TCRAP_Public/061229.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  

           Thursday, December 28, 2006, Vol. 9, No. 257

                            Headlines

A U S T R A L I A

ALLIANCE ATLANTIS: Exploring Strategic Options Including Sale
BAERAMI HOLDINGS: Members Pass Resolution to Wind Up Firm
CHALLENGER PTY: Members Appoint Liquidators
DELRICH BAY: Members Decide to Close Business
I.E.A. (BROKERS): Members Opt to Liquidate Business

LOLLO PLUMBING: To Declare Interim Dividend on February 2
MGM MIRAGE: Fitch Rates US$750-Mil. Senior Unsecured Notes at BB
NAB BAY: Members Resolve to Wind Up Firm
OUR HOUSE PTY: Members and Creditors to Receive Wind-Up Report
PERRY INFRASTRUCTURE: Bank Appoints Receiver and Manager

QC1 PTY: Appoints Bettles and Carter as Liquidators
RETAIL DESIGN: Final Meeting Slated for January 25
REVLON INC: Unit Completes Credit Agreement Refinancing
REVLON INC: Prices US$100-Million Rights Offering
RG GROUP: To Declare First Dividend on January 19

ROSSI PTY: Liquidator Colwell to Present Wind-Up Report


C H I N A   &   H O N G  K O N G

ASIA FINANCIAL: Enters Wind-Up Proceedings
BESTEL LTD: Placed Under Voluntary Wind-Up
CROWNTECH ENGINEERING: Inability to Pay Debts Prompts Wind-Up
GLOBAL BRIGHT: Court to Hear Wind-Up Petition on Jan. 31
GREEN STAR: Appoints Mark Man Cheung as Liquidator

HONG KONG BUS: Undergoes Voluntary Wind-up
HSBC PROPERTIES: Members Opt to Liquidate Business
HUTCHISON ENTERPRISES: Creditors' Proofs of Debt Due on Jan. 12
JABIL CIRCUIT: Posts US$3.2-Bil. Net Revenue for Nov. Quarter
JACUZZI BRANDS: Extends Tender Offer for 9-5/8% Senior Notes

METROPOLITAN FINANCE: Creditors Must Submit Claims by Jan. 26
YIZHENG CHEMICAL: Members Pass Resolutions to Close Business


I N D I A

ANDHRA BANK: Discloses Auditors' Remarks in Sept. 2006 Report
ALLAHABAD BANK: Discloses Auditors' Observation on Sept. Review
BALLY TECHNOLOGIES: Sells 9,000 Units of Gaming Devices
BANK OF BARODA: Reveals Auditors' Observation on 3rd Qtr. Review
BANK OF INDIA: Forms Life Insurance JV with UBI & Dai-ichi Life

BHARAT PETROLEUM: Declares 60% Interim Divided for FY2006-07
BHARAT PETROLEUM: Reappoints Narasimha Raju as Addt'l. Director
PHARMANET DEV'T: Moody's Affirms Caa1 Corporate Family Rating
STATE BANK OF INDIA: Increases Benchmark Prime Lending Rate
TATA POWER: Grabs 4,000-MW Plant Contract in Mundra

UNION BANK OF INDIA: To Declare Interim Dividend for FY2006-07
UTI BANK: Board Allots 2,72,838 Equity Shares under ESOP
VNESHTORGBANK JSC: VTB 24 Unit Inks US$200-Mil. Loan with EBRD


I N D O N E S I A

FAJAR SURYA: Reports Paper Sales of IDR1.22 Trillion
GREAT RIVER: Surabaya Stock Exchange to Delist Stock in 2007
KERETA API: Gets 20 Second-Hand Coaches from Japan
PANIN BANK: Ups Credit Extension on Better Performance
PERUSAHAAN LISTRIK: AGB to Invest IDR1 Tril. for Biofuel Plant

* Government Plans Privatization of State Companies


J A P A N

ALL NIPPON: To Increase International Fares On Rising Fuel Costs
J-CORE FL1: S&P Assigns BB+ Rating to Class E Trust Certificate
JAPAN AIRLINES: To Hike International Fares Starting April 2007


K O R E A

DURA AUTO: Court OKs Hiring of Ordinary Course Professionals
DURA AUTOMOTIVE: Court Approves Interim Compensation Procedures
DURA AUTOMOTIVE: Says Utilities Are Adequately Assured
SK CORP: Plans to Establish Singapore Affiliate in 2007


M A L A Y S I A

AKER KVAERNER: Canadian Unit Inks CDN$175-Million Contract
TECHVENTURE BHD: Court to Hear Extension Request on Jan. 11


N E W   Z E A L A N D

DENNY'S CORP: Units Ink New US$350 Million Senior Loan Agreement


P H I L I P P I N E S

ABS-CBN BROADCASTING: European Firm Shows Interest in Unit
BANCO DE ORO: Stockholders Approve Equitable PCI Merger
BANCO DE ORO: Sees Profit Drop in 2007 Due to Merger Costs
EQUITABLE PCI: Books PHP1.13-Bil. Net Income for 3rd Quarter '06
METRO ALLIANCE: Posts PHP52-Mil. Loss for Sept. 2006 Quarter

SAN MIGUEL CORP: Set to Sell Shares in Coca-Cola Phils.
UNIVERSAL ROBINA: Nine Months Sales Total PHP26 Billion


S I N G A P O R E

COLLINS & AIKMAN: Filing First Amended Joint Plan in Detroit
COLLINS & AIKMAN: Seeks Court Nod on IHDG Litigation Trust Pact
COLLINS & AIKMAN: Becker Fights Lease Decision Period Extension
REFCO INC: Chapter 11 Plan Effective; Orderly Wind-Up Begins
SEA CONTAINERS: Posts US$50.9 Million Net Loss in October 2006

SEA CONTAINERS: Files Schedules of Assets and Liabilities
VALEANT PHARMA: Ardea Biosciences Acquires Firm's Assets


T H A I L A N D

DAIMLERCHRYSLER AG: Union May Grant Health Care Concessions
FEDERAL-MOGUL: Court Sustains Objection on Hill School's Claim

     - - - - - - - -

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

ALLIANCE ATLANTIS: Exploring Strategic Options Including Sale
-------------------------------------------------------------
Alliance Atlantis Communications Inc. is exploring strategic
alternatives, which could include the sale of certain assets.  

As part of that process, the company, together with Southhill
Strategy Inc., the company's controlling shareholder, have
recently sought expressions of interest from selected potential
buyers as to their interest in purchasing the company.  
Southhill Strategy is owned by Michael MacMillan, Alliance
Atlantis' Executive Chairman, and Seaton McLean.

Southhill has informed the company that no decision to sell
Southhill's controlling interest in Alliance Atlantis has been
made and that Southhill may decide not to sell its interest.  If
Southhill decides not to sell its interest, a sale of the
company is unlikely to occur.

A Special Committee of the company's Board has been formed for
this purpose and is comprised of Robert Steacy as Chair, Anthony
Griffiths and Barry Reiter.

The company also says it has engaged RBC Capital Markets as its
financial advisor and Bennett Jones LLP as its legal advisor.

Headquartered in Toronto, Canada, Alliance Atlantis
Communications Inc. -- http://www.allianceatlantis.com/-- is a  
specialty channel broadcaster with a 50% ownership interest in
the CSI TV franchise.  The company has worldwide offices in the
United Kingdom, Spain and Australia.

The Troubled Company Reporter - Asia Pacific reported on Oct.
27, 2006, that Moody's Investors Service placed the Ba2
Corporate Family, Ba1 Senior Secured and Ba3 Probability of
Default ratings of Alliance Atlantis Communications Inc. under
review for possible upgrade.


BAERAMI HOLDINGS: Members Pass Resolution to Wind Up Firm
---------------------------------------------------------
At a general meeting held on Dec. 1, 2006, the members of
Baerami Holdings Pty Ltd passed a special resolution to
voluntarily wind up the company's operations.

The company's liquidators can be reached at:

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

                  About Baerami Holdings

Baerami Holdings Pty Ltd operates offices of holding companies.

The company is located in Queensland, Australia.


CHALLENGER PTY: Members Appoint Liquidators
-------------------------------------------
The members of Challenger Pty Ltd appointed on Dec. 8, 2006,
Jason Bettles and Susan Carter of Worrells Solvency & Forensic
Accountants as liquidators.

The Liquidators can be reached at:

         Jason Bettles
         Susan Carter
         Worrells Solvency & Forensic Accountants
         Level 6, 50 Cavill Avenue
         Surfers Paradise, Queensland 4217
         Australia

                  About Challenger Pty

Challenger Pty Ltd operates federal and federally sponsored
credit agencies.

The company is located in Victoria, Australia.


DELRICH BAY: Members Decide to Close Business
---------------------------------------------
On Dec. 4, 2006, the members of Delrich Bay Pty Ltd met and
resolved to voluntarily wind up the company's operations.

David H. Scott was subsequently appointed as liquidator.

The Liquidator can be reached at:

         David H. Scott
         Jones Condon
         Chartered Accountants
         77 Station Street
         Malvern, Victoria 3144
         Australia
         Telephone:(03) 9500 0511

                  About Delrich Bay

Delrich Bay Pty Ltd is an investor relation company.

The company is located in Victoria, Australia


I.E.A. (BROKERS): Members Opt to Liquidate Business
---------------------------------------------------
At a general meeting held on Dec. 5, 2006, the members of I.E.A.
(Brokers) Pty Ltd passed a special resolution to voluntarily
wind up the company's operations.

Accordingly, Mario Schmid was appointed as liquidator.

The Liquidator can be reached at:

         Mario A. Schmid
         Jeffrey Thomas & Partners
         Level 11, 446 Collins Street
         Melbourne, Victoria 3000
         Australia

                  About I.E.A. (Brokers)

I.E.A. (Brokers) Pty Ltd is engaged in insurance agents,
brokers, and service.

The company is located in Victoria, Australia.


LOLLO PLUMBING: To Declare Interim Dividend on February 2
---------------------------------------------------------
Lollo Plumbing Pty Ltd, which is in liquidation, will declare an
interim dividend on Feb. 2, 2007.

In this regard, creditors are required to submit their proofs of
claim by Jan. 12, 2007, for them to share in the dividend
distribution.

The liquidator can be reached at:

         I. D. Jessup
         Jessup & Partners
         Accountants & Business Advisors
         3rd Floor, 155-157 Denham Street
         Townsville, Queensland 4810
         Australia
         Telephone:(07) 4772 3515
         Facsimile:(07) 4721 4513

                  About Lollo Plumbing

Lollo Plumbing Pty Ltd is engaged in plumbing, heating, and air-
conditioning.

The company is located in Queensland, Australia.


MGM MIRAGE: Fitch Rates US$750-Mil. Senior Unsecured Notes at BB
--------------------------------------------------------------
Fitch assigned a rating of 'BB' to the 7.625% US$750 million in
senior unsecured notes due 2017 offered by MGM MIRAGE.

Fitch also affirmed MGM's these ratings:

   -- Issuer Default Rating at 'BB';
   -- Senior credit facility at 'BB';
   -- Senior notes at 'BB'; and,
   -- Senior subordinated notes at 'B+';

The ratings apply to roughly US$12.96 billion of outstanding
debt as of Sept. 30, 2006 and the new issue noted above.  The
Rating Outlook remains Stable.  The ratings reflect MGM's high
quality asset portfolio, strong competitive position, and
adequate liquidity.  Credit concerns include limited
diversification, high leverage for the rating category, and
significant capital spending plans.  The Stable Outlook
incorporates Fitch's positive view on the near-term operating
environment on the Las Vegas Strip, which accounts for roughly
75-80% of MGM's cash flow.

While MGM's capital spending is expected to be heavy over the
next few years, Fitch believes the company has ample financial
flexibility to maintain its credit profile.  MGM's leverage was
5.6-5.7x as of Sept. 30, 2006 down from 6.4x at the end of 2005.
The improvement is a result of expected deleveraging following
its Mandalay Resort Group acquisition last year.  Fitch
estimates that MGM could continue to improve leverage slightly
until spending for its CityCenter development in Las Vegas
begins to significantly ramp up in 2008-2009.  

However, Fitch still expects MGM's leverage will remain in the
mid-5x range over the next couple of years, while coverage is
expected to remain in the mid-2x range.

MGM had nearly US$2.5 billion of liquidity as of Sept.30,
including US$344 million of cash and US$2.1 billion available
under its US$7 billion credit revolver.  Subsequent to the end
of the quarter MGM amended its credit facility, paid off a
US$245 million note, reported US$600 million in asset sales, and
is issuing US$750 million in new senior notes.  MGM's amended
credit facility included a maturity extension to 2011 from 2010
and an option to solicit additional lender commitments for
another US$1 billion, which would increase the total capacity to
US$8 billion.

Growth Pipeline:

Outside of operating performance, the company's credit metrics
over the next few years will be primarily influenced by the
timing of spending on CityCenter, the timing of CityCenter
residential sales proceeds, the timing and quantity of hurricane
insurance proceeds, and the level of share repurchase.

The company's wholly-owned growth pipeline is solid with the:

   -- US$765 million Detroit permanent facility set to open in
      late 2007; and,

   -- US$7 billion CityCenter mixed-use project in Las Vegas
      scheduled to open in late 2009.

Fitch believes the largest portion of the Detroit spending will
be in the 2007 capital budget, while peak annual spending for
CityCenter will be in 2009.

Offsetting MGM's investment in these projects are:

   -- US$2.5 billion in proceeds from expected CityCenter
      residential sales;

   -- US$600 million in recently announced asset sales; and,

   -- potential insurance proceeds from Beau Rivage.

MGM has spent roughly US$440-$450 million in the last year
rebuilding Beau Rivage after Hurricane Katrina, but received
only US$165 million so far in insurance proceeds.

The US$1.1 billion MGM Grand Macau, which is 50% MGM-owned
through a joint venture, is expected to open in late 2007.  MGM
has already invested US$266 million of its committed US$280
million, so MGM has minimal additional capital requirements for
that project.

Asset Sales and Share Repurchase:

Although it is not incorporated into Fitch's base Outlook, Fitch
believes that additional asset sales could help to fund MGM's
projects, as the demand for gaming assets remains robust.  As
was the case in its recent announcement of asset sales in
Laughlin and Primm for US$600 million, Fitch expects MGM to be
selective in monetizing non-core assets at attractive prices.

MGM generated roughly US$1.16 billion in cash from operations
over the last 12 months and spent nearly US$380 million for
share repurchase during that time.  Current ratings incorporate
share repurchase levels consistent with this recent activity,
but a significant increase in repurchase activity is not.

Recent Joint Venture Agreements:

MGM has entered into a number of recent agreements, which
indicate that MGM could be adjusting its business model
somewhat. It reported yesterday it recently signed a multi-
faceted agreement with the Mashantucket Pequot Tribal Nation,
which was first reported in April 2006.  It also expects to sign
two additional agreements in 1Q07 to develop non-gaming hotels
and resorts globally, initially in China, Abu Dhabi, Las Vegas,
and the United Kingdom.  The ultimate scale of the JVs is
unclear at this point and MGM's only reported capital commitment
is a US$200 million loan guarantee to the MPTN JV.

To the extent that these agreements reflect a strategy to
leverage its brands, marketing prowess, and development
capabilities into partnerships that generates fee income with
limited capital commitments, Fitch views the agreements
positively.  Conversely, if the agreements become significant
drains on capital, it could be viewed negatively.

Las Vegas, Nev.-based, MGM Mirage -- http://www.mgmmirage.com/
-- owns and operates 12 casino resorts located in Nevada,
Mississippi, Michigan, and Australia, and has investments in
three other casino resorts in Nevada, New Jersey, and Macau.


NAB BAY: Members Resolve to Wind Up Firm
----------------------------------------
The members of NAB Bay Pty Ltd met on Dec. 4, 2006, and resolved
to voluntarily wind up the company's operations.

In this regard, David H. Scott was nominated to act as
liquidator.

The Liquidator can be reached at:

         David H. Scott
         Jones Condon
         Chartered Accountants
         77 Station Street
         Malvern, Victoria 3144
         Australia
         Telephone:(03) 9500 0511

                  About NAB Bay

NAB Bay Pty Ltd is an investor relation company.

The company is located in Victoria, Australia.


OUR HOUSE PTY: Members and Creditors to Receive Wind-Up Report
--------------------------------------------------------------
The members and creditors of Our House Pty Ltd will meet on
Jan. 22, 2007 at 10:00 a.m., to receive a report of the
company's wind-up proceedings from Liquidator N. Martin.

As reported by the TCR-AP, the company was placed under
voluntary wind-up on Aug. 30, 2006.

The Liquidator can be reached at:

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

                  About Our House Pty

Our House Pty Ltd operates miscellaneous home furnishings
stores.

The company is located in Victoria, Australia.


PERRY INFRASTRUCTURE: Bank Appoints Receiver and Manager
--------------------------------------------------------
On Dec. 11, 2006, Commonwealth Bank of Australia appointed
Robert William Hutson and David John Winterbottom as joint and
several receiver and manager of Perry Infrastructure Pty Ltd.

The Joint Receiver and Manager can be reached at:

         Robert William Hutson
         David John Winterbottom
         Chartered Accountants
         c/o KordaMentha
         22 Market Street
         Brisbane, Queensland
         Australia

                  About Perry Infrastructure

Perry Infrastructure Pty Ltd -- http://www.perrygroup.com.au--  
a subsidiary of Perry Group is a specialist trenchless
technology construction company providing microtunnelling,
directional drilling, auger boring and pipe jacking services.  
It also operates an Integrated Business Management System (IBMS)
and is implementing ISO accreditation.

The company is located in Queensland, Australia.


QC1 PTY: Appoints Bettles and Carter as Liquidators
---------------------------------------------------
On Dec. 4, 2006, the members of QC1 Pty Ltd appointed Jason
Bettles and Susan Carter of Worrells Solvency & Forensic
Accountants as the company's liquidators.

The Liquidators can be reached at:

         Jason Bettles
         Susan Carter
         Worrells Solvency & Forensic Accountants
         Level 6, 50 Cavill Avenue
         Surfers Paradise, Queensland 4217
         Australia

                  About QC1 Pty

QC1 Pty Ltd is engaged in boat building and repairing.

The company is located in Queensland, Australia.


RETAIL DESIGN: Final Meeting Slated for January 25
--------------------------------------------------
The final meeting of the members and creditors of Retail Design
Group (International) Pty Ltd, which is in liquidation, will be
held on Jan. 25, 2007, at 11:00 a.m.

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

The liquidators can be reached at:

         Peter Morris
         Todd Kelly
         c/o Foremans Business Advisors
         Suite 1, 29 Lake Street
         Cairns, Queensland 4870
         Australia

                  About Retail Design

Retail Design Group (International) Pty Ltd provides
architectural services.

The company is located in New South Wales, Australia.


REVLON INC: Unit Completes Credit Agreement Refinancing
-------------------------------------------------------
Revlon Inc. disclosed that its wholly owned operating
subsidiary, Revlon Consumer Products Corp., had consummated the
previously announced refinancing of its existing bank credit
agreement.  

Among other things, the new credit facilities will result in
significant annual interest savings due to lower interest
margins and provide the company with greater financial and other
covenant flexibility, as well as extend the maturity dates for
Revlon Cosumer's bank credit agreement to January 2012.

Commenting on the announcement, Revlon President and CEO David
Kennedy stated, "I am delighted with this demonstration of
support by our lenders.  This new credit agreement provides us
with additional liquidity and flexibility as we enter 2007
focused on our core Revlon, Almay and Mitchum brands, while
seeking to continue to improve our cash flow."

As part of this refinancing, Revlon Consumer entered into a new
5-year US$840 million term loan facility, replacing the US$800
million term loan under Revlon Consumer's 2004 bank credit
agreement.  Revlon Consumer also amended its existing US$160
million multi-currency revolving credit facility under its 2004
bank credit agreement and extended its maturity through the same
5-year period.

The company indicated that the proceeds from the 2006 Credit
Facilities were used to repay in full approximately US$800
million of outstanding indebtedness under the term loan facility
of Revlon Consumer's 2004 bank credit agreement, plus accrued
interest and a prepayment fee, with the balance of the proceeds
being available for general corporate purposes, after paying
fees and expenses incurred in connection with consummating the
2006 Credit Facilities.

The interest rate on the 2006 Term Loan Facility, which was
fully drawn at the closing, was reduced from LIBOR plus 6.0% to
LIBOR plus 4.0%. The interest rate on the 2006 Revolving Credit
Facility, of which approximately US$57 million was drawn at the
closing, was reduced from LIBOR plus 2.5% to LIBOR plus 2.0%.  
The 2006 Term Loan Facility is guaranteed and secured by
substantially the same collateral package and guarantees that
secured the term loan facility of Revlon Consumer's 2004 bank
credit agreement, and the 2006 Revolving Credit Facility
continues to be guaranteed and secured by its existing
collateral package and guarantees.

Revlon, Inc. (NYSE:REV) -- http://www.revloninc.com/-- is a  
worldwide cosmetics, skin care, fragrance, and personal care
products company.  The company's vision is to deliver the
promise of beauty through creating and developing the most
consumer preferred brands.  The company's brands include
Revlon(R), Almay(R), Vital Radiance(R), Ultima(R), Charlie(R),
Flex(R), and Mitchum(R).  The company has Asia Pacific
operations in Australia, China, Hong Kong, Singapore, and
Taiwan.

At Sept. 30, 2006, Revlon Inc.'s balance sheet showed US$925
million in total assets and US$2.150 billion in total
liabilities, resulting in a US$1.225 billion stockholders'
deficit.


REVLON INC: Prices US$100-Million Rights Offering
-------------------------------------------------
Revlon Inc., pursuant to its US$100 million rights offering,
will distribute, at no charge, one transferable subscription
right for each share of Class A and Class B common stock held by
each stockholder of record as of 5:00 p.m. New York City time,
on Dec. 11, 2006.

Each subscription right will enable rights holders to purchase
0.2308 of a share of Revlon's Class A common stock.  Fractional
shares of Class A common stock will not be issued.  The
subscription price for each share of Class A common stock is
US$1.05 per share.

In addition, the subscription rights include an over-
subscription privilege pursuant to which each rights holder that
exercises its basic subscription privilege in full may also
subscribe for additional shares at the same subscription price
of US$1.05 per share, to the extent that other rights holders,
other than MacAndrews & Forbes, do not exercise their
subscription rights in full.  If a sufficient number of shares
are not available to fully satisfy the over-subscription
privilege requests, the available shares will be sold pro-rata
among subscription rights holders who exercised their over-
subscription privilege, based on the number of shares each
subscription rights holder subscribed for under the basic
subscription privilege.

Approximately US$50 million of the proceeds from the rights
offering are expected to be used to redeem approximately US$50
million principal amount of the 8-5/8% Senior Subordinated Notes
due 2008 of Revlon Consumer Products Corporation, the company's
wholly-owned operating subsidiary, with the remainder expected
to be used to repay indebtedness outstanding under RCPC's US$160
million multi-currency revolving credit facility, without any
permanent reduction in that commitment, after paying fees and
expenses incurred in connection with the rights offering.

The subscription rights are expected to trade on the NYSE under
the symbol 'REV RT' beginning approximately Dec. 20, 2006 until
Jan. 18, 2007, the last business day prior to the scheduled
expiration date of the rights offering.

The company disclosed that MacAndrews & Forbes Holdings, Inc.,
Revlon's parent, and its affiliates, has agreed not to exercise
its basic subscription privilege.  Instead, pursuant to a Stock
Purchase Agreement between MacAndrews & Forbes and Revlon,
MacAndrews & Forbes has agreed to purchase, in a private
placement directly from Revlon, its pro rata share of the US$100
million of Class A common stock covered by the rights offering.

MacAndrews & Forbes has also agreed not to exercise its over-
subscription privilege in the rights offering, which will
maximize the shares available for purchase by other stockholders
pursuant to their over-subscription privilege.  However, if any
shares remain following the exercise of the basic subscription
privilege and the over-subscription privilege by other rights
holders, MacAndrews & Forbes will backstop US$75 million of the
rights offering by purchasing, also in a private placement, the
number of remaining shares of Class A common stock offered but
not purchased by other rights holders.

             RCPC Amends US$87 Million Line of Credit

The company also announced that RCPC has entered into a third
amendment to its existing US$87 million 2004 Senior Unsecured
Line of Credit from MacAndrews & Forbes, which provides that,
upon the consummation of the rights offering, US$50 million of
the line of credit will continue through Jan. 31, 2008 on
substantially the same terms.

Revlon, Inc. (NYSE:REV) -- http://www.revloninc.com/-- is a  
worldwide cosmetics, skin care, fragrance, and personal care
products company.  The company's vision is to deliver the
promise of beauty through creating and developing the most
consumer preferred brands.  The company's brands include
Revlon(R), Almay(R), Vital Radiance(R), Ultima(R), Charlie(R),
Flex(R), and Mitchum(R).  The company has Asia Pacific
operations in Australia, China, Hong Kong, Singapore, and
Taiwan.

At Sept. 30, 2006, Revlon Inc.'s balance sheet showed US$925
million in total assets and US$2.150 billion in total
liabilities, resulting in a US$1.225 billion stockholders'
deficit.


RG GROUP: To Declare First Dividend on January 19
-------------------------------------------------
RG Group Pty Ltd, which is in liquidation, will declare the
first dividend for its creditors on Jan. 19, 2007.

Accordingly, creditors are required to submit their proofs of
debt by Jan. 12, 2007, or they will be excluded from the
dividend distribution.

The liquidator can be reached at:

         K. L. Sutherland
         Bent & Cougle Pty Ltd
         Chartered Accountants
         332 St Kilda Road
         Melbourne, Victoria 3004
         Australia

                  About RG Group

RG Group Pty Ltd manufactures furniture.

The company is located in Victoria, Australia.


ROSSI PTY: Liquidator Colwell to Present Wind-Up Report
-------------------------------------------------------
Rossi Pty Ltd, which is in liquidation, will hold a final
meeting for its members and creditors on Jan. 19, 2007, at 10:00
a.m.

At the meeting, Liquidator W. Colwell will present a report
regarding the company's wind-up proceedings and property
disposal activities.

The Liquidator can be reached at:

         Will Colwell
         c/o Ferrier Hodgson (Qld)
         Level 7, 145 Eagle Street
         Brisbane, Queensland 4000
         Australia

                  About Rossi Pty

Rossi Pty Ltd is an investor relation company.

The company is located in Queensland, Australia.


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

ASIA FINANCIAL: Enters Wind-Up Proceedings
------------------------------------------
On Dec. 8, 2006, the members of Asia Financial Resources Ltd met
and passed a special resolution to voluntarily wind up the
company's operations.

Natalia K M Seng and Susan Y H Lo were consequently appointed as
joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Natalia K M Seng
         Susan Y H Lo
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


BESTEL LTD: Placed Under Voluntary Wind-Up
------------------------------------------
The members of Bestel Ltd met on Dec. 11, 2006, and passed a
special resolution to voluntarily wind up the company's
operations and appointed Cheung Man Yau Timothy as liquidator.

The resolution was confirmed at the creditors' meeting held that
same day.

The Liquidator can be reached at:

         Cheung Man Yau Timothy
         Room A, 15/F
         Fortis Bank Tower
         77-79 Gloucester Road, Wanchai
         Hong Kong


CROWNTECH ENGINEERING: Inability to Pay Debts Prompts Wind-Up
-------------------------------------------------------------
At an extraordinary general meeting held on Dec. 6, 2006,
members of Crowntech Engineering (H.K.) Co Ltd passed a special
resolution to voluntarily wind up the company's business due to
its inability to pay debts.

In this regard, Huen Ho Yin was appointed as liquidator.

The Liquidator can be reached at:

         Huen Ho Yin
         Rooms 3307-3312, 33/F West Tower
         Shun Tak Centre, 168-200 Connaught Road
         Central, Sheung Wan
         Hong Kong


GLOBAL BRIGHT: Court to Hear Wind-Up Petition on Jan. 31
--------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Global Bright Engineering Ltd on Jan. 31, 2007, at 9:30 a.m.

CWF Piling and Civil Engineering Co Ltd filed the petition
against the company on Nov. 15, 2006.

CWF Piling's solicitors can be reached at:

         Leung Chan & Pang
         Suite 1203, 12/F
         Wing On House
         71 Des Voeux Road, Central
         Hong Kong


GREEN STAR: Appoints Mark Man Cheung as Liquidator
--------------------------------------------------
On Dec. 12, 2006, the members of Green Star Holdings Ltd
appointed Mark Man Cheung as liquidator by virtue of special
resolutions.

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


HONG KONG BUS: Undergoes Voluntary Wind-up
------------------------------------------
At an extraordinary general meeting held on Dec. 13, 2006, the
members of Hong Kong Bus Body Works Manufacturers' Association
Ltd passed a special resolution to voluntarily wind up the
company's operations.

Accordingly, Chan Yuen was appointed as liquidator.

The Liquidator can be reached at:

         Cham Yuen
         Flat B, 12/F
         Block 2, Villa Art Deco
         9 Town Park Road, South
         Yuen Long, New Territories
         Hong Kong


HSBC PROPERTIES: Members Opt to Liquidate Business
--------------------------------------------------
On Dec. 18, 2006, the members of HSBC Properties (Lantau) Ltd
met and passed a special resolution to voluntarily liquidate the
company's business.

Accordingly, Michael William Scales and William Sai Ming Tam
were appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Michael William Scales
         William Sai Ming Tam
         Level 37, No. 1 Queen's Road Central
         Hong Kong


HUTCHISON ENTERPRISES: Creditors' Proofs of Debt Due on Jan. 12
---------------------------------------------------------------
Joint Liquidators Ying Hing Chiu and Chung Miu Yin Diana require
the creditors of Hutchison Enterprises Five Ltd to submit their
proofs of debt by Jan. 12, 2007.

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

The Joint Liquidators can be reached at:

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


JABIL CIRCUIT: Posts US$3.2-Bil. Net Revenue for Nov. Quarter
-------------------------------------------------------------
Jabil Circuit, Inc., reported that unaudited net revenue for the
first quarter of fiscal 2007 ended Nov. 30, 2006, increased 34%
to US$3.2 billion compared with US$2.4 billion for the same
period of fiscal 2006.

                Fiscal First Quarter 2007 details

   * Sales cycle for the quarter was 23 days;

   * Annualized inventory turns for the quarter were eight
     turns;

   * First quarter capital expenditures were approximately
     US$72 million;

   * Cash and cash equivalent balances were US$658 million at
     the end of the first quarter; and

   * A US$0.07 quarterly dividend was paid on Dec. 1, 2006.

                     Restructuring Update

Jabil previously announced realignment of manufacturing capacity
and estimated the associated costs to be in a range of US$200 to
US$250 million.  The cash cost of these charges is estimated to
be in a range of US$150 to US$200 million over the next two
fiscal years.  Discussions with impacted employees and their
representatives are underway and the company is complying with
all required statutory and consultation periods.

                       Capacity Update

Jabil previously announced that the company will be constructing
new sites in Poland, the Ukraine and India during fiscal 2007.  
Capital expenditures are expected to be in the range of US$200
to US$250 million for fiscal year 2007.

                      Acquisition Update

Shareholders controlling over 50% of Taiwan Green Point have
tendered their shares and Jabil expects the acquisition to be
completed during the company's second or third fiscal quarter,
depending upon the timing of government approvals.

                       Guidance Update

The company said it expects revenue growth of approximately 20%
for fiscal 2007 and provided revenue guidance of US$2.75 to
US$2.85 billion for its second fiscal quarter.

                        Other Matters

As previously disclosed, Jabil is involved in several lawsuits
and has received inquiries from the government in connection
with certain historical stock option grants.  Jabil previously
announced that it had concluded that it would need to restate at
least its 2005 financial statements and related disclosures, and
that it had not conclusively determined if financial statements
for other time periods might need to be restated nor the exact
amount of required restatements.

A Special Review Committee of Jabil's Board of Directors was
appointed to review the allegations in certain of the derivative
lawsuits filed.  The Special Review Committee has largely
completed that review and authorized Jabil to announce that the
Special Review Committee had concluded that there was no merit
to the allegations in the State Court derivative complaints that
Jabil's officers issued themselves backdated stock options or
attempted to cause others to issue them.

Jabil also disclosed on Dec. 8, 2006, that its review of its
historical stock option practices and the related accounting was
ongoing and that Jabil's Audit Committee was reviewing unrelated
matters.  As a result of information revealed in these reviews,
Jabil's Audit Committee has determined that it will review, with
the assistance of independent legal counsel, the recognition of
certain revenue by Jabil in the fourth quarter of fiscal year
1999 and the third quarter of fiscal year 2001.  At this stage
of the Audit Committee's review of these additional matters, it
is not yet in a position to reach any conclusions.  The Audit
Committee will continue to evaluate the company's historical
recognition of revenue in a manner and for such periods as it
determines may be appropriate.  Jabil will not be in a position
to determine the timing of the filing of its 2006 Form 10-K
until the evaluation of its historical financial statements has
been completed and its independent registered public accounting
firm is able to complete its audit of the financial statements
to be included in such Form 10-K.  Jabil does not anticipate
having any additional comment on these topics until it makes its
next filing with the SEC.

Jabil Circuit, Inc. (NYSE:JBL) -- http://www.jabil.com/-- is  
an electronic product solutions company providing comprehensive
electronics design, manufacturing and product management
services to global electronics and technology companies.  Jabil
Circuit has more than 50,000 employees and facilities in 20
countries, including Brazil, Mexico, Austria and China.

                          *     *     *

Standard & Poor's Ratings Services placed a BB+ preliminary
rating on Jabil Circuit's US$1.5 billion senior and subordinated
debts on Aug. 19, 2005.


JACUZZI BRANDS: Extends Tender Offer for 9-5/8% Senior Notes
------------------------------------------------------------
Jacuzzi Brands Inc. disclosed the results of its reported cash
tender offer and consent solicitation with respect to the
US$380 million in aggregate principal amount of its 9-5/8%
Senior Secured Notes due 2010.

In addition, Jacuzzi extended the price determination date for
the tender offer at 10:00 a.m., New York City time, on Dec. 18,
2006, to January 5, 2007.  Jacuzzi is also extending the
expiration date for the tender offer at 5:00 p.m., New York City
time, on Jan. 3, 2007, to Jan. 22, 2007.

Jacuzzi had received tenders and consents for US$379,950,000 in
aggregate principal amount of the Notes, representing 99.99%
of the outstanding Notes, as of Dec. 15, 2006, which was the
deadline for holders who desired to receive the cash consent
payment to tender their Notes and deliver their consents.

Accordingly, the requisite consents to adopt the proposed
amendments to the indenture pursuant to which the Notes were
issued have been received, and a supplemental indenture to
effect the proposed amendments has been executed.  The proposed
amendments, which will eliminate substantially all of the
restrictive covenants and eliminate or modify certain events of
default and related provisions contained in the indenture, will
become operative when the tendered Notes are accepted for
purchase by Jacuzzi.

Withdrawal and revocation rights with respect to tendered
Notes and delivered consents expired as of the Consent Date.  
Accordingly, holders may no longer withdraw any Notes previously
or hereafter tendered or revoke any consents previously or
hereafter delivered, except in the limited circumstances
described in the Statement.

The consummation of the tender offer is conditioned upon, among
other things:

   i) the consummation of the previously announced acquisition
      of Jacuzzi by affiliates of Apollo Management, L.P. and

(ii) the receipt by affiliates of Apollo of US$985 million in
      new debt financing relating to the Transactions and the
      availability of funds therefrom to pay the tender offer
      consideration described in the Offer to Purchase and
      Consent Solicitation Statement of Jacuzzi, dated Dec. 4,
      2006.

If any of the conditions are not satisfied, Jacuzzi may
terminate the tender offer and return tendered Notes, may waive
unsatisfied conditions and accept for payment and purchase all
validly tendered Notes that are not validly withdrawn prior to
expiration, may extend the tender offer or may amend the
tender offer.

                      About Jacuzzi Brands

Headquartered in West Palm Beach, Florida, Jacuzzi Brands, Inc.
-- http://www.jacuzzibrands.com/-- through its operating  
subsidiaries, is a global producer of branded bath and plumbing
products for the residential, commercial and institutional
markets. The company's Bath Products segment manufactures
whirlpool baths, spas, showers, sanitary ware, including sinks
and toilets, and bathtubs for the construction and remodeling
markets. Its Plumbing Products segment manufactures professional
grade drainage, water control, commercial brass and PEX piping
products for the commercial and institutional construction,
renovation and facilities maintenance markets. The products are
marketed through brand names, including JACUZZI, SUNDANCE, ZURN
and WILKINS, a Zurn company (WILKINS).

The company has an engineering and sourcing center in Zhuhai,
China.

The Troubled Company Reporter - Asia Pacific reported on
Oct. 16, 2006, that Standard & Poor's Ratings Services placed
its ratings, including the 'B+' corporate credit rating, on
Jacuzzi Brands Inc. on CreditWatch with negative implications.  


METROPOLITAN FINANCE: Creditors Must Submit Claims by Jan. 26
-------------------------------------------------------------
Creditors of Metropolitan Finance Corporation Ltd are required
to submit their proofs of claim to Liquidator Pornrattanayakorn
by Jan. 26, 2007, to be included in any distribution the company
will make.

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


YIZHENG CHEMICAL: Members Pass Resolutions to Close Business
------------------------------------------------------------
On Dec. 11, 2006, the members of Yizheng Chemical Fibre
International Investment (H.K.) Ltd passed resolutions to
voluntarily liquidate the company's business.

In this regard, 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


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

ANDHRA BANK: Discloses Auditors' Remarks in Sept. 2006 Report
-------------------------------------------------------------
Andhra Bank informed the Bombay Stock Exchange that in the
limited review report of the bank for the quarter ended Sept.
30, 2006, the auditors made these observations:

   1. Non-provision of Fringe Benefit Tax of INR16.84 crore; and

   2. Non adjustment and non-provision of the liability for
      Employees Benefits in accordance with the Accounting
      Standard (AS-15,) (Revised 2005).

                      About Andhra Bank

Headquartered in Hyderabad, India, Andhra Bank --
http://www.andhrabank-india.com/ -- offers various products and
services including deposits, loans, corporate banking products,
non-resident Indian services and technology products.  The
deposits offered by the Bank include current deposits, savings
bank deposits and term deposits.  It offers housing, personal,
mortgage and agricultural loans.  Under corporate banking, it
offers working capital loans, export and import finance, foreign
currency loans, term finance and corporate loans.

As of June 2006, the Bank rendered services through 1,788
business delivery channels consisting of 1,216 branches, 123
extension counters, 412 ATMs and 37 satellite offices spread
over 21 states and two union territories in India.

                          *     *     *

On September 16, 2002, Fitch Ratings assigned Andhra Bank a C/D
Individual Rating.


ALLAHABAD BANK: Discloses Auditors' Observation on Sept. Review
---------------------------------------------------------------
Pursuant to the limited review of Allahabad Bank for the quarter
ended Sept. 30, 2006, the auditors made this observation:

   "Attention is drawn to Note Nos. 3,6 and 8 of 'Notes on
   Accounts' in respect of Revised Accounting Standard (AS-15),
   pending reconciliation of NOSTRO / Inter Branch and other
   control Accounts and In-built Japanease yen Interest Rate
   Swap respectively."

Allahabad Bank -- http://www.allahabadbank.com/-- is a public
sector bank in India.  The company's offerings include personal
loans, AllBank-Expo scheme, loan against National Savings
Certificate and Kisan Vikas Patra, housing finance, furnishing
loan, car finance and education loan.  The Company offers a
range of deposit schemes to the non-resident Indians.  The
company has retail banking boutique branches all over India.
The company's other services include AllBank-Property, All
Ayushman Bima Yojana, Cash Management Services, Kisan Credit
Card, Flexi-Fix Deposit, Gold Deposit, SSI Finance, Gold Card
Scheme for Exporters, Kisan Shakti Yojana, Bancassurance and
Mutual fund, Real Time Gross Settlement and Clean Note Policy.

The Troubled Company Reporter - Asia Pacific reported on
Sept. 14, 2006, that Fitch Ratings assigned an Individual
rating of C/D to Allahabad Bank.  The Support rating is affirmed
at '4'.  The outlook on the rating is stable.


BALLY TECHNOLOGIES: Sells 9,000 Units of Gaming Devices
-------------------------------------------------------
Bally Technologies, Inc., reported sales of approximately 9,000
gaming devices, excluding OEM sales for the first half of fiscal
year 2007, compared with 6,500 in the first half of fiscal year
2006, at higher average selling prices compared with the prior
year.  Gross margins are expected to improve in 2007.

Bally Technologies has filed form 10-Q for first two quarters of
fiscal year 2006.  The company discloses:

    -- A record number of gaming device purchase commitments
       from this year's G2E trade show in November 2006.

    -- 1,200 units currently installed on a participation basis
       at the Yonkers Raceway in New York and expectation of
       another 1,600 units to be operational by February 2007
       when expansion construction is expected to be completed.

    -- Increase in the current installed base of the Hot Shot
       Progressive game to 1,400 participation units.  The
       company also plans to introduce three new participation
       products by the fourth quarter of fiscal year 2007.

    -- Growth in the Systems business as a result of a number of
       new contracts and go-lives which are expected to drive
       revenue to more than US$65 million in the first half of
       fiscal year 2007 compared to US$46 million in the first
       half of fiscal 2006.  Gross margins on Systems revenue in
       the first half of fiscal year 2007 are expected to be
       lower than the first half of fiscal year 2006 due to the
       mix of hardware and software sales.

    -- Interest expense for the first half of fiscal year 2007
       is expected to be approximately US$17.5 million,
       reflecting higher market interest rates and fees on bank
       facilities.

    -- The increase in costs associated with impact of the
       reduction in the depreciable lives of certain leased
       products in fiscal year 2006 will decrease significantly
       in the second quarter of fiscal year 2007 and is not
       anticipated to have an impact on future financial
       results.

Richard Haddrill, chief executive officer of Bally Technologies,
said,  "I am pleased with the customer response at the recent
G2E trade show in Las Vegas and the continued progress we are
making on our strategic and profitability plans.  In the first
half of our fiscal 2007, we are beginning to see the benefits of
our efforts."

Bally Technologies filed its Form 10-Qs for the quarters ended
Sept. 30 and Dec. 31, 2005.  The company expects to file its
Form 10-Q for the quarter ended March 31, 2006, and its Form
10-K for the fiscal year ended June 30, 2006, before
March 15, 2007.  While the company believes it can achieve this
filing schedule, there can be no assurance that the schedule
will be met.  As previously disclosed, the company has not filed
its Form 10-Q for the quarter ended Sept. 30, 2006, and the
company anticipates the filing of its Form 10-Q for the quarter
ending Dec. 31, 2006, will also be delayed.

Robert C. Caller, chief financial officer of Bally Technologies,
stated, "We are pleased to have completed these quarterly
reports and continue to work diligently on the remaining filings
for fiscal 2006 and for the first quarter of fiscal 2007.  I am
also pleased that we continued our product retooling during the
six months ended Dec. 31, 2005, without a material negative
impact to our working capital."

Bally Technologies was undergoing a major product retooling
during the first half of fiscal year 2006 and recorded a loss of
US$0.33 per share.  The loss includes US$0.07 per share related
to stock compensation expense and US$0.22 per share of expenses
related to inventory obsolescence, increased depreciation on
participation games as a result of shortening the estimated
useful lives of those assets, accrual for the probable
settlement of class action litigation and higher than normal
expenses related to accounting and legal matters.

Total revenues for the second quarter of fiscal year 2006
increased to US$128.4 million compared to total revenues of
US$106.4 million for the first quarter of fiscal year 2006 and
US$124.5 million for the second quarter of fiscal year 2005.

The average selling price of gaming devices in the first half of
fiscal year 2006 increased to approximately US$10,800 per unit
compared to approximately US$10,400 per unit in the first half
of fiscal year 2005 reflecting a shift in the mix of Bally
Technologies' gaming devices to its new Alpha-based products.  
Total gaming devices sold in the first half of fiscal year 2006,
excluding OEM units, totaled 6,463 units.

Selling, general and administrative costs increased US$4.4
million in the first half of fiscal year 2006 compared to the
first half of fiscal year 2005 reflecting the impact of
increased legal and accounting costs related to the restatement
of financial information and other matters.

Interest expense increased US$5.4 million in the first half of
fiscal year 2006 compared with the first half of fiscal year
2005 due to higher interest rates and fees associated with Bally
Technologies' bank facility.

As previously disclosed, the reduction in the depreciable lives
of certain of Bally Technologies' leased gaming equipment
negatively impacted financial results for its gaming operations
business beginning in the second quarter of fiscal 2006.   Gross
margin for gaming operations of 39% in the second quarter of
fiscal year 2006 includes US$5.8 million of depreciation related
to this change.  This change has also negatively affected the
gross margin for gaming operations in the third and fourth
quarters of fiscal year 2006.

Gross margin for the systems business in the first half of
fiscal 2006 was 82% compared with 79% for the first half of
fiscal year 2005, reflecting a higher mix of software versus
hardware sales.

Cash and cash equivalents were US$24.6 million at Dec. 31, 2005,
a decrease from a balance of US$33.2 million at June 30, 2005.  
Working capital and debt levels remained relatively unchanged
despite the Bally Technologies' retooling efforts.  Accounts and
notes receivable increased US$24.1 million and deferred revenue
increased US$26.4 million from June 30, 2005, to Dec. 31, 2005.

Bally Technologies anticipates reporting a net loss per diluted
share of between US$0.66 and US$0.76 for the year ended
June 30, 2006.  This estimated net loss includes stock
compensation expense of approximately US$0.16 per share and also
includes charges of approximately US$0.52 per share related to
inventory obsolescence, increased depreciation on participation
games as a result of shortening the estimated useful lives of
those assets, accrual for the probable settlement of class
action litigation, write offs of certain other assets, and
higher than normal expenses related to accounting and legal
matters.  It also includes an impairment charge on certain of
Bally Technologies' intangible assets of approximately US$0.11
per share.  In addition, as previously reported, the company
experienced lower gross margins on newer gaming products in
fiscal year 2006 as a result of introductory pricing and high
initial production costs.

As of Dec. 31, 2005, and Sept. 30, 2005, Bally Technologies was
in compliance with its financial covenants consisting of a
leverage ratio, a fixed charges coverage ratio and a minimum of
Earnings Before Interest, Taxes, Depreciation and Amortization
(EBITDA).
    
As previously disclosed, Bally Technologies amended its bank
facility to extend the due date for the delivery of the
company's Form 10-Q for the quarter ended March 31, 2006, and
its Form 10-K for the fiscal year ending June 30, 2006, to
March 15, 2007.
    
Las Vegas, Nev.-based Bally Technologies, Inc. (NYSE: BYI) --
http://www.BallyTech.com/-- designs, manufactures, operates,
and distributes advanced gaming devices, systems, and technology
solutions worldwide.  Bally Technologies' product line includes
reel-spinning slot machines, video slots, wide-area progressives
and Class II lottery and central determination games and
platforms.  Bally Technologies also offers an array of casino
management, slot accounting, bonus, cashless, and table
management solutions.  The company also owns and operates
Rainbow Casino in Vicksburg, Miss.  The company's South American
operations are located in Argentina.  The company also has
operations in Macau, China and India.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 16, 2006,
Standard & Poor's Ratings Services held its ratings on Bally
Technologies Inc., including the 'B' corporate credit rating, on
CreditWatch with negative implications.


BANK OF BARODA: Reveals Auditors' Observation on 3rd Qtr. Review
----------------------------------------------------------------
Bank of Baroda informs BSE that in the limited review report of
the bank for the quarter ended Sept. 30, 2006, the auditors made
these observations:

   1. Effect on the Financial Results for the Quarter/Half-year
      ended Sept. 30, 2006 as arising out of
      matching/reconciliation of debit and credit outstanding
      entries in various heads of accounts, included in Inter
      Office Adjustments, NOSTRO, Drafts / TTs.  Payable,
      Clearing Adjustments, Dividend / Interest / Refund Orders
      Paid / Payable etc., has not been ascertained, and
      accordingly not considered.

   2. In the statement of unaudited Financial Results of the
      Bank, the figures of Capital Adequacy Ratio and Earnings
      per Share shown are subject to the auditors observation.

Headquartered in Mumbai, India, Bank of Baroda --  
http://www.bankofbaroda.com/-- is a provider of banking
services in India.  The company's solutions includes personal
banking, which includes deposits, retail loans, credit cards,
debit card, lockers and other services; business banking, which
comprises working capital, term finance and traders loans;
corporate banking, which includes cash management and
remittances, multi-city cheques, appraisals and merchant
banking; international business, which includes import finance,
international treasury, export finance, correspondent banking
and other solutions; treasury banking, which comprises domestic
operations and forex operations, and rural banking, which
includes retail loan, small businesses and small scale
industries.

Fitch Ratings, on June 1, 2005, gave Bank of Baroda an
individual rating of C/D.


BANK OF INDIA: Forms Life Insurance JV with UBI & Dai-ichi Life
---------------------------------------------------------------
The Bank of India ventures into the life insurance segment by
forming a joint venture with Union Bank of India and
Japan's Dai-ichi Mutual Life Insurance Co, a regulatory filing
with the Bombay Stock Exchange reveals.

According to the BSE filing, the parties signed on Dec. 21,
2006, the memorandum of understanding of the Life Insurance JV.

The MOU, among others, envisages a capital stake of 51% by BOI,
26% by Dai-ichi and 23% by UBI.

The three partners believe that the insurance venture would
generate a steady stream of income for them after it achieves an
economic scale.  Pursuant to the venture, BOI and UBI will also
earn sales commission on the products sold at their branches,
providing a regular income to both banks and strengthening their
revenue.

Bank of India -- http://www.bankofindia.com/-- 2,628 branches   
in India spread over all states/union territories, including 93
specialized branches.  The bank provides a range of financial
products and services, including numerous credit schemes,
deposit schemes, cash management services, credit/debit cards,
deposit vaults and corporate bonds.  It also extends finance to
small and medium enterprises and small-scale industries.  It
provides a variety of loans, such as mortgage loans, educational
loans, auto finance loans, holiday loans, personal loans and
home loans.  The bank offers Internet banking services for both
the retail and corporate clients.

The bank also operates in the Cayman Islands, China, the Channel
Islands, France, Hong Kong, Indonesia, Japan, Kenya, Singapore,
the United Kingdom, the United States, and Vietnam.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Sept. 11, 2006, that Standard & Poor's Ratings Services
assigned its BB- rating to Bank of India's (BoI; BB+/Positive/B)
proposed upper Tier II subordinated and hybrid Tier I notes
under its US$1 billion MTN program.

At the same time, Standard & Poor's raised its rating on the
proposed subordinated notes, or lower Tier II notes, under the
MTN program to BB from BB-.

S&P had earlier given Bank of India both BB+ long-term local and
foreign issuer credit ratings, and B ratings on its short-term
foreign and local issuer credit.


BHARAT PETROLEUM: Declares 60% Interim Divided for FY2006-07
------------------------------------------------------------
Bharat Petroleum Corporation Ltd's board of directors, at its
meeting on Dec. 26, 2006, declared interim dividend at 60% (i.e.
INR6 per equity share of INR10 each) for the financial year
2006-07.

In this regard, the board fixed Jan. 16, 2007, as the record
date for the purpose of payment of interim dividend.

                     About Bharat Petroleum

Headquartered in Maharashtra, India, Bharat Petroleum
Corporation Limited -- http://www.bharatpetroleum.com/-- is
engaged in refining and marketing petroleum, liquefied petroleum
gas and petrochemical products including middle distillates,
light distillate, lubricants, benzene and toluene.  During the
year 2002, the Group introduced Petro Card and SmartFleet Card
and had around 700,000 customers enrolled in 28 cities.  There
are 4,711 retail outlets and 1,729 LPG distributors that operate
in the country.  The plants of the Group are located in Mahul
and Mallet Road in Mumbai and in Budge.

Bharat Petroleum is currently working to reverse its losses
resulting from the Government's mandate to sell kerosene,
liquefied petroleum gas, petrol and diesel way below market
rates.

On September 23, 2005, the Company delisted its shares from the
Madras Stock Exchange Ltd, Calcutta Stock Exchange Association
Ltd and Delhi Stock Exchange Association Ltd.  In November 2005,
Bharat Petroleum's November 2004 profits dissipated and the
Company registered a INR203-crore (US$45.7 million) net loss.
By the end of the third quarter ending December 31, 2005, the
Company posted a US$231-million net loss.

In January 2006, Bharat Petroleum entered into a merger with
Koichi Refineries Ltd, which shareholders for both companies
accepted.  Even with its expansion moves, Bharat Petroleum has
decided to put aside a US$1.4-million expansion project due to
losses brought about by oil subsidies, as the Company -- and the
entire industry -- suffered huge losses and has difficulty
implementing expansion activities due to the Government's
refusal to allow oil companies to raise fuel prices despite
global crude oil price crossing US$70 a barrel.

On February 20, 2006, the Petroleum Ministry proposed an
increase of INR3 per liter each in petrol and diesel prices and
INR20 per cylinder increase in liquefied petroleum gas price to
save the oil companies from going bankrupt.


BHARAT PETROLEUM: Reappoints Narasimha Raju as Addt'l. Director
---------------------------------------------------------------
Bharat Petroleum Corporation Ltd, in a filing with the Bombay
Stock Exchange, relates that D N Narasimha Raju, Joint
Secretary, Ministry of Petroleum & Natural Gas, has been
reappointed as additional director effective Dec. 18, 2006.

Mr. Raju was previously appointed on Dec. 6, 2006, to hold the
office of Bharat Petroleum director until the date of Annual
General Meeting held on Dec. 18, 2006

The company also discloses the resignation of Ajay Tyagi, Joint
Secretary, MoP&NG, from the office of director through his
letter dated Nov. 17, 2006.

                     About Bharat Petroleum

Headquartered in Maharashtra, India, Bharat Petroleum
Corporation Limited -- http://www.bharatpetroleum.com/-- is
engaged in refining and marketing petroleum, liquefied petroleum
gas and petrochemical products including middle distillates,
light distillate, lubricants, benzene and toluene.  During the
year 2002, the Group introduced Petro Card and SmartFleet Card
and had around 700,000 customers enrolled in 28 cities.  There
are 4,711 retail outlets and 1,729 LPG distributors that operate
in the country.  The plants of the Group are located in Mahul
and Mallet Road in Mumbai and in Budge.

Bharat Petroleum is currently working to reverse its losses
resulting from the Government's mandate to sell kerosene,
liquefied petroleum gas, petrol and diesel way below market
rates.

On September 23, 2005, the Company delisted its shares from the
Madras Stock Exchange Ltd, Calcutta Stock Exchange Association
Ltd and Delhi Stock Exchange Association Ltd.  In November 2005,
Bharat Petroleum's November 2004 profits dissipated and the
Company registered a INR203-crore (US$45.7 million) net loss.
By the end of the third quarter ending December 31, 2005, the
Company posted a US$231-million net loss.

In January 2006, Bharat Petroleum entered into a merger with
Koichi Refineries Ltd, which shareholders for both companies
accepted.  Even with its expansion moves, Bharat Petroleum has
decided to put aside a US$1.4-million expansion project due to
losses brought about by oil subsidies, as the Company -- and the
entire industry -- suffered huge losses and has difficulty
implementing expansion activities due to the Government's
refusal to allow oil companies to raise fuel prices despite
global crude oil price crossing US$70 a barrel.

On February 20, 2006, the Petroleum Ministry proposed an
increase of INR3 per liter each in petrol and diesel prices and
INR20 per cylinder increase in liquefied petroleum gas price to
save the oil companies from going bankrupt.


PHARMANET DEV'T: Moody's Affirms Caa1 Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service changed the outlook on PharmaNet
Development Group, Inc.'s ratings to stable from negative.  
Moody's also affirmed the Caa1 Corporate Family Rating and B1
Senior Secured Bank Credit Facility rating, and upgraded the
speculative grade liquidity rating to SGL-3 from SGL-4.

The change in PharmaNet's rating outlook to stable and the
upgrade of the SGL rating reflect higher than anticipated
operating cash flow in 2006 and 2007, an improving liquidity
position, the recent amendment to its credit facility and a
resolution of many issues that the company has faced at its
Phase I facility in Miami.  In comparison to Moody's forecasts
made as part of its April 11, 2006 downgrade, Moody's now
believes that the company will have adequate cash flow to cover
capital expenditures and near-term debt service requirements,
although working capital is volatile from quarter to quarter.  
Moody's notes that the late stage business has grown by more
than 26% for the nine months ended Sept. 30, 2006.

Moody's has been encouraged by the strength of the company's
clinical services business, which has been hurt less than
Moody's expected following the announcement that the United
States Senate's Finance Committee had requested documents from
the company and was inquiring about the company's operating
procedures.  Further, the company's liquidity position is
improving based on its increasing cash balances and remaining
availability under its bank facility.

The ratings could be upgraded if the company continues to
generate solid operating cash flow while maintaining existing
levels of outstanding debt.  The ratings would also benefit if
the company is able to sustain strong growth in its late stage
business while improving results from its early stage business.  
Further, a favorable resolution of ongoing litigation could also
result in upward rating pressure.

The ratings could be downgraded if significant cash outlays are
needed to settle any litigation, especially if the company had
to access external sources to help finance such litigation.  The
outlook could also change if there were a meaningful
deterioration in the late stage business.  Finally, if the
company were to pursue a large acquisition financed with debt,
the ratings could be downgraded.

The ratings affirmed with a positive outlook are:

   -- US$45 Million Senior Secured Bank Credit Facility,
      rated B1, LGD1, 7%;

   -- Corporate Family Rating, rated Caa1;

   -- Probability of Default Rating, rated Caa1; and

   -- Loss Given Default Assessment, LGD4, 50%

The outlook is stable.

Headquartered in Princeton, New Jersey, PharmaNet Development
Group, Inc. (NASDAQ: PDGI) -- http://www.pharmanet.com/ -- is
an international drug development services company offering a
comprehensive range of clinical development, clinical and
bioanalytical laboratory, and consulting services to the branded
pharmaceutical, biotechnology, generic drug and medical device
industries.  The company has more than 30 offices, facilities
and laboratories with more than 2,000 employees strategically
located throughout the world including the Argentina, India and
Mexico.


STATE BANK OF INDIA: Increases Benchmark Prime Lending Rate
-----------------------------------------------------------
The State Bank of India revised its Benchmark Prime Lending Rate
by 50 bps from 11.00% p.a. to 11.50% p.a., the bank discloses in
a filing with the Bombay Stock Exchange.

The rate revision took effect starting Dec. 27, 2006.

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
Dec. 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.

Additionally, Standard and Poor's Rating Service gave State Bank
of India a BB+ long-term foreign issuer credit rating on
February 2, 2005.

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 POWER: Grabs 4,000-MW Plant Contract in Mundra
---------------------------------------------------
Tata Power Company Ltd won a bid for an Ultra Mega Power Project
in western India.

According to reports, Tata Power, after submitting the lowest
bid, was awarded a contract to build a 4,000-megawatt coal-fired
plant in Mundra, Guijarat.

The Mundra Plant is part of the Government of India's plan to
set up five 4,000-MW coal-fired power projects to help breach
the country's electricity deficit, The News states.

India Infoline says the plants will begin production by 2012 and
full output will start by 2013.

Tata Power reportedly quoted a bid of INR2.26 per unit for the
Mundra project, outbidding Reliance Energy, Larsen & Toubro,
Essar Power, Sterlite Industries and Adani Exports.

Headquartered in Mumbai, India, Tata Power Company Limited --
http://www.tatapower.com/-- is engaged in the business of
generation, transmission and distribution of electricity with
operations in the states of Maharashtra, Jharkhand and
Karnataka.  The company operates two business segments: the
power business segment and the other business segment.  Its
power business segment is engaged in the generation,
transmission and distribution of electricity.  The company's
other business segment includes electronics and project
consultancy.  During the fiscal year ended March 31, 2006, the
power business contributed about 94% of the Company's revenues.
On December 2, 2005, it completed the acquisition of 74% equity
stake in Maithon Power Limited from Damodar Valley Corporation.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
November 10, 2005, that Standard & Poor's Ratings Services
affirmed its 'BB+' long-term foreign and local currency
corporate credit ratings for Tata Power.  The outlook is stable.


UNION BANK OF INDIA: To Declare Interim Dividend for FY2006-07
--------------------------------------------------------------
Union Bank of India will declare interim dividend for the
financial year 2006-2007, if any, the bank informs the Bombay
Stock Exchange in a regulatory filing.

For that purpose, the bank's board of directors will hold a
meeting today, Dec. 28, 2006.

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

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

                          *     *     *

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

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


UTI BANK: Board Allots 2,72,838 Equity Shares under ESOP
--------------------------------------------------------
UTI Bank Ltd's Committee of Directors allotted to the bank's
employees 2,72,838 equity shares of INR10 each.

The allotment was made pursuant to the bank's employee stock
option scheme.

With the allotment, the bank's paid-up share capital will be
increased to 28,11,93,673 equity shares from 28,09,20,835 equity
shares.

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

                          *     *     *

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

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

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

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


VNESHTORGBANK JSC: VTB 24 Unit Inks US$200-Mil. Loan with EBRD
-------------------------------------------------------------
Vneshtorgbank Retail Financial Services, a unit of Vneshtorgbank
JSC, signed a five-year US$200 million syndicated loan with the
European Bank for Reconstruction and Development, RIA Novosti
reports.

"The loan will be used to provide credit to micro, small and
medium enterprises," VTB24 said in a statement.

EBRD will provide US$150 million of the loan while a pool of
foreign banks, led by Barclays Capital, will syndicate the
remaining US$50 million.

                       About Vneshtorgbank

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

As of Dec. 31, 2005, the Group had a network of 151 branches,
including 55 branches of VTB, 42 branches of VTB Retail Services
and 54 branches of Industry and Construction Bank, located in
major Russian regions.  The Group operates through three
subsidiaries located in the CIS (Armenia, Georgia, Ukraine),
seven subsidiaries located in Western Europe (Austria, Cyprus,
Switzerland, Germany, Luxembourg, France) and Great Britain and
through five representative offices located in India, Italy,
China, Byelorussia and Ukraine.

                        *     *     *

Following the recent upgrade of the Russian sovereign foreign
and local currency IDRs to BBB+ from BBB, Fitch ratings lifted
Vneshtorgbank's Upgraded to foreign currency and local currency
IDR to BBB+ from BBB with a Stable Outlook and Short-term to F2
from F3.  Fitch also affirmed the Individual rating at C/D and
Support at 2.

Fitch also upgraded Vnesheconombank IDR rating to BBB+ from BBB
with a Stable Outlook; and Short-term to F2 from F3.  Fitch
affirmed the Support rating at 2.


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

FAJAR SURYA: Reports Paper Sales of IDR1.22 Trillion
----------------------------------------------------
PT Fajar Surya Wisesa reported IDR1.22 trillion in sales for the
nine months ended September 30, 2006, the company reported in
its Web site.

The company was able to sell 385.80 tons of paper, a bulk of
which -- at 308.01 tons -- were sold in Indonesia, while another
77.78 tons were sold abroad.

PT Fajar Surya Wisesa -- http://www.fajarpaper.com/-- is among  
the largest industrial paper manufacturers in Indonesia with a
focused range of products comprising liner board, corrugated
medium paper and coated duplex board.

The Troubled Company Reporter - Asia Pacific reported on
November 2, 2006, that Fitch Ratings has assigned a final rating
of 'B+' and a Recovery Rating of 'RR4' to the US$100 million
guaranteed secured notes due 2011 issued by Fajar Paper Finance
B.V. and guaranteed by PT Fajar Surya Wisesa.  The rating action
follows the completion of the notes issue and receipt of
documents conforming to information previously received.


GREAT RIVER: Surabaya Stock Exchange to Delist Stock in 2007
------------------------------------------------------------
PT Great River International's stock and bonds will be delisted
from the Surabaya Stock Exchange in January 2007, Antara News
reports.

Antara cites SSX President Director Bastian Purnama as pointing
out that before the delisting becomes effective next month,
Great River will continue meeting its obligation as a publicly
listed firm.

Mr. Purnama said that once the delisting is effective, the
company will be required to fulfill its financial obligation to
the Surabaya Stock Exchange.  However, if Great River wants to
list its stock and bonds at the Surabaya Stock Exchange again,
the move will be treated as a new scheme, he said.

Antara recounts that trading in Great River shares at the
Jakarta Stock Exchange was suspended in January 2005 for failing
to submit its financial report.  Thus, the company faces the
threat of being delisted from the JSX in January 2007.

Moreover, the company has been fined IDR1 billion from 2004
until now as it has not submitted any financial report for two
consecutive years, Antara adds.

The report relates that Great River is experiencing difficulties
in preparing its financial report because one of its senior
directors is not willing to sign it.  This situation has also
caused the company to have liquidity problems.

                       About Great River

PT Great River International Tbk -- http://www.greatriver.co.id/  
-- is a fashion apparel producer, exporter and retailer of
international brands.  Great River produces ladies'/men's
undergarments and men's shirts/trousers, as well as children's
wear in Indonesia.  The company distributes brands of men's wear
and other apparel through its subsidiary in Malaysia, Apparel
World (M) Sdn. Bhd., and an associated distributor in Singapore,
Inter Fashion Marketing Pte. Ltd.  Great River operates
production facilities located in West Java, Cibinong, Cikarang
and Purwakarta, which, together, house a combined total of more
than 6,600 sewing machines.  These production facilities are
capable of producing over 34 million pieces garments per annum.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Aug. 31, 2006, that Great River's five acting directors --
Kristanto Setyadi, D. Swantopo, Hasanuddin Rachman, Doddy
Soepardi and Albert Mario Setyawan -- told the Jakarta Stock
Exchange that they would step down, handing over the company to
PT Bank Mandiri, PT Nikko Securities as its bond underwriter,
and Bank Mega as the trustee.

According to the TCR-AP report, the five resigned after the
Jakarta-based firm -- once Southeast Asia's largest apparel
manufacturer -- continued to be dogged by problems paying for
its raw material purchases, salaries, and other obligations.

Great River's shares were suspended from the Jakarta Stock
Exchange in January 2005 after the company failed to pay
IDR11 billion in interest on its loans and bonds.  The company
has failed to submit financial reports since 2004, making it
more difficult for the debtor to settle its outstanding loans.

Its main shareholder, Sunjoto Tanudjaja, had also been named a
suspect in a scam regarding the loans and is a fugitive from
justice.


KERETA API: Gets 20 Second-Hand Coaches from Japan
--------------------------------------------------
On December 26, 2006, PT Kereta Api received 20 second-hand
coaches from Japan as part of a total of 160 ordered from that
country, Antara News reports.

"Although they are second-hand, their condition is still very
good by Indonesian standards, as the company on December 3,
2006, received 24 similar coaches, which were still in very good
condition," Ahmad Sujudi, spokesman for Kereta Aapi, said.

Mr. Sujudi adds that by the new arrivals, the frequency of trips
on the Jakarta-Bogor-Tangerang-Bekasi route could be increased,
especially with the completion of the double track on the route.  

Antara adds that the company will also introduce the automatic
ticketing system on the Pal Merah-Serpong route as of February
2007.  Antara explains that along the 24-kilometer Pal Merah-
Serpong route, at least six stations are being built, and each
of the trains will have eight coaches.  With eight coaches, four
of the trains will go to Serpong, and the other four to Jakarta.

Headquartered in Bandung, West Java, Indonesia's state railway
PT Kereta Api -- http://www.kereta-api.com/-- operates a large  
and busy network.  Its 6,000 kilometers of track extend
throughout Java and Sumatra and carry some 200 million
passengers per year.  Since 1999, KAA has operated as a limited
corporation and is currently implementing a strategy for change
designed to make it Indonesia's main choice of transport for all
sectors of Indonesian society.

                           *     *     *

Kereta Api confessed to having stated a IDR5-billion loss in
2005 as profit, although it was unintentional, said KA spokesman
Noor Hamidi.

Earlier Troubled Company Reporter - Asia Pacific reports stated
that the Company booked a 2005 net loss of IDR13 billion.

KA commissioner Hekinus Manao informed the public that several
company liabilities were recorded as assets in its financial
report, which he had refused to sign and thus delayed a
scheduled shareholders' meeting earlier this month.

The TCR-AP also reported that the Indonesian Government plans to
provide IDR100 billion to Kereta Api as bailout funds.


PANIN BANK: Ups Credit Extension on Better Performance
------------------------------------------------------
PT Panin Bank would increase the amount of funds for credit
extension in 2007 to 25% from 22%, Antara News reports.

The move comes after Panin Vice President Director Rosniati
Silihin painted a rosy picture for 2007, saying that Indonesian
banks are expected to increase credit extension to the public
and thus to help boost economic growth.

Antara News says that Ms. Silihin predicted 2007 to be a more
conducive year for the national economy as the relatively better
bank interest rate of 9.75%, manageable inflation and the stable
rupiah exchange rate would support the real sector and the
implementation of infrastructure projects.

                     Panin Improves in 2006

Antara cites Ms. Silihin as saying that the major portion or 62%
the bank's credits this year had gone to small and medium-sized
enterprises.  This was higher than last year when the figure was
43%.

Antara News reports that Panin's operational profit before tax
as per September 2006 increased by 33% compared to the figure in
the same period last year, which stood at IDR614 billion.  The
bank`s operational income also rose by 44% to IDR3.21 trillion.   
It booked a net interest rate income of IDR1.07 billion, which
figure represents an increased of 16% from the IDR923 billion in
the previous year.

Antara adds that the company's fee-based income from treasury
and promissory note transactions also rose to IDR378.4 billion
from IDR273 billion as per September 2005.

                        About Panin Bank

Headquartered in Jakarta, Indonesia, PT Bank Pan Indonesia Tbk's
-- http://www.panin.co.id-- products and services include   
individual, which comprises saving products, consumer credit
products, electronic products and service products corporate,
and corporate, which consist of saving products, financial
service products, loan credit, export and import products,
electronic products and service products. The bank has
investment in several public listed companies, including PT
Clipan Finance Indonesia Tbk, PT Asuransi Multi Artha Guna Tbk
and PT Panin Sekuritas Tbk.

                         *     *     *

A Troubled Company Reporter - Asia Pacific report on August 4,
2006, stated that Moody's Investors Service revised its outlook
for Pan Indonesia Bank's D- bank financial strength rating to
positive from stable.


PERUSAHAAN LISTRIK: AGB to Invest IDR1 Tril. for Biofuel Plant
--------------------------------------------------------------
South Korea's AGB Energy will invest IDR1 trillion to build an
integrated biofuel business, from plantation to a processing
plant, under an agreement that it will supply its biofuel output
to PT Perusahaan Listrik Negara, Antara News reports, citing AGB
President Kim Tae Sik.

The report relates that, according to Mr. Kim, AGB has already
planted jatropha (castor oil) over an area of 20 hectares in
North Maluku province and aims to have up to 300,000 hectares
planted to the crop in the next few years.  For that purpose,
the company will also expand to Papua and East Nusa Tenggara
provinces in eastern Indonesia.

PLN Director Ali Herman Ibrahim said that under a memorandum of
understanding between the two firms, PLN has agreed to buy
biofuel from AGB to help it speed up its electrification program
in eastern Indonesia, Antara adds.

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.


* Government Plans Privatization of State Companies
---------------------------------------------------
Over 10 Indonesian state-owned enterprises would be privatized
in 2007, Antara News reports.  

The targeted income expected from the privatization, according
to Antara, was set at IDR3 trillion.

The report notes that most of these state-owned enterprises to
be privatized are based in Jakarta.  Fertilizer companies PT
Pupuk Iskandar Muda and PT Asean Aceh Fertilizer, and pulp and
paper firm PT Kertas Kraf Aceh will not be included in the
privatization.

                          *     *     *

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
=========

ALL NIPPON: To Increase International Fares On Rising Fuel Costs
----------------------------------------------------------------
All Nippon Airways plans to increase its international fares due
to soaring fuel costs, estimated to be nearly JPY45 billion more
in the year starting April 2007, Reuters says.

According to Reuters, All Nippon's fare hike announcement comes
a week after it announced plans to increase domestic fares.

The report notes that All Nippon will raise prices for its
international flights by up to 7%, while it will hike domestic
fares by an average of 2.7%, or by JPY400-JPY1,000.

If the new fare schemes are approved, a business class round-
trip ticket from Tokyo to London, for example, will cost
JPY937,900 (US$7,887) on weekdays, up from a current JPY893,200,
Reuters says.

                    About All Nippon Airways

Headquartered in Tokyo, All Nippon Airways Co., Limited --
http://www.ana.co.jp/eng/-- is Japan's second-largest airline  
company in terms of revenue.  The company, which was founded in
1952, provides these services:

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

   3. Business of buying, selling, leasing and maintenance of
      aircraft and aircraft parts; and

   4. Aircraft transportation ground support business, including
      passenger boarding procedures and loading of hand baggage.

The airlines flies to all key Asian destinations, the United
States and Canada, France, the United Kingdom and key European
countries.

As reported in the Troubled Company Reporter - Asia Pacific on
June 13, 2006, Fitch Ratings said that the credit quality gap
between Japan's top two airlines continues to widen with All
Nippon Airways Co. Limited -- rated 'BB+'/Stable -- benefiting
from market improvements, while its rival, Japan Airlines
Corporation -- rated 'BB-'/Stable -- continues to be grounded by
internal woes.

The TCR-AP also stated on May 30, 2006, that Moody's Investors
Service has upgraded to Ba1 from Ba3 the senior unsecured debt
ratings of All Nippon Airways Co., Ltd.  The rating action
concludes the review initiated on March 3, 2006.  The rating
outlook is stable.

On May 3, 2006, Standard & Poor's Ratings Services revised its
outlook on the BB- long-term corporate credit rating on All
Nippon Airways to positive from stable, reflecting the company's
improved earnings and expectations for stable profitability,
thanks to cost reductions efforts as well as a stronger
competitive position.


J-CORE FL1: S&P Assigns BB+ Rating to Class E Trust Certificate
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to
J-CORE FL1 Trust Certificate's JPY16.60 billion floating-rate
trust certificates, classes A to E and X, due April 2012.

The trust certificates are ultimately secured by three loans
extended to Tokkin trustees that each own one specified bond
backed by real estate trust beneficial interests, and by one
additional non-recourse loan backed by Tokkin beneficial
interests and real estate trust beneficial interests
(collectively referred as 'the loans').  This transaction
has been arranged by Deutsche Securities Inc., Tokyo branch.

Standard & Poor's ratings address the full and timely payment of
interest and the full repayment of principal by the
transaction's legal final maturity in April 2012 for the class A
certificates, the full payment of interest and repayment of
principal by the legal maturity date for the class B to E
certificates, and the timely payment of available interest for
the class X certificates.

The ratings are based on:

   -- The quality of the loans that ultimately secure the rated
      certificates;

   -- The quality of the underlying properties that secure the
      loans;

   -- Ample credit support provided by the subordinated
      certificates;

   -- Liquidity support provided by servicer advances; and

   -- The soundness of the transaction's legal structure.

Ratings Assigned:

J-CORE FL1 Trust Certificate

JPY16.60 billion floating-rate trust certificates due April 2012

   Class   Rating      Amount        Coupon Type    O/C Ratio
   -----   ------      ------        -----------    ---------
     A      AAA     JPY11.80 bil.   Floating Rate     28.9%
     B      AA       JPY2.00 bil.   Floating Rate     16.9%
     C      A        JPY1.60 bil.   Floating Rate      7.2%
     D      BBB+     JPY1.00 bil.   Floating Rate      1.2%
     E      BB+      JPY0.20 bil.   Floating Rate      0.0%
     X      AAA     JPY16.60 bil.       N/A            N/A


JAPAN AIRLINES: To Hike International Fares Starting April 2007
---------------------------------------------------------------
Japan Airlines Corp. plans to raise its international and
domestic fares from April 2007 to cover soaring fuel costs that
are expected to increase by some JPY40 billion (US$336 million)
next business year, Reuters reports.

According to Reuters, Japan Airlines will raise prices for its
international flights by up to 7%, while it will hike domestic
fares by an average of 2.7%, or by JPY400-JPY1,000.

Reuters relates that high oil prices have been hurting the
airlines, especially Japan Airlines -- Asia's biggest airline by
revenue but ranked sixth by market value -- which in November
2006 cut its 2006/07 operating profit outlook by 24% after its
first-half profit halved.

Japan Airline's domestic routes have also seen sluggish demand
due to safety mishaps, including wheels falling off an
aircraft's nose-gear during landing, and management infighting
that encouraged many travelers to switch to rival All Nippon
Airways.

If the new fare schemes are approved, a business class round-
trip ticket from Tokyo to London, for example, will cost
JPY937,900 (US$7,887) on weekdays, up from a current JPY893,200,
Reuters says.

                      About Japan Airlines

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

                          *     *     *

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

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

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


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

DURA AUTO: Court OKs Hiring of Ordinary Course Professionals
---------------------------------------------------------------
DURA Automotive Systems Inc. and its debtor affiliates obtained
authority from the U.S. Bankruptcy Court for the District of
Delaware to employ ordinary course professionals.

The Debtors retain the services of various attorneys,
accountants, and other professionals in the ordinary course of
their business operations.  The OCPs provide services to the
Debtors in a variety of discrete matters unrelated to the
Debtors' Chapter 11 cases, including, but not limited to,
general corporate, accounting, auditing, tax, and litigation
matters.

A 3-page list of the Debtors' Ordinary Course Professionals is
available for free at http://ResearchArchives.com/t/s?1732

The Debtors sought the Court's permission to continue to employ
the OCPs postpetition without each OCP having to file a formal
application for employment and compensation pursuant to Sections
327, 328, 329, and 330 of the Bankruptcy Code.  "Due to the
number and geographic diversity of the OCPs regularly retained
by the Debtors, it would be unwieldy and burdensome both to the
Debtors and to the Court to ask each OCP to apply separately for
approval of its employment and compensation," Mark D. Collins,
Esq., at Richards, Layton & Finger, P.A., in Wilmington,
Delaware, says.

The Debtors do not believe that Section 327 of the Bankruptcy
Code requires court approval, but, out of an abundance of
caution, the Debtors sought the permission of the Honorable
Kevin J. Carey of the U.S. Bankruptcy Court for the District of
Delaware to employ the OCPs.

The Debtors want to retain the OCPs on terms substantially
similar to those in effect prior to the bankruptcy filing Date.  
The Debtors represent that:

    (a) they wish to employ the OCPs as necessary for the day-
        to-day operations of their businesses;

    (b) expenses for the OCPs will be kept to a minimum; and

    (c) the OCPs will not perform substantial services relating
        to bankruptcy matters without the Court's permission.

"Although some of the OCPs may hold minor amounts of unsecured
claims against the Debtors in respect of prepetition services
rendered, the Debtors do not believe that any of the OCPs have
an interest materially adverse to the Debtors, their creditors
or other parties-in-interest.  By this motion, the Debtors are
not requesting authority to pay prepetition amounts owed to
OCPs," Mr. Collins says.

The Debtors propose these uniform procedures for the retention
and compensation of the OCPs:

    (a) The Debtors will be authorized to pay, without formal
        application to the Court by any OCP, 100% of fees and
        disbursements to each of the OCPs retained by the
        Debtors after submission to the Debtors of an Affidavit
        of Disinterestedness, and upon submission to the Debtors
        of an appropriate invoice; provided that those fees,
        excluding costs and disbursements, do not exceed
        US$35,000 per month on average over a rolling three-
        month period while the Debtors' reorganization cases are
        pending.

    (b) Any payments made in excess of the fee cap will be
        subject to prior Court approval.

    (c) Starting January 15, 2007, and on each April 15, July
        15, October 15 and January 15 of every year thereafter
        in which the Debtors' cases are pending, the Debtors
        will file with the Court and serve on the Office of the
        U.S. Trustee, counsel for any official committees, and
        counsel to the Debtors' secured lenders; a statement
        with respect to the immediately preceding three-month
        period.  The Statement will include the name of the OCP,
        the aggregate amounts paid, and a general description of
        the services rendered.

    (d) Each OCP will file with the Court and serve on the
        Debtors, counsel for the Debtors, the Office of U.S.
        Trustee, and counsel to any official committee, an
        affidavit of disinterestedness at least 14 days before
        submitting an invoice to the Debtors.

    (e) The Notice Parties will have 10 days to object to the
        Affidavit of Disinterestedness.  If objections are not
        timely resolved by the parties, the Court will hear the
        Objections.  If no Objection is received, the Debtors
        will be authorized to retain and pay the OCP.

    (f) The Debtors reserve the right to supplement the OCP
        List.

Mr. Collins notes that some of the Debtors' OCPs may be
unwilling to continue to represent the Debtors on an ongoing
basis if the Debtors cannot pay them on a regular basis.  "If
the background knowledge, expertise and familiarity that the
OCPs have with the Debtors and their operations are lost, the
Debtors will undoubtedly incur additional and unnecessary
expenses in getting replacement professionals 'up to speed.'  
The Debtors' estates and their creditors are best served by
avoiding any disruption in the professional services required in
the day-to-day operation of their businesses."

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. 6;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTOMOTIVE: Court Approves Interim Compensation Procedures
---------------------------------------------------------------
DURA Automotive Systems Inc. and its debtor affiliates were
granted authority by the Honorable Kevin J. Carey U.S.
Bankruptcy Court for the District of Delaware to set up interim
compensation procedures.

The Debtors had asked Judge Carey to establish uniform
procedures for the allowance and payment of compensation and
reimbursement for attorneys and other professionals whose
retentions are approved by the Court pursuant to Sections 327 or
1103 of the Bankruptcy Code and who will be required to file
applications for allowance of compensation and reimbursement of
expenses pursuant to Sections 330 and 331.

The Debtors sought to retain:

    (a) Kirkland & Ellis LLP as their bankruptcy counsel,

    (b) Richards, Layton & Finger, P.A., as their Delaware
        counsel,

    (c) Miller Buckfire & Co., LLC, as their investment bankers,

    (d) Kurtzman Carson Consultants, LLC, as their notice,
        claims and balloting agent,

    (e) Baker & McKenzie as their special counsel,

    (f) Togut, Segal & Segal, LLP, as their special conflicts
        counsel,

    (g) Glass & Associates, Inc., as their financial advisors,

    (h) Brunswick Group, LLC, as their corporate communications
        consultants,

    (i) Ernst & Young, LLP, as their internal auditors and
        accountants,

    (j) Deloitte & Touche, LLP, as their independent auditors
        and accountants, and

    (k) Deloitte Tax, LLP, as their tax service providers and
        tax consultants.

The Debtors anticipate they may also retain other professionals
as the need arises.

Professionals, who will be required to submit interim and final
applications in accordance with Sections 330 and 331 of the
Bankruptcy Code, fall under two categories:

    (a) separately retained Chapter 11 professionals under
        Sections 327(a) or 327(e) of the Bankruptcy Code; and

    (b) those ordinary course professionals whose fees and
        expenses are subject to and exceed limitations set.

The Debtors propose the monthly payment of compensation and
reimbursement of expenses of the Professionals be structured
this way:

    (1) Professionals are required to serve month statements on
        the Debtors, counsel for the Debtors, counsel for the
        Official Committee of Unsecured Creditors, and the
        Office of the United States Trustee for the District of
        Delaware.

    (2) The Notice Parties have 20 days to objected to the
        requested fees and expenses.  If there are no
        objections, the Debtors are authorized to pay 80% of the
        fees and 100% of the expenses requested in the Monthly
        Fee Application.

    (3) If the parties can't resolve the Objection, the
        Professional may file a request with the Court for
        payment of the difference between the Maximum Monthly
        Payment and the Actual Monthly Payment made to the
        affected Professional or forego payment of the
        Incremental Amount until the next interim or final fee
        application hearing.

    (4) At four-month intervals, the Professionals are required
        to file and serve a request for interim Court approval
        and allowance of the compensation and reimbursement of
        expenses they sought in their Monthly Fee Applications,
        including any holdbacks.

    (5) The Debtors will ask the Court to schedule a hearing on
        the Interim Fee Application Requests at least once every
        six months.  The Court may grant an Interim Fee
        Application Request without a hearing if there are no
        pending or timely filed Objections.

    (6) All fees and expenses paid to Professionals under the
        Compensation Procedures are subject to disgorgement
        until final allowance by the Court.

The Debtors believe the proposed procedures will enable them to
monitor closely costs of administration, maintain a level of
cash flow availability, and implement efficient cash management
procedures.  Moreover, the Debtors note, the procedures will
allow the Court and key parties-in-interest to ensure the
reasonableness and necessity of the compensation and
reimbursement sought.

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. 6;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTOMOTIVE: Says Utilities Are Adequately Assured
------------------------------------------------------
The Honorable Kevin J. Carey of U.S. Bankruptcy Court for the
District of Delaware granted, on an interim basis, the request
of DURA Automotive Systems Inc. to:

     (i) prohibit utility companies from altering, refusing, or
         discontinuing any utility services to the Debtors;

    (ii) determine that utility companies have adequate
         assurance of payment within the meaning of Section 366
         of the Bankruptcy Code, without the need for payment of
         additional deposits or security; and

   (iii) establish the procedures for resolving requests by
         utility companies for additional or different
         assurances of future payment.

In the operation of their facilities, the Debtors incur utility
expenses for water, sewer service, electricity, natural gas, and
telephone service in the ordinary course of business.

Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger,
P.A., in Wilmington, Delaware, discloses that as of
Oct. 26, 2006, approximately US$700,000 in utility costs were
outstanding, and the Debtors do not owe any past due amounts.

Mr. Collins informs the Court that should the utility companies
refuse or discontinue service, even for a brief period, the
Debtors' business operations will be severely disrupted.  An
interruption of utility services would negatively impact the
Debtors' business operations, customer relationships, revenue
and profits, seriously jeopardizing the Debtors' reorganization
efforts.

                 Proposed Adequate Assurance

The Debtors propose to provide an interim adequate assurance to
the utility companies by making a deposit equal to two weeks of
utility service, calculated as a historical average over the
past 12 months, to those utility companies with average monthly
service charges of US$500 or greater.

Based on a review of the their books and records, the Debtors
believe that with respect to those utility companies with
average monthly service charges less than US$500 -- the De
Minimis Providers -- all accounts are current and no Prepetition
amounts are owed.  Accordingly, the Debtors propose to provide
notice to the De Minimis Providers that they will not receive an
adequate assurance deposit unless agreed to by the Debtors or
ordered by the Court.

             Requests for Additional Assurances

Pursuant to Section 366 of the Bankruptcy Code, for the first 30
days after the bankruptcy filing, a utility is barred from
discontinuing service to a debtor solely on the basis of the
bankruptcy filing or the non-payment of a prepetition debt.
Following that period, however, utilities may discontinue
services if the debtor does not provide adequate assurance of
future performance of its postpetition obligations.

The Debtors are concerned that the utility companies may
discontinue service, without warning, 30 days after the
bankruptcy filing, if they claim they have not yet received a
"satisfactory" adequate assurance payment.

Accordingly, the Debtors propose they will entertain requests
for additional adequate assurance in the form of a deposit or
other security, subject to these procedures:

    (a) The request must be in writing and set forth:

        (1) the location for which the utility services are
            provided,

        (2) a summary of the Debtors' payment history relevant
            to the affected accounts, including any security
            deposits; and

        (3) explanation why the utility company believes the
            proposed adequate assurance is not sufficient
            adequate assurance of future payment;

    (b) The request for additional adequate assurance must be
        served on the Debtors on these three addresses to be
        deemed valid:

          * Dura Automotive Systems, Inc.
            2791 Research Drive
            Rochester Hills, Michigan 48309
            Attn: Keith Marchiando

          * Counsel to the Debtors
            Kirkland & Ellis LLP
            200 East Randolph Drive
            Chicago, Illinois 60601
            Attn: Roger J. Higgins and Ryan B. Bennett

          * Office of the United States Trustee
            for the District of Delaware
            844 King Street
            Suite 2207, Lockbox 35
            Wilmington, Delaware 19801

    (c) If a utility company timely files a request that the
        Debtors believe is unreasonable, the Debtors will file a
        motion for determination of adequate assurance of
        payment and schedule a hearing as soon as practicable
        after receiving the request and discussing the request
        with the utility company; and

    (d) Any utility company that does not timely file a request
        will be prohibited from discontinuing, altering, or
        refusing service to the Debtors and will be deemed to
        have adequate assurance.

               Utilities Covered in the Request

The Debtors have identified more than 125 utility companies that
provide them with services through over 350 accounts.  They
reserve the right to identify additional utilities.

A 24-page list of Dura's Utility Service Providers is available
for free at http://ResearchArchives.com/t/s?1734

The Debtors will serve a copy of the Utility Injunction Order to
all the utility companies.

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. 6;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


SK CORP: Plans to Establish Singapore Affiliate in 2007
-------------------------------------------------------
SK Corp. has decided to establish a foreign affiliate in
Singapore next year in a bid to tap Southeast Asian markets,
Yonhap News reports citing a company statement as source.

The move is reportedly part of the SK Group's plan to augment
overseas operations by establishing foreign units of its
subsidiaries.

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
===============

AKER KVAERNER: Canadian Unit Inks CDN$175-Million Contract
----------------------------------------------------------
Aker Kvaerner Songer Canada Ltd., a unit of Aker Kvaerner ASA,
in joint venture with Burns and McDonnell has been awarded an
Engineering, Procurement and Construction contract to construct
the Halton Hills Generating Station, a 683-megawatt natural gas
fueled, combined cycle facility for TransCanada Corporation.  

Aker Kvaerner Songer Canada's portion is valued at approximately
CDN175 million.  

The project site of approximately 80 acres will be occupied by
the generating station and its associated facilities.  The
construction and commissioning of the facility will have a
schedule of approximately 33 months and will employ around 300
local workers.

"This project represents a significant milestone in living our
vision to be the preferred partner for projects, products and
services in the energy sector.  I am pleased that Aker Kvaerner
Songer Canada Ltd. was selected to be a partner in this
important project by TransCanada." Says Martinus Brandal,
President & CEO of Aker Kvaerner ASA.

The Halton Hills Generating Station natural gas fueled
2x1combined cycle power plant is planned to generate 683 mega
watts of electricity from two gas turbine generator sets, two
heat recovery steam generators and one 300 mega watt steam
turbine generator.

TransCanada will plan, develop, own and operate the generating
station.  TransCanada is a leader in the responsible development
and reliable operation of North American energy infrastructure.  
TransCanada's network of more than 41,000 kilometers of pipeline
transports the majority of Western Canada's natural gas
production to key Canadian and U.S. markets.  A growing
independent power producer, TransCanada owns, or has interests
in, approximately 7,700 megawatts of power generation in Canada
and the United States.  

                      About Aker Kvaerner

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

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

                        *     *     *

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

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

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

Moody's said the outlook on all ratings is stable.


TECHVENTURE BHD: Court to Hear Extension Request on Jan. 11
-----------------------------------------------------------
The Kuala Lumpur High Court heard on Dec. 15, 2006, the
application of Techventure Bhd and its subsidiaries to extend
the restraining order.  

Techventure seeks the extension since it is still working on its
proposed debt-restructuring scheme with its financial
institution lenders.

The Kuala Lumpur Court, however, has adjourned the matter for
continued hearing and decision to Jan. 11, 2007.

Techventure Berhad is based in Selangor, Malaysia.  Apart from
being a corrugated cartons manufacturer, the Group is also
involved in the production of rubber insulation materials and
roto-molded plastic products like septic tanks, playground
equipment, traffic barriers, and water tanks.  It markets its
entire corrugated cartons and plastic products locally while
about 80% of the rubber insulation materials are exported.  In
addition, the Group also manufactures ice cream.

In June 2003, the Company proposed a debt-restructuring program
to its financial institution lenders to avoid liquidation.  In
May 2006, the Company was categorized under the Amended Practice
Note 17 category of the Bursa Malaysia Securities Berhad's
Listing Requirements.  As an affected listed issuer, the Company
is required to regularize its financial condition or risk being
delisted from the Official List of Companies.


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

DENNY'S CORP: Units Ink New US$350 Million Senior Loan Agreement
--------------------------------------------------------------
Denny's Inc. and Denny's Realty LLC, an operating subsidiaries
of Denny's Corp., have entered into a new senior secured credit
agreement in an aggregate principal amount of US$350 million.  
The company estimates that based on current interest rates, the
refinancing will save approximately US$5.5 million per year in
cash interest.

"We are pleased to be able to complete this refinancing
transaction, which further strengthens the company's capital
structure, as it will allow us to reduce Denny's cost of
borrowing," said Nelson J. Marchioli, President and Chief
Executive Officer.  "The positive response to this transaction
by the credit rating agencies and our lenders is a testament to
Denny's ongoing operational improvements that have generated
increasing cash flow and greater financial stability.  The
favorable terms of this refinancing will result in further
improved cash flow, which will provide additional flexibility
to continue investing in the Denny's brand and to advance our
commitment to reducing debt."

The new credit facility consists of a US$50 million revolving
credit facility, a US$260 million term loan, and an additional
$40 million synthetic letter of credit facility.  The revolving
facility matures in five years and the term loan and synthetic
letter of credit facility mature in five and a half years.  
Banc of America Securities LLC acted as sole lead arranger and
book manager for the new credit facility and Bank of America,
N.A. will serve as administrative agent.

The new credit facility has been used to refinance the company's
prior credit facility and will be available for working capital,
capital expenditures and other general corporate purposes.  The
new facility is guaranteed by Denny's Corporation and its other
subsidiaries and is secured by substantially all of the assets
of the company and its subsidiaries.

In addition, the new facility is secured by first-priority
mortgages on 140 company-owned real estate assets. Interest
on loans under the new revolving facility will be payable,
initially, at per annum rates equal to LIBOR plus 250 basis
points and adjusting over time based upon Denny's leverage
ratio.  Interest on the new term loan will be payable at per
annum rates equal to LIBOR plus 225 basis points.  The covenants
under the new agreement remain generally consistent with those
under the prior agreement.

                       About Denny's Corp.

Headquartered in Spartanburg, South Carolina, Denny's
Corporation -- http://www.dennys.com/-- is America's largest  
full-service family restaurant chain, consisting of 543 company-
owned units and 1,035 franchised and licensed units, with
operations in the United States, Canada, Costa Rica, Guam,
Mexico, New Zealand and Puerto Rico.

                         *     *     *

On Nov. 27, 2006, the Troubled Company Reporter - Asia  
Pacific reported that Moody's Investors Service raised Denny's  
Holdings, Inc.'s corporate family rating to B1 from B2 and  
assigned Ba2 ratings to Denny's proposed US$350 million senior  
secured credit facility consisting of a US$50 million revolver,  
a US$260 million term loan B and a US$40 million synthetic  
letter of credit facility.  At the same time, the senior  
unsecured notes at Denny's Holdings were upgraded to B3 from  
Caa1.  The proceeds of the proposed bank facilities will pay off  
Denny's existing 1st lien credit facility and the 2nd lien term  
loan.  Accordingly, Moody's expects to withdraw the ratings on  
these issues once the proposed credit facility is closed.  The  
rating outlook remains stable.  Moody's noted that the rating  
assignments are subject to a review of the final documentation.

Denny's Corporation's balance sheet at June 28, 2006 showed
US$500.3 million in total assets and US$758.2 million in total
liabilities, resulting in a US$257.9 million stockholders'
deficit.


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

ABS-CBN BROADCASTING: European Firm Shows Interest in Unit
----------------------------------------------------------
Media reports have circulated that Europe-based multinational
firm Buongiorno has expressed interest to invest in ABS-CBN
Interactive, a unit of ABS-CBN Broadcasting Corporation.

In a regulatory disclosure to the Philippine Stock Exchange,
ABS-CBN Vice President and Chief Financial Officer Miguel Jose
Navarrete confirmed that ABS-CBN Interactive has an existing
technical services agreement with Buongiorno.

However, Mr. Navarrete clarifies that talks related to
Buongiorno's interest in infusing equity into ABS-CBN
Interactive are merely "exploratory" in nature.

According to Mr. Navarrete, Buongiorno is a leading technology
platform provider specializing in content management and
distribution of mobile services.

ABS-CBN Broadcasting or Alto Broadcasting System-Chronicle
Broadcasting Network -- http://www.abscbn-ir.com/-- is a  
leading Philippine radio and television broadcasting network and
multimedia company.  It was the first television station founded
in the Philippines in 1953.  The network's main broadcast
facilities are located at the ABS-CBN Broadcast Center, Mother
Ignacia St., Diliman, Quezon City, Philippines.

ABS-CBN's senior secured debt was given a Ba3 rating by Moody's
Investor Service.


BANCO DE ORO: Stockholders Approve Equitable PCI Merger
-------------------------------------------------------
Banco de Oro Universal Bank disclosed to the Philippine Stock
Exchange in a corporate filing that stockholders owning more
than two-thirds of the outstanding capital stock of BDO voted in
favor of these resolutions of its Board of Directors:

   (1) Approval of the Plan of Merger of BDO with Equitable PCI
       Bank, Inc., and delegation of authority to BDO's
       President to sign the Plan of Merger; and

   (2) Increase of BDO's authorized capital stock to
       PHP65 billion, divided into 5.5 billion common shares and
       1.0 billion preferred shares, all with a par value of
       PHP10.00 per share.

                      About Equitable PCI

Equitable PCI Bank, Inc. -- http://www.equitablepci.com/-- is a   
universal bank formed from the consolidation of Equitable
Banking Corporation and PCI Bank on September 2, 1999.  EBC and
its subsidiaries provide a wide range of commercial, corporate,
and retail banking and financial services, including lending and
deposit taking, branch banking, international banking,
electronic banking, trade finance, cash management, and trust
and treasury services.  Aside from commercial banking, the bank
also capitalizes in credit card, investment banking, leasing,
trust banking, and remittance business.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
November 17, 2006 that Moody's Investors Service placed
Equitable-PCI Bank's D- rating on review for possible upgrade.  
Equitable-PCI's constrained debt rating of Ba3 and deposit
rating of B1 were also affirmed with stable outlooks.

The TCR-AP then reported on November 9, 2006, that Fitch Ratings
affirmed the ratings of Equitable PCI Bank:

   * Long-term foreign currency Issuer Default rating
     'BB'/Outlook Stable;

   * Individual 'D',

   * Support '3', and

   * Long-term senior unsecured rating 'BB'

On November 8, 2006, Standard & Poor's Ratings Services raised
its long-term counterparty credit ratings on Equitable PCI Bank
Inc. to 'B+' from 'B'.  The outlook is stable.  Standard &
Poor's also raised its ratings on EPCI's senior unsecured debt
to 'B+' from 'B' and subordinated debt to 'B-' from 'CCC+'.
The 'B' short-term counterparty credit rating and the Bank
Fundamental Strength Rating of 'D' were affirmed.

                       About Banco de Oro

Banco de Oro Universal Bank -- http://www.bdo.com.ph/--  
provides a wide range of corporate, commercial and retail
banking services in the Philippines, which include traditional
loan and deposit products, as well as treasury, trust banking,
investment banking, cash management, insurance, remittance,
retail cash cards and credit card services.

Banco de Oro is a member of the SM Group of Companies, one of
the Philippines' largest conglomerates, and is currently ranked
among the top 10 banks in the Philippines in terms of assets,
capital, deposits and loans.  Its asset quality indicators (non-
performing loans & non-performing assets) are among the lowest
in the industry.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
November 9, 2006, that Fitch Ratings affirmed the ratings of
Banco De Oro Universal Bank, as follows:

   * Individual 'C/D', and

   * Support '3'

The bank's senior unsecured debt carries Moody's Ba3 rating.


BANCO DE ORO: Sees Profit Drop in 2007 Due to Merger Costs
----------------------------------------------------------
Banco de Oro President Nestor Tan says that the bank may have a
drop in profit next year on merger costs, Bloomberg News
reports.

Bloomberg notes that Banco de Oro shareholders approved the
bank's takeover of Equitable PCI Bank, creating the nation's
second-biggest lender by assets, overtaking the Bank of
Philippine Islands.

According to the Bloomberg report, net income, which may rise to
at least PHP3 billion this year from PHP2.5 billion in 2005, may
decline in 2007, due to the fact that BDO will be needing to
spend for the integration which the company expects to be
completed by 2008, Mr. Tan told reporters at the bank's special
stockholders' meeting in Manila.

Some foreign investors have plans to acquire shares in the
combined lender, Bloomberg cites Mr. Tan as saying, without
providing details.

The report relates that foreign ownership at BDO will drop to
22% from the current 40%, which is the limit set by Philippine
banking regulators.

                      About Equitable PCI

Equitable PCI Bank, Inc. -- http://www.equitablepci.com/-- is a  
universal bank formed from the consolidation of Equitable
Banking Corporation and PCI Bank on September 2, 1999.  EBC and
its subsidiaries provide a wide range of commercial, corporate,
and retail banking and financial services, including lending and
deposit taking, branch banking, international banking,
electronic banking, trade finance, cash management, and trust
and treasury services.  Aside from commercial banking, the bank
also capitalizes in credit card, investment banking, leasing,
trust banking, and remittance business.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
November 17, 2006, that Moody's Investors Service placed
Equitable-PCI Bank's D- rating on review for possible upgrade.  
Equitable-PCI's constrained debt rating of Ba3 and deposit
rating of B1 were also affirmed with stable outlooks.

The TCR-AP then reported on November 9, 2006, that Fitch Ratings
affirmed the ratings of Equitable PCI Bank:

   * Long-term foreign currency Issuer Default rating
     'BB'/Outlook Stable;

   * Individual 'D',

   * Support '3', and

   * Long-term senior unsecured rating 'BB'

On November 8, 2006, Standard & Poor's Ratings Services raised
its long-term counterparty credit ratings on Equitable PCI Bank
Inc. to 'B+' from 'B'.  The outlook is stable.  Standard &
Poor's also raised its ratings on EPCI's senior unsecured debt
to 'B+' from 'B' and subordinated debt to 'B-' from 'CCC+'.
The 'B' short-term counterparty credit rating and the Bank
Fundamental Strength Rating of 'D' were affirmed.

                       About Banco de Oro

Banco de Oro Universal Bank -- http://www.bdo.com.ph/--  
provides a wide range of corporate, commercial and retail
banking services in the Philippines, which include traditional
loan and deposit products, as well as treasury, trust banking,
investment banking, cash management, insurance, remittance,
retail cash cards and credit card services.

Banco de Oro is a member of the SM Group of Companies, one of
the Philippines' largest conglomerates, and is currently ranked
among the top 10 banks in the Philippines in terms of assets,
capital, deposits and loans.

Its asset quality indicators (non-performing loans & non-
performing assets) are among the lowest in the industry.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
November 9, 2006, that Fitch Ratings affirmed the ratings of
Banco De Oro Universal Bank, as follows:

   * Individual 'C/D', and

   * Support '3'

The bank's senior unsecured debt carries Moody's Ba3 rating.


EQUITABLE PCI: Books PHP1.13-Bil. Net Income for 3rd Quarter '06
----------------------------------------------------------------
Equitable PCI Bank, Inc., posted total net income of
PHP1.13 billion for the third quarter of 2006, 73% higher than
the PHP652 million income reported for the same quarter in 2005,
according to a regulatory filing by the bank with the Philippine
Stock Exchange.

Net income attributable to equity holders of the parent bank
amounted to PHP1.1 billion, 76% more than the PHP625 million
figure for the third quarter of 2005.  Interest Income grew 4%
to PHP5.1 billion during the quarter.  Interest on Loans and
Receivables was nearly unchanged at PHP3.1 billion due to slow
loan take-up, while Interest on Trading and Investment
Securities, Interbank Loans and Deposits with Other Banks grew
PHP77 million to PHP1.9 billion due to the much larger
investments portfolio.

Interest and finance charges amounted to PHP2.2 billion for the
2006 third quarter, up by 4% year-on-year on account of higher
deposit liabilities.  Thus, net interest income grew 3% to
PHP2.8 billion.

The bank set aside PHP418 million as provision for impairment
losses during the third quarter as part of the continuing effort
to further strengthen its balance sheet.  In the third quarter
of 2005, the bank set aside PHP431 million as provision for
impairment losses.

Other income rose to PHP2.8 billion, PHP732 million or 36% more
than that for the same period last year.  The increment came
mainly from the PHP664 million or 204% increase in trading gains
and foreign exchange profits to PHP990 million as the bank took
advantage of market opportunities.  Service charges, fees and
commissions during the quarter were 3% higher at PHP1.3 billion
as the bank continued to build-up fee-based income sources.
Miscellaneous income also increased PHP29 million to
PHP469 million due to movements of the various miscellaneous
accounts.

Other expenses reflected a growth of 8% to PHP3.4 billion as
occupancy and other equipment related expenses went up by
PHP246 million to PHP928 million due to branch network expansion
and investments in information technology.  Despite the recent
conclusion of a Collective Bargaining Agreement with the
employees' union, Compensation and Fringe Benefits were flat at
PHP1 billion for the third quarter.  Taxes and licenses went up
PHP52 million to 14% to PHP410 million due to higher gross
receipts and documentary stamp taxes.  Miscellaneous expenses,
meanwhile, were 6% or PHP67 million less than in the same
quarter last year at PHP1.1 billion from favorable movements in
various miscellaneous expense accounts.

Provision for income tax for the July to September 2006 period
amounted to PHP625 million, 20% more than the PHP521 million
provision for the same period last year as the bank continued to
write-off deferred tax assets (DTA).

      For the Nine Months ended September 30, 2006 and 2005

For the nine-month period ended September 30, 2006, the bank's
net income reached PHP2.46 billion, higher than the
PHP1.84 billion income for the same period in 2005.  Net income
attributable to equity holders of the parent bank amounted to
PHP2.37 billion, 34% more than the PHP1.77 billion figure for
the first nine months of 2005.

Interest income grew 3% to PHP14.8 billion.  Although interest
income from loans and receivables was nearly unchanged at
PHP9 billion due to slow loan take-up, interest income from
trading and investment securities, interbank loans and deposits
with other banks grew 6% or PHP343 million to PHP5.8 billion due
to the bigger volume of investment securities.  Interest and
finance charges amounted to PHP6.5 billion for the January to
September period, up by 3% year-on-year on account of higher
deposit volumes.  Thus, net interest income grew 3% to
PHP8.2 billion.

As part of the continuing effort to further strengthen the
bank's balance sheet, provision for impairment losses was higher
by 8% at PHP1.2 billion in the first three quarters of 2006
compared to the same period in 2005.

Other income rose to PHP7.1 billion, PHP1.3 billion or 23% more
than for same period last year as trading gains and foreign
exchange profits nearly doubled to PHP1.9 billion as the bank
adeptly managed its investment portfolio to maximize returns
with a recovery in the capital markets in the third quarter of
2006 following the instability experienced in May and June.
Service charges, fees and commissions, meanwhile, rose
PHP299 million to PHP3.9 billion.  Miscellaneous income gained
PHP95 million or 8% to PHP1.3 billion due to movements of the
various miscellaneous accounts.

Other Expenses totaled PHP10 billion, PHP746 million more than a
year ago mainly from the PHP434 increment in occupancy and other
equipment related expenses due to branch network expansion and
investments in information technology.  Compensation and fringe
benefits grew 6% to PHP3.1 billion, largely due to the
implementation of the CBA with the employees union, merit
increases and promotions, and additional contributions to the
retirement fund in compliance with new accounting standards.

Taxes and Licenses went up to PHP1.1 billion, PHP82 million or
8% higher than in the same period last year due to higher gross
receipts and documentary stamp taxes.

Miscellaneous expenses, meanwhile, were 2% or PHP57 million more
at PHP3.2 billion due to movements in various miscellaneous
expense accounts.

Provision for income tax for the January to September 2006
period amounted to PHP1.6 billion, 5% higher than the provision
for the same period last year, as the bank continued to write-
off deferred tax assets (DTA).

    Balance Sheet - September 30, 2006 vs. December 31, 2005

Equitable PCI Bank's total resources at the end of September
2006 stood at PHP324.4 billion, PHP8 billion more than the end
2005 level of PHP316.4 billion.  Asset growth is seen mainly in
the form of investment securities.

As of September 30, total cash and due from banks showed a 13%
decline to PHP16.8 billion from PHP19.4 billion in December 2005
as the bank redeployed funds to other earning assets.  Cash and
other cash items showed a 17% reduction to PHP6.24 billion.  Due
from Bangko Sentral ng Pilipinas registered a 17% increase to
PHP8.5 billion, while Due from Other Banks registered a 54%
decline to PHP2.1 billion.

The bank's portfolio of investment securities aggregated to
PHP85.1 billion at the end of September 2006, 13% more than the
PHP75.5-billion volume at the end of 2005.  Available-for-Sale
Investments went down by PHP7 billion or 41% to PHP 10.1 billion
from the December 2005 figure of PHP17.1 billion.  Securities at
Fair Value through Profit or Loss amounted to PHP30.8 billion,
PHP4.9 billion or 19% higher than the end-2005 figure, while
Held-to-Maturity Investments expanded 36% to PHP44.2 billion
from PHP32.5 billion in December 2005.  The bank continues to
review and balance its investment portfolio with the new
regulatory and accounting standards on investment securities in
place and in view of market developments.

Net Loans and Receivables amounted to PHP143 billion as of end-
September, up by P606 million from end-December 2005, despite
the still tepid lending environment. Meanwhile, Interbank Loans
Receivable and Securities Purchased under Resale Agreements
expanded by 7% to PHP19.4 billion as the bank rebalanced its
earning assets.

On the liabilities side of the balance sheet, deposits held by
the bank amounted to PHP231.1 billion at end-September, up by
12% from the December 2005 level of PHP206.7 billion as the bank
continued its efforts to generate more lower-cost deposits.
Demand Deposits showed a growth of 18% to PHP13.8 billion, while
Savings Deposits expanded by 16% to PHP165.2 billion.  Time
Deposits were slightly lower at PHP52 billion and thus, the
ratio of Time Deposits to total deposits dipped to 23% from 25%.
Savings Deposits had a higher percentage to total deposits of
72% from 69%, while Demand Deposits were stable at 6%.

Bills, Bonds and Acceptances Payable were 38% lower at
PHP18.9 billion in September from the December 2005 level of
PHP30.3 billion due to a much lower volume of bills payable.  
Due to BSP increased from December's PHP51.6 million to
PHP109 million due primarily from higher accrual of BSP
supervision fees.  Manager's Checks and Demand Drafts
Outstanding went up by 148% at the end of September to
PHP2.26 billion reflecting a higher volume of issued checks
still pending negotiation, while Accrued Taxes, Interest and
Other Expenses rose 24% to PHP3.8 billion due to higher
accruals.  Deferred Credits and Other Liabilities, meanwhile,
contracted by 31% to PHP18.7 billion due to the lower level of
bills purchased contra account.  Subordinated Notes Payable,
which have been issued in US dollars, declined 5% to
PHP10 billion in September from PHP10.6 billion in December 2005
due to the appreciation of the peso.

Capital funds stood at PHP39.5 billion at the end of September
2006, up by 5% from the year-end figures as earnings were mainly
retained in the bank.  Contingent Accounts dipped by 21% to
PHP113.7 billion.  Unused Commercial Letters of Credit were
higher by 26% at PHP10.3 billion on account of increased trade
transactions.  Trust Department Accounts declined almost 30% to
PHP77.3 billion in September as the bank's clients shifted their
investments to deposits.  Other Contingent Accounts were only
slightly higher at PHP26.2 billion.

                          Key Indicators

The group's Return on Equity, the ratio of annualized net income
to average equity excluding goodwill and appraisal increment
went up to 15.37% as of YTD September 2006.  The ratio showed
continued improvement from 9.29% as of YTD September 2005 and
from 10.57% for the year 2005, indicating more optimal use of
shareholders' funds to generate income.

Return on Assets (ROA), the ratio of annualized net income to
average assets excluding goodwill and appraisal increment, was
recorded at 1.05% for the nine months of 2006, much higher than
the 0.78% ROA for the same period in 2005 and the 0.88% ROA for
the whole of 2005.

Net Interest Margin (NIM), the ratio of net interest income to
average earning assets, has shown improvements from previous
periods resulting from a bigger and better yielding earning
asset portfolio and managed funding costs. It was at 4.41% as of
September 2006, higher than the full year 2005 NIM of 4.35%. The
NIM was at 4.53% in September 2005.

Efficiency Ratio, the ratio of other expenses to the sum of net
interest income and other income, was at 65.2% as of YTD
September 2006.  The full year 2005 ratio was 61.24%, while the
YTD September 2005 ratio was 67%.

The bank's non-performing loan (NPL) ratio, net of fully
provisioned accounts following the BSP formula, stood at 4.36%
in September 2006 as enhanced credit processes, aggressive
collection efforts and bulk NPA sales under the SPV law greatly
improved the ratio.  The ratio is much better than the 4.50% NPL
ratio in December 2005 and the 4.66% NPL ratio in September
2005.

                      About Equitable PCI

Equitable PCI Bank, Inc. -- http://www.equitablepci.com/-- is a  
universal bank formed from the consolidation of Equitable
Banking Corporation and PCI Bank on September 2, 1999.  EBC and
its subsidiaries provide a wide range of commercial, corporate,
and retail banking and financial services, including lending and
deposit taking, branch banking, international banking,
electronic banking, trade finance, cash management, and trust
and treasury services.  Aside from commercial banking, the Bank
also capitalizes in credit card, investment banking, leasing,
trust banking, and remittance business.

The Troubled Company Reporter - Asia Pacific has reported that
on November 6, 2006, the Boards of Banco de Oro Universal Bank
and Equitable PCI Bank, Inc., passed resolutions approving a
plan to merge the two companies.  Both Boards have endorsed to
their shareholders the approved Plan of Merger for final
ratification.  Completion of the transaction is subject to
regulatory approval and is anticipated to close by the first
quarter of 2007.

The combination will be structured as a merger and executed by
means of a share-for-share exchange.  Under the proposed terms,
Banco de Oro will serve as the surviving entity, and Equitable
PCI shareholders will receive 1.80 Banco de Oro common shares
for every Equitable PCI share.  The name of the combined
institution will be Banco de Oro - EPCI, Inc.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
November 17, 2006 that Moody's Investors Service placed
Equitable-PCI Bank's D- rating on review for possible upgrade.  
Equitable-PCI's constrained debt rating of Ba3 and deposit
rating of B1 were also affirmed with stable outlooks.

The TCR-AP then reported on November 9, 2006, that Fitch Ratings
affirmed the ratings of Equitable PCI Bank:

   * Long-term foreign currency Issuer Default rating
     'BB'/Outlook Stable;

   * Individual 'D',

   * Support '3', and

   * Long-term senior unsecured rating 'BB'

On November 8, 2006, Standard & Poor's Ratings Services raised
its long-term counterparty credit ratings on Equitable PCI Bank
Inc. to 'B+' from 'B'.  The outlook is stable.  Standard &
Poor's also raised its ratings on EPCI's senior unsecured debt
to 'B+' from 'B' and subordinated debt to 'B-' from 'CCC+'.
The 'B' short-term counterparty credit rating and the Bank
Fundamental Strength Rating of 'D' were affirmed.


METRO ALLIANCE: Posts PHP52-Mil. Loss for Sept. 2006 Quarter
------------------------------------------------------------
Metro Alliance Holdings & Equities Corp. filed with the
Philippine Securities and Exchange Commission its unaudited
financial results for the quarter ended Sept. 30, 2006.

Metro Alliance registered a consolidated net loss of
PHP52 million for the quarter ended Sept. 30, 2006, as against a
PHP132-million net loss for the same quarter last year.  This
was mainly due to the finance costs on loans obtained for the
petrochemical project and the losses of a subsidiary held for
sale.

Moreover, the consolidated net sales and services decreased to
PHP367 million in the quarter ended September 2006, from
PHP376 million in the same quarter last year.  The decrease in
sales was due to the reduction in sales volume of HCL and MVC
and partly due to declining price of caustic soda.

As of Sept. 30, 2006, Metro Alliance and its subsidiaries
recorded total current assets of PHP3.26 billion and total
current liabilities of PHP2.39 billion.

The Group's balance sheet as of end-September 2006 also
reflected PHP5.8 billion in total assets and PHP2.51 billion in
total liabilities, resulting in a stockholders' equity of
PHP3.3 billion.

                      About Metro Alliance

Metro Alliance Holdings & Equities Corporation's principal
activities are manufacturing chemicals and providing third party
logistics services to consumers.  The Group produces four basic
and intermediate chemicals with a range of industrial and
household applications.  The company's products include, Caustic
Soda, Hydrochloric Acid, Liquid Chlorine and Sodium
Hypochlorite.  The Group also provides contract Logistics and
Supply Chain Management Services. Contract logistics and supply
chain management services include third party warehousing and
distribution, consultancy and project management services. Metro
Alliance's clients include Johnson & Johnson, Philip Morris
Phils. Inc, 3M Phils, Interphil Laboratories and Zuellig Pharma
Corp.

For the fiscal year ended Dec. 31, 2005, Mtero Alliance recorded
a consolidated net loss of PHP474 million, compared with a
PHP416-million net loss in 2004.  The increase in net loss was
mainly due to the finance costs acquired on the various loans
obtained to finance a project.

After auditing the company's consolidated financial statements
for the fiscal year ended Dec. 31, 2005, SGV & Co, have pointed
out that:

   -- as of Dec. 31, 2005, the company has significant
      liabilities, which consist mainly of bank loans, interest,
      and penalties that are past due; and

   -- the company has made significant investments to acquire,
      the decommissioned petrochemical plant of Bataan
      Polyethylene Corporation, which has ceased operations.

The company's ability to settle these obligations and the
realization of these investments depends on the completion of
the closing requirements of the Sale and Purchase Agreement and
the successful recommissioning and commercial operations of the
petrochemical plant.

The present conditions indicate a material uncertainty on the
ability of the company to operate in the normal course of
business, the auditors said.


SAN MIGUEL CORP: Set to Sell Shares in Coca-Cola Phils.
-------------------------------------------------------
San Miguel Corp. disclosed that it has signed an agreement to
sell its entire 65% stake in Coca-Cola Bottlers Philippines
Inc., the local bottler of Coca-Cola, to the Coca-Cola Company,
the Philippine Daily Inquirer reports.

The company said that the completion of the deal is subject to
certain conditions.

As reported in the Troubled Company Reporter - Asia Pacific on
August 23, 2006, San Miguel Corp. revealed that it was in talks
with the Atlanta-headquartered Coca-Cola Co., which is eyeing to
buy San Miguel's controlling stake in Coca-Cola Bottlers Phils.

According to the TCR-AP, the discussions included negotiations
over the Coca-Cola Company taking at least a majority stake in,
and management and operational control of Coca-Cola Phils.

The Inquirer report adds that a local newspaper had said that
San Miguel agreed to sell its share in Coca-Cola Phils. for
US$700 million.

Headquartered in Manila, Philippines, San Miguel Corporation --  
http://www.sanmiguel.com.ph/-- through its subsidiaries,  
operates food, beverage and packaging businesses.  The Company's
products include beer, wine and spirits, soft drinks, mineral
water, chicken and pork products.  San Miguel markets its
products both in the domestic and overseas markets.  The Company
also manufactures glass, metal, plastic, paper and composites
packaging products.

A Troubled Company Reporter - Asia Pacific report on Oct. 12,
2006, stated that Moody's Investors Service affirmed its Ba1
corporate family rating on San Miguel Corp.

Standard & Poor's Ratings Services gave San Miguel Corp. a 'BB'
foreign currency corporate credit rating and a 'B' rating to its
proposed five-year benchmark non-callable, non-cumulative, non-
voting, perpetual preferred shares to be issued by San Miguel
Capital Funding.


UNIVERSAL ROBINA: Nine Months Sales Total PHP26 Billion
-------------------------------------------------------
Universal Robina Corporation posted a consolidated net sales and
services of PHP26.0 billion for the nine months ended June 30,
2006, a 15.4% increase from PHP22.6 billion in the same period
last year.

Consolidated Income Statement Highlights

   * Revenue increased by 15.4% on Branded revenue growth

   * Operating income up by 11.6% only because of input and
     operating cost pressures.

   * Other charges were up significantly on mark to market
     losses from temporary investments as of June.  End-July
     estimates show complete recovery in value.

   * Net Income is down 13% but is on track without the
     temporary losses.

   * EBITDA rose by 6.7%

The increase in net sales and services was driven by continuous
product innovation, brand advertising and distribution system
improvements.  Revenue growth was driven by branded consumer
foods (excluding packaging) revenues which grew by 15.3%.  
Domestic revenues grew by 14.1% while international sales grew
by 18.0%.  Branded domestic sales was boosted by a 132.8%
increase in beverages, while international revenues continue to
enjoy strong performance from Thailand, Malaysia, China and
Vietnam sales which grew by 25.0%, 18.5%%, 273.7% and 277.8%,
respectively.  Soft consumer demand brought about by rising oil
prices and the implementation of expanded value added tax,
caused the slower implementation of price increases to preserve
volume growth.

The continuous implementation of cost control measures has
enabled the company to maintain its gross margin at 26.0% over-
all increased gross profit by 15.1% to PHP6.8 billion vis-a-vis
the same period in fiscal 2005, despite the continuous rise in
input prices such as raw and packaging materials.  Operating
expenses were higher by 16.8% at PHP4.6 billion from P4.0
billion in the same period last year, as a result of the
continuing rise in freight costs, expanding regional operations
and sustained marketing activity both domestically and
internationally.  In spite of higher operating expenses, the
company yielded an income from operations of PHP2.2 billion, an
increase of 11.7% or PHP231 million from last year's income from
operations of PHP2.0 billion for the same period.

The company's financial report includes these financial data (in
PHP millions):

                                          Nine Months
                                        FY05       FY06
                                      --------   --------
          Revenue                      22,566     26,043
          Operating Income              1,973      2,204
          Other Income (Charges)          (19)      (320)
          Taxes                           232        320
          Minority Interest               (61)        14
          Net Income                    1,782      1,550
          EBITDA                        4,878      5,203

                          *     *     *

Headquartered in Manila, Universal Robina Corporation --
http://www.urc.com.ph/-- the Philippines and listed on the  
Philippines Stock Exchange, is one of the largest branded
consumer food companies in the country.  It also has production
facilities in Thailand, Malaysia, China, Indonesia and Vietnam
and sales/marketing offices in HK and Singapore. URC is also
engaged in Agro-industrial products, sugar milling, flour
milling and the packaging industry in the Philippines.

The Troubled Company Reporter - Asia Pacific reported on
November 13, 2006, that Moody's Investors Service upgraded its
local currency corporate family rating for Universal Robina
Corporation to Ba2 from Ba3.  At the same time, Moody's affirmed
the Ba3 foreign currency rating for the senior unsecured bonds
issued by URC Philippines Ltd and guaranteed by URC.  The Ba3
bond rating is in line with the foreign currency country ceiling
for the Philippines.  The ratings outlook is stable.

The company's long-term issuer credit carries S&P's BB rating.


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

COLLINS & AIKMAN: Filing First Amended Joint Plan in Detroit
------------------------------------------------------------
Collins & Aikman Corporation will file with the U.S. Bankruptcy
Court for the Eastern District of Michigan in Detroit an amended
joint plan of the Debtor and its affiliates and an accompanying
disclosure statement.  

The filing fulfills one of the company's obligations under the
Customer Agreement, which was approved on an interim basis by
the Bankruptcy Court on Dec. 14, 2006.  The Plan is supported by
the agent for the company's secured prepetition lenders and
certain of the company's major customers.  Collins & Aikman will
now work expeditiously toward satisfying various conditions to
obtain approval of the Disclosure Statement and Plan, and will
ultimately exit Chapter 11 through sales of its assets.

"The Plan represents the company's best opportunity to save
thousands of jobs and maximize recoveries for its creditors,"
said John Boken, Chief Restructuring Officer.  "We are pleased
that the agent for the company's secured prepetition lenders, as
well as several of the company's major customers, have agreed to
support the Plan as part of the Customer Agreement.  More work
remains to be accomplished, but creating and filing the Plan
represents a major milestone in the company's chapter 11 cases."

Under the Plan, Collins & Aikman will proceed with soliciting
qualified bids for the sale of the majority of its assets.  On
Nov. 14, 2006, the company expects to sell its operations, in
whole or in parts, to maximize the value of the enterprise for
its creditors and preserve the largest number of jobs for its
employees.  Net proceeds of the asset sales, after payment of
the obligations outstanding under the company's Postpetition
Credit Agreement and all allowed administrative and priority
claims, will be distributed to holders of secured debt claims
under the company's Prepetition Credit Agreement.  Trade and
unsecured funded debt claims are expected to share in a portion
of the net proceeds from certain actions that will be prosecuted
by a Litigation Trust established under the Plan.  All existing
equity interests in Collins & Aikman will be canceled with no
distribution.

Confirmation of the Plan is subject to a number of conditions,
which include consummating the sale of the company's Carpet &
Acoustics division.  The Disclosure Statement and Plan have not
been approved by the Bankruptcy Court, and may be materially
modified before approval.

The company has selected a lead bidder in its proposed sale of
its North American automotive flooring and acoustic components
business.  Details of the bid, including the identification of
the lead bidder, will be made available when the company files
its sale motion with the bankruptcy court for an expected
January 2007 hearing.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in     
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world including Singapore
in Asia.

The company and its debtor-affiliates filed for chapter 11
protection on May 17, 2005 (Bankr. E.D. Mich. Case No. 05-
55927).  Richard M. Cieri, Esq., at Kirkland & Ellis LLP,
represents C&A in its restructuring.  Lazard Freres & Co., LLC,
provides the Debtor with investment banking services.  Michael
S. Stammer, Esq., at Akin Gump Strauss Hauer & Feld LLP,
represents the Official Committee of Unsecured Creditors
Committee.  When the Debtors filed for protection from their
creditors, they listed US$3,196,700,000 in total assets and
US$2,856,600,000 in total debts.


COLLINS & AIKMAN: Seeks Court Nod on IHDG Litigation Trust Pact
---------------------------------------------------------------
Collins & Aikman Corporation and its debtor-affiliates ask the
U.S. Bankruptcy Court for the Eastern District of Michigan to
approve their stipulation with the IHDG Litigation Trust.

In March 1998, Collins & Aikman Products Co. sold the stock of
its wholly owned subsidiary, Imperial Wallcoverings, Inc., to
the Imperial Home Decor Group, Inc.  As part of the sale, IHDG
assumed certain liabilities associated with the business of
Imperial Wallcoverings, including workers compensation and other
casualty claims that arose prior to the sale.  

After the sale closed, C&A (a) continued to administer and pay
the claims, (b) provided freight hauling services to IHDG and
(c) continued to permit former employees of Imperial
Wallcoverings to use C&A's Diners Club corporate cards.  IHDG
was obligated to reimburse C&A for all the amounts.

On Jan. 5, 2000, IHDG and certain affiliates filed voluntary
petitions for relief commencing cases under Chapter 11 before
the United States Bankruptcy Court for the District of Delaware.

On Aug. 1, 2000, C&A filed general unsecured proofs of claim for
US$2,571,917 plus an unliquidated amount against the IHDG
Debtors. The C&A Claims were comprised, in part, of:

   (a) payments made by C&A for IHDG workers compensation and
       other insurance claims that were not reimbursed,

   (b) projected future IHDG workers compensation and other
       insurance claims that would be paid by C&A,

   (c) amounts owed to C&A by IHDG for freight service and

   (d) amounts owed for Diners Club charges by IHDG employees.

Pursuant to the Amended Joint Plan of Reorganization confirmed
in the IHDG Cases, a trust was created to

   (1) prosecute certain causes of action belonging to the IHDG
       Debtors and certain objections to claims filed in the
       IHDG Cases; and

   (2) distribute a certain percentage of the proceeds to
       general unsecured creditors.

On Aug. 2, 2001, the IHDG Litigation Trust filed objections to
the C&A Claims.

Then, on Jan. 4, 2002, the IHDG Litigation Trust commenced an
adversary proceeding against C&A seeking to avoid and recover
preferential transfers for US$185,814.

On Jan. 26, 2005, the court in the IHDG cases approved a
settlement between the IHDG Litigation Trust and C&A resolving
both the objection to the C&A Claims and the IHDG Preference
Action.  Pursuant to the 2005 Settlement, C&A agreed to pay
$120,000 to the IHDG Litigation Trust in three installments of
$40,000 payable on January 14, 2005, April 15, 2005, and
June 15, 2005.  In exchange, among other things, the Litigation
Trustee agreed to make distributions from the IHDG Litigation
Trust to C&A as the holder of an allowed general unsecured claim
in the amount of US$2,691,917.

C&A made the first two installment payments under the 2005
Settlement on Jan. 15, 2005 and April 15, 2005.  The second
installment payment was made on May 17, 2005, within 90 days of
the Petition Date.  C&A has not made the third installment
payment, which came due after the Petition Date.

On Dec. 27, 2005, the IHDG Litigation Trust filed a proof of
claim in C&A's Chapter 11 cases for US$105,814.  The IHDG Claim
amount is the amount sought in the IHDG Preference Action,
US$185,814, minus the two installments of US$40,000 paid by C&A
under the 2005 Settlement.

Because C&A has not paid the final installment under the 2005
Settlement, the Litigation Trustee has not made any
distributions to C&A from the IHDG Litigation Trust on account
of the C&A Claims.

The Debtors and the IHDG Litigation Trust have engaged in
negotiations to resolve the IHDG Claim and provide for
distribution from the IHDG Litigation Trust on account of the
C&A Claims.

Pursuant to a stipulation, the Debtors and the IHDG Litigation
Trust agree that:

    a. C&A will have an allowed general unsecured claim against
       the estates of IHDG for US$2,691,917 and the IHDG
       Litigation Trust will make distributions to C&A based on
       the claim in the same manner and, except for the
       distribution in November 2005, at the same time as
       distributions are made to other holders of general
       unsecured claims against the estates of IHDG;

    b. Within 15 business days after the approval of the
       Stipulation in the IHDG Cases and C&A cases, the IHDG
       Litigation Trust will pay US$174,402 to C&A;

    c. The IHDG Litigation Trust will have an allowed general
       unsecured claim against the estate of C&A for US$40,000;
       and

    d. The parties agree to mutual releases of all claims
       arising prior to the date of the Stipulation except for
       those agreed to in the Stipulation.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in     
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world including Singapore
in Asia.

The company and its debtor-affiliates filed for chapter 11
protection on May 17, 2005 (Bankr. E.D. Mich. Case No. 05-
55927).  Richard M. Cieri, Esq., at Kirkland & Ellis LLP,
represents C&A in its restructuring.  Lazard Freres & Co., LLC,
provides the Debtor with investment banking services.  Michael
S. Stammer, Esq., at Akin Gump Strauss Hauer & Feld LLP,
represents the Official Committee of Unsecured Creditors
Committee.  When the Debtors filed for protection from their
creditors, they listed US$3,196,700,000 in total assets and
US$2,856,600,000 in total debts.


COLLINS & AIKMAN: Becker Fights Lease Decision Period Extension
---------------------------------------------------------------
Becker Properties, LLC, and Anchor Court, LLC, ask the U.S.
Bankruptcy Court for the Eastern District of Michigan to deny
Collins & Aikman Corporation and its debtor-affiliates' request
to further extend until March 14, 2007, the period within which
they must assume or reject the Becker Leases.

As reported in the Troubled Company Reporter on Dec. 5, 2006,
the Debtors want more time to decide on what to do with these
leases:

   -- 6600 East Fifteen Mile Road, Sterling Heights, Michigan;
   -- 1601 Clark Road, Havre de Grace, Maryland; and
   -- 47785 West Anchor Court, Plymouth, Michigan.

The Debtors had argues that they will be unable to determine
whether to assume or reject the Leases until they have selected
the highest and best offer for the contemplated sale of all or
part of their businesses.

Robert J. Diehl, Jr., Esq., at Bodman LLP, in Detroit, Michigan,
argues that Becker will be prejudiced by an extension and will
continue to be forced to postpone seeking to sell the properties
or seeking replacement tenants for the properties.

"Further delay is detrimental because the value of the
properties
continues to decline and the Debtors' payments do not compensate
Becker for that decline," Mr. Diehl says.

If the Debtors' fifth motion for extension is granted, the
Debtors will have had 670 days to decide on the Becker Leases.  
Mr. Diehl asserts that the recent amendment to 365(d)(4) under
the Bankruptcy Abuse Prevention and Consumer Protection Act, as
to cases filed after October 17, 2005, prohibits an extension of
time to assume or reject unexpired nonresidential real property
leases beyond 210 days after the Petition Date in the absence of
the written consent of the landlord.

The granting of the Debtors' proposed extension will exceed the
new statutory limit on extension by more than three times, and
the initial period granted by the Bankruptcy Code by more than
11 times, Mr. Diehl says.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in     
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world including Singapore
in Asia.

The company and its debtor-affiliates filed for chapter 11
protection on May 17, 2005 (Bankr. E.D. Mich. Case No. 05-
55927).  Richard M. Cieri, Esq., at Kirkland & Ellis LLP,
represents C&A in its restructuring.  Lazard Freres & Co., LLC,
provides the Debtor with investment banking services.  Michael
S. Stammer, Esq., at Akin Gump Strauss Hauer & Feld LLP,
represents the Official Committee of Unsecured Creditors
Committee.  When the Debtors filed for protection from their
creditors, they listed US$3,196,700,000 in total assets and
US$2,856,600,000 in total debts.


REFCO INC: Chapter 11 Plan Effective; Orderly Wind-Up Begins
------------------------------------------------------------
The Chapter 11 plan of Refco Inc. and certain of its Direct and
Indirect Subsidiaries, including Refco Capital Markets, Ltd. and
Refco F/X Associates, LLC, became effective on Dec. 26, 2007.

The Debtors' Chapter 11 plan had been confirmed by the U.S.
Bankruptcy Court for the Southern District of New York on Dec.
15, 2006.  The effective date of the plan now permits the
companies to complete an expeditious orderly wind-up of their
businesses.

As reported in the Troubled Company Reporter on Dec. 19, 2006,
the Plan is premised on a series of interdependent settlements
and compromises in one of the most complex bankruptcy cases in
history.  Under the terms of the Plan, secured lenders who were
owed US$717.7 million were paid in full in cash prior to
confirmation of the Plan; bondholders are expected to receive
83.4 cents on the dollar for their claims; Refco Capital
Markets' securities customers are expected to receive
approximately
85.6 cents on the dollar for their claims, and Refco Capital
Markets' general unsecured creditors are expected to receive
approximately 37.6 cents on the dollar for their claims.  
General unsecured creditors at the other Refco companies are
expected to receive between 23 and 37.5 cents on the dollar for
their claims.

In addition, shareholders and certain creditors of the company
will have the opportunity to participate in recoveries obtained
by both the Litigation Trust and Private Actions Trust, which
will hold certain litigation claims.

The effectiveness of the Plan enables Marc S. Kirschner, the
Chapter 11 Trustee of Refco Capital Markets, Ltd., to make
substantial interim distributions to creditors of Refco Capital
Markets by year-end.  The other Refco companies will be wound up
by RJM, LLC, operated by Robert J. Manzo, and assisted by
Capstone Advisory Group, LLC.

                         About Refco Inc.

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

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

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

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

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

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).


SEA CONTAINERS: Posts US$50.9 Million Net Loss in October 2006
--------------------------------------------------------------

                     Sea Containers, Ltd.
                    Unaudited Balance Sheet
                    As of October 31, 2006

                            Assets

Current Assets
   Cash and cash equivalents                      US$52,084,064
   Trade receivables, less allowances
     for doubtful accounts                            1,197,118
   Due from related parties                          10,077,614
   Prepaid expenses and other current assets          4,369,498
                                                   ------------
      Total current assets                           67,728,294

Fixed assets, net                                             -

Long-term equipment sales receivable, net                     -
Investment in group companies                                 -
Intercompany receivables                                      -
Investment in equity ownership interests            199,120,137
Other assets                                          3,454,797
                                                   ------------
Total assets                                     US$270,303,229
                                                   ============

             Liabilities and Shareholders' Equity

Current Liabilities
   Accounts payable                                     
US$14,462
   Accrued expenses                                  24,978,283
   Current portion of long-term debt                 26,042,311
   Current portion of senior notes                  385,040,923
                                                   ------------
      Total current liabilities                     436,075,980

Total shareholders' equity                         (165,772,752)
                                                   ------------
Total liabilities and shareholders' equity       US$270,303,228
                                                   ============

                     Sea Containers, Ltd.
               Unaudited Statement of Operations
             For the Month Ended October 31, 2006

Revenue                                            US$2,938,790

Costs and expenses:
   Operating costs                                      407,541
   Selling, general and administrative expenses      (8,560,523)
   Charges to provide against
     intercompany accounts                          (39,630,334)
   Depreciation and amortization                         58,700
                                                   ------------
      Total costs and expenses                      (47,724,616)
                                                   ------------
Loss on sale of assets                               (1,681,276)
                                                   ------------
Operating (loss) income                             (46,467,102)

Other income (expense)
   Interest income                                      141,572
   Foreign exchange gains (losses)                       26,875
   Interest expense, net                             (4,554,537)
                                                   ------------
(Loss) Income before taxes                          (50,853,192)
Income tax expense                                     (100,000)
                                                   ------------
Net (loss)                                       (US$50,953,192)
                                                   ============

A full-text copy of the Debtors' schedules of cash receipts and
disbursements is available for free at
http://ResearchArchives.com/t/s?1776

   http://bankrupt.com/misc/SeaContainers

Sea Containers Ltd -- http://www.seacontainers.com/-- is a    
Bermuda registered company with regional operating offices in
London, Genoa, New York City, Rio de Janeiro, Sydney and
Singapore.  The company is owned almost entirely by United
States shareholders and its primary listing is on the New York
Stock Exchange.  The company is a market leader in its three
main business areas: passenger transport, leisure and marine
container leasing.  In addition to its three principal
divisions, the company has associated investments in property,
publishing, and plantations.

                          *     *     *

In June 2006, Moody's Investors Service downgraded the senior
unsecured ratings and confirmed the senior secured rating of Sea
Containers -- Senior Unsecured to Caa3, Senior Secured at B3.  
Moody's said the outlook is negative.

On May 4, 2006, Standard & Poor's Ratings Services lowered its
ratings on SeaContainers, including lowering the corporate
credit rating to 'CCC-' from 'CCC+'.  All ratings remain on
CreditWatch with negative implications.

A Troubled Company Reporter -- Asia Pacific report on August 15,
2006 states that Standard & Poor's Ratings Services said that
its ratings on Sea Containers Ltd., including the 'CCC-'
corporate credit rating, remain on CreditWatch with negative
implications.  Ratings were lowered to current levels May 1,
2006; they were initially placed on CreditWatch with negative
implications on Aug. 25, 2005.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).  
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 7; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


SEA CONTAINERS: Files Schedules of Assets and Liabilities
---------------------------------------------------------

A.   Real Property                                         none

B.   Personal Property
B.1  Cash on Hand                                          none
B.2  Bank Accounts
        Bank of America - London, UK
           Acct# *****015                             US$89,522
           Acct# *****023                                     -
        Bank of Bermuda
           Acct# *****52590                              27,029
           Acct# *****5539                                1,865
        Bank of Scotland - Leeds, UK
           Acct# *****001                                     -
           Acct# *****242                                 1,143
           Acct# *****USD01                                 435
        Barclays Bank PLC - London, UK                       27
        Barclays - London, UK                           464,750
        Commerce Bank - Delaware, USA                   250,970
        JPMorgan Chase Bank - London, UK
           Acct# *****501                                79,770
           Acct# *****702                                     -
           Acct# *****704                                40,906
           Acct# *****705                                     -
           Acct# *****706                                32,148
        JPMorgan Chase Bank - New York, USA
           Acct# *****382                                40,700
           Acct# *****705                                15,302
        HSBC - NY                                       131,685
        NatWest PLC - London, UK                          6,749
        Societe Generale & Investment Bank           48,915,946
        Societe Generale - London, UK                     2,671
B.3  Security Deposits                                     none
B.4  Household goods                                       none
B.5  Book, art work & collectibles                         none
B.6  Wearing apparel                                       none
B.7  Furs and jewelry                                      none
B.8  Firearms and sporting goods                           none
B.9  Interests in Insurance Policies                    unknown
B.10 Annuities                                             none
B.11 Interests in retirement plans                         none
B.12 Stock and Interests                                   none
B.13 Stocks and Interests in Businesses                 unknown
B.14 Interests in Partnerships or Joint Ventures
        Orca Line - less than 50% ownership              65,741
        West Star - less than 50% ownership               2,289
        Sociate Bananiere de Motobe SA                  unknown
        Alliance Reefer Container Line                  unknown
B.15 Bonds                                                 none
B.16 Accounts Receivable
        Trade
           Containerships, Ltd. OY                       88,932
           Havana Club International SA                  87,003
           Islamic Republic of Iran                   1,269,761
           JSV Logicstic SL                              57,841
           Naviera Pinillos SA                          114,018
           Nenufar Shipping SA                           87,025
           Orient Express Hotels Ltd.                   215,336
           Reef Shipping Ltd.                            57,096
           Servinaves Panama SA                         773,977
           Others                                       455,317
        Unallocated Cash                               (830,269)
        Unpaid Commissions to Container Lease Agents     (9,933)
        Unpaid Commissions
           to be written off in Oct. 2006              (156,488)
        Provisions for Bad Debt                      (1,549,921)
        Advance Billings                               (320,429)
        GE SeaCo                                     10,104,217
        Pescara                                         450,000
        SNAV                                             96,879
        Deposits                                        651,653
        Share Option Loans                               59,309
        Insurance Recovery                               44,681
        Other                                             2,188
B.17 Alimony                                               none
B.18 Other liquidated debts owed                           none
B.19 Equitable and future interests                        none
B.20 Contingent Interests                                  none
B.21 Other Contingent & Unliquidated Claims                none
B.22 Intellectual Property                              unknown
B.23 General Intangibles                                unknown
B.24 Customer Lists                                        none
B.25 Automobiles                                           none
B.26 Boats                                                 none
B.27 Aircraft                                              none
B.28 Office Equipment                                      none
B.29 Machinery, furniture and fixtures                     none
B.30 Inventory                                             none
B.31 Animals                                               none
B.32 Crops                                                 none
B.33 Farm Equipment & Implements                           none
B.34 Farm Supplies                                         none
B.35 Other Personal Property
        Prepaid Expenses
           Annual Government Fees                        46,238
           Insurance                                     65,031
           Professional Advisors                        370,000
           Other Prepayments                              1,610
        Long-term asset sales receivables                     -

     TOTAL SCHEDULED ASSETS                       US$62,400,718
     ==========================================================

C.   Property Claimed as Exempt                  not applicable

D.   Secured Claim                                         none

E.   Unsecured Priority Claims                             none

F.   Unsecured Non-priority Claims
        Atlantic Maritime Services                 US$3,184,811
        Contender 2                                   5,116,079
        James B. Sherwood                             1,435,961
        Marine Container Insurance Co. Limited       11,709,727
        S C Iberia                                    5,896,016
        SC Finland Services                          18,306,919
        SC Holdings                                  17,052,664
        Sea Containers Australia Ltd.                 7,451,487
        Sea Containers Ports & Ferries Ltd           80,680,292
        Sea Containers UK                           953,472,122
        Societe Bananiere De Motobe                   1,532,743
        SPCP                                         19,556,914
        Superseacat 2 Ltd.                            1,697,564
        The Bank of New York                         19,200,000
        The Bank of New York                        103,000,000
        The Illustrated London News Group            17,553,770
        U.S. Trust Company of New York              115,000,000
        U.S. Trust Company of New York              149,800,000
        Yorkshire Marine Containers Ltd.             13,030,555
        Others                                          706,459

     TOTAL SCHEDULED LIABILITIES               US$1,545,384,083
     ==========================================================

Sea Containers Ltd -- http://www.seacontainers.com/-- is a    
Bermuda registered company with regional operating offices in
London, Genoa, New York City, Rio de Janeiro, Sydney and
Singapore.  The company is owned almost entirely by United
States shareholders and its primary listing is on the New York
Stock Exchange.  The company is a market leader in its three
main business areas: passenger transport, leisure and marine
container leasing.  In addition to its three principal
divisions, the company has associated investments in property,
publishing, and plantations.

                          *     *     *

In June 2006, Moody's Investors Service downgraded the senior
unsecured ratings and confirmed the senior secured rating of Sea
Containers -- Senior Unsecured to Caa3, Senior Secured at B3.  
Moody's said the outlook is negative.

On May 4, 2006, Standard & Poor's Ratings Services lowered its
ratings on SeaContainers, including lowering the corporate
credit rating to 'CCC-' from 'CCC+'.  All ratings remain on
CreditWatch with negative implications.

A Troubled Company Reporter -- Asia Pacific report on August 15,
2006 states that Standard & Poor's Ratings Services said that
its ratings on Sea Containers Ltd., including the 'CCC-'
corporate credit rating, remain on CreditWatch with negative
implications.  Ratings were lowered to current levels May 1,
2006; they were initially placed on CreditWatch with negative
implications on Aug. 25, 2005.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).  
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 6; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


VALEANT PHARMA: Ardea Biosciences Acquires Firm's Assets
--------------------------------------------------------
Ardea Biosciences, Inc., fka IntraBiotics Pharmaceuticals, Inc.,
has acquired significant intellectual property and other assets
from Valeant Pharmaceuticals International and hired a new
senior management team.

With these developments, Ardea Biosciences will pursue three
pharmaceutical programs focused on the development of novel
treatments for HIV, cancer and inflammatory diseases.  The
company changed its name to Ardea Biosciences, Inc. effective
Dec. 21, 2006, and expects that its common stock will be traded
under the new name and a new ticker symbol (to be assigned by
Nasdaq) in the near future.

On Dec. 21, 2006, Ardea Biosciences signed a definitive asset
purchase agreement with Valeant Pharmaceuticals.  Under this
agreement, Ardea Biosciences acquired substantially all of the
assets, including intellectual property, preclinical data,
product inventory, and research equipment, necessary for the
company to pursue three distinct pharmaceutical research and
development programs.  The three programs are:
    
          -- 800 Series Program.  The 800 Series Program is
             Ardea Biosciences 's lead program, currently in
             late preclinical development, and is directed
             toward the discovery of non-nucleoside reverse
             transcriptase inhibitors (NNRTIs) for the potential
             treatment of HIV.  The lead clinical candidate from
             the program is AR806.  In vitro preclinical tests
             of AR806 have shown it to be a potent inhibitor of
             a wide range of HIV viral isolates, including
             isolates that are resistant to efavirenz
             (Sustiva(R), Bristol-Myers Squibb) and other
             currently available NNRTIs.  Based on early in
             vitro and in vivo preclinical data, the company
             anticipates that this compound could have a
             pharmacokinetics profile that would support
             formulation as a once-daily oral drug, may have
             limited pharmacokinetic interactions with other
             drugs, and may be readily co-formulated with other
             HIV antiviral drugs.  The company plans to initiate
             a Phase I clinical study of AR806 in the second
             quarter of 2007.

          -- 900 Series Program.  Ardea Biosciences 's 900
             Series Program, which is in early preclinical
             development, is also directed toward the discovery
             of NNRTIs for the potential treatment of HIV.  The
             compounds in the 900 Series Program are from a
             chemical class that is distinct from the chemical
             class being investigated in the 800 Series Program.  
             Based on early preclinical data, the company
             believes that the compounds in the 900 Series
             Program may have the potential to improve the
             positive attributes of the compounds in the 800
             Series Program.  They appear to have greater
             activity against a wide range of drug-resistant
             viral isolates, may have the potential for once-
             daily oral dosing, and may be readily co-formulated
             with other HIV antiviral drugs.  The company hopes
             to be able to select a development candidate from
             this program in early 2007 and to initiate a Phase
             I clinical study of this candidate in the fourth
             quarter of 2007.

          -- 100 Series Program.  Ardea Biosciences' 100 Series
             Program, which is in preclinical development, is
             directed toward the discovery of small-molecule
             kinase inhibitors for the potential treatment of
             cancer and vinflammation.  AR119 is the company's
             lead development candidate from the 100 Series
             Program.  In early preclinical tests, AR119 has
             shown potential as a potent and selective inhibitor
             of MEK (Mitogen-activated ERK Kinase), which is
             believed to play an important role in cancer cell
             proliferation, apoptosis and metastasis as well as
             inflammatory cell signaling.  Preclinical data
             suggest that AR119 may have favorable
             pharmaceutical properties, including the potential
             for once-daily oral dosing.  The company hopes to
             initiate a Phase I clinical study of AR119 in the
             third quarter of 2007.

In connection with the launch of the research and development
programs, Ardea Biosciences has hired three key individuals to
form a newly constituted management team.  To support this new
management team, the company is in the process of hiring
approximately 50 additional people, many of whom used to work on
the acquired programs at Valeant Pharmaceuticals.

Once this hiring process is complete in early January 2007,
Ardea Biosciences expects to have a fully integrated research
and development organization.  

Ardea Biosciences is moving its corporate headquarters to San
Diego, CA, and its research facilities will be located in Costa
Mesa, CA.  The company's new management team brings together
extensive experience in the development and commercialization of
pharmaceutical products for the treatment of HIV and cancer.  
The team is comprised of:
    
          -- Barry D. Quart, as president, chief executive
             officer and director.  Dr. Quart has also been
             elected to Ardea Biosciences' board of directors.  
             Dr. Quart has been President of Napo
             Pharmaceuticals, Inc. since 2002, which went public
             on the London Stock Exchange in July 2006.  Before
             Napo, Dr. Quart was senior vice president at Pfizer
             Global Research and Development and the director of
             Pfizer's La Jolla Laboratories.  Prior to Pfizer's
             acquisition of the Warner-Lambert Co., Dr. Quart
             was president of research and development at
             Agouron Pharmaceuticals, Inc., a division of the
             Warner-Lambert Co.  Dr. Quart joined Agouron in
             1993 and was instrumental in the development and
             registration of nelfinavir (Viracept(R)), which
             went from the lab bench to NDA approval in 38
             months.  Before Agouron, Dr. Quart spent over ten
             years at Bristol-Myers Squibb and was actively
             involved in the development and registration of
             important drugs for the treatment of HIV and
             Cancer, including paclitaxel (Taxol(R)), didanosine
             (Videx(R)), and stavudine (Zerit(R)).  

          -- Zhi Hong, Ph.D., as executive vice president of
             research and chief scientific officer.  Dr. Hong
             was previously vice president of research at
             Valeant Pharmaceuticals, which he joined in 2000.  
             During his tenure with Valeant Pharmaceuticals, Dr.
             Hong directed both the virology and
             cancer/immunology programs and held leadership
             positions on the HBV, HCV and HIV project teams
             that led to four US investigational new drug (IND)
             applications in six years.  Before joining Valeant
             Pharmaceuticals, Dr. Hong was with Schering-Plough
             Research Institute.  He is an expert in viral
             replication and a renowned investigator in the
             mechanism of action of ribavirin and interferon.  

          -- Kimberly J. Manhard, as senior vice president of
             regulatory affairs and operations.  Ms. Manhard has
             been president of her own consultancy since 2003,
             specializing in the development of small molecules
             intended for antiviral, oncology, central nervous
             system, and gastrointestinal indications, and was
             responsible for filing five initial US INDs and
             multiple clinical trial applications in the
             European Union and Canada.  Prior to starting her
             consultancy, Ms. Manhard was vice president of
             regulatory affairs for Exelixis, Inc.  Previously,
             she was head of regulatory affairs for Agouron
             Global Commercial Operations (a Pfizer Company),
             supporting marketed HIV products.  She joined
             Agouron in 1996 as director of regulatory affairs
             and was responsible for anticancer and antiviral
             products, including nelfinavir.  Prior to Agouron,
             she was with Bristol-Myers Squibb for over 5 years
             in regulatory affairs.

          -- Denis Hickey, as chief financial officer.  Mr.
             Hickey has resigned as Ardea Biosciences' chief
             executive officer and will continue as chief
             financial officer.  Mr. Hickey had been the
             company's chief executive officer since June 2005,
             when the company ceased all operations, and was
             subsequently appointed as chief financial officer.
             Mr. Hickey is a founding principal of Hickey &
             Hill, Inc., a firm that specializes in the
             Management of companies in transition.  Mr. Hickey
             has served as chief executive officer, chief
             financial officer or controller for a number of
             companies.  Mr. Hickey also has public accounting
             and consulting experience with Touch Ross & Co.
             (now Deloitte & Touche, LLP).

Ardea Biosciences believes that there is a significant market
opportunity for its products, should they be successfully
developed, approved and commercialized.
    
In 2005, the worldwide market for HIV antivirals was estimated
at approximately US$8.0 billion, according to data from IMS
Health Incorporated's Retail Drug Monitor.  While the treatment
of HIV has improved dramatically over the past decade, there
remains a need for new treatments that are effective against
drug-resistant virus, well tolerated and convenient to take.  
Ardea Biosciences believes that its 800 and 900 Series NNRTIs
have the potential to meet this market need.

Ardea Biosciences believes that there is a growing interest in
the potential for targeted therapies, including kinase
inhibitors, in the treatment of both cancer and inflammatory
disease.  In 2005, the worldwide market for targeted therapies
for cancer was US$7.5 billion, according to Datamonitor plc, and
the worldwide market for targeted therapies for inflammatory
diseases was more than US$8 billion, according to data from IMS
Health Incorporated.  Given the role that MEK appears to play in
cancer and inflammatory diseases and the increasing preference
for oral therapies, the company believes that AR119, if
successfully developed, approved and commercialized, could
participate in these growing markets.

In consideration for the purchased assets from Valeant
Pharmaceuticals, subject to certain conditions, Valeant has the
right to receive development-based milestone payments and sales-
based royalty payments from Ardea Biosciences.

Assuming the successful commercialization of a product
incorporating a compound from the 800 Series Program or the 900
Series Program, these milestone payments could total US$25
million.  For the 100 Series Program, milestone payments could
total US$17 million, assuming the successful commercialization
of a product from that program.  For each program, milestones
are paid only once regardless of how many compounds are
developed or commercialized.  In each program, the first
milestone payment would be due after the completion of a proof-
of-concept clinical study in patients, and more than half of the
total milestone payments would be due after regulatory approval.  
The royalty rates on all products are in the mid-single digits.  
Ardea Biosciences agreed to further develop the programs with
the objective of obtaining marketing approval in the United
States, the United Kingdom, France, Spain, Italy and Germany.
    
Valeant Pharmaceuticals also has the right to exercise a one-
time option to repurchase commercialization rights in
territories outside the US and Canada for Ardea Biosciences'
first NNRTI derived from the acquired intellectual property to
advance to Phase 3.  If Valeant Pharmaceuticals exercises this
option, which it can do following the completion of Phase 2b but
prior to the initiation of Phase 3, Ardea Biosciences would be
responsible for completing the Phase III studies and for the
registration of the product in the US and European Union.

Valeant Pharmaceuticals would pay Ardea Biosciences a US$10
million option fee, up to US$21 million in milestone payments
based on regulatory approvals, and a mid-single digit royalty on
product sales in the Valeant Pharmaceuticals territories.

Ardea Biosciences also has entered into a research services
agreement with Valeant Pharmaceuticals under which it will
advance a preclinical program in the field of neuropharmacology
on behalf of Valeant Pharmaceuticals.  Under the agreement,
which has a one-year term with an option to extend, Valeant
Pharmaceuticals will pay Ardea Biosciences up to US$3.5 million
annually to advance the program, and Ardea Biosciences is
entitled to development-based milestone payments of up to US$1.0
million.  Valeant Pharmaceuticals will own all intellectual
property under this research program.

Ardea Biosciences is focusing its development efforts on disease
areas in which it believes it can reach clinical proof-of-
concept relatively quickly.  For 2007, the company hopes to
achieve the following clinical milestones:

    * Commence Phase 1 clinical trials with AR806 in the second
      quarter of 2007,

    * Commence Phase 1 clinical trials with AR119 in the third
       quarter of 2007,

    * Commence Phase 1 clinical trials with an NNRTI from the
      900 Series in the fourth quarter of 2007,

    * Commence a Phase 2a, proof-of-concept study with AR806
      before the end of 2007

Ardea Biosciences projects that it will have cash, cash
equivalents, and short-term investments of approximately US$48.3
million on Dec. 31, 2006, a reduction of US$0.7 million from
Sept. 30, 2006.  For 2007, Ardea Biosciences expects to use
approximately US$16-20 million in net cash resources to fund
operations and expects to end 2007 with approximately US$28-32
million in cash, cash equivalents, and short-term investments.

Ardea Biosciences expects its current cash resources to fund
operations through 2008.  These projections exclude any
potential impact of any future business development activity.

                  About Ardea Biosciences

Ardea Biosciences is focused on the discovery, development and
commercialization of novel treatments for HIV, cancer and
inflammatory diseases.

               About Valeant Pharmaceuticals

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

The Troubled Company Reporter - Asia Pacific reported on Dec.
20, 2006, that Moody's Investors Service downgraded the
Corporate Family Rating of Valeant Pharmaceuticals International
to B2 from B1, and kept Valeant's ratings under review for
possible further downgrade.  Moody's initially placed the
ratings under review for possible downgrade on Oct. 23, 2006.

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services lowered its ratings on Costa
Mesa, Califorinia-based Valeant Pharmaceuticals International.
The corporate credit rating was lowered to 'B+' from 'BB-'.


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

DAIMLERCHRYSLER AG: Union May Grant Health Care Concessions
-----------------------------------------------------------
United Auto Workers president Ron Gettelfinger said the union
may grant health-care cost concessions to DaimlerChrysler AG's
Chrysler Group after the automaker posted US$1.5 billion net
loss in the third quarter, published reports say.

Mr. Gettelfinger in a radio interview with Detroit radio station
WJR, said that the union is conducting an independent financial
study, just like what the union did with General Motors Corp.
and Ford Motor Company.

The study will evaluate DaimlerChrysler's actual financial
standing before the union will decide to offer concessions.  The
UAW, however, encounters difficulty in finding financial data it
needs.

GM, Ford, and DaimlerChrysler started asking for concessions in
2005, but Chrysler's plea was denied because of its relative
financial health at that time, MarketWatch reports.

                       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: Court Sustains Objection on Hill School's Claim
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware sustained
the objection of Federal-Mogul Corporation and its debtor
affiliates to the Hill School's Claim No. 4708 because its
underlying claims against T&N Limited were fully settled and
released as a result of the T&N National Schools Settlement
Agreement.

The Hill School, a private high school in Pottstown,
Pennsylvania, was a member of a certified national class action,
through which certain claims were fully settled against T&N
Limited.

The National Schools Class Action was filed in the U.S. District
Court for the Eastern District of Pennsylvania in 1983 on behalf
of a purported class comprised of all public and private
elementary and secondary schools in the U.S. asserting presence
of asbestos-containing material on their properties.  The
Pennsylvania District Court certified the Class as an opt-out
class in 1984, and the certification was upheld by the U.S.
Court of Appeals for the Third Circuit in 1986.

The Hill School did not opt out of the class.

In 1991, T&N and certain duly authorized class representatives
agreed to settle the National Schools Class Action for
US$3,000,000.  The Pennsylvania District Court subsequently
approved the agreement, which provided T&N with a general
release of all claims relating to asbestos-related property
damage.

On Aug. 16, 2006, the Debtors sent a letter to Timothy D.
Forester to express their position that The Hill School's Claim
No. 4708 should be disallowed because its underlying claims had
been released pursuant to the T&N National Schools Settlement
Agreement.  The Debtors asked whether The Hill School disagreed
with their position with respect to Claim No. 4708, and advised
the claimant to submit evidence, if any, that it did not opt out
of T&N's settlement in the National Schools Class Action.

Having received no response to the letter, the Debtors' counsel
contacted Mr. Forester on Sept. 14, 2006, and was informed that
Mr. Forester had received the Debtors' letter and that he had no
information on the National Schools Class Action or about
whether or not The Hill School had opted out of the Class.

The Debtors believe that The Hill School is deemed to have
constructively released all Claims against T&N and Federal-
Mogul, including, but not limited to, Claim No. 4708.

Furthermore, the Debtors note that the Hill School was not
listed anywhere on the official Opt-Out List for the National
Schools Class Action.  The Hill School, by failing to opt out of
the Class, was bound by the terms and conditions of the T&N
National Schools Settlement Agreement.
  
Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is one of the world's  
largest automotive parts companies with worldwide revenue of
some US$6 billion.  In the Asian Pacific region, the company has
operations in Malaysia, Australia, China, India, Japan, Korea,
and Thailand.  

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




                            *********

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 ***