TCRAP_Public/070123.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  

           Tuesday, January 23, 2007, Vol. 10, No. 16

                            Headlines

A U S T R A L I A

AQUATURF 1984: Placed Under Voluntary Wind-Up
B.J. & B.M.: Inability to Pay Debts Prompts Wind-Up
COWELLS INVESTMENTS: Members Agree to Shut Down Business
FRESHWELL FOODS: Members to Hear Liquidator's Report
GOUT PTY: Members' Final Meeting Slated for February 14

M. GOEBEL PTY: Members Resolve to Wind Up Firm
MILBI SCHOOL: Schedules Final Meeting on February 7
PASDONNAY PTY: To Declare Ordinary Dividend on Feb. 7
PICKERING DAVEY: Members to Receive Wind-Up Report on Feb. 14
RHDM PTY: Members Opt to Liquidate Business

S.E.A.S. SECURITIES: Members Decide to Close Business
SPECTRUM LABELS: Court Appoints Receivers and Managers
YOUR COMPUTER: Members and Creditors to Meet on Feb. 12


C H I N A   &   H O N G  K O N G

AGRICULTURAL BANK: Authorities Okay Shareholding Reform Start
DISTACOM HONG KONG: Creditors' Proofs of Claim Due on Feb. 21
FEDFLOUR TRADING: Final Meeting Slated for February 16
GOLD LUCKY: Creditors Must Prove Debts by February 21
GROUP PROFIT: Court Sets Wind-Up Hearing for February 7

HEPING METAL: Inability to Pay Debts Prompts Wind-Up
KAI TAK: Shareholders Decide to Close Business
KONG FUND: Appoints Tsang Chiu Wai as Liquidator
MAXIFORD COMPANY: Members to Receive Wind-Up Report on Feb. 9
ON HONG: Members Opt to Wind Up Firm

PRAMERICA ASIA: Gilligan Quits Liquidator Post
SHIMIZU HONG KONG: Members Agree to Shut Down Operations
TOYOCOM LIMITED: Sole Member to Hear Liquidator's Report
WTA HONG KONG: Wind-Up Hearing Set on February 14
* CBRC Amends Commercial Bank's Investment Rule


I N D I A

JAMMU & KASHMIR: Quarterly Net Profit Up 66% to INR838.9 Million
KOTAK MAHINDRA BANK: Fitch Assigns 'C/D' Individual Rating
POWER FINANCE: Fitch Gives BBB- Long-term Foreign Currency IDR
PUNJAB NATIONAL BANK: Sells 1% Stake in NSE to Four Investors
PUNJAB NATIONAL BANK: Board Meeting Set on January 17

RELIANCE INDUSTRIES: December 2006 Quarter Net Profit Up 58%
SAURASHTRA CEMENT: Files Scheme of Arrangement & Compromise
SITRONICS JSC: Forecasts Up to US$550-Mln Fresh Capital from IPO


I N D O N E S I A

BANK MANDIRI: Expects Strong 2006 Net Profit
BEARINGPOINT: Names Ed Harbach Pres. & Chief Operating Officer
CANWEST MEDIAWORKS: Plan Acquisition Cues DBRS to Review Ratings
CANWEST MEDIAWORKS: Moody's Says Direction of Review Uncertain
HUNTSMAN CORP: S&P Holds BB- Rating and Removes Positive Watch

INDOSAT: Readies IDR1.05 Trillion For Bond Reimbursement
MARSH & MCLENNAN: Names David A. Nadler As New Vice Chairman
TELKOM INDONESIA: Asked To Be Transparent About New Tariff


J A P A N

AMR CORP: 4.5% Senior Notes Become Convertible to Common Stock
AMR CORP: Board OKs 2007 Annual Incentive Plan for American Air
AMR CORPORATION: Earns US$17 Million in Fourth Quarter of 2006
CNET NETWORKS: Expects to File Delinquent Reports on January 29
CONTINENTAL AIRLINES: Earns US$343 Million in 2006 Fiscal Year

CONTINENTAL AIRLINES: Contributes US$71 Million to Pension Plans
GAP INC: Pressler Resigns as President & Chief Executive Officer
JAPAN AIR: To Rearrange Int'l Flight Sked to Boost Profitability
NIKKO CORDIAL: Mackenzie Financial Now Has Biggest Stake in Firm


K O R E A

DURA AUTOMOTIVE: Files Operating Report for Period Ended Nov. 26
DURA AUTOMOTIVE: RSM Updates Ontario Court on Chapter 11 Cases
PANTECH CO: Signs Supply Pact with LG Telecom


M A L A Y S I A

AKER KVAERNER: Inks US$23-Million Deal with Atlantia Offshore
ANTAH HOLDINGS: Updates Bursa on Restructuring Scheme Activities
AVANGARDE RESOURCES: High Court Further Extends R.O. to March 13
CHIN FOH: Posts MYR5.57-Mil. Net Loss in Quarter Ended Oct. '06
CHIN FOH: Bursa Extends Plan Filing Deadline to February 7

COMSA FARMS: Two Units Face Hearings on April 12
COMSA FARMS: Unit Gets MYR33,399 Payment Demand from Bank Islam


N E W   Z E A L A N D

L L DISTRIBUTORS: Court to Hear Liquidation Petition on Feb. 8
NZ MANUFACTURE: Faces Liquidation Proceedings
PAIB INTERNATIONAL: Liquidation Hearing Set for January 25
PURELY FREERANGE: Court Sets Liquidation Hearing on January 25
ROSKILL METAL: Court Sets Liquidation Hearing on February 8

XPRESSTRAC INTERNATIONAL: CIR Seeks to Liquidate Firm


P H I L I P P I N E S

AFP-RSBS: Members to Receive Benefits Despite RSBS Deactivation
* 2007 is "Social Payback" to the Filipinos, President Says
* December BOP Surplus Hits US$632-M, Central Bank Reports
* BSP Exempts Reclassified NG/BSP Bonds from "Tainting" Rule


S I N G A P O R E

BAILY TECHNOLOGY: Pays Preferential Claims to Creditors
BASIL THAI: High Court to Hear Wind-Up Petition on Feb. 2
CHEMXLOG PTE: Creditors Must Prove Debts by Feb. 20
PETROLEO BRASILEIRO: Launches Operations at Manati Gas Field
PETROLEO BRASILEIRO: Mulling Venezuelan Project Investments

PETROLEO BRASILEIRO: Unit Extends Notes Exchange Offer to Feb. 2
PRIMEPARTNERS HOLDINGS: Creditors Must Prove Debts by Feb. 23
REFCO INC: IDC Wants Contracts Deemed Assigned to Man Financial
REFCO INC: Refco LLC Files October 2006 Monthly Operating Report
SEA CONTAINERS: Posts US$888,304 Net Loss in November 2006

THAI IMPERIAL: Court to Hear Wind-Up Petition on Feb. 2
UNITY BUILDER: Pays First and Final Dividend to Creditors


T H A I L A N D

CENTRAL PAPER: SET Considers Delisting of Securities
HANTEX PCL: SET Mulls Delisting on Weak Overall Status
THAI DURABLE: Posts THB14.2 Million Net Loss in 3rd Quarter 2006


* BOND PRICING: For the Week 15 January to 19 January 2006

     - - - - - - - -

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

AQUATURF 1984: Placed Under Voluntary Wind-Up
---------------------------------------------
On Dec. 22, 2006, the members of Aquaturf 1984 Pty Ltd --
previously trading as Stirling Irrigation -- met and passed a
special resolution to voluntarily wind up the company's
operations.

Subsequently, Jennifer E. Low was appointed as liquidator.

The Liquidator can be reached at:

         Jennifer E. Low
         Sheridans
         Chartered Accountants
         Level 6, 40 St George's Terrace
         Perth, Western Australia 6000
         Australia
         Telephone:(08) 9221 9339

                      About Aquaturf 1984

Aquaturf 1984 Pty Ltd -- trading as Stirling Irrigation; Aaron
Drilling; East West Electrical; Submersible Pump Co and
Irrigation Australia Consultants -- is a special trade
contractor.

The company is located in Western Australia, Australia.


B.J. & B.M.: Inability to Pay Debts Prompts Wind-Up
---------------------------------------------------
On Dec. 22, 2006, the members of B.J. & B.M. Hogan Pty Ltd met
and passed a special resolution to wind up the company's
operations due to its inability to pay debts.

In this regard, Timothy James Clifton and Mark Christopher Hall
were appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Timothy James Clifton
         Mark Christopher Hall
         Chartered Accountants
         Level 10, 26 Flinders Street
         Adelaide, South Australia
         Australia

                      About B. J. & B. M.

B. J. & B. M. Hogan Pty Ltd is an investor relation company.

The company is located in South Australia, Australia.


COWELLS INVESTMENTS: Members Agree to Shut Down Business
--------------------------------------------------------
At a general meeting held on Dec. 15, 2006, the members of
Cowells Investments Ltd agreed to voluntarily wind up the
company's operations.

In this regard, Samuel Charles Davies and Theodora Alice Eszenyi
were appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Samuel Charles Davies
         Theodora Alice Eszenyi
         c/o McGrathNicol+Partners
         Level 13, 99 Gawler Place
         Adelaide, South Australia 5000
         Australia
         Telephone: 08 8468 3700
         Website: http://www.mcgrathnicol.com

                   About Cowells Investments

Cowells Investments Ltd operates miscellaneous business credit
institutions.

The company is located in New South Wales, Australia.


FRESHWELL FOODS: Members to Hear Liquidator's Report
----------------------------------------------------
The members of Freshwell Foods Pty Ltd will meet on Feb. 12,
2007, at 11:00 a.m., to hear the report of Liquidator Anthony
Simpson regarding the company's wind-up proceedings and property
disposal activities.

The Troubled Company Reporter - Asia Pacific previously reported
that the company entered wind-up proceedings on Sept. 1, 2006.

The Liquidator can be reached at:

         Anthony Simpson
         Creighton Brown
         Chartered Accountants
         Suite 3, First Floor
         1155-1161 High Street
         Armadale, Victoria 3143
         Australia
         Telephone:(03) 9828 1000

                     About Freshwell Foods

Freshwell Foods Pty Ltd manufactures baked products, like bread
rolls, cakes, pastries, hot dog buns, muffins, pies, puddings,
sausage rolls, and waffles.

The company is located in Victoria, Australia.


GOUT PTY: Members' Final Meeting Slated for February 14
-------------------------------------------------------
The members of Gout Pty Ltd will hold a final meeting on Feb.
14, 2007, at 10:45 a.m., to consider the liquidator's account on
the company's wind up and property disposal exercises.

According to the Troubled Company Reporter - Asia Pacific, the
company's creditors must prove their debts by Feb. 7, 2007.

The liquidator can be reached at:

         Richard Judson
         Members Voluntarys Pty Ltd
         1st Floor, 10 Park Road
         Cheltenham 3192
         Australia

                         About Gout Pty

Gout Pty Ltd -- trading as Alia Bar -- operates bars or taverns.

The company is located in Victoria, Australia.


M. GOEBEL PTY: Members Resolve to Wind Up Firm
----------------------------------------------
At a general meeting held on Dec. 21, 2006, the members of M.
Goebel Pty Ltd passed a special resolution to voluntarily wind
up the company's operations.

Accordingly, Maxwell Goebel was appointed as the company's
liquidator.

The Liquidator can be reached at:

         Maxwell Goebel
         348 Flaxton Drive
         Flaxton, Queensland 4560
         Australia

                         About M. Goebel

M. Goebel Pty Ltd is an investor relation company.

The company is located in Queensland, Australia.


MILBI SCHOOL: Schedules Final Meeting on February 7
---------------------------------------------------
Milbi School Ltd will hold a final meeting for its members and
creditors on Feb. 7, 2007, at 11:30 a.m., to consider the
liquidator's account of the company's wind-up proceedings.

According to the Troubled Company Reporter - Asia Pacific, the
company declared its first and final dividend on Sept. 8, 2006.

The liquidator can be reached at:

         Craig Crosbie
         Milbi School Ltd
         PPB
         Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia

                       About Milbi School

Milbi School Ltd administers educational programs.

The school is located in Victoria, Australia.


PASDONNAY PTY: To Declare Ordinary Dividend on Feb. 7
-----------------------------------------------------
Pasdonnay Pty Ltd -- formerly trading as International Drill
Quip -- will declare its first and final ordinary dividend on
Feb. 7, 2007.

Creditors are required to prove their debts by Jan. 24, 2007, or
be excluded from the dividend distribution.

On July 14, 2006, the Troubled Company Reporter - Asia Pacific
reported that the company has declared a first and final
preferential dividend.

The TCR-AP noted that the company commenced a wind-up of its
operations on Aug. 5, 2006.

The liquidator can be reached at:

         C. M. Williamson
         SimsPartners
         Chartered Accountants and Business Advisors
         Level 12, 40 St George's Terrace
         Perth, Western Australia 6000
         Australia

                      About Pasdonnay Pty

Pasdonnay Pty Ltd -- trading as International Drillquip -- is a
distributor of general industrial machinery and equipment.

The company is located in Western Australia, Australia.


PICKERING DAVEY: Members to Receive Wind-Up Report on Feb. 14
-------------------------------------------------------------
The members of Pickering Davey Properties Pty Ltd will meet on
Feb. 14, 2007, at 10:00 a.m., to receive the Liquidator's report
of the company's wind-up proceedings and property disposal
exercises.

As reported by the Troubled Company Reporter - Asia Pacific, the
company's creditors were required to submit their proofs of debt
by Feb. 7, 2007.

The liquidator can be reached at:

         Richard Judson
         Members Voluntarys Pty Ltd
         1st Floor, 10 Park Road
         Cheltenham 3192
         Australia

                     About Pickering Davey

Pickering Davey Properties Pty Ltd trading as O4, manages real
estate investment trusts.

The company is located in Victoria, Australia.


RHDM PTY: Members Opt to Liquidate Business
-------------------------------------------
On Dec. 11, 2006, the members of RHDM Pty Ltd passed a special
resolution to voluntarily liquidate the company's business and
to distribute the proceeds of its assets disposal.

The joint and several liquidators can be reached at:

         Pasquale Dichiera
         Darren John Shillington
         Mack & Co
         Chartered Accountants
         2nd Floor, 35 Havelock Street
         West Perth, Western Australia 6005
         Australia

                         About RHDM Pty

RHDM Pty Ltd is a land developer and subdivider, except for
cemeteries.

The company is located in Western, Australia.


S.E.A.S. SECURITIES: Members Decide to Close Business
-----------------------------------------------------
The members of S.E.A.S. Securities Pty Ltd met on Dec. 15, 2006,
and passed a special resolution to voluntarily wind up the
company's operations.

Samuel Charles Davies and Theodora Alice Eszenyi were
consequently appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Samuel Charles Davies
         Theodora Alice Eszenyi
         c/o McGrathNicol+Partners
         Level 13, 99 Gawler Place
         Adelaide, South Australia 5000
         Australia
         Telephone: 08 8468 3700
         Website: http://www.mcgrathnicol.com

                   About S. E. A. S. Securities

S. E. A. S. Securities Pty Ltd manages miscellaneous business
credit institutions.

The company is located in South Australia, Australia.


SPECTRUM LABELS: Court Appoints Receivers and Managers
------------------------------------------------------
On Dec. 6, 2006, the Supreme Court of South Australia appointed
Christopher Robert Powell and Peter James Lanthois as joint
receivers and managers of Spectrum Labels Pty Ltd's assets.

The Joint Receivers and Managers can be reached at:

         Christopher Robert Powell
         Peter James Lanthois
         KordaMentha
         Level 4, 70 Pirie Street
         Adelaide, South Australia 5000
         Australia

                     About Spectrum Labels

Spectrum Labels Pty Ltd is engaged with commercial printing and
lithographic.

The company is located in South Australia, Australia.


YOUR COMPUTER: Members and Creditors to Meet on Feb. 12
-------------------------------------------------------
The members and creditors of Your Computer Zone Pty Ltd will
meet on Feb. 12, 2007, at 9:30 a.m., to consider the accounts of
the company's wind up proceedings and property disposal
exercises.

As reported by the Troubled Company Reporter - Asia Pacific, the
company commenced a wind up of its operations on Aug. 29, 2006.

The liquidator can be reached at:

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

                       About Your Computer

Your Computer Zone Pty Ltd operates computers and computer
software stores.

The company is located in Victoria, Australia.


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

AGRICULTURAL BANK: Authorities Okay Shareholding Reform Start
-------------------------------------------------------------
The shareholding reform of the Agricultural Bank of China will
soon start after government authorities officially announced its
decision regarding the bank's revamp, various reports say.

The reform plan was officially announced at the close of China's
Third National Financial Work Conference.

As reported by the Troubled Company Reporter - Asia Pacific on
Nov. 14, 2006, Han Zhongqi, the bank's vice president said that
that they plan to list the whole company as one instead of
breaking it up to several provincial lenders.

The bank would also take into consideration the requirements of
building a socialist new countryside and rural financial
institutional reform, Xinhuanet relates.

"Reform of the bank will be pushed forward in a smooth and
steady manner as it would continue to act as a major financial
services provider for farmers and agriculture and in rural
areas," Prime Minister Wen Jiabao was quoted by the Xinhuanet
News, as saying.

The TCR-AP noted that the bank's reform plan is estimated to
cost around US$100 billion.

Agricultural Bank was once dismissed as a candidate for public
listing because it was China's most troubled bank with the
largest percentage of non-performing loans and a record of
massive fraud and mismanagement, the International Herald
Tribune recounts.

                          *     *     *

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

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

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

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


DISTACOM HONG KONG: Creditors' Proofs of Claim Due on Feb. 21
-------------------------------------------------------------
The creditors of Distacom Hong Kong Ltd are required to submit
their proofs of claim by Feb. 21, 2007, to be included in any
distribution the company will make.

According to the Troubled Company Reporter - Asia Pacific,
Mr. Gilligan was tapped to be the company's liquidator on
Dec. 20, 2006.

Mr. Gilligan can be reached at:

         Philip Brendan Gilligan
         7/F, Alexandra House
         18 Chater Road, Central
         Hong Kong


FEDFLOUR TRADING: Final Meeting Slated for February 16
------------------------------------------------------
The final meeting of Fedflour Trading Company Ltd will be held
on Feb. 16, 2007, at 10:00 a.m., to consider the liquidator's
account on the company's wind-up and property disposal
exercises.

As reported by the Troubled Company Reporter - Asia Pacific, the
company was placed under liquidation, on Feb. 24, 2006, by its
parent company, FFM Berhad.

The liquidator can be reached at:

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

                      About Fedflour Trading

Fedflour Trading Company Limited was incorporated in Hong Kong
on July 27, 1982.

The company's principal activity was investment holding, but it
has been inactive for many years.


GOLD LUCKY: Creditors Must Prove Debts by February 21
-----------------------------------------------------
The creditors of Gold Lucky Ltd are required to prove their
debts by Feb. 21, 2007.

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

The Troubled Company Reporter - Asia Pacific reported that the
company entered voluntary wind-up on Jan. 8, 2007.

The Liquidator can be reached at:

         Ng Kin Yung, Tony
         805 Capitol Centre
         5-19 Jardine's Bazaar
         Causeway Bay
         Hong Kong


GROUP PROFIT: Court Sets Wind-Up Hearing for February 7
-------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Group Profit Investment Ltd on Feb. 7, 2007, at 9:30 a.m.

Ng Ka Yan Kit filed the wind-up petition against the company on
Dec. 6, 2006.

Ng Ka's solicitor can be reached at:

         Chong Yan-Tung Chris
         34/F, Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong


HEPING METAL: Inability to Pay Debts Prompts Wind-Up
----------------------------------------------------
The members of Heping Metal Company Ltd met on Jan. 9, 2007, and
passed a special resolution to voluntarily wind up the company's
operations due to its inability to pay debts.

In this regard, Wong Man Chung Francis and Leung Lok Ming were
appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Wong Man Chung, Francis
         Leung Lok Ming
         19/F, No. 3, Lockhart Road
         Wanchai
         Hong Kong


KAI TAK: Shareholders Decide to Close Business
----------------------------------------------
On Dec. 28, 2006, the shareholders of Kai Tak Refuellers Company
Ltd resolved by special resolution to put the company into
members' voluntary liquidation.

Accordingly, Wong Kung Kar and Leung Suk Ying were appointed as
joint and several liquidators and were authorized to divide the
company's assets.

The Joint and Several Liquidators can be reached at:

         Wong Kung Kar
         80 South Perimeter Road
         Hong Kong International Airport
         Lantau
         Hong Kong;

         Leung Suk Ying
         80 Chun Choi Street
         Tseung Kwan O Industrial Estate
         Tseung Kwan O
         Hong Kong


KONG FUND: Appoints Tsang Chiu Wai as Liquidator
------------------------------------------------
On Jan. 18, 2007, Tsang Chiu Wai was appointed as liquidator of
Kong Fund Food & Beverage Holdings Ltd by virtue of a special
resolution.

The Liquidator can be reached at:

         Tsang Chiu Wai
         Flat 6C, Glen Haven Court
         117-121 Argyle Street, Mongkok
         Kowloon, Hong Kong


MAXIFORD COMPANY: Members to Receive Wind-Up Report on Feb. 9
-------------------------------------------------------------
The members of Maxiford Company Ltd will meet on Feb. 9, 2007,
at 12:00 p.m., to receive a report of the company's wind-up
proceedings and property disposal exercises from the liquidator.

The TCR-AP relates that the company entered members' voluntary
wind-up on Nov. 16, 2006.

The liquidator can be reached at:

         Li Man Wai
         Room 1001, 10/F., Tai Yau Building
         181 Johnston Road, Wanchai
         Hong Kong

                       About Maxiford Co

Maxiford Co Ltd is a distributor and wholesaler of mobile phone
(3G Phone) and genuine accessories for SE, Motorola, Nokia,
Sharp and Samsung.

The company is located in Mongkok, Hong Kong.


ON HONG: Members Opt to Wind Up Firm
------------------------------------
At an extraordinary general meeting held on Jan. 5, 2007, the
members of On Hong Investment Ltd passed a special resolution to
voluntarily wind up the company's operations and appointed
Jennifer Tan as liquidator.

The Liquidator can be reached at:

         Jennifer Tan
         4404, 44/F, China Resources Building
         26 Harbour Road, Wanchai
         Hong Kong


PRAMERICA ASIA: Gilligan Quits Liquidator Post
----------------------------------------------
On Jan. 10, 2007, Philip Brendan Gilligan ceased to act as the
liquidator of Pramerica Asia Management Services Ltd.

As reported by the Troubled Company Reporter - Asia Pacific,
Mr. Gilligan presented the company's wind-up report on Jan. 9,
2007.

According to the TCR-AP, the company entered members' voluntary
wind-up on March 15, 2006.

Mr. Gilligan can be reached at:

         Philip Brendan Gilligan
         7/F, Alexandra House
         18 Chater Road, Central
         Hong Kong


SHIMIZU HONG KONG: Members Agree to Shut Down Operations
--------------------------------------------------------
At an extraordinary general meeting held on Jan. 12, 2007, the
members of Shimizu Hong Kong Company Ltd agreed to voluntarily
wind up the company's operations.

In this regard, Lee Lok Yee Phyllis and Luk Siu Lan were
appointed as joint and several liquidators and were authorized
to divide the company's assets to the contributories.

The Joint and Several Liquidators can be reached at:

         Lee Lok Yee, Phyllis
         Luk Siu Lan
         14/F, CNAC Group Building
         10 Queen's Road, Central
         Hong Kong


TOYOCOM LIMITED: Sole Member to Hear Liquidator's Report
--------------------------------------------------------
The sole member of Toyocom Hong Kong Ltd will hold a final
meeting on Feb. 21, 2007, at 10:00 a.m., to hear the report of
Liquidator Thomas Andrew Corkhill regarding the company's wind-
up proceedings.

According to the Troubled Company Reporter - Asia Pacific, the
company's creditors were asked to prove their debts on May 4,
2006.

The Liquidator can be reached at:

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


WTA HONG KONG: Wind-Up Hearing Set on February 14
-------------------------------------------------
On Dec. 13, 2006, Nakayama Akiyoshi filed a petition before the
High Court of Hong Kong, to wind up the operations of WTA Hong
Kong Company Ltd.

The petition will be heard on Feb. 14, 2007, at 9:30 a.m.

Nakayama's solicitor can be reached at:

         Chong Yan-Tung Chris
         34/F, Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong


* CBRC Amends Commercial Bank's Investment Rule
-----------------------------------------------
The China Banking Regulatory Commission has revised a rule
introduced early last year requiring any newly established joint
stock commercial bank to have "an overseas strategic investor,"
the People's Daily reports.

The revised rule, which will be effective immediately, now only
requires "a qualified strategic investor" for any new commercial
bank, the regulatory commission said.

CBRC was prompted to revise its rule after it saw a continuing
increase in number of qualified domestic investors.  

The People's Daily recounts that the commission used to
encourage banks to seek foreign investors so that they could use
their expertise and experience in the financial market.

However, there are some speculation that the change was intended
to pave the way for the creation of a new postal savings bank
and the reform of the Agricultural Bank of China.

"The policy change is definitely favorable for the launch of the
postal savings bank and the reform of the Agricultural Bank of
China," said Li Yongsen, a professor of finance at the Renmin
University of China.

People's Daily also recounts that the CBRC approved the
establishment of the China Postal Savings Bank, wholly owned by
the China Post Group, in late December.  The bank, to open soon,
has no intention of introducing foreign investors.

Mr. Li however qualified that the revision is not only for the
good of the two banks.  "With the further opening up of China's
financial market, it is unnecessary to distinguish between
overseas and domestic investors," Mr. Li said.

Meanwhile, market insiders said that the rule change is also
intended for the future reform of a group of city commercial
banks, People's Daily relates.

According to the paper, a large group of city commercial banks
will launch restructuring this year but not all will be able to
lure foreign investors.

The paper further reports that the CBRC has also revised an
administrative rule on the financial companies of enterprise
groups.  The previous rule said that financial companies could
introduce qualified foreign institutional investors who must
then hold their shares for at least five years.

The requirement was changed to "qualified institutional
investors" with a reduced lock-up period of three years, People
Daily notes.


=========
I N D I A
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JAMMU & KASHMIR: Quarterly Net Profit Up 66% to INR838.9 Million
----------------------------------------------------------------
Jammu & Kashmir Bank Ltd disclosed in a regulatory filing with
the Bombay Stock Exchange its unaudited results for the quarter
ended Dec. 31, 2006.

For the three months ended Dec. 31, 2006, the bank posted a net
profit of INR838.90 million, a 66% increase from the
INR506.50 million earned for the corresponding period in 2005.

The bank's total income increased from INR4.467 billion in the
December 2005 quarter to INR5.010 billion in the December 2006
quarter.

The total income for the quarter under review is comprised of
INR4.631 billion of interest earned from operations and other
income of INR378.6 million.

The bank recorded expenditures for the last quarter of 2006
totaling INR3.568 billion, just a slight increase from the
INR3.407 billion in the December 2005 quarter.

The bank's results for the quarter ended the December 2006
quarter showed taxes of INR250 million, and provisions and
contingencies of INR352.6 million.

The bank's unaudited financial results for the quarter ended
Dec. 31, 2006, is available for free at the Bombay Stock
Exchange http://ResearchArchives.com/t/s?18cb

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

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


KOTAK MAHINDRA BANK: Fitch Assigns 'C/D' Individual Rating
----------------------------------------------------------
Fitch Ratings, on Jan. 19, 2007, assigned a 'AA(ind)' National
rating to the INR500 million Upper Tier 2 debt issue of Kotak
Mahindra Bank Ltd. and a 'AA+(ind)' rating to its
INR1,000 million subordinated debt (Lower Tier 2) issue.

At the same time, the agency has assigned a 'C/D' Individual
rating to the bank while affirming its National Long-term rating
at 'AA+(ind)', its term deposit programme at 'tAAA(ind)', its
INR3,500m subordinated debt (Lower Tier 2) programme at
'AA+(ind), its National Short-term rating at 'F1+(ind), and its
Support rating at '5'.

The Outlook on the ratings is Stable.

The ratings of KMBL reflect the bank's strong financials and the
dominant position of some of its group companies in the Indian
financial services sector.  Although KMBL is a small bank with a
limited retail franchise, its group companies are among the
leading players in investment banking, equity broking, passenger
car financing, besides having a presence in mutual funds and
life insurance.

KMBL's standalone profitability (return on assets 1.4% in FY06)
has been higher than the system median in the past three years
and is driven by rapid loan growth (FY06: 58%; FY05: 92%) in
high-yielding retail loan segments and its strong fee-generating
capability in both the retail and corporate businesses.  The
bank's return on assets should remain high in the foreseeable
future despite rapid network expansion plans, which will keep
its operating cost/income ratio (62% in FY06) higher than that
of its peers.

KMBL raised USD100m through an issue of global depository shares
in Q107 to support its rapid growth.  Its gross NPL ratios have
been less than 1% for the past three years; although these may
be somewhat understated due to brisk loan growth, the agency's
concerns are mitigated to some extent by the management's long
experience in the main businesses.

A predominantly wholesale liability structure predisposes KMBL
to gaps in its asset-liability maturity schedule; this is
exacerbated by spikes in short-term deposits resulting from its
role as a collecting banker to equity initial public offers.
These mismatches are likely to continue as a feature of the
bank's liability management until its balance sheet grows large
enough in relation to the IPO flows and the proportion of stable
retail deposits increases.

The Kotak Mahindra group, with consolidated equity of INR25
billion, is 76% larger in size than KMBL, and its net income
(excluding some non-recurring income from the sale of an
investment) is three times' that of the bank, due to very
profitable equity broking and investment banking operations.  
The application of a proposed RBI guideline, which restricts a
banking group's consolidated exposures to the capital market to
40% of its consolidated equity, could limit the group's capital
market businesses and weaken its position in the financial
services sector and may result in downward pressure on the
bank's long-term ratings.

A report on this entity will be available on the agency's
subscription Web site, http://www.fitchresearch.com


POWER FINANCE: Fitch Gives BBB- Long-term Foreign Currency IDR
--------------------------------------------------------------
Fitch Ratings, on Jan. 19, 2007, assigned a Long-term foreign
currency Issuer Default rating of 'BBB-' to Power Finance
Corporation Limited.  The agency also assigned a National Long-
term Issuer rating of 'AAA(ind)' and a National short-term
rating of 'F1+(ind)' to PFC.  The Outlook on the long-term
ratings is Stable.

The ratings on PFC are based on Fitch's assessment of the
strategic importance of the company to the Government of India
and the support that is likely to be available to the
organization should it be in distress.  PFC is the larger of the
two GoI-owned finance companies operating exclusively to provide
funds for the development of the power industry in India.

The agency notes that a failure of the organization could impair
the flow of debt funds to state-owned power utilities, which
generates around 55% of India's power and owns almost all of the
country's power distribution.  A combination of their relatively
weak credit profiles, and hence limited access to commercial
funds, and the limited ability of state governments to provide
funds to the power utilities increases their reliance on PFC.

The GoI has historically supported PFC in various ways. The
support has ranged from equity infusion, support for debt
mobilization (guarantees, tax-exempt bonds, etc.) and business
support in terms of channeling interest subsidies through the
company, thereby reducing the effective cost of funds for
entities borrowing from PFC.

While direct support has reduced in tandem with the
strengthening credit profile of PFC, Fitch believes that the
propensity of GoI to provide distress support to PFC would
remain high considering the role being played by the
organization in the strategically and politically important
power sector.

PFC is in the process of raising equity capital through its
maiden public equity offering.  While this will result in a
lowering of GoI's stake to around 90%, Fitch does not anticipate
that this would lead to any change in the development role being
played by the organization, its focus on a single industry and
its relationship with the GoI, over the next 3 to 5years.

The ratings are also supported by PFC's strong business
prospects and its currently high profitability and capital
adequacy ratios, which are comparable to the medians for the
rating category.  The company reported average return on equity
of 14.6% and net interest margins of 3.6% in FY06.

Capitalization levels are comfortable with equity to loans of
19.5% and net NPLs to equity of 1.1%.  While reported capital
adequacy ratios for PFC are high, its key risk emanates from its
exposure to a single industry with relatively weak borrower
creditworthiness and the declining trend in profitability,
which, Fitch estimates, has not yet stabilized.

PFC is a GoI-owned non-banking finance company with the bulk of
its borrowers being state-owned power utilities.  The company is
often used by the GoI to promote reforms in the sector and
execute its development plans.  At end-FY06, the company had
total assets of INR368.2 billion (equivalent to US$8.3bn) and
net income of INR9.7bn (US$217.7 million).

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 28, 2005, Standard & Poor's Ratings Services gave Power
Finance a BB+ long-term foreign and local currency issuer credit
rating.  The outlook is stable.


PUNJAB NATIONAL BANK: Sells 1% Stake in NSE to Four Investors
-------------------------------------------------------------
Punjab National Bank informs the Bombay Stock Exchange that it
has executed the documents to sell 1% of its 1.11% stake in the
National Stock Exchange of India Ltd to four investors:

   -- GA Global,
   -- New York Stock Exchange,
   -- Goldman Sachs, and
   -- SAIF Mauritius Co.

The sale is part of an agreement dated Jan. 10, 2007, in which
five financial institutions, including PNB, will sell their NSE
holdings totaling 20% to the four investors -- 5% each.

According to PNB, the consideration price for the sale is
approximately INR2,260 per share of face value of INR10 each.
The sale is still subject to India's Foreign Investment
Promotion Board.

Punjab National Bank has informed BSE that the documents have
been signed on January 10, 2007 for sale of 5% equity each in
National Stock Exchange of India Ltd (NSE) to four strategic
investors (totalling 20%) namely GA Global, New York Stock
Exchange, Goldman Sachs and SAIF Mauritius Co. Ltd by five
financial institutions including the Bank.

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

Fitch Ratings gave Punjab National Bank a 'C/D' individual
rating.


PUNJAB NATIONAL BANK: Board Meeting Set on January 17
-----------------------------------------------------
Punjab National Bank will hold a meeting for its board of
directors to take on record the reviewed financial results for
the third quarter ended Dec. 31, 2006.

The meeting is scheduled on Jan. 31.

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 1, 2006, the bank's operating profit for the half-year
period ended September 30, 2006, was at INR1,379 crore as
compared to INR1,328 crore in the previous year, recording a
year-on-year growth of 3.9%.

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

Fitch Ratings gave Punjab National Bank a 'C/D' individual
rating.


RELIANCE INDUSTRIES: December 2006 Quarter Net Profit Up 58%
------------------------------------------------------------
Reliance Industries Ltd filed with the Bombay Stock Exchange its
unaudited financial results for the quarter ended Dec. 31, 2006.

For the three months ended Dec. 31, 2006, Reliance Industries
posted a net profit of INR27.990 billion, a 58% increase from
the INR17.760 billion in the corresponding quarter in 2005.

Fort the last quarter of 2006, total income, net of excise,
soared to INR265.140 billion from the INR183.480 billion in the
December 2005 quarter.

The company's Expenditures and Interest for the December 2006
quarter total INR217.630 billion and INR2.930 billion
respectively.

Tax for the December 2006 quarter is at INR5.970 billion, up 65%
from the INR3.620 billion in the December 2005 quarter.

Along with the quarter results, the company also posted in its
Web site unaudited results for the nine months ended Dec. 31,
2006.  In a media release, the company notes of these highlights
in the unaudited financial results compared to the corresponding
period in 2005:

   * Turnover has risen by 33% to INR83,487 crore (US$18,863
     million);

   * Cash Profit has risen by 23% to INR11,657 crore (US$2,634
     million);

   * Net Profit has risen by 23% to INR8,055 crore (US$1,820
     million) -- the highest ever for any private sector company
     in India;

   * Gross refinery margin of US$11.7/bbl in this quarter --
     highest ever out- performance over the benchmark Singapore
     complex;

   * Planned shutdown of one train of Parazylene unit at
     Jamnagar during the third quarter.  Plant was restarted
     during first week of January 2007;

   * Fire in VGO Hydro-treating Train II unit in third quarter,
     unit restarted on Dec. 2, 2006.

"It has been an excellent quarter for RIL," the release quoted
Mukesh D. Ambani, company CMD, as saying.  "Our integrated and
globally competitive business portfolio continues to help RIL
de-risk its business model and deliver a superior operating
performance."

The company remains committed to deploying its cash flows in
growing its existing and new businesses, the CMD added.

A full-text copy of RIL's unaudited financial results for the
nine months and the quarter ended Dec. 31, 2006, is available
for free at http://bankrupt.com/misc/RIL_FS123106.pdf

Reliance Industries Ltd -- http://www.ril.com/-- is engaged   
in the exploration and production sector.  The company is
organized into three major business segments, which include
Exploration and Production of oil and gas; Refining and
Marketing of petroleum products, and Petrochemicals, including
the manufacturing and marketing of polymers, polyester,
polyester intermediates and chemicals.  RIL's operations capture
value addition at every stage, from the production of crude oil
and gas to polyester, polymer and chemical products, and finally
to the production of textiles.  RIL also has exploration and
production interests in India, Yemen and Oman.  The company
operates mainly in India but has business activities and
customers in more than 100 countries around the world.

Fitch Ratings gave Reliance Industries Ltd's foreign currency
long-term debt, long-term issuer default and local currency
long-term debt BB+ ratings effective on December 15, 2005.

Moody's Investors Service gave the company 'Ba2' long-term
corporate family, issuer, and senior unsecured debt ratings
effective March 17, 2005.


SAURASHTRA CEMENT: Files Scheme of Arrangement & Compromise
-----------------------------------------------------------
In a disclosure with the Bombay Stock Exchange, Saurashtra
Cement Ltd said that it has filed an application before the High
Court of Gujarat, Ahmedabad, under Section 391-394 of the
Companies Act, 1956 on the matter of the Scheme of Arrangement
and Compromise between the company and its Scheme Lenders.

Saurashtra Cement is currently restructuring its debts.  Its
proposal for restructuring under the Corporate Debt
Restructuring Mechanism was approved through the letters issued
by CDR Cell on Dec. 26, 2005, and Feb. 17, 2006.

In Saurashtra's annual general meeting on Dec. 21, 2006, the
shareholders, among others, authorized the allotment of up to
15,17,518 fully paid equity shares of face value INR10 each at
INR73 per equity share, including a share premium of INR63 per
share to lenders/debenture holders up to 10% of the principal
amount due to the lenders, as on the date of exercise of option
of conversion under Series B of the approved CDR Scheme, which
computes to INR11,07,78,770 on the terms and conditions
contained in CDR approval letters, subject to necessary
provisions & approvals.

                    About Saurashtra Cement

The flagship company of The Mehta Group, Saurashtra Cement Ltd.
-- http://www.mehtagroup.com/scement.htm-- manufactures and   
exports cement including Ordinary Portland Cement, Pozzolana
Portland Cement, Sulphate Resistant Cement and Portland Slag
Cement.  SCL markets cement under the brand name "HATHI CEMENT".
The company also exports clinker.

On Dec. 9, 2006, Credit Rating Information Services of India Ltd
changed the outstanding rating of Saurashtra Cement's INR477.6-
million Non Convertible Debenture Issue from 'D' to 'Not
Meaningful.'  The revision followed the company's registration
in the Board of Industrial and Financial Reconstruction as a
Sick Industrial Company pursuant to the SIC (SP) Act, 1985.


SITRONICS JSC: Forecasts Up to US$550-Mln Fresh Capital from IPO
----------------------------------------------------------------
Sitronics JSC expects to raise between US$500 million to
US$550 million from its initial public offering scheduled in the
first quarter of 2007, RIA Novosti reports.

Alexander Boreiko, head of Sitronics's investor relations unit,
said the company would use the IPO proceeds for its development.  
Mr. Boreiko added that number of shares to be offered would
depend on the market condition at the time of the IPO.

Headquartered in Moscow, Russia, JSC Sitronics --
http://www.sitronics.com/-- provides telecommunications  
solutions, IT solutions and microelectronic solutions in the CIS
region with a rapidly growing presence in other EEMEA markets.  
Sistema controls the company.  The company also operates in
Russia, CIS countries, Eastern Europe, Middle East, Africa,
India, and North America.  

                          *     *     *

Fitch Ratings gave Concern Sitronics JSC a Long-term IDR rating
of B- with a Stable Outlook and an expected rating of B- to
Sitronics' guaranteed up to US$200 million bond with a maturity
of three years.  The assignment of the final bond rating is
contingent on receipt of final documents conforming to
information already received.

The ratings take into account that Sitronics is Russia and the
CIS region's largest technology group, and its small scale on a
global perspective.  Sitronics benefits from support of Sistema
Joint Stock Financial Corp, its dominant shareholder.  Although
it does not guarantee Sitronics' obligations, Sitronics is its
second largest subsidiary and its default would trigger a cross-
default of Sistema's bonds.

The Stable Outlook reflects an expectation that although
Sitronics' businesses will continue to grow at strong rates, the
company is likely to remain a niche player and will not be able
to materially improve its competitive position vis-a-vis its
larger rivals.


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

BANK MANDIRI: Expects Strong 2006 Net Profit
-------------------------------------------
PT Bank Mandiri Tbk expects its 2006 net profit to be between
IDR1.8 trillion and IDR2.4 trillion, up from IDR603 billion
booked in 2005, Reuters reports.

According to Reuters, Mandiri spokeswoman Christina Damanik said
that the lender's net non-performing loans had declined
substantially to 7.88% as of December 2006, compared with 16% in
the previous year period.  She said that the decline was caused
by an agreement with some of the bank's major bad debtors
providing a settlement of their debts.

Bank Mandiri said that the number of debts from its top 30
problematic debtors had declined to IDR9.6 trillion from
IDR16.1 trillion, the report points out.

Mandiri's profitability has been hit in recent years by a
growing amount of bad debts, Reuters explains.  The report adds
that the bank's management has vowed to bring down its net NPL
level under 5%, in line with the central bank's regulations.

PT Bank Mandiri -- http://www.bankmandiri.co.id/-- is  
Indonesia's largest and best capitalized bank in terms of
assets, loans and deposits, and provides comprehensive financial
services to more than six million corporate and individual
consumers, as well as small and medium-sized enterprises in
Indonesia.

According to a report by the Troubled Company Reporter - Asia
Pacific on May 29, 2006, Moody's Investors Service had upgraded
the Bank's subordinated debt rating to Ba3 from Ba1, and its
senior debt rating to Ba3 from Ba1, on higher foreign currency
bond ceilings.

Moody's has given Bank Mandiri an 'E' bank financial strength
rating.

A TCR-AP report on Sept. 19, 2006, stated that Fitch Ratings has
affirmed all the ratings of Bank Mandiri as follows:

   * Long-term foreign and local currency Issuer Default ratings
     'BB-',

   * Short-term rating 'B',

   * National Long-term rating 'AA(idn)',

   * Individual 'D', and

   * Support '4'.


BEARINGPOINT: Names Ed Harbach Pres. & Chief Operating Officer
--------------------------------------------------------------
BearingPoint Inc. has appointed Ed Harbach as president and
chief operating officer and a member of the Office of the CEO.  
Mr. Harbach will be responsible for day- to-day operations
across BearingPoint, with operational oversight of its business
units.

Mr. Harbach has more than 28 years of experience in the
management and technology consulting industry and retired as a
managing partner and member of the leadership team at Accenture.  
During his tenure at Accenture, Mr. Harbach served as chief
information officer, managing partner, Japan and managing
partner, Client Satisfaction and Quality.

"With his proven ability to tackle operational challenges, drive
business results and increase client satisfaction, Ed will be
instrumental in helping us make the final push on our business
turnaround and execute our strategy for long-term growth,"
stated Harry You, CEO of BearingPoint.

Mr. Harbach said, "I am thrilled to join BearingPoint, a company
known for its exceptional people and commitment to client
success.  I look forward to leading the organization to greater
operational efficiency so that its momentum continues to build."

Mr. Harbach graduated from Miami University with a Bachelor of
Science degree in Systems Analysis and currently resides in
Miami, Fla. with his wife.  In connection with Mr. Harbach's
employment, the BearingPoint's independent compensation
committee approved an award of 888,325 restricted stock units,
which vest ratably over four years.

                       About BearingPoint

Headquartered in McLean, Virginia, BearingPoint, Inc., (NYSE:
BE) -- http://www.BearingPoint.com/-- provides of management  
and technology consulting services to Global 2000 companies and
government organizations in 60 countries worldwide.  The firm
has approximately 17,500 employees, and major practice areas
focusing on the Public Services, Financial Services and
Commercial Services markets.

BearingPoint has global locations including in Indonesia,
Australia, Austria, China, India, Japan, Mexico, Portugal,
Singapore and Thailand.

                          *     *     *

On Oct. 10, 2006, Moody's Investor Service downgraded and placed
these ratings on review for further possible downgrade:

   * Corporate Family Rating --downgraded to B2 from B1

   * US$250 million series A subordinated convertible bonds due
     2024 --downgraded to B3 from B2

   * US$200 million series B subordinated convertible bonds due
     2024 --downgraded to B3 from B2.


CANWEST MEDIAWORKS: Plan Acquisition Cues DBRS to Review Ratings
----------------------------------------------------------------
Dominion Bond Rating Service changed the ratings of CanWest
MediaWorks Inc.'s issuer rating at BB and senior subordinated
notes rating at B (high) to Under Review with Developing
Implications from Under Review with Negative Implications
following the company's announcement that it intends to acquire
Alliance Atlantis Communications Inc. for approximately
US$2.3 billion through a new acquisition company in conjunction
with GS Capital Partners, a private equity affiliate of Goldman
Sachs & Co.

DBRS will maintain the Under Review with Developing Implications
status until there is further clarity regarding the structure
and terms of the proposed acquisition.  DBRS expects the
proposed acquisition entity will likely be structured to require
a small initial investment from CanWest, financed from cash on
hand.

DBRS notes the acquisition could provide the company with
strategic benefits, including:

   1) strengthened broadcast mix with strong specialty channels
      and conventional programming;

   2) increased focus in the company's core Canadian market; and

   3) potential synergies arising from the acquisition.

DBRS had placed the company's ratings Under Review with Negative
Implications on July 11, 2006, mainly as a result of the
potential for a breach of the company's bank covenants.  Since
that time, DBRS has gained comfort following an amendment to
CanWest's bank covenants that a breach of covenant is unlikely
in the near term.

The acquisition is subject to regulatory approval and is
expected to close in the spring of 2007.

CanWest MediaWorks Inc. -- http://www.canwestmediaworks.com/--   
is  a wholly owned subsidiary of CanWest Global Communications
Corp, Canada's largest media company.  In addition to owning the
Global Television Network, CanWest is Canada's largest publisher
of daily newspapers, and also owns, operates and/or holds
substantial interests in conventional television, out-of-home
advertising, specialty cable channels, Web sites and radio
networks in Indonesia, Canada, New Zealand, Australia,
Singapore, Malaysia, Turkey, the United States and the United
Kingdom.


CANWEST MEDIAWORKS: Moody's Says Direction of Review Uncertain
--------------------------------------------------------------
Moody's Investors Service placed all long term ratings of
CanWest MediaWorks Inc. under review direction uncertain and
changed the direction of its current ratings review of Alliance
Atlantis Communications Inc. to down from up.

The rating actions follow the announcement made jointly by the
companies that CanWest's parent, CanWest Global Communications
Corp. and Goldman Sachs Capital Partners have reached an
agreement to acquire AACI in a transaction valued at roughly
US$2.6 billion.  The transaction will initially see CanWest
contribute cash of US$132 million into a new entity to own a 17%
equity interest in AACI 's specialty broadcasting channels.

CanWest will also have the option to contribute an additional
US$70 million to increase its equity interest.  There will be
future mechanisms for CanWest to increase its stake in the
specialty channels beginning in 2011 when CanWest will
contribute its Canadian broadcasting assets to newco in exchange
for an increased ownership of that entity, which the company
currently believes may then approximate 50%.  CanWest will not
have any interest in either the CSI TV franchise or Movie
Distribution business currently owned by AACI.  The transaction
remains subject to shareholder approval and regulatory rulings.  
It is expected to close in the summer of 2007.

While CanWest's initial cash investment is relatively small,
Moody's is concerned that the transaction may eventually
increase CanWest's leverage to levels above previous
expectations.  On the other hand, CanWest continues to review
the strategic alternatives for its assets in the South Pacific,
which Moody's believes could be sold for significant value and
used to reduce leverage.  The ratings review for CanWest will
focus on the likelihood that the AACI transaction will be
completed, the potential for some or all of its assets in the
South Pacific to be sold, as well as the expected change to
CanWest's overall capital structure, cash flows and strategic
direction that may result.

The direction of the review of AACI's rating was changed to down
as it appears likely that AACI will be acquired by a more highly
levered entity, superseding the previous review for possible
upgrade, which was largely based on AACI's strengthening
fundamentals.  The review of AACI's ratings will focus on the
potential for the transaction to be completed, or alternatives
AACI may pursue in the event it is not acquired as is now
currently expected.  Moody's noted that should the acquisition
of AACI by CanWest and GSCP be completed as announced, AACI's
rated debt will likely be repaid pursuant to a Change of Control
clause in its bank agreement and its debt ratings withdrawn.

CanWest ratings placed under review direction uncertain:

Corporate Family Rating, Ba3

Probability-of-Default rating, Ba3

Senior Subordinate rating, B2

Loss-Given-Default rating for Senior Subordinate debt, LGD5
(87%)


AACI ratings placed under review down:

Corporate Family Rating, Ba2

Probability-of-Default rating, Ba3

Senior Secured rating, Ba1

Loss-Given-Default rating for Senior Secured debt, LGD2 (26%)

CanWest MediaWorks Inc. is a communications holding company
based in Winnipeg, Manitoba Canada, with interests in TV, radio
and publishing operations in Canada, Australia, New Zealand,
Indonesia, and other international locations.

Alliance Atlantis Communications Inc., headquartered in Toronto,
Canada, is specialty channel broadcaster with a 50% ownership
interest in the CSI TV franchise.


HUNTSMAN CORP: S&P Holds BB- Rating and Removes Positive Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' corporate
credit rating and other ratings on Salt Lake City, Utah-based
chemicals producer Huntsman Corp. and its subsidiary Huntsman
International LLC.

The ratings were removed from CreditWatch with positive
implications, where they were placed on Sept. 29, 2006, pending
the completion of the previously announced sale of its European
base chemicals and polymers business to Saudi Basic Industries
Corp. (SABIC; A+/Stable/A-1).  The outlook is positive.

The rating actions follow the completion of the transaction,
with proceeds substantially as expected including $685 million
in cash (prior to closing adjustments) and the assumption of
US$126 million of pension liabilities.  S&P views the
transaction as an important step forward in the transformation
of the portfolio toward greater reliance on differentiated
product categories, while providing meaningful cash for debt
reduction.

"The positive outlook reflects our belief that the improved
business portfolio, with its increased weighting toward the
company's higher growth and more competitive business positions,
will make Huntsman increasingly resilient during industry or
economic downturns, less capital and energy intensive, and will
provide more consistent free cash generation to support growth
and additional debt reduction," said Standard & Poor's credit
analyst Kyle Loughlin.

The positive outlook indicates that we could raise the ratings
if Huntsman remains committed to a financial policy that allows
for the improvement of its balance sheet while pursuing its
growth objectives.  This commitment is a key support to higher
ratings as we do not expect that the potential sale of the U.S.
commodity petrochemical assets, if completed during the next
year, to be a deleveraging event in terms of key measures of
cash flow to adjusted debt.

Huntsman Corporation -- http://www.huntsman.com/-- is a global   
manufacturer of differentiated and commodity chemical products.  
Huntsman's products are used in a wide range of applications,
including those in the adhesives, aerospace, automotive,
construction products, durable and non-durable consumer
products, electronics, medical, packaging, paints and coatings,
power generation, refining and synthetic fiber industries.  
Huntsman had revenues for the twelve months ended September 30,
2006 of US$11 billion (after UK Base Chemical and Polymer
Divestiture).

The company has operations in Indonesia, Italy and Guatemala.


INDOSAT: Readies IDR1.05 Trillion For Bond Reimbursement
--------------------------------------------------------
PT Indosat Tbk has prepared a IDR1.05-trillion fund to reimburse
the principles and interests of its 2002 Indosat II bonds,
Series A and C, and of its 2002 Indosat Syariah Mudharabah
bonds, Antara News reports.

Antara, citing Indosat Financial Director Wong Heang Tuck's
report to the Surabaya Stock Exchange, says relates that the
funds were available in the form of deposit.  Mr. Heang said
that the funds, which were prepared in the run-up to the
maturity dates of the bonds, were deposited in Bank BNI, Bank
Danamon, Bank Bukopin, Bank Niaga, Bank Muamalat and Citibank.

The Series A and C of 2002 Indosat II bonds respectively carried
a nominal value of IDR775 billion and IDR100 billion while the
2002 Indosat Syariah Muharabah bonds carried a total face value
of IDR175 billion, the report notes, adding that both types of
the bonds will fall due on November 6, 2007.

Antara adds that the Government is recorded as one of Indosat's
shareholders with a stake ownership accounting for 14.5%, while
the public owns the remaining 44.96% and Indonesia
Communications Limited possesses 40.54% of the stakes.

                         About Indosat

PT Indosat Tbk -- http://www.indosat.com/-- is a fully  
integrated Indonesian telecommunications network and service
provider and provides a full complement of national and
international telecommunications services in Indonesia.  The
company is a provider of international long-distance services in
Indonesia.  It also provides multimedia, data communications and
Internet services to Indonesian and regional corporate and
retail customers.  The company's principal cellular service is
the provision of airtime, which measures the usage of its
cellular network by its customers.  Airtime is sold through
postpaid and prepaid plans.  It provides a variety of
international voice telecommunications services and both
international switched and non-switched telecommunications
services.  MIDI services include high-speed point-to-point
international and domestic digital leased line broadband and
narrowband services, a high-performance packet-switching service
and satellite transponder leasing and broadcasting services.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on May 22,
2006, that Moody's Investors Service has affirmed the Ba1 local
currency corporate family rating of PT Indosat Tbk, and the Ba3
foreign currency senior unsecured bond rating of Indosat Finance
Company B.V. and Indosat International Finance Company B.V.  The
bonds are irrevocably and unconditionally guaranteed by Indosat.
The outlooks for the ratings remain positive.

A TCR-AP report on June 7, 2006, stated that Fitch Ratings
affirmed PT Indosat Tbk's long-term foreign and local currency
Issuer Default Ratings at 'BB-'.  The outlook on the ratings is
stable.


MARSH & MCLENNAN: Names David A. Nadler As New Vice Chairman
------------------------------------------------------------
Marsh & McLennan Cos. named David A. Nadler as its new vice
chairman, effective immediately, the Associated Press reports.

According to the report, 58-year-old Mr. Nadler will focus on
developing new business, primarily in North America.  He reports
to Company President and Chief Executive Officer, Michael G.
Cherkasky.

Mr. Nadler was founder and CEO of Delta Consulting Group Inc.,
which Marsh & McLennan acquired in 2000 and renamed Mercer Delta
Consulting LLC.

Marsh & McLennan Companies, Inc. -- http://www.mmc.com/-- is a  
global professional services firm with annual revenues of
approximately US$12 billion.  It is the parent company of Marsh,
the world's leading risk and insurance services firm; Guy

Carpenter, the world's leading risk and reinsurance specialist;

Kroll, the world's leading risk consulting company; Mercer, a
major global provider of human resource and specialty consulting
services; and Putnam Investments, one of the largest investment
management companies in the United States.  Approximately 55,000
employees provide analysis, advice, and transactional
capabilities to clients in over 100 countries, including
Indonesia, Australia, China, India, Japan, Korea and Singapore.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 25, 2006,
Standard & Poor's Ratings Services assigned its preliminary
'BBB' senior debt, 'BBB-' subordinated debt, and 'BB+'
preferredstock ratings to Marsh & McLennan's unlimited universal
shelf.

Standard & Poor's also affirmed its 'BBB' counterparty credit
rating on MMC.  The outlook in negative.

As reported in the Troubled Company Reporter - Asia Pacific on
Sept. 29, 2006, Moody's Investors Service assigned provisional
ratings to Marsh & McLennan's new universal shelf registration,
including a (P)Ba1 rating on the Company's provisional preferred
stock.  The rating outlook for MMC remains negative.


TELKOM INDONESIA: Asked To Be Transparent About New Tariff
----------------------------------------------------------
PT Telekomunikasi Indonesia Tbk has been asked to be more
transparent regarding its new telephone tariff calculations,
Tempo Interactive reports.

According to the report, Telkom must explain the telephone
charging mechanism from the pulse-based system to the minute-
based system.

Tempo Interactive recounts that telecommunication observer, Roy
Suryo, earlier said that one pulse of IDR250 could be used for
between 1.5 and 3 minutes.

For 0 to 20 kilometer distance at call time from 3 p.m. to 12
a.m., one pulse can be used for three minutes.  For more than a
20-kilometer distance on the same period of time, the tariff is
IDR250 per two minutes, while long-distance calls for less than
30-kilometer distance are the same as the local tariff, the
report explains.

By the new calculation, Telkom will charge IDR250 for the first
minute and IDR125 for the following minutes, Tempo says.

Mr. Roy stated that the new tariff calculation does not confuse
customers since they no longer face cost calculation components,
such as pulse, duration and distance, which are confusing.

However, Telkom should make a system of cost audit, which can be
used by each customer, just like cellular phone users, Mr. Suryo
said, adding that under this system, a customer can arrange
communication needs more easily.

Tempo relates that, according to Mr. Suryo, so far the
calculation of telephone cost is Telkom's absolute authority,
and that this system change will be an advantage for costumers,
since competitors will be pushed to make more competitive cost
structure.

Based in Bandung, Indonesia, Perusahaan Perseroan (Persero) PT
Telekomunikasi Indonesia Tbk -- http://www.telkom-indonesia.com  
-- provides local and long distance telephone service in
Indonesia.  Known as Telkom, the company also offers fixed-
wireless service, leased lines, and data transport through
affiliates.

As reported in the Troubled Company Reporter - Asia Pacific on
May 22, 2006, Moody's Investors Service gave Telekomunikasi
Indonesia a Ba1 local currency corporate family rating.

Standard & Poor's Ratings Services gave the company foreign and
local currency corporate credit ratings of BB+.

Fitch Ratings has assigned Telkom Indonesia Long-term foreign
and local currency Issuer Default Ratings of 'BB-'.


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

AMR CORP: 4.5% Senior Notes Become Convertible to Common Stock
--------------------------------------------------------------
AMR Corporation reported that its 4.5% senior convertible notes
due 2024 have become convertible into shares of AMR common
stock.

As provided in the indenture under which the Notes were issued,
the Notes have become convertible because the sale price of
AMR's common stock for at least 20 trading days in a period of
30 consecutive trading days ending on Dec. 31, 2006, was greater
than 120% of the conversion price per share of AMR common stock
on the last trading day of year.

The Notes are convertible into common stock at the conversion
rate specified in, and otherwise in accordance with the terms
of, the Notes and the indenture under which the Notes were
issued, and they will remain convertible for so long as they are
outstanding.

Based in Fort Worth, Texas, AMR Corporation is the parent
company of American Airlines Inc.  American Airlines --
http://www.AA.com/-- is the world's largest airline.  American,  
American Eagle and the AmericanConnection regional airlines
serve more than 250 cities in over 40 countries with more than
3,800 daily flights.  American Airlines flies to Belgium,
Brazil, Japan, among others.  The combined network fleet numbers
more than 1,000 aircraft.  American Airlines is a founding
member of the oneworld Alliance, whose members serve more than
600 destinations in over 135 countries and territories.

                          *     *     *

In June 2003, Moody's Investors Service placed AMR Corp.'s
senior unsecured debt and long-term corporate family ratings at
Caa2 and B3 respectively.  Those ratings were placed with a
stable outlook.

Moody's also assigned the company's probability of default
rating at B3 on Sept. 26, 2006.

AMR's senior unsecured debt and long-term issuer default rating
carry Fitch's CCC and B- ratings respectively.

On Feb. 22, 2006, Standard & Poor's placed B rating on the
company's long-term local and foreign issuer credits.


AMR CORP: Board OKs 2007 Annual Incentive Plan for American Air
---------------------------------------------------------------
The compensation committee of the board of directors of AMR
Corporation has approved the company's 2007 annual incentive
plan for American Airlines Inc.

All U.S. based employees of American Airlines are eligible to
participate in the AIP (including AMR's executive officers).  
The AIP is American Airline's annual bonus plan and provides for
the payment of awards in the event financial or customer service
metrics are satisfied.  

Specifically, the compensation committee approved the amendment
and restatement of these compensation programs for officers
(including AMR's executive officers) and certain key employees
of American Airlines:

   a) The 2005-2007 Performance Share Plan for Officers and Key
      Employees, and the related 2005-2007 Performance Share
      Agreements; and

   b) The 2005 Deferred Share Award Agreements.

The amendment and restatement of the 2005-2007 Performance Share
Plan will result in a distribution of cash and stock upon the
attainment of performance criteria.  The anticipated
distribution date is April 2008.

The amendment and restatement of the 2005 Deferred Share
Agreements will result in a distribution of stock upon the
recipient being employed by a wholly owned subsidiary of AMR on
the vesting date.  The anticipated distribution date is July
2008.

The compensation committee also made certain grants to AMR's
executive officers under the 2005-2007 Performance Share Plan
and the 2005 Deferred Share Agreements.  These grants replaced
unit grants under earlier plans.

Based in Fort Worth, Texas, AMR Corporation is the parent
company of American Airlines Inc.  American Airlines --
http://www.AA.com/-- is the world's largest airline.  American,  
American Eagle and the AmericanConnection regional airlines
serve more than 250 cities in over 40 countries with more than
3,800 daily flights.  American Airlines flies to Belgium,
Brazil, Japan, among others.  The combined network fleet numbers
more than 1,000 aircraft.  American Airlines is a founding
member of the oneworld Alliance, whose members serve more than
600 destinations in over 135 countries and territories.

                          *     *     *

In June 2003, Moody's Investors Service placed AMR Corp.'s
senior unsecured debt and long-term corporate family ratings at
Caa2 and B3 respectively.  Those ratings were placed with a
stable outlook.  Moody's also assigned the company's probability
of default rating at B3 on Sept. 26, 2006.

AMR's senior unsecured debt and long-term issuer default rating
carry Fitch's CCC and B- ratings respectively.

On Feb. 22, 2006, Standard & Poor's placed B rating on the
company's long-term local and foreign issuer credits.


AMR CORPORATION: Earns US$17 Million in Fourth Quarter of 2006
--------------------------------------------------------------
AMR Corporation reported a US$17 million net profit for the
fourth quarter of 2006.  The current quarter results compare to
a net loss of US$600 million in the fourth quarter of 2005.  
Excluding the US$191 million net charge for special items, AMR's
fourth quarter 2005 net loss was US$409 million.

For 2006, AMR posted a US$231 million net profit compared to a
net loss of US$857 million in 2005.  AMR's 2005 loss would have
been US$677 million excluding a US$180 million net charge for
special items.

"By producing a fourth quarter and full year profit for the
first time since 2000, the people of American Airlines made 2006
a proud milestone in our ongoing turnaround," said AMR Chairman
and CEO Gerard Arpey.  "We executed on every facet of our
Turnaround Plan - from bolstering our financial and competitive
positions to investing in our product and strengthening our
employee pension plans.  With the combined effort of the entire
American Airlines team, we expect to build on our momentum in
2007."

Arpey noted significant improvement to the company's cash
balance, a notable increase in the funding status of its defined
benefit pension plans, and continued debt reduction as examples
of AMR's strong momentum in 2006.

AMR contributed US$323 million to its defined benefit pension
plans in 2006, including a US$100 million contribution in the
fourth quarter that went beyond the company's 2006 funding
requirement of US$223 million.  The company's 2006 pension
contributions, along with strong pension fund asset returns,
helped to increase the assets held in trust for its defined
benefit pension plans by US$800 million to US$8.5 billion at the
end of 2006 and also helped to improve the accumulated benefit
obligation funding status of AMR's pension plans to 85%, up from
78% at the end of 2005.

AMR ended 2006 with US$5.2 billion in cash and short-term
investments, including a restricted balance of US$468 million,
compared to a balance of $4.3 billion in cash and short-term
investments at the end of 2005, including a restricted balance
of US$510 million.

The company reduced total debt, which includes the principal
amount of airport facility tax-exempt bonds and the present
value of aircraft operating lease obligations, to
US$18.4 billion at the end of the fourth quarter of 2006,
compared to US$20.1 billion a year earlier.  In addition to
US$1.2 billion in scheduled principal payments that AMR made in
2006, the company purchased US$190 million of its outstanding
debt and lease obligations during the year.  

AMR reduced net debt, which is defined as total debt less
unrestricted cash and short-term investments, from US$16.3
billion at the end of 2005 to US$13.6 billion at the end of
2006.

AMR reported fourth quarter consolidated revenues of
approximately US$5.4 billion, an increase of 4.4% year over
year.  Consolidated 2006 revenues totaled US$22.6 billion, an
8.9% increase over 2005 and a nearly 30% increase over the
company's US$17.4 billion in total revenue in 2003, the year AMR
launched its Turnaround Plan.

In the fourth quarter, other revenues, including sales from
such sources as confirmed flight changes, buy-on-board food
services, and third-party maintenance work, increased
11.7% year over year to US$347 million.

American's mainline load factor -- or the percentage of total
seats filled -- was a record 78.8% during the fourth quarter,
compared to 77.9% in the final quarter of 2005, and yield, which
represents average fares, increased 4.0% compared to the fourth
quarter of 2005.  American's passenger revenue per available
seat mile (unit revenue) for the fourth quarter increased 5.1%
compared to the year-ago quarter.

For the full year, unit revenue improved 8.8% versus 2005.
American's mainline cost per available seat mile (unit cost) in
the fourth quarter was down 5.6% year over year.  Excluding fuel
and special items, mainline unit cost for the fourth quarter
increased 0.5% year over year.  For the full year, mainline unit
costs increased 3.8% from 2005, however, excluding fuel and
special items, these costs increased by 1.3%.

During the fourth quarter, AMR paid $120 million less for fuel
than it would have paid at prices prevailing from the prior-year
period.  The company estimates that its Fuel Smart conservation
program helps American save more than 90 million gallons of fuel
annually.

"Our execution under all four tenets of our Turnaround Plan has
improved our financial performance and allowed us to continue to
meet our obligations to shareholders, lenders, employees and
customers," Arpey said.  "We have a lot of work left to do, but
the track we are on today is the right track to position our
company for long-term success."

                     4.5% Senior Notes Become
                   Convertible to Common Stock

As reported in the Troubled Company Reporter on Jan. 15, 2007,
AMR Corp.'s 4.5% senior convertible notes due 2024 have become
convertible into shares of AMR common stock.

The Notes have become convertible because the sale price of
AMR's common stock for at least 20 trading days in a period of
30 consecutive trading days ending on Dec. 31, 2006, was greater
than 120% of the conversion price per share of AMR common stock
on the last trading day of year.

AMR's shares rose 29% in the fourth quarter.

                         About AMR Corp

Based in Fort Worth, Texas, AMR Corporation is the parent
company of American Airlines Inc.  American Airlines --
http://www.AA.com/-- is the world's largest airline.  American,  
American Eagle and the AmericanConnection regional airlines
serve more than 250 cities in over 40 countries with more than
3,800 daily flights.  American Airlines flies to Belgium,
Brazil, Japan, among others.  The combined network fleet numbers
more than 1,000 aircraft.  American Airlines is a founding
member of the oneworld Alliance, whose members serve more than
600 destinations in over 135 countries and territories.

                          *     *     *

In June 2003, Moody's Investors Service placed AMR Corp.'s
senior unsecured debt and long-term corporate family ratings at
Caa2 and B3 respectively.  Those ratings were placed with a
stable outlook.

Moody's also assigned the company's probability of default
rating at B3 on Sept. 26, 2006.

AMR's senior unsecured debt and long-term issuer default rating
carry Fitch's CCC and B- ratings respectively.

On Feb. 22, 2006, Standard & Poor's placed B rating on the
company's long-term local and foreign issuer credits.


CNET NETWORKS: Expects to File Delinquent Reports on January 29
---------------------------------------------------------------
CNET Networks Inc. expects to file restated financial statements
as well as delinquent quarterly reports with the Securities and
Exchange Commission on Jan. 29, 2007.  The company's restated
financial statements for the years ended Dec. 31, 2003, 2004,
and 2005 will be filed as an amended 2005 Annual Report on Form
10-K.

The company also expects that on Jan. 29, 2007, it will file
with the Securities and Exchange Commission an amended Form 10-Q
for the quarter ended Mar. 31, 2006, as well as the delinquent
Quarterly Reports on Form 10-Q for the quarters ended June 30,
2006, and Sept. 30, 2006.  By filing on Jan. 29, 2007, CNET
Networks expects to meet the conditions of the Nasdaq Listing
Qualifications Panel for continued listing of its common stock
on The Nasdaq Global Select Market.

The company also reported that it will report its fourth quarter
and full year 2006 financial results after market close on
Monday, Jan. 29, 2007.

CNET Networks, Inc. (Nasdaq: CNET) --
http://www.cnetnetworks.com/-- is an interactive media company  
that builds brands for people and the things they are passionate
about, such as gaming, music, entertainment, technology,
business, food, and parenting.  The company's leading brands
include CNET, GameSpot, TV.com, MP3.com, Webshots, CHOW, ZDNet
and TechRepublic. Founded in 1993, CNET Networks has a strong
presence in the US, Asia and Europe.  The company has locations
in Japan, China, Korea, Australia, Germany and France, among
others.

                          *     *     *

On Oct. 23, 2006, Standard & Poor's Ratings Services lowered its
ratings on CNET Networks Inc., including lowering the corporate
credit rating to 'CCC+' from 'B', and placed the ratings on
CreditWatch with developing implications.


CONTINENTAL AIRLINES: Earns US$343 Million in 2006 Fiscal Year
--------------------------------------------------------------
Continental Airlines Inc. disclosed that its 2006 net income of
US$343 million was a substantial improvement over the 2005 net
loss of US$68 million.

The 2006 net income includes a US$92 million gain on the sale of
a portion of the company's investment in Copa Airlines and a net
charge from other special items of US$53 million.  Excluding
special items, Continental's net income for the full year was
US$304 million, a substantial improvement over the 2005 net loss
of US$205 million excluding special items.

In spite of fuel price increases costing over US$510 million
year-over-year, 2006 net income improved on strong revenue
growth, which was up 17.1% year-over-year, and continued cost
reduction initiatives.

"Because of the hard work of my more than 44,000 co-workers, we
were able to deliver solid results for the year," said Larry
Kellner, Continental's chairman and chief executive officer.  
"We look forward to distributing $111 million in profit sharing
on Valentine's Day."

For the fourth quarter 2006, the company reported a net loss of
US$26 million, including a special charge of US$22 million
related to lump-sum payments to retiring pilots.  Excluding the
special charge, Continental recorded a net loss of US$4 million.

Operating income for the fourth quarter of 2006 was US$20
million (US$42 million excluding special charges), the largest
fourth quarter operating income since 2000.  This was an
improvement of US$114 million (US$115 million excluding special
charges) over the same period of 2005.

                       Revenue and Capacity

Passenger revenue for the quarter increased 10.6% (US$274
million) over the same period in 2005 to US$2.9 billion.  
Passenger revenue for the year increased 17.3% (US$1.8 billion)
over the same period in 2005 to US$12 billion.  For both the
quarter and the year, the company had double-digit percentage
growth in each international geographic region.

Consolidated revenue passenger miles for the quarter increased
8.7% year-over-year on a capacity increase of 6.1%, resulting in
a record fourth quarter consolidated load factor of 79.8%, 1.9
points above the previous fourth quarter record set in 2005.  
Consolidated yield for the quarter increased 1.8% year-over-
year.  Consolidated revenue per available seat mile for the
quarter increased 4.3% year-over-year due to increased yield and
record load factors.

Mainline RPMs in the fourth quarter of 2006 increased 8.8% over
the fourth quarter 2005, on a capacity increase of 6%.  Mainline
load factor was a record 80.2%, up 2.1 points year-over-year.  
Continental's mainline yield increased 2.9% over the same period
in 2005.  As a result, fourth quarter 2006 mainline RASM was up
5.5% over the fourth quarter of 2005.

During the quarter, Continental continued to achieve domestic
length-of-haul adjusted mainline yield and RASM premiums to the
industry.

"In 2006, we grew revenue at almost twice the rate we grew
capacity, and we grew mainline capacity more than any of the
other major network carriers," said Jeff Smisek, president of
Continental.  "Our great people and product helped return us to
profitability."

                        Financial Results

Continental's mainline cost per available seat mile increased
1.3% (2.4% holding fuel rate constant) in the fourth quarter
compared to the same period last year.  CASM increased 3.3%
(down 1% holding fuel rate constant) in 2006 as compared to
2005.

"It's great to realize the payoff of several years of hard work
with a solid profit for the year," said Jeff Misner, the
company's executive vice president and chief financial officer.  
"We've done a lot of work, but we've got more to do, so we'll
keep focused."

Continental continues to enhance its fuel-efficient fleet.  With
mainline ASMs up 6% for the fourth quarter, fuel consumption
increased only 4.9%. The company completed installation of
winglets on its entire 757-200 fleet in the fourth quarter of
2006. Work will begin in 2007 to install winglets on 37 of its
737-500 and 11 of its long-range 737-300 aircraft.  Winglets
lower drag and improve aerodynamic efficiency, which can reduce
fuel consumption by up to 5%.

Continental ended the fourth quarter with approximately
US$2.48 billion in unrestricted cash and short-term investments.

                    Operational Accomplishments

Twice during the quarter, Continental paid its employees bonuses
for finishing in the top three of the network carriers for
monthly on time performance. Despite severe winter weather in
some parts of the U.S., Continental's employees worked together
to deliver a systemwide mainline completion factor of 99.6% for
the quarter, operating 26 days without a single mainline
cancellation.  The company recorded a U.S. Department of
Transportation on-time arrival rate of 73.7% during the quarter,
which was adversely impacted by the weather, air traffic control
ground delay programs and record load factors.

Continental outranked all other U.S. carriers to be chosen as
the Best Airline for North American Travel in Business Traveler
magazine's 2006 Readers' Choice Best in Business Travel Survey.  
The company placed highest among U.S. airlines for Best Flight
Attendants and Best In-flight Services.

Continental made several product improvements in the fourth
quarter.  The company introduced new BusinessFirst menus on
international flights and completed the installation of
Audio/Video on Demand in the BusinessFirst cabins of its entire
Boeing 757-200 fleet used on transatlantic flights from its New
York hub at Newark Liberty International Airport.  The new AVOD
allows customers to choose from up to 25 movies, 25 short-
subject programs and 50 compact discs.  The company has also
installed in-seat AC power ports that don't require an adapter
on these aircraft in BusinessFirst and economy class seats
located forward of the overwing emergency exit.

US Helicopter Corporation and Continental launched a new
alliance during the quarter to provide eight-minute shuttle
service between Manhattan and its New York hub at Newark
Liberty.  Additionally, Newark Liberty continues to provide fast
rail connection to Manhattan.

                    About Continental Airlines

Continental Airlines Inc. (NYSE: CAL) -- http://continental.com/
-- is the world's fifth largest airline.  Continental, together
with Continental Express and Continental Connection, has more
than 3,200 daily departures throughout the Americas, Europe and
Asia.  It serves 15 European cities, 7 South American cities,
Tel Aviv, Hong Kong and Tokyo.  International operations are
carried out throughout Europe, Canada, Mexico, Central and South
America, Caribbean and also Tel Aviv, Hong Kong and Tokyo.  More
than 400 additional points are served via SkyTeam alliance
airlines.  With more than 43,000 employees, Continental has hubs
serving New York, Houston, Cleveland and Guam, and together with
Continental Express, carries approximately 61 million passengers
per year.  Continental consistently earns awards and critical
acclaim for both its operation and its corporate culture.

                           *     *     *

As reported in the Troubled Company Reporter on Nov. 10, 2006,
Moody's Investors Service assigned ratings of Caa1, LDG5-75% to
the $200 million of senior unsecured notes issued by Continental
Airlines Inc.'s.  Moody's affirmed the B3 corporate family
rating.  The outlook is stable.

As reported in the TCR on Oct. 23, 2006, Standard & Poor's
Ratings Services affirmed its ratings, including the 'B' long-
term and 'B-3' short-term corporate credit ratings, on
Continental Airlines Inc.  The outlook is revised to stable from
negative.  Continental has about US$17 billion of debt and
leases.

At the same time, Fitch Ratings upgraded Continental Airlines
Inc.'s Issuer Default Rating to 'B-' from 'CCC' and Senior
Unsecured Debt to 'CCC/RR6' from 'CC/RR6'.  Rating outlook was
stable.


CONTINENTAL AIRLINES: Contributes US$71 Million to Pension Plans
----------------------------------------------------------------
Continental Airlines, Inc., has contributed US$71 million to its
pension plans.  This contribution significantly exceeds the
minimum funding requirement applicable to Continental's plans.

"This is another step that demonstrates our commitment to
meeting our pension obligations," said Continental Chairman and
CEO Larry Kellner.  "We place tremendous value on helping our
co-workers secure their futures."

Since the beginning of 2002, Continental has contributed nearly
US$1.2 billion to its pension plans.

Continental Airlines Inc. (NYSE: CAL) -- http://continental.com/
-- is the world's fifth largest airline.  Continental, together
with Continental Express and Continental Connection, has more
than 3,200 daily departures throughout the Americas, Europe and
Asia.  It serves 15 European cities, 7 South American cities,
Tel Aviv, Hong Kong and Tokyo.  International operations are
carried out throughout Europe, Canada, Mexico, Central and South
America, Caribbean and also Tel Aviv, Hong Kong and Tokyo.  More
than 400 additional points are served via SkyTeam alliance
airlines.  With more than 43,000 employees, Continental has hubs
serving New York, Houston, Cleveland and Guam, and together with
Continental Express, carries approximately 61 million passengers
per year.  Continental consistently earns awards and critical
acclaim for both its operation and its corporate culture.

                          *     *     *

As reported in the Troubled Company Reporter on Nov. 10, 2006,
Moody's Investors Service assigned ratings of Caa1, LDG5-75% to
the $200 million of senior unsecured notes issued by Continental
Airlines Inc.'s.  Moody's affirmed the B3 corporate family
rating.  The outlook is stable.

As reported in the TCR on Oct. 23, 2006, Standard & Poor's
Ratings Services affirmed its ratings, including the 'B' long-
term and 'B-3' short-term corporate credit ratings, on
Continental Airlines Inc.  The outlook is revised to stable from
negative.  Continental has about US$17 billion of debt and
leases.

At the same time, Fitch Ratings upgraded Continental Airlines
Inc.'s Issuer Default Rating to 'B-' from 'CCC' and Senior
Unsecured Debt to 'CCC/RR6' from 'CC/RR6'.  Rating outlook was
stable.


GAP INC: Pressler Resigns as President & Chief Executive Officer
----------------------------------------------------------------
The Gap Inc. president and chief executive officer Paul Pressler
will step down from his position, as well as resign from his
seat on the company's board, effective immediately.

Robert J. Fisher, the company's current non-executive chairman
of the board of directors, will serve as president and chief
executive officer on an interim basis, effective immediately.

Robert J. Fisher, chairman of Gap Inc.'s board of directors
said, "We want to thank Paul for the hard work and dedication
that he has shown Gap Inc. over the past four years.

"Under his leadership, the company has meaningfully improved its
operations, strengthened its balance sheet, greatly enhanced its
on-line presence across the brand portfolio and improved its
standing as a global corporate citizen.  We appreciate all of
his efforts and wish Paul every success in the future," Mr.
Fisher added.

"I have enjoyed the opportunity to lead this iconic company over
the past four years.  It has been a pleasure to work with the
management team and such talented people throughout the
organization," Mr. Pressler said.

"Gap Inc. is a company with tremendous potential and I wish all
the employees much success in the years ahead."

The board will begin a search for a new chief executive officer.  
A search committee has been formed by the board and will be led
by independent Gap Inc. director Adrian D. Bellamy, chairman of
The Body Shop International plc.

Additional directors serving on the committee include:

   -- Donald G. Fisher, Gap Inc.'s founder and Chairman
      Emeritus,

   -- Domenico De Sole, former president and chief executive
      officer, Gucci Group NV, and

   -- Bob L. Martin, the company's lead independent director and
      former president and chief executive officer of Wal-Mart
      International.  

The search committee's preference is to focus their efforts on
recruiting a chief executive officer who has deep retailing and
merchandising experience ideally in apparel, understands the
creative process, and can effectively execute strategies in
large, complex environments while maintaining strong financial
discipline.

"I look forward to serving our employees, customers, and
shareholders as interim CEO," Mr. Fisher said.  "My personal
ties and nearly 30-year professional history in operating roles
at the company and as a board member have resulted in a deep
appreciation for the creative process, gratitude to our
customers who have supported us for the past 38 years and
profound respect for the talented and passionate employees, past
and present who have built this company.

"During this important transition period for our company, the
board of directors and I are committed to working with our
employees to enhance our focus on what has been at the heart of
the company's past success, reinvigorating our brands and
charting a new course for the future that will deliver strong
returns for our shareholders."

During his nearly 30-year history at Gap Inc., Mr. Fisher
started with the company as a store manager in 1980 and worked
his way up through the company's merchandising ranks.  He also
held a variety of senior executive leadership positions at the
company, including chief operating officer, chief financial
officer, president of Banana Republic and president of Gap
brand.  Mr. Fisher has served on the company's board of
directors since 1990.

Pursuant to Mr. Pressler's employment agreement dated Sept. 25,
2002, which was disclosed at the time of his hire, Mr. Pressler
is eligible for severance benefits subject to certain conditions
as described in more detail in his agreement:

   -- Salary of up to US$1.5 million per annum payable over a
      24-month period, subject to cessation or reduction if he
      accepts other employment or compensation,

   -- Future bonuses he would have otherwise received during the
      24-month period, up to an aggregate US$1.5 million, if
      company financial performance targets are met and subject
      to elimination or reduction if he accepts other employment
      or compensation; he will not receive a bonus for fiscal
      2006,

   -- Stock option acceleration with approximately US$9.5
      million of in-the-money value, assuming a company stock
      price of US$20 per share.

In total, and subject to reduction if Mr. Pressler accepts other
employment or compensation during the 24-month period, he is
eligible for up to approximately US$14 million associated with
his severance with the company, assuming a company stock price
of US$20 per share.  He is also eligible to receive nominal
health benefits.

The company will release 2006 fourth quarter and full-year
earnings on March 1, 2007, and continues to expect 2006 earnings
per share of US$0.83 to US$0.87 per share, 2006 full-year
operating margins of about 7% and free cash flow to be about
US$650 million for the full year.

The company also continues to expect the percent increase in
inventory per square foot at the end of the fourth quarter of
fiscal 2006 to be in the low single digits versus prior year.

                          About Gap Inc.

Gap Inc. (NYSE: GPS) -- http://www.gapinc.com/-- is an  
international specialty retailer offering clothing, accessories
and personal care products for men, women, children and babies
under the Gap, Banana Republic, Old Navy, Forth & Towne and
Piperlime brand names.  Gap Inc. operates more than 3,100 stores
in the United States, the United Kingdom, Canada, France,
Ireland and Japan.  In addition, Gap Inc. is expanding its
international presence with franchise agreements for Gap and
Banana Republic in Southeast Asia and the Middle East.

                          *     *     *

On Jan. 9, 2007, Fitch Ratings has downgraded its ratings on The
Gap Inc.'s Issuer Default Rating to 'BB+' from 'BBB-' and Senior
unsecured notes to 'BB+' from 'BBB-'.  The Rating Outlook is
Negative.

As reported in the Troubled Company Reporter on Nov. 21, 2006,
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured ratings on San Francisco-based The Gap Inc.
to 'BB+' from 'BBB-'.  S&P said the outlook is stable.


JAPAN AIR: To Rearrange Int'l Flight Sked to Boost Profitability
----------------------------------------------------------------
Japan Airlines Corp. will rearrange its international flight
schedule to concentrate on those services that are profitable,
AFX News Limited reports.

The report relates that, according to the airline company,
during the course of this year it would increase the number of
flights it makes from Tokyo to New York, Paris, Moscow and Delhi
and from Osaka to Hanoi, Dalian, Tsingtao and Hangzhou.

AFX cites a spokesman for the airline as saying that it would
use smaller aircraft for flights from Osaka to Hanoi and four
destinations in China.

Japan Airlines would no longer fly from Tokyo to Zurich, and cut
the number of flights to Hong Kong and Guangzhou, the report
notes.  According to the company, the contributions that these
services made to profits were small.

                       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.


NIKKO CORDIAL: Mackenzie Financial Now Has Biggest Stake in Firm
----------------------------------------------------------------
Mackenzie Financial Corp. now has the largest equity stake in
Nikko Cordial Corp., Bloomberg News reports.

Bloomberg, citing a filing by Mackenzie with Japan's Finance
Ministry on Jan. 12, says that the Canadian mutual fund company
now owns 5.74% of Nikko Cordial.

According to the report, Mackenzie held 56 million shares in
Nikko Cordial as of Dec. 31, 2006, along with two affiliates,
including Mackenzie Cundill Investment Management Ltd.  
Mackenzie's purchase places it above Citigroup, with 47.5
million shares, and Mizuho Financial Group Inc., with 47 million
shares.

Mackenzie's recent purchase of stock follows Nikko's decision
the other week to freeze investments at one of its units until
compliance problems are fixed, Bloomberg explains.  

As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 16, 2007, that Nikko Cordial disclosed that one of its
units -- Nikko Principal Investments Japan Ltd. -- will stop
making new investments until it fixes compliance problems after
a breach of accounting regulations.

"The Canadian investment has triggered a turnaround for Nikko
shares," said Fumiyuki Nakanishi, a Tokyo-based equity
strategist at the brokerage arm of Sumitomo Mitsui Financial
Group Inc.

Bloomberg recounts that shares in Nikko Cordial went as high as
5.6% and were 3.31% higher at JPY1,309, at the close of trade in
Tokyo the other week.

"Most investors believe Nikko isn't going to be delisted and the
government has encouraged Japanese investors to take up more
securities products," Mr. Nakanishi added.

Nikko said the other week that it may ask Citigroup and Mizuho
to expand their business alliance and boost shareholdings in the
firm, Bloomberg relates.

                   About Mackenzie Financial

Mackenzie Financial Corporation is a multi-dimensional financial
services company with more than 100 mutual funds and is
recognized as one of Canada's premier investment managers,
providing investment advisory and related services in North
America.

                About Nikko Cordial Corporation

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

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

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


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

DURA AUTOMOTIVE: Files Operating Report for Period Ended Nov. 26
----------------------------------------------------------------

         Dura Automotive Systems, Inc., and Subsidiaries
         Condensed Unaudited Consolidated Balance Sheet
                     As of November 26, 2006
                      (Dollars in thousands)

                              ASSETS

Current assets:
   Cash and cash equivalents                          US$54,202
   Accounts receivable, net
      Third parties                                     152,581
      Non-Debtor subsidiaries                             5,355
   Inventories                                           81,969
   Other current assets                                  41,534
                                                     ----------
      Total current assets                              335,641
                                                     ----------

Property, plant and equipment, net                      183,631
Goodwill, net                                           249,927
Intercompany notes receivable                           179,152
Investment in Non-Debtors subsidiaries                  788,647
Other noncurrent assets                                  36,767
                                                     ----------
Total Assets                                       US$1,773,765

        LIABILITIES AND NET LIABILITIES IN LIQUIDATION

Current liabilities:
   Secured debt in default                           US$106,381
   Debtors-in-possession financing                       50,000
   Accounts payable                                      17,666
   Accounts payable to Non-Debtors subsidiaries             863
   Accrued Liabilities                                  102,705
                                                     ----------
      Total current liabilities                         277,615
                                                     ----------
Long-term Liabilities:
   Notes Payable to Non-Debtors subsidiaries              8,371
   Other noncurrent liabilities                          72,460
Liabilities Subject to Compromise                     1,327,122
                                                     ----------
Total Liabilities                                     1,685,568

Stockholders' Investment                                 88,197
                                                     ----------
Total Liabilities and Stockholders' Investment     US$1,773,765


        Dura Automotive Systems, Inc., and Subsidiaries
   Condensed Unaudited Consolidated Statement of Operations
      For the period from October 30 to November 26, 2006
                      (Dollars in thousands)

Total sales                                           US$70,338
Cost of sales                                            75,651
                                                     ----------
Gross (loss) profit                                      (5,313)

Selling, general and administrative expenses              6,567
Facility consolidation, asset impairment
   and other charges                                         97
Amortization expense                                         34
                                                     ----------
Operating (loss) income                                 (12,011)

Interest expense, net                                     9,327
                                                     ----------
Loss before reorganization items and income taxes       (21,338)

Reorganization items                                     16,880
                                                     ----------
Loss before income taxes                                (38,218)

Provision for income taxes                                   14
                                                     ----------
Net Loss                                             (US$38,232)

        Dura Automotive Systems, Inc., and Subsidiaries
   Condensed Unaudited Consolidated Statements of Cash Flows
      For the period from October 30 to November 26, 2006
                      (Dollars in thousands)

Operating Activities:
Net loss                                             (US$38,232)
Adjustments to reconcile net loss to net cash used
   in operations activities:
      Depreciation, amortization & asset impairments      2,684
      Amortization of deferred financing fees                51
      Unrealized foreign currency exchange rate lo          735
      Reorganization items                               16,880
Changes in other operating items:
   Accounts receivable                                  (22,986)
   Inventories                                            1,020
   Other current assets                                   2,132
   Accounts payable                                      16,384
   Accrued liabilities                                   10,747
   Accrued interest subject to compromise                 6,847
   Noncurrent assets                                         (4)
   Noncurrent liabilities                                    85
                                                     ----------
Net cash (used in) provided by operating activities      (3,657)

Investing Activities:
Noncurrent intercompany transactions                       (839)
Purchases of property, plant & equipment                   (673)
                                                     ----------
Net cash (used in) provided by investing activities      (1,512)

Financing Activities:
DIP borrowings                                           50,000
Payments on insurance premium installment financing        (606)
Debt issuance costs                                        (950)
                                                     ----------
Net cash provided by financing activities                48,444

Effect of Exchange Rates on Cash                             49
                                                     ----------
Net increase (Decrease) in Cash & Equivalents            43,324

Cash & Cash Equivalent, Beginning Balance                10,878
                                                     ----------
Cash & Cash Equivalent, Ending Balance                US$54,202

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: RSM Updates Ontario Court on Chapter 11 Cases
--------------------------------------------------------------
RSM Richter Inc., as Dura Automotive Systems Inc. and its
debtor-affiliates' information officer, delivered its first
report with the Ontario Superior Court of Justice (Commercial
List) in Canada to:

   (a) provide with background information concerning the
       Debtors, including information with respect to their
       Canadian operations;

   (b) provide updates with respect to developments in the
       Debtors' restructuring proceedings since November 1,
       2006;

   (c) summarize and seek approval of its activities since
       November 1, 2006; and

   (d) recommend that the Ontario Court approve the Debtors'
       request for an extension of its stay of proceedings to
       March 15, 2007.

A full-text copy of RSM Richter's First Report is available for
free at http://ResearchArchives.com/t/s?18a7

RSM Richter reported these material developments with respect to
the Debtors' Canadian operations:

   (1) the Canadian facilities at Bracebridge, Stratford and
       Brantford, comprising the Debtors' Canadian operations,
       have terminated a number of employees:

       A. Hourly Unionized Employees

                               No. of Hourly     No. of Hourly
                                 Employees        Employees as
                Facilities       Terminated       of 11/01/06
                ----------     -------------     -------------
                Bracebridge         57                220
                Stratford           23                238
                Brantford           34                 90

       B. Salaried Employees

                               No. of Salaried  No. of Salaried
                                 Employees        Employees as
                Facilities       Terminated       of 11/01/06
                ----------     -------------     -------------
                Bracebridge          8                 72
                Stratford           --                 42
                Brantford           --                 23

   (2) the Canadian facilities have continued to operate in the
       normal course.  To the extent requested, RSM Richter has
       been assisting the Canadian Operations with common
       "day-one" issues that the facilities faced when they
       entered formal insolvency proceedings.

RSM Richter attended a meeting on December 4, 2006, with the
Debtors and the International Association of Machinists and
Aerospace Workers to inform IAMAW an opportunity to detail its
concerns with respect to various employee issues.  

IAMAW, Local Lodge No. 1927, represents the hourly workforce at
the Stratford Facility.  Local 61 of the Canadian Automotive
Workers' Union represents the hourly workforce at the
Bracebridge Facility while CAW's Local 397 represents the
Brantford Facility's hourly workforce.

Moreover, RSM Richter:

     * reviewed and commented on certain of the Debtors' draft
       application materials;

     * posted copies of various Court materials, including the
       Ontario Court's Initial Order dated November 1, 2006, on
       its Web site;

     * placed a notice regarding the Debtors' Canadian filings
       in The Globe and Mail (National Edition) around Nov. 6,
       2006;

     * spoke routinely with each Canadian facility in order to
       determine if any critical issues are affecting
       operations;

     * convened periodic conference calls with each of the
       facilities;

     * worked intensively with the Bracebridge Facility to
       assist it to obtain a continued supply of goods and
       services;

     * responded to calls from creditors or suppliers concerning
       the Debtors' proceedings;

     * attended at conference calls with the Canadian Debtors
       and their legal counsel, Davies Ward Phillips and
       Vineberg LLP, to discuss the operational issues and other
       developments; and

     * corresponded with Davies Ward to stay apprised of the
       developments in the Debtors' Chapter 11 proceedings.

                   Stay Extended to March 15

At the Debtors' request, Justice Lederman extends to March 15,
2007, the expiration of the stay enjoining and restraining
creditors and parties-in-interest from initiating or continuing
actions in any court or tribunal in Canada against the Debtors
or that affect the their ability to carry on their business.

In support of the Debtors' request, RSM Richter informed the
Ontario Court that the Debtors have been diligently pursuing
restructuring initiatives and have been acting in good faith.

The Court approves the activities and conduct of RSM Richter as
set forth in the First Report.

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 CO: Signs Supply Pact with LG Telecom
---------------------------------------------
Pantech Group -- Pantech Co. and Pantech&Curitel Communications
Inc. -- signed an agreement with LG Telecom Ltd to supply the
mobile phone operator with handsets, Yonhap News reports, citing
a company statement.

Pantech, however, did not give out the terms of the deal.

According to the Korean newspaper, Pantech signed a similar deal
on Jan. 10, with KTF Co.

The supply pacts entered into by Pantech is expected to help the
handset manufacturer carry on with its operations increasing
debts and mounting losses.

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.

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.


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

AKER KVAERNER: Inks US$23-Million Deal with Atlantia Offshore
-------------------------------------------------------------
Atlantia Offshore Ltd. has awarded Aker Kvaerner a contract for
installation of a semi-submersible floating production unit for
the Thunder Hawk development system in the Gulf of Mexico.

Atlantia will be the client and owner of the FPU and Murphy
Exploration and Production Company will operate the platform.
The total contract value is around US$23 million.

The work, to be undertaken by the Aker Kvaerner unit Aker Marine
Contractors, comprises installation of the spread mooring
system, transportation and hook up of the FPU.

"This is an important milestone for Aker Marine Contractors and
we look forward to working with Atlantia towards a safe and
successful installation of the Thunder Hawk platform," Helge
Roraas, President of Aker Marine Contractors U.S. Inc. said.

The marine installation is planned to commence in the 2nd
quarter of 2008, using the offshore construction vessel, BOA Sub
C as main installation vessel.  The planning of the project will
commence immediately.

"This contract award confirms our strong position in the deep
water Gulf of Mexico market and provides the opportunity to
build strong relations with an important client," says Torgeir
Ramstad, President of Aker Marine Contractors.

The Thunder Hawk facility which will be based on Atlantia's deep
draft semi will be moored in 1800 meters water depth and
equipped to produce up to 60 000 barrels of oil and 70 million
standard cubic feet of gas per day.

The contract was booked in fourth quarter 2006.

                       About Aker Kvaerner

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

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

                          *     *     *

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

Ratings affected:

Aker Kvaerner Oil & Gas Group AS

   -- Corporate family rating: upgraded to Ba1 from Ba3

Aker Kvaerner AS

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

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


ANTAH HOLDINGS: Updates Bursa on Restructuring Scheme Activities
----------------------------------------------------------------
On December 13, 2006, the Troubled Company Reporter - Asia
Pacific reported that the Securities Commission approved Antah
Holdings Bhd's proposed restructuring scheme.

The approved restructuring scheme includes, among others, the
proposed:

    * acquisition of Pipo Group;
    * Scheme of Arrangement with shareholders;
    * acquisition of property;
    * Scheme Arrangement with creditors;
    * issuance of Newco shares;
    * offer for sale of Hua-an shares;
    * offer for sale of Hua-an shares;
    * transfer of listing status; and
    * disposal

The TCR-AP noted that the Commission, however, rejected the
proposed acquisition of Lekas SPA, saying that it would not be
able to provide immediate benefits to Antah's shareholders and
Sino Hua-An International Sdn Bhd, the company incorporated in
Malaysia to facilitate the implementation of the restructuring.

Furthermore, the purchase consideration for the property known
as Wisma Antah, pursuant to the Proposed Acquisition of Property
has been revised to MYR17,400,000, as opposed to MYR18,500,000
proposed earlier, to be satisfied by the issuance of 17,400,000
new Hua-An shares.

In an update, on January 11, 2007, Antah entered into various
agreements, involving:

    (a) a second supplemental restructuring agreement between
        Antah, Liu Guo Dong, Rise Business Inc, Rock Point
        Alliance Pte Ltd and Zhu Qing Hua, amending certain
        terms of the conditional restructuring agreement dated
        February 6, 2006, and the supplemental restructuring
        agreement dated May 8, 2006;

    (b) a supplemental conditional sale and purchase agreement
        between Antah and Extra Charm Sdn Bhd amending certain
        terms of the Property SPA; and

    (c) an agreement entered into between Kaseh and Fancy
        Celebrations Sdn Bhd terminating the Lekas SPA
        transaction to inter alia:

        -- give effect to the SC variations;

        -- extend the deadline for the fulfillment of conditions
           precedent under the RA up to April 30, 2007; and

        -- terminate the Lekas SPA purchase deal.

In addition, the company's board -- after taking into
consideration the views of certain scheme creditors -- has also
resolved that, as part of the terms of the Proposed Scheme of
Arrangement with Creditors and Proposed Acquisition of Property:

   * up to 20,000,000 Hua-An Shares will be received by the
     Scheme Creditors pursuant to the Proposed Scheme of
     Arrangement with Creditors; and

   * 17,400,000 Hua-An Shares will be received by DBS Bank and
     Malayan Banking Bhd -- or their nominees -- under the
     Proposed Acquisition of Property be placed to eligible
     investors at a price of MYR1.00 per Hua-An Share.

                          *     *     *

Headquartered in Petaling Jaya, Selangor Darul Ehsan, Malaysia,
Antah Holdings Berhad -- http://www.antah.com.my/--  
manufactures and trades pharmaceutical products and fluid
engineering and manufacturing.  The Company's other activities
include retailing of houseware and kitchenware, property
development, insurance broking, provision of management
services, and investment holding.

The Group discontinued its beverage and security services
operations.  The Group operates in Malaysia, Australia, United
Kingdom, and Singapore.

Antah's balance sheet as of Sept. 30, 2006, showed insolvency
with total assets at MYR691.364 million and total liabilities at
MYR1.059 billion.  Shareholders' deficit amounted to
MYR369.42 million.


AVANGARDE RESOURCES: High Court Further Extends R.O. to March 13
----------------------------------------------------------------
On April 7, 2006, the Troubled Company Reporter - Asia Pacific
reported that the High Court of Shah Alam approved the
application made by Avangarde Resources Berhad and its
subsidiary, P.C. Building Systems Sdn Bhd, for a Restraining
Order up to Oct. 5, 2006.

The procurement of the R.O. was necessitated by several factors,
including legal proceedings being instituted by creditors and
other parties against the company.

The Restraining Order has been extended by the High Court for
several times now.  It was first extended to Dec. 5, 2006, by
the High Court after it expired.  

As reported by the TCR-AP on Dec. 13, 2006, the Bursa Malaysia
Securities Bhd decided to delist Avangarde's resources from the
bourse's official lists after the Dec. 5 Deadline expired.

However, the company and its unit obtained a further extension
of the R.O. until Jan. 18, 2007, causing the deferment of the
Bursa's decision to delist the company's securities.

In an update, Avangarde and PC Buildings disclosed with the
Bursa Securities that it obtained another extension of the R.O.
until March 13, 2007.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Avangarde Resources
Berhad is involved in the construction and development of
housing projects.  The Group has incurred huge losses due to
provision of doubtful debts and writing off of bad debts.  It
was delisted from the Official List of Bursa Malaysia Securities
Berhad due to its inadequate financial condition and its failure
to meet with the requirements of the Bourse.  The Company is now
preparing the Proposed Scheme of Arrangement pursuant to the
Section 176 of the Companies Act to regularize its financial
condition.  The Company will unveil its Proposed Scheme once it
is finalized.

The Company's balance sheet as of June 30, 2006, showed total
assets of MYR20.349 million and total liabilities of
MYR147.824 million, resulting into a stockholders' deficit of
MYR127.475 million.


CHIN FOH: Posts MYR5.57-Mil. Net Loss in Quarter Ended Oct. '06
---------------------------------------------------------------
Chin Foh Bhd incurred a net loss of MYR5.57 million on
MYR40.37 million of revenues in the third quarter ended Oct. 31,
2006, as compared with the MYR3.30-million net profit on
MYR44.79 million of revenues booked in the third quarter of
2005.

The company's consolidated balance sheet as of Oct.31, 2006,
showed strained liquidity with current assets of
MYR136.44 million available to pay MYR193.47 million.

As of end-October 2006, total assets of the company amounted to
MYR231.68 million and total liabilities aggregated to
MYR227.58 million.  Shareholders' equity in the company reached
MYR4.1 million.

A full-text copy of the company's financial statement for the
quarter ended Oct. 2006, can be viewed for free at:

    http://bankrupt.com/misc/CHINFOH-3Q-2006.xls

                          *     *     *

Malaysia-based Chin Foh Berhad -- http://www.chinfoh.com.my--  
is principally involved in trading and distribution of metal
base and non-metal base products, construction materials, panels
and non-ferrous metal products.  Its other activities include
manufacturing of glass, aluminium extrusions, stainless steel
and related products, rotary aluminium ventilators, providing,
cutting and slitting of metal and other related services,
general contracting, design, fabrication, supply and
installation of curtain wall and cladding and holding properties
and investments.  Operations are carried out in Malaysia,
Australia, and China.

Chin Foh is listed under Bursa Malaysia's Amended Practice Note
17 category and is therefore required to submit a regularization
plan to the Securities Commission and other relevant authorities
for approval.


CHIN FOH: Bursa Extends Plan Filing Deadline to February 7
----------------------------------------------------------
The Bursa Malaysia Securities Bhd approved Chin Foh Bhd's
request to extend until February 7, 2007, the company's deadline
to submit its regularization plan.   

As a company listed on the Bursa's Amended PN 17 category of
companies, Chin Foh is required to submit a regularization plan
to the Securities Commission and other relevant authorities for
approval.

In addition, the Troubled Company Reporter - Asia Pacific
reported on Dec. 14, 2006, that the Kuala Lumpur High Court has
also granted a restraining order for 90 days starting Dec. 1,
barring any person to take any legal actions against Chin Foh
and its subsidiaries.

The Court granted the restraining order in order to facilitate
the finalization of Chin Foh's proposed Regularization Plan.

Chin Foh has engaged PricewaterhouseCoopers Advisory Services
Sdn Bhd as Scheme Manager for its regularization plan to
regularize its financial condition.

                          *     *     *

Malaysia-based Chin Foh Berhad -- http://www.chinfoh.com.my--  
is principally involved in trading and distribution of metal
base and non-metal base products, construction materials, panels
and non-ferrous metal products.  Its other activities include
manufacturing of glass, aluminium extrusions, stainless steel
and related products, rotary aluminium ventilators, providing,
cutting and slitting of metal and other related services,
general contracting, design, fabrication, supply and
installation of curtain wall and cladding and holding properties
and investments.  Operations are carried out in Malaysia,
Australia, and China.

Chin Foh is listed under Bursa Malaysia's Amended Practice Note
17 category and is therefore required to submit a regularization
plan to the Securities Commission and other relevant authorities
for approval.


COMSA FARMS: Two Units Face Hearings on April 12
------------------------------------------------
Comsa Layer Farms Sdn Bhd and Comsa Properties Sdn Bhd, both
wholly owned subsidiaries of Comsa Farms Bhd, received a notice
of hearing from the Land & Survey, Tawau.

The notice pertains, among others, to:

    a. RHB Bank Berhad and Hong Leong Bank Berhad, being the
       holders of Charge No: 30276539 and 30319839 dated
       September 17, 1999, and July 15, 2005, on the lands
       measuring 20.96 acres, Jalan Apas Tawau- Lahad Datu,
       Highway, held under CL 105240382 had made an application
       to the Land and Survey, Tawau, for an order for sale
       of the land.  (Notice 1)

       The application was made on the basis of Comsa Layer's
       failure to pay the sum and interest of MYR3,415,997.48 as
       at September 4, 2006.

    b. RHB Bank, being the holder of Charge No: 30317543 and
       30317546 dated March 28, 2005, on the lands measuring
       99.88 acres, Jalan Apas Tawau- Lahad Datu, Highway, held
       under CL 105240435, CL 105240515, PL 106260155 and
       CL105240140 had made an application to the Land and
       Survey, Tawau for an order for sale of the land.

       The application was made on the basis of CPSB's failure
       of to pay the sum and interest of MYR14,877,515.71 as at
       September 3, 2006.  (Notice 2)

The Land and Survey, Tawau had fixed the hearing date for Notice
1 and Notice 2 at 9:00 a.m., at the Land Office, Tawau, on
April 12, 2007.

                          *     *     *

Headquartered in Sabah, Malaysia, Comsa Farms Berhad engages in
the wholesale and retail of fresh and frozen chicken products,
meat and foodstuff.  Its other activities include livestock,
aqua feed milling, poultry feeding, hatchery operations, and
layer farming.

On April 10, 2006, the company was declared a Practice Note 17
company by Bursa Malaysia due to a stockholders' equity deficit.  
As an affected listed issuer, Comsa Farms is required to submit
a plan to regularize its financial condition.

As reported in the Troubled Company Reporter - Asia Pacific, the
company registered US$63.60 million in total assets and a US$5-
million shareholders' equity deficit as of Nov. 2, 2006.


COMSA FARMS: Unit Gets MYR33,399 Payment Demand from Bank Islam
---------------------------------------------------------------
Comsa Breeding Farms Sdn Bhd, a wholly owned subsidiary of the
Comsa Farms Bhd, received a letter of demand from Bank Islam
Malaysia Bhd for the payment of debt aggregating to
MYR33,399.62.

The demand letter, dated January 10, 2007, states, among others,
that:

    a. Bank Islam demands full payment of the outstanding sum
       together with interest and all incidental expenses within
       fourteen days from the date of Notice; and

    b. In the event that Comsa Farms fails to settle the total
       amount due within the time stipulated, Bank Islam will
       proceed with court proceeding against the company,
       including realization of any property charged without
       further reference to Comsa Farms, and the legal cost and
       expenses will be borne by the company.

Comsa, meanwhile, also stated that they had been granted a
restraining and stay order by the High Court of Malaya until
March 2, 2007.  The restraining order prohibits any parties to
commence any legal actions against the company or any of its
subsidiaries.

                          *     *     *

Headquartered in Sabah, Malaysia, Comsa Farms Berhad engages in
the wholesale and retail of fresh and frozen chicken products,
meat and foodstuff.  Its other activities include livestock,
aqua feed milling, poultry feeding, hatchery operations, and
layer farming.

On April 10, 2006, the company was declared a Practice Note 17
company by Bursa Malaysia due to a stockholders' equity deficit.  
As an affected listed issuer, Comsa Farms is required to submit
a plan to regularize its financial condition.

As reported in the Troubled Company Reporter - Asia Pacific, the
company registered US$63.60 million in total assets and a US$5-
million shareholders' equity deficit as of Nov. 2, 2006.


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

L L DISTRIBUTORS: Court to Hear Liquidation Petition on Feb. 8
--------------------------------------------------------------
The High Court of Auckland will hear a liquidation petition
against L L Distributors Ltd on Feb. 8, 2007, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition on
Oct. 25, 2006.

The CIR's solicitor can be reached at:

         S. J. Eisdell Moore
         Meredith Connell
         Level 17, Forsyth Barr Tower
         55-65 Shortland Street
         (PO Box 2213 or DX CP 24063)
         Auckland
         New Zealand


NZ MANUFACTURE: Faces Liquidation Proceedings
---------------------------------------------
A liquidation petition filed against NZ Manufacture Ltd will be
heard before the High Court of Wellington on Feb. 5, 2007, at
10:00 a.m.

Telecom New Zealand Ltd filed the petition on Oct. 26, 2006.

Telecom's solicitor can be reached at:

         C. N. Lord
         Craig Griffin & Lord
         187 Mt Eden Road
         Mt Eden, Auckland
         New Zealand


PAIB INTERNATIONAL: Liquidation Hearing Set for January 25
----------------------------------------------------------
Lovegroves Trustee Co Ltd filed a petition to liquidate PAIB
International Ltd on Oct. 6, 2006.

Accordingly, the petition will be heard before the High Court of
Auckland on Jan. 25, 2007, at 10:45 a.m.

Lovegroves' solicitor can be reached at:

         Richard J. Burrell
         11 Polygon Road
         St Heliers, Auckland
         New Zealand


PURELY FREERANGE: Court Sets Liquidation Hearing on January 25
--------------------------------------------------------------
On Nov. 27, 2006, the Commissioner of Inland Revenue filed a
liquidation petition against Purely Freerange Ltd before the
High Court of Napier.

The petition will be heard on Jan. 25, 2007, at 10:00 a.m.

The CIR's solicitor can be reached at:

         R. J. Collins
         Elvidge & Partners
         Corner of Raffles and Bower Streets
         Napier
         New Zealand


ROSKILL METAL: Court Sets Liquidation Hearing on February 8
-----------------------------------------------------------
A petition to liquidate Roskill Metal Polishers Ltd will be
heard before the High Court of Auckland on Feb. 8, 2007, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on Oct. 25, 2006.

The CIR's solicitor can be reached at:

         S. J. Eisdell Moore
         Meredith Connell
         Level 17, Forsyth Barr Tower
         55-65 Shortland Street
         (PO Box 2213 or DX CP 24063)
         Auckland
         New Zealand


XPRESSTRAC INTERNATIONAL: CIR Seeks to Liquidate Firm
-----------------------------------------------------
On Oct. 25, 2006, the Commissioner of Inland Revenue filed a
petition to liquidate Xpresstrac International Corporation Ltd.

The petition will be heard before the High Court of Auckland on
Feb. 1, 2007, at 10:45 a.m.

The CIR's solicitor can be reached at:

         S. J. Eisdell Moore
         Meredith Connell
         Level 17, Forsyth Barr Tower
         55-65 Shortland Street
         (PO Box 2213 or DX CP 24063)
         Auckland
         New Zealand


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

AFP-RSBS: Members to Receive Benefits Despite RSBS Deactivation
---------------------------------------------------------------
On December 27, 2006, Executive Secretary Eduardo Ermita assured
members of the Armed Forces of the Philippines that they would
receive their benefits when they retire from the service despite
the deactivation of the Retirement and Separation Benefit
System.

Members of the AFP will receive what is due them, including the
6% interest on their deposits with the RSBS, Sec. Ermita said.

Sec. Ermita pointed out that PHP7.6 billion, from RSBS's current
assets of PHP11.5 billion, has been set aside to pay back its
members, including the 6% interest once they retire.

According to Sec. Ermita, AFP Chief of Staff General Hermogenes
Esperon Jr. said that RSBS is currently paying PHP9 million a
month as salaries for its 164 employees.

Under the deactivation plan, the number of RSBS employees was
reduced to 80 in December 2006.  At this employment level, RSBS
monthly payroll would be drastically reduced to PHP2 million.

Sec. Ermita said the roll of 80 employees from December to July
would be further reduced to 40 by end-July 2007, as part of the
gradual dismantling of the RSBS.

The AFP must now come up with another retirement system for its
members, Sec. Ermita noted.

"They still have to file a bill that will change the present
retirement system, or come up with another system through
legislation.  This is something that they still have to take up
with some members of the Committee on National Defense of
Congress," Sec. Ermita said.

Earlier, President Gloria Macapagal-Arroyo issued an Executive
Order deactivating the controversial agency effective Dec. 31,
2006, after allegations of mismanagement and questionable
business ventures brought the RSBS to the brink of collapse.

                         About AFP-RSBS

The Armed Forces of the Philippines-Retirement and Separation
Benefits System was created by Presidential Decree 361 as
amended to serve as a self-sustaining fund system from which the
pension, separation, and other benefits of the soldiers maybe
taken.

The Troubled Company Reporter - Asia Pacific reported on Oct. 9,
2006, that military officials revealed the closure of the Armed
Forces of the Philippines Retirement and Separation Benefits
System after an investigation found that some of its officials
have mismanaged the multibillion-peso fund.

According to the report, billions of pesos, which had been
misspent on low-return real estate projects and loans over
several years, have caused the retirement system's collapse.


* 2007 is "Social Payback" to the Filipinos, President Says
-----------------------------------------------------------
President Gloria Macapagal-Arroyo has said that the boom year of
2007 is "social payback" time that will benefit the Filipino
people as a result of the effective implementation of economic
reforms by her administration.

In a roundtable discussion on January 20, 2007, the President
cited strong macroeconomic fundamentals indicating that it is
time for the public to reap the fruits of past sacrifices
through better educational, health, and professional benefits,
including the availability of jobs.

In her opening statement on the discussion on "Boom Year and
Fruits of the ASEAN Summit," the Chief Executive noted the
various positive developments in the country's economy since the
start of 2007.

Pres. Arroyo stressed that all indicators point to a good year
ahead -- decelerating inflation rate, increasing capital
investments, exports exceeding targets -- as a result of the
government's resolve to implement financial reforms,
infrastructure, and other development projects.

According to the President, 2007 is a "boom year" based on the
projections of the National Economic and Development Authority.

NEDA has projected that the Gross Domestic Product (GDP) could
grow between 6.1% and 6.7%, while the Gross National Product
could reach 6.2% up to 7.1% for the year.

The stock market is on its highest level in 10 years, with the
Dutch credit rating agency ING placing the Philippines among the
top investment sites in Asia with a 42% stock market return in
2006.

The President said the inflation rate is on its lowest in three
years despite the increase in spending due to the strengthening
of the peso, which is also on a six-year high.

Sustaining the GNP growth at 7% could be the key to lifting the
poor Filipino families from poverty, the President said.

The President also noted that among the biggest contributors to
the economic growth are the increasing remittances of overseas
Filipino workers (OFWs) whose investments in housing and
condominiums have driven the real estate industry on a 25-year
high.

                          *     *     *

On January 10, 2007, Standard & Poor's Ratings Services assigned
its 'BB-' senior unsecured debt rating to the Republic of
Philippines' (foreign currency BB-/Stable/B, local currency
(BB+/Stable/B) proposed US$1.0 billion global bond issue
maturing in 2032.

On January 10, 2007, Fitch Ratings assigned a Long-term foreign
currency rating of 'BB' to the Republic of the Philippines'
(rated foreign currency Issuer Default 'BB') US$1 billion global  
bond maturing in 2032 and priced to yield 6.55%.

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

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


* December BOP Surplus Hits US$632-M, Central Bank Reports
----------------------------------------------------------
The Philippines had a balance of payments surplus of
US$631 million in December, bringing its full 2006 BOP surplus
to US$3.77 billion -- the highest in at least seven years, the
central bank said.

The full-year figure was higher than the central bank's estimate
of US$2.8 billion and also above the BOP surplus of US$2.41
billion in 2005.

"The 2006 BOP surplus reflected the double-digit growth in
overseas foreign worker remittances, narrowing trade deficit
following strong merchandise exports, sustained foreign
investment inflows and higher investment income of the (central
bank)," Governor Amando Tetangco said in a mobile phone text
message.

Tetangco told reporters expected the 2006 balance of payments
surplus, closely watched in the Philippines because of the
central government's debts of around US$79 billion, to come in
at over US$3 billion.

The 2006 BOP surplus was the highest since 1999, when the
current definition of BOP began being used.

The country's rising BOP surplus has been supported by sustained
strong foreign exchange remittances from over 8 million
Filipinos working overseas -- accounting for more than a tenth
of the country's population -- and rising exports and foreign
direct and portfolio investments.

The central bank has yet to provide a full breakdown of the
balance of payments surplus.  But the current account, recording
the country's trade in goods and services as well as income and
cash transfers including remittances, was earlier forecast by
the central bank to reach a surplus of US$3.8 billion in 2006
from US$2.354 billion in 2005.

The Development Budget Coordination Committee, an inter-agency
group which sets and monitors the government's economic targets
and performance, expects the current account to have reached a
surplus of US$4.9 billion in 2006 and hit a higher surplus of
US$5.4 billion in 2007, according to latest estimates.

The latest current account estimates assumed higher export
receipts and remittance flows.

The central bank expects remittances sent through formal
channels in 2006 to have hit a new record of US$12.3 billion
from US$10.7 billion in 2005, and rising further to US$13.5
billion this year.

                          *     *     *

On January 10, 2007, Standard & Poor's Ratings Services assigned
its 'BB-' senior unsecured debt rating to the Republic of
Philippines' (foreign currency BB-/Stable/B, local currency
(BB+/Stable/B) proposed US$1.0 billion global bond issue
maturing in 2032.

On January 10, 2007, Fitch Ratings assigned a Long-term foreign
currency rating of 'BB' to the Republic of the Philippines'
(rated foreign currency Issuer Default 'BB') US$1 billion global  
bond maturing in 2032 and priced to yield 6.55%.

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

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


* BSP Exempts Reclassified NG/BSP Bonds from "Tainting" Rule
------------------------------------------------------------
On January 11, 2007, the Monetary Board approved the guidelines
exempting the reclassification of foreign currency denominated
National Government (NG)/Bangko Sentral ng Pilipinas (BSP) bonds
booked under the Held to Maturity (HTM) category from the
tainting rule provided under Circular No. 476 dated February 16,
2005, in view of the increase in risk-weights of said securities
under Circular No. 538 dated August 4, 2006, set to take effect
on July 1, 2007.

Under these guidelines foreign currency denominated NG/BSP
bonds/debt securities reclassified due to the increase in risk
weights will not be considered a violation of the "tainting"
rule, provided, that the reclassification will only cover HTM
securities outstanding as of the effectivity date of the
Circular and will be made anytime within 30 days from the
effectivity date of the same issuance.

The guidelines further provide that the concerned securities
once reclassified will be accounted for in accordance with its
new category (i.e. Available for Sale Securities).

The BSP allowed banks to reclassify aforementioned securities
out of the HTM category instead of prescribing these securities
to be disposed of within a specified period to give banks more
flexibility in managing their investment portfolio.

Foreign currency denominated NG/BSP bonds/debt securities which
previously enjoyed a 0% risk weight will now be risk-weighted
according to the NG's external credit rating, applied on a
staggered basis, that is, one-third (1/3), two-thirds (2/3), and
100% beginning July 1, 2007, January 1, 2008, and January 1,
2009, respectively.  The increase in risk weights for regulatory
risk-based capital purposes is one of the exemptions from the
tainting rule cited under Circular No. 476.

The tainting provision prohibits financial institutions from
using the HTM category during the reporting year and for the
succeeding two full financial years whenever it sells or
reclassifies more than an insignificant amount of HTM
investments before maturity.  Once violated, the entire HTM
portfolio is required to be reclassified to the Available for
Sale category and valued at its fair value with any revaluation
gains/losses reflected in the Equity section of the balance
sheet.

                          *     *     *

On January 10, 2007, Standard & Poor's Ratings Services assigned
its 'BB-' senior unsecured debt rating to the Republic of
Philippines' (foreign currency BB-/Stable/B, local currency
(BB+/Stable/B) proposed US$1.0 billion global bond issue
maturing in 2032.

On January 10, 2007, Fitch Ratings assigned a Long-term foreign
currency rating of 'BB' to the Republic of the Philippines'
(rated foreign currency Issuer Default 'BB') US$1 billion global  
bond maturing in 2032 and priced to yield 6.55%.

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

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


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

BAILY TECHNOLOGY: Pays Preferential Claims to Creditors
-------------------------------------------------------
Baily Technology Engineering Pte Ltd, which is in creditors'
voluntary liquidation, paid 80% of all admitted preferential
claims on Jan. 22, 2007.

The Troubled Company Reporter - Asia Pacific reported that Baily
Technology's liquidators have received the creditors' claims
until Dec. 22, 2006.

The liquidators can be reached at:

         Chee Yoh Chuang
         Lim Lee Meng
         RSM Chio Lim
         18 Cross Street #08-01
         Marsh & McLennan Centre
         Singapore 048423


BASIL THAI: High Court to Hear Wind-Up Petition on Feb. 2
---------------------------------------------------------
J Morita (Singapore) Pte Ltd -- trading as Ming Wei Food
Supplies -- filed a petition to wind up the operations of Basil
Thai Restaurant Pte Ltd on Jan. 10, 2007.

The High Court of Singapore will hear the wind-up petition on
Feb. 2, 2007, at 10:00 a.m.

J Morita's solicitors can be reached at:

         Lim & Lim
         18 Cross Street
         #07-01 Marsh & McLennan Centre
         Singapore 048423


CHEMXLOG PTE: Creditors Must Prove Debts by Feb. 20
---------------------------------------------------
Chemxlog Pte Ltd, which undergone members' voluntary
liquidation, requires its creditors to submit their proofs of
debt by Feb. 20, 2007, to be included in the company's
distribution of dividend.

The liquidators can be reached at:

         Low Sok Lee Mona
         Teo Chai Choo
         c/o Low, Yap & Associates
         4 Shenton Way
         #04-01 SGX Centre 2
         Singapore 068807


PETROLEO BRASILEIRO: Launches Operations at Manati Gas Field
------------------------------------------------------------
Petroleo Brasileiro SA, the state oil company of Brazil, said in
a statement that it has started operations at the shallow-water
Manati gas field along with its partners.

Business News Americas relates that Manati is in the Camamu-
Almada basin in Bahia.  Queiroz Galvao operates the field with a
55% stake.  Petroleo Brasileiro holds 35% of the field and Norse
Energy owns 10%.

According to Petroleo Brasileiro's statement, initial production
at Manati gas field was three million cubic meters per day.

Petroleo Brasileiro told BNamericas that production at Manati
gas field started after operations at the onshore gas processing
plant were stabilized.

The consortium expects the Manati gas field to reach full
capacity of six million cubic meters per day by the end of this
year, BNamericas notes, citing Petroleo Brasileiro.

BNamericas emphasizes that investments in the Manati gas field
are estimated at BRL1 billion.

The start of production at the field will let Bahiagas, the
Bahia state-controlled gas distribution firm, increase sales and
meet demand in the state, BNamericas states.

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.

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.


PETROLEO BRASILEIRO: Mulling Venezuelan Project Investments
-----------------------------------------------------------
"Petrobras (Petroleo Brasileiro) is considering issues related
to the investments required to undertake gas production projects
in Venezuelan territorial waters and oil projects in five mature
land oilfields, currently operated by Pdvsa (Petroleos de
Venezuela)," Petroleo Brasileiro said in a statement.

As reported in the Troubled Company Reporter - Asia Pacific on
Jan. 17, 2007, Petroleo Brasileiro would forge joint ventures
with Petroleos de Venezuela to explore the mature fields.

Petroleo Brasileiro told Business News Americas that its senior
officers met with their Petroleos de Venezuela counterparts on
Jan. 18 to evaluate joint gas and oil exploitations projects, as
well as construction of a major gas pipeline and plant.

                 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.

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

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

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

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

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


PETROLEO BRASILEIRO: Unit Extends Notes Exchange Offer to Feb. 2
----------------------------------------------------------------
Petroleo Brasileiro S.A. aka Petrobras disclosed that, in light
of the recent assignment by Standard & Poor's of a BBB-
corporate credit rating, its wholly owned subsidiary Petrobras
International Finance Company aka PIFCo has extended its
previously announced offers to exchange five series of notes for
new notes and a cash amount.  S&P will also assign a rating of
BBB- to the Reopening Notes.  The Moody's credit rating for
Petrobras and the Reopening Notes of Baa2 remains unchanged.  As
of 5:00 p.m., New York City time, on Jan. 18, 2007, the total
principal amount of Old Notes tendered was approximately
US$383,000,000.

The early tender date has been extended from 5:00 p.m., New York
City time, on Jan. 18, 2007, to 5:00 p.m., New York City time,
on Jan. 19, 2007.  The price determination date has been changed
from 2:00 p.m., New York City time, on Jan. 19, 2007, to 2:00
p.m., New York City time, on Jan. 22, 2007.  The expiration date
will be extended from 5:00 p.m., New York City time, on
Feb. 1, 2007, to 12:00 midnight, New York City time, on
Feb. 2, 2007.  Withdrawal rights terminated at 5:00 p.m., New
York City time, on Jan. 18, 2007, and have not been extended.
The terms and conditions of the exchange offers as described in
the applicable prospectus dated Jan. 4, 2007, are unchanged.

The Old Notes are the:

   -- 12.375% Global Step-Up Notes due 2008;

   -- 9.875% Senior Notes due 2008;

   -- 9.75% Senior Notes due 2011;

   -- 9.125% Global Notes due 2013; and

   -- 7.750% Global Notes due 2014.

The Reopening Notes constitute a further issuance of, and form a
single fungible series with PIFCo's 6.125% Global Notes due 2016
that were issued on Oct. 6, 2006.

PIFCo has retained Morgan Stanley & Co., Incorporated and UBS
Securities LLC to act as dealer managers for the offers, The
Bank of New York to act as exchange agent for the offers, The
Bank of New York (Luxembourg) S.A. to serve as Luxembourg agent
for the offers and D.F. King & Co., Inc. to act as information
agent for the offers.

Requests for documents (including the prospectus) may be
directed to:

         D.F. King & Co., Inc.
         48 Wall Street, 22nd Floor
         New York, New York 10005
         Tel:(212) 269-5550 for banks and brokers
             (800) 859-8508 for all others

Questions regarding the offers may be directed to:

         Morgan Stanley & Co., Inc.
         Tel:(800) 624-1800 (in the United States)
             (212) 761-1864 (outside the United States); or


         UBS Securities LLC
         Tel:(888) 722-9555, ext. 4210 (in the United States)
             (203) 719-4210 (outside the United States)

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.

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.


PRIMEPARTNERS HOLDINGS: Creditors Must Prove Debts by Feb. 23
-------------------------------------------------------------
Primepartners Holdings Pte Ltd, which is undergoing members'
voluntary liquidation, requires its creditors to submit their
proofs of debt by Feb. 23, 2007.

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

The liquidator can be reached at:

         Hamish Alexander Christie
         c/o 16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


REFCO INC: IDC Wants Contracts Deemed Assigned to Man Financial
---------------------------------------------------------------
Based on the conduct of the parties and the benefits received by
Refco Inc. and its debtor-affiliates' estates from uninterrupted
service under the Accounts, Interactive Data Corporation asks
Judge Robert D. Drain of the U.S. Bankruptcy Court for the
Southern District of New York to find that the Accounts were
assumed by the Debtors and assigned to Man Financial, in
furtherance of the sale of the Refco business to avoid prejudice
to IDC.

As of Dec. 7, 2006, the total balance due in the remaining
active customer accounts is US$214,163.

IDC supplies financial information essential to the operation of
Refco, Inc.'s regulated commodities futures merchant business,
pursuant to certain executory contracts and license agreements
with the Debtors.

IDC acknowledges that many of its services are "mission-
critical" in that the Debtors could not have transferred their
business uninterrupted without IDC's continued services.

IDC discussed the issues with counsel and financial advisors to
the Debtors; Albert Togut, the Chapter 7 trustee overseeing the
liquidation of Refco, LLC estate; and Man Financial, Inc.

During that meeting, Douglas B. Rosner, Esq., at Goulston &
Storrs, P.C., in Boston, Massachusetts, on IDC's behalf, notes
that some of the executory contracts may have been with entities
that were part of Refco LLC before the November 2005 sale of
Refco's business to Man Financial.

Mr. Rosner relates that following the Sale, Man Financial has
continued to enjoy the benefits of Interactive Data's services
under several of the Refco executory contracts and licenses as
if they had been assumed by the Debtors and assigned to Man
Financial under Section 365 of the Bankruptcy Code.

Mr. Rosner states that the final acquisition agreement between
the Debtors and Man Financial provided the purchaser until
Aug. 22, 2006, the benefit of all of the Debtors' executory
contracts, intellectual property licenses, and real property
leases to permit Man Financial to conduct the Refco business as
it had previously been operated before the Sale.

Mr. Rosner explains that Interactive Data continued to perform
in good faith under the Accounts during the transition period
with the belief that the Accounts would be designated for
assumption and assignment.  After the expiration of the
transition period on August 22, Man Financial continued to use
Interactive Data's services being performed again as if they had
been assumed by the Debtors and assigned to Man Financial.

More recently, Mr. Rosner says, Man Financial has begun
requesting to amend the agreements underlying the Accounts to
change the name and billing information from the Debtors to Man
Financial.  Those requests brought to light the fact that the
Accounts had not been formally assumed and assigned
notwithstanding the conduct of the Debtors and Man Financial
clearly indicating otherwise.

Mr. Rosner contends that any position taken by the Debtors that
legally enforceable rights under the Accounts were not assigned
to Man Financial pursuant to the Sale is entirely inconsistent
with the conduct of the Debtors and Man Financial post-sale, and
can only be intended to deprive IDC of its entitlement to have
defaults cured as required by Section 365.

"Had the Debtors wished to reject the Accounts, they should have
done so unequivocally and with proper notice to [IDC] at the
time of completion of the [Sale] so that [IDC] could have taken
steps it deemed appropriate with respect to the Accounts,
including refusing to continue the services thereunder," Mr.
Rosner tells the Court.

IDC also asks the Court to direct either the Debtors or Man
Financial to cure all defaults under the Accounts as of Dec. 1,
2006.

Mr. Rosner asserts that by doing so, the Court would be
formalizing what should be, and is intended to be, the
consequence of the parties' actions.

Considering the investigation required to determine the correct
debtor counterparty with regards to the Sale, IDC will also be
filing a similar request in Refco LLC's Chapter 7 case.

Moreover, in a separate filing, IDC asks Judge Drain to maintain
its status quo pending resolution of the Motion, notwithstanding
the language of the Debtors' Modified Chapter Plan, which
purports to effect a rejection of all unassumed contracts.

                        About Refco Inc.

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

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

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

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

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

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


REFCO INC: Refco LLC Files October 2006 Monthly Operating Report
----------------------------------------------------------------
Albert Togut, the Chapter 7 trustee appointed to oversee the
liquidation of Refco, LLC's estate, filed with the Bankruptcy
Court a monthly statement of cash receipts and disbursements for
the period from Oct. 1 to 31, 2006.

The Chapter 7 Trustee reports that Refco LLC's beginning balance
as of October 1 totals US$784,687,000.  The Debtor's beginning
purchase price account balance totals US$49,997,000 and its
beginning capital account "A" balance totals US$734,690,000.
   
The purchase price account includes activity related to Man
Financial, Inc. sale proceeds and related disbursements.  
Capital account "A" includes activity related to collection of
excess capital.

Refco LLC received US$7,630,000 and disbursed US$175,709,000.  
The Debtor held US$616,608,000 at the end of the period.

The Chapter 7 Trustee prepared the Monthly Statement in lieu of
comprehensive financial statements.

Headquartered in New York, New York, Refco Inc. --
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 Bankruptcy News, Issue No. 54; Bankruptcy
Creditors' Service Inc. 215/945-7000).


SEA CONTAINERS: Posts US$888,304 Net Loss in November 2006
----------------------------------------------------------
                     Sea Containers, Ltd.
                    Unaudited Balance Sheet
                    As of November 30, 2006

                            Assets

Current Assets
   Cash and cash equivalents                       US$56,007,964
   Trade receivables, less allowances
     for doubtful accounts                             1,917,770
   Due from related parties                            8,201,195
   Prepaid expenses and other current assets           6,524,397
                                                    ------------
      Total current assets                            72,651,326

Fixed assets, net                                              -

Long-term equipment sales receivable, net                      -
Investment in group companies                                  -
Intercompany receivables                                       -
Investment in equity ownership interests             202,366,216
Other assets                                           3,378,541
                                                    ------------
Total assets                                      US$278,396,083

             Liabilities and Shareholders' Equity

Current Liabilities
   Accounts payable                                US$2,809,381
   Accrued expenses                                  29,436,083
   Current portion of long-term debt                 26,795,063
   Current portion of senior notes                  385,069,151
                                                   ------------
      Total current liabilities                     444,109,678

Total shareholders' equity                         (163,926,553)
                                                   ------------
Total liabilities and shareholders' equity       US$280,183,125

                     Sea Containers, Ltd.
               Unaudited Statement of Operations
             For the Month Ended November 30, 2006

Revenue                                            US$1,342,882

Costs and expenses:
   Operating costs                                       27,402
   Selling, general and
     administrative expenses                         (4,183,914)
   Reorganization Costs                                       -
   Charges to provide against
     intercompany accounts                            7,044,011
   Depreciation and amortization                              -
                                                   ------------
      Total costs and expenses                        2,887,499
                                                   ------------
Loss on sale of assets                                        -
                                                   ------------
Operating income (loss)                               4,230,381

Other income (expense)
   Interest income                                      218,643
   Foreign exchange gains (losses)                       23,237
   Interest expense, net                             (3,483,956)
                                                   ------------
(Loss) Income before taxes                              988,304
Income tax expense                                     (100,000)
                                                   ------------
Net (loss)                                           US$888,304

A full-text copy of the Debtors' schedules of cash receipts and
disbursements is available for free at:

              http://ResearchArchives.com/t/s?18b1

The Debtors note in their monthly operating report that the
financial statements represent the Sea Containers Group, Ltd.'s
internal accounting on an unaudited and uncertified basis.   The
certification and audit process may result in adjustments to the
stated entries.

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and NYSE
Arca after the company's failure to file its 2005 annual report
on Form 10-K and its quarterly reports on Form 10-Q during 2006
with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 9; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000).


THAI IMPERIAL: Court to Hear Wind-Up Petition on Feb. 2
-------------------------------------------------------
On Jan. 10, 2007, J Morita (Singapore) Pte Ltd -- trading as
Ming Wei Food Supplies -- filed before the High Court of
Singapore, a petition to wind up the operations of Thai Imperial
(Singapore) Pte Ltd.

The High Court of Singapore will convene a hearing on Feb. 2,
2007, at 10:00 a.m., to consider the petition.

J Morita's solicitor can be reached at:

         Lim & Lim
         18 Cross Street #07-01
         Marsh & McLennan Centre
         Singapore 048423


UNITY BUILDER: Pays First and Final Dividend to Creditors
---------------------------------------------------------
Unity Builder Pte Ltd has paid the first and final dividend to
its creditors on Jan. 16, 2007.

The company paid 40.55% to all creditors who were able to prove
their claims.

The liquidator can be reached at:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


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

CENTRAL PAPER: SET Considers Delisting of Securities
----------------------------------------------------
The Central Paper Industry Pcl is facing possible delisting of
securities from the Stock Exchange of Thailand's list after the
bourse reviewed the company's results for the quarter ended
Sept. 30, 2006.

According to the SET, the uncertainty of the company's ongoing
operations and the auditor's failure to provide assurance that
its financial statements for the third quarter of 2006 present
the company's financial position fairly in all material
respects, may lead to possible securities delisting.

Central Paper's sales revenue has significantly dropped and the
firm has paid approximately THB30 million in compensation to
employees.  Therefore, SET considers that the company's
operations are nearly halted.   Moreover, unfinished capital
restructuring has made paid-up capital remain at THB600,600 as
of Sept. 30, 2006.

In addition, the company's rehabilitation plan has been
suspended and no contingency plan has been presented to the SET.

Accordingly, Thailand's bourse is considering the delisting of
the company's securities on these grounds:

SET's Regulations for Delisting of Securities, 1999

1) Clause 9(2)-- the listed company has less than THB60 million
   in paid-up ordinary shares.

2) Clause 9(6) (b) -- the firm's operation has entirely or
   almost entirely halted.

                          *     *     *

Established in 1973, Central Paper Industry Public Company
Limited -- http://www.centralpaper.thailand.com/-- produces and  
distributes uncoated printing paper including fine printing
paper used in high quality printing tasks, newsprint paper used
in newspaper printing, and kraft paper used for making paper
bags.

On March 16, 2004, the Company filed a petition for
rehabilitation with Thailand's Central Bankruptcy Court.  
Subsequently, on February 1, 2005, the Bankruptcy Court approved
the Company's Business Reorganization Plan.

Meanwhile, on July 10, 2006, the Troubled Company Reporter -
Asia Pacific reported that Central Paper temporarily cease its
production after PTT Public Company Ltd stopped supplying
natural gas to the Company.  Central Paper said that it had
delayed making payments of its natural gas expense prompting PTT
to stop the supply.

The Company's plan administrator, Kriangkrai Suttiwerawat,
proposed to amend the company's Rehabilitation Plan to solve the
dispute with PTT and to eventually enable the company to resume
its operations.

On July 4, 2006, Mr. Suttiwerawat sought the Central Bankruptcy
Court's approval to make the amendments.

Central Paper informed the SET that Mr. Suttiwerawat is
negotiating with Thai Assets Management Corporation, the
Company's major creditor, and with a new investor with regard to
the amendments.

As of end-Sept. 30, 2006, the company and its subsidiaries are
facing solvency problem with THB493.558 million in assets and
THB7.190 billion in total liabilities.  Shareholders' deficit in
the company reached THB6.697 billion.

                          Going Concern Doubt

Apichart Sayasit of M. R. & Associates Co Ltd raised a
substantial doubt on the company's continued operation as going
concern.  Mr. Apichart specifically pointed at the company's
ongoing negotiation with its major creditor, the Thai Assets
Management, regarding the amendments on Central Paper's
rehabilitation plan.

"The outcome of the said negotiation cannot be presently
determined and thus give rise to the uncertainty of the
company's ability to continue as going concern," Mr. Apichart
said.


HANTEX PCL: SET Mulls Delisting on Weak Overall Status
------------------------------------------------------
The securities of Hantex Pcl is facing possible delisting after
the company's auditor issued a disclaimer of opinion after
reviewing its financial statements for the period ended Dec. 31,
2005, the Stock Exchange of Thailand said.

In addition, Hantex has temporarily stopped its production since
April 18, 2005, due to its liquidity problem.

Hantex's financial statements for the period ended June 30,
2006, showed no sales revenue.  Accordingly, the company has to
transfer collateral to its creditors for debt settlement.  

The SET therefore determined that the company's operations have
almost entirely halted and the assets used in its operation have
significantly lessened.  These factors, according to the bourse,
lead them to consider the delisting of the company's securities:

                          *     *     *

Headquartered in Bangkok, Thailand, Hantex Public Company Ltd,
reported liabilities aggregating THB552 million in 2004, versus
lesser assets totaling THB480.64 million.  The company drifted
further to being insolvent in 2005, with THB608 million in
liabilities -- almost double the THB319.86 million in assets
reported.

The company's stocks are currently under Stock Exchange of
Thailand's SP (suspension), NP (notice pending), NC (non
compliance) signs.

    * Notice Pending   - The issuer failed to submit a quarterly
      or annual financial statement to the SET by the specified
      time.

    * Suspension   - Trading in the security is being suspended
      for more than one trading session.

    * Non-Compliance   - The securities of a listed company that
      may be delisted.

As reported by the Troubled Company Reporter - Asia Pacific on
Nov. 30, 2006, the Central Bankruptcy Court of Thailand approved
the business rehabilitation plan of Hantex on September 28,
2006.

Hantex was also appointed to act as its own rehabilitation
planner.


THAI DURABLE: Posts THB14.2 Million Net Loss in 3rd Quarter 2006
----------------------------------------------------------------
Thai Durable Group Pcl submitted its financial report for the
third quarter ended Sept. 30, 2006, with the Stock Exchange of
Thailand.

The company incurred THB14.2 million net loss on THB17.34
million revenues in the third quarter period of 2006, as
compared with THB87.53 million net loss on THB181.1 million
revenues recorded in the same period of 2005.

As of end-Sept. 2006, the company's balance sheet showed
strained liquidity with THB78.74 million in current assets
available to pay THB893.07 million current liabilities.

In addition, the company's balance sheet showed solvency problem
with THB302.65 million in total assets and THB895.31 in
liabilities resulting to a shareholders' deficit of THB592.65
million.

A full-text copy of the company's financial statement for the
quarter ended Sept. 30, 2006, can be viewed for free at:

      http://bankrupt.com/misc/thai-dura-3q2006.xls

                          *     *     *

The Thai Durable Group Public Company Limited --
http://www.tdt.co.th/-- manufactures woven fabrics and yarns  
from natural and synthetic fibers.  The majority of its
production is sold to industrial factories for further
processing.

The Company is currently under the Non Performing Group Sector
of the Thailand's Stock Exchange.

As of end-Sept. 2006, the company's balance sheet showed
solvency problem with THB302.65 million in total assets and
THB895.31 in liabilities resulting to a shareholders' deficit of
THB592.65 million.

                        Going Concern Doubt

After auditing Thai Durable's financial report for the second
quarter ended June 30, 2006, Jadesada Hungsapruek of Karen Audit
Co Ltd raised substantial doubt on the company's continued
operation as a going concern.

The auditor specifically pointed at the company's recurring
losses from operations and to the company's capital deficit of
THB2.228 million as of June 30, 2006.


* BOND PRICING: For the Week 15 January to 19 January 2006
----------------------------------------------------------

Issuer                         Coupon  Maturity  Currency  Price
------                         ------  --------  --------  -----

AUSTRALIA & NEW ZEALAND
-----------------------
Ainsworth Game                 8.000%  12/31/09     AUD     0.87
Alinta Networks                5.750%  09/22/10     AUD     6.81
APN News & Media Ltd           7.250%  10/31/08     AUD     5.90
A&R Whitcoulls Group           9.500%  12/15/10     NZD     9.50
Arrow Energy NL               10.000%  03/31/08     AUD     1.19
Babcock & Brown Pty Ltd        8.500%  12/31/49     NZD     7.90
Becton Property Group          9.500%  06/30/10     AUD     0.74
Capital Properties NZ Ltd      8.500%  04/15/07     NZD     8.55
Capital Properties NZ Ltd      8.500%  04/15/09     NZD     8.00
Capital Properties NZ Ltd      8.000%  04/15/10     NZD     8.00
Cardno Limited                 9.000%  06/30/08     AUD     5.50
CBH Resources                  9.500%  12/16/09     AUD     0.50
Chrome Corporation Ltd        10.000%  02/28/08     AUD     0.02
Clean Seas Tuna Ltd            9.000%  09/30/08     AUD     1.04
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.57
Evans & Tate Ltd               8.250%  10/29/07     AUD     0.41
Fletcher Building Ltd          8.600%  03/15/08     NZD     8.00
Fletcher Building Ltd          7.800%  03/15/09     NZD     8.20
Fletcher Building Ltd          8.850%  03/15/10     NZD     7.70
Fletcher Building Ltd          7.550%  03/15/11     NZD     7.90
Futuris Corporation Ltd        7.000%  12/31/07     AUD     2.45
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD     8.00
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    10.05
Hutchison Telecoms Australia   5.500%  07/12/07     AUD     0.50
IMF Australia Ltd             11.500%  06/30/10     AUD     0.80
Infrastructure & Utilities
   NZ Ltd                      8.500%  09/15/13     NZD     8.65
Infratil Ltd                   8.500%  11/15/15     NZD     8.18
Kagara Zinc Ltd                9.750%  05/06/07     AUD     6.65
Kiwi Income Properties Ltd     8.000%  06/30/10     NZD     1.21
Minerals Corporation Ltd      10.500%  09/30/07     AUD     0.87
Nuplex Industries Ltd          9.300%  09/15/07     NZD     9.00
Pacific Print Group Ltd       10.250%  10/15/09     NZD    10.65
Primelife Corporation         10.000%  01/31/08     AUD     1.03
Salomon SB Australia           4.250%  02/01/09     USD     7.61
Silver Chef Ltd               10.000%  08/31/08     AUD     1.04
Software of Excellence         7.000%  08/09/07     NZD     1.80
Speirs Group Ltd.             10.000%  06/30/49     NZD    70.00
Structural Systems            11.000%  06/30/07     AUD     1.10
TrustPower Ltd                 8.300%  09/15/07     NZD     8.50
TrustPower Ltd                 8.300%  12/15/08     NZD     8.05
TrustPower Ltd                 8.500%  09/15/12     NZD     8.20
TrustPower Ltd                 8.500%  03/15/14     NZD     8.10


KOREA
-----
Korea Development Bank         7.350%  10/27/21     KRW    48.92
Korea Development Bank         7.450%  10/31/21     KRW    48.89
Korea Development Bank         7.400%  11/02/21     KRW    48.88
Korea Development Bank         7.310%  11/08/21     KRW    48.84
Korea Development Bank         8.450%  12/15/26     KRW    70.04


MALAYSIA
--------
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.81
AHB Holdings Bhd               5.500%  03/06/07     MYR     0.18
Asian Pac Bhd                  4.000%  12/21/07     MYR     0.20
Berjaya Land Bhd               5.000%  12/30/09     MYR     0.78
Bumiputra-Commerce             2.500%  07/17/08     MYR     1.30
Camerlin Group Bhd             5.500%  07/15/07     MYR     2.20
Crescendo Corporation Bhd      3.000%  08/25/07     MYR     0.90
Denko Industrial Corp. Bhd     5.000%  03/15/07     MYR     0.80
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     1.76
Eden Enterprises (M) Bhd       2.500%  12/02/07     MYR     0.69
EG Industries Bhd              5.000%  06/16/10     MYR     0.64
Equine Capital Bhd             3.000%  08/26/08     MYR     0.37
Greatpac Holdings Bhd          2.000%  12/11/08     MYR     0.36
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.44
Hong Leong Industries Bhd      4.000%  06/28/07     MYR     0.90
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.62
I-Berhad                       5.000%  04/30/07     MYR     0.55
Insas Bhd                      8.000%  04/19/09     MYR     0.56
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.32
Kosmo Technology Industrial    2.000%  06/23/08     MYR     0.61
Kretam Holdings Bhd            1.000%  08/10/10     MYR     0.62
Kumpulan Jetson                5.000%  11/27/12     MYR     0.54
LBS Bina Group Bhd             4.000%  12/31/07     MYR     0.50
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.52
LBS Bina Group Bhd             4.000%  12/31/09     MYR     0.52
Media Prima Bhd                2.000%  07/18/08     MYR     1.62
Mithril Bhd                    8.000%  04/05/09     MYR     0.41
Mithril Bhd                    3.000%  04/05/12     MYR     0.63
Nam Fatt Corporation Bhd       2.000%  06/24/11     MYR     0.51
Pelikan Int'l Corp Bhd         3.000%  04/08/10     MYR     2.00
Pelikan Int'l Corp Bhd         3.000%  04/08/10     MYR     1.52
Pilecon Engineering Bhd        5.000%  12/19/11     MYR     0.13
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.89
Ramunia Holdings               1.000%  12/20/07     MYR     0.86
Rashid Hussain Bhd             3.000%  12/23/12     MYR     1.38
Rashid Hussain Bhd             0.500%  12/24/12     MYR     1.52
Rhythm Consolidated Bhd        5.000%  12/17/08     MYR     0.42
Senai-Desaru Exp.              3.500%  12/09/19     MYR    74.33
Senai-Desaru Exp.              3.500%  06/09/20     MYR    73.34
Senai-Desaru Exp.              3.500%  12/09/20     MYR    71.99
Senai-Desaru Exp.              3.500%  06/09/21     MYR    71.01
Senai-Desaru Exp.              3.500%  12/09/21     MYR    70.05
Senai-Desaru Exp.              3.500%  12/09/22     MYR    68.53
Senai-Desaru Exp.              3.500%  06/09/23     MYR    67.60
Senai-Desaru Exp.              3.500%  12/08/23     MYR    66.69
Senai-Desaru Exp.              3.500%  06/07/24     MYR    65.79
Silver Bird Group Bhd          1.000%  02/15/09     MYR     0.30
Southern Steel                 5.500%  07/31/08     MYR     1.50
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.29
Tradewinds Corp.               2.000%  02/08/12     MYR     0.70
Tradewinds Plantations Bhd     3.000%  02/28/16     MYR     1.00
WCT Land Bhd                   3.000%  08/02/09     MYR     1.24
Wah Seong Corp                 3.000%  05/21/12     MYR     4.02
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.55


SINGAPORE
---------
Sengkang Mall                  8.000%  11/20/12     SGD     1.10




                            *********

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

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

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


                            *********


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

Copyright 2007.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
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thereof are US$25 each.  For subscription information, contact
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                 *** End of Transmission ***