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        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  

             Monday, January 8, 2007, Vol. 10, No. 5

                            Headlines

A U S T R A L I A

CRANBROOK (WILLOW TREE): Members to Receive Wind-Up Report
EVANS & TATE: Receives Merger Proposal from Yarraman Winery
HALLIDAYS POINT: Supreme Court Issues Wind-Up Order
HIJ KINGWILL: Members and Creditors to Meet on January 29
HLP FINANCIAL: ASIC Seeks to Wind Up Investment Schemes

ICON INDUSTRIES: Liquidator to Present Wind-Up Report on Jan. 19
KATRINA PTY: Members & Creditors' Final Meeting Set on Feb. 2
MILAN CLEANING: Federal Court Issues Wind-Up Order
PALMER BRUYN: Federal Court Orders to Wind-Up Operations
PROJECT BIOTECH: Members Opt to Liquidate Business

QUALITY CIVIL: Members To Hold Final Meeting on Feb. 16
TECHTRONIX PTY: Supreme Court Issues Wind-Up Order


C H I N A   &   H O N G  K O N G

CITIC GROUP: Avails Credit Line from Agricultural Bank
CITIC PACIFIC: Acquires Stake in Swire Pacific Property
DISTACOM HONG KONG: Names Gilligan as Liquidator
FLEET TRADE: Creditors Must Prove Debts by Jan. 29
JOYMARK COMPANY: Enters Wind-Up Proceedings

KERRY-GLORY: Appoints Liquidator
KIN CHING: Names Seng and Lo as Liquidators
KWONG ON JUBILEE: Joint Liquidators Cease to Act
MANRISE LIMITED: To Hold Annual Meeting on Jan. 10
STAR ASSETS: Appoints Seng and Mee as Liquidators

STORAGETEK NORTH: Commences Liquidation Proceedings


I N D I A

CANARA BANK: Hikes Benchmark Prime Lending Rate by 25 bps
CITY UNION: Members Okay Share Allotment to Larson & Toubro
COLFAX CORP: S&P Affirms BB- Ratings & Gives Stable Outlook
ICICI BANK: Sangli Employees Protest Merger
VISTEON CORP: Names Two Chief Officers to Board of Directors

VNESHTORGBANK JSC: Arranges US$30-Mln Loan for TAS-Kommerzbank


I N D O N E S I A

AVNET INC: Elects Four New Corporate Officers
BANK NISP: Targets 20%-25% Outstanding Loans Increase in 2007
GOODYEAR TIRES: To Stop Tire Production at Quebec Plant
PERUSAHAAN LISTRIK: To Sell Shares in Subsidiaries Via IPO


J A P A N

NIKKO CORDIAL: Fined JPY500MM by FSA for Accounting Violations
SOJITZ CORP: Capital Improvement Keeps S&P Rating on CreditWatch


K O R E A

DURA AUTOMOTIVE: CEO Lawrence Denton Sells 15,000 Common Shares
LG CARD: Shinhan to Pay KRW6.7 Billion for Majority Stake
LG TELECOM: Information Ministry Approves EVDO rA Service


M A L A Y S I A

MALAYSIA AIRLINES: Aims Higher On-Line Sales this Year
TALAM CORP: 3rd Quarter 2006 Results Show MYR5.04-Mil. Net Loss
SBBS CONSORTIUM: Faces Securities Delisting from Bursa's List
SELOGA HOLDINGS: Plans to Buy Infra's Full Equity Interest
SMART MODULAR: Earns US$14.6 Million in First Qtr Ended Nov. 30

TENGGARA OIL: Posts MYR2.43-Million Net Loss in Third Qtr. 2006


N E W   Z E A L A N D

GARDENLEA FOODS: Creditors' Proofs of Debt Due on Jan. 11
MID ISLAND: Appoints Anthony Charles Harris as Liquidator
MINI (WELLINGTON): Creditors Must Prove Debts by Jan. 10
RICHFIELDS MANAGEMENT: Proofs of Debt Due on Jan. 31
W LOGGING: Commences Liquidation Proceedings


P H I L I P P I N E S

IPVG CORP: Sept. 30 Capital Deficit Stands at PHP40.40 Million
ISM COMMUNICATIONS: Sept. 30 Bal. Sheet Upside Down By PHP6.5MM
LEPANTO CONSOLIDATED: Gets Net Loss of PHP50-MM As Of Sept. 30
MIC HOLDINGS: Suffers Another Loss For the Qtr. Ending Sept. 30
NATIONAL CONSTRUCTION: Trims Nine-Month Loss Down to PHP478 Mil.

PHILIPPINE REALTY: One-off Gain Brings PHP533-Mil. Net Income
PHIL. TELEGRAPH: 3rd Qtr. Net Loss Narrows Down 40% to PHP211 MM
PHILODRILL CORP: 9-Month Net Loss Balloons to PHP176 Million
PRIME MEDIA: Posts PHP7MM Loss As Non-Operating Status Continues
PRIME ORION: Sept. 30 Balance Sheet Upside-down by PHP4.6 Bil.


S I N G A P O R E

PETROLEO BRASILEIRO: To Ink Accords with Petroleos de Venezuela
REFCO INC: Equity Committee Wins US$1.2 Million in Court Battle
REFCO INC: Wants PlusFunds' US$532 Million Claims Disallowed
REFCO INC: Wants to Assume Iron Mountain Contracts
SEA CONTAINERS: HSH Nordbank Doesn't Object to Aegean Stake Sale

SEA CONTAINERS: Wants to Pay Employees Dismissed in Bankruptcy


T H A I L A N D

BANK OF AYUDHYA: To Close Auto-Leasing Unit; Offers Shares
* Bombings Have No Impact on Thailand Ratings, Moody's Says


V I E T N A M

SAIGON THUONG TIN: Fitch Affirms D Ind. Rating on Profitability

     - - - - - - - -

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

CRANBROOK (WILLOW TREE): Members to Receive Wind-Up Report
----------------------------------------------------------
The members of Cranbrook (Willow Tree) Pty Ltd, which is under
voluntary liquidation, will meet on Jan. 16, 2007, at 11:00
a.m., to receive the accounts of Liquidator Brackenbury
regarding the company's wind-up proceedings.

The Liquidator can be reached at:

         Neil Edgar Brackenbury
         Brackenbury Green & Associates
         147 George Street, Quirindi
         Australia


EVANS & TATE: Receives Merger Proposal from Yarraman Winery
-----------------------------------------------------------
On December 21, 2006, Evans & Tate Limited received a
conditional proposal from United States-based wine company
Yarraman Winery, Inc., for a merger -- by way of a scheme of
arrangement -- of the companies.

Yarraman has also lodged a Notice of Initial Substantial
Shareholder with the Australian Securities Exchange, stating
that it has a relevant interest in 18,387,998 ordinary shares --
representing 19.9% of the issued capital of Evans & Tate.  
Yarraman's Notice states that the relevant interest arises from
an agreement dated December 21, 2006, between Yarraman and Grape
Expectations Enterprises Pty Ltd.

However, Evans & Tate noted that it has no copy of this
agreement.

Grape Expectations is a company associated with Evans & Tate
Director Franklin Tate.  

On December 26, 2006, the Board of Evans & Tate noted that it
has neither approved nor dismissed the offer.  The Board
clarified that it is not bound by the Yarraman offer, adding
that it intended to fully consider and evaluate the offer and
provide its view of the offer in due course.

Yarraman welcomes this comment and the commitment by the Evans &
Tate Board to review the offer in a diligent and timely manner.

The Board of Yarraman believes that at the completion of the
review, it will be determined that the Offer remains a very good
offer for all Evans & Tate security holders and the merged
company in the future.

Under the terms of the Offer, Yarraman has requested a response
to the proposal by the Evans & Tate's Board by January 16, 2007.

On December 25, 2006, Evans & Tate requested a trading halt in
its securities, but sought reinstatement on December 27.

             Identity of Yarraman Funding Source/s

Yarraman, through a major New York investment bank, have
arranged the necessary equity and debt funds required to fund
the acquisition of Evans & Tate and meet ongoing working capital
and growth requirements.

This capital raising is conditional only upon satisfactory due
diligence by Yarraman and its capital providers.

Yarraman notes that details of this funding have been supplied
to Evans & Tate in the offer document presented on December 21,
2006.

Under the terms of the Yarraman Offer Letter, the identities of
the financing sources will be disclosed confidentially to the
Evans & Tate Board within 14 days of the Board's acceptance of
the offer.

The funding is being provided on closing to:

   (a) Fund the merger transaction and the financial
       restructuring of Evans & Tate;

   (b) Refinance the AU$90 million ANZ Bank debt (by way of
       AU$70 million cash and AU$20 million in second ranking,
       cumulative, convertible notes in Yarraman); and

   (c) Provide the necessary working capital to fund the growth
       plans of the combined Evans & Tate/Yarraman business.

              Offer To Evans & Tate WInES Holders

Yarraman can confirm that in the event that a transaction is
concluded with Evans & Tate such as that proposed by Yarraman,
the holders of the WInES preference shares will receive two
Evans & Tate common shares for every one WInES share.

Accordingly, under the current Yarraman offer, WInES
shareholders will receive two Yarraman shares for every nine
WInES shares held whereas the Evans & Tate common shareholders
receive one Yarraman share for each nine Evans & Tate common
shares held.

                    Value of the Transaction

Yarraman's proposed offer values Evans & Tate at approximately
AU$131 million, allowing for the:

   1. Consideration proposed for the acquisition of ordinary
      shares, preference shares (WinES), and convertible notes;
      and

   2. Refinancing of the AU$90-million ANZ Bank debt.

The proposed merged entity would have an approximate market
capitalization of AU$100 million.

                      About Yarraman Winery

Yarraman Winery Inc. -- http://www.yarramanestate.com-- which  
operates through its Australia-based wholly owned subsidiary
Yarraman Estate, commenced trading as a public company in the
USA in December 2005. The company has a current market
capitalization of US$58.75 million (as at December 21, 2006)
with high quality branded winery and vineyard assets.

The company made the strategic decision to publicly list in the
USA to gain access to US equity and distribution markets.  
Following the US listing, the company secured senior managers
from Allied Domecq World Wines as its management team, who bring
many years experience in the global wine industry.

Yarraman produces and sells award-winning premium, super-
premium, and ultra-premium wines made from grapes grown on
vineyards in the Upper Hunter Valley and Gundagai.  The wines
are produced at its 2,500 tonne state of the art winery at
Wybong, in the Upper Hunter Valley.  Yarraman's wines are sold
in Australia and internationally, principally under Yarraman's
own labels.

                    About Evans & Tate

Headquartered in Wembley, Western Australia, Evans & Tate
Limited -- http://www.etw.com.au/-- is an Australian wine  
company listed on the Australian Stock Exchange.  The primary
businesses of the Evans & Tate Wine Group are the production,
marketing and distribution of a number of branded, exclusive
labeled and unbranded wines; contract winemaking; wine trading;
viticultural services; and wine tourism through its Visitor
Centers.

In June 2005, rumors began brewing that the winemaker was
carrying total liabilities of AU$127.5 million, of which
AU$102.5 million was interest-bearing debt.  A few days later,
Evans & Tate admitted that it had been coordinating with
insolvency firm KordaMentha on the recommendation of its major
creditor, ANZ Banking Group Limited.  It had appointed
KordaMentha's 333 Performance Management "to improve its
forecasting, planning and business efficiencies."  Evans & Tate
also admitted that it was cash flow negative and had sought an
AU$8.5-million capital injection from ANZ Bank.  The firm
further said that it would cut the value of its wine inventories
by AU$8 million to AU$10 million, offload stock at a discount,
and cut the carrying value of certain wineries.  In July 2005,
Evans & Tate has secured an additional AU$10 million in short-
term working capital from ANZ.

The Troubled Company Reporter - Asia Pacific reported on
July 18, 2006, that Evans & Tate has already written down the
value of its inventory by AU$39 million over the past year and
reported a AU$44-million first-half loss.

In the first half of 2006, Evans & Tate had taken steps to sell
its Griffith and Mildura Wineries to reduce debts, which are
estimated to be more than AU$160 million, and meet restructuring
costs.

On August 25, 2006, it completed the sale of its Griffith winery
in the New South Wales Riverina to TWG Australia, which is the
Australian subsidiary of California-based The Wine Group
LLC, for AU$8 million.  The Griffith Winery Sale, the TCR-AP had
noted, brings the amount that Evans & Tate will get from asset
realization to more than AU$30 million.

Furthermore, a company statement disclosed that on August 29,
2006, the sale of its Mildura Winery to Roberts Estate was
completed for a total consideration of AU$22 million.


HALLIDAYS POINT: Supreme Court Issues Wind-Up Order
---------------------------------------------------
On Dec. 5, 2006, the Supreme Court of New South Wales issued an
order to wind up the operations of Hallidays Point Oosh Service
Incorporated.

Accordingly, Brian Hugh Allen was appointed as liquidator.

Mr. Allen can be reached at:

         Brian Hugh Allen
         c/o Burton Glenn Allen
         Chartered Accountants
         Level 2, 57 Grosvenor Street
         Neutral Bay, New South Wales 2089
         Australia
         Telephone:(02) 9904 4644
         Facsimile:(02) 9904 9644


HIJ KINGWILL: Members and Creditors to Meet on January 29
---------------------------------------------------------
A meeting will be held for the members and creditors of HIJ
Kingwill Pty Limited -- formerly trading as Pizza Hut
Taree & Ballina -- on Jan. 29, 2007, at 10:00 a.m.

At the meeting, Liquidator McDonald will present the accounts of
the company's wind-up proceedings and property disposal
exercises.

The Liquidator can be reached at:

         Geoffrey McDonald
         c/o Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia


HLP FINANCIAL: ASIC Seeks to Wind Up Investment Schemes
-------------------------------------------------------
The Australian Securities and Investments Commission has filed
an application with the Federal Court of Australia to wind up
Melbourne-based investment schemes operated by Peter Berlowitz,
HLP Financial Planning (Aust) Pty Ltd, Leaberl Pty Ltd, and
Beachmere View Pty Ltd, as well as another 10 companies
associated with the schemes.

The ASIC alleges that the schemes were managed investment
schemes required to be registered under the Corporations Act.

The ASIC alleges that investors were offered the opportunity to
invest in the business of HLP Financial, described in
promotional material as a company that "seeks out and develops
worthy investment opportunities for its clients."  Investors
were promised returns of 5% in the first year of investment, 11%
in year two, 57% in year three, and 67% in year four.

The ASIC's investigations as of January 5, 2007, have revealed
that 55 individuals invested funds totaling AU$5,000,000 between
April 1, 2005, and September 15, 2005, in companies associated
with Mr. Berlowitz.  The ASIC believes that there are more
investors.

In March 2006, investors' investments were converted to loans to
Beachmere View Pty Ltd.  Investors were offered a return of 10%
per annum.

The ASIC is concerned, among other things, that investors were
not provided with the appropriate information and protection
required by the Corporations Act.

The ASIC is also concerned that neither Mr. Berlowitz nor the
companies associated with the schemes will be in a position to
repay investors their money.


ICON INDUSTRIES: Liquidator to Present Wind-Up Report on Jan. 19
----------------------------------------------------------------
A final meeting will be held for the members of ICON Industries
(Western Australia) Pty Limited on Jan. 19, 2007, at
10:30 a.m.

John Gibbons and Keiran Hutchison, as liquidators, will present
the company's wind-up report during the meeting.

As reported by the Troubled Company Reporter - Asia Pacific,
Messrs. Gibbons and Hutchison were appointed as the company's
Liquidators on June 8, 2005.

The Liquidators can be reached at:

         John Gibbons
         Keiran Hutchison
         Ernst & Young
         680 George Street
         Sydney, New South Wales 2000
         Australia
         Telephone: (02) 9248 5864


KATRINA PTY: Members & Creditors' Final Meeting Set on Feb. 2
-------------------------------------------------------------
The members and creditors of Katrina Pty Limited, which is in
liquidation, will hold a final meeting on Feb. 2, 2007, at
10:00 a.m.

At the meeting, the members and creditors will be asked to:

   -- receive the liquidator's account regarding his acts and
      dealings of the company's wind-up proceedings;

   -- empower the liquidator to destroy all the company's books
      and records on completion of all duties; and

   -- discuss other business.

The liquidator can be reached at:

         Richard Albarran
         c/o Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia


MILAN CLEANING: Federal Court Issues Wind-Up Order
--------------------------------------------------
The Federal Court of Australia entered an order to wind up the
operations of Milan Cleaning Pty Ltd on Dec. 1, 2006.

Accordingly, Steven Nicols was appointed as liquidator.

The Liquidator can be reached at:

         Steven Nicols
         Level 2, 350 Kent Street
         Sydney, New South Wales 2000
         Australia


PALMER BRUYN: Federal Court Orders to Wind-Up Operations
--------------------------------------------------------
On Dec. 1, 2006, the Federal Court of Australia issued an order
to wind up Palmer Bruyn Pty Ltd.

Moreover, Steven Nicols was appointed as liquidator.

The Liquidator can be reached at:

         Steven Nicols
         Level 2, 350 Kent Street
         Sydney, New South Wales 2000
         Australia


PROJECT BIOTECH: Members Opt to Liquidate Business
--------------------------------------------------
At a general meeting held on Dec. 8, 2006, the members of
Project Biotech Limited agreed to voluntarily wind up the
company's operations.

In this regard, Ian Hobson was appointed as liquidator.

The Liquidator can be reached at:

         Ian Hobson
         Chartered Accountant
         Suite 6, 245 Churchill Avenue
         Subiaco, Western Australia 6008
         Australia


QUALITY CIVIL: Members To Hold Final Meeting on Feb. 16
-------------------------------------------------------
Quality Civil Developments P/L will hold a final meeting for its
members on Feb. 16, 2007, at 10:00 a.m.

At the meeting, the members will receive the final accounts of
the company's wind-up proceedings from Liquidator Peter Hicks.

The Liquidator can be reached at:

         Peter Hicks
         Forsythes
         Level 5, 175 Scott Street
         Newcastle, New South Wales 2300
         Australia


TECHTRONIX PTY: Supreme Court Issues Wind-Up Order
--------------------------------------------------
On Dec. 1, 2006, the Supreme Court of New South Wales issued an
order to wind up the operations of Techtronix Pty Limited.  
Subsequently, Geoffrey McDonald was appointed as liquidator.

The Liquidator can be reached at:

         Geoffrey McDonald
         Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9263 2600


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

CITIC GROUP: Avails Credit Line from Agricultural Bank
------------------------------------------------------
CITIC Group obtains a credit line of about CNY8 billion from the
Agricultural Bank of China, Antara News reports, citing sources
from CITIC.

According to the report, CITIC and Agricultural Bank signed an
agreement, in which the bank will offer a credit line to CITIC
and give priority to its financing application.

The agreement is the first strategic cooperation signed by CITIC
Group with a major commercial bank in China, Antara News says.

                        About Agricultural Bank

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.

                          *     *     *

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.


CITIC PACIFIC: Acquires Stake in Swire Pacific Property
-------------------------------------------------------
Citic Pacific will take a 10% stake in an office tower owned by
Swire Pacific for HK$280 million, Bloomberg News reports.

Swire Pacific will book a profit of HK$155 million from the
sale.  The sale interest is a non-core asset in the group's
investment property portfolio, Bloomberg notes.

In addition, Citic Pacific also agreed to buy the remaining 10%
stake it doesn't own in CITIC Square from Shanghai Jingan City
Trading Co., Bloomberg relates, citing a company's statement to
the Hong Kong stock Exchange.

After the purchase of stakes from both Swire Pacific and
Shanghai Jingan, Citic Pacific will wholly own CITIC Square, the
statement said.

                          *      *     *

Based in Hong Kong, CITIC Pacific Ltd --
http://www.citicpacific.com/-- is engaged in a range of  
businesses in China and Hong Kong, including steel
manufacturing, property development and investment, power
generation, aviation, infrastructure, communications and
distribution.  It is 29% indirectly owned by China International
Trust & Investment Corporation.

On June 28, 2006, The Troubled Company Reporter - Asia Pacific
reported that Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on CITIC Pacific Ltd to BB+
from BBB-.  At the same time, it removed the rating from
CreditWatch, where it had been placed with negative implications
on April 7, 2006.  The outlook is stable.

In addition, TCR-AP reports on June 20, 2006, that Moody's
Investors Service assigned a Ba1 corporate family rating to
CITIC Pacific Ltd and withdrawn its Baa3 issuer rating.  The
senior unsecured rating for CITIC Pacific Finance (2001) Ltd's
bond is downgraded to Ba1 from Baa3.  The rating outlook is
stable.  This concludes the review initiated by the rating
agency in April 2006.


DISTACOM HONG KONG: Names Gilligan as Liquidator
------------------------------------------------
On Dec. 20, 2006, Philip Brendan Gilligan was appointed as
liquidator of Distacom Hong Kong Limited.


FLEET TRADE: Creditors Must Prove Debts by Jan. 29
--------------------------------------------------
Liquidators Thomas Andrew Corkhill and Iain Ferguson Bruce
Corkhill require the creditors of Fleet Trade Services Limited,
which is in liquidation, to submit their proofs of debt by Jan.
29, 2007, to share in the company's distribution of dividend.

The liquidators can be reached at:

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


JOYMARK COMPANY: Enters Wind-Up Proceedings
-------------------------------------------
At an extraordinary general meeting held on Dec. 21, 2006, the
shareholders of Joymark Company Limited appointed Ho Wai Ip as
the company's liquidator.

Accordingly, the appointment of Mr. Ho was confirmed at the
creditors' meeting held that same day.

Mr. Ho can be reached at:

         Ho Wai Ip CPA
         Room 1903, 19/F
         Worldwide House
         19 Des Voeux Road Central
         Hong Kong


KERRY-GLORY: Appoints Liquidator
--------------------------------
On Dec. 20, 2006, Leung Shiu Tong was appointed as liquidator of
Kerry - Glory Investments Limited.

Mr. Tong can be reached at:

         Leung Shiu Tong
         16th Floor, Jonsin Place
         228 Queen's Road East
         Wanchai
         Hong Kong


KIN CHING: Names Seng and Lo as Liquidators
-------------------------------------------
Natalia K M Seng and Susan Y H Lo were appointed as liquidators
of Kin Ching Equipment Rental Limited on Dec. 15, 2006.

The Liquidators can be reached at:

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


KWONG ON JUBILEE: Joint Liquidators Cease to Act
------------------------------------------------
On Dec. 28, 2006, Rainier Hok Chung Lam and John James Toohey
ceased to act as joint and several liquidators of Kwong On
Jubilee Charity Fund Limited.

As reported by the Troubled Company Reporter - Asia Pacific,
Messrs. Lam and Toohey presented the company's wind-up report on
Dec. 28, 2006.

The former Liquidators can be reached at:

         Rainier Hok Chung Lam
         John James Toohey
         22nd Floor, Prince's Building
         Central, Hong Kong


MANRISE LIMITED: To Hold Annual Meeting on Jan. 10
--------------------------------------------------
The members of Manrise Limited, which is under voluntary
liquidation, will hold an annual meeting on Jan. 10, 2007, at
10:00 a.m.

At the meeting, the members will receive the company's wind-up
report and property disposal exercises from Liquidator Keung.

The Liquidator can be reached at:

         Stephen Liu Yiu Keung
         18th Floor, Two International Finance Centre
         8 Finance Street, Central
         Hong Kong


STAR ASSETS: Appoints Seng and Mee as Liquidators
-------------------------------------------------
On Dec. 18, 2006, Natalia Seng Sze Ka Mee and Cynthia Wong Tak
Yee were appointed as liquidators of Star Assets Property
Limited, pursuant to a special resolution passed by the
company's shareholders.

The Liquidators can be reached at:

         Natalia Seng Sze Ka Mee
         Cynthia Wong Tak Yee
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


STORAGETEK NORTH: Commences Liquidation Proceedings
---------------------------------------------------
At an extraordinary general meeting held on Nov. 30, 2006, the
members of Storagetek North Asia Limited resolved:

   -- to voluntarily wind up the company's operations and
appoint
      Brian Knott as liquidator; and

   -- not to audit the accounts of receipts and payments of
      Liquidator Brian Knott.

The Liquidator can be reached at:

         Brian Knott
         31B, Royal Court
         3 Kennedy Road
         Mid Levels
         Hong Kong


=========
I N D I A
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CANARA BANK: Hikes Benchmark Prime Lending Rate by 25 bps
---------------------------------------------------------
Canara Bank hiked its benchmark prime lending rate by 25 bps
from 11.50% to 11.75%, myiris.com says, citing a Business
Standard report.

The increase is effective from Jan. 1, 2006.

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 29, 2006, Canara Bank recently signed a memorandum of
understanding with the Syndicate Bank, Vijaya Bank and India
Infrastructure Finance Company Limited to jointly finance large
infrastructure Projects.

Headquartered in Bangalore, India, Canara Bank
-- http://www.canbankindia.com/-- provides services to a  
diverse clientele group with a range of subsidiaries and
sponsored institutions.  The bank services include networked
automated teller machines, anywhere banking, telebanking, remote
access terminals Internet, and mobile banking and debit card.  
The bank's Merchant Banking Division handles assignments as
arrangers/lead manager/co-manager/manager to the
offer/advisor/share valuator.  Bancassurance arm of the Bank has
tie-up arrangements in both life and non-life insurance
segments.  Corporate Cash Management Services network of the
Bank provides services related to local and upcountry cheque
collection, bulk cheques collection and zero balance account
facility.  Executor, Trustee and Taxation Services of the bank
provides services, such as debenture trusteeship, will and
executorship, trusteeship, personal tax assistance and power of
attorney services.  Its Agricultural Consultancy Services
handled 60 projects during the fiscal year ended March 31, 2006.

Fitch Ratings gave Canara Bank an individual rating of D on
June 1, 2005.


CITY UNION: Members Okay Share Allotment to Larson & Toubro
-----------------------------------------------------------
City Union Bank Ltd's members gave their consent to the
preferential issue of 26,65,000 equity shares of INR10 each at a
price of INR169 per share including a share premium of INR159
per share to Larson & Toubro Ltd, the bank disclosed in a filing
with the Bombay Stock Exchange.

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 18, 2006, City Union's board of directors approved the
preferential issue of the company's equity shares to Larsen and
Toubro.

The members gave their nods during an Extraordinary General
Meeting held on Dec. 29, 2006.

The members have also accorded their approval for the increase
in the authorized capital from INR30 crore to INR100 crore and
fixing a cap of 26% for the total shareholding of the bank's
shares by foreign entities including Non-Resident Indians.

The issuance is still subject to the Reserve Bank of India's
approval.

City Union Bank Limited -- http://cityunionbank.com/-- provides
savings accounts, current accounts, fixed deposits, cash
certificates, monthly savings, VIP deposit schemes, Flexifix
deposits, CUB Smart deposits and the insurance linked Multiple
Benefits Plan.

As reported in the Troubled Company Reporter - Asia Pacific on
August 8, 2006, Fitch Ratings affirmed City Union's Individual
and Support ratings at 'D/E' and '5', respectively.


COLFAX CORP: S&P Affirms BB- Ratings & Gives Stable Outlook
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Colfax
Corp. to stable from positive.  At the same time, Standard &
Poor's affirmed the 'BB-' corporate credit and secured bank loan
ratings.

"The outlook revision follows Colfax's announcement of its
planned acquisition of Lubrication Systems Company and resulting
debt leverage that exceeds our expectations required for a
higher rating," said Robert Wilson Standard & Poor's credit
analyst.  The meaningful debt increase from the proposed
acquisition results in a financial profile commensurate with the
current rating.

The ratings on Richmond, Virginia-based Colfax, a leading
marketer and manufacturer of pump products to the oil and gas
and power generation industries, among others, reflect the
company's weak business profile.  Also, the company's financial
policy remains aggressive.  Colfax is expected to continue to
invest in its fluid-handling segment, where it maintains leading
niche positions, albeit in mature markets.

Colfax has operations in India, Germany and France.


ICICI BANK: Sangli Employees Protest Merger
-------------------------------------------
Officers and employees of Sangli Bank will observe full strike
this January to protest the proposed merger of Sangli Bank with
ICICI Bank Ltd, The Financial Express reports.

According to the report, the strike will be supported by the All
India Banks' Employees Association.  The association will also
hold protest meetings on January 18 and 19 at all the bank
branches in state capitals.

A general body meeting will be held on the merger issue on
Jan. 15, the newspaper adds.

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 12, 2006, ICICI Bank's board of directors approved the
amalgamation with Sangli Bank.  ICICI Bank's members will
consider the approval of the merger at an Extraordinary General
Meeting on Jan. 20.

Headquartered in Mumbai, India, ICICI Bank Limited --
http://www.icicibank.com/-- is a financial services group  
providing a variety of banking and financial services, including
project and corporate finance, working capital finance, venture
capital finance, investment banking, treasury products and
services, retail banking, broking and insurance.  It also has
interests in the software development, software services and
business process outsourcing businesses.  The Company's
operations have been classified into three segments: Commercial
Banking, Investment Banking and Others.  It has subsidiaries in
the United Kingdom, Canada and Russia, branches in Singapore and
Bahrain, and representative offices in the United States, China,
United Arab Emirates, Bangladesh and South Africa.

                          *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

On Aug. 15, 2006, Standard & Poor's assigned its 'BB-' rating to
the hybrid Tier-1 securities to be issued by ICICI Bank Ltd.  On
Oct. 16, S&P assigned its 'BB+' issue rating to its senior
unsecured, five-year, fixed-rate U.S. dollar notes.


VISTEON CORP: Names Two Chief Officers to Board of Directors
------------------------------------------------------------
Visteon Corp. elected Richard J. Taggart, executive
vice president and chief financial officer for Weyerhaeuser Co,
and Donald J. Stebbins, Visteon president and chief operating
officer, to the company's board of directors, effective
Dec. 15, 2006.

Mr. Taggart has spent nearly 30 years in positions of increasing
responsibility at Weyerhaeuser, North America's largest forest
products company with 2005 revenue of US$22.6 billion.  Mr.
Taggart was named to his current position at Weyerhaeuser in
2003 after serving as vice president, finance; vice president
and treasurer; and vice president, investor relations.

"Richard Taggart is an insightful business leader with strong
financial knowledge and background," said Michael F. Johnston,
Visteon chairman and chief executive officer.  "He will bring a
wealth of experience to serve our shareholders well."

Mr. Stebbins brings more than 20 years business experience in a
number of financial and operational roles.  He joined Visteon in
2005 from Lear Corp., where he last served as president and
chief operating officer of the company's operations in Europe,
Asia and Africa.  During his tenure at Lear, Mr. Stebbins
progressed through a variety of senior leadership roles,
including serving as senior vice president and chief financial
officer.

"Don's solid understanding of the business dynamics that Visteon
must address to succeed has led to significant improvements in
our operations," Mr. Johnston said.  "He will add valuable
perspective to the board as we continue to execute our three-
year plan to position Visteon for sustainable success."

Visteon also disclosed that Marla C. Gottschalk will be stepping
down from the board.  Ms. Gottschalk, chief executive officer of
The Pampered Chef, Inc., has been a Visteon director since March
2003.

"Marla has been a valued member of our board, and Visteon has
benefited from her contributions," Johnston said.

As Visteon's board of directors continues to evaluate its
composition, it expects to increase its size to accommodate
another addition to the board in 2007.

Headquartered in Van Buren Township, Michigan, Visteon
Corporation (NYSE: VC) -- http://www.visteon.com/-- is a global  
automotive supplier that designs, engineers and manufactures
innovative climate, interior, electronic and lighting products
for vehicle manufacturers, and also provides a range of products
and services to aftermarket customers.  With corporate offices
in the Michigan (U.S.); Shanghai, China; and Kerpen, Germany;
the company has more than 170 facilities in 24 countries and
employs approximately 50,000 people.

With approximately 2,200 employees, Visteon has a significant
presence in India in electronics, climate (car air conditioning
and engine cooling systems), interior (instrument panel and door
trims), rotating electronics and lighting systems.  Visteon
facilities in India include:

   *  Climate Systems India Limited,
   *  Visteon Automotive Systems India Private Ltd.
   *  Visteon Automotive Systems India Private Ltd.
   *  Visteon Powertrain Control Systems India Private Ltd.
   *  TATA Visteon Automotive Private Ltd.
   *  TACO Visteon Engineering Private Ltd.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Dec. 4,
2006, that Fitch Ratings rates the amended senior secured bank
debt announced by Visteon Corp. B/RR1.  The Issuer Default
Rating remains at CCC, and the senior unsecured rating remains
at CCC-/RR5.  The Rating Outlook is Negative.  

Standard & Poor's Ratings Services has lowered its long-term
corporate credit rating on Visteon Corp. to 'B' from 'B+' and
its short-term rating to 'B-3' from 'B-2'.  These actions stem
from the company's weaker-than-expected earnings and cash flow
generation, caused by vehicle production cuts, inefficiencies at
several plant locations, sharply lower aftermarket product
sales, continued pressure from high raw material costs, and
several unusual items that will impact 2006 results.


VNESHTORGBANK JSC: Arranges US$30-Mln Loan for TAS-Kommerzbank
--------------------------------------------------------------
Vneshtorgbank JSC, Standard Bank Plc, HSBC Bank plc and Anglo-
Romanian Bank Limited, in their capacity as the Mandated Lead
Arrangers, and a consortium of lenders have signed into a
US$36-million Syndicated term loan facility for JSCB TAS-
Kommerzbank.

The loan bears a margin of 2.90% p.a. and has maturity of 364
days.

Ten banks have joined the Facility:

   -- Arranger: Alpha Bank A.E.

   -- Co-Arrangers

         -- Zuercher Kantonalbank,
         -- Banco Internacional do Funchal S.A.,
         -- Bank Austria Creditanstalt AG

   -- Lead Managers

         -- Atlantic Forfaitierungs AG; Banque BIA,
         -- International Moscow Bank,
         -- Finansbank (Holland) N.V.
         -- Icebank,
         -- JSC Trasta Komercbanka, and
         -- Export-Import Bank of the Republic of China.

                       About Vneshtorgbank

Headquartered in Moscow, Russia, JSC Vneshtorgbank --
http://www.vtb.ru/-- and its subsidiaries offers a wide range  
of banking services and conducting operations in both Russian
and international markets.

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

                          *     *     *

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

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


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

AVNET INC: Elects Four New Corporate Officers
---------------------------------------------
Avnet, Inc., named four new corporate officers.  Steve Phillips,
chief information officer; Stephen Wong, president, Avnet
Electronics Marketing Asia; and Neil Taylor, deputy general
counsel, have all been elected as corporate vice presidents for
Avnet.  In addition, Jun Li, associate general counsel, was
elected assistant secretary.

"The promotion to corporate officer recognizes the contribution
these executives have made to the success of Avnet," said Roy
Vallee, Avnet Chairman and CEO.  "Each person has demonstrated a
commitment to achieving superior performance in their respective
area of responsibility and I commend them for their dedication."

Mr. Phillips serves as a member of the Avnet Executive Board and
is responsible for the strategic direction and day-to-day
operations of Avnet's IT systems.  Mr. Phillips came to Avnet
with the 2005 acquisition of Memec, where he had served as
senior vice president and chief information officer since 2004.
Prior to joining Memec, he served in a variety of IT leadership
roles for Gateway Computer, Diageo, and Thorn EMI.  He reports
to Avnet's Chief Operating Officer Rick Hamada.

Mr. Wong was appointed president of Avnet Electronics Marketing
Asia in March 2005, joining Avnet after nearly three decades
with Freescale/Motorola Semiconductor.  He is responsible for
Avnet's components distribution operations in the region, a
business that produces well over US$2 billion in annual
revenues.  He reports to Harley Feldberg, global president of
Avnet Electronics Marketing and is based in Avnet's Singapore
headquarters.

Mr. Taylor serves as deputy general counsel and chief ethics and
compliance officer for Avnet.  His responsibilities include
legal support for Avnet's two operating groups in Europe, the
Middle East and Africa and oversight of global litigation and
compliance.  He joined Avnet in July 1997 as associate general
counsel.  He reports to David Birk, general counsel, and is
based in Brussels, Belgium.

Mr. Li is associate general counsel and joined Avnet in April
2005.  His responsibilities include providing counsel on
securities law, capital market transactions and corporate
governance.  Prior to Avnet, Mr. Li was an associate with Bryan
Cave LLP.  He also reports to Mr. Birk.

Avnet, Inc., headquartered in Phoenix, Arizona, is one of the  
largest worldwide distributors of electronic components and  
computer products, primarily for industrial customers.  Revenues  
for the fiscal year ended July 1, 2006 were US$14.3 billion.  It  
has operations in these Asia-Pacific countries: Indonesia,  
Australia, China, Hong Kong, India, Japan, Malaysia, New  
Zealand, Philippines and Singapore.

The Troubled Company Reporter - Asia Pacific reported on  
November 6, 2006, that in connection with Moody's Investors  
Service's implementation of its new Probability-of-Default and  
Loss-Given-Default rating methodology for the U.S. technology  
semiconductor and distributor sector, the rating agency affirmed  
its Ba1 corporate family rating on Avnet, Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$400MM 8.00% Sr.
   Unsecured Notes
   due 2006               Ba1      Ba1     LGD3        49%

   US$250MM 6.00% Sr.
   Unsecured Notes
   due 2015               Ba1      Ba1     LGD3        49%

   US$300MM 6.625% Sr.
   Unsecured Notes
   due 2016               Ba1      Ba1     LGD3        49%

   US$300MM 2.00%
   Convertible Sr.
   Debentures due 2034    Ba1      Ba1     LGD3        49%

   Shelf - Sr.
   Unsecured            (P)Ba1    (P)Ba1   LGD3        49%

   Shelf - Subor.       (P)Ba2    (P)Ba2   LGD6        97%


BANK NISP: Targets 20%-25% Outstanding Loans Increase in 2007
-------------------------------------------------------------
PT Bank NISP Tbk aims to increase its outstanding loans by 20%
to 25% this year, Reuters News reports.

Reuters cites Bank NISP President-Director Pramukti Surjaudaja
as saying that in 2007, they are hoping to expand their loans by
around 20% to 25%, and to see their net profit grow by 20% to
25%.

Mr. Surjaudaja also said that they do not have a specific
corporate action plan.  With a capital adequacy ratio of 18%, he
believes it is still enough to meet their needs for expansion
this year, Reuters relates.

The report recounts that the bank had said it aims for 30%
growth in its business each year until 2010.

Bank NISP, with a market capitalization of US$473.3 million, is
also aiming to increase its capital base to IDR10 trillion from
under IDR3 trillion to meet a central bank requirement to
qualify as a national bank, Reuters relates.

PT Bank NISP Tbk -- http://www.banknisp.com/english/index.html
-- categorizes its products into two groups: Funding, which
consists of savings and deposits, and Lending, consisting of
working capital loans, investment loans and consumer loans. In
addition, the bank has three service categories: Individual,
Corporate and Others. As of January 18, 2006, the bank has 29
branch offices, 101 representative offices and 26 cash offices
throughout the country.  The Bank is headquartered in Jakarta,
Indonesia.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
December 15, 2006, that Fitch Ratings has affirmed all these
ratings of Bank NISP:

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

   -- Long-term local currency IDRs at 'BB-';

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

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

   -- Individual rating at 'C/D';

   -- Support rating at '3'; and

   -- subordinated notes at 'B+'.


GOODYEAR TIRES: To Stop Tire Production at Quebec Plant
-------------------------------------------------------
Goodyear Tire & Rubber Co. said that it would stop tire
production at its facility in Valleyfield, Quebec, and reduce
its workforce from 1,000 to 200, Advantage Business Media
reports

According to the report, Goodyear's Quebec facility will be
transformed into a materials mixing center, with most of the
transition being completed by the end of the second quarter of
2007.

ABM notes that president of Goodyear's North American tire
business, Jon Rich, said that in today's intensely competitive
and increasingly global business environment, they face some
very difficult choices and the decision to discontinue tire
production at Valleyfield is one of those steps to make Goodyear
more competitive.  Mr. Rich clarified, however, that this
decision does not reflect their Valleyfield associates'
commitment or performance.

By ceasing tire production at the facility, the company will
reduce its high-cost tire manufacturing by 7 million units,
bringing the total reductions under Goodyear's four-point cost
savings plan to 21 million units, the report explains.

The report further points out that the company had set a 15-
million to 20-million unit targets by 2008.  Under the four-
point plan, the company hopes to reduce costs by US$100 million
to US$150 million.

Previously announced closings have already brought the company
US$125 million in annual savings, ABM adds.

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest  
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  It has marketing operations in almost every country
around the world, including Australia, China, India, Indonesia,
Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan,
and Thailand.  Goodyear employs more than 80,000 people
worldwide.  The company's Asia Pacific headquarters is in
Shanghai, China.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
November 22, 2006, that Fitch Ratings assigned debt and Recovery
Ratings of CCC+/RR6 to US$1 billion of new private placement
notes issued by The Goodyear Tire and Rubber Company.  All
ratings remain on Rating Watch Negative.

The TCR-AP also stated on Nov. 22, that Standard & Poor's
Ratings Services assigned its 'B-' ratings to Goodyear Tire's
US$500 million floating rate senior notes due 2009 and its
US$500 million fixed rate senior notes due 2011, and placed the
ratings on CreditWatch with negative implications.

Moody's Investors Service assigned a B2, LGD4, 63% rating to
Goodyear Tire's new US$1 billion offering of unsecured notes.


PERUSAHAAN LISTRIK: To Sell Shares in Subsidiaries Via IPO
----------------------------------------------------------
PT Perusahaan Listrik Negara will sell shares in its three
subsidiaries -- PT Indonesia Power, PT Indonesia Comnet Plus,
and PT Pembangkitan Jawa Bali -- through an initial public
offering, Antara News reports.

According to the report, a PLN shareholders general meeting
chaired by the deputy state minister of state enterprises for
mining, energy and strategic industries, Roes Aryawijaya, made
the decision on January 4.

Antara notes that in the meeting, it was decided that the sale
of Indonesia Power's, Indonesia Comnet's, and PJB's shares will
be carried out in 2007, 2008, and 2009, respectively.

However, sources attending the meeting said that PLN has yet to
decide on how many shares of each of the three subsidiaries will
be sold to the public.  The firms, the report relates, would be
discussing the details.

Indonesia Power's President Director, Abimanyu Suyoso, said that
his party was ready to carry out results of the meeting since
last year, Antara notes.

The report recounts that the shareholders meeting in 2006 had
decided to hold the IPO of Indonesia Power last year.  However,
the IPO was cancelled because the firm needed to draw up a new
business plan following the fast-track construction of the
10,000 MW power plants.

Indonesia Power and PJB are both into power plants while
Indonesia Comnet is engaged in telecommunication, Antara points
out.

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'
wholly owned subsidiary, Majapahit Holding B.V.


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

NIKKO CORDIAL: Fined JPY500MM by FSA for Accounting Violations
--------------------------------------------------------------
The Financial Services Agency has fined Nikko Cordial Corp.
JPY500 million for violating accounting rules, The Japan Times
reports, citing The Associated Press.

The Times relates that the fine amount imposed on Nikko Cordial
is the biggest penalty ever levied by the FSA.  The report says
that the fine was imposed by the financial watchdog on the
recommendation made by the Securities and Exchange Surveillance
Commission in December.

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

On Dec. 18, Nikko Cordial admitted to the falsification of its
fiscal 2004 financial report and said it would revise the
figures and reissue the report by Jan. 15.  Nikko Cordial
initially reported a consolidated pretax profit of
JPY77.7 billion and a net profit of JPY46.9 billion between
April 2004 and March 2005, but said it would revise the figures
to JPY58.8 billion in pretax profit and JPY35.1 billion in net
profit, the TCR-AP report states.

A subsequent TCR-AP report on Jan. 3, 2007, stated that Nikko
Cordial announced that the release of its corrected group
earnings report for financial year 2004 will be
delayed until Feb. 28, 2007, because it has changed auditors.

The Times points out that the revision led the SESC to recommend
that the FSA take disciplinary action against the company,
including the JPY500-million fine.

Nikko Cordial has to pay the fine by March 6, 2007, The Times
cites the FSA as saying in a statement last week.

                About Nikko Cordial Corporation

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

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

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


SOJITZ CORP: Capital Improvement Keeps S&P Rating on CreditWatch
----------------------------------------------------------------
Standard & Poor's Ratings Services said its 'BB' long-term
corporate credit rating on Sojitz Corp. remains on CreditWatch
with positive implications.  The ratings were placed on
CreditWatch on April 28, 2006, on expectations that Sojitz's
capital quality would improve rapidly following the company's
announcement of a capital restructuring plan to issue
JPY300 billion in convertible bonds and buy back preferred stock
worth JPY560.4 billion.

The long-term corporate credit rating on Sojitz was raised one
notch to 'BB' on Sept. 29, 2006, reflecting the company's
improved capital quality from the conversion of JPY100 billion
of its CB into common shares as of Sept. 21, 2006, and better
balance between asset risk volume against capitalization and
profitability.

However, the pace of CB conversion has been decelerating since
the end of September 2006, and Sojitz had converted a total of
only JPY125 billion of its bonds as of Dec. 26, 2006.  The
company's stock price has dropped considerably due to the CB
issuance level to JPY363 per share at the close of Jan. 4, 2006,
which is close to the conversion price floor of JPY341.3.
Although Sojitz's underlying performance is solid, and it
recorded its highest net profit ever as of Sept. 30, 2006, if
the stock price falls below the conversion price floor and
remains low for some time, underwriters may exercise their put
options and request early redemption of the CB.  Standard &
Poor's has taken into account factors such as this that could
impair the effectiveness of the plan, and we will resolve the
CreditWatch listing after examining the progress of the
conversion as well as market conditions.  In incorporating the
capital restructuring scheme, an upgrade is expected to be
limited to one notch.

The rating on the long-term senior bonds issued by the company
is rated 'BBB-', two notches higher than the long-term issuer
rating on the company, reflecting the assumption that
bondholders would incur no losses from a default, as Standard &
Poor's believes there is a probability that any default by the
company would take the form of a loan waiver, rather than
bankruptcy.

This rating takes into consideration the company's business
profile, reliance on bank borrowings, and relationships with its
main creditor banks.


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

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

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

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

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

                          *     *     *

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

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

                          *     *     *

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


LG CARD: Shinhan to Pay KRW6.7 Billion for Majority Stake
---------------------------------------------------------
Shinhan Financial Group will pay KRW6.68 trillion (US$7.19
billion) for a majority stake in LG Card, setting the same price
for shares held by both creditors and minority shareholders,
Reuters reports, citing a regulatory filing by Shinhan with the
Korea Exchange.

In the filing, Shinhan disclosed that it will purchase 78.6%
stake in LG Card at KRW67,770 per share in a public tender by
February or March.  

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 14, Shinhan in a preliminary pact agreed with LG Card's
creditors to pay US$5.6 billion for a 61% stake in the credit
card company.

That price, according to Reuters, excluded the value of a 7.1%
stake already owned by a Shinhan group unit and a 17.6% stake
held by minority shareholders.

                     About LG Card Co.

Headquartered in Seoul Korea, LG Card Co. --
http://www.lgcard.com/-- provides installment finance services
and credit card, as well as leasing services to credit worthy
companies while acquiring valuable assets from merchant banks
and leasing firms.  LG Card also finances families wishing to
purchase big ticket items such as automobiles, appliances and
computers.

At the end of October 2003, LG Card had KRW3.24 trillion more
debt than assets and had faced threats of liquidity crisis and
court receivership.  LG Card has been in the hands of creditors
since it was rescued from bankruptcy through a KRW5-trillion
(US$4.78 billion) debt-for-equity swap and a further KRW1-
trillion bailout in late 2004.  Creditors are hoping to
recover the bailout amount through a sale of the credit card
issuer.


LG TELECOM: Information Ministry Approves EVDO rA Service
---------------------------------------------------------
Korea's Information Ministry gave LG Telecom Ltd the go signal
to begin an EVDO rA service on the existing 1.8 GHz band, The
Korea Herald reports.

"EVDO rA is a more advanced wireless technology than the
synchronous-mode IMT2000 1x EVDO," the Korean newspaper
explains.  "Along with the high-speed downlink packet access or
HSDPA, this 3.5G mobile telephony network is expected to
function as a bridge between the 3G CDMA2000 and a 4G network."

With the approval, LG Telecom's subscribers will be able to
transmit data faster than the existing third-generation network,
the newspaper quotes an LG public-relations official as saying.

LG Telecom plans to start putting up EVDO rA networks soon,
hoping to gain advantage over competitors.  The service will
probably start late this year, the newspaper says.

The paper recalls that early 2006, LG Telecom was stripped of
its license for a synchronous-mode 3G wireless services on the 2
GHz frequency bandwidth because it failed for the second time to
meet the deadline to launch the service.  Its former chief
executive Nam Yong resigned thereafter, and the company paid
nearly 100 billion won for holding the rights to the 2 GHz
bandwidth during the last four years, the paper adds.

Headquartered in Kangnam-gu, Seoul, South Korea, LG Telecom Ltd.
-- http://www.lgtelecom.com/-- is a telecommunications and   
mobile phone operator controlled by the LG Group, one of the
country's largest chaebol.  It is Korea's smallest wireless
operator. LG Telecom became one of the first companies to launch
a commercial 3G service using PCS technology.  In 1997, this was
followed up by launching the second PCS network, offering
greatly increased data transmission speeds.  LG Telecom also
offers a variety of internet services. BankOn is one of the most
popular mobile banking services in South Korea and Musicon is a
popular instant messenger.

Moody's Investor Service gave LG Telecom a 'Ba2' Issuer Rating,
a 'Ba2' Long-Term Corporate Family Rating and a 'Ba2' Senior
Unsecured Rating.

Standard & Poor's Ratings Services gave LG Telecom 'BB+' Long-
Term Foreign Issuer Credit and Long-Term Local Issuer Credit
Ratings.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 14, 2006, Fitch Ratings upgraded LG Telecom Ltd's
foreign currency Issuer Default rating to 'BB+' from 'BB.'


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

MALAYSIA AIRLINES: Aims Higher On-Line Sales this Year
------------------------------------------------------
Malaysia Airlines is targeting MYR450 million worth of on-line
sales in 2007, the Xinhuanet News reports.

According to the airline's statement, its on-line booking
channel -- http://www.malaysiaairlines.com-- has become the  
preferred transaction channel among travelers.

Xinhuanet notes that last year, the airline recorded over MYR120
million of on-line sales as customers flock to its Web site,
driving monthly hits to reach an all-time high of 1.3 million,
far exceeding its 284,000 monthly hits in 2005.

Malaysia Airlines explained that the surge in on-line
transactions is attributed to its aggressive low fares
promotional activities and the introduction of its web-fares and
simplified booking processes last year.

On the airline's site, low airfares are available 342 days in
advance.  Customers who book their tickets via the Internet
generally pay lower airfares, the paper says.  Customers can
also make hotel reservations for any of MAS destinations
worldwide.

Xinhuanet notes that foreign transactions account for over 60%
of the sales while local bookings make up the rest.
    
"On-line transactions are the way to go especially as we move
towards electronic ticketing this year where physical tickets
will no longer be issued," MAS Commercial Director Rashid Khan
said.

                          *     *     *

Headquartered in Selangor, Malaysia, Malaysia Airlines --
http://www.malaysiaairlines.com/-- services domestic and  
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with our airline
partners.

The carrier made a loss after tax of MYR1.3 billion for fiscal
year 2005, due to high fuel and operating costs, and
unprofitable routes.  In late February 2006, it unveiled a
radical rescue plan to raise MYR4 billion to stay afloat and
return to profitability by 2007.  Under the restructuring plan,
the airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
whistle-blowing and stop corporate sponsorship.

On Nov. 30, 2006, the Troubled Company Reporter - Asia Pacific
reported that Malaysian Airline System Bhd posted third quarter
pre-tax profit of MYR256.676 million following a one-off gain of
MYR194 million from the sale of its headquarters in Kuala Lumpur
and compensation received from the government.

Group revenue during the three months ended September 30, 2006,
tops at MYR3.631 million, an 18% increase from MYR3.076 million
a year earlier.


TALAM CORP: 3rd Quarter 2006 Results Show MYR5.04-Mil. Net Loss
---------------------------------------------------------------
Talam Corporation Bhd posted a MYR5.04-million net loss on
MYR104.2 million in revenues it gained in the third quarter
ended Oct. 31, 2006, as compared with a net loss of MYR172.43
million on MYR57.78 million revenues it recorded in the same
quarter last year.

As of end-Oct. 2006, the company's balance sheet reflected
strained liquidity with current assets of MYR1.48 billion
available to pay current liabilities of MYR2.52 billion.  

Talam Corp.'s consolidated balance sheet as of Oct. 31, 2006,
showed total assets of MYR3.09 billion and MYR2.76 billion in
liabilities.  Shareholders' equity in the company totaled
MYR326.38 million.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad is principally engaged in property development.  Its
other activities include trading building materials,
manufacturing of ready mixed concrete, provision for higher
educational programs, development and management of hotel, golf
and country club horticulturists, agriculturists and landscaping
designers and contractors and investment holding.  Operations of
the group are carried out in Malaysia and China.

The Troubled Company Reporter - Asia Pacific reported on Sept.
11, 2006, that based on the Audited Financial Statements of
Talam Corp. for the financial year ended January 31, 2006, the
Auditors Ernst & Young were unable to express their opinion on
the Company's Audited Accounts.  As such, the Company is an
affected listed issuer of the Amended Practice Note 17 category.  
In accordance with PN 17, the company is required to submit and
implement a plan to regularize its financial condition within
eight months from September 1, 2006.

As of Oct. 31, 2006, the company's balance sheet reflected
strained liquidity with current assets of MYR1.48 billion
available to pay current liabilities of MYR2.52 billion.  


SBBS CONSORTIUM: Faces Securities Delisting from Bursa's List
-------------------------------------------------------------
The Bursa Malaysia Securities Bhd informed SBBS Consortium Bhd
on its decision to delist the company's securities from the
bourse's official list on Jan. 10, 2007.

According to the bourse, it has decided to delist the company's
securities after it has failed to issue its annual audited
accounts for the financial year ended Dec. 31, 2005, within the
timeframe stipulated by Bursa Securities in the Listing
Requirements and more than six months have lapsed from the
expiry of the stipulated timeframe and 2005 financials has still
not been issued.  

SBBS Consortium appealed the bourse's decision.  Accordingly,
the delisting was deferred pending Bursa's decision on the
appeal.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, SBBS Consortium Berhad
is engaged in the trade, manufacture and sale of molded and sawn
timber and other wood-based products.  Its other activity is
investment holding.

Due to its inability to service loan facilities, the company had
entered into various negotiations with its bank creditors, and
in order to ensure that these creditors are treated on a pari
passu basis, the company had ceased making repayments to its
bank creditors on an ad-hoc basis.  As a consequence of this
treatment, its bank creditors have taken various measures to
recover their outstanding loans.  

Negotiations between the company and its bank creditors are
nonetheless, still continuing.  The company is considering
various sources of new business and funds to address its
financial position, and had on June 24, 2005, appointed Covenant
Equity Consulting Sdn Bhd to advise on its options.  Currently,
the company is working to implement corporate rehabilitation
exercises to turn its business around.  On May 9, 2006, SBBS
acknowledged that it belongs to Bursa Malaysia Securities
Berhad's Practice Note 17/2005 category because it is insolvent
by virtue of the wind-up order granted by the Kuala Lumpur High
Court on March 29, 2006.


SELOGA HOLDINGS: Plans to Buy Infra's Full Equity Interest
---------------------------------------------------------
Seloga Holdings Bhd entered into a conditional share sale
purchase agreement to acquire the entire equity interest in
Infra Expert Development Sdn Bhd comprising 5,000,000 ordinary
shares at MYR1.00 each.


The agreement was entered with:

    a. Anwar Bin Mamood
    b. Syed Amir Abidin Jamalullail
    c. Dato' Badarudin Bin Khalid
    d. Syed Budriz Putra Jamalullail

The salient terms of the SPA include:

a. SHB will acquire the Sale Shares from the Vendors free from
   all liens, charges and other encumbrances whatsoever but with
   all rights attached from the date of completion of the SPA
   and subject to the terms and conditions of the SPA; and

b. The purchase consideration for the Proposed Acquisition of
   MYR1.00 will be payable in cash by SHB on the Completion
   Date to one of the Vendors as jointly nominated by all the
   Vendors.

These conditions precedent will be fulfilled within a month, or
a longer period as may be mutually extended between SHB and the
Vendors, from the date of the SPA:

   -- the Vendors delivering to SHB, written confirmation
waiving
      any preemptive rights they have, if any, over the Sale
     Shares or any part thereof;

   -- the approval of the Foreign Investment Committee on terms
      acceptable to SHB; and

   -- the consent of parties with whom IED has contractual
      relationships, as the case maybe, to perform the
      obligations contained in the SPA and to consummate the
      transactions contemplated in the SPA, where necessary.

                    Liabilities to be Assumed

Save for the liabilities of IED as recorded in the audited
balance sheet as at Dec. 31, 2005, and liabilities incurred in
the ordinary course of business subsequent to Dec. 31, 2005,
there are no other liabilities of IED to be assumed by SHB
pursuant to the Proposed Acquisition.

On the completion of the Proposed Acquisition, SHB will not
assume any contingent liabilities and guarantees incurred or
known to be incurred by IED as at Dec. 27, 2006, which may have
a substantial impact on the result or the financial position of
the SHB group of companies.

                          *     *     *

Headquartered in Selangor Darul Ehsan, Malaysia, Seloga Holdings
Berhad's -- http://www.seloga.com.my/-- principal activities  
are the provision of civil engineering contracting services,
property development, provision of insurance agency services and
investment holding.  Other activities include mechanical and
electrical engineering contracting services and manufacture of
timber moldings.  The Group operates predominantly in Malaysia.

The company's consolidated balance sheet as of September 30,
2006, showed current assets at MYR103.43 million and current
liabilities at MYR87.48 million.

Seloga's total assets as of September 30, 2006, reached MYR141
million while its total liabilities amounted to MYR112.38
million.  Shareholders' equity in the company totaled MYR27.71
million.

The company is currently classified under the PN-17 list of
Companies under the Bursa Malaysia Securities Bhd.


SMART MODULAR: Earns US$14.6 Million in First Qtr Ended Nov. 30
---------------------------------------------------------------
SMART Modular Technologies (WWH) Inc. filed its financial
statements for the first fiscal quarter ended Nov. 30, 2006,
with the Securities and Exchange Commission on Dec. 22, 2006.

GAAP net income for the first quarter of fiscal 2007 was US$14.6
million, compared to net income of US$15.7 million for the
fourth quarter of fiscal 2006, and US$9.3 million for the first
quarter of fiscal 2006.

Net sales for the first quarter of fiscal 2007 were US$237.2
million, up 20% compared to US$197.0 million for the fourth
quarter of fiscal 2006, and up 50% compared to US$158.3 million
for the first quarter of fiscal 2006.

Gross profit for the first quarter of fiscal 2007 was US$37.9
million, up 13% compared to US$33.5 million for the fourth
quarter of fiscal 2006, and up 24% compared to US$30.6 million
for the first quarter of fiscal 2006.  

SMART ended the first quarter of fiscal 2007 with US$94 million
in cash and cash equivalents.

"We are pleased to deliver results that exceeded the high end of
our revised guidance as we continue our track record of
profitable growth," Iain MacKenzie, president and chief
executive officer, stated.  "Our value-add customer application
focus has continued to bring us success in leveraging our
strengths as the largest independent OEM focused manufacturer of
electronic subsystems.  Additionally, we have made progress in
our revenue diversification strategy with another key design win
in our embedded and display group.  We believe that this design
win, in conjunction with a number of requests for evaluation
samples of our XceedPC and XceedNP product families should fuel
the growth of our non-memory businesses as we broaden our
product offerings and expand into the high growth Embedded and
Display markets."

At Nov. 30, 2006, the company's balance sheet showed US$466.7
million in total assets, $303.6 million in total liabilities,
and US$163 million in total stockholders' equity.

Fremont, Calif.-based SMART Modular Technologies (WWH), Inc.
(Nasdaq: SMOD) -- http://www.smartm.com/-- is a holding company  
that is incorporated in the Cayman Islands.  The company,
through its subsidiaries, is an independent manufacturer of
memory modules, embedded computing subsystems, and TFT-LCD
display products for use in a variety of electronics systems,
including computers and storage devices, networking and
communications equipment, industrial products, and others.  

The company has design centers in California South Korea and
Massachusetts.  Its manufacturing facilities are located in
California, Malaysia, Brazil, Dominican Republic and Puerto
Rico.

Solectron Corp. owned SMART Modular between 1999 and 2004.  The
business was later spun out of Solectron in April 2004 to
private equity investors and management.


                           *     *     *

Moody's Investors Service assigned B2 rating to SMART Modular
Technologies (WWH), Inc.'s US$125 million senior secured second
lien notes due 2012 issued under Rule 144A.

Standard & Poor's Ratings Services assigned its 'B+' corporate
credit rating to Fremont, California-based SMART Modular
Technologies (WWH), Inc.


TENGGARA OIL: Posts MYR2.43-Million Net Loss in Third Qtr. 2006
---------------------------------------------------------------
Tenggara Oil Bhd recorded MYR2.43 million in net losses on
MYR1.26 million revenues gained in the third quarter ended Oct.
31, 2006, as compared with MYR1.91 million net loss on MYR7.17
million revenues posted in the same quarter the previous year.

The company's consolidated balance sheet as of end-Oct. 2006,
showed strained liquidity with current assets of MYR12.04
million available to pay MYR46.36 million current liabilities.

As of Oct. 31, 2006, Tenggara's balance sheet showed total
assets of MYR52.48 million and total liabilities of the same
amount, thus resulting to shareholders' equity of MYR0.

                          *     *     *

Tenggara Oil Berhad is undertaking a divestment and
restructuring exercise, which will reposition it as a service-
oriented and trading group from its current resource-based
businesses.  Current businesses include investment holding,
supply of ready mixed concrete, property holding, management and
construction.  As part of a corporate revamp exercise, the
Company has repositioned itself in the oil and gas business,
which will be its core business.  The Company is headquartered
in Kuala Lumpur, Malaysia.

Tenggara is in the process of formulating a debt-restructuring
scheme with relevant parties.

The company's consolidated balance sheet as of Oct. 31, 2006,
showed strained liquidity with current assets of MYR12.04
million available to pay MYR46.36 million current liabilities.  
The balance sheet also showed total assets of MYR52.48 million
and total liabilities of the same amount, resulting to
shareholders' equity of MYR0.


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

GARDENLEA FOODS: Creditors' Proofs of Debt Due on Jan. 11
---------------------------------------------------------
On Dec. 18, 2006, Gardenlea Foods Ltd commenced liquidation and
appointed Edward Christian Jansen and Brian Joseph Walshe as its
liquidators.

Accordingly, Messrs. Jansen and Walshe fixed Jan. 11, 2007, as
the last day for receiving proofs of debt from the company's
creditors.

The Joint and Several Liquidators can be reached at:

         Edward Christian Jansen
         Brian Joseph Walshe
         P.O. Box 30-568, Lower Hutt
         New Zealand
         Telephone:(04) 569 9069


MID ISLAND: Appoints Anthony Charles Harris as Liquidator
---------------------------------------------------------
Mid Island Transport Ltd., commenced liquidation proceedings on
Dec. 11, 2006.

Accordingly, creditors are required to submit proofs of debt by
Feb. 28, 2007.

Failure to comply with the requirement will exclude a creditor
from sharing in the company's distribution of dividend.

The Liquidator can be reached at:

         Anthony Charles Harris
         Harris Neil & Associates Limited
         P.O. Box 14-216, Tauranga
         New Zealand


MINI (WELLINGTON): Creditors Must Prove Debts by Jan. 10
--------------------------------------------------------
The shareholders of Mini (Wellington) Ltd. agreed on Dec. 13,
2006, to voluntarily wind up the company's operations.

Accordingly, Liquidator Peter Carroll Morpeth requires the
company's creditors to file their proofs of debt by Jan. 10,
2007.

Mr. Morpeth can be reached at:

         Peter Carroll Morpeth
         94 Dixon Street, Wellington
         New Zealand
         Telephone:(04) 385 8893
         Facsimile:(04) 385 8899


RICHFIELDS MANAGEMENT: Proofs of Debt Due on Jan. 31
----------------------------------------------------
Arron Leslie Heath and Michael Lamacraft were appointed as
liquidators of Richfields Management Ltd.

Accordingly, the liquidators fixed Jan. 31, 2007, as the last
day for receiving proofs of debt from the company's creditors.

The Liquidators can be reached at:

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


W LOGGING: Commences Liquidation Proceedings
--------------------------------------------
W Logging Ltd. commenced a liquidation of its business on
Dec. 11, 2006.

Accordingly, Liquidator Anthony Harris will be receiving proofs
of debt from the company's creditors until Feb. 28, 2007.

Mr. Harris can be reached at:

         Anthony Harris
         Harris Neil & Associates Limited
         Level Two, 181 Devonport Road
         P.O. Box 14-216, Tauranga
         New Zealand
         Telephone:(07) 571 6384


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

IPVG CORP: Sept. 30 Capital Deficit Stands at PHP40.40 Million
--------------------------------------------------------------
In a quarterly disclosure filed with the Philippine Stock
Exchange, IPVG Corporation reported total consolidated revenues
of PHP146.7 million for the first nine months of 2006, an
increase of PHP1.367 million or 1,372% from the PHP9.98 million
in revenues recorded in the same period in 2005.

This is due to continuing increase in revenue contribution of
both the company's data center business, which contributed 68%
of total revenues reported, and its online games business, which
contributed 32% of the total revenues reported.  (Comparatively,
the ratio in the previous period was 85% to 15% in favor of it
data center business.)

Cost of services stood at PHP84.95 million resulting in a gross
profit of PHP48.35 million or a gross margin of 32.95%.

The total consolidated expenses for the nine months ending
September 30, 2006, amounted to PHP89.71 million, an increase of
PHP67.86 million or 310% from the figure reported in the same
period in 2005.  This is because:  

   * Salaries and benefits increased by 272% due to the increase
     in employees from 51 in 2005 to 126 in 2006.  A number of
     senior executives also joined the company to spearhead the
     different business units of the company.  Salaries expenses
     constitute 28.85% of the total expenses of the group.

   * Advertising and Promotions increased the most, by 35,993%
     due to the increased activity in promoting the company's
     online games business. As in the first two quarters, IP
     Egames launched a series of events, promotions in the
     Internet cafes, press releases, and other marketing
     activities, with the objective of building our subscriber
     base and market share.

   * Transportation and Travel increased by 82% due to the
     increase in airfare, accommodation, and other travel
     related expenses incurred by both business units in pursuit
     of, and to maintain, the company's off-shore partnerships
     with PCCW Hong Kong, IDT HK, Terra ICT and other foreign
     entities.

   * Rent and Dues increased by 27% due to the higher cost of
     office space and general occupancy costs at RCBC Plaza.

   * Professional Fees increased by 327% due to the increase in
     legal, technical, stock transfer, and listing fees
     combined.

   * Communication expenses which relate to non-network expenses
     such as mobile calls, trunk line charges, internet hosting
     and services decreased by 45% due to the re-classification
     of communications cost as direct expenses to the Data
     Center business.

   * Supplies and other office expenses increased by 632% due to
     increased business activity.

   * Taxes and Licenses increased by 52% due to the increase in
     business licenses, taxes and fees associated with
     incorporating the company's different subsidiaries.

   * Repairs and Maintenance increased by 23%, as more network
     and other assets acquired from Reach in the data center
     were upgraded, and some computer equipment of IPVG and
     Egames were likewise repaired and upgraded.

   * Miscellaneous Expenses which include petty cash and other
     business expenses increased by 11%.

   * Depreciation and Amortization expenses increased by 808%
     due to higher level of capital assets, such as computer and
     network equipment, leasehold improvements on new office,
     and accelerated depreciation on leasehold improvements from
     vacated office, etc.

For the nine-month period ending September 30, 2006, the
company's loss from operations amounted to PHP41.37 million,
248% more than that of the previous corresponding period, giving
it a net loss of PHP51.52 million, a 369% increase from the
previous corresponding period.

As of September 30, 2006, IPVG's consolidated balance sheet
reveals that the company has a stockholders' equity deficit of
PHP40.40 million, on total assets of PHP214.45 million and total
liabilities of PHP260.93 million.  The deficit is 49% more than
the PHP27.04-million deficit recorded as of June 30, 2006.

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

IPVG Corporation -- http://www.ipvg.com/-- is engaged in the  
information technology and communications business with
interests in Information Technology and Telecommunications; On-
line Gaming; and Business Process Outsourcing.

IPVG reaches its customers through collaboration with
international corporations that have proven to be market leaders
in their respective geographic markets and industries.  Its
current partners include Fortune 1000 companies listed on the
New York Stock Exchange, such as Pacific Century Cyberworks Inc.
and IDT.  The Company can offer established product and
proprietary business knowledge to the Philippine market by
pairing each of its business subsidiaries with strategic
partners.

As of September 30, 2006, IPVG's consolidated balance sheet
reveals that the company has a stockholders' equity deficit of
PHP40.40 million, on total assets of PHP214.45 million and total
liabilities of PHP260.93 million.  The deficit is 49% more than
the PHP27.04-million deficit recorded as of June 30, 2006.


ISM COMMUNICATIONS: Sept. 30 Bal. Sheet Upside Down By PHP6.5MM
---------------------------------------------------------------
ISM Communications Corporation reported an interest income of
PHP1.97 million and PHP1.19 million for the nine-month periods
ended September 30, 2006, and Sept. 30, 2005, respectively.  
Interest income for the quarter ended Sept. 30, 2006, is
PHP285,783, and PHP475,733 for the same quarter in 2005.

The company incurred a net loss of PHP3.99 million in the 2006
nine-month period compared with a PHP4.15-million net loss in
the same period in 2005, due to foreign exchange loss in the
valuation of dollar denominated deposits and increase in
operating expenses.  For the 2006 third quarter, the company
posted a net income of PHP2.78 million, a turnaround from a net
loss of PHP1.58 million for the 2005 third quarter.

As of September 30, 2006, the Company's new line of business has
not started commercial operations; hence, it continued to incur
losses.

Due to its non-operational status, the Company uses the
following key performance indicators for 2006 and 2005:

   * Current ratio in 2006 was at 0.87:1 which is computed as
     current assets (PHP8,939,577) divided by current
     liabilities (PHP10,250,709).  For 2005, current ratio was
     133.66:1 computed as current assets (PHP105,172,709)
     divided by current liabilities (PHP786,841).

   * Debt ratio for 2006 was at 1.01:1 computed as total
     liabilities (PHP443,179,880) over total assets
     (PHP436,696,751), based on the assumption that the
     advances from investors are converted to equity.  The
     application for the increase in authorized capital stock is
     presently being processed by the SEC.  Approval from SEC is
     envisioned to be obtained in the latter part of the fourth
     quarter of 2006.  This will enable the Company to convert
     the advances from prospective investors into equity.  For
     2005, debt ratio was at 0.94:1 computed as total
     liabilities (PHP103,235,819) over total asset
     (PHP110,015,946).

   * The market to book ratios of the Company's common share for
     the third quarter of 2006 was at PHP0.05:(P0.00022)
     computed as market price (P0.05) divided by net book value
     which was computed as (PHP6,483,129) divided by
     29,994,884,010 shares.

   * Networking capital ratio for 2006 was at (0.003):1 computed
     as current asset of 8,939,577 less current liabilities of
     PHP10,250,709 over total assets PHP436,696,751.  For 2005,
     net working capital ratio was at 0.948:1 computed as
     current asset of PHP105,172,709 less current liabilities of
     PHP786,841 over total assets of PHP110,015,946.

As of September 30, 2006, the company has total liabilities of
PHP443,179,880, exceeding total assets of PHP436,696,751 by
PHP6,483,129.

The company's financial report for the thee-month and nine-month
periods ended Sept. 30, 2006, is available for free at the
Philippine Stock Exchange site at: http://www.pse.org.ph/

ISM Communications Corporation, formerly Itogon-Suyoc Mines,  
Inc., was originally a gold-producing company with mines in the  
municipalities of Itogon and Suyoc in Benguet Province.  In June  
2002, the Securities and Exchange Commission approved the change  
in the Company's primary purpose from a mining company to one  
engaged in the business of information technology,  
telecommunications, multi-media and other similar business, and  
relegating the original primary purpose to one of the secondary  
purposes.


LEPANTO CONSOLIDATED: Gets Net Loss of PHP50-MM As Of Sept. 30
---------------------------------------------------------------
Lepanto Consolidated Mining Company reported a consolidated net
loss of PHP48.10 million for the nine months ended September 30,
2006, compared with a net loss of PHP384.25 million for the same
period in 2005.  

For the quarter ended Sept. 30, 2006, the company incurred a net
loss of PHP19.77 million, compared with a net loss of
PHP204.52 million for the quarter ended Sept. 30, 2005.

As of Sept. 30, 2006, Lepanto's consolidated balance sheet
reflected strained liquidity with total current assets of
PHP958.34 million and total current liabilities of
PHP1.11 billion.

The company's total assets as of end-September 2006 stood at
PHP8.80 billion, while its total liabilities was at
PHP3.60 billion, resulting in total equity of PHP5.20 billion.

Lepanto says that it projects a net loss of about
PHP7.0 million for fiscal year ending Dec. 31, 2006.

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

Headquartered in Makati City, Lepanto Consolidated Mining
Company -- http://www.lepantomining.com/-- was incorporated  
primarily to engage in the exploration and mining of gold,
silver, copper, lead, zinc and all kinds of ores, metals,
minerals, oil, gas and coal and their related by-products.  The
Company was incorporated in 1936 and until 1997 was operating an
enargite copper mine.  It shifted to gold bullion production
that same year through its Victoria Project.  Lepanto operated a
copper flotation plant from August 2000 to December 2001, when
copper operations were suspended due to the presence of
excessive penalty elements in the mill feed and copper
concentrate.  Lepanto sells its gold bullion production to
London's Johnson Matthey.  Lepanto is now one of the country's
top producers of gold and its by-products, copper and silver.  
The Company also has investments in other areas through its
subsidiaries such as hauling business, diamond drilling
business, insurance business, manufacturing of industrial
diamond tools for mining exploration, marble cutting and the
construction industry.

The Troubled Company Reporter - Asia Pacific reported on
January 27, 2006, that Lepanto Consolidated is working to
recover from a PHP400-billion loss incurred in the past two
years due to labor disputes.


MIC HOLDINGS: Suffers Another Loss For the Qtr. Ending Sept. 30
---------------------------------------------------------------
MIC Holdings Corporation reports revenues amounting to
PHP0.87 million for the quarter ending September 30, 2006, the
company disclosed in its quarterly financials submitted to the
Philippine Stock Exchange.

Operating expenses, however, amounted to PHP1.579 million,
resulting in an operating loss of PHP2.086 million.

As of September 30, 2006, the company's balance sheet revealed
strained liquidity with PHP8.02 million of total current assets
available to pay PHP52.72 million of total current liabilities.

A full-text copy of the company's financial results is available
for free at:

          http://bankrupt.com/misc/MET_17Q_Sep2006.pdf

                      About MIC Holdings

Headquartered in Quezon City, Philippines, MIC Holdings
Corporation's board of directors approved these amendments to
the articles of incorporation: change of name from Metropolitan
Insurance Company to its present one; change of primary and
secondary purposes from insurance to that of a holding company;
and removal of pre-emptive rights.  On July 1999, the Securities
and Exchange Commission approved the amended articles.

The company is still on the process of exploring possible
investments and acquisitions.

For the nine months ended September 30, 2006, MIC Holdings
posted a net loss of PHP6,497,351, which is higher than the
PHP5,117,854 net loss for the same period in 2005.


NATIONAL CONSTRUCTION: Trims Nine-Month Loss Down to PHP478 Mil.
----------------------------------------------------------------
Philippine National Construction Corporation incurred a net loss
of PHP478.064 million for the nine months ending September 30,
2006, the company said in a quarterly disclosure with the
Philippine Stock Exchange.

The nine-month net loss is significantly lower than the
PHP1.72 billion reported for the same period in 2005.  Notably,
the company registered a PHP539.456 million net income in the
July-September 2006 quarter alone.

The losses during the first nine months of operation were caused
by:

   (1) the loss from operation totaling PHP105.69 million, which
       accounted for 22.11% of the total;

   (2) the interests and financing charges accruing from the
       company's unpaid obligations with the Philippine National
       Bank and Toll Regulatory Board amounting to
       PHP415.100 million, representing 86.83% of the total; and

   (3) the related amortization of the appraisal increase in
       North Luzon Tollway assets in the amount of
       PHP105.71 million which comprised for the 22.11% of the
       total.

The company reported total revenues of PHP686.905 million for
the nine months ending September 30, 2006, slightly lower than
the PHP696.702 million it registered for the previous
corresponding period.  Total costs and expenses were
PHP792.60 million, while overhead added another
PHP181.79 million, giving the company a PHP287.48-million loss
from operations.

As of September 30, 2006, the company's resources totaled
PHP9.215 billion, higher by PHP720.991 million or 8.49% compared
to the December 31, 2005, figure of PHP8.494 billion.

Total liabilities also increased to PHP7.19 billion as of
September 30, 2006.

A full-text copy of the company's financial results is available
for free at:

          http://bankrupt.com/misc/PNC_17Q_Sep2006.pdf

       About Philippine National Construction Corporation

Headquartered in Mandaluyong City, Philippine National
Construction Corporation -- http://www.pnccweb.net/-- is a  
government-owned and controlled corporation whose principal
business activities include construction, real estate
development, and operation and maintenance of the North and
South Luzon Tollways.  It is the government's main partner in
infrastructure development and construction projects.  Also, it
is the sole operator and franchise-holder of the North and South
Luzon Tollways and has entered into several joint venture
agreements to upgrade and expand these expressways.  Among the
construction projects that are in its pipeline are the Rizal
Avenue Bridge, the DENR Environment Center, the Central Business
Park Package 1 (SM Project), and SLT Rehab (Nichols-Alabang).  
The Company's revenues are derived mostly from construction
projects and the collection of tollway fees.

The Troubled Company Reporter - Asia Pacific reported on
August 30, 2006 that Philippine National Construction
Corporation has submitted a Joint Motion for Judgment Based On
Compromise to the Supreme Court as part of the company's total
restructuring plan where it projects a net income of about
PHP200 million in 2007 after suffering income losses for the
past 30 years of its franchise period.

The plan covers:

   1. Debt Settlement

      (a) Philippine National Bank -- PNCC owes PNB
          PHP2.4 billion, the interest of which have resulted in
          audited net income losses.  The PNCC is now in an
          advanced state of negotiations with PNB to finally
          resolve six years of arrearages.  The settlement will
          result in substantial reduction in debt and interest
          charges;

      (b) Radstock Securities -- The PNCC has also asked the
          Supreme Court for an approval of its settlement with
          Radstock stemming from the Regional Trial Court of
          Mandaluyong decision to award Radstock PHP13 billion
          in 2002 plus interest;

      (c) Bureau of Treasury -- The PNCC has proposed a long
          term restructuring of its PHP5.6 billion obligation to
          the Bureau of Treasury;

   2. Organizational right-sizing

      This is in line with PNCC's program to phase out
      unprofitable divisions and service lines and stick to the
      core business of developing tollways.

   3. Franchise extension

      The PNCC is currently requesting Congress for a 25-year
      extension of its Franchise to develop more tollroads and
      arterial linkages from Carmen, Pangasinan to Lucena,
      Quezon.

This financial turnaround will benefit not only the National
Government and the government corporations, which own
approximately 90% of the company, but likewise an estimated
5,000 public shareholders.


PHILIPPINE REALTY: One-off Gain Brings PHP533-Mil. Net Income
-------------------------------------------------------------
Philippine Realty and Holdings Corporation registers a
consolidated net income of PHP533.28 million in the nine-month
period ended Sept. 30, 2006 -- a turn around compared with the
PHP9.97-million and PHP53.29-million net losses for the same
period in 2005 and 2004, respectively.

The substantial net income was brought about by the gain on sale
of iBank shares at PHP509.34 million, the proceeds of which were
used to partially settle the loans to Meadowmere Resources
Corporation.  Interest and financing charges amounted to
PHP8.88 million, PHP27.56 million and PHP91.71 million for 2006,
2005, and 2004, respectively.

The consolidated net income pushed stockholders' equity to
PHP2.227 billion at the end of September 2006.

The company's consolidated unaudited balance sheets as of
September 30, 2006, reflected total current assets of
PHP3.28 billion and total current liabilities of
PHP843.89 million.  Also, as of end-September 2006, the
company's consolidated unaudited total assets stood at
PHP3.997 billion while its total liabilities stood at
PHP926.06 million.

Top Five Performance Indicators:

                                As of              As of
                           September 2006     September 2005
                         ----------------   ----------------
    Gross Revenue           PHP49,666,156      PHP30,514,949

    Current Ratio                    3.97               1.07

    Debt-to-Equity Ratio              .79               2.43

    Equity in Net Income  
    Over Investment And  
    Advances                         7.20%              3.07%

    Earnings Before  
    Interest, Tax,
    Depreciation and  
    Amortization           PHP548,663,360      PHP14,735,433

A full-text copy of Philippine Realty's financial results is
available free of charge at:

          http://bankrupt.com/misc/RLT_17Q_Sep2006.pdf

        About Philippine Realty and Holdings Corporation

Headquartered in Quezon City, Philippine Realty and Holdings
Corporation is one of the leading real estate developers in the
country.  It was incorporated on July 13, 1981, but development
activities began only in 1986 when capitalization was increased
to PHP100 million from the initial PHP2 million to accommodate
the entry of new stockholders.  The Company's main real estate
activity since it started operations has been the development
and sale of residential/office condominium projects and to a
limited extent, the lease of commercial and office spaces.

Subsidiaries include:

   * Tektite Insurance Brokers, Inc.
   * PRHC Property Managers, Inc.
   * Meridian Assurance Corporation
   * Universal Travel Corporation
   * Le Cheval Holdings, Inc.
   * Alexandra (U.S.A), Inc.
   * A. Brown Company, Inc.
   * International Exchange Bank

               The Parent-Company's Going Concern

After auditing Philippine Realty's annual report for the fiscal
year ended December 31, 2005, Ofelia Garnad, of C.L. Manabat &
Co. noted the existence of a material uncertainty that may cast
significant doubt on the Company's ability to continue as a
going concern.  According to Ms. Garnad, the going concern doubt
is brought about by the fact that the Company has suffered
recurring losses from operations and its financial position
indicates that sufficient cash flows have to be generated to
fully service its liabilities and finance its working capital
requirements.

                      Status of Debt Service

As of December 31, 2005, the Parent Company's total debts stands
at PHP2.2 billion inclusive of accrued interest of
PHP232.27 million, of which PHP1.31 million would be repaid via
dacion en pago and the remaining PHP890.57 million by way of
debt restructuring.  The Parent Company has already settled its
debts with International Exchange Bank and Equitable PCI Bank.

                        Debt Restructuring

The company's debt restructuring scheme will be divided into two
tranches:

   Tranche A -- would be a term loan facility to cover
                contractual interest and principal repayment
                over 10 years with a grace period of one year on
                interest payments and five years on principal
                repayments.  

   Tranche B -- would be a zero coupon bond facility where the
                payments will depend on the availability of
                cash.  

Both tranches bear an annual interest of 5%.


PHIL. TELEGRAPH: 3rd Qtr. Net Loss Narrows Down 40% to PHP211 MM
----------------------------------------------------------------
Philippine Telegraph & Telephone Corp. reported a net loss of
PHP211.54 million for the quarter ending September 30, 2006,
which was a decrease of PHP139.99 million or 40% as compared to
the net loss figure reported during the same period in 2005,
principally because of improvement in foreign exchange rate and
reduction of interest due to conversion by the company of the
remaining debt to equity, the company said in a regulatory
filing with the Philippine Stock Exchange.

The company reported net operating revenues of PHP77.61 million
for the 2006 third quarter, a decrease of PHP37.107 million or
32% from the PHP114.721 million in operating revenues reported
in the period ended September 30, 2005, due to decreased local
exchange carrier revenues.

The company's EBITDA (earnings before interest, taxes,
depreciation and amortization) amounted to negative PHP15.501
million as of September 30, 2006, lower by PHP18.739 million as
compared to September 30, 2005's PHP3.239 million, because of
the decline in revenues despite the continuing cost reduction
programs of the company.

The factors discussed, increased the loss from operations by
PHP9.285 million or 5% as of September 30, 2006, compared to the
same period in 2005.

                     Balance Sheet Accounts

Cash of PHP1.784 million as of September 30, 2006, was an
increase of PHP97,000 or 6% as compared with the figure as of
June 30, 2006, due to close monitoring of disbursements in
operating expenses and re-scheduling of capital expenditures.

Current portion of long-term debt of PHP35.648 million as of
September 30, 2006, showed a decrease of PHP2.027 million or 5%
as compared with the figure reported as of June 30, 2006, due to
improvement in the foreign exchange rate.

In terms of financial ratios, debt-to-equity ratio is at 0.27x
as of September 30, 2006, compared to June 30, 2005's ratio of
0.26x.

Current ratio as of September 30, 2006, is at 0.34x as compared
to 0.35x of June 30, 2005.

As of Sept. 30, 2006, the company's balance sheets reflected
strained liquidity with total current assets of
PHP554.58 million and total current liabilities of
PHP1.62 billion.

Total assets as of end-September 2006 stood at PHP8.34 billion,
while total stockholders' equity was at PHP6.55 billion.

A full-text copy of PT&T's financial results for the quarter
ended September 30, 2006, is available for free at:

          http://bankrupt.com/misc/PTT_17Q_Sep2006.pdf

                           About PT&T

Makati City-based Philippine Telegraph & Telephone Corp. -
http://www.ptt.com.ph-- has grown through the years to become  
the country's dominant record carrier and leading provider of
leased voice and data channels.  It offers the most
comprehensive package of telecom services ranging from telephony
to high-speed voice, data and sophisticated video technologies.

The company operates a nationwide telecommunication network,
which includes more than 400 retail outlets throughout the
country for telegraphy and long distance telephony.  

The company has 30,000 post-paid and pre-paid local exchange
carriers subscribers in Region IV which account for over 50% of
revenues.  These are derived from monthly subscription fees and
domestic and international long distance calls albeit under
increasingly ruinous competition.

The company has been experiencing a series of net losses for
more than eight quarters.  The holding of the regular annual
stockholders' meeting is still held in abeyance pending
submission to the Securities and Exchange Commission and the
Philippine Stock Exchange of the company's audited financial
statements for the fiscal years ending June 30, 2004, 2005, and
2006.  As explained to the SEC under the company's request for
temporary exemptive relief, certain matters have yet to be
resolved in order to satisfy the requirements of its external
auditor, SGV & Co.


PHILODRILL CORP: 9-Month Net Loss Balloons to PHP176 Million
------------------------------------------------------------
The Philodrill Corporation's revenues for the three quarters
ended September 30, 2006, totaled PHP137.6 million compared with
PHP119.1 million for the same period in 2005, the company said
in its quarterly financials submitted to the Philippine Stock
Exchange.

Gross revenues increased by PHP18.4 million or 15.5% due to the
increase in other income from PHP7.0 million to PHP33.3 million.  
The increase in other income was due to the condonation of
previously accrued interest on advances as of December 31, 2005.  

Petroleum revenues increased by PHP5.3 million on account of
high crude prices.  The average price per barrel for the three
quarters of 2006 was US$57.688 as compared to US$43.567 for the
same period last year.

Equity in net earnings of associates decreased by
PHP13.1 million or 87.2% due to the discontinuance of the
equitization of the EPHI investment.

Expenses increased by PHP185.7 million from PHP128.0 million for
the three quarters of 2005 to PHP313.7 million for the three
quarters of 2006.  The increase was due mainly to the
PHP215.2 million loss booked from the sale of the company's
investment in EPHI.  

However, interest and financing charges decreased by PHP20.1
million due to the lower level of borrowings and the reversal of
the accrued interest on advances for the interim period as a
result of its condonation.  

Operating costs decreased by 20% due to the lower level of
production.  

The company's net loss amounted to PHP176.1 million for the
nine-month period ended Sept. 30, 2006, as compared with a
PHP8.9-million loss for the same period in 2005.

The Company's top five (5) key performance indicators are as
follows:

                      September 30, 2006     December  31, 2005
                     --------------------   --------------------
Current Ratio                   0.26 : 1               0.16 : 1
Current Assets             PHP62,143,385          PHP77,070,904
Current Liabilities       PHP242,495,615         PHP496,234,778

Debt to Equity Ratio            0.18 : 1               0.28 : 1
Total Liabilities         PHP243,155,430         PHP496,894,593
Stockholders Equity     PHP1,316,063,579       PHP1,796,124,094

Equity to Debt Ratio            5.41 : 1               3.61 : 1
Stockholders Equity     PHP1,316,063,579       PHP1,796,124,094
Total Liabilities         PHP243,155,430         PHP496,894,593

Book Value per Share             0.85740                1.17016
Stockholders Equity     PHP1,316,063,579       PHP1,796,124,094
Average shares
  outstanding              1,534,944,016          1,534,944,016

Loss per Share                PHP0.11473             PHP0.00578
Net Loss                  PHP176,111,553           PHP8,872,066
Average shares
  outstanding              1,534,944,016          1,534,944,016

The current ratio increased from 0.16:1 as of December 31, 2005,
to 0.26:1 as of September 30, 2006.  The Company's current
liabilities exceeded its current assets by PHP180.4 million as
of September 30, 2006 and PHP419.2 million as of December 31,
2005.  However, a portion of the "Investments" account in the
balance sheet consists of shares of stock which are listed with
the Philippine Stock Exchange and which could be sold to meet
the Company's obligations as might be called for by future
circumstances.  These shares of stock had an aggregate market
value of PHP88.4 million as of September 30, 2006, and
PHP243.4 million as of December 31, 2005.  If these shares would
be considered part of Current Assets, the recomputed current
ratio would be 0.62: 1 as of September 30, 2006, and 0.65:1 as
of December 31, 2005.

Total assets decreased from PHP2.293 billion as of December 31,
2005, to PHP1.559.2 billion as of September 30, 2006.  
Receivables increased by PHP12.6 million due to the trade
receivables from crude deliveries to Pilipinas Shell booked as
of September 30, 2006.

Total current liabilities decreased by PHP253.7 million from
PHP496.2 million as of December 31, 2005 to PHP242.5 million as
of September 30, 2006.  Trade and other payables and advances
from related companies decreased by 54% and 72% respectively,
due to the settlement of some accounts during the period.

Stockholders' equity decreased by PHP480.1 million from
PHP1.796 billion as of December 31, 2005, to PHP1.316 billion as
of September 30, 2006.  Of the 40.7 million treasury shares,
which the company acquired last quarter, 10.85 million shares
have been sold as of end of the interim period.  The valuation
reserve pertaining to the company's listed stock investments was
adjusted from PHP129.7 million as of December 31, 2005, to
PHP111.8 million as of September 30, 2006.  Retained earnings
decreased by PHP176.1 million due to the net loss booked for the
three quarters of 2006.

A full-text copy of the company's financial results is available
for free at:

           http://bankrupt.com/misc/OV_17Q_Sep2006.pdf

                  About Philodrill Corporation

Headquartered in Mandaluyong City, Philippines, --
http://www.philodrill.com-- The Philodrill Corporation was  
registered with the Philippine Securities and Exchange
Commission on June 26, 1969, as an oil exploration and
production company.  In 1989, realizing the need to balance the
risk associated with its petroleum activities, the Company
changed its primary purpose to that of a diversified holding
company while retaining petroleum and mineral exploration and
development as one of its secondary purposes.

The Company, which is operating in only one business segment,
has three associates with one engaged in real estate and the
others in financial services.  The Company and its associates
have no geographical segments as they were incorporated and are
operating within the Philippines.

                         *     *     *

After auditing Philodrill's 2005 annual financial statements,
Sycip, Gorres and Velayo & Co., raised doubt on the Company's
ability to continue as a going concern, as its current
liabilities exceed current assets by PHP419.2 million as of
Dec. 31, 2005.  The Company also had difficulty meeting its
obligations to creditor banks.

In early 2006, Philodrill was able to redenominate its loans
with Rizal Commercial Banking Corp. amounting to PHP28.25
million, from U.S. dollars to Philippine Pesos.


PRIME MEDIA: Posts PHP7MM Loss As Non-Operating Status Continues
----------------------------------------------------------------
Prime Media Holdings, Inc. recorded a net loss of
PHP6.823 million for the nine months ended September 30, 2006.

The company recorded revenues of PHP2.354 million for the nine
months ending September 30, 2006.  Expenses, however, amounted
to PHP9.177 million.  The company has not been commercially
operating for the last four years and its activities are limited
to settlement negotiations with its creditors.

As of September 30, 2006, the company had a capital deficiency
of PHP834.140 million on total assets of PHP66.798 million and
total liabilities of PHP900.938 million.

A full-text copy of Prime Media's financial results is available
for free at:

         http://bankrupt.com/misc/PRIM_17Q_Sep2006.pdf

                        About Prime Media

Prime Media Holdings, Inc. (formerly First E-bank Corporation),
was incorporated in the Philippines and is listed in the
Philippine Stock Exchange.  The company's principal place of
business is at BDO Plaza, 8737 Paseo de Roxas Avenue, Makati
City.

On December 6, 2002, the Company's board of directors approved
the amendment of its articles of incorporation to change its
primary purpose from a development bank to a holding company,
which would hold investments in media industry.  The Securities
and Exchange Commission approved the amendment on October 1,
2003.

                     Going Concern Doubt

On June 6, 2006, the Troubled Company Reporter - Asia Pacific
reported that after auditing the company's financial report for
the year ended December 31, 2005, Sycip, Gorres and Velayo
disclosed that the company's ability to continue as a going
concern depends on its ability to raise new capital, accomplish
its new business plan, and return to profit.

According to the TCR-AP, Prime Media recorded a capital
deficiency of PHP827.3 million as of Dec. 31, 2005.


PRIME ORION: Sept. 30 Balance Sheet Upside-down by PHP4.6 Bil.
--------------------------------------------------------------
Prime Orion Philippines, Inc., and its subsidiaries recorded a
net loss of PHP209 million for the quarter ended September 30,
2006, compared with a net income of PHP434 million for the same
period in 2005, the company said in a disclosure filed with the
Philippine Stock Exchange.

Group revenue remained stable compared to that in 2005.  The
decrease in rentals and real estate sales this year were
adequately compensated by the increase in insurance premiums and
commission resulting from the opening of new branches by FLT
Prime Insurance Corporation.

The group recorded income in prior years as a result of the
condonation of debt; the group likewise recognized the interest
and penalties incurred during the quarter.  Equity in net income
of associates decreased by 46% due to the increase in production
costs and operating expenses.

Lepanto Ceramics, Inc.'s net loss slightly improved compared to
2005.  Increase in sales was tempered by the increase in the
cost of power and fuel.

Pepsi-Cola Products Philippines, Inc.'s net income decreased by
46% during the first quarter ended September 30, 2006, compared
to the same period in 2005.  Though net revenue increased during
the period, the revenue generated was not adequate to cover the
increase in cost of goods and operating expenses.

Tutuban Properties, Inc. recorded a net loss from operations in
the amount of PHP12.30 million during the quarter as a result of
increased expenses.

FPIC recorded a net income of PHP4.94 million or a 120% increase
from the recorded net income in 2005 as a result of the opening
of new branches in strategic areas.

The top 5 key performance indicators are as follows: (in
millions)

                    Sept. 2006     Sept. 2005      June 2006
                   ------------   ------------   ------------
Current ratio           0.16:1         0.17:1         0.16:1

Debt to equity
Ratio                 (2.13):1       (2.21):1       (2.18):1

Equity to
debt ratio            (0.47):1       (0.45):1       (0.46):1

Book value
per share            (0.001964)     (0.001870)     (0.001876)

Loss per share           (0.09)         (0.06)         (0.08)

                      Financial Condition

Consolidated assets of the Group remained at PHP5.3 billion as
of September 30, 2006.  Inventories increased by 35% to
PHP252 million from PHP186 million as of June 30, 2006.  The
accounts payable and accrued expenses also increased by 5% to
PHP5.4 billion from PHP5.2 billion as of June 2006.

As of September 30, 2006, the company recorded a capital
deficiency of PHP4.6 billion.

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

         http://bankrupt.com/misc/POPI_17Q_Sep2006.pdf

                       About Prime Orion

Headquartered in Makati City, Philippines, Prime Orion
Philippines, Inc. acquires by purchase, exchange, assign, donate
or otherwise, and to hold, own and use, for investment or
otherwise and to sell, assign, transfer, exchange, lease, let,
develop, mortgage, pledge, traffic, deal in and with, and
otherwise operate, enjoy and dispose of any and all properties
of every kind and description and wherever situated, as and to
the extent permitted by law, including but not limited to,
buildings, tenements, warehouses, factories, edifices and
structures and other improvements, and bonds, debentures,
promissory notes, shares of capital stock, or other securities
and obligations, created, negotiated or issued by any
corporation, association, or other entity, domestic or foreign.

Prime Orion Philippines, Inc. and subsidiaries have principal
business interests in real estate, financial services and
manufacturing.


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

PETROLEO BRASILEIRO: To Ink Accords with Petroleos de Venezuela
---------------------------------------------------------------
Brazil's state-oil firm, Petroleo Brasileiro, and Petroleo de
Venezuela SA expect to sign partnership agreements this month
that would cover investments of more than US$2 billion in major
areas, Omar Lugo at El Universal reports.

According Petroleo Brasileiro's International Area Director
Nestor Cervero, the partnership would run from 2007 to 2012, El
Universal says.  The two state firms have been negotiating big
projects for years but none of which has materialized.

The pacts are expected to be signed during the Mercosur summit
in Brazil on the 18th and 19th of this month.

El Universal says the agreements could include joint ventures
for exploitation of Block Carabobo I at Venezuela's Orinoco oil
belt and gas drilling in deep waters and the creation of other
four joint ventures for exploitation of mature wells.

Block Carabobo I is expected to pump over 200,000 barrels of oil
per day in 2008 and 2009.  The oil field has proven reserves of
more than nine billion barrels.

Oil from Block Carabobo I will be refined at the Abreu Lima
refinery, a US$2.8 billion joint venture of Petroleo Brasileiro
and Petroleos de Venezuela, which is expected to begin operatins
in 2011, El Universal relates.

                  About Petroleos de Venezuela

Petroleos de Venezuela SA is Venezuela's state oil company in
charge of the development of the petroleum, petrochemical and
coal industry, as well as planning, coordinating, supervising
and controlling the operational activities of its divisions,
both in Venezuela and abroad.

                     About Petroleo Brasileiro

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

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

                          *     *     *

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

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

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

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


REFCO INC: Equity Committee Wins US$1.2 Million in Court Battle
-------------------------------------------------------------
The Hon. Robert Drain of the United States Bankruptcy Court for
the Southern District of New York in Manhattan approved the
request of Refco Inc. and its debtor-affiliates' Ad Hoc Equity
Committee to collect US$1.2 million in legal fees and expenses
from the company, The Associated Press reports.

Owing about 30% of the company's stock, the committee includes:

   -- King Street Capital Management LLC;
   -- QVT Financial LP;
   -- JMB Capital Partners LP;
   -- Mason Capital Management;
   -- Smith Management LLC; and
   -- Triage Management LLC

According to AP, the reimbursement contains US$1.15 million in
professional fees, US$132,032 in expert-witness expenses and
assorted other fees accrued during a legal action in which the
hedge funds won the right to 3% to 15% of two trusts in the
Debtors' cases.  The two trusts were the Litigation Trust and
the Private Action Trust.

As published in the Troubled Company Reporter, the Chapter 11
plan of the Debtor and certain of its Direct and Indirect
Subsidiaries, including Refco Capital Markets, Ltd. and Refco
F/X Associates, LLC, became effective on Dec. 26, 2007.  The
effective date of the plan now permits the companies to complete
an expeditious orderly wind-up of their businesses.

The Equity Committee reportedly said that it deserved for
reimbursement because it helped secure for most Refco
stockholders the right to receive proceeds of the two trusts.

AP says that specifically, any equity holder would get a:

   * 3% pro rata share of the first US$500 million;

   * 7.5% of recoveries between US$500 million and US$1 billion;
     and

   * 15% of recoveries over US$1 billion.

Citing Paul Silverstein, Esq., a Andrews Kurth LLP partner, AP
relates that he it would take time to estimate how much those
trusts would be worth and couldn't give a timeline for any
resolution.

The Equity group, AP states, considered the effort successful.
"With more than US$2 billion in claims filed against the parent
estates that, if allowed, would be payable before equity
receives a distribution, and given the almost $2 billion
aggregate creditor shortfall, this was a truly remarkable
achievement," said the Committee.

                        About Refco Inc.

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

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

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

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

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

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

                        Plan Update

On Sept. 14, 2006, Refco, Inc., and 25 of its subsidiaries,
along with Marc S. Kirschner, the Chapter 11 Trustee for the
estate of Refco Capital Markets, Ltd., delivered a Chapter 11
plan of reorganization and accompanying Disclosure Statement to
the Court.

On Oct. 10, 2006, the Debtors filed an Amended Plan and
Disclosure Statement and on Oct. 13, filed a Modified Amended
Disclosure Statement.  On Oct. 16, 2006, the Court gave its
tentative approval on the Disclosure Statement and the Court
Clerk entered an order on Oct. 20, 2006.

On Dec. 15, the Modified Joint Chapter 11 Plan of Refco Inc. and
certain of its direct and indirect subsidiaries, including Refco
Capital Markets, Ltd., and Refco F/X Associates LLC, was
confirmed by the Court.  That Plan becamse effective on Dec. 26,
2006.


REFCO INC: Wants PlusFunds' US$532 Million Claims Disallowed
----------------------------------------------------------
Refco Inc., and its debtor-affiliates, ask the United States
Bankruptcy Court for the Southern District of New York to
disallow and expunge Claim Nos. 11288 and 11290 through 11311
filed by PlusFunds Group, Inc.

J. Gregory St. Clair, Esq., at Skadden, Arps, Slate, Meagher &
Flom LLP, in New York, tells Judge Drain that the PlusFunds
Claims assert identical claims against each of the Debtors'
estates arising from the decline in value of PlusFunds' assets
under management.

PlusFunds was the investment manager for SPhinX Managed Futures
Fund SPC.  PlusFunds organized SPhinX in the Cayman Islands as a
segregated portfolio company on June 6, 2002.  SPhinX was
subsequently expanded to include 15 additional segregated
portfolio companies.

Refco, Inc., served as a clearing broker and futures commission
merchant for investment vehicles and funds advised by PlusFunds,
including SPhinX.

Mr. St. Clair relates that in October 2005, SPhinX caused Refco
Capital Markets, Ltd., to preferentially transfer US$312,046,266
in cash to SPhinX's segregated accounts at Refco LLC, thereby
moving away substantially all of SPhinX's invested cash.

The Preference Cash was transferred from Refco, LLC, to Lehman
Brothers' accounts.  Following the transfer, Refco announced
that the liquidity within RCM was no longer sufficient to
accommodate client withdrawals, and imposed a 15-day moratorium
on withdrawals from RCM accounts.

The Official Committee of Unsecured Creditors, in December 2005,
initiated an adversary proceeding on behalf of RCM seeking
avoidance and recovery of the preferential transfer made by RCM
to SPhinX.  The Bankruptcy Court entered a temporary restraining
order freezing and attaching SPhinX's assets in an amount equal
to the Preference Cash.

The Committee and SPhinX settled the SPhinX Avoidance Action on
April 26, 2006.  The SPhinX Settlement provided for the payment
of US$263,000,000 to RCM.  The Settlement is now pending on
appeal before the U.S. District Court for the Southern District
of New York.

Mr. St. Clair notes that each of the PlusFunds Claims asserts
entitlement to "not less than" US$532,046,266, or an amount
precisely equal to the Preference Cash plus (i) an "enterprise
value" of PlusFunds equal to US$220,000,000; and (ii)
unliquidated damages in an amount "to be determined at trial".

PlusFunds alleges that Refco's "wrongdoing" was the actual and
proximate cause of:

     (i) PlusFunds' loss of its US$220,000,000 enterprise value;

    (ii) the amount for which PlusFunds may be liable to SphinX
         and its investors arising from the SPhinX Avoidance
         Action; and

   (iii) the loss of any management fee which PlusFunds would
         have earned if its business had not collapsed.

PlusFunds also asserts additional unliquidated claims, including
for punitive damages, alleged breach of contract, breach of
fiduciary duty, and similar causes of action, including aiding
and abetting and conspiracy to commit those torts, Mr. St. Clair
adds.

The Debtors want the Claims disallowed because:

   -- PlusFunds failed to articulate any facts that could serve
      as the basis for an alleged breach of a contractual
      obligation or common law duty by the Debtors;

   -- PlusFunds failed as a matter of law to state claims on
      which relief can be granted;

   -- the Claims are lacking in specificity as to be virtually
      meaningless and, accordingly, are so facially defective as
      to warrant a zero recovery.

Mr. St. Clair contends that PlusFunds does not satisfy the
requirements under New York law to plead a prima facie case of
fraud.  Moreover, PlusFunds' general allegations of breach of
contract, breach of fiduciary duty, aiding, abetting, and
conspiracy are similarly unsubstantiated, Mr. St. Clair argues.
To receive the benefit of prima facie validity, a "proof of
claim must set forth facts necessary to support the claim," he
explains.

In the event that the Court does not enter an order disallowing
and expunging the Claims, the Debtors ask Judge Drain to
estimate the Claims at US$0 to facilitate timely distributions
under the Debtors' Chapter 11 Plan.

                        About Refco Inc.

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

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

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

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

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

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

                        Plan Update

On Sept. 14, 2006, Refco, Inc., and 25 of its subsidiaries,
along with Marc S. Kirschner, the Chapter 11 Trustee for the
estate of Refco Capital Markets, Ltd., delivered a Chapter 11
plan of reorganization and accompanying Disclosure Statement to
the Court.

On Oct. 10, 2006, the Debtors filed an Amended Plan and
Disclosure Statement and on Oct. 13, filed a Modified Amended
Disclosure Statement.  On Oct. 16, 2006, the Court gave its
tentative approval on the Disclosure Statement and the Court
Clerk entered an order on Oct. 20, 2006.

On Dec. 15, the Modified Joint Chapter 11 Plan of Refco Inc. and
certain of its direct and indirect subsidiaries, including Refco
Capital Markets, Ltd., and Refco F/X Associates LLC, was
confirmed by the Court.  That Plan becamse effective on Dec. 26,
2006.


REFCO INC: Wants to Assume Iron Mountain Contracts
--------------------------------------------------
Refco Inc., and its debtor-affiliates seek the United States
Bankruptcy Court for the Southern District of New York's
permission to assume two off-site data storage contracts Refco
Group Ltd., LLC, entered into with Iron Mountain.

The Debtors will assume the contracts effective as of the
effective date of their proposed Modified Joint Chapter 11 Plan.

The Debtors need the contracts to complete the liquidation of
their businesses.

The contracts relate to storage facilities, where the Debtors
are maintaining hard copies of documents, as well as electronic
files.  The Debtors are obligated to take appropriate measures
to maintain and preserve books and records and any other
documentation required to wind-down their businesses to among
other things, complete tax returns, maintain customer
information in compliance with federal and state regulations,
and retain records to assist in litigation.  To minimize storage
related expenses, the Debtors intend to continue to consolidate
with Refco, LLC, their various storage facilities that maintain
the books and records.

The contracts were executed in November 2001 and March 2003.  
The November 2001 contract provides for one-year automatic
renewals starting December 1, 2003, unless written notice of
non-renewal is given.  The Debtors propose to pay US$1,217 to
cure outstanding obligations under the November 2001 contract.

The March 2003 contract provides one-year renewal term with
automatic renewals for additional one-year terms, unless written
notice of non-renewal is given.  The Debtors propose to pay
US$1,025 to cure outstanding obligations under the contract.

                        About Refco Inc.

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

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

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

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

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

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

                        Plan Update

On Sept. 14, 2006, Refco, Inc., and 25 of its subsidiaries,
along with Marc S. Kirschner, the Chapter 11 Trustee for the
estate of Refco Capital Markets, Ltd., delivered a Chapter 11
plan of reorganization and accompanying Disclosure Statement to
the Court.

On Oct. 10, 2006, the Debtors filed an Amended Plan and
Disclosure Statement and on Oct. 13, filed a Modified Amended
Disclosure Statement.  On Oct. 16, 2006, the Court gave its
tentative approval on the Disclosure Statement and the Court
Clerk entered an order on Oct. 20, 2006.

On Dec. 15, the Modified Joint Chapter 11 Plan of Refco Inc. and
certain of its direct and indirect subsidiaries, including Refco
Capital Markets, Ltd., and Refco F/X Associates LLC, was
confirmed by the Court.  That Plan becamse effective on Dec. 26,
2006.


SEA CONTAINERS: HSH Nordbank Doesn't Object to Aegean Stake Sale
----------------------------------------------------------------
HSH Nordbank AG, an unsecured creditor in Sea Containers, Ltd.
and its debtor-affiliates chapter 11 case, does not object to
the sale of the Debtors' 50% interest in their Aegean Speed
Lines NE joint venture to Speed Shipping Company Ltd., pursuant
to a sale agreement dated November 2006 between the Debtors,
Speed Shipping, ASL, Niver Lines Shipping Co. SA, Hoverspeed GB
Ltd., and Sea Containers Cyprus Holdings Ltd.

HSH Nordbank wants to clarify that the mortgage on ASL's vessel,
Speedrunner 1, secures the obligations of Hoverspeed GB
Limited.  Hoverspeed's obligations in turn guarantee the
principal obligations that Hoverspeed Italia Srl owes to HSH
Nordbank, which principal obligations are guaranteed by Sea
Containers Ltd.

As reported in the Troubled Company Reporter on Dec. 4, 2006,
the Debtors and Speed Shipping, who each owns 50% interest in
ASL, had entered into a shareholders' agreement in February
2005, under which the parties each subscribed for 2,500 shares
in ASL.

ASL has no other operations aside from operating Speedrunner 1,
a passenger ferry.  HGB, an indirect, wholly owned subsidiary of
the Debtors, owns Speedrunner 1 and charters it to SC Cyprus.  
SC Cyprus, in turn, sub-charters the ferry to ASL.

Under the Shareholders' Agreement, the Debtors are obliged to
make subordinated loans to ASL in amounts necessary to meet its
portion of ASL's liability to third party creditors.

HGB had agreed to sell the Vessel to Speed Shipping for
US$2,000,000.  In conjunction with the sale, the Debtors also
agreed to sell their 50% stake in the ASL joint venture to Speed
Shipping, and the release of its obligations under the
Shareholders' Agreement.

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

                          *     *     *

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

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

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

                          *     *     *

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


SEA CONTAINERS: Wants to Pay Employees Dismissed in Bankruptcy
--------------------------------------------------------------
Sea Containers, Ltd. and its debtor-affiliates ask authority
from the Honorable Kevin J. Carey of the U.S. Bankruptcy Court
for the District of Delaware to comply with their statutory
obligations and pay the notice and redundancy payments required
under the Employment Rights Act 1996 (England) to employees they
dismissed after the Debtors filed for bankruptcy, in connection
with their business rationalization efforts.

As part of their restructuring efforts, the Debtors are
evaluating their business operations and staffing needs on an
ongoing basis.  The Debtors believe it will be necessary to
reduce the overall size of their workforce through layoffs of
employees whose services are no longer required due to the
rationalization of their business operations, Robert S. Brady,
Esq., at Young Conaway Stargatt & Taylor, LLP, in Wilmington,
Delaware relates.

Mr. Brady tells the Court that the Debtors, as required by the
ERA and in the ordinary course of business, have entered into an
employment contract with each of their Employees stating the
length of notice, which the Debtors are obliged to give the
Employee to terminate his/her contract of employment.

The Debtors estimate that the potential aggregate cost of
Statutory Redundancy Payments that would be owed to their
Employees who may be dismissed over the next nine months is
US$647,000.  Claims by Dismissed Employees arising from the
Debtors' failure to abide by the ERA's statutory requirements
would be entitled to administrative expense priority pursuant to
Section 503(b)(1)(A) of the Bankruptcy Code, Mr. Brady says.

Mr. Brady tells Judge Carey that any failure by the Debtors to
comply with their statutory obligations under the ERA and to
make the required Statutory Payments to Dismissed Employees
will:

   -- result in numerous administrative expense claims being
      asserted against the Debtors and their estates;

   -- subject the Debtors to legal action in England, which
      could, among other things, cause estate resources to be
      depleted by defending the actions, and could jeopardize
      the Debtors' ability to restructure their operations; and

   -- cause an adverse effect on the morale and loyalty of the
      Debtors' remaining Employees, at a time when the support
      is critical.

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

                          *     *     *

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

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

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

                          *     *     *

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


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

BANK OF AYUDHYA: To Close Auto-Leasing Unit; Offers Shares
----------------------------------------------------------
Bank of Ayudhya will launch a tender offer for 58.92 million
shares or 25.07% of the total outstanding common shares of
subsidiary Ayudhya Auto Lease at THB8.50 per share, the Bangkok
Post reports.

In addition, the bank directors approved the offering of another
7.891 million outstanding warrants priced at THB1.50 per unit.

The paper notes that after the tender offer, Bank of Ayudhya,
which controls 79.33% of the total capital of Ayudhya Auto
Lease, including 50 million preferred shares, will delist the
company from the Stock Exchange of Thailand and cease its
operations.

Meanwhile, Krit Ratanarak and Pakorn Thavisin announced their
resignations from the bank's board of directors, to be replaced
by Kong Khoon Tan and Janice Van Ekeren.

Authorized signatories for the bank are Ekasak Puripol,
Pongpinit Tejagupta and Phanporn Kongyingyong, while Veraphan
Teepsuwan was named the bank chairman to replace Mr. Krit.

                          *     *     *

Headquartered in Bangkok, Thailand, Bank of Ayudhya Public Co.
Ltd. -- http://www.krungsri.com/-- provides a full range of  
banking and financial services.  The bank offers corporate and
personal lending, retail and wholesale banking; international
trade financing asset management; and investment banking
services to customers through its branches.  It has branches in
Hong Kong, Vietnam, Laos, and the Cayman Islands.

Moody's Investors Service gave Bank of Ayudha an 'E+' bank
financial strength rating.

Fitch Ratings gave the bank a 'BB+' Long-Term Foreign Currency
Issuer Default Rating, a 'B' Short-Term Foreign Currency Rating,
a 'BB' Foreign Currency Subordinated Debt Rating, and a 'D'
Individual Rating.


* Bombings Have No Impact on Thailand Ratings, Moody's Says
-----------------------------------------------------------
Moody's Investors Service sees no rating implications for
Thailand in the wake of the New Year's Eve bombings in Bangkok.  
The agency's rating outlook for Thailand remains stable.

"Concerns would be heightened if the attacks prove to be an
escalation of the separatist insurgency -- though neither the
identity nor the motive for the latest attacks are known at this
point -- or if the attacks signal the onset of a violent
backlash from the September military coup," said Moody's Vice
President Thomas Byrne.  Moody's has said that a sustained
escalation of separatist violence outside the southern border
provinces would be a negative credit factor for the country.

Byrne said that Thailand's external payments and fiscal
positions have improved significantly since the 1997 financial
crisis, insulating the sovereign from shocks and supporting the
Thai government's Baa1 bond ratings.  The budget has been
balanced or in surplus since 2003, international reserves have
risen above US$64 billion, and foreign direct investment has
swollen to record levels in the last two years with net inflows
of more than US$8 billion through the first 10 months of 2006.

"An escalation of violence that deters new investment in
Thailand would have negative implications for Thailand's credit
fundamentals," said Byrne.  "More broadly, a shift by the post-
coup leadership in economic or political policies that makes the
investment climate less hospitable than under the Thaksin
administration would also have negative credit implications.  
Byrne added that a restoration of confidence in Thailand's
democratic and constitutional institutions would help underpin
economic and financial stability in Thailand over the long run."

Moody's affirmed its investment-grade ratings for Thailand on
Sept 20 in the wake of the coup. They include:

Foreign and local currency government bond ratings: Baa1

Foreign currency country ceiling: A3

Foreign currency deposit ceiling: Baa1

Local currency deposit ceiling: Aa2

Local currency bond guideline: Aa2

The outlook for Thailand's sovereign ratings is stable.


=============
V I E T N A M
=============

SAIGON THUONG TIN: Fitch Affirms D Ind. Rating on Profitability
---------------------------------------------------------------
Fitch Ratings has affirmed Vietnam-based Saigon Thuong Tin
Commercial Joint Stock Bank's Individual and Support ratings of
'D' and '5', respectively.

The ratings reflect Sacombank's adequate balance sheet strength
and good profitability.  The bank has grown rapidly over recent
years, registering a 237% growth in its balance sheet over the
three years to end-2005.  Its loan book is split 40:60 between
consumers and private businesses, reflecting its niche focus in
the retail business segments which has been considerably
neglected by Vietnam's larger state-owned banks.

Despite its rapid growth, Sacombank has maintained good asset
quality, with a very low reported NPL ratio of 0.6%, down from
0.9% a year prior thanks to loans growth and very few new NPLs.
Additionally, almost all loans are tangibly secured on a
low/conservative loan-to-value basis, although this provides
only limited comfort in a country where foreclosure is a time-
consuming and uncertain process due to a relatively inefficient
legal system.  Meanwhile, profitability has been good with the
bank achieving a RoAA of 1.8%, thanks to strong margins from its
retail deposit-taking/lending focus, good fee income and limited
credit costs.

Sacombank's capital strength is also sufficiently adequate, with
an end-2005 equity/asset ratio of 13.0%, up from 9.3% at end-
2004 due to capital injections and to a lesser extent retained
earnings.  Such substantial capitalisation, however, is unlikely
to remain over the longer term if the bank continues to grow so
fast.  In this regard, the bank advises that it plans to retain
all of 2006's earnings and further boost its equity base by 5%
to 10% through a public share issuance over 2007.

Sacombank was formed in 1991 through the consolidation of four
credit institutions in Ho Chi Minh City.  The bank has three
foreign strategic shareholders, ANZ, the IFC and Dragon
Financial Holdings (a Vietnam-based, UK-owned asset management
company).  The bank was listed mid-2006 with management holding
a 34% share and the public 29%.





                            *********

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
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