TCRAP_Public/070117.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

           Wednesday, January 17, 2007, Vol. 10, No. 12

                            Headlines

A U S T R A L I A

COEUR D' ALENE: Discloses Update on San Bartolome Silver Project
COEUR D'ALENE: Revising Study on Planned Processing Plant
CROWN CASTLE: Stockholders Approve Global Signal Merger
CROWN CASTLE: Global Signal Stockholders Vote on Form of Merger
CROWN CASTLE: Unit Inks New US$250-M Revolving Credit Facility

EMPIRE PLASTER: Members Agree to Wind Up Business
FLAIR 500: Placed Under Voluntary Liquidation
FORTESCUE METALS: BHP Files Appeal on Open Access Decision
GREENSBOROUGH QUALITY: Liquidator to Present Wind-Up Report
KROLO PTY: To Hold General Meeting on February 2

MAAX SPA: To Declare Final Dividend on January 18
MELBOURNE AIR: Commences Wind-Up of Operations
NRG ENERGY: Repays US$400 Million of Term Loan B Facility
OLD D & W: To Declare Final Dividend on February 9
REDPRAIRIE CORP: S&P Holds Corporate Credit Rating at B

SALKANE PTY: Members Resolve to Liquidate Business
SARAVALLO INVESTMENTS: Members Place Firm in Liquidation
TAHA INFOSEC: Schedules Members' Final Meeting on February 12
TAHA INVESTOR: Liquidator McKern to Present Wind-Up Report
TECH DRY: Enters Voluntary Wind-Up

VENEERED PANELS: Creditors' Proofs of Debt Due on February 2
VICTORIAN PROPERTY: Members Decide to Close Business


C H I N A   &   H O N G  K O N G

ARCO CORRUGATED: Court Sets Wind-Up Hearing on March 7
CHAMP WEALTH: Receives Wind-Up Order from Court
CITIC PACIFIC: Asks BNP to Help Spin-Off Telecom Unit
CLINICAL RESEARCH: Appoints Ho Dai as Liquidator
EXCELLENT WAY: Members to Receive Wind-Up Report on Feb. 12

FORTUNE TOP: Shareholders Opt to Wind Up Firm
HILL SOURCE: Creditors' Proofs of Claim Due on February 6
IAC BANK: Yang Denies Acquisition Plans on Korean Bank
INTERASIAN RESOURCES: Final Meeting Slated for February 13
KONG SUN: Wind-Up Hearing Set on February 28

PRAVOLI INTERNATIONAL: Court Issues Wind-Up Order
SITA RECYCLING: Enters Voluntary Wind-Up
SOLARICH LTD: Creditors Must Prove Debts by February 6
TABATHA V: Inks Share Exchange Agreement with Impact
UNRIVALED FLIBUSTER: Members Decide to Close Business


I N D I A

BANK OF BARODA: Board to Consider Financial Results on Jan. 24
BHARTI AIRTEL: Mulls Long-Term Tie-up with IIM-C
BPL LTD: Members Approve Transfer of Alkaline Battery Unit
CANARA BANK: To Consider Financial Results on Jan. 18 Meeting
CENTURION BANK: RBI Oks Preferential Issue to India Advantage

CENTURION BANK: Discloses Auditors' Observations on Review
CENTURION BANK: Opens Seven Branches in Western India
CITY UNION BANK: Members Okay Increase in Authorized Capital
CORPORATION BANK: CRISIL Reaffirms Ratings of Four Instruments
VISTEON CORP: Inks Exclusive Retail Distribution Accord With AGT

VISTEON CORP: Sees Challenging 2007 but Improved 2008 Production


I N D O N E S I A

ALCATEL-LUCENT: Chooses Pudong For Asia-Pacific Headquarters
BANK INDONESIA: Bankers Urge BI to Relax Credit Regulation
PERUSAHAAN GAS: Delays Pipeline by Six Months; Shares Plunge
PERUSAHAAN GAS: Government Suspends Shares Over Pipeline Delays
PT PERTAMINA: Wants Low-Sulfur Diesel Regulations Delayed


J A P A N

ALIXPARTNERS: Names 12 New Managing Directors
BOWNE & CO: Moody's Affirms Ba3 Corporate Family Rating
JAPAN AIRLINES: To Sell Stakes in Two Units to Pay Debts
MITSUBISHI MOTORS: Signs Car Assembly Plant Plan with Russia
NORTH PACIFIC: Moody's Affirms D Bank Financial Strength Rating

NORTH PACIFIC: Fitch Affirms C Individual Rtg. on Sapporo Merger
SANYO ELECTRIC: Launches Joint Venture with China's Haier Group
SAPPORO BANK: Fitch Affirms C/D Rating on NPB Merger


K O R E A

DURA AUTOMOTIVE: U.S. Trustee Objects to Miller Buckfire Hiring
DURA AUTOMOTIVE: Discloses David L. Harbert's Employment Terms
PANTECH CORP: Exits China Market, Report Says
WOORI BANK: To List Investment Banking Unit in HK by 2010


M A L A Y S I A

SUREMAX GROUP: Complies with Public Shareholding Requirement
SUREMAX GROUP: Low Capital Triggers Yet Another PN17 Criterion
SYARIKAT KAYU: Complies with Public Share Spread Requirement
SYARIKAT KAYU: Unit Inks Housing Dev't JV with B.S. Civil Eng'g.
TALAM CORP: Gets Approval on Changes in BAIDS Terms

TALAM CORP: Reports on Level of Shareholderholders' Holding
TECHVENTURE BERHAD: Finds White Knight for Land Development
TECHVENTURE BHD: Pleas Bursa's Refusal on Plan Filing Extension
TENGGARA OIL: Commences Voluntary Wind-Up of Unit
TENGGARA OIL: MBB Serves Originating Summons to Unit

TT RESOURCES: Updates Changes in Two Committees
TT RESOURCES: Unit Signs Related Party Tenancy Agreement


N E W   Z E A L A N D

AA PLASTERERS: Court to Hear CIR's Liquidation Petition
CYGNUS OIL: Defaults on Interest Payment for 7.5% Senior Notes
CYGNUS OIL: Board Appoints R. Gerald Bennett as President & CEO
EGG AFFAIR: Creditors Must Prove Debts by January 31
HOME INVESTMENT: Court Sets Liquidation Hearing on March 1

LICKERISH LTD: Court Set to Hear Liquidation Petition
ORION PROPERTY: Liquidation Hearing Set on January 23
ROCK EQUIPMENT: Faces Liquidation Proceedings


S I N G A P O R E

CHOON CONSTRUCTION: Enters Wind-Up Proceedings
COASTAL BELCHER: Creditors Must Prove Debts by Feb. 8
EXCEL MACHINE: Reschedules Creditors' Meeting to Feb. 15
GETRONICS NV: Starts Repayment of EUR95-Mln Convertible Bonds
HONG TAT: Creditors to Meet on Jan. 25

MAE ENGINEERING: To Hold General Meeting on Feb. 10
PDC CORP: Unveils Plans to Develop Agri Academy Cum Centre
PDC CORP: Inks Subscription Pacts for 247,000,000 New Shares
PETROLEO BRASILEIRO: Forming Joint Ventures with PDVSA
REFCO INC: Court Reduces Seven Deficient Claims to Zero

REFCO INC: Trustee Wants More Time to File List of Securities
VALEANT PHARMA: Inks Licensing Agreement for Rights to (C)Xyrem


T H A I L A N D

NAKORNTHAI STRIP: Reorganization Brings in Two New Executives
THAI WAH: Creditors Appoint New Plan Administrator
TRUE MOVE: Signs Interconnection-Rate Deal with AIS


* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

COEUR D' ALENE: Discloses Update on San Bartolome Silver Project
----------------------------------------------------------------
Coeur d'Alene Mines Corp. disclosed an updated summary of
engineering and construction progress on the San Bartolome
silver mine, which is targeted for completion near the end of
2007.

                           Engineering

Overall engineering and procurement activities continue to move
forward at an aggressive pace and are nearly two-thirds
complete. All major equipment purchase orders have been
released, including the main power transformer, SAG and ball
mills, and other related major process and recovery equipment.

                           Construction

The company recently initiated construction on the approximately
US$30 million tailings facility.  Site preparation work is
nearly complete for the process plant area.  Eight contractors
are currently on site, including ICE, the Bolivian firm
responsible for construction of the tailings facility, and Fluor
Corporation, which is acting as EPCM contractor.  During
thecurrent phase of construction, the project expects to employ
as many as 300 Bolivian workers, with an increase in that number
as construction continues to ramp up.

In addition, the company has awarded the contracts for
structural steel supply, concrete supply, and concrete
installation.

                      Government Relations

The Government of Bolivia has repeatedly stated that it welcomes
foreign investment in Bolivia in the mining sector and that
private property rights will be respected.  In addition, the
company continues to receive specific expressions of support
from the Government for the San Bartolome project.

                    San Bartolome Silver Mine

Empresa Minera Manquiri S.A., a wholly owned subsidiary of Coeur
d'Alene, is developing the San Bartolome silver mine Mines.  The
mine is located near the town of Potosi, Bolivia. The project
has silver mineral reserves of 152 million ounces.  The mine is
expected to produce approximately 9 million ounces of silver in
its first full year of operation and between 6 and 8 million
ounces per year thereafter.

                    About Coeur d'Alene Mines

Coeur d'Alene Mines Corp. -- http://www.coeur.com/-- is the  
world's largest primary silver producer, as well as a
significant, low-cost producer of gold.  The Company has mining
interests in Nevada, Idaho, Alaska, Argentina, Chile, Bolivia
and Australia.

                          *     *     *

Coeur d'Alene Mines Corp.'s US$180 Million notes due Jan. 15,
2024, carry Standard & Poors' B- rating.


COEUR D'ALENE: Revising Study on Planned Processing Plant
---------------------------------------------------------
Leon Hardy, vice president of Coeur d'Alene Mines' Argentine
operations, told Business News Americas that the firm is working
to revise a study on a planned processing plant for the Martha
mine in Santa Cruz, Argentina.

According to BNamericas, the Martha plant aims to lower costs
and increase mine life.  Ore from Martha is currently shipped
across the Andes to Coeur D'Alene's Cerro Bayo mine in Chile's
Region XI for processing.  

The report says that the Martha plant was expected to produce
2.4 million ounce of silver last year, though annual figures
have not yet been released.

Mr. Hardy told BNamericas that Coeur D'Alene's board was set to
present in September 2006 a proposal to construct the up to 150-
ton-per-day plant, which is expected to cost up to US$8 million.

"Once we have a definite decision we will make a public
announcement," BNamericas says, citing Mr. Hardy.

Coeur d'Alene Mines Corp. -- http://www.coeur.com/-- is the  
world's largest primary silver producer, as well as a
significant, low-cost producer of gold.  The company has mining
interests in Nevada, Idaho, Alaska, Argentina, Chile, Bolivia
and Australia.

                          *     *     *

Coeur d'Alene Mines Corp.'s US$180 Million notes due Jan. 15,
2024, carry Standard & Poors' B- rating.


CROWN CASTLE: Stockholders Approve Global Signal Merger
-------------------------------------------------------
Crown Castle International Corp.'s stockholders have voted to
approve the merger of Global Signal Inc. into a subsidiary of
Crown Castle at a special meeting held on Jan. 11, 2007.  Global
Signal's stockholders also voted to approve the Merger at a
separate special meeting held on the same date.

More than 99% of shares represented at the meeting and more than
87% of the outstanding shares of Crown Castle were voted in
favor of the Merger at the Crown Castle stockholders meeting.  
More than 99% of shares represented at the meeting and more than
91% of the outstanding shares of Global Signal were voted in
favor of the Merger at the Global Signal stockholders meeting.

"We are excited about the combination of Crown Castle and Global
Signal, which will create the largest US wireless tower company
with the best-located assets in the industry, with approximately
55% and 72% of our towers in the top 50 and top 100 BTA's,
respectively," stated John P. Kelly, President and Chief
Executive Officer of Crown Castle.  "The complementary nature of
the US portfolios and our experienced management team position
Crown Castle to remain a leading provider of infrastructure to
the wireless industry.  Further, we believe this Merger will add
significant value to our shareholders by enhancing our expected
long-term revenue and cash flow growth rates."

                       About Crown Castle

Crown Castle International Corp. -- http://www.crowncastle.com/
-- engineers, deploys, owns and operates shared wireless
infrastructure, including extensive networks of towers.  Crown
Castle offers wireless communications coverage to 68 of the top
100 United States markets and to substantially all of the
Australian population.  Crown Castle owns, operates and manages
over 10,600 and over 1,300 wireless communication sites in the
U.S. and Australia, respectively.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 4, 2006, Fitch placed a BB+ rating on Crown Castle's
US$249,000,000 class F Series 2006-1 commercial mortgage pass-
through certificates and a BB rating to the company's
US$83,000,000 Class G Series 2006-1 commercial mortgage pass-
through certificates.

On October 19, 2006, the TCR-AP reported that Standard & Poor's
Ratings Services placed the ratings of Houston, Texas-based
wireless tower operator Crown Castle International Corp. and its
related entities on CreditWatch with negative implications,
including its 'BB' corporate credit rating and the 'BBB-'
secured bank loan rating of intermediate holding company Crown
Castle Operating Co.

However, the '3' recovery rating for this bank loan is not on
CreditWatch.

On October 17, 2006, the TCR-AP said Moody's Investors Service
affirmed all ratings of Crown Castle Operating Company,
including its B1 Corporate Family Rating, B1 Senior Secured
Rating and SGL-2 Liquidity Rating.  The ratings reflect a B1
probability of default and loss given default assessment of LGD
3 (43%) on the senior secured facility. The outlook remains
stable.


CROWN CASTLE: Global Signal Stockholders Vote on Form of Merger
---------------------------------------------------------------
Crown Castle International Corp. and Global Signal Inc. reported
preliminary results of elections made by Global Signal stock-
holders regarding their preferences as to the form of merger
consideration they will receive in the pending acquisition of
Global Signal by Crown Castle.  

The election deadline for Global Signal stockholders to have
made merger consideration elections in connection with the
proposed merger expired at 5:00 p.m., New York City time, on
Jan. 8, 2007.

Of the approximately 70,713,364 shares of Global Signal common
stock outstanding and eligible to make elections as of Jan. 8,
2007:

   -- 68,790,391 shares, or approximately 97.3%, elected to
      receive cash;

   -- 1,844,662 shares, or approximately 2.6%, elected to
      receive Crown Castle common stock; and

   -- 78,311 shares, or approximately 0.1%, did not make a valid
      election.

The elections with respect to approximately 6,342,572 of the
foregoing shares electing to receive cash and approximately
113,777 of the foregoing shares electing to receive stock were
made pursuant to the notice of guaranteed delivery procedure,
which requires the delivery of Global Signal shares to the
exchange agent for the merger by 5:00 p.m., New York City time,
today, Jan. 11, 2007.  If the exchange agent does not receive
the required share certificates or book-entry transfer of shares
by this guaranteed delivery deadline, the Global Signal shares
subject to such election will be treated as shares that did not
make a valid election.

After the final results of the election process are determined,
the actual merger consideration and the allocation of the merger
consideration will be computed using the formula in the merger
agreement.  The aggregate amount of cash that will be paid in
the merger is capped at $550 million and will be reduced on a
dollar-for-dollar basis to the extent of certain cash dividends
and other cash distributions declared or paid by Global Signal
or any of its subsidiaries after Oct. 5, 2006 and prior to the
effective time of the merger.  No such cash dividends or other
cash distributions have been declared or paid as of Jan. 8,
2007.

                        About Crown Castle

Crown Castle International Corp. -- http://www.crowncastle.com/
--  engineers, deploys, owns and operates shared wireless
infrastructure, including extensive networks of towers.  Crown
Castle offers wireless communications coverage to 68 of the top
100 United States markets and to substantially all of the
Australian population.  Crown Castle owns, operates and manages
over 10,600 and over 1,300 wireless communication sites in the
U.S. and Australia, respectively.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 4, 2006, Fitch placed a BB+ rating on Crown Castle's
US$249,000,000 class F Series 2006-1 commercial mortgage pass-
through certificates and a BB rating to the company's
US$83,000,000 Class G Series 2006-1 commercial mortgage pass-
through certificates.

On October 19, 2006, the TCR-AP reported that Standard & Poor's
Ratings Services placed the ratings of Houston, Texas-based
wireless tower operator Crown Castle International Corp. and its
related entities on CreditWatch with negative implications,
including its 'BB' corporate credit rating and the 'BBB-'
secured bank loan rating of intermediate holding company Crown
Castle Operating Co.

However, the '3' recovery rating for this bank loan is not on
CreditWatch.

On October 17, 2006, the TCR-AP said Moody's Investors Service
affirmed all ratings of Crown Castle Operating Company,
including its B1 Corporate Family Rating, B1 Senior Secured
Rating and SGL-2 Liquidity Rating.  The ratings reflect a B1
probability of default and loss given default assessment of LGD
3 (43%) on the senior secured facility. The outlook remains
stable.


CROWN CASTLE: Unit Inks New US$250-M Revolving Credit Facility
--------------------------------------------------------------
Crown Castle International Corp. disclosed that on Jan. 9, 2007,
its direct wholly owned subsidiary Crown Castle Operating
Company entered into a new US$250 million senior revolving
credit facility which will mature on Jan. 8, 2008.

The proceeds of the loans under the New Facility may be used for
general corporate purposes, including investments, repurchases
of shares of common stock of Crown Castle and dividends.  The
New Facility remained undrawn at closing.

                        About Crown Castle

Crown Castle International Corp. -- http://www.crowncastle.com/
-- engineers, deploys, owns and operates shared wireless
infrastructure, including extensive networks of towers.  Crown
Castle offers wireless communications coverage to 68 of the top
100 United States markets and to substantially all of the
Australian population.  Crown Castle owns, operates and manages
over 10,600 and over 1,300 wireless communication sites in the
U.S. and Australia, respectively.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 4, 2006, Fitch placed a BB+ rating on Crown Castle's
US$249,000,000 class F Series 2006-1 commercial mortgage pass-
through certificates and a BB rating to the company's
US$83,000,000 Class G Series 2006-1 commercial mortgage pass-
through certificates.

On October 19, 2006, the TCR-AP reported that Standard & Poor's
Ratings Services placed the ratings of Houston, Texas-based
wireless tower operator Crown Castle International Corp. and its
related entities on CreditWatch with negative implications,
including its 'BB' corporate credit rating and the 'BBB-'
secured bank loan rating of intermediate holding company Crown
Castle Operating Co.

However, the '3' recovery rating for this bank loan is not on
CreditWatch.

On October 17, 2006, the TCR-AP said Moody's Investors Service
affirmed all ratings of Crown Castle Operating Company,
including its B1 Corporate Family Rating, B1 Senior Secured
Rating and SGL-2 Liquidity Rating.  The ratings reflect a B1
probability of default and loss given default assessment of LGD
3 (43%) on the senior secured facility. The outlook remains
stable.


EMPIRE PLASTER: Members Agree to Wind Up Business
-------------------------------------------------
The members of Empire Plaster Pty Ltd met on Dec. 4, 2006, and
agreed to voluntarily wind up the company's operations.

Accordingly, Anthony Robert Cant was appointed as liquidator.

The Liquidator can be reached at:

         Anthony Robert Cant
         Romanis Cant
         Chartered Accountants
         106 Hardware Street, Melbourne
         Australia

                      About Empire Plaster

Empire Plaster Pty Ltd provides plastering, drywall, and
insulation services.

The company is located in Victoria, Australia.


FLAIR 500: Placed Under Voluntary Liquidation
---------------------------------------------
On Dec. 11, 2006, the members of Flair 500 Furniture Pty Ltd
resolved to voluntarily wind up the company's operations.

Consequently, James Henry Stewart and John Ross Lindholm were
appointed as joint liquidators at the creditors' meeting held
that same day.

The Joint Liquidators can be reached at:

         James Henry Stewart
         John Ross Lindholm
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia

                        About Flair 500

Flair 500 Pty Ltd manufactures office furniture.

The company is located in Victoria, Australia.


FORTESCUE METALS: BHP Files Appeal on Open Access Decision
----------------------------------------------------------
BHP Billiton has lodged an appeal against a Federal Court
decision that has threatened the company's exclusive use of its
railway in the Pilbara region which is used to cart iron ore,
the Herald-Sun reports.

News of the BHP appeal came as Fortescue Metals Group Ltd. said
that it would hold a ceremony on Feb. 8, 2007, to mark the start
of construction for the Pilbara's "first open-access railway,"
John Phaceas of The West relates.

As reported in the Troubled Company Reporter - Asia Pacific on
December 19, 2006, the Federal Court determined that both the
Mount Newman Railway and the Goldsworthy Railway are not part of
BHP Billiton's "Production Process."

Thus, BHP is not exempted from laws that could force it to open
the railway to its competitors, the Herald-Sun says.

The paper relates that the decision set the stage for an
Australian Competition Tribunal hearing, in which Fortescue will
seek to have the railway line declared open.  The hearing is
likely to take place in the second half of 2007.

The Herald-Sun says that if Fortescue wins, BHP will:

   (a) be forced to negotiate an access agreement with Fortesue;
       or

   (b) face questions from the ACT.

However, the appeal to the Full Court of the Federal Court will
not delay the ACT hearing, the paper says.  Any decision by the
ACT could be deemed invalid if BHP is successful in arguing its
case.

Justice Middleton has rejected BHP's argument that the
production process for its iron ore applies from mine to port,
including the use of the railway line, the paper recounts.

According to The West, BHP has also argued that allowing others
on to the Pilbara railways of existing miners could cost
Australia billions of dollars in missed iron ore sales and
deferred expansions.

BHP is also believed to have objected to Justice Middleton's
decision not to follow a 1999 determination relating to Rio
Tinto's Hamersley Iron, the paper relates.

According to the paper, Justice Middleton concluded that Federal
Court judge Helen Kenny's decision on Hamersley was "clearly
wrong" or "plainly wrong."

Fortescue plans to mount a similar case against Rio Tinto, the
Herald-Sun relates, noting that Rio Tinto has claimed the BHP
ruling does not affect its railways.

The paper further notes that BHP and Rio are both spending
hundreds of millions of dollars expanding capacity to meet
demand, particularly from China.  However, higher prices have
seen the emergence new competition, challenging the long-
standing duopoly in the Pilbara, the Herald-Sun says.

                       About the Railways

The Mt. Newman and Goldsworthy rail lines are located in the
Pilbara region of Western Australia and transport more than 100
million tones of iron ore each year to Port Hedland for
blending, processing, and shipping.

The Pilbara iron ore operations currently provide annual export
income in excess of AU5.5 billion, directly employ more than
7,000 people, and deliver around AU$1 billion in royalties and
taxes to Australia each year.

                        About Fortescue

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited -- http://fmgl.com.au/-- is involved in the  
exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

In 2005, Fortescue's chief executive officer, Andrew Forrest,
admitted to a AU$500-million blowout on the cost of port and
rail infrastructure in the Pilbara Project because of price
hikes for steel, fuel, construction materials, and contract
labor.  The Company also disclosed that the hampered progress of
the Pilbara Project brings in the possibility that the Company
may not meet its ore delivery schedule and pushes up costs at
resource developments across Western Australia.  In May 2005,
the Australian Stock Exchange pressured Fortescue to explain
matters about the project and to explain how the Company would
be able to dispose of its lower grade order for 95% of the price
obtained by rivals BHP Billiton and Rio Tinto for their top-
quality products.  The ASX then referred the matter to the
Australian Securities and Investments Commission, which
commenced a legal action against the Company.

The ASIC alleges that Fortescue is engaged in misleading and
deceptive conduct and has failed to comply with its continuous
disclosure obligations when it announced various contracts with
Chinese entities on August 23 and November 5, 2004.  In
particular, Fortescue did not disclose that the Chinese parties
had not reached a concluded agreement on fundamental aspects of
the projects and they had merely agreed that they would in the
future jointly develop and agree on the "agreed" matters.  The
ASIC is seeking civil penalties of up to AU$3 million against
Fortescue.

                          *     *     *

Fortescue reported a net loss for the past two fiscal years.  
Net loss for the year ended June 30, 2005, was AU$4.52 million
and net loss for the year ended June 30, 2006, was
AU$2.15 million.


GREENSBOROUGH QUALITY: Liquidator to Present Wind-Up Report
-----------------------------------------------------------
The members and creditors of Greensborough Quality Meats Pty Ltd
will meet on Feb. 12, 2007, at 9:30 a.m., to receive the
liquidators' report on how the company was wound up and its
properties disposed of.

As reported by the Troubled Company Reporter - Asia Pacific, the
company commenced a wind-up of its operations on Feb. 24, 2006.

The joint and several liquidators can be reached at:

         Robyn Erskine
         Peter Goodin
         Brooke Bird & Co
         Chartered Accountants
         471 Riversdale Road, Hawthorn East 3123
         Australia
         Telephone:(03) 9882 6666

                  About Greensborough Quality

Greensborough Quality Meats Pty Ltd provides quality meat
products.

The company is located in Victoria, Australia.


KROLO PTY: To Hold General Meeting on February 2
------------------------------------------------
Krolo Pty Ltd, which is in liquidation, will hold a general
meeting for its members and creditors on Feb. 2, 2007, at
11:00 a.m.

During the meeting, Liquidator G. S. Andrews will present an
account of the company's wind-up proceedings and property
disposal activities.

The Liquidator can be reached at:

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

                        About Krolo Pty

Krolo Pty Ltd is an investor relation company.

The company is located in Victoria, Australia.


MAAX SPA: To Declare Final Dividend on January 18
-------------------------------------------------
Maax Spa Corporation Pty Ltd, which is subject to a deed of
company arrangement, will declare a final dividend on Jan. 18,
2007.

Creditors who were unable to submit their proofs of debt on
Jan. 10 are excluded from sharing in the distribution.

The deed administrator can be reached at:

         B. A. Secatore
         Cor Cordis
         Chartered Accountants
         406 Collins Street
         Melbourne, Victoria 3000
         Australia

                         About Maax Spa

Maax Spa Corporation Pty Ltd is a distributor of sporting and
athletic goods.

The company is located in Victoria, Australia.


MELBOURNE AIR: Commences Wind-Up of Operations
----------------------------------------------
On Dec. 13, 2006, the members of Melbourne Air Conditioning
Services Pty Ltd resolved to voluntarily wind up the company's
operations.

Subsequently, Leigh Dudman was appointed as liquidator at the
creditors' meeting held that same day.

The Liquidator can be reached at:

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

                       About Melbourne Air

Melbourne Air Conditioning Services Pty Ltd -- trading as
Nunawading Air-Conditioning & Central Heating -- runs
miscellaneous retail stores.

The company is located in Victoria, Australia.


NRG ENERGY: Repays US$400 Million of Term Loan B Facility
---------------------------------------------------------
NRG Energy Inc. repaid US$400 million of its term loan B
facility and completed the debt reduction portion of its capital
allocation program.  The company used cash on hand to fund the
repayment.

As reported in the Troubled Company Reporter on Aug. 4, 2006,
the company disclosed a US$750 million share repurchase program,
which will be implemented in two phases.

Phase One was a US$500 million common share repurchase program
to be completed over the course of 2006.  In addition, the sale
of the Australian business is expected to provide approximately
US$400 million in net cash proceeds that NRG intends to use to
pay down its Term B loan in the first quarter of 2007.  
Consolidated project level debt associated with Australia is
US$177 million, bringing total expected debt reduction to
US$577 million.

Phase Two of the share repurchase plan, which will be initiated
after the expected step up in the company's restricted payment
capacity at the end of the first quarter 2007, is an additional
$250 million common share buyback.

NRG Energy, Inc. (NYSE: NRG) -- http://www.nrgenergy.com/--  
presently owns and operates a diverse portfolio of power-
generating facilities, primarily in Texas and the Northeast,
South Central and Western regions of the United States.  Its
operations include baseload, intermediate, peaking, and
cogeneration facilities, thermal energy production and energy
resource recovery facilities.  NRG also has ownership interests
in generating facilities in Australia and Germany.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
November 14, 2006, Fitch Ratings assigned a rating of 'B+/RR3'
on NRG Energy's issuance of US$1.1 billion senior notes due
2011. This issue will rank equally with NRG's other senior
unsecured obligations.  The Rating Outlook is Stable.


OLD D & W: To Declare Final Dividend on February 9
--------------------------------------------------
Old D & W Pty Ltd, which is subject to a deed of company
arrangement and formerly known as D & W Adams (Sunraysia) Pty
Ltd will declare a final dividend on Feb. 9, 2007.

Creditors are required to prove their debts by that day, or they
will be excluded from the dividend distribution.

The deed administrator can be reached at:

         Richard Judson
         Judson & Co
         Chartered Accountants
         Suite 4, Level 1, 10 Park Road
         Cheltenham, Victoria 3192
         Australia
         Telephone: 9585 4155

                         About Old D & W

Old D & W Pty Ltd operates retail nurseries, and lawn and garden
supply stores.

The company is located in Victoria, Australia.


REDPRAIRIE CORP: S&P Holds Corporate Credit Rating at B
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Waukesha, Wisconsin-based RedPrairie Corp.

The outlook is stable.

Standard & Poor's also affirmed the existing ratings on the
senior secured first-lien and second-lien bank loans, including
the US$20 million term loan B added to the facility, to provide
for the acquisition of StorePerform Technologies.

The ratings on RedPrairie reflect its narrow product focus
within a highly competitive and consolidating marketplace,
moderately acquisitive growth strategy, and high debt leverage.  
These are only partly offset by a largely recurring revenue
base, supported by a broad customer base and relatively stable
operating margins.

RedPrairie is a global provider of supply chain execution
software and services for warehouse, labor and transportation
management activities, coordinating interaction between
manufacturers, distributors, wholesalers and retailers.  Pro
forma for the proposed bank facilities, RedPrairie will have
approximately US$215 million of operating lease-adjusted total
debt.

The market for supply chain execution software is highly
fragmented, with no clear market leader.  In addition to
competing with other supply chain specialist vendors such as
Manhattan Associates, RedPrairie also competes with tier-one
players such as Oracle and SAP, each of whom possesses greater
scale and broader product breadth, in addition to being much
better capitalized.  A relatively broad and diverse customer
base, along with retention rates in the high-90% area, support
revenue visibility over the intermediate term; however, a
continued focus on improving product functionality and servicing
capabilities will be a key to RedPrairie maintaining, or
improving, its competitive position over the longer term.

"The acquisition of StorePerform Technologies bolsters
RedPrairie's presence on the front end of the supply chain
process, namely within the retail store, providing functionality
around such activities as workforce management," said Standard &
Poor's credit analyst Stephanie Crane Mergenthaler.

"RedPrairie has been acquisitive over the past few years,
growing revenues from about US$70 million in 2003 to a pro forma
revenue base expected to exceed US$200 million in 2006.  
However, RedPrairie's acquisitions have been less frequent than
some of its peers, and integration success is more apparent."

While the rating incorporates our expectation for continued
moderate acquisition activity in this rapidly consolidating
market, Standard & Poor's expects acquisitions to be modestly
sized over the next several quarters.

Despite a very narrow product focus and exposure to a highly
competitive and consolidating marketplace, a broad and diverse
customer base, along with relatively stable operating margins
provide ratings stability.  A revision of the outlook to
negative could follow increased acquisition activity or any
shareholder initiatives, while a revision of the outlook to
positive would likely be a function of substantial, and
sustained, improvement to the company's debt leverage profile,
likely the result of successful integration of BlueCube and
continued progress in growing the customer base.

Headquartered in Waukesha, Wisconsin, RedPrairie Corporation --
http://www.redprairie.com/-- is a provider of warehouse  
management, labor management and transportation management
software solutions.

The company has locations in Australia, China, Denmark, and the
United Kingdom, among others.


SALKANE PTY: Members Resolve to Liquidate Business
--------------------------------------------------
At a general meeting held on Dec. 13, 2006, the members of
Salkane Pty Ltd resolved to voluntarily liquidate its business.

In this regard, Peter Goodin and Robyn Erskine were appointed as
liquidators.

The Liquidators can be reached at:

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

                        About Salkane Pty

Salkane Pty Ltd offers a range of massage, physiotherapy,
counseling, and alternative therapies.

The company is located in Victoria, Australia.


SARAVALLO INVESTMENTS: Members Place Firm in Liquidation
--------------------------------------------------------
At an extraordinary general meeting held on Dec. 18, 2006, the
members of Saravallo Investments Pty Ltd resolved to voluntarily
wind up the company's operations.

In this regard, Clyde Peter White and Philip Newman were
appointed as liquidators.

The Liquidators can be reached at:

         Clyde Peter White
         Philip Newman
         HLB Mann Judd
         Chartered Accountants
         Level 1, 160 Queen Street
         Melbourne
         Australia

                  About Saravallo Investments

Saravallo Investments Pty Ltd -- trading as Cambro Motors --
operates general automotive repair shops.

The company is located in Victoria, Australia.


TAHA INFOSEC: Schedules Members' Final Meeting on February 12
-------------------------------------------------------------
Taha Infosec Pty Ltd, which is in voluntary liquidation, will
hold a final meeting for its members on Feb. 12, 2007, at
10:00 a.m.

During the meeting, the members will receive the liquidator's
account of the company's wind-up proceedings and property
disposal exercises.

The liquidator can be reached at:

         Robyn Beverley Mckern
         McGrathNicol+Partners
         Level 8, IBM Centre, 60 City Road
         Southbank, Victoria 3006
         Australia
         Telephone:(03) 9038 3137
         Website: http://www.mcgrathnicol.com

                       About Taha Infosec

Taha Infosec Pty Ltd is an investor relation company.

The company is located in New South Wales, Australia.


TAHA INVESTOR: Liquidator McKern to Present Wind-Up Report
----------------------------------------------------------
Taha Investor (No 2) Pty Ltd, which is in voluntary liquidation,
will hold a final meeting for its members on Feb. 12, 2007, at
10:00 a.m.

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

The Liquidator can be reached at:

         Robyn Beverley Mckern
         McGrathNicol+Partners
         Level 8, IBM Centre, 60 City Road
         Southbank, Victoria 3006
         Australia
         Telephone:(03) 9038 3137
         Website: http://www.mcgrathnicol.com

                       About Taha Investor

Taha Investor (No 2) Pty Ltd is an investor relation company.

The company is located in New South Wales, Australia.


TECH DRY: Enters Voluntary Wind-Up
----------------------------------
On Dec. 16, 2006, Tech Dry Solutions Pty Ltd was voluntarily
wound up and Gregory John Shilton was appointed as liquidator.

The Liquidator can be reached at:

         Gregory J. Shilton
         Gregory J Shilton & Co
         1st Floor, Suite 4/58 Dow Street
         South Melbourne, Victoria 3205
         Australia

                    About Tech-Dry Solutions

Tech-Dry Solutions Pty Ltd -- http://www.tech-drysolutions.com/
-- is an Australian owned company and a leading manufacturer of
heat pump dehumidifying dryers for the food industry.

The company is located in Victoria, Australia.


VENEERED PANELS: Creditors' Proofs of Debt Due on February 2
------------------------------------------------------------
The creditors of Veneered Panels (Vic) Pty Ltd -- formerly known
as Realwood Architectural Panels Pty Ltd -- are required to
submit their proofs of debt by Feb. 2, 2007.

Failure to comply with the requirement will exclude a creditor
from sharing in the company's distribution of dividend, which is
set for Feb. 9.  

The Troubled Company Reporter - Asia Pacific previously reported
that the company was placed under wind-up on July 1, 2005.

The joint liquidator can be reached at:

         H. A. Mackinnon
         Bent & Cougle Pty Ltd
         Chartered Accountants
         332 St Kilda Road
         Melbourne, Victoria 3004
         Australia

                      About Veneered Panels

Veneered Panels (Vic) Pty Ltd is a distributor of hardwood
veneer and plywood.

The company is located in Victoria, Australia.


VICTORIAN PROPERTY: Members Decide to Close Business
----------------------------------------------------
The members of Victorian Property Protection & Security Services
Pty Ltd met on Dec. 19, 2006, and decided to voluntarily
liquidate its business.

Samuel Richwol was subsequently appointed as liquidator.

The Liquidator can be reached at:

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

                    About Victorian Property

Victorian Property Protection & Security Services Pty Ltd
provides security services.

The company is located in Victoria, Australia.


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

ARCO CORRUGATED: Court Sets Wind-Up Hearing on March 7
------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Arco Corrugated Paper Factory Ltd on March 7, 2007, at 9:30 a.m.

Bank of China (Hong Kong) Ltd filed the petition with the Court
on Dec. 29, 2006.

Bank of China's solicitors can be reached at:

         Chow, Griffiths & Chan
         Rooms 1902-4, 19th Floor
         77 Des Voeux Road Central
         Hong Kong


CHAMP WEALTH: Receives Wind-Up Order from Court
-----------------------------------------------
On Dec. 27, 2006, Champ Wealth Industrial Ltd received a wind-up
order from the High Court of Hong Kong.

According to the Troubled Company Reporter - Asia Pacific, Law
Ng Nui filed the wind-up petition before the Court on Nov. 6,
2006.


CITIC PACIFIC: Asks BNP to Help Spin-Off Telecom Unit
-----------------------------------------------------
CITIC Pacific has tapped BNP Paribas to help arrange the spin
off of its telecommunications unit through a separate listing on
the local exchange in the second quarter, Forbes says citing a
report from the South China Morning Post.

According to the report, the deal, which is expected to begin
early May, could range from US$100-US$150 million.

Forbes recounts that CITIC announced last week its plans to spin
off its interest in CITIC 1616 Holdings, a wholesale provider of
international direct dialing and short message services to other
telecom companies.

                          *     *     *

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, the TCR-AP also reported that Moody's Investors
Service on June 16, 2006, assigned a Ba1 corporate family rating
to CITIC Pacific Ltd and has 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.


CLINICAL RESEARCH: Appoints Ho Dai as Liquidator
------------------------------------------------
Ho Dai was appointed as liquidator of Clinical Research Centre
on Chinese Medicine Ltd by a special resolution of the company
passed on Jan. 12, 2007.

The Liquidator can be reached at:

         Ho Dai
         Shop Nos. 10-12, Level 3
         Hilton Plaza Commercial Centre
         3-9 Shatin Centre Street
         Shatin, New Territories
         Hong Kong


EXCELLENT WAY: Members to Receive Wind-Up Report on Feb. 12
-----------------------------------------------------------
The members of Excellent Way Properties Ltd will meet on
Feb. 12, 2007, at 10:00 a.m., to receive a report regarding the
company's wind-up proceedings from Liquidator Leung Fung Yee
Alice.

The Troubled Company Reporter - Asia Pacific previously reported
that the company entered wind-up proceedings on Sept. 15, 2006.

The Liquidator can be reached at:

         Leung Fung Yee Alice
         5/F, Jardine House
         1 Connaught Place, Central
         Hong Kong


FORTUNE TOP: Shareholders Opt to Wind Up Firm
---------------------------------------------
The shareholders of Fortune Top Properties Ltd met on Jan. 8,
2007, and resolved to voluntarily wind up the company's
operations.

Accordingly, Chok-man Yik was appointed as liquidator and was
authorized to divide the company's assets.

The Liquidator can be reached at:

         Chok-man Yik
         15/F, Manulife Tower
         169 Electric Road, North Point
         Hong Kong


HILL SOURCE: Creditors' Proofs of Claim Due on February 6
---------------------------------------------------------
Creditors of Hill Source Ltd are required to submit their proofs
of claim by Feb. 6, 2007, to Liquidators Chan Chi Bor and Li Fat
Chung.

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

The Liquidator can be reached at:

         Chan Chi Bor
         Li Fat Chung
         Unit 1202, 12/F., Malaysia Building
         No. 50, Gloucester Road, Wanchai
         Hong Kong


IAC BANK: Yang Denies Acquisition Plans on Korean Bank
------------------------------------------------------
Industrial and Commercial Bank of China President Yang Kaisheng
evaded the question regarding the lender's interest in buying a
South Korean bank, Reuters says.

According to Reuters, a local newspaper reported that foreign
banks, including ICBC, Bank of America and Singapore's DBS were
interested in bidding for Korea Exchange Bank.

Asked whether ICBC would participate in bidding for KEB, Mr.
Yang told reporters "I have never heard of this," Reuters
relates.

Five or six foreign financial institutions have sounded out
U.S.-based investment fund Lone Star, the top shareholder of
KEB, for an acquisition, Reuters relates citing a report from
Chosun Ilbo.

                          *     *    *

The Industrial and Commercial Bank of China --
http://www.icbc.com.cn-- is the largest state-owned commercial  
bank, and is authorized by the State Council and the People's
Bank of China.  ICBC conducts operations across China as well as
in major international financial centers.

On September 18, the Troubled Company Reporter - Asia Pacific
reported that Fitch Ratings affirmed ICBC' Individual D/E
rating.

On December 6, 2006, Moody's Investors Service upgraded to D-
from E+ the Bank Financial Strength Rating for Industrial and
Commercial Bank of China.  The D- BFSR has a stable outlook.  
The upgrade concludes a review of ICBC's BFSR started on August
9, 2006.


INTERASIAN RESOURCES: Final Meeting Slated for February 13
----------------------------------------------------------
A final meeting of the members and creditors of Interasian
Resources (Hong Kong) Ltd will be held on Feb. 13, 2007, at 2:30
p.m., to consider the liquidator's account of the company's
wind-up proceedings.

The liquidator can be reached at:

         Liu Chi Tat Stephen
         Room 1304, 13/F, C C Wu Building
         302-8 Hennessy Road, Wanchai
         Hong Kong


KONG SUN: Wind-Up Hearing Set on February 28
--------------------------------------------
On Dec. 21, 2006, Vigers Hong Kong Ltd filed before the High
Court of Hong Kong a petition to wind up Kong Sun Holdings Ltd.

The petition will be heard on Feb. 28, 2007, at 9:30 a.m.

Vigers' solicitors can be reached at:

         Cheung & Yip, Solicitors
         12/F Dah Sing Life Building
         99-105 Des Voeux Road, Central
         Hong Kong


PRAVOLI INTERNATIONAL: Court Issues Wind-Up Order
-------------------------------------------------
The High Court of Hong Kong issued a wind-up order against
Pravoli International Ltd on Dec. 27, 2006.

As reported by the Troubled Company Reporter - Asia Pacific, Lai
Siu Ching filed the wind-up petition with the Court on Nov. 3,
2006.


SITA RECYCLING: Enters Voluntary Wind-Up
----------------------------------------
On Dec. 31, 2006, the members of Sita Recycling Asia Ltd passed
a special resolution to voluntarily wind up the company's
operations.

Accordingly, Rainier Hok Chung Lam and John James Toohey were
appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

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


SOLARICH LTD: Creditors Must Prove Debts by February 6
------------------------------------------------------
Creditors of Solarich Ltd, which is in members' voluntary
liquidation, are required to prove their debts by Feb. 6, 2007.

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

The Liquidator can be reached at:
      
         Wong Pong Kwok Ivan
         Unit 1110 Lippo Sun Plaza
         28 Canton Road
         Tsimshatsui, Kowloon
         Hong Kong


TABATHA V: Inks Share Exchange Agreement with Impact
----------------------------------------------------
On December 1, 2006, Tabatha V, Inc., entered into a share
exchange agreement with the shareholders of Impact Grammar
Institute, Inc.

Upon closing of the share exchange transaction, the shareholders
of Impact transferred all of their shares to Tabatha in exchange
for an aggregate of 72,750 shares of common stock.  

Accordingly, Impact becomes a wholly owned subsidiary of
Tabatha.

Following closing under the Exchange Agreement on December 7,
2006, Tabatha has a total of approximately 439,625 shares of
common stock issued and outstanding.

Prior to the Closing, First Asia Private Equity Investments
Limited was the principal shareholder of both Tabatha and
Impact.

First Asia Private Equity Investments Limited owned 267,250
shares, or 72% of the issued and outstanding common stock of
Tabatha before the Exchange, and is also the sole shareholder of
Impact.  

After the Closing, First Asia owned 313,138 shares of the
Registrant.  

The company notes that as of December 7, 2006, there is no
material relationship between Tabatha or its affiliates and
Impact, other than in respect of the Exchange Agreement.

                          *     *     *

Tabatha V, Inc was incorporated under the laws of the State of
Colorado on March 17, 2000, and is in the early developmental
and promotional stages.   To date, the Company's only activities
have been organizational ones, directed at developing its
business plan and raising its initial capital.  The Company has
not commenced any commercial operations.  The Company has no
full-time employees and owns no real estate.

The company's principal executive office is located in Hong
Kong.

As reported by the Troubled Company Reporter - Asia Pacific on
Nov. 13, 2006, auditors Child, Van Wagoner & Bradshaw PLC raised
substantial doubt regarding Tabatha V, Inc.'s ability to
continue operations after it audited the company's financial
statements for the fiscal year ended June 30, 2006.

The company's balance sheet did not show any figures regarding
its current assets and total assets.  Current liabilities and
total liabilities as of June 30, 2006, amounted to US$1,170.  
Stockholders' deficit in the company totaled US$1,170.


UNRIVALED FLIBUSTER: Members Decide to Close Business
-----------------------------------------------------
At an extraordinary general meeting held on Dec. 30, 2006, the
members of Unrivaled Flibuster of Orient Ltd passed a special
resolution to voluntarily wind up the company's operations.

In this regard, Bernadette Marie Gicquel was appointed as
liquidator.

The Liquidator can be reached at:

         Bernadette Marie Gicquel
         Room A, 14/F, Amtel Building
         144-148 Des Voeux Road, Central
         Hong Kong


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

BANK OF BARODA: Board to Consider Financial Results on Jan. 24
--------------------------------------------------------------
Bank of Baroda's board of directors will hold a meeting to,
among others, consider and take on record, the bank's unaudited
financial results and segment-wise financial report for the
quarter and nine months ended Dec. 31, 2006.

The board meeting is set on Jan. 24, 2007

As reported in the Troubled Company Reporter - Asia Pacific, the
bank posted a net profit of INR2.884 billion for the quarter
ended Sept. 30, 2006, an 11% increase from the INR2.591 billion
for the September 2005 quarter.

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

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


BHARTI AIRTEL: Mulls Long-Term Tie-up with IIM-C
------------------------------------------------
Bharti Airtel Ltd is contemplating a long-term strategic
partnership with the Indian Institute of Management, Calcutta,
to build future leadership capabilities, Anuradha Himatsingka
writes in The Economic Times.

In IIM-C, the company is interested in focusing its energies on
research in the telecom industry, working on developmental areas
as well as case studies, The Times quoted Bharti Airtel
president (mobility) Manoj Kohli as saying.

According to the newspaper, the company expects to make a
decision on the planned tie-up by March.

The company is also reportedly interested in instituting a chair
at IIM-C for customer service excellence, which is under review
by the institute.

Headquartered in New Delhi, India, Bharti Airtel Limited --
http://www.bhartiairtel.in/-- is a telecom services provider.  
The company has three business units: Mobile Services, Broadband
& Telephone Services (B&TS) and Enterprise Services.  The Mobile
Services business unit offers mobile services in all 23 telecom
circles of India.  The B&TS business unit provides broadband and
telephone services in 90 cities across India.  The Enterprise
Services business unit has two sub-units: Carriers (long-
distance services) and Corporates.  Through Enterprise Services-
Carriers, Bharti Airtel provides national and international
long-distance services.  The Enterprise Services-Corporates
business unit provides integrated voice and data communications
solutions to corporate customers and small and medium-size
enterprises.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 28, 2006, that Fitch Ratings has affirmed Bharti Airtel
Limited's long-term foreign currency issuer default rating at
BB+.  The outlook on the rating remains stable.

Additionally, Standard and Poor's Rating Service gave the
company's long-term local and foreign issuer credit BB+
ratings on Sept. 21, 2005.


BPL LTD: Members Approve Transfer of Alkaline Battery Unit
----------------------------------------------------------
BPL Ltd's members passed the resolutions for lease or transfer
of the company's alkaline battery business to the proposed joint
venture with FTA P Ltd, the company discloses in a regulatory
filing with the Bombay Stock Exchange.

The members, by way of postal ballot, passed the Resolutions
with requisite majority.

BPL's board of directors agreed to the transfer of the alkaline
battery unit to the proposed 50:50 joint venture company, the
Troubled Company Reporter - Asia Pacific reported on Nov. 28,
2006.

At the Extraordinary General meeting on Jan. 12, the
shareholders also passed a special resolution approving
investment in the equity share capital of the proposed Joint
Venture, subject to necessary approvals, if any.

Headquartered in Bangalore, India, BPL Limited manufactures and
distributes consumer electronic products such as televisions,
video tape recorder, audio systems, emergency lanterns,
electrocardiographs and monitors.  The Group also manufactures
home appliances like washing machines, refrigerators, vacuum
cleaners, microwave ovens, gas tables, soft energy and consumer
telecom products.  Its plants are located at Kerala, Karnataka
and Uttar Pradesh.  The Group operates only in India.

In 2005, the Company obtained approval from the Kerala High
Court for its financial restructuring scheme and the launch of
the 50:50 joint venture with Sanyo for the CTV business.  The
restructuring has allowed BPL to focus and strategize on its
core businesses like mobile phones, entertainment electronics,
medical electronics, engineering plastics and tooling for
automotive and consumer electronics industry.  As a part of the
restructuring exercise, BPL had recently sold off its dry cell
business -- which operated through its subsidiary BPL Soft
Energy Systems -- in a INR67 crore deal including liabilities to
the Khaitans of Eveready Industries.

                          *     *     *

On Jan. 5, 2006, CRISIL Ratings reaffirmed the 'D' and 'FD'
ratings on BPL Limited's non-convertible and fixed deposit
programmes.  The ratings indicate that the company continues to
be in default on its rated debt.

These ratings are reaffirmed:

   * INR600 Million Non-Convertible Debenture at D
   * INR210 Million Non-Convertible Debenture at D
   * INRFixed Deposit Programme at FD


CANARA BANK: To Consider Financial Results on Jan. 18 Meeting
-------------------------------------------------------------
Canara Bank informed the Bombay Stock Exchange that the
company's board of directors will hold a meeting on Jan. 18,
2007.

The board will, inter alia, take on record the bank's financial
results -- unaudited, subjected to a limited review -- for the
quarter and nine-months ended Dec. 31, 2006 (Q3).

For the quarter ended Sept. 30, 2006, the bank reported a net
profit of INR3.618 billion, an increase of more than
INR500 million from the INR3.07 billion for the same period in
2005.

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.


CENTURION BANK: RBI Oks Preferential Issue to India Advantage
-------------------------------------------------------------
The Reserve Bank of India authorized Centurion Bank of Punjab
Ltd to issue 7,50,00,000 equity shares on a preferential basis
to India Advantage Value Fund V through its trustee, The Western
India Trustee and Executor Company Ltd, the bank discloses in a
filing with the Bombay Stock Exchange.  The Fund is managed by
ICICI Venture Funds Management Company Ltd.

RBI gave Centurion Bank its approval through a letter dated
Jan. 4, 2007.  

The bank proposed an issue price of INR24.54 per equity share,
hoping to raise as much as INR1.84 billion.

The bank asserts that the issue price has been arrived at in
accordance with the relevant pricing guidelines contained in the
Securities and Exchange Board of India Guidelines 2000.  The
shareholders approved the allotment at their Extraordinary
General Meeting on Sept. 30, 2006.

Headquartered in Goa, India, Centurion Bank of Punjab Limited --
http://www.centurionbop.co.in/-- is a private-sector bank.  The  
bank provides a range of transaction banking products under cash
management services to various customer segments, such as
corporates, small and medium enterprises, utility providers and
domestic correspondent banks.  The bank has entered into an
enterprise partnership with Indecomm Global Services to form
Centillion Solutions and Services.  Centillion will focus on
operations and services for banking and related financial
services.  The Retail Asset servicing operations of the Bank are
being transitioned to Centillion.  The bank has entered into an
arrangement with IL&FS Investsmart Limited for offering equity
broking services to its customers.  The wholesale banking
business is divided into Corporate, SME and Financial
Institutions Group.  NRI business has been a focus of the bank.
In Trade Finance business, the bank provides services, such as
export trade, import trade, remittance, domestic trade and
structured trade.

Fitch Ratings, on November 2, 2005, gave Centurion Bank of
Punjab a support rating of 5.


CENTURION BANK: Discloses Auditors' Observations on Review
----------------------------------------------------------
Centurion Bank of Punjab Ltd informs the Bombay Stock Exchange
that in the limited review report of the company for the quarter
ended Sept. 30, 2006, its auditors have made these observations:

   "In the conduct of our review of non-performing assets, we
   have relied on the reports, explanations and information
   collated by the Central office of the Bank from its various
   branches.

   "As explained in paragraph 4 to the Statement of Unaudited
   Financial Results, during the current quarter the Bank has
   partly appropriated the floating provision pending Reserve
   Bank of India approval."

As previously reported in the Troubled Company Reporter - Asia
Pacific, Centurion Bank's financial reports for the quarter
ended Sept. 30, 2006, showed a net profit of INR311 million.

Headquartered in Goa, India, Centurion Bank of Punjab Limited --
http://www.centurionbop.co.in/-- is a private-sector bank.  The  
bank provides a range of transaction banking products under cash
management services to various customer segments, such as
corporates, small and medium enterprises, utility providers and
domestic correspondent banks.  The bank has entered into an
enterprise partnership with Indecomm Global Services to form
Centillion Solutions and Services.  Centillion will focus on
operations and services for banking and related financial
services.  The Retail Asset servicing operations of the Bank are
being transitioned to Centillion.  The bank has entered into an
arrangement with IL&FS Investsmart Limited for offering equity
broking services to its customers.  The wholesale banking
business is divided into Corporate, SME and Financial
Institutions Group.  NRI business has been a focus of the bank.
In Trade Finance business, the bank provides services, such as
export trade, import trade, remittance, domestic trade and
structured trade.

Fitch Ratings, on November 2, 2005, gave Centurion Bank of
Punjab a support rating of 5.


CENTURION BANK: Opens Seven Branches in Western India
-----------------------------------------------------
Centurion Bank of Punjab Ltd opened seven new branches
increasing the number of its full-service branches across India
to 256, the bank states in a press release.  The new branches
are situated in the towns of Mehsana, Valsad, Mundra, Bhurch and
Bhuj in Gujarat and at Malad and Chembur in Mumbai, Maharashtra.

According to the release, the seven branches will provide the
entire bouquet of products and services offered by Centurion
Bank including personal loans, mortgages, wealth management
products such as Life and General Insurance through its partners
and a range of select mutual funds.

With the additional branches, Centurion Bank believes it has
strategically strengthened its presence in Western India.

"The bank already has a very strong presence in the North, and
will have an equally strong presence in the South on completion
of the proposed merger with Lord Krishna Bank," Centurion Bank
Managing Director & CEO Shailendra Bhandari, points out.

Headquartered in Goa, India, Centurion Bank of Punjab Limited --
http://www.centurionbop.co.in/-- is a private-sector bank.  The  
bank provides a range of transaction banking products under cash
management services to various customer segments, such as
corporates, small and medium enterprises, utility providers and
domestic correspondent banks.  The bank has entered into an
enterprise partnership with Indecomm Global Services to form
Centillion Solutions and Services.  Centillion will focus on
operations and services for banking and related financial
services.  The Retail Asset servicing operations of the Bank are
being transitioned to Centillion.  The bank has entered into an
arrangement with IL&FS Investsmart Limited for offering equity
broking services to its customers.  The wholesale banking
business is divided into Corporate, SME and Financial
Institutions Group.  NRI business has been a focus of the bank.
In Trade Finance business, the bank provides services, such as
export trade, import trade, remittance, domestic trade and
structured trade.

Fitch Ratings, on November 2, 2005, gave Centurion Bank of
Punjab a support rating of 5.


CITY UNION BANK: Members Okay Increase in Authorized Capital
------------------------------------------------------------
The members of City Union Bank Ltd, at the Extraordinary General
Meeting on Dec. 29, 2006, approved the proposed increase in the
bank's existing authorized capital, a filing with the Bombay
Stock Exchange reveals.

The bank intends to increase its capital from INR30 crore
divided into 3,00,00,000 equity shares of INR10 each to INR100
crore divided into 10,00,00,000 shares of INR10 each.

The move was brought about by the bank's desire to maintain its
growth.

The bank has been growing at around 30% for the past two years
and to sustain this growth, our internal accruals will be
insufficient, the Business Standard quotes the bank's Chairman S
Balasubramanian as saying.  To preserve a comfortable position
and grow at the same rate, we have decided to increase the
capital, he added.

According to the chairman, the bank has yet to finalize the
details of the proposed capital increase.

During the meeting, the shareholders also gave their approval on
the acquisition of the bank's shares by permitted foreign
entities, registered Foreign Institutional Investors and Non-
Resident Indians by purchase or acquisition on the recognized
stock exchanges.  The acquisition is subject to the condition
that the individual holding of those entities will not exceed 5%
of the paid up capital and the total holding of the Foreign
entities together will not exceed 26% of the paid up equity
share capital of the bank or such other maximum limit as may be
prescribed from time to time, subject to necessary provisions &
approvals.

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.


CORPORATION BANK: CRISIL Reaffirms Ratings of Four Instruments
--------------------------------------------------------------
Corporation Bank has informed the Bombay Stock Exchange that
Credit Rating Information Services of India Ltd has assessed and
reaffirmed the bank's four instruments:

1. Name of the Instrument: Fixed Deposit Programme

   Rating Reaffirmation: FAAA / Stable

   Description: Very Strong degree of Safety with regard to
   timely payment of Interest and Principal.

2. Name of the Instrument: INR2 Billion lower Tier II Bond Issue

   Rating Reaffirmation: AAA / Stable

   Description: Highest degree of safety with regard to timely
   payment of Interest and Principal.

3. Name of the Instrument: INR3 Billion lower Tier II Bond Issue

   Rating Reaffirmation: AAA / Stable

   Description: Highest degree of safety with regard to timely
   payment of Interest & Principal

4. Name of the Instrument: INR15 Billion Certificate of Deposit
   Programme

   Rating Reaffirmation: P1 plus

   Description: Very strong degree of safety with regard to
   timely payment of Interest and Principal.

Headquartered in Mangalore, India, Corporation Bank --
http://www.corpbank.com/-- offers a range of deposit schemes
and loan products to customers.  The various products offered by
the bank include Corp Pragathi savings bank account, current
account products and term deposits.  Corporation Bank offers
housing loans, education loans, consumer loans for purchase of
consumer durables, loans against future rent receivables on
leased out building/premises, loans to purchase two wheelers and
four wheelers, loans against shares, loans for purchase of
medical and other such equipments, loan to acquire office
premises/building and furniture, personal loans, loans to women
to buy gold/jewelry, and loan against mortgage of property.  It
also offers a range of non-resident Indian services, as well as
debit and credit cards.

Fitch Ratings gave Corp Bank a 'C' individual rating on June 1,
2005.


VISTEON CORP: Inks Exclusive Retail Distribution Accord With AGT
----------------------------------------------------------------
Visteon Corporation and Advanced Global Technology have entered
into an exclusive retail distribution agreement to market, sell,
and distribute electronics products.

AGT will be distributing three new HD Radio(TM) receivers:
Visteon HD Radio receivers, the Visteon HD Jump(TM); the HD EZ
Connect, and the HD Table Top Radio along with a full line of
accessory products designed to enhance the installation and
reception of HD Radio(TM).

HD Jump(TM) is the first true HD Radio(TM) plug and play
receiver f its kind.  The unit delivers premium new HD2
multicast channels and crystal-clear sound quality and can be
used in a car, truck, RV or home.

Visteon's HD Jump(TM) docks into a cradle in the vehicle and an
optional home kit allows the receiver to also be used with a
home stereo.

HD Jump offers the full spectrum of HD Radio(TM) features,
including program associated data, such as real-time song title,
artist and album information, as well as multicasting, where
available.

The clarity of HD Radio technology allows FM stations to be
enjoyed with CD quality sound and boosts AM quality up to that
of FM sound.

More than 1,000 radio stations now broadcast HD Radio(TM)
signals in the U.S., with more than 400 offering new formats on
HD2 channels.

The cradle's built-in auxiliary input jack also enables users to
plug in an MP3 player and hear its contents through the
vehicle's sound system.

HD EZ Connect is a new HD Radio(TM) receiver that is designed to
easily connect to either an aftermarket or factory-installed car
audio systems to receive digital HD Radio(TM) programming.

HD Table Top Radio is a new HD Radio(TM) receiver delivering
high performance audio with a sleek design and intuitive
controls.  The unit features a large backlit six-line display,
alarm clock feature and is available in a variety of colors to
match any decor.

"This agreement allows Visteon to expand its automotive product
expertise and advanced technology," Greg Gyllstrom, vice
president, Visteon North American aftermarket, said.

"The relationship between Visteon and Advanced Global Technology
is an ideal match," Advanced Global Technology president Ben
Lowinger said.

"When you pair Visteon's advanced technology leadership in the
automotive electronics space with Advanced Global Technology's
proven capabilities in the retailer sector, we expect these new
products to deliver explosive growth for HD Radio(TM) in both
awareness and sales."

The Visteon HD Jump(TM), HD EZ Connect, and HD Table Top Radio
will be available at retailers this spring.

The products can be seen at the following CES 2007 locations;
Visteon - Central Plaza (CP7), North Hall Booth 6427, Advanced
Global Technology - Central Hall Booth 9817, and HD Radio(TM) -
North Hall Booth 4616.

                          About HD Radio

More than 1,100 AM and FM radio stations, available to
approximately 80% of the U.S. population, are using HD Radio --
http://www.hdradio.comand http://www.ibiquity.com-- technology  
to transmit digital audio and data to their listeners.  Beyond
delivering dramatically improved sound quality over analog,
digital HD Radio technology allows stations to expand their
programming via HD2 multicast channels.  Over 500 stations today
are using HD2 channels to broadcast fresh new music and news
formats, showcase young artists and local bands, air non-English
language programming, and more.  Other HD Radio applications
include scrolling text and graphics content on receiver display
screens and delivery of real-time traffic updates.

                About Advanced Global Technology

Advanced Global Technology LLC -- http://www.advancedgt.com--  
is a cutting-edge product designer.  AGT globally distributes
and markets high quality and high performance XM Satellite Radio
plug-and-play receivers combined with all-encompassing
technologically advanced satellite radio accessories.  In
addition to its XM Satellite Radio products, AGT provides an
extended and original line of consumer electronics that blends
technology with the lifestyles of today's consumers.  AGT
produces inventive and imaginative products that integrate with
automobiles, home-stereos, home-theaters, boats, motorcycles and
recreational vehicles, and personal-wearable portables.

                  About Visteon Corporation

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.


VISTEON CORP: Sees Challenging 2007 but Improved 2008 Production
----------------------------------------------------------------
Visteon Corp. revealed last week that it expects a challenging
2007 but forecast an improvement in 2008.  The company said it
will focus on its restructuring efforts and cash flow
management.

The company said it expects to have lower production on
platforms it supplies to Ford Motor Corp., Renault SA, Peugeot
S.A., and Nissan Motor Co. Ltd. in North America.  It expects
production increases for Ford in Europe, Hyundai Motor Co. Ltd.,
and Kia Motors Corp.

Visteon also disclosed that it won $1 billion in new contracts
for products from:

   -- North America:

      a. General Motors Corp. for electronics, interiors, and
         climate,

      b. Ford Motor for electronics and climate,

      c. DaimlerChrysler AG for electronics, interiors, climate,
         and lighting, and

      d. Other Asian Original Equipment Manufacturers for
         interiors,

   -- Europe:

      a. Volkswagen for electronics,
      b. Peugeot for interiors and electronics,
      c. General Motors for interiors, and
      d. Ford Motor for climate, electronics, and interiors,

   -- Asia Pacific:

      a. Mazda for climate,
      b. Hyundai and Kia for climate and interiors,
      c. General Motors for climate and interiors, and
      d. Ford Motor for climate.

                             Liquidity

The company expects to use free cash flow in 2007 and 2008, with
positive figures in 2009.  The company further says that it does
not have significant debt maturities until 2010.

At the end of 2006, it expects to have a cash balance of $1
billion, 70% of which comes from U.S. and Europe sales.

                     About Visteon Corporation

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.


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

ALCATEL-LUCENT: Chooses Pudong For Asia-Pacific Headquarters
------------------------------------------------------------
Alcatel-Lucent has chosen the Pudong area of Shanghai for its
new Asia-Pacific headquarters, China Tech News reports.

According to the report, Alcatel-Lucent Asia Pacific President
Luo Ruizhe said that they have full confidence in the China
market and will soon set up a new research and development
center in Shanghai.

China Tech also cites Mr. Ruizhe as saying said that they are
optimistic about Shanghai's excellent industry environment, and
that's why they have decided to incorporate their headquarters
and move it there.

Alcatel originally set up its Asia-Pacific headquarters in
January 2000 in Singapore, the report recounts.

                    About Alcatel-Lucent

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

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

                          *     *     *

As reported on Dec. 14, 2006, following the completion of
Alcatel S.A.'s merger with Lucent Technologies Inc., at which
time Alcatel was renamed Alcatel-Lucent, Fitch Ratings
downgraded and removed Alcatel from Rating Watch Negative:

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

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

The Rating Outlook for Alcatel-Lucent is Stable.

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

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

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

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

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

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

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


BANK INDONESIA: Bankers Urge BI to Relax Credit Regulation
----------------------------------------------------------
Bankers are urging Bank Sentral Republik Indonesia to relax its
regulation on credit disbursement to the real sector, Tempo
Interactive reports.

According to the report, with a relaxed disbursement regulation,
the real sector can grow in the future.

Tempo cites the Corporate Director of PT Bank Mandiri, Abdul
Rachman, as saying that banks were actually interested in not
expanding credit, moreover to disburse credit to losing
companies.  

Mr. Rachman noted that losing companies were still being
disbursed banking credit, as long as their cash flow was good so
that they were still capable of repaying debts in installments,
Tempo relates.

Mr. Rachman said that the problem was that banks did not dare to
disburse credit to losing companies, rather they were concerned
that the central bank will instead decrease the credit
collectible rate should it finance losing companies, adding that
banks must set out provisions if Bank Indonesia decreases the
collectible rate.

Tempo points out that Mr. Rachman also said that the provisions
will increase the company's operational costs and that despite
the banks having granted credit facilities, they were being
downgraded, Tempo notes.

Bank Sentral Republik Indonesia -- http://www.bi.go.id/-- was  
created by a new Central Bank Act, the UU No. 23/1999 on Bank
Indonesia, enacted on May 17, 1999.  The Act confers it the
status and position as an independent state institution and
freedom from interference by the Government or any other
external parties.

In its capacity as central bank, Bank Indonesia has one single
objective of achieving and maintaining stability of the rupiah
value.  The stability of the value of the rupiah comprises two
aspects, one is stability of rupiah value against goods and
services and the other is the stability of the exchange rate of
the rupiah against other currencies.  The first aspect is as
reflected by the rate of inflation and the second aspect is as
reflected by the development of rupiah exchange rate against
other currencies.

Standard and Poors Rating Services gave Bank Indonesia's long
term foreign issuer credit a B+ rating and long-term local
issuer credit a BB rating, both effective on December 21, 2004.
May 12, 2003.


PERUSAHAAN GAS: Delays Pipeline by Six Months; Shares Plunge
------------------------------------------------------------
PT Perusahaan Gas Negara (Persero) Tbk delayed opening a key
pipeline by six months, triggering a record plunge in its
shares, Bloomberg News reports.

Bloomberg's Leony Aurora cites PGN President Sutikno as saying
that the company will delay until September the shipment of
natural gas through a pipeline from South Sumatra to western
Java due to open in March.  A second link, scheduled to begin
operation last November, will start up in March, Mr. Sutikno
said.  He blamed the delay on problems related to buying land
along the route.

The report notes that the shares tumbled 23% on concern that the
delay will slash PGN's earnings this year.

The report recounts that the company's former president W.M.P.
Simandjuntak said in November that the pipelines, fed by fields
operated by ConocoPhillips and state oil company PT Pertamina
(Persero) Tbk, were expected to double PGN's sales of the fuel
this year as the gas meets surging demand from factories.

Bloomberg says that the delay of the pipeline comes less than a
month after the Government sold a 5.31% stake in PGN, raising
IDR2.1 trillion.

Headquartered in Jakarta, Indonesia, PT Perusahaan Gas Negara
(Persero) Tbk -- http://www.pgn.co.id/-- is a gas and energy   
company that is comprised of two core businesses: distribution
and transmission.  For distribution, PGN signs long-term supply
agreements with upstream operators, which give the company
scheduled and reliable gas volumes and fixed gas prices.  These
volumes are subsequently sold to commercial and industrial
customers under gas sales agreements.  Under these agreements,
sales volumes are take-or-pay and the gas pricing is fixed and
in US dollar.  On the transmission business, PGN ships gas on
behalf of the upstream suppliers under a fixed US dollar tariff
with ship-or-pay volumes agreements.   The company is 59.4%
owned by the Government of Indonesia

The Troubled Company Reporter - Asia Pacific reported on
Dec. 21, 2006, that Standard & Poor's Ratings Services revised
the outlook on Indonesia's PT Perusahaan Gas Negara (Persero)
Tbk. to positive from stable.  The ratings on the company are
affirmed at 'B+'.

The TCR-AP reported on June 28, 2006, that Fitch Ratings Agency
assigned these ratings to PT Perusahaan Gas Negara Tbk on June
27:

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

   -- Long-term local currency IDR 'BB-'; and

   -- PGN Euro Finance 2003 Limited's IDR1.12-trillion notes due
      2014 and IDR1.35-trillion notes due 2013 guaranteed by PGN
      and its subsidiaries 'BB-'.

Additionally, the TCR-AP said on May 23, 2006, that Moody's
Investors Service has upgraded the foreign currency debt rating
of PGN Euro Finance 2003 Ltd. and guaranteed by PT Perusahaan
Gas Negara to Ba3 from B1.  This rating action follows Moody's
decision to upgrade Indonesia's foreign currency sovereign
rating for bonds from B2 to B1.  At the same time, Moody's has
affirmed the Ba2 corporate family rating of PGN. The rating
outlook is stable.


PERUSAHAAN GAS: Government Suspends Shares Over Pipeline Delays
---------------------------------------------------------------
The Indonesian Government suspended the shares in PT Perusahaan
Gas Negara Tbk on Jan. 15, 2007, after the stock exchange
requested more information on a delayed pipeline project,
Reuters reports.

According to the report, the company's shares plunged more than
a fifth to their lowest level in about a year, wiping
US$1 billion off the firm's value on news of the pipeline
delays.

Reuters notes that analysts said the issue raised corporate
governance concerns at the country's main gas distributor.

The delay was announced on January 12, more than a week after
the pipeline was supposed to be opened, Reuters relates.

The president director of the Jakarta Stock Exchange, Erry
Firmansyah, told Reuters that they want to conduct a hearing
first and get more accurate information from the company, adding
that the exchange had not determined how long the suspension
would last.

PGN's corporate secretary Widyatmiko Bapang said he was not
aware of the reason for the share suspension, Reuters points
out.

The report recounts that the problems at PGN spooked the broader
stock market and also hit the rupiah currency, prompting a
cabinet minister to meet the company's management over the
issue.  In heavy trading, PGN shares ended down 23% at IDR7,400,
while the overall market fell 1.5%.

Reuters says that, according to PGN, the completion of a 661-
kilometer gas pipeline project from South Sumatra to West Java
was likely to be delayed due to land clearing problems and bad
weather.

PGN President Director Sutikno said that as a result, the
project was expected to begin operation in the third week of
March 2007 instead of in December 2006, the report explains.

Headquartered in Jakarta, Indonesia, PT Perusahaan Gas Negara
(Persero) Tbk -- http://www.pgn.co.id/-- is a gas and energy  
company that is comprised of two core businesses: distribution
and transmission.  For distribution, PGN signs long-term supply
agreements with upstream operators, which give the company
scheduled and reliable gas volumes and fixed gas prices.  These
volumes are subsequently sold to commercial and industrial
customers under gas sales agreements.  Under these agreements,
sales volumes are take-or-pay and the gas pricing is fixed and
in US dollar.  On the transmission business, PGN ships gas on
behalf of the upstream suppliers under a fixed US dollar tariff
with ship-or-pay volumes agreements.   The company is 59.4%
owned by the Government of Indonesia

The Troubled Company Reporter - Asia Pacific reported on
Dec. 21, 2006, that Standard & Poor's Ratings Services revised
the outlook on Indonesia's PT Perusahaan Gas Negara (Persero)
Tbk. to positive from stable.  The ratings on the company are
affirmed at 'B+'.

The TCR-AP reported on June 28, 2006, that Fitch Ratings Agency
assigned these ratings to PT Perusahaan Gas Negara Tbk on June
27:

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

   -- Long-term local currency IDR 'BB-'; and

   -- PGN Euro Finance 2003 Limited's IDR1.12-trillion notes due
      2014 and IDR1.35-trillion notes due 2013 guaranteed by PGN
      and its subsidiaries 'BB-'.

Additionally, the TCR-AP said on May 23, 2006, that Moody's
Investors Service has upgraded the foreign currency debt rating
of PGN Euro Finance 2003 Ltd. and guaranteed by PT Perusahaan
Gas Negara to Ba3 from B1.  This rating action follows Moody's
decision to upgrade Indonesia's foreign currency sovereign
rating for bonds from B2 to B1.  At the same time, Moody's has
affirmed the Ba2 corporate family rating of PGN. The rating
outlook is stable.


PT PERTAMINA: Wants Low-Sulfur Diesel Regulations Delayed
---------------------------------------------------------
PT Pertamina (Persero) will ask the Government to delay a
regulation cutting sulfur content in diesel so that it can
prepare one of its refineries for the new specification, Leony
Aurora writes for Bloomberg News.

Pertamina's deputy director of trading and marketing, Hanung
Budya, told Bloomberg that the Cilacap refinery in Central Java,
which has a capacity of 340,000 barrels a day, isn't able to
produce diesel with a sulfur content of 0.35%.

The report notes that Mr. Budya said they will ask the
Government to delay the regulation for fuel from Cilacap.  He
also pointed out that other refineries are producing diesel with
sulfur content lower than required.

Mr. Budya declined to say how long the company needs to revamp
its Cilacap refinery to allow the plant to produce low-sulfur
diesel, Bloomberg relates.

The report recounts that the Government, in March 2006, informed
Pertamina and other companies that they must cut sulfur content
in diesel sold in Indonesia to 0.35% from 0.5% out of concern
for the environment.  The companies were given one year to
comply with this new rule.

The director of processing at the energy ministry, Erie
Soedarmo, said that the Government will consider Pertamina's
request, Bloomberg points out.

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a  
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation
No.31/2003 has changed its legal status from a special state
owned enterprise into a Limited Liability Company.  In carrying
out its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day.  However, these refineries only cover about
three-quarters of domestic oil demand, with the rest being me by
imports.

In 2003, PT Pertamina finance director Alfred Rohimone disclosed
that the Company's financial condition was in critical condition
because its expenses had surpassed its income due to its
obligation to meet domestic demand with fuel oil bought at
higher prices on the international market.  Mr. Rohimone stated
that with a liquidity position below IDR2 trillion, the Company
was already bleeding.

Despite reporting a net profit of IDR3.03 trillion for the first
six months of 2005, Pertamina's failure to service its financial
obligations was pegged as one of the contributors to Indonesia's
decreased income for the year.

In August 2005, Pertamina's debt to United States firm Karaha
Bodas Company rose from IDR2.54 trillion to IDR2.99 trillion.
The debt had increased when, in 2003, a U.S. court ordered the
Company to pay compensation to KBC, relating to an international
arbitration decision, when the Indonesian Government halted a
geothermal project in Karaha Bodas, East Java.  Since that time,
the debt has steadily risen due to the Company's failure to pay
the compensation immediately.


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

ALIXPARTNERS: Names 12 New Managing Directors
---------------------------------------------
AlixPartners promoted 12 new managing directors effective
January 1, 2007:  

    1. Laura Barlow (London)
    2. John Castellano (Chicago)
    3. Charles Cipione (Dallas)
    4. Foster Finley (New York)
    5. Barry Folse (Dallas)
    6. Andrew Grantham (London)
    7. David Hutchinson (London)
    8. Doug Jung (New York)
    9. Stephen Maurer (Chicago)
   10. Stefan Ohl (Munich)
   11. Laurent Petizon (Paris)
   12. Detlev Schauwecker (Dusseldorf)

"We are pleased to recognize the superb client service and
leadership capabilities of our new managing directors," said
Michael Grindfors, AlixPartners' Chief Executive Officer.  "The
promotion of these highly-respected professionals is in response
to the growing demand for the hands-on, consensual approach that
is the hallmark of AlixPartners and which drives our clients'
success."

Ms. Barlow, who is based in London, joined AlixPartners in May
2003 from an interim management role at Marconi plc, where she
led global liquidity initiatives in support of its
restructuring.  She was previously a Director in the Corporate
Finance and Restructuring practices at Arthur Andersen.  Barlow
has more than 15 years of experience working with companies that
face significant operational and financial challenges.  She has
held interim management and advisory roles, developing and
implementing crisis stabilization, turnaround and operational
improvement plans for public and private companies.  Her
experience includes serving as joint Chief Restructuring Officer
at Stolt Offshore SA, a global offshore oil services business
that completed an US$844 million restructuring of its debt and
other facilities.  She is a graduate of Oxford University, a
Chartered Accountant, and SFA Securities Representative.  She is
the co-author of Leading Corporate Turnaround, and a guest
lecturer for the MBA program at London Business School.  

Based in Chicago, Mr. Castellano brings a unique set of skills
to AlixPartners from both his experience as a Manager in
Strategic Advisory Services at Ernst & Young and as a Corporate
Budgeting/Planning and Product/Cost Manager for the Sweetheart
Cup Company, Inc.  Since joining the firm in June 1998,
he has been an integral part of such engagements as ANC, Mirant,
New World Pasta, Peregrine, and his current assignment at
Calpine Corporation.  He specializes in designing and
implementing business turnarounds and providing crisis interim
management, but he also has a strong background in strategic
restructuring and hands-on implementation.  He was graduated
from DePaul University with a B.S. degree in commerce and
accounting, and earned his MBA from the Kellogg School of
Management at Northwestern University, with an emphasis in
finance and strategic management.  He is also a CPA.  

Mr. Cipione joined AlixPartners in April 2001 and is based in
the firm's Dallas office.  He has more than 15 years of
experience in designing and implementing technology solutions
focused on solving financial, operational, and litigation
problems.  He is currently focusing on implementing litigation
technology strategies for corporate clients.  Cipione designed a
variety of technology solutions for clients involved in
regulatory investigations and litigations.  These solutions
include custom-designed, complex data analytics and reporting,
as well as a full suite of electronic discovery solutions.  He
has also helped companies such as WorldCom, Kmart, and Fleming
with various aspects of their restructurings.  His career began
with Arthur Andersen, and he later formed his own consulting
company, specializing in software development to solve complex
analytical and reporting problems.  He received his bachelor's
degree in chemistry and his MBA degree from Texas A&M
University.  

Mr. Finley joined AlixPartners' New York office in October 2004.  
He has over 20 years of industry and consulting experience.  
Prior to joining the firm, he was a Vice President in the
Operations Service practice with A.T. Kearney, where he co-led
their global supply chain offering.  He has a successful track
record of executing high-impact, complex projects and delivering
results for operation-intensive clients.  His distinctive
competencies include supply chain strategy, asset effectiveness,
logistics management, and inventory optimization.  Prior to
management consulting, Finley ran manufacturing operations for
Rockwell Automation in Milwaukee.  He holds a Bachelor of
Mechanical Engineering degree from the Georgia Institute of
Technology, and an MBA from Marquette University in Milwaukee.  
He is a licensed Professional Engineer and a Certified
Production and Inventory Manager.  He is also a member of the
Council of Supply Chain Management Professionals.  

Mr. Folse joined the Dallas office of AlixPartners in May 2001.  
He is an experienced information technology professional with
expertise in workflow analysis, the redesign and consolidation
of business processes, and the negotiation and resolution of
complex business disputes.  He is currently focused on
maneuvering large clients through the Chapter 11 reorganization
process.  He also provides testimony and other support for a
variety of bankruptcy issues.  His key clients include Cable &
Wireless, Calpine Corporation, Exide, Fleming, Genuity, and
Sunterra.  Prior to joining AlixPartners, he worked for 14 years
at DFMC Corporation, where he was an Executive Vice
President/COO/CTO.  He began his career as a programmer/analyst
for Trinity Industries, Inc.  Folse earned a bachelor's
degree in business administration with concentrations in
statistical methods and computer science from Louisiana State
University.  

Mr. Grantham has been a member of the London office of
AlixPartners since joining in November 2005.  He is a financial
expert with more than 15 years of experience as a forensic
accountant and expert witness in valuation, breach of contract
and loss of profits, acquisitions and disposals, minority
shareholder and joint venture disputes, matrimonial disputes and
post-acquisition disputes.  He has testified in court and other
tribunals in the UK and in international arbitrations in
connection with significant commercial disputes.  Prior to
joining AlixPartners, he was a director in the Forensic
Department of KPMG and led their Engineering & Construction
team.  Previously, he was in the Disputes Analysis &
Investigations team with PricewaterhouseCoopers.  He graduated
with honors with a BSC degree in mathematics from Nottingham
University, and is a Fellow of the Institute of Chartered
Accountants in England and Wales as well as a Governor and the
Assistant Treasurer of the Expert Witness Institute.  Prior to
joining the firm's London office in October 2004, Hutchinson was
with A.T. Kearney and before that Coopers & Lybrand leading
manufacturing and supply chain improvement projects for global
clients.  He also served as an Operations Manager for Phillips
Imperial Petroleum and ICI Chemicals & Polymers.  He has over
twenty years of industry and consulting experience in operations
management across a range of industry sectors including
specialty chemicals, food and FMCG products, packaging,
construction, pharmaceuticals, refining and petrochemicals.  He
obtained a master's degree in engineering science from Oxford
University and is a member of the Institute of Mechanical
Engineers.  He has also previously served as a member of the
Operations Excellence Board of global chemicals company, ICI.  

Mr. Jung joined the New York office in November 2005.  He
possesses a diverse background in investigations due diligence,
audit, finance, and credit with more than 25 years of experience
in various industries such as consumer goods, retail,
distribution, aerospace, heavy manufacturing, telecom,
agriculture, textile and apparel, energy, finance companies, and
healthcare.  He has conducted a variety of financial
investigations, reviews of business operations, and analyses of
complex structured financings.  Prior to joining AlixPartners,
he was with JPMorgan as COO for Chase Business Credit, where he
built and managed a specialized due diligence and asset-based
banking group within the Investment Bank and Credit
organizations, providing structuring, due diligence, asset
valuation, and advisory services for leveraged or distressed
clients.  He is a CPA and holds a bachelor's degree in
accounting from Syracuse University.

Based in Chicago, Mr. Maurer joined AlixPartners in March 2005.  
He is recognized as a subject matter expert in manufacturing,
and has expertise in operations improvement, product
development, and supply chain management across a range of
industries including automotive, manufacturing and food
processing.  Prior to joining AlixPartners, he was a Principal
with A.T. Kearney, where he led the Innovation & Product
Development practice for North America.  He has also held
positions with the consulting group George Group, Inc. and
Lockheed Martin Tactical Aircraft Systems.  He holds a
bachelor's degree and master's degree in mechanical engineering
from the University of Iowa and an MBA from the College of
William and Mary.  

Mr. Ohl joined AlixPartners' Munich office in May 2004.  With
more than 13 years of global business experience, he provides
hands-on operational consulting to the automotive, assembly, and
high-tech industries.  His expertise includes efficiency
improvement and cost management, as well as product development,
purchasing, and supply chain management.  Before joining
AlixPartners, he was an Associate Principal with McKinsey & Co.
in Hamburg, Cleveland, and Detroit, where he co-led its
Automotive & Assembly and Operations Effectiveness practices.  
Prior to that, he worked with DaimlerChrysler.  He also co-
founded the McKinsey cost management initiative and invented the
"Integrated Cost Reduction" approach for reducing and managing
total product cost.  He holds a Master of Economic Engineering
degree from the University of Karlsruhe, Germany, and earned his
PhD in "Planning and Forecasting in the Automotive Industry."

Ms. Petizon was a founding member of the firm's Paris office
when he joined in January 2006, and his ability to manage
complex assignments has helped establish a strong AlixPartners
presence in Paris.  He has 15 years of experience in strategy
and organization, research and development, strategic sourcing,
and post-merger integration in industries such as automotive,
assembly, and utilities.  Prior to joining AlixPartners, he was
with A.T. Kearney where he worked in the firm's Paris, New York,
and Detroit offices.  While at A.T. Kearney, he was in charge of
the Automotive and Assembly practice for Southwest Europe.  
Before that, he worked at Thales, the French electronics defense
group.  Petizon holds an MSC degree in electrical engineering
and an MBA from HEC Business School in Paris.  

Mr. Schauwecker joined the Dusseldorf office of AlixPartners in
March 2005.  His experience includes operational and financial
restructuring, cost management, business planning, liquidity
planning, project management and implementation.  He has worked
in a wide array of industries, including information technology,
media, consumer goods, construction and real estate management,
and he has served in a variety of interim roles, such as Chief
Restructuring Officer and Chief Financial Officer.  Prior to
joining AlixPartners, he was a partner with Roland Berger in
Munich.  Before that, he was with Kraft Jacobs Suchard (Phillip
Morris Group), serving in a variety of marketing and sales
positions with increasing responsibility.  Schauwecker studied
economics at Westfalische Wilhelms Universitat Munster, and
there he received his Diplom-Kaufmann in marketing.  

The firm also disclosed 28 promotions to director:

* Chicago:

   -- Jim Bienias, Andrea Gonzales, Mark Hojnacki, and Scott
      Matrenec;

* Dallas:

   -- Joel Bines, Kyle Braden, John Franks, Brad Hunter, Robb
      McWilliams, and Brent Robison;

* London:

   -- Gary Davies, David Hewish, and Nnenna Ilomechina;

* Los Angeles:

   -- Trevor Sturges;

* Milan:

   -- Giacomo Cantu, Dario Duse, Francesco Leone, and Michele
      Mauri;

* Munich:

   -- Jens Haas and Michael Tyroller;

* New York:

   -- Stacey Hightower, Michael Porter, and Anish Sheth; and

* Southfield, Michigan:

   -- Adam Fless, Drew Kendall, Bill Kocovski, Chris Payne, and
      Dan Ritter.

                    About AlixPartners

Founded in 1981, AlixPartners LLP -- http://www.alixpartners.com
-- is a leading international business consulting and advisory
firm, offering the following five areas of consulting services
financial advisory; performance improvement; turnaround and
restructuring; case management; and information technology.

The firm has more than 500 employees, with offices in Tokyo,
Chicago, Dallas, Detroit, Duesseldorf, London, Los Angeles,
Milan, Munich, New York, Paris and San Francisco.  Revenues for
the 12-month period ending July 31, 2006, was US$369.9 million.

As reported in TCR-Europe on Oct. 9, 2006, Standard & Poor's
Ratings Services assigned its 'BB-' corporate credit rating and
stable outlook to Southfield, Michigan-based business consulting
firm AlixPartners LLP.

At the same time, S&P assigned its 'BB-' bank loan rating and
recovery rating of '3' to AlixPartners' US$435 million senior
secured credit facility, indicating an expectation of meaningful
(50%-80%) recovery of principal in the event of a payment
default.  The credit facility consists of a US$50 million
revolving credit facility due 2012 and a US$385 million term
loan B due 2013.

Moody's Investors Service assigns a B1 first time rating to
AlixPartners LLP proposed US$435 million senior secured credit
facility (US$385 million term loan and US$50 million revolver)
and a B1 corporate family rating.  The ratings for the secured
credit facility reflect both the overall probability of default
of the company, to which Moody's assigns a PDR of B2, and a loss
given default of LGD 3 for the credit facility.  The rating
outlook is stable.


BOWNE & CO: Moody's Affirms Ba3 Corporate Family Rating
-------------------------------------------------------
Moody's Investors Service affirmed the Ba3 corporate family
rating and all other ratings of Bowne & Co., Inc.  The outlook
remains positive, indicating the potential for an upgrade within
the next 12 to 18 months, notwithstanding continued share
repurchase, the cash acquisition of Vestcom, and capital
expenditures related to headquarters relocation.

Bowne & Co.'s Ba3 corporate family rating continues to reflect
concerns over its inability to generate free cash flow, exposure
to the capital markets cycle, some vulnerability to the
reduction in demand for printed products, and some execution and
acquisition risk. Strong liquidity, moderate leverage, and a
considerable stream of recurring revenue support the ratings.

Moody's would consider an upgrade with evidence of EBITDA margin
improvement from the current approximately 11% level and clear
progress toward a free cash flow-to-debt ratio in excess of 5%.

Bowne & Co., Inc.

   -- Affirmed Ba3 corporate family rating;

   -- Affirmed Ba3 probability of default rating; and

   -- Affirmed B2 Convertible Subordinated Notes Rating, LGD 5,
      87%.

Based in New York City, Bowne & Co., Inc. (NYSE: BNE)
-- http://www.bowne.com/-- is a printing company, which   
specializes in financial documents such as prospectuses, annual
and interim reports, and other paperwork required by the SEC.
Bowne also handles electronic filings via the SEC's EDGAR system
and provides electronic distribution and high-volume mailing
services.  The financial printing business accounts for the bulk
of the company's sales.  Bowne also offers marketing and
business communications services and litigation support
software.  The Company has 3,500 employees in 78 offices around
the globe.  Bowne has offices in Japan, Argentina, and Portugal.


JAPAN AIRLINES: To Sell Stakes in Two Units to Pay Debts
--------------------------------------------------------
Japan Airlines Corp. intends to sell part of its holdings in two
subsidiaries -- Jalux Inc. and Tokyo Humania Enterprise Inc. --
in its efforts to improve its financial condition, AFX News
Limited relates, citing the Nikkei.

According to AFX, Japan Airlines will use the proceeds from the
planned stake sales for debt repayment.

The report states that Japan Airlines will reduce its interest
in Jalux from around 51% at present to one-third or less.  
Jalux, AFX explains, operates shops at airports and an in-flight
catalog shopping service.

The airline company will also unload part or all of its 48%
stake in Tokyo Humania, the Nikkei states.  Tokyo Humania owns
the building that houses Hotel Nikko Tokyo.  The unit will
continue operating the hotel under the Nikko brand after the
planned stock sale, the report noted.

                      About Japan Airlines

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

                          *     *     *

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

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

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


MITSUBISHI MOTORS: Signs Car Assembly Plant Plan with Russia
------------------------------------------------------------
Mitsubishi Motors Corp. signed a memorandum of intent with the
Russian Government on Jan. 12, 2007, to build a car assembly
plant outside St. Petersburg, Reuters reports, citing a Russian
Government official.

"The memorandum sealed the intention to conduct a feasibility
study and prepare a project of building a full-cycle (car plant)
in Russia," the Economy Ministry official told Reuters.  "But if
the company makes a (final) decision in the first half of 2007,
an agreement on industrial assembly will be signed with it."

Reuters also notes that Japan's Nikkei business daily said that
Mitsubishi was considering building a plant in Russia with
France's PSA/Peugeot-Citroen, with output set to begin as early
as 2010.  However, both Peugeot and Mitsubishi denied this.

Mitsubishi Motors, according to Reuters, said in a statement
that it was conducting market research and dealing with the
Russian Government to explore possible local production, but had
no firm plans yet.

Last month, a Russian Government official said Mitsubishi
planned to start assembling cars in northwestern Russia.  
Mitsubishi Motors had said that it aims to improve sales and
profits by expanding in markets such as Russia where demand is
strong for off-road vehicles, which are particularly profitable.

Reuters relates that international car companies, including Ford
Motor Co., General Motors, Toyota Motor Corp. and Nissan Motor
Co. Ltd., have already launched or are building car assembly
output outside St. Petersburg.

                     About Mitsubishi Motors

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

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

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

                          *     *     *

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

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

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


NORTH PACIFIC: Moody's Affirms D Bank Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service has affirmed North Pacific Bank
Limited's Baa2 long-term deposit rating, Prime-2 short-term
deposit rating and D bank financial strength rating.  This
affirmation follows the bank's announcement of its plan to merge
in 2008 with the Sapporo Bank Limited.  The rating outlook
remains stable.  The merger is intended to lower operating costs
and strengthen franchise value.

The affirmation reflects Moody's view that North Pacific Bank's
stand-alone financial fundamentals will not be significantly
affected by the merger, as that bank is considerably larger than
Sapporo Bank.

Moody's also views that the merger will exert little financial
impact on the two banks' combined financial statements, given
that the merger plan includes no additional capital, and that no
substantial increase in credit costs is expected, as the two
banks use the same self-assessment standards under their holding
company, Sapporo Hokuyo Holdings.

Moody's notes, however, that if unexpected substantial costs are
incurred related this merger, there could be downward pressure
on the ratings.

The North Pacific Bank, Ltd., is headquartered in Sapporo.  Its
total asset size was approximately JPY6.0 trillion on a stand-
alone basis as of September 2006.  The Sapporo Bank, Ltd is
headquartered in Sapporo.  Its total asset size was
approximately JPY0.9 trillion on a stand-alone basis as of
September 2006.


NORTH PACIFIC: Fitch Affirms C Individual Rtg. on Sapporo Merger
----------------------------------------------------------------
Fitch Ratings has affirmed the ratings of North Pacific Bank and
Sapporo Bank following the announcement of plans to merge both
banks.  The ratings are as follows:

   North Pacific:

   -- Long-term foreign and local currency Issuer Default
      ratings at 'BBB+' with Stable Outlook,

   -- Short-term foreign and local currency IDRs at 'F2',

   -- Individual 'C', and

   -- Support '2';

   Sapporo:

   -- Long-term foreign and local currency IDRs at 'BBB+' with
      Stable Outlook,

   -- Short-term foreign and local currency IDRs at 'F2',

   -- Individual 'C/D', and Support '2'.

On Jan. 12, 2007, Sapporo Hokuyo Holdings announced its plan to
merge its two subsidiary banks, North Pacific and Sapporo, in
October 2008.  North Pacific will be the surviving legal entity
after the merger.  Fitch views that the merger would be a
positive move for North Pacific as it would further strengthen
the bank's franchise in Hokkaido as well as improve its business
efficiency.  While North Pacific's core top-line profitability
has gradually improved over the past two years due to a growth
in securities interest revenues and commission fees, its
overhead cost has also edged up. However, the agency expects the
merger to help reduce this cost as Sapporo Hokuyo plans to
consolidate the computer systems of both banks.  This would most
likely lead to considerable operational cost savings in the
medium term though it would have a temporary affect on North
Pacific's income statement.  The merger is expected to also
bolster North Pacific's sales force through the re-deployment of
its staff in the course of streamlining its branch network; a
move that is critical in enhancing its share in an increasingly
competitive environment.

North Pacific and Sapporo formed a business tie-up in 1999 and
subsequently established a joint-holding company, Sapporo Hokuyo
Holdings, in 2001.  North Pacific is the largest bank in
Hokkaido in terms of its asset size (c.JPY6 trillion or US$50
billion).  The bank's lending share in the region is expected to
reach almost 40% after the merger.


SANYO ELECTRIC: Launches Joint Venture with China's Haier Group
---------------------------------------------------------------
Sanyo Electric Co. has agreed to launch a joint venture with
China's Haier Group to develop and sell refrigerators, the
International Herald Tribune relates, citing a report from The
Associated Press.

The report says that Sanyo will own a 40% stake and Haier will
hold 60% in the Tokyo-based joint venture, to be named Haier
Sanyo Co.  The joint venture will design and develop
refrigerators to sell in Japan and Asia, a statement by Sanyo
said.

                      About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading  
manufacturers of consumer electronics products.  The company has
operations in Brazil, Germany, India, Ireland, Spain, the United
States and the United Kingdom, among others.

Sanyo, according to press reports, has struggled after an
earthquake damaged a key chip-making plant in 2004.  It has been
undergoing extensive restructuring, including job cuts and
alliances with companies to lower production costs.

The Troubled Company Reporter - Asia Pacific reported on
December 22, 2006, that Fitch Ratings has affirmed the 'BB+'
Long-term foreign and local currency Issuer Default and senior
unsecured ratings on Sanyo Electric Co., Ltd.  The Outlook on
the ratings remains Stable.  The rating affirmations follow
Sanyo's latest downward revision of its forecast for the fiscal
year ending March 2007, reflecting the difficulty of its
operating environment, the need for additional restructuring
activities, as well as the recent recall of its rechargeable
batteries.  Fitch says Sanyo's revised forecast is in line with
the agency's expectation for the company at the time of
assigning the current ratings.

The TCR-AP also reported on Dec. 20, 2006, that Standard &
Poor's Ratings Services lowered to 'BB-' from 'BB'
its long-term corporate credit rating on Sanyo Electric.
At the same time, Standard & Poor's lowered to 'BB' from 'BB+'
its issue ratings on Sanyo Electric's senior unsecured debt.
The outlook on the long-term credit rating is negative.  The
ratings were removed from CreditWatch, where they were placed on
Nov. 22, 2006.


SAPPORO BANK: Fitch Affirms C/D Rating on NPB Merger
----------------------------------------------------
Fitch Ratings has affirmed the ratings of North Pacific Bank and
Sapporo Bank following the announcement of plans to merge both
banks.  The ratings are as follows:

   North Pacific:

   -- Long-term foreign and local currency Issuer Default
      ratings at 'BBB+' with Stable Outlook,

   -- Short-term foreign and local currency IDRs at 'F2',

   -- Individual 'C', and

   -- Support '2';

   Sapporo:

   -- Long-term foreign and local currency IDRs at 'BBB+' with
      Stable Outlook,

   -- Short-term foreign and local currency IDRs at 'F2',

   -- Individual 'C/D', and Support '2'.

On Jan. 12, 2007, Sapporo Hokuyo Holdings announced its plan to
merge its two subsidiary banks, North Pacific and Sapporo, in
October 2008.  North Pacific will be the surviving legal entity
after the merger.  Fitch views that the merger would be a
positive move for North Pacific as it would further strengthen
the bank's franchise in Hokkaido as well as improve its business
efficiency.  While North Pacific's core top-line profitability
has gradually improved over the past two years due to a growth
in securities interest revenues and commission fees, its
overhead cost has also edged up. However, the agency expects the
merger to help reduce this cost as Sapporo Hokuyo plans to
consolidate the computer systems of both banks.  This would most
likely lead to considerable operational cost savings in the
medium term though it would have a temporary affect on North
Pacific's income statement.  The merger is expected to also
bolster North Pacific's sales force through the re-deployment of
its staff in the course of streamlining its branch network; a
move that is critical in enhancing its share in an increasingly
competitive environment.

North Pacific and Sapporo formed a business tie-up in 1999 and
subsequently established a joint-holding company, Sapporo Hokuyo
Holdings, in 2001.  North Pacific is the largest bank in
Hokkaido in terms of its asset size (c.JPY6 trillion or US$50
billion).  The bank's lending share in the region is expected to
reach almost 40% after the merger.


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

DURA AUTOMOTIVE: U.S. Trustee Objects to Miller Buckfire Hiring
---------------------------------------------------------------
Kelly Beaudin Stapleton, the United States Trustee for Region 3,
objects to DURA Automotive Systems Inc. and its debtor
affiliates' application to employ Miller Buckfire & Co. LLC, to
the extent the firm is seeking approval for its request to apply
to the U.S. Bankruptcy Court for the District of Delaware for
its compensation pursuant to the standard set forth under
Section 328(a) of the Bankruptcy Code.

William K. Harrington, Esq., trial attorney, notes that the
Application provides that the U.S. Trustee can only object to
the fees of Miller Buckfire pursuant to the standards set forth
in Section 328.  In effect, according to Mr. Buckfire, the
Debtors are seeking to have the Court approve not only the
firm's retention, but to determine at the time of the retention
that the fees they have agreed to pay to the firm are reasonable
under the standards set forth in Section 328(a).  

The U.S. Trustee asserts that any present determination with
respect to the reasonableness of the fees is premature and
inconsistent with Sections 330 and 331, and merely serves to
limit the Court's later review of the reasonableness of the fees
as contemplated by those sections.

Instead, Mr. Harrington asserts, review and approval by the
Court should be made at an interim or final fee application
hearing, when the benefit of the firm's services and the
reasonableness of the fees can be better evaluated, with all
rights of interested parties fully preserved until then.

Mr. Harrington explains that the issue of the reasonableness of
Miller Buckfire's fees is of particular concern because the fees
requested are substantial and it is impossible at the present
time to determine if the fees are reasonable.  He notes that the
firm will be paid a monthly fee of US$200,000, plus a
Transaction Fee of 1% of the aggregate gross consideration from
a sale of the Debtors' assets or a flat Transaction Fee of
US$7,700,000 if a plan of reorganization is confirmed.  

Mr. Harrington notes, at the present time, it is impossible for
any party to evaluate these fees as no sales have currently been
proposed by the Debtors and no plan of reorganization has been
proposed.

The U.S. Trustee also objects to the Application on these
grounds:

   (i) The liability cap provisions in the Engagement Letter
       protect Miller Buckfire's exposure if indemnification
       does not apply by limiting its damages to the fees it
       actually received.  The U.S. Trustee asserts that these
       provisions are unreasonable and contrary to standard
       practice in the District of Delaware; and

  (ii) the Engagement Letter provides that the firm is providing
       services as an independent contractor and that the firm's
       employment does not create a fiduciary relationship
       between the firm and the Debtors.  The provision is
       inconsistent with Section 327(a) of the Bankruptcy Code,
       the U.S. Trustee says.  A professional employed on behalf
       of a debtor-in-possession under Section 327(a) owes
       fiduciary obligations to the debtor and its creditors to
       act solely in the best interests of the estate.

In addition, given the breadth of the client-relationships
identified by Marc D. Puntus, a managing director at Miller
Buckfire, in his affidavit, the U.S. Trustee wants the firm to
provide clarification as to its ability to take positions
adverse to Debtor's secured and unsecured creditors.

Moreover, The U.S. Trustee is concerned with certain provisions
in the Engagement Letter regarding the expenses for which Miller
Buckfire can be reimbursed.

                   Miller Buckfire Responds

Harold Neu, Esq., at Miller Buckfire, in New York, clarifies
that the firm, like other investment bankers, does not charge
for its services on an hourly basis.  The customary practice of
Miller Buckfire and other investment bankers is to charge fixed
monthly fees plus additional fees that are payable upon the
occurrence of certain transactions or events.  However, Mr. Neu
notes, if there is a Sale of substantially all assets, Miller
Buckfire will receive only the Sale Transaction Fee and not a
Restructuring Transaction Fee.

Miller Buckfire submits that its proposed fees should be
approved pursuant to Section 328(a).  Section 328(a), not
Section 330, is the section that addresses non-hourly fee
arrangements such as Miller Buckfire's.  Mr. Neu notes that
there are numerous recent cases in this District in which Miller
Buckfire's monthly fees and transaction-based fees have been
approved pursuant to Section 328(a).  This engagement should not
be treated differently, he says.

Miller Buckfire also has agreed to other modifications to the
Engagement Letter that address the remaining issues raised by
the U.S. Trustee.  At the U.S. Trustee's behest:

   (i) the limited liability provision in the Engagement Letter
       is eliminated.

  (ii) the proposed order approving the application provides
       modifications to the indemnity provisions and the
       limitation of liability to conform to the orders
       customarily entered in the District of Delaware and in
       other cases involving the firm.

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

                          *     *     *

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

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

                          *     *     *

The Debtors filed for chapter 11 petition on October 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.  As of July 2, 2006, the Debtor had
US$1,993,178,000 in total assets and US$1,730,758,000 in total
liabilities.  (Dura Automotive Bankruptcy News, Issue No. 5;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTOMOTIVE: Discloses David L. Harbert's Employment Terms
--------------------------------------------------------------
Dura Automotive Systems Inc. has informed the United States
Securities and Exchange Commission that it has entered into an
employment agreement with David L. Harbert as its interim vice
president and chief financial officer, which agreement is
subject to the U.S. Bankruptcy Court for the District of
Delaware's approval.  

The terms of the agreement are:

   (a) The Employment Agreement will be deemed effective as of
       December 9, 2006;

   (b) As chief financial officer, Mr. Harbert will:

         * perform all duties as are consistent therewith as the
           Chief Executive Officer or the Board of Directors
           will designate;

         * report directly to Dura's chief executive officer;

         * devote his full time and attention and expend his
           best efforts, energies and skills on behalf of Dura
           in the performance of his duties and
           responsibilities;

   (c) Dura will pay Mr. Harbert US$43,200 a month payable in
       accordance with the Company's normal payroll periods and
       procedures, but no less frequently than on a semi-monthly
       basis.  Dura, in its sole discretion, may increase
       Mr. Harbert's salary.

       Dura will pay Mr. Harbert an early termination fee should
       it elect to terminate the Employment Agreement within 90
       days of the Beginning Date.  Dura will pay Mr. Harbert in
       an amount such that the total of Salary and Early
       Termination Fee paid is equal to US$2,250 per day worked
       by Mr. Harbert from the Beginning Date to the date of
       termination of the agreement;

   (d) During the course of Mr. Harbert's employment, he will
       remain a partner at Tatum.  Mr. Harbert will share with
       Tatum a portion of his economic interest in any stock
       options or equity bonus that Dura may, in its discretion,
       grant him.  He may also share with Tatum a portion of any
       cash bonus and severance the Company may, in its
       discretion, pay him, to the extent specified in that
       certain Interim Engagement Resources Agreement between
       Dura and Tatum.

       Dura will promptly reimburse Mr. Harbert directly for
       reasonable travel and out-of-pocket business expenses in
       accordance with Dura's expense reimbursement policies and
       procedures and a per diem of US$50.00;

   (e) Mr. Harbert will be eligible for:

         * any 401(k) plan offered to Dura's senior management
           in accordance with the terms and conditions of that
           401(k) plan;

         * holidays consistent with Dura's policy as it applies
           to senior management; and

         * vacation accrued at 1.67 days per month.

       Mr. Harbert be exempt from any waiting periods required
       for eligibility under any benefit plan of Dura, other
       than a qualified retirement plan or if that exemption
       would otherwise cause impermissible discrimination under
       the income tax laws applicable to employee benefit plans;

   (f) Mr. Harbert must receive written evidence that Dura
       maintains directors' and officers' insurance to cover him
       in an amount comparable to that provided to senior
       management of the Company at no additional cost.  Dura
       will maintain that insurance at all times while the
       Employment Agreement remains in effect.

       Furthermore, Dura will maintain that insurance coverage
       with respect to occurrences arising during the term of
       the Employment Agreement for at least three years after
       the termination or expiration of the Employment
       Agreement, or will purchase a directors' and officers'
       extended reporting period, or "tail," policy to cover Mr.
       Harbert.

       Dura has also agreed to indemnify Mr. Harbert for any
       claim arising from, related to or in connection with the
       his performance of the services.

   (g) Dura or Mr. Harbert may terminate the Employment
       Agreement for any reason on at least 30 days' prior
       written notice.
       Mr. Harbert will continue to render services and to be
       paid during that 30-day period, regardless of who give
       that notice;

   (h) Mr. Harbert may terminate the agreement immediately if
       Dura has not remained current in its obligations under
       the Employment Agreement or the Tatum Agreement, or if
       Dura engages in, or asks him to engage in or to ignore,
       any illegal or unethical conduct;

   (i) Dura may terminate the Employment Agreement immediately
       for cause; and

   (j) Either party may terminate the agreement in the event the
       Court declines to approve the Employment Agreement on or
       before January 23, 2007.

             Service Agreement with Mr. Harbert's Firm

Dura entered into a related services agreement dated Dec. 20,
2006, with Tatum for the provision of resources and support in
connection with Mr. Harbert's employment.

The Tatum Agreement is subject to Court approval and will be
deemed effective as of Dec. 9, 2006.

Pursuant to the Tatum Agreement, Dura will pay directly to Tatum
a fee equal to 25% of Mr. Harbert's salary as partial
compensation for resources provided.  In the event Mr. Harbert
will be paid a bonus, Dura will pay Tatum, whether cash or
equity, 25% of the total bonus paid by Dura during the term of
the Tatum Agreement.

Dura will have the opportunity to make Mr. Harbert a full-time
permanent member of Dura management at any time during the term
of the Tatum Agreement entering into another form of agreement.

The Tatum Agreement will terminate immediately upon the earlier
of:

   (a) the effective date of the Termination;
   (b) expiration of Mr. Harbert's employment with Dura; or
   (c) Mr. Harbert ceasing to be a partner of Tatum.

During the 12-month period following termination or expiration
of the Tatum Agreement, other than in connection with another
agreement with the firm, Dura will not employ Mr. Harbert or
engage him as an independent contractor, to render services of
substantially the same nature as those for which Tatum is making
him available pursuant to the Agreement.  The parties agree that
a breach by Dura of this provision would result in the loss to
Tatum of Mr. Harbert's valuable expertise and revenue potential.
Thus, in the event of breach, Tatum will be entitled to receive
liquidated damages in an amount equal to 45% of Mr. Harbert's
Annualized Compensation.

In the event a court or arbitrator, as applicable, determines
that liquidated damages are not appropriate for the breach,
Tatum will have the right to seek actual damages.  The amount
will be due and payable to Tatum upon written demand to Dura.

The Tatum Agreement defines "annualized compensation" as
Mr. Harbert's most recent annual salary and the maximum amount
of any bonus for which he was eligible with respect to the then
current bonus year.

Also, pursuant to the Tatum Agreement, Dura will provide Tatum
or Mr. Harbert written evidence that it maintains directors' and
officers' insurance covering the Partner as it covers similarly
situated executive employees of the Company.

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

                          *     *     *

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

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

                          *     *     *

The Debtors filed for chapter 11 petition on October 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.  As of July 2, 2006, the Debtor had
US$1,993,178,000 in total assets and US$1,730,758,000 in total
liabilities.  (Dura Automotive Bankruptcy News, Issue No. 5;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


PANTECH CORP: Exits China Market, Report Says
---------------------------------------------
Pantech Co., Ltd., recently exited China's handset market, Betty
Liu writes for Pacific Epoch, citing a report by the China
Business Times.

VK Telecom's failure in the Chinese market reportedly have
greatly influenced Pantech's move.

Pantech entered China in November 2004, Pacific Epoch notes.

According to reports by the Troubled Company Reporter - Asia
Pacific, Pantech and affiliate Pantech&Curitel Communications
Inc. sought creditors' bailout due to increasing debts and
mounting losses.  On Dec. 15, 2006, the creditors rescued the
companies by approving a debt-work out scheme, giving the
companies a grace period on their matured debts.

Headquartered in Seoul, Korea, Pantech Co., Ltd. --
http://www.pantech.co.kr/manufactures mobile phones.  Pantech's  
products are mainly global system for mobile communication and
code division multiple access phones.  The company markets its
products internationally, and supplies Motorola as an original
equipment manufacturer and original design manufacturer.  It has
seven subsidiaries involved in the information technology and
telecommunication sectors.


WOORI BANK: To List Investment Banking Unit in HK by 2010
---------------------------------------------------------
Woori Bank plans to list its investment-banking arm, Woori
Global Markets Asia Ltd., in Hong Kong by 2010, Kim Yeon-hee
writes for Reuters.  

The bank's managing director and head of the investment-banking
unit Hong Dae-hee told Reuters in an interview that Woori aims
to increase its capital 20-fold from US$50 million to US$1
billion from the IPO.

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 4, 2006, the bank in late 2006 opened Woori Global Markets
in Hong Kong.  Yonhap News said that the investment-banking unit
seeks to create US$300 million in operating profit in its first
business year.

Mr. Hong told Reuters that the unit intends to focus on project
financing and asset-backed securities underwriting in Asian
markets.  Later, it will expand into other emerging markets for
broader businesses.

Woori Global Markets is also in the final stages of talks with
foreign investment banks and would sign with two of them soon to
attract a combined US$50 million in investment, Mr. Hong added.

Woori Bank -- http://www.wooribank.com/-- is a government-owned  
bank headquartered in Seoul, Korea.  The bank was established in
2002, and includes the former Hanbit Bank, Sangup Bank and Hanil
Bank.  It is a part of the Woori Financial Group.  It has
branches all over the world, including in New York, Los Angeles,
Beijing, Tokyo, Hong Kong, Indonesia, Bahrain, Singapore,
Moscow, London, and Dhaka.

Fitch Ratings gave Woori Bank an individual rating of 'B/C'
effective July 20, 2005.

Moody's Investors Service gave Woori a 'D+' Bank Financial
Strength Rating effective March 14, 2006.


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

SUREMAX GROUP: Complies with Public Shareholding Requirement
------------------------------------------------------------
Suremax Group Berhad discloses to the Bursa Malaysia Securities
Berhad that its public shareholding spread as at Dec. 31, 2006,
stands at 82.75% of the total shareholding in the hands of 3,101
public shareholders.

As such, the company is in compliance with the level of public
shareholding spread as prescribed by the bourse, which states
that a listed issuer must have at least 25% of its listed shares
in the hands of a minimum of one thousand public shareholders
holding not less than one hundred shares each.

Headquartered in Kuala Lumpur, Malaysia, Suremax Group Berhad is
engaged in property development, construction, trading in
construction materials and sub-contracting works.  The firm's
other activities include the provision of property management
services and building construction.  The Group is also involved
in the manufacture and sale of ready mixed concrete.

The Troubled Company Reporter - Asia Pacific reported on May 16,
2006, that based on the Audited Financial Statements of Suremax
Group for the year ended August 31, 2005, the company's auditors
have expressed a modified opinion with emphasis on Suremax
ability to continue as a going concern.  Furthermore, based on
the company's six months accounts to February 28, 2006,
Suremax's shareholders' equity on a consolidated basis is less
than 50% of its issued and paid-up capital.  As such, Suremax is
an affected listed issuer of the Bursa Malaysia Securities
Berhad's Amended Practice Note 17 category.

The TCR-AP reported on Dec. 4, 2006, that Suremax Group incurred
a MYR3.47-million net loss for the fiscal year ended Aug. 31,
2006, as compared with the MYR7.5-million net loss in the fiscal
year ended Aug. 31, 2005.


SUREMAX GROUP: Low Capital Triggers Yet Another PN17 Criterion
--------------------------------------------------------------
Suremax Group Berhad tells the Bursa Malaysia Securities Bhd
that its shareholders' equity on a consolidated basis is less
than 25% of its issued and paid-up capital and that the
shareholders' equity is also less than the minimum issued and
paid-up capital, triggering yet another criterion in the
bourse's Amended PN17 inclusion requirement.

The Troubled Company Reporter - Asia Pacific reported on May 16,
2006, that based on the company's accounts for the six-month
period to Feb. 28, 2006, Suremax shareholders' equity on a
consolidated basis is less than 50% of  its issued and paid-up
capital.  As such, Suremax became an affected listed issuer of
the Bursa Malaysia's Amended Practice Note 17 category.

As stated in the TCR-AP report, in accordance with PN17, Suremax
had been required to:

   -- submit a Regularization Plan to the Securities Commission
      for approval;

   -- implement the Plan within the timeframe stipulated by the
      Commission;

   -- announce the status of the Plan on a monthly basis until
      further notice from Bursa Securities;
     
   -- announce its compliance or non-compliance with a
      particular obligation pursuant to PN17 on an immediate
      basis; and

   -- announce details of the Plan.

Headquartered in Kuala Lumpur, Malaysia, Suremax Group Berhad is
engaged in property development, construction, trading in
construction materials and sub-contracting works.  The firm's
other activities include the provision of property management
services and building construction.  The Group is also involved
in the manufacture and sale of ready mixed concrete.

The Troubled Company Reporter - Asia Pacific reported on Dec. 4,
2006, that Suremax Group incurred a MYR3.47-million net loss for
the fiscal year ended Aug. 31, 2006, as compared with the
MYR7.5-million net loss in the fiscal year ended Aug. 31, 2005.


SYARIKAT KAYU: Complies with Public Share Spread Requirement
------------------------------------------------------------
Syarikat Kayu Wangi Berhad reveals in a corporate disclosure to
the Bursa Malaysia Securities Berhad that as of Dec. 31, 2006,
25.01% of its total shares are in the hands of 1,909 public
shareholders holding not less than 100 shares each, which
complies with the level of public shareholding spread as
prescribed under paragraph 8.15(1) of the bourse's Listing
Requirements.

Headquartered in Johor, Malaysia, Syarikat Kayu Wangi Berhad is
principally involved in the development of residential and
commercial projects.  Its other activities include housing
construction, production of sawn timber, manufacture of
prefabricated timber rooftrusses and timber trading.  The
Company first made a loss in 1999 when it defaulted on its first
bond payment.  The Company has failed to turn its finances
around and has been suffering continuous losses since then.

The company was classified as an affected listed issuer under
the Bursa Malaysia's Amended PN17/2005 category on May 8, 2006,
since its audited financial statements for the year ended
Nov. 30, 2005, showed that the company's shareholders' equity is
MYR7,189,000, which is less than 25% of the company's issued and
paid up capital.

Syarikat Kayu is currently in the process of preparing its
Regularization Plan.  Once completed, the Requisite Announcement
outlining the Regularization Plan will be made to Bursa
Securities.


SYARIKAT KAYU: Unit Inks Housing Dev't JV with B.S. Civil Eng'g.
---------------------------------------------------------------
Syarikat Kayu Wangi Berhad's 70%-owned subsidiary, Wangi KMB
Berhad, had entered into a Joint Venture Agreement with B.S.
Civil Engineering Sdn. Bhd. on Jan. 5, 2007, the company said in
a corporate disclosure to the Bursa Malaysia Securities Berhad.

The companies will jointly undertake a housing/mixed development
on a joint venture basis on the land held in Mukim of Batu
Berendam, District of Melaka Tengah.

Headquartered in Johor, Malaysia, Syarikat Kayu Wangi Berhad is
principally involved in the development of residential and
commercial projects.  Its other activities include housing
construction, production of sawn timber, manufacture of
prefabricated timber rooftrusses and timber trading.  The
Company first made a loss in 1999 when it defaulted on its first
bond payment.  The Company has failed to turn its finances
around and has been suffering continuous losses since then.

The company was classified as an affected listed issuer under
the Bursa Malaysia's Amended PN17/2005 category on May 8, 2006,
since its audited financial statements for the year ended
Nov. 30, 2005, showed that the company's shareholders' equity is
MYR7,189,000, which is less than 25% of the company's issued and
paid up capital.

Syarikat Kayu is currently in the process of preparing its
Regularization Plan.  Once completed, the Requisite Announcement
outlining the Regularization Plan will be made to Bursa
Securities.


TALAM CORP: Gets Approval on Changes in BAIDS Terms
----------------------------------------------------
Talam Corporation Berhad gets the Securities Commission's
approval on its proposed variation to the Revised Principal
Terms and Conditions of Ambang Sentosa Sdn Bhd's MYR986.0-
million Asset-Backed Al-Bai Bithaman Ajil Islamic Debt
Securities.

The terms are:

   (a) to restructure ASSB's MYR272.0 million Class B BaIDS and
       MYR226.0 million Class C BaIDS via, inter-alia, cash
       settlement from the monies in the Escrow Accounts, BaIDS
       Redemption Account and Expenses Reserve Account and
       Talam's proposed issuance of redeemable convertible
       Preference shares and Al-Bai Bithaman Ajil Islamic Debt
       Securities;

   (b) to vary the utilization of the Escrow Accounts monies for
       partial redemption of Class B Varied BaIDS and Class C
       Varied BaIDS on equal distribution basis proportionate to
       their holdings;

   (c) to utilize the Development Accounts cash, save for
       amounts represented by collection proceeds attributable
       to those unsold lands owned by the Originator as
       identified in the settlement agreement dated Oct. 5,
       2006, for development costs payments in respect of the
       participating projects;

   (d) to utilize any remaining balances in the Expense Reserve
       Account as at Settlement Date (as defined in the
       Settlement Agreement) immediately prior to the settlement
       of the Varied BaIDS to be used to partially redeem the
       outstanding Class B Varied BaIDS and Class C Varied BaIDS
       on equal distribution basis proportionate to their
       holdings; and

   (e) to create additional land charges as security to the
       BaIDS holders in respect of the Lands.

The above approval is conditional upon, inter-alia, RHB
InvestBank to duly notify ASSB's BaIDS holders that the SC's
approval on the Proposed Variation is not to be construed as a
decision by the SC on Talam's proposed issuance of RCPS and
proposed issuance Settlement BaIDS, which are yet to be
submitted to the SC for consideration.

Both Talam's proposed issuance of RCPS and Settlement BaIDs will
be submitted to SC for approval together with the overall
regularisation plan of the Talam group of companies.

With respect to item (c), IJM Construction Sdn Bhd has been
appointed as the Principal Contractor for the participating
projects.

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 Corporation 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 Sept. 1, 2006.


TALAM CORP: Reports on Level of Shareholderholders' Holding
-----------------------------------------------------------
Talam Corporation Berhad says that as of Dec. 29, 2006, the
level of public shareholders' holding are:

   1. % of Public Shareholdings : 47.33

   2. Number of Public Shareholders holding not less than 100
      shares : 16,469

As such, the company is in compliance with the level of public
shareholding spread as prescribed by the bourse, which states
that a listed issuer must have at least 25% of its listed shares
in the hands of a minimum of one thousand public shareholders
holding not less than one hundred shares each.

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 Corporation 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 Sept. 1, 2006.


TECHVENTURE BERHAD: Finds White Knight for Land Development
-----------------------------------------------------------
Techventure Berhad, in a disclosure statement to the Bursa
Malaysia Securities Bhd, said that in November 2006, the company
had found a white knight in Master Resources Development Sdn
Bhd.

According to the company, Master Resources has proposed to
undertake the development of Techven's land in Sepang and to
inject income-generating assets to meet the authorities'
requirement for Techven's continued listing on Bursa Malaysia.

In addition, Techven said that the white knight is prepared to
participate in the Techven equity via proposed rights issue
aimed for recapitalization.  Master Resources has given an
irrevocable undertaking to subscribe to Techven's proposed
rights issue via an excess share application of up to
MYR30 million.

Moreover, Techventure and Master Resources signed on Jan. 4,
2007, a memorandum of agreement to further solidify the white
knight's commitment.

          Salient Terms of the Memorandum of Agreement

a. Techventure has a total debt of about MYR106 million -- with
   interest accrued since December 31, 2004 -- due to various
   financial institution lenders and has defaulted on its debt
   servicing obligations.  The company has proposed a debt
   restructuring scheme, which is subject to the approval of the
   various financial institution lenders.

b. The company has been designated as an affected listed issuer
   pursuant to the Amended Practice Note 17 of the Bursa
   Malaysia Listing Requirements, which requires TECHVEN to
   submit a Financial Regularization Plan by January 7, 2007,
   failing which Bursa Malaysia will commence procedures to
   delist its securities.

c. The company, through its wholly-owned subsidiaries, owns land
   in Sepang, which are charged to secure debts due to certain
   financial institution lenders.

d. The company has proposed a rights issue of shares of up to
   MYR30 million to recapitalize its share capital.

e. Master Resources is prepared to participate in the Techven's
   Proposed Rights Issue via an excess share application for up
   to MYR30 million and is prepared to undertake the development
   and sale of the Sepang Land, which upon completion will
   satisfy the financial institutional lenders' requirements
   under the Proposed DRS and the authorities' requirements for
   TECHVEN to be taken out of the Amended PN17 designation.

f. The parties agree, subject to a formal agreement being
   executed between the parties, that:

   -- Master Resources will give an irrevocable undertaking to
      subscribe to the Techven's Proposed Rights Issue via an
      excess share application for up to MYR30 million provided
      that the subscription price of the shares will be not more
      than MYR0.20 per share and that the present share capital
      be written down by 80% concurrently; and

   -- Master Resources will exclusively undertake the
      development and sale of the Sepang Land.  In the event
      that further income-generating assets are necessary to
      give a return that meets the financial institution lenders
      requirements under the Proposed DRS and the authorities'
      requirements under the Amended PN17 provisions, Master
      Resources will do all that is necessary to comply.

g. The completion of the Master Resources Proposals is subject
   to these conditions precedent and principal terms:

   -- Legal and accounting due diligence will be completed to
      the satisfaction of Techven for the purpose of submission
      to the Securities Commission of Malaysia; and

   -- The terms and conditions of the MRDSB Proposals will be
      subject to the approval of the relevant authorities,
      including but not limited to the approval of the
      shareholders of Techven at a general meeting and the
      approval of the SC.

h. A formal agreement will be executed by both parties to create
   a binding contract for the MRDSB Proposals within 14 days
   from the date of completion of the legal and accounting due
   diligence, subject to any extension of time mutually agreed
   upon between the parties.

i. Unless mutually agreed otherwise by the parties, the MoU will
   cease to have any effect and become null and void in the
   event a formal agreement is nor executed by the parties
   within 14 days upon completion of the legal and accounting
   due diligence.

                          *     *     *

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

The Troubled Company Reporter - Asia Pacific reported on May 10,
2006, that Bursa Malaysia Securities Berhad has identified
Techventure as an affected listed issuer having triggered two of
the criteria of the Amended Practice Note 17 category when:

   -- the company's auditors have expressed a modified opinion
      with emphasis on Techven's going concern status in its
      audited accounts for the financial year ended December 31,
      2005; and

   -- there were defaults in payment by Techven and its major
      subsidiaries as announced pursuant to Practice Note
      No. 1 and Techven is unable to provide a solvency
      declaration to Bursa Malaysia Securities Berhad.

As an affected listed issuer, the company is required to
regularize its financial condition or risk being delisted from
the Official List of Companies.


TECHVENTURE BHD: Pleas Bursa's Refusal on Plan Filing Extension
---------------------------------------------------------------
As reported by the Troubled Company Reporter - Asia Pacific on
June 19, 2006, Techventure Bhd is required to submit a financial
restructuring plan to the Securities Commission and to other
relevant authorities since it was identified as an affected
listed issuer under the Bursa Malaysia Securities Berhad's
Practice Note 17 category.

As stipulated in the listing requirements of the Bursa
Securities, the company was required to submit its plan for
approval on Jan. 7, 2007.

Techventure, on Dec. 22, 2006, submitted an application before
the bourse seeking to extend its deadline to submit its plan
until July 7, 2007.  According to the company, it was only in
November 2006, that it found a promising white knight -- Master
Resources Development Sdn Bhd -- to help fulfill its
regularization plan.

However, the Bursa rejected the company's extension request,
noting that, as stated in its listing requirements, a suspension
will be imposed on the trading of Techven's securities and
delisting procedures will be commenced.

Subsequently, the company filed an appeal regarding the Bursa's
rejection of its extension request.

Accordingly, the bourse deferred the suspension and the
commencement of delisting procedures pending a decision on the
appeal.

                          *     *     *

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

The Troubled Company Reporter - Asia Pacific reported on May 10,
2006, that Bursa Malaysia Securities Berhad has identified
Techventure as an affected listed issuer having triggered two of
the criteria of the Amended Practice Note 17 category when:

   -- the company's auditors have expressed a modified opinion
      with emphasis on Techven's going concern status in its
      audited accounts for the financial year ended December 31,
      2005; and

   -- there were defaults in payment by Techven and its major
      subsidiaries as announced pursuant to Practice Note
      No. 1 and Techven is unable to provide a solvency
      declaration to Bursa Malaysia Securities Berhad.

As an affected listed issuer, the company is required to
regularize its financial condition or risk being delisted from
the Official List of Companies.


TENGGARA OIL: Commences Voluntary Wind-Up of Unit
-------------------------------------------------
Brookstone (M) Sdn Bhd, a wholly owned subsidiary of Tenggara
Oil Bhd, was placed under voluntary wind-up on January 4, 2007,
Tenggara Oil said in a disclosure with the Bursa Malaysia
Securities Bhd.

In addition, Tenggara Oil makes it clear that the members'
voluntary wind-up of BSB will not have any material effect on
the earnings, net assets and gearing of the TOB Group for the
financial year ending January 31, 2007, nor any effect on the
shareholding structure of TOB.

On the other hand, Tegara Oil's financial position will improve
from a negative shareholders fund position of MYR13.53 million
to a positive shareholders fund of MY23.55 million, representing
28.91% of the issued and paid-up share capital of TOB.

The winding-up of BSB forms part of the company's restructuring
exercise to regularize its financial condition in accordance
with the Amended Practice Note No. 17/2005 of the Listing
Requirements of Bursa Malaysia Securities Berhad.

                  About Brookstone (M) Sdn Bhd

BSB was incorporated on March 27, 1990, as a private limited
company under the Companies Act, 1965.  The authorized share
capital of BSB is MYR1,000,000 divided into 1,000,000 ordinary
shares of MYR1.00 each and its current issued and paid-up share
capital is MYR500,002 divided into 500,002 ordinary shares of
MYR1.00 each.  BSB has remained dormant since 1999.

                          *     *     *

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 OIL: MBB Serves Originating Summons to Unit
----------------------------------------------------
Tenggara Plaza Sdn Bhd, a wholly owned subsidiary of Tenggara
Oil Bhd, has been served with Originating Summons No. MT4-24-
2017-2006 by the Malayan Banking Berhad.

MBB claims inter-alia an order from the High Court of Shah Alam
for the piece of land known as Lot 180, Seksyen 6, P.N. 3957,
Petaling Jaya, Selangor Darul Ehsan to be sold at public auction
to settle the amount of MYR9,405,415.95 owed by Tenggara Plaza
as at September 29, 2006.

                          *     *     *

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.


TT RESOURCES: Updates Changes in Two Committees
-----------------------------------------------
TT Resources Bhd informed the Bursa Malaysia Securities Bhd of
some changes in its nomination and remuneration committees.

The changes, according to the company, resulted from the
resignation of Dato' Lim Kim Huat as a member of the Nomination
Committee and as the chairman and member of the Remuneration
Committee.

As of December 29, 2006, the two committees will now be
comprised of:

   A) Nomination Committee

      1. Tan Sri Dato' Azizan Bin Husain -- Chairman,
         Independent non-executive.

      2. Datuk Lee Teck Yuen -- Member, Indenpendent non-
         executive

   B) Remuneration Committee

      1. Dato' Zakaria Bin Mohammed -- Member, Non-independent
         non-executive.

      2. Dato' Ng Tian Sang -- Member, Independent non-executive

      3. Ng Kek Chuan -- Member, Independent non-executive

                          *     *     *

TT Resources Berhad's principal activities are the operation of
Chinese and Western restaurants, provision of catering, seafood
trading and operation of cafe and other food related business.  
Other activities include operation of musical entertainment
centres, investment holding, photography, studio portrait and
film and colour developing and printing.

The Group operates in Malaysia, Singapore, Thailand and China.

TT Resources is currently listed as an affected listed issuer
under the Amended PN17 List of Companies of the Bursa Malaysia
Securities Bhd, and is therefore required to submit a
regularization plan.


TT RESOURCES: Unit Signs Related Party Tenancy Agreement
--------------------------------------------------------
TT Resources Food & Services Sdn Bhd, a wholly owned subsidiary
of TT Resources Bhd, entered into a tenancy arrangement with
Dynamic Sensation Sdn Bhd for the renting of a banquet hall at
Metro Club Building in Selangor Darul Ehsan.

The company makes it clear that the tenancy agreement is a
related party transaction as:  

a. Tan Sri Dato' Tan Chee Sing, the Executive Vice-Chairman of
   the TT Resources Food, is also a major shareholder of the
   parent company, and is in turn also a major shareholder of
   DSSB.  Mr. Tan owns a controlling interest in DSSB held
   through Degree Network Sdn Bhd, the holding company of DSSB
   and Summer Sensation Sdn Bhd, another major shareholder in
   DSSB.  Mr. Tan is also a director of DSSB.

b. Puan Sri Datin Chan Shao Tsiu, the spouse of Mr. Tan is also
   a major shareholder of TTRB, and is also a major shareholder
   of DSSB by virtue of her shareholding in Degree Network Sdn
   Bhd and Summer Sensation Sdn Bhd.  She is also a director of
   DSSB and the sister of Mr. Chan Chau Yang who is the
   Executive Director of TTRB.

c. Dato' Lim Kim Huat, a Non-Independent Non-Executive Director
   and major shareholder of TTRB, is a major shareholder of
   DSSB.  He is also a director of DSSB and the brother-in-law
   of Mrs. Puan  and Mr. Chan.

d. Dato' Tan Ting Wong, a director of certain subsidiary
   companies of TTRB, is a major shareholder of DSSB.  He is
   also a director of DSSB.

e. Mr. Chan is the brother of Mrs Puan and the brother-in-law of
   Mr. Tan and Dato' Lim.  He is also a director of DSSB.

             Salient Terms of the Tenancy Agreement

The banquet hall -- 1st Floor, Metro Club Building, 104C
Persiaran Raja Muda Musa, Klang, Selangor Darul Ehsan -- will be
used by TT Resources Food as the venue for its customers in
hosting of various functions.

The tenancy is valid during the tenure of TT Resources Food as
tenant operating a Chinese Restaurant in Metro Club Building,
Klang.  The rental charges is a sum equivalent to 10% of the
total gross revenue of each function held by TTRFS in the
premise.

TT Resources made it clear that the agreement will have no
material effect on the earnings of the TTRB Group for the
financial year ending December 31, 2006.

                          *     *     *

TT Resources Berhad's principal activities are the operation of
Chinese and Western restaurants, provision of catering, seafood
trading and operation of cafe and other food related business.  
Other activities include operation of musical entertainment
centres, investment holding, photography, studio portrait and
film and colour developing and printing.

The Group operates in Malaysia, Singapore, Thailand and China.

TT Resources is currently listed as an affected listed issuer
under the Amended PN17 List of Companies of the Bursa Malaysia
Securities Bhd, and is therefore required to submit a
regularization plan.


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

AA PLASTERERS: Court to Hear CIR's Liquidation Petition
-------------------------------------------------------
On Nov. 15, 2006, the Commissioner of Inland Revenue filed a
liquidation petition against AA Plasterers Ltd before the High
Court of Wellington.

The petition will be heard on Jan. 23, 2007, at 10:00 a.m.

The CIR's solicitor can be reached at:

         Philip Hugh Brian Latimer
         Technical and Legal Support Group
         Wellington Service Centre
         1st Floor, New Zealand Post House
         7-27 Waterloo Quay (PO Box 1462)
         Wellington
         New Zealand
         Telephone:(04) 890 1028
         Facsimile:(04) 890 0009

                      About AA Plasterers

AA Plasterers is a manufacturer of plasterboard and plasterers
supplies.

The company is located in Wellington, New Zealand.


CYGNUS OIL: Defaults on Interest Payment for 7.5% Senior Notes
--------------------------------------------------------------
Cygnus Oil and Gas Corporation disclosed Monday that it has
defaulted on the payment of interest on certain of its senior
convertible notes.

On Apr. 4, 2006, pursuant to a Securities Purchase Agreement
entered into on that date between the company and certain
accredited investors, Cygnus Oil and Gas Corporation issued,
among other things, US$22 million aggregate principal amount of
its 7.5% senior convertible notes due Apr. 4, 2009, convertible
into shares of the company's common stock, subject to the terms
and conditions of the Convertible Notes and the Purchase
Agreement.

Under the terms of the Convertible Notes, the company is
required to periodically pay to the Holders interest accruing
with respect to the Convertible Notes at a rate of 7.5% per
year.

On Dec. 31, 2006, the company failed to make the US$412,500 in
interest payments required under the terms of the Convertible
Notes.

Following the expiration of the cure period on Jan. 5, 2007, the
failure to make such payment of interest results in an event of
default under the terms of the Convertible Notes.  As such, the
Holders may now exercise various remedies available to them
under the Convertible Notes, including requiring that the
company immediately redeem all or a portion of the Convertible
Notes at the current aggregate redemption price of
US$27,500,000, as set forth in the Convertible Notes.  The
company is in discussions with the Holders regarding the
Convertible Notes.

As of this time, the company requires additional financing to
fund its current and planned operations and meet its capital
requirements, to continue operating, exploring and developing
oil and gas properties, and to otherwise implement its business
plan.  As such, the company is searching for alternative sources
of financing.  As of Jan. 8, 2007, the Company says it hasn't
obtained such financing, and there is no assurance that the
company will obtain such financing.

                        Bankruptcy Warning

In addition to restructuring its debt obligations, the company
has considered and will continue to consider these alternatives,
in the event that it does not secure the additional financing
needed to continue its operations as presently conducted:

   a) entering into a business combination with another company
      or selling a portion or all of the company's assets;

   b) selling at auction certain of the Company's assets; and

   c) reorganization or liquidation proceedings.

                         About Cygnus Oil

Headquartered in Houston, Texas, Cygnus Oil and Gas Corporation,
fka Touchstone Resources USA Inc. (OTCBB: CYNS)is an oil and gas
exploration and production company.  Primarily a resource
player, its key assets consist of shale acreage in Woodruff
County, Arkansas and McIntosh County, Oklahoma and it also owns
a variety of non-producing assets in Alabama, Louisiana,
Mississippi, and New Zealand.  Since August 2005, the company
has made significant changes in its management, Board of
Directors and the nature of oil and gas assets it acquires to
better position itself for
future company growth.


CYGNUS OIL: Board Appoints R. Gerald Bennett as President & CEO
---------------------------------------------------------------
Cygnus Oil and Gas Corporation's Board of Directors has
appointed R. Gerald Bennett as chairman of the board, president,
and chief executive officer to succeed Roger L. Abel who
resigned from these positions effective as of the same date.  
Mr. Abel will continue to serve as a director of the company.

Mr. Bennett has served as a member of the company's board of
directors since Nov. 29, 2005.  He has nearly 40 years of
experience in the petroleum and related industries.  From July
2000 until March 2005, he served as President and CEO of Total
Safety, Inc., a safety services provider to the energy industry.

From June 1996 until November 1999, he worked for Equitable
Resources, Inc. as President and CEO of ERI Supply and Logistics
where he directed oil and gas exploration, midstream operations,
and wholesale marketing efforts.

During his career, Mr. Bennett has served as president of Enron
Gas Services, chairman and CEO of Houston Pipeline Company,
president and CEO of Perry Gas Companies, vice president of
Parker Drilling Company, and Manager of Gas Activities for
Conoco, Inc.  

Mr. Bennett is currently a Director of the Memorial Hermann
Healthcare System Board, a Texas-based not-for-profit healthcare
system, and immediate past Chairman of the Memorial Hermann
Hospital Board.  Mr. Bennett is a graduate of Oklahoma State
University with a B.S. and M.S. in Industrial Engineering and
Management, and a graduate of The Harvard Business School
Program for Management Development.

With his appointment as chief executive officer of the Company,
Mr. Bennett resigned as chairman of the Audit Committee of the
company effective as of Dec. 29, 2006.  

At that time, the board appointed Alfred J. Moran, Jr.,
currently serving as a member of the Company's board of
directors, to serve as the company's audit committee chairman.  
Mr. Alfred J. Moran is chairman and chief executive officer of
the Moran Group, LLC, a Value Creation, Crisis Management and
Turnaround consulting firm specializing in strategic,
operational and financial turnarounds and Interim CEO
engagements.  

For many years he was a Senior Managing Director and Partner of
Kibel Green, Inc., the leading Value Creation, Interim CEO,
Turnaround, Restructure, Strategic Breakthrough consulting firm
in the Western United States.  

Alfred Moran is a seasoned Professional Chief Executive Officer
and Value Creation Consultant with over 35 years' experience in
building and enhancing shareholder value for companies ranging
in annual sales of approximately US$3 million to approximately
US$2.3 billion.  He has been CEO of public and private companies
and has provided professional assistance to the boards and CEOs
of many companies in diversified industries.  Mr. Moran has a
master of business administration from the Harvard Business
School and a bachelor of arts degree in Philosophy from the
University of North Carolina at Chapel Hill.  He is a Member of
World Presidents Organization in Houston, Texas.

                         About Cygnus Oil

Headquartered in Houston, Texas, Cygnus Oil and Gas Corporation,
fka Touchstone Resources USA Inc. (OTCBB: CYNS)is an oil and gas
exploration and production company.  Primarily a resource
player, its key assets consist of shale acreage in Woodruff
County, Arkansas and McIntosh County, Oklahoma and it also owns
a variety of non-producing assets in Alabama, Louisiana,
Mississippi, and New Zealand.  Since August 2005, the company
has made significant changes in its management, Board of
Directors and the nature of oil and gas assets it acquires to
better position itself for
future company growth.

                        Bankruptcy Warning

Cygnus Oil and Gas Corporation has defaulted on the payment of
interest on its 7.5% senior convertible notes due Apr. 4, 2009.  
Under the terms of the Convertible Notes, the company is
required to periodically pay to the Holders interest accruing
with respect to the Convertible Notes at a rate of 7.5% per
year.  On Dec. 31, 2006, the company failed to make a US$412,500
interest payment required under the terms of the notes.

In the event that it does not secure additional financing needed
to continue its operations in addition to restructuring its debt
obligations, the company will consider these alternatives:

     a) entering into a business combination with another
        company or selling a portion or all of the company's
        assets;

     b) selling at auction certain of the Company's assets; and

     c) reorganization or liquidation proceedings.


EGG AFFAIR: Creditors Must Prove Debts by January 31
----------------------------------------------------
On Dec. 21, 2006, the shareholders of Egg Affair (2002) Ltd
resolved by special resolution to liquidate the company's
business and appointed Kim S. Thompson as liquidator.

Accordingly, creditors are required to prove their debts by
Jan. 31, 2007, or they will be excluded from any distribution
the company will make.

The Liquidator can be reached at:

         Kim S. Thompson
         PO Box 1027, Hamilton
         New Zealand
         Telephone:(07) 834 6027
         Facsimile:(07) 834 6104

                        About Egg Affair

Egg Affair 2002 Ltd is a distributor of eggs & egg products and
poultry.

The company is located in Auckland, New Zealand.


HOME INVESTMENT: Court Sets Liquidation Hearing on March 1
----------------------------------------------------------
On Dec. 1, 2006, New Zealand Breweries Ltd filed a petition to
liquidate Home Investment Group Ltd.

Accordingly, the High Court of Auckland will hear the petition
on March 1, 2007, at 10:45 a.m.

New Zealand's solicitor can be reached at:

         Kevin Patrick McDonald
         11th Floor, Global House
         19-21 Como Street (PO Box 331065 or DX BP 66086)
         Takapuna, Auckland
         New Zealand
         Telephone:(09) 486 6827
         Facsimile:(09) 486 5082


LICKERISH LTD: Court Set to Hear Liquidation Petition
-----------------------------------------------------
Sam's Chicken Ltd filed with the High Court of Auckland a
liquidation petition against Lickerish Ltd on Nov. 24, 2006.

The application will be heard before the Court on March 29,
2007, at 10:00 a.m.

Sam's Chicken's solicitor can be reached at:

         Kevin Patrick McDonald
         11th Floor, Global House
         19-21 Como Street (PO Box 331065 or DX BP 66086)
         Takapuna, Auckland
         New Zealand
         Telephone:(09) 486 6827
         Facsimile:(09) 486 5082


ORION PROPERTY: Liquidation Hearing Set on January 23
-----------------------------------------------------
A petition to liquidate Orion Property Ventures Ltd will be
heard before the High Court of Wellington on Jan. 23, 2007, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on Nov. 23, 2006.

The CIR's solicitor can be reached at:

         John Frederick Parnell
         Technical and Legal Support Group
         Wellington Service Centre
         1st Floor, New Zealand Post House
         7-27 Waterloo Quay (PO Box 1462)
         Wellington
         New Zealand
         Telephone:(04) 890 4673
         Facsimile:(04) 890 0009


ROCK EQUIPMENT: Faces Liquidation Proceedings
---------------------------------------------
The High Court of Wellington will hear a liquidation petition
against Rock Equipment Ltd on Jan. 23, 2007, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition on Nov. 2,
2006.

The CIR's solicitor can be reached at:

         Aaron Reynolds Lyne
         Technical and Legal Support Group
         Wellington Service Centre
         1st Floor, New Zealand Post House
         7-27 Waterloo Quay (PO Box 1462)
         Wellington
         New Zealand
         Telephone:(04) 890 1079
         Facsimile:(04) 890 0009


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

CHOON CONSTRUCTION: Enters Wind-Up Proceedings
----------------------------------------------
Sembwaste Pte Ltd has filed a petition to wind up the operations
of Choon Construction Pte Ltd on Dec. 28, 2006.

The High Court will convene a hearing to consider the petition
on Jan. 19, 2007, at 10:00 a.m.

Sembwaste's solicitors can be reached at:

         LegalWorks Law Corporation
         138 Robinson Road
         #13-08/10 The Corporate Office
         Singapore 068906


COASTAL BELCHER: Creditors Must Prove Debts by Feb. 8
-----------------------------------------------------
Coastal Belcher Petroleum Pte Ltd, which is under members'
voluntary liquidation, requires its creditors to submit their
proofs of debt by Feb. 8, 2007, to be included in the company's
distribution of dividend.

The liquidator can be reached at:

         Assan Masood
         c/o MGI Menon & Associates
         50 Robinson Road
         #15-00 VTB Building
         Singapore 068882


EXCEL MACHINE: Reschedules Creditors' Meeting to Feb. 15
--------------------------------------------------------
Excel Machine Tools Ltd, which is under judicial management, has
rescheduled its creditors' meeting from Jan. 17, to Feb. 15,
2007, at 3:00 p.m., at 8 Cross Street in #12-00 PWC Building,
Singapore 048424.

At the meeting, the creditors will be asked to approve the
judicial manager's statement of proposals and the scheme of
arrangement both dated Dec. 27, 2006.

Moreover, the creditors are required to submit their proofs of
debt by Feb. 13, 2007, to be included in the company's
distribution of dividend.

The judicial manager can be reached at:

         Ramasamy Subramaniam Iyer
         c/o PricewaterhouseCoopers
         8 Cross Street #17-00
         PWC Building
         Singapore 048424


GETRONICS NV: Starts Repayment of EUR95-Mln Convertible Bonds
-------------------------------------------------------------
Getronics N.V. reveals that payment for and delivery of the
EUR95-million 3.875% senior unsecured convertible bonds due 2014
has taken place.  The prospectus relating to the Offering has
been made available in the English language.

Getronics successfully placed the offering on Dec. 14, 2006.  
The Offering was covered over 11 times.   Subsequently, the
Company announced a cash tender offer for its outstanding
EUR100 million 5.5% unsubordinated convertible bonds due 2008.  

On Dec. 19, 2006, the Company announced that EUR89,131,000 in
aggregate principal amount of Bonds 2008 had successfully been
tendered and on Dec. 22, 2006, announced that all Bonds 2008 so
tendered had been accepted for purchase by it under the
conditions as stated in the Tender Offer Memorandum.

                    Conversion and Redemption

The Bonds 2014 are convertible as from Jan. 26, 2007, until
Jan. 5, 2014, into ordinary shares in the capital of Getronics
against the then applicable conversion price.  The initial
conversion price has been set at EUR7.25, which represented a
premium of around 30% above the reference price of Getronics'
ordinary shares at the time of pricing.  

The conversion price is subject to adjustment in accordance with
the conditions of the Bonds 2014 as set down in the trust deed
in respect of the Bonds 2014 executed by notarial deed.  Unless
earlier redeemed, converted or purchased and cancelled, the
Bonds 2014 will be redeemed in cash on Jan. 12, 2014, against
100% of their nominal value, together with accrued, but not yet
paid, interest.  Under certain circumstances specified in the
Trust Deed, the Bonds 2014 may be redeemed earlier.

                       Payment and Delivery

Payment for and delivery of the Bonds 2014 took place on Jan.
12, 2007.  The settlement of the Cash Offer is expected to take
place on Jan. 15, 2007, barring unforeseen circumstances.

                             Listing

Listing of the Bonds 2014 on the official list of the Luxembourg
Stock Exchange and trading on the Luxembourg Stock Exchange's
Euro MTF Market commenced on Jan. 12, 2007.

                 Optimizing Financing Structure

The Offering, together with the Cash Offer, succeeded in
significantly improving Getronics' debt maturity profile,
reducing its cost of capital and strengthening its balance
sheet.  These transactions are in line with Getronics' recently
expressed goal of optimizing its financing structure and are
expected to provide increased financial flexibility for
Getronics' future development.

Copies of the Prospectus may be obtained free-of-charge at:

         Rabo Securities
         Rembrandt Tower
         Amstelplein 1
         1096 HA Amsterdam
         Fax: +31 20 460 4949
         E-mail: prospectus@rabobank.com; or

         Kredietbank S.A.  
         Luxembourgeoise
         43 Boulevard Royal
         L-2955 Luxembourg; or

         Getronics N.V.
         Rembrandt Tower
         Amstelplein 1
         1096 HA Amsterdam
         Fax: +31 20 460 4949
         E-mail: investor.relations@getronics.com
         Web site: http://www.getronics.com/investors/

                         About Getronics

Headquartered in Amsterdam, Netherlands, Getronics N.V.
-- http://www.getronics.com/-- designs, integrates and manages
ICT infrastructures and business solutions for many of the
world's largest global and local companies and organizations,
helping them maximize the value of their information technology
investments.  Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion.   The
company has regional offices in Boston, Madrid and Singapore.
Its shares are traded on Euronext Amsterdam.

                          *     *     *

Getronics N.V.'s 'B' long-term corporate credit rating, along
with the 'CCC+' senior unsecured debt, 'B' bank loan, and '3'
recovery ratings on CreditWatch with negative implications,
where they had originally been placed on Jan. 19.

The '3' recovery rating indicates Standard & Poor's expectation
of meaningful (50%-80%) recovery of principal for secured
lenders in the event of a payment default.

Moody's Investors Service downgraded Getronics' corporate family
rating to B2 from B1 and placed the ratings on review for
possible downgrade following the company's announcement of half
year results showing a widening of net losses and fall in
margins below the company's expectations.  Concurrently the
rating on the EUR100 million senior unsecured convertible Dutch
bonds due 2008 has been downgraded to Caa1 from B3


HONG TAT: Creditors to Meet on Jan. 25
--------------------------------------
Hong Tat Lee Holdings Pte Ltd, which is under compulsory
liquidation, will hold a meeting for its creditors on Jan. 25,
2007, at 11:00 a.m.

At the meeting, the creditors will be asked to:

   -- receive the liquidator's report  regarding the company's
      wind-up process;

   -- approve the remuneration of the liquidators; and

   -- discuss other matters.

The liquidator can be reached at:

         Goh Thien Phong
         c/o Cross Street #17-00
         PWC Building
         Singapore 048424


MAE ENGINEERING: To Hold General Meeting on Feb. 10
---------------------------------------------------
Mae Engineering Ltd will hold an extraordinary general meeting
on Feb. 10, 2007, at 10.00 a.m., at The Cathay Cineplex Hall 4,
Level 6, No. 2 Handy Road in The Cathay, Singapore 223233.

During the meeting, these resolutions will be passed:

   -- Approve the company's acquisition of an aggregate of
      4,768,396 ordinary shares at MYR1 each in the share
      capital of Lereno, which represents an approximately 38%
      of Lereno's total issued and paid up capital for a
      purchase consideration of SGD17,500,000.  This will be
      satisfied through an allotment and issuance of the
      company's share capital of 350,000,000 new shares at an
      issue price of SGD0.05 each to Eligro's nominees, namely:
      David John Beresford-Long, Fong Soon Leong, Giorgio
      Vanalli, Gian Franco Longhini, Ho Siau Chiang and Spektra
      Anggun Sdn Bhd;

   -- Authorize the company's directors to allot and issue the
      new MAE Shares -- to rank pari passu in all respects with
      all the company's existing shares as at the date of
      allotment and issuance of the new MAE Shares;

   -- Authorize the company's directors to implement, execute or
      give effect to complete and do all the acts and things as
      they in their absolute discretion consider necessary or
      expedient to complete the transactions in the sale and
      purchase agreement dated Sept. 27, 2006, as amended by the
      Supplemental Deed and to give effect to this Resolution;
      and

   -- Change the company's name to "Lereno Bio-Chem Ltd" and
      the name "Lereno Bio-Chem Ltd" be substituted for "MAE  
      Engineering Ltd" wherever the latter appears in the
      company's Memorandum and Articles of Association and that
      the company's directors will be authorize to complete all
      the documents and approve any amendments, alteration or
      modification to any documents as they may consider
      desirable, expedient or necessary to give effect to this
      Resolution.

                     About MAE Engineering

Headquartered in Singapore, MAE Engineering Limited is engaged
in the provision of integrated electrical and mechanical
engineering services including designing, planning and
procurement.  These services are categorized into electrical
installations, mechanical installations, electrical power supply
installations, instrumentation and building automation as well
as maintaining electrical and mechanical systems.  The Group
also offers consulting and specialist services to oceanariums
and aquariums.  The Group has disposed off its prawn and fish
farming as well as edutainment businesses, after suffering
accumulated losses of SGD48 million as of September 30, 2005.
The company also suffered a liquidity crunch since September 30,
2005, when its total current liabilities of SGD23,695,000
exceeded its total current assets of SGD5,582,000.

As of March 31, 2006, the company's balance sheet showed
SGD7,404,000 in total assets and SGD27,257,000 in total
liabilities, resulting in a SGD19,853,000 stockholders' equity
deficit.


PDC CORP: Unveils Plans to Develop Agri Academy Cum Centre
----------------------------------------------------------
PDC Corp Ltd. unveiled on Jan. 15, 2007, its plan to develop
Singapore's first Agri Academy cum Centre complete with farm-
stay and educational tours at Lim Chu Kang.

The Agri Academy will showcase agri-products while R&D Centre
will initially focus on nurturing new strains of Hybrid Corn
seeds.

Prof. Paul S. Teng, who is Dean of the Graduate Programs and
Research for the National Institute of Education in Nanyang
Technological University, and also the company's Non-Executive
and Independent Director, will be the group consultant and
advisor in the agribusiness.

Prof. Zhou Yuche, the former head of Agriculture R&D at Jilin
Agriculture Research Centre, will be in charge of the
cultivation of corn hybrids while Prof. Hsiao Wen Yun, from the
Philippines University Aquaculture Department, will take charge
of biotechnology applications at the R&D Centre.

The corn hybrids developed at this R&D Centre will be used by
PDC for its own plantations in Indonesia.  PDC will also
consider marketing and distributing these hybrids to commercial
farms in Asia.

The Agri Academy cum R&D Centre is part of PDC's stategy to
diversify into new growth areas, with corn having good growth
potential in view of rising demand for agri-products worldwide.

As reported by the Troubled Company Reporter - Asia Pacific on
Jan. 11, 2007, HLH Agri R&D Pte Ltd, PDC's wholly-owned
subsidiary, has been awarded for the 20-year lease plot in Lim
Chu Kang by the Singapore Land Authority.

The plot will house F&B/retail outlets, chalets and spa
facilities, which will be integrated into a Farm Stay Resort
concept.  This R&D cum-entertainment concept will also cater to
educational tours for both Singaporeans and tourists.

Visitors will be able to see how corn hybrids - and at a later
stage, other agri-products- are nurtured and grown.  Other than
corn, the agri-tainment site will also be nurturing coffee beans
in the near future.

On the other hand, PDC signed a Memorandum of Understanding with
Super Coffeemix Manufacturing Ltd to set up "Supper Coffee
Academy".

Under the Memorandum of Understanding, PDC will also cultivate
and grow coffee plants on parts of its 40,000 hectares of
plantations land at Toba Samosir, North Sumatra, Indonesia.  
Super Coffeemix will purchase all the coffee beans according to
the specifications produced by PDC at a discount to the
prevailing commodity price.

PDC expects to invest an estimated US$50 million, which will be
disbursed over 18 months, beginning the second quarter of fiscal
year 2007 for the development of the sprawling site into corn
plantations.

Moreover, the Memorandum of Understanding will be subject to:

   -- the completion of the sale and purchase agreement between
      HLH Agri and the Singapore Land Authority in relation to
      the agri-tainment site; and

   -- the completion of the relevant legal transactions between
      HLH Agri with the Regency Government of Toba Samosir; as
      well as the approvals of the respective companies' board
      of directors and the Singapore Stock Exchange.

Development of the Lim Chu Kang agri-tainment site will start
this year and is expected to be ready by mid-2008.

"We are excited by the prospects of our agribusiness and we are
pleased to have bagged this plot of land in Lim Chu Kang.  It
gives us sufficient land space to set up our R&D Centre and a
pilot plantation field for the cultivation of food crops,
especially corn.  We are also pleased to be able to attract top
talent in hybrid corn research to join us to develop Singapore's
first agricultural R&D Centre for hybrid corn strains.  There is
much potential growth for this sector as global corn consumption
is strong.  The versatility of corn will also allow us to use
corn for multiple purposes including animal feed and biofuel
production.  With out innovative concept and the top-notch R&D
team, this agri-tainment project will provide us not only a new
stream of revenue, it will also put us on the agribusiness map
in Asia," comments Veronica Gan, PDC's Chief Operating Officer.

According to David Teo, Super Coffemix's CEO, "The Coffee
Academy concept offers us a great opportunity to enhance our
branding as a leader in the coffee industry.  The Academy is an
excellent educational platform for consumers and coffee
aficionados.  They will also be able to understand the
production and selection of coffee beans at the Academy.  We are
also pleased to be able to obtain another source of supply of
coffee beans from PDC's plantations in Indonesia."

On the other hand, PDC also disclosed its plans to develop a 14-
storey building called "D'Lithium" at Playfair Road, off
MacPherson Road in Singapore.

The freehold property, which sits on a land area of 17,265
square feet, will be used for light industrial activities and
commercial offices.  It will also have a cafeteria and
recreational facilities.  Construction of the building, which
has a plot ratio of 2.5 and a GFA of 43,162 square feet, is
expected to start by end of January and completion is scheduled
for in the first half of 2008.

"The sale of D'Lithium will contribute to our financial
performance in the current financial year while that for the
agri-tainment project is expected to kick in only in 2008",
commented Ms. Gan.

                       About Super Coffemix

Super Coffemix Manufacturing Limited is primarily engaged in the
manufacture, distribution and management of leading brands of
instant convenient beverages and food.  Some of its proprietary
brands include Super, Cafe Nova and Grandeur.

                        About PDC Corp.

Headquartered in Singapore, PDC Corporation Limited is
principally involved in the provision of general construction,
property development, real estate and investment.  Its other
activities are the provision of renovation work of any kind and
for the demolition of any structure, trading, rental and
servicing of industrial machinery and equipment and the
distribution of multimedia products, home automation system,
other high technology products and investment holding.

                          *     *     *

PDC Corp.'s Auditors, Ernst & Young, after auditing the
company's financial statements for the year ended Dec. 31,
2005, highlighted a going concern issue.

As at Dec. 31, 2005, the current liabilities of the company and
the Group exceeded current assets by US$3,852,210 and
US$20,001,069 respectively, and their total liabilities exceeded
total assets by US$3,912,981 and US$20,062,940 respectively.


PDC CORP: Inks Subscription Pacts for 247,000,000 New Shares
------------------------------------------------------------
On Jan. 15, 2007, PDC Corp Ltd entered into subscription
agreements with subscribers for the subscription in cash of an
aggregate of 247,000,000 new ordinary shares at SGD0.079 for
each subscription share.  The subscription share represents
approximately 19.9% of the company's existing issued share
capital comprising 1,239,920,895 shares.

The subscribers with their respective shares are:

   Name of Subscribers         Number of Subscription Shares
   -------------------         -----------------------------
   Goh Bak Heng                         62,000,000
   Ong Bee Huat                         38,000,000
   Toh Tiam Hock                        25,000,000
   Hung, Rong-Li                        19,000,000
   Teo Kee Bock                         18,000,000
   Ang seng Thor                        12,000,000
   Teo Soon Kuan                        12,000,000
   Kulk Sin Pheng                        7,000,000
   Koh Tiak Chye                         7,000,000
   Ong Pang Aik                          6,000,000
   Chin Siow Peng                        4,000,000
   Simon Lau Seow Oh                     4,000,000
   Tay Leong Kwee                        3,800,000
   Wong Karn Foong                       3,200,000
   Lan Seat Yoon                         3,200,000
   Koh Lai Hong                          3,000,000
   Ng Eik Hwa                            2,500,000
   Tan Lei                               2,500,000
   Tan Sar Tee                           2,500,000
   Jimmy Ng Peng Seng                    2,000,000
   Goh Tock Kiang                        2,000,000
   Ong Hann Song                         2,000,000
   Chia Quee Hock                        1,800,000
   Kou Aik Boon                          1,500,000
   Lim Song Melvin                       1,000,000
   Leong Poh Choo                        1,000,000
   Tan Kok Kwee                          1,000,000

The subscription shares, which are priced at SGD0.079 each,
represents a discount of approximately 9.8% to the weighted
average price of SGD0.08755 for trades done on the Singapore
Exchange Securities Trading Limited for the full market day on
Jan. 12, 2007.  Moreover the subscription shares, when issued
and fully paid, will rank pari passu in all respect with the
existing ordinary shares in the company's capital, save that
they will not rank for any entitlements, distributions,
dividends or rights.  

Moreover, the share subscription is conditional upon the
approval in-principle of the SGX-ST for the listing and
quotation on the official list of the SGX-ST and the approval of
the company's shareholders for the issue of 247,000,000 shares,
representing approximately 19.9% of the existing issued share
capital of the company comprising 1,239,920,895 Shares and all
the other required shareholders' approval, which will be
obtained at the company's extraordinary general meeting   
Accordingly, PDC appointed Kim Eng Capital Pte Ltd as the
company's financial advisor for the share subscription exercise.

The purpose of the share subscription is to allow the company to
raise proceeds of approximately SGD19,253,000 after deducting
estimated expenses of approximately SGD260,000.  

The net proceeds from the share subscription exercise will be
used by the company for its agricultural business and working
capital.

Pending the deployment of the net proceeds from the share
subscription, the net proceeds may also be used as:

   -- working capital; or

   -- placed as deposits with financial institutions; or

   -- invested in short-term money markets; or

   -- debt instruments for other purposes on a short-term basis
      as the directors may deem fit.

Currently, the company's issued and paid-up ordinary share
capital is SGD21,977,155 comprising of 1,239,920,895 shares.  
When the share subscription is completed and assuming
247,000,000 subscription shares are issued, the share
subscription will increase the company's existing issued and
paid-up ordinary share capital by 19.9% to SGD41,490,155
comprising 1,486,920,895 shares.  

                         About PDC Corp.

Headquartered in Singapore, PDC Corporation Limited is
principally involved in the provision of general construction,
property development, real estate and investment.  Its other
activities are the provision of renovation work of any kind and
for the demolition of any structure, trading, rental and
servicing of industrial machinery and equipment and the
distribution of multimedia products, home automation system,
other high technology products and investment holding.

                          *     *     *

PDC Corporation's Auditors, Ernst & Young, after auditing the
company's financial statements for the year ended Dec. 31,
2005, highlighted a going concern issue.

As at Dec. 31, 2005, the current liabilities of the company and
the Group exceeded current assets by US$3,852,210 and
US$20,001,069 respectively, and their total liabilities exceeded
total assets by US$3,912,981 and US$20,062,940 respectively.


PETROLEO BRASILEIRO: Forming Joint Ventures with PDVSA
------------------------------------------------------
Petroleo Brasileiro, the state-run oil company of Brazil, will
forge joint ventures with Petroleos de Venezuela SA, its
Venezuelan counterpart, to explore mature fields in eastern
Venezuela, Brazilian daily Valor Economico reports.

Petroleo Brasileiro's international affairs director Nestor
Cervero told Valor Economico that the firm is negotiating with
Petroleos de Venezuela to sign four contracts for the
exploration of mature fields.  Petroleos de Venezuela would
control the joint ventures.

Business News Americas relates that Petroleos de Venezuela and
Petroleo Brasileiro signed memorandum of understandings in 2005
to invest in 20 mature fields in Venezuela to increase their
production.

The report says that in addition to mature fields, Petroleo
Brasileiro is negotiating with Petroleos de Venezuela for
exploration operations in the Orinoco heavy crude belt and other
projects.

Petroleo Brasileiro said in a statement that it produces oil
through four joint ventures in Venezuela and has estimated
reserves of 269 million barrels of oil equivalent in the nation.

Mauro Andrade, Deloitte Petroleum Services group regional
manager in Brazil, told BNamericas that Venezuela's President
Hugo Chavez's plans to boost the state's presence in the economy
have little effect on Petroleo Brasileiro's operations in
Venezuela in terms of reserves and production.  

BNamericas underscores that President Chavez's plans are
expected to have little impact on Petroleo Brasileiro's overall
performance worldwide since current projects and new contracts
include changes in Venezuelan legislation.

The report says that Petroleo Brasileiro has total reserves of
13 billion barrels of oil equivalent while total output was over
2.3 million barrels of oil equivalent per day, which is more
than 130 times the 17,000 barrels per day it produces in
Venezuela.

"Of course every barrel counts, but the impact on operations is
not significant.  The problem is that when the investor looks at
a company like Petrobras (Petroleo Brasileiro) that has
significant investments in Latin America, which is going through
instability and changes in opening up its economy, they want to
know if the company is making money there," Mr. Andrade told
BNamericas.

                   About Petroleos de Venezuela

Petroleos de Venezuela SA -- http://www.pdv.com/-- 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.  The company has a commercial office in China.

                   About Petroleo Brasileiro

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

Petrobras has operations in China, India, Japan and Singapore.
It also operates in Venezuela through wholly owned subsidiary
PESA, which is controlled through the firm's Argentina-based
unit Petrobras Energia.

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: Court Reduces Seven Deficient Claims to Zero
-------------------------------------------------------
At the request of Marc S. Kirschner, the Chapter 11 Trustee of
Refco Capital Markets, Ltd., the U.S. Bankruptcy Court for the
Southern District of New York reduces to $0 seven proofs of
claim, aggregating more than US$300,000,000, for purposes of
voting on the Refco Inc. and its debtor-affiliates' Modified
Joint Chapter 11 Plan.

The Claims are:

   Claimant                            Claim No.   Claim Amount
   --------                            ---------   ------------
   PCMG Trading Partners V LP            9315    US$196,874,882
   William T. Esrey Trading Partners     9314     US$36,957,887
   Global Macro Fund Limited            12080     US$40,384,866
   OFI Palmares                         12054     US$12,943,388
   SPhinX Managed Futures Index Fund LP 13253     US$39,005,537
   Masonic Medical Research Laboratory  11787      US$3,600,000
   Trustees of Masonic Hall & Asylum    13229     US$34,869,937

Jared R. Clark, Esq., at Bingham McCutchen LLP, in New York,
relates that Claim Nos. 9314 and 9315 are claims against RCM for
the value of the collateral pledged to RCM to secure loans to
the claimants.  The Loans are (i) outstanding and unpaid, and
(ii) of equal of greater amount than the Collateral value.

On the other hand, Claim Nos. 12080, 12054, 13253, 11787 and
13229 are claims based on the facts and circumstances underlying
the disputes between the Debtors and SPhinX Managed Futures Fund
SPC and certain other entities.  All of those were resolved
through a settlement agreement approved in June 2006.

Mr. Clark asserts that the SPhinX-Related Claims cannot stand as
independent claims against RCM to the extent that they are
identical to, or derivative of, claims that were expressly
released in the SPhinX Settlement.

Although appeals on SPhinX Settlement approval are pending, the
appellants have not sought a stay of those proceedings, and the
current value of the SPhinX-Related Claims is nil, Mr. Clark
tells Judge Drain.

Pursuant to the Order, each holder of the Pledged Collateral
Claims and the SPhinX-Related Claims will retain its claim for
distribution purposes, unless that claim is otherwise
disallowed.

The Order is without prejudice to the RCM Trustee's right to
object to any other claims in the Debtors' Chapter 11 cases, or
to further object to claims subject to the Motion, on any
grounds whatsoever.

                         About Refco Inc.

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

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

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

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

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

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  (Refco Bankruptcy News, Issue No. 54; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)

                           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 became effective on Dec. 26,
2007.


REFCO INC: Trustee Wants More Time to File List of Securities
-------------------------------------------------------------
Marc S. Kirschner, the Chapter 11 Trustee for Refco Capital
Markets, Ltd. estate, asks the U.S. Bankruptcy Court for the
Southern District of New York to extend to April 15, 2007, the
deadline for him to file a cumulative list of securities sold by
RCM between October 1, 2006, and March 31, 2007.

The RCM Securities List will include details of sale price
received, method of sale used and commission paid, as well as a
report for the first quarter of 2007, which report is due to the
Court by April 15.

The RCM Trustee asserts that it would be detrimental to the RCM
stakeholders to publicly disclose the list of securities sold to
date because that disclosure may:

   (i) reveal market sensitive information about his liquidation
       strategy; and

  (ii) adversely affect the price of securities remaining in the
       portfolio.

The RCM Trustee anticipates that all of the RCM Securities will
have been substantially liquidated by the end of February 2007.

                         About Refco Inc.

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

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

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

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

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

Refco Commodity Management, Inc., formerly known as CIS
Investments, Inc., a debtor-affiliate of Refco Inc., filed for
chapter 11 protection on Oct. 16, 2006 (Bankr. S.D.N.Y. Case No.
06-12436).  (Refco Bankruptcy News, Issue No. 54; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)

                          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 became effective on Dec. 26,
2007.


VALEANT PHARMA: Inks Licensing Agreement for Rights to (C)Xyrem
---------------------------------------------------------------
Valeant Pharmaceuticals International has signed a licensing
agreement for the Canadian rights to (C)Xyrem (sodium oxybate)
for the treatment of cataplexy, a debilitating symptom of
narcolepsy, from Jazz Pharmaceuticals, Inc. The agreement calls
for Valeant to pay Jazz Pharmaceuticals an upfront fee and
payments based on sales.

"Xyrem is a strategic fit for our existing marketing and sales
organizations in Canada and we are excited about the potential
of this agreement and the opportunity to work with Jazz
Pharmaceuticals," Valeant's president and chief executive
officer, Timothy C. Tyson said. "The product expands our
neurology business in Canada in a niche market with unmet
medical needs."

Xyrem, a liquid formulation of sodium oxybate, is the first and
only product approved in Canada to treat cataplexy, which is a
sudden loss of muscle tone associated with narcolepsy.  Valeant
expects to launch and distribute Xyrem in Canada in mid 2007
through its neurology sales force.

Xyrem has demonstrated an acceptable safety profile in
narcoleptics with cataplexy when administered in nightly divided
doses of 6 to 9 g with a recommended starting dose of 4.5
g/night.  The adverse event profile was generally consistent
with the known pharmacological actions of sodium oxybate and
intercurrent disease states.  The most commonly reported adverse
drug reactions are dizziness, nausea, and headache, occurring in
17-25 percent of patients.  These are not the only possible
effects with Xyrem.  Patients administered Xyrem should be
monitored for treatment-emergent adverse events.

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

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

The Troubled Company Reporter - Asia Pacific reported on
Nov. 21, 2006, that Standard & Poor's Ratings Services lowered
its ratings on Valeant Pharma's corporate credit rating to 'B+'
from 'BB-'.


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

NAKORNTHAI STRIP: Reorganization Brings in Two New Executives
-------------------------------------------------------------
Maharaj Planner Co Ltd as the plan administrator for the
rehabilitation of Nakornthai Strip Mill Pcl informs the Stock
Exchange of Thailand that "NSM has been reorganized."

In that regard, two new NSM executives are appointed:

    1. Sirichai Sae-Ku as Vice President-Commercial
       appointed as of Dec. 1, 2006.

    2. Pannee Tanaprateepkul as Vice President-Procurement,
       HR & Admin, and Logistic appointed as of Jan. 1, 2007.

Nakornthai Strip Mill Public Company Limited is a Thailand-based
manufacturing company.  The Group's principal activities are
manufacturing and selling of hot-rolled coil steel.  These
products can be used in downstream industries such as structural
steel industry, container industry, steel pipe industry and gas
tank industry.

The Troubled Company Reporter - Asia Pacific reported on May 4,
2006, that Nakornthai has announced a recapitalization plan
involving THB4 billion in debt restructuring to ensure a US$50-
75 million credit line for working capital.

On June 28, 2006, the TCR-AP reported that G Steel PCL would
invest US$180 million to buy a secured right, which will be used
to convert Nakornthai Strip Mill Public Company Limited's debt
into equity.  The deal was part of Nakornthai's debt
restructuring plan.


THAI WAH: Creditors Appoint New Plan Administrator
--------------------------------------------------
The Troubled Company Reporter - Asia Pacific on Jan. 5, 2007,
reported that the Central Bankruptcy Court approved Thai Wah
Group Planner Co Ltd's resignation as Thai Wah Pcl's plan
administrator.  

Accordingly, the bankruptcy court ordered the official receiver
to call for a creditors' meeting on Jan. 15 to appoint a new
plan administrator for the company.  

In an update, Thai Wah disclosed with the Stock Exchange of
Thailand that the creditors' meeting attained a special
resolution appointing National Advisory Company Limited as the
new Plan Administrator.

Subsequently, the court scheduled the hearing of the company's
rehab plan on Feb. 5, 2007, at 10.00 a.m.

Thai Wah Public Company Ltd's principal activity is the
manufacturing and marketing of various food products using mung
beans.  Products includes mung bean vermicelli, bean sheet
(Shanghai noodle) and salim starch.  Brands and trademarks of
the Group include Double Dragon, Phoenix, Double Kilin and
Double Eagle brands for vermicelli; Double Dragon brand for
salim starch and bean sheet; and New Grade brand for tapioca
starch, tapioca pearls and rice flours.  It operates a factory
in Thailand located in Banglane District, Nakorn Pathom
Province.

Thai Wah is currently implementing a Reorganization Plan, whose
amendments were approved by the Central Bankruptcy Court in
November 2005.

On November 13, 2006, the Troubled Company Reporter - Asia
Pacific reported the company's consolidated balance sheet at
September 30, 2006, showed THB538.466 million in current assets
and THB257.803 million in current liabilities.

In addition the company is facing solvency problem with THB4.954
billion in total liabilities as compared to THB4.479 billion in
total assets.

                       Going Concern Doubt

After auditing the company's financial report, Sophon
Permsirivallop of Ernst & Young Office Ltd raised doubt on the
company's ability to continue as a going concern.

Mr. Sophon specifically pointed out Thai Wah's ability to pay
liabilities from debt restructuring which it must settle in
installments and the company's ability to dispose of assets to
repay indebtedness.


TRUE MOVE: Signs Interconnection-Rate Deal with AIS
---------------------------------------------------
True Move, a wholly owned subsidiary of True Corp Pcl will sign
an interconnection-rate agreement with Advanced Info Services,
the Bangkok Post reports.

The agreement is similar to the one AIS signed with Total Access
Pcl in November, the paper adds.

The rates are expected to apply from early next month, although,
True Move clarifies that it will have no impact on the charges
that customers pay.  

True Move already has an interconnection deal with DTAC.  As
reported by the Troubled Company Reporter - Asia Pacific on
November 21, 2006, the two companies had agreed on an
interconnection rate, which charge a caller's network to the
receiving party's network of THB1 per minute with immediate
effect.

The Bangkok Post relates that once all three mobile operators
have deals with each other, pressure is expected to mount on the
state telecom enterprise TOT Plc, which earns up to THB14
billion annually from access charges paid by mobile operators.

The private companies maintain that they will stop paying access
charges to TOT once they have their own deals in place to
determine payments for handling calls across different networks.

DTAC and True Move insist they will stop paying access charges
of THB200 per number per month when the next billing cycle
begins, and TOT has threatened to take them to court.

However, AIS president Wichien Mektrakarn insisted that the
interconnection deal with True Move was not intended to pressure
TOT, which wanted to delay the interconnection rates until next
year.

True Move Company Limited, formerly TA Orange, is a wholly owned
subsidiary of True Corp Pcl.  The company is headquartered in
Bangkok, Thailand, and is the country's third largest mobile
telecommunications operator.

As reported by the Troubled Company Reporter - Asia Pacific on
Nov. 27, 2006, Standard & Poor's Ratings Services assigned its
BB- long-term corporate credit rating to Thailand's third-
largest cellular operator, True Move Co. Ltd.  The outlook is
negative.

In addition, Standard & Poor's assigned its B issue rating to
True Move's proposed senior unsecured notes, assuming a debt
size of about US$450 million.

Moreover on Dec. 20, 2006, the TCR-AP reported that Moody's
Investors Services affirmed its B1 corporate family rating for
True Move Company Limited and its B2 senior unsecured long-term
debt ratings for True Move's US$465 million Notes issue, due
2013, and removed all ratings from their provisional status.


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

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

January 23-25, 2007
  Fitch Training
    Insurance Company Analysis
      Singapore
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

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

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

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

February 5-7, 2007
  Fitch Training
    Intensive Bank Analysis
      Sydney, Australia
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com   

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

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

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

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

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

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

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

March 12-15, 2007
  Fitch Training
    Corporate Credit Fundamentals
      Hong Kong
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

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

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

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

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

April 2-3, 2007
  Fitch Training
    Leveraged Finance Workshop
      Hong Kong
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

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

May 28-31, 2007
  Fitch Training
    Corporate Credit Fundamentals
      Hong Kong
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

June 13-15, 2007
  Fitch Training
    Intensive Bank Analysis
      Hong Kong
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

June 18-20, 2007
  Fitch Training
    Insurance Company Analysis
      Singapore
        Telephone: +44-(0)20-7201-2770
          Web site: http://www.FitchTraining.com/
            e-mail: enquiry@fitchtraining.com

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



                            *********

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

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

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


                            *********


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

Copyright 2007.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
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