TCRAP_Public/061227.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, December 27, 2006, Vol. 9, No. 256

                            Headlines

A U S T R A L I A

A.W. SPINNING: Bank Names Receivers and Managers
AUSTASIA CLOTHING: Oxford Appoints Receivers and Managers
BUDACN PTY: To Declare Dividend for Priority Creditors
CAMPBELLFIELD TRUCK: Members Opt for Voluntary Liquidation
CHALLENGE CHARTER: Receiver and Manager Ceases to Act

CRAVONE PTY: Commences Wind-Up Proceedings
HIBNEAN PTY: To Declare First and Final Dividend on Feb. 8
JURCEVIC OFFICE: Members Opt to Close Business
NEASHAM NOMINEES: Schedules Members' Final Meeting on Jan. 29
NIANTA PTY: Tim Le Roy Appoints Receiver and Manager

PARAGON HAIR: Final Meeting Slated for January 19
PAUL BOWDEN: Members Resolve to Wind Up Firm
PEABODY ENERGY: Promotes Michael C. Crews to VP of Planning
PEABODY ENERGY: Prices US$675-Mil. Jr. Subordinated Debentures
PEABODY ENERGY: DBRS Rates US$675-Mil. Junior Notes at B (high)

PEATMORE FARMS: Undergoes Wind-Up Proceedings
PENDULUM DAIRY: Members and Creditors to Hear Wind-Up Report
ROTUNDAS OF AUSTRALIA: Enters Wind-Up Proceedings
TRENNEL PTY: Placed Under Members' Voluntary Wind-Up
WESTPOINT REAL: Members and Creditors to Receive Wind-Up Report


C H I N A   &   H O N G  K O N G

ALERIS INT'L: Stockholders Okay Merger Pact with Texas Pacific
AUTOCAM CORP: Interest Non-Payment Cues S&P's Default Rating
BOCON INTERNATIONAL: Creditors' Proofs of Claim Due on Jan. 26
BOMBARDIER INC: Closes EUR4.3 Billion Letter of Credit Facility
BRILLIANT FAIR: Joint Liquidators Cease to Act

CASCADES INC: Closes Offering of Subscription Receipts
CASCADES INC: Moody's Confirms Ba2 Corporate Family Rating
CASCADES INC: Moody's Holds Ba2 Corporate Family Rating
CHIAO TUNG: Members Pass Resolution to Wind Up Firm
COUDERT BROTHERS: Taps McGrigors LLP as Special Counsel

DAVAL HK: Schedules Final Meeting on January 23
FERRO CORPORATION: Files 2006 Third Quarter Financial Report
GLOBAL CROSSING: Unit Prices Offering of 11.75% Sr. Sec. Notes
GLOBAL MARCH: Will Pay Dividend on December 29
GREEN STAR ASIA: Appoints Mak Man Cheung as Liquidator

HARVEST FOCUS: Members Agree to Shut Down Business Operations
KA YAU: Members Opt for Voluntary Wind-Up
METROPOLITAN FINANCE: Members Resolve to Wind Up Operations
VASTHEME INTERNATIONAL: Annual Meetings Slated for January 9


I N D I A

CONEXANT SYSTEMS: Posts US$122.6 Million Net Loss in Fiscal 2006
CONEXANT SYS: Inks Pact Extending Credit Maturity to Nov. 2007
GENERAL MOTORS: Applauds ITC's Ruling Revoking Steel Duty Orders
RELIANCE INDUSTRIES: Inks Cooperation Deal with Essar Oil
RELIANCE INDUSTRIES: Sees Opportunities in Kurdistan

RPG LIFE: Discloses Auditors' Observations on Sept. 2006 Review
STATE BANK OF INDIA: Govt. Introduces Bill Amending Company Act
STATE BANK OF INDIA: Life Insurance Corp. Buys 200,000 Shares
STATE BANK: Ready to Go Into Various Segments, Chairman Says
TATA MOTORS: Forms JV with Thailand's Thonburi Automotive

TATA MOTORS: Inks Industrial Joint Venture Deal with Fiat Auto


I N D O N E S I A

ANEKA TAMBANG: Repaired Facility Ups 2007 Production Targets
BANK BUANA: Mulls Merger with Bank UOB
BANK DANAMON: Unit Secures $30MM Loan from Deutsche Investitions
BANK NEGARA: To Hasten Debt Restructuring in 2007
BERAU COAL: S&P Assigns 'B' Corporate Credit Rating

CORUS GROUP: Auction Looms If Buyer Remains Unnamed by Jan. 31
HANOVER COMPRESSOR: Redeeming US$20.8MM of Conv. Jr. Debentures
METSO OYJ: Injects EUR15 Million to Raise Paper Unit's Capacity
METSO OYJ: Inks Five-Year EUR500 Million Loan Facility
NORTEL NETWORKS: Eastman Kodak Renews Three-Year Management Pact

ORBITAL SCIENCES: Closes Sale on US$125MM Sr. Subordinated Notes
PERUSAHAAN LISTRIK: Government Retenders Four Power Projects
* Central Bank Upbeat About Reduction in Number of Banks
* Banks to Face NPL-Related Challenges in 2007
* Banker Urge Independent Management of State-Owned Banks

* Indonesia Starts to Get Top Marks From Foreign Investors


J A P A N

BANCO BRADESCO: Handling Santa Catarina Payroll for Five Years
CONVERIUM HOLDINGS: Moody's Lifts Debt Rating to Baa3 from B2
DELPHI CORP: Asks for SEC's View on Foreign Currency Issues
DELPHI CORP: Secures US$4.4-Bil. DIP Loan Pledge from JP Morgan
FORD MOTOR: Applauds ITC's Ruling Revoking Steel Duty Orders

FORD MOTOR: Expects to Become No. 3 as Toyota Gains No. 2 Spot
MITSUBISHI MOTORS: Reveals November Production & Sales Results
NIKKO CORDIAL: Pres. & Chairman Resign Over Accounting Scandal
NORTHWEST AIRLINES: In Talks to Acquire Mesaba Aviation
PACHINKO WORLD: Files Form 15 to Voluntarily Deregister Stock

SAMSONITE CORP: Tender Offer for 8-7/8% Notes Expired
SAMSONITE CORP: Declares US$175MM Cash Distribution on Stocks
SENSATA TECH: Completes Purchase of Honeywell's FTAS Business


K O R E A

DURA AUTOMOTIVE: Wants Until January 31 to File Schedules
DURA AUTOMOTIVE: Wants to File Lear Settlement Pact Under Seal
SK CORP: To Invest US$28 Million for Australian Coal Mine
SK CORP: November 2006 Sales Decrease 1.4% from Last Year


M A L A Y S I A

SOLECTRON CORP: Posts US$3B in Sales for First Quarter FY 2007


N E W   Z E A L A N D

ABOUT CEILINGS: Shareholders Agree to Liquidate Business
AUCKLAND ABALONE: Creditors' Proofs of Claim Due on Jan. 15
DEBT RELIEF: Creditors Must Lodge Claims by March 5
E BLOCK LTD: Creditors Have Until March 7 to Prove Claims
FIRST CITY: Appoints Official Assignee as Liquidator

HAIR JUNCTION: Court Appoints Joint Liquidators
HARDING CONSTRUCTION: Creditors Must Prove Debts by Jan. 30
HOLMESLANGTON ENTERPRISES: Shareholders Opt to Close Business
MASONRY RESIDENTIAL: Creditors to File Claims by March 7
SERAFON LTD: Names Hollis and Fisk as Joint Liquidators

TAUPIRI FARMS: Commences Liquidation Proceedings
WEIGHT WATCHERS: Commences Tender Offer for 8.3 Mil. Shares
WEIGHT WATCHERS: S&P Places Ratings on Negative CreditWatch


P H I L I P P I N E S

PRC LLC: S&P Holds Rating on US$67-Mil. 2nd Lien Term Loan at B-


S I N G A P O R E

ARMSTRONG INDUSTRIAL: Subsidiary Registers Company in Vietnam
CHINA AVIATION: Closes Physical Fuel Jet Tender
PETROLEO BRASILEIRO: Mulls Gascac Construction Without Sinopec
PETROLEO BRASILEIRO: Share Buyback Boosting Reserves Management
PETROLEO BRASILEIRO: Invests US$724MM to Boost Onshore Oil Prod.


T H A I L A N D

DAIMLERCHRYSLER: Praises ITC's Ruling to Revoke Steel Duties
FEDERAL-MOGUL: U.S. Judge Denies Approving Plan B Settlement
FEDERAL-MOGUL: Trustee Names Trizec to Asbestos Claimants Panel
PHELPS DODGE: Appoints David H. Elliott VP of Cobalt Marketing


* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

A.W. SPINNING: Bank Names Receivers and Managers
------------------------------------------------
National Australia Bank Ltd on Dec. 7, 2006, appointed George Georges and
John Ross Lindholm as joint and several receivers and managers of A.W.
Spinning Mills Pty Ltd.

The Receivers and Managers can be reached at:

         George Georges
         John Ross Lindholm
         Level 29, 600 Bourke Street
         Melbourne, Victoria
         Australia

                        About AW Spinning

AW Spinning Mills Pty Ltd operates yarn-spinning mills.

The company is located in Victoria, Australia.


AUSTASIA CLOTHING: Oxford Appoints Receivers and Managers
---------------------------------------------------------
Oxford Funding Pty Ltd appointed on Dec. 8, 2006, Andrew Stewart Reed
Hewitt and Gregory John Keith as receivers and managers of Austasia
Clothing Int. Pty Ltd.

The Receivers and Managers can be reached at:

         Andrew Stewart Reed Hewitt
         Gregory John Keith
         Grant Thornton Recovery (Vic) Pty Ltd
         Level 35, 525 Collins Street
         Melbourne Victoria, 3000
         Australia

                    About Austasia Clothing

Austasia Clothing Pty Ltd is a distributor of men's and boys' clothing.

The company is located in Victoria, Australia.


BUDACN PTY: To Declare Dividend for Priority Creditors
------------------------------------------------------
Budacn Pty Ltd -- formerly known as Bud-Pak Pty Ltd -- which is in
liquidation, will declare the first and final dividend for its priority
creditors on Jan. 19, 2007.

In this regard, the creditors are required to submit their proofs of debt
by Jan. 8, 2007, to be included in the dividend distribution.

The joint and several liquidators can be reached at:

         Peter Goodin
         Robyn Erskine
         Brooke Bird & Co.
         Insolvency Practitioners
         471 Riversdale Road
         Hawthorn East, Victoria 3123
         Australia
         Telephone:(03) 9882 6666
         Facsimile:(03) 9882 8855

                        About Budacn Pty

Budacn Pty Ltd is a distributor of packaging machinery.

The company is located in New South Wales, Australia.


CAMPBELLFIELD TRUCK: Members Opt for Voluntary Liquidation
----------------------------------------------------------
The members of Campbellfield Truck Electrics Pty Ltd met on
Dec. 8, 2006, and resolved to voluntarily wind up the company's operations.

At the creditors' meeting held that same day, Barry Keith Taylor was
appointed as liquidator.

The Liquidator can be reached at:

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

                    About Campbellfield Truck

Campbellfield Truck Electrics Pty Ltd operates automotive repair shops.

The company is located in Victoria, Australia.


CHALLENGE CHARTER: Receiver and Manager Ceases to Act
-----------------------------------------------------
On Nov. 29, 2006, John Ross Lindholm ceased to act as receiver and manager
of Challenge Charter Pty Ltd.

According to the Troubled Company Reporter - Asia Pacific, Mr. Lindholm
was appointed as receiver and manager of the company on Jan. 23, 2006.

                     About Challenge Charter

Challenge Charter Pty Ltd provides business services.

The company is located in Victoria, Australia.



CRAVONE PTY: Commences Wind-Up Proceedings
------------------------------------------
At an extraordinary general meeting held on Dec. 1, 2006, the members of
Cravone Pty Ltd resolved to voluntarily wind up the company's operations.

Accordingly, Peter Gountzos and David James Lofthouse were appointed as
joint and several liquidators at the creditors' meeting held that same
day.

The Joint and Several Liquidators can be reached at:

         Peter Gountzos
         David James Lofthouse
         CJL Partners
         Level 3, 180 Flinders Lane
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9639 4779
         Facsimile:(03) 9639 4773

                        About Cravone Pty

Cravone Pty Ltd is an investor relation company.

The company is located in Victoria, Australia.


HIBNEAN PTY: To Declare First and Final Dividend on Feb. 8
----------------------------------------------------------
Hibnean Pty Ltd -- formerly trading as Edward Beale Salons -- that is in
liquidation, will declare the first and final dividend on Feb. 8, 2007.

In this regard, creditors are required to submit their proofs of claim by
Jan. 10, 2007, or they will be excluded from sharing in the distribution.

The joint and several liquidators can be reached at:

         Peter Goodin
         Robyn Erskine
         Brooke Bird & Co.
         Insolvency Practitioners
         471 Riversdale Road
         Hawthorn East, Victoria 3123
         Australia
         Telephone:(03) 9882 6666
         Facsimile:(03) 9882 8855

                        About Hibnean Pty

Hibnean Pty Ltd -- trading as Edward Beale Hairdressing -- operates barber
shops.

The company is located in Victoria, Australia.


JURCEVIC OFFICE: Members Opt to Close Business
----------------------------------------------
The members of Jurcevic Office Interiors Pty Ltd decided to voluntarily
wind up the company's operations during a meeting on Dec. 1, 2006.

Gregory Stuart Andrews was consequently appointed as liquidator.

The Liquidator can be reached at:

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

                      About Jurcevic Office

Jurcevic Office Interiors Pty Ltd -- trading as Jurcevic Office Interiors
-- is a distributor of wood office and store fixtures, partitions,
shelving, and lockers.

The company is located in Victoria, Australia.


NEASHAM NOMINEES: Schedules Members' Final Meeting on Jan. 29
-------------------------------------------------------------
Neasham Nominees Pty Ltd, which is in liquidation, will hold a final
meeting for its members on Jan. 29, 2007, at 9:00 a.m., to consider
Liquidator P. A. Tierney's explanation of his final account on the
company's wind-up proceedings.

The Liquidator can be reached at:

         Paul Anton Tierney
         Charman Partners
         Suite 4, 10-12 Chapel Street
         Blackburn 3130
         Australia

                     About Neasham Nominees

Neasham Nominees Pty Ltd is an investor relation company.

The company is located in Victoria, Australia.


NIANTA PTY: Tim Le Roy Appoints Receiver and Manager
----------------------------------------------------
Tim Le Roy of Benchmark Debtor Finance Pty Ltd appointed Robert Molesworth
Hobill Cole of Cole Downey & Co. as receiver and manager of all the assets
of Nianta Pty Ltd on Dec. 5, 2006.

The Receiver and Manager can be reached at:

         Robert Molesworth Hobill Cole
         Cole Downey & Co
         Chartered Accountants
         Unit 2, 6 Moorabool Street
         Geelong
         Australia

                         About Nianta Pty

Nianta Pty Ltd -- trading as Enhance Homes -- is a distributor of
electrical appliances, television and radio sets.

The company is located in Victoria, Australia.


PARAGON HAIR: Final Meeting Slated for January 19
-------------------------------------------------
The final meeting of the members and creditors of Paragon Hair & Beauty
Pty Ltd will be held on Jan. 19, 2007, at 11:00 a.m., to consider the
liquidator's account of the company's wind-up proceedings.

The Liquidator can be reached at:

         Anthony R. Cant
         Romanis Cant
         Chartered Accountants
         106 Hardware Street
         Melbourne, Victoria 3000
         Australia

                        About Paragon Hair

Paragon Hair & Beauty Pty Ltd operates beauty shops.

The company is located in Victoria, Australia.


PAUL BOWDEN: Members Resolve to Wind Up Firm
--------------------------------------------
At a general meeting held on Dec. 7, 2006, the members of Paul Bowden
Productions Pty Ltd resolved to voluntarily wind up the company's
operations and appointed Bruce Neil Mulvaney as liquidator.

The Liquidator can be reached at:

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

                       About Paul Bowden

Paul Bowden Productions Pty Ltd -- trading as Melbourne Kung Fu & Tai Chi
Academy -- provides amusement and recreation services.

The company is located in Victoria, Australia.


PEABODY ENERGY: Promotes Michael C. Crews to VP of Planning
-----------------------------------------------------------
Peabody Energy named Michael C. Crews as Vice President of Planning,
Analysis and Performance Assessment, reporting to Chief Financial Officer
and Executive Vice President of Corporate Development Richard A. Navarre.
In this new assignment, Mr. Crews will be responsible for development and
execution of financial and capital strategy and analysis, and will support
the company's business plans in the areas of planning and forecasting,
capital management and performance assessment.

Mr. Crews' diverse financial experience and history with Peabody will
allow him to provide leadership and advice in financial planning,
forecasting and capital management.  He will also be responsible for
integrating a comprehensive corporate performance assessment system
throughout all levels of the organization designed to further align
performance with corporate goals and strategies.

Reporting to Crews are Director of Financial Planning Bradley E.
Phillips and Director of Performance Assessment Jeffrey D. Timmerman, and
the Director of Capital Management position which is currently open.

Mr. Crews has 17 years of financial experience and a strong background
with Peabody.  He joined Peabody in 1998 as Senior Manager of Financial
Reporting.  He has served as Assistant Controller - Corporate, Director of
Planning and most recently Assistant Treasurer.  Prior to joining Peabody,
Mr. Crews spent six years at KPMG Peat Marwick in St. Louis.

Mr. Crews has a Bachelor of Arts degree in Accountancy from the University
of Missouri at Columbia and a Master of Business Administration degree
from Washington University in St. Louis.

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

                          *     *     *

On Dec. 14, 2006, Moody's Investors Service assigned Peabody
Energy Corporation's proposed US$500-million convertible junior
subordinated debentures a rating of Ba2.  At the same time,
Moody's affirmed Peabody's Ba1 corporate family rating and the
Ba1 senior unsecured rating on its existing revolver, term loan
and notes.  The ratings reflect the overall probability of
default of the company, to which Moody's affirms a PDR of Ba1.

As reported in the Troubled Company Reporter - Asia Pacific on Dec. 21,
2006, Standard & Poor's Ratings Services assigned its 'B' rating to the
US$500-million convertible junior subordinated debentures.

On Dec. 13, 2006, Fitch Ratings rated the US$500-million debentures due
2066 at 'BB-'.


PEABODY ENERGY: Prices US$675-Mil. Jr. Subordinated Debentures
--------------------------------------------------------------
Peabody Energy has priced US$675 million principal amount of convertible
junior subordinated debentures due 2066.  The debentures will pay interest
semiannually at a rate of 4.75% per year and the initial conversion price
is US$61.95.

The company has granted the underwriters an option to purchase up to an
additional US$75 million of debentures to cover over-allotments.

The debentures are convertible under certain circumstances, including when
the price of the shares reaches US$86.73.  Upon conversion, holders will
receive cash in the amount of, or preferred stock with a liquidation
preference equal to, the principal amount, and only any value in excess of
the principal amount will be delivered in the company's common stock.

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

Net proceeds of the offering, are expected to be used primarily to repay
debt under the company's revolving credit facility and term loan facility,
which partly financed the recent acquisition of Excel Coal Limited, and
for other corporate purposes.

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

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

                Lehman Brothers
                c/o ADP Financial Services
                Integrated Distribution Services
                1155 Long Island Avenue,
                Edgewood, NY 11717
                Tel. No: (888) 603-5847
                Fax: (631) 254-7268

                Morgan Stanley
                Attention: Prospectus Department
                180 Varick Street, 2/F
                New York, NY 10014
                Tel. No: (866) 718-1649

                Citigroup Global Markets Inc.
                Brooklyn Army Terminal
                140 58th Street, 8th Floor
                Brooklyn, NY 11220
                Tel. No: (718) 765-6732
                Fax: (718) 765-6734.

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

                          *     *     *

On Dec. 14, 2006, Moody's Investors Service assigned Peabody
Energy Corporation's proposed US$500-million convertible junior
subordinated debentures a rating of Ba2.  At the same time,
Moody's affirmed Peabody's Ba1 corporate family rating and the
Ba1 senior unsecured rating on its existing revolver, term loan
and notes.  The ratings reflect the overall probability of
default of the company, to which Moody's affirms a PDR of Ba1.

As reported in the Troubled Company Reporter - Asia Pacific on Dec. 21,
2006, Standard & Poor's Ratings Services assigned its 'B' rating to the
US$500-million convertible junior subordinated debentures.

On Dec. 13, 2006, Fitch Ratings rated the US$500-million debentures due
2066 at 'BB-'.


PEABODY ENERGY: DBRS Rates US$675-Mil. Junior Notes at B (high)
-----------------------------------------------------------
Dominion Bond Rating Service assigned rating of B (high) to the new US$675
Million Convertible Junior Subordinated Debentures of
Peabody Energy Corporation.  The trend is Stable.

The rating assigned to the Debentures reflects their deeply
subordinated status, with the Debentures ranking junior to all
of the Company's existing and future senior and subordinated debt.

In accordance with DBRS's policy to reflect structural subordination, a
two-notch rating differential is applied to the
Debentures vis-a-vis the senior unsecured debt of Peabody, which
is presently rated by DBRS at BB.

Peabody reported its intention to issue US$675 million of Debentures on
Dec. 14, 2006. Additionally, the company has granted the underwriters an
option to purchase up to an additional US$75 million of debentures in the
event of over-allotments.

DBRS notes that Peabody intends to allocate the net proceeds of
the Debentures toward the repayment of debt assumed to partly
finance the acquisition of Excel Coal Limited of Australia.  DBRS notes
therefore that the offering of the Debentures does not adversely impact
the overall credit metrics and financial profile of the company.

                          *     *     *

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


PEATMORE FARMS: Undergoes Wind-Up Proceedings
---------------------------------------------
On Dec. 6, 2006, the members of Peatmore Farms Pty Ltd met and resolved to
voluntarily wind up the company's operations.

At the creditors' meeting held that same day, Barry Keith Taylor was
appointed as liquidator.

The Liquidator can be reached at:

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

                      About Peatmore Farms

Peatmore Farms Pty Ltd is an investor relation company.

The company is located in Victoria, Australia.


PENDULUM DAIRY: Members and Creditors to Hear Wind-Up Report
------------------------------------------------------------
The members and creditors of Pendulum Dairy Gates Pty Ltd will meet on
Jan. 19, 2007, at 9:00 a.m., to hear the liquidator's report regarding the
company's wind-up proceedings.

The Troubled Company Reporter - Asia Pacific previously reported that the
company was placed under creditors' wind-up on June 21, 2005.

The liquidator can be reached at:

         George Georges
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia

                      About Pendulum Dairy

Pendulum Dairy Gates Pty Ltd is a distributor of farm machinery and
equipment.

The company is located in Victoria, Australia.


ROTUNDAS OF AUSTRALIA: Enters Wind-Up Proceedings
-------------------------------------------------
The members of Rotundas of Australia Pty Ltd met on Dec. 7, 2006, and
resolved to voluntarily wind up the company's operations.

Subsequently, Stephen Robert Dixon and Laurence Andrew Fitzgerald were
appointed as joint and several liquidators at the creditors' meeting held
that same day.

The Joint and Several Liquidators can be reached at:

         Stephen Robert Dixon
         Laurence Andrew Fitzgerald
         Horwath BRI (Vic) Pty Ltd
         Chartered Accountants
         Level 30, The Rialto
         525 Collins Street
         Melbourne, Victoria 3000
         Australia

                   About Rotundas Of Australia

Rotundas of Australia Pty Ltd is an investor relation company.

The company is located in Victoria, Australia.


TRENNEL PTY: Placed Under Members' Voluntary Wind-Up
----------------------------------------------------
On Dec. 7, 2006, the members of Trennell Pty Ltd met and resolved to
voluntarily wind up the company's operations.

In this regard, Samuel Richwol was appointed as liquidator.

The Liquidator can be reached at:

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

                       About Trennell Pty

Trennell Pty Ltd is a distributor of durable goods.

The company is located in Victoria, Australia.


WESTPOINT REAL: Members and Creditors to Receive Wind-Up Report
---------------------------------------------------------------
The members and creditors of Westpoint Real Estate Pty Ltd will meet on
Jan. 15, 2007, at 10:30 a.m., to receive the report on the company's
wind-up proceedings from Liquidator D.P. Juratowitch.

As reported by the TCR-AP, the company's creditors resolved to voluntarily
wind up the company's operations on Nov. 15, 2005.

The Liquidator can be reached at:

         D. P. Juratowitch
         Cor Cordis
         Chartered Accountants
         406 Collins Street
         Melbourne, Victoria 3000
         Australia

                      About Westpoint Real

Westpoint Real Estate Pty Ltd handles real estate agents and managers.

The company is located in Victoria, Australia.


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

ALERIS INT'L: Stockholders Okay Merger Pact with Texas Pacific
--------------------------------------------------------------
Stockholders of Aleris International Inc. voted to adopt the merger
agreement providing for the acquisition of the company by an entity
currently indirectly owned by private equity funds sponsored by Texas
Pacific Group.

Approximately 98.7% of stockholders present and voting voted for
adoption of the merger agreement.  The number of shares voting
to adopt the merger agreement represents approximately 75.7% of
the total number of shares outstanding and entitled to vote.

The proposed merger was announced on Aug. 8, 2006, and was
scheduled for completion on Dec. 19, 2006, subject to the satisfaction or
waiver of all the closing conditions set forth
in the merger agreement.  Under the terms of the merger
agreement, company stockholders will receive US$52.50 per share
in cash without interest.

                      About Texas Pacific

Texas Pacific Group, or TPG, is a global private investment firm with more
than US$30 billion of assets under management with offices in San
Francisco, New York, London and throughout Asia. TPG invests in
world-class franchises across a range of industries and has extensive
experience with public and private investments executed through leveraged
buyouts, recapitalizations, take private transactions, spinouts, joint
ventures, and restructurings.

                          About Aleris

Headquartered in Beachwood, Ohio, a suburb of Cleveland, Aleris
International, Inc. -- http://www.aleris.com/-- manufactures aluminum
rolled products and extrusions, aluminum recycling and specification alloy
production.  The company is also a recycler of zinc and a leading U.S.
manufacturer of zinc metal and value-added zinc products that include zinc
oxide and zinc dust.  The company operates 50 production facilities in
North America, Europe, South America and Asia, and employs approximately
8,600 employees.

The company has production facilities in China.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Dec. 22, 2006, that Standard & Poor's Ratings Services affirmed its 'B+'
loan and '2' recovery ratings on the senior secured first-lien term loan
of Aleris International Inc., after the report that the company increased
the term loan by US$125 million.

S&P lowered its corporate credit rating on Aleris International to 'B+'
from 'BB-'and removed it from CreditWatch, where it was placed with
negative implications on Aug. 9, 2006.  The CreditWatch placement comes
after the report that Texas Pacific Group had agreed to acquire Aleris'
outstanding stock for nearly
US$3.4 billion, consisting of US$1.7 billion in cash plus assumed debt,
representing a 6.8x trailing-12-months EBITDA multiple.


AUTOCAM CORP: Interest Non-Payment Cues S&P's Default Rating
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its 'CC' corporate credit and
'C' subordinated note ratings on Autocam Corp. to 'D'.

At the same time, the 'CC' rating and '2' recovery rating on the senior
secured credit facilities were withdrawn, because the company reported
that it expects to reinstate or refinance its senior secured credit
facilities.  In addition, all ratings were removed from CreditWatch with
negative implications where they were placed on Nov. 22, 2006.

The ratings actions follow the company's failure to pay its semi-annual
US$7.6 million interest payment due on Dec. 15, 2006, on its US$140
million senior subordinated notes.

Following the nonpayment of interest, Autocam received a recapitalization
proposal from the note holders under which they offered to purchase newly
issued PIK preferred equity securities and convert their notes into 100%
of the common equity of Autocam.  Indebtedness under the company's
second-lien credit facility would, under the proposal, be repaid in full
with proceeds of the PIK preferred equity.  The senior secured credit
facilities would be reinstated or refinanced.

The company has operations in China, Brazil and France.


BOCON INTERNATIONAL: Creditors' Proofs of Claim Due on Jan. 26
--------------------------------------------------------------
The creditors of Bocon International Ltd are required by Liquidator Yuen
Shu Tong to submit their proofs of claim by
Jan. 26, 2006.

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

The Liquidator can be reached at:

         Yuen Shu Tong
         3/F, Malaysia Building
         50 Gloucester Road, Wanchai
         Hong Kong


BOMBARDIER INC: Closes EUR4.3 Billion Letter of Credit Facility
---------------------------------------------------------------
Bombardier Inc. signed a EUR4.3 billion Syndicated Letter of Credit
Facility agreement on Dec. 18, 2006, with a group of leading international
financial institutions.  The facility is set up in Europe for the benefit
of Bombardier Inc. and all of its subsidiaries.  It will replace existing
syndicated North American and European facilities.

Bombardier attained its objective of securing availability for an extended
term, while at the same time reducing considerably its issuing costs.
This is a clear indication of the banks' support for Bombardier's business
plan.

Calyon, BNP Paribas, Deutsche Bank and J.P. Morgan, who have jointly
arranged the facility, as mandated lead arrangers and joint book runners,
were joined by five banks as mandated lead arrangers and sub-underwriters
and 16 additional banks joined in the general syndication.

This closing completes the refinancing plan undertaken during the third
quarter of fiscal year 2007, which included tender offers of certain notes
and a new issue of senior notes.

                        About Bombardier

Headquartered in Valcourt, Quebec, Bombardier Inc. (TSX: BBD) --
http://www.bombardier.com/-- manufactures innovative  transportation
solutions, from regional aircraft and business jets to rail transportation
equipment.  The company has operations in North America, Europe and China.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 1, 2006,
Dominion Bond Rating Service confirmed the ratings of Bombardier
Inc. and Bombardier Capital Ltd.  The Senior Unsecured Debentures of both
Bombardier Inc. and Bombardier Capital Ltd. are confirmed at BB, and
Preferred Shares of Bombardier Inc. at Pfd-4.  All trends are Negative.

In October 2006, Fitch Ratings downgraded the debt and Issuer
Default Ratings for both Bombardier Inc.  The Company's issuer
default rating was downgraded from BB to BB-.  Other rating
actions include, Senior unsecured debt revised to 'BB-' from 'BB'; Credit
facilities revised to 'BB-' from 'BB' and Preferred stock revised to 'B'
from 'B+'.  The Rating Outlook is Stable.

Also in October 2006, Standard & Poor's Ratings Services affirmed its 'BB'
long-term corporate credit rating on Bombardier.  At the same time,
Standard & Poor's assigned its 'BB' issue rating to Bombardier's proposed
issuance of up to EUR1.8 billion seven-to-ten-year multi-tranche senior
unsecured notes.

Bombardier Inc.'s proposed EUR1.8 billion in new senior unsecured notes
carry Moody's Investors Service Ba2 rating.


BRILLIANT FAIR: Joint Liquidators Cease to Act
----------------------------------------------
Wu Shek Chun Wilfred and Yu Tak Yee Beryl ceased to act as joint and
several liquidators of Brilliant Fair (Hong Kong) Ltd on Dec. 7, 2006.

As reported in the Troubled Company Reporter - Asia Pacific, Messrs.
Wilfred and Beryl presented the company's wind-up account during the final
meeting of the members and creditors on Dec. 7.

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


CASCADES INC: Closes Offering of Subscription Receipts
------------------------------------------------------
Cascades Inc. has closed its offering of 15,095,000 subscription receipts
at a price of CDN13.25 per Subscription Receipt for gross proceeds of
CDN200,008,750.

The gross proceeds from the offering will be held in escrow pending
closing of the acquisition by Cascades of Domtar's 50% interest in
Norampac Inc. which is expected to close on Dec. 29 as a satisfactory
response from the Competition Bureau was received on Dec. 14.

Each subscription receipt entitles the holder thereof to receive, upon
closing of the acquisition and without payment of additional consideration
or further action, one common share of Cascades.  Upon closing of the
acquisition, the net proceeds to Cascades, after deducting the
underwriters' fee and other expenses of the Offering, will amount to
approximately
CDN191 million and will be used to finance a portion of the acquisition.

The subscription receipts will be listed for trading on the Toronto Stock
Exchange under the symbol "CAS.R".

The offering was underwritten by a syndicate jointly led by CIBC World
Markets Inc., National Bank Financial Inc., and Scotia Capital Inc., and
including BMO Nesbitt Burns Inc., Desjardins Securities Inc., RBC Dominion
Securities Inc. and TD Securities Inc.

                     Private Placement

Cascades had also closed its concurrent CDN50 million private placement of
subscription receipts at a price of CDN13.25 per subscription receipt.
The gross proceeds from the private placement will also be used to finance
a portion of the acquisition.

As previously disclosed, Cascades has reached an agreement in principle
with Domtar Inc. on Dec. 5 to purchase Domtar's 50% interest in Norampac
Inc., for a cash consideration of
CDN$560 million.

The company further disclosed that it has obtained commitments for the
financing necessary to complete the transaction.  This financing will
replace the existing credit facility and provide for a new CDN1.05 billion
credit facility consisting of a
CDN750 million five-year revolving facility, a CDN100 million six-year
term facility and an unsecured bridge facility of CDN200 million.

                         About Norampac

Norampac owns eight containerboard mills and 26 corrugated products plants
in the United States, Canada and France.  With annual production capacity
of more than 1.45 million short tons,
Norampac is the largest containerboard producer in Canada and the seventh
largest in North America.  Norampac, which is also a majorCanadian
manufacturer of corrugated products, is a joint venture company owned by
Domtar Inc. (TSX: DTC) and Cascades Inc. (TSX:CAS).

                          About Domtar

Headquartered in Montreal, Quebec, Domtar Inc. (TSX/NYSE: DTC)
-- http://www.domtar.com/-- produces uncoated freesheet paper in North
America.  The company also a manufactures business papers, commercial
printing and publication papers, and technical and specialty papers.
Domtar manages according to internationally recognized standards 18
million acres of forestland in Canada and the United States, and produces
lumber and other wood products.  Domtar has 10,000 employees across North
America.  The company also has a 50% investment interest in Norampac Inc.,
a Canadian producer of containerboard.

                         About Cascades

Founded in 1964, Cascades Inc. -- http://www.cascades.com/--
produces, transforms, and markets packaging products, tissue paper and
fine papers, composed mainly of recycled fibres.  Cascades employs nearly
15,600 men and women who work in some 140 modern and flexible production
units located in North America, in Europe and in Asia.  Cascades'
management philosophy, its more than 40 years of experience in recycling,
its continued efforts in research and development are strengths which
enable the company to create new products for its clients and thus offer
superior performance to its shareholders.  The Cascades shares trade on
the Toronto stock exchange under the ticker symbol CAS.  The company has
operations in Hong Kong, Colombia, and in Europe.

                          *     *     *

Standard & Poor's Ratings Services rated the Cascades Inc.'s
7-1/4% Senior Notes due 2013 at BB+.


CASCADES INC: Moody's Confirms Ba2 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service confirmed Cascades Inc.'s Ba2 corporate family
rating and its Ba3 senior unsecured rating.

Moody's also assigned Baa3 ratings to Cascades' new
CDN650 million senior secured revolver and CDN100 million senior secured
term loan.  Finally, Moody's announced that it will upgrade Norampac's
senior unsecured rating to Ba3 from B1 upon completion of the acquisition
by Cascades of the 50% of Norampac it does not already own, and on the
basis that the Norampac notes will become a direct obligation of Cascades
when the liquidation of Norampac into Cascades is complete.

The ratings reflect the overall probability of default of Cascades, to
which Moody's affirms the PDR of Ba2.  The senior unsecured ratings of Ba3
reflect a loss given default of LGD5 (72%) and the senior secured ratings
of Baa3 reflect a loss given default of LGD2 (18%).  The existing revolver
and term loan ratings of Cascades and Norampac will be withdrawn when the
acquisition of Norampac is complete.  This completes the review of
Cascades begun on Dec. 5 when the acquisition of Norampac was announced.
The rating outlook is stable.

Cascades' Ba2 corporate family rating reflects the diversity derived from
its boxboard, packaging and tissue businesses and, with its full
consolidation of Norampac, its significant position in the Canadian
containerboard segment.  The ratings also consider that Cascades and
Norampac will have paid down approximately CDN190 million of debt this
year, prior to Cascades increasing debt to fund a portion of the Norampac
acquisition.  At the same time, the ratings consider the
CDN310 million of incremental debt taken on to fund the acquisition and
Cascades' debt protection measures, which are slightly weak for the
rating.

However, Moody's notes that Cascades is issuing CDN250 million of new
equity and that, notwithstanding the incremental debt taken on to fund the
acquisition, its debt protection measures improve somewhat given the full
consolidation of Norampac's more lowly levered operations, coupled with
access to 100% of Norampac's cash flow.  The Ba2 rating also reflects
Cascades' exposure to the stronger Canadian dollar, to cyclical pricing,
particularly in the containerboard and boxboard segments, and to volatile
raw material costs, especially recycled fibers, as well as energy and
chemicals.  The ratings also reflect the company's penchant for conducting
relatively small, but debt financed acquisitions. The rating outlook is
stable.

Ratings confirmed:

Cascades Inc.

    * Corporate Family Rating: Ba2

    * PDR: Ba2

    * US$675 mm Sr. Unsecured Notes due 2013, Ba3

Ratings to be upgraded upon completion of the acquisition
of Norampac:

Norampac Inc.

    * US$250 mm 6.75% Sr. Unsecured Notes due 2013,
      to Ba3 from B1

Ratings to be withdrawn upon completion of the acquisition
of Norampac:

Cascades Inc.

    * CDN450 mm Revolving Facility due 2010, Ba1

    * CDN100 mm Term Loan Facility due 2012, Ba1

Norampac Inc.

    * Corporate Family Rating, Ba3, RUR, Direction Uncertain

    * PDR: Ba3, RUR, Direction Uncertain

    * CDN325 mm Revolving Facility due 2011, Ba2, RUR,
      Direction Uncertain

The most recent rating action for Cascades was to place its ratings under
review for possible downgrade on Dec. 5.  The most recent rating action
for Norampac was to place its ratings under review, with direction
uncertain, also on Dec. 5.

Headquartered in Montreal, Quebec, Norampac is a containerboard producer
and had sales in 2005 of CDN1.3 billion.

Founded in 1964, Cascades Inc. -- http://www.cascades.com/--
produces, transforms, and markets packaging products, tissue paper and
fine papers, composed mainly of recycled fibres.  Cascades employs nearly
15,600 men and women who work in some 140 modern and flexible production
units located in North America, in Europe and in Asia.  Cascades'
management philosophy, its more than 40 years of experience in recycling,
its continued efforts in research and development are strengths which
enable the company to create new products for its clients and thus offer
superior performance to its shareholders.  The Cascades shares trade on
the Toronto stock exchange under the ticker symbol CAS.  The company has
operations in Hong Kong, Colombia, and Europe.


CASCADES INC: Moody's Holds Ba2 Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service confirmed Cascades Inc.'s Ba2 corporate family
rating and its Ba3 senior unsecured rating.

Moody's also assigned Baa3 ratings to Cascades' new
CDN$650 million senior secured revolver and CDN$100 million senior secured
term loan.

Finally, Moody's announced that it will upgrade Norampac's senior
unsecured rating to Ba3 from B1 upon completion of the acquisition by
Cascades of the 50% of Norampac it does not already own, and on the basis
that the Norampac notes will become a direct obligation of Cascades when
the liquidation of Norampac into Cascades is complete.

The ratings reflect the overall probability of default of
Cascades, to which Moody's affirms the PDR of Ba2.  The senior
unsecured ratings of Ba3 reflect a loss given default of LGD5
(72%) and the senior secured ratings of Baa3 reflect a loss given default
of LGD2 (18%).  The existing revolver and term loan ratings of Cascades
and Norampac will be withdrawn when the
acquisition of Norampac is complete.  This completes the review of
Cascades begun on Dec. 5, 2006, when the acquisition of Norampac was
announced.  The rating outlook is stable.

Cascades' Ba2 corporate family rating reflects the diversity
derived from its boxboard, packaging and tissue businesses and,
with its full consolidation of Norampac, its significant position in the
Canadian containerboard segment.  The ratings also consider that Cascades
and Norampac will have paid down approximately CDN$190 million of debt
this year, prior to Cascades increasing debt to fund a portion of the
Norampac acquisition.

At the same time, the ratings consider the CDN$310 million of
incremental debt taken on to fund the acquisition and Cascades'
debt protection measures, which are slightly weak for the rating.
However, Moody's notes that Cascades is issuing CDN$250 million of new
equity and that, notwithstanding the incremental debt taken on to fund the
acquisition, its debt protection measures improve somewhat given the full
consolidation of Norampac's more lowly levered operations, coupled with
access to 100% of Norampac's cash flow.  The Ba2 rating also reflects
Cascades' exposure to the stronger Canadian dollar, to cyclical pricing,
particularly in the containerboard and boxboard segments, and to volatile
raw material costs, especially recycled fibers, as well as energy and
chemicals.  The ratings also reflect the company's penchant for conducting
relatively small, but debt financed acquisitions.  The rating outlook is
stable.

Ratings confirmed:

Cascades Inc.:

   -- Corporate Family Rating: Ba2

   -- PDR: Ba2

   -- US$675 million Sr. Unsecured Notes due 2013, Ba3

Ratings to be upgraded upon completion of the acquisition of
Norampac:

Norampac Inc.

   -- US$250 million 6.75% Sr. Unsecured Notes due 2013, to Ba3
      from B1

Ratings to be withdrawn upon completion of the acquisition of
Norampac:

Cascades Inc.

   -- CDN$450 million Revolving Facility due 2010, Ba1

   -- CDN$100 million Term Loan Facility due 2012, Ba1

Norampac Inc.

   -- Corporate Family Rating, Ba3, RUR, Direction Uncertain

   -- PDR: Ba3, RUR, Direction Uncertain

   -- CDN$325 million Revolving Facility due 2011, Ba2, RUR,
      Direction Uncertain

The most recent rating action for Cascades was to place its
ratings under review for possible downgrade on Dec. 5, 2006.  The most
recent rating action for Norampac was to place its ratings under review,
with direction uncertain, also on Dec. 5, 2006.

Headquartered in Montreal, Quebec, Norampac is a containerboard
producer and had sales in 2005 of CDN$1.3 billion.

Headquartered in Kingsey Falls, Quebec, Cascades Inc. is a
packaging and paper company producing boxboard, containerboard,
specialty packaging products and tissue, and had sales in 2005 of CDN$3.5
billion.

The company has operations in Hong Kong, Colombia, and Europe.


CHIAO TUNG: Members Pass Resolution to Wind Up Firm
---------------------------------------------------
At an extraordinary general meeting held on Dec. 14, 2006, the members of
Chiao Tung University Alumni Association (Hong Kong) Ltd passed a special
resolution to voluntarily wind up the company's operations.

In this regard, Sung Mi Yin was appointed as the company's liquidator.

The Liquidator can be reached at:

         Sung Mi Yin
         Suite No. A, 11/F
         Ritz Plaza, 122 Austin Road
         Tsimshatsui, Kowloon
         Hong Kong


COUDERT BROTHERS: Taps McGrigors LLP as Special Counsel
-------------------------------------------------------
Coudert Brothers LLP asks the U.S. Bankruptcy Court for the Southern
District of New York for permission to employ McGrigors LLP as its English
special counsel, nunc pro tunc to Sept. 22, 2006.

McGrigors will represent the Debtor with respect to potential malpractice
claims in England and general issues related to the wind-down of Debtor's
London office.  The firm's responsibilities will include serving as
counsel of record in Norman's Bay Limited v. Coudert Brothers, in the High
Court of England and Wales -- an action arising out of allegations of
malpractice.

The hourly rates of the McGrigors attorneys who are expected to perform
services for the Debtor are:

    Level of Employment                        Hourly Rate
    -------------------                        -----------
    Partners                                       US$680
    Associates                                     US$555
    Assistant Solicitors                       US$270 to US$485
    Trainee Solicitors                             US$195

The Debtor owes McGrigors approximately US$46,731 for services the firm
rendered prepetition.

Allan David Reason, a Partner at McGrigors, assures the Court that his
firm does not hold any interest materially adverse to the Debtor's estate.

Mr. Reason can be reached at:

    McGrigors LLP
    5 Old Bailey
    London EC4M 7BA, England

Coudert Brothers LLP was an international law firm specializing in complex
cross border transactions and dispute resolution.  The firm had operations
in Australia and China.  The Debtor filed for Chapter 11 protection on
Sept. 22, 2006 (Bankr. S.D.N.Y. Case No. 06-12226).  John E. Jureller,
Jr., Esq., and Tracy L. Klestadt, Esq., at Klestadt & Winters, LLP,
represents the Debtor in its restructuring efforts.  Brian F. Moore, Esq.,
and David J. Adler, Esq., at McCarter & English, LLP, represent the
Official Committee Of Unsecured Creditors.  In its schedules of assets and
debts, Coudert listed total assets of US$29,968,033 and total debts of
US$18,261,380.  The Debtor's exclusive period to file a chapter 11 plan
expires on Jan. 20, 2007.


DAVAL HK: Schedules Final Meeting on January 23
-----------------------------------------------
Daval Hong Kong Ltd, which is in creditors' voluntary liquidation, will
hold a final general meeting for its members and creditors at 3/F,
Chinachem Tower, 34-37 Connaught Road
Central, Hong Kong on Jan. 23, 2007, at 10:00 a.m. and 10:30 a.m.,
respectively.

At the meetings, the liquidators will present the account of the company's
wind-up proceedings and property disposal exercises.


FERRO CORPORATION: Files 2006 Third Quarter Financial Report
------------------------------------------------------------
Ferro Corporation has filed its Quarterly Report on Form 10-Q with the
U.S. Securities and Exchange Commission for the three-month period ended
Sept. 30, 2006.  With the filing, the company is now current in its
financial reports to the SEC.

Net income from continuing operations was US$5.4 million, compared with
US$7.2 million in the third quarter of 2005.  Sales for the third quarter
ended Sept. 30, 2006, were US$500.6 million, an increase of 7.4% from the
third quarter of 2005.

"The third quarter results show good sales growth along with solid growth
in total segment income," said President and CEO James Kirsch.  "Total
company results were not up to our original expectations, however, we
expect to deliver a solid fourth quarter that will provide further
evidence of the transformation we are accomplishing within Ferro."

Included in the third quarter net income from continuing operations were
net pre-tax charges of US$1.3 million, primarily related to accelerated
depreciation resulting from the company's restructuring program in Europe.

                      Third Quarter Results

Sales for the third quarter showed growth in the Performance Coatings,
Electronic Materials, Polymer Additives, and Color and Glass Performance
Materials segments, continuing the growth trends seen through the first
and second quarters of 2006.  Sales were down in the Specialty Plastics
and Other segments compared with the third quarter of 2005.

Most of the revenue increase for the quarter was due to increases in
average selling prices, including changes in product mix and price
increases.  Sales benefited less than 2 percent from favorable changes in
currency exchange rates.

Gross margins for the third quarter were 19.7% of sales.  Included in the
cost of sales during the third quarter were charges of US$1.6 million for
accelerated depreciation related to previously announced restructuring
programs in Europe.  Higher precious metal prices, which are generally
passed through to customers without mark-up, also had a negative impact on
gross margin percentage for the quarter.

Selling, general and administrative expenses for the third quarter were
US$74.1 million, or 14.8% of sales.  SG&A expense was down by US$1.2
million compared with the prior-year period and was lower as a percent of
sales than the 16.1% recorded in the third quarter of 2005.

Total segment income for the third quarter was US$33.9 million, an
increase of 9.7% from the third quarter of 2005.

As of the end of September, total debt, including off-balance-sheet
arrangements, was US$684.3 million, an increase of US$129.6 million from
the end of 2005.  This increase primarily was the result of increased
deposit requirements for precious metal consignment arrangements and for
working capital to support increased sales.  Deposits for precious metal
consignments were US$93 million at the end of the third quarter.  The
company expects to reduce the amount of material under consignment
requiring cash deposits by year-end and anticipates that a majority of the
deposits will be returned by the end of the first quarter of 2007.

Interest expense for the quarter increased by US$4.7 million from the
third quarter of 2005, reflecting increases in the company's debt and
higher interest rates.  Miscellaneous income/expense was lower by US$4.6
million in the 2006 third quarter, compared to 2005.  The change was
driven by a reduction of US$5.5 million in mark-to-market charges for
natural gas supply contracts compared to the prior-year period.

                      Fourth Quarter Guidance

Sales for the fourth quarter are expected to be approximately
$500 million to US$510 million, reflecting continued growth across
multiple business segments.  Sales growth in the fourth quarter, compared
to the fourth quarter of 2005, is expected to be led by the company's
Electronic Materials, Performance Coatings and Color and Glass Performance
Materials segments.

As previously indicated, the company expects to recognize charges related
to its restructuring programs during the fourth quarter. The current
estimate of the pre-tax charges is US$23 million.  These charges will
reduce after-tax earnings by approximately US$0.35 per share.  Including
these charges, the net loss for the fourth quarter is expected to be in
the range of US$0.18 to US$0.22 per share.

                       About Ferro Corp

Headquartered in Cleveland, Ohio, Ferro Corporation --
http://www.ferro.com/-- is a global producer of an array of performance
materials sold to a range of manufacturers in approximately 30 markets
throughout the world.  Ferro applies certain core scientific expertise in
organic chemistry, inorganic chemistry, polymer science and material
science to develop coatings for ceramics and metal; materials for passive
electronic components; pigments; enamels, pastes and additives for the
glass market; glazes and decorating colors for the dinnerware market;
specialty plastic compounds and colors; polymer additives; specialty
chemicals for the pharmaceuticals and electronics markets, and active
ingredients and high-purity carbohydrates for pharmaceutical formulations.
The company's products are classified as performance materials, rather
than commodities, because they are formulated to perform specific and
important functions both in the manufacturing processes and in the
finished products of its customers

Ferro Corp. has global locations in Argentina, Australia, Belgium, Brazil
and China, among others.

The Troubled Company Reporter Asia Pacific reported on Oct. 5, 2006,
that Standard & Poor's Ratings Services' 'B+' long-term corporate credit
and 'B' senior unsecured debt ratings on Ferro Corp. remained on
CreditWatch with negative implications, where they were placed Nov. 18,
2005.

Standard & Poor's will resolve the CreditWatch after Ferro files its 2005
full year and 2006 quarterly financial statements, which are expected by
Sept. 30th and Dec. 31st, respectively.


GLOBAL CROSSING: Unit Prices Offering of 11.75% Sr. Sec. Notes
--------------------------------------------------------------
Global Crossing (UK) Telecommunications Ltd. reported that Global Crossing
(UK) Finance Plc, a wholly owned finance subsidiary of GCUK, priced an
offering of 11.75% Senior Secured Notes due 2014.

The GBP52 million aggregate principal amount of Notes was priced at
109.25% of par value for gross proceeds of GBP56.8 million.  The Notes
will be issued under the indenture, dated as of
Dec. 23, 2004, pursuant to which Global Crossing (UK) Finance Plc
previously issued US$200 million aggregate principal amount of its
dollar-denominated 10.75% Senior Secured Notes due 2014 and 105 million
pounds sterling aggregate principal amount of its sterling-denominated
11.75% Senior Secured Notes due 2014.

The sale of the GBP52 million in aggregate principal amount of Notes is
expected to close on Dec. 28, 2006.

Proceeds from the offering will be used to acquire Fibernet Group Ltd. and
certain of its subsidiaries from Global Crossing Acquisitions (UK) Ltd.,
an affiliated acquisition vehicle that acquired Fibernet pursuant to an
offer that was declared wholly unconditional on Oct. 11, 2006, and to pay
related fees and expenses.  Upon completion of the acquisition by GCUK,
Fibernet and its subsidiaries will guarantee the Notes and all other
obligations under the indenture.

The Notes were sold only to qualified institutional buyers in the United
States under Rule 144A and to qualified investors outside the United
States that are non-US.  Persons under Regulation S and have not been and
will not be registered under the U.S. Securities Act of 1933, as amended,
or any other applicable securities laws.  The Notes may not be offered or
sold in the US absent registration or an applicable exemption from
registration requirements.

                           About GCUK

Global Crossing (UK) Telecommunications Ltd. provides a full
range of managed telecommunications services in a secure
environment ideally suited for IP-based business applications.
The company provides managed voice, data, Internet and e-
commerce solutions to the strong and established commercial
customer base, including more than 100 UK government
departments, as well as systems integrators, rail sector
customers and major corporate clients.  In addition, GCUK
provides carrier services to national and international
communications service providers.

Global Crossing (UK) Telecommunications operates a high-capacity
UK network comprising over 5,600 route miles of fiber optic
cable connecting 150 towns and cities and reaching within just
over one mile of 64% of UK businesses.  The UK network is linked
into the wider Global Crossing network that connects more than
300 major cities and 30 countries worldwide, and delivers
services to more than 600 cities, 60 countries and 6 continents
around the globe.

                      About Global Crossing

Headquartered in Florham Park, New Jersey, Global Crossing Ltd. --
http://www.globalcrossing.com/-- provides  telecommunication services
over the world's first integrated global IP-based network, which reaches
27 countries and more than 200 major cities around the globe, including
Hong Kong.  Global Crossing serves many of the world's largest
corporations, providing a full range of managed data and voice products
and services.  The company filed for chapter 11 protection on Jan. 28,
2002 (Bankr. S.D.N.Y. Case No. 02-40188).  When the Debtors filed for
protection from their creditors, they listed US$25,511,000,000 in total
assets and US$15,467,000,000 in total debts.  Global Crossing emerged from
chapter 11 on Dec. 9, 2003.

At Sept. 30, 2006, Global Crossing Ltd.'s balance sheet reflected a US$131
million stockholders' deficit.  At June 30, 2006, Global th company
reported US$1.87 billion in total assets and US$1.95 billion in total
liabilities, resulting to a stockholders' deficit of US$86 million.  It
also reported a US$173 million stockholders' deficit on Dec. 31, 2005.


GLOBAL MARCH: Will Pay Dividend on December 29
----------------------------------------------
Global March Ltd will pay the first and final dividend to unsecured
creditors on Dec. 29, 2006.

The payment will be administered at 20/F, Prince's Building Central, Hong
Kong.

The Troubled Company Reporter - Asia Pacific previously reported that the
company's creditors were required to submit their proofs of claim before
Sept. 25, 2006.

The company's liquidator can be reached at:

         John J. Toohey
         22/F, Prince's Building
         Central, Hong Kong


GREEN STAR ASIA: Appoints Mak Man Cheung as Liquidator
------------------------------------------------------
On Dec. 12, 2006, Mak Man Cheung was appointed as liquidator of Green Star
Asia Ltd by virtue of a special resolution.

Mr. Cheung's appointment was confirmed at the creditors' meeting held on
Dec. 19, 2006.

The Liquidator can be reached at:

         Mak Man Cheung
         Chartered Accountant
         Suites 1801 & 1802
         Alliance Building
         130-136 Connaught Road, Central
         Hong Kong


HARVEST FOCUS: Members Agree to Shut Down Business Operations
-------------------------------------------------------------
The members of Harvest Focus Development Ltd on Dec. 11, 2006, passed a
special resolution to voluntarily liquidate the company's business.

Subsequently, Thomas Andrew Corkhill and Iain Ferguson Bruce were
appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

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


KA YAU: Members Opt for Voluntary Wind-Up
-----------------------------------------
On Dec. 15, 2006, the members of Ka Yau Tong Ltd met and passed a special
resolution to voluntarily wind up the company's operations.

Accordingly, Chan Yim Wah was appointed as liquidator

The Liquidator can be reached at:

         Chan Yim Wah
         Flat B, 4/F
         Haven Commercial Building
         Nos. 6-8 Tsing Fung Street, North Point
         Hong Kong


METROPOLITAN FINANCE: Members Resolve to Wind Up Operations
-----------------------------------------------------------
At an extraordinary general meeting held on Dec. 8, 2006, the members of
Metropolitan Finance Corporation Ltd passed a special resolution to
voluntarily wind up the company's operations.

Chuvit Pornrattanayakorn was consequently appointed as liquidator.

The Liquidator can be reached at:

         Chuvit Pornrattanayakorn
         Flat B, 14/F
         Block 2, Golden Dragon Industrial Centre
         162-170 Tai Lin Pai Road
         Kwai Chung, New Territories
         Hong Kong

                   About Metropolitan Finance

Metropolitan Finance Corporation Ltd is engaged with short-term business
credit institutions, except agricultural credit institutions.

The company is located in Central District, HK, Hong Kong.


VASTHEME INTERNATIONAL: Annual Meetings Slated for January 9
------------------------------------------------------------
The annual meetings of the members and creditors of Vastheme International
Company Ltd will be held at 27/F, Alexandra House, 18 Chater Road,
Central, Hong Kong on Jan. 9, 2007, at 9:30 a.m. and 10:00 a.m.,
respectively.

During the meeting, the liquidators will present an account of their acts
and dealings regarding the company's wind-up during the preceding year.

The joint and several liquidators can be reached at:

         Gabriel CK Tam
         Jacky CW Muk
         Bank of America Tower
         12 Harcourt Road
         Hong Kong
         Telephone: 852 2584 6222
         Fax: 852 2530 0484


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

CONEXANT SYSTEMS: Posts US$122.6 Million Net Loss in Fiscal 2006
----------------------------------------------------------------
Conexant Systems Inc. reported a US$122.6 million net loss on US$970.8
million of net revenues for the fiscal year ended
Sept. 29, 2006, compared with a US$176 million net loss on US$722.7
million of net revenues for the fiscal year ended
Sept. 30, 2005.

The decrease in net loss is primarily due to the higher gross margin of
US$446 million in fiscal 2006, compared to a
US$228.8 million gross margin in fiscal 2005.

Net revenues increased 34% to US$970.8 million in fiscal 2006 from
US$722.7 million in fiscal 2005.  This increase was driven by a 39%
increase in unit volume shipments, which was partially offset by a 3%
decrease in average selling prices.

Gross margin percentage for fiscal 2006 was 46% compared with 32% for
fiscal 2005.  The higher gross margin percentage in fiscal 2006 can be
attributed to the benefits of the company's product cost-reduction
initiatives, as well as more stable product pricing.  In addition, the
company also recorded a US$17.5 million gain resulting from the
cancellation of a wafer supply and services agreement with Jazz
Semiconductor, Inc., which was recorded as a reduction of cost of goods
sold.

At Sept. 29, 2006, the company's balance sheet showed
US$1.6 billion in total assets, US$1.1 billion in total liabilities, and
US$510,098 in total stockholders' equity.

Cash, cash equivalents and marketable securities decreased US$39.2 million
between Sept. 30, 2005 and Sept. 29, 2006.  The decline in fair value of
the company's investment in Skyworks Solutions accounted for US$11.3
million of this decrease.  The remaining decline of US$27.9 million is
attributable to net cash outflow from operating and investing activities,
including the US$70 million payment to Texas Instruments as a result of a
patent litigation settlement, offset by net cash provided by financing
activities of US$88.6 million during the period.

Full-text copies of the company's financial statements for the year ended
Sept. 29, 2006, are available for free at:

               http://researcharchives.com/t/s?176f

Headquartered in Newport Beach, CA, Conexant Systems, Inc. --
http://www.conexant.com/-- is a leading provider of integrated
circuits for the communications and broadband digital home
markets.  The company has operations in India, Taiwan, China,
Japan, Korea, Bristol, and Germany.

The Troubled Company Reporter - Asia Pacific reported on Nov. 1, 2006,
that Standard & Poor's Ratings Services raised its corporate credit and
other ratings on Conexant Systems Inc., reflecting improved liquidity and
operating results.  The corporate credit rating was raised to 'B' from
'B-'.  The outlook was revised to stable from negative.

At the same time, Standard & Poor's assigned 'B+' senior secured
rating and '1' recovery rating to the company's proposed US$250
million senior secured floating rate notes due 2010, indicating
that investors can expect full (100%) recovery of principal in
the event of payment default.  The rating is based on preliminary offering
statements and is subject to review upon final documentation.

Also on Nov. 1, the TCR-AP reported that Moody's Investors Service
assigned a B1 rating to the senior secured floating rate notes and a Caa1
rating to the corporate family of Conexant Systems, Inc.


CONEXANT SYS: Inks Pact Extending Credit Maturity to Nov. 2007
--------------------------------------------------------------
Conexant Systems Inc., Conexant USA LLC's wholly owned subsidiary, and
Wachovia Bank National Association signed an amendment to the credit and
security agreement dated as of Nov. 29, 2005.

The amendment extends the termination date of the Credit Agreement to Nov.
28, 2007, and the terms of the receivables purchase agreement and the
servicing agreement between the Company and Conexant USA, which was
subject to certain conditions precedent, including Conexant USA's renewal
of its international credit insurance policy, which occurred on Nov. 29,
2006.

Headquartered in Newport Beach, CA, Conexant Systems, Inc. --
http://www.conexant.com/-- is a leading provider of integrated
circuits for the communications and broadband digital home
markets.  The company has operations in India, Taiwan, China,
Japan, Korea, Bristol, and Germany.

The Troubled Company Reporter - Asia Pacific reported on Nov. 1, 2006,
that Standard & Poor's Ratings Services raised its corporate credit and
other ratings on Conexant Systems Inc., reflecting improved liquidity and
operating results.  The corporate credit rating was raised to 'B' from
'B-'.  The outlook was revised to stable from negative.

At the same time, Standard & Poor's assigned 'B+' senior secured
rating and '1' recovery rating to the company's proposed US$250
million senior secured floating rate notes due 2010, indicating
that investors can expect full (100%) recovery of principal in
the event of payment default.  The rating is based on preliminary offering
statements and is subject to review upon final documentation.

Also on Nov. 1, the TCR-AP reported that Moody's Investors Service
assigned a B1 rating to the senior secured floating rate notes and a Caa1
rating to the corporate family of Conexant Systems, Inc.


GENERAL MOTORS: Applauds ITC's Ruling Revoking Steel Duty Orders
----------------------------------------------------------------
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 General Motors

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries, including India, and its vehicles are sold in 200
countries.

                          *     *     *

Standard & Poor's Ratings Services, on Dec. 13, 2006, affirmed
its 'B' corporate credit rating and other ratings on General
Motors Corp. and removed them from CreditWatch with negative
implications, where they were placed on March 29, 2006.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 16, 2006, Moody's Investors Service assigned a Ba3, LGD1,
9% rating to the proposed US$1.5 Billion secured term loan.  The
term loan is expected to be secured by a first priority
perfected security interest in all of the US machinery and
equipment, and special tools of GM and Saturn Corporation.


RELIANCE INDUSTRIES: Inks Cooperation Deal with Essar Oil
---------------------------------------------------------
Reliance Industries Ltd and Essar Oil, used to be seen as biggest Rivals
in India, are joining hands to cooperate in distributing each other's
products, moneycontrol.com reports.

"The two companies will join hands to take forward their fuel businesses
to the far off corners of India," the finance portal states.  "The
co-operation makes sense."

Awadhesh N Sinha, Essar Oil managing director admitted the competition
with RIL in the market place.  "But when it comes to infrastructure
sharing, cutting down your logistics cost, your infrastructure cost,
production cost, you cooperate," he told moneycontrol.com.

                   About Reliance Industries

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

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

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


RELIANCE INDUSTRIES: Sees Opportunities in Kurdistan
----------------------------------------------------
Reliance Industries Ltd is reportedly considering investing in Kurdistan.

According to the Business Standard, Reliance Industries is seeking oil
fields in the region and is even in talks with the Kurdistan Regional
Government for possible tie-ups.

It is also thinking of buying fields in Kurdistan as its own, the report
states.

"Reliance is also in talks with an Indian company to jointly explore
potential oil fields in Kurdistan," BS cites a source close to the
development as saying.  "A deal could be finalized in six months," the
source added.

Kurdistan is known for its rich underground resources including, oil.
According to http://en.wikipedia.orgKRG-controlled parts of Iraqi
Kurdistan only by itself is estimated to have around 45bn barrels of oil
reserves making it 6th largest in the world.

                   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.


RPG LIFE: Discloses Auditors' Observations on Sept. 2006 Review
---------------------------------------------------------------
In a filing with the Bombay Stock Exchange, RPG Life Sciences Ltd
discloses the observations made by the company's auditors pursuant to
their review for the quarter ended Sept. 30, 2006.

According to the auditors, they are unable to comment on the extent of
realizability of RPG Life's investments to its wholly owned subsidiary
Instant Trading and Investment Company Ltd.  The investment covers:

   -- INR341,308 thousands in the shares and debentures of the
      subsidiary; and

   -- INR767,907 thousands in loans and advances given to the
      subsidiary.

Instant Trading's net worth has been substantially eroded, against which a
provision of INR50,000 thousands made in an earlier year is being carried
forward, the BSE filing reveals.

The auditors further notes that RPG Life has entered into a settlement
agreement on Oct. 26, 2006, with the lessor of its manufacturing facility
at Pune for mutual termination of the lease and related agreements.  Based
on the settlement agreement, the company is required to make a payment of
INR139,000 thousands immediately and the balance amount of INR30,000
thousands within 24 months from the date of the settlement agreement.  RPG
Life currently carries a provision of INR152,800 thousands towards its
dues to the lessor and has not provided for the balance amount of
INR16,200 thousands.

As reported in the Troubled Company Reporter - Asia Pacific, RPG Life
posted INR306 lakh in net profit for the three months ended Sept. 30,
2006, a 49% decrease from the INR597 lakh in the corresponding period last
year.

                    About RPG Life Sciences

Headquartered in Mumbai, India, RPG Life Sciences Ltd --
http://www.rpglifesciences.com/-- is a full spectrum, world
class, customer focused, innovative pharmaceutical organization.
Formerly known as Searle (India) Ltd., the company develops,
manufactures and markets, for national and international
markets, a broad range of branded formulations, generics and
bulk drugs developed through fermentation and chemical synthesis
routes.

On April 17, 2003, Credit Analysis and Research Limited
downgraded the rating of the outstanding NCD program of
INR145.5 million of RPG Life Sciences rating from CARE BBB to
CARE D.  The downgrade is on account of a default in debt servicing
obligations towards institutional investors.


STATE BANK OF INDIA: Govt. Introduces Bill Amending Company Act
---------------------------------------------------------------
As widely reported, the Indian Government proposes an amendment to the
State Bank of India Act allowing the bank to raise additional funds.

Introduced by India's Finance Minister P. Chidambaram on December 18, the
SBI Amendment Bill 2006 also seeks to reduce the Reserve Bank of India's
minimum holding in SBI from 55% to 51%.

Currently, RBI holds 59.73% of SBI, Reuters notes in a report dated Dec. 18.

According to Business Line, the Bill further proposes to:

   -- allow SBI to issue preference and bonus shares;

   -- increase the bank's authorized capital from INR20 crore to
      INR5,000 crore;

   -- enable the bank to increase issued capital by preferential
      allotment or private placement of equity or preference
      shares;

   -- restrict the voting rights of preference shareholders to
      resolutions directly affecting their rights;

   -- allow transfer of unpaid or unclaimed dividend of up to 30
      days to an unpaid dividend account and after seven years
      to the Investor Education and Protection Fund established
      under Section 205C of the Companies Act;

   -- abolish the post of vice-chairman;

   -- allow the Central Government to appoint not more than four
      managing directors in consultation with RBI; and

   -- entitle the shareholders present in an annual general
      meeting to adopt the balance sheet.

The amendments, according to The Financial Express, would also relax the
restrictions faced by the shareholders of SBI's subsidiary banks in terms
of free transferability, individual holding of shares and their voting
rights.  The seven subsidiary banks of SBI that are to be impacted by the
Bill are:

   * State Bank of Saurashtra,
   * State Bank of Hyderabad,
   * State Bank of Patiala,
   * State Bank of Bikaner and Jaipur,
   * State Bank of Indore,
   * State Bank of Mysore, and
   * State Bank of Travancore.

State Bank of India is headquartered in Mumbai, and at the end
of March 2006 had total assets of INR4,939 billion
(US$111 billion).

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
December 7, 2006, that Standard & Poor's Ratings Services
assigned its 'BB+' issue rating to the proposed issue of US$300
million senior unsecured, five-year, floating-rate foreign
currency notes to be issued by State Bank of India through its
London branch.

On April 21, 2006, TCR-AP reported that Fitch Ratings has
affirmed State Bank of India's Long-term Issuer Default rating
at BB+, Short-term rating at "B", Individual rating at "C" and
Support rating at '3'.  The outlook on the ratings is stable.

Moody's Investors Service placed a Ba2/Not Prime rating on State
Bank of India's foreign currency bank deposits, a Ba2/Not Prime
rating on its domestic currency bank deposits, and a D Bank
Financial Strength Rating in June 2006.


STATE BANK OF INDIA: Life Insurance Corp. Buys 200,000 Shares
-------------------------------------------------------------
Life Insurance Corporation of India acquired 200,000 shares of the State
Bank of India through open market on Dec. 19, 2006, a filing with the
Bombay Stock Exchange reveals.

The purchase increased Life Insurance Corp.' stake in SBI from 26,211,702
shares or 4.98% to 26,411,702 or 5.02%.

State Bank of India is headquartered in Mumbai, and at the end
of March 2006 had total assets of INR4,939 billion
(US$111 billion).

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
December 7, 2006, that Standard & Poor's Ratings Services
assigned its 'BB+' issue rating to the proposed issue of US$300
million senior unsecured, five-year, floating-rate foreign
currency notes to be issued by State Bank of India through its
London branch.

On April 21, 2006, TCR-AP reported that Fitch Ratings has
affirmed State Bank of India's Long-term Issuer Default rating
at BB+, Short-term rating at "B", Individual rating at "C" and
Support rating at '3'.  The outlook on the ratings is stable.

Moody's Investors Service placed a Ba2/Not Prime rating on State
Bank of India's foreign currency bank deposits, a Ba2/Not Prime
rating on its domestic currency bank deposits, and a D Bank
Financial Strength Rating in June 2006.


STATE BANK: Ready to Go Into Various Segments, Chairman Says
------------------------------------------------------------
The State Bank of India is ready to venture into various businesses on a
grand scale, The Financial Express reports, citing a statement made by the
bank's Chairman, Om Prakash Bhatt.

Previously there were so many businesses the bank did not venture into
because there was no ownership of these ideas within the bank and it was
not structured to deal with them,
Mr. Bhatt told FE in an exclusive interview.

Now, FE relates, SBI has started firming up 15 new business initiatives
with substantial profit potential and has even formed a new department to
draw up a blueprint for these segments.

Among the areas SBI is eyeing are private equity, point of sale, cards
business, pension, general insurance, merchant acquisitions and gold
banking, the newspaper states.

State Bank of India is headquartered in Mumbai, and at the end
of March 2006 had total assets of INR4,939 billion (US$111
billion).

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
December 7, 2006, that Standard & Poor's Ratings Services
assigned its 'BB+' issue rating to the proposed issue of US$300
million senior unsecured, five-year, floating-rate foreign
currency notes to be issued by State Bank of India through its
London branch.

On April 21, 2006, TCR-AP reported that Fitch Ratings has
affirmed State Bank of India's Long-term Issuer Default rating
at BB+, Short-term rating at "B", Individual rating at "C" and
Support rating at '3'.  The outlook on the ratings is stable.

Moody's Investors Service placed a Ba2/Not Prime rating on State
Bank of India's foreign currency bank deposits, a Ba2/Not Prime
rating on its domestic currency bank deposits, and a D Bank
Financial Strength Rating in June 2006.


TATA MOTORS: Forms JV with Thailand's Thonburi Automotive
---------------------------------------------------------
Tata Motors Ltd and Thonburi Automotive Assembly Plant Co., the
Thailand-based independent assembler of automobiles, formed a joint
venture company in Thailand to manufacture, assemble and market pickup
trucks, a company press release states.

The joint venture, in which Tata Motors will hold 70% of the equity and
Thonburi 30%, will get vehicles manufactured in Thonburi's manufacturing
facility.  It will go on stream in a year's time.

The joint venture will facilitate Tata Motors to address the Thailand
market, the second largest pickup market in the world after the United
States.  Both partners will jointly manage the operation.

Tata Motors makes it clear that the pickup trucks will conform to
international standards in quality and safety, and will be marketed in
Thailand and exported to other potential markets in the region.

"Introduction of Tata Motors pickup vehicles and a manufacturing facility
in Thailand provide a unique opportunity to the company," Tata Motors
Chairman, Ratan N. Tata, was quoted as saying.  "We believe the joint
venture will make meaningful impact in this most competitive market for
pickup vehicles."

The Managing Director of Thonburi, Mr. Robru Viriyaphant, said, "The
cooperation with Tata Motors offers Thonburi the opportunity to expand our
business portfolio.  Tata vehicles have dominated the Indian commercial
vehicle market for decades and the company is now aiming for a stronger
presence internationally.  We are proud to be a part of this expansion
strategy because of our great confidence in Tata products and technology.
The new pickup truck will be the right product for both domestic and
export markets."

                      About Thonburi Group

Thonburi established its first automotive operation in 1941 and is said to
be one of the largest independent assemblers in Thailand.  The group
currently assembles passenger cars for Mercedes Benz.  In 2005, they
produced 4,150 passenger cars and 250 buses with net revenues of US$208
million.  The group has over 2,000 employees.  The Thonburi Group has
served the Thai automotive market as importer, distributor, retailer,
assembler, body builder, mass transportation service provider and supplier
and contractor for military vehicles.

                       About Tata Motors

Tata Motors Limited -- http://www.tatamotors.com/-- is mainly
engaged in the business of automobile products consisting of all
types of commercial and passenger vehicles, including financing
of the vehicles sold by the Company.  The Company's operating
segments consists of Automotive and Others.  In addition to its
automotive products, it offers construction equipment,
engineering solutions and software operations.  During the
fiscal year ended March 31, 2006 (fiscal 2006), the Company sold
454,129 vehicles.  Its commercial vehicle sales were 245,022 in
the domestic and overseas market in fiscal 2006.  The Company
created a new segment in the domestic commercial vehicle market
by launching a mini truck, TATA ACE in May 2005.  It achieved a
sale of 209,107 passenger vehicles in the domestic and overseas
market (including the sale of 209 Fiat cars) in fiscal 2006.
Tata Motorfinance (TMF), the vehicle-financing business of the
Company financed 96,247 new vehicles during fiscal 2006.

As reported in the Troubled Company Reporter - Asia Pacific on Dec. 13,
2006, Standard & Poor's Ratings Services raised its corporate credit
ratings for Tata Motors to 'BB+' from
'BB'.  The outlook is stable.  At the  same time, Standard &
Poor's has raised its rating on Tata Motors' senior unsecured
notes to 'BB+' from 'BB'.

Moody's Investors Service, on July 26, 2005, gave Tata Motors 'Ba1'
long-term corporate family and senior unsecured debt ratings.


TATA MOTORS: Inks Industrial Joint Venture Deal with Fiat Auto
--------------------------------------------------------------
Fiat Auto and Tata Motors agreed to form a joint venture pursuant to a
Memorandum of Understanding in July 2006, a joint and press release
relates.

According to the release, the deal calls mainly for the creation and
establishment of an industrial joint venture in India, located at the Fiat
plant at Ranjangaon, in the State of Maharashtra.

With capacities to produce in excess of 100,000 cars and 200,000 engines
and transmissions yearly, at steady state, the Ranjangaon plant will
manufacture vehicles for the Indian and overseas markets.  Both Fiat and
Tata vehicles will be manufactured at the same facility, which will be
managed equally by the two Shareholder Partners.

Pursuant to an arrangement already in place since March 2006
Fiat-branded cars will be distributed by Tata through the Tata-Fiat dealer
network. The network will progressively increase to 100 outlets for the
launch of the new models to cover the entire length and breadth of the
country.  Currently, 42 Tata-Fiat dealerships are already operational.
Manufacturing of Tata cars in the joint venture will supplement the
production capacities of the Tata Motors Car Plant in Pune to meet growing
demand and to prepare for new Tata car models.

The aggregate investments in this industrial joint venture will be made in
a phased manner and may exceed INR4000 crores.  The venture will start
production of engines and new cars progressively from the beginning of
2008.

Fiat and Tata are also continuing discussions for industrial and
commercial cooperations in Latin America, as per a joint analysis which
began in July 2006, the release adds.  According to the partners, the
discussions are progressing positively.

"This strategic alliance with Fiat enables the two Companies jointly to
present a wider range of product offerings to the Indian market, Ratan N.
Tata, Chairman of Tata Motors says.  "It enables Tata Motors to access
world-class powertrains from Fiat for its next generation car offerings
while enhancing the model line at its dealerships."

                          About Fiat

One of the pioneer companies in the automobile industry, Fiat has produced
more than 87 million passenger cars and light commercial vehicles,
including no less than 400 models, since 1899, when the company was
founded in Turin, Italy.  Some of them have represented milestones in the
automotive industry.

                       About Tata Motors

Tata Motors Limited -- http://www.tatamotors.com/-- is mainly
engaged in the business of automobile products consisting of all
types of commercial and passenger vehicles, including financing
of the vehicles sold by the Company.  The Company's operating
segments consists of Automotive and Others.  In addition to its
automotive products, it offers construction equipment,
engineering solutions and software operations.  During the
fiscal year ended March 31, 2006 (fiscal 2006), the Company sold
454,129 vehicles.  Its commercial vehicle sales were 245,022 in
the domestic and overseas market in fiscal 2006.  The Company
created a new segment in the domestic commercial vehicle market
by launching a mini truck, TATA ACE in May 2005.  It achieved a
sale of 209,107 passenger vehicles in the domestic and overseas
market (including the sale of 209 Fiat cars) in fiscal 2006.
Tata Motorfinance (TMF), the vehicle-financing business of the
Company financed 96,247 new vehicles during fiscal 2006.

As reported in the Troubled Company Reporter - Asia Pacific on Dec. 13,
2006, Standard & Poor's Ratings Services raised its corporate credit
ratings for Tata Motors to 'BB+' from
'BB'.  The outlook is stable.  At the  same time, Standard &
Poor's has raised its rating on Tata Motors' senior unsecured
notes to 'BB+' from 'BB'.

Moody's Investors Service, on July 26, 2005, gave Tata Motors 'Ba1'
long-term corporate family and senior unsecured debt ratings.


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

ANEKA TAMBANG: Repaired Facility Ups 2007 Production Targets
------------------------------------------------------------
PT Aneka Tambang may produce up to a record 22,000 metric tons of the
metal used in stainless steel next year as it ramps up output at a new,
repaired smelter, Bloomberg News reports.

The figure is about 10% more than the earlier set targets on November 22,
2006.

Bloomberg cites Antam Investors Relations Manager Cameron Tough as saying
that the facility is being brought back online gradually after being shut
down in July.  The increased output would place Antam in the position to
take advantage of surging demand.

Bloomberg News explains that nickel futures on the London Metal Exchange
soared to their highest in at least 19 years on Dec. 1, touching US$34,300
a ton.

                        Sulawesi Smelter

According to the report, Mr. Tough also said in an interview that the
company had a new US$171 million smelter, in Pomalaa, Southeast Sulawesi
province.

The Japanese contractors, Mitsui & Co. Ltd. and Kawasaki Heavy Industries
Ltd., are handling the repairs at no extra cost to the company.

Bloomberg adds that Antam is also preparing to overhaul its oldest plant,
a 31-year-old smelter, which can produce 5,000 tons of nickel a year.  Its
second smelter, refurbished last year, can produce 6,000 tons of nickel a
year.  The new, third smelter contributed 1,880 tons out of about 10,000
tons of company production in the first nine months of this year.

Mr. Tough adds that the company, at full capacity, can now produce as much
as 24,000 tons a year.

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

                          *     *     *

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

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


BANK BUANA: Mulls Merger with Bank UOB
---------------------------------------
Bank Buana Indonesia and Bank UOB Indonesia have announced that they are
considering a merger to comply with Bank Indonesia's single presence
policy, the Coordinating Ministry for Economic Affaris of Indonesia said
in a press release sent to the Indonesian Embassy in Canberra, Australia.

The release explains that under the rule, which is to be implemented next
year, a banker may not have a controlling stake in more than one bank.
The Indonesian central bank has suggested that bank owners holding a
majority share of more than one bank, can comply with the rule either by
divesting their stake, establishing a holding company or through a merger.

The report cited Bank Buana President Jimmy H Kurniawan as saying that
they "will study the options" and "will make our decision before the
deadline in December 2007."

Bank Buana is 61% owned by the UOB Group, which also owns 99% of Bank UOB
Indonesia.

Headquartered in Jakarta, PT Bank Buana Indonesia Terbuka  --
http://www.bankbuana.com-- provides public deposits, investment  
portfolio, and other financial services, including: demand, savings and
time deposits, Bank Indonesia promissory notes, bonds, consumer loans,
retail commercial loans, and corporate loans.  Other financial services
include exports, imports, transfers, collection, issuing of bank
guarantees and foreign currency transactions.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on December
15, 2006, Fitch Ratings affirmed Bank Buana's:

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

   -- Long-term local currency Issuer Default rating at 'BB-';

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

   -- Individual rating at 'C/D'; and

   -- Support rating at '3'.


BANK DANAMON: Unit Secures $30MM Loan from Deutsche Investitions
----------------------------------------------------------------
Automotive financing PT Adira Finance, a unit of PT Bank Danamon
Indonesia, said it has secured a US$30 million loan from Deutsche
Investitions und Entwicklungsgesellschaft mbH (DEG), to support its
financing expansion next year, AFX News Limited reports, citing Adira
president Stanley Setia Atmadja.

The report adds that the loan has a tenor of four years and carries an
interest rate of LIBOR plus 2.4 percentage points.  Mr. Atmadja said that
the loan will help Adira achieve 15 to 20% growth in its new financing in
2007.

AFX News notes that Mr. Atmadja also said that the company is expected to
extend around IDR8.4 trillion in new financing for 2006.  He adds that
Adira is also planning to sell up to IDR1 trillion worth of bonds next
year to back up the credit expansion.

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
July 5, 2006, that Moody's Investors Service has placed Bank Danamon
Indonesia'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.

The TCR-AP reported on December 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';

   -- Individual rating at 'C/D'; and

   -- Support rating at '4'.


BANK NEGARA: To Hasten Debt Restructuring in 2007
-------------------------------------------------
Bank Negara Indonesia is planning to adjust the acceleration of its debt
restructuring plan in 2007, according to the Asian Banker.

The report adds that the bank projects its non-performing loans to decline
to 11% or 12% and the credit will grow by 20% in 2007.

Headquartered in Jakarta, Indonesia, PT Bank Negara Indonesia (Persero)
Tbk -- http://www.bni.co.id-- is a financial  institution with products
and services that include: Individual, Business, Syariah, Micro Banking,
and Online Feature.  The Bank has approximately 700 correspondent banks,
914 local branches and five oversea branches located in New York, London,
Tokyo, Hong Kong and Singapore.  The bank has five subsidiaries: PT BNI
Multi Finance, a financial services company; PT BNI Securities, a
securities company; PT BNI Life Insurance, an insurance provider; PT BNI
Nomura Jafco Manajemen Ventura, a venture capital company, and PT BNJI
Ventura Satu, a venture capital company.

As reported in the Troubled Company Reporter - Asia Pacific on May 22,
2006, Moody's Investors Service has lifted Bank Negara Indonesia's senior
debt rating to B1 from B2, and long-term deposit rating to B2 from B3.
The revised ratings carry a stable outlook.  Bank Negara's short-term
deposit rating of Not-Prime, and bank financial strength rating of E are
unaffected.

A subsequent TCR-AP report on July 17, 2006, said that Standard & Poor's
Ratings Services revised the outlook on the local currency counterparty
credit rating on Bank Negara to stable from positive.  At the same time,
Standard & Poor's affirmed its foreign and local currency ratings on BNI
(B+/Stable/B).

Another TCR-AP report on December 15, 2006 stated that Fitch
Ratings affirmed Bank Negara's:

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

   -- Long-term local currency Issuer Default rating at 'BB-';

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

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

   -- Individual rating at 'D';

   -- Support rating at '4'; and

   -- subordinated notes rating at 'B+'.


BERAU COAL: S&P Assigns 'B' Corporate Credit Rating
---------------------------------------------------
Standard & Poor's Ratings Services, on Dec. 21, 2006, has assigned its 'B'
corporate credit rating to PT Berau Coal (Berau), a coal mining company in
Indonesia.  The outlook is stable.  At the same time, Standard & Poor's
assigned its 'B' rating to the US$325 million guaranteed senior secured
notes issued by Berau's wholly owned subsidiary, Empire Capital Resources
Pte. Ltd.  The notes are unconditionally and irrevocably guaranteed by
Berau.

The issue proceeds will be used primarily to refinance shareholders' debt
(US$239.5 million) and existing bank debt (US$39.5 million), and for
general corporate purposes.

The rating reflects Berau's highly leveraged financial profile after
including the notes.  The company's rating is subject to the inherent
industry risk and coal price volatility.  In addition, the rating reflects
its coal production concentration in Indonesia and its exposure to the
country's relatively uncertain mining laws.  The rating on Berau benefits
from its low cost profile, consistent track record of increasing
production, adequate reserve life, secured supply contracts, relatively
high financial flexibility and low capital expenditure requirements as
most mining operations are outsourced to contractors.

Berau is the fifth-largest coal mining company in Indonesia, with 1%-2%
market share of global coal trade in 2005.  Berau started operations in
1995 and has current coal production capacity of 15 million-16 million
tons per year.

Berau's cash flow protection measures will weaken in the near- to
medium-term with funds from operations (FFO) to debt likely to be less
than 10%.

Berau's near-term liquidity is adequate, with cash holdings of US$29.7
million at Aug. 31, 2006.  After the notes issue, there will be no
immediate liquidity pressure on Berau in servicing the current portion of
debt maturity.

The stable outlook reflects Standard & Poor's expectation that Berau's
cash flow will be supported by the favorable short- to medium-term outlook
for coal prices and the company's ongoing initiatives to maintain or
improve its operating efficiency.  The rating could come under downward
pressure if Berau pursues growth initiatives at the expense of debt
reduction; a sharp increase in its cash production cost or softer coal
prices could lead to weaker cash flows.  Conversely, a revision of the
outlook to positive or a rating upgrade would hinge on Berau's ability to
do the following: maintain its favorable cost profile, a steady increase
in production from existing or new pits and offtake volume; sustain
improvement of cash flow measures; and keep its FFO-to-debt ratio
consistently above 20%.

Headquartered in East Kaliman, PT Berau Coal--http://www.beraucoal.co.id
-- is Indonesia's fifth largest producer and exporter of thermal coal.  It
operates three active mines at a single site in East Kalimantan.  It has
estimated resources of 654.2 million tons with probable reserves estimated
at 61.6mt and proven mineable reserves of 127.6mt.


CORUS GROUP: Auction Looms If Buyer Remains Unnamed by Jan. 31
--------------------------------------------------------------
The contest between Tata Steel U.K. Limited and CSN Acquisitions Ltd. to
acquire Corus Group Plc may turn into an auction if the company fails to
name its buyer by Jan. 30, 2007, Bloomberg News reports.

The Panel on Takeovers and Mergers said that it requires an auction
procedure to determine Corus' buyer if the "competitive situation" between
Tata Steel and CSN remains unresolved by the given date.

                            CSN Bid

As reported in the TCR-AP on Dec. 18, CSN increased its purchase offer for
Corus to US$9.6 billion or 515 pence a share, topping Tata Steel's 500
pence per share offer.

CSN's proposed purchase of Corus will be funded through a BP4.35 billion
of debt underwritten by Barclays Plc, ING Groep NV and Goldman Sachs Group
Inc., Bloomberg says, citing Chief Financial Officer Otavio Lazcano as
saying.  Meanwhile, CSN promised to pay BP138 million to fund the deficit
in the Corus Engineering Steels Pension Scheme, Bloomberg says.  Also, the
steelmaker will raise the contribution rate on the British Steel Pension
Scheme to 12% from 10% until March 31, 2009.  The company's success in
acquiring Corus hinges on the unions' support, according to published
reports.

                          Tata Offer

As reported in the TCR-Europe on Dec. 11, the Boards of Directors of Tata
Steel Ltd. and Corus Group plc have agreed the terms of an increased
recommended revised acquisition at a price of 500 pence in cash per Corus
share.

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

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

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

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

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

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

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

               About Companhia Siderurgica Nacional

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. -- http://www.csn.com.br/-- produces, sells, exports and
distributes steel products, like hot-dip galvanized sheets,
tin mill products and tinplate.  The company also runs its own
iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Portugal and the U.S.

                        About Tata Steel

Established in 1907, Tata Steel is Asia's first and India's largest
private sector steel company. Tata Steel is among the lowest cost
producers of steel in the world and one of the few select steel companies
in the world that is EVA+ (Economic Value
Added).

                        About Corus Group

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

Corus turns over GBP10 billion annually and employs 47,300 in
over 40 countries and sales offices and service centers
worldwide, including Indonesia and the Philippines.

                          *     *     *

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

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

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


FOSTER WHEELER: Secures Boiler Contract from Votorantim Metais
--------------------------------------------------------------
Foster Wheeler Ltd.'s subsidiary Foster Wheeler Energia Oy, which is part
of its Global Power Group, has been awarded a contract by Votorantim
Metais Niquel SA to design and supply a circulating fluidized-bed or CFB
boiler island adjacent to Votorantim Metais' plant located in Acampamento
Macedo, Niquelandia city near Brazilia, Brazil's capital.

Votorantim Metais is a company of Votorantim Group, one of the largest
private industrial conglomerates in Brazil with consolidated net revenues
of BRL19 billion in 2005, and the leading producer of electrolyte nickel
in Latin America.

The terms of the award, which were included in the company's third-quarter
bookings, were not disclosed.

Foster Wheeler's scope includes the design and supply of a petroleum
coke-fired 150-megawatt thermal CFB boiler, auxiliary equipment,
instrumentation and a burner management and boiler protection system,
boiler house steel construction, and advisory services for erection and
commissioning.  The boiler island, which will generate electricity and
process steam to be used in the production of nickel, is scheduled to
commence commercial operation in November 2008.

James E. Stone, chief executive officer of Foster Wheeler Power Group
Europe, commented, "We are delighted with this award, which is our second
CFB win in Brazil during the last twelve months.  This award confirms our
client's confidence in our leading CFB technology, which is ideally suited
to burning petroleum coke efficiently and with low emissions.  The boiler
will also be capable of firing up to 10 percent biomass."

"This is an important project for Votorantim Metais as it is our first CFB
investment.  We decided to select the best technology available on the
market with a reliable partner for project execution," Jose Roberto
Piagentini, general manager of engineering at Votorantim Metais SA,
stated.

With operational headquarters in Clinton, New Jersey, Foster
Wheeler Ltd. -- http://www.fwc.com/-- offers a broad range of
engineering, procurement, construction, manufacturing, project
development and management, research and plant operation
services.  Foster Wheeler serves the refining, upstream oil and
gas, LNG and gas-to-liquids, petrochemical, chemicals, power,
pharmaceuticals, biotechnology and healthcare industries.

The company has offices in Indonesia, China, India, Malaysia,
Singapore, Thailand, and Vietnam.

                          *     *     *

On Dec. 17, 2006, Standard & Poor's Ratings Services revised its outlook
on Foster Wheeler Ltd. to positive from stable.

At the same time, Standard & Poor's affirmed its 'B+' corporate
credit rating and other ratings on the Clinton, New Jersey-based
engineering and construction company.  The company had about
US$217 million of total debt at Sept. 29, 2006.


HANOVER COMPRESSOR: Redeeming US$20.8MM of Conv. Jr. Debentures
---------------------------------------------------------------
Hanover Compressor Co. calls for redemption on Jan. 4, 2007, of
US$20,871,000 aggregate principal amount of the Convertible Junior
Subordinated Debentures Due 2029.  All of the Debentures are owned by
Hanover Compressor Capital Trust and the Trust is required to use the
proceeds received from the redemption to redeem US$20,245,000 aggregate
liquidation amount of its 7-1/4% Convertible Preferred Securities and
US$626,000 aggregate liquidation amount of its 71/4% Convertible Common
Securities.  Hanover Compressor Company owns all of the Common Securities
of the Trust.

The Preferred Securities to be redeemed will be selected in accordance
with the applicable procedures of The Depository
Trust Company for partial redemptions.

Prior to 5:00 p.m., Eastern Time, on Jan. 3, 2007, holders may convert
their Preferred Securities called for redemption on the basis of one
Preferred Security per US$50 principal amount of Debentures which will
then be immediately converted into shares of Hanover Compressor Company
common stock at a price of approximately US$17.875 per share, or 2.7972
shares of Hanover Compressor Company common stock per US$50 principal
amount.  Cash will be paid in lieu of fractional shares.  On Dec. 14, 2006
the closing price of Hanover Compressor Company common stock on the New
York Stock Exchange was US$20.42 per share.

Alternatively, holders may have their Preferred Securities that have been
called for redemption, redeemed on Jan. 4, 2007.  Upon redemption, holders
will receive US$50 for each of their Preferred Securities, plus accrued
and unpaid distributions thereon from Dec. 15, 2006 up to but not
including Jan. 4, 2007. Any of the Preferred Securities called for
redemption and not converted on or before 5:00 p.m., Eastern Time, on Jan.
3, 2007, will be automatically redeemed on Jan. 4, 2007 and no further
distributions will accrue.

Holders of the Preferred Securities should complete the appropriate
instruction form for redemption or conversion, as applicable, pursuant to
The Depository Trust Company's book-entry system and follow such other
directions as instructed by The Depository Trust Company.

Headquartered in Houston, Texas, Hanover Compressor Company --
http://www.hanover-co.com-- rents and repairs compressors and performs
natural gas compression services for oil and gas companies.  It has a
fleet of more than 6,520 mobile compressors ranging from 8 to 4,735
horsepower.  The company's subsidiaries also provide service, fabrication,
and equipment for oil and natural gas processing and transportation
applications.  Hanover Compressor is disposing of its non-oilfield power
generation facilities and used equipment businesses to focus on core
operations.  In 2006 the company sold the US amine treating rental assets
of Hanover Compression Limited Partnership to oil and gas firm Crosstex
Energy for about US$52 million.

The company has locations in Indonesia, China, Indonesia, Japan, Korea,
Taiwan, the United Kingdom, and Vietnam, among others.

As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 29, 2006, Moody's Investors Service, in connection with the
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the North American Forest
Products sector, confirmed its B1 Corporate Family Rating for
Hanover Compressor Company.

Four layers of bond debt issued by Hanover Compressor and
maturing between 2008 and 2014 carry low-B ratings from Moody's
Investors Service and Standard & Poor's Rating Services.


METSO OYJ: Injects EUR15 Million to Raise Paper Unit's Capacity
---------------------------------------------------------------
Metso Paper, a unit of Metso Oyj, is expanding the production capacity of
paper machine rolls, and will build a new production line for big, wide
castings in Jyvaskyla, Finland.  The value of the investment is around
EUR15 million.

The new production line will enable roll castings up to 12 meters in
width.  The investment will also shorten the lead times and improve
occupational safety at the foundry.  The demand for wide paper machines
has developed favorably in recent years.

In addition to new paper machines, rolls are needed in the modernizations
and rebuilds of the installed machines. Large paper machine rolls are one
of the most demanding components in a paper machine.  Metso Paper has
developed the manufacturing know-how and machinery in the Jyvaskyla plant
over a number of years to meet the needs of roll manufacturing.

                           About Metso

Headquartered in Helsinki, Finland, Metso Corporation
--http://www.metso.com/-- is a global engineering and technology
corporation with 2005 net sales of around EUR4.2 billion.  Its 22,000
employees in more than 50 countries serve customers in the pulp and paper
industry, rock and minerals processing, the energy industry and selected
other industries.

The company also has operations in Indonesia.

                          *     *     *

As reported in the TCR-Europe on April 11, Standard & Poor's
Ratings Services revised its outlook on Finland-based machinery
and engineering group Metso Corp. to positive from stable,
reflecting improvements in the group's operating performance and
capital structure that offer it the potential to return to a low
investment-grade rating.  The 'BB+' long-term and 'B' short-term
corporate credit ratings, as well as the 'BB' senior unsecured
debt rating on the group were affirmed.


METSO OYJ: Inks Five-Year EUR500 Million Loan Facility
------------------------------------------------------
Metso Oyj signed a EUR500 million revolving five-year loan facility with a
syndicate of 14 banks.

It replaces an original EUR450 million facility of June 2003, which is
currently not drawn.  The new facility is primarily to support Metso's
short-term funding.

Mandated Lead Arrangers for the loan were Citibank, Commerzbank, Nordea
and SEB Merchant Banking.

                           About Metso

Headquartered in Helsinki, Finland, Metso Corporation
--http://www.metso.com/-- is a global engineering and technology
corporation with 2005 net sales of around EUR4.2 billion.  Its 22,000
employees in more than 50 countries serve customers in the pulp and paper
industry, rock and minerals processing, the energy industry and selected
other industries.

The company also has operations in Indonesia.

                          *     *     *

As reported in the TCR-Europe on April 11, Standard & Poor's
Ratings Services revised its outlook on Finland-based machinery
and engineering group Metso Corp. to positive from stable,
reflecting improvements in the group's operating performance and
capital structure that offer it the potential to return to a low
investment-grade rating.  The 'BB+' long-term and 'B' short-term
corporate credit ratings, as well as the 'BB' senior unsecured
debt rating on the group were affirmed.


NORTEL NETWORKS: Eastman Kodak Renews Three-Year Management Pact
----------------------------------------------------------------
Eastman Kodak Company has agreed to a three-year renewal of an existing
agreement with Nortel Networks Corporation for management of its U.S.
voice network.

The renewal, calls for Nortel to continue managing Kodak's U.S. network of
PBXs and telephone services through 2008 and also includes upgrading an
existing Meridian SL-100 switch to an
IP-enabled Communication Server 2100.  The upgrade will allow the company
to provide VoIP capability when cost-effective for requirements like
worker mobility.

The company disclosed that it has outsourced its voice network to Nortel
since 1995 and will continue to benefit from Business Made Simple through
lower capital and operating costs.  Kodak will also gain an infrastructure
better prepared for future technologies without sacrificing previous
investments.

"We will continue to provide cost savings by operating and managing
Kodak's U.S. network," Nortel Global Services president Dietmar Wendt
said.

"And we'll work with Kodak to address both current and future needs -
including migration to VoIP if and when it makes sense - without requiring
them to take on the costs associated with buying, implementing and
operating new equipment."

Nortel provides network management and maintenance for the company's voice
network, including remote fault monitoring with proactive network
surveillance, customer-defined service level agreements for response and
resolution, moves and changes, comprehensive customer reporting, and
dedicated service management.

                       About Eastman Kodak

Headquartered in Rochester, New York, Eastman Kodak Co.
-- http://www.kodak.com/-- develops, manufactures, and markets digital
and traditional imaging products, services, and solutions to consumers,
businesses, the graphic communications market, the entertainment industry,
professionals, healthcare providers, and other customers.

                          About Nortel

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

                          *     *     *

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

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

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

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


ORBITAL SCIENCES: Closes Sale on US$125MM Sr. Subordinated Notes
----------------------------------------------------------------
Orbital Sciences Corporation closed on the sale of
US$125 million aggregate principal amount of 2.4375% convertible senior
subordinated notes due 2027.

The company entered, on Dec. 7, 2006, into a purchase agreement with
Wachovia Capital Markets LLC and Banc of America Securities LLC as the
"Initial Purchasers," relating to the offering by the company of the
2.4375% Notes due 2027.  The Purchase Agreement also granted the Initial
Purchasers an option to purchase up to US$18.75 million aggregate
principal amount of the Notes to cover over-allotments.  On Dec. 7, 2006,
the Initial Purchasers exercised the option in full.

The net proceeds from the offering, after deducting the Initial
Purchasers' discount and estimated offering expenses, were approximately
US$141 million, of which, approximately
US$50 million will be used to repurchase shares of common stock of the
company in a separate transaction.  The remaining net proceeds, together
with available cash, will be used to repurchase its 9% senior notes due
2011.

The Notes were issued under an Indenture by and between the company and
The Bank of New York, as trustee, dated as of
Dec. 13, 2006.  The Notes and the shares of Common Stock issuable in
certain circumstances upon conversion of the Notes have not been
registered under the Securities Act of 1933, as amended and the Notes were
sold to the Initial Purchasers in reliance on the exemption from
registration provided by Section 4(2) of the Securities Act.  The Initial
Purchasers then sold the Notes to qualified institutional buyers pursuant
to the exemption from registration provided by Rule 144A under the
Securities Act.

                   Registration Rights Agreement

In connection with the sale of the Notes, the Company entered into a
registration rights agreement with the Initial Purchasers, under which,
the company agreed to file a shelf registration statement providing for
the resale by the holders of the Notes and the shares of common stock
issuable upon conversion of the Notes within 120 days after the Closing
and to cause the shelf registration statement to be declared effective
within 180 days after the Closing.

             Amendment of Revolving Credit Facility

Also in connection with the sale of the Notes, the Company entered into an
amendment with Bank of America, N.A., to its existing US$50 million
revolving credit facility to permit the sale of the Notes by the Company.
The amendment also increases the previously existing option of the company
to increase the aggregate revolving loan commitment from a maximum amount
of US$75 million to US$100 million, if one or more new or existing lenders
agrees to provide the amount of the increase.

A full text-copy of the Indenture may be viewed at no charge at
http://ResearchArchives.com/t/s?171d

A full text-copy of the Registration Rights Agreement may be viewed at no
charge at http://ResearchArchives.com/t/s?171e

A full text-copy of the Second Amendment to the Credit Agreement may be
viewed at no charge at http://ResearchArchives.com/t/s?1720

                     About Orbital Sciences

Orbital Sciences Corp. (NYSE: ORB) -- http://www.orbital.com/--
develops and manufactures small rockets and space systems for
commercial, military and civil government customers.  he
company's primary products are satellites and launch vehicles,
including low-orbit, geosynchronous-orbit and planetary
spacecraft for communications, remote sensing, scientific and
defense missions; ground- and air-launched rockets that deliver
satellites into orbit; and missile defense systems that are used
as interceptor and target vehicles.  Orbital also offers space-
related technical services to government agencies and develops
and builds satellite-based transportation management systems for
public transit agencies and private vehicle fleet operators.

The company also has operations in Indonesia.

As reported in the Troubled Company Reporter on Dec. 12, 2006
Standard & Poor's Ratings Services assigned its 'B+' rating to the
US$143.8 million 2.4375% convertible subordinated notes due 2027 of
Orbital Sciences Corp.

The TCR reported on Oct. 3, 2006, that Moody's Investors Service, in
connection with the implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology, confirmed its Ba2 Corporate Family
Rating for Orbital Sciences Corporation and its Ba3 rating on the
company's 9% Senior Notes due 2011.  Moody's assigned those debentures an
LGD4 rating suggesting noteholders will experience a 61% loss in case of
default.


PERUSAHAAN LISTRIK: Government Retenders Four Power Projects
------------------------------------------------------------
The Indonesian Government is reopening the tender for the construction of
four power plants worth US$1.2 billion to be built as part of the
fast-track program to provide additional electricity supplies of about
10,000 megawatts by 2009, The Jakarta Post reports.

According to The Post, PT Perusahaan Listrik Negara President Director
Eddie Widiono said that the four projects were being retendered because
only one of the bidders had satisfied the tender requirements.

The four coal-fired power plants consist of the Banten power plant with a
capacity of 300 MW in Teluk Naga, Banten; the 300-MW Pelabuhan Ratu power
plant in West Java; the 300-MW Pacitan power plant in East Java; and the
600-MW Tanjung Jati power plant in Tanjung Jati, Central Java.

The Post relates that the three 300-MW power plants had attracted 24
bidders, while the 600 MW power plant had attracted bids from 19 local and
overseas companies.  However, as only one of them was qualified to enter
the final round of bidding, the tender, which was launched in July, had
been canceled.

The Post explains that a government regulation states that a tender will
only be valid if at least three bidders progress to the final round of
bidding.

The power plants are being put out to tender as part of the Government's
10,000 MW "crash program" launched in March, which is aimed at preventing
power shortages and cutting the nation's dependence on oil-based fuels for
electricity generation.

The report adds that in October, Perusahaan Listrik opened the tenders for
the construction of 30 power plants outside of Java and Bali islands,
including nine power plants in Sumatra and surrounding islands with a
total capacity of 1,428 MW, as well as plants with a capacity of 220 MW in
Sulawesi and 400 MW in Kalimantan.  The Government has estimated the cost
of infrastructure development in the power sector will reach US$41.3
billion between 2006 and 2016, including US$8 billion under the crash
program.

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes  electricity to around
30 million customers, roughly 60% of Indonesia's population.  The
Indonesian Government decided to end PLN's power supply monopoly to
attract independents to build more capacity for sale directly to
consumers, as many areas of the country are experiencing power shortages.
PLN posted a IDR4.92-trillion net loss in 2005, against a net loss of
IDR2.02 trillion in 2004.

The Troubled Company Reporter - Asia Pacific reported on Oct. 5, 2006,
that Moody's Investors Service has assigned a B1 senior unsecured rating
to PT Perusahaan Listrik Negara's proposed U.S. dollar bond issuance.  At
the same time, Moody's has assigned its B1 corporate family rating to PLN.
The rating outlook is stable.

Standard & Poor's Ratings Services also assigned its 'BB-' foreign
currency rating and 'BB' local currency rating to PLN. The outlook on the
ratings is stable.  At the same time, Standard & Poor's assigned its 'BB-'
issue rating to the proposed U.S. dollar senior unsecured notes issued by
PLN's wholly owned subsidiary, Majapahit Holding B.V.


* Central Bank Upbeat About Reduction in Number of Banks
--------------------------------------------------------
Bank Indonesia is still optimistic that the reduction of the number of
banks in Indonesia to 70 can be achieved in 2010, Tempo Interactive
reports.

According to the report, the central bank will keep pushing for banking
consolidation among the current 130 banks.

Tempo Interactive cites Ryan Kirnanto, a senior economist at PT Bank
Negara Indonesia Tbk, as saying that he considered the firm steps by Bank
Indonesia in forcing bank consolidation as of next year as really
appropriate.

"All this time, consolidation is like the poco-poco (a popular dance): one
moves one step forward but takes two steps backward," he said.

                          *     *     *

As reported in the TCR-AP on July 27, 2006, Standard & Poor's
Ratings Service raised its long-term foreign currency rating for
Indonesia to 'BB-' from 'B+', and the long-term local currency
rating to 'BB+' from 'BB'.  S&P also affirmed the country's 'B'
short-term rating.

Fitch gave Indonesia a BB- long-term foreign currency rating.
Indonesia carries Moody's 'B1' rating.


* Banks to Face NPL-Related Challenges in 2007
----------------------------------------------
The banking industry will still face heavy challenges next year,
especially state-owned banks, regarding non-performing loans, Tempo
Interactive reports.

The report, citing Ryan Kirnanto, senior economist at PT Bank Negara
Indonesia, says that one of the great challenges that the banking industry
will face is the decrease of the non-performing loan rate in PT Bank
Mandiri and Bank Negara.  This is because the national bank non-performing
loans reach 8.5%.

Additionally, Tempo Interactive relates, the non-conducive political
situation and legal uncertainty in Indonesia, according to Mr. Kirnanto,
will also be a test for the banking industry in improving credit
disbursement next year.   The growth of the bank's credit until the third
quarter of this year is still low.  During January and September 2006,
credit disbursement was only IDR50 trillion, far lower than the same
period last year of IDR150 trillion.

The report adds that as a result, Bank Indonesia decreased the target of
credit growth to 13% from the previous target of 18% to 20%.  While next
year, the central bank estimates that credit growth increases from 15-18%.
According to Mr. Kirnanto, other challenges that the banking industry
must face next year are related to the central bank's policy on
Indonesia's Architecture Banking program that has obliged banks to have a
minimum capital of Rp80 billion in 2007.  "The conditions will be the
great challenge for banks," he said.

                          *     *     *

As reported in the TCR-AP on July 27, 2006, Standard & Poor's
Ratings Service raised its long-term foreign currency rating for
Indonesia to 'BB-' from 'B+', and the long-term local currency
rating to 'BB+' from 'BB'.  S&P also affirmed the country's 'B'
short-term rating.

Fitch gave Indonesia a BB- long-term foreign currency rating.
Indonesia carries Moody's 'B1' rating.


* Banker Urge Independent Management of State-Owned Banks
---------------------------------------------------------
A circle of bankers said that the management of a holding company of
state-owned banks must be separated from the government bureaucracy, Tempo
Interactive reports.

According to Tempo, National Banks Association Head Sigit Pramono
explained that the formation of a holding company becomes the main option
of the Government to comply with a single presence policy.  The reason is
that the option does not have an impact on the socio-economic situation.
However, the Government's intervention in managing a holding company of
state-owned banks will enlarge the political aspect compared with a
commercial one.   As a result, the Government's intervention will instead
hamper the objective of setting up a bank holding company to form an
international-class bank.

"The holding company must be managed professionally so that the intention
of establishing a bank that can control the regional market can be
fulfilled," Mr. Sigit said.

The Tempo report adds that this year, Bank Indonesia will issue a single
presence policy, which will ban bank owners from controlling more than one
bank.  The policy, to be imposed on all private and state banks, will be
realized in 2010.  By the end of 2007, all owners or bank controllers must
have reported each bank's policy in order to comply with a single presence
policy.

                          *     *     *

As reported in the TCR-AP on July 27, 2006, Standard & Poor's
Ratings Service raised its long-term foreign currency rating for
Indonesia to 'BB-' from 'B+', and the long-term local currency
rating to 'BB+' from 'BB'.  S&P also affirmed the country's 'B'
short-term rating.

Fitch gave Indonesia a BB- long-term foreign currency rating.
Indonesia carries Moody's 'B1' rating.


* Indonesia Starts to Get Top Marks From Foreign Investors
----------------------------------------------------------
Indonesia's image amongst foreign investors in the past has been anything
but flattering, Manik Mehta, of Bernama News, relates.

Fallen into disrepute because of its high-handed bureaucracy, widespread
corruption at every level, political uncertainty, religious fanaticism and
weak growth compared to the other Asean countries, Indonesia, however, is
now being tipped as the region's "future dark horse".

It is even touted to have the potential to outstrip other countries,
including Malaysia, in terms of economic growth. Indeed, Indonesia is
being described as the "next India".

While the stock markets of China and India showed a strong financial
upsurge and, as part of the success story of the so-called BRIC (Brazil,
Russia, India and China) constellation, Indonesia with its 240 population
remained an undiscovered destination which frightened away many foreign
investors because of its volatility.

However, some analysts now see the proverbial light at the end of the
tunnel in Indonesia.

Notwithstanding the staple of bad news coming from the archipelago --
whether it is violence fermented and carried out by extremists or natural
catastrophes causing death and destruction -- Indonesia has also made
significant progress in recent years, according to some investments banks
who find the reservations against Indonesia are no longer justifiable.

They point out that the value of the Jakarta Composite Index, for example,
has increased four fold in the last three years.

According to the Merill-Lynch analysts, Indonesia could repeat the miracle
of the South Asian giant.

They cite the similarities between India and Indonesia: like India,
Indonesia also has a large domestic market.  This has the advantage that
Indonesia, unlike Malaysia and other countries in the region, would be
less vulnerable to an economic slowdown in the United States.

"As in India, consumption is the main driver of the economic upturn," says
Merrill-Lynch analyst Timothy Bond.  Private consumption accounts for some
65.4 per cent of the total economic performance.

Only 22% is accounted by investments.  In China, private consumption
accounts for 40% while investments make up a third of the economic
performance.

Should there be a weakening of the economy, countries having a high volume
of investments invariably tend to suffer more than those having higher
consumption.

It is not uncommon that the purchase of machinery or the setting up of
infrastructure declines by a fifth or more in bad economic times, with
repercussions on the overall economy.

Consumers, on the other hand, reduce their spending in the worst case
scenario by two to three percent.

As in India, demographics in Indonesia also favour the creation of
opportunities for future growth. Only one eighth of Indonesia's population
is over 60 years.

Almost a third of Indonesians is younger than 15. Indeed, as far as its
foreign trade is concerned, Indonesia has one advantage over India:
whereas the latter imports more than it exports, Indonesia has been
recording a modest trade surplus. Industrial goods and raw materials each
account for half of its exports.

The pundits are really impressed, particularly, by the fact that after
years of a moderate growth, Indonesia could recently attain a new phase of
economic dynamism.

If its GDP growth until 2002 was around three percent, it has risen to
five to six percent since then.

The "Indonesia story", as analysts tend to describe the improving economic
situation, should not be lost sight of. Indeed, the bullish mood at
Jakarta's stock exchange is expected to continue even after 2007.

Experts say that a drop in the lending rate could provide a strong impetus
for the continuing rally at the stock exchange.

With 8%, Indonesia has the highest rate in the entire Asean region.  In
comparison, Thailand has only 4.25% while Malaysia has 3.75%.

Experts say that Indonesia has acquired some political stability after the
election of Susilo Bambang Yudhoyono as the president two years ago.

The next round of elections will be held in 2009; the country's image has
improved with the ex general declaring a frontal war against corruption.

The economic upturn which has kept pace with the political stabilisation,
has resulted in record profits for many big companies of the country.  The
Deutsche Bank has assessed that although Indonesia with a 14.5 rate/profit
ratio appears more favourable than India, the country needs to produce
extremely good growth figures to maintain the boom.

Experts at Deutsche Bank have, consequently, been recommending only
selected blue chip companies such as noodle producer Indofood,
construction subcontracting company Indocement, infrastructure group
United Tractors, the country's biggest financial service provider Bank
Mandiri, gas supplier Perusahaan Gas Negara and telecommunications
provider Telkom.

                          *     *     *

As reported in the TCR-AP on July 27, 2006, Standard & Poor's
Ratings Service raised its long-term foreign currency rating for
Indonesia to 'BB-' from 'B+', and the long-term local currency
rating to 'BB+' from 'BB'.  S&P also affirmed the country's 'B'
short-term rating.

Fitch gave Indonesia a BB- long-term foreign currency rating.
Indonesia carries Moody's 'B1' rating.


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

BANCO BRADESCO: Handling Santa Catarina Payroll for Five Years
--------------------------------------------------------------
Banco Bradesco said in a statement that it has won a state auction to
handle the payroll for Santa Catarina state with a BRL210 million bid.

According to Business News Americas, Santa Catarina has 122,000 workers
and retirees on its payroll, which moves BRL288 million per month.

BNamericas relates that Banco Bradesco's bid came in almost 50% above the
state's minimum price of BRL141 million.

Published reports say that Banco Bradesco initially offered BRL200
million.  However, the bank raised it to BRL210 million after the local
unit of Spain's Santander increased its bid to BRL210mn from BRL146
million.

According to the reports, Banco Itau presented a BRL142-million bid, while
the local unit of UK bank HSBC offered BRL141 million.

BNamericas underscores that new central bank rules allowing state workers
to choose the bank where they receive their paychecks, regardless of any
contract between the state and a financial institution, will take effect
soon.

Larger banks in Brazil consider handling public payrolls as an important
cross-selling opportunity, particularly for payroll and retirement loans,
BNamericas states.

                      About Banco Bradesco

Headquartered in Sao Paulo, Brazil, Banco Bradesco S.A. Banco --
http://www.bradesco.com.br/-- prides itself on serving low-and
medium-income individuals in Brazil since the 1960s. Bradesco is Brazil's
largest private bank, with more than 3,000 banking branches, and also a
leader in insurance and private pension management.  Bradesco has branches
throughout Brazil as well as one in New York, and Japan.  Bradesco offers
Internet banking, insurance, pension plans, annuities, credit card
services (including football-club affinity cards for the soccer-mad
population), and Internet access for customers.  The bank also provides
personal and commercial loans, along with leasing services.

                          *     *     *

As reported on Nov. 27, 2006, Standard & Poor's Ratings Services
maintained the 'BB+' ratings on both of Banco Bradesco SA's
foreign and local currency counterparty credit rating, however
it changed the ratings outlook to positive from stable on both
ratings:

   -- Foreign currency counterparty credit rating

      * to BB+/Positive/B from BB+/Stable/B

   -- Local currency counterparty credit rating

      * to BB+/Positive/B from BB+/Stable/B

   -- Brazil national scale rating

      * to brAA+/Positive/brA-1 from brAA+/Stable/brA-1

This is in connection with Standard & Poor's revised outlook on
its long-term foreign and local currency ratings on 16 Brazilian
entities to positive from stable, following the revision of the
foreign and local currency rating outlooks on the Federative
Republic of Brazil.


CONVERIUM HOLDINGS: Moody's Lifts Debt Rating to Baa3 from B2
-------------------------------------------------------------
Moody's Investors Service has raised the senior debt rating of Converium
Holdings (North America) Inc. to Baa3 from B2.

In the same action, Moody's has upgraded the insurance financial strength
rating of CHNA's subsidiary, Converium Reinsurance (North America) Inc.,
to Baa3 from B2.  The ratings carry a stable outlook.

These rating actions conclude a review initiated on Oct. 17 following an
announcement by the former parent company that it would sell CHNA and its
subsidiaries to National Indemnity Company, a subsidiary of Berkshire
Hathaway Inc.  The sale closed on Dec. 14.

According to Moody's, the rating on CHNA's senior notes largely reflects
implicit support from Berkshire Hathaway, given that CHNA's run-off
subsidiaries remain under receivership (through a letter of understanding
with the Connecticut Insurance Department) and lack the ability to pay
dividends to service debt.  However, the debt will not be guaranteed by
Berkshire Hathaway or any of its subsidiaries.

The upgrade of CRNA acknowledges implicit support from the new parent as
well as the progress the company has made in running off its liabilities
in the past two years.  Moody's believes the new parent is committed to
maintaining the solvency of CRNA and would likely provide explicit support
(for the benefit of policyholders) should the need arise.  Berkshire
Hathaway remains one of the most active acquirers and largest managers of
long-tail, run-off (re)insurance liabilities.

The last rating action on CHNA and its subsidiaries occurred on Oct. 17
when Moody's placed the ratings on review for possible upgrade, following
the announcement by their former parent company that it would sell its
North American operations to NICO.

Ratings upgraded with a stable outlook:

Converium Holdings (North America) Inc.

    * US$200 million 7.125% unsecured senior notes
      due October 2023 to Baa3 from B2

Converium Reinsurance (North America) Inc.

    * insurance financial strength rating to Baa3 from B2

Headquartered in Zug, Switzerland, Converium Holding AG --
http://www.converium.com/-- provides treaty and individual
coverage for risks including accident and health, credit and
surety, e-commerce, third party and professional liability,
life, and special casualty.  The company also operates in Japan, Germany,
United Kingdom, France, Malaysia, Singapore, Australia, Bermuda,
Argentina, U.S.A., Brazil and Canada.


DELPHI CORP: Asks for SEC's View on Foreign Currency Issues
-----------------------------------------------------------
Thomas S. Timko, Delphi Corporation's chief accounting officer and
controller, discloses that Delphi made a written submission to the Office
of the Chief Accountant of the Securities and Exchange Commission on Dec.
18, 2006, requesting the SEC's view of the most appropriate accounting
treatment to be accorded to the Foreign Currency Forward Contacts.  "Once
the SEC has responded, Delphi will be able to complete its analysis and
determine whether a restatement of its previously issued financial
statements is required," Mr. Timko relates.

As reported in the Troubled Company Reporter on Nov. 13, 2006, Delphi's
independent auditors, Ernst & Young LLP, identified and informed Delphi of
a potential issue with the designation of hedges related to foreign
currency in the middle of October.

Specifically, Delphi became aware that the hedge designation for foreign
currency forward contracts it had entered into to hedge exposure to
foreign currency fluctuations may not have satisfied the technical
accounting rules under Statement of Financial Accounting Standards No.
133, Accounting for Derivative Instruments and Hedging Activities, as
amended to qualify for exemption from the more strict effectiveness
testing requirements.

Consequently, Delphi said that its Quarterly Report on Form 10-Q for the
third quarter ended Sept. 30, 2006, could not be filed within the
prescribed time period because it could not complete the preparation of
the required information without unreasonable effort and expense.

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

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

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

The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr.
S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr., Esq., John K.
Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, represent the Debtors in their restructuring efforts.  Robert J.
Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at
Latham & Watkins LLP, represents the Official Committee of Unsecured
Creditors.  As of Aug. 31, 2005, the Debtors' balance sheet showed
US$17,098,734,530 in total assets and US$22,166,280,476 in total debts.
(Delphi Bankruptcy News, Issue No. 51; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


DELPHI CORP: Secures US$4.4-Bil. DIP Loan Pledge from JP Morgan
-------------------------------------------------------------
Delphi Corporation and its debtor-affiliates ask the U.S. Bankruptcy Court
for the Southern District of New York for permission to borrow up to
US$4,495,820,240 of postpetition DIP financing from JP Morgan Chase Bank,
N.A., as administrative agent, and a syndicate of lenders pursuant to
Sections 105, 361, 362, 363, 364(c)(1), 364(c)(2), 364(c)(3), 364(d)(1),
and 364(e) of the Bankruptcy Code and Rules 2002, 4001, and 6004(g) of the
Federal Rules of Bankruptcy Procedure.

The Debtors relate that after reviewing the current strong conditions in
the capital markets and assessing the positive momentum of their
reorganization cases, they have determined that they can refinance their
existing DIP facility on more favorable terms.

Accordingly, the Debtors solicited replacement financing from various
lenders, including the current DIP agent, John Wm. Butler, Jr., Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, in Chicago, Illinois, tells the
Court.  Mr. Butler notes that the Debtors limited their solicitations to
lenders who have already conducted due diligence before.  The Debtors
expect to emerge from Chapter 11 protection in the first half of 2007 and
it would take time for an unfamiliar lender to complete its diligence.

After receiving proposals from JPMorgan and the other bidding investment
banks, the Debtors determined, with the assistance of their advisors and
counsel, that the proposal submitted by JPMorgan offered the most
favorable terms.

"Our new US$4.5 billion DIP financing provides an appropriate foundation
from which to negotiate and secure emergence financing," Delphi Chairman
and CEO Robert S. Miller said in a press statement.  "While there is much
that remains to be accomplished in our reorganization, Delphi and its
stakeholders are together navigating a course that should lead to
consensual resolution with our U.S. labor unions and GM while providing an
acceptable financial recovery framework for stakeholders."

                3-Tranche Facility & Related Fees

The JPMorgan replacement DIP facility comprises three separate
tranches:

     Tranche     Commitment
     -------     ----------
        A        US$1,750,000,000 first priority revolving
                 Commitment

        B        US$250,000,000 first priority term loan
                 commitment

        C        US$2,495,820,240 second priority term loan
                 commitment

Up to US$325,000,000 of the Revolving Facility will be available
for the issuance of letters of credit by JPMorgan, any of its
banking affiliates, or the other Lenders as may agreed with the
Company.

In return for access to the Facility, the Debtors will pay a Tranche A
Commitment Fee equal to 3/8 of 1% per annum on the unused amount of the
Tranche A Commitment, which will be payable monthly in arrears.

The Debtors will also be obligated to pay Letter of Credit Fees equal to
2.50% per annum on the outstanding face amount of each Letter of Credit
plus customary fees for fronting, issuance, amendments and processing,
payable quarterly in arrears to the Issuing Lender for its own account.

The Commitment Fees are non-refundable under all circumstances once paid,
Mr. Butler notes.

                          Interest Rate

The interest rates are equal to the JPMorgan's Interest Alternate Base
Rate plus 1.5% with respect to Tranche A and Tranche B borrowings, and
2.25% with respect to Tranche C borrowings.

Alternatively, at the Debtors' option, the Interest Rates for
interest periods of one, three or six months will be equal to
LIBOR plus 2.5% with respect to Tranche A and Tranche B
borrowings, and 3.25% with respect to Tranche C borrowings.

Interest will be payable monthly in arrears, on the Termination
Date and thereafter on demand.

Upon the occurrence and during the continuance of any default in
the payment of principal, interest or other amounts due under the
Replacement DIP Facility Agreement, interest will be payable on demand at
2% above the then applicable rate.

                        Priority of Liens

The replacement financing facility offered by JPMorgan has
essentially the same terms as the Existing DIP Facility save for
certain key exceptions, Mr. Butler notes.  Most noticeably, the
Debtors' the Replacement Financing Facility increases the size of the
Debtors' secured postpetition financing by approximately
US$2,495,000,000.  "This increase is a result of the refinancing of a
US$2,495,000,000 prepetition credit facility with the proceeds of a
second-priority DIP term loan," Mr. Butler says.

The super-priority claims and liens granted to the Second-
Priority DIP Term Loan will be junior to those granted to the
refinanced DIP Revolver and first-priority DIP term loan under
the Replacement Financing Facility.

The relative priority of liens of third party creditors with
respect to the Replacement Financing Facility that they have with respect
to the Existing DIP Facility will be unchanged.

                           Carve Out

The Replacement DIP Facility contains a "Carve-Out" memorializing those
claims and expenses that could be superior in right to the Replacement DIP
Lenders.  Mr. Butler notes that the Carve-Out is essentially identical to
the carve-out approved in the Final Existing DIP Order but certain fees
and expenses of the parties involved in the Debtors' proposed Framework
Agreements are included within the scope of protection.

                          Maturity Date

The Replacement DIP Facility will terminate on the earliest of:

   (i) December 31, 2007;

  (ii) the substantial consummation of a plan of reorganization;
       and

(iii) the acceleration of the loans and the early termination
       of the Commitment in accordance with the Replacement DIP
       Facility Agreement.

                        Events of Default

The events that will lead to the Debtors' default on the
Replacement DIP Facility are similar to that of the Existing DIP
Facility, Mr. Butler states.  Events of default include:

   * failure to pay;

   * breach of covenants;

   * failure to deliver a Borrowing Base Certificate when due;

   * any material misrepresentation or false warranty;

   * conversion of the Debtors' cases to Chapter 7, dismissal,
     appointment of examiner or trustee;

   * approval of any superpriority claim, which is pari passu
     with or senior to the claims of the Existing DIP Lenders
     against the Debtors; and

   * termination of the use of cash collateral.

A full-text copy of the Replacement DIP Financing Term Sheet is available
for free at http://researcharchives.com/t/s?177c

According to Mr. Butler, the First Priority Facilities will be used:

   -- to pay in full all obligations under Existing DIP
      Facility;

   -- for working capital and for other general corporate
      purposes, including, without limitation, to make pension
      contributions; and

   -- to pay related transaction costs, fees and expenses and to
      pay restructuring costs.

Under the terms of the Replacement Financing Facility with JPMorgan, the
Debtors estimate that they would save approximately US$8,000,000 per month
in financing costs.  The savings, among other things, will preserve
additional value of the Debtors' estates and will enhance the Debtors'
ability to implement their transition plan and emerge from Chapter 11
protection, Mr. Butler avers.

                        Hearing on Jan. 5

The Court will convene a hearing to consider approval of the plan
investment and the plan support agreements at 10:00 a.m. EST on January 5,
2007.  Objections, if any, to the agreements must be filed with the
Bankruptcy Court by 4:00 p.m. EST on
Jan. 2, 2007.

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

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

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

The company filed for chapter 11 protection on Oct. 8, 2005 (Bankr.
S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr., Esq., John K.
Lyons, Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, represent the Debtors in their restructuring efforts.  Robert J.
Rosenberg, Esq., Mitchell A. Seider, Esq., and Mark A. Broude, Esq., at
Latham & Watkins LLP, represents the Official Committee of Unsecured
Creditors.  As of Aug. 31, 2005, the Debtors' balance sheet showed
US$17,098,734,530 in total assets and US$22,166,280,476 in total debts.
(Delphi Bankruptcy News, Issue No. 51; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


FORD MOTOR: Applauds ITC's Ruling Revoking Steel Duty Orders
------------------------------------------------------------
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.

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

The company also has operations in Japan.

                          *     *     *

Standard & Poor's Ratings Services affirmed its 'B' bank loan
and '2' recovery ratings on Ford Motor Co. after the company
increased the size of its proposed senior secured credit
facilities to between US$17.5 billion and US$18.5 billion, up
from US$15 billion.

Fitch Ratings downgraded Ford Motor Company's senior unsecured
ratings to 'B-/RR5' from 'B/RR4' due to the increase in size of
both the secured facilities and the senior unsecured convertible
notes being offered.

Moody's Investors Service assigned a Caa1, LGD4, 62% rating to
Ford Motor Company's US$3 billion of senior convertible notes
due 2036.


FORD MOTOR: Expects to Become No. 3 as Toyota Gains No. 2 Spot
--------------------------------------------------------------
Ford Motor Co. expects to become the No. 3 company in U.S. auto sales as
early as January 2007, according to its sales forecast.  Ford has held the
No. 2 position in the American car market since the 1920s.

Rival Toyota Motor Corp. will gain the No. 2 spot behind General Motors as
it introduces its new Tundra truck in showrooms in February, published
reports say.

According to its own projections, Edmunds.com, which provides advice on
American car market, says light vehicle sales in 2007 will be near the
2006 levels of 16.5 million.

According to ConsumerAffairs.Com, Toyota will be close to unseating
General Motors as the world's biggest auto manufacturer because of high
demand from Brazil, Russia, India, and China.

                       About Ford Motor Co.

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

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 12, 2006,
Standard & Poor's Ratings Services affirmed its 'B' bank loan and '2'
recovery ratings on Ford Motor Co. after the company increased the size of
its proposed senior secured credit facilities to between US$17.5 billion
and US$18.5 billion, up from US$15 billion.

As reported in the Troubled Company Reporter on Dec. 7, 2006,
Fitch Ratings downgraded Ford Motor Company's senior unsecured
ratings to 'B-/RR5' from 'B/RR4' due to the increase in size of
both the secured facilities and the senior unsecured convertible
notes being offered.

As reported in the Troubled Company Reporter on Dec. 6, 2006,
Moody's Investors Service assigned a Caa1, LGD4, 62% rating to
Ford Motor Company's US$3 billion of senior convertible notes due 2036.


MITSUBISHI MOTORS: Reveals November Production & Sales Results
--------------------------------------------------------------
Mitsubishi Motors Corporation, on Dec. 25, 2006, announced global
production, as well as domestic sales and export results for November
2006.

Total global production came in at 118,726 units, a small decline of 3.3%
from a year ago period.  Japanese production increased 13.2% year-on-year
to 71,685 units.  This is due to increase in production volume of U.S.
"Outlander", European "Outlander" and European "Pajero".

Total vehicle sales in Japan reached 21,289 units, slight 0.8% increase
from last year's figure, marking the nineteenth consecutive month of
year-on-year sales gains due to contribution of new models such as "i",
"eK-Wagon" and "Pajero". Registered vehicles charted sales of 5,939 units,
74.5% of the year-ago figure.  Mini-car sales continued year-on-year
growth of 15,350 units, 116.9% of the total for November 2005.  Total
sales for passenger cars increased 11.3% year-on-year to 15,730 units,
while commercial vehicle sales dropped to 5,559 units, 20.3% less than the
same period last year.

Overseas production totaled 47,041 units, 79.1% of the year-ago figure.
European production increased 11.2% to 7,126 units of last year's total
due to continued favorable sales of "Colt CZC" Cabriolet.  North American
production came in to 8,510 units, year-on-year of 99.3%.  Asian
production totaled 27,652 units, a 29.8% decline from November 2005's
levels, representing continued weakness in Asian markets such as Malaysia
and Taiwan, where economic conditions are not favorable for the industry.

Total exports from Japan increased to 43,264 units, 145.6% of the year-ago
level.  Exports to Europe increased to 14,612 units, 154.4% of the level
seen last year due to launch of new "Pajero" and "Outlander" models in the
European market.  Exports to Asia came to 2,007 units, 57.5% of the
last-year period. Exports to North America rose to 5,964 units, 229.6% of
the November 2005 total due to continued healthy orders of the new
"Outlander" model in the U.S. market.

                     About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp/-- is one of the few
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.

The company also operates consumer-financing services and
provides this to its customer base.  MMC adopted the "Mitsubishi
Motors Revitalization Plan" on Jan. 28, 2005, as its three-
year business plan covering fiscal 2005 through 2007, after
investor DaimlerChrysler backed out from the company.  The main
objectives of the plan are "Regaining Trust" and "Business
Revitalization."

The company has operations worldwide, covering the United
States, Germany, the United Kingdom, Italy, the Netherlands, the
Philippines, Indonesia, Malaysia, China and Australia.  Its
products are sold in over 170 countries.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
Sept. 29, 2006, Standard & Poor's Ratings Services raised its
long-term  corporate credit and senior unsecured debt ratings on
Mitsubishi Motors Corp. to B- from CCC+, reflecting progress in
the company's revitalization efforts and reduced downside risks
in its earnings and financial profile.  S&P said the outlook on
the long-term rating is stable.

As reported by the Troubled Company Reporter - Asia Pacific on
Aug. 4, 2006, Rating & Investment Information Inc. has
upgraded its issuer rating on Mitsubishi Motors Corp. from CCC+
to B with a stable outlook and its commercial paper rating from
c to b, and has removed the rating from its monitor at the same
time.

As reported by the Troubled Company Reporter - Asia Pacific on
July 19, 2006, Japan Credit Rating Agency, Ltd. upgraded the
rating of Mitsubishi Motors Corp.'s senior debts to BB- from B-,
with a stable outlook.  The agency also affirmed the NJ rating
on CP program of the company, while upgrading its rating on the
Euro Medium Term Note Program of MMC and subsidiaries Mitsubishi
Motors Credit of America, Inc. and MMC International Finance
(Netherlands) B.V. to B+ from CCC.


NIKKO CORDIAL: Pres. & Chairman Resign Over Accounting Scandal
--------------------------------------------------------------
Two senior executives at Nikko Cordial Corp. -- President Junichi Arimura
and Chairman Masashi Kaneko -- quit their posts effective Dec. 26, 2006,
over charges that the company committed accounting irregularities, the
Associated Press relates.

As reported in the Troubled Company Reporter - Asia Pacific on Dec. 22,
2006, Japan's Securities and Exchange Surveillance Commission began
investigating Nikko Cordial for allegedly falsifying its annual financial
statements for the business year
ended March 30, 2005, declaring JPY14 billion in false profits,
and using them to procure money from the market.

The accounting irregularities stemmed from the issue of exchangeable bonds
to Nikko Principal Investment Japan Ltd., a Nikko Cordial subsidiary, in
2004, and the August 2004 purchase of telecommunications company
Bellsystem24 Inc. by Nikko Principal Investments Japan.

The AP recounts that last week, the SESC has recommended a JPY500 million
(US$4.21 million) fine against Nikko Cordial after the company announced
that it will correct earnings for fiscal 2004 and 2005, as inappropriate
booking of proceeds from derivatives trading helped inflate its earnings.

The Tokyo Stock Exchange has placed shares of Nikko Cordial on its
supervisory list for review until the exchange finishes examining a
correction in the company's financial statement and decides whether it
violated listing rules.

"We have no choice but to accept the view that we systematically reported
fraudulent (figures)," Mr. Arimura told reporters.  "I would like to offer
my heartfelt apologies."

AP relates that Nikko Cordial has tapped director Shoji Kuwashima to be
its new president.

                About Nikko Cordial Corporation

Headquartered in Tokyo, Japan, Nikko Cordial Corporation --
http://www.nikko.jp/-- is mainly engaged in the provision of
financial services in the securities-related field.  The Company
operates in four business segments.  The Retail segment provides
consulting services for financial products management.  The
Asset Management segment provides asset management services for
individual, corporate and foreign investors.  The Investment
Banking segment provides corporate finance and capital market
services, mergers and acquisitions, advisory services, trading
services for institutional investors and research services.  The
Merchant Banking segment is involved in the investment of
corporate issued stocks, bonds, securities-related financial
products and other financial products.  Nikko Cordial has 62
consolidated subsidiaries.  It has oversea operations in the
United States, the United Kingdom, Luxemburg and Singapore.  The
Company has a global network.

On April 12, 2006, Fitch Ratings upgraded Nikko Cordial Corp.'s
individual rating to C from C/D.

The Troubled Company Reporter - Asia Pacific reported on December 22,
2006, that Fitch placed its ratings on Nikko Cordial Corp. and Nikko
Cordial Securities Inc. on Rating Watch
Negative following the decision announced on Dec. 18
by the Tokyo Stock Exchange to place the shares of NCC on its
official watchlist pending the full investigation into reported
accounting breaches by the company.


NORTHWEST AIRLINES: In Talks to Acquire Mesaba Aviation
-------------------------------------------------------
Northwest Airlines Corp. is planning to acquire Mesaba Aviation Inc., a
deal that would generate cost savings and protect Mesaba workers' jobs,
Kathy Grayson writes for the Minneapolis/St. Paul Business Journal.

Pursuant to the deal, Northwest would co-sponsor Mesaba's reorganization
plan for Court-approval and acquire Mesaba through that process.

Northwest CEO Doug Steenland disclosed that the proposed deal is another
move in its restructuring process designed to reshape and optimize the
Northwest fleet, realize competitive labor and non-labor costs, and
recapitalize its balance sheet, the Business Journal relates.

Citing Northwest spokesman Bill Mellon, the Associated Press reports that
the acquisition would not involve a cash transaction.  Northwest intends
to operate Mesaba as a wholly owned subsidiary, Mr. Mellon adds.

AP reports that Mesaba President John Spanjers said that the Northwest
ownership would secure its core business and place the carrier for future
growth.

                     About Mesaba Aviation

Headquartered in Eagan, Minnesota, Mesaba Aviation, Inc., dba
Mesaba Airlines -- http://www.mesaba.com/-- operates as a
Northwest Airlink affiliate under code-sharing agreements with
Northwest Airlines.  The company filed for chapter 11 protection
on Oct. 13, 2005 (Bankr. D. Minn. Case No. 05-39258).  Michael L. Meyer,
Esq., at Ravich Meyer Kirkman McGrath & Nauman PA,
represents the Debtor in its restructuring efforts.  Craig D.
Hansen, Esq., at Squire Sanders & Dempsey, L.L.P., represents the Official
Committee of Unsecured Creditors.  When the Debtor filed for protection
from its creditors, it listed total assets of $108,540,000 and total debts
of US$87,000,000.

                    About Northwest Airlines

Northwest Airlines Corp. (OTC: NWACQ) -- http://www.nwa.com/
-- is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and approximately
1,400 daily departures.  Northwest is a member of SkyTeam, an airline
alliance that offers customers one of the world's most extensive global
networks.  Northwest and its travel partners serve more than 900 cities in
excess of 160 countries on six continents.  The company and 12 affiliates
filed for chapter 11 protection on Sept. 14, 2005 (Bankr. S.D.N.Y. Lead
Case No. 05-17930).  Bruce R. Zirinsky, Esq., and Gregory M. Petrick,
Esq., at Cadwalader, Wickersham & Taft LLP in New York, and Mark C.
Ellenberg, Esq., at Cadwalader, Wickersham & Taft LLP in Washington
represent the Debtors in their restructuring efforts.

The Official Committee of Unsecured Creditors has retained Akin
Gump Strauss Hauer & Feld LLP as its bankruptcy counsel in the
Debtors' chapter 11 cases.  When the Debtors filed for protection from
their creditors, they listed US$14.4 billion in total assets and US$17.9
billion in total debts.  The Debtors' exclusive period to file a chapter
11 plan expires on Jan. 16, 2007.

(Northwest Airlines Bankruptcy News, Issue No. 47; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)

In July 2006, Northwest Airlines Corp. unit Northwest Airlines Inc.
reached a tentative concessionary contract agreement with its flight
attendants' union.  Standard & Poor's Ratings Services affirmed its 'D'
corporate credit ratings on both entities, which are determined by the
companies' bankruptcy status.


PACHINKO WORLD: Files Form 15 to Voluntarily Deregister Stock
-------------------------------------------------------------
Pachinko World, Inc., an owner and operator of stores in Japan offering
pachinko gaming entertainment, disclosed on Dec. 22, 2006, that,
consistent with its press release dated November 22, 2006, it has filed a
Form 15 with the United States Securities and Exchange Commission to
voluntarily deregister its common stock and suspend its reporting
obligations under the Securities Exchange Act of 1934, as amended.

Pachinko World's obligation to file certain reports with the SEC,
including Forms 10-KSB, 10-QSB and 8-K, was immediately be suspended upon
the filing of the Form 15, and accordingly, Pachinko World does not intend
to file its Form 10-KSB for the year ended May 31, 2007 with the SEC.

Pachinko World expects that the deregistration of its common stock will
become effective 90 days after the date of filing the Form 15 with the
SEC.

                     About Pachinko World

Pachinko World (formerly Exam USA, Inc.), through its
subsidiaries, primarily engages in the ownership and operation
of stores in Japan offering pachinko gaming entertainment.  As
of May 31, 2006, the Company operated seven stores, comprising
3,392 pachinko and pachislo machines.  Its stores are located in
the Aichi prefecture and Tochigi prefecture in the north of
Japan's greater Kanto area.  Founded by Yoneji Hirabayashi in
1956, the Company is headquartered in Huntington Beach,
California.

The Troubled Company Reporter - Asia Pacific reported on
Sept. 22, 2006, that McKennon, Wilson & Morgan LLP expressed
substantial doubt about Pachinko World's ability to continue as
a going concern after auditing the Company's financial
statements for the fiscal year ended May 31, 2006.  The auditing
firm pointed to the Company's working capital deficiency at
May 31, 2006.

Pachinko World incurred a US$109,000 net loss for the fiscal year ended
May 31, 2006, versus a net loss of US$2.7 million in 2005.


SAMSONITE CORP: Tender Offer for 8-7/8% Notes Expired
-----------------------------------------------------
Samsonite Corp.'s offer to purchase any and all of the US$164,970,000
outstanding 8-7/8% Senior Subordinated Notes due 2011 and EUR100,000,000
outstanding Floating Rate Senior Notes due 2010 expired on Dec. 21, 2006.
The Offers and the related consent solicitations are described in
Samsonite's Offers to Purchase and Consent Solicitation Statement, dated
Nov. 20, 2006.

As of Dec. 20, 2006, US$164,710,000 in aggregate principal amount, or
approximately 99.84% of the outstanding Senior Subordinated Notes, and
EUR85,254,000 in aggregate principal amount, or approximately 85.25% of
the outstanding Floating Rate Notes have been validly tendered.

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

As reported in the Troubled Company Reporter - Asia Pacific on Dec. 15,
2006, Standard & Poor's Ratings Services assigned its loan and recovery
ratings to Samsonite Corp.'s US$530 million senior secured credit
facility.  The facility consists of an
US$80 million six-year revolving credit and a US$450 million seven-year
term loan B.  The loan is rated 'BB-' with a recovery
rating of '3', indicating the expectation for meaningful
recovery of principal in the event of a payment default.

The TCR-AP then reported on Dec. 18, 2006, that Moody's Investors Service
confirmed the B1 corporate family
rating for Samsonite Corporation.

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


SAMSONITE CORP: Declares US$175MM Cash Distribution on Stocks
-------------------------------------------------------------
Samsonite Corp.'s board of directors approved a special cash
distribution in an aggregate amount of US$175 million consisting
of dividends on the company's common stock and convertible
preferred stock and certain dilution adjustment payments to
holders of the company's outstanding stock options.  The total
dividend per share of common stock will be within a range of
US$0.2273 and US$0.2347 and the dividend per share of
convertible preferred stock is US$359.33.  The minimum aggregate
amount of dividends on the company's common stock is
US$164,122,676 and the maximum aggregate amount of dividends on
the company's convertible preferred stock is US$5,485,172.  The
aggregate amount of dilution adjustment payments is
approximately US$5.4 million.

As of Dec. 21, 2006, holders of more than 90% of the convertible
preferred stock have elected to convert their convertible
preferred stock into common stock effective as of Jan. 4, 2007.
To the extent more holders of convertible preferred stock
convert their convertible preferred stock into common stock on
or prior to Jan. 4, 2007, the total dividends payable on the
common stock will increase and the total dividends payable on
the convertible preferred stock will decrease.

The Board established Jan. 2, 2007, as the record date for the
dividends on the common stock and Jan. 5, 2007, as the record
date for the dividends on the convertible preferred stock.  The
Board established Jan. 5, 2007, as the payment date for the
dividends on the common stock and the convertible preferred
stock (with the possibility of a supplemental payment on
Jan. 9, 2007, in respect of the common stock).

While the aggregate amount of the Distribution has been fixed by
the Board at US$175 million, the exact amount of dividends paid
on the common stock and the convertible preferred stock will not
be known until Jan. 5, 2007.  Any supplemental portion of the
dividends payable on the common stock that are not paid on
Jan. 5, 2007, will be paid on Jan. 9, 2007.

As previously disclosed in the Notice and Information Package
distributed to holders of the convertible preferred stock, on
Dec. 18, 2006, holders of more than 90% of the company's
convertible preferred stock entered into written agreements with
the company electing to convert their convertible preferred
stock into common stock effective as of Jan. 4, 2007 (the day
prior to the payment of dividends on the convertible preferred
stock).

The company also announced that its offers to purchase any and
all of its US$164,970,000 outstanding 8-7/8% Senior Subordinated
Notes due 2011 and EUR100,000,000 outstanding Floating Rate
Senior Notes due 2010 expired at 9:00 a.m., New York City time,
on Dec. 21, 2006.  As of 9:00 a.m., New York City time, on
Dec. 21, 2006, US$164,710,000 million aggregate principal
amount, or approximately 99.84% of the outstanding Senior
Subordinated Notes, and EUR85,331,000 aggregate principal
amount, or approximately 85.33% of the outstanding Floating Rate
Notes, have been validly tendered and accepted for payment by
the company.  The company's acceptance of the validly tendered
notes made operative the applicable supplemental indenture
relating to each series of notes.

The company expects to redeem the remaining EUR14,669,000
aggregate principal amount of Floating Rate Notes in January
2007 pursuant to the terms of the indenture governing the
Floating Rate Notes at a price of 102% of the principal amount
of each Floating Rate Note, plus accrued and unpaid interest
through the redemption date.

On Dec. 21, 2006, the company closed its new credit facility
consisting of a US$450 million senior secured term loan facility
and an US$80 million senior secured revolving credit facility,
including a letter of credit sub-facility.  The proceeds of the
term loan facility, together with a portion of the proceeds of
the revolving credit facility and cash on hand, are expected to
be used to finance the payment of the distribution and the
purchase of the validly tendered notes pursuant to the Offers.
The new credit facility is secured by substantially all of the
company's domestic assets and certain foreign assets.

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

As reported in the Troubled Company Reporter - Asia Pacific on Dec. 15,
2006, Standard & Poor's Ratings Services assigned its loan and recovery
ratings to Samsonite Corp.'s US$530 million senior secured credit
facility.  The facility consists of an
US$80 million six-year revolving credit and a US$450 million seven-year
term loan B.  The loan is rated 'BB-' with a recovery
rating of '3', indicating the expectation for meaningful
recovery of principal in the event of a payment default.

The TCR-AP then reported on Dec. 18, 2006, that Moody's Investors Service
confirmed the B1 corporate family
rating for Samsonite Corporation.

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


SENSATA TECH: Completes Purchase of Honeywell's FTAS Business
-------------------------------------------------------------
Sensata Technologies B.V. has closed the acquisition of Honeywell's First
Technology Automotive and Special Products or FTAS business.

Concurrently, Sensata completed a EUR73 million financing in support of
the transaction through an incremental facility under its existing Credit
Agreement.  Terms were in line with the original issuance.

FTAS designs, develops and manufactures high-value automotive sensor and
electromechanical control solutions.  Its products are sold to automotive
OEMs, Tier I automotive suppliers, large vehicle and off-road OEMs, and
industrial manufacturers.  For the year ended Dec. 31, 2005, FTAS had
sales of approximately US$69 million.

"We are pleased to have completed the divestiture of both non-core First
Technology businesses in 2006," said Dave Cote, Honeywell Chairman and
CEO.  "With the sale of FTAS today and First Technology Safety and
Analysis earlier this year, we have finalized acquisition of the First
Technology Gas Sensing business at an attractive valuation in an industry
with great growth prospects.  We continue to execute on integrating the
business into Honeywell Analytics and establishing our position as a world
leader in gas detection technologies."

FTAS was acquired by Honeywell as part of its acquisition of First
Technology plc earlier this year.  Honeywell completed its acquisition of
First Technology plc on March 24, and the sale of First Technology Safety
and Analysis on May 19.

Formerly the Sensors & Controls business of Texas Instruments, Sensata
Technologies was acquired by Bain Capital, LLC, a leading global private
investment firm, in April, 2006.  Sensata is a leading designer and
manufacturer of sensors and controls for global leaders in the automotive,
appliance, aircraft, industrial and HVAC markets.  It has nine technology
and manufacturing centers in eight countries, and sales offices throughout
the world.  Revenues for 2005 were approximately US$1.1 billion.

                       About Honeywell

Honeywell International is a US$31 billion diversified technology and
manufacturing leader, serving customers worldwide with aerospace products
and services; control technologies for buildings, homes and industry;
automotive products; turbochargers; and specialty materials. Based in
Morris Township, N.J., Honeywell's shares are traded on the New York,
London, Chicago and Pacific Stock Exchanges.

                 About Sensata Technologies

Headquartered in Attleboro, Massachusetts, Sensata Technologies --
http://www.sensata.com/-- is a supplier of sensors and controls across a
range of markets and applications.  The company has manufacturing
locations in Japan, Brazil, Mexico, China and the Netherlands.

The Troubled Company Reporter - Asia Pacific reported on
Dec. 15, 2006, that Moody's Investors Service affirmed Sensata
Technologies B.V.'s B2 corporate family and probability of default
ratings.

Moody's rating affirmation pertains to Sensata's then-pending
acquisition of First Technology Automotive and Special Products
from Honeywell and its subsequent financing via a US$95 million
add-on to Sensata's existing senior secured Term Loan B.


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

DURA AUTOMOTIVE: Wants Until January 31 to File Schedules
---------------------------------------------------------
DURA Automotive Systems, Inc. and its debtor-affiliates, pursuant to Rule
1007(c) of the Federal Rules of Bankruptcy Procedure, and Rule 1007-1 of
the Local Rules of Bankruptcy Practice and Procedure of the United States
Bankruptcy Court for the District of Delaware, ask for the further
extension to
Jan. 31, 2007, the deadline to file their:

   -- schedules of assets and liabilities;

   -- schedules of current income and expenditures;

   -- schedules of executory contracts and unexpired leases; and

   -- statements of financial affairs.

Mark D. Collins, Esq., at Richards, Layton & Finger, P.A., in
Wilmington, Delaware, tells Judge Carey that, because of the
decentralized nature of their businesses, the Debtors' progress in
collecting, reviewing, and assembling information for the
Schedules and Statements have been slow.

In addition, Mr. Collins relates, the Debtors have engaged a new
financial advisor, AlixPartners, LLP.  AlixPartners has assessed
the information that has been gathered by the Debtors and
determined that they will require additional time to complete the
Schedules and Statements.

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

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
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. 5;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTOMOTIVE: Wants to File Lear Settlement Pact Under Seal
--------------------------------------------------------------
DURA Automotive Systems, Inc. and its debtor-affiliates seek
authority from the United States Bankruptcy Court for the District of
Delaware to file, under seal, the Settlement Agreement and the terms
thereof, and the Motion of Lear Corporation.

Pursuant to various documents and purchase orders, Dura
Automotive Systems, Inc., supplied component parts that Lear
Corporation used to fulfill manufacturing agreements with General Motors,
Ford, and other original equipment manufacturers, relates Albert Togut,
Esq., at Togut, Segal & Segal LLP, in New York.

Several years before the Debtors filed for chapter 11 protection, Lear
brought an action in State Court against Dura to recover damages for
claims asserted against Lear by GM and Ford.  Lear sought (i) damages for
alleged defects in goods that Dura sold to Lear, which Lear in turn used
in products that it provided to GM and Ford, and (ii) injunctive relief to
require Dura to continue shipping to Lear despite Lear's recoupment from
amounts due to Dura.  The State Court granted Lear's injunctive relief and
required Dura to ship goods without payment from Lear.

In the months prior to the Petition Date, the Debtors and Lear
reached a comprehensive settlement of the Lear Claims and the Lear Action
and the modification of the Lear Contracts.

Pursuant to Sections 105 and 365 of the Bankruptcy Code and Rule
9019 of the Federal Rules of Bankruptcy Procedure, the Debtors seek the
Court's authority to assume the Settlement Agreement and the Purchase
Orders.

As a condition to assumption, Lear has required that Dura keep the terms
of the Settlement Agreement confidential, particularly because certain
terms therein are commercially sensitive,
Mr. Togut tells the Court.  This confidentiality requirement is
memorialized in the Settlement Agreement.

Mr. Togut explains that the automotive industry is highly competitive, and
many of the parties-in-interest in the Debtors'
Chapter 11 cases are direct competitors or customers of the Debtors and
Lear.  If the information contained in the Settlement Agreement is
disclosed pursuant to a public filing, the Debtors' competitors and
customers would gain access to specific confidential and commercial
information related to the Debtors' business relationship with Lear that
could be detrimental to the Debtors' reorganization efforts, Mr. Togut
avers.

Notwithstanding their request, the Debtors have provided copies of the
Settlement Agreement and the Lear Motion to Lear, the Official Committee
of Unsecured Creditors, and the Office of the United States Trustee.

In Dura's Form 10-Q filing with the Securities and Exchange
Commission, Keith R. Marchiando, Dura's vice president and chief
financial officer, said that subsequent to October 1, 2006, Dura
settled the warranty matter, along with a previously outstanding
warranty matter, to Lear for approximately $9,000,000.

"We had previously recorded reserves for our estimated exposure of the
known outstanding matter.  However, we recorded an additional charge of
[US$5,400,000] related to the final settlement of both matters . . ." Mr.
Marchiando said.

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

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
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. 5;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


SK CORP: To Invest US$28 Million for Australian Coal Mine
---------------------------------------------------------
SK Corp. will invest about US$28 million (KRW26 billion) in 2007 to mine
soft coal in Australia, The Korea Times reports.

The move, The Times notes, follows the Korean Government's policy of
increasing investment in overseas minerals.

Early this year, SK Corp., in coordination with Korea Resources Corp.
sought permits to take part in three additional coal projects, one of
which is in Australia, the newspaper relates.

                      About SK Corporation

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

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


SK CORP: November 2006 Sales Decrease 1.4% from Last Year
---------------------------------------------------------
SK Corp.'s November 2006 sales declined 1.4% compared to the same month
last year, Yonhap News reports, citing the company's regulatory filing as
source.

The decrease was reportedly due to its exporting lesser fuel oil.

SK Corp. posted KRW1.91 trillion (US$2.05 billion) in sales in November
2006, compared with KRW1.94 trillion in November 2005, the regulatory
filing disclosed.

                      About SK Corporation

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

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


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

SOLECTRON CORP: Posts US$3B in Sales for First Quarter FY 2007
--------------------------------------------------------------
Solectron Corp. reported sales of US$3.00 billion in the first quarter of
fiscal 2007, an increase of 3.3% over fourth quarter fiscal 2006 revenues
of US$2.90 billion, and an increase of 22% over first quarter fiscal 2006
revenues of US$2.46 billion.

The company reported GAAP profit after tax from continuing operations of
US$6.6 million, or US$0.01 per share, in the first quarter of fiscal 2007,
compared with a GAAP profit after tax from continuing operations of
US$38.8 million, or US$0.04 per share, in the fourth quarter of fiscal
2006.  First quarter fiscal 2007 results include US$34.6 million in
charges related to a restructuring program announced in October 2006.  In
the first quarter of fiscal 2006, Solectron reported a GAAP profit after
tax from continuing operations of US$20.2 million, or US$0.02 per share.

Non-GAAP profit after tax was US$47.6 million, or US$0.05 per share, in
the first quarter of fiscal 2007, compared with non-GAAP profit after tax
of US$54.8 million, or US$0.06 per share, for the fourth quarter of fiscal
2006.  In the first quarter of fiscal 2006, Solectron reported non-GAAP
profit after tax of US$28.1 million, or US$0.03 per share.  Non-GAAP
financial results do not include restructuring costs, impairment charges,
amortization of intangibles, stock-based compensation expenses, or other
unusual or infrequent items.

"I am pleased with the strength of our revenue in the first quarter," said
Mike Cannon, president and chief executive officer of Solectron.  "While
first quarter gross margin did not meet our expectations, we are committed
to achieving the growth and profitability targets we have set for Fiscal
2007, and expect to show an improving trend in profitability in the second
half of the year."

                  Second Quarter 2007 Guidance

Fiscal second quarter guidance is for sales of US$2.80 billion to US$3.00
billion, and for non-GAAP EPS from continuing operations in a range of 4
cents to 6 cents, on a fully diluted basis.

                     Non-GAAP Information

In addition to disclosing results determined in accordance with GAAP,
Solectron also discloses non-GAAP results of operations that exclude
certain items.  By disclosing this non-GAAP information, management
intends to provide investors with additional information to further
analyze the company's performance, core results and underlying trends.
Management utilizes a measure of net income and earnings per share on a
non-GAAP basis that excludes certain charges to better assess operating
performance.  Earnings guidance is provided only on a non-GAAP basis due
to the inherent difficulty in forecasting such charges.

Consistent with industry practice, management has historically applied
these non-GAAP measures when discussing earnings or earnings guidance and
intends to continue doing so.

Headquartered in Milpitas, California, Solectron Corporation
(NYSE: SLR) -- http://www.solectron.com/-- provides a full range of
worldwide manufacturing and integrated supply chain services to the
world's premier high-tech electronics companies.  Solectron's offerings
include new-product design and introduction services, materials
management, product manufacturing, and product warranty and end-of-life
support.  The company operates in more than 20 countries on five
continents including France, Malaysia and Brazil, among others.  It had
sales from continuing operations of US$10.6 billion in fiscal 2006.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Dec. 19, 2006, that Standard & Poor's Ratings Services raised its
corporate credit and senior unsecured ratings on Milpitas, Calif -based
Solectron Corp. to 'BB-' from 'B+', and its subordinated debt rating to
'B' from 'B-'.  The outlook is revised to stable.

As reported in the TCR-AP reported on Nov. 28, 2006, Moody's Investors
Service affirmed the B1 Corporate Family Rating of Solectron Corp. and
other ratings affirmed included the B3 ratings of its US$450 million
Convertible Senior Notes due 2034 and the US$150 million Senior
Subordinated Notes due 2016 guaranteed by it.


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

ABOUT CEILINGS: Shareholders Agree to Liquidate Business
--------------------------------------------------------
On Nov. 28, 2006, the shareholders of About Ceilings 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


AUCKLAND ABALONE: Creditors' Proofs of Claim Due on Jan. 15
-----------------------------------------------------------
Auckland Abalone Ltd's liquidators Jeffrey Philip Meltzer and Michael
Lamacraft require the company's creditors to submit proofs of claim by
Jan. 15, 2007, or they will be excluded from any distribution the company
will make.

Messrs. Meltzer and Lamacraft were appointed as joint and several
liquidators of Auckland Abalone on Dec. 6, 2006,

The Joint and Several Liquidators can be reached at:

         Jeffrey Philip Meltzer
         Michael Lamacraft
         Meltzer Mason Heath
         Chartered Accountants
         P.O. Box 6302
         Wellesley Street, Auckland 1141
         New Zealand
         Telephone:(09) 357 6150
         Facsimile:(09) 357 6152


DEBT RELIEF: Creditors Must Lodge Claims by March 5
---------------------------------------------------
John Howard Ross Fisk and Craig Alexander Sanson were appointed as joint
and several liquidators of Debt Relief (New Zealand) Ltd by the High Court
on Dec. 4, 2006.

Accordingly, Liquidators Fisk and Sanson fixed March 5, 2007, as the last
day for, which the company's creditors are to file their claims and to
establish any priority claims they may have.

The Joint and Several 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 7000
         Facsimile:(04) 462 7492


E BLOCK LTD: Creditors Have Until March 7 to Prove Claims
---------------------------------------------------------
E Block Ltd's liquidators require the company's creditors to prove their
claims by March 7, 2007, or they will be excluded from the company's
distribution.

As reported by the Troubled Company Reporter - Asia Pacific, the High
Court of Auckland heard a liquidation petition against E Block Ltd on Dec.
7, 2006.  The petition was filed by The Mill Liquorsave Ltd.

The Joint and Several Liquidators can be reached at:

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


FIRST CITY: Appoints Official Assignee as Liquidator
----------------------------------------------------
On Nov. 30, 2006, the Official Assignee for First City Trust No. 2 Ltd was
appointed as the company's liquidator.

The Liquidator can be reached at:

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


HAIR JUNCTION: Court Appoints Joint Liquidators
-----------------------------------------------
The High Court of Auckland appointed Henry David Levin and Barry Phillip
Jordan as joint and several liquidators of Hair Junction Ltd on Dec. 7,
2006.

Accordingly, the liquidators fixed Jan. 15, 2007, as the last day for
which the creditors must prove their claims and to establish any priority
claims they may have.

The Joint and Several Liquidators can be reached at:

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


HARDING CONSTRUCTION: Creditors Must Prove Debts by Jan. 30
-----------------------------------------------------------
The creditors of Harding Construction Ltd are required by Liquidators
Grant Bruce Reynolds and Gilbert Dale Chapman to prove their debts by Jan.
30, 2007.

As reported in the Troubled Company Reporter - Asia Pacific, the High
Court of Auckland heard the liquidation petition against the company on
Nov. 9, 2006, filed by Residential Plastering Ltd.

The Joint and Several Liquidators can be reached at:

         Grant Bruce Reynolds
         Gilbert Dale Chapman
         Reynolds & Associates Limited
         Insolvency Practitioners
         P.O. Box 259-059, Greenmount
         East Tamaki, Auckland
         New Zealand
         Telephone:(09) 577 0162
         Facsimile:(09) 577 0243


HOLMESLANGTON ENTERPRISES: Shareholders Opt to Close Business
-------------------------------------------------------------
The shareholders of Holmeslangton Enterprises Ltd decided by a special
resolution to liquidate the company's business and appointed Michael
Crawford as liquidator on Oct. 1, 2006.

The Liquidator can be reached at:

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


MASONRY RESIDENTIAL: Creditors to File Claims by March 7
--------------------------------------------------------
The liquidators of Masonry Residential Building Ltd require the company's
creditors to file their claims by March 7, 2007, or they will be excluded
from the company's distribution.

According to the Troubled Company Reporter - Asia Pacific, the High Court
of Auckland heard the liquidation petition against the company on Dec. 7,
2006, filed by the Commissioner of Inland Revenue.

The Joint and Several Liquidators can be reached at:

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


SERAFON LTD: Names Hollis and Fisk as Joint Liquidators
-------------------------------------------------------
Malcolm Hollis and John Fisk were appointed as joint and several
liquidators of Serafon Ltd -- formerly trading as Elite Motor Company Ltd
-- by a voluntary resolution on Dec. 6, 2006.

The liquidators require the company's creditors to submit their claims by
Jan. 15, 2007, and to establish any priority claims they may have.

The Joint and Several Liquidators can be reached at:

         Malcolm Hollis
         John Fisk
         PricewaterhouseCoopers
         119 Armagh Street (P.O. Box 13-244)
         Christchurch
         New Zealand
         Telephone:(03) 374 3035
         Facsimile:(03) 374 3001


TAUPIRI FARMS: Commences Liquidation Proceedings
------------------------------------------------
The shareholders of Taupiri 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


WEIGHT WATCHERS: Commences Tender Offer for 8.3 Mil. Shares
-----------------------------------------------------------
Weight Watchers International, Inc., commenced a "modified Dutch auction"
self-tender offer for up to 8.3 million shares of its common stock at a
price per share not less than US$47 and not greater than US$54, and which
is expected to expire at 12:00 midnight, New York City time, on Jan. 18,
2007.

The company's directors and executive officers and Artal Holdings Sp. z
o.o., its majority shareholder, have advised that they do not intend to
tender any shares in the tender offer.

The company anticipates paying for the shares purchased through the tender
offer and from Artal and related fees and expenses with up to
approximately US$1.2 billion in new borrowings it is negotiating.  A
portion of the borrowings is also expected to be used to refinance the
debt of its subsidiary, WeightWatchers.com.

A commitment from Credit Suisse to provide additional capacity under its
senior credit facility to finance the purchases and the refinancing was
obtained by the company.

Credit Suisse Securities (USA) LLC will serve as dealer manager, Georgeson
Inc. will serve as information agent and Computershare Trust Company, N.A.
will serve as the depositary for the tender offer.

                     Artal Purchase Agreement

Prior to commencing the tender offer, the company also entered into an
agreement to purchase shares from Artal, which owns approximately 55.2% of
the company's outstanding shares of common stock.  Under the terms of the
agreement, Artal agreed to sell to the company a number of shares of
common stock so that Artal's percentage ownership interest in the
company's outstanding shares of common stock after the tender offer and
the purchase from Artal will be substantially equal to its current level.
The purchase will be at the same price per share as paid in the tender
offer and is scheduled to occur 11 business days following the expiration
date of the tender offer.


Headquartered in New York, U.S.A., Weight Watchers International Inc.
(NYSE: WTW) -- http://www.weightwatchersinternational.com/-- provides of
weight management services, with a presence in 30 countries provides of
weight management services, with a presence in 30 countries around the
world, including New Zealand.  The company serves its customers through
Weight Watchers branded products and services, including
meetings conducted by Weight Watchers International and its
franchisees.

                          *     *     *

In connection with Moody's Investors Service's implementation of its new
Probability-of-Default and Loss-Given-Default rating methodology for the
U.S. consumer services sector, the rating agency confirmed in Dec. 2006,
its Ba1 Corporate Family Rating for Weight Watchers International, Inc.


WEIGHT WATCHERS: S&P Places Ratings on Negative CreditWatch
-----------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings for commercial
weight-loss service provider Weight Watchers International Inc., including
the 'BB' corporate credit rating,
on CreditWatch with negative implications, indicating that the ratings
could be lowered or affirmed after the completion of Standard & Poor's
review.

New York-based WWI had about US$817.0 million of total consolidated debt
outstanding as of Sept. 30, 2006.

At the same time, the ratings on online weight-loss service provider
WeightWatchers.com, including the 'B+' corporate credit rating, were
affirmed.

Standard & Poor's expects the ratings on WW.com would be withdrawn upon
the completion of the planned refinancing of its existing senior secured
debt.

The CreditWatch listing reflects WWI's increasingly aggressive financial
policy comes after the company's report that it plans to launch a
"modified Dutch auction" self-tender offer for up to
8.3 million shares of its common stock at a price range between US$47.00
and US$54.00 per share.  Artal Luxembourg S.A., WWI's majority
shareholder, plans to retain its pro rata share of common stock
outstanding after the completion of the Dutch auction repurchase.

WWI also reported its intention to repay the outstanding balance of
WW.com's senior secured credit facilities, which consist of a US$170
million first-lien term loan and a US$45 million second-lien term loan.
WWI intends to fund the share purchases and the planned refinancing of its
WW.com facilities through an additional US$1.2 billion in new senior
secured bank debt, and has obtained a commitment from Credit Suisse to
provide the additional borrowing capacity under its credit facility that
is required to complete the proposed transactions.

Although WWI does not provide a guarantee for the WW.com credit
facilities, Standard & Poor's factors some implicit support for WW.com in
its ratings, given the strategic importance and affiliation of WW.com as
an additional marketing venue for Weight Watchers.

"We expect credit protection measures to weaken as a result of Weight
Watchers' more aggressive financial policy," said
Standard & Poor's credit analyst Mark Salierno.

"Specifically, we expect lease-adjusted consolidated total debt to EBITDA
to be in the 4.5x area, compared with adjusted debt
leverage of about 2.0x for the 12 months ended Sept. 30, 2006.  We will
meet with management and review the company's financial policy, pro forma
capital structure, planned refinancing of WeightWatchers.com bank debt,
and outlook for fiscal 2007 before resolving the CreditWatch listing."

Headquartered in New York, U.S.A., Weight Watchers International Inc.
(NYSE: WTW) -- http://www.weightwatchersinternational.com/-- provides of
weight management services, with a presence in 30 countries provides of
weight management services, with a presence in 30 countries around the
world, including New Zealand.  The company serves its customers through
Weight Watchers branded products and services, including meetings
conducted by Weight Watchers International and its franchisees.


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

PRC LLC: S&P Holds Rating on US$67-Mil. 2nd Lien Term Loan at B-
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its recovery rating on the
proposed second-lien term loan due 2014 of PRC LLC, after the report that
the company will increase the amount of the this loan by US$12 million,
and increase the amount of first-lien debt by US$10 million.

"We revised the recovery rating because of the larger amount of
first-lien debt in the capital structure," said Standard & Poor's credit
analyst Andy Liu.

Standard & Poor's revised the recovery rating on the second-lien loan to
'5', which, along with the 'B-' bank loan rating, two notches below the
'B+' corporate credit rating, indicates the expectation of negligible
recovery of principal in the event of a payment default.  The recovery
rating was revised from a '4', which, along with the bank loan rating, had
indicated the
expectation of marginal recovery of principal in the event of a
payment default.

The first-lien credit facilities are rated 'BB-', one notch higher than
the 'B+' corporate credit rating on the company, with a recovery rating of
'1', indicating high expectation of full recovery of principal in the
event of a payment default.

Pro forma for the increase, the first-lien credit facilities will consist
of a US$20 million revolving credit facility due 2012, a US$25 million
delayed-draw term loan credit facility due 2013, and a US$115 million term
loan due 2013.

Ratings List:

   * Recovery Rating Revised, Bank Loan Rating Affirmed

   * PRC LLC

      -- US$67 Million Second-Lien Term Loan revised to B-,
         Recovery Rating: 5, from B-, Recovery Rating: 4

Ratings Affirmed:

   * PRC LLC

      -- Senior Secured US$160 Million First-Lien Bank Loans
         Local Currency at BB-

      -- Recovery Rating: 1

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


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

ARMSTRONG INDUSTRIAL: Subsidiary Registers Company in Vietnam
-------------------------------------------------------------
Armstrong Industrial Corporation Ltd disclosed on Dec. 21, 2006, that its
subsidiary, Armstrong Weston Holdings Pte. Ltd, has registered a wholly
owned subsidiary -- Armstrong Weston Vietnam Co., Ltd. -- in Vietnam.

Armstrong Weston Vietnam was established with the registered capital of
US$2 million and a charter capital of US$1 million. The principal activity
of Armstrong Weston Vietnam is the production of noise and vibration
reduction components, silkscreen nameplates, labels and stickers for
export sales and domestic sales in Vietnam.

The transaction was funded through internal resources and is not expected
to have any material impact on the consolidated net tangible assets and
earnings per share of the Armstrong Group for the current financial year
ending Dec. 31, 2006.

                    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.


CHINA AVIATION: Closes Physical Fuel Jet Tender
-----------------------------------------------
China Aviation Oil (Singapore) Corporation Ltd has closed its
latest physical Jet Fuel tender for delivery in February 2007.

In the latest tender, China Aviation received responses from 17 physical
Jet-Fuel suppliers.  For the tender, a total volume of 285,000 metric
tonnes of A-1 Grade Jet Fuel was awarded.  The cover ratio for the awarded
cargos was approximately 5.3 times.

The tender was awarded to the most competitive suppliers.

Moreover, the China Aviation 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.


PETROLEO BRASILEIRO: Mulls Gascac Construction Without Sinopec
--------------------------------------------------------------
Almir Barbassa, Brazil's Petroleo Brasileiro SA's chief financial officer
of, told Business News Americas that the firm could manage construction of
the 940-kilometer Cacimbas-Catu Gascac stretch of the Gasene pipeline
alone.

As reported in the Troubled Company Reporter-Latin America on April 28,
2006, Petroleo Brasileiro and the Sinopec Group signed a US$239-million
deal to build a pipeline in the northeast part of Brazil.  The gas line
reportedly would be able to carry more than 700 million cubic feet of gas
per day to Brazil's most impoverished region, reducing the country's
dependence on Bolivia.   The project is expected to be completed in 15
months.  The project was Brazil's response to Bolivia's plan to hike price
to its biggest natural gas importer of 30 million cubic meters per day.
According to Petroleo Brasileiro, the agreement formed part of the first
phase of the Southeast-Northeast Gas Pipeline Interconnection, or Gasene,
project.  The construction would be done in three phases:

   -- the first 300-kilometer (186-mile) stretch will connect
      the town of Cabiunas in the north of Rio de Janeiro state
      with Vitoria, capital of the neighboring state of Espiritu
      Santo;

   -- second will be a 125-kilometer (78-mile) pipeline, already
      under construction, between Vitoria and Cacimbas, and

   -- third will be 765 kilometers (475 miles) between Cacimbas
      and Catu in the heavily populated state of Bahia.

BNamericas relates that Petroleo Brasileiro had expected Sinopec to manage
project construction through an engineering, procurement and construction
contract.  Negotiations, however, have not advanced.

Mr. Barbassa told BNamericas, "A decision on whether our own engineering
department will manage Gascac construction will be taken shortly."

BNamericas underscores that negotiations with Sinopec have been ongoing
for over six months.  If Sinopec is not hired through an EPC contract,
Petroleo Brasileiro would supervise three firms already picked to
construct Gascac's three parts.

Mr. Barbassa told BNamericas, "The project has been licensed, the
engineering companies to build the line have been picked, the tubes have
been ordered."

Petroleo Brasileiro plans to begin project construction early in 2007,
BNamericas says, citing Mr. Barbassa.

Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro
S.A. aka Petrobras was founded in 1953.  The company explores,
produces, refines, transports, markets, distributes oil and
natural gas and power to various wholesale customers and retail
distributors in the country.

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

                          *     *     *

Petroleo Brasileiro SA's long-term corporate family rating is
rated Ba3 by Moody's and its foreign currency long-term debt is
rated BB- by Fitch.

                          *     *     *

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

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


PETROLEO BRASILEIRO: Share Buyback Boosting Reserves Management
---------------------------------------------------------------
Almir Barbassa -- the chief financial officer of Petroleo Brasileiro SA,
the state-run oil firm of Brazil, told Business News Americas that the
company's decision to buy back shares will help improve the management of
US$10 billion in cash reserves.

As reported in the Troubled Company Reporter-Latin America on Dec. 20,
2006, Petroleo Brasileiro would buy back 91.5 million non-voting shares
over the coming year to adjust its cash flow and capital structure.
Petroleo Brasileiro has 1.85 billion non-voting shares.  Small investors
in Brazil and abroad are holding as depositary receipts about 14.2% of
those shares. About 36.2% of those shares are traded on the New York Stock
Exchange as ADRS.  The federal government owns 15.5% of preferred shares
but exercises its control through a 67% voting-right stake.  Preferred
shares traded in Brazil are valued at BRL47, while ADRs are valued at
US$88.

The shares will likely be written off once bought, BNamericas says, citing
Mr. Barbassa.  The transaction is designed to improve the capital
structure of Petroleo Brasileiro.

Mr. Barbassa told BNamericas, "The idea is to seek ways to improve the
return of the reserves.  It's a good investment since the non-voting right
shares are valued under what we consider their fair value."

According to BNamericas, Petroleo Brasileiro has hired 10 banks to
intermediate the transaction.

BNamericas notes that Petroleo Brasileiro generated BRL136 billion in net
revenues in 2005 and total indebtedness stood at BRL44 billion in
September 2006.  Of that amount, BRL32.3 billion is maturing in 12 months
and the rest is short term.  In September 2005, the company's total debt
was BRL47.4 billion.  The company in July concluded a US$1-billion debt
buyback operation.  Cash reserves were BRL24.5 billion in September 2006.

However, Petroleo Brasileiro has been parsimonious about tapping financial
markets despite its access to bank financing in Brazil and abroad,
BNamericas notes.

Mr. Barbassa told BNamericas that main operations of Petroleo Brasileiro
this year were aimed at sustaining a presence in capital markets rather
than raising cash.  The company plans to raise BRLUS$400 million to fund
its US$87-billion, 2007-11 investment program.  This puts the firm in
quite a comfortable situation since its indebtedness level is equivalent
to 17% of its net worth.

Petroleo Brasileiro, however, now plans to forcus more on capital markets,
the report says.

Mr. Barbassa commented to BNamericas, "The 17% is low and our ceiling is
25-35%."

Though Petroleo Brasileiro doesn't have to raise cash on financial markets
for its normal operations, it will do so for specific projects where
funding can be performed at a lower cost, BNamericas says, citing Mr.
Barbassa.

BNamericas underscores that at least one specific operation is being
studied for next year, which will be used to fund investments in real
estate.

Mr. Barbassa told BNamericas, "We are building our [regional] headquarters
in Macae [Rio de Janeiro] and Vitoria [in Espirito Santo] and are building
a dry dock in southern Brazil."

BNamericas states that the idea is for firms conducting the projects to
sell receivables from the 10 to 12-year lease that Petroleo Brasileiro
will pay for the use of the buildings.

"At the end of the lease period, Petrobras (Petroleo Brasileiro) will have
the option to buy the buildings," Mr. Barbassa told BNamericas.

                          *     *     *

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

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

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

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

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

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


PETROLEO BRASILEIRO: Invests US$724MM to Boost Onshore Oil Prod.
----------------------------------------------------------------
Petroleo Brasileiro aks Petrobras' Executive Board approved, on Dec. 21,
2006, US$724 million in total investments for the Canto do Amaro field, of
which:

   -- US$410 million goes to Rio Grande do Norte, and

   -- US$314 million for the Carmopolis field in Sergipe.

The investments aim to increase daily production from the current 48,000
barrels per day to 70,000 bpd.  These investments are part of the Program
for the Revitalization of Fields with High Degrees of Explotation,
developed to achieve production sustainability at mature fields where high
degrees of return are obtained at minimum risks.

The Carmopolis field was discovered in 1963, and represents Petrobras'
biggest onshore accumulation, while the Canto do Amaro field was found in
1985.  Production peaked at both sites in 1989, when Canto do Amaro
produced 40,000 bpd and Carmopolis 27,000 bpd.  The gravity of the oil
produced at Carmopolis is 21 to 23 degrees API, while at Canto do Amaro it
is 28 to 40 degrees API.

The investments involve increasing the water injection levels and
boosting, centralizing, and rationalizing the injection, production and
treatment facilities, with significant scale gains, resulting in higher
production and reserves, since higher volumes of the oil contained in the
reservoir will be lifted.  A total of 367 production and injection, and
another 1,387 complementary operation (conversion or recompletion) wells
will be drilled.  The water injection systems will be enhanced by 500,000
barrels per day.  The national content of the investments reaches 90%.

                          *     *     *

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

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

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

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

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

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


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

DAIMLERCHRYSLER: Praises ITC's Ruling 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: U.S. Judge Denies Approving Plan B Settlement
------------------------------------------------------------
The Honorable Judith K. Fitzgerald of the United States Bankruptcy Court
for the District of Delaware clarified that she did not approve the Plan B
Settlement between Federal-Mogul Corporation, its debtor affiliates, the
Asbestos Claimants Committee and the Future Claimants Representative, and
that she has no idea that an order approving the Settlement has been
issued and docketed.  Judge Fitzgerald said it was a mistake.

James E. O'Neill, Esq., at Pachulski, Stang, Ziehl, Young, Jones
& Weintraub LLP, in Wilmington, Delaware, advised Judge Fitzgerald that
the Clerk of Court has taken out the Order from the Court's docket.

Judge Fitzgerald said the Clerk of Court "should not have destroyed the
old order that wasn't proper.  She should have just entered an order that
vacates it as having been incorrectly entered and then re-docketed the new
one so that we all have some recollection of what took place."

"But I don't know how I can undo this now because I wasn't made aware of
it," Judge Fitzgerald added.

The Court will consider approval of the Plan B Settlement at the hearing
to consider confirmation of an amended Plan of Reorganization to be filed
by the Debtors.  James F. Conlan, Esq., at Sidley Austin, LLP, in Chicago,
Illinois, the Debtors' lead bankruptcy counsel, has advised the Court that
a revised Plan will be delivered.

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. 118; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


FEDERAL-MOGUL: Trustee Names Trizec to Asbestos Claimants Panel
---------------------------------------------------------------
Kelly Beaudin Stapleton, 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, 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 October 30, 2006; and

   (b) Richard Blythe, effective December 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. 118; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


PHELPS DODGE: Appoints David H. Elliott VP of Cobalt Marketing
--------------------------------------------------------------
David H. Elliott has been appointed vice president-cobalt marketing for
Phelps Dodge Sales Co., a division of Phelps Dodge Corp.

In this newly created position, Mr. Elliott will finalize and implement
cobalt-marketing plans for Phelps Dodge.  The company is expected to
become a large producer of the metal in late 2008 when the Tenke Fungurume
copper/cobalt project in the Democratic Republic of the Congo begins
operation.

For the past two years, Elliott was director-business development for
nickel at Falconbridge Ltd. in Canada.  Before that, he served
Falconbridge in Brussels as director-cobalt marketing and market
development.

Mr. Elliott has worked in a number of marketing positions as well as in
process and product engineering roles for Falconbridge and for Canadian
steel producer Dofasco.  He holds a bachelor of science degree in
metallurgy from McMasters University in Hamilton, Ontario.

Phelps Dodge -- http://www.phelpsdodge.com/-- is among the  world's
largest producers of molybdenum, molybdenum-based chemicals, and
manufacturer of wire and cable products.

Phelps Dodge has operations in Thailand, China, the Philippines and Japan,
among others.

                        *    *    *

On June 26, 2006, Moody's Investors Services has placed Phelps Dodge's Ba1
junior preferred shelf rating in CreditWatch for a possible downgrade.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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




                            *********

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

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

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


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Nolie Christy Alaba, Rousel Elaine Tumanda, Valerie
Udtuhan, Francis James Chicano, Catherine Gutib, Tara Eliza Tecarro, Freya
Natasha Fernandez, and Peter A. Chapman, Editors.

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is $575 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are $25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.

                 *** End of Transmission ***