more than 150 service providers in over 65 countries,
including AT&T, BT, Telia Sonera, Telefonica and China Telecom,
have selected the Alcatel IP portfolio.

Alcatel-Lucent's ISAM product family is the industry's first IP
broadband services access platform, accommodating a wide range
of access technologies and network topologies. The ISAM family
is specifically designed to minimize the complexity and ensure
profitability as service providers transform their broadband
access networks to support full triple play service adoption.  
In addition to Hawaiian Telecom, more than 100 service providers
worldwide have chosen Alcatel-Lucent's ISAM family of products,
including AT&T, China Telecom, Swisscom, and TELUS.

                      About Hawaiian Telcom

Hawaiian Telcom -- http://www.hawaiiantel.com/-- is the  
Hawaii's leading telecommunications provider, offering a wide
spectrum of telecommunications products and services, which
include local and long distance service, high-speed Internet,
wireless services, and print directory and Internet directory
services.

                      About Alcatel-Lucent

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

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

Alcatel-Lucent also has operations in Indonesia.

                          *     *     *

As reported in the TCR-Europe on Dec. 14, following the
completion of Alcatel S.A.'s merger with Lucent
Technologies Inc., at which time Alcatel was renamed Alcatel-
Lucent, Fitch Ratings downgraded and removed Alcatel from Rating
Watch Negative:

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

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

The Rating Outlook for Alcatel-Lucent is Stable.

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

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

Moody's Investors Service downgraded to Ba2 from Ba1 the
Corporate Family Rating of Alcatel S.A., which has completed its
merger with Lucent Technologies Inc. and was renamed to Alcatel-
Lucent.  The ratings for senior debt of Alcatel were equally
lowered to Ba2 from Ba1 and its Not-Prime rating for short-term
debt was affirmed.

At the same time, Moody's raised the ratings for senior debt of
Lucent to Ba3 from B1 reflecting both the standalone credit
profile of Lucent and, given the strategic importance of Lucent
to round-off the group's product range and regional presence,
expected financial support from Alcatel-Lucent, although this is
not formally committed at this time.  The ratings for the other
legacy debt of Lucent were raised to B2 from B3 for subordinated
debt and trust preferreds, and to P(B3) from P(Caa1) for
preferred stock issuable under its shelf registration.

Moody's has withdrawn Lucent's Corporate Family Rating of B1,
assuming that management of the two entities will be fully
integrated over the next several months and all of Lucent's non-
US activities merged with their Alcatel counterparts.  This
should result in a rapid convergence of the credit risks of the
affected companies.  The outlook for all these ratings is
stable.  This rating action concludes the rating reviews
initiated on April 3, 2006.

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

The 'B' short-term corporate credit rating on Alcatel-Lucent was
affirmed.  S&P said the outlook is positive.


BANK DANAMON: To Issue IDR 1.5-2 Trillion Bonds in 2007
-------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on Oct. 2,
2006, that PT Bank Danamon Indonesia Tbk is planning to issue
rupiah bonds in the first quarter of 2007 to support its loan
expansion program, citing bank president Sebastian Paredes.  The
TCR-AP report noted that the size of the bond issue is still
being assessed by the bank's management.

In an update, Reuters relates that Bank Danamon indicated plans
of issuing IDR1.5-2 trillion worth of bonds in the first quarter
of next year.

A senior official of the bank explained that the bonds issued
may be worth IDR1.5 trillion, but if market conditions are good
then it could go up to IDR2 trillion, adding that the bonds will
mature in five years, Reuters relates.

Reuters, citing Bisnis Indonesia Newspaper, says that Bank
Danamon had appointed three brokerage firms -- PT Deutsche
Securities Indonesia, PT DBS Securities Indonesia and PT Premier
Securities -- as underwriters.

The report notes that the official did not elaborate on how the
funds will be used, but analysts said banks usually issue bonds
to raise funds to finance loan expansion and to strengthen their
capital structure.

Reuters points out that Bank Danamon posted a nine-month net
profit of IDR914 billion compared with IDR1.88 trillion in the
same period a year ago.

Headquartered in Jakarta, Indonesia, PT Bank Danamon Indonesia
Tbk provides a range of products and services, including
Consumer Banking, Small to Medium-Sized Enterprise and
Commercial, Trade Finance, Treasury Product, Cash Management,
Other Services, Financial Planning and e-Banking.  Danamon
Syariah is the Bank's business unit that provides its customers
with syariah banking products and services.  The Bank also
operates Danamon Simpan Pinjam, which caters to micro banking
customers.  DSP is divided into two groups: DSP to serve and
help enterprises in micro and small-scale banking, and DSP for
individual customers with fixed income.  Bank Danamon is
supported by 86 domestic branch offices, 325 domestic supporting
branch offices, 25 domestic cash office, 739 supporting branches
for DSP, six personal banking branch offices, 10 syariah branch
offices and one overseas branch.

                          *     *     *

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

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

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

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

   -- Individual rating at 'C/D'; and

   -- Support rating at '4'.

The TCR-AP reported on July 5, 2006, that Moody's Investors
Service has placed Bank Danamon's D- bank financial strength
rating on review for possible upgrade.

These ratings were unaffected:

   -- Subordinated debt of Ba3.  The outlook is stable; and

   -- Long-term/short-term deposit of B2/Not Prime.  The outlook
      is stable.


BEARINGPOINT: Completes SAP Utility Project for Light Servicos
--------------------------------------------------------------
BearingPoint, Inc., has completed a large-scale SAP application-
based implementation for Light Servicos Electricidade SA, a
Brazilian energy company with more than 3.8 million consumers in
31 cities in the city and state of Rio de Janeiro.  Light
invested heavily over two years to complete the implementation
of the new commercial system, which is designed to optimize and
streamline customer service and commercial processes.

Utilizing SAP's solution for the utilities industry,
BearingPoint delivered a customized solution -- one of the
largest in the Americas -- that provides a consolidated view of
Light's clients, integrates communication channels, such as the
call center, the company's self-service website and agencies,
manages billing and collection, and provides managerial
information.  Additionally, customers have direct online access
to their past and present information, resulting in personalized
and faster service.  The project objectives included increasing
Light's billing efficiency, as well as providing faster and
better-controlled field services, contributing to fraud
prevention.

"We will have more precision in fraud inspections that are
expensive for the company," said Mauro Andrade, Light's project
director.

The solution, implemented by BearingPoint, had an initial pilot
for 80,000 residential customers and 20,000 commercial and
governmental customers in March of this year.  Between Sept. 23
and Oct. 8 the migration of Light's complete customer base took
place.

"After a two-week cutover, during which we migrated the
technical, financial and commercial data of 3.8 million
consumers, we finished the complete implementation of SAP's
solution," said Jan Vrins, a managing director in the utilities
practice of BearingPoint.
                       
                          About Light

Light is the electricity distribution company for 31 cities in
the State of Rio de Janeiro, including the state capital and the
Metropolitan Region.  The company is controlled by Rio Minas
Energia Participacoes S.A. since Aug. 10, 2006, holding 79.4% of
the total social and voting capital of the company.  The
remaining 20.6% is with minority shareholders and Electricite de
France, Light's former controlling company, holding 10% of
Light's total social and voting capital.  RME is controlled by
Companhia Energetica de Minas Gerais, Andrade Gutierrez
Concessoes S.A., Pactual Energia Participacoes S.A. and Luce
Brasil Fundo de Investimentos em Participacoes, corporate groups
with proven competence and knowledge of the Brazilian energy
market.  All shareholders of RME have equal participation in the
voting and total capital of RME and are represented in Light's
Management Council.

                                              About BearingPoint

Headquartered in McLean, Virginia, BearingPoint, Inc., (NYSE:
BE) -- http://www.BearingPoint.com/-- provides of management   
and technology consulting services to Global 2000 companies and
government organizations in 60 countries worldwide.  The firm
has approximately 17,500 employees, and major practice areas
focusing on the Public Services, Financial Services and
Commercial Services markets.

BearingPoint has global locations including in Indonesia,
Australia, Austria, China, India, Japan, Mexico, Portugal,
Singapore and Thailand.

                          *     *     *

On Oct. 10, 2006, Moody's Investor Service downgraded and placed
these ratings on review for further possible downgrade:

   * Corporate Family Rating --downgraded to B2 from B1

   * US$250 million series A subordinated convertible bonds due
     2024 --downgraded to B3 from B2

   * US$200 million series B subordinated convertible bonds due
     2024 --downgraded to B3 from B2.


INTERNATIONAL NICKEL: Expects To Meet 71, 000 Tons Nickel Output
----------------------------------------------------------------
PT International Nickel Indonesia expects to meet its nickel
production target of 71,000 metric tons this year because of
more rain in recent days, Bloomberg News reports.

Bloomberg recounts that International Nickel earlier stated that
its output for the so-called nickel-in-matte may be cut because
a lack of rainfall caused less power to be generated from its
hydro-electric dam.

As reported in the Troubled Company Reporter - Asia Pacific on
December 18, 2006, International Nickel disclosed that
lower-than-average rainfall since October and an apparent delay
in the arrival of the rainy season (December to March) have
resulted in reduced electricity and falling reservoir levels.

A subsequent TCR-AP report on Dec. 21 said that the company was
set to clarify the extent to which 2006 output may miss a
target.

Bloomberg notes that International Nickel President and Chief
Executive Officer Arif C. Siregar had said that they might cut
production if there is no change in the weather, but now he
thinks that they can stick to their target.  Mr. Siregar said
that the water level in their hydroelectric dam kept steady,
even when they boosted production, adding that this is something
they didn't expect.

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

                          *     *     *

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

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


PT PERTAMINA: Can't Speed Up Gas Production in Cepu Block in '09
----------------------------------------------------------------
PT Pertamina (Persero) said that it could not speed up the
production of gas in the Cepu Block in 2009, Antara News
reports.

Antara cites Pertamina President Director Ari Soemarno as saying
that the gas production of the Cepu Block is included in the
company's mid-term program, so the company can produce it after
2009.

According to Mr. Soemarno, some wells must be drilled first and
a program should be made for gas production.

The report relates that the Government wishes to speed up the
gas production of the Cepu Block in 2009 to meet the needs of
consumers in Java Island.

Mr. Soemarno, however, said that the company would maximize the
speeding up of gas production in its own fields, Antara says.

The report points out that Pertamina operates fields in
Jambaran, Alas Tuo and Kedung Tuban while the field in the Cepu
Block is to be operated with ExxonMobil.

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.


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

ARAMARK INC: Shareholders Approve Investors' Buyout of Firm
-----------------------------------------------------------
ARAMARK Corp. voted at a special meeting to adopt the merger
agreement entered into on Aug. 8, 2006, providing for the
acquisition of ARAMARK by an investor group led by Joseph
Neubauer and investment funds managed by GS Capital Partners,
CCMP Capital Advisors and J.P. Morgan Partners, Thomas H. Lee
Partners and Warburg Pincus LLC.

Adoption of the merger agreement was subject to two votes.  
Under Delaware law, the merger agreement was required to be
adopted by shareholders holding at least a majority in combined
voting power of the company's common stock outstanding on the
record date of Nov. 3, 2006.  In addition to the vote required
under Delaware law, the transaction was required to be approved
by a majority of the combined voting power of the company's
common stock voted at the special meeting.  For purposes of the
second vote, each share of Class A common stock beneficially
owned by Mr. Neubauer and other members of the company's
management committee was counted as only one vote, rather than
the ten votes to which each such share is otherwise entitled.

Based on the preliminary tally of shares voted, for purposes of
the vote required under Delaware law, 606 million votes were
cast at the special meeting, representing 88% of the total
voting power of ARAMARK's outstanding voting shares.  Of those
votes cast, 592 million votes were cast in favor of the adoption
of the merger agreement, representing 86% of the total voting
power of ARAMARK's outstanding voting shares and 97% of the
votes cast.  For the purposes of the second vote, 375 million
votes were cast at the special meeting.  Of those votes cast,
360 million votes were cast in favor of the adoption of the
merger agreement, representing 96 percent of the total votes
cast at the meeting.

Under the terms of the merger agreement, ARAMARK shareholders
will receive US$33.80 in cash for each share of ARAMARK common
stock held. Subject to the satisfaction of customary closing
conditions, the transaction is anticipated to close at the end
of January 2007.

Headquartered in Philadelphia, Pennsylvania, ARAMARK Corporation
(NYSE:RMK) -- http://www.aramark.com/-- is a leader in    
professional services, providing award-winning food services,
facilities management, and uniform and career apparel to health
care institutions, universities and school districts, stadiums
and arenas, and businesses around the world.  In FORTUNE
magazine's 2006 list of "America's Most Admired Companies,"
ARAMARK was ranked number one in its industry, consistently
ranking since 1998 as one of the top three most admired
companies in its industry as evaluated by peers and industry
analysts.  The company was also ranked first in its industry in
the 2006 FORTUNE 500 survey.  ARAMARK has approximately 240,000
employees serving clients in 20 countries, including Japan and
Korea.

                          *     *     *

Standard & Poor's Ratings Services lowered on Aug. 8, 2006, its
ratings on Philadelphia-based ARAMARK Corp. and its subsidiary,
ARAMARK Services Inc., including its corporate credit rating to
'BB+' from 'BBB-'.

Fitch downgraded on Aug. 8, 2006, the Issuer Default Rating
and senior unsecured debt ratings for both ARAMARK Corporation
and its wholly owned subsidiary, ARAMARK Services, Inc., to
'BB-' from 'BBB'.  The ratings remain on Rating Watch Negative.

Moody's Investors Service downgraded on Sept. 20, 2006, the 5%
senior notes due 2012 of ARAMARK Services, Inc., to B2 from
Baa3, confirmed the Baa3 ratings on the senior notes due 2007
and 2008, and assigned a corporate family rating of Ba3 to
ARAMARK Corp., ARAMARK Services' holding company parent.  The B2
rating on the 5% senior notes due 2012 and the Ba3 corporate
family rating are under review for possible downgrade.


CLOROX CO: To Buy Colgate's Canada & Latin America Bleach Assets
----------------------------------------------------------------
The Clorox Co. entered into a definitive agreement to purchase
Colgate-Palmolive Co.'s bleach businesses in Canada, Colombia,
Dominican Republic, Ecuador, Uruguay and Venezuela for an
aggregate price of US$126 million plus inventory.

"These acquisitions extend our position as the bleach market
leader in the Americas," said Don Knauss, Clorox's chairman and
chief executive officer.  "They provide a platform for growth
with proven laundry and home cleaning products and provide a
great opportunity to further build our health-and-wellness
platform."

Included in the transaction are:

   -- Javex bleach in Canada,
   -- the Nevex brand in Venezuela and
   -- the Agua Jane brand in Uruguay.

Additionally, Colgate is granting to Clorox a license to their
Ajax trademark for bleach for a transition period in Colombia,
the Dominican Republic and Ecuador.  The brands, which will
generate estimated sales of about US$77 million for the calendar
year ending Dec. 31, 2006, are the branded category leaders in
each of these countries, with the exception of Colombia where
Clorox holds the No. 1 market position for bleach.  Clorox will
acquire two manufacturing facilities, one in Alberta, Canada,
and one in Venezuela; and employees at these facilities will
transfer to Clorox.  Colgate will provide transition services to
Clorox for varying periods of time in each country to ensure a
smooth transition.

Reuben Mark, Colgate's Chairman and CEO said, "As with the sale
of our detergent businesses, this move divests a non-core
business in favor of our oral and personal care businesses,
which have more than double the rate of sales and profit growth
in the countries affected."

The sale is subject to regulatory and other customary approvals
in Colombia.  The transaction is expected to close in Canada
during fourth quarter 2006.  In the Latin American countries,
the transaction is expected to close during first quarter 2007,
although the sale of the Colombian business will be subject to
regulatory approval.  It is estimated that these bleach business
sales will result in a cumulative after tax gain of
approximately US$70 million and will be fully offset by
previously disclosed restructuring charges under the company's
2004 Restructuring Program in all periods.

Mr. Mark concluded, "This simplification of our portfolio will
improve gross profit margins in our Latin American and North
American divisions and should facilitate the stronger growth of
our highly profitable oral and personal care businesses."

The transaction will be structured as an all cash acquisition.  
The companies anticipate closing the purchase and sale of the
Canada business later this month and the Latin America
businesses in the first calendar-year quarter of 2007.  The
purchase is subject to regulatory and other customary approvals
and closing conditions.

Clorox anticipates the transaction will be modestly dilutive to
earnings for a period of 12-18 months as the company invests to
transition and revitalize the brands.  Specifically, Clorox
anticipates the acquisition will reduce diluted earnings per
share in a range of 3-4 cents in the second half of its current
fiscal year, which ends June 30, 2007.  The earnings impact of
this transaction was not included in the company's outlook
communicated on Nov. 1, 2006.

                      About Colgate-Palmolive

Colgate-Palmolive is a leading global consumer products company,
tightly focused on Oral Care, Personal Care, Home Care and Pet
Nutrition. Colgate sells its products in over 200 countries and
territories around the world under such internationally
recognized brand names as Colgate, Palmolive, Mennen, Softsoap,
Irish Spring, Protex, Sorriso, Kolynos, Elmex, Tom's of Maine,
Ajax, Axion, Soupline, and Suavitel, as well as Hill's Science
Diet and Hill's Prescription Diet pet foods.

                       About The Clorox Co.

Headquartered in Oakland, California, The Clorox Company --
http://www.thecloroxcompany.com/-- provides household cleaning  
products and reaches beyond bleach.  Although best known for
bleach (leader worldwide), Clorox makes laundry and cleaning
items (Formula 409, Pine-Sol, Tilex), cat litter (Fresh Step),
car care products (Armor All, STP), the Brita water-filtration
system (in North America), and charcoal briquettes (Kingsford).

The company has locations worldwide, including the Philippines
and South Korea.

At Sept. 30, 2006, the company's balance sheet showed
US$3,539,000,000 in total assets and US$3,594,000,000 in total
liabilities resulting in a US$55,000,000 in stockholders'
deficit.  At Sept. 30, 2005, the company disclosed a
US$156,000,000 stockholders' deficit.


DURA AUTOMOTIVE: Gets Final Nod to Pay Non-Debtor Affiliates
------------------------------------------------------------
DURA Automotive Systems Inc. and its debtor affiliates' request
to pay their prepetition payables to foreign non-debtor
affiliates were granted, on a final basis, by the Honorable
Kevin J. Carey of the United States Bankruptcy Court for the
District of Delaware.

The Debtors owed prepetition payables to the Foreign Non-Debtor
Affiliates of approximately US$625,000.  The Prepetition
Payables are the result of inter-company transactions made in
the ordinary course of business, including receipts from
customers accepted by the Debtors on behalf of Foreign Non-
Debtor Affiliates and payments for services rendered or products
supplied by the Foreign Non-Debtor Affiliates to the Debtors.

The Court also authorized the Debtors to loan estate property to
the foreign non-debtor affiliates provided that:

   (a) the amounts loaned will be recorded on the Debtors' books
       and records as loans; and

   (b) the Debtors will provide three business days' written
       notice to the U.S. Trustee and the Official Committee of
       Unsecured Creditors prior to transferring any funds to
       the Foreign Non-Debtor Affiliates.

The Court rules that the amounts recorded as loans should not,
at any time, exceed US$10,000,000 in aggregate amounts
outstanding.  The loan periods should not exceed 120 days.

Judge Carey directs the Debtors and their advisors to cooperate
with the Creditors Committee, the Committee of Second Lien
Lenders, and their advisors, to provide reasonable information
to assist with understanding the Foreign Non-Debtor Affiliates'
financial information and business plans.

The Debtors' equity interests in, and intercompany claims
against, the Foreign Non-Debtor Affiliates are some of the most
valuable assets of their estates, Daniel J. DeFranceschi, Esq.,
at Richards, Layton & Finger, P.A., in Wilmington, Delaware,
related.  The Debtors project the Foreign Non-Debtor Affiliates'
aggregate 2006 EBITDA will be approximately US$81,000,000.

Due to country-specific restrictions and procedures, the Foreign
Non-Debtor Affiliates may be unable to transfer funds, including
where short-term financing is required by a Foreign Non-Debtor
Affiliate, between and amongst themselves on a timely basis or
upon short notice.  "If one or more of those Foreign Non-Debtor
Affiliates does not receive required short-term financing on a
timely basis from either the Debtors or other Foreign Non-Debtor
Affiliates, it could become subject to foreign insolvency
proceedings, thereby endangering the Debtors' valuable equity
interests in the Foreign Non-Debtor Affiliates," Mr.
DeFranceschi said.

Without that short-term financing, especially in the event of
foreign insolvency proceedings, Mr. DeFranceschi says, the
Foreign Non-Debtor Affiliates could be unable to satisfy their
commitments to existing original equipment manufacturers and
first-tier supplier customers.  "Any such inability would, aside
from endangering the value of the Debtors' equity interests in
the Foreign Non-Debtor Affiliates, jeopardize the Debtors'
relationships with OEMs and first-tier supplier customers
worldwide."

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

                          *     *     *

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

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

                          *     *     *

The Debtors filed for chapter 11 petition on October 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.  As of July 2, 2006, the Debtor had
US$1,993,178,000 in total assets and US$1,730,758,000 in total
liabilities.  (Dura Automotive Bankruptcy News, Issue No. 6;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTOMOTIVE: Moody's Withdraws Ratings on Chapter 11 Filing
---------------------------------------------------------------
Moody's Investors Service withdrew the ratings for of Dura
Automotive Systems Inc. and Dura Operating Corp. in conjunction
with the company and its U.S. and Canadian subsidiaries having
filed for Chapter 11 protection of the U.S Bankruptcy Code on
Oct. 30.  Moody's has withdrawn the rating because the issuer
has entered bankruptcy.

Ratings withdrawn:

Dura Automotive Systems, Inc.:

    * Corporate Family Rating, Ca;

    * Probability-of-Default, D;

    * Stable outlook; and

    * SGL-4 Speculative Grade Liquidity Rating.

Dura Operating Corp.:

    * US$150 million guaranteed senior secured second-lien
      term loan due 2011, Caa2 (LGD2, 23%);

    * US$75 million guaranteed senior secured second-lien
      add-on term loan due 2011, Caa2 (LGD2, 23%);

    * US$400 million of 8.625% guaranteed senior unsecured
      notes due 2012 (consisting of US$350 million and
      US$50 million tranches), Ca (LGD4, 52%);

    * US$456 million of 9% guaranteed senior subordinated
      notes due 2009, C (LGD5, 89%);

    * EUR100 million of 9% guaranteed senior subordinated
      notes due 2009, C (LGD5, 89%); and

    * Stable outlook.

Dura Automotive Systems Capital Trust:

    * US$55.25 million of 7.5% convertible trust
      preferred securities due 2028, C (LGD6, 98%); and

    * Stable outlook.

Dura Automotive's US$175 million guaranteed senior secured
first-lien asset-based revolving credit is not rated by Moody's.

The last rating action was on Oct. 18 when the ratings were
lowered.

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


DURA AUTO: Wants to Enter Into Senior Executive Employment Pact
---------------------------------------------------------------
DURA Automotive Systems Inc. and its debtor affiliates seek
authority from the U.S. Bankruptcy Court for the District of
Delaware to enter into an employment agreement with a senior
executive who will report to their chief executive officer.

Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger,
P.A., in Wilmington, Delaware, relates that the Debtors have
discussed the need to retain the senior executive, and the
contemplated terms of employment with the ad hoc committee of
certain of the Prepetition Second Lien Lenders, and the Official
Committee of Unsecured Creditors.  The Debtors have also
discussed their request to employ a senior executive with the
U.S. Trustee.

Pursuant to Section 107(b) of the Bankruptcy Code, as amended,
and Rule 9018 of the Federal Rules of Bankruptcy Procedure, the
Debtors also ask Judge Carey to enter a protective order
authorizing them to file their Employment Agreement Motion and
related documents under seal.

Mr. DeFranceschi explains that the Employment Agreement Motion
and its exhibits contain confidential information that, if
revealed, could jeopardize the Debtors' ability to effectively
recruit and implement effective management -- a critical
component of their efforts to reorganize.

In addition, the Debtors ask the Court to set an expedited
hearing on their request to enter into the Employment Agreement.
Mr. DeFranceschi tells Judge Carey that the senior executive
will fill an unidentified void in Dura's senior management
structure, thereby materially assisting with ongoing
restructuring efforts.  

                      U.S. Trustee Objects To
                  Seal Motion & Motion to Shorten

Kelly Beaudin Stapleton, the United States Trustee for Region 3,
says, other than convenience and the Debtors' desire to control
the dissemination of information related to the timing of the
announcement of the hiring, there does not appear to be any
valid reason for the lack of disclosure.  In fact, she avers,
the Debtors most likely will disclose the information in a
future filing with the Securities and Exchange Commission or
otherwise.

The U.S. Trustee believes that the Seal Motion:

   (i) is not supported by the Bankruptcy Code and the Federal
       Rules of Bankruptcy Procedure; and

  (ii) violates the policy of public access to bankruptcy
       proceedings and records.

William K. Harrington, trial attorney at the Office of the U.S.
Trustee, notes, among others, In Nixon v. Warner Communications,
Inc., 435 U.S. 589, 591 (1978), the Supreme Court stated, "[i]t
is clear that the courts of this country recognize a general
right to inspect and copy public records and documents,
including judicial records and documents."

Mr. Harrington also notes, pursuant to Section 107(b) of the
Bankruptcy Code, "On request of a party in interest, the
bankruptcy court . . . may (1) protect an entity; with respect
to a trade secret or confidential research, development, or
commercial information; or (2) protect a person with respect to
scandalous or defamatory matter contained in a paper filed in a
case under this title."

In addition, Rule 9018 of the Federal Rules of Bankruptcy
Procedure provides, " . . . governmental matters that are made
confidential by statute or regulation" to the type of matters
subject to seal.

There is no showing that any of the information sought to be
protected falls within any of the enumerated categories under
Bankruptcy Rule 9018 and Section 107(b), Mr. Harrington points
out.

Mr. Harrington asserts that the entirety of the Employment
Agreement should not be sealed when a carefully circumscribed
redaction of the appropriate provisions of the Agreement may
protect the items falling within the purview of the applicable
Code Section or Rule.

The U.S. Trustee also opposes the Debtors' request to have their
Employment Motion heard on four days' notice.  Mr. Harrington
notes that (i) the Seal Motion and Motion are devoid of any
information necessary for the parties-in-interest to properly
evaluate the relief sought in the Employment Motion; and (ii)
the Debtors have provided no evidence that there is any critical
urgency to have their request heard on an expedited basis.

Accordingly, the U.S. Trustee insists that the Motion to Shorten
should be vacated so all parties-in-interest will have an
opportunity to properly digest the information contained in the
Debtors' request.

The U.S. Trustee is cognizant of the Debtors' need to
effectively recruit qualified individuals for their management
team and has no general objection to the Debtors' request to
hire a senior executive.  The U.S. Trustee, however, believes
that certain specific terms of the Employment Agreement run
afoul of the limitations provided for in Section 503(c)(1) and
(2) of the Bankruptcy Code.

While the U.S. Trustee has been provided copies of the
Employment Motion and the Employment Agreement, the Debtors
filed the documents under seal and provided the documents to the
U.S. Trustee on a confidential basis under Section 107(c).

The Court has not yet ruled on the seal issue.  Accordingly, in
lieu of filing her response under seal, the U.S. Trustee
reserves her right to raise substantive issues related to the
specific terms of the Employment Agreement at the hearing.

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

                         *     *     *

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

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

                          *     *     *

The Debtors filed for chapter 11 petition on October 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.  As of July 2, 2006, the Debtor had
US$1,993,178,000 in total assets and US$1,730,758,000 in total
liabilities.  (Dura Automotive Bankruptcy News, Issue No. 7;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


PANTECH CO: Pantech&Curitel Fails to Honor KRW2-Billion Debt
------------------------------------------------------------
Pantech&Curitel Communications Inc., an affiliate of Pantech Co.
Ltd., failed to repay KRW2 billion (US$2.2 million) in maturing
debts, The Korea Herald reports citing a Dec. 25 statement made
by company officials.

As reported in the Troubled Company Reporter - Asia Pacific, the
trading of Pantech&Curitel's stock in the Korea Exchange was
suspended on Dec. 19, 2006, amid bankruptcy rumors.  It resumed
trading the following day after the company explained to the
exchange that it avoided bankruptcy because creditors agree to a
bailout.

In earlier TCR-AP reports, Pantech&Curitel and Pantech Co.
sought creditors' bailout due to increasing debts and mounting
losses.  On Dec. 15, the creditors rescued the companies by
approving a debt-work out program.

The 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

A failure in repaying KRW$2 billion of commercial paper does not
mean that Pantech & Curitel will cease business operations
instantly, The Herald points out.  According to Pantech&Curitel
officials, the company will still be able to continue financial
transactions as long as its creditors work on the debt-
restructuring program.

Pantech Co. Ltd. and Pantech&Curitel Communications, Inc. are
flagship units of Pantech Group -- http://www.pantech.com/--  
responsible for mobile manufacturing.  Pantech Co. manages
exporting GSM mobile phones and selling SKY brand phones in
Korea.  Pantech&Curitel manages exporting CDMA phones and
selling CURITEL brand phones in Korea.

The two units are facing a liquidity crisis due to mounting
losses and maturing debts.  To get back on track, they sought
and obtained creditors' approval of a debt-workout program.


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

AKER KVAERNER: Unveils Updated Corporate Responsibility Policies
----------------------------------------------------------------
Aker Kvaerner A.S.A. released its Values Driven Business 2006,
the company's annually updated presentation of corporate
responsibility policies.

In this report Aker share its policies, achievements and
challenges in four key areas -- People, Environment, Integrity
and Community.  

Corporate responsibility is an integrated part of the Policy
System and as such reviewed and updated annually.  The Policy
System consists of a set of policies with related procedures and
factual information.  It is a tool that ensures that principles
are reflected in business practices and helps achieve the vision
of being the preferred partner in the energy sector.

                       About Aker Kvaerner

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

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

                          *     *     *

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

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

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


COGNIS GMBH: Fitch Junks Senior Unsecured Debt
----------------------------------------------
Fitch Ratings assigned Germany-based Cognis GmbH an Issuer
Default rating of 'B' with Stable Outlook.

At the same time, Fitch has assigned ratings of 'BB'/'RR1' to
the senior secured facilities and 'B-'/'RR5' to the second lien
facilities issued by Cognis Deutschland GmbH & Co.KG and its
local subsidiaries.  

Fitch also assigned ratings of 'CCC+'/'RR6' to the senior
unsecured debt issued by Cognis GmbH and 'CCC'/'RR6' to the
payment-in-kind notes issued by Cognis Holding GmbH.  The
ratings apply to EUR1.744 billion cash-pay debt and EUR592
million PIK notes.

The IDR reflects Cognis's global leading position in care
chemicals and nutrition and health, which together represent
approximately 50% of its sales.  The rating also takes into
account the company's stabilizing operating performance in its
remaining business segments.  The rating is constrained by
Cognis's high financial leverage as a result of the
recapitalisation in 2004, a lack of EBITDA improvement since
then and higher cash interest costs.  These have constrained the
company's cash flow and delayed its de-leveraging during the
last two years.

As of June 2006, Cognis generated operating cash flow of
approximately EUR248 million (LTM basis), which corresponds to a
relatively weak debt service coverage ratio of 2.3x (cash from
operations/debt service).  The company has manageable capital
expenditure requirements and historically, its working capital
requirements have not resulted in material cash outflows.  Fitch
understands that Cognis's restructuring is not expected to
result in any material outflows in the medium term.  However,
its cash flow generation is relatively weak and would need to
improve substantially before a positive rating action on the IDR
can be considered.

Nonetheless, Cognis's liquidity is ensured by a EUR250 million
revolving credit facility, of which EUR47 million was drawn at
the first half of 2006 under issued letters of credit and
anciliary facilities.  As of June 2006 cash-on-balance sheet was
EUR139 million (EUR142 million at Cognis Holding GmbH).  
Furthermore, the company has only a modest amount (EUR70 million
per annum) of debt amortising over the next three years.  The
liquidity profile supports the 'B' rating.

At June 2006, LTM interest coverage (EBITDA- capital
expenditure/cash interest) was 2.2x and total cash-pay leverage
was 4.7x (or 6.3x including the PIK notes).  For the full year
2006, Fitch expects a slight improvement in Cognis's leverage as
a result of stabilising-to-improving EBITDA, although no
material debt pay-down is expected.

Cognis is a worldwide supplier of innovative specialty chemicals
and nutritional ingredients.  The company employs about 8,000
people, and it operates production sites and service centers in
30 countries, including Malaysia, Australia, Brazil, and France.  
Cognis generated revenues of EUR1.7 billion and EBITDA of
EUR214m (margin 12.5%) in the first half of 2006.   


NORTH BORNEO: Posts MYR50.487-Mil. Net Profit in 3rd Qtr. 2006
--------------------------------------------------------------
For the quarter ended Sept. 30, 2006, The North Borneo
Corporation Bhd posted a net profit of MYR50.487 million on
revenues of MYR52.390 million.  In the corresponding quarter
last year, the company reported MYR1.379-million net loss on
zero revenues.

The company's balance sheet as of Sept. 30, 2006, shows a
problem in liquidity with current assets totaling
MYR1.103 million available to pay INR114.072 million in current
liabilities.

The Sept. 30, 2006 balance sheet also showed insolvency with the
shareholders funds' deficit of MYR112.969 million.

A full-text copy of the company's financial results for the
quarter ended Sept. 30, 2006, is available for free at:

    http://bankrupt.com/misc/NorthBorneoSept302006.xls

Headquartered in Sabah, Malaysia, The North Borneo Corporation
Berhad engages in the management of forest management unit and
investment holding.  The Group operates in Malaysia and Bermuda.

Due to its continuous losses, the Kuala Lumpur Stock Exchange
placed the Company under the Practice Note 4/2001 category in
April 2001 and was ordered to start regularizing its financial
condition.  On April 28, 2005, the Securities Commission has
agreed to North Borneo's proposal to dispose of its business as
part of the Company's efforts to regularize its finances and
restructure its debts.  The Plan, however, met objections from
creditors.  On March 6, 2006, two scheme creditors of North
Borneo -- Sabah Development Bank and Prokhas Sdn Bhd -- withdrew
their support of the Company's proposed debt restructuring,
saying that they are no longer agreeable to the terms of the
planned business disposal as part of the restructuring program.

The company's balance sheets as of Sept. 30, 2006, showed
insolvency with shareholders funds' deficit of
MYR112.969 million.


PSC INDUSTRIES: Files Proposed Restructuring Scheme
---------------------------------------------------
On Dec. 15, 2006, PSC Industries Berhad filed with the Bursa
Malaysia Securities Berhad a restructuring scheme pursuant to
which the company proposes to implement:

   -- capital reconstruction comprising the Proposed Share
      Capital Reduction, Proposed Share Capital Consolidation
      and Proposed Share Premium Account Reduction;

   -- settlement of liabilities due and owing by PSCI and Penang
      Shipbuilding & Construction Sdn Bhd to their respective
      creditors; and

   -- renounceable rights issue of new ordinary shares of
      MYR1.00 each in PSCI.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 8, 2006, PSCI's wholly owned subsidiary, PSC Asset
Holdings Sdn Bhd, entered into a conditional sale and purchase
agreement with Boustead Holdings Berhad to dispose three pieces
of land.  According to PSCI, the Proposed Restructuring Scheme
is conditional on the Proposed Disposal.  The Proposed Disposal,
however, is not conditional on the Proposed Restructuring
Scheme.

               Rationale of Proposed Restructuring

The PSCI Group is at present in a precarious financial position
and may not be able to continue its operations under tight
funding constraints given its debt obligation of approximately
MYR586 million and accumulated losses of approximately MYR771
million as at the Cut-Off Date.  As a step to alleviate the
financial constraints and to turnaround the PSCI Group, its
board of directors proposes to undertake the Proposed
Restructuring Scheme as the regularization plan for PSCI
required under PN17.

Hence, the Proposed Capital Reconstruction is intended to reduce
the accumulated losses to a more manageable level and to better
reflect the present value of the PSCI Group.

The Proposed Debt Settlement will reduce the PSCI Group's
borrowings and accumulated losses, thus lowering its interest
expense burden and to enable the PSCI Group to return to
profitability and continue its operation as a going concern.  
The borrowings will also be reduced to a more affordable level
and be more aligned to the PSCI Group's payment capability.

In addition, the Proposed Rights Issue would provide the much
needed funds for the working capital of the PSCI Group.  The
Proposed Rights Issue will also offer an opportunity for the
shareholders to continue to participate in the equity of the
Company and capitalize on the potential long-term growth of the
PSCI Group after the Proposed Restructuring Scheme.

The renouncement of the Settlement Shares by the Scheme
Creditors to Boustead and the prospective investors will provide
an avenue for the Scheme Creditors to dispose their shareholding
expeditiously and enable Boustead to emerge as the controlling
major shareholders in PSCI.

The board believes the Proposed Restructuring Scheme will
alleviate the PSCI Group's heavy debt burden and mitigate the
impending threat of liquidation.

Affin Investment has been appointed as Adviser for the Proposed
Restructuring Scheme while RHB Investment Bank Berhad was
appointed to act as the independent adviser to advise the
minority shareholders of PSCI on the Proposed Scheme.

             Details of Proposed Restructuring Scheme

The details of the Proposed Restructuring Scheme are:

A. Proposed Capital Reconstruction

1. Proposed Share Capital Reduction

   The Proposed Share Capital Reduction will involve the
   reduction of the issued and paid-up share capital of PSCI of
   MYR174,083,348 comprising 174,083,348 ordinary shares of
   MYR1.00 each in this manner:

      -- 3 ordinary shares of MYR1.00 each in the issued and
         paid-up capital of PSCI which are held by Boustead will
         be cancelled;

      -- the remaining 174,083,345 ordinary shares of MYR1.00
         each in the issued and paid-up capital of PSCI after
         the cancellation will be reduced by MYR0.80 per share
         to become 174,083,345 ordinary shares of MYR0.20 each.

2. Proposed Share Capital Consolidation

   Afterwards, the issued and paid-up share capital of PSCI of
   MYR34,816,669 comprising 174,083,345 ordinary shares of
   MYR0.20 each will be consolidated such that every five
   ordinary shares of MYR0.20 each will constitute one ordinary
   share of MYR1.00 each credited as fully paid-up and the
   issued and paid-up share capital of PSCI of MYR34,816,669
   will comprise 34,816,669 ordinary shares of MYR1.00 each.

3. Proposed Share Premium Account Cancellation

   As of Aug. 31, 2006 Cut-Off Date, the share premium account
   of PSCI amounted to MYR70,242,785.  The provisions of the Act
   relating to the reduction of share capital will apply as if
   the Share Premium Account were paid-up share capital of PSCI
   pursuant to Section 60(2) of the Act.

The Proposed Share Capital Reduction, Proposed Share Capital
Consolidation and Proposed Share Premium Account Cancellation
will give rise to an aggregate credit of approximately
MYR209.5 million which will be utilized to reduce the PSCI
Group's accumulated losses from approximately MYR771 million as
at the Cut-Off Date to approximately MYR561 million.

B. Proposed Debt Settlement

The Proposed Debt Settlement involving PSCI and PSCSB will be
implemented by way of a scheme of arrangement under Section 176
of the Act in respect of the amount owing to the Scheme
Creditors of PSCI and PSCSB.  The Scheme Creditors are
collectively the secured financial institution creditors, the
unsecured financial institutions creditors or trade and other
creditors and the corporate guarantee creditors of PSCI and
PSCSB.

As at Cut-Off Date, the audited aggregate outstanding debt of
PSCI and PSCSB under the Proposed Debt Settlement amounts to
approximately MYR540 million.

Upon the Proposed Debt Settlement becoming binding on the Scheme
Creditors pursuant to Section 176(3) of the Act, all the
encumbrances relating to the assets of the PSCI Group which are
collateralized in favor of the Scheme Creditors including
guarantees or indemnities given by PSCI and PSCSB to the Scheme
Creditors, will be discharged and released save and except for
the non-operating assets pursuant to the Collateral Set-Off to
be foreclosed (or otherwise acquired) by the Secured Creditors.
For Scheme Assets, which are under hire purchase, the relevant
Scheme Creditors will transfer title of the Scheme Assets to
PSCI or PSCSB.

The Scheme Creditors and Scheme Debt are subject to a proof of
debt exercise later.

1. Secured Creditors

   The Secured Creditors comprise financial institutions
   creditors of PSCI and PSCSB with security over tangible or
   intangible assets.  The debt of approximately MYR177 million
   owed to the Secured Creditors as at the Cut-Off Date will be
   settled in this manner:

      -- Waiver of all interests accruing on the outstanding
         debt after the Cut-Off Date;

      -- Full settlement of secured debt up to the collateral
         value, and the portion of a debt exceeding the
         collateral value will be referred to as "Partially
         Unsecured Debt";

      -- Debts secured on non-operating assets will be settled
         by way of requiring the creditor to foreclose
         (otherwise acquiring) the non-operating asset or
         extinguishing all rights of the PSCI Group in relation
         to the said assets as settling the debt to the extent
         of the collateral value -- Collateral Set-off;

      -- Debts secured on operating assets will be settled by
         way of issuance of new PSCI Shares as full settlement
         for the secured debt to the extent of the collateral
         value or outstanding debt whichever is lower;
         whereupon, the Secured Creditors will discharge (or
         otherwise extinguish) its security interest over the
         said assets; and

      -- The Partially Unsecured Debt will be treated as an
         unsecured debt and will be settled in a manner similar
         to that for the Unsecured Creditors.

   The Partially Unsecured Debt of the Secured Creditors
   amounting to approximately MYR138 million will be settled in
   this manner:

      -- Waiver of all interests accruing on the outstanding
         debt up to and including the Cut-Off Date;

      -- Waiver of all interests accruing on the outstanding
         debt after the Cut-Off Date;

      -- A waiver of 70% of the principal amount of all the
         Partially Unsecured Debt (the post-waiver principal
         amount of the Partially Unsecured Debt will be called
         the Restructured Debt);

      -- Issuance of new PSCI Shares as full settlement for the
         Restructured Debt; and

      -- The Settlement Shares to be allotted to the Secured
         Creditors as full settlement for the debts will be
         renounced entirely to Boustead.  The consideration for
         the renouncement is MYR1.00 per Settlement Share, to be
         paid by Boustead within 3 market days of the listing
         and quotation of the Settlement Shares or other payment
         terms as may be mutually agreed between the Scheme
         Creditors and Boustead.

2. Unsecured Creditors

   The Unsecured Creditors are financial institution creditors,
   trade and other creditors of PSCI and PSCSB without any
   security.  The debt of approximately MYR363 million owed to
   the Unsecured Creditors as at the Cut-Off Date will be
   settled this manner:

      -- Waiver of all interest up to and including the Cut-Off
         Date, for all the unsecured debts;

      -- Waiver of all interest post Cut-Off Date, for all the
         unsecured debts;

      -- A waiver of 70% of the principal amount of all the
         unsecured debts (the post-waiver principal amount of
         the unsecured debts will also be called the
         Restructured Debt);

      -- Issuance of new PSCI Shares as full settlement for the
         Restructured Debt; and

      -- The Settlement Shares to be allotted to the Unsecured
         Creditors of PSCSB as full settlement for the debts
         will be renounced to Boustead and the prospective
         investors as the Board may identify and approve later
         in the proportion of 36.7% and 63.3%, while the
         Settlement Shares to be allotted to the Unsecured
         Creditors of PSCI will be renounced to Boustead
         entirely.

   The consideration for the renouncement is MYR1.00 per
   Settlement Share, to be paid by Boustead and the prospective
   investors within three market days of the listing and
   quotation of the Settlement Shares or such other payment
   terms as may be mutually agreed between the parties .

3. Corporate Guarantee Creditors

   The corporate guarantee creditors are financial institution
   creditors of PSCI and PSCSB which have the benefit of
   corporate guarantee issued by PSCI or PSCSB for loans granted
   to PSCI or PSCSB.

   As at the Cut-Off Date, the corporate guarantee given
   amounted to approximately MYR389 million.

   The outstanding amount owing to the Corporate Guarantee
   Creditors will be fully settled by a cash payment of a
   nominal amount of MYR1.00 only per Corporate Guarantee
   Creditor.  In consideration of the cash payment of MYR1.00
   for each corporate guarantee creditor, these Scheme Creditors
   will release PSCI and PSC from their respective obligations
   under the corporate guarantees.

4. Basis of Arriving at an Issue Price

   The issue price of MYR1.00 per Settlement Share was arrived
   at after taking into account the higher of the five-day
   weighted average market price of PSCI shares of MYR0.35 up to
   the Cut-Off Date, five-day WAMP of PSCI shares of MYR0.32 up
   to Dec. 14, 2006, and the par value.

   The cash consideration of MYR1.00 per Renounced Share was
   based on the issue price of MYR1.00 each for the Settlement
   Shares.

5. Ranking of New Shares

   The Settlement Shares will upon allotment and issue, rank
   pari passu in all respects with the existing ordinary shares
   of PSCI after the Proposed Capital Reconstruction except that
   they will not be entitled to any dividends, rights,
   allotments or other form of distribution that may be
   declared, made or paid prior to the date of allotment and
   issue of the Settlement Shares and not entitled to
   participate in the Proposed Rights Issue.

C. Proposed Rights Issue

PSCI proposes to undertake a renounceable rights issue of
69,633,338 new ordinary shares of MYR1.00 each at an issue price
of MYR1.00 per Rights Share on the basis of two Rights Shares
for every one existing ordinary share of MYR1.00 each held after
the Proposed Share Capital Reduction.  The issue price of the
Rights Shares is payable in full upon acceptance by the entitled
shareholders of PSCI.

The Rights Shares will be offered to the shareholders of PSCI
(except those shares issued pursuant to the Proposed Debt
Settlement) as per the Record of Depositors or the Registrar of
Members on the entitlement date to be announced in due course
after obtaining the approvals required from all the relevant
authorities.

The Rights Shares will upon allotment and issue, rank pari passu
in all respects with the existing ordinary shares of PSCI after
the Proposed Capital Reconstruction except that they will not be
entitled to any dividends, rights, allotments or other form of
distribution that may be declared, made or paid prior to the
date of allotment and issue of the Rights Shares.  The Company
will arrange for the portion of the Rights Shares for which no
written irrevocable undertaking to subscribe had been procured,
to be fully underwritten.

Based on the issue price of MYR1.00 per share, the Proposed
Rights Issue will raise proceeds amounting to approximately
MYR69.6 million which are proposed to be utilized as working
capital for PSCI and its subsidiaries and to defray the
estimated expenses to be incurred for the Proposed Restructuring
Scheme.

                     Mandatory General Offer

Upon completion of the Proposed Restructuring Scheme, Boustead's
shareholding in PSCI will exceed 33%. Accordingly, Boustead
would be obliged to undertake a mandatory general offer for the
remaining shares in PSCI shares not already owned by it after
the Proposed Restructuring Scheme.  In this respect, Boustead
will make an application to the Securities Commission for an
exemption from having to undertake the mandatory general offer.

The Proposed Restructuring Scheme is inter-conditional with the
Proposed Exemption.

                       Required Approvals

The Proposed Restructuring Scheme and Proposed Exemption are
subject to the approval of:

   * the Securities Commission;

   * the SC under the Foreign Investment Committee Guidelines on
     the Acquisition of Interests, Mergers and Take-overs by
     Local and Foreign Interests;

   * the SC for the Proposed Exemption;

   * the shareholders of PSCI at an Extraordinary General
     Meeting to be convened;

   * the Scheme Creditors at the Court Convened Meetings to be
     convened for the Proposed Debt Settlement;

   * the confirmation of the High Court of Malaya for the
     Proposed Capital Reduction and the Proposed Share Premium
     Account Cancellation pursuant to Sections 64 and 60 of the
     Act, as well as the requisite sanction of the High Court of
     Malaya for the Proposed Debt Settlement pursuant to Section
     176 of the Act;

   * Bursa Securities for the listing of and quotation for the
     new PSCI Shares to be issued pursuant to the Proposed
     Restructuring Scheme on the Main Board of Bursa Securities;
     And

   * other relevant parties or authorities, if any.

The application to the SC in relation to the Proposed
Restructuring Scheme will be made by Dec. 31, 2006.  Barring
unforeseen circumstances, the Proposed Restructuring Scheme is
expected to be completed by the third quarter of 2007.


SOLUTIA INC: Receives Commitment for US$1.1-Billion DIP Loan
------------------------------------------------------------
Solutia Inc. has received a fully underwritten commitment for
US$1.075 billion of debtor-in-possession financing, maturing
March 31, 2008.  

This represents a US$250 million increase and a one-year
extension over Solutia's current DIP financing.  The increased
availability under the DIP financing provides Solutia with
further liquidity for operations and the ability to fund
mandatory pension payments that come due in 2007.

The agreement also allows for Solutia to purchase Akzo Nobel's
stake in Flexsys, the 50%/50% joint venture between Azko Nobel
and Solutia.  As reported in the Troubled Company Reporter on
Dec. 20, 2006, Solutia reached an agreement in principle to
purchase Akzo Nobel N.V.'s stake in Flexsys as well as Akzo
Nobel's Crystex, a "non-blooming vulcanizing agents for
unsaturated elastomers" business in Japan.

To facilitate the Flexsys acquisition, up to US$150 million of
additional funds could be raised under this DIP financing
through an accordion feature, bringing the total to US$1.225
billion.  The DIP financing can be repaid by Solutia at any time
without prepayment penalties.

Citigroup is acting as lead arranger.

This amendment requires the approval of the U.S. Bankruptcy
Court for the Southern District of New York.

                        About Solutia Inc.

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

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


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

* S&P Raises Long-Term Sovereign Credit Ratings to 'B+'
-------------------------------------------------------
Standard & Poor's Ratings Services had raised its foreign and
local currency long-term sovereign credit ratings on Mongolia to
'B+' from 'B'.  The outlook remains positive.

"The upward revision in the ratings on Mongolia and continued
positive outlook is mainly a reflection of the country's
considerably improved growth prospects on the back of a
burgeoning mining sector, as well as progress in economic
liberalization toward an open and market-oriented economy," said
Standard & Poor's credit analyst Agost Benard.  "These factors,
coupled with generally prudent economic and fiscal management,
are expected to maintain improvements in the country's debt-to-
GDP ratio, which has fallen to a projected 56% (expressed as
general government debt to GDP), from a peak of 110% in 2003."

Mongolia is experiencing a resources boom, given its rich
mineralization, high world commodities prices, and its
fortuitous location near booming Asian economies.
Notwithstanding the recent implementation of the windfall profit
tax law for copper and gold that eats into profits, and some
lingering uncertainties regarding the state's share of mineral
resources deemed as "strategic deposits," the expectation is
that Mongolia will continue to capitalize on these favorable
factors, driven by increasing foreign participation in its
mining sector.  As a result, growth is expected to average
7% in 2007-2009, although should copper and gold prices fall,
growth could underperform projections.

The ratings are also supported by strong donor country and
multilateral support, which underpins government finances, eases
the debt servicing burden, and conditions Mongolian policy
formulation.

A remaining concern for the ratings, however, is the country's
relatively high financial sector vulnerabilities owing to still
high credit growth, relatively high level of past due loans, and
inadequate banking supervision.

These vulnerabilities need to be addressed through prudent
monetary policies aimed at curtailing excessive credit growth,
combined with continued improvements in banking supervision and
regulation.

The ratings could be raised if fiscal consolidation and higher
growth prospects continue to result in a material reduction in
government indebtedness.  However, the recent cuts in tax rates,
and continued government wage and welfare expenditure pressures,
may dilute fiscal consolidation.  The ratings could revert back
to stable if fiscal deficits widen beyond expectations or if a
fall in donor commitment affects Mongolia's ability to finance
these deficits and maintain adequate foreign exchange reserves.


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

ABOUT CEILINGS: Shareholders Resolve to Liquidate Business
----------------------------------------------------------
On Nov. 28, 2006, the shareholders of About Ceilings Residential
Ltd resolved by a special resolution to liquidate the company's
business and appointed Grant Bruce Reynolds as liquidator.

The Liquidator can be reached at:

         Grant Bruce Reynolds
         Reynolds & Associates Limited
         Insolvency Practitioners
         P.O. Box 259-059, Burswood
         East Tamaki, Auckland
         New Zealand
         Telephone:(09) 577 0162
         Facsimile:(09) 576 5503


BELL MACINTOSH: Creditors Must Lodge Claims by January 3
--------------------------------------------------------
David Donald Crichton and Keiran Anne Horne were appointed as
liquidators of Bell MacIntosh Ltd by order of the High Court on
Nov. 27, 2006.

The Liquidators fixed Jan. 3, 2007, as the last day for which
the creditors are to make their claims and to establish any
priority claims they may have.

The Liquidators can be reached at:

         David Donald Crichton
         Keiran Anne Horne
         Crichton Horne & Associates Limited
         Old Library Chambers
         109 Cambridge Terrace (P.O. Box 3978)
         Christchurch
         New Zealand
         Telephone:(03) 379 7929


COASTLINES LTD: Creditors' Proofs of Debt Due on Jan. 26
--------------------------------------------------------
On Nov. 27, 2006, the High Court appointed John Howard Ross Fisk
and Craig Alexander Sanson as joint and several liquidators of
Coastlines Ltd.

In this regard, Liquidators Fisk and Sanson will be receiving
creditors' proofs of debt until Jan. 26, 2007.

The Liquidators can be reached at:

         John Howard Ross Fisk
         Craig Alexander Sanson
         PricewaterhouseCoopers
         113-119 The Terrace (P.O. Box 243)
         Wellington
         New Zealand
         Telephone:(04) 462 7489
         Facsimile:(04) 462 7492


FOREIGN WHOLESALE: Creditors to File Claims by Jan. 3
-----------------------------------------------------
Liquidators David Donald Chrichton and Keiran Anne Horne require
the creditors of Foreign Wholesale Ltd to file their claims by
Jan. 3, 2007, and to establish any priority claims they may
have.

According to the Troubled Company Reporter - Asia Pacific, the
High Court of Christchurch received a liquidation petition
against the company on Nov. 27, 2006, filed by the Commissioner
of Inland Revenue.

The Joint and Several Liquidators can be reached at:

         David Donald Chrichton
         Keiran Anne Horne
         Crichton Horne & Associates Limited
         Old Library Chambers
         109 Cambridge Terrace (P.O. Box 3978)
         Christchurch
         New Zealand
         Telephone:(03) 379 7929


METRO AIR: Liquidators to Accept Claims Until Jan. 3
----------------------------------------------------
David Donald Crichton and Keiran Anne Horne were appointed as
liquidators of Metro Air Ltd by order of the High Court on
Nov. 27, 2006.

Accordingly, the Liquidators fixed Jan. 3, 2006, as the last day
creditors are to make their claims and to establish any priority
claims they may have.

The Liquidators can be reached at:

         David Donald Crichton
         Keiran Anne Horne
         Crichton Horne & Associates Ltd
         Old Library Chambers
         109 Cambridge Terrace, Christchurch
         New Zealand
         Telephone:(03) 379 7929


MONEY EXPRESS: Creditors' Proofs of Claim Due on Jan. 19
--------------------------------------------------------
Creditors of Money Express Ltd are required by Liquidator Robin
M. Seal to submit their claims by Jan. 19, 2007, and to
establish any priority claims they may have.

The Liquidator can be reached at:

         Robin M. Seal
         BKR Walker Wayland Limited
         P.O. Box 2175
         Auckland 1140
         New Zealand


MOTOMAHOE FARMS: Shareholders Agree to Close Business
-----------------------------------------------------
The shareholders of Motomahoe Farms Ltd resolved by a special
resolution to liquidate the company's business and appointed
Michael Crawford as liquidator.

The Liquidator can be reached at:

         Michael Crawford
         P.O. Box 17, Hamilton
         New Zealand
         Telephone:(07) 838 4800
         Facsimile:(07) 838 4810


R F AND C A: Creditors Must Lodge Claims by Dec. 28
---------------------------------------------------
Liquidators Henry David Levin and Barry Jordan are receiving
proofs of claim from the creditors of R F and C A Keegan
Sheetmetals Ltd until Dec. 28, 2006.

As reported in the Troubled Company Reporter - Asia Pacific, the
High Court of Auckland heard the liquidation petition against
the company on Nov. 30, 2006, filed by the Commissioner of
Inland Revenue.

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
         Telephone:(09) 336 0000
         Facsimile:(09) 336 0010


T F LTD: Court Appoints Joint Liquidators
-----------------------------------------
The High Court of Auckland appointed Henry David Levin and Barry
Jordan as joint and several liquidators of T F Ltd on Nov. 30,
2006.

The liquidators fixed Dec. 28, 2006, as the last day for the
company's creditors to make their claims and to establish any
priority claims they may have.

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
         Telephone:(09) 336 0000
         Facsimile:(09) 336 0010


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

* Pres. Arroyo Receives US$653 Mln. in Loans & Grants from ADB
--------------------------------------------------------------
On December 21, 2006, Philippines President Gloria Macapagal-
Arroyo formally received US$653 million in loans and grants from
the Asian Development Bank.

Finance Secretary Gary Teves said that of the US$653 million:

   -- US$450 million in loan will be made accessible nationwide
      for the strengthening of the power sector to ensure the
      development of cheaper electricity;

   -- US$200 million in loan will be made accessible for small
      business entrepreneurs to encourage more business
      activities and the creation of more jobs; and

   -- US$3 million is a grant for the building and repairs of
      farm to market roads, hospitals, and schools in Southern
      Leyte, which suffered massive damages from landslide in
      2006.

                          *     *     *

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

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

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


* Philippine Economy to Grow 5.7% in 2007, NEDA says
----------------------------------------------------
The National Economic and Development Authority has downplayed
concerns that the expected slowdown of the United States economy
next year would dampen exports and overall growth of the
Philippine economy.

The NEDA stressed that the Philippines' export markets were
already well diversified and a slack in demand by American
consumers would not significantly hurt Philippine export
earnings.

"It is not correct to say that we are highly dependent on the
United States.  Our exports already have many growth drivers,"
said Dennis Arroyo, NEDA director for policy and planning.

The NEDA has projected that exports would sustain in 2007 the
double-digit growth seen this year, forecasting a 10.5% rise
year-on-year.

As of the first 10 months of 2006, exports grew 16.4% to
US$39.32 billion from a year ago, better than the 10% full-year
growth target.  The growth was largely attributed to the huge
global demand for electronics.

President Gloria Macapagal-Arroyo said exports would be one of
the growth drivers for the Philippines in 2007.  The NEDA is
sticking to its target that the economy would grow by at least
5.7% next year.

The official also said the NEDA is keeping its 2006 projection
of an economic growth of at least 5.5%.  In the first three
quarters of the year, the economy grew 5.4% year-on-year.

Pres. Arroyo noted that gone were the days when the United
States accounted for bulk of the Philippines' export earnings.  
While the United States is still the Philippines' biggest export
market, its contribution to the total export earnings had
dwindled over the years.

As of the first nine months of this year, the United States
accounted for 18.3% of the Philippines' export earnings.  Japan
followed with 16.9%.  Main Asean countries -- Indonesia,
Malaysia, Thailand and Singapore -- together accounted for
another 16.9% of the Philippines' export earnings, while the
European Union had an 18.4% share.

Pres. Arroyo likewise refuted projections by some analysts that
global demand for electronics -- the Philippines' major export
product -- would subside next year.

The NEDA official noted a forecast by California-based
Semiconductor Industry Association that global demand for
consumer electronics like iPods, MP3 players, and the like would
continue to increase.  While the U.S. economy might be headed
for a slowdown, demand from other markets like Japan, China, and
other Asian countries was seen to rise.

Aside from exports, other growth drivers for the Philippine
economy next year, according to the NEDA, are higher:

   (a) dollar inflows from remittances of overseas Filipino
       workers;

   (b) investments in real estate, continued growth of the call
       center industry; and

   (c) government spending for infrastructure.

                          *     *     *

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

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

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


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

ARMSTRONG INDUSTRIAL: Share Registrar Moves to Another Place
------------------------------------------------------------
Armstrong Industrial Corp Ltd disclosed that the share registrar
and the place where the Register of Members and Index are kept
has been relocated to:

         3 Church Street
         #08-01 Samsung Hub
         Singapore 049483

                   About Armstrong Industrial

Armstrong Industrial Corp. Ltd -- http://www.armstrong.com.sg--  
manufactures and sells precision die-cut foam and rubber moulded
components for a range of applications, including insulating,
dampening, cushioning, and sealing.  The company also provides
architectural and engineering activities and related technical
consultancy.  The company has manufacturing presence in
Singapore, Malaysia, Thailand, China, Indonesia and Vietnam.

                          *     *     *

Moody's Investors Service gave Armstrong Industrial's senior
unsecured debt a Ba2 rating effective on December 16, 1991, and
its subordinated debt a B1 rating effective on October 23, 1986.


AVAGO TECHNOLOGIES: Posts US$405 Mil. Revenue in 2006 4th Qtr.
--------------------------------------------------------------
Avago Technologies Holdings Pte. Ltd. has released its financial
results for the fourth quarter, ended Oct. 31, 2006.

For the quarter under review, net revenue was recorded at
US$405 million, compared with US$423 million in the previous
quarter, reflecting an inventory correction among many
industrial customers and decelerating demand in certain consumer
markets.

The recorded 2006, fourth quarter gross margin was 27%, which
was due to several factors that include less favorable product
mix as well as the impact of lower revenue.  In addition, driven
by concerns of weaker consumer demand going forward,
manufacturing output declined, resulting in an under absorption
of overhead costs of the US$8 million.  Also, inventory reserves
and losses from the disposal of fixed assets unfavorably
impacted fourth quarter gross margin by US$10 million.  
Moreover, the company's total operating expenses amounted to
US$153 million for the fourth quarter ending Oct. 2006, which
include a US$21 million charge related to a legal settlement, as
against the US$137 million total operating expenses in the
previous quarter.  

The cash balances of US$272 million was recorded at the end of
October, up from the recorded US$200 million cash balances at
the end of July.  This was due to the US$85 million cash
generated from operations.  

"We have achieved better than expected financial results in our
first year as a company, including generating a US$322 million
of Adjusted EBITDA and lowering our total debt load from US$1.7
billion to US$1 billion," said Hock E. Tan, president and CEO of
Avago Technologies.  "While we see opportunities for further
improvement, I am confident that we have established a solid
foundation for continued operational and financial success as we
head into fiscal 2007", added Mr. Tan.

                     About Avago Technologies

Headquartered both in San Jose, CA, and in Singapore, Avago
Technologies Holdings Pte. Ltd. -- http://www.avagotech.com/--  
is a semiconductor company, with approximately 6,500 employees
worldwide.  Avago provides an extensive range of analog, mixed-
signal and optoelectronic components and subsystems to more than
40,000 customers.  The company's products serve four end
markets: industrial and automotive, wired networking, wireless
communications, and computer peripherals.

It has manufacturing and marketing centers in Singapore, United
States, Italy, Germany, Korea, China, Japan and Malaysia.

Avago Technologies is the successor to the Semiconductor
Products Group of Agilent.  Avago Technologies purchased the
business of SPG as of December 1, 2005, for US$2.6 billion in
cash.

As reported by the Troubled Company Reporter - Asia Pacific on
Oct. 2, 2006, Moody's Investors Service has affirmed these
ratings for Avago:

   -- US$250 million Senior Secured Revolver due on 2012,
      from B1 to Ba2, LGD1, 4%;

   -- US$500 million 10.125% Senior Unsecured Notes due on 2013,
      from B3 to B2, LGD3, 47%;

   -- US$250 million Floating Rate Senior Unsecured Notes due on
      2013, from B3 to B2, LGD3, 47%; and

   -- US$250 million 11.875% Senior Subordinated Notes due on
      2015, from Caa2 to Caa1, LGD6, 91%.


CHINA AVIATION: Closes January 2007 Fuel Tender
-----------------------------------------------
China Aviation Oil (Singapore) Corporation Ltd said that it
closed its physical Jet Fuel tender for delivery in January
2007.

In the Jan. 2007, tender, China Aviation received responses from
17 physical jet-fuel suppliers.  It has awarded cargoes to 5
suppliers.  For this tender, a total volume of 355,000 metric
tonnes of A-1 Grade Jet Fuel was awarded.  

The cover ratio for the awarded cargos has increased to 4.2
times from 3.4 in last tender.  The tender was awarded to the
most competitive suppliers.

The company expresses its appreciation to all suppliers for
their continued support of its jet fuel procurement business.

              About China Aviation Oil (Singapore)

Incorporated in 1983, China Aviation Oil (Singapore) Corp.
Limited -- http://www.caosco.com/-- deals primarily in jet fuel
procurement, although it is also active in international oil
trading and oil-related investment.  The firm commands a near-
100% market share of the procurement of imported jet fuel for
China's civil aviation industry, and has expanded its market to
include ASEAN countries, the Far East and the United States.

The company is undergoing restructuring.  Its Restructuring Plan
was approved by shareholders on March 3, 2006, and sanctioned by
the High Court of Singapore on March 21, 2006.  It became
effective on March 28, 2006.

The company, according to a TCR-AP report on Nov. 10, 2006, is
currently working with an insolvent balance sheet, with a
US$390.07 million shareholder's deficit on total assets of
US$211.96 million.


CHINA AVIATION: Relocates Share Registrar and Place of Index
------------------------------------------------------------
China Aviation Oil (Singapore) Corporation Ltd disclosed that
effective on Dec. 18, 2006, the office of its Share Registrar,
Lim Associates (Pte) Ltd, at which the company's Register of
members and Index are kept, was relocated to:

         Lim Associates (Pte) Ltd
         3 Church Street,
         #08-01 Samsung Hub
         Singapore 049483
         Telephone: 6536 5335
         Facsimile: 6536 1360

              About China Aviation Oil (Singapore)

Incorporated in 1983, China Aviation Oil (Singapore) Corp.
Limited -- http://www.caosco.com/-- deals primarily in jet fuel
procurement, although it is also active in international oil
trading and oil-related investment.  The firm commands a near-
100% market share of the procurement of imported jet fuel for
China's civil aviation industry, and has expanded its market to
include ASEAN countries, the Far East and the United States.

The company is undergoing restructuring.  Its Restructuring Plan
was approved by shareholders on March 3, 2006, and sanctioned by
the High Court of Singapore on March 21, 2006.  It became
effective on March 28, 2006.

The company, according to a TCR-AP report on Nov. 10, 2006, is
currently working with an insolvent balance sheet, with a
US$390.07 million shareholder's deficit on total assets of
US$211.96 million.


HLG ENTERPRISE: Classic Exercises Option to Purchase Tristar
--------------- --------------------------------------------
HLG Enterprises disclosed on Dec. 18, 2006, that Classic
Holdings Pte Ltd has exercised its options to purchase Tristar
Inn.

As reported by the Troubled Company Reporter - Asia Pacific on
Dec. 7, 2006, Joo Chiat Holding Pte Ltd, the company's indirect
wholly owned subsidiary, has granted an option in favor of
Classic Holdings to purchase Tristar Inn for a cash
consideration of SGD18,300,000.

Pursuant to the company's shareholder circular, it states that
an approval has been given to the company's directors to sell
off or procure the sale of the Class Two Assets and the Class
Three General Mandate Assets, in which Tristar Inn constitutes
the Class Two Asset.

                  About HLG Enterprise Limited

HLG Enterprise Limited -- formerly known as LKN-Primefield
Company Pte Ltd -- is a Singapore-based company involved in
investment holding and investing in property for rental.
Through a number of subsidiaries, the company is engaged in
building and civil engineering construction; the construction of
crude oil tanks and piping systems; commercial and home repair
works and the provision of related maintenance services;
property development, investment and management; property
rental; the operation of hotels and restaurants, and the
provision of hotel management and consultancy.  LKN- Primefield
is also involved in the manufacture, retail sale, distribution,
import and export of computer hardware (including computer
peripherals) and software, and the development of multimedia
transactional payphone kiosks.  In addition, it is an ESDN
electronic service delivery network provider that owns and
operates a large network of public broadband transactional
terminals.  The company's operations are mainly concentrated in
Singapore, China and Indonesia.

On November 29, 2004, HLG Enterprise and certain of its
subsidiaries entered into a debt restructuring plan with the
company's bondholders.  HSBC Trustee (Singapore) Ltd. acted as
the trustee for the bondholders; KPMG Business Advisory Pte.
Ltd. acted as New Restructuring Agent/Independent Special
Consultant/Paying Agent.

The company's Sept. 30, 2006 consolidated balance sheet showed
total assets of US$177.62 million and total liabilities of
US$189.1 million, resulting in a shareholders' equity deficit of
US$11.5 million.

As of Oct. 12, 2006, the company has shareholders' deficit of
US$12.72 million, on total assets of US$150.70 million as
reported by the Troubled Company Reporter - Asia Pacific on
Oct. 13.


HLG ENTERPRISE: Subsidiary to Sell Two Shops to Noble Pte
---------------------------------------------------------
Pursuant to the approval given to the directors of HLG
Enterprise Limited, to sell off or procure the sale of any of
the Class Two Assets and the Class Three General Mandate Assets,
Joo Chiat Holding Pte Ltd, an indirect wholly-owned subsidiary
of the company has granted Noble Properties Pte Ltd and Noble
Estates Pte Ltd an option each, to purchase the two shop units
located at #02-01 and #02-02 970 Geylang Road, Singapore for a
cash consideration of SGD430,000 each.

The two shop units belongs to the Class Two Assets.

The consideration was arrived at a willing-buyer and willing-
seller basis.

                    Key terms of the Options

     (i) The date of completion of the Proposed Sale is
         March 12, 2007, and on the date of completion Joo
         Chiat will be required to deliver the Properties
         subject to the existing tenancies;

    (ii) The Proposed Sale is subject to the satisfactory
         replies to the Purchaser's solicitors' legal
         requisitions to the various Government Departments;

   (iii) The Properties are sold on an "as is where is" basis
         and the Purchaser is deemed to have inspected the
         Properties before the grant of the Options and was
         satisfied to the conditions;

    (iv) The completion of the proposed sale and purchase of
         Unit #02-01 is conditional upon the concurrent
         completion of the proposed sale and purchase of
         Unit #02-02 and vice versa.

The entire net proceeds of approximately SGD839,000 after taking
into account the legal fees and other relevant transaction costs
from the sale of the Properties will be applied in accordance
with the Group's restructuring scheme.

                  About HLG Enterprise Limited

HLG Enterprise Limited -- formerly known as LKN-Primefield
Company Pte Ltd -- is a Singapore-based company involved in
investment holding and investing in property for rental.
Through a number of subsidiaries, the company is engaged in
building and civil engineering construction; the construction of
crude oil tanks and piping systems; commercial and home repair
works and the provision of related maintenance services;
property development, investment and management; property
rental; the operation of hotels and restaurants, and the
provision of hotel management and consultancy.  LKN- Primefield
is also involved in the manufacture, retail sale, distribution,
import and export of computer hardware (including computer
peripherals) and software, and the development of multimedia
transactional payphone kiosks.  In addition, it is an ESDN
electronic service delivery network provider that owns and
operates a large network of public broadband transactional
terminals.  The company's operations are mainly concentrated in
Singapore, China and Indonesia.

On November 29, 2004, HLG Enterprise and certain of its
subsidiaries entered into a debt restructuring plan with the
company's bondholders.  HSBC Trustee (Singapore) Ltd. acted as
the trustee for the bondholders; KPMG Business Advisory Pte.
Ltd. acted as New Restructuring Agent/Independent Special
Consultant/Paying Agent.

The company's Sept. 30, 2006, consolidated balance sheet showed
total assets of US$177.62 million and total liabilities of
US$189.1 million, resulting in a shareholders' equity deficit of
US$11.5 million.

As of Oct. 12, 2006, the company has shareholders' deficit of
US$12.72 million, on total assets of US$150.70 million as
reported by the Troubled Company Reporter - Asia Pacific on
Oct. 13.


SEE HUP SENG: Merrill Lynch Take Shares
---------------------------------------
See Hup Seng Limited disclosed that Merrill Lynch & Co Inc and
Merrill Lynch International have taken shares in the company on
Dec. 20, 2006.  

Presently, Merrill Lynch & Co Inc. holds 17,000,000 deemed
shares with 5.63% issued share capital.  On the other hand,
Merrill Lynch International holds 17,000,000 direct shares with
5.63% issued share capital.  Moreover, Merrill Lynch & Co is
deemed to be interested in the 17,000,000 shares held by Merrill
Lynch International by virtue of Section 7 of the Companies Act
Cap. 50.

                      About See Hup Seng

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

                       Significant Doubt

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


SEE HUP SENG: Completes Placement Agreements
--------------------------------------------
As reported by the Troubled Company Reporter - Asia Pacific on
Dec. 19, 2006, the Singapore Exchange Securities Trading Limited
has granted See Hup Seng Limited to list and quote 28,000,000
new ordinary shares in the SGX-Sesdaq.

In relation to this, See Hup Seng disclosed that the completion
of the Placement Agreements had taken place on Dec. 20, 2006.

The company placed out the Placement Shares as:

   (a) 17,000,000 of the Placement Shares have been placed out
       to Merrill Lynch International or its nominees; and

   (b) 11,000,000 of the Placement Shares have been placed out
       to SBI E2-Capital Asia Securities Pte Ltd or its
       nominees.

The listing and quotation of the Placement Shares on the SGX-
Sesdaq is expected to take place on Dec. 26, 2006.

                      About See Hup Seng

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

                       Significant Doubt

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


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

DAIMLERCHRYSLER AG: Truck Unit Eyes US$300-Mln Plant in Mexico
--------------------------------------------------------------
Freightliner LLC, the truck division of DaimlerChrysler AG,
plans to build a US$300 million truck manufacturing plant in
Coahuila, Mexico, Terry Kosdrosky writes for Dow Jones
Newswires.

The 740-acre facility is Freightliner's second plant in Mexico
after building the Santiago Tianguistenco plant.  The new
facility could produce up to 30,000 trucks a year and employ up
to 1,600 production and management personnel, Dow Jones reports.  
The company plans to begin production of its Freightliner and
Sterling trucks in the new site by early 2009.

The company's announcement came after Freightliner disclosed of
plans to cut up to 4,000 jobs in North America due to the
expected downturn in heavy truck building, Dow Jones relates.  
According to the report, buyers have been prompted to push its
truck orders this year as new emission regulations would go into
effect in 2007, which will add costs to commercial truck
production.

Freightliner President and Chief Executive Chris Patterson wants
to prepare for a surge in demand, which could come before 2010
when the next round of new emissions regulations goes into
effect.

"Frankly, we were not able to produce what we could have sold in
2006 due to capacity constraints," Mr. Patterson said.

Truck buyers in all markets are showing hesitation to purchase
trucks equipped with the new engine technology necessary to meet
the diesel exhaust emissions standards that go into effect in
Canada and the United States on Jan. 1, 2007.

Depending on specification and weight class, Freightliner LLC
vehicles are subjected to price increases ranging from US$4,600
to US$12,500, before application of taxes, for the new engines.
It is clear that all residents of North America benefit from the
cleaner atmosphere that will ultimately result, but it is
equally obvious that the costs associated with this worthy
initiative are borne almost entirely by the truck manufacturing
industry's employees, suppliers, shareholders, and dealers.

                     About Freightliner LLC

Headquartered in Portland, Ore., Freightliner LLC --
http://www.freightliner.com/-- is a medium- and heavy-duty   
truck manufacturer in North America.  Freightliner produces and
markets Class 3-8 vehicles and is a company of DaimlerChrysler.

                     About DaimlerChrysler

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

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

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

DaimlerChrysler lowered its operating profit forecast for full-
year 2006 to be in the magnitude of EUR5 billion (US$6.4
billion) based on an expected full-year operating loss of
approximately EUR1 billion (US$1.2 billion) for its Chrysler
Group.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures - particularly on light trucks - by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.  Chrysler Group
will take additional production cuts in the third and fourth
quarters to reduce dealer inventories and make way for its
current product offensive.


DAIMLERCHRYSLER AG: Applauds ITC's Order to Revoke Steel Duties
---------------------------------------------------------------
The six largest automobile companies -- DaimlerChrysler AG, Ford
Motor Corp., General Motors Corp., Honda, Nissan, and Toyota
Motor North America -- with manufacturing facilities in the
United States has applauded a decision by the U.S. International
Trade Commission to revoke anti-dumping and countervailing duty
orders on "corrosion resistant steel" from Australia, Canada,
France, and Japan.  The ITC left orders in place on imports from
Germany and Korea.

"We are pleased that the ITC revoked most of the duties," said
Stephen E. Biegun, Vice President, International Governmental
Affairs, Ford Motor Company.

"All of these duties are outdated and hurt American
manufacturing competitiveness and U.S. jobs while needlessly
helping a steel industry that is now profitable and healthy."

"[The] decision is a major step forward in restoring needed
competition to the U.S. steel market," Toyota Motor North
America group vice president Josephine Cooper said.

"The ITC's decision supports both a strong steel industry and a
strong auto industry, and we look forward to working with our
colleagues in the steel industry to continue to strengthen
manufacturing in the United States."

The duties on corrosion resistant steel have been in place since
1993 on imports from six countries.  As a result of [the] vote,
duties on imports from Australia, Canada, France, and Japan are
revoked, while duties on imports from Germany and Korea will be
retained until the next review in 2011.

The six auto manufacturers -- DaimlerChrysler, Ford, General
Motors, Honda, Nissan and Toyota -- joined together for the
first time as a group in a trade case to urge revocation of
duties on corrosion-resistant steel because of their serious
concern regarding access to, and availability of, competitively-
priced steel.  During the hearing, the companies demonstrated
that the U.S. steel industry is now profitable, has healthy
long-term prospects, and no longer needs government protection.

                     About DaimlerChrysler

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

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

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

DaimlerChrysler lowered its operating profit forecast for full-
year 2006 to be in the magnitude of EUR5 billion (US$6.4
billion) based on an expected full-year operating loss of
approximately EUR1 billion (US$1.2 billion) for its Chrysler
Group.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures - particularly on light trucks - by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.  Chrysler Group
will take additional production cuts in the third and fourth
quarters to reduce dealer inventories and make way for its
current product offensive.


FEDERAL-MOGUL: Bankruptcy Court Okays Ernst & Young as Advisors
---------------------------------------------------------------
The Honorable Judith K. Fitzgerald of the United States
Bankruptcy Court for the District of Delaware approved Ernst &
Young LLP's continued employment as the Debtors' accounting,
tax, valuation, and actuarial advisors, and independent
auditors.

The Debtors asked the Court to clarify that the scope of Ernst &
Young LLP's continued employment as their independent auditors
and as accounting, tax, valuation, and actuarial advisors
encompasses the services similar to what the firm has provided
in previous years:

   -- international tax advisory services,
   -- individual employee tax compliance,
   -- international assignment services, and
   -- international assignment compliance advisory tax services.

The Debtors also want Ernst & Young to provide their non-Debtor
affiliates with certain international assignment compliance and
advisory tax services, which encompass the preparation of tax
returns, annual tax reimbursement calculations, tax gross-ups,
estimated tax payment requests, and tax return extension
requests.  The services will be provided to and paid for by
certain non-Debtor affiliates located outside of the United
States, and will be rendered by member firms of Ernst & Young's
global network.

Ernst & Young has asked the Debtors to seek Court approval for
those services to the non-Debtor affiliates to preclude any
contention that its services somehow conferred a benefit on the
Debtors that required retention under Section 327(a) of the
Bankruptcy Code.

Ernst & Young's fees for the Continued Services will be billed
in specified amounts and at its current rates, which, in some
instances, reflect ordinary course adjustments to the firm's
previous hourly rates.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's  
largest automotive parts companies with worldwide revenue of
some US$6 billion.  In the Asian Pacific region, the company has
operations in Malaysia, Australia, China, India, Japan, Korea
and Thailand.  

The company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.  (Federal-Mogul Bankruptcy News, Issue
No. 117; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


FEDERAL-MOGUL: Trizec to Serve on Asbestos Claimants Panel
----------------------------------------------------------
Kelly Beaudin Stapleton, the United States Trustee for Region 3,
appoints Trizec Properties Inc. to serve on the Official
Committee of Asbestos Property Damage Claimants in Federal-Mogul
Corporation and its debtor-affiliates' Chapter 11 cases.

According to Andrew R. Vara, Assistant United States Trustee,
two members voluntarily resigned from the Asbestos PD Committee:

   (a) The Hill School, effective Oct. 30, 2006; and

   (b) Richard Blythe, effective Dec. 6, 2006.

Moxie Real Estate is also out of the Asbestos PD Committee
because it is no longer eligible to serve on the committee.  
Moxie's asbestos property damage claim was expunged, and it is
no longer a creditor by virtue of a Court order dated June 13,
2006, which sustained the Debtors' objection to asbestos
property damage claims that failed to comply with the Court's
Bar Date Order.

The Asbestos PD Committee is now composed of:

   (1) Anderson Memorial Hospital
       c/o Speights & Runyan
       Attn: Daniel A. Speights
       P. O. Box 685
       200 Jackson Avenue, East
       Hampton, South Carolina 29924
       Tel: 803-943-4444
       Fax: 803-943-4599

   (2) Jacksonville College
       c/o Dies & Hile, LLP
       Attn: Martin W. Dies
       1009 West Green Avenue
       Orange, Texas 77630
       Tel: 409-883-4394
       Fax: 409-883-4814

   (3) Trizec Properties, Inc.
       c/o Philip J. Goodman
       280 N. Old Woodward, Ste 407
       Birmingham, Michigan 48009
       Tel: 248-647-9300
       Fax: 248-647-8481

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's  
largest automotive parts companies with worldwide revenue of
some US$6 billion.  In the Asian Pacific region, the company has
operations in Malaysia, Australia, China, India, Japan, Korea
and Thailand.  

The company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed US$10.15 billion in assets and
US$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.  (Federal-Mogul Bankruptcy News, Issue
No. 117; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


* BOND PRICING: For the Week 18 December to 22 December 2006
------------------------------------------------------------

Issuer                         Coupon  Maturity  Currency  Price
------                         ------  --------  --------  -----

AUSTRALIA & NEW ZEALAND
-----------------------
Ainsworth Game                 8.000%  12/31/09     AUD     0.78
Alinta Networks                5.750%  09/22/10     AUD     6.71
APN News & Media Ltd           7.250%  10/31/08     AUD     5.50
A&R Whitcoulls Group           9.500%  12/15/10     NZD     9.40
Arrow Energy NL               10.000%  03/31/08     AUD     1.23
Babcock & Brown Pty Ltd        8.500%  12/31/49     AUD     8.00
Becton Property Group          9.500%  06/30/10     AUD     0.65
BIL Finance Ltd                8.000%  10/15/07     NZD     9.00
Capital Properties NZ Ltd      8.500%  04/15/07     NZD     8.55
Capital Properties NZ Ltd      8.500%  04/15/09     NZD     7.90
Capital Properties NZ Ltd      8.000%  04/15/10     NZD     8.50
Cardno Limited                 9.000%  06/30/08     AUD     5.10
CBH Resources                  9.500%  12/16/09     AUD     0.58
Chrome Corporation Ltd        10.000%  02/28/08     AUD     0.02
Clean Seas Tuna Ltd            9.000%  09/30/08     AUD     0.29
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.50
Evans & Tate Ltd               8.250%  10/29/07     AUD     0.44
Fletcher Building Ltd          8.600%  03/15/08     NZD     8.00
Fletcher Building Ltd          8.850%  03/15/10     NZD     7.75
Fletcher Building Ltd          7.550%  03/15/11     NZD     7.90
Futuris Corporation Ltd        7.000%  12/31/07     AUD     2.39
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD     8.15
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    11.40
Hutchison Telecoms Australia   5.500%  07/12/07     AUD     0.53
IMF Australia Ltd             11.500%  06/30/10     AUD     0.75
Infrastructure & Utilities
   NZ Ltd                      8.500%  09/15/13     NZD     8.40
Infratil Ltd                   8.500%  11/15/15     NZD     8.10
Kagara Zinc Ltd                9.750%  05/06/07     AUD     6.86
Kiwi Income Properties Ltd     8.000%  06/30/10     NZD     1.23
Minerals Corporation Ltd      10.500%  09/30/07     AUD     0.86
Nuplex Industries Ltd          9.300%  09/15/07     NZD     8.05
Pacific Print Group Ltd       10.250%  10/15/09     NZD    11.00
Salomon SB Australia           4.250%  02/01/09     USD     7.81
Silver Chef Ltd               10.000%  08/31/08     AUD     1.05
Software of Excellence         7.000%  08/09/07     NZD     1.80
Speirs Group Ltd.             10.000%  06/30/49     NZD    61.00
Structural Systems            11.000%  06/30/07     AUD     1.60
Tower Finance Ltd              8.750%  10/15/07     NZD     8.20
TrustPower Ltd                 8.300%  09/15/07     NZD     8.50
TrustPower Ltd                 8.300%  12/15/08     NZD     8.05
TrustPower Ltd                 8.500%  09/15/12     NZD     8.25
TrustPower Ltd                 8.500%  03/15/14     NZD     8.00
Vision Systems Ltd             9.000%  12/15/08     AUD     3.50


KOREA
-----
Korea Development Bank         7.350%  10/27/21     KRW    49.01
Korea Development Bank         7.450%  10/31/21     KRW    48.98
Korea Development Bank         7.400%  11/02/21     KRW    48.97
Korea Development Bank         7.310%  11/08/21     KRW    48.93
Korea Development Bank         8.450%  12/15/26     KRW    69.74


MALAYSIA
--------
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.78
AHB Holdings Bhd               5.500%  03/06/07     MYR     0.15
Asian Pac Bhd                  4.000%  12/21/07     MYR     0.23
Berjaya Land Bhd               5.000%  12/30/09     MYR     0.63
Bumiputra-Commerce             2.500%  07/17/08     MYR     1.03
Camerlin Group Bhd             5.500%  07/15/07     MYR     2.29
Crescendo Corporation Bhd      3.000%  08/25/07     MYR     0.90
Dataprep Holdings Bhd          4.000%  08/06/07     MYR     0.43
Denko Industrial Corp. Bhd     5.000%  03/15/07     MYR     0.60
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     1.77
Eden Enterprises (M) Bhd       2.500%  12/02/07     MYR     0.70
EG Industries Bhd              5.000%  06/16/10     MYR     0.61
Equine Capital Bhd             3.000%  08/26/08     MYR     0.36
Greatpac Holdings Bhd          2.000%  12/11/08     MYR     0.33
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.49
Hong Leong Industries Bhd      4.000%  06/28/07     MYR     0.85
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.59
I-Berhad                       5.000%  04/30/07     MYR     0.52
Insas Bhd                      8.000%  04/19/09     MYR     0.70
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.32
Kosmo Technology Industrial    2.000%  06/23/08     MYR     0.57
Kretam Holdings Bhd            1.000%  08/10/10     MYR     0.53
Kumpulan Jetson                5.000%  11/27/12     MYR     0.43
LBS Bina Group Bhd             4.000%  12/29/06     MYR     0.51
LBS Bina Group Bhd             4.000%  12/31/07     MYR     0.48
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.48
LBS Bina Group Bhd             4.000%  12/31/09     MYR     0.48
Lebar Daun Berhad              2.000%  01/06/07     MYR     5.00
Media Prima Bhd                2.000%  07/18/08     MYR     1.59
Mithril Bhd                    8.000%  04/05/09     MYR     0.39
Mithril Bhd                    3.000%  04/05/12     MYR     0.62
Mutiara Goodyear Dev't Bhd     2.500%  01/15/07     MYR     0.33
Pantai Holdings Bhd            5.000%  07/31/07     MYR     2.50
Pelikan Int'l Corp Bhd         3.000%  04/08/10     MYR     1.34
Pelikan Int'l Corp Bhd         3.000%  04/08/10     MYR     1.34
Poh Kong Holdings Bhd          3.000%  01/20/07     MYR     0.73
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.87
Ramunia Holdings               1.000%  12/20/07     MYR     0.89
Rashid Hussain Bhd             3.000%  12/23/12     MYR     1.14
Rashid Hussain Bhd             0.500%  12/24/12     MYR     1.32
Rhythm Consolidated Bhd        5.000%  12/17/08     MYR     0.44
Senai-Desaru Exp.              3.500%  12/09/19     MYR    74.33
Senai-Desaru Exp.              3.500%  05/09/20     MYR    73.34
Senai-Desaru Exp.              3.500%  12/09/20     MYR    71.99
Senai-Desaru Exp.              3.500%  06/09/21     MYR    71.01
Senai-Desaru Exp.              3.500%  12/09/21     MYR    70.05
Senai-Desaru Exp.              3.500%  12/09/22     MYR    68.53
Senai-Desaru Exp.              3.500%  06/09/23     MYR    67.60
Senai-Desaru Exp.              3.500%  12/08/23     MYR    66.69
Senai-Desaru Exp.              3.500%  06/07/24     MYR    65.79
Silver Bird Group Bhd          1.000%  02/15/09     MYR     0.31
Southern Steel                 5.500%  07/31/08     MYR     1.27
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.24
Tradewinds Plantations Bhd     3.000%  02/28/16     MYR     0.73
WCT Land Bhd                   3.000%  08/02/09     MYR     1.09
Wah Seong Corp                 3.000%  05/21/12     MYR     3.00
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.50


SINGAPORE
---------
Sengkang Mall                  8.000%  11/20/12     SGD     1.00




                            *********

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
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Information contained herein is obtained from sources believed
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                 *** End of Transmission ***