TCRAP_Public/070104.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

            Thursday, January 4, 2007, Vol. 10, No. 3

                            Headlines

A U S T R A L I A

APPIN ESTATES: To Declare First and Final Dividend on Jan. 19
ARDOUR PHOTOGRAPHY: Members and Creditors to Wind Up Firm
KALE CONSULTANTS: Sole Member Decides to Close Business
LANDSCAPE INDUSTRIES: Members Agree on Voluntary Liquidation
PETERPHYL HOLDINGS: Members' Final Meeting Slated for Jan. 12

POLIMNIA NOMINEES: Members Decide to Close Operations
PSIVIDA LIMITED: Released by Lender from Loan Covenant
SDDC NOMINEES: Enters Wind-Up Proceedings
SIRMAKALOT PTY: Members Resolve to Voluntarily Liquidate Firm
SMITH'S LIMESTONE: Undergoes Voluntary Wind-Up

USED & ABUSED: Members and Creditors to Receive Wind-Up Report
W & A LARGE: Commences Wind-Up Proceedings
W & T CONSULTANTS: Members Decide to Wind Up Operations


C H I N A   &   H O N G  K O N G

AGRICULTURAL BANK: Government May Inject Funds in First Half '07
BANKERS TRUST: Shareholders Agree to Close Business
BENQ CORP: Court Opens Insolvency Proceedings for Mobile Unit
BENQ CORP: Court Orders Austrian Unit to Close Eight Branches
BIG STAR: Creditors Must Prove Debts by February 5

BT ASIA: Shareholders Opt for Voluntary Wind-Up
BT BROKERAGE: Commences Wind-Up of Operations
CHIEFUND INVESTMENT: Annual Meetings Slated for January 11
CITIC GROUP: Takes Stake in Kazakhstan Oil Firm for US1.91 Bln.
EVER FOCUS: Schedules Final Meetings on January 24

GREEN STAR: Appoints Mak Man Cheung as Liquidator
GUANG XIN: Members and Creditors to Hear Wind-Up Report
HANAL LTD: Members to Receive Wind-Up Report on January 22
HUNG FAI: Liquidator to Present Wind-Up Report on March 26
LIVENGOOD INVESTMENT: Shareholders Resolve to Wind Up Firm


I N D I A

GENERAL MOTORS: U.S. Dec. Sales Down 9.6%; 2006 Sales Down 9%
GENERAL MOTORS: Applauds Trade Agency's Ruling to Revoke Duties
GENERAL MOTORS: Europe Unit Eyes Astra Export to North America
TATA MOTORS: December Sales Up 37% from Last Year
TATA POWER: Board to Consider 3rd Quarter Results on Jan. 29

UCO BANK: Launches Retail Sales Scheme in Vijayawada Branches
UNION BANK: Board Declares 15% Interim Dividend for FY 2006-07
UTI BANK: To Raise INR100 Crore Via Upper Tier II Bond Issue
UTI BANK: Executive Director S. Chatterjee Retires
UTI BANK: Board to Consider 3rd Quarter Financials on Jan. 12


I N D O N E S I A

ALCATEL-LUCENT: Closes Senior Debentures Consents Solicitation
ALCATEL-LUCENT: Completes Purchase of Nortel UMTS Business
COMVERSE TECHNOLOGY: S&P Retains Negative Watch on BB- Ratings
PERUSAHAAN LISTRIK: Power Plant Projects Attract Bids from China
PHILLIPS-VAN HEUSEN: Enters Into Harbor Footwear Licensing Deal


J A P A N

FORD MOTOR: U.S. December Sales Down 13%; Full '06 Sales Down 8%
TREND MICRO: Reveals Results of Internet Confidence Survey


M A L A Y S I A

OLYMPIA INDUSTRIES: Agrees on Closing Procedures with Creditors
PANGLOBAL BHD: Gets BNM's Nod to Discuss Equity Shares Disposal
PANGLOBAL BERHAD: EGM Slated for January 22
PARK MAY: SC Okays Submission Extension of Restructuring Scheme


N E W   Z E A L A N D

AQUAPHARMA PRODUCTS: Creditors to Prove Debts by January 6
BORTHIANT (NZ): Shareholders Resolve to Close Firm
CAMBRIDGE FRUIT: Names Robert John Willis as Liquidator
CORNAGREA HOLDINGS: Creditors to Prove Claims by January 19
E-GATEMATRIX NZ: Enters Liquidation Proceedings

GLENDHU PROJECTS: Creditors Must Prove Claims by January 30
GLOBAL INVESTMENT: Court Appoints Joint Liquidators
HERMES CONSULTING: Creditors to Lodge Claims by January 10
IVAN BEVINS: Appoints Joint Liquidators
MYRO TRADING: Commences Liquidation Proceedings

VICTUS MATIMPORTER: Shareholders Opt to Liquidate Business


P H I L I P P I N E S

ACESITE PHILS: Turns Around in 3rd Quarter with PHP26.9MM Income
APC GROUP: Records PHP8.89-Bil. Capital Deficiency in 3rd Qtr.
APEX MINING: Resets ASM for the Third Time to February 18
ARANETA PROPERTIES: Posts PHP17.5-Million Net Loss for 3Q 2006
ATLAS CONSOLIDATED: Deutsche Bank to Arrange US$100 Million Loan

ATOK BIG WEDGE: Records PHP3.87MM Net Loss for 2006 9-Month Pd.
BANK OF COMMUNICATIONS: Receives PHP2.16BB Offer from PhilTrust
BANK OF COMMUNICATIONS: Nine-Month Net Income Reaches PHP580.21M
BANK OF THE PHILIPPINE ISLANDS: BSP Approves FEB Equity Sale
EVER-GOTESCO: Turns Around in 3rd Quarter with PHP14-Mil. Income

EVER GOTESCO RESOURCES: Independent Director Steps Down
* RP Stocks Breach 3,000-Level on Rosy Economic Prospects

     - - - - - - - -

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

APPIN ESTATES: To Declare First and Final Dividend on Jan. 19
-------------------------------------------------------------
Appin Estates Ltd will declare its first and final dividend on
Jan. 19, 2007.

Failure to file proofs of debt by Jan. 12, 2007, will exclude a
creditor from sharing in the dividend distribution.

The liquidator can be reached at:

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


ARDOUR PHOTOGRAPHY: Members and Creditors to Wind Up Firm
---------------------------------------------------------
The members and creditors of Ardour Photography & Video Pty Ltd
met on Dec. 7, 2006, and resolved to voluntarily wind up the
company's operations.

Gregory Stuart Andrews was consequently appointed as liquidator.

The Liquidator can be reached at:

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


KALE CONSULTANTS: Sole Member Decides to Close Business
-------------------------------------------------------
On Dec. 6, 2006, the sole member of Kale Consultants Australia
Pty Ltd passed a special resolution to voluntarily wind up the
company's operations and appointed D. R. Vasudevan as
liquidator.

The Liquidator can be reached at:

         D. R. Vasudevan
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia


LANDSCAPE INDUSTRIES: Members Agree on Voluntary Liquidation
------------------------------------------------------------
After a general meeting held on Dec. 6, 2006, the members of
Landscape Industries Pty Ltd agreed to voluntarily liquidate the
company's business.

Accordingly, Robyn Erskine and Peter Goodin were appointed as
liquidators.

The Liquidators can be reached at:

         Robyn Erskine
         Peter Goodin
         Brooke Bird & Co
         Chartered Accountants
         471 Riversdale Road
         Hawthorn East, 3123
         Australia


PETERPHYL HOLDINGS: Members' Final Meeting Slated for Jan. 12
-------------------------------------------------------------
The final meeting of the members of Peterphyl Holdings Pty Ltd
will be held on Jan. 12, 2007, at 10:30 a.m., to consider the
liquidator's final account and explanation of his report.

As reported by the Troubled Company Reporter - Asia Pacific, the
company's members agreed to close its business on Sept. 5, 2006.

The liquidator can be reached at:

         Kenneth Whittingham
         BDO
         Level 19, 2 Market Street
         Sydney, New South Wales 2000
         Australia


POLIMNIA NOMINEES: Members Decide to Close Operations
-----------------------------------------------------
On Dec. 6, 2006, the members of Polimnia Nominees Pty Ltd met
and decided to voluntarily wind up the company's operations.

Subsequently, James Patrick Downey was nominated to act as
liquidator.

The Liquidator can be reached at:

         J. P. Downey
         Cole Downey & Co
         Chartered Accountants
         Level 1, 22 William Street
         Melbourne, Victoria 3000
         Australia


PSIVIDA LIMITED: Released by Lender from Loan Covenant
------------------------------------------------------
Global bio-nanotech company pSivida Limited (NASDAQ:PSDV)
(ASX:PSD)(Xetra:PSI) disclosed that it has entered into an
agreement with its principal institutional lender wherein the
lender has agreed to a general forbearance with respect to any
defaults through to and including the earlier of the closing of
the Nordic Biotech Advisors transaction or March 31, 2007,
subject to the satisfaction of these closing conditions:

   -- The lender has agreed to allow the Company to transfer or
      grant security interests in the Company's Medidur(TM) and
      Mifepristone assets which would be necessary to complete
      specified financing transactions with Nordic;

   -- The lender agreed to forego the interest payment due on
      January 2, 2007, in favor of adding approximately
      US$309,000 (AU$391,000) to the principal amount of the
      loan (representing the value of the American Depository
      Receipts (ADSs) with which the Company would have issued
      to satisfy the payment had it met certain conditions
      allowing it to pay with ADSs);

   -- The lender agreed to defer the Company's scheduled payment
      of US$800,000 (AU$1 million) for prior registration delay
      penalties until the earlier of the closing of the Nordic
      transaction or March 31, 2007;

   -- The lender agreed to forgive US$770,000 (AU$973,000) of
      additional registration delay penalties accruing through
      the earlier of the closing of the Nordic transaction or
      March 31, 2007;

   -- The lender agreed to amend the Company's loan covenants to
      release it from the obligation to satisfy a minimum cash
      balance test of 30% of the outstanding principal until
      March 31, 2007; and

   -- The lender agreed that the Company would have until 10
      days after the earlier of the closing of the Nordic
      transaction or March 31, 2007, to file a registration
      statement with respect to securities issuable on exercise
      of the lender's warrants.

In return, the Company has issued to the lender warrants to
purchase 1.5 million ADSs over five years with an exercise price
of US$2.00 per ADS and has agreed, upon receipt of required
approvals, including shareholder approval, and satisfaction of
other standard conditions, to issue additional warrants to
purchase 4.0 million ADSs over five years with an exercise of
US$2.00, subject to adjustment based on the final terms of the
Company's transaction with Nordic.

The Company expects to close definitive documents with Nordic
Biotech Advisors for a US$4.0 million (AU$5.1 million) corporate
investment in the Company and a US$22.0 million (AU$27.8
million) investment over time in a "Special Purpose Vehicle"
that is expected to fully fund the Company's portion of costs to
develop Medidur(TM) for the treatment of the chronic eye disease
diabetic macular edema.

                      About pSivida Limited

pSivida Limited -- http://www.psivida.com/-- is an Australian   
company existing pursuant to the Australian Corporations Act
2001 with shares listed on the Australian Securities Exchange,
the NASDAQ Global Market, the Frankfurt Stock Exchange, and
London's OFEX International Market Service.  The company is
committed to biomedical applications of nano-technology and has
as its core focus the development and commercialization of drug
delivery products in the healthcare sector, initially in
ophthalmology and oncology.

The company's corporate headquarter is located at:

         Level 12 BGC Centre
         28 The Esplanade
         Perth WA 6000, Australia
         Tel No. (+61 8) 9226 5099

The legal entity that became pSivida was incorporated as the
Sumich Group Ltd in April 1987.  The Sumich Group operated a
business that was placed into administration or receivership in
1998.  pSivida was subsequently formed on December 1, 2000, upon
entering into a court-approved arrangement with Sumich Group's
creditors which fully extinguished all prior liabilities as of
that time.  Subsequently, the company appointed new directors
and officers and re-listed on the Australian Securities Exchange
as pSivida.  The company was then recapitalized through a
placement to investors of 9.3 million ordinary shares at AU$0.30
per share, raising AU$2.79 million.

pSivida revealed that it has not made substantial divestitures
in the past three fiscal years through the present.

                      Going Concern Doubt

The company noted that its financial statements have been
prepared assuming that it will continue as a going concern.

After auditing the company's consolidated balance sheet as of
June 30, 2006, and 2005, Deloitte Touche Tohmatsu, Chartered
Accountants, said that as of October 31, 2006, pSivida has
determined there may be a risk of default associated with
maintaining the US$1.5 million minimum cash balance.  In the
event of a default the note holder is entitled to call the full
value of the liability.  This risk of default, together with the
company's recurring losses from operations and negative cash
flows from operations, raise substantial doubt about its ability
to continue as a going concern.

Deloitte notes that the financial statements do not include any
adjustments that might result from the outcome of this
uncertainty.


SDDC NOMINEES: Enters Wind-Up Proceedings
-----------------------------------------
After a general meeting held on Dec. 4, 2006, the members and
creditors of SDDC Nominees Pty Ltd -- formerly trading as Design
Driven -- resolved to voluntarily wind up the company's
operations and appointed Gregory Stuart Andrews as liquidator.

The Liquidator can be reached at:

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


SIRMAKALOT PTY: Members Resolve to Voluntarily Liquidate Firm
-------------------------------------------------------------
On Dec. 7, 2006, the members of Sirmakalot Pty Ltd held a
general meeting and resolved to voluntarily liquidate the
company's business.

Samuel Richwol was consequently appointed as liquidator.

The Liquidator can be reached at:

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


SMITH'S LIMESTONE: Undergoes Voluntary Wind-Up
----------------------------------------------
At an extraordinary general meeting held on Nov. 21, 2006, the
members of Smith's Limestone Hill Vineyard Pty Ltd resolved to
voluntarily wind up the company's operations.

Dean R. McVeigh was subsequently appointed as liquidator at the
creditors' meeting held that same day.

The Liquidator can be reached at:

         Dean R. Mcveigh
         Foremans Business Advisors (Southern) Pty Ltd
         Suite 8, 56-60 Bay Road
         Sandringham, Victoria 3191
         Australia


USED & ABUSED: Members and Creditors to Receive Wind-Up Report
--------------------------------------------------------------
The members and creditors of Used & Abused Pty Ltd will meet on
Jan. 22, 2007, at 10:00 a.m., to receive a report of the
company's wind-up proceedings from Liquidator M. J. M. Smith.

According to the Troubled Company Reporter - Asia Pacific, the
company's members resolved to shut down its operations on
Oct. 24, 2005.

The Liquidator can be reached at:

         Michael J. M. Smith
         Smith Hancock
         Chartered Accountants
         Level 4, 88 Phillip Street
         Parramatta, New South Wales 2150
         Australia


W & A LARGE: Commences Wind-Up Proceedings
------------------------------------------
The members of W & A Large Roofing Pty Ltd met on Dec. 4, 2006,
and resolved to voluntarily wind up the company's operations.

At the creditors' meeting held subsequently that same day,
Robert Molesworth Hobill Cole was appointed as liquidator.

The Liquidator can be reached at:

         Robert M. H. Cole
         Cole Downey & Co
         Chartered Accountants
         Unit 2, 6 Moorabool Street
         Geelong Victoria 3220
         Australia


W & T CONSULTANTS: Members Decide to Wind Up Operations
-------------------------------------------------------
The members of W & T Consultants Pty Ltd met on Dec. 5, 2006,
and resolved to voluntarily wind up the company's operations.

In this regard, Samuel Richwol was appointed as liquidator.

The Liquidator can be reached at:

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


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

AGRICULTURAL BANK: Government May Inject Funds in First Half '07
---------------------------------------------------------------
The Agricultural Bank of China may receive a capital injection
from the central government, Forbes reports citing Liu Mingkang,
the chairman of the China Banking Regulatory Commission.

Mr. Liu told reporters at a finance forum that the bank will
receive the injection hopefully within the first half of 2007.  

He added that the bank's restructuring is expected to achieve a
breakthrough by this year.

                          *     *     *

The Agricultural Bank of China -- http://www.abocn.com/-- is  
the mainland's fourth largest bank.  It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.

Despite posting operating profits of over CNY42.4 billion in
2005, the Bank is still carrying billions of dollars in unpaid
loans to state companies, which it says accounted for 26% of its
lending at the end of last year.

The Troubled Company Reporter - Asia Pacific reported on June
27, 2006, that the National Audit Office found accounting
irregularities involving CNY51.6 billion, CNY14.27 billion of
which come from deposit business, CNY27.62 billion from loan
grants, and CNY9.72 billion from fraudulent bill issuance.

Fitch Ratings gave the Bank an 'E' Individual rating.


BANKERS TRUST: Shareholders Agree to Close Business
---------------------------------------------------
The shareholders of Bankers Trust Securities (Pacific) Ltd
passed a special resolution to voluntarily wind up the company's
operations on Dec. 21, 2006.

In this regard, Lai Kar Yan (Derek) and Darach E. Haughey were
appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

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


BENQ CORP: Court Opens Insolvency Proceedings for Mobile Unit
-------------------------------------------------------------
A Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after court-appointed insolvency
administrator Martin Prager failed to meet the deadline in
finding a buyer for the company on Dec. 31, 2006.

BenQ Mobile is BenQ Corp's wholly owned subsidiary operating
from Munich, Germany.

"The insolvency proceedings were officially opened Jan. 1," a
spokesman for Mr. Prager told CIO Magazine.  "Production will
now wind down."

Mr. Prager will order the shutdown of BenQ Mobile's office in
Munich and its production plant in western Germany, Regine
Petzsch, a spokeswoman for the insolvency administrator, told
the International Herald Tribune.

CIO Magazine relates that potential buyers were obliged to take
over the entire company and its work force prior to the Dec. 31,
2006 deadline.  However, as of Jan. 1, potential investors can
bid to acquire all or a part of the company, without the law
binding them to take over any former employees, CIO Magazine
says.

As reported in the TCR-Europe on Sept. 29, the board of
directors of BenQ Corp. decided to discontinue capital injection
into BenQ Mobile in order to stem unsustainable losses in the
latter's operations.  Subsequently it filed an insolvency
petition for the German mobile phone unit.

Bloomberg News reports that more than 3,000 manufacturing
workers have been affected in the company's insolvency
proceedings after it disclosed of plans to reduce two-thirds of
its work force.  The mobile unit took over a factory in Kamp
Lintfort in western Germany from Siemens, which cost Siemens
more than US$1 billion.  Under the agreement, BenQ will have the
right to use the Siemens brand for five years.  Siemens owns a
2.5% stake in BenQ Corp.

                          About Siemens

Siemens (Berlin and Munich) -- http://www.siemens.com/-- is a  
global powerhouse in electrical engineering and electronics.  
The company has around 461,000 employees working to develop and
manufacture products, design and install complex systems and
projects, and tailor a wide range of services for individual
requirements.  Siemens provides innovative technologies and
comprehensive know-how to benefit customers in 190 countries.
Founded more than 155 years ago, the company focuses on the
areas of Information and Communications, Automation and Control,
Power, Transportation, Medical, and Lighting.  In fiscal 2005  
(ended September 30), Siemens had sales from continuing
operations of EUR75.4 billion and net income of EUR3.058
billion.

                           About BenQ

Headquartered in Taiwan, Republic of China, BenQ Corporation,
Inc. -- http://www.benq.com/-- is principally engaged in  
manufacturing, developing and selling of computer peripherals
and telecommunication products.  It is also a major provider of
3G handset, 3G handset, Camera phones, and other products.

BenQ Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany.  BenQ Mobile filed for insolvency
in Germany on Sept. 29.  The collapse follows a year after
Siemens sold the company to Taiwanese technology group BenQ.
BenQ Mobile has lost market share against giant competitors.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 5, 2006, Taiwan Ratings Corp., assigned its long-term twBB+
and short-term twB corporate credit ratings to BenQ Corp.  The
outlook on the long-term rating is negative.  At the same time,
Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's:

   * continuing operating losses from its handset operations;
   
   * high leverage; and

   * the competitive nature and low profitability of the LCD
     monitor industry.


BENQ CORP: Court Orders Austrian Unit to Close Eight Branches
-------------------------------------------------------------
The Trade Court of Vienna entered Nov. 9, 2006, an order closing
the enterprise branches of LLC BenQ Mobile CEE (FN 267077k) in
Bulgaria, Czechia, Croatia, Romania, Switzerland, Serbia,
Slovenia and Hungary.  

The Court based its decision pursuant to Article 8 and Article
115 of the Austrian Bankruptcy Code.  

                        About BenQ Corp.

Headquartered in Taiwan, Republic of China, BenQ Corporation,
Inc. -- http://www.benq.com/-- is principally engaged in  
manufacturing, developing and selling of computer peripherals
and telecommunication products.  It is also a major provider of
3G handset, 3G handset, Camera phones, and other products.

Headquartered in Vienna, Austria, LLC BenQ Mobile CEE is a
subsidiary of Taiwan-based BenQ Corp.

BenQ Mobile GmbH & Co., BenQ Corp.'s wholly owned subsidiary in
Munich, Germany, filed for insolvency on Sept. 29, 2006.  The
collapse follows a year after BenQ acquired the German mobile
unit from Siemens.  BenQ Mobile has lost market share against
giant competitors.

The Austrian Debtor consented to an out-of-court settlement on
Oct. 24, 2006 (Case No. 45 Sa 7/06t) almost a month after the
German unit's insolvency filing.  Johannes Jaksch serves as the
settlement manager for the estate.  Stephan Riel represents Dr.
Jaksch in the proceedings.

The settlement manager and his representative can be reached at:

         Dr. Johannes Jaksch
         c/o Dr. Stephan Riel
         Landstrasser Hauptstrasse 1/2
         1030 Vienna, Austria
         Tel: 713 44 33
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at

On Aug. 24, 2006, BenQ disclosed of plans to spin-off its
manufacturing operations in early 2007, separating contract
manufacturing and own-brand divisions.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 5, 2006, Taiwan Ratings Corp., assigned its long-term twBB+
and short-term twB corporate credit ratings to BenQ Corp.  The
outlook on the long-term rating is negative.  At the same time,
Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's:

   * continuing operating losses from its handset operations;
   
   * high leverage; and

   * the competitive nature and low profitability of the LCD
     monitor industry.


BIG STAR: Creditors Must Prove Debts by February 5
--------------------------------------------------
Creditors of Big Star International (Asia) Ltd, which is in
members' voluntary liquidation, are required to submit their
proofs of claim to Liquidators James T. Fulton and Cordelia Tang
by Feb. 5, 2007.

Failure to prove debts by the due date will exclude a creditor
from sharing in any distribution the company will make.

The Joint and Several Liquidators can be reached at:

         James T. Fulton
         Cordelia Tang
         905 Silvercord, Tower 2
         30 Canton Road, Tsimshatsui
         Kowloon, Hong Kong


BT ASIA: Shareholders Opt for Voluntary Wind-Up
-----------------------------------------------
On Dec. 21, 2006, the shareholders of BT Asia Ltd passed a
special resolution to voluntarily wind up the company's
operations and appointed Lai Kar Yan (Derek) and Darach E.
Haughey as joint and several liquidators.

Accordingly, the Liquidators were authorized to divide the
company's assets.

The Joint and Several Liquidators can be reached at:

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


BT BROKERAGE: Commences Wind-Up of Operations
---------------------------------------------
Shareholders of BT Brokerage Nominees Ltd met on Dec. 21, 2006,
and passed a special resolution to voluntarily wind up the
company's operations.

Subsequently, Lai Kar Yan (Derek) and Darach E. Haughey were
appointed as joint and several liquidators and were authorized
to divide the company's assets.

The Joint and Several Liquidators can be reached at:

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


CHIEFUND INVESTMENT: Annual Meetings Slated for January 11
----------------------------------------------------------
The annual meetings of the members and creditors of Chiefund
Investment Company Ltd will be held at 8/F, Prince's Building,
10 Chater Road, Central, Hong Kong on Jan. 11, 2007, at
12:15 p.m. and 12:30 p.m., respectively.

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

According to the Troubled Company Reporter - Asia Pacific, the
members and creditors of the company met and received the
liquidators' wind-up report on Jan. 11, 2006.

The Joint and Several Liquidators can be reached at:

         Gabriel CK Tam
         Jacky CW Muk
         KPMG
         8/F, Prince's Building
         10 Chater Road, Central
         Hong Kong


CITIC GROUP: Takes Stake in Kazakhstan Oil Firm for US1.91 Bln.
--------------------------------------------------------------
CITIC Group has bought the Kazakhstan oil assets of Canada's
Nations Energy Company Ltd for US$1.91 billion, Shanghai Daily
says citing a report from the Xinhua news agency.

The report give no further details of the deal, the paper notes.   

Shanghai Daily recounts that CITIC revealed its plan to buy
Nations Energy's oil assets for US$1.91 billion sometime in
October.   Meanwhile, the paper reported in November that the
oil minister in the former Soviet republic said that Kazakhstan
intended to block CITIC's purchase of Nations Energy's assets.

China recently bought energy assets overseas to help fuel its
booming economy and improve its energy security.  Kazakhstan
possesses the largest oil deposits in the Caspian Sea region and
produces about 1.3 million barrels a day, Shanghai Daily
relates.

"We must take extreme measures to stop the agreement on the
Karazhanbas," Baktykozha Izmukhambetov said in televised
remarks, referring to an oil field that is the biggest asset of
Canada-based Nations Energy Co in the Central Asian nation.

The field in western Kazakhstan has proven reserves of over 340
million barrels of oil, and current production exceeds 50,000
barrels per day.

                          *     *     *

State-owned conglomerate CITIC Group -- formerly China
International Trust & Investment Corporation -- oversees the
government's international investments, as well as some domestic
ones.  Its approximately 45 subsidiaries on four different
continents include financial institutions -- more than 80% of
its assets --, industrial concerns (satellite
telecommunications, energy, manufacturing), and service
companies (construction, advertising).  Holdings include stakes
in CITIC Securities and CITIC International Financial Holdings.

On November 16, 2006, the Troubled Company Reporter - Asia
Pacific reported that Standard & Poor's Ratings Services placed
its BB+ long-term and B short-term foreign currency counterparty
credit ratings on CITIC Group on CreditWatch with developing
implications following an announcement that the company plans to
acquire a 94.6% interest in JSC Karazhanbasmunai, a Kazakhstan-
based oil company, for US$1.91 billion.


EVER FOCUS: Schedules Final Meetings on January 24
--------------------------------------------------
Ever Focus Development Ltd will hold final meetings for its
members and creditors on Jan. 24, 2007, at 9:30 a.m. and 10:00
a.m., respectively.

During the meetings, Liquidator Au Yeung Po Ying will present an
account of the company's wind-up proceedings and property
disposal exercises.

As reported by the Troubled Company Reporter - Asia Pacific, the
High Court of Hong Kong ordered the wind up of the company's
operations on April 10, 2006.

The Liquidator can be reached at:

         Au Yeung Po Ying
         Unit 1602-3, 16/F
         Yue Xiu Building
         160-174 Lockhart Road, Wanchai
         Hong Kong


GREEN STAR: Appoints Mak Man Cheung as Liquidator
-------------------------------------------------
At an extraordinary general meeting held on Dec. 12, 2006, the
members of Green Star Group Holdings Ltd passed a special
resolution to appoint Mak Man Cheung as liquidator.

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

The Liquidator can be reached at:

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


GUANG XIN: Members and Creditors to Hear Wind-Up Report
-------------------------------------------------------
Guang Xin Enterprises Ltd will hold annual meetings for its
members and creditors at 8/F, Prince's Building, 10 Chater Road,
Central, Hong Kong on Jan. 11, 2007, at 9:15 a.m. and 11:00
a.m., respectively.

During the meetings, Liquidators Gabriel CK Tam and Jacky CW Muk
will present a report on the company's wind-up proceedings.

The Joint and Several Liquidators can be reached at:

         Gabriel CK Tam
         Jacky CW Muk
         KPMG
         8/F, Prince's Building
         10 Chater Road, Central
         Hong Kong


HANAL LTD: Members to Receive Wind-Up Report on January 22
----------------------------------------------------------
The members of Hanal Ltd will meet on Jan. 22, 2007, at
5:00 p.m., to receive a report regarding the company's wind-up
proceedings from Liquidator Lam Ying Sui.

The Troubled Company Reporter - Asia Pacific previously reported
that the company's members resolved to wind up its operations on
April 12, 2006.

The Liquidator can be reached at:

         Lam Ying Sui
         Room 1005, Allied Kajima Building
         138 Gloucester Road, Wanchai
         Hong Kong


HUNG FAI: Liquidator to Present Wind-Up Report on March 26
----------------------------------------------------------
The final meetings of the members and creditors of Hung Fai
Handbag Plastic Products Co. Ltd will be held on March 26, 2007,
at 9:30 a.m. and 10:00 a.m., respectively.

At the meetings, Liquidator Au Yeung Po Ying will present an
account of the company's wind-up proceedings and property
disposal activities.

According to the Troubled Company Reporter - Asia Pacific, Au
Yeung was appointed as the company's liquidator on April 10,
2006.

The Liquidator can be reached at:

         Au Yeung Po Ying
         Unit 1602-3, 16/F
         Yue Xiu Building
         160-174 Lockhart Road, Wanchai
         Hong Kong


LIVENGOOD INVESTMENT: Shareholders Resolve to Wind Up Firm
----------------------------------------------------------
On Dec. 21, 2006, shareholders of Livengood Investment Ltd met
and passed a special resolution to voluntarily wind up the
company's operations.

Accordingly, Sum Wai Ching Helena was appointed as liquidator
and was authorized to divide the company's assets.

The Liquidator can be reached at:

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


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

GENERAL MOTORS: U.S. Dec. Sales Down 9.6%; 2006 Sales Down 9%
-------------------------------------------------------------
General Motors Corp. dealers in the United States delivered
341,327 vehicles in December, an increase of 10% (43,771)
compared with November, but a reduction of 9.6% on a sales-day
adjusted basis compared with a strong year-ago December.  GM's
total annual U.S. sales of 4.1 million vehicles in 2006 were
down 9% compared with last year's 4.5 million, due to planned
reductions in daily rental and other marginally profitable
sales.

"December was a very solid sales month for GM, exceeding our
expectations, especially in full-size trucks and SUVs," said
Mark LaNeve, vice president, GM North American Sales, Service
and Marketing.

"In 2006, despite challenging conditions, we stuck to the game
plan and achieved our stated goals in support of Rick Wagoner's
turnaround plan for North America.

"Specifically, we exceeded 3 million retail sales and stabilized
market share, improved residual values and transaction prices,
lowered daily rental sales, and we accomplished all of this
while being the only major manufacturer to substantially lower
incentive spending (down US$700).

"For 2007, we'll continue our plans to stabilize retail volume,
improve our mix, reduce sales to the daily rental market,
exercise strategic and tactical incentive programs and
strengthen average transaction prices.

"We will continue to provide customers with the best coverage in
the industry, including our 5 year/100,000 mile limited
powertrain warranty with roadside assistance and courtesy
transportation.

"As we move to the next phase of the turnaround plan, we plan to
win by offering our customers the best products with industry-
leading value and dealer service," Mr. LaNeve added.

"So we are optimistic as we introduce exceptional new vehicles -
- such as the GMC Acadia and Sierra, Saturn Aura and Outlook,
Buick Enclave, Chevrolet Silverado and the all-new Cadillac
CTS."

December sales were up 10% compared with November, driven by a
surge in full-size trucks that offer outstanding fuel economy
and value.  Highlights include:

   * Best sales month of the year for Cadillac (22,715 vehicles)
     with a 65% increase in truck sales compared with December
     2005

   * Saturn total December sales up 42%

   * Saab total and retail sales were up 33%

   * Saturn and Saab saw car sales increases, and total GM car
     sales in December were up 2% on a sales-day adjusted basis

For calendar year 2006, GM noted several significant
achievements that point to strong consumer acceptance of its new
products:

   * Including the GMC Sierra, GMC Canyon and Chevrolet
     Colorado, GM sold more than a million pickup trucks in
     2006.  GM moved the much-anticipated launch of the all-new
     full size 2007 Chevrolet Silverado and GMC Sierra pickup
     trucks ahead 13 weeks.

   * Sales of the Chevrolet Equinox and HHR, Pontiac Torrent and
     Saturn VUE drove GM's small utility and crossover sales up
     27% in 2006, with 346,952 total deliveries.

   * HUMMER had a record sales year with 71,524 deliveries, up
     26%.  H3 sales were up 63%, to 54,052 deliveries, compared
     with 2005.

   * Saturn sales for 2006 totaled a record 226,375 vehicles, a
     6% increase on a sales-day adjusted basis compared with
     2005.  The Aura, Sky and VUE led this improvement.  The new
     Saturn Outlook crossover is being launched now.

   * Pontiac G6 had a 26% sales increase in 2006, compared with
     2005.  Chevrolet Impala sales were up 18%, with 289,868
     vehicles sold.  Chevrolet HHR sold 101,298 vehicles and
     Buick Lucerne sold 96,515 vehicles in 2006, each building
     on their launch momentum.

As GM executes the North America turnaround plan, much media
attention has focused on the sales races between GM and its
competitors.

"We are obviously competing in a fiercely contested global
marketplace," Mr. LaNeve said.

"We're optimistic that our newest generation of products will
continue to drive revenue growth and brand image."

                     Certified Used Vehicles

December 2006 sales for all certified GM brands, including GM
Certified Used Vehicles, Cadillac Certified Pre-Owned Vehicles,
Saturn Certified Pre-Owned Vehicles, Saab Certified Pre-Owned
Vehicles, and HUMMER Certified Pre-Owned Vehicles, were 41,800
units, down nearly 6% from last December.

GM Certified Used Vehicles, the industry's top selling certified
brand, posted December sales of 35,774 units, down 8%.  Cadillac
Certified Pre-Owned Vehicles posted strong December sales of
3,948 units, up 18%.  Saturn Certified Pre-Owned Vehicles sold
1,341 units in December, down nearly 18%.  Saab Certified Pre-
Owned Vehicles sold 607 units, up 9%, and HUMMER Certified Pre-
Owned Vehicles sold 130 units.

Total 2006 sales for all certified GM brands were 520,189 units,
down 2% from last year's total.  Annual sales for GM Certified
Used Vehicles, the industry's top-selling manufacturer-certified
brand, were 449,461 units, down 1% from its category record
sales results in 2005, while Chevrolet again finished the year
as the industry's top-selling single-make certified used vehicle
brand.

Cadillac Certified Pre-Owned finished 2006 with sales of 42,143
units, up 9% over the previous year.  Saab Certified Pre-Owned
Vehicles sold 8,330 units in 2006, down nearly 4%, while Saturn
Certified Pre-Owned Vehicles sold 19,244 units, down 35%.  
HUMMER Certified Pre-Owned Vehicles sold 1,011 units in its
first year of operation.

"Cadillac Certified Pre-Owned Vehicles posted another strong
month, with December sales of 3,948 units, up 18% from last
December, and total annual 2006 sales up 9% from 2005," Mr.
LaNeve said.

"GM Certified Used Vehicles finished 2006 as the industry's top-
selling certified brand for the fifth consecutive year, while
Chevrolet ranked as the top-selling single-line make certified
used vehicle brand.  Certified GM brands, including GM Certified
Used Vehicles, Cadillac, Saturn, Saab and HUMMER Pre-Owned
Vehicles, again led all manufacturers with total 2006 sales of
520,189 units."

               GM North America Reports December and
                  2006 Fourth-Quarter Production

In December, GM North America produced 319,000 vehicles (125,000
cars and 194,000 trucks).  This is down 42,000 vehicles or 12%
compared to December 2005 when the region produced 361,000
vehicles (139,000 cars and 222,000 trucks).  (Production totals
include joint venture production of 16,000 vehicles in December
2006 and 24,000 vehicles in December 2005.)

Also, GM North America built 1.107 million vehicles (447,000
cars and 660,000 trucks) in the fourth quarter of 2006.  This is
down 174,000 vehicles or 14% compared to the fourth quarter of
2005 when the region produced 1.281 million vehicles (483,000
cars and 798,000 trucks).

Additionally, the region's 2007 first-quarter production
forecast is revised at 1.120 million vehicles (455,000 cars and
665,000 trucks), down 20,000 vehicles from last month's
guidance.  The majority of the production decrease is attributed
to GM's ongoing efforts to reduce low-margin daily rental fleet
sales.  The remainder of the cuts is attributed to shifting
production to the company's new full-size pickups and the
ongoing management of inventories.

                  2006 Revised Fourth Quarter and
              2007 First Quarter Production forecasts

GM Europe

The region's 2006 fourth-quarter production forecast is revised
at 443,000 vehicles.  This is down 2,000 vehicles compared with
last month's guidance.  In the fourth quarter of 2005 the region
built 443,000 vehicles.  The region's 2007 first-quarter
production forecast remains unchanged at 508,000 vehicles.  In
the first quarter of 2006 the region built 494,000 vehicles.

GM Asia Pacific

GM Asia Pacific's 2006 fourth-quarter production forecast is
revised at 507,000 vehicles, up 3,000 vehicles from last month's
guidance.  In the fourth quarter of 2005 the region built
420,000 vehicles.  The region's 2007 first-quarter production
forecast is revised at 531,000 vehicles, down 8,000 vehicles
from last month's guidance.  In the first quarter of 2006 the
region built 472,000 vehicles.

GM Latin America, Africa, and the Middle East

The region's 2006 fourth-quarter production estimate is revised
at 216,000 vehicles, up 1,000 vehicles from last month's
guidance.  In the fourth quarter of 2005 the region built
188,000 vehicles. The region's 2007 first-quarter production
forecast remains unchanged at 214,000 vehicles.  In the first
quarter of 2006, the region built 194,000 vehicles.

                      About General Motors

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

                          *     *     *

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

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


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

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

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

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

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

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

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

                      About General Motors

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

                          *     *     *

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

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


GENERAL MOTORS: Europe Unit Eyes Astra Export to North America
-----------------------------------------------------------
General Motors Corp.'s European division will export its Opel
Astra model to North America to be sold under the company's
Saturn brand, Christoph Rauwald writes for The Wall Street
Journal.

"The Astra is a great fit for Saturn, with its European style
and driving dynamics," Saturn general manager Jill Lajdziak
said.  "It also signals our efforts to get new vehicles to
market quickly and reinvent the entire Saturn product lineup
with unprecedented speed."

According to GM Europe President Carl-Peter Forster, the company
aims to export at least 20,000 Astra models annually to North
America starting in the third quarter of 2007.

"The Astra enables Saturn to occupy a unique position in the
marketplace and to strategically broaden its appeal with
consumers who usually have import brands on their shopping
lists," said Lajdziak.  "Saturn's partnership with Opel is a
natural way to expand our lineup with relevant products that
will attract new buyers into our showrooms."

GM will produce both the three- and five-door version of the
Astra hatchback for sale in North America in its plant in
Antwerp, Belgium.

WSJ discloses that the company is also eyeing to export its
next-generation mid-size Opel Vectra for the North American
market.  GM expects to launch its Vectra model in 2009.

The Astra is part of the larger collaboration between Saturn and
Opel.  By sharing resources from throughout GM's global network
of design and engineering centers, the two brands can develop
strong, broad product lineups that will attract buyers to the
brands both in North America and Europe.  Early examples of this
collaboration include the Saturn Sky and upcoming Opel GT, as
well as the Opel Antara and 2008 Saturn Vue.

                         About Saturn

Saturn, a division of General Motors Corp., markets vehicles in
the U.S. and Canada through a network of about 500 retailers,
with a focus on providing innovative products with solid value
and excellent customer service.  In 2006, the brand has
undertaken a major revitalization of its portfolio with four new
vehicles: the Sky roadster, the Aura midsize sedan, the Vue
Green Line hybrid and the larger Outlook crossover.  Next year,
Saturn continues its aggressive growth plans with an all-new Vue
compact crossover (Spring 2007) and the new European Astra small
car (Fall 2007).

                      About General Motors

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

                          *     *     *

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

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


TATA MOTORS: December Sales Up 37% from Last Year
-------------------------------------------------
Tata Motors Ltd. reported a total sale of 48,792 vehicles
(including exports) for the month of December 2006, a growth of
37% over 35,598 vehicles sold in December 2005.  Cumulative
sales for the Company at 4,07,452 nos. are growing by 33%.

                       Commercial Vehicles

The Company's sales of commercial vehicles in December '06 in
the domestic market were 28,179 nos., an increase of 50% over
18,730 vehicles sold in December last year.  M&HCV sales stood
at 17,274 nos, a growth of 55% over December 2005, while LCV
sales were 10,905 nos., a growth 43% over December '05.

Cumulative sales of commercial vehicles in the domestic market
for the fiscal were 2,11,698 nos., an increase of 48% over the
corresponding period last year.  Cumulative M&HCV sales stood at
1,22,305 nos., an increase of 43% over last year, while LCV
sales for the period were 89,393 nos., an increase of 55% over
the corresponding period last year.

                       Passenger Vehicles

The passenger vehicle business reported a total sale of 16,515
vehicles in the domestic market in December '06, an increase of
27% over December '05.  The Indica sold 10,588 nos., a growth of
52% over December '05.  The Indigo family registered sales of
2,077 nos., a decline of 24.6% over December '05.  The Sumo and
Safari accounted for sales of 3,850 nos., a growth of 16% over
the same period last year.

Cumulative sales of passenger vehicles in the domestic market
for the fiscal were 1,57,010 nos., an increase of 23% over the
previous year.  Cumulative sales of Indica at 1,02,361 nos.
registered a growth of 36% over the previous year while
cumulative sales of the Indigo family at 23,299 nos. registered
a decline of 14% over last year.  Cumulative sales of Sumo and
Safari were 31,350 nos., a growth of 26% over last year.

                              Exports

The Company's sales from exports were 4098 vehicles in December
'06 as compared to 3831 vehicles in December '05, an increase of
7%.  The cumulative sales from exports in the current period at
38,744 nos. have recorded a 10% growth over the corresponding
figures for the previous period.

                         About Tata Motors

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

                          *     *     *

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

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


TATA POWER: Board to Consider 3rd Quarter Results on Jan. 29
------------------------------------------------------------
Tata Power Company Ltd's board of directors will hold a meeting
on Jan. 29, 2006, the company informed the Bombay Stock Exchange
in a regulatory filing.

During the meeting, the board will, among others, consider and
take on record the audited financial results for the quarter
ended Dec. 31, 2006.

As previously reported in the Troubled Company Reporter - Asia
Pacific, Tata Power released its audited results for the quarter
ended Sept. 30, 2006, in late November.  The company posted a
net profit after tax of INR2.023 billion for Sept. 2006 quarter,
up 61% from the INR1.257 billion in the corresponding period
last year.

Tata Power Company Ltd. is a licensee engaged in generation and
supply power to bulk consumers in the Mumbai metropolitan area.
The company operates four thermal plants with a combined
capacity of 1,350 MW, and three hydroelectric plants aggregating
447 MW; all of these supply power to the Mumbai licence area.
The company also has a plant that supplies power to Tata Steel.
In addition, Tata Power has an 81 MW independent power project
at Belgaum that sells power to Karnataka Power Transmission
Corporation Limited.

                          *     *     *

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


UCO BANK: Launches Retail Sales Scheme in Vijayawada Branches
-------------------------------------------------------------
The UCO Bank Ltd launched its Retail Sales Force program at its
three branches in Vijayawada on Dec. 20, 2006, to solicit and
service its various business products at the doorsteps of small
customers in the retail segment, the Business Standard reports.

The scheme is expected to generate INR60 lakh per month from
small businessmen, vendors and entrepreneurs, the report says.  
S K Das, bank general manager (retail), reportedly disbursed
loans amounting to INR2.3 crore to 37 beneficiaries under the
scheme.

Vijayawada is the 36th city in India and the first in Andhra
Pradesh where the bank has launched the program, Mr. Das
relates.  By year-end, UCO Bank plans to implement the program
in 55 cities.

Launched a few months ago, Mr. Das told BS that the program has
done a business of INR600 crore.  The bank is targeting a 35%
annual growth in the program and has achieved 21% since, Mr. Das
continued.

The overall disbursement under the program accumulated to
INR800 crore, the newspaper adds.

UCO Bank Limited -- http://www.ucobank.in/-- is a commercial  
bank that also operates two international financial centers, in
Hong Kong and Singapore.  It has approximately 2000 service
units spread all over India.  It undertakes foreign exchange
business in more than 50 centers in India.  The company also has
foreign exchange dealing operations at four centers.  It caters
to the segments of economy, such as agriculture, industry, trade
& commerce, service sector and infrastructure sector.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 20, 2006, that Fitch Ratings upgraded UCO Bank's Individual
rating to 'D' from 'D/E'. At the same time, Fitch affirms the
bank's support ratings at 4. All ratings are with a stable
outlook.


UNION BANK: Board Declares 15% Interim Dividend for FY 2006-07
--------------------------------------------------------------
Union Bank of India informs the Bombay Stock Exchange that the
company's board of directors declared an interim dividend of
15%, i.e. INR1.50 per share, for the financial year 2006-07.

As reported in the Troubled Company Reporter - Asia Pacific, the
board held a meeting on Dec. 28, 2006, to consider declaring
dividend.

In this regard, the bank fixed Jan. 13, 2007, as the Record Date
for purpose of payment of the interim dividend.  The dividend
payment will be on Jan. 24, 2007.

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

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

                          *     *     *

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

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


UTI BANK: To Raise INR100 Crore Via Upper Tier II Bond Issue
------------------------------------------------------------
UTI Bank Ltd plans to raise INR100 crore with an option to
retain oversubscription by issue of Upper Tier II Unsecured
Redeemable Subordinated Debentures, the company informed the
Bombay Stock Exchange in a regulatory filing dated Jan. 2, 2007.

The bond will have a face value of INR10,000,00 to be issued at
par with a coupon rate of 9.5% payable annually.

The bond would be listed on Bombay Stock Exchange Ltd and
National Stock Exchange of India Ltd.

Subscription for the bond closes on Jan. 20, 2006.  The deemed
date of allotment is on Jan. 24, 2007.

Pursuant to filing, the terms of the proposed bond issue are:

   * Redemption: 15 years from Deemed Date of Allotment; Upper
     Tier II instruments will not be redeemable at the
     initiative of the holder; All redemptions will be made only
     with the prior approval of the Reserve Bank of India.

   * Put/Call Option: The Bank will have an option for
     redemption "i.e. Call Option" to redeem the Bonds at par at
     the end of 10th Year from the Deemed Date of Allotment
     (exercisable only with RBI approval).

   * Step up of coupon: 100 bps over and above coupon rate of
     9.50% i.e., 10.50% p.a. annually if the call option is not
     exercised by the Bank.

   * Day Count basis: Interest payable on the Debentures will be
     calculated on the basis of actual number of days elapsed in
     a year of 365 or 366 Days as the case may be.

   * Interest on Application Money: Interest on application
     money will be same as the Coupon rate (subject to deduction
     of Tax at Source at the rate prevailing from time to time
     under the provisions of the Income Tax Act, 1961 or any
     other statutory modifications or re-enactment thereof) will
     be paid on application money to the applicants from the
     date of realization but excluding the Deemed Date of
     Allotment.  This will be paid within seven days from Deemed
     Date of Allotment.

   * Record Date: In case of exercise at Call Option record date
     will be 10 working days prior to date of call option.

   * Minimum Application Size: 10 Debenture and in multiples of
     1 Debenture thereafter.

The Debenture Trustees for the Issue are The Western India
Trustee & Executor Co., Ltd. while the Registrar & Transfer
Agent is Karvy Computershare Pvt Ltd.

                        About UTI Bank

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

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 8, 2006, Moody's Investors Service assigned a Ba1 rating to
the foreign currency perpetual non-cumulative subordinated debt
to be issued by UTI Bank's Singapore branch under its US$1
billion Medium Term Note programme, for an expected amount of
US$42 million.

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

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

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


UTI BANK: Executive Director S. Chatterjee Retires
--------------------------------------------------
UTI Bank Ltd informed the Bombay Stock Exchange that S.
Chatterjee, the bank's executive director (whole time director),
has retired from his post.

The retirement took effect on Dec. 31, 2006.

                        About UTI Bank

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

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 8, 2006, Moody's Investors Service assigned a Ba1 rating to
the foreign currency perpetual non-cumulative subordinated debt
to be issued by UTI Bank's Singapore branch under its US$1
billion Medium Term Note programme, for an expected amount of
US$42 million.

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

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

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


UTI BANK: Board to Consider 3rd Quarter Financials on Jan. 12
-------------------------------------------------------------
UTI Bank Ltd's board of directors will meet on Jan. 12, 2007,
inter alia, to consider and take on record the bank's unaudited
quarterly financial results for the third quarter ended Dec. 31,
2006.

As reported in the Troubled Company Reporter - Asia Pacific, UTI
Bank net profit for the second quarter of fiscal year 2006-07
was INR141.98 crore, as compared to the net profit of INR109.01
crore during the second quarter last fiscal year, a growth of
30.24% yoy.

                        About UTI Bank

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

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 8, 2006, Moody's Investors Service assigned a Ba1 rating to
the foreign currency perpetual non-cumulative subordinated debt
to be issued by UTI Bank's Singapore branch under its US$1
billion Medium Term Note programme, for an expected amount of
US$42 million.

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

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

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


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

ALCATEL-LUCENT: Closes Senior Debentures Consents Solicitation
--------------------------------------------------------------
Alcatel-Lucent reported the completion of its solicitation of
consents from holders of Lucent's 2.75% Series A Convertible
Senior Debentures due 2023 and 2.75% Series B Convertible Senior
Debentures due 2025.

As of the expiration of the consent solicitation at 1:00 p.m.
Eastern Standard Time on Dec. 29, 2006, Alcatel-Lucent received
the requisite consents from the holders of a majority in
aggregate principal amount of each series of debentures to amend
the Indenture for the Debentures.

Among other matters, the amendments allow Alcatel-Lucent to
provide the holders of the debentures information, documents and
other reports that are required to be filed by Alcatel-Lucent
pursuant to sections 13 and 15(d) of the US Securities Exchange
Act of 1934, in lieu of providing such information for Lucent.

Bear, Stearns & Co. Inc. acted as the Solicitation Agent, and
D.F. King & Co., acted as the Information Agent for the consent
solicitation.

                      About Alcatel-Lucent

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

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

                          *     *     *

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

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

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

The Rating Outlook for Alcatel-Lucent is Stable.

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

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

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

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

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

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

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


ALCATEL-LUCENT: Completes Purchase of Nortel UMTS Business
----------------------------------------------------------
Alcatel-Lucent and Nortel Networks Corporation reported that
Alcatel-Lucent has closed its acquisition of Nortel Networks'
Universal Mobile Telecommunications System mobile infrastructure
business, CIO Daily News reports.

The report recounts that Alcatel-Lucent planned to buy the
third-generation networks business in September.

The Troubled Company Reporter - Asia Pacific reported on
December 6, 2006, that Nortel Networks Corporation has reached a
definitive agreement for the sale of certain assets and the
transfer of certain liabilities related to its UMTS access
business to Alcatel-Lucent.  The move followed the signing of
the non-binding Memorandum of Understanding between the two
companies announced Sept. 1, 2006.  

The TCR-AP report noted that the deal is a US$320 million cash
transaction, less significant deductions and transaction related
costs.  The parties have agreed to target a closing at year-end.  
Approximately 1,700 of Nortel's UMTS access business employees
will transfer to Alcatel-Lucent.

"The completion of this transaction will allow Nortel to
increase resources dedicated to [its] strategic business
priorities.  It also positions Alcatel-Lucent to be successful
in the UMTS access market with an infusion of great technology
and great people," said Mike Zafirovski, Nortel's president and
chief executive officer.

CIO Daily News relates that Alcatel-Lucent has cleared the final
regulatory approvals and closed the purchase on Dec. 31.

CIO says that Nortel Networks had failed to establish a leading
position in the 3G market and will now focus instead on what it
calls 4G mobile technologies, including WiMax, evolution-data
optimized Revision C, and the long-term evolution generations of
UMTS.

                       About Nortel

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

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 5, 2006,
Moody's Investors Service upgraded its B3 Corporate Family
Rating for Nortel Networks Corp. to B2.

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

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

                      About Alcatel-Lucent

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

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

                          *     *     *

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

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

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

The Rating Outlook for Alcatel-Lucent is Stable.

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

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

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

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

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

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

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


COMVERSE TECHNOLOGY: S&P Retains Negative Watch on BB- Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it is leaving its
'BB-' corporate credit and senior unsecured debt ratings on New
York, N.Y.-based Comverse Technology Inc. on CreditWatch with
negative implications, where they were placed on March 15, 2006.

"The company recently announced that it has received a notice of
default and demand letter from the trustee of its convertible
notes citing the company's failure to file with the trustee its
form 10-K annual financial statement for the year ended
Jan. 31, 2006, or any subsequent form 10-Q quarterly financial
statements," Standard & Poor's credit analyst Ben Bubeck, said.

Comverse does not believe that a default has occurred under the
indenture, as the company has not yet filed these reports with
the SEC.  It should be noted that the company reported cash
balances of nearly $1.9 billion as of Oct. 31, 2006, compared
with approximately $418 million of outstanding convertible
notes.   Therefore, the company is expected to be able to meet a
potentially accelerated maturity with current balance sheet
liquidity, if necessary.

The ratings were originally placed on CreditWatch following the
company's announcement that its board of directors had created a
special committee to review matters relating to the company's
stock option grants, which has resulted in the ongoing delay of
the filing of financial statements, potential restatement of
prior periods, and departure of senior management.

S&P will continue to monitor developments with Comverse,
including financial restatements, changes to the strategy and
corporate governance practice that may stem from the management
departures, potential litigation, and debt maturity acceleration
to determine what, if any, affect they have on debt ratings.

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

Comverse has offices all over the world, including Indonesia,
Malaysia and the Philippines.


PERUSAHAAN LISTRIK: Power Plant Projects Attract Bids from China
----------------------------------------------------------------
Two groups led by China National Machinery Industry Corp and
Chengda Engineering Corp are bidding for three Indonesian coal-
fired power projects, which are being tendered by PT Perusahaan
Listrik Negara as part of a crash program to build new
generating capacity of some 10,000 megawatts, Antara News
reports.

The report relates that the head of the team organizing the
tender, Tondojoyo Suyono, said that the consortium led by China
National Machinery, whose members include China National
Electric Equipment Corp and PT Penta Adi Samudra, is bidding for
the Tanjung Awar-Awar power plant and another plant located in
East Java and West Java, respectively.

Meanwhile, the consortium of Chengda Engineering and Truba
Jurong Engineering is bidding for the Labuan power plant in
Banten, the report notes.

Antara points out that the Tanjung Awar-Awar and Labuan plants
are envisioned to have two generators of 300-400 MW capacity
each, while the Indramayu plant will operate three generators
with capacity of 300-400 MW each.

The report adds that Mr. Suyono said the tender team will need a
month to evaluate the bids.

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.


PHILLIPS-VAN HEUSEN: Enters Into Harbor Footwear Licensing Deal
---------------------------------------------------------------
Phillips-Van Heusen Corporation said that it has entered into a
licensing agreement with Harbor Footwear Group, Ltd., to market
men's, women's and children's footwear for the Bass brand,
including the iconic Weejun and Sunjun, throughout the world.

Under the agreement, the 130-year old Bass brand will continue
to be sold in better department stores and independent retailers
throughout the U.S., as well as through distributors in over 30
countries around the world.  Harbor, which has licensed the
rights to design, source and market Bass footwear worldwide on a
wholesale basis, will assume the current Bass business in
February 2007 and will launch its first collection at the June
FFANY Show in New York.  PVH will continue to operate its Bass
outlet retail stores, which sell apparel and accessories, as
well as footwear.

"We are thrilled to partner with Harbor Footwear, one of the
leaders in the footwear industry," said Allen Sirkin, President
and Chief Operating Officer of PVH.  "We are confident that they
share our vision for the future of the Bass brand and will build
on its history as one of the most recognizable and successful
brands of footwear."

Dennis S. Lazar, President and Chief Executive Officer of Harbor
Footwear Group, stated that "Harbor will capitalize on its
strengths of product design and sourcing to offer footwear of
exceptional quality and value to consumers under the Bass brand.
We believe the combination of PVH's marketing strength and
Harbor's product capabilities ensure a bright future for this
great brand."

                      About Harbor Footwear

Harbor Footwear Group, Ltd. is one of the leading design,
distribution and sourcing companies operating in the men's
fashion footwear industry today. In business since 1969, Harbor
Footwear is the owner of the Giorgio Brutini, GBX, Impulse and
Zengara brands in footwear and, in addition, licenses its
Giorgio Brutini marque for apparel and accessories.

                    About Phillips-Van Heusen

Phillips-Van Heusen Corporation -- http://www.pvh.com/-- owns  
and markets the Calvin Klein brand worldwide.  It is a shirt
company that markets a variety of goods under its own brands:
Van Heusen, Calvin Klein, IZOD, Arrow, Bass and G.H. Bass & Co.,
Geoffrey Beene, Kenneth Cole New York, Reaction Kenneth Cole,
BCBG Max Azria, BCBG Attitude, Sean John, MICHAEL by Michael
Kors, Chaps and Donald J. Trump Signature.

It has operations in Asia-Pacific, including in Indonesia,
China, Philippines, Malaysia, and Thailand.

The Troubled Company Reporter - Asia Pacific reported on
Dec. 14, 2006, that Moody's Investors Service upgraded Phillips
Van Heusen Corporation's corporate family rating to Ba2 from
Ba3.

The company's senior secured notes were upgraded to Baa3 from
Ba1 and the company's senior unsecured notes were upgraded to
Ba3 from B1.

The rating outlook is stable, reflecting Moody's expectations
the company will sustain financial metrics appropriate for the
rating category.


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

FORD MOTOR: U.S. December Sales Down 13%; Full '06 Sales Down 8%
----------------------------------------------------------------
Ford Motor Company's dealers delivered 233,621 new vehicles to
U.S. customers in December, down 13% compared with a year ago.
Lower F-Series sales (down 21% compared with last December's
near-record month) and lower sales for the discontinued Taurus
and Freestar minivan more than accounted for the decline.

Full year sales totaled 2.9 million, down 8% compared with full
year 2005.  Car sales were 5% higher than a year ago.  It was
the second year in a row of higher car sales and the first back-
to-back increase since 1993-1994.  Ford's new mid-size sedans
were the major factors behind the increase as combined sales for
the Ford Fusion, Mercury Milan, and Lincoln MKZ totaled 211,469.
Awareness and demand for these award-winning products continues
to grow.  In December, Fusion sales were up 67%, Milan sales
were up 36%, and MKZ sales were up 78%.  MKZ sales of 3,795 were
the highest for any month.

Full year truck sales were down 14% as higher gasoline prices
and long-term demographic trends drove SUV sales lower and a
soft housing industry weighed on full-size truck sales.  Ford
believes these factors will continue to weigh on these segments
in 2007. New products should help mitigate these factors.  The
company's new full-size SUVs, Ford Expedition and Lincoln
Navigator, closed 2006 by posting higher sales each month in the
fourth quarter.  The company will soon introduce a new Super
Duty F-Series pickup truck.  This model accounts for about 40%
of total F-Series sales.

Conversely, passenger car sales and crossover utility vehicles
should continue to benefit from demographic trends (notably the
aging of the baby boomer generation) and higher gasoline prices.
In December, the company expanded its CUV line with the
introduction of the Ford Edge and Lincoln MKX.  In addition, the
company will introduce a redesigned Ford Escape and Mercury
Mariner early this year.  Escape has been the best-selling CUV
since it was introduced in late 2000.

Land Rover was the company's only brand to post higher sales in
2006.  Land Rover's full year sales totaled 47,774 -- a new
calendar year sales record.  Although Lincoln's overall sales
were down 2%, sales to individual retail customers rose 4%.

                     U.S. Inventories Lower

At the end of December, Ford, Lincoln and Mercury inventories
were estimated at 590,000 units.  This level is 143,000 units
lower than a year ago.  The company estimates less than 10% of
the total inventory is 2006 models.

                      About Ford Motor Co.

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

The company also has operations in Japan.

                          *     *     *

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

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

On Dec. 5, 2006, Moody's Investors Service assigned a Caa1,
LGD4, 62% rating to Ford Motor Company's US$3 billion of senior
convertible notes due 2036.


TREND MICRO: Reveals Results of Internet Confidence Survey
----------------------------------------------------------
Trend Micro Incorporated (TSE: 4704 - News; Nasdaq: TMIC -
News), a leader in network antivirus and Internet content
security software and services, disclosed the results of a new
research study that provides an overall measurement of
consumers' confidence and perceived safety of the Internet.

The Trend Micro Internet Confidence and Safety survey was
compiled during September 2006, and going forward will take
place at six month intervals, surveying 1,500 consumers from
five countries based in thee different continents.  The five
countries in which the research took place were Japan, the
United States, United Kingdom, Germany and France.

Trend Micro's Internet Confidence and Safety survey analyzes
consumer perception regarding a number of Internet-related
concerns such as how safe and confident consumers feel when
using the Internet, their view regarding the future safety of
the Internet, how many consumers have experienced actual
infections during the past six months, their confidence in their
security software and an analysis of their online internet
activities.  Additionally the research includes a measure of
consumer perception around security related to mobile phone
Internet usage.

According to the survey, 51% are not confident that their
Internet security software is protecting their system.

This could mean that vendors have failed to effectively
communicate to their customers that they are in fact insecure.
In order for customers to truly know how secure they are their
vendors must provide them with answers to these questions:

    * Where is this malicious code coming from?

    * How quickly can you tell me about it?

    * How well am I protected?

The survey also found that a vast majority of consumers still
participate in risky online behavior such as online banking,
using credit cards to make purchases, and downloading
freeware/shareware.  These results indicate that customer
perceptions about how secure they are may be tied to the fact
that they don't have answers to these three fundamental
questions and could be the reason why they are still
participating in risky behavior -- they think they are
adequately protected when in fact, they are not.

Other noteworthy findings, from the countries and issues section
of the September 2006 Internet Confidence and Safety survey
include:

    * 71% of Japanese respondents believed they have not been
      infected by malware in the last six months yet only 24% of
      them were confident that their Internet Security solution
      was effectively protecting them.

    * In the U.S., 51% of respondents view the Internet as
      currently being "very safe" but that number drops
      dramatically to 32% when respondents were asked if they
      think the internet will be more or less safe in six
      months.

    * Similarly, in Germany, 43% believe the Internet to be
      "very safe" but that number drops to 24% when asked about
      the safety of the Internet in six months.

    * 67% of respondents in Japan admit to using
      freeware/shareware programs, compared with only 63% in
      Germany, 62% in France, 44% in the U.K., and 43% in the
      U.S.

"As a security vendor, it's our job to stay one step ahead of
the malware and web threats to ensure our customers'
protection," said Lane Bess, general manager of Trend Micro
consumer products and services.  "It's also our job to regularly
communicate with our customers regarding their level of
security, in a way that is meaningful to them, so that they know
how secure they truly are."

As the survey is regularly compiled, it is expected to act as a
continual barometer for consumers' attitudes and perceptions
about their personal security as well as the overall security of
the Internet.

                        About Trend Micro

Headquartered in Japan, Trend Micro Incorporated --
http://www.trendmicro.com/-- is a pioneer in secure content and
threat management.  Founded in 1988, Trend Micro provides
individuals and organizations of all sizes with award-winning
security software, hardware and services. With headquarters in
Tokyo and operations in more than 30 countries, Trend Micro
solutions are sold through corporate and value-added resellers
and service providers worldwide.

Standard and Poor's Ratings Service gave Trend Micro's long-term
foreign and local issuer credits 'BB' ratings on July 13, 2005.


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

OLYMPIA INDUSTRIES: Agrees on Closing Procedures with Creditors
---------------------------------------------------------------
Olympia Industries Bhd on December 27, 2006, entered into a
Coordination and Intercreditor Agreement with these parties:

   a. Dairy Maid Resort & Recreation Sdn Bhd;

   b. its bilateral lenders:

         * AmBank (M) Berhad: formerly known as AmFinance Berhad
           and vested from AmBank Berhad;
    
         * AmBank Berhad: formerly known as AmFinance Berhad;

         * Pengurusan Danaharta Nasional Berhad -- which DMRR is
           the borrower --; and

         * Public Bank Berhad.

   c. its existing creditors:

         * Affin Investment Bank Berhad (formerly known as Affin
           Merchant Bank Berhad);

         * AmBank Berhad (formerly known as AmFinance Berhad);

         * AmBank (M) Berhad (formerly known as AmFinance Berhad
           and vested from AmBank Berhad);

         * ANZ Equities Sdn Bhd;

         * Danaharta Managers Sdn Bhd;

         * Danaharta Urus Sdn Bhd;

         * Johor Ventures Sdn Bhd;

         * MP Factors Sdn Bhd;

         * Public Bank Berhad (vested from Public Finance
           Berhad);

         * Pengurusan Danaharta Nasional Berhad;

         * RHB Bank Berhad;

         * RHB Bank Berhad (formerly known as Bank Utama
           (Malaysia) Berhad);

         * RHB Sakura Merchant Bankers Berhad; and

         * United Overseas Bank (Malaysia) Berhad;

   e.  Malaysian Trustees Berhad - in its capacity as the
       irredeemable convertible bonds trustee;

   f.  MTB - in its capacity as the irredeemable convertible
       unsecured loan stock trustee;

   g.  MTB - in its capacity as the redeemable unsecured loan
       stock trustee;
    
   h.  MTB - in its capacity as the facility agent;

   i.  MTB - in its capacity as the intercreditor agent; and

   j.  MTB - in its capacity as the earmarked asset
       intercreditor agent and security agent.

The agreement's purpose were, inter alia, to establish the
agreed closing procedures for the OIB's scheme paper and the
restructuring and standstill agreements which were executed on
May 8, 2000, August 7, 2000, and August 8, 2000, respectively,
to record the Company's common covenants and to address certain
intercreditor issues.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Olympia Industries
Berhad organizing and managing numbers forecast pools and public
lotteries, operation of recreation clubs, investment holding and
property development.  Other activities include trading in
securities, paint spraying of aluminium, other metal products
and architectural products, letting of properties, maintaining
and operating internet based transaction facilities and
services, food and beverage business, events organizer and
project management, travel and tours agency, servicing of oil
and gas pipeline, asset management, money lending and
stockbroking.

Operations are carried out in Malaysia, Papua New Guinea and
Singapore.  The Company has incurred continuous losses in the
past and has also been fined many times by Bursa Malaysia
Securities for failing to maintain appropriate standards of
corporate responsibility and accountability to the investing
public.

Olympia's balance sheet as of Sept. 30, 2006, reflected MYR1.01
billion in total assets and MYR2.07 billion in total
liabilities, resulting to a shareholders' deficit of MYR1.06
billion.

The company is currently operating pursuant to a restructuring
scheme.


PANGLOBAL BHD: Gets BNM's Nod to Discuss Equity Shares Disposal
---------------------------------------------------------------
Panglobal Bhd secured Bank Negara Malaysia's approval to enter
into discussions with AMMB Holdings Bhd and IAG International
Pty Ltd regarding its plan to dispose its entire 99.97% equity
shareholdings in PanGlobal Insurance Berhad, a general insurance
company.

Panglobal Bhd assures Bursa Malaysia Securities Berhad that if
discussions are successful; the company will announce details on
the proposed acquisition.   Pursuant to the Insurance Act, the
signing of definitive agreements is still subject to the prior
approval of the Minister of Finance.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, PanGlobal Berhad --
http://home.panglobal.com.my/-- is engaged in underwriting all  
classes of general insurance business, extracting of logs,
sawmilling, manufacturing of veneer and extraction of coal.  
Other activities include property investment and development and
leasing of real estate, investment holding, business management,
building and fitness club management.

PanGlobal is listed under Practice Note 4/2001.  The Bursa
Malaysia Securities has required the company to regularize its
financial condition, curb huge losses and settle debts in order
to continue operating.  The company has already submitted a
Proposed Restructuring Scheme to the Securities Commission on
September 9, 2005.  On April 6, 2006, the Securities Commission
approved PanGlobal Berhad's proposed restructuring scheme.

The company's balance sheet as of September 30, 2006, revealed
total assets of MYR690.55 million and total liabilities of
MYR1.58 billion, resulting to a stockholders' deficit of
MYR368.08 million.


PANGLOBAL BERHAD: EGM Slated for January 22
-------------------------------------------
The Extraordinary General Meeting of Panglobal Bhd will be held
on January 22, 2007, 3:00 p.m. at Meranti Room, Level 22, Menara
PanGlobal, 8, Lorong P. Ramlee, 50250 Kuala Lumpur.

The meeting was called for the purpose of passing these
resolutions:

Special Resolution 1: Proposed Capital Reduction and
Consolidation

Special Resolution 1 is subject to the passing of Special
Resolution 2, Ordinary Resolutions 1, 2 and 3, and the sanction
of the High Court of Malaya, the approval be and is hereby given
for the implementation for a proposed capital reduction and
consolidation pursuant to Section 64 and 62 of the Companies
Act, 1965 respectively, which will comprise of:

a. Proposed reduction of the existing issued and paid-up share
   capital of PGB of MYR140,130,340 comprising 140,130,340
   ordinary shares of MYR1.00 each in PGB to MYR56,052,136
   comprising 140,130,340 ordinary shares of MYR0.40 each in
   PGB; and

b. Proposed consolidation of the 140,130,340 ordinary shares of
   MYR0.40 each in PGB into 112,104,272 ordinary shares of
   MYR0.50 each in PGB upon the completion of the Proposed
   Capital Reduction.

All PGB Shares arising from the Proposed Capital Reduction and
Consolidation shall rank pari passu in all respects with one
other.  In addition, the directors be and are hereby authorized
to give effect to the Proposed Scheme with full power to assent
to any modification and/or amendment as may be required by the
relevant authorities and to take all steps as they may consider
necessary in order to implement, finalize and give full effect
to the Scheme.

Special Resolution 2: Proposed Amendments

Subject to the provision of the Act, the passing of Special
Resolution 1, Ordinary Resolutions 1, 2 and 3, the existing
clauses of the Memorandum and Articles of Association of the
Company, the wordings of which are set out below:

Existing Clause:

The authorized share capital of the Company is MYR1,000,000,000
divided into 1,000,000,000 ordinary shares of MYR1.00 each be
deleted in its entirety and replaced with new clauses to read:

a. That subject to the confirmation by the Court pursuant to
   Section 64(1) of the Companies Act, 1965, the existing issued
   and paid-up share capital of MYR140,130,340 comprising
   140,130,340 ordinary shares of MYR1.00 each being reduced to
   MYR56,052,136 comprising 140,130,340 ordinary shares of
   MYR0.40 each by way of cancellation of MYR0.60 of the par
   value of each issued ordinary shares of the Company, and that
   the Directors of the Company are authorized to do all the
   acts and things that may be necessary to give effect to the
   reduction with full power to assent to any conditions,
   modifications, variations or amendments as may be required y
   any relevant authorities.

b. Subject to the reduction of capital taking effect, the
   existing issued and paid-up share capital of 140,130,340
   ordinary shares of MYR0.40 each be consolidated into
   112,104,272 ordinary shares of MYR0.50 each in such a manner
   that every five of the existing shares of MYR0.40 each fully
   paid will constitute four MYR0.50 shares.  Further, the
   Directors of the Company are hereby authorized to do all such
   acts and things that may be necessary to give effect to the
   said consolidation.

c. Upon the reduction of capital and consolidation taking
   effect, the par value of each ordinary share be changed from
   MYR1.00 per share to MYR0.50 each ordinary share, further the
   authorized share capital of MYR1,000,000,000 comprise
   2,000,000,000 ordinary shares of MYR0.50 each.  Accordingly,
   the Company's Memorandum and Articles of Association is   
   amended.

Meanwhile, the Directors of the Company are authorized and
empowered to carry out, do take steps they may consider
necessary, and to give effect to the said amendment, alteration,
modification and deletion to the Memorandum and Articles of
Association of the Company with full powers to take all steps
and to do all acts, things and deeds as they may deem necessary
to give full effect to this resolution.

Ordinary Resolution 1: Proposed PGI Disposal

a. Subject to the approval of the Director-General of Insurance,
   Bank Negara Malaysia give its approval to the Company to
   dispose of up to 99,970,156 ordinary shares of MYR1.00 each
   representing its entire equity interest in PanGlobal
   Insurance Berhad -- a 99.97%-owned subsidiary of PGB -- for
   cash at a price to be determined by the Directors of the
   Company, which will in no event be less than the net tangible
   assets value of PGI, calculated in proportion to the number
   of ordinary shares of MYR1.00 each in PGI to be disposed of,
   based on PGI's then latest audited accounts at the time of
   signing of the agreement and that such authority will
   commence immediately upon the passing of this ordinary
   resolution.

The Directors are authorized to take all steps and to enter into
all other agreements, undertakings, indemnities, transfers,
assignments and/or guarantees with any party or parties in order
to implement, finalize and give full effect to the aforesaid
disposal with full powers to assent to any condition,
revaluation, modification, variation or amendment as may be
imposed by any relevant authority.

Ordinary Resolution 2: Proposed Rights Issue

Subject to the passing of Special Resolutions 1 and 2, Ordinary
Resolutions 1 and 3 and the approval-in-principle being obtained
from Bursa Malaysia Securities Berhad for the listing of and
quotation for the rights shares to be issued hereunder being
obtained, the Directors are hereby authorized to provisionally
allot by way of renounceable rights issue to registered
shareholders of the Company whose names appear on the Record of
Depositors at the close of business on an entitlement date to be
determined by the Directors, 420,391,020 new PGB Shares at an
issue price of MYR0.50 per PGB Share, payable in full upon
acceptance, on the basis of fifteen  Rights Shares for every
four PGB Shares held.  

In addition, the Rights Shares, on their issue and allotment,
rank pari passu in all respects with the then existing issued
and fully paid-up ordinary shares of MYR0.50 each save and
except that they shall not be entitled to any dividends, rights,
allotments and/or other distributions declared, the entitlement
date of which is prior to the date of allotment of the Rights
Shares.

Further, any Rights Shares which are not validly taken up or
which are not allotted for any reason whatsoever will be dealt
with in a manner as the Directors, in their absolute discretion,
think expedient and in the Company's interest.

Moreover, the utilization of the proceeds to be derived from the
Proposed Rights Issue as set out in Section 3 of this Circular
to the Shareholders of the Company dated Dec. 28, 2006, be and
is approved.

The Directors are also authorized to enter into an underwriting
agreement relating to the Proposed Rights Issue with the parties
and on terms and conditions as the Directors may decide.

Lastly, the Directors are authorized to give effect to the
Proposed Rights Issue with full power to assent to any
modification or amendment as may be required by the relevant
authorities and to take all steps as they may consider necessary
in order to implement, finalize and give full effect to the
Proposed Rights Issue.

Ordinary Resolution 3: Proposed Debt Settlement Scheme

Subject to the passing of Special Resolutions 1 and 2, Ordinary
Resolutions 1 and 2, and the sanction of the Court pursuant to
Section 176 of the Act, the approval be and is hereby given for
the implementation of a scheme of arrangement with scheme
creditors of PGB comprising a settlement of total debts --
subject to proof of debts -- owing to the Scheme Creditors
amounting to MYR669,127,348  as at Sept. 1, 2005 being the cut-
off date used to determine the settlement amount outstanding via
inter-alia, the cash settlement sum of MYR341,141,254 and the
issuance of 68,330,436 free warrants made to Scheme Creditors.

Moreover, an additional 10,000 free warrants be issued to 100
selected public recipients to meet the spread requirements for
the listing of and quotation of the warrants on the Main Board
of Bursa Securities.

Lastly, the directors are hereby authorized to give effect to
the Proposed Debt Settlement Scheme with full power to assent to
any modification and/or amendment as may be required by the
relevant authorities and to take all steps as they may consider
necessary in order to implement, finalize and give full effect
to the Proposed Debt Settlement Scheme.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, PanGlobal Berhad --
http://home.panglobal.com.my/-- is engaged in underwriting all  
classes of general insurance business, extracting of logs,
sawmilling, manufacturing of veneer and extraction of coal.  
Other activities include property investment and development and
leasing of real estate, investment holding, business management,
building and fitness club management.

PanGlobal is listed under Practice Note 4/2001.  The Bursa
Malaysia Securities has required the company to regularize its
financial condition, curb huge losses and settle debts in order
to continue operating.  The company has already submitted a
Proposed Restructuring Scheme to the Securities Commission on
Sept. 9, 2005.  On April 6, 2006, the Securities Commission
approved PanGlobal Berhad's proposed restructuring scheme.

The company's balance sheet as of Sept. 30, 2006, revealed total
assets of MYR690.55 million and total liabilities of MYR1.58
billion, resulting to a stockholders' deficit of MYR368.08
million.


PARK MAY: SC Okays Submission Extension of Restructuring Scheme
---------------------------------------------------------------
The Securities Commission on Dec. 20, 2006, approved Park May
Bhd's request to extend for 23 months the company's time to
submit its proposed restructuring scheme.

Park May sought the extension on Sept. 21, 2006, asking file the
proposed scheme from July 27, 2005, to June 26, 2007.

In its approval, the SC required Park May/Konsortium
Transnasional Bhd to make detailed disclosure in the KTB's offer
for sale, including:

   -- Breakdown on the revenue and earnings of the KTB group of
      companies that are derived from the provision of bus
      advertisement space and the bus operations respectively
      for the past financial years and in the financial estimate
      forecast of the KTB Group;

   -- Impact of the rising fuel prices on the entire operations
      of the KTB Group and the measures that have been or to be
      implemented in mitigating the risk of rising fuel prices;

   -- Sensitivity analysis on the revenue and earnings of the
      KTB Group in relation to the factors that may
      significantly affect the operations of the KTB Group.



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

AQUAPHARMA PRODUCTS: Creditors to Prove Debts by January 6
----------------------------------------------------------
The shareholders of Aquapharma Products Ltd appointed Laurence
George Chilcott and Peter Charles Chatfield as joint and several
liquidators on Nov. 30, 2006.

Accordingly, Mr. Chilcott requires the company's creditors to
prove their debts by Jan. 6, 2007, or they will be excluded from
sharing in any distribution the company will make.

The Joint and Several Liquidators can be reached at:

         Laurence George Chilcott
         Peter Charles Chatfield
         Smith Chilcott Bertelsen Harry
         Chartered Accountants
         Level Eleven, Shortland Tower One
         51-53 Shortland Street (P.O. Box 5545)
         Auckland
         New Zealand
         Telephone:(09) 379 8035
         Facsimile:(09) 307 8892


BORTHIANT (NZ): Shareholders Resolve to Close Firm
--------------------------------------------------
The shareholders of Borthiant (NZ) Ltd -- formerly Borthiant
Imports Ltd -- resolved by special resolution to liquidate the
company's business and appointed John Albert Price and
Christopher Robert Ross Horton as joint and several liquidators.

Accordingly, the Liquidators fixed Jan. 26, 2007, as the last
day for which the creditors are to prove their claims.

The Joint and Several Liquidators can be reached at:

         John Albert Price
         Christopher Robert Ross Horton
         c/o Horton Price Limited
         P.O. Box 9125, Newmarket
         Auckland
         New Zealand
         Telephone:(09) 366 3700
         Facsimile:(09) 366 7276


CAMBRIDGE FRUIT: Names Robert John Willis as Liquidator
-------------------------------------------------------
On Dec. 1, 2006, Robert John Willis was appointed as liquidator
of Cambridge Fruit Centre Ltd.

The Liquidator can be reached at:

         Robert John Willis
         CST Nexia Limited
         Chartered Accountants
         P.O. Box 76-261, Manukau City
         New Zealand
         Telephone:(09) 262 2595


CORNAGREA HOLDINGS: Creditors to Prove Claims by January 19
-----------------------------------------------------------
Creditors of Cornagrea Holdings Ltd are required by Liquidators
John Robert Buchanan and Callum James Macdonald to prove their
claims by Jan. 19, 2007.

Failure to show proofs will exclude a creditor from sharing in
any distribution the company will make.

The Liquidators can be reached at:

         John Robert Buchanan
         Callum James Macdonald
         Buchanan Macdonald Limited
         Chartered Accountants
         P.O. Box 101 993
         North Shore Mail Centre, Auckland
         New Zealand
         Telephone:(09) 441 4165
         Facsimile:(09) 441 4167


E-GATEMATRIX NZ: Enters Liquidation Proceedings
-----------------------------------------------
The shareholders of E-Gatematrix New Zealand Ltd resolved to
liquidate the company's business and appointed John Albert Price
and Christopher Robert Ross Horton as joint and several
liquidators.

Accordingly, the liquidators fixed Jan. 26, 2007, as the last
day for which the company's creditors are to make their claims.

The Joint and Several Liquidators can be reached at:

         John Albert Price
         Christopher Robert Ross Horton
         c/o Horton Price Limited
         P.O. Box 9125
         Newmarket, Auckland
         New Zealand
         Telephone:(09) 366 3700
         Facsimile:(09) 366 7276


GLENDHU PROJECTS: Creditors Must Prove Claims by January 30
-----------------------------------------------------------
Liquidators Grant Bruce Reynolds and Gilbert Dale Chapman
require the creditors of Glendhu Projects Ltd to prove their
claims by Jan. 30, 2007.

Failure to prove claims will exclude a creditor from sharing in
any distribution the company will make.

According to the Troubled Company Reporter - Asia Pacific, the
High Court of Auckland heard a liquidation petition against the
company on Nov. 30, 2006, filed by Garry O'Rourke and Shirley
O'Rourke.

The Joint and Several Liquidators can be reached at:

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


GLOBAL INVESTMENT: Court Appoints Joint Liquidators
---------------------------------------------------
The High Court of Auckland appointed Stephen Mark Lawrence and
Anthony John McCullagh as joint and several liquidators of
Global Investment Trust Ltd on Dec. 4, 2006.

Consequently, the liquidators fixed Feb. 12, 2007, as the day
for which the company's creditors are to make their claims and
to establish any priority claims they may have.

The Joint and Several Liquidators can be reached at:

         Stephen Mark Lawrence
         Anthony John McCullagh
         Horwath Corporate (Auckland) Limited
         P.O. Box 3678, Auckland 1015
         New Zealand
         Telephone:(09) 300 1946
         Facsimile:(09) 302 0536


HERMES CONSULTING: Creditors to Lodge Claims by January 10
----------------------------------------------------------
On Nov. 6, 2006, the High Court of Wellington appointed David
Stuart Vance and Barry Phillip Jordan as joint and several
liquidators of Hermes Consulting Ltd.

Subsequently, the liquidators required the company's creditors
to lodge their claims by Jan. 10, 2007, and establish any
priority claims they may have.

The Joint and Several Liquidators can be reached at:

         David Stuart Vance
         Barry Phillip Jordan
         c/o Robert Campbell
         PPB McCallum Petterson
         Level Eight, The Todd Building
         95 Customhouse Quay (P.O. Box 3156)
         Wellington
         New Zealand
         Telephone:(04) 499 7796
         Facsimile:(04) 499 7784


IVAN BEVINS: Appoints Joint Liquidators
---------------------------------------
On Dec. 4, 2006, Dennis Clifford Parsons and Katherine Louise
Kenealy were appointed as joint and several liquidators of Ivan
Bevins & Sons Contracting Ltd.

As reported by the Troubled Company Reporter - Asia Pacific, the
High Court of Hamilton heard the petition against the company on
Dec. 4, 2006, filed by the Commissioner of Inland Revenue.

The Joint and Several Liquidators can be reached at:

         Dennis Clifford Parsons
         Katherine Louise Kenealy
         Indepth Forensic Limited
         Insolvency Practitioners
         P.O. Box 278, Hamilton
         New Zealand
         Telephone:(07) 957 8674
         Facsimile:(07) 957 8677


MYRO TRADING: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 28, 2006, the shareholders of Myro Trading Ltd resolved
by a special resolution to liquidate the company's business and
appointed Roderick Thomas McKenzie as liquidator.

Mr. McKenzie fixed Jan. 24, 2007, as the last day for creditors
to make their claims and to establish any priority their claims
may have.

The Liquidator can be reached at:

         Roderick Thomas Mckenzie
         McKenzie & Partners Limited
         Level One, 484 Main Street
         (P.O. Box 12-014), Palmerston North
         New Zealand
         Telephone:(06) 354 9639
         Facsimile:(06) 356 2028


VICTUS MATIMPORTER: Shareholders Opt to Liquidate Business
----------------------------------------------------------
On Dec. 4, 2006, the shareholders of Victus Matimporter Ltd
resolved by special resolution to liquidate the company's
business and appointed John Albert Price and Christopher Robert
Ross Horton as joint and several liquidators.

Consequently, the liquidators require the company's creditors to
prove their claims by Jan. 26, 2007.

The Joint and Several Liquidators can be reached at:

         John Albert Price
         Christopher Robert Ross Horton
         c/o Horton Price Limited
         P.O. Box 9125
         Newmarket, Auckland
         New Zealand
         Telephone:(09) 366 3700
         Facsimile:(09) 366 7276


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

ACESITE PHILS: Turns Around in 3rd Quarter with PHP26.9MM Income
----------------------------------------------------------------
Acesite (Phils.) Hotel Corporation turned around with a net
income of PHP26,876,108 in the three months ended Sept. 30,
2006, from a net loss of PHP33,145,200 in the same period in
2005.

The company's gross revenues registered a 10.08% growth from
PHP151.498 million in the third quarter of 2005 to PHP166.78 in
the third quarter of 2006 due to the increase in room, food and
beverage sales, and rental income.  Acesite posted a gross
operating income PHP70.275 million in the 2006 third quarter,
with an operating gross profit margin of 42.14%.  This
represents a 33.10% increase from the PHP52.80 million recorded
in the 2005 third quarter.

The company's current assets increased from PHP115.75 million as
of Dec. 31, 2005, to PHP255.13 million as of Sept. 30, 2006.  
Total assets decreased to PHP2.27 billion by Sept. 30, 2006,
from PHP2.17 billion as of Dec. 31, 2005.

Acesite's current liabilities as of end-September 2006 increased
by 12.63% to PHP347.07 million from PHP308.15 million as of end-
December 2005.  The company's balance sheet reflected
PHP1.22 billion in total liabilities at Sept. 30, 2006, slightly
higher than the PHP1.14 billion at Dec. 31, 2005.

The company's financial report for the quarter ended Sept. 30,
2006, is available for free at the Philippine Stock Exchange
site at: http://www.pse.com.ph/

                         About Acesite

Formerly known as Delbros Hotel Corporation, Acesite (Phils.)
Hotel Corporation -- http://www.manilapavilion.com.ph/-- is a   
foreign-owned domestic corporation incorporated to engage in
hotel operations and investing.  DHC owns the Holiday Inn Manila
Pavilion Hotel, a deluxe hotel situated along United Nations
Avenue in Manila.  The operations of the latter are being
managed by Holiday Inn Worldwide.  A major customer of the hotel
is the Philippine Amusement and Gaming Corporation, which
operates the Casino Filipino - Pavilion.

                 Debt Default and Restructuring

An event of default occurred with respect to the Acesite's
payment of its US$15 million loan with the Singapore Branch of
the Industrial and Commercial Bank of China, which matured on
March 31, 1998.  On June 3, 2003, the loan was restructured by
ICBC, which stipulated six semi-annual installment payments of
principal and interest until April 2006.  In July 2004, the
Company's new management requested for a reprieve on loan
principal payments due for the period, which the Company
suggested to be placed at the end of the term of the Amended
Agreement.  The outstanding principal balance of the ICBC loan
as of March 31, 2006, is US$9.18 million.  Management is still
negotiating with ICBC for a rescheduling of payment on the
remaining principal balances.


APC GROUP: Records PHP8.89-Bil. Capital Deficiency in 3rd Qtr.
--------------------------------------------------------------
APC Group, Inc., discloses in its quarterly financials submitted
to the Philippine Stock Exchange that its revenues for the three
months ended Sept. 30, 2006, amounted to PHP336.3 million,
compared with the PHP221.9 million in revenues for the same
period in 2005.  

Revenues for the quarter consisted of transmission revenues of
subsidiary Philcom Corp, petroleum trading sales, and service
income from manpower based operations.  The increase in revenues
during the third quarter of 2006, amounting PHP114.4 million,
was due to higher transmission revenues of Philcom of PHP161.5
million, partially offset by the decrease in service revenues of
PHP20.4 million because of the sale of the two security service
companies in early 2006 and discontinuance of petroleum trading
operations in June 2006 with a resulting decrease in revenues of
PHP29.7 million.  The decrease in service revenues resulted from
the decrease in security service revenues of subsidiary
Solutions and Innovations, Inc., amounting PHP32.6 million,
partially offset by the increase in service revenues of
subsidiary Environment and General Services, Inc. (EGSI) of
PHP12.3 million.

Foreign exchange gain for the third quarter of 2006 increased by
PHP96.0 million from PHP19.8 million forex loss in the third
quarter of 2005 to PHP76.2 million forex gain of Philcom on
dollar denominated loans in the third quarter of 2006 due to the
appreciation of the peso.  Exchange rate stood at P55.95 in
September 30, 2005 and PHP51.36 in September 30, 2006.
Net loss for the third quarter of 2006 amounted to PHP3.1
million compared to a loss of PHP137.0 million for the same
period last year.  

The lower net loss of PHP133.9 million in 2006 was basically due
to the decrease in Philcom's net loss of PHP110.0 million for
the third quarter and increase in value of the parent companies
investments in marketable securities.

                      Financial Condition

Total Assets increased by PHP198.3 million from PHP3.56 billion
as of Dec. 31, 2005, to PHP3.76 billion as of Sept. 30, 2006.  
The increase was due to:

   1. Increase in Philcom's cash and cash equivalent of
      PHP64.4 million.

   2. Increase in total prepayments and other assets of EGSI
      and SII amounting to PHP27.6 million, resulting from 2004
      audit adjustments for deferred income tax and deferred tax
      credits.

   3. Increase in other assets of PHP12.0 million resulting from
      installation costs of Philcom.  These installation costs
      were previously accounted as expenses until 2005.

   4. Increase in Philcom's receivables of PHP328.8 million.

These were partially offset by the decrease in receivables of
other subsidiaries amounting to PHP23.0 million and decrease in
property, plant and equipment basically of Philcom in the amount
of PHP220.2 million, due to depreciation.  Total liabilities
increased by PHP357.9 million from PHP12.22 billion as of
Dec. 31, 2005 to PHP12.58 billion as of Sept. 30, 2006.  The
increase was due to net increase in Philcom's payables of
PHP352.8 million.

Capital deficiency as of Sept. 30, 2006, and Dec. 31, 2005,
amounted to PHP8.89 billion and PHP8.70 billion, respectively.  
The increase in capital deficiency was due to the loss suffered
by Philcom for the first three quarters of 2006 amounting to
PHP207.1 million.

The company's financial report for the quarter ended Sept. 30,
2006, is available for free at the Philippine Stock Exchange
site at: http://www.pse.com.ph/

                         About APC Group

APC Group, Inc., was incorporated on October 15, 1993, with the
primary purpose of engaging in oil and gas exploration and
development in the Philippines.   The Company is 46.6% owned by
Belle Corporation.   APC has investments in telecommunications,
a cement project, and manpower outsourcing businesses.

As of Sept. 30, 2006, APC Group's balance sheet reflected total
assets of PHP3.76 billion and total liabilities of
PHP12.58 billion.  Capital deficiency as of Sept. 30, 2006,
amounted to PHP8.89 billion.  


APEX MINING: Resets ASM for the Third Time to February 18
---------------------------------------------------------
Apex Mining Co. Inc. further reset its Annual Stockholders'
Meeting to February 28, 2007, at 3:00 p.m., at the Valle Verde
Country Club in Pasig City.

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 12, Apex Mining had originally scheduled the ASM for
Nov. 21, 2006.  It was first reset to Dec. 15, then to Jan. 18.

Among the matters to be discussed by the stockholders during the
meeting are:

   * Presentation and approval of the financial statements for
     the fiscal year ended December 31, 2005, and embodied in
     the 2005 Annual Report;

   * Ratification of the acts of directors, committees and
     officers of the corporation;

   * Appointment of external auditors;

   * Amendment of Article III Section 2 (Number of Directors) in
     the Amended By-Laws of the Corporation and Article Sixth
     (Number of Directors) in the Amended Articles of
     Incorporation;

   * Amendment of Article III Sections 4 and 5 (Regular and
     Special Meetings) in the Amended By-Laws of the
     Corporation; and

   * Election of directors;

                        About Apex Mining

Apex Mining Company, Inc., is majority owned by Norwegian firm
Crew Gold Corporation, which is based in the United Kingdom.  It
owns the Masara gold mine in Compostela Valley on the island of
Mindanao.  Apex Mining is a corporation that is principally
engaged in the business of mining gold, silver, copper, lead and
other precious metals.  The company was initially involved in
copper mining and shifted to gold mining in the late 70s when
copper prices started to plummet.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Sept. 20, 2006, that Apex Mining Co. incurred a net loss of
PHP46 million for the year ended December 31, 2005.  As of this
date, the Company has accumulated a deficit of PHP1.037 billion
while current liabilities exceed current assets by
PHP86 million.

As of Dec. 31, 2005, the company posted total assets of
PHP65,509,996 and total liabilities of PHP86,860,797.


ARANETA PROPERTIES: Posts PHP17.5-Million Net Loss for 3Q 2006
--------------------------------------------------------------
Araneta Properties, Inc., reported net loss before income tax of
PHP17,509,842 for the quarter ending Sept. 30, 2006, as compared
with the net loss before income tax of PHP16,632,056 for the
same period in 2005.

For the nine months ended Sept. 30, 2006, Araneta Properties
recorded net loss before income tax of PHP49,074,148, compared
with the previous corresponding period's net loss figure of
PHP46,771,123.

The company posted PHP1,758,630 in revenues for the nine months
to Sept. 30, 2006, and PHP537,230 for the 2006 third quarter.

As of end-September 2006, the company recorded total assets of
PHP1,626,760,200 and a stockholders' equity deficit of
PHP637,629,970.

The company's financial report for the quarter ended Sept. 30,
2006, is available for free at the Philippine Stock Exchange
site at: http://www.pse.com.ph/

Araneta Properties, Inc., formerly known as Integrated Chrome
Corporation, was originally organized to mine chrome ore and
produce ferros metal or commonly known as ferrochrome.  It
changed its name to its present one and changed its primary
purpose to that of land and property development in 1997 with
the entry of the Araneta Group.  With its diversification to the
property development business, it relegated its original primary
purpose to that of a secondary concern.  ARA is now engaged in
the fine-tuning of a master plan for the development of 1,500
hectares of land located in the municipality of San Jose del
Monte, Bulacan, and Caloocan City.

J. Carlitos G. Cruz, of Sycip Gorres Velayo & Company raised
significant doubt on Araneta Properties' ability to continue as
a going concern, noting that the Company has incurred a net loss
of PHP22.9 million in 2005 and PHP55.9 million in 2004, and has
a deficit of PHP651.3 million as of December 31, 2005, and
PHP626.6 million as of December 31, 2004.

According to Mr. Cruz, the Company's ability to continue as a
going concern depends on the successful development and
completion of its real estate for sale and development asset and
their subsequent sale at reasonable margins.

The Troubled Company Reporter - Asia Pacific reported on June 9,
2006, that the company posted a PHP15.91-million net loss for
the first quarter ending March 31, 2006, an 8.75% increase from
the previous corresponding period's net loss of PHP14.63
million.


ATLAS CONSOLIDATED: Deutsche Bank to Arrange US$100 Million Loan
----------------------------------------------------------------
The Board of Directors of Atlas Consolidated Mining and
Development Corp. disclosed with the Philippine Stock Exchange
that the company's subsidiary, Carmen Copper Corp., has engaged
Deutsche Bank AG as arranger with respect to a US$100 million
loan facility to be obtained by Carmen Copper.

According to the PSE Disclosure, the entire amount of the loan
will be guaranteed by the Philippine Export-Import Credit
Agency.

Atlas Consolidated and Deutsche Bank hope to complete due
diligence review and documentation by February 2007.

Carmen Copper will use the proceeds of the loan to finance the
rehabilitation of Atlas' copper mine in Toledo City, Cebu.  
Carmen Copper is the operator of the Toledo Copper mine.

As reported by the Troubled Company Reporter - Asia Pacific on
Sept. 12, 2006, initial rehabilitation work has already
commenced on Atlas' Toledo copper mine, on the basis of
confirmation from Crescent Asian Special Opportunities Portfolio
of an additional US$13 million drawdown on its US$33 million
funding package in favor of Carmen Copper.

The Atlas Board also disclosed that an operating agreement
between Atlas and Carmen Copper that formed part of the lot of
financing agreements between Atlas and Crescent Asian has been
approved by the Mining and Geosciences Bureau.

                    About Atlas Consolidated

Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three Soriano-
controlled pre-war mines, the Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company.  The Company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products.  The
Company's copper mining operations are centered in Toledo City,
Cebu, where two open pit mines, two underground mines and
milling complexes (concentrators) are located.  The Cebu copper
mine ceased operations in 1994.  Activities after the shutdown
were limited to safeguarding and maintaining the property, plant
and equipment at the minesite.  The closure has brought huge
losses to the mining firm.

In January 2004, Atlas decided to rehabilitate the company and
its assets since copper and nickel prices have recovered.

According to a TCR-AP report on June 1, 2006, Atlas reported a
capital deficiency of PHP3.035 billion for the year ended
December 31, 2005.  Moreover the Company's auditor, Jaime F. Del
Rosario, of Sycip Gorres Velayo, raised substantial doubt on the
Company's ability to continue as a going concern.

As of Dec. 21, 2006, Atlas Consolidated posted total assets of
US$33.59 million, and total shareholders' equity deficit of
US$57.17 million.


ATOK BIG WEDGE: Records PHP3.87MM Net Loss for 2006 9-Month Pd.
---------------------------------------------------------------
Atok Big Wedge Co. Inc. reported a net loss of PHP3.874 million
for the nine-month period ended Sept. 30, 2006, a decrease of
PHP343,000 or 8.13% compared with the net loss of
PHP4.217 million registered in the same period in 2005,
according to the company's quarterly financials submitted to the
Philippine Stock Exchange.

Total revenue for the 2006 9-month period is PHP588,000 as
against PHP461,000 for the same period in the previous fiscal
year.  The revenue was derived from production of gold and other
non-operational income.

Total expenditures during the 3rd quarter of 2006 amounted to
PHP4.462 million, a decrease of PHP217,00 or 4.63% from the
PHP4.678 million during the same period in 2005.

The company's total assets stands at PHP30.906 million as of
September 30, 2006, an increase of 3.87% from the
PHP29.755 million as of December 31, 2005.  Total liabilities
for the 2006 period stood at PHP8.217 million.

The company's financial report for the quarter ended Sept. 30,
2006, is available for free at the Philippine Stock Exchange
site at: http://www.pse.com.ph/

Headquartered in Quezon City, Philippines, Atok Big Wedge Co.
Inc. was established and registered with the Securities and
Exchange Commission on Sept 4, 1931 primarily as a mining
company. After decades of mining, the company devolves into a
Holding Company with business in general investment, mining
related activities were spun off to its 100% wholly own
subsidiary, company Atok Gold Mining Co., Inc.  The company is
exploring business ventures.

The company registered continued annual net losses: PHP3,508,592
in fiscal 2005, PHP3,729,041 in fiscal 2004, and PHP4,663,844 in
fiscal 2003.


BANK OF COMMUNICATIONS: Receives PHP2.16BB Offer from PhilTrust
---------------------------------------------------------------
Philtrust Bank launched a PHP2.16-billion bid to gain control of
the Philippine Bank of Communications, Business World reports.

According to Business World, Philtrust, which is controlled by
hotel and newspaper magnate Emilio T. Yap, offered to acquire
72.039 million shares of PBCom, representing 41.74% of PBCom's
more than 172.5 million total issued and outstanding common and
preferred shares at PHP30 apiece.

The report cites Philtrust as stating that its offer was part of
a larger plan to gain full control of PBCom.

The report notes that Philtrust plans to acquire up to "67% or
100%" of PBCom, "mainly to strengthen its position in the
domestic banking industry, expand its branch network, as well as
capitalize on and further develop business relationships with
existing customers."

Business World also said that the tender offer, brokered by
Evergreen Stock Brokerage & Securities, Inc., started on Jan. 2
and will close on Jan. 17, 2007.

The report recounts that in November, Philtrust accepted a
letter-offer from the Nubla and Chung families, who hold a
combined stake of 58.26% in PBCom, for the sale of their
holdings.

PBCom is owned, aside from the Nublas and Chungs, by the Luy
family which has a 36% stake in the bank.  The Luy family, the
single-biggest stockholder of PBCom, had reportedly rejected the
planned takeover of the medium-sized bank by the Yap group.

             The Philippine Bank of Communications

Headquartered in Makati City, Philippines, Philippine Bank of
Communications -- http://www.pbcom.com.ph/-- provides different  
products and services through its different divisions and it has
a broad range of credit facilities, which are either denominated
in local currency or foreign. Its Trust Division handles common
trust funds, investment advisory accounts and employee benefit
trusts.  Aside from these, the bank also offers money market
placements and traditional products such as peso deposits.

Fitch Ratings gave Philippine Bank of Communications an
Individual Rating of 'D/E.'


BANK OF COMMUNICATIONS: Nine-Month Net Income Reaches PHP580.21M
----------------------------------------------------------------
Philippine Bank of Communications posted a 664% growth in
bottomline profits with a consolidated net income of
PHP580.21 million in the first nine months of 2006 from
PHP75.88 million over the same period in the previous fiscal
year, according to the bank's quarterly financials submitted to
the Philippine Stock Exchange.

The growth came from higher revenues from Past Due Interest,
Interest Income from Inter-bank loans receivable, Trading Gains,
income from Trust Operations and Other Income accounted for the
increase in the Bank's net profits.  Reduced interest expenses
and final taxes also contributed to the higher Net Income this
year.

These higher revenue streams compensated for the lower Interest
Income from loans, Fees and Commission, Foreign Exchange Gains
and the increases in Operating Expenses and Gross Receipts Tax.

                      Net Interest Income

Net Interest Income was lower by PHP98.84 million or 10.65%
below the NII for the same period last year.  The decline was
brought about by the lower interest income (by
PHP218.18 million) on account of last year's high holdings on
both government securities (GS) and dollar-denominated bonds
(ROPs).

A higher collection of interest from past due accounts (by
PHP41.03 million) and the increase in interest income from
Inter-bank lending (by PHP52.87 million) together with reduced
interest expense (by PHP119.34 million) coming from the banks
move to tap funding alternatives such as BSP re-discounting
window and program lending compensated for the decline on
interest income from government securities.

Interest Income.  Period-to-period, gross interest income is
lower by PHP218.18 million registering at PHP2.56 billion from
PHP2.78 billion in the comparable period last year.  The
downtrend was primarily due to the higher volume of GS and ROP
last year yielding 370 basis points more than the current year's
average and the dip in interest income from its lending business
by PHP53.4 million consequent to the prevailing soft demand for
credit.  Past due interest increased by PHP41.03 million to
PHP126.16 million against the prior year's PHP85.13 million.
Interest Income from Inter-bank lending likewise grew by
PHP52.87 million to PHP103.07 million.

Interest Expenses.  On a year-to-date basis, gross interest
expense at PHP1.73 billion was lower by PHP119.34 million
compared to previous year's PHP1.85 billion.  The drop was
attributed to the increase in volume of Trade receivables re-
discounted with BSP and the increase in CASA deposits lowering
the average funding costs.

                      Non-Interest Income

Non-Interest Income went up 134.75% year-on-year from
PHP524.28 million to PHP1.23 billion this year on account of an
upsurge in Trading Gains (PHP619.39 million), the increase in
income from Trust operations (by PHP41.12 million) and the
higher revenues from assets sold/acquired (by PHP38.26 million)
essentially contributed to the growth and compensated for the
decline in revenues from Fees & Commissions (by PHP5.48 million)
and Foreign Exchange (by PHP8.66 million).

   * Fees & Commissions. Compared to the same period last year,
     fees and commissions were lower by PHP5.48 million from
     PHP129.23 million to PHP123.75 million on account of the
     seasonal drop in LC commissions and the decline in RCOCI
     charges.

   * Trading Gains. Year-to-date Trading Gains registered a
     marked increase of 401.17% or PHP619.39 million from the
     reported PHP154.4 million in the first nine months of 2005
     to PHP773.78 million in the same period this year as the
     bank capitalized on the underlying trading opportunities in
     a declining interest rate environment during the first and
     third quarters of 2006.

   * Foreign Exchange Gain/Loss. Year-on-year, Foreign Exchange
     earnings at PHP7.37 million decreased by PHP8.66 million
     from PHP16 million previous year mainly due to the net
     effect of the open FX position created by Foreign Currency
     Loans that became past due during the period and the
     PHP5.728 appreciation in the value of the Philippine peso
     on the revaluation of the bank's Foreign Currency Assets
     and Liabilities.

   * Other Income. Period-to-period, Miscellaneous income at
     PHP216 million, was PHP60.11 million higher than the
     previous year's PHP155.94 million mainly due to bigger
     asset sold/acquired-related income this year and the higher
     rental income generated from PBCom Tower.

                       Operating Expenses

On a year-to-date basis, total Operating Expenses increased by
PHP105.03 million mainly due to the manpower cost increases
arising from the CBA, promotional and merit increases for
officers and the one-off expenses related to acquired assets.
Manpower Expenses.  Manpower expenses totaled PHP445.87 million,
higher by PHP12.35 million as compared to the previous fiscal
year's PHP433.51 million.  The increase came from the net effect
of the new CBA signed in January 2006 and the promotional and
merit increases for officers effective April 2006.

Controllable Costs. Compared to the same period in the previous
year, controllable expenses increased by PHP21.5 million to
PHP294.3 million from last year's level of PHP272.8 million as a
result of increases in advertising expenses for new products and
Acquired Assets-related expenses (capital gains tax and
documentary stamp taxes).

Non-Controllable Expenses. Compared to the same period during
the previous year, non-controllable expenses increased by
PHP71.2 million to PHP484.8 million due to higher taxes and
licenses resulting from the increase in revenues subjected to
gross receipts tax, and increase in Gross Receipts Tax rate from
5% to 7% of income other than income on lending activities under
R.A. 9337.

                      Financial Condition

   * Assets. Total Assets grew 5.8% to PHP55.9 billion as of
     September 30, 2006, a PHP3.1 billion increase from the
     reported PHP52.8 billion at year-end 2005.  The net effect
     of the increases on investments in government securities
     and other peso and dollar denominated sovereign bonds by
     PHP3.1 billion, ROPOA by PHP323 million, Inter-bank lending
     by PHP1.9 billion and the reduction in the bank's demand
     deposit account with BSP, Loans and Other receivables, Due
     from Other Banks, COCI by PHP467 million, PHP1.25 billion,
     PHP360 million and PHP111 million respectively accounted
     for the growth.  Funding the growth in assets was a
     PHP1.1 billion increase in total deposits and the Banks
     move to tap funding alternatives such as the BSP's
     rediscounting window and program lending funds which are
     being offered at subsidized rates and therefore less
     costly.  This enabled the Bank to sustain its deliberate
     efforts to expand its earning asset base and building
     stable revenue streams as a compensatory measure against
     thinning spreads.  The Bank's loan portfolio as of
     September 30, 2006 amounted to PHP17.27B up by 7.5% or
     PHP1.2 billion from year-end 2005 level softening the
     effect of the slight increase (by PHP117 million) in
     non-performing loans which stood at PHP3.44 billion as of
     3Q06.  The Bank's NPL ratio as of third quarter 2006
     slightly improved to 19.94% from 20.71% in December 2005.

   * Deposits. Deposit liabilities increased by PHP1.1 billion
     to PHP35.1 billion as of September 30, 2006 primarily due
     to the PHP850 million increase in CASA deposits.  The
     increment can be attributed to the bank's campaign to
     build-up a low-cost deposit base to reduce overall average
     funding costs.  A PHP251.66 million increase in term
     placements was also noted in the comparable period last
     year.

   * Borrowings. Total borrowed funds increased by
     PHP1.561 billion to PHP9.237 billion in September 2006.
     Loans and Trade receivables re-discounted with BSP, Deposit
     Substitutes and Inter-bank borrowings increased by
     PHP751 million, PHP556 million and PHP308 million
     respectively.

   * Capital. The Bank posted a 169% growth in bottomline
     profits at the end of 3Q06, a PHP364.55 million increase
     from the reported Net Income for the whole of 2005 for a
     capital base of PHP9.630 billion.  The Bank's Risk Based
     Capital Adequacy Ratio of 31.89% as of report date is well
     above the 10% minimum requirement of the BSP.

Discussion of top 5 key performance indicators:

  Indicator     09/2006  12/2005             Remarks
--------------  -------  -------  ------------------------------
Intermediation   32.85%   35.94%  The slight decrease was due to
Ratio                             the PHP1.1 billion increase
(Loans:Deposits)                  in deposits and the PHP742
                                  million decrease in loans and
                                  discounts.

Non-Performing   19.94%   20.71%  Slight improvement in the NPL
Loans to Total                    ratio was due to the PHP1.2
Loans                             billion increase in the Bank's
                                  Loan portfolio.

NPL Coverage     40.81%   42.30%  The slight dip in coverage
Ratio
                                  ratio was due to the PHP117
                                  million increase in the Bank's
                                  non-performing loans.

Liquidity        62.66%   56.86%  The increase in liquidity
Ratio                             ratio was due to the
                                  PHP3.billion increase in
                                  investments in Available for
                                  Sale Financial Assets.

Capital to       31.89%   32.67%  The slight drop was due to the
Risk Assets                       increase in the Bank's total
                                  Risk Weighted Assets.  PBCom's
                                  CAR remains well above the 10%
                                  Minimum required by the BSP.

The company's financial report for the quarter ended Sept. 30,
2006, is available for free at the Philippine Stock Exchange
site at: http://www.pse.com.ph/

Headquartered in Makati City, Philippines, Philippine Bank of
Communications -- http://www.pbcom.com.ph/-- provides different  
products and services through its different divisions and it has
a broad range of credit facilities, which are either denominated
in local currency or foreign. Its Trust Division handles common
trust funds, investment advisory accounts and employee benefit
trusts.  Aside from these, the bank also offers money market
placements and traditional products such as peso deposits.

Fitch Ratings gave Philippine Bank of Communications an
Individual Rating of 'D/E.'


BANK OF THE PHILIPPINE ISLANDS: BSP Approves FEB Equity Sale
------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
October 20, 2006, the Board of the Bank of the Philippine
Islands approved the sale of BPI's 100% equity holdings in FEB
Savings Bank to a group of buyers led by JTKC Equities, Inc.

The Proposed Sale was subject to the approval of the Bangko
Sentral ng Pilipinas.

In an update, BPI disclosed with the Philippine Stock Exchange
on January 3, 2007, that the BSP has approved the Proposed Sale
to JTKC Equities, Inc., Surewell Equities, Inc., and Star
Equities, Inc.

The new owners will name FEB Savings as Sterling Bank of Asia,
Inc.

                            About BPI

Bank of the Philippine Islands -- http://www.bpi.com.ph/-- is  
the oldest bank in South East Asia and is the second largest
commercial bank in the Philippines in terms of assets, deposits,
loans and capital base in the year 2003.  The Bank has two major
products and services categories: the first covers its deposit
taking and lending/investment activities, while the second
covers income derived from all services other than deposit
taking, lending and investing, which are generally in the form
of commissions, service charges and fees.

Moody's Investors Service gave BPI a 'B1' Long-Term Bank
Deposits Rating effective February 16, 2005.  On November 2,
2006, Moody's revised the outlook of the BPI's foreign currency
long-term deposit rating of B1 to stable from negative.

The Troubled Company Reporter - Asia Pacific reported on
Sept. 21, 2006, that Fitch Ratings affirmed the ratings of the
Bank of the Philippine Islands at Individual 'C' and Support '3'
after a review of the bank.


EVER-GOTESCO: Turns Around in 3rd Quarter with PHP14-Mil. Income
----------------------------------------------------------------
Ever-Gotesco Resources and Holdings, Inc., generated gross
revenue amounting to PHP77.602 million for the quarter ended
September 30, 2006, higher by PHP7.692 million from the
PHP69.910 million gross revenue in 2005 and by PHP0.938 million
from the PHP76.664 million gross revenue in 2004, according to
the company's quarterly report submitted to the Philippine Stock
Exchange.  

The increase in revenue generated during the quarter compared to
2005 and 2004 were primarily due to escalation in rental rates
of some tenants and higher occupancy rate on rentable spaces.  
However, deferment of rental rate increase on major and anchor
tenants were resorted to by management in order to induce/retain
the company's tenant base in view of the continuing effect of
the economic crisis which affected the tenant's ability to
sustain the pre-crises rental rate level.

For the nine-month period ended September 30, 2006, total
revenue generated by the company was equal to PHP236.924
million, higher by PHP8.812 million from the 2005 level of
PHP228.112 million and lower by PHP2.192 million from the 2004
level of PHP239.116 million.  The decrease from 2004 were
impacted primarily by closure of cinemas at certain malls and
the decline on cinema ticket sales due to lesser blockbuster
films.

In 2002, the proliferation of movie piracy has taken its toll on
the cinema industry.  Gotesco Investments, Inc., a major
industry player and anchor tenant of Gotesco Tyan Ming Devt.,
Inc., a wholly-owned subsidiary of Ever-Gotesco Resources,
closed five out of the 10 cinemas it operates.  GII, however,
failed in its expectation to consolidate movie traffic in its
five remaining cinemas.  Towards the end of the 3rd quarter of
2003, GII closed all its cinema operations and turned them over
to GTMDI.

To preserve the contributions of the cinemas to the mall's
customers' traffic and to lessen the impact of rental revenue
loss, management has decided to consolidate the Cinema
operations to GTMDI.

GII cinema operation at Commonwealth suffered the same fate as
in GTMDI that resulted to turn over nine cinemas in 2004 and
three cinemas in 2003 to the Parent Company.  Ever-Gotesco
Resources generates an average monthly rental revenue of
PHP1.2 million or PHP14.7 million annually for the cinemas.  The
closure translates to an annual rental revenue loss for Ever-
Gotesco by PHP14.7 million or 9% of its total annual revenue
generation, and 4.6% to the consolidated rental revenue.

                  Operating Costs and Expenses

For the quarter ended September 30, 2006, net operating costs
and expenses amounted to PHP67.348 million, higher by
PHP2.771 million from the 2005 figure of PHP64.577 million and
higher by PHP10.562 million from 2004's PHP56.786 million.

For the nine-month period ended September 30, 2006, net
operating costs and expenses amounted to PHP190.324 million,
higher by PHP10.580 million and PHP19.575 million from the
figures reported in 2005 and 2004, respectively.  Despite of the
various cost savings measures implemented by the company such as
decrease in agency manpower requirement, energy consumptions
savings among other things, the periodic increases in operating
costs and expenses was the result of the relative increase in
the major costs particularly the labor and energy based items.

                        Interest Expense

Cost of borrowings remains the same at PHP19 million during the
third quarter of 2006 compared to same quarter of 2005 and 2004.  
The company applied PFRS 1 and Philippine Accounting Standards
(PAS) 32 and PAS 39.  Adoption of this standard resulted to
adjustment on Interest Income and Expense charged to current
operations amounted to PHP22.599 million net.

                         Net Income/Loss

For the quarter ended September 30, 2006, the company posted a
net income of PHP13.750 million compared to a net loss of
PHP13.751 million for year 2005 and net income of
PHP0.779 million for year 2004.  For the nine-month period, the
company posted a net income of PHP43.083 million compared to a
net loss of PHP8.244 million for year 2005 and net income of
PHP11.571 million of 2004.  The net income was substantially the
result of the relative increase in revenue and positive net
effect of the accretion of interest arising from the fair
valuation of financial instruments during the period under
review.

                      Financial Condition

Current ratio

As of September 30, 2006, the company's current ratio slightly
improved to PHP0.26 of current asset to every peso of current
liability from its level of PHP0.21 as of December 31, 2005.  
This was due to the slight improvement in revenue and
collections during the period under review.

The company's liquidity depends solely from internally generated
funds - rental collections.  Improvement in liquidity largely
depends on the tenants' profitable operations and healthy cash
flows and collections from advances to affiliated companies.

The economic reverses, however, continue to affect tenants
operations and affected their ability to sustain upward
adjustments in rental rates.  The company and its subsidiary are
currently experiencing difficulties in generating sufficient
cash flows to meet their obligations and sustain their
operations.

Property and equipment and Investment Properties

The adoption of PAS 40 resulted in the reclassification of
certain properties from Property and equipment and Other
Noncurrent Assets to Investment Properties.

Net property and equipment remain strong at PHP2.839 billion as
of September 30, 2006 from its level of PHP2.968 billion in
December 2005.  The decrease in 2006 over 2005 figures was
mainly due to the periodic depreciation charges.

Property and equipment include the property of GTMDI in Pasig
City (land and mall), which secure certain loans from a
syndicated lender banks led by PNB.  The company has defaulted
in its loan obligations, which led to the foreclosure and sale
through public auction in July 30, 1999.  GTMDI is currently in
possession and in complete control of the properties.  It
continues to operate the mall and draws rental income there
from.  Management remains confident that it can reach a workable
solution to retain the property.

Receivables from affiliates:

Receivables from affiliated companies' increased to PHP561.095
million in September 2006 from its levels of PHP401.285 million
in December 2005.  The increase was accounted for by the unpaid
rental receivables from affiliated anchor tenants and the net
cash advances granted to other affiliated companies.  Rental
receivables were classified to this account due to affiliates
are currently experiencing difficulties in generating sufficient
cash flows to sustain their operations.

Other Assets

Other assets increased to PHP20.079 million in September 2006
from PHP19.727 million in Dec 2005 primarily due to prepayments.

Current Liabilities

This account consists of principal loan and related obligations
and other accounts payable and accrued expenses increased to
PHP2.117 billion as of September 2006 from its level of
PHP2.023 billion as of December 2005.  The increase of about
PHP94 million was primarily due to accruals of interest expense
and other payables.

The consolidated principal loan obligation as of September 2006
stood flat at PHP665 million from the same level in December
2005.

The company's anchor tenants account about 33% of the total
rental revenue.  The realizability of such receivables is
dependent upon the affiliates' abilities to generate sufficient
cash flows to settle their obligations on a timely basis.

The company's financial report for the quarter ended Sept. 30,
2006, is available for free at the Philippine Stock Exchange
site at: http://www.pse.com.ph/

                       About Ever-Gotesco

Headquartered in C.M.  Recto Avenue, Manila, Ever-Gotesco
Resources and Holdings, Inc., was established by the Ever-
Gotesco Group to pursue its mall operations through its two
subsidiaries, Ever Commonwealth Center and Ever Gotesco Ortigas
Complex.  The company is also engaged in real estate
development.  It builds and leases out shopping malls to
commercial tenants.  Revenues of the company are generated
principally from its leasing operations.

The company owns 100% of the outstanding capital stock of
Gotesco Tyan Ming Development, Inc., owner of the Ever Gotesco
Ortigas Complex.  GTMDI was registered with the Securities and
Exchange Commission on September 21, 1994, to engage in real
estate and related business.  GTMDI started its commercial
operations on December 1, 1995, and has since taken over
ownership and operations of the Mall cinemas.  

                Significant Doubt on Going Concern

After auditing Ever-Gotesco Resources' annual report for the
period ended December 31, 2006, Martin Guantes, of Sycip Gorres
Velayo & Co., expressed a significant doubt about the Company's
ability to continue as a going concern.

The auditors noted that the Ever-Gotesco Group remained to have
a huge negative working capital of PHP1.6 billion and an
accumulated deficit of PHP3.2 billion as of December 31, 2005.  
Furthermore, the Group continues to face significant risks
arising from unresolved foreclosure proceedings both against its
future mall revenue and properties.


EVER GOTESCO RESOURCES: Independent Director Steps Down
-------------------------------------------------------
Sy Chun Sui, Independent Director of Ever Gotesco Resources and
Holdings, Inc., tendered his irrevocable resignation effective
December 28, 2006.

Headquartered in C.M. Recto Avenue, Manila, Ever-Gotesco
Resources and Holdings, Inc., was established by the Ever-
Gotesco Group to pursue its mall operations through its two
subsidiaries, Ever Commonwealth Center and Ever Gotesco Ortigas
Complex.  The Company is also engaged in real estate
development.  It builds and leases out shopping malls to
commercial tenants.  Revenues of the Company are generated
principally from its leasing operations.

The Company owns 100% of the outstanding capital stock of
Gotesco Tyan Ming Development, Inc., owner of the Ever Gotesco
Ortigas Complex.  GTMDI was registered with the Securities and
Exchange Commission on September 21, 1994, to engage in real
estate and related business.  GTMDI started its commercial
operations on December 1, 1995, and has since taken over
ownership and operations of the Mall cinemas.

                Significant Doubt on Going Concern

After auditing Ever-Gotesco Resources' annual report for the
period ended December 31, 2006, Martin Guantes, of Sycip Gorres
Velayo & Co., expressed a significant doubt about the Company's
ability to continue as a going concern.

The auditors noted that the Ever-Gotesco Group remained to have
a huge negative working capital of PHP1.6 billion and an
accumulated deficit of PHP3.2 billion as of December 31, 2005.  
Furthermore, the Group continues to face significant risks
arising from unresolved foreclosure proceedings both against its
future mall revenue and properties.


* RP Stocks Breach 3,000-Level on Rosy Economic Prospects
---------------------------------------------------------
On January 3, 2006, Philippine stocks surged passed the 3,000-
point level, as investors continued to be positive on the
economy, finishing at a near 10-year high.

The Philippine Stock Exchange composite index closed higher by
43.85 points or 1.473% at 3,020.70.  This is the first time
since April 1997 that the index closed at the 3,000 level.

Gainers beat losers 76 to 35 while 49 stocks were unchanged.

Volume traded reached 4.59 billion valued at HPP2.32 billion.

"The market breached the 3,000-level because investors are still
positive on the economy.  Firms are announcing their expansion
plans for 2007, and this is causing investors to come into the
market," First Grade Holdings analyst Astro del Castillo said.

Mr. Del Castillo said the market had enough strength to break
past 3,300 this year.  He said the only factors pulling down
market sentiment are the upcoming El Nino season, the May
national elections, and the ongoing downturn in the United
States economy.

                          *     *     *

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

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

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



                            *********

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.
   
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mail.  Additional e-mail subscriptions for members of the same
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                 *** End of Transmission ***