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        T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

            Tuesday, October 24, 2006, Vol. 9, No. 211

                            Headlines

A U S T R A L I A

ANIC TRANSPORT: Members Agree to Wind Up Operations
AUSTRALIAN COUNCIL: Enters Voluntary Liquidation
B HUTCHINS: Members Agree on Voluntary Wind-Up
B S & L PTY: To Declare Dividend to Creditors on November 1
BODY ON LINE: Liquidator to Present Wind-Up Report

BREWERS TRANSPORT: To Declare Dividend to Priority Creditors
CARPET MAGIC: Placed Under Members' Voluntary Wind-Up
CHELTA CONSTRUCTIONS: Creditors Must Prove Debts by November 6
COWLEY HOLDINGS: Commences Wind-Up of Operations
CUSTOMER SERVICE: Members and Creditors to Meet on October 26

DOLPHIN TRAFFIC: Final Meeting Scheduled on October 26
DURA GROUP: Members Opt to Close Operations
FIREARMS TRAINING: Selling Outstanding Shares to Meggitt-USA
HEMLO GOLD: Prepares to Close Operations
INVESTEC BANK: Fitch Affirms 'C' Individual Rating

JACOBENA INVESTMENTS: Enters Wind-Up Proceedings
JAD CLOTHING: Enters Voluntary Wind-Up of Operations
JENCHRIS INVESTMENTS: Members Resolve to Liquidate Business
MATESTOCK PTY: Set to Declare First and Final Dividend
NORPET PTY: Placed Under Voluntary Liquidation

OLIVERS COFFEE: Members and Creditors to Hear Wind-Up Report
OPEN TEXT: To Streamline Employees and Facilities
PAUL SEGAERT (QLD): To Declare Dividend on November 1
PEABODY ENERGY: Moody's Assigns Loss-Given-Default Rating
ROBJOE PTY: Creditors' Proofs of Claim Due on October 24

RON REEVES: Liquidator Green to Present Wind-Up Report
SCOTTS CURTAINS: Decides to Close Operations
SEATWISE PTY: Members and Creditors to Convene on October 26
SOVEREIGN DELIVERY: Prepares to Declare Dividend on November 1
S&H SERVICES: Appoints Murray Godfrey as Liquidator

SURREAL BOUTIQUE: Final Meeting Slated for October 26
TALKPRINT PTY: Members & Creditors to Receive Wind-Up Report
TECKHONG HOLDINGS: Final Meeting Fixed for October 26
YARRAN GLEN: Members Resolve to Wind Up Firm
WALT DISNEY: Members Opt for Voluntary Wind-Up


C H I N A   &   H O N G  K O N G

ACCORD CONTAINER: Inability to Pay Debt Prompts Wind-Up
ALTRA INDUSTRIAL: Moody's Assigns Loss-Given-Default Rating
ATL CHINA: Sole Members' Final Meeting Set on November 20
DANA ASIA: Members to Receive Wind-Up Report
EXCEL DENTAL: Court to Hear Wind-Up Petition on November 22

FORE LEADER: Hearing of Wind-Up Petition Set on November 22
FREIGHT SOLUTIONS: Liquidator to Present Wind-Up Report
HELINGER LTD: Members Opt for Voluntary Wind-Up
HOR KUANG: Wind-Up Petition Hearing Slated for November 15
MILBRIGHT LTD: Shareholders Agree to Wind Up Operations

NOVA CHEMICALS: Moody's Pares Ratings to US$1.25 Billion Debt
P5 LIMITED: Members to Convene on November 20
RABEL LTD: Members Opt to Close Operations
SHING YIP: Enters Liquidation Proceedings
TCL CORP: Returns to Black in Q3 2006; Expects Full-Year Loss

VINCENT UNION: Members Decide to Liquidate Business
WORLD EAST: Faces Wind-Up Proceedings
WORLD RACING: Members' Final Meeting Scheduled on November 20
YICKO FUTURES: Members and Creditors to Hold First Meeting


I N D I A

ALLAHABAD BANK: Ashok Jain Nominated to Director Post
BANK OF BARODA: Board to Consider Financials on Oct. 28 Meeting
BANK OF BARODA: Chopra Named as Non-Official Director
BANK OF INDIA: Negotiating Alliance with Union Bank of India
BANK OF INDIA: To Open 55 New Branches and Boost Business Worth

BANK OF INDIA: Board to Hold Meeting on October 27
BHARAT PETROLEUM: Kochi Merger Approved; AGM Rescheduled
BHARAT PETROLEUM: BOD to Meet on Oct. 31 to Consider Financials
BHARTI AIRTEL: Members to Approve 3 Resolutions by Postal Ballot
BHARTI AIRTEL: To Release 2nd Quarter Financials on Oct. 27

CONTINENTAL AIRLINES: Good Earnings Prompt S&P's Stable Outlook
GENERAL MOTORS: Prepares for Possible Kerkorian Proxy Battle
GENERAL MOTORS: GMAC Gets EC Clearance for Cerberus Purchase
RYERSON INC: Moody's Assigns Loss-Given-Default Rating


I N D O N E S I A

CORUS GROUP: Confirms Tata Steel's US$10-Bil Takeover Proposal
FAJAR SURYA: Deutsche Bank Prices UA$100-Mil. 5-Year Bond Deal
GOODYEAR TIRE: US$975-Mil Drawdown Cues Fitch's Negative Watch
INCO LTD: CVRD Obtains Canadian Approval for Inco Cash Offer
KERR-MCGEE: Anadarko Guarantee Prompts S&P to Upgrade Ratings


J A P A N

AOZORA BANK: Fitch Affirms 'C' Individual Rating
AOZORA BANK: To List On Nov. 14 in US$3.3-Bil. Public Offering
BOSTON SCIENTIFIC: Earns US$76 Million for September Quarter
COREL CORP: Reports US$5.5 Million Net Income in Third Quarter
SUMITOMO MITSUI BANKING: Fitch Upgrades Individual Rating to 'C'

TREND MICRO: Posts JPY3-Billion Net Income in 2006 2nd Quarter
UNIDEN CORP: Posts JPY1-Bil Rise in Operating Profit for 1sr Qtr


K O R E A

ACTUANT CORPORATION: Moody's Assigns Loss-Given-Default Rating
DAEWOO ELECTRONICS: Videocon Consortium Signs Initial Deal
SEQUA CORP: Moody's Assigns Loss-Given-Default Ratings


M A L A Y S I A

AMSTEEL CORPORATION: 31st Annual General Meeting Set on Nov. 13
ARMSTRONG WORLD: Asbestos Trust Discloses Acquired Common Shares
COMSA FARMS: Receives Writ of Summons from Ambank
COMSA FARMS: Still Working on Schemes for Business Stability
COMSA FARMS: Will Submit 2006 Annual Report by October 31

INTAN UTILITIES: SC Extends Time to Comply with Public Spread
KOMARKCORP BERHAD: Buys Back 25,100 Shares for MYR8,283
MERCES HOLDINGS: Default Amounts MYR9.44-Mil. to Southern Bank
MERCES HOLDINGS: Bentahara Wants Unit Wound Up Over Unpaid Claim
METROPLEX BERHAD: Unit's Hearing Withdrawn with No Cost

MULTI-USAGE HOLDINGS: SC Rejects Appeal to Proposals
SUGAR BUN: Inks 9,400,000 Placement Shares


N E W   Z E A L A N D

AVISAM CONSTRUCTION: Creditors Must Prove Debts by October 26
BROTHER HOOD: Appoints Official Assignee as Liquidator
COSTELLO CONSTRUCTION: Commences Liquidation of Business
FIRST CITY: Names Official Assignee as Liquidator
FORT'E CONSTRUCTION: Faces Liquidation Proceedings

GLENDHU PROJECTS: Court Sets Date to Hear Liquidation Petition
HARDING CONSTRUCTION: Liquidation Petition Hearing Set on Nov. 9
LATIN LARDER: Court Hears Liquidation Petition
MOTIVATION (NZ): Hearing of Liquidation Petition Set on Nov. 1
NASH HOLDINGS: Court to Hear Liquidation Petition on November 6

SOUTH ALPS: Creditors to Prove Claims on October 26
STEEL IMPORTS: Creditors' Proofs of Claim Due on October 26


P H I L I P P I N E S

NATIONAL POWER: Fitch Affirms BB Rating on US$300-Million Notes
RIZAL COMMERCIAL BANKING: S&P Rates Tier-1 Securities 'CCC'
* SEC approves Revised Auditing Standards


S I N G A P O R E

CHEMTURA CORP: S&P Affirms BB+ Rating & Outlook Stable
DIAMOND PETROLEUM: Court Orders Wind-Up of Company
FLEXTRONICS INTERNATIONAL: Shareholders Okays 2001 Plan Changes
LEAR CORPORATION: Inks US$200-Mil. Equity Offering with Icahn
OVERSEAS SHIPHOLDING: Receives Antitrust OK to Acquire Maritrans

QM INVESTMENT: Proofs of Debt Due on November 3
PETROLEO BRASILEIRO: Inks Synthetic Oil Tech. Development Pact
PETROLEO BRASILEIRO: Could Invest US$3.42B in Peru in Two Years
PETROLEO BRASILEIRO: Regulator Limits Firm's Right to Operate
RESEARCH PACIFIC: Court to Hear Wind-Up Petition on October 27

RIPPEY TECHNOLOGY: Creditors Must Prove Debts by November 21
SELCO NAVIGATION: Proofs of Debt Due on November 3


T H A I L A N D

BANGKOK BANK: Fitch Affirms 'C' Individual Rating
KASIKORNBANK: Fitch's 'C' Individual Rating Stays
KRUNG THAI: Fitch Affirms Individual Rating at C/D
SIAM COMMERCIAL: Fitch Keeps Individual 'C' Rating
STANDARD CHARTERED: Fitch Maintains 'C' Individual Rating

THAI PETROCHEMICAL: Mulls Sale of Under-performing Assets
UNITED OVERSEAS (THAI): Individual C/D Rating Stays, Fitch Says
* Fitch Keeps Thailand's Ratings, Out of Rating Watch Negative


* BOND PRICING: For the Week 23 October to 27 October 2006

     - - - - - - - -

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

ANIC TRANSPORT: Members Agree to Wind Up Operations
---------------------------------------------------
Members of Anic Transport Pty Ltd on September 26, 2006,
resolved to wind up the company's business operations.

In this regard, Gregory Stuart Andrews was appointed as
liquidator.

The Liquidator can be reached at:

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


AUSTRALIAN COUNCIL: Enters Voluntary Liquidation
------------------------------------------------
Shareholders of Australian Council for Infrastructure
Development Ltd on September 28, 2006, resolved to wind up the
company's operations and appointed John Lord as liquidator.

The Liquidator can be reached at:

         John Lord
         PKF
         Chartered Accountants
         Level 10, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia


B HUTCHINS: Members Agree on Voluntary Wind-Up
----------------------------------------------
At a general meeting on August 2, 2006, the members of
B Hutchins Pty Ltd resolved to the commencement of voluntary
wind-up of the company's operations.

Roger David Midgley was subsequently appointed as liquidator at
the creditors' meeting held that same day.

The Liquidator can be reached at:

         R. D. M. Smith
         126 George Street
         Morwell, Victoria 3840
         Australia


B S & L PTY: To Declare Dividend to Creditors on November 1
-----------------------------------------------------------
B S & L Pty Ltd, which is in liquidation, will declare its first
and final dividend to creditors on November 1, 2006, to the
exclusion of those who were unable to prove their claims on
October 13, 2006.

The Liquidator can be reached at:

         G. M. Rambaldi
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia


BODY ON LINE: Liquidator to Present Wind-Up Report
--------------------------------------------------
A final meeting of the members and creditors of Body On Line Pty
Ltd will be held on October 26, 2006, at 12:00 p.m., to receive
Liquidator R. W. Whitton's report on the company's wind-up and
property disposal exercises.

The Liquidator can be reached at:

         R. W. Whitton
         c/o Lawler Partners
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 8346 6000


BREWERS TRANSPORT: To Declare Dividend to Priority Creditors
------------------------------------------------------------
Brewers Transport Pty Ltd will declare the first and final
dividend to priority creditors on November 1, 2006.  Creditors
who were not able to admit their debts on October 10, 2006, are
excluded from the distribution.

As reported by the Troubled Company Reporter - Asia Pacific,
Brewers Transport commenced a wind-up of its operations on
July 22, 2005.

The Liquidator can be reached at:

         Oren Zohar
         KordaMentha
         Level 11, 37 St Georges Terrace
         Perth, Western Australia 6000
         Australia


CARPET MAGIC: Placed Under Members' Voluntary Wind-Up
-----------------------------------------------------
Members of Carpet Magic Pty Ltd met on October 2, 2006, and
resolved to voluntarily wind up the company's operations.

Subsequently, Peter Robert Vince was named as liquidator.

The Liquidator can be reached at:

         Peter Robert Vince
         Vince & Associates
         Chartered Accountants
         51 Robinson Street
         Dandenong, Victoria
         Australia


CHELTA CONSTRUCTIONS: Creditors Must Prove Debts by November 6
--------------------------------------------------------------
Creditors of Chelta Constructions Pty Ltd are required to submit
their proofs of debt to Liquidator Greg Sharpe by November 6,
2006.

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

The Liquidator can be reached at:

         Greg Sharpe
         Barrington Practice
         4/7 Narabang Way
         Belrose, New South Wales 2085
         Australia


COWLEY HOLDINGS: Commences Wind-Up of Operations
------------------------------------------------
On September 15, 2006, the members of Cowley Holdings Pty Ltd
passed a special resolution to voluntarily wind up the company's
operations and distribute the proceeds of its assets disposal.

The Liquidator can be reached at:

         Frank J. Scotney
         Level 1, 60 Liverpool Street
         Hobart, Tasmania 7000
         Australia


CUSTOMER SERVICE: Members and Creditors to Meet on October 26
-------------------------------------------------------------
Customer Service Smash Repairs Pty Ltd, which is in liquidation,
will hold a final meeting for its members and creditors on
October 26, 2006, at 10:00 a.m.

At the meeting, the members and creditors will receive
Liquidator R. W. Whitton's report regarding the company's wind-
up proceedings and property disposal activities.

The Liquidator can be reached at:

         R. W. Whitton
         c/o Lawler Partners
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 8346 6000


DOLPHIN TRAFFIC: Final Meeting Scheduled on October 26
------------------------------------------------------
Dolphin Traffic & Security Management Pty Ltd, which is in
liquidation, will hold a final meeting for its members and
creditors on October 26, 2006, at 10:30 a.m., for the purpose of
attending to statutory duties.

The Liquidator can be reached at:

         Nicholas Crouch
         Crouch Insolvency
         Level 28, 31 Market Street
         Sydney, New South Wales
         Australia


DURA GROUP: Members Opt to Close Operations
-------------------------------------------
At a meeting held on October 5, 2006, the members of Dura Group
Pty Ltd resolved to close the company's operations.

In this regard, Nicholas Crouch was appointed as liquidator.

The Liquidator can be reached at:

         Nicholas Crouch
         Crouch Insolvency
         Chartered Accountants
         Level 28, 31 Market Street
         Sydney, New South Wales 2000
         Australia


FIREARMS TRAINING: Selling Outstanding Shares to Meggitt-USA
------------------------------------------------------------
Firearms Training Systems Inc. sold all of its outstanding
shares to Meggitt-USA Inc., an indirect United States subsidiary
of Meggitt PLC.

Holders of the company's Class A Common Stock received cash
in the amount of US$1.08 per share owned immediately before the
effective time of the merger and holders of FATS' Series C
Preferred Stock received cash in the amount equal to the sum of
the liquidation preferences of such preferred stock plus accrued
and any unpaid dividends on such shares to the extent not
previously added to the liquidation preference, for each
outstanding share owned immediately before the effective time
of the merger.

All holders of stock options outstanding at the closing received
cash payments equal to the sum of the difference between the
per-share option exercise prices of their respective options and
US$1.08 for each share subject to an option.

Firearms Training Systems, Inc. -- http://www.fatsinc.com/--  
and its subsidiary, FATS, Inc., provides fully-integrated,
simulated training to professional military and law enforcement
personnel.  Utilizing quality engineered simulated weapons,
FATS' state-of-the-art virtual training solutions offer
judgmental, tactical and combined arms experiences.  The company
serves U.S. and international customers from headquarters in
Suwanee, Georgia, with branch offices in Australia, Canada,
Netherlands and United Kingdom.  The ISO-certified company
celebrated its 20th anniversary in 2004.

                          *     *     *

At June 30, 2006, Firearms Training Systems, Inc.'s balance
sheet showed a US$24,931,000 stockholders' deficit compared to a
US$25,702,000 deficit at Mar. 31, 2006.


HEMLO GOLD: Prepares to Close Operations
----------------------------------------
At an extraordinary general meeting of Hemlo Gold Mines
Australia Pty Ltd held on September 14, 2006, the members
resolved 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
         Web site: http://www.mcgrathnicol.com.au


INVESTEC BANK: Fitch Affirms 'C' Individual Rating
--------------------------------------------------
Fitch Ratings has affirmed and simultaneously withdrawn the
ratings of N M Rothschild & Sons (Australia) Limited as follows:
Long-term Issuer Default rating 'BBB' with a Stable Outlook,
Short-term 'F3', Individual 'C' and Support '2'.  This follows
the transfer of all assets and liabilities of NMRA to Investec
Bank (Australia) Limited.  The agency affirmed the rating of
'BBB-' on NMRA's AU$100 million subordinated debt upon the
transfer of the debt to IBAL.

At the same time, Fitch affirmed IBAL's ratings as follows:
Long-term IDR 'BBB' with a Stable Outlook, Short-term 'F3',
Individual 'C' and Support '2'.

NMRA and its parent, N M Rothschild Australia Holdings Pty Ltd,
were sold to Investec Bank (UK) Limited ("IBUK"; rated
'BBB+'/Stable) on 7 July 2006.  At the time, it was planned that
all assets and liabilities of NMRA (the main operating business
of NMRAH) would be transferred to IBUK's other wholly owned
Australian subsidiary, IBAL.  This transfer was completed on 29
September 2006.


JACOBENA INVESTMENTS: Enters Wind-Up Proceedings
------------------------------------------------
At a general meeting held on September 26, 2006, the members of
Jacobena Investments Pty Ltd resolved to voluntarily wind up the
company's operations and appointed Gregory Stuart Andrews as
liquidator.

The Liquidator can be reached at:

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


JAD CLOTHING: Enters Voluntary Wind-Up of Operations
----------------------------------------------------
Members of Jad Clothing Pty Ltd on October 5, 2006, resolved to
voluntarily wind up the company's operations.

At the creditors' meeting held that same day, Robyn Louise
Duggan and Max Christopher Donnely were appointed as joint and
several liquidators.

The Joint and Several Liquidators can be reached at:

         Robyn Louise Duggan
         Max Christopher Donnely
         Ferrier Hodgson
         Level 13, 225 George Street
         Sydney, New South Wales
         Australia


JENCHRIS INVESTMENTS: Members Resolve to Liquidate Business
-----------------------------------------------------------
Members of Jenchris Investment Pty Ltd met on October 4, 2006,
and resolved to voluntarily liquidate the company's business.

Accordingly, Robyn Louise Duggan and Max Christopher Donnelly
were named liquidators.

The Liquidators can be reached at:

         Robyn Louise Duggan
         Max Christopher Donnelly
         Ferrier Hodgson
         GPO Box 4114
         Sydney, New South Wales 2001
         Australia


MATESTOCK PTY: Set to Declare First and Final Dividend
------------------------------------------------------
Matestock Pty Ltd, which is in liquidation, will declare the
first and final dividend on November 1, 2006.

Creditors who failed to prove their claims on October 10, 2006,
are excluded from the distribution.

The Liquidator can be reached at:

         Ginette Muller
         KordaMentha (Qld)
         22 Market Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3225 4000
         Facsimile:(07) 3225 4999


NORPET PTY: Placed Under Voluntary Liquidation
----------------------------------------------
At an extraordinary general meeting on September 27, 2006, the
members of Norpet Pty Ltd resolved to voluntarily wind up the
company's operations.

John Vouris was subsequently appointed as liquidator at the
creditors' meeting held that same day.

The Liquidator can be reached at:

         John Vouris
         Lawler Partners
         Chartered Accountants
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia


OLIVERS COFFEE: Members and Creditors to Hear Wind-Up Report
------------------------------------------------------------
Olivers Coffee Group Pty Ltd, which is in liquidation, will hold
a final meeting for its members and creditors on October 26,
2006, at 11:00 a.m.

During the meeting, the members and creditors will receive an
account of the company's wind-up and property disposal exercises
from Liquidator B. A. Taylor.

The Liquidator can be reached at:

         B. A. Taylor
         Ferrier Hodgson
         Chartered Accountants
         Level 13, 225 George Street
         Sydney, New South Wales 2000
         Australia


OPEN TEXT: To Streamline Employees and Facilities
-------------------------------------------------
Open Text(TM) Corporation will release financial results for its
first quarter of fiscal 2007 on Monday, Nov. 6, 2006, at
approximately 4:00 p.m. Eastern Time.

For the quarter ended Sept. 30, 2006, the company expects to
report revenue between US$99 million and US$101 million.

As reported in the Troubled Company Reporter on Oct. 17, 2006
Open Text, through its wholly owned subsidiary 6575064 Canada
Inc., acquired all of the issued and outstanding common shares
of Hummingbird at a cash price of US$27.85 per common share
which, together with the 764,850 common shares of Hummingbird
owned by Open Text prior to the transaction, represent all of
the issued and outstanding shares of Hummingbird.  The
transaction is valued at approximately US$489 million.

John Shackleton, president and chief executive officer,
commented on the company's restructuring.

"As part of the integration of Hummingbird into Open Text, we
are examining global operations to ensure we leverage the best
assets of both companies," Mr. Shackleton said.  "Streamlining
employees and facilities of both Hummingbird and Open Text is
necessary to fully capitalize on the economies of scale and
synergies that are available from this integration."

                      Teleconference Call

The company also disclosed that it will host a conference call
on Nov. 6, 2006 at 5:00 p.m. Eastern Time to discuss the final
financial results of its first quarter.  The teleconference may
be accessed by dialing telephone numbers 416-640-1907
approximately 10 minutes before the teleconference is scheduled
to begin.

Open Text Corp. -- http://www.opentext.com/-- is a leading  
provider of Enterprise Content Management software targeting
large Global 2000 enterprise customers.  ECM software and
support services -- an estimated US$2.25 billion addressable
market -- help businesses capture, store, and manage
unstructured corporate data.  The company's flagship product,
Livelink ECM, has an installed base in excess of 20 million
seats in more than 114 countries.  It has field offices in
Australia, Japan and Singapore.

Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to Waterloo, Ontario-based enterprise
software provider, Open Text Corp.

At the same time, Standard & Poor's assigned its 'BB-' bank loan
rating, with a recovery rating of '2', to the company's proposed
US$490 million senior secured bank facility, which consists of a
US$75 million five-year revolving credit facility and a
US$415 million seven-year term loan B.

Moody's Investors Service assigns a first-time Ba3 rating to the
senior secured facilities and B1 rating to the corporate family
of Open Text Corp., a leading provider of enterprise content
management software.  The ratings reflect both the overall
probability of default of the company, to which Moody's assigns
a PDR of B2, and a loss-given-default of LGD-2 for the senior
secured facilities.  Moody's also assigned a SGL-1 speculative
grade liquidity rating, reflecting very good liquidity.  The
ratings outlook is stable.


PAUL SEGAERT (QLD): To Declare Dividend on November 1
-----------------------------------------------------
Paul Segaert Aluminum Products (Qld) Pty Ltd, which is in
liquidation, will declare the first and final dividend to its
creditors on November 1, 2006.

Creditors who were not able to submit their proofs of debt on
October 18, 2006, will be excluded from the benefit of the
dividend.

The Liquidator can be reached at:

         P. A. Billingham
         Grant Thornton
         Level 17, 383 Kent Street
         Sydney, New South Wales 2000
         Australia


PEABODY ENERGY: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the North American Metals & Mining sectors, the
rating agency confirmed its Ba1 Corporate Family Rating for
Peabody Energy Corporation.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$1.8 Billion
   Guaranteed
   Senior Unsecured
   Revolving Facility
   due 2011               Ba1      Ba1     LGD4       52%

   US$943 Million
   Guaranteed
   Senior Unsecured
   Term Loan A
   due 2011               Ba1      Ba1     LGD4       52%

   US$650 Million
   6.875% Guaranteed
   Senior Unsecured
   Notes due 2013         Ba1      Ba1     LGD4       52%

   US$240 Million
   5.875% Guaranteed
   Senior Unsecured
   Notes due 2016         Ba1      Ba1     LGD4       52%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in St. Louis, Missouri, Peabody Energy Corp.,
(NYSE: BTU) -- http://www.peabodyenergy.com/-- is the world's   
largest private-sector coal company, with 2005 sales of 240
million tons of coal and US$4.6 billion in revenues.  Its coal
products fuel 10% of all U.S. and 3% of worldwide electricity.  
The company has coal operations in Australia.


ROBJOE PTY: Creditors' Proofs of Claim Due on October 24
--------------------------------------------------------
Robjoe Pty Ltd, which is subject to a deed of company
arrangement, will declare a dividend to its creditors on
October 31, 2006.

Creditors who cannot prove their claims by October 24, 2006,
will be excluded from sharing in the dividend distribution.

The Deed Administrator can be reached at:

         Morgan Lane
         Worrells
         Solvency & Forensic Accountants
         8th Floor, 102 Adelaide Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3225 4373
         Facsimile:(07) 3225 4311
         Web site: http://www.worrells.net.au


RON REEVES: Liquidator Green to Present Wind-Up Report
------------------------------------------------------
A joint meeting of the members and creditors of Ron Reeves
Enterprises Pty Ltd will be held on October 26, 2006, at 10:00
a.m., to receive Liquidator Martin J. Green's account on the
company's wind-up proceedings.

The Liquidator can be reached at:

         Martin J. Green
         GHK Green Krejci
         Level 13, 1 Castlereagh Street
         Sydney, New South Wales 2000
         Australia


SCOTTS CURTAINS: Decides to Close Operations
--------------------------------------------
Shareholders of Scotts Curtains & Blinds Pty Ltd decided on
October 5, 2006, to wind up the company's operations.

In this regard, Peter John Cramer was appointed liquidator for
the purpose of wind-up.

The Liquidator can be reached at:

         Peter John Cramer
         Green Taylor Partners
         Chartered Accountants
         43-45 Pynsent Street
         Horsham, Victoria 3400
         Australia


SEATWISE PTY: Members and Creditors to Convene on October 26
------------------------------------------------------------
A final meeting of the members and creditors of Seatwise Pty
Ltd, which is in liquidation, will be held on October 26, 2006,
at 11:00 a.m., for the purpose of attending to statutory duties.

The Liquidator can be reached at:

         Nicholas Crouch
         Crouch Insolvency
         Level 28, 31 Market Street
         Sydney, New South Wales
         Australia


SOVEREIGN DELIVERY: Prepares to Declare Dividend on November 1
--------------------------------------------------------------
Sovereign Delivery Services Pty Ltd, which is in liquidation,
will declare the first and final dividend to priority creditors
on November 1, 2006.

Creditors who were not able to prove their debts on October 10,
2006, will be excluded from sharing in the dividend
distribution.

The Liquidator can be reached at:

         Oren Zohar
         KordaMentha
         Level 11, 37 St Georges Terrace
         Perth, Western Australia 6000
         Australia


S&H SERVICES: Appoints Murray Godfrey as Liquidator
---------------------------------------------------
At a meeting of S & H Services Pty Ltd on October 6, 2006, the
members and creditors passed resolutions to voluntarily wind up
the company's operations.

Accordingly, Murray Godfrey was appointed as liquidator.

The Liquidator can be reached at:

         Murray Godfrey
         RMG Partners
         Chartered Accountants
         Level 12, 88 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone: 02 9231 0889


SURREAL BOUTIQUE: Final Meeting Slated for October 26
-----------------------------------------------------
Surreal Boutique Pty Ltd, which is in liquidation, will hold a
final meeting for its members and creditors on October 26, 2006,
at 11:00 a.m.

During the meeting, Liquidator R. W. Whitton will present an
account of the company's wind-up proceedings and property
disposal exercises.

The Liquidator can be reached at:

         R. W. Whitton
         c/o Lawler Partners
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 8346 6000


TALKPRINT PTY: Members & Creditors to Receive Wind-Up Report
------------------------------------------------------------
TalkPrint Pty Ltd will hold a meeting for its members and
creditors on October 26, 2006, to receive an account of the
company's wind-up proceedings and property disposal exercises.

The Liquidator can be reached at:

         R. A. Sutcliffe
         Ground Floor, 192-198 High Street
         Northcote, Victoria 3070
         Australia
         Telephone:(03) 9482 6277


TECKHONG HOLDINGS: Final Meeting Fixed for October 26
-----------------------------------------------------
Members and creditors of Teckhong Holdings Pty Ltd will hold a
final meeting on October 26, 2006, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up and property
disposal exercises.

The liquidator can be reached at:

         A. L. Dunner
         Andrew Dunner & Associates
         Chartered Accountants
         23 Erin Street
         Richmond, Victoria
         Australia


YARRAN GLEN: Members Resolve to Wind Up Firm
--------------------------------------------
At a general meeting held on September 18, 2006, the members of
Yarran Glen Pastoral Co Pty Ltd resolved to voluntarily wind up
the company's operations.

Robyn Louise Duggan and Max Christopher Donnelly were nominated
as liquidators.

The Liquidators can be reached at:

         Robyn Louise Duggan
         Max Christopher Donnelly
         Ferrier Hodgson
         GPO Box 4114
         Sydney, New South Wales 2001
         Australia


WALT DISNEY: Members Opt for Voluntary Wind-Up
----------------------------------------------
At an extraordinary general meeting of the members of Walt
Disney Animation Australia Pty Ltd on September 26, 2006, it was
agreed that a voluntary wind-up of the company's operations is
appropriate and necessary.

Consequently, Rod Slattery was appointed liquidator at the
creditors' meeting held that same day.

The Liquidator can be reached at:

         Rod Slattery
         PPB
         Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria
         Australia


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

ACCORD CONTAINER: Inability to Pay Debt Prompts Wind-Up
-------------------------------------------------------
The members and creditors of Accord Container Line (HK) Ltd
convened on October 16, 2006, and decided to wind up the
company's operations for its inability to pay debts.

Lau Siu Hung was appointed as liquidator.

The Liquidator can be reached at:

         Lau Siu Hung
         2/F, Wing Yee Commercial Building
         5 Wing Kut Street, Central
         Hong Kong


ALTRA INDUSTRIAL: Moody's Assigns Loss-Given-Default Rating
-----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
affirmed its B2 Corporate Family Rating for Altra Industrial
Motion, Incorporated, as well as revised its rating on the
company's US$165 million Senior Secured Notes due 2011 to B1
from B3.  Moody's assigned these debentures an LGD3 rating
suggesting that noteholders will experience a 39% loss in the
event of a default.

Additionally, Moody's also revised its ratings on the company's
US$60 million 11.25% Senior Unsecured Notes Due 2013 with an
LGD5 rating suggesting that noteholders will experience an 80%
loss in the event of default.

Moody's explains that current long-term credit ratings are
opinions about expected credit loss which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Quincy, Massachusetts, Altra Industrial Motion,
Incorporated - http://www.altramotion.com- is a supplier of  
power transmission and motion control products.  The company has
international facilities and sales offices in China, Germany,
India, and Singapore, among others.


ATL CHINA: Sole Members' Final Meeting Set on November 20
---------------------------------------------------------
The final meeting of the sole member of ATL China Ltd will be
held on November 20, 2006, at 11:00 a.m., to receive Liquidator
Thomas Andrew Corkhill's account on the company's wind-up and
property disposal activities.

The Liquidator can be reached at:

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


DANA ASIA: Members to Receive Wind-Up Report
--------------------------------------------
The members of Dana Asia (Hong Kong) Ltd will be receiving
Liquidator Natalia K M Seng's report on the company's wind-up
and property disposal exercises.

The Liquidator will make the presentation on November 24, 2006,
9:00 a.m. at Level 28, Three Pacific Place, 1 Queen's Road East,
Hong Kong.


EXCEL DENTAL: Court to Hear Wind-Up Petition on November 22
-----------------------------------------------------------
The High Court of Hong Kong is set to hear a wind-up petition
against Excel Dental Supplies Ltd, on November 22, 2006, at 9:30
a.m.

Chow Kam Chuen filed the petition with the Court on
September 22, 2006.

The Solicitors for the Petitioner can be reached at:

         Joe Poon
         34/F, Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong


FORE LEADER: Hearing of Wind-Up Petition Set on November 22
-----------------------------------------------------------
A liquidation petition filed against Fore Leader Ltd will be
heard before the High Court of Hong Kong on November 22, 2006,
at 9:30 a.m.

Yiu Tat Choi presented the petition with the Court on
September 22, 2006.

The Solicitors for the Petitioner can be reached at:

         Joe Poon
         34/F, Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong


FREIGHT SOLUTIONS: Liquidator to Present Wind-Up Report
-------------------------------------------------------
Members of Freight Solutions International Ltd will hold a final
general meeting on November 13, 2006, 4:30 p.m., at Unit 511,
5/F, Tower 1, Silvercord, 30 Canton Road, Tsimshatsui, Kowloon,
Hong Kong.

At the meeting, members will receive Liquidator Ho Man Kit's
account on the company's wind-up and property disposal
activities.


HELINGER LTD: Members Opt for Voluntary Wind-Up
-----------------------------------------------
Members of Helinger Ltd resolved on October 16, 2006, to
voluntarily wind up the company's operations.

In this regard, Lo Wai Tsun and Katherine Lai Wai Han were
appointed as joint and several liquidators.

The Joint Liquidators can be reached at:

         Lo Wai Tsun
         Katherine Lai Wai Han
         22/F, JP Morgan Tower
         138 Rural Committee Road
         Shatin, New Territories
         Hong Kong


HOR KUANG: Wind-Up Petition Hearing Slated for November 15
----------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Hor Kuang Flashlight Bulb Factory Ltd on November 15, 2006, at
9:30 a.m.

Lam Siu Po filed the petition with the Court on September 20,
2006.

The Solicitors for the Petitioner can be reached at:

         Joe Poon
         34/F, Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong


MILBRIGHT LTD: Shareholders Agree to Wind Up Operations
-------------------------------------------------------
At an extraordinary general meeting of Milbright Ltd on
October 9, 2006, shareholders passed a special resolution to
voluntary wind up the company's operations.

Subsequently, Lau Chi Wai was appointed as liquidator.

The Liquidator can be reached at:

         Lau Chi Wai
         Unit A, 26/F
         Block 2, Elegant Terrace
         36 Conduit Road
         Hong Kong


NOVA CHEMICALS: Moody's Pares Ratings to US$1.25 Billion Debt
-----------------------------------------------------------
Moody's Investors Service downgraded NOVA Chemicals Corporation  
corporate family rating and its senior unsecured debt ratings to
Ba3 from Ba2.  Moody's also affirmed NOVA's speculative grade
liquidity rating at SGL-3 and the company's LGD assessments.  
The rating outlook is negative.

Ratings Downgraded:

   Issuer: NOVA Chemicals Corporation

     -- Corporate Family Rating, Downgraded to Ba3 from Ba2

     -- Probability of Default Rating, Downgraded to Ba3 from
        Ba2

     -- US$400 million Floating Rate Global Senior Unsecured
        Notes due 11/2013, Downgraded to Ba3 from Ba2

     -- US$400 million 6.5% Global Senior Unsecured Notes due
        1/2012, Downgraded to Ba3 from Ba2

     -- US$125mm 7.25% Senior Unsecured Debentures due 8/2028,
        Downgraded to Ba3 from Ba2

     -- US$100 million 7.875% Senior Unsecured Debentures due
        9/2025, Downgraded to Ba3 from Ba2

Ratings affirmed:

   Issuer: NOVA Chemicals Corporation

     -- Loss Given Default Assessments for all rated unsecured
        debt, LGD4

     -- Speculative Grade Liquidity Rating, SGL-3

The ratings downgrades reflects Moody's belief that the company
will fall short of expected peak metrics, including EBITDA and
free cash flow generation, in 2006 and hence its through-the-
cycle average metrics are not sufficient to support a Ba2
rating. Although NOVA's Olefin business generated a record
US$255 million of EBITDA (not including US$17 million of
unrecognized hedging losses) during the quarter, largely due to
the unprecedented feedstock differential versus Gulf Coast
producers, the consolidated EBITDA failed to exceed US$200
million and the company was free cash flow negative by more than
US$100 million. As a result, the company's balance sheet debt
and usage under the accounts receivable facility increased above
US$2.25 billion for the first time in five years.

At this point in the cycle, Moody's does not believe that debt
should be approaching near record levels, given the potential
future volatility in earnings.  Additionally, when using Moody's
Chemical Industry Rating Methodology, the company's metrics map
to a very weak "Ba" rating.  

The negative outlook reflects uncertainties over NOVA's future
financial performance given the anticipated downturn in the
ethylene and polyethylene margins over the next several years
and its ability to generate financial metrics that solidly
support the Ba3 corporate family rating with its current debt
load.  The key ratings drivers are Financial Strength,
Management Strategy and Business Profile.  If NOVA is unable to
keep EBITDA above US$450-500 million per year and reduce debt by
over US$300 million during the next two years, Moody's could
reassess the appropriateness of the company's Ba3 corporate
family rating.

Nova Chemicals Company is headquartered in Calgary, Alberta,
Canada and is a leading producer of ethylene, polyethylene,
styrene, polystyrene, and expanded polystyrene.  NOVA reported
revenues of US$6.3 billion for the last twelve months ending
September 30, 2006. The company's Asian operating center is in
China.


P5 LIMITED: Members to Convene on November 20
---------------------------------------------
P5 Limited will hold a final general meeting for its members on
November 20, 2006 at 11:00 a.m., to receive an account on the
company's wind-up and property disposal exercises from
Liquidator Veronica Chiao.

The Liquidator can be reached at:

         Veronica Chiao
         Room 1208, Kai Tak Commercial Building
         317-319 Des Voeux Road, Central
         Hong Kong


RABEL LTD: Members Opt to Close Operations
------------------------------------------
At an extraordinary general meeting on October 13, 2006, the
members of Rabel Ltd passed a special resolution to close the
company's operations.

Accordingly, Wu Chi Tso, John and Wong Man Ching were appointed
as joint and several liquidators.

The Joint Liquidators can be reached at:

         Wu Chi Tso, John
         Wong Man Ching
         Suites 2109-10, Asian House
         1 Hennessy Road, Wanchai
         Hong Kong, SAR
         China


SHING YIP: Enters Liquidation Proceedings
-----------------------------------------
Members of Shing Yip Rent Office Ltd held an extraordinary
general meeting on October 13, 2006, and decided to voluntarily
wind up the company's operations and appoint Ho Robert Yau Chung
as liquidator.

The Liquidator can be reached at:

         Ho Robert Yau Chung
         No. 19 Cooper Road
         Jardine's Lockout
         Hong Kong


TCL CORP: Returns to Black in Q3 2006; Expects Full-Year Loss
-------------------------------------------------------------
TCL Corp disclosed on October 21, 2006, that it returned to
black in the third quarter of 2006 but still expects to post a
loss for the full-year period, Reuters reports.

The company posted a net profit of CNY31.02 million or
US$3.93 million in the July-September period, swinging from a
CNY446.36-million loss in the same quarter in 2005.

According to TCL, it achieved a "breakthrough" in the third
quarter by improving margins, introducing new products such as
flat-panel TVs, and restructuring European assets it obtained
through joint ventures with Thomson.

Sales, however, slipped to CNY11.25 billion in the third quarter
this year from CNY12.11 billion in the third quarter last year,
largely because of a 14% drop in total TV sales volume,
operating profit on core business climbed to CNY1.75 billion
from CNY1.44 billion.

The company said it achieved an operating margin of 16.36% on
its television business and 22.25% on cellphones, without giving
comparisons, Reuters notes.

Cellphone sales volume in China, where TCL faces tough
competition from foreign and local makers, shrank 38% from a
year earlier to 560,000 phones.  But sales overseas jumped 48%
to 2.21 million phones, the paper adds.

Meanwhile, TCL said it still expected to post a loss for the
full-year because first-half losses had been so large.  In the
first half of this year, TCL reported a net loss of
CNY737.56 million, after a loss of CNY320.24 million for 2005.

TCL Corp is the parent of Hong Kong-listed TV maker TCL
Multimedia Technology Holdings Ltd and cellphone maker TCL
Communication .

Headquartered in New Territories, Hong Kong, TCL Multimedia
Technology Holdings Limited -- http://www.tclcom.com/-- is  
formerly known as TCL International Holdings Limited.  The
Group's principal activities are designing, manufacturing and
selling electronic products like colored TV, DVD players, VCD
players, home cinema hi-fi systems, mobile handsets, internet
related information technology products, refrigerators and
washing machines.  Its other activity includes trading
electronic parts and components used in the production of color
television sets.

On August 31, 2006, the Troubled Company Reporter - Asia Pacific
reported that the company posted CNY763 million losses of TCL
Multimedia Technology Holdings Limited's European operations,
which caused losses of the TCL Corp. group to widen to
CNY737.56 million.

The TCR-AP recounts that in 2004, TCL acquired the TV unit of
French electronics firm Thomson, which uses the Thomson brand in
Europe and RCA in North America.  TCL grouped all its TV
businesses under TMT.


VINCENT UNION: Members Decide to Liquidate Business
---------------------------------------------------
During an extraordinary general meeting on October 11, 2006, the
members of Vincent Union (International) Ltd decided to
voluntarily liquidate the company's business.

Thomas Andrew Corkhill and Iain Ferguson Bruce were subsequently
appointed as joint and several liquidators.

The Joint Liquidators can be reached at:

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


WORLD EAST: Faces Wind-Up Proceedings
-------------------------------------
A petition to wind up World East (H.K.) Ltd will be heard before
the High Court of Hong Kong on November 22, 2006, at 9:30 a.m.

Chan Wai Kai Andy filed the petition with the Court on
September 27, 2006.

The Solicitors for the Petitioner can be reached at:

         Joe Poon
         34/F, Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong


WORLD RACING: Members' Final Meeting Scheduled on November 20
-------------------------------------------------------------
The members of World Racing Ltd will hold their final meeting on
November 20, 2006, at Cnr Toorak & Tooronga Roads, Hawthorn
East, Victoria 3123, Australia.

During the meeting, Liquidator Seto Sau Kuen Christine will
present a report on the company's wind-up and property disposal
exercises.

As reported by the Troubled Company Reporter - Asia Pacific,
creditors of the company were required to submit their proofs of
claim on June 30, 2006.


YICKO FUTURES: Members and Creditors to Hold First Meeting
----------------------------------------------------------
Members and creditors of Yicko Futures Ltd will hold separate
meetings at 2/F., Wing Yee Commercial Building, 5 Wing Kut
Street, Central, Hong Kong on October 20, 2006 at 10:00 a.m. and
2:30 p.m., respectively.

At the meeting, creditors will decide whether it is necessary to
appoint a liquidator and a committee of inspection for the
company.


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

ALLAHABAD BANK: Ashok Jain Nominated to Director Post
-----------------------------------------------------
Allahabad Bank notified the Bombay Stock Exchange that the
Central Government, after consultation with the Reserve Bank of
India, nominated Shri. Ashok Jain, Chartered Accountant, as
part-time non-official director under Chartered Accountant
category to Allahabad's board of directors.

Mr. Jain is nominated to the director post for a three-year
period effective on the date of notification -- October 11, 2006
-- or until further orders, whichever is earlier.

                      About Allahabad Bank

Allahabad Bank -- http://www.allahabadbank.com/-- is a public  
sector bank in India.  The company's offerings include personal
loans, AllBank-Expo scheme, loan against National Savings
Certificate and Kisan Vikas Patra, housing finance, furnishing
loan, car finance and education loan.  The Company offers a
range of deposit schemes to the non-resident Indians.  The
company has retail banking boutique branches all over India.
The company's other services include AllBank-Property, All
Ayushman Bima Yojana, Cash Management Services, Kisan Credit
Card, Flexi-Fix Deposit, Gold Deposit, SSI Finance, Gold Card
Scheme for Exporters, Kisan Shakti Yojana, Bancassurance and
Mutual fund, Real Time Gross Settlement and Clean Note Policy.

The Troubled Company Reporter - Asia Pacific reported on
September 14, 2006, that Fitch Ratings assigned an Individual
rating of C/D to Allahabad Bank.  The Support rating is affirmed
at '4'.  The outlook on the rating is stable.


BANK OF BARODA: Board to Consider Financials on Oct. 28 Meeting
---------------------------------------------------------------
Bank of Baroda's board of directors will meet on Oct. 28, 2006,
to consider, among others, the Bank's financial results for the
second quarter and half-year periods ended September 30, 2006.

The Troubled Company Reporter - Asia Pacific reported on
September 20, 2006, the Bank's results for the first quarter.   
According to the report, the Bank posted a INR1.63-billion net
profit for the quarter ended June 30, 2006.

                      About Bank of Baroda

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

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


BANK OF BARODA: Chopra Named as Non-Official Director
-----------------------------------------------------
The Government of India, Ministry of Finance, Department of
Economic Affairs, Banking Division in New Delhi, has appointed
Shri Amarjit Chopra, as part-time non-official director under
Chartered Accountant category to Bank of Baroda's board of
directors.

Mr. Chopra will have a term of three years starting from the
date of notification or until further orders, whichever is
earlier.

                      About Bank of Baroda

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

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


BANK OF INDIA: Negotiating Alliance with Union Bank of India
------------------------------------------------------------
Bank of India and Union Bank of India are currently negotiating
terms to form an alliance, The Financial Express reports, citing
statements made by both banks' chairmen and managing directors
confirming the development.

According to the report, the partnership's goals include
providing funds jointly for big projects and sharing in the
syndication fees.

The two banks agreed, among others, not to under-price their
products, FE says.

Citing reliable sources, FE says the board of directors of both
banks have already approved the tie-up.

Dena Bank is reportedly also interested in joining the alliance.

                      About Bank of India

Bank of India -- http://www.bankofindia.com/-- 2,628 branches  
in India spread over all states/union territories, including 93
specialized branches.  The bank provides a range of financial
products and services, including numerous credit schemes,
deposit schemes, cash management services, credit/debit cards,
deposit vaults and corporate bonds.  It also extends finance to
small and medium enterprises and small-scale industries.  It
provides a variety of loans, such as mortgage loans, educational
loans, auto finance loans, holiday loans, personal loans and
home loans.  The bank offers Internet banking services for both
the retail and corporate clients.

The bank also operates in the Cayman Islands, China, the Channel
Islands, France, Hong Kong, Indonesia, Japan, Kenya, Singapore,
the United Kingdom, the United States, and Vietnam.

                          *     *      *

The Troubled Company Reporter - Asia Pacific reported on
September 11, 2006, that Standard & Poor's Ratings Services
assigned its BB- rating to Bank of India's (BoI; BB+/Positive/B)
proposed upper Tier II subordinated and hybrid Tier I notes
under its US$1 billion MTN program.

At the same time, Standard & Poor's raised its rating on the
proposed subordinated notes, or lower Tier II notes, under the
MTN program to BB from BB-.

S&P had earlier given Bank of India both BB+ long-term local and
foreign issuer credit ratings, and B ratings on its short-term
foreign and local issuer credit.


BANK OF INDIA: To Open 55 New Branches and Boost Business Worth
----------------------------------------------------------------
Bank of India will open 55 new branches across India, The Hindu
reports, citing a statement made by the Bank last week.  

According to BOI chairman and managing director, M Balachandran,
the Reserve Bank of India has approved the opening of the
branches.

In addition to the 55 branches, the Bank also intends to open
new expand operations abroad -- Belgium, Tanzania and South
Africa.

BOI also plans to boost its business worth up INR2,00,000 crore
by the end of the current fiscal year, Mr. Balachandran told the
Indian newspaper.  This September, the Bank has already gained
INR1,75,000 crore business worth, the newspaper notes.

                      About Bank of India

Bank of India -- http://www.bankofindia.com/-- 2,628 branches  
in India spread over all states/union territories, including 93
specialized branches.  The bank provides a range of financial
products and services, including numerous credit schemes,
deposit schemes, cash management services, credit/debit cards,
deposit vaults and corporate bonds.  It also extends finance to
small and medium enterprises and small-scale industries.  It
provides a variety of loans, such as mortgage loans, educational
loans, auto finance loans, holiday loans, personal loans and
home loans.  The bank offers Internet banking services for both
the retail and corporate clients.

The bank also operates in the Cayman Islands, China, the Channel
Islands, France, Hong Kong, Indonesia, Japan, Kenya, Singapore,
the United Kingdom, the United States, and Vietnam.

                          *     *      *

The Troubled Company Reporter - Asia Pacific reported on
September 11, 2006, that Standard & Poor's Ratings Services
assigned its BB- rating to Bank of India's (BoI; BB+/Positive/B)
proposed upper Tier II subordinated and hybrid Tier I notes
under its US$1 billion MTN program.

At the same time, Standard & Poor's raised its rating on the
proposed subordinated notes, or lower Tier II notes, under the
MTN program to BB from BB-.

S&P had earlier given Bank of India both BB+ long-term local and
foreign issuer credit ratings, and B ratings on its short-term
foreign and local issuer credit.


BANK OF INDIA: Board to Hold Meeting on October 27
--------------------------------------------------
Bank of India's board of directors will hold a meeting on
Oct. 27, 2006.

During the meeting, the Board will, inter alia, consider and
approve the Bank's Reviewed Financial Results for the half-year
period ended September 30, 2006.

                      About Bank of India

Bank of India -- http://www.bankofindia.com/-- 2,628 branches  
in India spread over all states/union territories, including 93
specialized branches.  The bank provides a range of financial
products and services, including numerous credit schemes,
deposit schemes, cash management services, credit/debit cards,
deposit vaults and corporate bonds.  It also extends finance to
small and medium enterprises and small-scale industries.  It
provides a variety of loans, such as mortgage loans, educational
loans, auto finance loans, holiday loans, personal loans and
home loans.  The bank offers Internet banking services for both
the retail and corporate clients.

The bank also operates in the Cayman Islands, China, the Channel
Islands, France, Hong Kong, Indonesia, Japan, Kenya, Singapore,
the United Kingdom, the United States, and Vietnam.

                          *     *      *

The Troubled Company Reporter - Asia Pacific reported on
September 11, 2006, that Standard & Poor's Ratings Services
assigned its BB- rating to Bank of India's (BoI; BB+/Positive/B)
proposed upper Tier II subordinated and hybrid Tier I notes
under its US$1 billion MTN program.

At the same time, Standard & Poor's raised its rating on the
proposed subordinated notes, or lower Tier II notes, under the
MTN program to BB from BB-.

S&P had earlier given Bank of India both BB+ long-term local and
foreign issuer credit ratings, and B ratings on its short-term
foreign and local issuer credit.


BHARAT PETROLEUM: Kochi Merger Approved; AGM Rescheduled
--------------------------------------------------------
Bharat Petroleum Corporation Ltd informed the Bombay Stock
Exchange that the Scheme of Amalgamation with Kochi Refineries
Ltd has been approved by the Ministry of Company Affairs on
August 18, 2006.

The Troubled Company Reporter - Asia Pacific reported on May 18,
2006, regarding the proposed tie-up between Bharat Petroleum and
KRL.  The merger aims to offset under-recoveries that the oil
firm has been suffering since 2005.

As a merged entity, Bharat Petroleum would like to submit
consolidated Annual Accounts for the year ending March 31, 2006,
to its shareholders for consideration at the ensuing Annual
General Meeting.

Considering, among others, the time required for the preparation
of the Consolidated Accounts, Bharat Petroleum sought to extend
the time to hold the next AGM.  At the company's request, MCA
extended the time to:

   -- hold the AGM at a date later than September 30, 2006, but
      until December 31, 2006; and

   -- submit the Balance Sheet and Profit & Loss Account of the
      company to the shareholders at the said AGM.

Accordingly, Bharat Petroleum postpones the Annual General
Meeting to December 22, 2006.

                     About Bharat Petroleum

Headquartered in Maharashtra, India, Bharat Petroleum
Corporation Limited -- http://www.bharatpetroleum.com/-- is   
engaged in refining and marketing petroleum, liquefied petroleum
gas and petrochemical products including middle distillates,
light distillate, lubricants, benzene and toluene.  During the
year 2002, the Group introduced Petro Card and SmartFleet Card
and had around 700,000 customers enrolled in 28 cities.  There
are 4,711 retail outlets and 1,729 LPG distributors that operate
in the country.  The plants of the Group are located in Mahul
and Mallet Road in Mumbai and in Budge.

Bharat Petroleum is currently working to reverse its losses
resulting from the Government's mandate to sell kerosene,
liquefied petroleum gas, petrol and diesel way below market
rates.

On September 23, 2005, the Company delisted its shares from the
Madras Stock Exchange Ltd, Calcutta Stock Exchange Association
Ltd and Delhi Stock Exchange Association Ltd.  In November 2005,
Bharat Petroleum's November 2004 profits dissipated and the
Company registered a INR203-crore (US$45.7 million) net loss.
By the end of the third quarter ending December 31, 2005, the
Company posted a US$231-million net loss.

In January 2006, Bharat Petroleum entered into a merger with
Koichi Refineries Ltd, which shareholders for both companies
accepted.  Even with its expansion moves, Bharat Petroleum has
decided to put aside a US$1.4-million expansion project due to
losses brought about by oil subsidies, as the Company -- and the
entire industry -- suffered huge losses and has difficulty
implementing expansion activities due to the Government's
refusal to allow oil companies to raise fuel prices despite
global crude oil price crossing US$70 a barrel.

On February 20, 2006, the Petroleum Ministry proposed an
increase of INR3 per liter each in petrol and diesel prices and
INR20 per cylinder increase in liquefied petroleum gas price to
save the oil companies from going bankrupt.


BHARAT PETROLEUM: BOD to Meet on Oct. 31 to Consider Financials
---------------------------------------------------------------
Bharat Petroleum Corporation Ltd's board of directors will hold
a meeting on October 31, 2006, inter alia, to take on record the
Unaudited Financial Results (Provisional) for the quarter and
half-year periods ended September 30, 2006 (second quarter
FY2007).

As reported by the Troubled Company Reporter - Asia Pacific on
August 14, 2006, Bharat Petroleum booked a INR1,444-crore loss
during the first quarter of fiscal year 2007.

                     About Bharat Petroleum

Headquartered in Maharashtra, India, Bharat Petroleum
Corporation Limited -- http://www.bharatpetroleum.com/-- is   
engaged in refining and marketing petroleum, liquefied petroleum
gas and petrochemical products including middle distillates,
light distillate, lubricants, benzene and toluene.  During the
year 2002, the Group introduced Petro Card and SmartFleet Card
and had around 700,000 customers enrolled in 28 cities.  There
are 4,711 retail outlets and 1,729 LPG distributors that operate
in the country.  The plants of the Group are located in Mahul
and Mallet Road in Mumbai and in Budge.

Bharat Petroleum is currently working to reverse its losses
resulting from the Government's mandate to sell kerosene,
liquefied petroleum gas, petrol and diesel way below market
rates.

On September 23, 2005, the Company delisted its shares from the
Madras Stock Exchange Ltd, Calcutta Stock Exchange Association
Ltd and Delhi Stock Exchange Association Ltd.  In November 2005,
Bharat Petroleum's November 2004 profits dissipated and the
Company registered a INR203-crore (US$45.7 million) net loss.
By the end of the third quarter ending December 31, 2005, the
Company posted a US$231-million net loss.

In January 2006, Bharat Petroleum entered into a merger with
Koichi Refineries Ltd, which shareholders for both companies
accepted.  Even with its expansion moves, Bharat Petroleum has
decided to put aside a US$1.4-million expansion project due to
losses brought about by oil subsidies, as the Company -- and the
entire industry -- suffered huge losses and has difficulty
implementing expansion activities due to the Government's
refusal to allow oil companies to raise fuel prices despite
global crude oil price crossing US$70 a barrel.

On February 20, 2006, the Petroleum Ministry proposed an
increase of INR3 per liter each in petrol and diesel prices and
INR20 per cylinder increase in liquefied petroleum gas price to
save the oil companies from going bankrupt.


BHARTI AIRTEL: Members to Approve 3 Resolutions by Postal Ballot
---------------------------------------------------------------
Bharti Airtel Ltd informed the Bombay Stock Exchange that its
members will vote to approve these ordinary resolutions by way
of postal ballot:

   1. Re-appointment of Sunil Bharti Mittal, as Managing
      Director of the company for a further period of five years
      effective from October 01, 2006, on certain remuneration,
      terms and conditions;

   2. Re-appointment of Rajan Bharti Mittal, as Joint Managing
      Director of the company for an additional five years
      effective starting October 01, 2006, on remuneration,
      terms and conditions; and

   3. Re-appointment of Akhil Gupta, as Joint Managing Director
      for another five years effective starting October 01,
      2006, on remuneration, terms and conditions.

Bharti Airtel appointed S K Jain, Chartered Accountants, New
Delhi, as the Scrutinizer for conducting the postal ballot
process.

The Postal Ballot form duly completed should reach the
Scrutinizer on or before November 20, 2006.  The Scrutinizer
will submit his report as soon as possible after the date of
receipt for postal ballot but not later than closing of business
hours on November 22.  The Chairman and Managing Director and in
his absence, any person authorized by the Chairman and Managing
Director will announce the results of the postal ballot on
November 23, 2006.

                      About Bharti Airtel

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

                          *     *     *

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

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


BHARTI AIRTEL: To Release 2nd Quarter Financials on Oct. 27
-----------------------------------------------------------
Bharti Airtel Ltd will release its audited financial results for
the second quarter, on October 27, 2006, The Financial Express
reports.

In a filing with the Bombay Stock Exchange, Bharti Airtel
discloses that its Board or Committee of Directors will hold a
meeting on October 27 to consider and take on record the audited
financial results for the second quarter and half-year periods
ended September 30, 2006.

                      About Bharti Airtel

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

                          *     *     *

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

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


CONTINENTAL AIRLINES: Good Earnings Prompt S&P's Stable Outlook
---------------------------------------------------------------
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.  Houston, Texas-based
Continental has about US$17 billion of debt and leases.

"The outlook revision reflects ongoing improvements in earnings
and cash flow, along with strengthened liquidity," said Standard
& Poor's credit analyst Philip Baggaley.  "The airline reported
a US$309 million net profit before special items for the first
three quarters of 2006, reversing a loss of the same period last
year, and had US$2.5 billion of unrestricted cash at Sept. 30."  
Continental, like other large U.S. airlines, has benefited from
strong revenues and ongoing cost reductions, which has more than
offset much higher fuel prices.  Year-over-year revenue gains
are slowing, but fuel prices have fallen recently from summer
peaks, and the airline's fourth quarter should be much better
than the final quarter of 2005, which was affected by a fuel
price spike in the wake of hurricane damage to Gulf Coast oil
refineries.

The 'B' corporate credit rating reflects Continental's
participation in the high-risk airline industry and a heavy debt
and lease burden.  These factors outweigh better-than-average
operating performance among its peer large U.S. hub-and-spoke
airlines.  Continental, the fourth-largest U.S. airline, serves
markets mainly in the southern and eastern U.S. from hubs at
Houston; Newark, N.J.; and Cleveland, Ohio.  International
routes serve the central Pacific, selected Asian destinations,
Latin America, and Europe.  Continental's route system is more
balanced among these various markets than those of other large
U.S. airlines, reducing risk somewhat.

Continental, like other U.S. airlines, faces a challenging
industry environment characterized by fare competition in the
domestic market, high and volatile fuel prices, and an ongoing
risk from terrorism.  Continental has a substantial debt and
lease burden, given an extensive modernization and expansion of
its fleet since the mid-1990s and losses from 2001 through 2005.

Debt and leases, net of unrestricted cash, are greater, relative
to the company's size (net debt to revenues of about 120%), than
those of most other "legacy" airlines.  Recent pension reform
legislation will allow Continental to stretch out amortization
of its US$1.2 billion pension deficit over a longer period,
easing cash requirements.  The debt maturity schedule has
likewise been smoothed out through refinancings; 2007 debt
maturities are now US$556 million, versus over US$900 million at
the start of the year.  Although the fleet modernization and
expansion has added debt, it has also generated savings in fuel
efficiency and maintenance and reduced future replacement needs.  
Accordingly, Continental faces much less pressure to modernize
its fleet than do other legacy carriers.

Improved earnings and cash flow should support an overall credit
profile consistent with the rating over the intermediate term.
An outlook revision to positive or a return to a negative
outlook are not anticipated over the near term.

Continental Airlines (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, serving 154 domestic and 138 international destinations.  
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.

The company has operations in India, Indonesia, Japan,
Philippines and Taiwan.


GENERAL MOTORS: Prepares for Possible Kerkorian Proxy Battle
------------------------------------------------------------
General Motors Corp. has beefed up its ranks of legal and
financial advisors in preparation for a possible takeover by
investor Kirk Kerkorian, Bernard Simon writes for the Financial
Times.

Analysts interviewed by FT say that Mr. Kerkorian could launch a
proxy battle to replace some of GM's directors and exert greater
control over the automaker.

Mr. Kerkorian however, has kept silent about his plans for GM
after a proposed merger with Renault-Nissan, which  he had
supported collapsed last month.  Jerome York,  Mr. Kerkorian's
representative to GM, resigned from the automaker's board after
talks with Renault-Nissan ended.

GM had refused to pursue an alliance with Renault-Nissan, saying
a partnership with the Franco-Japanese carmaker would
substantially disadvantage GM shareholders.  GM stated that it
will focus its energies on its turnaround program and claimed
that it is making real progress in its efforts.

Mr. Simon further reports that GM's board has approved certain
changes in the Company's bylaws intended to curb outsiders from
removing existing directors and putting issues to a shareholder
vote.

                     About General Motors

General Motors Corp. -- http://www.gm.com/-- the world's  
largest automaker, has been the global industry sales leader for
75 years.  With global headquarters in Detroit, GM manufactures
its cars and trucks in 33 countries.  In India, GM is
headquartered in Panchmahals, Gujarat.

On June 30, 2006, Standard & Poor's Ratings Services held allits
ratings on General Motors Corp. -- including the 'B'corporate
credit rating and the 'B+' bank loan rating, butexcluding the
'1' recovery rating -- on Credit Watch with negative
implications, where they were placed March 29, 2006.

On June 22, 2006, Fitch assigned a rating of 'BB' and a
RecoveryRating of 'RR1' to General Motor's new US$4.48 billion
seniorsecured bank facility.  The 'RR1' (recovery of 90%-100%)
isbased on the collateral package and other protections that
areexpected to provide full recovery in the event of a
bankruptcyfiling.

On June 21, 2006, Moody's Investors Service assigned a B2
ratingto the secured tranches of the amended and extended
securedcredit facility of up to US$4.5 billion being proposed
byGeneral Motors Corporation, affirmed the company's B3
corporatefamily and SGL-3 speculative grade liquidity ratings,
andlowered its senior unsecured rating to Caa1 from B3.
Moody'ssaid the rating outlook is negative.


GENERAL MOTORS: GMAC Gets EC Clearance for Cerberus Purchase
------------------------------------------------------------
The European Commission has granted clearance under the EU
Merger Regulation to the acquisition of sole control of General
Motors Acceptance Corporation by Cerberus Group.

Cerberus is active in investment in real property and personal
property worldwide and is ultimately controlled by Stephen A.
Feinberg.  GMAC is active in the EEA in vehicle related
activities such as loan and leasing finance, reinsurance, second
hand vehicle sales and fleet management services and in
financial services and employee relocation services.

The Commission examined the operation under its simplified
merger review procedure.

                     About General Motors

General Motors Corp. -- http://www.gm.com/-- the world's  
largest automaker, has been the global industry sales leader for
75 years.  With global headquarters in Detroit, GM manufactures
its cars and trucks in 33 countries.  In India, GM is
headquartered in Panchmahals, Gujarat.

On June 30, 2006, Standard & Poor's Ratings Services held allits
ratings on General Motors Corp. -- including the 'B'corporate
credit rating and the 'B+' bank loan rating, butexcluding the
'1' recovery rating -- on Credit Watch with negative
implications, where they were placed March 29, 2006.

On June 22, 2006, Fitch assigned a rating of 'BB' and a
RecoveryRating of 'RR1' to General Motor's new US$4.48 billion
seniorsecured bank facility.  The 'RR1' (recovery of 90%-100%)
isbased on the collateral package and other protections that
areexpected to provide full recovery in the event of a
bankruptcyfiling.

On June 21, 2006, Moody's Investors Service assigned a B2
ratingto the secured tranches of the amended and extended
securedcredit facility of up to US$4.5 billion being proposed
byGeneral Motors Corporation, affirmed the company's B3
corporatefamily and SGL-3 speculative grade liquidity ratings,
andlowered its senior unsecured rating to Caa1 from B3.
Moody'ssaid the rating outlook is negative.


RYERSON INC: Moody's Assigns Loss-Given-Default Rating
------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the North American Metals & Mining sectors, the
rating agency confirmed its B1 Corporate Family Rating for
Ryerson Inc., fka Ryerson Tull Inc., and its B3 rating on the
company's US$150 million issue of 8.25% guaranteed senior
unsecured global bonds.  Moody's also assigned an LGD6 rating to
those loans, suggesting noteholders will experience a 91% loss
in the event of a default.

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Chicago, Illinois, Ryerson, Inc., engages in
the distribution and processing of metals and other materials in
the United States, Canada, Mexico, and India.  The company
offers carbon steel, stainless steel, alloy steels and aluminum,
and a limited line of nickel, red metals, and plastics in
various shapes, including coils, sheets, rounds, hexagons,
square and flat bars, plates, structural, and tubing.  The
company sells its products to machinery manufacturers,
fabricated metal products producers, electrical machinery
producers, transportation equipment producers, construction-
related purchasers, wholesale distributors, and metals mills and
foundries. The company was founded in 1893.  It was formerly
known as Ryerson Tull, Inc. and changed its name to Ryerson,
Inc., in January 2006.


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

CORUS GROUP: Confirms Tata Steel's US$10-Bil Takeover Proposal
--------------------------------------------------------------
Corus Group plc confirmed that Tata Steel has made an indicative
non-binding offer to acquire a 100% equity in the Company
through a recommendatory offer route at 455 pence per share in
cash amounting to an enterprise value of approximately
US$10 billion, according to press reports.

Discussions on the takeover proposal are taking place between
the parties.

Corus said there is no certainty that a final offer would be
made and further announcements will be made as appropriate.  

                         About Tata Steel

Based in Mumbai, India, Tata Steel -- http://www.tatasteel.com/
-- engages in steelmaking, one of industrial conglomerate Tata
Group's two largest operations.  Tata Group also runs a vehicle
manufacturing company, Tata Engineering.

                         About Corus Group

Corus Group PLC -- http://www.corusgroup.com/-- produces metal  
from its major operating facilities in the U.K., the
Netherlands, Germany, France, Norway, Belgium and Canada.  Corus
turns over GBP10 billion annually and employs 47,300 in over 40
countries and sales offices and service centers worldwide,
including Indonesia and the Philippines.  Corus was created
through the merger of British Steel plc and Koninklijke
Hoogovens N.V.

The group suffered six years ago from the crisis in British
manufacturing, which prompted it to shake up management, close
plants, cut jobs, and sell assets to lower debt.  Its debt was
thought to stand at GBP1.6 billion in 2002.

After posting a net loss of GBP458 million in 2003, it embarked
on a restructuring program, signed a new EUR1.2 billion banking
facility, and issued GBP307 million worth of shares.  It
returned to operating profit in the first quarter of 2004.  The
recent recovery of steel prices and the strength of the euro are
expected to help it achieve relatively strong earnings.

                          *     *     *

Fitch Ratings placed Corus Group Plc's Issuer Default and senior
unsecured BB-, and Short-term B ratings on Rating Watch
Positive.  This follows its announcement regarding a possible
recommended offer for the company from India-based Tata Steel
Ltd.

The RWP also applies to the debt instruments issued by CS:

   -- CS EUR800 million 7.5% senior notes;
   -- CS EUR307 million 3% convertible bonds; and
   -- Corus Finance Plc GBP200 million 6.75% guaranteed bonds.

Standard & Poor's Ratings Services placed its 'BB' long-term
corporate credit rating on U.K.-based steel consortium
Corus Group PLC on CreditWatch with positive implications
following the announcement by Corus concerning a possible
recommended offer for the company from Tata Steel Ltd., India's
second largest integrated steel company.

At the same time, Standard & Poor's placed its 'BB+' senior
secured bank loan ratings on Corus and its 'BB-' senior
unsecured debt ratings on Corus and related entity Corus Finance
PLC on CreditWatch with positive implications.  The 'B' short-
term corporate credit rating on Corus was also placed on
CreditWatch with positive implications.

Moody's Investors Service upgraded Corus Group plc's corporate
family rating to Ba2, upgraded its senior unsecured and
supported unsecured obligations to B1 and raised senior secured
bank facility to Ba1.


FAJAR SURYA: Deutsche Bank Prices UA$100-Mil. 5-Year Bond Deal
--------------------------------------------------------------
Deutsche Bank, as sole bookrunner, has completed a
US$100-million five-year bond deal for PT Fajar Surya Wisesa
Tbk, FinanceAsia reports.  The notes were issued via Fajar Paper
Finance.

According to the report, Deutsche Bank and co-lead UOB Asia
revealed the Reg-S only deal on October 16 with an initial
guidance of 11%.  With a series of anchor orders in place, the
leads priced the deal on October 20.  Final pricing came at
97.666% with a coupon of 10.75 to yield at 11.375%.  That
represents a spread of US Treasuries plus 662.6bp or Libor plus
593bp.

FinanceAsia's Timothy Cuffe says that the deal, rated B/B+/BBB+
(S&P/Fitch/National Fitch), closed approximately three-times
oversubscribed with a total of 30 investors from 12 counties
taking part.  Geographically, the deal was split 53% in Asia,
24% in Europe and 23% in United States offshore accounts.  In
terms of account type, funds bought the majority of the deal
walking off with 62%, banks bought 32%, and retail accounted for
the remaining 6%.

Mr. Cuffe notes that comparables for the deal are relatively
scarce due to the fact that there aren't many corporate deals
for a 5.9-times leverage credit in the market.

FinanceAsia notes that Fajar struggles with a high-leveraged
position and vulnerable cashflow protection measures.  As at the
end of 2005, Fajar had a debt-to-capitalisation ratio of 56%.
With the completion of the deal, Fajar's debt-to-Ebitda ratio is
estimated to grow to around 55%-60%.  FinanceAsia believes that
the consolidation of the company's aggressive expansion
programme and the added benefit of additional cashflows from its
successful sack kraft business should have a positive affect on
the company's financial position over the next 12 months.  It is
estimated that Fajar's debt-to-Ebitda ratio should drop to below
3.2 times by fiscal year ending 2007.

The report notes that proceeds from the sale of the notes will
be used to refinance US$72 million in syndicated loans with the
balance being used to repay other debts and for general working
capital purposes.

Headquartered in Jakarta, Indonesia, PT Fajar Surya Wisesa Tbk
manufactures industrial paper such as container boards,
boxboard, and coated paper for use in the packaging of consumer
and industrial goods.  The company's products are sold locally
and also exported to other Asian countries, Australia, and the
Middle East.

The Troubled Company Reporter - Asia Pacific reported on
October 17, 2006, that Fitch Ratings assigned Long-term foreign
and local currency Issuer Default Ratings of 'B+' to PT Fajar
Surya Wisesa.


GOODYEAR TIRE: US$975-Mil Drawdown Cues Fitch's Negative Watch
--------------------------------------------------------------
Fitch Ratings has placed The Goodyear Tire & Rubber Company on
Rating Watch Negative.  Goodyear's debt and recovery ratings
are:

    -- Issuer Default Rating (IDR) 'B';
    -- US$1.5 billion first lien credit facility 'BB/RR1';
    -- US$1.2 billion second lien term loan 'BB/RR1';
    -- US$300 million third lien term loan 'B/RR4';
    -- US$650 million third lien senior secured notes 'B/RR4';
    -- Senior Unsecured Debt 'CCC+/RR6'.

Goodyear Dunlop Tires Europe B.V. (GDTE)

    -- US$EUR505 million European secured credit facilities
       'BB/RR1'.

Fitch's rating action follows Goodyear's US$975 million drawdown
of its US$1.5 billion revolver, indicating that the company is
prepared for a possible protracted strike by the United Steel
Workers. Including Goodyear's US$500 million deposit-funded
facility, the revolver is essentially fully drawn.  When coupled
with Goodyear's existing cash portfolio and modest near-term
maturities, the drawdown provides ample liquidity to meet short-
term financial and operating requirements.  The drawdowns also
eliminate any risk that the facilities would not have been
available as a result of an extended strike.

The Rating Watch Negative reflects the increasing business risk
posed by the strike, which could adversely impact customer and
dealer relationships, production efficiency, supply-chain
continuity, and financial results.  It remains unclear how long
and how efficiently Goodyear can run its North American plants
with salaried workers, and whether this production, coupled with
overseas supply, can meet customer and dealer commitments on a
timely and profitable basis.  A lengthy strike could cause key
OEM customers to add or substitute suppliers, and any supply
disruption could result in financial penalties.  Volume declines
in North America and Europe in the first half of 2006, as well
as severe commodity price increases, have contributed to weaker
operating results in 2006 despite numerous price increases.  
Along with higher required pension contributions, these factors
could produce negative cash flow in 2006 depending on the actual
impact of the strike.  Cash drains could accelerate in the event
of production difficulties, trade creditor issues or other
unforeseen effects of the strike.  Recent declines in high
commodity prices will benefit Goodyear's material costs, but
substantial pension contributions and operating uncertainties
will continue to pressure cash flow in 2007.  Downward trends in
the domestic replacement tire market and lower production levels
for domestic could ease supply issues in the short term.

Goodyear's balance sheet remains burdened by high levels of debt
that could be exacerbated by potentially negative cash flow in
2006.  Financing costs will continue to rise as a result of the
most recent drawdowns, and any near-term progress in reducing
debt levels will be contingent on meaningful improvement in the
company's cost structure and operating performance that could
prove to be difficult without a favorable outcome from the
strike. Any progress over the near-term is expected to be
limited. Goodyear's access to additional capital may be limited,
with assets largely pledged to first, second and third-lien
secured facilities.  High cash levels will also be reduced as a
result of debt maturities in 2006 and 2007.

Goodyear's North American Tire segment has suffered from a high
cost structure due in part to the company's high labor and
legacy costs and a manufacturing footprint that is more
concentrated in the U.S. than its competitors.  The inability to
competitively produce tires in certain segments has led to
Goodyear's decision to exit certain low-priced, private label
product categories and made the company more dependent on the
premium market and new product introductions where the company's
recent efforts have been successful.  If Goodyear is able to
emerge from the strike with a competitive labor contract (which
would include further capacity reductions and lower benefit
costs), and without hurting its customers, the company will be
better positioned to improve its operating results and credit
profile.  Goodyear has previously targeted cost savings in
excess of US$1 billion by 2008.

Despite very heavy pension contributions in 2006, Goodyear's
underfunded pension position will continue to place a large
claim on cash flows over the next several years.  Recent U.S.
government pension legislation may also reduce the company's
flexibility with respect to the timing of required contributions
over the intermediate term in the event of weak asset returns.  
Goodyear's pension funds were underfunded by US$3 billion at the
end of 2005, and the company anticipates that contributions in
2006 will be near the low end of its estimate of US$650 to
US$875 million.

Other cash requirements include capital expenditures, forecast
by Goodyear at US$720 million in 2006, of which US$269 million
had been spent during the first half of the year.  Scheduled
debt maturities include US$215 million of 6-5/8% bonds due in
2006 and US$300 million of 8-1/2% bonds due in 2007.  Before the
start of the strike on Oct. 5, 2006 Goodyear had US$1.3 billion
cash and equivalents on hand, down from nearly US$1.6 billion at
June 30, 2006.

Fitch's Recovery Ratings, introduced in 2005, are a relative
indicator of creditor recovery on a given obligation in the
event of a default.

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


INCO LTD: CVRD Obtains Canadian Approval for Inco Cash Offer
------------------------------------------------------------
Companhia Vale do Rio Doce has obtained approval under the
Investment Canada Act, in the form of a "net benefit to Canada"
ruling from the Canadian Minister of Industry, in connection
with its offer to acquire all of the outstanding common shares
of Inco Ltd.  CVRD has now received all regulatory approvals
necessary to complete its all-cash offer.

"We are delighted with this news, which confirms that the
Minister of Industry is satisfied that CVRD's acquisition of
Inco will be of net benefit to Canada," CVRD's CEO, Roger
Agnelli, said.  "We have always believed that this transaction
was good for Inco and for Canada.  In fact, we think it is
positive for everyone involved -- for CVRD, Inco shareholders,
employees, suppliers and the provinces and communities in Canada
where Inco carries on business.  We now look forward to CVRD
completing the offer."

      Creation of a Canadian-based Global Nickel Business

In order to demonstrate to the Minister of Industry that its
offer will be of net benefit to Canada, CVRD has made
commitments to the Minister to establish CVRD's global nickel
business (CVRD Inco) and based it in Toronto, Ontario, with
responsibility for the global nickel business of CVRD and a
mandate to expand its business as a global leader in the nickel
industry.

In furtherance of this mandate, CVRD will transfer management
responsibility for its interest in existing and future nickel
projects to CVRD Inco, including its interest in the Onca Puma
and Vermelho projects in Brazil.

CVRD Inco's global activities will be managed from its Toronto,
Ontario head office, which will continue to exercise head office
functions and activities with significant Canadian
participation, including a Canadian Chief Operating Officer and
a majority of its senior management.

There will be no layoffs at Canadian operating facilities for at
least three years, and in any event total employment at the
facilities will not fall below 85% of current levels.

       Acceleration of Voisey's Bay Development Project

CVRD fully supports the Voisey's Bay Project and endorses Inco's
obligations under the Voisey's Bay Development Agreement.  CVRD
will, following completion of the offer, approach the Government
of Newfoundland and Labrador to initiate discussions with
respect to CVRD's desire to accelerate the Voisey's Bay
development project, as described in the Voisey's Bay
Development Agreement, by a period of 12 to 18 months.  CVRD
believes the acceleration would deliver very substantial
economic benefits to Newfoundland and Labrador.

        Enhanced Investments in Inco's Long-term Future

To ensure the long-term, sustained success of CVRD Inco,
Canadian expenditures will be increased in a number of areas,
including exploration and research and development, for a three-
year period.  CVRD believes the investments will strengthen CVRD
Inco's position as a leader in the global nickel mining
business, and will contribute to ensuring the long-term
viability of CVRD Inco's operations in Sudbury, Ontario, and
Thompson, Manitoba.  CVRD Inco's participation in CVRD is
expected to provide long-term stability, growth and employment
in Canada.

          Social and Environmental Responsibility

CVRD is committed to the highest standards of social and
environmental responsibility.  These responsibilities are
important aspects of CVRD's overall business strategy,
permeating CVRD's entire operation and the whole of its
relationship with society.

Consistent with this approach, CVRD Inco will increase spending
on apprenticeship programs for First Nations, student employment
programs and employee recruitment, education, apprenticeship and
training programs in Canada for a three-year period.  CVRD Inco
will increase spending on environmental compliance programs in
Canada over that same period.

        Continuing Inco's Contributions to Communities

CVRD's success as a global company has been supported by close
relationships with the local communities where it carries on
business.  CVRD Inco will maintain its involvement and
commitment to the growth of Ontario's mining cluster, including
its membership in the Mineral Industry Cluster Council.

CVRD Inco will respect all agreements entered into with
provincial governments, local governments, labor unions and
aboriginal groups, including the Labrador Inuit Association and
the Innu Nation, in Canada.

It will also honor all commitments made with regard to the
funding of educational institutions, including commitments made
with respect to the Centre for Excellence in Mining Innovation
at Laurentian University in Sudbury, Ontario.

The expiry time of CVRD's offer to purchase all of the
outstanding common shares of Inco at a price of CDN$86 in cash
per share is midnight (Toronto time) on Monday, Oct. 23.

As previously reported in TCR-Europe on Oct. 9, CVRD disclosed
that it has obtained an unconditional clearance from the
European Commission under the EC Merger Regulation with respect
to its offer to acquire all of the outstanding common shares of
Inco.

                           About CVRD

Headquartered in Rio de Janeiro, Brazil, Companhia Vale do Rio
Doce -- http://www.cvrd.com.br/-- engages primarily in mining  
and logistics businesses. It engages in iron ore mining, pellet
production, manganese ore mining, and ferroalloy production, as
well as in the production of nonferrous minerals, such as
kaolin, potash, copper, and gold.

                         About Inco Ltd.

Headquartered in Sudbury, Ontario, Inco Limited (TSX, NYSE:N) --
http://www.inco.com/-- produces nickel, which is used primarily  
for manufacturing stainless steel and batteries.  Inco also
mines and processes copper, gold, cobalt, and platinum group
metals.  It makes nickel battery materials and nickel foams,
flakes, and powders for use in catalysts, electronics, and
paints.  Sulphuric acid and liquid sulphur dioxide are produced
as byproducts.  The company's primary mining and processing
operations are in Indonesia, Canada, and the U.K.

                          *     *     *

Inco Limited's 3-1/2% Subordinated Convertible Debentures due
2052 carry Moody's Investors Service's Ba1 rating.


KERR-MCGEE: Anadarko Guarantee Prompts S&P to Upgrade Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
and senior unsecured debt ratings on oil and gas independent
exploration and production company Kerr McGee Corp. to 'BBB-'
from 'BB+' and removed the ratings from CreditWatch with
positive implications.  The rating action reflects Anadarko
Petroleum Corp.'s (BBB-/Stable/A-3) guarantee of Kerr McGee's
debt, following its acquisition of Kerr McGee on Aug. 15, 2006.

The outlook is stable.  The ratings on Kerr-McGee were
originally placed on CreditWatch June 23, 2006.

The ratings on Anadarko reflect its strong business risk
profile, enhanced by recent acquisitions that have upgraded its
exploration inventory and large, competitive positions in the
U.S. Rocky Mountain and the deepwater Gulf of Mexico.

"The stable outlook reflects expectations that current debt
levels will be reduced by at least US$15 billion through
proceeds from asset sales and equity issuance over the next 12
to 18 months," said Standard & Poor's credit analyst John
Thieroff.

Anadarko has a 3.6 billion barrel of oil equivalent reserve
base, which is sufficiently diverse yet fairly well focused
within core areas.

Anadarko has operations in Indonesia, Algeria, China, Brazil and
Venezuela, among others.


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

AOZORA BANK: Fitch Affirms 'C' Individual Rating
------------------------------------------------
Fitch Ratings, on October 23, 2006, has upgraded Aozora Bank's
long-term foreign and local currency issuer default ratings to
A- from BBB+.  The short-term foreign and local currency IDRs
have also been upgraded to F1 from F2.  Meanwhile, the
individual and support ratings are affirmed at 'C' and '3'
respectively.  The outlook on the ratings is stable.

Aozora's upgrade reflects the bank's sound balance sheet,
improving performance and excellent capitalisation.  While its
capital is currently robust (and the forthcoming IPO does not
involve raising new capital) Fitch will continue to monitor the
bank's capitalisation levels as it diversifies its business
lines and expands in the higher margin businesses to complement
its traditional corporate lending franchise. This has been
successful to date as management has exploited the bank's niches
and hired experienced managers to move into specialised areas of
corporate and investment banking; these are not necessarily low
risk, but the risk return balance is judged attractive.

Bottom line profitability was enhanced by some extraordinary
items and a low tax bill in the fiscal year ended March 2006
("FYE06"), though operating profitability also improved as
Aozora increased fees and commissions that lead to further
diversification of earnings.  Consistent profitability has
boosted retained earnings, and with declining risk weighted
assets seen in March 2004 and 2005, Aozora has reported steadily
increasing capital ratios.  At end-March 2006 Aozora's total
capital ratio stood at 19.5%, mostly comprised of Tier 1
capital.  Aozora's asset quality continued to improve and its
non-performing to total loan ratio stood at 0.8% at end-March
2006 from 3.7% a year earlier with a very good loan loss reserve
coverage at 310% better than most Japanese banks.  The NPL
number may however vary significantly as acquiring, managing and
trading distressed assets is one of the bank's core businesses.

Aozora Bank (formerly Nippon Credit Bank) --
http://www.aozorabank.co.jp/-- was the second Japanese credit  
bank nationalized in the wake of Asia's financial crisis after
the Long-Term Credit Bank of Japan (now Shinsei Bank).  Bad
loans and Japan's "Big Bang" financial deregulation added to the
bank's troubles.  Traditionally a lender to small and midsized
businesses, before the takeover it had started closing overseas
branches and expanding its financial services.  Aozora has a
network of some 20 branches in Japan and four offices overseas.
US investment fund Cerberus now owns 62% of the company after
buying Softbank's 49% stake in spring of 2003.  Orix Corp and
Millea Holdings each own 15%, and the Japanese government also
owns a stake.


AOZORA BANK: To List On Nov. 14 in US$3.3-Bil. Public Offering
--------------------------------------------------------------
Aozora Bank has disclosed that it would list its shares on the
Tokyo Stock Exchange on Nov. 14, 2006, raising up to
US$3.3 billion for its investment fund owners in Japan's biggest
public offering in eight years, Reuters reports.

Reuters explains that Aozora said U.S. private equity fund
Cerberus and other shareholders will sell up to 666.6 million
shares, including a greenshoe option, at an estimated JPY590 per
share, valuing the offering at JPY393 billion (US$3.30 billion).  
The deal would make Aozora Japan's biggest IPO since NTT DoCoMo
Inc's public foray in 1998.

The International Herald Tribune reports that Cerberus is
selling shares after helping the former failed bank earn a
record J{Y120 billion last year.  It will be the third Japanese
bank sold by U.S. investors in less than three years, including
Ripplewood Holdings' 2004 IPO of Shinsei Bank, the world's most
profitable.  Cerberus took control of Aozora in 2003, three
years after making an initial investment as part of a group led
by the billionaire Masayoshi Son, the chief of Softbank

Reuters adds that Cerberus will sell 258 million shares in the
offering, or about 30 percent of its shares, while the Japanese
government will unload just under 233 million shares, the stock
exchange said in a statement.

The listing would value all of Aozora at JPY1.1 trillion
(US$9.23 billion) including convertible preferred shares held by
the state, Reuters says.

Aozora Bank (formerly Nippon Credit Bank) --
http://www.aozorabank.co.jp/-- was the second Japanese credit  
bank nationalized in the wake of Asia's financial crisis after
the Long-Term Credit Bank of Japan (now Shinsei Bank).  Bad
loans and Japan's "Big Bang" financial deregulation added to the
bank's troubles.  Traditionally a lender to small and midsized
businesses, before the takeover it had started closing overseas
branches and expanding its financial services. Aozora has a
network of some 20 branches in Japan and four offices overseas.
US investment fund Cerberus now owns 62% of the company after
buying Softbank's stake (49%) in spring of 2003. Orix Corp and
Millea Holdings each own 15%, and the Japanese government also
owns a stake.

Fitch Ratings, on October 23, 2006, affirmed the Bank's
individual and support ratings at 'C' and '3'.  The outlook on
the ratings is stable.


BOSTON SCIENTIFIC: Earns US$76 Million for September Quarter
------------------------------------------------------------
Boston Scientific Corporation disclosed financial results for
the third quarter ended Sept. 30, 2006.

Net sales for the third quarter of 2006 were US$2 billion as
compared with US$1.5 billion for the third quarter of 2005, an
increase of 34%.  The increase was primarily attributable to the
inclusion of US$491 million of net sales from the company's
cardiac rhythm management and cardiac surgery businesses.

The company's reported net income for the third quarter of 2006
was US$76 million, which included after tax charges of
US$77 million, consisting primarily of expenses resulting from
purchase accounting and other charges related to the Guidant
acquisition.

Reported net loss for the third quarter of 2005 was
US$269 million, which included after tax charges of
US$616 million, consisting primarily of a settlement agreement
with Medinol Ltd.

Operating cash flow for the third quarter of 2006 approximated
US$480 million.  Adjusted net income for the quarter, which
excludes net charges and amortization and stock compensation
expense, was US$291 million, versus an adjusted net income for
the third quarter of 2005 of US$379 million.

Worldwide sales of TAXUS(R) paclitaxel-eluting coronary stent
systems were US$572 million for the third quarter of 2006 as
compared to US$601 million for the third quarter of 2005.  U.S.
sales of TAXUS coronary stent systems were US$384 million for
the third quarter of 2006 as compared to US$404 million for the
third quarter of 2005.

Worldwide CRM sales were US$446 million, which included US$315
million of worldwide implantable cardioverter defibrillator
sales and US$131 million of worldwide pacemaker sales.  U.S. CRM
sales were US$296 million, including US$221 million of U.S. ICD
sales and US$75 million of U.S. pacemaker sales.

"Despite the challenges in Q3, we were able to achieve results
near the high end of our previously announced preliminary sales
and earnings ranges," Jim Tobin, president and chief executive
officer, said.  "We look forward to providing an update on our
business and our growth opportunities at our November 6 analyst
meeting."

Headquartered in Natick, Massachusetts, Boston Scientific
Corporation (NYSE: BSX) -- http://www.bostonscientific.com/--  
develops, manufactures and markets medical devices used in a
broad range of interventional medical specialties.  The company
has offices in Argentina, France, Germany, and Japan, among
others.

                          *     *     *     

Moody's Investor Services, effective April 21, 2006, lowered the
credit ratings of Boston Scientific following the close of the
acquisition of Guidant Corporation.  Affected ratings include:
senior notes to Baa3 from Baa1; short-term rating to Prime-3
from Prime-2; senior shelf to (P)Baa3 from (P)Baa1; subordinated
shelf to (P)Ba1 from (P)Baa2; and preferred stock shelf to
(P)Ba2 from (P)Baa3.


COREL CORP: Reports US$5.5 Million Net Income in Third Quarter
------------------------------------------------------------
Corel Corporation reported financial results for its third
quarter ended Aug. 31, 2006.  Revenues in the third quarter of
fiscal 2006 were US$41.3 million, an increase of 7% over
revenues of US$38.5 million in the third quarter of fiscal 2005.  
GAAP net income in the third quarter of fiscal 2006 was
US$5.5 million.  This compares to a GAAP net loss of
US$3.0 million in the third quarter of fiscal 2005.

Non-GAAP adjusted net income for the third quarter of fiscal
2006 was US$9.2 million, an increase of 88% compared to non-GAAP
adjusted net income for the third quarter of fiscal 2005 of
US$4.9 million.  Non-GAAP adjusted EBITDA in the third quarter
of fiscal 2006 was US$12.4 million, a 16% increase compared to
US$10.7 million in the third quarter of fiscal 2005.  A
reconciliation of GAAP net income to non-GAAP adjusted net
income and non-GAAP adjusted EBITDA is provided in the notes to
the financial statements included in this press release.

"Corel continued to execute against all aspects of our strategy
in the third quarter," said David Dobson, CEO of Corel
Corporation.  "Our announced acquisition of InterVideo and
recent launches of Snapfire and Paint Shop Pro Photo XI show
that we are focused on delivering the products and value that
customers and partners demand.  We also showed our discipline
around driving profits as earnings growth outpaced revenue
growth.  With strong revenue performance, new global
partnerships, and increasing traction in developing and emerging
markets, Corel is successfully executing its strategy to deliver
long-term, shareholder value."

Headquartered in Ottawa, Ontario, Corel Corporation
(NASDAQ:CREL) (TSX:CRE) -- http://www.corel.com/-- is a  
packaged software  company with an estimated installed base of
over 40 million users.  The company provides productivity,
graphics and digital imaging software.  Its products are sold in
over 75 countries through a scalable distribution platform
comprised of original equipment manufacturers, Corel's
international websites, and a global network of resellers and
retailers.  The company's product portfolio features
CorelDRAW(R) Graphics Suite, Corel(R) WordPerfect(R) Office,
WinZip(R), Corel(R) Paint Shop(R) Pro, and Corel Painter(TM).

The company has operations in Germany, Italy, the United
Kingdom, Australia, Japan, Korea, Brazil, and Mexico, among
others.

The Troubled Company Reporter Asia Pacific reports that in
connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. Technology Software sectors this week,
the rating agency confirmed its Caa1 Corporate Family Rating for
Corel Corporation.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$75 Million
   Senior Secured
   Revolving Credit
   Facility due 2011      B3       B3      LGD3       33%

   US$90 Million
   Senior Secured
   First Lien
   due 2012               B3       B3      LGD3       33%


SUMITOMO MITSUI BANKING: Fitch Upgrades Individual Rating to 'C'
----------------------------------------------------------------
Fitch Ratings has upgraded Sumitomo Mitsui Banking Corporation's
foreign and local currency Issuer Default ratings to 'A' from
'A-' and Individual rating to 'C' from 'C/D'.  The Short-term
foreign and local currency IDRs and Support rating are affirmed
at 'F1' and '1' respectively.  Following the upgrade, the IDR
Outlooks are now Stable.

Sumitomo Mitsui Banking Corporation Europe's ratings are also
upgraded to foreign and local currency IDRs to 'A' from 'A-' and
Individual rating to 'C' from 'C/D'.  The Short-term foreign and
local currency IDRs and Support rating are affirmed at 'F1' and
'1' respectively.  Following the upgrade, the IDR Outlooks are
now Stable.

SMBC's upgrade reflects improvements in its fundamentals,
particularly in asset and capital quality, albeit at a slower
pace than its mega bank peers.  Furthermore, SMBC's
profitability is enhanced by a higher proportion of lending to
SMEs and robust growth in fees and commissions.  During FYE06,
SMBC benefited from minimal credit costs along with good core
operating profitability that has led to accumulation of retained
earnings.  This has, in turn, allowed SMBC's parent, the
Sumitomo Mitsui Financial Group to fully repay the public funds
earlier than scheduled.

Following the repayment of public funds, Tier 1 capital ratios
are expected to drop to mid-5% level from 7.1% at end-March
2006, contingent on its ability to internally generate capital.
However, this should only be a passing point as SMFG's full
repayment of public funds will add flexibility to its
operations.  SMBC should be able to rebuild its capital quickly
from retained earnings, which should be sizable given the now
benign operating environment for credit quality in Japan,
limited growth in risk assets and SMBC's superior core
profitability compared with its peers.

As a 100%-owned subsidiary of SMBC, SMBCE's ratings reflect its
high level of integration with its parent bank and the extremely
high support it can expect to receive from the parent should it
be required.


TREND MICRO: Posts JPY3-Billion Net Income in 2006 2nd Quarter
--------------------------------------------------------------
Trend Micro Inc. posted consolidated net sales of
JPY20.08 billion (or US$174.98 million), operating income of
JPY5.37 billion and net income of JPY3.04 billion for the second
quarter of 2006, the company said in a press release.

These figures reflect an increase of 17% in net sales during the
quarter ended June 30, 2006, compared with the same period in
the previous year.  Operating income was down 2% from the same
quarter in the previous year.

Following the revision of its deferred revenues, the company
still continued to see steady growth around the world, with each
of its regions achieving double-digit revenue growth during the
second quarter of 2006.  North American operations experienced
18 percent revenue growth year-on-year; Europe, Middle East and
Africa experienced a 15% growth; Japan 14%, and the Asia-Pacific
region a 13% year-over-year increase in revenue.  Continued,
solid growth in the company's small and medium business
solutions and consumer business helped boost worldwide revenue
with 22% and 21% year-on-year increases respectively.

"In the second quarter of 2006, we continue to benefit from
solid growth in strategic markets such as North America.   We
are also very pleased with the growth we have sustained in areas
such as the small and medium-sized business sector." said Eva
Chen, CEO of Trend Micro.  "We believe the commitment we have to
protecting our customers' digital assets from malicious attacks
through security solutions designed to fit the specific needs of
the different types of customers we serve, will help enable
long-term enduring growth."

Based on information currently available to the company,
consolidated net sales for the third quarter ending
September 30, 2006, is expected to be JPY20.50 billion.  
Operating income and net income are expected to be
JPY6.00 billion and JPY3.30 billion, respectively.

Second Quarter Business Highlights

Products and Innovation Trend Micro introduced these products in
the second quarter 2006:

* e-mail Security Services - Trend Micro launched a managed
  e-mail service for Small and Medium-sized businesses in May
  2006, available initially in North America and Australia.
  This service protects a small and medium business network and
  infrastructure by stopping threats before they reach the
  customer's gateway.

* Trend Micro PC-cillin Internet Security for Microsoft Vista
  Beta Customers - offers Windows Vista customers advanced
  features, beyond standard antivirus and firewall protection,
  helping to safeguard PCs from new emerging threats like
  phishing attacks, network viruses, spam, Wi-Fi intrusions and
  spyware programs.

Corporate and Business Highlights

By the end of the second quarter, Trend Micro HouseCall, the
malware scanning service recorded the 100-millionth malware
infection of 2006.  The web-based solution is designed to scan a
PC for a wide range of Internet security threats including
viruses, worms, Trojans, and spyware.

In April, Trend Micro announced an extension to its agreement
with Microsoft Corporation, to provide antivirus scanning to MSN
Hotmail customers.

Dave Rand, CTO for Trend Micro Internet Content Security,
addressed the Messaging Anti-Abuse Working Group General Meeting
in June, where he presented validation that botnets are now the
primary source of spam.

The creation of 100 new jobs was announced at the Trend Micro
Operations Centre in Cork, Ireland.  The central office provides
a shared service and serves as the support centre for customers
throughout Europe, Middle East and Africa.

New customers and new business in the second quarter included:  
Sogique in Canada, Okuma in North America, Koscom and Hanjin
Shipping in Korea, Beijing Mobile, Guangdong Telecom, The
People's Bank of China and Sinopec (China Petroleum & Chemical
Corporation) in China.

                     2006 Half-Year Results

For the first six months ended June 30, 2006, Trend Micro
reported a JPY7.997-billion net income on net sales of
JPY40.67 billion.  Total operating expenses was at
JPY19.451 billion and operating income was at JPY13.72 billion.
   
The Company's half-year 2006 results are available at the United
States Securities and Exchange Commission at:

http://www.sec.gov/Archives/edgar/data/1089463/000119312506207256/d6k.htm

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

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


UNIDEN CORP: Posts JPY1-Bil Rise in Operating Profit for 1sr Qtr
----------------------------------------------------------------
Uniden Corporation posted a JPY1.02-billion increase in
operating profit for the first quarter of the fiscal year ending
March 30, 2007, Uniden President Satoru Omori said in a letter
to the company's shareholders.

During the 2006-2007 1st quarter, both sales and operating
profit exceeded the previous quarter's results, but was lesser
than the results during the same quarter last financial year.

The release includes these financial data (in JPY millions):

                     FY06 1Q     FY05 4Q     FY05 3Q
                     -------     -------     -------
    Sales             19,699      18,759      22,561
    Operating profit   1,021           0       1,687
    Ordinary profit       22         575       1,816

Primarily, sales increased due to increasing some products'
prices, while maintaining most.  Also, the company's cost
reduction efforts at manufacturing subsidiaries, and expense
reduction efforts throughout the organization, helped improve
the bottomline.

Mr. Satoru adds that in the cordless telephone business, sales
of basic models exceeded the previous quarter's achievement by
adding new product lines as planned at the beginning of the
year.  Also, changing the product line-up to be more
sophisticated and profitable was implemented specifically by
introducing new products to the market, such as VoIP Cordless
Telephone under joint development with Microsoft.

At Digital Home Electronics, the company took responsive
measures to the customers needs by expanding line-ups and
improving our service program.

Announcing the company plans, Mr. Satoru said that the company
will take every opportunity to expand the most important product
lines: expansion of digital home electronics, IP cordless
telephones for consumer market, and DECT cordless telephones in
the United States and European Union.

Headquartered in Tokyo, Japan, Uniden Corporation --
http://www.uniden.co.jp/-- is an electronics manufacturing  
company.  It is principally involved in the development,
manufacture and sale of telephone-related equipment,
telecommunications and application equipment, as well as digital
appliances.  The company's major products encompass cordless
phones, which include 900-megahertz digital cordless phones,
2.4-gigahertz digital cordless phones and 5.8-gigahertz digital
cordless phones; Internet protocol phones, business phones,
radar detectors, marine transceivers, scanners and citizen band
transceivers.  It has three divisions: Telephone-Related
Equipment, Telecommunications and Application Equipment, as well
as Digital Appliances.  The company has operations in Hong Kong,
China, New Zealand, and the United States.

Moody's Investors Service gave Uniden Corp a 'Ba2' issuer
rating.


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

ACTUANT CORPORATION: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector, the rating agency
affirmed its Ba2 Corporate Family Rating for Actuant
Corporation.

Additionally, Moody's held its Ba2 ratings on the company's
$250 million Senior Unsecured Revolver Due 2009, and US$250
million Senior Term Loan Due 2009.  Moody's assigned those
debentures an LGD3 rating suggesting lenders will experience a
43% loss in the event of a default.

Moody's explains that current long-term credit ratings are
opinions about expected credit loss which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in Glendale, Wisconsin, Actuant Corp. (NYSE:ATU)
-- http://www.actuant.com/-- is a diversified industrial  
company with operations in more than 30 countries, including
Australia, China, Hong Kong, India, Japan, Taiwan and South
Korea.  The Actuant businesses are market leaders in highly
engineered position and motion control systems and branded
hydraulic and electrical tools and supplies.  Since its creation
through a spin-off in 2000, Actuant has grown its sales from
US$482 million to over US$1 billion and its market
capitalization from US$113 million to over US$1.5 billion.  The
company employs a workforce of approximately 6,000 worldwide.  
Actuant Corporation trades on the NYSE under the symbol ATU.


DAEWOO ELECTRONICS: Videocon Consortium Signs Initial Deal
----------------------------------------------------------
Daewoo Electronics Co. Ltd.'s creditors, including Woori Bank
and Korea Asset Management Corp., signed an initial deal to sell
Daewoo to the consortium led by Videocon Industries, the Press
Trust of India reports.

According to PTI, in the initial deal, which was signed on
October 20, 2006, Videocon and bid partner Ripplewood Holdings
LLC will dish out US$730 million to buy Daewoo.

The Troubled Company Reporter - Asia Pacific reported on
September 13, 2006, that the Videocon consortium submitted the
winning bid for the controlling stake in Daewoo.

A subsequent TCR-AP report dated October 4, 2006, however,
stated that the sale negotiations hit a snag when Daewoo's
creditors and the winning bidder disagreed on pricing and other
terms of the sale.  Videocon reportedly wanted a 20% cut from
the bid price while creditors could only agree to as much as 5%.

Yet another TCR-AP report on Oct. 20 indicated that the Videocon
Consortium agreed to pay Daewoo's creditors US$700 million for
the 97.6% stake in the company.  According to the TCR-AP, with
Videocon agreeing to pay US$700 million, the acquisition
deal is drawing to a close.

KAMC and Woori Bank told the Yonhap News agency that the US$730-
million price is still subject to change after a month-long
review.

                   About Daewoo Electronics

Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer  
electronics company.  It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.

The Troubled Company Reporter - Asia Pacific reported on
November 14, 2005, that creditors of Daewoo Electronics have
placed the firm for sale for US$1 billion.  ABN Amro,
PricewaterhouseCoopers and Woori Bank were appointed to find a
buyer for the business.

According to the TCR-AP, Daewoo Electronics has been under a
debt workout program since January 2000, months after its parent
group -- the Daewoo Group -- collapsed under debts of nearly
US$80 billion in 1999.

Daewoo Electronics Corp. posted a KRW94-billion loss in 2005
after sales declined 6.4%.  The net loss compares with the
KRW30-billion profit the company posted in 2004.  Sales fell to
KRW2.2 trillion from KRW2.3 trillion in 2004.


SEQUA CORP: Moody's Assigns Loss-Given-Default Ratings
------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology, the rating agency confirmed its B1 Corporate Family
Rating for Sequa Corporation.  Additionally, Moody's revised its
probability-of-default ratings and assigned loss-given-default
ratings on these bond issues:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   9% Sr. Unsecured
   Notes due 2009       B1       B2       LGD4      60%

   8.875% Sr. Unsec.
   Notes due 2008       B1       B2       LGD4      60%

Moody's explains that current long-term credit ratings are
opinions about expected credit loss, which incorporate both the
likelihood of default and the expected loss in the event of
default.  The LGD rating methodology will disaggregate these two
key assessments in long-term ratings.  The LGD rating
methodology will also enhance the consistency in Moody's
notching practices across industries and will improve the
transparency and accuracy of Moody's ratings as Moody's research
has shown that credit losses on bank loans have tended to be
lower than those for similarly rated bonds.

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's alpha-
numeric scale.  They express Moody's opinion of the likelihood
that any entity within a corporate family will default on any of
its debt obligations.

Loss-given-default assessments are assigned to individual rated
debt issues -- loans, bonds, and preferred stock.  Moody's
opinion of expected loss are expressed as a percent of principal
and accrued interest at the resolution of the default, with
assessments ranging from LGD1 (loss anticipated to be 0% to 9%)
to LGD6 (loss anticipated to be 90% to 100%).

Headquartered in New York, Sequa Corp. -- http://www.sequa.com/
-- is a diversified industrial company.  The company
manufactures and repairs jet engine components, performs metal
coating, and produces automotive airbag inflators, chemical
detergent additives, auxiliary printing press equipment,
emissions control systems, men's formal wear, and automotive
cigarette lighters and power outlets.  Its subsidiary Warwick
International maintains a headquarters in the United Kingdom and
chemical distribution companies in Spain, France, Italy,
Portugal, and South Africa as well as offices in China, Japan
Japan and Korea.


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

AMSTEEL CORPORATION: 31st Annual General Meeting Set on Nov. 13
---------------------------------------------------------------
Amsteel Corporation Berhad will hold its 31st Annual General
Meeting on November 13, 2006, at 9:15 a.m., at the Meeting Hall,
Level 48 at Menara Citibank, 165 Jalan Ampang in Kuala Lumpur.

At the meeting, these resolutions will be considered:

   (i) to receive and adopt the directors' report and audited
       financial statements for the financial year ended
       June 30, 2006;

  (ii) to approve the payment of directors' fees amounting to
       MYR171,200;

(iii) to re-elect Director Y. Bhg. Tan Sri William H.J. Cheng,
       in accordance with Article 98 of the Company's Articles
       of Association;

  (iv) to consider and, if thought fit, pass the resolution
       pursuant to Section 129(6) of the Companies Act, 1965 as
       an ordinary resolution that Y. Bhg. Jen (B) Tan Sri Dato'
       Zain Mahmud Hashim who retires will be re-appointed as
       the Company's Director to hold office until the next
       annual general meeting;

   (v) to re-appoint auditors to hold office until the
       conclusion of the next annual general meeting and to
       authorize the Directors to fix their remuneration;

  (vi) that pursuant to Section 132D of the Companies Act, 1965,
       and subject to the approval of all relevant authorities
       being obtained, the Directors will be empowered to issue
       shares in the Company at any time upon the terms and
       conditions for the purposes as the Directors may, in
       their absolute discretion, deem fit, provided that the
       aggregate number of shares issued does not exceed 10% of
       the issued capital of the Company for the time being and
       that authority will continue in force until the
       conclusion of the next annual general meeting of the
       Company;

(vii) to authorize the directors to complete and do all acts
       and things to give effect to the transactions
       contemplated or authorized by the ordinary resolution;
       and

(viii) that approval to the Company and its subsidiaries, to
       enter into the recurrent related party transactions of a
       revenue or trading nature which are subject to:

    -- the transactions are in the ordinary course of business
       and are in terms not more favorable to the related
       parties than those generally available to the public and
       are not to the detriment of the minority shareholders of
       the Company; and

    -- disclosure is made in the annual report, on the breakdown
       of the aggregate value of transactions conducted,
       pursuant to the shareholders' mandate during the
       financial year where:

       * the consideration, value of the assets, capital outlay
         or costs of the aggregated transactions is equal to or
         exceeds MYR1 million; or

       * any one of the percentage ratios of the aggregated
         transactions is equal to or exceeds 1%, whichever is
         the lower, and is made based on these information:

         (a) the nature of the Recurrent Transactions entered
             into;

         (b) the class of related parties involved in the
             Recurrent Transactions and their relationship with
             the Company; and

         (c) authority conferred by the ordinary resolution
             will continue to be in force until:

    -- the conclusion of the next annual general meeting of the
       Company at which time it will lapse, unless by a
       resolution passed at the meeting, the authority is
       renewed;

    -- the expiration of the period within which the next annual
       general meeting after that date is required to be held
       pursuant to Section 143(1) of the Companies Act, 1965
       (but will not extend to such extension as may be allowed
       pursuant to Section 143(2) of the Companies Act, 1965);
       or

    -- revoked or varied by resolution passed by the
       shareholders in general meeting or whichever is the
       earlier.

  (ix) authorize the Directors to complete and do all acts and
       things to give effect to the transactions contemplated or
       authorized by the ordinary resolution; and

   (x) transact any other business for which due notice will
       have been given.

                     About Amsteel Corp.

Headquartered in Kuala Lumpur, Malaysia, Amsteel Corporation
Berhad is involved in the provision of plantation management,
property development, management and contractor; hotel operation
and food court.  The Company is also involved in transportation
and logistic services, department stores, nominee services,
trading securities, manufacture and sale of tools, dies, tyres,
rubber compound, light trucks and buses, financial management;
distributes steel products, develops real estate property;
cultivation of rubber and oil palm, golf and country club, sale
and distribute Suzuki motorcycles, beer brewing and mineral
water bottling.

As of June 30, 2006, the Company's accumulated losses reached
MYR2,119,522,000.  The Company was classified under Bursa
Malaysia Securities Berhad's Amended Practice Note 17 category
and is required to submit and implement a financial
regularization plan to avert delisting procedures.


ARMSTRONG WORLD: Asbestos Trust Discloses Acquired Common Shares
----------------------------------------------------------------
The Asbestos Personal Injury Settlement Trust established
pursuant to Armstrong World Industries Inc.'s Fourth Amended
Plan of Reorganization disclosed in a Form 3 filing with the
United States Securities and Exchange Commission that it has
acquired 36,981,480 shares of the Debtor's common stock.

The Trust owns about 10% of the securities of Reorganized AWI,
according to the filing.  The shares were issued by the Debtor
on Oct. 2, 2006.

Harry Huge is the Managing Trustee of the Asbestos Trust, which
is intended to settle all present and future asbestos-related
personal injury claims asserted against the Debtor.

The Trust will also receive US$738 million in cash from the
Debtor, representing the portion of cash distributions to which
the Trust is entitled under the Plan.

Additionally, 14 directors and officers of the Debtor disclosed
in separate Form 3 filings from Oct. 11 to 16, 2006, that they
do not currently own any shares of the Debtor's Common Stock:

     Officer                 Designation
     --------                -----------
     James J. Gaffney        Director
     Robert C. Garland       Director
     Judith R. Haberkorn     Director
     Russell F. Peppet       Director
     Arthur J. Pergament     Director
     John Joseph Roberts     Director
     Alexander M. Sanders    Director
     Nicholas Grasberger     Senior VP & CFO
     Michael D. Lockhart     Chairman of Board, President & CEO
     Donald A. McCunniff     Senior VP - Human Resources
     Frank J. Ready          President & CEO, North America
     John N. Rigas           Senior VP, Secretary & Gen. Counsel
     William C. Rodruan      Vice President & Controller
     Stephen J. Senkowski    Executive VP, CEO & President of
                                Armstrong Building Products

Based in Lancaster, Pennsylvania, Armstrong World Industries,
Inc. -- http://www.armstrong.com/-- the major operating  
subsidiary of Armstrong Holdings, Inc., designs, manufactures
and sells interior floor coverings and ceiling systems, around
the world.

The Company has Asia-Pacific locations in Malaysia, Australia,
China, Hong Kong, Indonesia, Japan, Philippines, Singapore,
South Korea, Taiwan, Thailand and Vietnam.  It also has
locations in Colombia, Costa Rica, Greece and Iceland, among
others.

The Company and its affiliates filed for Chapter 11 protection
on December 6, 2000 (Bankr. Del. Case No. 00-04469).  Stephen
Karotkin, Esq., at Weil, Gotshal & Manges LLP, and Russell C.
Silberglied, Esq., at Richards, Layton & Finger, P.A., represent
the Debtors in their restructuring efforts.  The company and its
affiliates tapped the Feinberg Group for analysis, evaluation,
and treatment of personal injury asbestos claims.

Mark Felger, Esq. and David Carickhoff, Esq., at Cozen and
O'Connor, and Robert Drain, Esq., Andrew Rosenberg, Esq., and
Alexander Rohan, Esq., at Paul, Weiss, Rifkind, Wharton &
Garrison, represent the Official Committee of Unsecured
Creditors. The Creditors Committee tapped Houlihan Lokey for
financial and investment advice.  The Official Committee of
Asbestos Personal Injury Claimant hired Ashby & Geddes as
counsel.

The Bankruptcy Court confirmed AWI's plan on Nov. 18, 2003.  The
District Court Judge Robreno confirmed AWI's Modified Plan on
Aug. 14, 2006.  The Clerk entered the formal written
confirmation order on Aug. 18, 2006.  The company's "Fourth
Amended Plan of Reorganization, as Modified," has become
effective and AWI has emerged from Chapter 11.  (Armstrong
Bankruptcy News, Issue No. 103; Bankruptcy Creditors'
Service,Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 11, 2006, Standard & Poor's Ratings Services raised its
corporate credit rating on Armstrong World Industries Inc. to
'BB' from 'D', following the Company's emergence from bankruptcy
on Oct. 2, 2006.  The outlook is stable.


COMSA FARMS: Receives Writ of Summons from Ambank
-------------------------------------------------
On October 17, 2006, Comsa Farms Berhad and its subsidiaries --
Comsa Broiler Farms Sdn Bhd, Comsa Chicken Products Sdn Bhd and
Comsa Breeding Farms Sdn Bhd -- have received summons from
AmBank Berhad.

AmBank is demanding Comsa Farms and Comsa Broiler to pay:

   -- the sum of MYR180,958.29; and

   -- agreed interest of MYR167,421.37 sum at a rate of
      12.07% per annum from June 7, 2006, until the date of full
      payment;

The claim is in respect of outstanding installments, interest
and other charges pursuant to the industrial hire purchase
agreement no. 167-451-0014230-9 amounting to MYR180,958.29 as at
June 6, 2006, for which Comsa Broiler and Comsa Chicken have
failed to settle with AmBank.

The Sabah Sessions Court has fixed the case hearing for Nov. 22,
2006.

Moreover, AmBank claims Comsa Farms and Comsa Chicken to pay:

   -- the sum of MYR15,910.17; and

   -- agreed interest on the sum of MYR13,980.00 at a rate of
      11.68% per annum from June 7, 2006, until the full
      payment;

This claim is in respect of outstanding installments, interest
and other charges pursuant to the HPA no. 802-451-0014918-2
amounting to MYR15,910.17 as at June 6, 2006, for which Comsa
Farms and Comsa Chicken have failed to settle with the
Petitioner.

The Court fixed this case for hearing on December 22, 2006.

In addition, AmBank wants Comsa Farms and Comsa Breeding to pay
MYR15,925.49 and the agreed MYR13,980 total interest at a rate
of 11.68% per annum from June 7, 2006, until the full payment.

This claim is in respect of outstanding installments, interest
and other charges pursuant to the HPA no. 802-451-0014917-3
amounting to MYR15,925.49 as at June 6, 2006, which Comsa Farms
and Comsa Breeding failed to settle with the Petitioner.

The Court fixed this for hearing on December 22, 2006.

Moreover, AmBank is also demanding payment for legal costs
incurred and other relief as deemed fit by the Sabah Sessions
Court of Malaysia.

                      About Comsa Farms

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.  The Company's
balance sheet as of March 31, 2006, showed total assets of
MYR200,072,000 and total liabilities of MYR273,643,000 resulting
into a stockholders' deficit of MYR73,571,000.


COMSA FARMS: Still Working on Schemes for Business Stability
------------------------------------------------------------
On April 7, 2006, Comsa Farms Berhad was classified as an
Affected Listed Issuer in relation to the Company's financial
condition as provided in Practice Note 17 in which its
shareholders' equity on a consolidated basis is less than 25% of
its issued and paid-up share capital based on its annual audited
accounts ended March 31, 2005.

As provided in the criteria of Practice Note 17, the level of
operations will also apply to Comsa as all its major business
operations -- poultry farming, feed milling, import and
wholesale and retail of fresh and frozen meat and foodstuffs --
ceased on September 15, 2006.

Hence, Comsa is required to comply with various obligations
imposed under paragraph 8.14C of Bursa Securities Listing
Requirements and Practice Note 17 to regularize its financial
condition and level of operations within the timeframe
prescribed by Bursa Securities.

In an update, Comsa on October 2, 2006, disclosed that it is
still working on various schemes to regularize its financial
condition.

                       About Comsa Farms

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.  The Company's
balance sheet as of March 31, 2006, showed total assets of
MYR200,072,000 and total liabilities of MYR273,643,000 resulting
into a stockholders' deficit of MYR73,571,000.


COMSA FARMS: Will Submit 2006 Annual Report by October 31
---------------------------------------------------------
Comsa Farms Berhad has disclosed that it will issue and submit
its Annual Report for the financial year ended March 31, 2006,
by Oct. 31 to the Bursa Malaysia Securities Berhad.

The Company said that it is working closely with its external
auditors, Moores Rowland, to resolve all outstanding audit
issues to submit its 2006 Annual Report to Bursa Securities by
the target date.

If Comsa will fail to submit its 2006 Annual Report by Oct. 31,
the Bursa Securities will suspend the trading of the Company's
securities, pursuant to Paragraph 9.26 (4) of the Bourse's
Listing Requirements.

                      About Comsa Farms

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.  The Company's
balance sheet as of March 31, 2006, showed total assets of
MYR200,072,000 and total liabilities of MYR273,643,000 resulting
into a stockholders' deficit of MYR73,571,000.

    
INTAN UTILITIES: SC Extends Time to Comply with Public Spread
-------------------------------------------------------------
Intan Utilities Berhad has been granted an extension of time
until March 31, 2006, to comply with the public spread
requirement under Paragraph 8.15(1) of the Listing Requirements
of Bursa Securities.

Intan has complied with the minimum 25% public spread but has
not met the minimum 1,000 public shareholders.  Based on the
Record of Depositors, Intan has a public shareholding spread of
25.15% held by 856 public shareholders as at October 6, 2006.

On October 4, 2006, Intan had submitted an application to Bursa
Securities for a time extension until March 31, 2007, to solve
the compliance of the public spread requirements as the Company
has announced on September 12, 2006, its proposed voluntary
withdrawal from the Official List of Bursa Securities.

                     About Intan Utilities

The company is classified as a Practice Note 1 company after it
defaulted on several loan facilities due to its tight cash flow
position.  It is currently formulating plans to address the
issue.

As of March 31, 2006, the Company's balance sheet showed
MYR457,961,000 in total assets and MYR267,213,000 in total
liabilities.  However, the Company's March 31 balance sheet
showed strained liquidity with MYR151,393,000 in total current
assets available to pay MYR243,032,000 in total current
liabilities coming due within the next 12 months.  For the six-
month period ended June 30, 2006, Intan Group reported a net
loss of MYR3.57 million.  In addition, certain Intan units have
defaulted on loan repayments to lenders.


KOMARKCORP BERHAD: Buys Back 25,100 Shares for MYR8,283
-------------------------------------------------------
Komarkcorp Berhad has bought back 25,100 ordinary shares for a
total consideration price of MYR8,283 at MYR1.00 each per share
on October 20, 2006.

MYR0.330 was the maximum and the minimum price paid for each
share.

As at to date, the cumulative outstanding treasury shares are
1,648,900.

                        About Komarkcorp

Komarkcorp Berhad -- http://www.komark.com.my/-- is engaged in  
investment holding and provides management services through its
subsidiaries.  The Company operates in two business segments:
manufacturing of self-adhesive labels and trading of related
products, and manufacture of automatic labeling machines.
Manufacturing of automatic labeling machineries is operated in
Malaysia.

The Company has been incurring losses in the past three years.  
For the fourth quarter ended April 30, 2006, the Group incurred
a net loss of MYR30,000, as against a net loss of MYR226,000 in
the same quarter last fiscal year.

As of April 30, 2006, the Company's balance sheet revealed
strained liquidity with current assets of MYR73,224,000
available to pay liabilities of MYR84,324,000 due in the next 12
months.  The Company has a net current deficit of MYR11,100,000.


MERCES HOLDINGS: Default Amounts MYR9.44-Mil. to Southern Bank
--------------------------------------------------------------
On October 20, 2006, Merces Holdings Berhad disclosed that its
total default on interest and principal sum repayment to
Southern Bank Berhad totaled to MYR9.44 million, which comprises
of:

   * Judgment sum - Recalled Overdraft facility   MYR3,684,441
   * Recalled Revolving Credit Facility              5,168,496
                                                 --------------
                                                     8,852,937

   * Interests on overdraft and revolving credits   1,588,456
   * Costs                                                350
                                                 --------------
                                                    10,441,743

   * Less payment made on Jan. 26, 2005             (1,000,000)
                                                 --------------
   * Balance at June 10, 2005,                       9,441,743

The TCR-AP reported that on June 10, 2005, Southern Bank served
Merces a Statutory Notice demanding that Merces repay its debts.

Southern Bank has then served a wind-up petition against Merces
on July 14, 2006, for failure to repay the debts.

The date of the petition hearing has been set on Dec. 6, 2006,
for parties to file affidavits and prepare written submission.

Merces Holdings is working out an agreement with Southern Bank
to restructure the debts to resolve the issue of default in
repayment amicably.

                    About Merces Holdings

Merces Holdings Berhad's principal activities are the provision
of property development and building construction works.  The
Company's other activity include investment holding.  Operations
of the Group are predominantly carried out in Malaysia.

Merces Holdings has defaulted on several loan facilities and had
faced winding-up petitions due to unsettled financial
obligations.


MERCES HOLDINGS: Bentahara Wants Unit Wound Up Over Unpaid Claim
----------------------------------------------------------------
On October 18, 2006, Bentahara Sdn Bhd, through its solicitors,
served wind-up petition against Merces Builders, a wholly owned
subsidiary of Merces Holdings Berhad.

As per the Petition, Merces Builders owes Bentahara
MYR126,288.56, together with interest at the rate of 2% per
month from June 1, 2001, to May 5, 2006.  The total amount of
claim is MYR275,742.

Bentahara alleged that Merces Builders failed to pay its debts
claimed vide a Notice of Demand pursuant to Section 218,
Companies Act, 1965 served on May 16, 2006.  The debt is in
respect of the amount under a judgment obtained by the
Petitioner at the High Court Kota Kinabalu, Sabah vide suite No.
52-541 of 2001 on April 6, 2006.

The Hearing of the wind-up petition is set for November 23,
2006, at the High Court at Kota Kinabalu.

Moreover, the Bursa Securities has asked Merces Holdings the
cost of investment to Merces Builders.  In its reply, Merces
Holdings said that it has invested a total of MYR5.5-million on
Merces Builders.

                    About Merces Holdings

Merces Holdings Berhad's principal activities are the provision
of property development and building construction works.  The
Company's other activity include investment holding.  Operations
of the Group are predominantly carried out in Malaysia.

Merces Holdings has defaulted on several loan facilities and had
faced winding-up petitions due to unsettled financial
obligations.


METROPLEX BERHAD: Unit's Hearing Withdrawn with No Cost
-------------------------------------------------------  
Metroplex Berhad has disclosed that the hearing pertaining to
its wholly owned subsidiary Metroplex Project Management Sdn
Bhd's application to set aside the Judgment in Default which was
fixed for October 17, 2006, was withdrawn with no order as to
cost.

The Judgment relates to a wind-up petition filed by the
solicitors for Lau Ah Kow and Choong Bee Yok against Metroplex
Project before the Kuala Lumpur High Court on March 23, 2006.  
The Petitioners assert a MYR56,437 claim covering arrears of
rental of Parcel No. A13/C5, Chancellor Condominium, which was
leased by Metroplex Projects, the TCR-AP recounts.

Moreover, the TCR-AP reports that aside from the Judgment Sum,
the Petitioners had asserted an 8% annual interest accrued from
the date of default judgment on July 14, 2005, until the date of
full and final settlement.  The Petitioners also claim MYR1,182
as payment for other costs.

                   About Metroplex Berhad

Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad's
activities are hotel and casino operations.  Other activities
include property investment, property development, provision of
administrative services, general and building construction,
leasing and financing, trading of building materials and
operation of hotel management training school.  Operations are
carried out in Malaysia, Hong Kong, and the Philippines.

On April 28, 2005, Morgan Stanley Emerging Markets Inc. had
filed a wind-up petition against the Company with the Kuala
Lumpur High Court.  In the event the wind-up petition succeeds,
the Company will be put into liquidation.

Metroplex Berhad's April 30, 2006 balance sheet revealed total
liabilities of MYR1,417,778,000 exceeding total assets of
MYR1,214,518,000, resulting into a shareholders' deficit of
MYR203,260,000.

As of August 31, 2006, Metroplex's payment default reached
MYR1,790,952,181.

As of July 2006, the company's balance sheet showed
MYR1.21 billion in total assets and MYR1.44 billion in total
liabilities, resulting in a total shareholders' deficit of
MYR223.77 million.


MULTI-USAGE HOLDINGS: SC Rejects Appeal to Proposals
----------------------------------------------------
The Securities Commission, through a letter dated October 18,
2006, has rejected the appeal of Multi-Usage Holdings Berhad
application relating to these proposals:

   -- Proposed Capital Reduction;
   -- Proposed Two-Call Rights Issue with Free Detachable
      Warrants;
   -- Proposed Acquisition of Team Four Property;
   -- Proposed Acquisition of Cassio Property;
   -- Proposed Acquisition of PCP; and
   -- Proposed Bank Debt Restructuring of the MUHB Group

Multi-Usage has submitted an appeal to the Securities Commission
to reconsider its decision on the rejection of the Proposals on
July 19, 2006.

                   About Multi-Usage Holdings

Headquartered in Penang, Malaysia, Multi-Usage Holdings Berhad's
principal activities are development of properties, manufacture,
and sale of cement concrete products, cement bricks, hollow
blocks, stones, and all kinds of building materials.  The
Company is also engaged in contracting works for construction
project, provision of management services, hiring of mobile
crane and other heavy equipment, trading of furniture, and
investment holding.  The Group operates predominantly in
Malaysia.

As of March 31, 2006, the Company's auditors expressed doubt on
the Group's financial position and the Company's proposed
restructuring scheme.  According to the auditors, the Company's
ability to go on as a going concern hinges on the implementation
of its restructuring scheme.

The Company's June 30, 2006, balance sheet showed current weak
liquidity with current assets of MYR42,809,000 available to pay
current liabilities of MYR61,385,000, coming due within the next
12 months.  The group has total assets of MYR88,263,000, total
liabilities of MYR61,705,000 and stockholders' equity of
MYR26,558,000.


SUGAR BUN: Inks 9,400,000 Placement Shares
------------------------------------------
On October 20, 2006, Sugar Bun Corporation Berhad has placed out
9,400,000 Placement Shares at an issue price of MYR1.60 per
Share.  

The issue price, which was fixed on October 16, 2006, represents
a discount of approximately 8.3% from the five-day weighted
average market price of Sugar Bun's shares until October 13,
2006, (being the date immediately prior to the price fixing
date) of MYR1.7449.  The Placement Shares will be quoted on the
Second Board of Bursa Malaysia Securities Berhad in due course.

                      About Sugar Bun

Sugar Bun Corporation Bhd -- http://www.sugarbun.com/-- is   
engaged in the operation and franchising of restaurants,
bakeries, and confectioneries.  Its other activities include
general trading of machinery, spare parts and phone cards,
investment holding and provision of administrative, management
and marketing services.  Operations of the Group are carried out
mainly in Malaysia.

The Company is currently undertaking a corporate and debt
restructuring program to wipe out its accumulated losses.  As of
July 31, 2006, the Company has accumulated losses of
MYR3,256,000.


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

AVISAM CONSTRUCTION: Creditors Must Prove Debts by October 26
-------------------------------------------------------------
The High Court of Auckland appointed on September 28, 2006,
Henry David Levin and Bruce McCallum as liquidators to act
jointly and severally in the liquidation of Avisam Construction
Ltd.

In this regard, the Liquidators require Avisam Construction's
creditors to prove their debts by October 26, 2006.  Failure to
show proofs will exclude a creditor from sharing in any
distribution the company will make.

The Joint Liquidators can be reached at:

         Henry David Levin
         Bruce McCallum
         McCallum Petterson
         Level Eleven, Forsyth Barr Tower
         55-65 Shortland Street, Auckland
         New Zealand
         Telephone:(09) 336 0000
         Facsimile:(09) 336 0010


BROTHER HOOD: Appoints Official Assignee as Liquidator
------------------------------------------------------
On September 28, 2006, the Official Assignee for Brother Hood
Motorworld LMVD Ltd was appointed as the company's liquidator.

As reported by the Troubled Company Reporter - Asia Pacific, K
Auto Trading (NZ) Ltd on June 22, 2006, filed with the High
Court of Auckland a liquidation petition against Brother Hood.

The Liquidator can be reached at:

         Official Assignee
         Insolvency and Trustee Service
         Private Bag 4714, Christchurch
         New Zealand
         Telephone: 0508 467 658
         Web site: http://www.insolvency.govt.nz


COSTELLO CONSTRUCTION: Commences Liquidation of Business
--------------------------------------------------------
On September 19, 2006, shareholders of Costello Construction Ltd
resolved to liquidate the company's business and appoint Neil
Stanley Gollan as liquidator.

The Liquidator can be reached at:

         Neil Stanley Gollan
         P.O. Box 324, Pukekohe
         New Zealand
         Telephone:(09) 238 9219
         Facsimile:(09) 238 6826


FIRST CITY: Names Official Assignee as Liquidator
-------------------------------------------------
On September 21, 2006, First City Trust No. 2 Ltd appointed its
Official Assignee as liquidator.

As reported by the Troubled Company Reporter - Asia Pacific,
Westpac Banking Corp filed with the High Court of Auckland the
petition to liquidate First City Developments Ltd. on August 16,
2006,

The Auckland Court will hear the liquidation petition on Nov.
30, 2006, at 10:00 a.m.

The Liquidator can be reached at:

         Official Assignee
         Insolvency and Trustee Service
         Private Bag 4714, Christchurch
         New Zealand
         Telephone: 0508 467 658
         Web site: http://www.insolvency.govt.nz


FORT'E CONSTRUCTION: Faces Liquidation Proceedings
--------------------------------------------------
On August 28, 2006, the Commissioner of Inland Revenue filed
before the High Court of Christchurch a liquidation petition
against Fort'e Construction Ltd.

The petition will be heard on October 30, 2006, at 10:00 a.m.

The Solicitor for the CIR can be reached at:

         Julia Dykema
         Inland Revenue Department
         Technical and Legal Support Group
         South Island Service Centre
         Ground Floor Reception, 518 Colombo Street
         (P.O. Box 1782), Christchurch 8140
         New Zealand
         Telephone:(03) 968 0809
         Facsimile:(03) 977 9853


GLENDHU PROJECTS: Court Sets Date to Hear Liquidation Petition
--------------------------------------------------------------
On November 30, 2006, the High Court of Auckland will hear a
liquidation petition filed against Glendhu Projects Ltd.

Garry O'Rourke and Shirley O'Rourke filed the petition with the
Court on September 6, 2006.

The Solicitor for the O'Rourkes can be reached at:

         Malcolm Whitlock
         Debt Recovery Group NZ Limited
         149 Ti Rakau Drive
         Pakuranga, Auckland
         New Zealand


HARDING CONSTRUCTION: Liquidation Petition Hearing Set on Nov. 9
----------------------------------------------------------------
The High of Auckland will hear a petition to liquidate Harding
Construction Ltd on November 9, 2006, at 10:45 a.m.

Residential Plastering Ltd filed the petition with the Court on
August 30, 2006.

The Solicitor for Residential Plastering can be reached at:

         Malcolm Whitlock
         Debt Recovery Group NZ Limited
         149 Ti Rakau Drive
         Pakuranga, Auckland
         New Zealand


LATIN LARDER: Court Hears Liquidation Petition
----------------------------------------------
The Commissioner of Inland Revenue on July 18, 2006, filed
before the High Court of Auckland a liquidation petition against
Latin Larder Ltd.

The Court heard the petition on October 19, 2006.

The CIR Solicitor can be reached at:

         Justine Berryman
         Technical and Legal Support Group
         Auckland North Service Centre
         Inland Revenue Department
         5-7 Byron Avenue (P.O. Box 33-150)
         Takapuna, Auckland
         New Zealand
         Telephone:(09) 984 1538
         Facsimile:(09) 984 3116


MOTIVATION (NZ): Hearing of Liquidation Petition Set on Nov. 1
--------------------------------------------------------------
The High Court of Greymouth will hear a liquidation petition
against Motivation (NZ) Ltd on November 1, 2006, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on August 28, 2006.

The Solicitor for CIR can be reached at:

         S. N. McKenzie
         Preston Russell Law
         92 Spey Street (P.O. Box 355)
         Invercargill
         New Zealand
         Telephone:(03) 211 0080
         Facsimile:(03) 211 0079


NASH HOLDINGS: Court to Hear Liquidation Petition on November 6
---------------------------------------------------------------
A petition to liquidate Nash Holdings Ltd will be heard before
the High Court of Hamilton on November 6, 2006, at 10:45 a.m.

Alan Andrew Ward, Gwynnyth Jean Ward, and Graham Parton (as
trustees of the Ward Family Trust) and Valerie Joy Jones and
McBreens Trustees 2005 Ltd (as trustees of the Stirling Trust)
filed the petition with the Court on September 15, 2006.

The Solicitor for the Petitioners can be reached at:

         Anthony J. Nolan
         Bain House
         324 Victoria Street
         (P.O. Box 1268), Hamilton
         New Zealand
         Telephone:(06) 834 0365
         Facsimile:(06) 838 9244


SOUTH ALPS: Creditors to Prove Claims on October 26
---------------------------------------------------
Creditors of South Alps New Zealand Company Ltd are required to
file their proofs of claim to Joint Liquidators Henry David
Levin and Bruce McCallum by October 26, 2006, or be excluded
from the benefit of distribution.

The High Court of Auckland on September 28, 2006, appointed Mr.
Levin and Mr. McCallum as joint and several liquidators of the
company.

The Joint Liquidators can be reached at:

         Henry David Levin
         Bruce McCallum
         McCallum Petterson
         Level Eleven, Forsyth Barr Tower
         55-65 Shortland Street, Auckland
         New Zealand
         Telephone:(09) 336 0000
         Facsimile:(09) 336 0010


STEEL IMPORTS: Creditors' Proofs of Claim Due on October 26
-----------------------------------------------------------
On September 28, 2006, the High Court of Auckland appointed
Henry David Levin and Bruce McCallum as joint and several
liquidators of Steel Imports Ltd.

In this regard, the Joint Liquidators require Steel Imports'
creditors to file their proofs of claim by October 26, 2006, or
be excluded from sharing in any distribution the company will
make.

The Liquidators can be reached at:

         Henry David Levin
         Bruce McCallum
         McCallum Petterson
         Level Eleven, Forsyth Barr Tower
         55-65 Shortland Street, Auckland
         New Zealand
         Telephone:(09) 336 0000
         Facsimile:(09) 336 0010


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

NATIONAL POWER: Fitch Affirms BB Rating on US$300-Million Notes
---------------------------------------------------------------
Fitch Ratings, on October 23, 2006, affirmed the rating of BB to
the US$300 million floating-rate notes issued by National Power
Corporation.

The notes are irrecoverably and unconditionally guaranteed by
the Republic of the Philippines and hence the rating of the
notes is based on the BB long-term foreign currency rating of
the ROP, with a stable outlook.

The rating addresses the timely payment of interest and the
ultimate payment of principal of the notes by the legal final
maturity in August 2011.


RIZAL COMMERCIAL BANKING: S&P Rates Tier-1 Securities 'CCC'
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'CCC' rating to
Philippines' Rizal Commercial Banking Corp's (RCBC; B/Stable/B)
US$100 million non-cumulative step-up callable perpetual capital
securities.

The 'CCC' rating on RCBC's perpetual securities issue takes into
account the subordination of the issue to the claims of senior
creditors and holders of priority preference shares, and the
coupon deferral features under certain defined conditions.  The
securities are also subordinated to RCBC's US$150 million 6.875%
senior unsecured notes due 2010, rated 'B' by Standard &
Poor's.

The bank has the option to redeem the proposed securities under
certain circumstances, subject to approval from the Bangko
Sentral ng Pilipinas (BSP; the central bank).  These include any
of the following:

   -- Full redemption of the issue, in whole but not in part, at
      the principal amount on the first call date in 2016, or
      any interest payment date thereafter.

   -- Redemption of the proposed securities at the principal
      amount and any accrued interest if there are taxation
      changes in Philippines.

   -- Redemption of the proposed securities at their principal
      amount and any accrued interest if the securities do not
      qualify as Tier-1 capital, after having previously
      qualified as such.

The hybrid Tier-1 perpetual securities are not included in
Standard & Poor's measure of core capital, which is adjusted
common equity.  This is in line with Standard & Poor's treatment
of other forms of hybrid capital, including preference shares,
in its analysis of capital.  Standard & Poor's will, however,
recognize equity capital credit in the bank's adjusted total
equity of up to 25% (strong equity content) for the hybrid Tier-
1 perpetual securities.


* SEC approves Revised Auditing Standards
-----------------------------------------
The Securities and Exchange Commission has approved the adoption
of a revised set of auditing standards that aims to provide
stricter guidelines on how to better combat fraud in financial
reporting, Business World reports.

Business World explains that following an en banc meeting, the
commission decided to adopt the revised auditing standards for
compliance of companies and other entities under its authority.
The revised rules have already been earlier approved by the
Auditing and Assurance Standards Council, the Board of
Accountancy, and the Professional Regulation Commission.  These
agencies oversee the implementation of auditing rules in the
country.

According to the report, the revised rules are scheduled to be
effective for auditor's reports with the latest dated on or
after Dec. 31, 2006.  "For the new and revised standards to be
implemented properly in the Philippines, the auditing firms need
lead time before its effective date to provide necessary
training to their audit personnel," the commission said in a
report released after the en banc meeting.

Business World outlines that among the auditing rules that were
revised was the Philippine Standards for Accounting 240 or the
rule on the auditor's responsibility to consider fraud in an
audit of financial statements.  Under the revised rule, auditors
are urged to exercise "professional skepticism" to always
question the integrity and honesty of management despite past
experience with the said entity.  The rule is to ensure auditors
would always be on guard against fraud, or any intentional act
which result to material misstatement of financial statements.

The commission has also adopted the revisions on PSA 700, which
is the rule on the independent auditor's report on a complete
set of general purpose financial statements.  Now, auditors are
required to provide "better explanation of the respective
responsibilities of management and the auditor, updated
description of the audit process to reflect the new audit risk
standards', clarification of the auditor's responsibilities with
respect to internal control."

Business World also reports that the PSA was adopted starting
last year from the International Standards on Auditing, set by
the New York-based International Federation of Accountants.  
IFAC is a worldwide organization comprised of over 160 member
bodies in 120 countries which establish a set of at least 28
internationally accepted auditing standards.


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

CHEMTURA CORP: S&P Affirms BB+ Rating & Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Middlebury, Connecticut-based Chemtura Corp. to stable from
positive and affirmed the existing 'BB+' corporate credit and
senior unsecured debt ratings.

The outlook revision reflects diminished expectations for the
strengthening of key cash flow protection measures because of
poor profitability in certain businesses and less-than-expected
debt reduction.  Chemtura's progress toward the improvement of
the balance sheet has been hampered in part by payments for
antitrust litigation, restructuring activities, and debt
retirement premiums.

"Still, management's ongoing efforts to address problem
operations and commitment to strengthening the capital structure
enhance prospects that credit quality metrics can improve to the
level appropriate for the current ratings perhaps by the end of
2007," said Standard & Poor's credit analyst Wesley E. Chinn.

The ratings on Chemtura incorporate the vulnerability of its
operating results to competitive pricing pressures, raw-material
costs, and cyclical markets; and weak cash flow protection
measures.  These aspects are tempered by a diversified portfolio
of specialty and industrial chemical businesses (generating
annual pro forma revenues of roughly US$3.9 billion), which
reflects the July 2005 acquisition of Great Lakes Chemical Corp.
for approximately US$1.6 billion in common stock, plus the
assumption of debt.  The transaction resulted in an immediate
strengthening of Chemtura's business mix and cash flow
protection measures, because of the equity-financed acquisition
of a much higher-rated company.

Great Lakes Chemical added complementary product lines to
Chemtura's existing plastics additives portfolio as well as
recreational water chemicals (which has a strong market share)
and brominated flame retardants businesses.  Key businesses of
the combined company serve diverse markets and include plastic
and specialty additives, urethane prepolymers, pool and spa
chemicals, crop protection chemicals, brominated flame
retardants, and petroleum additives.  Still, a significant
percentage of the sales base consists of products where
profitability is being punished by markets which are commodity-
like and highly competitive.  Consequently, the company
continues to rationalize the number of customers and products,
fine-tune pricing initiatives, and reduce the cost base in
certain product lines.  Management is also seeking to shed
underperforming or noncore businesses.

Headquartered in Middlebury, Connecticut, Chemtura Corp. (NYSE:
CEM) -- http://www.chemtura.com/-- is a global manufacturer and  
marketer of specialty chemicals, crop protection and pool, spa
and home care products.  The company has approximately 6,400
employees around the world and sells its products in more than
100 countries.  In the Asia Pacific, Chemtura has facilities in
Singapore, Australia, China, Hong Kong, India, Japan, South
Korea, Taiwan, and Thailand .


DIAMOND PETROLEUM: Court Orders Wind-Up of Company
--------------------------------------------------
On October 6, 2006, the High Court of Singapore issued an order
winding up Diamond Petroleum Pte Ltd's operations.

Hock Lee Company filed the wind-up petition against the Company.  

The Company's appointed liquidator is:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


FLEXTRONICS INTERNATIONAL: Shareholders Okays 2001 Plan Changes
---------------------------------------------------------------
Shareholders of Flextronics International Ltd have approved the
amendments to the Company's 2001 Equity Incentive Plan during
their 2006 Annual General Meeting held on October 4, 2006.

The amendments to the 2001 Plan provides:

  (i) the elimination of the 2-million share sub-limit on the
      number of ordinary shares subject to stock bonus awards
      that may be outstanding at any time during the term of the
      2001 Plan;

(ii) the modification of the automatic option grant to non-
      employee directors so that the option grant will not be
      pro-rated based on the service of the director during the
      prior 12 months; and

(iii) the increase of the share reserve by 5,000,000 ordinary
      shares to an aggregate of 32,000,000 ordinary shares (not
      including shares available under plans consolidated into
      the 2001 Plan).

Pursuant to the approval of Non-Employee Director Compensation
under Singapore law, the Company may only provide cash
compensation to its non-employee directors for their services
rendered with the prior approval from its shareholders at a
general meeting.  Accordingly, at the 2006 Annual Meeting, the
Company's shareholders approved the cash compensation
arrangements for the non-employee directors:

  (i) annual cash compensation of US$40,000, payable quarterly
      in arrears, for services rendered as a director;

(ii) additional annual cash compensation of US$10,000, payable
      quarterly in arrears to the Chairman of the Audit
      Committee (if appointed) of the Board of Directors for
      services rendered as Chairman of the Audit Committee; and

(iii) additional annual cash compensation of US$5,000, payable
      quarterly in arrears for participation on any standing
      committee of the Board of Directors.  The standing
      committees of the Board of Directors of the Company are
      currently the Audit, Compensation, Nominating and
      Corporate Governance, and Finance Committees.  The cash
      compensation for the directors of the Company approved at
      the 2006 Annual Meeting is unchanged from the amounts
      approved by the Company's shareholders at the 2005 Annual
      General Meeting of Shareholders.

Moreover, at the 2006 Annual Meeting, the Company's shareholders
also approved the amendment and restatement of the Company's
Articles of Association, which defines the rights of holders of
the Company's ordinary shares.  As a result of the shareholder
approval, which became effective on October 4, 2006, the
Company's Articles of Association were amended to:

  (i) reflect certain changes made by the Singapore Companies
      (Amendment) Act 2005, including the elimination of the
      concepts of par value, share premium, shares issued at a
      discount and authorized share capital;

(ii) provide for the holding of treasury shares and to
      modernize and streamline certain provisions to be more
      consistent with, and take greater advantage of, the
      Singapore Companies Act, as amended; and

(iii) re-word a number of provisions in order to improve clarity
      and readability.  

                About Flextronics International

Headquartered in Singapore, Flextronics International Ltd. --
http://www.flextronics.com/-- provides electronics  
manufacturing services through a network of facilities in over
30 countries worldwide.  Its global locations include operations
in Brazil and Mexico.

                          *     *     *

Moody's Investors Service assigned a Ba2 rating to Flextronics
International Ltd.'s new US$500 million 6.25% senior
subordinated notes, due 2014.  At the same time, the company was
assigned a liquidity rating of SGL-1, reflecting Flextronics'
significant on-hand liquidity, unfettered access to the sizeable
US$1.1 billion revolver and the expectation for generating
moderately positive free cash flow (pre-Nortel payments) over
the next twelve months.

Standard & Poor's Ratings Services assigned its 'BB-' rating to
Flextronics' private offering of US$500 million, senior
subordinated notes due 2014.  The notes were offered under Rule
144A, with registration rights.  Proceeds of the offering will
be used to repay outstanding debt under its revolving credit
facilities and for general corporate purposes.  The company's
'BB+/Stable/--' corporate credit rating was affirmed.


LEAR CORPORATION: Inks US$200-Mil. Equity Offering with Icahn
-------------------------------------------------------------
Lear Corporation has entered into a definitive agreement to
issue US$200 million of common stock in a private placement to
affiliates of and funds managed by Carl C. Icahn.  The offering
includes 8,695,653 shares of Lear common stock issued at
US$23.00 per share.  The transaction is subject to receipt of
applicable antitrust clearance and is expected to close within
forty-five days.

The purchase agreement provides Mr. Icahn with the right to
represent on Lear's board of directors and contains certain
other corporate governance terms and conditions with respect to
Icahn's ownership position.  A copy of the agreement will be
filed as an exhibit to a Form 8-K filed with the United States
Securities and Exchange Commission.

"Our increased investment reflects our confidence in Lear's
management team and our optimism about the future value of the
Company.  We look forward to the opportunity to work actively
with management and the other members of the Lear board to help
increase value for all shareholders," said Mr. Icahn.

The proceeds of the offering are expected to be used for
strategic investments and to provide Lear with increased
financial and operating flexibility.

According to Bob Rossiter, Chairman and Chief Executive Officer
of Lear, the transaction will provide Lear with additional
flexibility and allows the Company to pursue value enhancing
initiatives at a time when market conditions are very dynamic.

"We look forward to working with Mr. Icahn and his colleagues
and appreciate the continued support of our shareholders, added
Mr. Rossiter.

                    About Lear Corporation

Headquartered in Southfield, Michigan , Lear Corporation (NYSE:
LEA) -- http://www.lear.com/-- supplies automotive interior  
systems and components.  Lear provides complete seat systems,
electronic products and electrical distribution systems and
other interior products.

Lear has operations in these Asian countries: China, India,
Japan, the Philippines, Singapore and Thailand.

                          *     *     *

Standard & Poor's affirmed the 'B+' rating on the US$1 billion
first-lien term loan.  Standard & Poor's corporate credit rating
on Lear Corp. is B+/Negative/B-2.  The speculative-grade rating
reflects the company's depressed operating performance caused by
severe industry pressures.

  
OVERSEAS SHIPHOLDING: Receives Antitrust OK to Acquire Maritrans
----------------------------------------------------------------
As reported by the Troubled Company Reporter - Asia Pacific on
Sept. 29, 2006, Overseas Shipholding Group Inc. has entered into
a definitive merger agreement to which it will acquire Maritrans
Inc. for US$37.50 per share for a total value of approximately
US$455 million.

In an update, Reuters cites the United States Federal Trade
Commission as saying that U.S. antitrust authorities have given
Overseas Shipholding the approval to proceed with the cash deal
transaction.

The Hemscott.com recounts that the Company has been granted by
the authorities an early termination of the waiting period under
the Hart-Scott-Rodino Antitrust Act after completing their
review.

The deal, according to the reports, will expand the company's
market presence in the U.S. Gulf coast, Florida and East coast
trades and add lightering operations along the U.S. East Coast.

                        About Maritrans

Headquartered in Tampa , Florida, Maritrans Inc., (NYSE: TUG)
-- http://www.maritrans.com/-- is a U.S.-based company with a  
78-year commitment to building and operating petroleum transport
vessels for the U.S. domestic trades.  Maritrans employs a fleet
of 11 ATBs, five product carriers, two of which have been
redeployed to transport non-petroleum cargoes, and three large
ATBs under construction.  Approximately 75% of the company's oil
carrying fleet capacity is double-hulled with a fleet capacity
aggregating approximately 3.4 million barrels, 79% of which is
barge capacity.  Maritrans maintains an office in the
Philadelphia area.

                 About Overseas Shipholding

Headquartered in New York, U.S.A., Overseas Shipholding Group,
Inc. (NYSE:OSG) -- http://www.osg.com/-- is one of the largest   
publicly traded tanker companies in the world with an owned,
operated and newbuild fleet of 117 vessels, aggregating 13.0
million dwt and 865,000 cbm, as of June 30, 2006.  As a market
leader in global energy transportation services for crude oil
and petroleum products in the U.S. and International Flag
markets, the company is committed to setting high standards of
excellence for its quality, safety and environmental programs.   
OSG is recognized as one of the world's most customer-focused
marine transportation companies, with offices in New York,
Athens, London, Newcastle and Singapore.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
August 14, 2006, Moody's Investors Service affirmed the debt
ratings of Overseas Shipholding Group, Inc.'s Senior Unsecured
at Ba1.  The outlook has been changed to stable from negative.


QM INVESTMENT: Proofs of Debt Due on November 3
-----------------------------------------------
The creditors of QM Investment Pte Ltd, which is under
liquidation, are required to submit their proofs of debt by
November 3, 2006.

Failure to comply with the requirement will exclude the creditor
form sharing in the Company's distribution of dividend.

The company's liquidator can be reached at:

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


PETROLEO BRASILEIRO: Inks Synthetic Oil Tech. Development Pact
--------------------------------------------------------------
Petrleo Brasileiro signed a Technological Cooperation Agreement
with Compact GTL to build and test a pilot-plant to produce
synthetic oil from associated natural gas -- produced together
with the oil -- designed to be installed on an FPS-type floating
production unit, a platform that produces, processes, stores,
and offloads oil.

The three-year agreement, for US$10.6 million, involves all
stages ranging from elaborating a pilot-plant project to produce
20 barrels a day, installing this plant on an onshore Petroleo
Brasileiro test area, evaluating its performance, and
elaborating the conceptual project for an industrial unit
capable of producing 1,500 barrels a day.

The gas-to-liquids or GTL process is an important tool to make
better use of associated natural gas.  In this process, natural
gas is chemically transformed into synthetic oil.

The microchannel technology is a major innovation, particularly
because it is extremely compact.  Once the technology is viable,
its reduced size will allow the installation of GTL units on
production platforms, enabling it to be applied for the natural
gas produced in offshore fields when it is not feasible to
reinject it in the reservoirs or to build pipelines for exports.  
With this technology, natural gas that would otherwise be burned
will be commercially usable.

Aiming at using this technology, Petroleo Brasileiro opted to
associate with Compact GTL, which has concluded the technology's
research and development phase and is ready to begin the
demonstration phase -- pilot plant design and construction.

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

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

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

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

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

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


PETROLEO BRASILEIRO: Could Invest US$3.42B in Peru in Two Years
---------------------------------------------------------------
Pedro Grijalba, the chief executive officer of Petroleo
Brasileiro's Peruvian unit, told Gestion that the parent company
could invest US$3.42 billion in Peru over two years.

Gestion relates that Petroleo Brasileiro would make half of the
investments in the first year and close all its projects within
two years.

According to Business News Americas, the amount relates to a
US$1.5-billion ammonia and urea plant that would produce an
average of 540,000 tons annually, with about 200,000 tons being
consumed in Peru 's market yearly.

BNamericas underscores that Petroleo Brasileiro is analyzing:

          -- a US$800-million reorganization of the Talara
             plant;

          -- a US$150 million, 260-megawatt thermo generation
             project;

          -- US$50 million in works related to compressed
             natural gas, propane and butane;

          -- two gas pipelines in southern Peru with combined
             capacity of 170 million cubic meters per day; and  

          -- a gas distribution project with Praxair, a
             industrial gas manufacturer in the United States .

Petroleo Brasileiro would invest up to US$90 million in block 10
in 2007.  In the next 6-7 years the company will drill about 732
wells on the block.  On block 58, Petroleo Brasileiro would
invest up to US$40 million in the last half of 2007 and consider
drilling a first well on block 110 during 2009 to 2010 for US$25
million.

Block 112 would require up to US$40-million investment from 2008
to 2009.  Block 117 could be integrated with blocks in Colombia
and Ecuador for a long-term coal project, Mr. Grijalba told
Gestion.

Headquartered in Rio de Janeiro , Brazil , Petroleo Brasileiro
S.A. aka Petrobras 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: Regulator Limits Firm's Right to Operate
-------------------------------------------------------------
Guilherme Estrella, the exploration and production director of
Petroleo Brasileiro, told Folha de S Paulo that the decision of
ANP, the Brazilian hydrocarbons regulator, to limit the number
of different operators in the 8th exploration licensing round
limits the right of the company and other firms to operate in an
open market.


Business News Americas relates that under the bidding rules,
operators will be limited to 3 or 4 blocks within each of the 14
sectors offered at the Nov. 28-29 auction.  

According to BNamericas, the government wants to offer about 284
blocks in the auction.

A Petroleo Brasileiro spokesperson told BNamericas, "Estrella
expressed discontent with this detail.  Petrobras (Petroleo
Brasileiro) complained about this during the public hearings,
but as usual we will follow the rules set by ANP."

Mr. Estrella expects firms to present higher bids for the blocks
this year, compared with the 2005 round, due to higher oil
prices, local press states.

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

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

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

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

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

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


RESEARCH PACIFIC: Court to Hear Wind-Up Petition on October 27
--------------------------------------------------------------
SKG Research LLC has filed an application on October 2, 2006, to
wind up Research Pacific/MSW Communications Studies Pte Ltd.

The wind-up petition will be heard before the High Court of
Singapore on October 27, 2006, at 10:00 a.m.

SKG Research's solicitors can be reached at:

         Allen & Gledhill
         One Marina Boulevard #28-00
         Singapore 018989


RIPPEY TECHNOLOGY: Creditors Must Prove Debts by November 21
------------------------------------------------------------
At an extraordinary general meeting held on October 6, 2006, the
members of Rippey Technology Private Limited agreed to
voluntarily wind up the Company's operations.

Accordingly, creditors must submit proofs of debt by Nov. 21,
2006, to be included in the Company's distribution of dividend.

The Company's liquidator can be reached at:

         Lau Chin Huat
         c/o Blk 150A Mei Chin Road #02-00
         Singapore 140150


SELCO NAVIGATION: Proofs of Debt Due on November 3
--------------------------------------------------
Selco Navigation Pte Ltd, which is in compulsory liquidation,
requires creditors to submit their proofs of debt so as to be
included in the Company's distribution of dividend.

The Company's liquidators can be reached at:

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


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

BANGKOK BANK: Fitch Affirms 'C' Individual Rating
-------------------------------------------------
On October 23, 2006, Fitch Ratings affirmed the ratings of
Bangkok Bank and removed them from Rating Watch Negative on
which they were placed on September 20, 2006 following the
military coup.  The Outlook on their ratings is now Stable.

This action follows a similar removal of the Negative Rating
Watch and affirmation of the sovereign rating of the Kingdom of
Thailand.

After the rating action, Bangkok Bank's ratings are as follows:

    * Long-term foreign currency Issuer Default rating:  BBB+/
      Outlook Stable;
    * Short-term foreign currency F2;
    * Individual C;
    * Support 2;
    * Subordinated debt BBB.

The National ratings on the bank are also affirmed.

Thailand's major banks have so far weathered the short-term
negative impact of the political crisis on economic growth.  If
confidence is restored quickly by the newly appointed
government, a rebound in consumer and investment spending could
see higher growth and stronger performance for the major banks
in 2007.  Given the strength of the ministerial appointments to
the Finance and Economic portfolios, structural reforms, which
had stalled under the previous administration, could be
accelerated, notwithstanding the interim government's limited
term and mandate.

Fitch expects that new legislation and policies on financial
institutions and the central bank, if implemented, should help
strengthen the regulatory and operating framework for Thailand's
financial system.  These include consolidated supervision and
stronger oversight of state-owned policy banks, proposed
measures on deposit insurance and further amalgamation of the
nationalized banks, as well as steps to effect a final
resolution to the bad loan overhang from the 1997 crisis.

Third quarter results released last week indicate the larger
banks continue to perform strongly, despite a weakening
operating environment.  While loan growth has slowed
considerably, net interest margins and asset quality have
generally held up for the larger banks, with only a slight
weakening in some banks.  Higher taxes and additional
provisioning and losses on restructuring or disposal of bad
loans, due in part to collateral revaluation of loan transfers
to the government-owned Thai Asset Management Corporation,
moderately affected overall results.

While the disposal of the banks' remaining bad loans could see
additional losses or provisions in the next year, this is not
expected to have a substantial impact on the overall net profit
results, though it could hurt the mid-sized banks with still low
loan-loss reserves.

The change in government and the economic impact of major floods
could temper economic growth and weaken Q4 results for the
banks, but loan growth is expected to pick-up in 2007 on the
back of an economic rebound which should help underpin the major
banks' continued strong performance.


KASIKORNBANK: Fitch's 'C' Individual Rating Stays
-------------------------------------------------
Fitch Ratings, on October 23, 2006, affirmed the ratings of
Kasikornbank and removed them from Rating Watch Negative on
which they were placed on September 20, 2006 following the
military coup.  The Outlook on their ratings is now Stable.

This action follows a similar removal of the Negative Rating
Watch and affirmation of the sovereign rating of the Kingdom of
Thailand.

After the rating action, Kasikorn's ratings are as follows:
    * Long-term foreign currency IDR BBB+/ Outlook Stable;
    *  Short-term foreign currency F2;
    * Individual C;
    * Support 2;
    * Subordinated debt BBB.

The National ratings on the bank are also affirmed.

Thailand's major banks have so far weathered the short-term
negative impact of the political crisis on economic growth.  If
confidence is restored quickly by the newly appointed
government, a rebound in consumer and investment spending could
see higher growth and stronger performance for the major banks
in 2007.  Given the strength of the ministerial appointments to
the Finance and Economic portfolios, structural reforms, which
had stalled under the previous administration, could be
accelerated, notwithstanding the interim government's limited
term and mandate.

Fitch expects that new legislation and policies on financial
institutions and the central bank, if implemented, should help
strengthen the regulatory and operating framework for Thailand's
financial system.  These include consolidated supervision and
stronger oversight of state-owned policy banks, proposed
measures on deposit insurance and further amalgamation of the
nationalized banks, as well as steps to effect a final
resolution to the bad loan overhang from the 1997 crisis.

Third quarter results released last week indicate the larger
banks continue to perform strongly, despite a weakening
operating environment.  While loan growth has slowed
considerably, net interest margins and asset quality have
generally held up for the larger banks, with only a slight
weakening in some banks.  Higher taxes and additional
provisioning and losses on restructuring or disposal of bad
loans, due in part to collateral revaluation of loan transfers
to the government-owned Thai Asset Management Corporation,
moderately affected overall results.

While the disposal of the banks' remaining bad loans could see
additional losses or provisions in the next year, this is not
expected to have a substantial impact on the overall net profit
results, though it could hurt the mid-sized banks with still low
loan-loss reserves.

The change in government and the economic impact of major floods
could temper economic growth and weaken Q4 results for the
banks, but loan growth is expected to pick-up in 2007 on the
back of an economic rebound which should help underpin the major
banks' continued strong performance.


KRUNG THAI: Fitch Affirms Individual Rating at C/D
--------------------------------------------------
Fitch Ratings, on October 23, 2006, affirmed the ratings of
Krung Thai Bank and removed them from Rating Watch Negative on
which they were placed on September 20, 2006 following the
military coup.  The Outlook on their ratings is now Stable.

This action follows a similar removal of the Negative Rating
Watch and affirmation of the sovereign rating of the Kingdom of
Thailand.

After the rating action, Krung Thai's ratings are as follows:

    * Long-term foreign currency IDR BBB+/ Outlook Stable;
    * Short-term foreign currency F2;
    * Individual C/D;
    * Support 2;
    * Subordinated debt rating 'BBB';
    * Tier-1 hybrid BBB- (BBB minus).

The National ratings on the bank are also affirmed.

Thailand's major banks have so far weathered the short-term
negative impact of the political crisis on economic growth.  If
confidence is restored quickly by the newly appointed
government, a rebound in consumer and investment spending could
see higher growth and stronger performance for the major banks
in 2007.  Given the strength of the ministerial appointments to
the Finance and Economic portfolios, structural reforms, which
had stalled under the previous administration, could be
accelerated, notwithstanding the interim government's limited
term and mandate.

Fitch expects that new legislation and policies on financial
institutions and the central bank, if implemented, should help
strengthen the regulatory and operating framework for Thailand's
financial system.  These include consolidated supervision and
stronger oversight of state-owned policy banks, proposed
measures on deposit insurance and further amalgamation of the
nationalized banks, as well as steps to effect a final
resolution to the bad loan overhang from the 1997 crisis.

Third quarter results released last week indicate the larger
banks continue to perform strongly, despite a weakening
operating environment.  While loan growth has slowed
considerably, net interest margins and asset quality have
generally held up for the larger banks, with only a slight
weakening in some banks.  Higher taxes and additional
provisioning and losses on restructuring or disposal of bad
loans, due in part to collateral revaluation of loan transfers
to the government-owned Thai Asset Management Corporation,
moderately affected overall results.

While the disposal of the banks' remaining bad loans could see
additional losses or provisions in the next year, this is not
expected to have a substantial impact on the overall net profit
results, though it could hurt the mid-sized banks with still low
loan-loss reserves.

The change in government and the economic impact of major floods
could temper economic growth and weaken Q4 results for the
banks, but loan growth is expected to pick-up in 2007 on the
back of an economic rebound which should help underpin the major
banks' continued strong performance.

Krung Thai Bank Public Company Limited -- http://www.ktb.co.th/
-- began its operation on March 14, 1966, through the merger of
business between the Agricultural Bank Limited and the
Provincial Bank Limited with the Ministry of Finance as its
major shareholder.

The Bank provides financial assistance to large and small
business, it also renders financial assistance to other state
enterprises, both business-oriented and public utility types.  
Currently the bank is operating 511 domestic and 12 foreign
branches and representative offices.


SIAM COMMERCIAL: Fitch Keeps Individual 'C' Rating
--------------------------------------------------
On October 23, 2006, Fitch Ratings affirmed the ratings of Siam
Commercial Bank and removed them from Rating Watch Negative on
which they were placed on September 20, 2006 following the
military coup.  The Outlook on their ratings is now Stable.

This action follows a similar removal of the Negative Rating
Watch and affirmation of the sovereign rating of the Kingdom of
Thailand.

After the rating action, SCB's ratings are as follows:

    * Long-term foreign currency IDR BBB+/ Outlook Stable;
    * Short-term foreign currency F2;
    * Individual C;
    * Support 2;
    * Senior unsecured debt BBB+;
    * Subordinated debt BBB.

The National ratings on the bank are also affirmed.

Thailand's major banks have so far weathered the short-term
negative impact of the political crisis on economic growth.  If
confidence is restored quickly by the newly appointed
government, a rebound in consumer and investment spending could
see higher growth and stronger performance for the major banks
in 2007.  Given the strength of the ministerial appointments to
the Finance and Economic portfolios, structural reforms, which
had stalled under the previous administration, could be
accelerated, notwithstanding the interim government's limited
term and mandate.

Fitch expects that new legislation and policies on financial
institutions and the central bank, if implemented, should help
strengthen the regulatory and operating framework for Thailand's
financial system.  These include consolidated supervision and
stronger oversight of state-owned policy banks, proposed
measures on deposit insurance and further amalgamation of the
nationalized banks, as well as steps to effect a final
resolution to the bad loan overhang from the 1997 crisis.

Third quarter results released last week indicate the larger
banks continue to perform strongly, despite a weakening
operating environment.  While loan growth has slowed
considerably, net interest margins and asset quality have
generally held up for the larger banks, with only a slight
weakening in some banks.  Higher taxes and additional
provisioning and losses on restructuring or disposal of bad
loans, due in part to collateral revaluation of loan transfers
to the government-owned Thai Asset Management Corporation,
moderately affected overall results.

While the disposal of the banks' remaining bad loans could see
additional losses or provisions in the next year, this is not
expected to have a substantial impact on the overall net profit
results, though it could hurt the mid-sized banks with still low
loan-loss reserves.

The change in government and the economic impact of major floods
could temper economic growth and weaken Q4 results for the
banks, but loan growth is expected to pick-up in 2007 on the
back of an economic rebound which should help underpin the major
banks' continued strong performance.


STANDARD CHARTERED: Fitch Maintains 'C' Individual Rating
---------------------------------------------------------
On October 23, 2006, Fitch Ratings affirmed the ratings of
Standard Chartered (Thai) and removed them from Rating Watch
Negative on which they were placed on September 20, 2006
following the military coup.  The Outlook on their ratings is
now Stable.

This action follows a similar removal of the Negative Rating
Watch and affirmation of the sovereign rating of the Kingdom of
Thailand.

After the rating action, Standard Chartered (Thai) ratings are
as follows:

    * Long-term foreign and local currency IDR A-/ Outlook
      Stable;
    * Short-term foreign and local currency F2;
    * Individual C;
    * Support 1.

The National ratings on the bank are also affirmed.

Thailand's major banks have so far weathered the short-term
negative impact of the political crisis on economic growth.  If
confidence is restored quickly by the newly appointed
government, a rebound in consumer and investment spending could
see higher growth and stronger performance for the major banks
in 2007.  Given the strength of the ministerial appointments to
the Finance and Economic portfolios, structural reforms, which
had stalled under the previous administration, could be
accelerated, notwithstanding the interim government's limited
term and mandate.

Fitch expects that new legislation and policies on financial
institutions and the central bank, if implemented, should help
strengthen the regulatory and operating framework for Thailand's
financial system.  These include consolidated supervision and
stronger oversight of state-owned policy banks, proposed
measures on deposit insurance and further amalgamation of the
nationalized banks, as well as steps to effect a final
resolution to the bad loan overhang from the 1997 crisis.

Third quarter results released last week indicate the larger
banks continue to perform strongly, despite a weakening
operating environment.  While loan growth has slowed
considerably, net interest margins and asset quality have
generally held up for the larger banks, with only a slight
weakening in some banks.  Higher taxes and additional
provisioning and losses on restructuring or disposal of bad
loans, due in part to collateral revaluation of loan transfers
to the government-owned Thai Asset Management Corporation,
moderately affected overall results.

While the disposal of the banks' remaining bad loans could see
additional losses or provisions in the next year, this is not
expected to have a substantial impact on the overall net profit
results, though it could hurt the mid-sized banks with still low
loan-loss reserves.

The change in government and the economic impact of major floods
could temper economic growth and weaken Q4 results for the
banks, but loan growth is expected to pick-up in 2007 on the
back of an economic rebound which should help underpin the major
banks' continued strong performance.


THAI PETROCHEMICAL: Mulls Sale of Under-performing Assets
---------------------------------------------------------
Thai Petrochemical Industry Plc may sell off its 68 petrol
stations that retails oil nationwide, as well as other under-
performing assets to achieve efficiency, The Bangkok Post
reports.

According to Thai Petrochem's chief executive officer, Piti
Yimprasert, the company's retail oil business lost
THB200 million over the first 10 months of this year, and making
it profitable would be difficult as the company lacked economies
of scale.

Mr. Yimprasert relates that a retail oil business that wants to
survive must have distribution venues of at least 400-500
stations, compared to the 60 stations that the company own.

The Post notes that TPI Oil -- a Thai Petrochem subsidiary
involved in retail oil business -- retails its oil products
through 68 service stations nationwide, of which 19 are in
Greater Bangkok and 49 are in the provinces.  Of the total
stations, half are owned by Thai Petrochem and the rest by
vendors.

However, the sale of the Thai Petrochem oil stations is a
sensitive issue because it involves 8,000 workers of TPI Oil and
the petrol stations, Mr. Yimprasert says, adding that the
company would try its best to ensure job security for the
affected staff.

Moreover, Thai Petrochem is eyeing to take advantage of a
synergy with its major shareholder, PTT Plc.  According to The
Post, the two companies can achieve synergy in the retail oil
business since Thai Petrochem can supply oil products through
PTT's 1,200 service stations.

Currently, Thai Petrochem sells petrol and lubricants through
PTT's retail network, the paper relates, while it may also
benefit from PTT's new natural-gas pipeline to Thai Petrochem's
petrochemical complex in Rayong.

In addition to looking at the petrol stations, the company mulls
a deal with a lot of other assets held by the fully integrated
petrochemical firm.

Thai Petrochem holds significant shares in various enterprises
with different businesses, including the luxury health resort
Chiva-Som and a sack manufacturing plant, The Post relates.

The holdings are the legacy of the Leophairatana family, which
founded Thai Petrochem but lost control of the company following
a seven-year debt-restructuring process, which culminated in a
takeover by a PTT-led group last year, the paper adds.

To implement its strategy, Thai Petrochem has set up a special
management team for non-productive assets.  Banlue Chantadisai,
the company's chief financial officer, heads the team.

According to Mr. Banlue, the company's non-performing assets
include thousands of rai of durian plantations and unutilized
land plots, mostly in Rayong and Songkhla.  The team has a
mission to complete the disposition of non-core assets within 18
months, he adds.

In addition, The Nation relates that Thai Petrochem is also keen
in participating in a bidding for a 700-megawatt coal-fired
power-plant project.

Meanwhile, the company announced that it would seek approval on
October 26, 2006, from its shareholders to change the company's
name to IRPC Plc, an abbreviation for Integrated Refinery and
Petrochemical Complex.

Headquartered in Bangkok, Thailand, Thai Petrochemical Industry
Plc -- http://www.tpigroup.co.th/-- is the leading integrated  
petrochemical company in the country, producing naphtha,
liquefied petroleum gas, and lubricant oils.

The Thai Government was reorganizing the bankrupt company, which
had defaulted on US$2.7 billion in loans, when PTT Plc,
Thailand's largest oil and gas group, and Thailand's biggest
company, purchased a 31.5% stake in Thai Petrochemical late in
2005.  In December 2005, PTT and three other state agencies
completed payment for a 61.5% stake in Thai Petrochemical.  The
money was used to pay for a bulk of the Company's defaulted
loans.

On April 28, 2006, The Troubled Company Reporter - Asia Pacific
reported that the Central Bankruptcy Court of Thailand approved
Thai Petrochemical's exit from business rehabilitation.  The
Court ruled that the business rehabilitation plan of Thai
Petrochemical and its six subsidiaries -- Thai ABS Co; TPI
Aromatics Plc; TPI Oil Co; TPI Polyol Co; Thai Polyurethane
Industry Plc; and TPI Energy Co. -- be terminated.


UNITED OVERSEAS (THAI): Individual C/D Rating Stays, Fitch Says
---------------------------------------------------------------
Fitch Ratings, on October 23, 2006, affirmed the ratings of
United Overseas Bank (Thai) and removed them from Rating Watch
Negative on which they were placed on September 20, 2006
following the military coup.  The Outlook on their ratings is
now Stable.

This action follows a similar removal of the Negative Rating
Watch and affirmation of the sovereign rating of the Kingdom of
Thailand.

After the rating action, United Overseas Bank's (Thai) ratings
are as follows:

    * Long-term foreign currency IDR A-/ Outlook Stable;
    * Short-term foreign currency F2;
    * Individual C/D;
    * Support 1.

The National ratings on the bank are also affirmed.

Thailand's major banks have so far weathered the short-term
negative impact of the political crisis on economic growth.  If
confidence is restored quickly by the newly appointed
government, a rebound in consumer and investment spending could
see higher growth and stronger performance for the major banks
in 2007.  Given the strength of the ministerial appointments to
the Finance and Economic portfolios, structural reforms, which
had stalled under the previous administration, could be
accelerated, notwithstanding the interim government's limited
term and mandate.

Fitch expects that new legislation and policies on financial
institutions and the central bank, if implemented, should help
strengthen the regulatory and operating framework for Thailand's
financial system.  These include consolidated supervision and
stronger oversight of state-owned policy banks, proposed
measures on deposit insurance and further amalgamation of the
nationalized banks, as well as steps to effect a final
resolution to the bad loan overhang from the 1997 crisis.

Third quarter results released last week indicate the larger
banks continue to perform strongly, despite a weakening
operating environment.  While loan growth has slowed
considerably, net interest margins and asset quality have
generally held up for the larger banks, with only a slight
weakening in some banks.  Higher taxes and additional
provisioning and losses on restructuring or disposal of bad
loans, due in part to collateral revaluation of loan transfers
to the government-owned Thai Asset Management Corporation,
moderately affected overall results.

While the disposal of the banks' remaining bad loans could see
additional losses or provisions in the next year, this is not
expected to have a substantial impact on the overall net profit
results, though it could hurt the mid-sized banks with still low
loan-loss reserves.

The change in government and the economic impact of major floods
could temper economic growth and weaken Q4 results for the
banks, but loan growth is expected to pick-up in 2007 on the
back of an economic rebound which should help underpin the major
banks' continued strong performance.


* Fitch Keeps Thailand's Ratings, Out of Rating Watch Negative
--------------------------------------------------------------
On October 23, 2006, Fitch Ratings affirmed the Kingdom of
Thailand's BBB+ Long-term foreign currency Issuer Default rating
and A Long-term local currency IDR and removed them from Rating
Watch Negative on which they were placed on September 19, 2006.  
The Outlook on the ratings is now Stable.

At the same time, the agency also affirmed Thailand's F2 Short-
term IDR.  The Country Ceiling is A-.

The rating affirmations come on the back of the swift resumption
of political stability following the military coup on
September 19, 2006, as well as continued strength in Thailand's
key credit indicators (and their superiority relative to the
'BBB' median) seen since Fitch's annual rating review in April
2006.

Since September 19, 2006, the coup leaders have closely followed
their proposed agenda to appoint and organize an interim
government and legislature.  Furthermore, the overall political
situation has quickly stabilized though Fitch notes that the
Council for National Security has broad powers as stated in the
interim constitution and martial law has not yet been lifted.

Moreover, uncertainty still surrounds promulgation of a new
constitution as well as the timing and results of a general
election to restore democratic leadership.  The interim
government must also deal with the insurgency in the south of
the country.  Looking forward, Fitch believes that the coming 12
to 24 months will be critical in setting the stage for
Thailand's long-term political development.

Thailand's external financial position has continued to improve.  
In particular, the current account surplus of US$1.6 billion in
the first eight months of 2006 was unexpectedly strong compared
against the deficit of US$5.4 billion in the same period of
2005.  The country's international reserves continued to
increase and reached US$60.9 billion as of October 6, 2006,
better than the 'BBB' median in terms of short-term external
debt, broad money and months of current external payments.

Owing to its rising international reserves, Thailand maintains
its strong net external creditor status, especially for the
public sector.  In addition, capital flight has not been
significant with both the stock market and exchange rate between
THB and USD recovering since the coup.

Thailand's key debt ratios have also remained at lower levels
relative to the 'BBB' median.  According to the agency's
calculations, general government debt fell to 28.8% of GDP
(lower than the expected 'BBB' median of 34.4%) at end-August
2006 from 31.9% at end-September 2005. Although the gross
external debt in GDP terms increased slightly to 29.8% at end-
Q206, it was still far lower than the expected 'BBB' median of
39.1% in 2006.  Fitch believes that the planned budget deficits
would not significantly affect these debt ratios in the medium
term.

Owing to the expected slowdown in H206, Thailand's economic
growth in 2006 is expected to be 4.3%, unchanged from Fitch's
pre-coup forecast. Fitch also maintains its 2007 economic growth
forecast at 4.6% for Thailand owing to accelerated government
spending, stable interest rates and moderate price inflation.  
Fitch expects Thailand's economy to exhibit more balanced growth
once consumer confidence and investor sentiment are restored.
Growth momentum from the external sector, however, is likely to
moderate given the expected global economic slowdown.


* BOND PRICING: For the Week 23 October to 27 October 2006
----------------------------------------------------------

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

AUSTRALIA & NEW ZEALAND
-----------------------
Ainsworth Game                        8.000%    12/31/09     1
APN News & Media Ltd                  7.250%    10/31/08     4
A&R Whitcoulls Group                  9.500%    12/15/10     9
Arrow Energy NL                      10.000%    03/31/08     1
Babcock & Brown Pty Ltd               8.500%    12/31/49     8
Becton Property Group                 9.500%    06/30/10     1
BIL Finance Ltd                       8.000%    10/15/07     9
Capital Properties NZ Ltd             8.500%    04/15/07     9
Capital Properties NZ Ltd             8.500%    04/15/09     8
Capital Properties NZ Ltd             8.000%    04/15/10     8
Cardno Limited                        9.000%    06/30/08     5
CBH Resources                         9.500%    12/16/09     1
Chrome Corporation Ltd               10.000%    02/28/08     1
Clean Seas Tuna Ltd                   9.000%    09/30/08     1
Djerriwarrh Investments Ltd           6.500%    09/30/09     4
EBet Limited                         10.000%    11/29/06    25
Evans & Tate Ltd                      8.250%    10/29/07     1
Fletcher Building Ltd                 7.900%    10/31/06     8
Fletcher Building Ltd                 8.300%    10/31/06     8
Fletcher Building Ltd                 8.600%    03/15/08     8
Fletcher Building Ltd                 7.800%    03/15/09     8
Fletcher Building Ltd                 8.850%    03/15/10     7
Fletcher Building Ltd                 7.550%    03/15/11     8
Futuris Corporation Ltd               7.000%    12/31/07     2
Hy-Fi Securities Ltd                  7.000%    08/15/08     8
Hy-Fi Securities Ltd                  8.750%    08/15/08    10
Hutchison Telecoms Australia          5.500%    07/12/07     1
IMF Australia Ltd                    11.500%    06/30/10     1
Infrastructure & Utilities NZ Ltd     8.500%    09/15/13     8
Infratil Ltd                          8.500%    11/15/15     8
Kagara Zinc Ltd                       9.750%    05/06/07     6
Kiwi Income Properties Ltd            8.000%    06/30/10     1
Minerals Corporation Ltd             10.500%    09/30/07     1
Nuplex Industries Ltd                 9.300%    09/15/07     8
Nufarm Finance (NZ) Ltd.              8.560%    10/15/06     8
Pacific Print Group Ltd              10.250%    10/15/09    11
Primelife Corporation                 9.500%    12/08/06     1
Primelife Corporation                10.000%    01/31/08     1
Salomon SB Australia                  4.250%    02/01/09     8
Sapphire Securities Ltd               7.410%    09/20/35     7
Silver Chef Ltd                      10.000%    08/31/08     1
Software of Excellence                7.000%    08/09/07     1
Speirs Group Ltd.                    10.000%    06/30/49    70
Tower Finance Ltd                     8.750%    10/15/07     8
Tower Finance Ltd                     8.650%    10/15/09     8
TrustPower Ltd                        8.300%    09/15/07     8
TrustPower Ltd                        8.300%    12/15/08     8
TrustPower Ltd                        8.500%    09/15/12     8
TrustPower Ltd                        8.500%    03/15/14     8
Vision Systems Ltd                    9.000%    12/15/08     5

KOREA
-----
Korea Electric Power                  7.950%    04/01/96    55

MALAYSIA
--------
Aliran Ihsan Resources Bhd            5.000%    11/29/11     1
AHB Holdings Bhd                      5.500%    03/06/07     1
Asian Pac Bhd                         4.000%    12/21/07     1
Berjaya Land Bhd                      5.000%    12/30/09     1
Bumiputra-Commerce                    2.500%    07/17/08     1
Camerlin Group Bhd                    5.500%    07/15/07     2
Crescendo Corporation Bhd             3.000%    08/25/07     1
Eastern & Oriental Hotel              8.000%    07/25/11     1
Eden Enterprises (M) Bhd              2.500%    12/02/07     1
EG Industries Bhd                     5.000%    06/16/10     1
Equine Capital Bhd                    3.000%    08/26/08     1
Fountain View Development Sdn Bhd     3.500%    11/03/06     1
Gadang Holdings Bhd                   2.000%    12/24/08     1
Greatpac Holdings Bhd                 2.000%    12/24/08     1
Gula Perak Bhd                        6.000%    04/23/08     1
Hong Leong Industries Bhd             4.000%    06/28/07     1
Huat Lai Resources Bhd                5.000%    03/28/10     1
I-Berhad                              5.000%    04/30/07     1
Insas Bhd                             8.000%    04/19/09     1
Kamdar Group Bhd                      3.000%    11/09/09     1
Kretam Holdings Bhd                   1.000%    08/10/10     1
Kumpulan Jetson                       5.000%    11/27/12     1
LBS Bina Group Bhd                    4.000%    12/29/06     1
LBS Bina Group Bhd                    4.000%    12/31/07     1
LBS Bina Group Bhd                    4.000%    12/31/08     1
LBS Bina Group Bhd                    4.000%    12/31/09     1
Malaysian Government                  4.837%    07/15/25     4
Media Prima Bhd                       2.000%    07/18/08     1
Mithril Bhd                           8.000%    04/05/09     1
Mithril Bhd                           3.000%    04/05/12     1
Mutiara Goodyear Development Bhd      2.500%    01/15/07     1
Nam Fatt Corporation Bhd              2.000%    06/24/11     1
Pantai Holdings Bhd                   5.000%    07/31/07     2
Pelikan International Corp Bhd        3.000%    04/08/10     1
Pelikan International Corp Bhd        3.000%    04/08/10     1
Poh Kong Holdings Bhd                 3.000%    01/20/07     1
Prinsiptek Corporation Bhd            3.000%    11/20/06     1
Puncak Niaga Holdings Bhd             2.500%    11/18/16     1
Ramunia Holdings                      1.000%    12/20/07     1
Rashid Hussain Bhd                    3.000%    12/23/12     1
Rashid Hussain Bhd                    0.500%    12/24/12     1
Rhythm Consolidated Bhd               5.000%    12/17/08     1
Senai-Desaru Expressway Bhd           3.500%    12/07/18    73
Senai-Desaru Expressway Bhd           3.500%    06/07/19    72
Senai-Desaru Expressway Bhd           3.500%    06/09/20    69
Senai-Desaru Expressway Bhd           3.500%    12/09/20    68
Silver Bird Group Bhd                 1.000%    02/15/09     1
Southern Steel                        5.500%    07/31/08     1
Tanah Emas Corporation Bhd            2.000%    12/09/06     1
Tenaga Nasional Bhd                   3.050%    05/10/09     1
Tradewinds Plantations Bhd            3.000%    02/28/16     1
WCT Land Bhd                          3.000%    08/02/09     1
Wah Seong Corp                        3.000%    05/21/12     3
YTL Cement Bhd                        4.000%    11/10/15     1

SINGAPORE
---------
Sengkang Mall                         4.880%    11/20/12     1
Sengkang Mall                         8.000%    11/20/12     1
Structural System Singapore          11.000%    06/30/07     1
Tampines Assets                       6.000%    12/07/06     1



                            *********

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, Valerie Udtuhan, Francis
James Chicano, Catherine Gutib, Tara Eliza Tecarro, Freya
Natasha Fernandez, and Peter A. Chapman, Editors.

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are $25 each.  For subscription information, contact
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                 *** End of Transmission ***