TCRAP_Public/070103.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

            Wednesday, January 3, 2007, Vol. 10, No. 2

                            Headlines

A U S T R A L I A

NORD RESOURCES: Platinum Merger Didn't Close on December 22
NORD RESOURCES: Receives US$670,000 from Claims Settlements


C H I N A   &   H O N G  K O N G

BALLY TOTAL: Generates US$13.5 Million from Sale/Leaseback Deals
BOMBARDIER INC: Wins US$569-Million Contract from Netherlands
FERRO CORP: Board Elects James F. Kirsch as Chairman & CEO
FERRO CORP: Discloses Removal from NYSE's Late Filer List
FERRO CORP: S&P Retains Negative Watch on Low-B Ratings

FIAT SPA: Auto Unit Completes Partnership with Credit Agricole
GLOBAL CROSSING: Closes Offering of 11.75% Senior Secured Notes
GLOBAL POWER: Court Okays Blackstone Group as Financial Advisor
GLOBAL POWER: Wants April 18 Set as General Claims Bar Date
GLOBAL POWER: Equity Committee Taps Brown Rudnick as Counsel

TANK SPORTS: Appoints Dealer Services as Dealer Funding Source
TANK SPORTS: Forms Strategic Alliance with Long SA de C.V.


I N D I A

AGILENT TECHNOLOGIES: Earns US$3.3 Billion in Year Ended Oct. 31
INDUSIND BANK: RBI Allows Opening of 19 More Branches
ITI LTD: Names Two New Part-time Official Directors
JAMMU & KAHSMIR: Names Mustaq Ahmad as Executive Director
NTPC LTD: Increases Capacity of Feroze Gandhi Unchahar Plant

ORIENTAL BANK: Board Recommends 20% Interim Dividend
PARTYGAMING PLC: Acquires Online Gaming Businesses & Assets
PARTYGAMING PLC: Unveils New Management Incentive Arrangements
PUNJAB NATIONAL BANK: Hikes Benchmark Prime Lending Rate
SYNDICATE BANK: Revises FCNR(B) and NRE Interest Rates

UTSTARCOM INC: Commences Noteholder Consent Solicitation


I N D O N E S I A

DIRECTED ELECTRONICS: Names New Chief Financial Officer
MCDERMOTT INT'L: Completes US$355-Million Settlement Payments
PARKER DRILLING: To Sell Two Barge Rigs For US$20 Million
PERUSAHAAN LISTRIK: To Sign Contracts Despite Protests
TUPPERWARE BRANDS: Undergoes Leadership Makeover


J A P A N

DELPHI CORP: Gets $950,000 from NASA to Fund Welding Techniques
HERBALIFE LTD: Earns US$26 Million in Quarter Ended September 30
HMV GROUP: 2006 Online Sales Up 200% Over Previous Year
METALDYNE CORP: Asahi Merger Set to be Completed by January 15
MITSUI COAL: Files for Bankruptcy with JPY100-Billion Debt

MITSUKOSHI LTD: 2006 9-Month Net Profit Drops 36% to JPY7.72BB
NIKKO CORDIAL: Delays Revised '04 Financial Report Until Feb. 28
NOMURA ASSET: Fitch Holds B- Rtg. on US$27.9 Mil. Class Certs.
USIMINAS: S&P Revises Outlook on BB Credit Ratings to Positive
USIMINAS: Nippon Steel Boosts Shares in Nippon Usiminas to 50.9%

XERIUM TECHNOLOGIES: Amends Senior Credit Facility
* Japan's 2006 Corporate Debt Sales Decline on BOJ Rate Rise


K O R E A

BURGER KING: Ban on Kids' Ad Won't Affect Earnings, Pres. Says
DURA AUTOMOTIVE: CEO Lawrence Denton Sells 15,000 Common Shares
DURA AUTO: Wants OK on De Minimis Claims Settlement Protocol
DURA AUTO: Intercompany Claims Deemed Admin. Priority Expense


M A L A Y S I A

FOAMEX INTERNATIONAL: Class 9 and 10 Ballots Due on January 18
FOAMEX INTERNATIONAL: Court Approves Disclosure Supplement


P H I L I P P I N E S

CLIENTLOGIC CORP: SITEL Corp. Amends Merger Agreement
GUESS?: Maurice Marciano Implements Trading Plan
PHIL. LONG DISTANCE: Public Bidding Rigged, Manila Standard Says


S I N G A P O R E

LAZARD LTD: Appoints Jean-Louis Girodolle as Managing Director
LIONBRIDGE TECH: Refinancing Prompts S&P to Withdraw Ratings
SEAGATE TECH: Signs Deal to Buy EVault for US$185 Mil. Cash


T H A I L A N D

FEDERAL-MOGUL: DeVlieg's Claim Not Allowed as Admin. Expense
FEDERAL-MOGUL: Can Sell Real Property to Seagis for US$6.6 Mil.


* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

NORD RESOURCES: Platinum Merger Didn't Close on December 22
-----------------------------------------------------------
Nord Resources Corporation's chairman of the board of directors,
Ronald A. Hirsch, reported that the closing of the proposed
acquisition of Nord by Platinum Diversified Mining, Inc., in an
all-cash merger transaction did not take place as scheduled on
Dec. 22, 2006.

Platinum has advised the company that its inability to close the
Merger on the scheduled closing date results from the fact that
Platinum does not have formal loan documentation in place for
its project financing.  Platinum has advised Nord that it
anticipates to have the formal loan documentation in place in
middle to late January 2007, and expects to be in a position to
close once it is in place.

The company disclosed that it has advised Platinum that it is
its position that Platinum should have completed the Merger on
December 22, in accordance with the provisions of the Agreement
and Plan of Merger.  Nord has been advised by Platinum that it
disagrees with Nord's position that the Merger should have
closed on December 22.

Commenting on the developments under the Merger Agreement,
Mr. Hirsch said: "While not closing on the scheduled closing
date is obviously disappointing, we remain confident in our
ability to complete a transaction that will maximize shareholder
value.  For now, we believe that completing the Merger on the
terms agreed to by all parties represents the best alternative
for Nord and its shareholders.  We will obviously keep all
shareholders apprised as developments occur under the Merger
Agreement."

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

                          *     *     *

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

                       Going Concern Doubt

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


NORD RESOURCES: Receives US$670,000 from Claims Settlements
-----------------------------------------------------------
Nord Resources Corporation's chairman of the board of directors,
Ronald A. Hirsch, disclosed that the company had received
US$475,000 as settlement proceeds in Nord's claim In re ASARCO,
LLC, as debtor in bankruptcy, and a further US$195,000 from
Oconee in connection with an earlier dispute involving electric
power credits.

The company also disclosed that American Stock Transfer & Trust
Company confirmed receipt of the final US$250,000 deposit from
Platinum USA into the Deposit Fund established under the
Agreement and Plan of Merger dated Oct. 23, 2006 by and among
Platinum Diversified Mining, Inc., Platinum Diversified Mining
USA, Inc., PDM Merger Corp. and Nord.  The Deposit Fund, which
now totals US$1 million, will be applied by AST to the merger
consideration funds to be deposited by Platinum and Platinum USA
for the purposes of paying the merger consideration, in the
event of the consummation of the merger.

Commenting on the recent corporate developments, Mr. Hirsch
said: "We are pleased that we have been able to put the ASARCO
and Oconee claims behind us and in the process have improved our
working capital position.  We are also pleased that PDM has made
the final US$250,000 payment into the Deposit Fund, which we see
as a positive sign that PDM wants to see the merger transaction
close, notwithstanding the recently announced events concerning
the Merger Agreement."


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

                          *     *     *

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

                       Going Concern Doubt

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


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

BALLY TOTAL: Generates US$13.5 Million from Sale/Leaseback Deals
----------------------------------------------------------------
Bally Total Fitness Holding Corporation closed on two additional
sale/leaseback transactions with respect to four properties,
generating approximately US$13.5 million in net proceeds.  On
Oct. 25, 2006, the company previously closed on a sale/leaseback
transaction with respect to four properties, generating
approximately US$8.9 million in net proceeds.

"With the completion of these transactions, we satisfied the
senior credit facility requirement that Bally raise at least
US$20 million in additional liquidity by year-end," Don R.
Kornstein, Bally's interim Chairman, said.  "These transactions
mark another significant milestone in Bally's ongoing efforts to
recapitalize, and we remain committed to further improving our
financial structure in 2007."

Bally Total Fitness Holding Corp. --
http://www.Ballyfitness.com/-- is the largest and only United  
States-wide commercial operator of fitness centers, with over
400 facilities located in 29 states, and in Mexico, Canada,
Korea, the Caribbean, and China under the Bally Total Fitness,
Bally Sports Clubs and Sports Clubs of Canada brands.  Bally
offers a unique platform for distribution of a wide range of
products and services targeted to active, fitness-conscious
adult consumers.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Aug. 15, 2006, that Moody's Investors Service affirmed all the
credit ratings of Bally Total Fitness Holding Corporation.  The
rating outlook remains negative.

The rating action reflects:

    (1) significant near term debt maturities and a probable
        need for a recapitalization or sale of the company

    (2) negative free cash flow generation

    (3) litigation and regulatory risks and

    (4) extensive material weaknesses in internal controls.

The ratings also reflect the company's recent filing of
financial statements through the first quarter of 2006 with the
Securities and Exchange Commission and business model changes
implemented to address flat revenues and weak profitability.

Moody's affirmed these ratings:

   * US$143 million senior secured term loan B facility due
     2009, rated B3

   * US$100 million senior secured revolving credit facility due
     2008, rated B3

   * US$235 million 10.5% senior unsecured notes due 2011, rated
     Caa1

   * US$300 million 9.875% senior subordinated notes due 2007,
     rated Ca

   * Corporate family rating, rated Caa1

Additionally, Standard & Poor's Ratings Services held its
ratings on Bally Total Fitness Holding Corp., including the
'CCC' corporate credit rating, on CreditWatch with developing
implications, where they were placed on Dec. 2, 2005.


BOMBARDIER INC: Wins US$569-Million Contract from Netherlands
-------------------------------------------------------------
Bombardier Inc. has received a US$569 million deal to build 50
intercity trains for the Dutch National Railways, Gillian Wee
writes for Bloomberg News.

According to Bloomberg, Bombardier will start delivering the
double-deck cars in June 2008.  The construction of the vehicles
is located in Gorlitz and Aachen, Germany.

Bloomberg says that Bombardier's new blue-and-yellow subway cars
would join a fleet of 378 trains designed for intercity service
in Netherlands.  Twenty thousand seats would be added to the
system and would feature an energy-saving propulsion mechanism.

In addition, Bloomberg states that for the past two months, the
company has won a US$3.4 billion contract to provide commuter
trains to the Paris region.  The company has brought in orders
from France's national railway and the Toronto Transit
Commission, Bloomberg adds.

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

                          *     *     *

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

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

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

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


FERRO CORP: Board Elects James F. Kirsch as Chairman & CEO
----------------------------------------------------------
The Board of Directors of Ferro Corp. has elected James F.
Kirsch as Chairman, President and Chief Executive Officer.  Mr.
Kirsch had been President and Chief Executive Officer at the
Company since December 2005.  He joined Ferro in 2004 as
President and Chief Operating Officer.

Before coming to Ferro, Mr. Kirsch served as President of Premix
Inc. and Quantum Composites, Inc.  From 2000 through 2002, he
served as President and Director of Ballard Generation Systems
and Vice President for Ballard Power Systems in Burnaby, British
Columbia, Canada.  Mr. Kirsch launched his career at The Dow
Chemical Company, where he spent 19 years in a variety of roles,
culminating in the position of Global Vice President of
Electrochemicals.

                      About Ferro Corp.

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

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

                          *     *     *

Standard & Poor's Ratings Services' 'B+' long-term corporate
credit and 'B' senior unsecured debt ratings on Ferro Corp.
remains on CreditWatch with negative implications, where they
were placed Nov. 18, 2005.


FERRO CORP: Discloses Removal from NYSE's Late Filer List
---------------------------------------------------------
Ferro Corp. has received notice from the New York Stock Exchange
acknowledging its current filing status for its SEC reporting.  
Accordingly, Ferro has been removed from the late filers' list
maintained by the Exchange, and the late filer indicator has
been removed from the Exchange's profile, data and news
descriptions related to the Company.

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

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

                          *     *     *

Standard & Poor's Ratings Services' 'B+' long-term corporate
credit and 'B' senior unsecured debt ratings on Ferro Corp.
remains on CreditWatch with negative implications, where they
were placed Nov. 18, 2005.


FERRO CORP: S&P Retains Negative Watch on Low-B Ratings
-------------------------------------------------------
Standard & Poor's Ratings Services reported that its 'B+'
long-term corporate credit and 'B' senior unsecured debt ratings
on Ferro Corp. remain on CreditWatch with negative implications,
where they were placed Nov. 18, 2005.

"The CreditWatch will be resolved after we review with
management the business prospects for each of its major product
lines and earnings and cash flow forecasts," said Standard &
Poor's credit analyst Wesley Chinn.

"This discussion is expected to occur within the next two
months, with our assessment of Ferro's credit quality also
taking into consideration the significant asset restructurings
under way, management's continuing pursuit of portfolio actions
that are focused on the company's core strengths, and clarity on
prospective use of debt leverage."

Importantly, Ferro is now current on its financial filings,
delays of which were caused by the lengthy accounting
investigation and restatement process.  The return to a normal
reporting schedule addresses previous limited transparency on
business conditions and operating performance.

The ratings on Ferro reflect its aggressive debt leverage,
cyclicality of its markets, vulnerability to raw material costs,
lackluster operating margins and return on capital, and
ineffectiveness of the design and operation of disclosure
controls and procedures.

These negatives are partially offset by a significant initiative
to improve the cost structure, recent higher earnings, and
likely debt reduction from eventual asset sales.

Standard & Poor's expects that deficiencies in the company's
internal controls regarding financial reporting or other
accounting areas are being addressed and will not hamper Ferro's
ability to strengthen profitability and its financial condition.

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

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


FIAT SPA: Auto Unit Completes Partnership with Credit Agricole
--------------------------------------------------------------
Fiat S.p.A.'s Fiat Auto and Credit Agricole S.A. completed the
creation of a 50/50 joint venture, Fiat Auto Financial Services,
which will handle Fiat Auto's main financing activities in
Europe.

These actions also took effect on Dec. 28:

   -- Synesis Finanziaria sold to Fiat Auto, upon exercise of
      its call option, for EUR479 million 51% of Fidis Retail
      Italia, a company controlling the Fiat Auto European
      retail financing activities, which has changed its
      corporate name into FAFS;

   -- FAFS acquired certain Fiat Auto subsidiaries currently
      active in the European Fiat Auto dealer financing and
      renting business;

   -- Fiat Auto sold to Sofinco, the wholly owned consumer
      credit subsidiary of Credit Agricole, 50% share capital of
      FAFS for a total cash consideration of EUR1 billion
      subject to usual price adjustment clauses; and

   -- Credit Agricole/Sofinco refinanced FAFS entities' for the
      entire debt with the Fiat Group and part of their debt to
      third parties.  

For the Fiat Group these transactions will result in a capital
gain of approximately EUR450 million, an overall cash-in in
excess of EUR3 billion and a reduction in net industrial debt by
approximately EUR350 million.

For Credit Agricole, this investment accelerates the development
of its consumer finance business in Europe, and increases the
contribution of international operations to Group results, in
line with the objectives outlined in its Development Plan of
December 2005.

FAFS will manage all the main financial activities of Fiat Auto
in Europe, and in particular the activities regarding financing
of Fiat Auto Dealerships, of Private Clients, as well as leasing
and renting services for Business Fleets.  

Managing a portfolio of over EUR13 billion, FAFS will benefit,
on the one hand, of the expected growth of Fiat Auto sales, and
on the other hand, of the long lasting experience of Credit
Agricole in consumer finance and of its financial strength
The two partners jointly control FAFS.

The Chairman of FAFS, Patrick Valroff, who joined
Sofinco in 1991, is currently Head of the Specialized Financial
Services of Credit Agricole S.A. and Chairman & CEO of Sofinco.
The CEO is Alain Breuils, Senior Vice President of Fiat Group's
Financial Services, with a long international experience in
automotive financial services.

"This Joint Venture will further strengthen our support to Fiat
Auto final customers and dealers, and will represent an
essential contribution to the achievement of our ambitious sales
objectives in Western Europe.  With this alliance, Credit
Agricole becomes a strategic financial partner for Fiat Auto and
the Fiat Group," Sergio Marchionne, CEO of Fiat and Fiat Auto
disclosed.

"This transaction has been realized in a short time frame, which
demonstrates the will of both partners to share their respective
know-how for the benefit of Fiat Auto Financial Services and
Credit Agricole.  This joint venture with a major automobile
manufacturer is another confirmation of Credit Agricole's
ability to operate through partnerships," Georges Pauget, CEO of
Credit Agricole S.A. declared.

                      About Credit Agricole

Headquartered in France, Credit Agricole Specialized Financial
Services  -- http://www.credit-agricole.fr/-- encompasses three  
business lines - consumer finance, lease finance and factoring.
In consumer finance, Credit Agricole has a leading position in
the European market, managing through its subsidiaries Sofinco
and Finaref more than EUR37 billion of assets in 15 European
countries.

                         About Fiat Auto

Fiat Auto is one of Europe's leading car manufacturers with
worldwide unit sales of nearly 1.9 million vehicles in the past
12 months and 2005 revenues in excess of EUR 19.5 billion.  With
its three well-established brands -- Fiat, Alfa Romeo and Lancia
-- as well as a strong presence in light commercial vehicles,
Fiat Auto has a nearly 8% share of the Western European auto
market.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- is one of the largest industrial  
groups in Italy and the fourth largest European-based automobile
manufacturer, with revenues of EUR33.4 billion in the first nine
months of 2005.  Fiat's creditors include Banca Intesa, Banca
Monte dei Paschi di Siena, Banca Nazionale del Lavoro,
Capitalia, Sanpaolo IMI, and UniCredito Italiano.  the company
has operations in India and China.

                        *     *     *

Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Italian industrial group Fiat S.p.A.
to 'BB' from 'BB'.  At the same time, Standard & Poor's affirmed
its 'B' short-term rating on Fiat.  S&P said the outlook is
stable.

Fitch Ratings changed Fiat S.p.A.'s Outlook to Positive from
Stable.  Its Issuer Default rating and senior unsecured rating
are affirmed at BB-.  The Short-term rating is affirmed at B.
Around EUR6 billion of debt is affected by this rating action.

On November 7, 2006, the Troubled Company Reporter - Asia
Pacific reported that Moody's Investors Service changed the
outlook on Fiat SpA's Ba3 Corporate Family Rating to positive
from stable and affirmed the long-term senior unsecured ratings
as well as the short-term non-Prime rating.


GLOBAL CROSSING: Closes Offering of 11.75% Senior Secured Notes
---------------------------------------------------------------
Global Crossing (UK) Telecommunications Ltd. aka GCUK reported
that Global Crossing (UK) Finance Plc aka GCUK Finance, a wholly
owned finance subsidiary of GCUK, has closed its offering of
11.75% Senior Secured Notes due 2014.  The 52 million pounds
sterling aggregate principal amount of Notes was priced at
109.25% of par value and raised gross proceeds of 56.8 million
pounds sterling.

The Notes were issued under the indenture, dated as of
Dec. 23, 2004, pursuant to which GCUK Finance previously issued
US$200 million aggregate principal amount of its dollar-
denominated 10.75% Senior Secured Notes due 2014 and 105 million
pounds sterling aggregate principal amount of its sterling-
denominated 11.75% Senior Secured Notes due 2014, the Previously
Issued Notes.  

The Notes and the Previously Issued Notes form a single class
for all purposes under the indenture.  After the 40th day
following the date of delivery of the Notes, certain selling
restrictions will terminate with respect to the Notes sold
pursuant to Regulation S of the US Securities and Exchange
Commission or SEC and those Notes will become fully fungible
with the Previously Issued Notes.  The Notes sold pursuant to
SEC Rule 144A will not become freely transferable and fully
fungible with the Previously Issued Notes except pursuant to an
exchange for registered Notes pursuant to a registration rights
agreement entered into by GCUK Finance.

Proceeds from the offering were used to acquire Fibernet Group
Ltd. and its subsidiaries from GC Acquisitions UK Ltd., an
affiliated acquisition vehicle that acquired Fibernet pursuant
to an offer that was declared wholly unconditional on
Oct. 11, 2006, and to pay related fees and expenses. Upon
completion of the acquisition by GCUK, Fibernet and its
subsidiaries guaranteed the Notes and all other obligations
under the indenture.  Prior to the acquisition by GCUK, Fibernet
transferred its German business operations to Global Crossing
International Ltd., a wholly owned subsidiary of Global Crossing
Ltd., for consideration of one pound sterling and the assumption
of 3.6 million pounds sterling of debt outstanding to Fibernet.

The Notes were sold to qualified institutional buyers in the
United States under Rule 144A and to qualified investors outside
the United States that are non-US.  Persons under Regulation S
and have not been and will not be registered under the U.S.
Securities Act of 1933, as amended, or any other applicable
securities laws.  The Notes may not be offered or sold in the US
without registration or an applicable exemption from
registration requirements.

                         About GCUK

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

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

                     About Global Crossing

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

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


GLOBAL POWER: Court Okays Blackstone Group as Financial Advisor
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware
authorized
Global Power Equipment Group, Inc. and its debtor-affiliates to
employ The Blackstone Group L.P. as their financial advisor nunc
pro tunc to Oct. 16, 2006.

Global Power is expected to:

   a. assist in the evaluation of the company's businesses and
      prospects;

   b. assist in the development of the company's long-term
      business plan and related financial projections;

   c. assist in the development of financial data and
      presentations to the company's Board of Directors, various
      creditors and other third parties;

   d. analyze the company's financial liquidity and evaluate
      alternatives to improve the liquidity;

   e. analyze various restructuring scenarios and the potential
      impact of these scenarios on the recoveries of those
      stakeholders impacted by the restructuring;

   f. provide strategic advice with regard to restructuring or
      refinancing the company's obligations;

   g. evaluate the company's debt capacity and alternative
      capital structures;

   h. participate in negotiations among the company and its
      creditors, suppliers, lessors and other interested
      parties;

   i. value securities offered by the company in connection with
      a restructuring;

   j. advise the company and negotiate with lenders with respect
      to potential waivers or amendments of various credit
      facilities;

   k. assist in arranging debtor-in-possession financing for the
      company, as requested by the company;

   l. provide expert witness testimony in these chapter 11 cases
      concerning any of the subjects encompassed by the other
      financial advisory services;

   m. assist the company in preparing marketing materials in
      conjunction with a possible transaction as requested by
      the company;

   n. assist the company in identifying potential buyers or
      parties in interest to a transaction and assist in the due
      diligence process;

   o. assist and advise the company concerning the terms,
      conditions and impact of any proposed transaction; and

   p. provide other advisory services as are customarily
      provided in connection with the analysis and negotiation
      of a restructuring or a transaction, as requested and
      mutually agreed.

Eric M. Sutty, Esq., one of the Debtors' counsel, disclosed that
pursuant to an Engagement Letter between the Debtors and
Blackstone Group, the firm will receive:

   a. a monthly advisory fee of $150,000 in cash, with the first
      monthly fee payable upon the execution of the Engagement
      Letter and additional installments of the monthly fee
      payable in advance on each monthly anniversary of the
      retention date;

   b. an additional restructuring fee of $1,650,000, except as
      provided in the Engagement Letter.  A restructuring will    
      be deemed to have been consummated upon the execution,
      confirmation and consummation of a Plan of Reorganization
      pursuant to an order of the Court;

   c. upon the consummation of a transaction, a transaction fee
      payable in cash directly out of the gross proceeds of the
      transaction.

Blackstone will be reimbursed of all reasonable out-of-pocket
expenses and internal charges incurred.

Mr. Sutty assures the Court that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the
Bankruptcy Code and does not hold or represent any interest
adverse to the Debtors' estates.

Headquartered in Tulsa, Oklahoma, Global Power Equipment Group
Inc., aka GEEG, Inc. -- http://www.globalpower.com/-- provides  
power generation equipment and maintenance services for its
customers in the domestic and international energy, power and
infrastructure and service industries.  The company designs,
engineers and manufactures a range of heat recovery and
auxiliary equipment primarily used to enhance the efficiency and
facilitate the operation of gas turbine power plants as well as
for other industrial and power-related applications.  The
company has facilities in Plymouth, Minnesota; Tulsa, Oklahoma;
Auburn, Massachusetts; Atlanta, Georgia; Monterrey, Mexico;
Shanghai, China; Nanjing, China; and Heerleen, The Netherlands.

The company and 10 of its affiliates filed for chapter 11
protection on Sept. 28, 2006 (Bankr. D. Del. Case No 06-11045).
As of Sept. 30, 2005, the Debtors reported total assets of
US$381,131,000 and total debts of US$123,221,000.  The Debtors'
exclusive period to filed a chapter 11 plan expires on
Jan. 26, 2007.


GLOBAL POWER: Wants April 18 Set as General Claims Bar Date
-----------------------------------------------------------
Global Power Equipment Group Inc. and its debtor-affiliates ask
the U.S. Bankruptcy Court for the District of Delaware to set
April 18, 2007, as the deadline for all creditors and
governmental units owed money by the Debtors on the account of
claims arising prior to Sept. 28, 2006.

The Debtors also ask the Court to set May 18, 2007, as the
deadline for all creditors, including the Debtors, owed money by
co-Debtors, sureties or guarantors, on accounts of claims
arising prior to Sept. 28, 2006.

The purpose of the bar date is to provide a deadline to identify
any possible unknown claims against the Debtors' estates and to
give parties additional certainty regarding the magnitude of
claims against the Debtors' estates.

Copies of written proofs of claim must be sent or hand delivered
on or before the April 18 Bar Date to:

     Global Power Equipment Group, Inc.
     c/o Alix Partners LLC
     2100 McKinney Avenue, Suite 800
     Dallas, Texas 75201

Headquartered in Tulsa, Oklahoma, Global Power Equipment Group
Inc., aka GEEG, Inc. -- http://www.globalpower.com/-- provides  
power generation equipment and maintenance services for its
customers in the domestic and international energy, power and
infrastructure and service industries.  The company designs,
engineers and manufactures a range of heat recovery and
auxiliary equipment primarily used to enhance the efficiency and
facilitate the operation of gas turbine power plants as well as
for other industrial and power-related applications.  The
company has facilities in Plymouth, Minnesota; Tulsa, Oklahoma;
Auburn, Massachusetts; Atlanta, Georgia; Monterrey, Mexico;
Shanghai, China; Nanjing, China; and Heerleen, The Netherlands.

The company and 10 of its affiliates filed for chapter 11
protection on Sept. 28, 2006 (Bankr. D. Del. Case No 06-11045).
As of Sept. 30, 2005, the Debtors reported total assets of
US$381,131,000 and total debts of US$123,221,000.  The Debtors'
exclusive period to filed a chapter 11 plan expires on
Jan. 26, 2007.


GLOBAL POWER: Equity Committee Taps Brown Rudnick as Counsel
------------------------------------------------------------
The Official Committee of Equity Security Holders appointed in
Global Power Equipment Group Inc. and its debtor-affiliates'
chapter 11 cases, asks the U.S. Bankruptcy Court for the
District of Delaware to retain Brown Rudnick Berlack Israels LLP
as its co-counsel.

Brown Rudnick will:

   a. assist and advise the Equity Committee in its discussions
      with the Debtors and other parties-in-interest regarding
      the overall administration of these cases;

   b. represent the Equity Committee at hearings to be held
      before the Court and communicating with the Equity
      Committee regarding the matters heard and the issues
      raised as well as the decisions and considerations of the
      Court;

   c. assist and advise the Equity Committee in its examination
      and analysis of the conduct of the Debtors' affairs;

   d. review and analyze pleadings, orders, schedules, and other
      documents filed and to be filed with the Court by
      interested parties in these cases; advise the Equity
      Committee as to the necessity, propriety, and impact of
      the foregoing upon these cases; and consent or object to
      pleadings or orders on behalf of the Equity Committee, as
      appropriate;

   e. assist the Equity Committee in preparing applications,
      motions, memoranda, proposed orders, and other pleadings
      as may be required in support of positions taken by the
      Equity Committee, including all trial preparation as may
      be necessary;

   f. confer with the professionals retained by the Debtors and
      other parties-in-interest, as well as with other
      professionals as may be selected and employed by the
      Equity Committee;

   g. coordinate the receipt and dissemination of information
      prepared by and received from the Debtors' professionals,
      as well as any information as may be received from
      professionals engaged by the Equity Committee or other
      parties-in-interest in these cases;

   h. participate in such examinations of the Debtors and other
      witnesses as may be necessary in order to analyze and
      determine, among other things, the Debtors' assets and
      financial condition, whether the Debtors have made any
      avoidable transfers of property, or whether causes of
      action exist on behalf of the Debtors' estates;

   i. negotiate and formulate a plan of reorganization for the
      Debtors; and

   j. assist the Equity Committee generally in performing other
      services as may be desirable or required for the discharge
      of the Equity Committee's duties pursuant to Section 1103
      of the Bankruptcy Code.

The lead attorneys who will represent the Equity Committee:

          Attorneys                     Hourly Rate
          ---------                     -----------
          Howard L. Siegel, Esq.           US$740
          Steven D. Pohl, Esq.             US$665
          Danielle M. Bennett, Esq.        US$485
          John Elstad, Esq.                US$420

Mr. Pohl, a Brown Rudnick member, discloses that the other
firm's rofessionals bill:

          Position                      Hourly Rate
          --------                      -----------
          Counsel                       US$200 - US$870
          Paraprofessionals             US$175 - US$225

Mr. Pohl assures the Court that his firm is a "disinterested
person" and does not hold or represent an interest adverse to
the Debtors' estates.
Headquartered in Tulsa, Oklahoma, Global Power Equipment Group
Inc., aka GEEG, Inc. -- http://www.globalpower.com/-- provides  
power generation equipment and maintenance services for its
customers in the domestic and international energy, power and
infrastructure and service industries.  The company designs,
engineers and manufactures a range of heat recovery and
auxiliary equipment primarily used to enhance the efficiency and
facilitate the operation of gas turbine power plants as well as
for other industrial and power-related applications.  The
company has facilities in Plymouth, Minnesota; Tulsa, Oklahoma;
Auburn, Massachusetts; Atlanta, Georgia; Monterrey, Mexico;
Shanghai, China; Nanjing, China; and Heerleen, The Netherlands.

The company and 10 of its affiliates filed for chapter 11
protection on Sept. 28, 2006 (Bankr. D. Del. Case No 06-11045).
As of Sept. 30, 2005, the Debtors reported total assets of
US$381,131,000 and total debts of US$123,221,000.  The Debtors'
exclusive period to filed a chapter 11 plan expires on
Jan. 26, 2007.


TANK SPORTS: Appoints Dealer Services as Dealer Funding Source
--------------------------------------------------------------
Tank Sports disclosed the appointment of Dealer Services
Corporation as a primary funding source for dealers who wish to
finance their inventory.

"This creates a huge opportunity for our dealers to expand their
inventory without depleting their normal financial resources,"
Mike Turber, National Sales Manager and Marketing Director,
said.

The company also disclosed that by signing up the agreement and
being approved by DSC, TANK dealers can take up to 365 days to
floor their inventory with an area of flexible payment options
not otherwise available through other financing means.

Mr. Turber further stated, "By forming this strategic
partnership with DSC, we are showing our customers we are
interested in developing a long term growth strategy to help
them build their business."

                    About Dealer Services Corp.

Located in Carmel, Ind., Dealer Services Corporation is an
inventory finance company with over 60 full service locations
providing national coverage.  Led by industry pioneer John
Fuller, DSC provides flexible and cost effective inventory
financing solutions to dealership operations in the areas of
Salvage, Automotive, Rental, RTO (Rent To Own), Powersports and
Recreational Marine.  Currently, DSC has contract relationships
with over 7,000 dealers nationwide.

                         About Tank Sports

Headquartered in El Monte, California, Tank Sports, Inc., is
engaged in the sales and distribution of high quality
recreational and transportation motorcycles, all-terrain
vehicles, dirt bikes, scooters, and Go Karts.  The company's
motorcycles and ATVs products are manufactured in China and
Mexico.

                        Going Concern Doubt

Kabani & Company, Inc. in Los Angeles, California, raised
substantial doubt about Tank Sports, Inc.'s ability to continue
as a going concern after auditing the company's financial
statements for the year ended Feb. 28, 2006.  The auditor
pointed to the company's net loss and accumulated deficit.


TANK SPORTS: Forms Strategic Alliance with Long SA de C.V.
----------------------------------------------------------
Tank Sports signed an agreement to form a strategic alliance
with Mexico's Long SA de C.V. for improving competitiveness and
expanding upon the global market.

The cooperative aspects of the alliance between the two firms
include new product developmental research and sharing of
resources, the company also disclosed.

The company further disclosed that after Long's reorganization,
the two firms will start preparing for a merger.

                      About Long SA de C.V.

Long SA de C.V. is a motorcycle manufacturer in Mexico.  With
250 employees, the company is a government approved motorcycle
manufacturer in Mexico and has received zero custom tax
privilege.  Long has over 200 dealerships.

Long has started importing motorcycles into Mexico in 1996 and
started building a factory in 2000.  The company has obtained
two complete production lines that include a metal processing
plant, a welding and chemical processing plant, powder spray
painting, assembling line, quality control, technical and
service department.  Tank Sports chairman Jiangyong Ji and
president Jing Jing Long combined have over 60% ownership of
Long.

Headquartered in El Monte, California, Tank Sports, Inc., is
engaged in the sales and distribution of high quality
recreational and transportation motorcycles, all-terrain
vehicles, dirt bikes, scooters, and Go Karts.  The company's
motorcycles and ATVs products are manufactured in China and
Mexico.

                        Going Concern Doubt

Kabani & Company, Inc. in Los Angeles, California, raised
substantial doubt about Tank Sports, Inc.'s ability to continue
as a going concern after auditing the company's financial
statements for the year ended Feb. 28, 2006.  The auditor
pointed to the company's net loss and accumulated deficit.


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

AGILENT TECHNOLOGIES: Earns US$3.3 Billion in Year Ended Oct. 31
----------------------------------------------------------------
Agilent Technologies Inc. reported US$3.3 billion of net income
on US$5 billion of net revenues for the year ended Oct. 31,
2006, compared with US$327 million of net income on
US$4.7 billion of revenues for the fiscal year ended Oct. 31,
2005.

In the bio-analytical business, net revenue in 2006 increased
nine percent in comparison to 2005.  Demand increased across all
markets in bio-analytical measurement with strongest growth
occurring in biotechnology solutions.  In the electronic
measurement business, net revenue in 2006 increased 5 percent in  
comparison to 2005.  The electronic measurement business saw
growth in the general purpose segments, led by aerospace/defense
and semiconductor design and manufacturing.

The US$3.3 billion 2006 net income included the income from and
gain on sale of the semiconductor products business for US$1.8
billion and the sale of the company's investment in Lumileds
Lighting International for a gain of US$901 million.  

At Oct. 31, 2006, the company's balance sheet showed US$7.4
billion in total assets, US$3.7 billion in total liabilities,
and US$3.6 billion in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the year ended Oct. 31, 2006, are available for
free at http://researcharchives.com/t/s?17cc

                        Operating Cash Flows

In 2006, the company generated operating cash flows of
US$431 million and had a cash and cash equivalent balance as of
Oct. 31, 2006 of US$2.3 billion.  In 2005, the company generated
operating cash flows of US$656 million and had a cash and cash
equivalent balance as of Oct. 31, 2005 of US$2.2 billion.

                 Significant Events in Fiscal 2006

In November 2005, the company finalized the sale of its
investment in Lumileds Lighting International to Philips for
US$949 million plus the repayment of US$51 million of the
outstanding principal debt and interest due to the company.

In December 2005, the company sold its semiconductor products
business to Avago Technologies Ltd.  The company received
approximately US$2.6 billion in cash proceeds.

In October 2006, the company completed the spin-off of its
semiconductor test solutions business.  The aggregate market
value of ordinary shares distributed to Agilent stockholders was
approximately US$840 million.

In June 2006, the company completed a stock repurchase program
of US$4.466 billion of its common stock and in September 2006
the company commenced another stock repurchase program for up to
US$2 billion dollars, to be completed over the next 2 years.

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

The company has operations in India, Argentina and Luxembourg.

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 18, 2006, Moody's Investors Service upgraded the ratings of
Agilent Technologies Inc. to Ba1 from Ba2 and revised the
outlook to positive.

On Dec. 12, the TCR-AP reported that Standard & Poor's Ratings
Services placed its 'BB+' corporate credit rating on Agilent
Technologies on CreditWatch with positive implications.


INDUSIND BANK: RBI Allows Opening of 19 More Branches
-----------------------------------------------------
The Reserve Bank of India authorizes Indusind Bank Ltd to open
19 more branches, a filing with the Bombay Stock Exchange
states.

"This is in addition to the 21 licenses which the Bank had
received from RBI during [the 2006] calendar year, out of which
the Bank has already opened 7 branches while the remaining 14
branches would be opened before March 2007," Indusind says.

Currently, the bank has a network of 147 branches and 87 offsite
ATMs spread over 118 geographical locations in 24 states and
Union Territories.  With the new set of licenses, the bank's
network will increase to 180 branches by March-April 2007.

According to Bhaskar Ghose, the bank's managing director and
chief executive officer, the new set of licenses will help the
bank's countrywide expansion, especially in the North East
region.

Private-sector bank, Indusind Bank Ltd. -- http://indusind.com/
provides commercial, transactional and electronic banking
products to corporate clients in India.  

Headquartered in Pune, India, the bank offers corporate banking
services, including working capital finance, term loans, trade
and transactional services, foreign exchange and cash management
services.  The bank also offers international banking products
and services to its clients.                          

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
December 8, 2006, Fitch Ratings gave the bank an Individual
Rating of 'D.'


ITI LTD: Names Two New Part-time Official Directors
---------------------------------------------------
ITI Ltd informed the Bombay Stock Exchange of the appointment of
two part-time official directors to the company's board:

   1. R Bandyopadhyay, Addl Secretary, Department of
      Telecommunication, New Delhi; and

   2. Shri P K Tiwari, Director, Department of
      Telecommunication, New Delhi.

The new directors will replace Pankaj Agrawala, JS, DIT and N P
Singh, DDG DoT.

ITI Limited -- http://www.itiltd-india.com/default.htm-- is a
telecom company, which manufactures a range of telecom
equipment, including switching products; transmission systems,
such as satellite communication systems, optical line
terminating equipments and digital microwave systems; access
products, such as fixed wireless local loop systems and digital
local loop carriers; terminal equipment, such as telephones,
integrated services digital network products and video
conferencing systems; microelectronic products and software;
information technology products and telecom products for the
defense sector, and other products, including solar power
systems and bank mechanizing products.  It also provides value-
added services, such as shared hub very-small aperture terminal
(VSAT) services, and public mobile radio trunked services and
turnkey solutions.  Its customers include The Department of
Telecommunications, defense, railways, oil sector and corporates
in India, and certain African and South Asian nations.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
November 3, 2006, Fitch Ratings assigned final National ratings
of 'D(ind)(SO)' to  ITI's INR550 million 'J-1' Series long-term
bonds.

Credit Analysis and Research Limited has revised the rating
assigned to the 'M' series long term bond issue of ITI Limited
to CARE D (SO) Single D (Structured Obligation) from CARE AAA
(SO) with Credit Watch.


JAMMU & KAHSMIR: Names Mustaq Ahmad as Executive Director
---------------------------------------------------------
Jammu & Kashmir Bank Ltd informs the Bombay Stock Exchange that
Mushtaq Ahmad, executive president, has been appointed as
Executive Director on the bank's board of directors with effect
from Dec. 29, 2006.

The appointment is pursuant to the approval accorded by the
Reserve Bank of India by its letter dated Dec. 13, 2006, J&K
explains.

India-based Jammu & Kashmir Bank Limited --
http://www.jammuandkashmirbank.com/-- is a private sector bank    
that provides a range of traditional commercial banking products
and services to corporations and middle market businesses.  The
key commercial banking products and services to corporate
customers include credit products and structured finance, cash
management, trade and commodity finance, and investment banking,
local debt syndication and securitization.  The bank, through
its operations, is focusing on banking, insurance and asset
management.

Fitch Ratings gave Jammu & Kashmir Bank a 'D' individual rating
on June 1, 2005.


NTPC LTD: Increases Capacity of Feroze Gandhi Unchahar Plant
------------------------------------------------------------
National Thermal Power Corporation Ltd informs the Bombay Stock
Exchange that the company's 210 MW Unit-I of Feroze Gandhi
Unchahar Thermal Power Project Stage III will commence
commercial operation on Jan. 1, 2007.

With the commercial operation of the unit, the total installed
and commercial capacity of Feroze Gandhi Unchahar Thermal Power
Project has become 1050 MW, NTPC says.

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

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


ORIENTAL BANK: Board Recommends 20% Interim Dividend
----------------------------------------------------
The Oriental Bank of Commerce's board of directors at its
meeting held on Dec. 22, 2006, approved the proposal for
recommending a 20% interim dividend for the year 2006-2007 to
shareholders, the bank informs the Bombay Stock Exchange in a
regulatory filing.

The recommended dividend is still subject to statutory
approvals.

If approved, the dividend is will be paid to shareholders for
which record date will be declared later, the bank says.

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

                          *     *     *

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


PARTYGAMING PLC: Acquires Online Gaming Businesses & Assets
-----------------------------------------------------------
PartyGaming Plc entered into two deals that will expand its
casino and poker operations and also strengthen both the
Company's management and marketing teams.  

PartyGaming is acquiring the assets, players and gaming-related
contracts associated with Empire Online's gaming business and
all of Intercontinental Online Gaming's business and assets.  
Neither EOL nor Intercontinental accept bets from customers in
the United States.

The consideration for both acquisitions is to be satisfied upon
completion by the issue of 115,193,842 new PartyGaming shares.
PartyGaming expects the businesses and assets being acquired to
generate Clean EBITDA of at least US$8.5 million, comprising
US$6 million from EOL and US$2.5 million from Intercontinental,
and to be earnings enhancing in 20071.

Online gaming websites operated by EOL and Intercontinental that
are being acquired by PartyGaming include:

   -- NoblePoker.com,
   -- Clubdicecasino.com,
   -- EnterCasino.com,
   -- MissBingo.com,
   -- FairPoker.com, and
   -- MagicBoxCasino.com.  

Subject to completion a software licensing agreement will also
be entered into with Playtech, which is one of the world's
leading companies in its field and hosts the sites being
acquired from EOL and Intercontinental.

Mitch Garber, Chief Executive Officer of PartyGaming, said:
"These acquisitions represent excellent value for our
shareholders and are consistent with our strategy.  They bring
incremental EBITDA and strong management with excellent
marketing skills that will help us to accelerate our promotional
plans for each of our individual products, particularly in
casino, which will continue to be spearheaded by PartyCasino.  
The addition of a number of well known secondary brands,
supported by the agreement with Playtech, will provide
opportunities for cross-promotion, increasing customer choice
and satisfaction and maximizing the long term value of current
and future players."

                        Acquisition Terms

PartyGaming has reached agreement with EOL to acquire certain
assets, players and gaming related contracts associated with its
online gaming business through the acquisition of a newly formed
subsidiary of EOL for consideration of 83,325,934 new ordinary
shares in PartyGaming.  PartyGaming has also agreed with
Intercontinental to acquire all of its assets through the
acquisition of a newly formed subsidiary of Intercontinental for
a consideration of 31,867,908 Consideration Shares.  Based upon
an average price of 29.32p over the last 15 days, the aggregate
115,193,842 Consideration Shares payable to EOL and
Intercontinental represented a total consideration of
approximately US$66.3 million.

A total of 17,374,637 Consideration Shares due to EOL and
5,212,391 Consideration Shares due to Intercontinental, which
are valued at approximately US$13 million in aggregate, is being
retained in escrow and will be released in installments over an
18-month period subject to certain conditions.

The agreement with EOL is conditional, inter alia, upon the
approval of EOL shareholders and the execution of certain
assignments and licenses with Playtech Ltd. and associated
companies, which provide software and support to the EOL Assets
and the Intercontinental Assets.  EOL has received irrevocable
undertakings from certain EOL shareholders, including the
directors who hold ordinary shares, to the effect that their
votes will be cast in favor of the necessary resolution at an
extraordinary general meeting in respect of a total of
169,720,837 EOL ordinary shares, representing approximately
57.97 per cent of the issued share capital of EOL.  This
transaction is expected to be completed on or around Jan. 19.  
Completion of the acquisition of the Intercontinental Assets is
conditional upon, and is expected to take place immediately
following, completion of the acquisition of the EOL Assets and
execution of the assignments and licenses referred to above.

            Background on EOL's online gaming business

The EOL Assets comprise a substantial number of their gaming
websites including, in particular, the poker website:
NoblePoker.com and three online casino websites:

   -- EnterCasino.com,
   -- Clubdicecasino.com, and
   -- Carnivalcasino.com.  

In the year ended Dec. 31, 2005, the EOL Assets generated
revenue and gross profit before administrative expenses of
approximately US$31.7 million and US$16.1 million respectively
(including US customers).  It is expected that in the 12 months
to Dec. 31, 2007, the EOL Assets will generate Clean EBITDA on a
stand-alone basis of not less than US$6 million.

   Background on Intercontinental's online gaming business

The Intercontinental Assets comprise several online gaming
brands including MagicBoxCasino.com, FairPoker.com and
MissBingo.com.  In the year ended Dec. 31, 2005, the revenue and
net profit attributable to the Intercontinental Assets
(including US customers) was approximately US$19.9 million and
US$3 million respectively.  It is expected that in the 12 months
to Dec. 31, 2007, the Intercontinental Assets will generate
Clean EBITDA on a stand-alone basis of not less than US$2.5
million.

Both the EOL Assets and the Intercontinental Assets operate
using software provided by Playtech Ltd., one of the world's
leading suppliers of online gaming software.  Subject to
completion, Playtech will continue to provide such services to
PartyGaming.  Following the signing into law of the SAFE Port
Act on Oct. 13, 2006, the EOL Assets and Intercontinental Assets
stopped accepting bets from US-based customers.

Headquartered in Gibraltar, United Kingdom, PartyGaming Plc --
http://www.partygaming.com/-- engages in online gaming business  
and owns and operates PartyPoker.com, the world's largest online
poker room.  The Group is also the world's largest online casino
and operates PartyCasino.com and StarluckCasino Online.  In
addition, the Group offers online bingo through PartyBingo.com,
online backgammon through PartyGammon.com, and non-US facing
sports betting through Gamebookers.com.  The company has
operations in India.

At June 30, 2006, the company's balance sheet showed US$91.5
million in unaudited positive equity, after reporting a US$45.9
million stockholders' deficit at Dec. 31, 2005.

On Oct. 13, PartyGaming suspended all real money gaming
activities to customers located in the U.S. after U.S. President
George W. Bush signed the Safe Port Act into law.


PARTYGAMING PLC: Unveils New Management Incentive Arrangements
--------------------------------------------------------------
The signing into law of the Unlawful Internet Gambling
Enforcement Act on Oct. 13, 2006, and the consequent cessation
by PartyGaming Plc of offering real money games online to
customers in the United States have severely impacted the value
of incentive arrangements for the executive directors and other
key employees of the Group.

The Company has implemented a one-off adjustment to existing
incentive awards and also granted new incentive awards by using
shares gifted to its employee benefit trust -- the PartyGaming
Plc Shares Trust -- before the IPO in 2005 and a further gift of
40 million shares to the Trust by founders of the Company.  
These arrangements will partially mitigate the loss of value on
the existing awards and help to retain the Group's executive
directors and other key employees in these special
circumstances.

There will be no issue of new shares in the Company as a result
of the changes to the existing awards or the grant of the new
awards.

Against this background, the Company's Remuneration Committee is
satisfied that these arrangements are in the best interest of
the Company.

           Adjustments to Existing Incentive Awards

The Company has waived the total shareholder return performance
targets that were applicable to 20 million out of the 27 million
shares over which an option was granted to Mitch Garber, Chief
Executive Officer, on April 19, 2006, under the PartyGaming Plc
Share Option Plan.  The vesting schedule has also been
accelerated so that these 20 million shares will now vest in
eight monthly tranches of 1.25 million shares from May 19, 2007,
to Dec. 19, 2007, with the remainder vesting on April 19, 2008.

The Company has accelerated the vesting of the option granted to
Martin Weigold, Group Finance Director, on April 6, 2005, under
the Plan.  His current balance of 8,897,776 shares under this
option will vest on the same timetable and in the same
instalments as the new option granted to Mr. Weigold.

                 Grant of New Incentive Awards

Partygaming Chief Executive Officer Mitch Garber has been
granted by the Trust an option over 15 million shares under the
Plan.  This option will be exercisable, subject to the Company's
dealing code and his ongoing employment, until the 10th
anniversary of the grant date and will vest in 30 equal monthly
tranches until May 1, 2009.

Provided he remains in employment until May 1, 2009, Mr. Garber
will also be awarded 2 million shares from the Trust.  No
consideration is payable for this award.

Mr. Garber will be entitled to GBP3 million payable by the Trust
in 30 equal monthly installments until May 1, 2009, provided he
remains in employment on each payment date.  The GBP3 million
will be realized from the net proceeds of sale of shares from
the Trust.

Mr. Garber will receive a minimum bonus of GBP2 million for 2007
provided he remains in employment on Dec. 1, 2007.

Partygaming Group Finance Director Martin Weigold, Group Finance
Director has been granted an option over 8,897,776 shares under
the Plan.  The option will be exercisable, subject to the
Company's dealing code and his ongoing employment, until the
10th anniversary of the grant date and will vest in nine equal
quarterly tranches until Dec. 31, 2008.

Further nil cost options over approximately 50 million shares
have been granted to other key employees of the Group.

Options granted under the Plan to executive directors and other
key employees are nil-cost options, the exercise of which will
be satisfied from existing shares held by the Trust.  No
consideration has been paid for the grant of these options and
they are not subject to performance targets.

Commenting on these changes, Michael Jackson, Chairman of
PartyGaming, said: "PartyGaming has the leading executive team
in online gaming.  While the passing of the Unlawful Internet
Gambling Enforcement Act changed the business environment, the
online gaming sector has remained no less competitive both
commercially and in terms of attracting and retaining talented
individuals.  The support and generosity of founder shareholders
has enabled us to partly mitigate the financial impact on
employee incentive arrangements that resulted from the
legislative changes in the US."

                The PartyGaming Plc Shares Trust

The Trust has acquired 40 million shares by way of the gift by
founders of the Company, which, together with the existing
balance of 143,570,630 shares held by the Trust, will be
utilized in satisfying the above arrangements.  The Trust's
total shareholding of 183,570,630 shares represents 4.59% of the
Company's issued share capital.

                        About PartyGaming

Headquartered in Gibraltar, United Kingdom, PartyGaming Plc --
http://www.partygaming.com/-- engages in online gaming business  
and owns and operates PartyPoker.com, the world's largest online
poker room.  The Group is also the world's largest online casino
and operates PartyCasino.com and StarluckCasino Online.  In
addition, the Group offers online bingo through PartyBingo.com,
online backgammon through PartyGammon.com, and non-US facing
sports betting through Gamebookers.com.  The company has
operations in India.

At June 30, 2006, the company's balance sheet showed US$91.5
million in unaudited positive equity, after reporting a US$45.9
million stockholders' deficit at Dec. 31, 2005.

On Oct. 13, PartyGaming suspended all real money gaming
activities to customers located in the U.S. after U.S. President
George W. Bush signed the Safe Port Act into law.


PUNJAB NATIONAL BANK: Hikes Benchmark Prime Lending Rate
--------------------------------------------------------
Punjab National Bank informs the Bombay Stock Exchange that the
bank revised its benchmark prime lending rate from 11.50% p.a.
to 11.75% p.a.

The BPLR increase is effective Jan. 1, 2007.

Headquartered in New Delhi, India, Punjab National Bank --
http://www.pnbindia.com/-- is a public-sector commercial bank   
in India, offering banking products and services to corporate
and commercial, retail and agricultural customers.  The bank has
expanded its operations to provide products and services to over
36 million customers across India through more than 4,510
branches.  Its banking operations for corporate and commercial
customers include a range of products and services for large-
corporate customers, as well as for small- and middle-market
businesses and government entities.  It also caters to the
financing needs of the agricultural sector and other priority
sectors, including small-scale industries.  Its retail credit
products include home loans, personal loans and automobile
loans.  Through its subsidiaries and joint ventures, the Bank
deals in Indian government securities and provides housing
finance and asset-management services.

Fitch Ratings gave Punjab National Bank a 'D' individual rating
on June 1, 2005


SYNDICATE BANK: Revises FCNR(B) and NRE Interest Rates
------------------------------------------------------
Syndicate Bank revised upward the interest rates offered on
Foreign Currency Non-Resident (banking) Deposits for US$, GBP,
EUR, CA$ and AU$ with effect from Jan. 1, 2007.

The rates on US-Dollar deposits have been revised to:

   -- 5.33% p.a. for maturity of one year and above but less
      than two years;

   -- 5.16% p.a. for maturity of two years and above but less
      than three years;

   -- 5.08% p.a. for maturity of three years and above but less
      than four years;

   -- 5.07% for maturity at four years and above but less than
      five years; and

   -- 5.09% for the maturity of five years only.

The interest rates for GBP, EUR, CAUS$ & AUUS$ for one year one
day have been revised to 5.58% p.a., 4.02% p.a., 4.24% p.a. and
6.62% pa. respectively.

The Bank also hiked the interest rates offered on NRE Rupee-Term
Deposits with effect from Nov. 1, 2006.  The rates have been
revised to:

   -- 6.33% p.a. for maturity of one year to less than two
      years;

   -- 6.16% p.a. for maturity of two years to less than three
      years; and

   -- 6.08% p.a. for maturity of three years and above up to
      five years.

Syndicate Bank Ltd  -- http://syndicatebank.in/-- provides a
range of banking services.  The bank's services include
deposits, loans, recoveries and electronic funds transfer.  The
bank has also tied up with United India Insurance Company to
provide general insurance.  As of March 31, 2006, the bank had
2006 branches.  The bank has 38 specialized branches, which
focus on business segments, such as small and medium
enterprises.

Fitch Ratings, on June 1, 2005, gave Syndicate Bank a 'D'
individual rating.


UTSTARCOM INC: Commences Noteholder Consent Solicitation
--------------------------------------------------------
UTStarcom, Inc., a global leader in IP-based, end-to-end
networking solutions and services, is soliciting consents from
the holders of its 7/8% convertible subordinated notes due 2008
(CUSIP Nos. 918076AA8 and 918076AB6).

UTStarcom is seeking consents to proposed amendments of certain
provisions of the indenture pursuant to which the notes were
issued and a waiver of rights to pursue remedies available under
the indenture with respect to certain defaults thereunder.  The
consent solicitation is expected to expire at 5:00 p.m., New
York City time, on Friday, Jan. 5, 2007, unless extended to a
later time or date or terminated early (the "Expiration Date").

As previously disclosed, UTStarcom has not yet filed with the
Securities and Exchange Commission its Quarterly Report on Form
10-Q for the quarter ended September 30, 2006.  The trustee
contends that the delay in filing constitutes a default under
the indenture and has given UTStarcom a notice of default.

UTStarcom believes that the notice of default is invalid and
without merit, in part because the indenture does not specify a
time period within which UTStarcom must file its report with the
SEC.  However, for the time being, UTStarcom has determined to
solicit consents to proposed amendments to the indenture that
would give UTStarcom until May 31, 2007, to become current in
its reporting obligations and a waiver of rights to pursue
remedies available under the indenture with respect to any
purported default caused by its delay in filing SEC reports or
by its failure to deliver certain compliance certificates to the
trustee concerning its compliance with the provisions of the
Indenture.

Holders of record as of 5:00 p.m., New York City time, on
December 21, 2006, who validly deliver and do not revoke their
consents prior to the Expiration Date, will receive a consent
fee of USUS$5,492,000 divided pro rata among all consenting
noteholders.

The effectiveness of the proposed amendments and waiver and the
payment of the consent fee is subject to the receipt of valid
consents that are not revoked in respect of at least a majority
of the aggregate principal amount outstanding of the notes.

Holders of the notes may revoke their consents at any time
before the proposed amendments and waiver become effective, but
upon receipt by UTStarcom of the consents of a majority of
holders of the notes and evidence of such receipt provided to
the trustee the waiver will become effective, a supplemental
indenture setting forth the amendments will be executed and
consents may no longer be revoked unless UTStarcom fails to pay
holders the consent fee.

Citigroup Global Markets Inc. is serving as the solicitation
agent for the consent solicitation.  Questions regarding the
consent solicitation may be directed to Citigroup Global Markets
Inc. at (800) 558-3745 (toll-free) or (212) 723-6106.  The
information agent for the consent solicitation is Global
Bondholder Services Corporation.  Requests for copies of the
Consent Solicitation Statement and related documents may be
directed to Global Bondholder Services Corporation at (866) 794-
2200 (toll- free) or (212) 430- 3774.

This announcement is not an offer to purchase, a solicitation of
an offer to purchase or a solicitation of consents with respect
to the notes nor is this announcement an offer to sell or a
solicitation of an offer to purchase new securities.  The
consent solicitation is made solely by means of the Consent
Solicitation Statement dated December 22, 2006, and the related
Consent Form.

                      About UTStarcom, Inc.

UTStarcom -- http://www.utstar.com/-- is a global leader in IP-
based, end-to-end networking solutions and international service
and support.  The company sells its broadband, wireless, and
handset solutions to operators in both emerging and established
telecommunications markets around the world.  UTStarcom enables
its customers to rapidly deploy revenue-generating access
services using their existing infrastructure, while providing a
migration path to cost-efficient, end-to-end IP networks.  
Founded in 1991 and headquartered in Alameda, California, the
company has research and design operations in the United States,
Canada, China, Korea and India.  UTStarcom is a FORTUNE 1000
company


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

DIRECTED ELECTRONICS: Names New Chief Financial Officer
-------------------------------------------------------
Directed Electronics, Inc. (Nasdaq: DEIX - News), revealed that
Ronald F. Dutt, its Executive Vice President - Finance,
Operations and Legal, was appointed Chief Financial Officer and
Treasurer, effective January 2, 2007, succeeding John D.
Morberg, who will be pursuing an opportunity outside of Directed
Electronics.  Mr. Dutt's new title will be Executive Vice
President and Chief Financial Officer.

Before joining Directed Electronics over three months ago, Mr.
Dutt enjoyed an extensive and impressive career of nearly 30
years in multiple businesses, most recently as Executive Vice
President and CFO of Sola International, which was a NYSE-
listed, San Diego-based company with revenues approaching $700
million.

Prior to his tenure at Sola, Mr. Dutt served as Senior Vice
President and CFO of DHL Americas, a US$2-billion subsidiary of
DHL Worldwide; as SVP of Financial Planning & Analysis for Visa
International; and in various roles of increasing responsibility
over a nearly 20 year career at the Ford Motor Company.  Mr.
Dutt holds a BS degree from the University of North Carolina and
an MBA from the University of Washington.

Jim Minarik, President and Chief Executive Officer, stated,
"John Morberg has made significant contributions to our company
and we wish him well in his future endeavors.  We are very
pleased with the financial infrastructure and team he has built
and that he leaves our organization's financial operations in
excellent shape."

"We are excited to have an executive of Ron's fiscal management
background and stature as our new CFO," continued Mr. Minarik.
"Ron has already made improvements in our business, and we look
forward to his continued leadership."

Mr. Morberg commented, "I have enjoyed working at Directed
during this exciting time and am very proud of our many
accomplishments during my tenure."

Directed Electronics, Inc. (Nasdaq: DEIX)
-- http://www.directed.com/-- is the largest designer and  
marketer of consumer branded vehicle security and convenience
systems in the United States based on sales and a major supplier
of home audio, mobile audio and video, and satellite radio
products.  As the sales leader in the vehicle security and
convenience category, Directed offers a broad range of products,
including security, remote start, hybrid systems, GPS tracking
and navigation, and accessories, which are sold under its
Viper(R), Clifford(R), Python(R), and other brand names. In the
home audio market, Directed designs and markets Definitive
Technology(R) and a/d/s/(R) premium loudspeakers.  Directed's
mobile audio products include speakers, subwoofers, and
amplifiers.  Directed also markets a variety of mobile video
systems under the Directed Video(R), Directed Mobile Media(R)
and Automate(R) brand names.  Directed also markets and sells
certain SIRIUS- branded satellite radio products, with exclusive
distribution rights for such products to Directed's existing
U.S. retailer customer base. The company has Asian Sales
offices, including in Indonesia, Japan, Malaysia, Singapore,
Korea and Thailand.

The Troubled Company Reporter - Asia Pacific reported on
October 13, 2006, that Standard & Poor's Ratings Services
lowered its ratings on consumer electronics maker Directed
Electronics Inc. following its acquisition of Polk Audio Inc., a
provider of loudspeakers and audio equipment for homes and cars,
for US$136 million in cash.  The corporate credit rating was
lowered to 'B+' from 'BB-', and was removed from CreditWatch
negative where it was placed on Aug. 25.


MCDERMOTT INT'L: Completes US$355-Million Settlement Payments
-------------------------------------------------------------
McDermott International Inc. and its subsidiaries completed
ahead of schedule its remaining financial obligations it was
required to make under The Babcock & Wilcox Company's plan of
reorganization and settlement agreement to fund the B&W asbestos
trust.

On Dec. 21, 2006, McDermott paid the US$355 million contingent
payment right from cash on hand.  On Dec. 1, 2006, the company
retired the US$250 million contingent promissory note utilizing
proceeds from B&W's credit facility.  The contingent payment
right and contingent note vested on Dec. 1, 2006 as a result of
the Fairness in Asbestos Injury Resolution Act of 2005, or other
similar legislation, failing to become law by Nov. 30, 2006.

"By completing all payments owed to the asbestos trust ahead of
schedule and during this calendar year, the company accelerates
the tax benefit associated with these payments," indicated Frank
Kalman, Executive Vice President and Chief Financial Officer.  
"We currently expect to receive a cash tax refund of
approximately US$250 million, most likely in late 2007 or early
2008, subject to the resolution of open IRS tax audits.  In
addition, with the completion of these payments, the company has
satisfied all of its financial obligations to the B&W asbestos
trust."

To retire the contingent promissory note, B&W used the term loan
feature under its credit facility.  The new term debt matures on
Feb. 22, 2012 and bears interest at the LIBOR plus 3%.  
McDermott may prepay this loan at any time without penalty.  

"We intend to retire this loan during 2007 if B&W is able to
simultaneously increase its capacity under its revolving credit
facility," continued Mr. Kalman.

As a result of the contingent note retirement, McDermott expects
it will incur a charge of approximately US$5 million during the
fourth quarter of 2006.

                Consolidation of U.S. Operations

Additionally, McDermott disclosed its intention to combine the
company's two groups of U.S. legal entities, McDermott
Incorporated, the indirect parent company of B&W and BWX
Technologies, Inc., and J. Ray McDermott Holdings, LLC.,
currently, the holding company of J. Ray McDermott, S.A.'s U.S.
operations, into a single U.S. consolidated group.  This
reorganization will return the Company to a more tax-efficient
U.S. legal structure now that the B&W asbestos issues have been
resolved.  After completion of the proposed consolidation, the
company expects at least US$275 million of net operating losses
to be available to offset the combined future taxable income
generated by the single consolidated group.  McDermott expects
that this combination will be completed by Dec. 31, 2006 and
that it will likely result in the reversal of a substantial
portion of the company's federal deferred tax asset valuation
allowance, which will increase net income by the amount
reversed.

                       About McDermott Int'l

Headquartered in Houston Texas, McDermott International, Inc.
(NYSE:MDR) -- http://www.mcdermott.com/-- through its  
subsidiaries, operates as an energy services company worldwide
including Indonesia and the United Kingdom.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Oct. 11, 2006, that in connection with Moody's Investors
Service's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology for the oilfield service
and refining and marketing sectors last week, the rating agency
confirmed its B1 Corporate Family Rating for McDermott
International Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Multiple Seniority
   Shelf (Senior
   Unsecured)            (P)B3    (P)B3    LGD6        97%

   Multiple Seniority
   Shelf (Subordinate)  (P)Caa2   (P)B3    LGD6        97%

   Multiple Seniority
   Shelf (Preferred)    (P)Caa3   (P)B3    LGD6        97%


PARKER DRILLING: To Sell Two Barge Rigs For US$20 Million
---------------------------------------------------------
Parker Drilling Company said that it has agreed to sell two of
its barge rigs in the Gulf of Mexico to Basic Energy Services
Inc. for about US$20 million, Chron.com reports.

According to the report, Parker Drilling expects to book a
US$5-million gain on the sale and plans to use the proceeds to
fund 2007 growth and capital projects.

The report notes that the transaction is slated to close in
January.

Headquartered in Houston, Texas, Parker Drilling Company
-- http://www.parkerdrilling.com/-- provides contract drilling  
and drilling-related services worldwide.  The company has rigs
located in Indonesia, New Zealand, Colombia and Mexico, among
others.

The Troubled Company Reporter - Asia Pacific reported on Oct 12,
2006, that in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the oilfield service and refining
and marketing sectors last week, the rating agency confirmed its
B2 Corporate Family Rating for Parker Drilling Company, as well
as it B2 rating on the company's 9.625% Senior Unsecured
Guaranteed Global Notes Due 2013, and Senior Unsecured
Guaranteed Floating Rate Global Notes Due 2010.  Moody's
assigned those debentures an LGD4 rating suggesting note holders
will experience a 55% loss in the event of default.


PERUSAHAAN LISTRIK: To Sign Contracts Despite Protests
------------------------------------------------------
PT Perusahaan Listrik Negara will go ahead with its plan to sign
a letter of intent formally naming China National Technical
Import & Export Corp. and Harbin Power as the winners of the
tender for the construction of two 600 megawatt coal-fired power
plants, The Jakarta Post reports.

The Post recounts that on Dec. 8, 2006, China National was
selected as the winner of the tender for the construction of the
power plant in Suralaya, Banten, while Harbin won the
construction contract for the Paiton Baru power plant, in East
Java, since the two companies offered the cheapest prices for
the construction.

The report relates that compared to other competitors, China
National offered the lowest price of IDR378 per kilowatt hour
for constructing the Suralaya power plant, while Harbin also
submitted the lowest price of IDR385.76 per kWh for the Paiton
power plant.  

The Post cites PLN's director of power plants and primary
energy, Ali Herman, as saying that the final contracts with
China National and Harbin Power would be signed on Jan. 19.  
However, he clarified that there will still be a process for
adjustment and renegotiation before the contract signing.

According to the report, PLN's decision to go ahead with the
contract signing defies protests from other bidders.  The other
bidders, including China Huadian and Dongfang, assert that they
made better offers with better plant specifications than those
made by the winners, The Post notes.

The report points out that in its objection materials, China
Huadian said that its offer was US$378 million cheaper than the
one offered by Harbin Power because it needed only eight months
to complete the construction works, shorter than the 36 months
offered by the winner.

Dongfang, on the other hand, submitted the objection addressed
to China National, contending that the machine used by the
winner had emission of above the normal rate of 750 milligram
per cubic meter, The Post notes

In a response to the objections, Mr. Herman said that the
duration for projects had been determined based on PLN's due
diligence, saying that the period of 36 months was the most
ideal for the construction project, the report says.  Mr. Harem
also said that all the bidders have agreed on the duration of 36
months in the first offer.

On the emission issue, Mr. Harem said that he could guarantee
that the coal, which would be used for the project, was of the
highest quality and contained little sulfur, The Post relates.

Mr. Harem challenged the bidders to take legal action if they
are dissatisfied with the result.

Mr. Harem said that PLN would stick to the tender committee's
decision on the winners of the contract for the construction of
two power plants and to its schedule for the projects as part of
the Government's crash program, the report notes.  The program,
which is aimed at helping prevent power shortages and cutting
Indonesia's dependence on oil-based fuels for generating
electricity, is targeted for completion by 2009.

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.


TUPPERWARE BRANDS: Undergoes Leadership Makeover
------------------------------------------------
Tupperware Brands Corporation is undergoing a makeover as it
continues to reposition from a seller of plastic storage
containers to a direct seller of beauty products, Marketing
Daily reports.

According to the report, the group president and chief operating
officer of the direct-selling division of Sara Lee Corp., Simon
Hemus, will take over Tupperware's day-to-day operations as
president and chief operating officer, while Tupperware CEO Rick
Goings will continue to focus on strategy, leadership
development and external relations.

As part of the company's executive move, Tupperware's executive
vice president for strategy and business development, Christa
Hart, becomes executive vice president for beauty.  Mr. Goings
stated that Ms. Hart has been instrumental in implementing the
global beauty strategy since joining the company in 2003 and
will now take on more direct responsibility for execution, the
report says.

The report relates that Tupperware has a force of 1.8 million
who sell kitchen and home products through the Tupperware brand,
and beauty and personal care products through its Avroy Shlain,
BeautiControl, Fuller, NaturCare, Nutrimetics, Nuvo and
Swissgarde brands.

Marketing Daily discloses that the company's third-quarter sales
were up 45.9% to US$394.9 million.

Tupperware Brands Corporation -- http://www.tupperware.com/--   
is a global direct seller of premium, innovative products across
multiple brands and categories through an independent sales
force of approximately 1.9 million.  Tupperware's product brands
and categories include design-centric preparation, storage and
serving solutions for the kitchen and home through the
Tupperware brand and beauty and personal care products through
its Avroy Shlain, BeautiControl, Fuller, NaturCare, Nutrimetics,
Nuvo and Swissgarde brands.

The company has operations in Indonesia, Argentina, Australia,
Bahamas, Brazil, China, France, Germany, Philippines, Spain, and
Sweden, among others.

The Troubled Company Reporter - Asia Pacific reported on Oct. 2,
2006, that in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the U.S. rental company sector
this week, the rating agency lowered its Ba2 Corporate Family
Rating for Tupperware Brands Corporation to Ba3.  Additionally,
Moody's revised its probability-of-default ratings and assigned
loss-given-default ratings on these loans and bond debt
obligations:

                           Projected

                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$715 Million
   Sr. Sec. Term Loan
   due 2012               Ba2       Ba1     LGD2      25%

   US$200 Million Sr.
   Sec. Revolving
   Credit Facility
   due 2010               Ba2       Ba1     LGD2      25%


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

DELPHI CORP: Gets $950,000 from NASA to Fund Welding Techniques
---------------------------------------------------------------
After receiving encouraging results, the National Aeronautics
and Space Administration and the Michigan Research Institute
will grant Delphi Corporation an additional US$950,000 to help
fund the continuing development of Deformation Resistance
Welding.

The first two grants for DRW, totaling US$2.17 million, were
used to perfect existing welding techniques, to create new ones,
and to find new innovative ways to use DRW on suspension sub-
frames.

The new grant will fund work done by Delphi in cooperation with
the Edison Welding Institute and SpaceForm, Inc., a company
formed in 2005 based on DRW technology.  Planned projects will
develop the technology in the area of ferrous and non-ferrous
materials, dissimilar material joints, lean tubular structures
and concepts for future manufacturing cells.

"We're very pleased to have NASA's continued support of this
program," said Timothy Forbes, director, commercialization and
licensing, Delphi Technologies, Inc.  "This continued commitment
to DRW for a third phase of projects will allow us to make even
more progress for the future of this technology."

Delphi's DRW process, developed with funding from NASA's Space
Exploration program with its goals to return to the moon and
eventually Mars, can deliver reliable, repeatable, leak-free
welds at significantly lower cost than conventional welding
solutions.  Its uniqueness comes from its ability to weld
similar and dissimilar materials and shapes.

NASA plans to use what is learned from Delphi's work with DRW as
part of its Space Power Development Programs.  Of specific
interest is advanced welding of dissimilar metal joints for
integrating titanium based cooling loops with power conversion
systems utilizing stainless steel structures.  According to
researchers, titanium cooling loops offer higher levels of
chemical compatibility, along with greater temperature and
structural capability than aluminum tubing.  This is of
particular interest because traditional mechanical joining
provides insufficient hermeticity for long life missions.

In addition, the DRW technology is beneficial to all areas of
manufacturing including: load-bearing structural applications,
mobile medical products, automobiles, bicycles, motorcycles,
commercial and recreational vehicles because of its ability to
handle tube-to-tube and tube-to-sheet welding.

"This latest grant from NASA will allow Delphi to work with EWI
and SpaceForm to expand the capabilities of DRW," said Jayson
Pankin, new venture creation specialist, Delphi. "Delphi will be
in a stronger position to provide innovative joining and
structural solutions to a broader set of customers."

This Delphi project, funded by the latest NASA grant, is
expected to be completed by the end of 2007.

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

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

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

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


HERBALIFE LTD: Earns US$26 Million in Quarter Ended September 30
--------------------------------------------------------------
Herbalife Ltd. reported net income of US$26,467,000 on
US$476,374,000 of total revenues for the quarter ended Sept. 30,
2006, compared to a net income of US$27,137,000 on
US$400,997,000 of total revenues for the same period in 2005.

For the quarter ended Sept. 30, 2006, net sales increased by
18.8%, compared to the same periods in 2005, primarily due to
sales increases in North America, Mexico and Central America,
and Brazil.  Net sales in the European, Middle East, Africa, and
North Asian regions decreased for the three months ended
Sept. 30, 2006, when compared to the same prior year period.  
The overall increase in net sales for this quarter reflects the
continued sales momentum generated from the successful
promotions in 2005 and 2006, the company explains.

Net income decreased for the three months ended Sept. 30, 2006,
to US$26.5 million, from US$27.1 million for the same period in
2005.  Net income includes the impact of:

   -- a US$14.3 million recapitalization expenses in connection
      with the repayment of the company's US$225 million senior
      secured credit facility, originally entered into on
      Dec. 21, 2004, and its 91/2% Notes due 2011;

   -- a US$2.7 million additional tax benefit from refinancing
      transactions in the third quarter of 2006; and

   -- a US$2.5 million relating to a change in the allowance for
      uncollectible royalty overrides receivables from
      distributors in the third quarter of 2005.

For the three months ended Sept. 30, 2006, as compared to the
same period in 2005, net sales growth and a lower effective tax
rate, partially offset by higher labor costs, and promotional
expenses and professional fees had a net favorable impact to net
income.

At Sept. 30, 2006, the company's balance sheet showed
US$937,644,000 in total assets, US$638,299,000 in total
liabilities, and US$299,345,000 in stockholders' equity,
compared to a US$168,888,000 stockholders' equity at Dec. 31,
2005.

A full-text copy of the company's financial statements for the
quarterly period ended Sept. 30, 2006, is available for free at

              http://researcharchives.com/t/s?178a

                      About Herbalife Ltd.

Herbalife Ltd. (NYSE: HLF) -- http://www.herbalife.com/--  
Herbalife, now in its 26th year, conducts business in 62
countries.  The company does business with several manufacturers
worldwide and has its own manufacturing facility in Suzhou,
China as well as major distribution centers in Japan,
Netherlands, Mexico, and the United States.

                          *     *     *

Standard & Poor's Ratings Services rated Herbalife Ltd.'s long-
term foreign and local issuer credit ratings at BB+.


HMV GROUP: 2006 Online Sales Up 200% Over Previous Year
-------------------------------------------------------
HMV Group plc is updating the market on its trading performance
for the 12 weeks to Dec. 16, 2006.

The actions that have been taken to improve the performance of
HMV U.K. are working effectively.  Significant market share
gains have been made in music, DVD and games since the national
launch of simplified, lower pricing on Sept. 6.  Sales in
hmv.co.uk have accelerated by more than 200% compared to last
year and the Group's share of the online market continues to
grow rapidly.

However, the music and DVD markets have deteriorated since the
Group's AGM trading update on Sept. 28.  The value of the U.K.
music market, including digital downloading, declined by 14%
during October and November and the DVD market also declined in
value.  Within these very difficult conditions, HMV U.K. and
Ireland's like for like sales for the 12 weeks increased by 0.6%
and gross margin is expected to be in line with market
expectations.

In Waterstone's, excellent progress has been made with the
integration of Ottakar's and the Group remains firmly on track
to achieve the synergy benefits previously stated.  Good
progress has also been made online by waterstones.com following
its launch on Sept. 28.  However, continuing promotional
activity in the book market has impacted Waterstone's market
share.  Like for like sales for the 12-week period declined 3.7%
and gross margin is expected to be in line with market
expectations.

In the Group's international businesses, market share also
increased in both music and DVD during the 12-week period.
However, due to weak entertainment market conditions, like for
like sales declined by 3.8% in HMV Asia and by 3.4% in HMV
Canada.  For the Group as a whole like for like sales are down
1.3% for the period.

                             Outlook

The outcome of the peak trading period will be determined over
the remaining two weeks, including the final weekend for
shopping prior to Christmas.  However, current market conditions
lead the Group to conclude that its product markets will remain
difficult during the balance of the financial year, and it now
expects full year profits to be towards the bottom of the range
of market expectations.

Simon Fox, Chief Executive, commented: "We are seeing very
positive and tangible results from the strategic actions
implemented during the course of this year, including strong
market share gains in entertainment, rapidly growing online
businesses and the delivery of synergy benefits from the
acquisition of Ottakar's.

"We recognize that we face very tough and rapidly changing
markets and have to work hard to offset this.  However, I am
confident that the strength of our leading brands, the rapid
growth of our multi-channel offer combined with our effective
operating systems gives us a real competitive advantage and a
platform on which to build."

                            About HMV

Headquartered in Maindenhead, United Kingdom, HMV Group PLC --
http://www.hmvgroup.com/-- operates 580 stores in eight     
different countries, including Japan, Canada, Hong Kong and
Singapore, under two powerful retail brands, HMV and
Waterstone's.  

On March 31, 2005, the Group completed a refinancing of its
senior bank facilities, creating a more efficient capital
structure.  A five-year GBP260 million revolving credit facility
was arranged, replacing an existing GBP150 million revolving
credit facility, together with outstanding term debt of GBP160
million which was repaid in full.  Consequent to the
refinancing, GBP2.7 million of unamortized deferred financing
fees were written-off in the financial year to April 30, 2005,
as a non-cash exceptional interest charge.

At Apr. 29, 2006, the company's balance sheet showed
GBP2.4 million in stockholders' deficit, compared with a
GBP14.4 million deficit at April 30, 2005.


METALDYNE CORP: Asahi Merger Set to be Completed by January 15
--------------------------------------------------------------
Asahi Tec Corp.'s acquisition of Metaldyne Corp. is expected to
be finalized by Jan. 15, 2007, Detroit News reports, citing
Metaldyne Chief Executive Officer Tim Leuliette.

The report notes that once the sale is complete, Metaldyne will
become a wholly owned subsidiary of Asahi.  However, Metaldyne
will operate independently and keep its name, Detroit News
clarifies.

As reported in the Troubled Company Reporter - Asia Pacific on
Sept. 13, 2006, Metaldyne has agreed to be acquired by Asahi
Tec, through a US$1.2-billion transaction, including Metaldyne's
debt.  According to the TCR-AP report, the transaction had been
approved by both the Asahi Tec and Metaldyne Boards of
Directors.

Moreover, the TCR-AP noted that the deal has been negotiated
with the full support of Asahi Tec's major investor RHJ
International.  RHJI is a diversified holding company focused on
creating long-term value for its shareholders and building on
its existing businesses in Japan and elsewhere.

Detroit News relates that Mr. Leuliette believes the sale would
help Metaldyne grow.  He does not expect to see any reduction in
Metaldyne's U.S. operations because of the sale.

Furthermore, Detroit News says, Asahi has no U.S. operations, so
there is very little overlap between the two companies.  
Metaldyne focuses on making products locally for the markets it
serves.

Mr. Leuliette will remain chairman and CEO of Metaldyne and will
also serve as co-CEO and co-chairman of Asahi Tec.

Shoichiro Irmajiri, Asahi Tec's current chairman, will remain as
co-chairman.  Messrs. Irmajiri and Leuliette have both said the
company is interested in more acquisitions.  Mr. Irmajiri, an
engineer, will focus on the technical side of the business,
while Mr. Leuliette will focus on running the business.

                         About Asahi Tec

Headquartered in Shizuoka, Japan, Asahi Tec Corp. designs,
manufactures and sells iron cast auto parts for truck and
construction machinery, aluminum casting parts for truck and
passenger car companies and aluminum wheels.

The company employs more than 3,500 employees at facilities in
Japan, Thailand and through a venture in China.

                         About Metaldyne

Headquartered in Plymouth, Mich., Metaldyne Corp
-- http://www.metaldyne.com/-- is a leading global designer and   
supplier of metal-based components, assemblies and modules for
transportation related powertrain and chassis applications
including engine, transmission/transfer case, wheel end and
suspension, axle and driveline, and noise and vibration control
products to the motor vehicle industry.

The company has operations in these Asian locations: Yokohama,
Japan; Suzhou, China; Pyeongtaek, Korea; and Jamshedpur, India.

The Troubled Company Reporter - Asia Pacific reported on
Dec. 12, 2006, that Standard & Poor's Ratings Services affirmed
its ratings on Metaldyne Corp., including its 'B' corporate
credit rating, and removed them from CreditWatch with developing
implications where they had been placed on Aug. 21, 2006.  The
outlook is negative.

Moody's Investors Service rated the proposed senior secured
credit facilities of Metaldyne Corporation's direct subsidiary,
Metaldyne Company LLC:

   -- senior secured revolving credit facility at Ba3;
   -- senior secured term loan facility at B2; and
   -- senior secured synthetic letter of credit facility, B2.

Moody's upgraded:

   -- Metaldyne's Corporate Family and Probability of Default
      Rating upgraded to B3 from Caa1;

   -- Metaldyne's senior notes upgraded to B3 from Caa2; and,

   -- senior subordinated notes upgraded to Caa2 from Caa3.

The senior secured facilities will be used to refinance the
company's existing senior secured debt in conjunction with the
company's acquisition by Asahi Tec Corporation.


MITSUI COAL: Files for Bankruptcy with JPY100-Billion Debt
----------------------------------------------------------
Mitsui Coal Mining Co. has filed for bankruptcy protection after
having incurred debts of some JPY100 billion (US$842 million) --
in part due to lawsuits by miners with black-lung disease and
their families -- the Times of Oman reports, citing Mitsui
Coal's parent firm, Mitsui Mining Co.

According to the report, members of Mitsui Coal's board of
directors agreed on the liquidation of the company and filed for
bankruptcy protection the other week with the Tokyo District
Court.

Mitsui Coal Mining Co., Ltd., operated what was once the largest
coal mine in Japan, Mitsui-Miike Mine on the southwestern island
of Kyushu, which fueled the economy after the ashes of World War
II.  The mine became known for labor disputes and, in 1963,
suffered a deadly blast that killed 458 miners and injured 839
in one of what was considered as the worst industrial disasters
in history.  However, the Japanese mining industry diminished
quickly due to cheaper coals from overseas, leading Mitsui-Miike
Mine to close in 1997 and the coal miner labor union to dissolve
in 2005.

Mitsui Coal Mining was one of the companies sued by
Pneumoconiosis patients and family members of deceased miners.

Pneumoconiosis is a lung disease caused by inhaling a large
amount of dust from coal, metals, or rocks which cannot be
discharged from the lungs.  Reports say that this is the oldest
and worst industrial disease that is still incurable by modern
medicine.  The Japanese labor ministry's statistics show that
more than 1,000 patients every year become officially recognized
as patients with this severe disease.  In autumn 1998, three
courts ordered Mitsui Mining Co., Ltd., and Mitsui Coal Mining
Co., Ltd., to accept a settlement, but the company president
himself went down to the court to give Mitsui's refusal.  The
following year, the Sapporo District Court, one of the three
courts, severely condemned Mitsui for such arrogant behavior,
and garnished the desk and tables from the president's room at
Mitsui headquarters.  Mitsui, however, immediately appealed to
the Sapporo High Court without reading the verdict.

A spokesman for Mitsui said that the disputes with the miners
and their families have already been settled.


MITSUKOSHI LTD: 2006 9-Month Net Profit Drops 36% to JPY7.72BB
--------------------------------------------------------------
Mitsukoshi Ltd reported a 36% fall in net profit for the nine
months ended November 30, 2006, hit by weaker sales brought
about by the unstable weather and renovation at its flagship
store, AFX News Limited.

According to AFX News, the department store operator said it
made a net income of JPY7.72 billion for the 2006 nine-month
period, down from JPY12.15 billion in the same period ended
November 30, 2005.

Mitsukoshi's nine-month operating profit tumbled 10% to
JPY7.31 billion as revenue fell nearly 5% to JPY586.86 billion
due to poor clothing sales amid unstable weather conditions, the
report notes.

The Japan Department Stores Association said sales rose for only
three months during March to November as Japanese consumers
refrained from spending heavily due to a slow rise in wages and
poor weather.

AFX relates that Mitsukoshi also blamed the renovation of its
flagship Nihonbashi store, which accounts for a bulk of overall
sales, aimed at making it easier for shoppers to shop, for the
sluggish sales.  The renovation was completed last month.

Despite a weaker performance, the company retained its full-year
forecasts, projecting a net profit of JPY11.9 billion and
operating income of JPY16 billion on sales of JPY813 billion.

Mitsukoshi Ltd. was established through the merger of Mitsukoshi
Ltd, Nagoya Mitsukoshi, Chiba Mitsukoshi, Kagoshima Mitsukoshi,
and Fukuoka Mitsukoshi.  The company operates department stories
throughout Japan, selling clothing, food, household goods,
cosmetics, and general merchandise.

Standard & Poor's gave Mitsukoshi BB- Long-Term Foreign and
Local Issuer Credit Ratings.

Mikuni Credit Ratings gave the company a 'B' rating on its
mortgage debt, and a 'B' rating on its senior debt.


NIKKO CORDIAL: Delays Revised '04 Financial Report Until Feb. 28
----------------------------------------------------------------
Nikko Cordial Corp. said last week that the release of its
corrected group earnings report for financial year 2004 will be
delayed until Feb. 28, 2007, because it has changed auditors,
The Japan Times reports.

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

The Japan Times relates that on Dec. 18, Nikko Cordial admitted
to the falsification of its fiscal 2004 financial report and
said it would revise the figures and reissue the report by
Jan. 15.

Nikko Cordial initially reported a consolidated pretax profit of
JPY77.7 billion and a net profit of JPY46.9 billion between
April 2004 and March 2005, but said it would revise the figures
to JPY58.8 billion in pretax profit and JPY35.1 billion in net
profit, the report states.

The brokerage firm originally planned to ask auditor ChuoAoyama
PricewaterhouseCoopers -- now called Misuzu Audit Corp. -- which
signed off on its fiscal 2004 report, to check the revised
figures.  However, Nikko Cordial later decided to change
auditors to PricewaterhouseCoopers Arata, a new firm formed
after ChuoAoyama's reputation was badly damaged by the
accounting fiasco at Kanebo Ltd.

According to the report, the Tokyo Stock Exchange has placed
Nikko Cordial's shares on the monitoring post for possible
delisting.  The TSE will examine Nikko Cordial revised report to
see whether the company violated any of the listing regulations.

The delayed filing of the revised report may extend Nikko
Cordial's stay on the monitoring post, The Japan Times says.

Newly appointed president Shoji Kuwashima said that PwC Arata
will work with a special investigation panel set up to determine
the cause of the accounting problems.  The panel is expected
issue an interim report by the end of the month.

"Without knowing the truth about what was going on, we can never
come up with measures to prevent a recurrence," Mr. Kuwashima
said as he apologized for the company's wrongdoing.  "My
priority is to regain public trust in the Nikko Cordial group."

                About Nikko Cordial Corporation

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

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

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


NOMURA ASSET: Fitch Holds B- Rtg. on US$27.9 Mil. Class Certs.
--------------------------------------------------------------
Fitch Ratings upgrades Nomura Asset Securities Corp.'s
commercial mortgage pass-through certificates, series 1998-D6:

      -- US$37.2 million class B-2 to 'A-' from 'BBB';
      -- US$37.2 million class B-3 to 'BBB' from 'BB+'.

In addition, Fitch affirms these classes:

      -- US$1.8 billion class A-1B at 'AAA';
      -- US$382.7 million class A-1C at 'AAA';
      -- Interest-only class PS-1 at 'AAA';
      -- US$223.4 million class A-2 at 'AAA';
      -- US$204.8 million class A-3 at 'AAA';
      -- US$167.5 million class A-4 at 'AAA';
      -- US$55.8 million class A-5 at 'AAA';
      -- US$18.6 million class B-5 at 'B';
      -- US$27.9 million class B-6 at 'B-'.

Class A-1A has paid in full.

Fitch does not rate the interest-only class A-CS1,
US$158.2 million class B-1, the US$65.2 million class B-4, or
the US$16.5 million class B-7 and B-7H certificates.

The upgrades are attributable to the additional defeasance of
11.2% of the transaction since Fitch's last rating action.  
Eighty four loans (30.8%) have fully defeased since issuance,
including the second largest loan in the pool, Park LaBrea
(4.1%).  In addition, four loans are partially defeased (0.69%).
As of the December 2006 distribution date, the pool has paid
down 15% to US$3.17 billion from US$3.72 billion at issuance.  
There is currently one loan (0.23%) in special servicing.

The specially serviced asset is secured by a 58,317 square foot
retail shopping center in Maryville, TN.  The center is Real
Estate Owned and is being marketed for sale by the special
servicer, CW Capital Asset Management LLC.  The asset was
originally secured by three properties.  The other two have been
sold.  All losses are expected to be absorbed by the non-rated
classes B-7 and B-7H.

The transaction includes six credit assessed loans.  One of the
loans, The Bristol French Quarter (3.8%) is fully defeased, and
another, Summerfield Suites / Innkeepers (0.2%), is partially
defeased.  Fitch reviewed servicer-provided financial statements
and other performance information for the non-defeased portion
of Summerfield Suites/Innkeepers (0.9%) and the remaining non-
defeased credit assessed loans: Fox Plaza (5%),
Westminster/Burnham-Pacific (3.9%), Morris Corp. (1%) and Westin
Casaurina (0.47%).  The debt service coverage ratios for the
loans are calculated based on a Fitch adjusted net cash flow and
a stressed debt service based on the current loan balances and a
hypothetical mortgage constant.  Of the four remaining non-
defeased credit assessments, three are considered investment
grade.

The Fox Plaza loan (5%), the largest loan in the pool, is
collateralized by a 710,767 sf office building in Century City,
Calif.  Performance remains strong, with the Fitch-stressed DSCR
based on net cash flow for the twelve months ended June 30, 2006
of 1.58 times (x), compared to the Fitch stressed DSCR of 1.21x
at issuance.  Occupancy is stable at 92.2% as of November 2006
compared to 91.0% at issuance.

The Westminster/Burnham-Pacific pool (3.9%) is collateralized by
18 cross-collateralized and cross-defaulted anchored community
shopping centers located throughout California.  At issuance,
the collateral consisted of 19 centers, but one center was
released from the trust in 2004.  The Fitch-stressed DSCR for
Year-End 2005 was 2.20x, compared to 1.61x at issuance.  
Occupancy as of June 2006 increased to 94.9% from 92.7% at
issuance.

The Morris Corp. Center loan (1%) is collateralized by two
multi-tenant suburban office buildings with 521,700 sf located
in Parsippany, New Jersey.  The YE 2005 Fitch-stressed DSCR was
1.66x compared to 1.83x at issuance.  Occupancy as of June 2006
decreased to 77.2% from 81.7% at issuance.

The non-defeased portion of the Summerfield Suites / Innkeepers
portfolio loan is secured by seven hotels located in six states.  
The Westin Casuarina loan (0.47%) is secured by a leasehold
interest in a 341-room beachfront resort hotel located on the
Grand Cayman Island.  Both loans' credit assessments remain
below investment grade.


USIMINAS: S&P Revises Outlook on BB Credit Ratings to Positive
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Brazil-based steelmaker Usinas Siderurgicas de Minas Gerais
S.A., aka Usiminas, to positive from stable.

Standard & Poor's also said that it affirmed its 'BB+' local and
foreign currency corporate credit ratings on Usiminas.

"The outlook revision reflects the improved operating and
economic environment in Brazil for Usiminas to implement its
significant capital-expenditures program in the next years,"
explained Standard & Poor's credit analyst Reginaldo Takara.  
"This reinforces our expectations that the company will sustain
its currently very sound financial profile."

Even assuming that Usiminas's cash-flow protection measures
could weaken under less-favorable market conditions and because
of additional leverage to finance investments, we expect them to
remain strong for the rating category.

Funding for the investments to be made in the next years, partly
already secured, is expected to be favorable and not jeopardize
the company's current sound debt-maturity schedule.
Uncertainties about the company's larger capacity expansion
plans (the so-called second wave of investments, which include a
new steel mill and are currently under study) remain as a
limiting rating factor in the short term, but those could be
resolved as more clarity is obtained as to the company's
ultimate capital structure and cash-flow implications.  We
expect that Usiminas's prudent financial policy will support the
positive trend for the company's credit quality.

The ratings on Usiminas reflect its exposure to the cyclical and
volatile global steel sector, its reliance on the economic and
operating environment of its home market of Brazil, the
increasing competition within the Brazilian steel industry, and
the risks associated with the company's significant capital-
expenditures program.  These risks are tempered by Usiminas's
sound financial profile, with total debt levels and liquidity
currently very conservative; a solid business profile, made
evident by a very competitive cost structure; resilient
operating profitability and robust free cash generation through
economic cycles; and a favorable market position in the
fairly concentrated flat carbon steel sector in Brazil, in
particular in the higher end, quality products segments.

The positive outlook reflects our expectations that the
programmed capital expenditures already approved and associated
financing debt will not cause the company's credit measures to
weaken substantially from current robust levels, allowing them
to remain stronger than those consistent with the rating
category.  The ratings could be raised if uncertainties about
Usiminas's second wave of investments are dissipated in the
medium term, provided that financial policies remain sound.  S&P
believes Usiminas is well positioned to manage Brazil's country
risks, but a potential upgrade would also require further
scrutiny about the company's vulnerabilities to such risks under
a stress scenario.  On the other hand, the outlook could be
revised back to stable if a deterioration in the company's
favorable business fundamentals -- coupled with a shift from
current prudent financial policies -- cause debt levels to rise
and liquidity to decline significantly in connection with the
heavy cycle of capital investments.

                 About Usinas Siderurgicas

Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas de
Minas Gerais SA is among the world's 20 largest steel
manufacturing complexes, with a production capacity of
approximately 10 million tons of steel.  Usiminas System
companies produces galvanized and non-coated flat steel products
for the automotive, small and large diameter pipe, civil
construction, hydro-electronic, rerolling, agriculture, and road
machinery industries.  Brazil consumes 80% of its products and
the company's largest export markets are the US and Latin
America.  The company also sells in China and Japan.


USIMINAS: Nippon Steel Boosts Shares in Nippon Usiminas to 50.9%
----------------------------------------------------------------
Nippon Steel Corp. increased its holding in Nippon Usiminas,
which owns 21.6% of Usiminas aka Usinas Siderurgicas de Minas
Gerais SA, Brazil's second-largest steelmaker, to 50.9% from
14.4%.

Nippon Steel holds a direct 1.7% stake in Usinas Siderurgicas.  
In a statement, the company disclosed it is now the top
shareholder in Nippon Usiminas, which in turn is the largest
shareholder in Usiminas.  Nippon Steel, the world's second-
largest producer, made 32 million tons of steel in 2005.

Published reports say the terms of the deal were not disclosed.

The Japanese company's investment is aimed at protecting itself
from a future takeover.

The investment "is not just to boost steel production overseas,
but to protect itself from being a takeover target," Hitoshi
Yamamoto, who manages the equivalent of US$1 billion in Japanese
equities as president of Commerz International Capital
Management (Japan) Ltd., was quoted by Bloomberg News as saying.  
"Nippon Steel wants to boost the company's value."

"The steel industry is consolidating globally, this is a natural
move," Yuki Iriyama, managing director at Nippon Steel's
overseas business development unit, told Bloomberg.  "The market
in South America is steadily growing, and it's becoming more
attractive."

Mr. Iriyama added that Nippon Steel would buy more shares in
Nippon Usiminas if holders wished to sell, Bloomberg says.

                 About Usinas Siderurgicas

Headquartered in Minas Gerais, Brazil, Usinas Siderurgicas de
Minas Gerais SA is among the world's 20 largest steel
manufacturing complexes, with a production capacity of
approximately 10 million tons of steel.  Usiminas System
companies produces galvanized and non-coated flat steel products
for the automotive, small and large diameter pipe, civil
construction, hydro-electronic, rerolling, agriculture, and road
machinery industries.  Brazil consumes 80% of its products and
the company's largest export markets are the US and Latin
America.  The company also sells in China and Japan.

                          *     *     *

Standard & Poor's Ratings Services affirmed on June 7, 2006, its
'BB+' long-term corporate credit rating on Brazil-based steel
maker Usinas Siderurgicas de Minas Gerais SA -- Usiminas.  At
the same time, Standard & Poor's assigned its 'BB+' senior
unsecured debt rating to the forthcoming US$200 million Global
MTNs due June 2016 to be issued by Cosipa Commercial Ltd.  S&P
says the outlook on the corporate credit rating is stable.


XERIUM TECHNOLOGIES: Amends Senior Credit Facility
--------------------------------------------------
Xerium Technologies Inc. has secured an amendment to its
existing senior credit facility and entered into an agreement
with certain shareholders with respect to the company's
contemplated dividend reinvestment plan.

The amendment to the credit facility includes these changes:

   * A loosening of the interest coverage ratio covenant from
     the fourth quarter of 2006 through 2012 and the leverage
     ratio covenant from 2007 through 2012.

   * Changes to the pre-dividend free cash flow test to limit
     the amount of quarterly dividends that Xerium may pay in
     2007 to 11.25% of pre-dividend free cash flow for the
     preceding four quarters and to clarify that commencing
     Dec. 31, 2007 the test limits the amount of quarterly
     dividends that Xerium may pay to 18.75% of pre-dividend
     free cash flow for the preceding four quarters.

   * Dividends reinvested in newly issued or treasury shares of
     common stock of the company under a dividend reinvestment
     plan will not be treated as dividends for the purpose of
     the pre-dividend free cash flow test and will not reduce
     excess cash for the purposes of the senior credit facility.

   * The amount to which the balance on the company's revolving
     credit facility must be reduced to for 30 consecutive days,
     during each year, is increased from zero to US$20 million.

   * Changes in specially permitted capital expenditures for
     Brazil, such that the permitted amounts are US$4.6 million
     for 2006, US$8.2 million for 2007 and US$3.8 million for
     2008.

   * Additionally, the permitted use of these capital
     expenditures is altered to include all production capacity
     expansion projects in Brazil.

   * The applicable margin on the revolving and term loans is
     increased by 0.25% and subject to a further increase of an
     additional 0.25% in the event that the indebtedness under
     the senior credit facility is rated lower than B1 by
     Moody's or lower than B+ by Standard & Poor's.

The company paid an amendment fee of US$1,420,139.40 in
connection with the amendment.

Xerium also reported that it expects to establish a dividend
reinvestment plan (DRIP) during the first quarter of 2007.

"We are pleased to have secured additional financial flexibility
through the amendment to our senior credit facility and to have
received the commitment from the Apax entities to reinvest cash
dividends received in 2007 in our common stock through a
dividend reinvestment plan as described above" Thomas Gutierrez,
Xerium's Chief Executive Officer, said.  

Certain investment entities managed directly or indirectly by
Apax Europe IV GP Co Ltd, which entities collectively held
22,897,712 shares of common stock of Xerium or approximately
52.3% of the outstanding common stock of the company as of
Dec. 21, 2006, have committed to Xerium that, upon the
establishment of the dividend reinvestment plan, they will
participate in the plan through Dec. 31, 2007 at a level such
that at a minimum 50% of each cash dividend payable on the
company's common stock, including shares not held by the Apax
entities, is reinvested in the common stock of the company
through the dividend reinvestment plan, provided that the Apax
entities are not required to reinvest more than 100% of the cash
dividends payable to them with respect to such dividend
declaration.

"While we believe that the credit facility amendment and the
commitment of the Apax entities improve our ability to pay
dividends in 2007 under the credit facility" Mr. Gutierrez
added,  "we expect to evaluate our dividend policy very closely
each quarter, as we move forward, to ensure that key growth
investments and our ability to continue to reduce debt are
treated as main priorities."

Headquartered in Wesborough, Massachusetts, Xerium Technologies,
Inc. -- http://xerium.com/-- manufactures and supplies two  
types of products used primarily in the production of paper:
clothing and roll covers.  The company operates under a variety
of brand names and owns a broad portfolio of patented and
proprietary technologies to provide customers with tailored
solutions and products, designed to optimize performance and
reduce operational costs.  With 35 manufacturing facilities in
15 countries, including Japan, Xerium Technologies has
approximately 3,900 employees.

Headquartered in Westborough, Massachusetts, Stowe Woodward, a
unit of Xerium Technologies, Inc., supplies roll covers, bowed
rolls and manufacturing services for the pulp and paper
industry.  Stowe Woodward has manufacturing operations around
the world.

                          *     *     *

Moody's Investors Service changed the outlook on Xerium
Technologies, Inc.'s ratings to negative from stable, and
affirmed the company's corporate family rating at B1.  The
change in outlook to negative reflects Xerium's weaker than
expected operating performance primarily due to production
inefficiencies in North America and delays in achieving benefits
from cost reduction initiatives.  Moody's believes the impact of
these issues, coupled with a difficult pricing environment for
roll covers and to a lesser extent clothing products, will
continue to negatively affect operating performance over the
intermediate term.

Affirmed ratings are:

     * Corporate family rating; B1
     * Guaranteed senior secured term loan B; B1
     * Guaranteed senior secured revolving credit facility; B1


* Japan's 2006 Corporate Debt Sales Decline on BOJ Rate Rise
------------------------------------------------------------
Japanese corporate bond sales dropped in 2006 as the Bank of
Japan increased interest rates and companies chose to fund their
investments with rising profits, Bloomberg News relates.

Bloomberg's Junko Fujita cites data as showing that 2006
corporate debt sales fell 3% to JPY6.6 trillion (US$55.4
billion), the lowest since 2004, from the figure in 2005.

Issuance declined before the central bank's decision to raise
its key interest rate to 0.25% from near zero on July 14, 2006,
the first increase since 2000, said Tsuyoshi Ando at Mizuho
Securities Co.

"It was difficult for us to adjust the difference in demand from
investors and corporate issuers," Bloomberg quotes Mr. Ando,
head of debt capital markets at Mizuho Securities, the No. 1
underwriter for Japanese corporate bonds.  "Investors wanted
wider spreads but issuers didn't want to increase the spreads."

According to Bloomberg, yields on Japan's 10-year government
bonds climbed to as high as 2.005% on May 10, 2006, on concerns
the Bank of Japan would start a series of interest-rate
increases that would raise the cost to sell debt.  The central
bank was limited to only one rate increase as inflation slowed,
prompting a pick-up in corporate bond sales later in the year.

Ten-year government bonds on Dec. 29 completed a four-year
slide, the longest decline in at least two decades, Bloomberg
notes.  The yield of Japan's 1.7% government bond due December
2016 rose 1.5 basis points on Dec. 29 to 1.675% as of the 11:05
a.m. close in Tokyo at Japan Bond Trading Co., the nation's
largest interdealer debt broker.  Yields climbed 20.5 basis
points this year.


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

BURGER KING: Ban on Kids' Ad Won't Affect Earnings, Pres. Says
--------------------------------------------------------------
Peter Robinson, president of Burger King Holdings Inc., said
that the company expects minimal impact to its earnings as a
result of the UK Government's ban on children's advertising.

"Our target consumer for many years has been 18 to 34 years old,
and we remain on course with our current strategy to market
high-quality beef to this core customer.  We expect the
advertising ban to have a far greater impact on our competitors
who have previously targeted children as a core consumer," Mr.
Robinson stated.

As of the end of the first quarter of its 2007 fiscal year,
Burger King owns and operates 76 Burger King restaurants in the
UK.

The Burger King(R) system (NYSE: BKC) -- http://www.bk.com/--  
operates more than 11,100 restaurants in all 50 states and in
more than 65 countries and U.S. territories worldwide,  
including Australia, China, Hong Kong, Korea, Malaysia, New
Zealand, Philippines, Singapore, Taiwan and Thailand.
Approximately 90% of BURGER KING restaurants are owned and
operated by independent franchisees, many of them family-owned
operations that have been in business for decades.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 18, 2006, in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the restaurant sector, the rating
agency revised its Corporate Family Rating for Burger King
Corporation to Ba3 from Ba2.

Additionally, Moody's held its Ba2 ratings on the company's
US$150 million Senior Secured Revolver Due 2011 and US$250
million Senior Secured Term Loan A Due 2011.  Moody's assigned
those loan facilities an LGD3 rating suggesting lenders will
experience a 35% loss in the event of default.

Fitch, in June 2006, assigned initial ratings for Burger King
Corp.  Fitch assigned the company its 'B+' Issuer Default Rating
and rated the company's US$150 million revolving credit facility
maturing June 2011; and US$967 million aggregate remaining term
loan A and B outstandings maturing June 2011 and June 2012,
respectively, at 'BB/RR2'.  Fitch said that the Outlook on all
Ratings is Positive.


DURA AUTOMOTIVE: CEO Lawrence Denton Sells 15,000 Common Shares
---------------------------------------------------------------
Dura Automotive Systems Inc.'s president and chief executive
officer, Lawrence A. Denton, informed the U.S. Securities and
Exchange Commission that on Nov. 21, 2006, he sold 15,000 shares
of Class A common stock of Dura in two transactions:

        No. of Shares         Price per Share
        -------------         ---------------
            5,000                 US$0.35
           10,000                 US$0.35

Mr. Denton hold 22,184.997 Dura shares after the transactions,
which holdings include the 699.997 shares acquired through the
company's Employee Stock Discount Purchase Plan through
June 30, 2006.

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:
China, Japan and Korea.

                          *     *     *

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

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

                          *     *     *

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


DURA AUTO: Wants OK on De Minimis Claims Settlement Protocol
------------------------------------------------------------
DURA Automotive Systems, Inc., and its debtor affiliates ask the
U.S. Bankruptcy Court for the District of Delaware to approve
uniform procedures for settling certain de minimis claims and
causes of action brought by or against the Debtors in a
judicial, administrative, arbitral or other proceeding.

The Debtors propose to settle De Minimis Claims that do not
exceed US$1,000,000.

Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger,
P.A., in Wilmington, Delaware, explains that the Debtors seek
the authority to negotiate and determine prepetition claim
amounts of the De Minimis Claims, not the authority to make
payment or distributions on account of those claims.

According to Mr. DeFranceschi, in the ordinary course of
business, the Debtors may hold various claims and causes of
action against third parties, and third parties may hold claims
against the Debtors, that they have asserted or will assert
through litigation, administrative action or arbitration in
appropriate forums.  The Debtors' creditor matrix contains
approximately 85,000 parties.

Mr. DeFranceschi asserts that if the Debtors had to obtain prior
Court approval to settle each De Minimis Claim, they would incur
significant costs associated with preparing, filing and serving
separate motions for each proposed settlement, especially
considering the expected number of parties that will request
notice and service papers in the Debtors' Chapter 11 cases.

Accordingly, the Debtors propose to establish omnibus procedures
that will allow them to enter into settlements on a more cost-
effective and expeditious basis while preserving an oversight
function for key parties-in-interest.

               Proposed Omnibus Settlement Procedures

    (a) With respect to any settled amount equal to or less than
        US$250,000, the affected Debtor may agree to settle a
        claim or cause of action on any reasonable terms.  The
        Debtor may enter into, execute and consummate a written
        settlement agreement that will be binding on it and its
        estate without notice to any third party or further
        Court action;

    (b) With respect to any settled amount greater than
        US$250,000 but does not exceed US$1,000,000, the Debtor
        may agree to settle the claim or cause of action only if
        it provides written notice to, and the terms are not
        objected by:

          * the United States Trustee for the District of
            Delaware;

          * counsel to the agent for the Debtors' prepetition
            first lien secured lenders;

          * counsel to the agent for the Debtors' postpetition
            second lien secured lenders;

          * counsel to the ad hoc committee of senior
            subordinated noteholders; and

          * any official committee appointed by the U.S. Trustee
            in the Debtors' Chapter 11 cases;

    (c) If any of the notice parties objects to any settlement
        agreement, and the affected Debtor still desires to
        enter into agreement with the settling party, the
        execution of the settlement will not proceed except
        upon:

          * resolution of the objection by the parties; and

          * further Court order after a hearing; and

    (d) any settlement unauthorized pursuant to the proposed
        Omnibus Procedures or to any Court order will be
        authorized only upon separate Court order on a motion of
        the appropriate Debtor served on the necessary parties-
        in-interest.

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:
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. 3;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTO: Intercompany Claims Deemed Admin. Priority Expense
-------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware granted,
on a final basis, DURA Automotive Systems, Inc. and its debtor
affiliates, request to accord administrative priority expense
status all Intercompany Claims against a Debtor by another
Debtor or a non-debtor affiliate arising after the Debtors'
bankruptcy filing.

The request was to ensure each individual Debtor will not fund
the operations of another entity.

Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger,
P.A., in Wilmington, Delaware, relates that the Debtors maintain
business relationships with each other and non-debtor
affiliates.

Thus, according to him, there are numerous intercompany claims
that reflect intercompany receivables and payments made in the
ordinary course of the Debtors' businesses, including, but not
limited to:

   (a) Accrued interest -- The Debtors and non-debtor affiliates
       owe interest between and among each other on outstanding
       Intercompany Claims.  Accrued interest is charged monthly
       based on the net Intercompany Claims outstanding at the
       end of that month;

   (b) Administrative fees -- Certain Debtors are charged a
       percentage of their sales in exchange for marketing
       support from the Debtors;

   (c) Centrally-billed expenses -- In the ordinary course of
       business, the Debtors incur centrally billed expenses,
       like insurance, premiums, payroll, 401k payments,
       benefits, payroll taxes, workman's compensation
       obligations, and technology equipment;

   (d) Intercompany loans -- In the ordinary course of business,
       the Debtors and non-debtor affiliates make loans between
       and among each other to fund operations and make
       acquisitions;

   (e) Royalties -- Royalties are charged either with reference
       to costs incurred or as a percentage of sales to certain
       Debtors and non-debtors for the use of technology and
       other intellectual property of the Debtors; and

   (f) Trade receivables and trade payables -- In the ordinary
       course of business, and as a result of the Debtors' Cash
       Management System, certain Debtors receive checks and
       wire transfers from customers and fund payables on behalf
       of various other Debtors.  The Debtors' intercompany
       accounts reflect the net position of both receipts and
       disbursements received or made on behalf of other
       Debtors.

Mr. DeFranceschi asserts that if Intercompany Claims are
accorded administrative priority expense status, each entity
utilizing funds flowing through the Cash Management System will
continue to bear ultimate repayment responsibility for those
ordinary course transactions.

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: China,
Japan and Korea.

                          *     *     *

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

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

                          *     *     *

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


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

FOAMEX INTERNATIONAL: Class 9 and 10 Ballots Due on January 18
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware finds the
Supplemental Solicitation Packages sufficiently informative and
appropriate for Classes 9 and 10 under Foamex International Inc.
and its debtor-affiliates' Second Amended Plan of Reorganization
to vote to accept or reject the Plan.

Accordingly, Judge Kevin Gross directs the Debtors to mail or
cause to mail to holders of interests in Classes 9 and 10 under
the Plan.  The Debtors may fill in any missing dates and other
information, correct any typographical errors, reformat and make
other non-material, non-substantive changes to the Supplemental
Solicitation Package as they deem appropriate.

All Class 9 and 10 Ballots, including Master Ballots, must be
properly executed, completed and delivered to Bankruptcy
Services LLC no later than January 18, 2007, 4:00 p.m.,
prevailing Eastern Time.

The beneficial owners of Existing Common Stock that receive a
Beneficial Owner ballot from a bank or brokerage firm must
return the Ballot to that bank or brokerage firm no later than
Jan. 11, 2007.

The Court reschedules the Confirmation Hearing to Feb. 1, 2007,
at 11:00 a.m., prevailing Eastern Time.

The Rescheduled Confirmation Hearing Date may be continued from
time to time by the Court without further notice except for
adjournments announced in open court.

To the extent a holder of an interest Classes 9 or 10 wishes to
object to the confirmation of the Plan, that objection must be
made in writing and must be filed with the Court on or before
Jan. 18, 2007.

Headquartered in Linwood, Pa., Foamex International Inc. --
http://www.foamex.com/-- is the world's leading producer of   
comfort cushioning for bedding, furniture, carpet cushion and
automotive markets.  The company also manufactures high-
performance polymers for diverse applications in the industrial,
aerospace, defense, electronics and computer industries.  Foamex
has Asian locations in Malaysia, Thailand and China.

The Company and eight affiliates filed for chapter 11 protection
on Sept. 19, 2005 (Bankr. Del. Case Nos. 05-12685 through 05-
12693).  Attorneys at Paul, Weiss, Rifkind, Wharton & Garrison
LLP, represent the Debtors in their restructuring efforts.
Houlihan, Lokey, Howard and Zukin and O'Melveny & Myers LLP are
advising the ad hoc committee of Senior Secured Noteholders.
Kenneth A. Rosen, Esq., and Sharon L. Levine, Esq., at
Lowenstein Sandler PC and Donald J. Detweiler, Esq., at Saul
Ewings, LP, represent the Official Committee of Unsecured
Creditors.  As of July 3, 2005, the Debtors reported
US$620,826,000 in total assets and US$744,757,000 in total
debts.  (Foamex International Bankruptcy News, Issue No. 35;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)   

Standard & Poor's Ratings Services lowered its senior secured
and subordinated debt ratings on Foamex L.P./Foamex Capital
Corp. to 'D' from 'C'.  The downgrades follow Foamex's
announcement that it has filed a voluntary pre-negotiated
Chapter 11 bankruptcy plan.

The ratings were also removed from CreditWatch with negative
implications, where they were placed on July 11, 2005, on
concerns that Foamex's leveraged financial profile and liquidity
would continue to deteriorate.  The corporate credit rating was
lowered to 'D' on August 15, 2005, following the company's
failure to make a US$51.6 million principal payment on its 13.5%
subordinated notes that matured Aug. 15, 2005.


FOAMEX INTERNATIONAL: Court Approves Disclosure Supplement
----------------------------------------------------------
The Hon. Kevin Gross of the U.S. Bankruptcy Court for the
District of Delaware approves the Supplement to the Foamex
International Inc. and its debtor-affiliates' Disclosure
Statement.

The Court finds the supplemental disclosure regarding the
Trading Restrictions as containing adequate information within
the meaning of Section 1125 of the Bankruptcy Code.

The Debtors have previously determined that it would be
advisable to restrict trading of Foamex International's common
stock to preserve the value and protect against a change against
a change of control after the Effective Date.  The Trading
Restrictions would be included in the Reorganized Debtors'
amended and restated certificate of incorporation.  The Trading
Restrictions will only be necessary, and thus will only be
implemented, under certain limited circumstances related to the
Rights Offering.

Headquartered in Linwood, Pa., Foamex International Inc. --
http://www.foamex.com/-- is the world's leading producer of   
comfort cushioning for bedding, furniture, carpet cushion and
automotive markets.  The company also manufactures high-
performance polymers for diverse applications in the industrial,
aerospace, defense, electronics and computer industries.  Foamex
has Asian locations in Malaysia, Thailand and China.

The Company and eight affiliates filed for chapter 11 protection
on Sept. 19, 2005 (Bankr. Del. Case Nos. 05-12685 through 05-
12693).  Attorneys at Paul, Weiss, Rifkind, Wharton & Garrison
LLP, represent the Debtors in their restructuring efforts.
Houlihan, Lokey, Howard and Zukin and O'Melveny & Myers LLP are
advising the ad hoc committee of Senior Secured Noteholders.
Kenneth A. Rosen, Esq., and Sharon L. Levine, Esq., at
Lowenstein Sandler PC and Donald J. Detweiler, Esq., at Saul
Ewings, LP, represent the Official Committee of Unsecured
Creditors.  As of July 3, 2005, the Debtors reported
US$620,826,000 in total assets and US$744,757,000 in total
debts.  (Foamex International Bankruptcy News, Issue No. 35;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)   

Standard & Poor's Ratings Services lowered its senior secured
and subordinated debt ratings on Foamex L.P./Foamex Capital
Corp. to 'D' from 'C'.  The downgrades follow Foamex's
announcement that it has filed a voluntary pre-negotiated
Chapter 11 bankruptcy plan.

The ratings were also removed from CreditWatch with negative
implications, where they were placed on July 11, 2005, on
concerns that Foamex's leveraged financial profile and liquidity
would continue to deteriorate.  The corporate credit rating was
lowered to 'D' on August 15, 2005, following the company's
failure to make a US$51.6 million principal payment on its 13.5%
subordinated notes that matured Aug. 15, 2005.


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

CLIENTLOGIC CORP: SITEL Corp. Amends Merger Agreement
-----------------------------------------------------
SITEL Corp. and ClientLogic Corp. have entered into an amendment
to the previously announced Agreement and Plan of Merger among
SITEL, ClientLogic and Stagecoach Acquisition Corporation, dated
Oct. 12, 2006.  

Under the terms of the amendment, SITEL stockholders will
receive US$4.25 in cash for each outstanding share of common
stock of SITEL held, which represents an increase of US$0.20 per
share in cash from the price of US$4.05 per share in cash
previously agreed with ClientLogic.  

The Board of Directors of SITEL has unanimously approved the
amendment to the Merger Agreement.  The transaction is expected
to be completed in the first quarter of 2007 and remains subject
to customary closing conditions, including the approval of
SITEL's stockholders.

On December 6, prior to SITEL entering into the amendment with
ClientLogic, The Gores Group, LLC and The Calgary Group, LLC and
Jefferies Capital Partners IV LLC revised their previously
announced proposal to acquire all of the outstanding shares of
common stock of SITEL to lower the proposed price of US$4.50 to
US$4.25 per share in cash.  

The amendment with ClientLogic required SITEL to terminate the
existing discussions with Gores/Calgary/Jefferies although it
continues to permit SITEL to respond to additional proposals
from third parties in the event the Board of Directors of SITEL
determines in good faith after considering advice from its
outside advisors that failure to do so would be inconsistent
with its fiduciary obligations.  

In addition, the amendment increases the expense reimbursement
portion of the amount payable by SITEL upon termination of the
Merger Agreement in circumstances involving an alternative
acquisition proposal by US$1 million.

In connection with the proposed merger with ClientLogic, SITEL
has set Jan. 12, 2007, as the date of its 2006 Annual Meeting of
Stockholders at which SITEL will seek, among other things,
stockholder approval of the Merger Agreement, as amended.  
Holders of record of SITEL common stock as of 5:00 p.m., New
York time, on Dec. 5, 2006 will be entitled to vote at the
meeting.  The meeting will be held at the Marriott Regency
hotel, 10220 Regency Circle, in Omaha, Nebraska.

The US$4.25 to be paid in cash in the merger for each SITEL
share represents an approximate 37.5% premium over the volume-
weighted average closing price of SITEL common stock on the New
York Stock Exchange for the thirty days prior to the public
announcement of the execution and delivery of the Merger
Agreement.  

                        About ClientLogic

ClientLogic Corp. -- http://www.clientlogic.com/-- is a  
business process outsourcing provider in the customer care and
back office processing industries.  ClientLogic's footprint
spans 49 facilities in Austria, Canada, France, Germany, India,
Ireland, Mexico, Morocco, Netherlands, Panama, the Philippines,
United Kingdom, United States.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 18, 2006,
Moody's Investors Service placed ClientLogic Corporation's B3
corporate family rating on review for possible upgrade after the
company's disclosure of its revised plan to merge with SITEL
Corporation and SITEL's recent return to filing timely financial
statements with the United States Securities and Exchange
Commission.

Standard & Poor's Rating Services placed its 'B' corporate
credit rating on ClientLogic Corp. on CreditWatch with positive
implications.


GUESS?: Maurice Marciano Implements Trading Plan
------------------------------------------------
Guess?, Inc., reported that on Dec. 15, 2006, Maurice Marciano,
co-chairperson and co-chief executive officer in the firm,
executed a plan to sell shares of the company's common stock in
accordance with Rule 10b5-1 under the Securities Exchange Act of
1934.

Under the plan, Mr. Marciano will sell under pre-arranged terms
up to 300,000 shares held through a trust in open market
transactions through Feb. 9, 2007.
    
Rule 10b5-1 permits insiders to implement a written plan to sell
stock when they are not in possession of material non-public
information and continue to sell shares on a regular basis even
if they receive such information subsequently.  Such plans
establish predetermined trading parameters that do not permit
the person adopting the plan to exercise any subsequent
influence over how, when or whether to effect trades.  Using
these plans, insiders can gradually diversify their investment
portfolios, spread stock trades out over an extended period of
time to reduce market impact and avoid concerns about
transactions occurring at a time when they might possess inside
information.
    
Sales of common stock by Mr. Marciano pursuant to the terms of
the plan or otherwise will be disclosed publicly through Form
144 and Form 4 filings with the Securities and Exchange
Commission.
    
Guess?, Inc., -- http://www.guess.com/-- designs, markets,
distributes and licenses a lifestyle collection of contemporary
apparel, accessories and related consumer products.  The company
owns and operates retail stores in the United States, Canada and
Mexico.  The company also distributes its products through
better department and specialty stores around the world,
including the Philippines, Hungary and the Dominican Republic.

                          *     *     *

Standard & Poor's Ratings Services revised its rating outlook on
Guess? Inc. to positive from stable.  At the same time,
Standard & Poor's affirmed the company's ratings, including its
'BB-' corporate credit rating.


PHIL. LONG DISTANCE: Public Bidding Rigged, Manila Standard Says
----------------------------------------------------------------
Parallax Capital Management and First Pacific Co. Inc. are both
owned by the Salim family, indicating that the public bidding
for the Government's 6.4% stake in Philippine Long Distance
Telephone Company was rigged, the Manila Standard Today reports,
citing an anonymous yet "unimpeachable source" who claimed that
he had personal knowledge of Parallax's beneficial owners.

The Standard recounts that Parallax Capital is a Singapore-based
investment firm that has offered the higher bid for the purchase
of the Government's 115,415 shares in PLDT.

As reported in the Troubled Company Reporter - Asia Pacific on
December 13, 2006, the Philippine Government has received a
PHP25.2-billion offer from Parallax Venture Fund XXCII.
Parallax outbid Pan Asia Presidio Capital, which offered
PHP24.9 billion.

The Standard notes that First Pacific Co. Inc. is the Hong Kong-
based firm that plans to match Parallax's bid.  It holds the
controlling interest in PLDT.

A TCR-AP report on January 2, 2007, stated that First Pacific
currently has a 24.3% interest in PLDT.  First Pacific had
earlier announced that it will team up with NTT DoCoMo, Japan's
largest mobile phone firm, to acquire the Government's stake in
PLDT.  DoCoMo currently owns a 6.7% stake in PLDT, and if the
joint acquisition pushes through, First Pacific will end up with
27.5% of PLDT while DoCoMo's stake will increase to 9.9%.

The Standard points out that the Government is disposing of its
shares in PLDT after the Supreme Court ruled that they formed
part of the "ill-gotten wealth" of former dictator Ferdinand
Marcos and his family, and were forfeited in favor of the
Government.  The sales proceeds would go to the national coffers
to fund the national budget.

The Standard relates that Finance Undersecretary John Philip
Sevilla said that the bids and awards committee had required the
prospective bidders to show proof that they had access to PHP25
billion worth of funds as part of the Government's due diligence
to make sure that the winning bidder was financially capable.

Under the Terms of Reference, the report explains, bidders
should have access to PHP25 billion in the form of cash
deposits, liquid financial instruments, committed credit lines
from reputable financial institutions and underwriting agreement
from institutions.  Furthermore, the winning bidder should pay
the purchase price in one lump sum within 30 days from the
execution of the share purchase agreement.

The Standard cites Mr. Sevilla as saying that the committee did
not require the bidders to submit information regarding the
owners of the company as anybody could take a shot at the
Government's 46% share in the Philippine Telecommunications
Investment Corp., which owns a stake in PLDT.

Mr. Sevilla said that the Privatization Council set the floor
price of PHP24.9 billion for the Government's 111,415 shares in
PTIC.  The floor price, according to him, was based on the
average trading price of PLDT shares at the Philippine Stock
Exchange from Nov. 13 to Dec. 4, 2006.

Finance Secretary Margarito Teves said the shares of PTIC were
not listed at the PSE and could be sold at a discount of about
15%.  He added that the Government was not required to bid out a
contract for a financial advisor for the sale of its shares in
PTIC that has an indirect stake in PLDT.

The Standard notes that Camarines Norte Rep. Arnulfo Fuentebella
condemned the impending sale of the controversial PLDT shares to
First Pacific and NTT DoCoMo, describing it as highly
scandalous, irregular and grossly disadvantageous to the
Government.  Rep. Fuentebella urged Philippine President Gloria
Macapagal Arroyo to immediately declare a failure of public
bidding, suspend the sale and call for a new bidding to erase
public doubts that certain top officials of the Arroyo
administration were to earn bribe money from the deal.

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

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Nov. 7,
2006, that Moody's Investors Service affirmed Philippine Long
Distance Telephone Company's Ba2 senior unsecured foreign
currency rating and changed its outlook to stable from negative.

According to the report, PLDT's current foreign currency senior
unsecured debt rating of Ba2/stable is above the Philippines'
foreign currency country ceiling of Ba3/stable.  The foreign
currency senior unsecured debt rating incorporates
convertibility risk, which is the likelihood of the government
declaring a debt moratorium to counter a foreign currency
crisis.

The TCR-AP reported on Sept. 1, 2006, that Standard & Poor's
Ratings Services affirmed its 'BB+' foreign currency rating on
Philippine Long Distance Telephone Co.

On Aug. 21, 2006, the TCR-AP stated that Fitch Ratings upgraded
PLDT's Long-term foreign currency Issuer Default Rating to
'BB+' from 'BB'.  The Outlook is Stable.  At the same time,
Fitch upgraded PLDT's global bonds and senior notes to 'BB+'
from 'BB' while it also affirmed PLDT's Long-term local currency
IDR of 'BBB-' with a Positive Outlook and National Long-term
rating of 'AAA(phl)' with a Stable Outlook.


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

LAZARD LTD: Appoints Jean-Louis Girodolle as Managing Director
--------------------------------------------------------------
Lazard Ltd. disclosed that Jean-Louis Girodolle is joining the
firm as a Managing Director.  Mr. Girodolle, age 38, is an
Inspecteur des Finances and was until recently a Director in the
French Government's Treasury Department, where he focused on
transportation and infrastructure.  He will be based in Paris.

"Mr. Girodolle brings valuable financial and sector experience
from his career with the Treasury, and has been involved in some
of the most important acquisitions, privatizations, IPOs and
restructurings in France," said Georges Ralli, Chief Executive
Officer of Lazard's European investment banking business.  "We
consider him a significant addition to our investment banking
teams in Paris and for our business in Europe."

Mr. Girodolle joins Lazard from the Treasury Department of the
French Government's Shareholding Agency, where for the past
three years he has served as Director, in charge of
Transportation and Infrastructure.  In that position, he was
involved with the Air France acquisition of KLM and Air France's
subsequent privatization, the transformation and reforms of the
A,roports de Paris, the IPOs of APRR and Sanef, the disposal of
the French State's stake in Renault and the privatization of
SNCM.

Prior to that he held other various positions with the Ministry
of Finance, where from 1998 until 2003 he was the Head of the
Financial Markets Division, Advisor of the Minister of Finance
and Deputy Head of the State-Owned Banks Division.  While
serving in those positions he was involved with spin-offs, IPOs,
mergers and acquisitions, privatizations, restructurings, as
well as political and industrial agreements representing the
government and involving such companies as CDC Ixis, Eulia,
France Telecom, La Poste, EADS and Credit Lyonnais.  He began
his career in 1994 in the Ministry of Finance Audit Department.

In addition, Mr. Girodolle is a director of the Aeroports de
Paris, Air France-KLM, RATP, Renault and the Autoroutes du Sud
de la France.  He is a graduate of the Institute d'Etudes
Politiques de Paris and studied at the Ecole nationale
d'administration.

Lazard Ltd. -- http://www.lazard.com/-- one of the world's  
preeminent financial advisory and asset management firms,
operates from 29 cities across 16 countries in North America,
Europe, Asia, Australia and South America.  With origins dating
back to 1848, the firm provides services including mergers and
acquisitions advice, asset management, and restructuring advice
to corporations, partnerships, institutions, governments, and
individuals.  The company has locations in Australia, China,
France, Germany, India, Japan, Korea and Singapore.

                          *     *     *

At June 30, 2006, the company's balance sheet showed
US$2.1 billion in total assets and US$2.8 billion in total
liabilities resulting in US$745 million stockholders' deficit.


LIONBRIDGE TECH: Refinancing Prompts S&P to Withdraw Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on
Lionbridge Technologies Inc., following the refinancing of its
existing US$25 million credit facilities with a new, US$100
million revolving credit facility.  Standard & Poor's does not
rate the new credit facility.

Headquartered in Waltham, Mass., Lionbridge Technologies, Inc.
(Nasdaq: LIOX) -- http://www.lionbridge.com/-- provides  
"globalization and offshoring" services.   Lionbridge combines
global resources with program management methodologies to serve
as an outsource partner throughout a client's product and
content lifecycle -- from development to globalization, testing
and maintenance.  The company also operates in Brazil, Canada,
Chile, Belgium, Denmark, United Kingdom, Finland, France,
Germany, Ireland, Italy, The Netherlands, Norway, Poland,
Portugal, Slovakia, Spain, Sweden, China, India, Japan, South
Korea, Taiwan and Singapore.


SEAGATE TECH: Signs Deal to Buy EVault for US$185 Mil. Cash
-----------------------------------------------------------
Seagate Technology signed a definitive agreement to acquire, in
a cash transaction valued at approximately US$185 million,
EVault, Inc., as part of its effort to extend the company's
storage solutions offerings and strengthen the Seagate Services
group.

The acquisition is subject to various standard closing
conditions, including applicable regulatory approvals, and is
expected to close in the third quarter of Seagate's fiscal year
2007.

"The announcement highlights a strategic next step into
services, which is a natural extension of Seagate's core
business and will leverage our brand leadership and channel
expertise to deliver solutions to the SMB market," Bill Watkins,
chief executive officer, said.  "Over the past three years,
Seagate has been executing a strategy designed to broaden its
customer base and increase growth opportunities by expanding
beyond its core hard disc drive business into the broader
storage solutions category.
Our objective for Seagate Services is to become a leading
provider of services to manage and protect our customers'
digital content throughout its lifecycle."

With the acquisition of EVault, Seagate Services will provide
the following primary solutions:

   -- Data recovery through professional in-lab and on-site
      retrieval of content for corrupted or inaccessible storage
      devices - all media formats and all brands.

   -- Online backup, archival, and recovery services for
      designated user and application data.  These services are
      targeted at the SMB market, and will focus on customers
      with limited IT infrastructure or appropriate resources.

                          About EVault

Based in Emeryville, Ca., EVault, Inc., is a privately-held
company that supplies online network backup, recovery and data
protection solutions for SMB and remote enterprise computing.

                    About Seagate Technology

Headquartered in Scotts Valley, California, Seagate Technology,
-- http://www.seagate.com/-- designs, manufactures and markets
rigid disc drives (disc drives or hard drives), which are used
as the primary medium for storing electronic information in
systems ranging from desktop and notebook computers, and
consumer electronics devices to data centers delivering
information over corporate networks and the Internet. Seagate
Technology has R&D and product sites in: Silicon Valley,
California; Pittsburgh, Pennsylvania; Longmont, Colorado;
Bloomington and Shakopee, Minnesota; Springtown, Northern
Ireland; and Singapore.  Manufacturing and customer service
sites are located in: California, Colorado, Minnesota, Oklahoma,
Northern Ireland, China, Malaysia, Thailand and Singapore.

                          *     *     *

Moody's Investors Service has confirmed on July 17, 2006, the
ratings of Seagate Technology HDD Holdings and upgraded the
ratings of Maxtor Corp., now a wholly owned subsidiary of
Seagate Technology US Holdings, following the completion of its
acquisition on May 19, 2006, and subsequent guaranteeing of
Maxtor's debt by Seagate.  This concludes the review initiated
by Moody's on Dec. 21, 2005.  The review was prompted by the
company's announcement of its intention to acquire Maxtor in an
all-stock transaction for approximately US$1.9 billion. The
ratings outlook is stable.

Moody's confirmed these ratings:

     -- Corporate Family Rating: Ba1; and
     -- SGL Rating of 1.

Moody's upgraded these ratings:

   Seagate Technology HDD Holdings:

     -- US$400 million senior notes 8%, due 2009: to Ba1


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

FEDERAL-MOGUL: DeVlieg's Claim Not Allowed as Admin. Expense
------------------------------------------------------------
The Honorable Judith K. Fitzgerald of the U.S. Bankruptcy Court
for the District of Delaware denies in all respects DeVlieg-
Bullard II, Inc.'s request to allow its claim as an
administrative expense.

As reported in the Troubled Company Reporter on Aug. 3, 2004
DeVlieg-Bullard II, Inc., asked the Court to:

    (a) allow its administrative expense priority claim for
        US$260,000; and

    (b) compel the Debtors to pay the claim.


The claim relates to the Debtors' amendment, in Oct. 30, 2003,
to its Purchase Order for four custom industrial machines from
DeVlieg-Bullard, reducing to two the number of machines.

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


FEDERAL-MOGUL: Can Sell Real Property to Seagis for US$6.6 Mil.
---------------------------------------------------------------
Federal-Mogul Corporation and its debtor affiliates, obtained
authority from the U.S. Bankruptcy Court for the District of
Delaware to sell a real property in Allentown, Pennsylvania,
free and clear of certain liens and encumbrances, to Seagis
Property Group, LP, for US$6,630,000.

Since 1998, Federal Mogul Products, Inc., has used the Allentown
facility as an aftermarket distribution center to distribute
various products manufactured by the Debtors.

In June 2006, the Debtors completed an internal performance and
logistics review of various distribution centers in the
northeastern part of the United States.  The Debtors have
determined to consolidate those distribution centers that are no
longer in reasonable proximity to the customers they serve to
their distribution facilities in Jacksonville, Florida;
Indianapolis, Indiana; and Berkeley, Missouri.

The Allentown facility is among those distribution centers that
will be closed.  Indeed, the Debtors have commenced wind-down
operations at the Facility.

The Allentown property is being sold in "as is, where is"
condition.  Pursuant to a sale agreement, Seagis paid a
US$175,000 initial deposit to the Debtors.  An additional
US$175,000 deposit is due after the Buyer has completed its due
diligence efforts, which must be completed by November 26, 2006.  
The balance of the purchase price will be paid at closing.

All of the Debtors' fixtures located at the Allentown facility
will be transferred as part of the sale.

The Debtors marketed the Allentown property beginning August
2006.  Aside from Seagis' offer, the Debtors received two other
bids -- for US$5,500,000 and for US$6,700,000, which was
subsequently raised to US$7,200,000.  The highest bid, however,
was subject to a longer diligence period and additional
contingencies that made the bid much less certain to close.

CB Richard Ellis, a real estate broker and appraiser, has
estimated the value of the property between US$6,200,000 and
$6,500,000.  Based on the strong market for distribution
facilities, the Debtors did not list the Allentown property
exclusively with a real estate broker.  As a result, the Debtors
relate, they effectively preserved about $267,800 of sale
proceeds that otherwise would have been allocated to a broker
based on a 6% commission rate.

Nonetheless, the Debtors will pay a US$130,000 commission to
Gelcor Realty for securing a buyer for the Allentown property.  
The commission is 2% of the purchase price.

The Debtors believe that the sale to Seagis represents the
highest and best offer for the Allentown property.  The Debtors
do not anticipate that any other entity will be seriously
interested in purchasing the Allentown property.  In the event a
party submits a competing offer before the sale hearing, the
Debtors assure the Court that they will exercise their business
judgment in considering the merits of that competing offer.

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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




                            *********

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

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

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


                            *********


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

Copyright 2007.  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 US$625 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 US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***