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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, November 21, 2006, Vol. 9, No. 231

                            Headlines

A U S T R A L I A

AWB LIMITED: MP Tuckey Submits Bill Stripping AWB's Veto Power
HIDDEN OAK: Members to Hold Final Meeting on December 15
JAMES HARDIE: Asbestos Victims Call for Compulsory Inspections
JUVERNA PTY: Members and Creditors to Receive Wind-Up Report
KEVMAR PTY: Members' Final Meeting Slated for December 15

KRAUS FISHING: Members to Hear Liquidator's Wind-Up Report
MAINLINE EQUITY: Liquidator G. A. Lopez to Give Wind-Up Report
MULTIPLEX GROUP: Selected Preferred Bidder for Sydney Water HQ
PAN PHARMACEUTICALS: AU$400-Mln Damages Case to Start Late 2008
PAN PHARMACEUTICALS: Ordered to Pay for Damages to Naturalcare

RICHARD FOY: Schedules Joint Meeting on December 4
SANTEXCO PTY: Prepares to Declare First Dividend on January 8
TC8 PTY: To Declare First Dividend on January 8
VINESCAPE MANAGEMENT: Final Meeting Fixed for December 13
WOLFF ARCHITECTURE: Liquidator to Present Wind-Up Account


C H I N A   &   H O N G  K O N G

3TOGO.COM: Faces Wind-Up Proceedings
ACXIOM CORP: Earns US$21.7 Million in Quarter Ended September 30
BANK OF COMMUNICATIONS: Gains CNY9.02 Billion in 3 Qtrs. of 2006
BLOUNT INC: Weak Market Prompts S&P's Negative Outlook
DANA CORP: Posts US$356 Million Net Loss in Third Quarter of '06

FERRO CORP: Plans Closure of Niagara Falls Plant in 2007
GLOBAL QUALITY: Members' Final Meeting Slated for December 20
GUANGDONG DEVELOPMENT: Citigroup Bid Wins GDB's Majority Stake
INTELLIGENT SHOE: Creditors' Proofs of Claim Due on Dec. 18
KINETEK INC: S&P Lifts Corporate Credit Rating to B from B-

LEE & POON: Will Pay First and Final Dividend
MCMAXX DESIGNS: Members to Receive Wind-Up Report on Dec. 20
MONANCE LTD: Joint Liquidators Cease to Act
MOSAIC COMPANY: Prices Units' Offer to Buy US$1.5BB of Sr. Debts
NEOMEDIA TECH: Posts US$30.9 Million Net Loss in 2006 Third Qtr.

SHANGHAI LAND: Members to Receive Wind-Up Report on Dec. 15
TEEN MISSION: Liquidator Fung Hoi Fung Steps Aside
WAH SUN: Members' Final Meeting Set on December 20


I N D I A

NTPC LTD: Government Waives INR1,000-Crore Investment Ceiling
NTPC LTD: Board Approves Investment in Vishnugad Power Plant
NTPC LTD: Members Agree to 20% Interim and 8% Final Dividend
OWENS CORNING: Court Approves Pinal County Settlement Pact
OWENS CORNING: Wants to Enter Into Waiver Letter With JPMorgan

VISTEON CORP: Seeks Lenders' OK for Additional US$100 Mil. Loan
* Fitch Expects Indian Telecoms to Sustain Robust Growth


I N D O N E S I A

BANK INDONESIA: Keeps 2006 GDP Growth Forecast At 5.6%
BANK INTERNASIONAL: Gov't Raises US$56.14 Million in Stake Sale
CORUS GROUP: Brazil's CSN Tops Tata Bid With GBP4-Billion Offer
CORUS GROUP: Bondholders' Meeting Slated for December 4
GOODYEAR TIRE: Steelworkers Blast US$1-Bil. Senior Notes Offer

LIPPO BANK: Government Sells Stake for IDR1,350 Per Share
PERUSAHAAN GAS: Names Mr. Sutikoni As New President Director


J A P A N

ALL NIPPON: Operates Normally as Unions Cancel Strike
CNET NETWORKS: S&P Junks Credit Rating Due to Indenture Default
CNET NETWORKS: Faces Nasdaq Delisting Due to 10-Q Filing Delay
HERBALIFE LTD: Class III Board Member Jesse Rogers Resigns
MICROVISION INC: Inks Underwriting Pact with MDB Capital Group

MITSUBISHI MOTORS: Aims JPY100-Bil. Operating Profit in 4 Years
NIPPON SHEET: 1H Operating Profit Seen to Rise 68% to JPY6.5 Bil
NORTHWEST AIRLINES: Can Assume Modified Microsoft Licensing Pact
NORTHWEST AIRLINES: Wants to Enter into Revised CBA with AMFA
SUMITOMO TRUST: To Increase Lending in China for More Profit

US AIRWAYS: Proposed Delta Merger Cues S&P's CreditWatch


K O R E A

DURA AUTOMOTIVE: Gets Interim Nod to Pay Foreign Vendor Claims
HANAROTELECOM: Shareholders OK Employee Stock Option Rights
KOREA EXCHANGE BANK: Warrant for Two Lone Star Execs Issued
THERMA-WAVE INC: Reports US$1.95 Mil. for 2nd Fiscal Quarter


M A L A Y S I A

ANTAH HOLDINGS: Posts MYR7.26MM Net Loss in Sept. 2006 Quarter
COMSA FARMS: Files Audited Financials for F/Y Ended March '06
WEMBLEY INDUSTRIES: Files Plea to Defer Delisting of Securities
* Fitch Keeps Malaysia's Sovereign Ratings at A-


N E W   Z E A L A N D

AL'S DINER: Court to Hear CIR's Liquidation Petition on Dec. 14
BARON CLIFFORD: Official Assignee to Act as Liquidator
BELL MACINTOSH: Liquidation Hearing Set on November 27
DHILLON FRUIT: Liquidation Hearing Fixed on November 30
DT COMPUTERS: Official Assignee to Liquidate Business

HM E & C: Court to Hear Liquidation Petition on November 30
LEYHATTON INNOVATIONS: Creditors to Prove Debts by Jan. 31
MERIDIAN HOMES: Creditors' Proofs of Claim Due on Dec. 5
PIXELISE LTD: Faces Liquidation Proceedings
SETSUN PROPERTIES: Shareholders Opt to Liquidate Business

YATES RECLAMATIONS: Appoints Douglas Kim Fisher as Liquidator


P H I L I P P I N E S

BANKARD INC: Posts PHP571-Million Net Loss for 3rd Quarter 2006
BANKARD INC: Reaches Impasse & Deadlock on GE Money Sale
BANKARD INC: BSP Okays Staggered Payment of Valuation Reserves
MANILA ELECTRIC: Signs 5-Yr. Transition Supply Contract with NPC
* BSP Upgrades its External Outlook in 2006 to US$2.8 Billion


S I N G A P O R E

CATHOLIC SOCIAL: Creditors Must File Proofs of Debt by Dec. 9
CHEMTURA: Lion Chemical May Buy EPDM & Rubber Chemical Assets
EVERETT INVESTMENT: Creditors Must Prove Debts by December 11
FREESCALE: Prices Senior Notes Offering by Firestone Acquisition
GLOBAL DELIGHT: High Court Enters Wind-Up Order

INHWA FURNITURE: Creditors' Proofs of Debt Due on December 22
PDC CORP: Incorporates New Subsidiary
PDC CORP: Subsidiary Inks Agreement to Develop Corn Plantations
PROLUX INTERNATIONAL: Pays First and Final Dividend
RAV GRAPHIC: Commences Wind-Up of Operations

READER'S DIGEST: Moody's Expands Scope of Ratings Review
READER'S DIGEST: Ripplewood Offer Cues S&P Negative CreditWatch
SEA CONTAINERS: Wants to Set Up Interim Compensation Procedures
TIONG POLESTAR: Pays Final Dividend to Creditors
VALEANT PHARMA: S&P Cuts Corporate Credit Rating to B+ from BB-


T H A I L A N D

TRUE CORP: Inks Interconnection Deal with Total Access
TRUE CORP: S&P Lowers Rating to BB- from BB
* Thousands of SMEs to Fold Due to Tough Overseas Competition


* BOND PRICING: For the Week 20 November to 24 November 2006

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

AWB LIMITED: MP Tuckey Submits Bill Stripping AWB's Veto Power
--------------------------------------------------------------
On October 30, 2006, the Troubled Company Reporter - Asia
Pacific cited a report from the Sydney Morning Herald saying
that Federal Liberal MPs, led by West Australian MP Wilson
Tuckey, demanded that:

   * AWB Limited be stripped of its single-desk monopoly as
     Australia's wheat exporter; or

   * responsibility for wheat be given to the Wheat Export
     Authority, which would enlist private operators to handle
     buying and selling.

In an update, Mr. Tuckey has put up a private member's bill that
would strip AWB of its power to stop wheat exports by other
companies, the Australian Associated Press reports.

On November 16, 2006, Mr. Tuckey presented the Bill to
parliamentary clerks, News.com.au relates, noting that Mr.
Tuckey wants Prime Minister John Howard to consider changes to
Australia's wheat marketing system within a fortnight.  If that
doesn't happen, Mr. Tuckey wants the Bill debated in Parliament
during the final two sitting weeks of the year, which begin on
November 27, 2006, News.com.au relates.

The paper recounts that Commissioner Terence Cole is due to hand
down his report on November 24, 2006, on AWB's payment of
AU$290 million in kickbacks to Iraq, noting that the Government
has said it will not consider any change to the single desk for
exports before that date.

Mr. Tuckey's Bill proposes several changes to the Wheat
Marketing Act, including forcing AWB to apply for export
licenses like any other trader, and scrapping its right to
reject exports by other companies, the AAP says.

"The purpose of my Bill is not to deregulate the industry - it's
to transfer the power of regulation wholly and solely to the
Government's statutory authority and, I might add, to the
parliament," Mr. Tuckey asserted.

This month, AWB used its veto to knock back 12 applications for
bulk export licenses, including one from WA grain handler CBH
that would have topped AWB's prices by around AU$20 a tonne, AAP
relates.

According to News.com.au, the company is also fighting to
attract maximum tonnages to its export pool this season, with WA
growers -- who will produce most of this year's crop --
skeptical about the security of the wheat pool and AWB's future.

However, Mr. Tuckey said most WA growers would not sell their
wheat to AWB this season.  "We've been fed this rubbish that
about 80% of farmers support the current system and the current
entities," News.com.au cites Mr. Tuckey, as saying.

                    Bill Creates Uncertainty

According to ABC News Online, National Senator Barnaby Joyce
says Mr. Tuckey's plans for a private member's Bill creates
further uncertainty for growers.

But Senator Joyce contends that the enemies of Australia's
single desk for wheat exports in the U.S. and Europe will seize
on any disunity within the Federal Government, ABC News relates.

"Once people, especially our competitors, see a sign of weakness
and a sign that you're about to start moving on it, they'll
exert all sorts of pressure and make all sorts of promises to
all sorts of people," ABC News cites Mr. Joyce, as saying.

                          About AWB

AWB Limited -- http://www.awb.com.au/-- is Australia's leading  
agribusiness and one of the world's largest wheat marketing
companies.  It is also one of Australia's top 100 publicly
listed companies.  The Company is the exclusive manager and
marketer of all Australian bulk wheat exports through what is
known as the Single Desk.  The Company markets wheat, and a
range of other grains, into more than 50 countries, with
Australian wheat exports worth up to AU$5 billion per year.  
AWB's footprint includes more than 430 outlets through its
subsidiary landmark and has offices across the world.  The
company employs more than 2,700 staff reaching over 100,000
customers.  AWB is also one of the nation's largest suppliers of
rural merchandise, distributors of fertilizer, marketers of
livestock, brokers of rural real estate and handlers of wool.

In late 2005, AWB was accused of knowingly paying AU$290 million
in kickbacks to the Government of Iraq, under Saddam Hussein's
administration, through the United Nation's oil-for-food
program.  A UN report then found out that AWB paid the kickbacks
to a Jordanian trucking company linked to Hussein's deposed
regime.  The Australian Government then appointed a commission,
headed by retired judge Terence Cole, to investigate into the
Company's role in and the Government's alleged "knowledge" of
the scandal.  The "Cole Inquiry" is currently underway.  The
scandal is anticipated to create great political repercussions
to the Australian Government, given the country's contribution
to military action against President Hussein in the 2003
invasion of Iraq.

In the Company's half-year report ended March 31, 2006, Brett
Kallio, a partner at Ernst & Young, noted that there is inherent
uncertainty surrounding the consolidated entity with regard to
matters associated with the Cole Inquiry.  As the findings of
the Cole Inquiry have not yet been determined and reported,
there is uncertainty as to the nature of these findings and the
financial effect, if any, on the consolidated entity and its
operations, Mr. Kallio stated.

                         *     *     *

The Troubled Company Reporter - Asia Pacific reported on July
12, 2006, that six American wheat farmers have launched a AU$1-
billion class action against AWB in the United States, claiming
its dealings in overseas markets damaged their own incomes.  
According to the TCR-AP report, more farmers are considering
joining the class action.

The TCR-AP also previously reported that Australian law firm
Maurice Blackburn Cashman was considering a class action against
AWB on behalf of shareholders who lost money in the wake of the
Cole Inquiry.

The Company's balance sheet as of March 31, 2006, reflected
total assets of AU$5.7 billion and total liabilities of AU$4.54
billion, showing total equity of AU$1.16 billion.


HIDDEN OAK: Members to Hold Final Meeting on December 15
--------------------------------------------------------
The members of Hidden Oak Pty Ltd will hold a final meeting on
Dec. 15, 2006, at 9:00 a.m., to receive Liquidator K. J.
Craddock's report of the company's wind-up proceedings.

On May 22, 2006, the Troubled Company Reporter - Asia reported
that the members of Hidden Oak determined that a voluntary wind-
up of the Company's business operations is appropriate and
necessary.

The Liquidator can be reached at:

         K. J. Craddock
         42 Hurtle Square
         Adelaide, South Australia 5000
         Australia

                        About Hidden Oak

Hidden Oak Pty Ltd is located in New South Wales, Australia.  
The company operates hotels and motels.


JAMES HARDIE: Asbestos Victims Call for Compulsory Inspections
--------------------------------------------------------------
New South Wales asbestos victims have called on the state's
local councils to introduce compulsory pre-renovation
inspections of all buildings built prior to 1984, The Daily
Telegraph relates, citing a report from the Australian
Associated Press.

On November 20, 2006, the Asbestos Diseases Foundation of
Australia patron and Federal Labor MP, Peter Garrett, launched
the campaign on the back of a successful action to have James
Hardie Industries Ltd compensate asbestos victims, the AAP says.

According to foundation president Barry Robson -- Kogarah
Council, in Sydney's south-east -- the campaign would further
increase public awareness about the dangers of asbestos.

Mr. Robson noted that Kogarah Council had already made the  
mandatory inspections and asked for all other councils to follow
suit.

"Kogarah have shown it is very possible and very achievable, and
they're leading the way," AAP cites Mr. Robson as saying.

"There are hundreds of thousands of corrugated cement roofs
throughout Sydney and especially in the western suburbs.  They
are now over 20 years old and are deteriorating and releasing
lethal asbestos fibers," Mr. Robson revealed.

Citing experts, Mr. Robson further revealed that "by 2020 there
will be 13,000 cases of mesothelioma and up to 40,000 cases of
asbestos-related lung cancer."

Mr. Robson also noted that NSW had the nation's highest rate of
asbestos disease and that help from both state and federal
governments would also be needed to eliminate asbestos, Daily
Telegraph relates.

"The councils can't do it on their own.  We'd like to see
legislation from the state government and subsidies from the
federal government, because we just have to get it out of the
community," Mr. Robson contended.

                      About James Hardie

James Hardie Industries Limited -- http://www.jameshardie.com/
-- manufactures, markets and distributes fiber cement and gypsum
products, fiberglass reinforced plastic and PVC products,
sanitary ware and bathroom products, insulating materials and
fillers, strippers and adhesives.  On July 2, 1998, the then
public company announced a plan of reorganization and capital
restructuring.  James Hardie N.V. was incorporated in August
1998 as an intermediary holding company, with all of its common
stock owned by indirect subsidiaries of JHIL.  Effective as of
November 1998, JHIL contributed its fiber cement businesses, its
United States gypsum wallboard business, its Australian and New
Zealand building systems businesses and its Australian windows
business to JHNV and its subsidiaries.

On July 24, 2001, JHIL announced a further plan of
reorganization and capital restructuring, which reorganization
was completed on October 19, 2001.  In connection with the 2001
reorganization, James Hardie Industries N.V., formerly RCI
Netherlands Holdings B.V., issued common shares represented by
CHESS Units of Foreign Securities on a one for one basis to
existing JHIL shareholders in exchange for their shares such
that JHINV became the new ultimate holding company for JHIL and
JHNV.  Following the 2001 Reorganization, JHINV controls the
same assets and liabilities as JHIL controlled immediately prior
to the 2001 Reorganization.

The Company's troubles began with its "under-funded" allocation
for asbestos claims, which were brought in by people who suffer
or may have diseases caused by exposure to the asbestos-related
products produced by JHIL.  In 2001, James Hardie set up an
independent entity, Medical Research and Compensation
Foundation, to handle asbestos claims.  The Foundation has
warned that it could run out of money within five years.  The
Asbestos Diseases Foundation of Australia and workers unions
called for all the Company's asbestos profits to be immediately
placed in the fund.  James Hardie was later accused of topping
up the dwindling asbestos fund it established.

By 2004, James Hardie's former asbestos manufacturing
subsidiaries -- Amaca Pty Ltd, Amaba Pty Ltd, and ABN 60 Pty Ltd
-- are three of around 150 defendants in asbestos litigation,
and based on the Foundation's own figures, they account for
US$1,000,000,000 of the predicted US$6,000,000,000 future
asbestos liabilities in Australia.  Although James Hardie
stopped making asbestos products in 1987, the average 35-year
latency of mesothelioma, an asbestos-related disease, means
asbestos compensation funds will be needed until mid-century.

In a 2005 report by a company-hired actuary from KPMG, it was
predicted that 4,915 Australians would contract mesothelioma
from exposure to Hardie products in the coming decades.  When
less serious forms of asbestos-related disease are included,
James Hardie should expect to compensate 8,725 victims.

On December 1, 2005, the Company announced that the NSW
Government and a wholly owned Australian subsidiary of the
Company -- LGTDD Pty Ltd -- had entered into a conditional
agreement to provide long-term funding to a special purpose fund
that will provide compensation for Australian asbestos-related
personal injury claims against certain former James Hardie
asbestos companies.  The amount of the asbestos provision of
AU$1 billion, at March 31, 2006, is the Company's best estimate
of the probable outcome, which estimate includes an actuarial
calculation prepared by KPMG Actuaries Pty Ltd of the projected
future cash outflows, undiscounted and uninflated, and the
anticipated tax deduction arising from Australian legislation
which came into force on April 6, 2006.


JUVERNA PTY: Members and Creditors to Receive Wind-Up Report
------------------------------------------------------------
The members and creditors of Juverna Pty Ltd will hold a final
meeting on Dec. 19, 2006, at 10:00 a.m., to receive a report
regarding the company's wind-up proceedings from Liquidator
Tarquin Koch.

As reported by the Troubled Company Reporter - Asia Pacific, the
company was placed under voluntary liquidation on Jan 31, 2006.

The Liquidator can be reached at:

         Tarquin Koch
         Anthony Matthews & Associates
         Chartered Accountants
         Ground Floor, 91 Hutt Street
         Adelaide, South Australia 5000
         Australia
         Telephone:(08) 8232 8885
         Facsimile:(08) 8232 8886
         Email: info@matthewsassociates.com.au

                       About Juverna Pty

Juverna Pty Ltd provides Management Consulting Services.  The
company is located in New South Wales, Australia.


KEVMAR PTY: Members' Final Meeting Slated for December 15
---------------------------------------------------------
A final meeting of the members of Kevman Pty Ltd, which is in
liquidation, will be held on Dec. 15, 2006, at 10:00 a.m.

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

The registered company auditor can be reached at:

         Brian Arthur Meyer
         Brian Meyer
         Suite 5, 353 Mann Street
         Gosford, New South Wales 2250
         Australia
         Telephone:(02) 4324 4855

                        About Kevmar Pty

Kevmar Pty Ltd, which is trading as The Big Banana --
http://www.bigbanana.com-- first opened on December 1964.  The  
company provides amusement and recreation services.  Kevmar Pty
is located in New South Wales, Australia.


KRAUS FISHING: Members to Hear Liquidator's Wind-Up Report
----------------------------------------------------------
The members of Kraus Fishing Co Pty Ltd will hold a final
meeting on Dec. 6, 2006, at 11:00 a.m., to hear the liquidator's
report of the company's wind-up proceedings during the preceding
year.

The Troubled Company Reporter - Asia Pacific previously reported
that the company commenced a wind-up of its operations on
Dec. 29, 2005.

The Joint and Several Liquidator can be reached at:

         C. A. L. Huxtable
         Jones Condon
         Chartered Accountants
         Unit 44B, Level 1
         Piccadilly Square West
         7 Aberdeen Street (Corner Nash Street)
         Perth, Western Australia 6000
         Australia

                       About Kraus Fishing

Kraus Fishing Co Pty Ltd is engaged with shellfish business.  
The company is located in Western, Australia.


MAINLINE EQUITY: Liquidator G. A. Lopez to Give Wind-Up Report
--------------------------------------------------------------
Mainline Equity Pty Ltd, which is in liquidation, will hold a
final meeting for its members and creditors on Dec. 14, 2006, at
11:00 a.m.

During the meeting, the members and creditors will consider
these agenda:

   -- to receive the liquidator's account showing the process of
      the company's wind-up and the property disposal exercises
      of the company;

   -- to review and approve, if required, the liquidator's
      remuneration; and

   -- to resolve other matters that may arise during the
      course of the meeting.

The Joint Liquidator can be reached at:

         G. A. Lopez
         Jones Condon
         Chartered Accountants
         Unit 44B, Level 1 Piccadilly Square West
         7 Aberdeen Street (Corner Nash Street)
         Perth, Western Australia 6000
         Australia

                      About Mainline Equity

Mainline Equity Pty Ltd is also trading as Mainline Contracting.
The company is engaged with the construction of communications
and power lines, sewer and water pipelines.


MULTIPLEX GROUP: Selected Preferred Bidder for Sydney Water HQ
--------------------------------------------------------------
On November 17, 2006, Multiplex Group disclosed that it has been
selected as the preferred bidder for the Sydney Water corporate
headquarters in Parramatta, Western Sydney.  The project is
valued in excess of AU$100 million and is subject to finalizing
negotiations with Sydney Water.  Multiplex will develop, design,
construct, and manage the building.

The project, which is the latest venture to showcase Multiplex's
integrated property model, will comprise 23,000 sqm. of 'A'
Grade office accommodation across 15 storeys.  It will also
include 340 sqm. of retail space, along with 254 on-site car
parking spaces, and a further 100 off-site spaces.

Sydney Water will fully occupy the building, which will be
designed to provide environmental performance in excess of its 5
GreenStar rating.

According to Ian O'Toole, Managing Director of Multiplex
Capital, the project would have significant benefits across
Multiplex Group.

"Multiplex Developments and Multiplex Constructions will deliver
the finished product, while Multiplex Facilities Management will
manage the completed asset for a 15 year period.  Multiplex will
also retain ownership through one of its managed funds," Mr.
O'Toole said.

"It is anticipated that up to 500 jobs will be created during
the project's construction phase and, on completion, accommodate
approximately 1,400 workers," Mr. O'Toole added.

Designed to achieve a high standard in design, workplace
efficiency, and environmental sustainability, the building will
incorporate a range of innovative features, including an on-site
water recycling plant, chilled beam cooling and optimal floor
plate sizes of 1,600 sqm.

"We are aiming to create a visionary new headquarters facility
for Sydney Water, which will become a key landmark within a
reinvigorated Parramatta city center," Mr O'Toole further said.

A Development Application for the building is currently with
Parramatta City Council and if approved, construction is
expected to begin in March 2007, with completion in early 2009.

Kerry Schott, Sydney Water Managing Director said "this is the
first time in 100 years that Sydney Water will be moving its
headquarters out of the Sydney CBD and we are delighted to be
working with Multiplex Group to create a development that will
provide an excellent working environment in what is the
geographic heart of Sydney."

For Multiplex, the Sydney Water project will add to a growing
portfolio of commercial projects, which in recent times have
included the ATO Building at World Square, the Macquarie Bank,
and American Express buildings at King Street Wharf and the Bank
of New Zealand headquarters in Auckland.

                         About Multiplex

Headquartered at Miller's Point, in New South Wales, Australia,
Multiplex Group -- http://www.multiplex.biz/-- derives its  
revenue from property funds management, construction, property
development, and facilities management.  The Group employs over
2,000 people and has established operations and offices
throughout Australia, New Zealand, the United Kingdom and the
Middle East.  In December 2003, Multiplex Limited listed on the
Australian Stock Exchange as a part of the Multiplex Group,
raising a total of AU$1.2 billion.  Multiplex Group was formed
by combining the various businesses of Multiplex Limited and the
newly established portfolio of investments held by Multiplex
Property Trust.

Early in 2005, Multiplex began facing cost pressures on its
reconstruction project for the Wembley Stadium in London,
prompting it to conduct its own internal investigation into the
Wembley difficulties.  Its auditor, KPMG, later conducted its
own thorough review of the problems, leading to an unpredicted
write-down.  In February 2005, stunned investors sold down
Multiplex shares after the Company reversed its stance on two
United Kingdom projects, writing off AU$68.3 million from its
profits.  This started a series of profit downgrades throughout
2005.

The Company's troubles continue with plunging share prices,
extortion attempts, and threats of class action from disgruntled
shareholders.  The Roberts family, as founder and controlling
shareholder of Multiplex, opted to offer AU$50 million indemnity
in a bid to appease dissatisfied shareholders.  In May 2005,
Multiplex admitted that its troubled Wembley Stadium
construction project may end up with a multimillion loss.  As of
February 2006, the Company is faced with liquidity crisis after
posting a massive AU$474 million loss on Wembley and is
currently in talks to bring down possible delay fees, pegged at
AU$138,000 per day beyond the scheduled March 31, 2006,
completion date.

The Troubled Company Reporter - Asia Pacific reported on August
18, 2006, that Multiplex Group's financial results for the year
ended June 30, 2006, noted that the Wembley project in the
United Kingdom incurred a pretax loss of AU$364.3 million or
AU$255 million after tax loss.  The project loss position has
remained unchanged since December 31, 2005.


PAN PHARMACEUTICALS: AU$400-Mln Damages Case to Start Late 2008
---------------------------------------------------------------
A AU$400-million damages case against Pan Pharmaceuticals
founder Jim Selim is unlikely to be heard until late 2008, with
pre-trial hearings in the Federal Court this month disclosing a
total of 2,371 boxes of documents to be examined before the case
starts, the Sydney Morning Herald reports.

The Sydney Herald relates that last week, Justice Arthur Emmett
ordered Pan's liquidator, Tony McGrath of McGrath Nicol, to
provide Mr. Selim:

   (a) with an index to 1,326 boxes of documents held in
       external storage; and

   (b) by the end of January, give more detail on the contents
       of a further 1,045 boxes which have already been indexed.

Mr. McGrath has until May 2007 to serve the written evidence he
will rely on for his claim that Mr. Selim breached his duties as
a director by failing to ensure Pan kept its license to
manufacture vitamin and herbal products.

The Troubled Company Reporter - Asia Pacific notes that on
April 7, 2004, Pan's Liquidators filed an Application in the
Federal Court seeking damages against Mr. Selim for breach of
duties under the Corporations Act 2001 and for breach of
contract of employment.

In was noted in MacGrathNicol's Web site that as the earlier
attempted mediation remains adjourned, the Liquidators and the
Committee of Inspection continue to monitor opportunities for
further engagement with Mr. Selim.

The Sydney Herald recounts that the April 2003 decision by the
Therapeutic Goods Administration to close Pan's factory prompted
Australia's largest consumer recall.

However, Mr. Selim has vigorously denied any wrongdoing in
relation to Pan's collapse, the paper relates.

                     Mr. Selim Filed Defense

Mr. Selim's defense filed in November 2004 stated that as Pan's
chief executive he was entitled to rely on others to alert him
to any deficiencies in quality control, the Sidney Herald
recounts.

The defense also argued that the TGA had wrongly suspended Pan's
license after it discovered dangerous overdoses of active
ingredients in a travel sickness product, the paper relates.

                     Cross-Claim Against TGA

Mr. Selim has cross-claimed against the TGA, which has applied
to the court for the cross-claim to be struck out.  That
application will be heard in December 2006, the Sydney Herald
says.

The paper cites Mr. McGrath telling Pan's creditors that he
estimates Mr. Selim has assets of AU$50 million which the court
could order him to pay as damages.

Pan's creditors were collectively owed AU$194 million, the
Sydney Herald notes, adding that a successful suit with this
outcome would return creditors 52c in the dollar, compared with
22c if the case is lost and creditors bear the court costs.

               Mr. Selim Faces Other Court Delays

According to the Sydney Herald, Mr. Selim has also faced long
delays in two sets of criminal proceedings relating to Pan's
closure:

   1. he failed in a bid to derail his District Court retrial on
      charges of tampering with evidence relating to the travel
      sickness product; and

   2. the Court of Criminal Appeal dismissed his claim of
      procedural irregularity in the TGA's case, which is being
      retried after the late withdrawal of a juror at the
      initial trial in March.

Mr. Selim is also waiting for a Court decision on whether he
will be committed to trial on charges laid by the Australian
Securities and Investments Commission, the Sidney Herald notes.

As reported in the TCR-AP on September 29, 2004, Mr. Selim
appeared in the Downing Centre Local Court on four charges
brought by the ASIC.  The charges relate to the provision of
information by Mr. Selim to Pan's directors during the period
February to April 2003.

The information relates to the TGA investigation into Travacalm
and Pan, the TCR-AP noted.

                   About Pan Pharmaceuticals

On May 22, 2003, Anthony Gregory McGrath & Christopher John
Honey of McGrathNicol+Partners were appointed as administrators
for Pan Pharmaceuticals Limited and its subsidiaries:

   1. Pan Pharmaceuticals Services Pty Limited;
   2. Pan Pharmaceuticals Exports Pty Limited;
   3. Pan Laboratories (Australia) Pty Limited; and
   4. Pan Pharmaceuticals Technologies Pty Limited

On September 23, 2003, the creditors of Pan rejected a proposal
for a Deed of Company Arrangement submitted by Fred Bart and Jim
Selim.  Subsequently on the same day, the creditors of Pan and
Laboratories resolved that these two companies be wound-up.

On October 21, 2003, the creditors of Services, Exports, and
Technologies resolved to place these three companies into
liquidation.

                        Sale of business

Since their appointment, the Administrators and the Liquidators
have overseen a major upgrade of Pan's facilities, processes,
and documentation.  On October 1, 2003, the Therapeutic Goods
Administration advised that it was satisfied that Pan was
compliant with the Australian Code of GMP for Medicinal Products
with respect to the manufacture of soft gelatine capsules that
are required to be listed in the Australian Register of
Therapeutic Goods, and that reinstatement of the company's soft-
gel license could be recommended.  The TGA issued the soft-gel
license on November 4, 2003.

After the reinstatement of the soft-gel license, the Liquidators
recommenced the sale process for the Pan business.  The
Liquidators offered the assets as a going concern and accepted
an offer of AU$20 million.  Settlement occurred on December 15,
2003.

The business and assets of Pan have been sold to Sphere
Healthcare Pty Ltd.

                    No Dividend Distribution

On November 12, 2003, the Liquidators executed a declaration for
the purposes of Section 104-145 of the Income Tax Assessment Act
that there is no likelihood that shareholders will receive a
dividend from the winding up.


PAN PHARMACEUTICALS: Ordered to Pay for Damages to Naturalcare
--------------------------------------------------------------
The liquidator for Pan Pharmaceuticals will have to pay damages
to a mail-order medicines company for failing to supply products
after its license was revoked, the Australian Associated Press
reports.

The report relates that the natural medicines company --
Australian Naturalcare Products -- sued Pan's liquidator over
disruptions to its business.

Subsequently, the Federal Court found that Naturalcare was
entitled to compensation, The Age says.

Justice Roger Gyles found that Naturalcare was one of Pan's
casualties, posting a AU$4 million reduction in revenue in the
year after the supply of Pan products ceased, AAP relates.

"No other substantive reason has been advanced for the drop in
revenue apart from the disturbance of supply of Pan products,"
AAP cites Judge Gyles as saying.

According to The Age, Justice Gyles dismissed Pan's argument
that Naturalcare had not taken reasonable or timely steps to
obtain substituted supplies more quickly, saying he was
"satisfied that Naturalcare took reasonable steps to restore
supply."

According to the paper, the court was told that before Pan's
collapse, Naturalcare executives had expressed concerns about
their reliance on the manufacturer.  However, Pan assured them
that the company was TGA compliant and there was no risk to the
supply of products, The Age relates.

The liquidator for Pan has agreed to pay Naturalcare for goods
recalled and accepted orders but has otherwise denied
responsibility, The Age says.

The paper recounts that Pan collapsed after the Therapeutic
Goods Administration suspended its license in April 2003,
ordering a massive recall of its products after a series of
grave safety and quality breaches.  Pan's license was never
restored and the company became insolvent.

Justice Gyles stood the matter over until November 7 to allow
Naturalcare to make submissions on the amount of damages and
interest, AAP says.

As of November 20, 2006, there were no updates on Justice Gyles'
decision pending Naturalcare's submissions.

                   About Pan Pharmaceuticals

On May 22, 2003, Anthony Gregory McGrath & Christopher John
Honey of McGrathNicol+Partners were appointed as administrators
for Pan Pharmaceuticals Limited and its subsidiaries:

   1. Pan Pharmaceuticals Services Pty Limited;
   2. Pan Pharmaceuticals Exports Pty Limited;
   3. Pan Laboratories (Australia) Pty Limited; and
   4. Pan Pharmaceuticals Technologies Pty Limited

On September 23, 2003, the creditors of Pan rejected a proposal
for a Deed of Company Arrangement submitted by Fred Bart and Jim
Selim.  Subsequently on the same day, the creditors of Pan and
Laboratories resolved that these two companies be wound-up.

On October 21, 2003, the creditors of Services, Exports, and
Technologies resolved to place these three companies into
liquidation.

                        Sale of business

Since their appointment, the Administrators and the Liquidators
have overseen a major upgrade of Pan's facilities, processes,
and documentation.  On October 1, 2003, the Therapeutic Goods
Administration advised that it was satisfied that Pan was
compliant with the Australian Code of GMP for Medicinal Products
with respect to the manufacture of soft gelatine capsules that
are required to be listed in the Australian Register of
Therapeutic Goods, and that reinstatement of the company's soft-
gel license could be recommended.  The TGA issued the soft-gel
license on November 4, 2003.

After the reinstatement of the soft-gel license, the Liquidators
recommenced the sale process for the Pan business.  The
Liquidators offered the assets as a going concern and accepted
an offer of AU$20 million.  Settlement occurred on December 15,
2003.

The business and assets of Pan have been sold to Sphere
Healthcare Pty Ltd.

                    No Dividend Distribution

On November 12, 2003, the Liquidators executed a declaration for
the purposes of Section 104-145 of the Income Tax Assessment Act
that there is no likelihood that shareholders will receive a
dividend from the winding up.


RICHARD FOY: Schedules Joint Meeting on December 4
--------------------------------------------------
Richard Foy Pty Ltd, which is in liquidation, will hold a joint
meeting for its members and creditors on Dec. 4, 2006, at
10:00 a.m.

During the meeting, Liquidator Paul G. Weston will present an
account of the company's wind-up proceedings and property
disposal exercises.

The Liquidator can be reached at:

         Paul G. Weston
         Horwath Sydney Partnership
         Level 10, 1 Market Street
         Sydney, New South Wales 2000
         Australia

                       About Richard Foy

Richard Foy Pty Ltd's line of business is electrical works.  The
company is located in New South Wales, Australia.


SANTEXCO PTY: Prepares to Declare First Dividend on January 8
-------------------------------------------------------------
Santexco Pty Ltd, which was subject to a deed of company
arrangement, will declare the first dividend on Jan. 8, 2006 for
the Trust.

Creditors, who cannot prove their debts by Dec. 5, 2006, will be
excluded from sharing in the distribution.

The Deed Administrator can be reached at:

         Bryan Hughes
         Pitcher Partners
         140 St Georges Terrace
         Perth, Western Australia 6000
         Australia
         Telephone:(08) 9322 2022
         Facsimile:(08) 9322 1262

                       About Santexco Pty

Santexco Pty Ltd is located in South Australia, Australia.  The
company's business is nonmetallic minerals except fuels.


TC8 PTY: To Declare First Dividend on January 8
-----------------------------------------------
TC8 Pty Ltd, which was subject to a deed of company arrangement,
will declare the first dividend on Jan. 8, 2007, for the Trust.

Creditors are required to prove their claims by Dec. 5, 2006, or
they will be excluded from sharing in the dividend distribution.

The Deed Administrator can be reached at:

         Bryan Hughes
         Pitcher Partners
         140 St Georges Terrace
         Perth, Western Australia 6000
         Australia
         Telephone:(08) 9322 2022
         Facsimile:(08) 9322 1262

                          About Tc8 Pty

Tc8 Pty Ltd is involved in non-metallic minerals except fuels.  
The company is located in Tennant Creek, NT, Australia.


VINESCAPE MANAGEMENT: Final Meeting Fixed for December 13
---------------------------------------------------------
Vinescape Management Services Pty Ltd, which is in liquidation,
will hold a final meeting for its members and creditors on
Dec. 13, 2006, at 10:00 a.m.

At the meeting, Liquidator Anthony Matthews will give an account
of how the company was wound up and its properties disposed of.

The Liquidator can be reached at:

         Anthony Matthews
         Anthony Matthews & Associates
         Chartered Accountants
         Ground Floor, 91 Hutt Street
         Adelaide, South Australia 5000
         Australia
         Telephone:(08) 8232 8885
         Facsimile:(08) 8232 8886
         Email: info@matthewsassociates.com.au

                   About Vinescape Management

Vinescape Management Services Pty Ltd provides Amusement and
Recreation Services.  The company is located in South Australia,
Australia.


WOLFF ARCHITECTURE: Liquidator to Present Wind-Up Account
---------------------------------------------------------
Wolff Architecture Pty Ltd, which is in liquidation, will meet
for their final meeting on Dec. 5, 2006, at 10:15 a.m.

At the meeting, Liquidator Nicholas Malanos will present an
account of the company's wind-up proceedings and property
disposal activities.

The Liquidator can be reached at:

         Nicholas Malanos
         Level 1, 32 Martin Place
         Sydney, New South Wales
         Australia

                    About Wolff Architecture

Wolff Architecture Pty Ltd -- http://www.wolff.net.au--  
provides a complete range of architectural, landscape
architecture, master planning, interior design and space
planning services to its clients in Australia and
internationally both in the public and private sectors.

The company is located in New South Wales, Australia.

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

3TOGO.COM: Faces Wind-Up Proceedings
------------------------------------
A petition to wind up 3Togo.com Ltd will be heard before the
High Court of Hong Kong on Dec. 20, 2006, at 9:30 a.m.

New World Telecommunications Ltd has filed the wind-up petition
with the Court on Oct. 19, 2006.

The Troubled Company Reporter - Asia Pacific previously reported
that the wind-up petition has been served to 3Togo.com on
Sept. 20, 2004.  

The Solicitors for the Petitioner can be reached at:

         Johnson Stokes & Master
         18/F, Prince's Building
         10 Chater Road, Central
         Hong Kong


ACXIOM CORP: Earns US$21.7 Million in Quarter Ended September 30
--------------------------------------------------------------
Acxiom Corporation has filed its second quarter financial
statements for the three months ended Sept. 30, 2006, with the
Securities and Exchange Commission.

For the three months ended Sept. 30, 2006, the company reported
US$21.7 million of net income on US$348.3 million of net
revenues, compared to US$7.1 million of net income on US$330.5
million of net revenues from the same period in 2005.

The company's working capital at Sept. 30, 2006, totaled US$63.9
million, compared to a working capital deficit of US$41.1
million at March 31, 2006.  Total current assets increased
US$91.1 million primarily due to invested cash resulting from
the borrowings under the new credit agreement.

                       New Credit Agreement

Effective Sept. 15, 2006, the company entered into an amended
and restated credit agreement allowing:

   (1) term loans up to an aggregate principal amount of US$600
       million and

   (2) revolving credit facility borrowings consisting of
       revolving loans, letter of credit participations and
       swing-line loans to an aggregate amount of US$200
       million.

On Sept. 15, 2006, the company borrowed the entire amount of the
term loan.  The term loan is payable in quarterly principal
installments of US$1.5 million through September 2011, followed
by quarterly principal installments of US$150.0 million through
June 2012, followed by a final installment of US$120 million due
Sept. 15, 2012.  The term loan also allows prepayments before
maturity.  Revolving loan commitments and all borrowings of
revolving loans mature on Sept. 15, 2011.  The credit agreement
is secured by the accounts receivable of Acxiom and its domestic
subsidiaries, as well as by the outstanding stock of certain
Acxiom subsidiaries.  At Sept. 30, 2006 there were no revolving
credit borrowings outstanding and the company had US$200 million
available under the new credit agreement.

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

              http://researcharchives.com/t/s?1547

                         About Acxiom

Based in Little Rock, Arkansas, Acxiom Corporation (Nasdaq:
ACXM) -- http://www.acxiom.com/-- integrates data, services and  
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's
innovative solutions are Customer Data Integration technology,
data, database services, IT outsourcing, consulting and
analytics, and privacy leadership.  Founded in 1969, Acxiom has
locations throughout the United States, Europe, Australia, and
China.

                         *     *     *

Standard & Poor's Ratings Services assigned its loan and
recovery ratings to Little Rock, Arkansas-based Acxiom Corp.'s
proposed US$800 million secured first-lien financing.  The
first-lien facilities consist of a US$200 million revolving
credit facility and a US$600 million term loan.  They are rated
'BB' with a recovery rating of '2'.

Moody's Investors Service assigned a Ba2 rating to Acxiom
Corporation's US$800 million senior secured credit facilities,
while affirming its corporate family rating of Ba2.  The outlook
is stable.


BANK OF COMMUNICATIONS: Gains CNY9.02 Billion in 3 Qtrs. of 2006
----------------------------------------------------------------
Bank of Communications, posted net profits of CNY9.02 billion in
the first three quarters of 2006, representing a rise of 33.94%
over the same period last year, the China Daily reports.

According to the report, the rise in profits came after
operating earnings climbed 27.75% to CNY46.17 billion and
efforts to strengthen risk management and cut costs.

Non-performing loan ratio was reported at 2.12% at the end of
September, down 0.25 of a percentage point from the end of last
year, China Daily relates.

The bank reported total assets of CNY1.6 trillion by September,
up 12.63% from the end of last year, the paper adds.

By September 30, the bank's loans were up 18.13%, or CNY139.9
billion, from the same period last year to CNY911.2 billion,
China Daily reveal, noting that the bank's deposits rose
CNY12.66%, or CNY154.6 billion, to CNY1.376 trillion.

                          *     *     *

Founded in 1908, Bank of Communications is one of four oldest
banks in China and one of the early note-issuing banks of China.  
BOCOM was also China's first state-owned shareholding commercial
bank.  With a 20% stake owned by HSBC, BOCOM was listed in Hong
Kong in June 2005, becoming the first major commercial bank from
the Chinese mainland to be listed overseas.

On September 29, 2005, the Troubled Company Reporter - Asia
Pacific reported that Standard & Poor's raised the bank
fundamental strength ratings on Bank of China Ltd 'C' from 'D+'.

Earlier, TCR-AP reported that the Bank faced a fraud case
involving CNY220 million at its Jinzhou branch in Liaoning.  
According to the National Audit Office, several staff members at
the branch had forged documents to deceive the lender's Shanghai
headquarter about the cancellation of loans made out to 175
companies.


BLOUNT INC: Weak Market Prompts S&P's Negative Outlook
------------------------------------------------------
Standard & Poor's Rating Services revised its outlook on
Portland, Oregon-based Blount Inc. to negative from stable.

At the same time, Standard & Poor's affirmed its ratings on the
company, including its 'BB-' corporate credit rating.  The
company had total balance sheet debt of over US$377 million at
Sept. 30, 2006.

"The outlook revision reflects the downturn in Blount's
operating results primarily due to weakness in the timber
harvesting equipment end-market," said Standard & Poor's credit
analyst Dan Picciotto.

However, the company has pursued some cost-savings initiatives
and has paid down debt somewhat offsetting the negative results.
Still, a prolonged cyclical decline could negatively impact
credit metrics.

                          *     *     *

Headquartered in Portland, Oregon, Blount, Incorporated,-
http://www.blount.com- manufactures equipment, accessories, and  
replacement parts to the forestry, yard care, and general
contractor industries worldwide.

Blount manufactures its products in the United States, Canada,
China, and Brazil, and sells them in more than 100 countries.


DANA CORP: Posts US$356 Million Net Loss in Third Quarter of '06
----------------------------------------------------------------
Dana Corp. posted a US$356 million net loss on US$2 billion of
net sales for the quarter ended Sept. 30, 2006, compared with a
US$1.3 billion net loss on US$2.1 billion of net sales for the
same period in 2005.
At Sept. 30, 2006, the company's consolidated balance sheet
showed US$7.4 billion in total assets, US$7.2 billion in total
liabilities, US$82 million in minority interest in consolidated
subsidiaries, and US$123 million in stockholders equity.

The company's consolidated balance sheet at Sept. 30, 2006, also
showed US$3.7 billion in current assets and US$2.3 billion in
current liabilities.

Net sales dropped US$97 million in the current quarter compared
to the same period in 2005 as a combined result of decreases in
sales in the North America, Asia Pacific and the South America
regions of US$97 million, US$62 million and US$8 million,
respectively, and the increase in Europe net sales of US$57
million.  

Impairment charges of US$165 million were also recorded in the
third quarter of 2006 to reduce lease and other assets in Dana
Credit Corp. to their fair value less cost to sell.  A US$46
million charge was also taken to write-off goodwill in company's
Traction Products business after the company revised its
earnings outlook on that business segment.  In the third quarter
in 2005 no impairment of goodwill or other assets were recorded.

During the third quarter of 2005, the company also provided a
valuation allowance of US$907 million against its net U.S.
deferred tax assets and provided additional allowances of US$13
million against similar net deferred tax assets in the U.K.  
These provisions were the principal reason for tax expense of
US$921 million recognized during the third quarter of 2005.  In
the third quarter of 2006 the tax expense was US$20 million.  

In the third quarter of 2006 the company also recorded losses of
US$84 million from the discontinued operations of its hard
parts, fluid products and pump products businesses, as compared
to losses of US$306 million from discontinued operations of
these same businesses in the third quarter of 2005.  These
businesses will be divested by the end of the first quarter of
2007.

The combined effects of the 2006 third quarter decrease in net
sales and the impairment charges for goodwill and other assets,
were offset by the lower charges for tax expense and losses from
discontinued operations, allowing the company to report a lower
net loss of US$356 million in the current quarter compared to a
net loss of US$1.3 billion in the same period in 2005.

                           Company Plans

Subject to the supervision of the U.S. Bankruptcy Court for the
Southern District of New York, the company is proceeding with
previously announced divestiture and restructuring plans, which
include the sale of non-core businesses and the closure of
certain facilities. As disclosed, the company is taking steps to
reduce costs, increase efficiency and enhance productivity.  The
Debtors have until Jan. 3, 2007 to file a plan of
reorganization, unless otherwise extended by the Court upon
request of the Debtors.

                      Dissolution of Spicer S.A.

In July 2006, Dana and Desc Automotriz, S.A. de C.V. completed
the dissolution of their Mexican joint venture, Spicer S.A. de
C.V.  The transaction included the sale by Dana of their 49%
interest in Spicer S.A. to Desc and the purchase by Dana of the
Spicer S.A. subsidiaries in Mexico that manufacture and assemble
axles, driveshafts, gears, forgings and castings. Desc, in turn,
acquired full ownership of the subsidiaries that hold the
transmission and aftermarket gasket operations in which it
previously held a 51% interest.

                            DIP Facility

The company has a US$1.45 billion DIP Credit Agreement which was
approved by the U.S. Bankruptcy Court for the Southern District
of New York in March 2006.  At Sept. 30, 2006 unused credit
available amounted to US$334 million.

Full-text copies of the company's consolidated financial
statements are available for free at:

                http://researcharchives.com/t/s?14ed

                       About Dana Corporation

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs  
and manufactures products for every major vehicle producer in
the world, and supplies drivetrain, chassis, structural, and
engine technologies to those companies.  Dana employs 46,000
people in 28 countries.  Dana is focused on being an essential
partner to automotive, commercial, and off-highway vehicle
customers, which collectively produce more than 60 million
vehicles annually.  Dana has facilities in China, Argentina and
Italy.

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  Corinne
Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in
Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co.,
LLC, serves as the Debtors' financial advisor and investment
banker.  Ted Stenger from AlixPartners serves as Dana's Chief
Restructuring Officer.  Thomas Moers Mayer, Esq., at Kramer
Levin Naftalis & Frankel LLP, represents the Official Committee
of Unsecured Creditors.  Fried, Frank, Harris, Shriver &
Jacobson, LLP serves as counsel to the Official Committee of
Equity Security Holders.  Stahl Cowen Crowley, LLC serves as
counsel to the Official Committee of Non-Union Retirees.  When
the Debtors filed for protection from their creditors, they
listed US$7.9 billion in assets and US$6.8 billion in
liabilities as of Sept. 30, 2005.  (Dana Corporation Bankruptcy
News, Issue No. 25; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

Dominion Bond Rating Service downgraded Dana Corporation's Bank
Debt rating to D from CCC, and cut the Senior Unsecured Notes
rating to D from CC.  DBRS's rating action follows the company's
decision to file for Chapter 11 bankruptcy protection.  The
filing covers Dana and 40 U.S. subsidiaries of the company, and
excludes Dana's European, South American, Asia-Pacific,
Canadian, and Mexican subsidiaries.

Following Dana Corporation's announcement that it has filed for
Chapter 11 bankruptcy court protection and defaulted on its debt
agreements, Fitch downgraded Dana's issuer default rating to 'D'
from 'C'.

Moody's Investors Service assigned B3 ratings to the US$1.45
billion debtor-in-possession financing of Dana Corp. as a
Debtor-in-Possession.  The DIP financing consists of a US$750
million super priority senior secured asset based revolving
credit and a US$700 million super priority senior secured term
loan B.


FERRO CORP: Plans Closure of Niagara Falls Plant in 2007
--------------------------------------------------------
Ferro Corporation plans to close its Niagara Falls, New York,
facility by the end of 2007.

Approximately 150 employees are located at the facility, which
supplies a range of dielectric and industrial ceramic products
for the electronic materials and other marketplaces.  The
activities currently performed at Niagara Falls will be
gradually transferred to other Ferro facilities.

"The Niagara Falls facility has been impacted by changes in its
markets," said Barry Russell, Vice President of Ferro Electronic
Material Systems.  "Demand for the types of products produced at
the Niagara Falls facility has diminished greatly over the last
several years.  The remaining volume of business is insufficient
to support the current manufacturing capacity and this is not
expected to change in the future.

"Ferro regrets the impact that this difficult, but necessary,
business decision will have on our employees.  However, the
proposed closure will allow us to remain competitive and at the
same time retain the flexibility needed to support future
business growth."

Ferro also maintains a production facility in Penn Yan, New
York. That site employs about 207 and also produces materials
for the electronic materials market.  Ferro anticipates that the
transfer of a portion of the work currently being done in
Niagara Falls will add approximately 25 jobs at the Penn Yan
facility, while other work transfer is expected to add about 16
jobs at Ferro's site in Uden, The Netherlands.

                            New CFO

Sallie B. Bailey will join Ferro Corp on Jan. 2, 2007, as Vice
President and Chief Financial Officer.  Ms. Bailey will replace
Thomas M. Gannon.

Ms. Bailey currently serves as Senior Vice President-Finance and
Controller with The Timken Company.  She will report to James F.
Kirsch, President and Chief Executive Officer at Ferro.

                         About Ferro Corp

Headquartered in Cleveland, Ohio, Ferro Corporation --
http://www.ferro.com-- is a global producer of an array of  
performance materials sold to a range of manufacturers in
approximately 30 markets throughout the world.  Ferro applies
certain core scientific expertise in organic chemistry,
inorganic chemistry, polymer science and material science to
develop coatings for ceramics and metal; materials for passive
electronic components; pigments; enamels, pastes and additives
for the glass market; glazes and decorating colors for the
dinnerware market; specialty plastic compounds and colors;
polymer additives; specialty chemicals for the pharmaceuticals
and electronics markets, and active ingredients and high-purity
carbohydrates for pharmaceutical formulations.  The company's
products are classified as performance materials, rather than
commodities, because they are formulated to perform specific and
important functions both in the manufacturing processes and in
the finished products of its customers

Ferro Corp. has global locations in Argentina, Australia,
Europe, and Asia, including China.

On October 5, 2006, the Troubled Company Reporter - Asia Pacific
reports that Standard & Poor's Ratings Services' 'B+' long-term
corporate credit and 'B' senior unsecured debt ratings on Ferro
Corp. remained on CreditWatch with negative implications, where
they were placed Nov. 18, 2005.

Standard & Poor's will resolve the CreditWatch after Ferro files
its 2005 full year and 2006 quarterly financial statements,
which are expected by Sept. 30th and Dec. 31st, respectively.


GLOBAL QUALITY: Members' Final Meeting Slated for December 20
-------------------------------------------------------------
The members of Global Quality Logistics (China) Ltd will hold a
final general meeting on Dec. 20, 2006, at 10:00 a.m., to
receive Liquidator Young Wai Ching's account of the company's
wind-up proceedings.

As reported by the Troubled Company Reporter - Asia Pacific, the
company's shareholders appointed Mr. Ching as liquidator on
June 9, 2006.

The Liquidator can be reached at:

         Young Wai Ching
         24/F, Prosperous Commercial Building
         54-58 Jardine's Bazaar, Causeway Bay
         Hong Kong


GUANGDONG DEVELOPMENT: Citigroup Bid Wins GDB's Majority Stake
--------------------------------------------------------------  
Citigroup has won the bid for a majority stake in Guangdong
Development Bank, the China Daily reports, citing Robert Morse,
chief executive of Citigroup Corporate Investment Banking for
Asia.

The announcement ended the 18-month bidding war between the
Citigroup led consortium and the Societe Generale of France.  

According to various reports, Citigroup will take 86% stake in
Guangdong for US$3.1 billion.

As reported by the Troubled Company Reporter - Asia Pacific, the
Citigroup consortium -- composed of China Life, State Grid Corp,
CITIC Group, China Puhua Investment and IBM -- sealed the bid by
agreeing on paying three times the book value of the Chinese
lender.  

Citigroup, China Life, and State Grid will each hold 20% stake
in the bank, complying with the 25% majority stake allotted to
foreign shareholders by the Chinese government.  CITIC Group and
IBM will take 12.8% and 5% stake respectively, China Puhua will
get 8%, The Standard relates.

China Life, which will have equal footing with Citigroup and
State Grid, will however, remain a passive shareholder in the
Guangdong provincial bank, allowing Citigroup to focus on bank
operations, sources told The Standard.

Guangdong Development Bank told Reuters that they will work with
Citigroup on eight areas including risk management, corporate
governance, asset and debt management, human resources, and
financial innovation.

Richard Stanley, the US bank's head of China, told reporters
that they will appoint a CEO for Guangdong by the end of this
year.

                          *     *     *

Guangdong Development Bank -- http://ebank.gdb.com.cn/-- is a  
bank based in Guangzhou, Guangdong, People's Republic of China.  
The bank was founded in 1988.

Fitch Ratings on August 14, 2006, affirmed Guangdong Development
Bank's Individual 'E' and Support '4' ratings.

According to Fitch, Guangdong Development Bank's Individual 'E'
rating reflects its very weak profitability, large stock of
NPLs, low capital and poor disclosure.

The GDB, established in 1988, was developed into a national bank
with assets worth of CNY370 billion (US46.25 billion) and more
than 12,000 employees.

By the end of 2003, the bank's bad loans totaled CNY35.7
billion, accounting for 18.53% of its total loans.


INTELLIGENT SHOE: Creditors' Proofs of Claim Due on Dec. 18
-----------------------------------------------------------
Liquidator Cheng Faat Ting Gary will be receiving proofs of
claim from creditors of Intelligent Shoe Manufacturing Company
Ltd until Dec. 18, 2006.

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

The Troubled Company Reporter - Asia Pacific previously reported
that Liquidator Cheng was appointed at the company's meeting
held on Nov. 10, 2006.

The Liquidator can be reached at:

         Cheng Faat Ting Gary
         8/F, Richmond Commercial Building
         109 Argyle Street, Mongkok
         Kowloon, Hong Kong

                     About Intelligent Shoe

Intelligent Shoe Manufacturing Company Ltd, which is also
trading as Sing Fai Shoe Factory --
http://www.intshoe.com/-- was established in 1980.  The company  
has been exporting children shoes, sport shoes, casual shoes,
sandals, skaters, and other kinds of footwear for over 10 years
to European countries, South-East Asia, Australia and New
Zealand.

The company's factory is located at Tab Kong Village, Tung Hang
Town, Dongguan City, Guang Dong, China.


KINETEK INC: S&P Lifts Corporate Credit Rating to B from B-
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Kinetek Inc. to 'B' from 'B-', and removed it from
CreditWatch with developing implications, where it was placed on
Sept. 13, 2006.

The outlook is stable.

As the same time, Standard & Poor's affirmed its 'B' bank loan
rating and recovery rating of '2' on Kinetek's US$270 million
first-lien credit facilities, and its 'CCC+' bank loan rating
and a recovery rating of '5' on the company's US$95 million
second-lien credit facilities.  The company's US$270 million
senior notes due Nov. 15, 2006, were repaid at maturity, and the
rating on these notes has been withdrawn.

"The upgrade reflects the completion of the acquisition of
Kinetek by The Resolute Fund LP, and the company's improved
liquidity position," said Standard & Poor's credit analyst
Gregoire Buet.

                          *     *     *

Headquartered in Deerfield, Illinois, Kinetek Industries Inc. --
http://www.kinetekinc.com-- is engaged in the design and  
manufacture of motors, components and control systems. The
company has operations in Europe and China.


LEE & POON: Will Pay First and Final Dividend
----------------------------------------------
Lee & Poon Company Ltd will pay the first and final dividend to
its creditors on Nov. 20, 2006.

The amount that will be paid to the preferential claims is
0.071%.

As reported by the Troubled Company Reporter - Asia Pacific, the
creditors' proofs of claims were due on Oct. 14, 2006.

The Liquidator can be reached at:

         Lee Mei Yee May
         10/F, Queensway Government Offices
         66 Queensway
         Hong Kong


MCMAXX DESIGNS: Members to Receive Wind-Up Report on Dec. 20
------------------------------------------------------------
The final general meeting of the members of McMaxx Designs
(H.K.) Ltd will be held on Dec. 20, 2006, at 10:00 a.m.

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

According to the Troubled Company Reporter - Asia Pacific, the
company's creditors were made to file their proofs of debt
before March 30, 2006.

The Liquidator can be reached at:

         Young Wai Ching
         24/F, Prosperous Commercial Building
         54-58 Jardine's Bazaar, Causeway Bay
         Hong Kong


MONANCE LTD: Joint Liquidators Cease to Act
-------------------------------------------
Lai Kar Yan Derek and Darach E. Haughey ceased to act as joint
and several liquidators of Monance Ltd on Nov. 1, 2006.

As reported by the Troubled Company Reporter - Asia Pacific, the
joint liquidators presented a report of the company's wind-up
proceedings on Nov. 1, 2006.

The former Joint Liquidators can be reached at:

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


MOSAIC COMPANY: Prices Units' Offer to Buy US$1.5BB of Sr. Debts
----------------------------------------------------------------
The Mosaic Company has priced the previously announced tender
offers and consent solicitations by its subsidiary Mosaic Global
Holdings Inc. to purchase for cash any and all of its 6.875%
Debentures due 2007, 10.875% Senior Notes due 2008, 11.250%
Senior Notes due 2011, and 10.875% Senior Notes due 2013 and by
its subsidiary Phosphate Acquisition Partners L.P. to purchase
for cash any and all of its 7% Senior Notes due 2008.

The terms of the tender offers and consent solicitations for the
debt securities are detailed in Mosaic Global Holdings Inc.'s
and Phosphate Acquisition Partners L.P.'s respective Offer to
Purchase and Consent Solicitation Statements, each dated Oct.
31, 2006.

The total consideration for each US$1,000 principal amount of
the 2011 Notes validly tendered and not withdrawn at or prior to
5:00 p.m. New York time on Nov. 14, 2006 is US$1,058.75, which
includes a consent payment of US$2.50.

The total consideration for each of the remaining senior notes
and debentures validly tendered and not withdrawn at or prior to
the Consent Date was determined as of 2:00 p.m., New York City
time, on Nov. 14, 2006, using the yield on the applicable U.S.
Treasury Security, as calculated by the Dealer Manager and
Solicitation Agent in accordance with standard market practice,
based on the bid-side price for such applicable U.S. Treasury
Note.

The total consideration for each US$1,000 principal amount of
the 2007 Debentures validly tendered prior to the Consent Date
was determined using the yield on the 3-7/8% U.S. Treasury
Security due July 31, 2007 at the Time of Pricing plus a fixed
spread of 50 basis points.  The yield on the 3-7/8% U.S.
Treasury Security at the Time of Pricing was 5.047%.  
Accordingly, the total consideration, excluding accrued and
unpaid interest, for each US$1,000 principal amount of 2007
Debentures validly tendered and not withdrawn at or prior to the
Consent Date is US$1,007.93, which includes a consent payment of
US$30.00.  The tender offer consideration, excluding accrued and
unpaid interest, for each US$1,000 principal amount of 2007
Debentures validly tendered after the Consent Date but at or
before the "Expiration Date" is US$977.93, which equals the
total consideration less the consent payment.

The total consideration for each US$1,000 principal amount of
the MGH 2008 Notes validly tendered prior to the Consent Date
was determined using the yield on the 4-7/8% U.S. Treasury
Security due May 31, 2008 at the Time of Pricing plus a fixed
spread of 50 basis points.  The yield on the 4-7/8% U.S.
Treasury Security at the Time of Pricing was 4.810%.  
Accordingly, the total consideration, excluding accrued and
unpaid interest, for each US$1,000 principal amount of MGH 2008
Notes validly tendered and not withdrawn at or prior to the
Consent Date is US$1,079.23, which includes a consent payment of
US$30.00.  The tender offer consideration, excluding accrued and
unpaid interest, for each US$1,000 principal amount of MGH 2008
Notes validly tendered after the Consent Date but at or before
the Expiration Date is US$1,049.23, which equals the total
consideration less the consent payment.

The total consideration for each US$1,000 principal amount of
the 2013 Notes validly tendered prior to the Consent Date was
determined using the yield on the 3-1/4% U.S. Treasury Security
due August 15, 2008 at the Time of Pricing plus a fixed spread
of 50 basis points.  The yield on the 3-1/4% U.S. Treasury
Security at the Time of Pricing was 4.753%.  Accordingly, the
total consideration, excluding accrued and unpaid interest, for
each US$1,000 principal amount of 2013 Notes validly tendered
and not withdrawn at or prior to the Consent Date is
US$1,138.33, which includes a consent payment of US$30.00.  The
tender offer consideration, excluding accrued and unpaid
interest, for each US$1,000 principal amount of 2013 Notes
validly tendered after the Consent Date but at or before the
Expiration Date is US$1,108.33, which equals the total
consideration less the consent payment.

The total consideration for each US$1,000 principal amount of
the PAP 2008 Notes validly tendered prior to the Consent Date
was determined using the yield on the 3% U.S. Treasury Security
due February 15, 2008 at the Time of Pricing plus a fixed spread
of 30 basis points.  The yield on the 3% U.S. Treasury Security
at the Time of Pricing was 4.900%.  Accordingly, the total
consideration, excluding accrued and unpaid interest, for each
US$1,000 principal amount of the PAP 2008 Notes validly tendered
and not withdrawn at or prior to the Consent Date is
US$1,020.66, which includes a consent payment of US$30.00.  The
tender offer consideration, excluding accrued and unpaid
interest, for each US$1,000 principal amount of the PAP 2008
Notes validly tendered after the Consent Date but at or before
the Expiration Date is US$990.66, which equals the total
consideration less the consent payment.

The offers will expire at midnight, New York City time, on
November 29, 2006, unless extended by Mosaic Global Holdings or
Phosphate Acquisition Partners, as applicable, in its sole
discretion.  The consummation of the tender offers is subject to
several conditions, including the receipt of net proceeds from
financings sufficient to pay for Senior Notes and Debentures
accepted in the tender offers.  Senior Notes and Debentures
tendered prior to the Consent Date may not be withdrawn after
the Consent Date unless Mosaic Global Holdings or Phosphate
Acquisition Partners, as applicable, reduces the amount of the
tender offer consideration, the consent payment or the principal
amount of Senior Notes or Debentures subject to the offers or is
otherwise required by law to permit withdrawal.

The offers are made upon the terms and subject to the conditions
set forth in the Offers to Purchase and Consent Solicitation
Statements dated October 31, 2006 that have been distributed to
registered holders of the debt securities.  Copies of the Offer
to Purchase and Consent Solicitation Statements can be obtained
from:

      MacKenzie Partners, Inc.
      Attention: Jeanne Carr or Simon Coope
      Phone: (800) 322-2885

None of The Mosaic Company, Mosaic Global Holdings Inc.,
Phosphate Acquisition Partners L.P., J.P. Morgan Securities
Inc., as the Dealer Manager and Solicitation Agent, or the
Information Agent/Depositary makes any recommendation as to
whether or not holders should sell their Senior Notes or
Debentures pursuant to the offers, and no one has been
authorized by any of them to make such a recommendation.  
Holders must make their own decision as to whether to sell
Senior Notes and Debentures, and if so, the principal amount of
Senior Notes and Debentures to sell.

Questions concerning the terms of the offers may be directed to:

     J.P. Morgan Securities Inc.
     Dealer Manager and Solicitation Agent
     Attention: Laura Yachimski
     Phone: (212) 270-3994 (call collect)

Questions concerning procedures regarding the offers may be
directed to MacKenzie Partners.

                     About The Mosaic Company

Plymouth, Minn.-based  Mosaic Company --
http://www.mosaicco.com/-- is a producer of phosphate and  
potash combined, as well as nitrogen and animal feed
ingredients. The company operates its business through four
business segments. The Phosphates segment operates mines and
concentrates plants in Florida that produce phosphate fertilizer
and feed phosphate, and concentrates plants in Louisiana that
produce phosphate fertilizer. The Potash segment mines and
processes potash in Canada and the United States. The Offshore
segment consists of sales offices, fertilizer blending and
bagging facilities, port terminals and warehouses in several
countries, as well as production facilities in Brazil, China and
Argentina. The Nitrogen segment includes activities related to
the North American distribution of nitrogen products that are
marketed for Saskferco Products Inc. as well as nitrogen
products purchased from third parties.

                         *     *     *

Standard & Poor's Ratings Services revised its outlook on The
Mosaic Co. to negative from stable.  It also affirmed its 'BB'
long-term and 'B-1' short-term corporate credit ratings on the
company.


NEOMEDIA TECH: Posts US$30.9 Million Net Loss in 2006 Third Qtr.
----------------------------------------------------------------
NeoMedia Technologies Inc. filed its financial statements for
the third quarter ended Sept. 30, 2006, with the Securities and
Exchange Commission on Nov. 9, 2006.

In 2006, NeoMedia implemented an aggressive growth strategy
aimed at penetrating the rapidly evolving mobile marketing
industry, through the acquisition of Mobot Inc., Gavitec AG,
12Snap AG, and Sponge Ltd.

                       Results of Operations

Net Sales  

Total net sales from continuing operations for the three months
ended Sept. 30, 2006, were US$6,249,000, which represented a
US$6,056,000, or 3,138%, increase from US$193,000 for the three
months ended Sept. 30, 2005.  This increase resulted from (i)
US$6,067,000 net sales from subsidiaries Mobot Inc., Sponge
Ltd., Gavitec AG, 12Snap AG, and BSD Software Inc., all of which
were acquired during the first quarter of 2006, offset by a (ii)
decrease of US$7,000 in net sales from the company's underlying
business represented by qode(R) and NeoMedia's legacy software
products.

Cost of Sales

Cost of technology services, products, and licenses fees were
US$4,112,000 for the three months ended Sept. 30, 2006, compared
with US$116,000 for the three months ended Sept. 30, 2006, an
increase of US$3,996,000, or 3,445%.  This increase resulted
from (i) US$3,523,000 product and service related cost of sales
from subsidiaries Mobot, Sponge, Gavitec, 12Snap and BSD, all of
which were acquired during the first quarter of 2006, (ii)
amortization of US$519,000 of intangible assets relating to the
acquisitions of Mobot, Sponge, Gavitec, 12Snap and BSD, offset
by (iii) a decrease of US$46,000 in cost of sales from the
company's underlying business represented by qode(R) and
NeoMedia's legacy software products.

Write-off of Deferred Equity Financing Costs

During the three months ended Sept. 30, 2006, NeoMedia incurred
a charge of US$13,256,000 to write off deferred equity financing
costs related to the 2005 SEDA.  No comparable charges were
taken during the three months ended Sept. 30, 2005.

Net loss

The net loss for the three months ended Sept. 30, 2006, was
US$30,909,000, which represented a US$28,959,000, or 1,485%
increase from a US$1,950,000 loss for the three months ended
Sept. 30, 2005.  

This increased net loss resulted from:

   (a) US$9,271,000 expense from the change in fair value from
       revaluation of warrants and embedded conversion features
       associated with the preferred stock and convertible
       debenture financing,

   (b) US$13,256,000 charge to write off deferred equity
       financing costs associated with the 2005 SEDA,

   (c) US$2,390,000 increase to stock based compensation expense
       as a result of the adoption of SFAS 123(R) on Jan. 1,
       2006,

   (d) US$1,105,000 loss from subsidiaries Mobot, Sponge,
       Gavitec, 12Snap and BSD, all of which were acquired
       during the first quarter of 2006,

   (e) US$653,000 bad debt reserve for the Micro Paint customer
       in China, and

   (f) US$2,284,000 increased loss from the company's underlying
       business represented by qode(R), NeoMedia's legacy
       software products, and corporate administration.

                           Balance Sheet

At Sept. 30, 2006, the company's balance sheet showed US$87.822
million in total assets, US$44.037 million in total liabilities,
US$2.931 million in preferred stock, and US$40.854 million in
total shareholders' equity.  The company had US$4.227 million in
shareholders' equity at Dec. 31, 2005.

The company's September 30 balance sheet showed strained
liquidity with US$13.742 million in total assets available to
pay US$43.964 million in total current liabilities.

        Standby Equity Distribution Agreements with Cornell

NeoMedia and Cornell entered into a US$20 million Standby Equity
Distribution Agreement on Oct. 27, 2003.  The agreement provided
for a maximum draw of US$280,000 per week, not to exceed
US$840,000 in any 30-day period, and Cornell was obligated to
purchase up to US$20 million of the company's common stock over
a two-year period.

The SEDA became effective during January 2004, and expired after
a two-year term in January 2006.  During the nine months ended
Sept. 30, 2006, and 2005, NeoMedia sold 751,880 and 19,337,119
shares of its common stock to Cornell pursuant to the 2003 SEDA.

NeoMedia and Cornell entered on March 30, 2005, into a Standby
Equity Distribution Agreement known as the 2005 SEDA under which
Cornell agreed to purchase up to US$100 million of NeoMedia
common stock over a two-year period, with the timing and amount
of the purchase at NeoMedia's discretion.

The maximum amount of each purchase would be US$2,000,000 with a
minimum of five business days between advances.  The shares
would be valued at 98% of the lowest closing bid price during
the five-day period following the delivery of a notice of
purchase by NeoMedia, and NeoMedia would pay 5% of the gross
proceeds of each purchase to Cornell.
Based on NeoMedia's current market capitalization and other
outstanding securities, NeoMedia does not believe that the 2005
SEDA is currently a viable source of financing.

As a commitment fee for Cornell to enter into the 2005 SEDA,
NeoMedia issued 50 million warrants to Cornell with an exercise
price of US$0.20 per share for a term of three years, and also
paid a cash commitment fee of US$1 million.

During the nine months ended Sept. 30, 2006, Cornell exercised
40 million of the warrants, generating cash proceeds of US$8
million to NeoMedia.  During August 2006, in connection with the
Convertible Debenture, NeoMedia repriced the remaining 2 million
warrants to an exercise price of US$0.10 per share.

NeoMedia also issued 4 million warrants with an exercise price
of US$0.227 to a consultant as a fee in connection with the 2005
SEDA, which have not been exercised.

NeoMedia recorded the US$13,256,000 fair value of the warrants
to "Deferred equity financing costs" at inception.  This amount
was written off during the three months ended Sept. 30, 2006,
because the company believes that it can no longer consider the
SEDA a viable financing source due to the requirements of the
preferred stock financing and the debenture financing.

                 Sale of Micro Paint Business Unit

NeoMedia signed on Aug. 30, 2006, a non-binding letter of intent
to sell its Micro Paint Repair business unit to Jose Sada, a
technology partner of NeoMedia Micro Paint Repair, backed by
Global Emerging Markets Group of New York City.  The letter of
intent calls for consummation of the transaction on or before
Nov. 24, 2006.

As a result of the pending sale, the operations of the NeoMedia
Micro Paint Repair business unit have been classified as
discontinued operations on the accompanying consolidated
statements of operations for the three and nine months ended
Sept. 30, 2006, and 2005, and the assets and liabilities of the
business unit have been classified as assets held for sale and
liabilities held for sale on the accompanying consolidated
balance sheets as of Sept. 30, 2006, and Dec. 31, 2005.

Loss from these discontinued operations was US$1,620,000 and
US$381,000 for the three months ended Sept. 30, 2006, and 2005,
respectively, and US$2,826,000 and US$1,307,000 for the nine
months ended Sept. 30, 2006, and 2005, respectively.

The carrying value of assets held for sale was US$3,451,000 and
US$4,058,000 as of Sept. 30, 2006, and Dec. 31, 2005,
respectively. The carrying value of liabilities held for sale
was US$750,000 and US$669,000 as of Sept. 30, 2006, and Dec. 31,
2005, respectively.

There have been no adjustments to the carrying value subsequent
to Sept. 30, 2006, and before this filing.

NeoMedia will not recognize depreciation and amortization on the
assets held for sale subsequent to Sept. 30, 2006, through the
date of sale.  Depreciation and amortization on assets held for
sale would be approximately US$77,000 per quarter.

              Termination of Hip Cricket Acquisition

NeoMedia terminated on Aug. 24, 2006, a non-binding letter of
intent to acquire Hip Cricket, due to an inability of the
parties to come to terms on a definitive purchase price.

Previously, NeoMedia and Hip Cricket signed on Feb. 16, 2006,
the letter of intent, under which NeoMedia intended to acquire
all of the outstanding shares of Hip Cricket in exchange for
US$500,000 cash and US$4,000,000 of NeoMedia common stock,
subject to due diligence and signing of a mutually agreeable
definitive purchase agreement by both parties.

In addition to signing the letter of intent, NeoMedia loaned Hip
Cricket the principal amount of US$500,000 in the form of (a) a
promissory note, dated Feb. 16, 2006, in the amount of
US$250,000 and (b) a promissory note, dated March 20, 2006, in
the amount of US$250,000.  

The notes accrue interest at a rate of 8% per annum.  The notes
were to be applied toward the cash portion of the purchase price
upon signing of a definitive purchase agreement for the
acquisition of all of the outstanding shares of Hip Cricket by
NeoMedia, as contemplated in the letter of intent.

Due to the termination of the letter of intent, and pursuant to
the terms of the notes, the face amount of the notes, plus any
and all accrued interest, will become payable and due on Nov.
22, 2006.  In the event the Notes are not repaid by Nov. 22,
2006, the notes will convert into shares of Hip Cricket common
stock using a valuation of US$4.5 million for Hip Cricket.

Full-text copies of the company's third quarter financials are
available for free at http://ResearchArchives.com/t/s?1542

                        Going Concern Doubt

Stonefield Josephson Inc. expressed substantial doubt about
NeoMedia Technologies' ability to continue as a going concern
after auditing the company's financial statements for the fiscal
year ended Dec. 31, 2005.  The auditing firm pointed to the
Company's operating losses, negative cash flows from operations,
and working capital deficit.

                    About NeoMedia Technologies

Headquartered in Fort Myers, Florida, NeoMedia Technologies,
Inc. (OTC BB: NEOM) -- http://www.neom.com/-- is a global  
company offering leading edge, technologically advanced products
and solutions for companies and consumers, built upon its solid
family of patented products and processes, and management
experience and expertise.  Its NeoMedia Mobile group of
companies offers end-to-end mobile enterprise and mobile
marketing solutions, through its flagship qode(R) direct-to-
mobile-web technology and ground-breaking products and services
from 4 (shortly to be 5) of the USA's and Europe's leading
mobile marketing providers.

NeoMedia has offices in China, and the United Kingdom.


SHANGHAI LAND: Members to Receive Wind-Up Report on Dec. 15
-----------------------------------------------------------
The annual general meeting of the members of Shanghai Land
Holdings Ltd will be held on Dec. 15, 2006, at 2:00 p.m.

At the meeting, members will receive the liquidator's report
regarding the company's wind-up proceedings during the preceding
year.

The Liquidator can be reached at:

         Stephen Liu Yiu Keung
         18/F, Two International Finance Centre
         8 Finance Street, Central
         Hong Kong

                       About Shanghai Land

Shanghai Land Holdings Limited formerly known as imGO Limited
was is involved with venture capital investment in the wireless
sector -- including infrastructure, enabling technologies, and
services -- and system integrator acquisition.


TEEN MISSION: Liquidator Fung Hoi Fung Steps Aside
--------------------------------------------------
Fung Hoi Fung ceased to act as liquidator of Teen Mission
Association (H.K.) Ltd on Nov. 8, 2006.

According to the Troubled Company Reporter - Asia Pacific,
Mr. Fung presented the company's wind-up report at the company's
meeting held on Oct. 6, 2006.

The former Liquidator can be reached at:

         Fung Hoi Fung
         Unit B, 8/F
         Winsome Commercial Building
         2-8 Tai Cheung Street
         Yuen Long, New Territories


WAH SUN: Members' Final Meeting Set on December 20
--------------------------------------------------
Members of Wah Sun International Enterprise Ltd will meet for
their final meeting on Dec. 20, 2006, at 10:00 a.m., to receive
Liquidator Young Wai Ching's final account of the company's
wind-up operation.

The Troubled Company Reporter - Asia Pacific previously reported
that Mr. Ching has required the company's creditors to file
their proofs of debt on June 28, 2006.

The Liquidator can be reached at:

         Young Wai Ching
         24/F, Prosperous Commercial Building
         54-58 Jardine's Bazaar, Causeway Bay
         Hong Kong

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

NTPC LTD: Government Waives INR1,000-Crore Investment Ceiling
-------------------------------------------------------------
The Indian Government, on November 3, waived the INR1,000 crore
ceiling on equity investments by NTPC Ltd while establishing
financial joint ventures and wholly owned subsidiaries in the
country or abroad, Zee News reports.

According to the report, the decision was meant to help NTPC bid
for ultra mega power projects.

The waiver is subject to the implementation of maximum of two
projects, which is being established at the initiative of the
Power Ministry, Zee News cites Finance Minister P Chidambaram as
saying.

"However, the ceiling of 15% of the net worth of NTPC in one
project and the overall ceiling of 30% of the net worth of NTPC
in all such projects put together shall remain," Mr. Chidambaram
adds.

The Finance Minister believes the decision will facilitate NTPC
in tying up with world-class mining operators.

                         About NTPC Ltd

Headquartered in New Delhi, India, NTPC Limited --
http://www.ntpc.co.in/-- formerly known as National Thermal
Power Corporation Limited, is engaged in generation and sale of
bulk power.  It operates in two business segments: Generation
and Other business.  The company is also engaged in providing
consultancy, project management and supervision, oil and gas
exploration and coal mining.  NTPC Limited operates coal
stations and Gas stations.

On February 2, 2005, Standard and Poor's Ratings Service gave
NTPC Ltd's long-term foreign issuer credit a BB+ rating.


NTPC LTD: Board Approves Investment in Vishnugad Power Plant
------------------------------------------------------------
NTPC Ltd informed the Bombay Stock Exchange that its board of
directors has given the nod for it to invest in the Tapovan
Vishnugad Hydro Electric Power Project (4 X 130 MW) as a
merchant power plant.

The investment has an indicative estimated completed cost of
INR34,250.30 million.

                         About NTPC Ltd

Headquartered in New Delhi, India, NTPC Limited --
http://www.ntpc.co.in/-- formerly known as National Thermal
Power Corporation Limited, is engaged in generation and sale of
bulk power.  It operates in two business segments: Generation
and Other business.  The company is also engaged in providing
consultancy, project management and supervision, oil and gas
exploration and coal mining.  NTPC Limited operates coal
stations and Gas stations.

On February 2, 2005, Standard and Poor's Ratings Service gave
NTPC Ltd's long-term foreign issuer credit a BB+ rating.


NTPC LTD: Members Agree to 20% Interim and 8% Final Dividend
------------------------------------------------------------
The members of National Thermal Power Corporation Ltd at the
company's 30th Annual General Meeting on September 19, 2006,
have agreed to the confirmation of Interim Dividend at 20% &
Declaration of final dividend at 8% of the paid up equity share
capital of the Company for the financial year 2005-2006.

The members also accorded to, among others:

   -- the adoption of the company's Profit and Loss Account for
      the financial year ended on March 31, 2006, and Balance
      Sheet as on that date together with the related auditor's
      and board of directors' report;

   -- the re-appointment of Shri R S Sharma, Shri R K Jain &
      Shri A K Singhal, as directors; and

   -- authority to the board to fix appropriate remuneration of
      the company's statutory auditors, appointed by the
      Comptroller & Auditor General of India for the financial
      year 2006-07.

                          About NTPC Ltd

Headquartered in New Delhi, India, NTPC Limited --
http://www.ntpc.co.in/-- formerly known as National Thermal
Power Corporation Limited, is engaged in generation and sale of
bulk power.  It operates in two business segments: Generation
and Other business.  The company is also engaged in providing
consultancy, project management and supervision, oil and gas
exploration and coal mining.  NTPC Limited operates coal
stations and Gas stations.

On February 2, 2005, Standard and Poor's Ratings Service gave
NTPC Ltd's long-term foreign issuer credit a BB+ rating.


OWENS CORNING: Court Approves Pinal County Settlement Pact
----------------------------------------------------------
The United States Bankruptcy for the District of Delaware has
approved the claims settlement between Owens Corning and its
debtor-affiliates and Pinal County of Arizona.

As reported in the Troubled Company Reporter on Oct. 16, 2006,
the Debtors and Pinal County had a dispute concerning secured
real and personal property tax liability for the 2000 and 2004
tax years.  

Following arm's-length negotiations, the Debtors and Pinal
County agreed that:

   (a) Claim No. 12328 will be treated as an allowed Owens
       Corning Other Secured Tax Claim under Class A2-A of the
       Plan for US$82,134, including interest, if the Claim is
       paid:

          * by Sept. 30, 2006, for US$156,339;

          * by Oct. 31, 2006, for 157,491;

          * by Nov. 30, 2006, for 158,643; or

          * after Nov. 30, 2006, with additional interest at an
            applicable statutory rate.

   (b) The Settlement resolves all outstanding prepetition
       personal and real property claims among the Debtors and
       Pinal County.

   (c) All other taxes, interest, charges and penalties related
       to the Claim are disallowed.

   (d) The Debtors will pay the Claim as provided in the Plan.

                      About Owens Corning

Owens Corning (OTC: OWENQ.OB) -- http://www.owenscorning.com/--
manufactures fiberglass insulation, roofing materials, vinyl
windows and siding, patio doors, rain gutters and downspouts.  
Headquartered in Toledo, Ohio, the company has locations in
India, Mexico and Belgium.  

The company filed for chapter 11 protection on Oct. 5, 2000
(Bankr. Del. Case. No. 00-03837). Norman L. Pernick, Esq., at
Saul Ewing LLP, represents the Debtors.  Elihu Inselbuch, Esq.,
at Caplin & Drysdale, Chartered, represents the Official
Committee of Asbestos Creditors.  James J. McMonagle serves as
the Legal Representative for Future Claimants and is represented
by Edmund M. Emrich, Esq., at Kaye Scholer LLP. (Owens Corning
Bankruptcy News, Issue No. 143; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)

The company's long-term issuer default, senior unsecured debt
and preferred stock carries Fitch's D rating.


OWENS CORNING: Wants to Enter Into Waiver Letter With JPMorgan
--------------------------------------------------------------
Enron Corp. and its debtor-affiliates ask permission from the
Honorable Judith Fitzgerald of the U.S. Bankruptcy Court for the
District of Delaware to enter into a Waiver Letter agreement
with J.P. Morgan Securities, Inc., and to pay the US$15,000,000
Waiver Fee immediately.

                  Equity Commitment Agreement

Occurrence of the effective date of the Debtors' Sixth Amended
Plan of Reorganization is premised, among others, by the
consummation of transactions contemplated in the Debtors' equity
commitment agreement with J.P. Morgan Securities, Inc.  

The Equity Commitment Agreement contemplates a US$2,187,000,000
rights offering, whereby certain holders of eligible Owens
Corning bond and other unsecured claims would be offered the
opportunity to subscribe for up to their pro rata share of
72,900,000 shares of Reorganized Owens Corning common stock at
$30 per share.  JPMorgan will purchase the unsold shares.

The Rights Offering has since been fully consummated, and about
2,900,000 shares of Reorganized Owens Corning stock were
purchased.

The Equity Commitment Agreement requires as a condition
precedent to JPMorgan's funding obligation that the order
confirming the Sixth Amended Plan will have become final.  
JPMorgan may terminate the Agreement on or after Oct. 31, 2006,
unless the Debtors, among other things, pay a US$30,000,000
extension fee to extend the commitment until December 15.

                Confirmation Conditions Doubted

On Oct. 6, 2006, Joel Ackerman sought reconsideration of the
conclusions of law confirming the Plan.  Both the Bankruptcy
Court and the U.S. District Court for the District of Delaware
rejected the Ackerman Motion.

"Mr. Ackerman's filing has placed a potential cloud on whether
the Confirmation Order may become a Final Order, and therefore
whether the Finality Conditions may be satisfied, by Oct. 31,
2006," Norman L. Pernick, Esq., at Saul Ewing LLP, in
Wilmington, Delaware, tells Judge Fitzgerald.

Despite the dismissal of the Ackerman Motion, an argument can be
made that as a result of the filing of that motion, the
Confirmation Order may not become final by Oct. 31, 2006, for
purposes of the Plan and certain provisions of the Equity
Commitment Agreement, Mr. Pernick explains.  To avoid any
potential termination of the Equity Commitment Agreement, the
Debtors would potentially have little choice but to pay JPMorgan
the extension fee, Mr. Pernick adds.

Mr. Pernick relates that the Debtors and the other Plan
Proponents intend to close the Equity Commitment Agreement and
pursue the effective date of the Plan by Oct. 31, 2006, so the
Debtors will be able to make on that date or as soon thereafter
as practicable, all payments or other distributions contemplated
in the Plan.

The Debtors, after consulting their co-Proponents and other key
constituents, entered into a waiver letter with JPMorgan,
pursuant to which the Investor will waive the funding
requirement that the Confirmation Order become final.  In
exchange, the Debtors will pay JPMorgan US$15,000,000.

The Waiver Fee will be considered a partial prepayment of, and
credited in full against the payment of, the Extension Fee in
the event the Debtors seek an extension of the commitment, Mr.
Pernick says.

Mr. Pernick notes that if the Debtors emerge from bankruptcy on
October 31, their estates will save a substantial sum by
avoiding the need to pay the entire extension fee.  The Debtors
will also cut off the accrual of significant postpetition
interest owed to various creditors under the Plan, including
more than US$700,000 paid per day to holders of Bank Debt, and
other costs of administration.

Mr. Pernick adds that the Waiver Letter has the support of
various other key constituents, including the Asbestos Claimants
Committee, the Future Claims Representative, and the Ad Hoc
Bondholders' Committee.

Mr. Pernick clarifies that payment of the Waiver Fee will have
no material adverse effect on any of the classes of claims and
interests.

                      About Owens Corning

Owens Corning (OTC: OWENQ.OB) -- http://www.owenscorning.com/--
manufactures fiberglass insulation, roofing materials, vinyl
windows and siding, patio doors, rain gutters and downspouts.  
Headquartered in Toledo, Ohio, the company has locations in
India, Mexico and Belgium.  

The company filed for chapter 11 protection on Oct. 5, 2000
(Bankr. Del. Case. No. 00-03837). Norman L. Pernick, Esq., at
Saul Ewing LLP, represents the Debtors.  Elihu Inselbuch, Esq.,
at Caplin & Drysdale, Chartered, represents the Official
Committee of Asbestos Creditors.  James J. McMonagle serves as
the Legal Representative for Future Claimants and is represented
by Edmund M. Emrich, Esq., at Kaye Scholer LLP. (Owens Corning
Bankruptcy News, Issue No. 143; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)

The company's long-term issuer default, senior unsecured debt
and preferred stock carry Fitch's D rating.


VISTEON CORP: Seeks Lenders' OK for Additional US$100 Mil. Loan
---------------------------------------------------------------
Visteon Corporation is seeking lender approval for an additional
US$100 million to US$200 million in secured term loans under its
existing US$800 million seven-year secured term loan that
expires in June 2013.

The company says the action will further enhance its liquidity
as it executes its three-year plan, and allows the company to
take advantage of strong financial market conditions.

Under provisions of the seven-year secured term loan, Visteon
can increase the term loan by as much as US$100 million and to
raise an amount greater than US$100 million, it will require
lenders approval under the term loan and the US$350 million U.S.
asset-based revolving credit facility.

"Given the current strength of market conditions, we believe it
is a prudent time to further enhance the liquidity of Visteon as
we implement our three-year plan," James F. Palmer, executive
vice president and chief financial officer, said.

J.P. Morgan Securities Inc. and Citigroup Global Markets, Inc.
will act as lead arrangers for the transaction; JPMorgan Chase
Bank, N.A. is the administrative agent.  The company expects to
complete the transaction in 2006, which is subject to final
documentation and other conditions.

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

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

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

                          *     *     *

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


* Fitch Expects Indian Telecoms to Sustain Robust Growth
--------------------------------------------------------
Fitch Ratings expects India's telecom sector to sustain robust
growth across market segments, underpinned by still-low
teledensity, a strengthening economy and rising foreign
interest.  While consolidation is an ongoing theme, competition
is expected to intensify given the aggressive expansion plans of
certain regional players, some backed by their new foreign
partners.  Fitch also underscores that the expected continuance
of hefty capital investment in an environment of intensifying
competition is likely to preclude material credit improvements
for most operators over the near term.

"The key growth area in the Indian telecom sector is the
cellular space, where monthly net subscriber additions have been
snowballing over the last 12 to 18 months," comments Priya
Gupta, Associate Director in Fitch's Asia-Pacific telecom, media
and technology team.

Mobile net additions surged to 14.2 million in the fourth
quarter of fiscal year ended March 2006 from 5.2 million in
Q1FY06.  The trend has continued into FY07, with over 5 million
net new mobile subscribers per month by July 2006.

"There is also moderate incremental demand for local access
services, although growth is expected to come from CDMA-based
fixed wireless services rather than traditional wireline," adds
Ms. Gupta.

Based on current growth momentum, Fitch considers the
government's target of 250 million telecom subscribers by end-
2007 is achievable.

The sector has benefited from a progressive regulatory regime,
which is arguably the most dynamic in the region, with several
landmark decisions in recent years helping to dissipate
regulatory uncertainty.  In segments where competition is
currently limited, Fitch notes that the regulator remains
focused on lowering barriers to entry and enabling sustainable
competition.  This was reflected in the recent easing in
national and international long distance licensing conditions,
as well as the imposition of ceiling tariffs on domestic and
international leased circuits.

Fitch notes the aggressive business plans of some smaller
regional telecom companies, but maintains a cautious view of
their plans given the entrenched positions and significant lead
advantage of the existing national (and near-national) players.
Although further rationalisation appears inevitable, the next
phase of consolidation may be delayed until cellular growth
moderates.  Over the medium term, Fitch anticipates the
emergence of six operators of scale, namely Bharat Sanchar Nigam
Limited, Bharti Airtel Limited (Issuer Default 'BB+'/Stable),
Reliance Communications Limited, Hutchison Essar Limited, Idea
Cellular and Tata Teleservices Limited.

Fitch says that sustained high growth has demanded heavy network
investments over the last two to three years, resulting in most
Indian telcos generating negative free cash-flows over this
period.  The industry has now vaulted into a second capital
spending cycle of unprecedented proportions, with aggregate
industry capital expenditure expected to approximately double
over outlays in FY06.  Consequently Fitch expects a general
increase in negative FCF levels over the next year or so.

Fitch says key credit drivers over the next 12 to 18 months
include effective management of increasing competitive pressures
(as evidenced by growth and margin expansion/stability) and
judicious capital management as operators ramp up capital
spending.  Fitch notes that there is also scope for event risk
given ongoing consolidation, with negative pressure likely to
arise should operators undertake large debt-funded acquisitions.

The report "Indian Telecoms Sector - Sustainable Growth Ahead"
is available on http://www.fitchratings.com/and  
http://www.fitchratingsasia.com/ Fitch provides an overview of  
the various industry segments, discusses major issues and
analyses industry financials.  The report also includes brief
credit profiles of the six major Indian telcos, namely BSNL,
Mahanagar Telephone Nigam Limited, Videsh Sanchar Nigam Limited,
Bharti, RCL, and Hutch-Essar.


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

BANK INDONESIA: Keeps 2006 GDP Growth Forecast At 5.6%
------------------------------------------------------
Bank Sentral Republik Indonesia has maintained its forecast for
gross domestic product growth in 2006 despite the third-quarter
performance coming in slower than some analysis has expected,
Antara News says, citing central bank governor Burhanuddin
Abdullah.

Mr. Abdullah stated that the bank's GDP growth forecast is still
about 5.6% after he was asked whether there will be a forecast
revision.  Antara notes that the Indonesian economy grew 5.6% in
2005.

Antara relates that, according to the Central Bureau of
Statistics, GDP grew 3.49% in the three months to September
compared with the previous three months and expanded by 5.42%
year-on-year.

The report notes that the figures were slightly below estimates
of some analysts partly due to year-on-year contraction in
investment and mild growth in private consumption.

The Indonesian Government also revised down second-quarter GDP
growth to 5.08% year-on-year and 1.96% quarter-on-quarter from
5.22% and 2.20%, previously, Antara says.

Bank Indonesia's deputy governor Aslim Tadjuddin said he expects
faster GDP growth in the fourth quarter as consumption will
continue to recover on the back of recent interest rate cuts,
Antara adds.

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

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

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


BANK INTERNASIONAL: Gov't Raises US$56.14 Million in Stake Sale
---------------------------------------------------------------
The Indonesian Government raised IDR514 billion (US$56.14
million) last week from the sale of its remaining stakes in two
medium-size banks, Reuters News says, citing a senior official
at the state asset management company.

According to Reuters, the finance ministry said that it has
asked state asset management firm PT Pengelola Aset to sell the
Government's 5.22% stake in PT Bank Internasional Indonesia Tbk
and around 500 shares of PT Bank Lippo Tbk.

As reported in the Troubled Company Reporter - Asia Pacific on
Sept. 4, 2006, the Government had been planning on selling its
remaining stakes in Bank Internasional to help finance the state
budget.

The TCR-AP stated that Indonesia has been selling stakes in
banks and other companies acquired after the 1997 Asian
financial crisis to trim its budget deficit forecast this year.  
The Government also aims to recoup part of the more than
IDR450 trillion it spent bailing out the nation's banks, the
TCR-AP stated.

Reuters notes that PT Pengelola's head, Mohammad Syarial, said
that they sold Bank Internasional's shares at IDR205 each and
Bank Lippo for IDR1,305 per share.

                     About Bank Internasional

PT Bank Internasional Indonesia Tbk -- http://www.bii.co.id/--   
engages in general banking services and in other banking
activities based on Syariah principles.  The bank's services are
divided into three categories: Personal Services, consisting of
Funding, Credit Card Services, Loan, Reksadana and
Bancassurance; Corporate Services, consisting of Funding, Credit
Card Services, Loan and Investment Banking, and Platinum
Services, consisting of Platinum Access, Syariah Platinum Access
and Platinum MasterCard.  The bank is headquartered in Jakarta,
Indonesia.

With a total customer deposit base of more than IDR34 trillion
and over IDR47 trillion in assets, Bank Internasional is one of
the largest banks in Indonesia with an international network
that comprises over 230 branches and 700 ATMs across Indonesia,
as well as a banking presence in Mauritius, Mumbai and the
Cayman Islands.

The Troubled Company Reporter - Asia Pacific reported on May 22,
2006, that Moody's Investors Service has raised Bank
Internasional Indonesia's issuer rating to B1 from B2,
subordinated debt rating to B1 from B2, and long-term deposit
rating to B2 from B3.  The outlook for the ratings is stable.

Additionally on May 29, 2006, Moody's Investors Service has
placed Bank Internasional Indonesia's E+ bank financial strength
rating on review for possible upgrade.

Another TCR-AP report on May 24, 2006, said that Fitch Ratings
affirms Bank Internasional's ratings on its:

   * Long-term Foreign Currency Issuer Default Rating 'BB-';

   * Short-term 'B';

   * Individual 'C/D'; and

   * Support '4'.

The outlook for ratings is stable.


CORUS GROUP: Brazil's CSN Tops Tata Bid With GBP4-Billion Offer
---------------------------------------------------------------
Brazil's Companhia Siderurgica Nacional launched a
GBP4.26-billion (US$8 billion) offer for Corus Group Plc last
week, topping a bid by India's Tata Steel Ltd., Reuters reports.

According to the report, Companhia Siderurgica said that it had
approached its board of directors with a proposal to pay 475
pence per share in cash, topping Tata Steel's 455 pence offer.  
The offer was subject to due diligence and Companhia Siderurgica
has not yet made a firm bid.

Reuters notes that Corus Group shares rose on hopes of a bidding
war for the company in the midst of consolidation in the
fragmented global steel industry.  Corus Group shares, which
have already risen more than 50% this year on bid speculation,
closed 4.8% higher at 495-1/2p, a premium to Compania
Siderurgical, the report adds.

Companhia Siderurgica's offer is a development from previous
reports that bids to counter Tata Steel's offer to acquire Corus
were unlikely.  As reported in the Troubled Company Reporter -
Asia Pacific on Nov. 10, 2006, the possibility of a counter-bid
"looks remote now" due to a sharp reduction in Corus Group's
share prices and dilution of stake by its main holders.

Reuters cites a spokesman for Corus' largest shareholder,
Standard Life Investments, as saying that "It is no surprise
that another bidder has emerged.  It will be interesting to see
how events develop."

Executives at Companhia Siderurgica, which owns 3.8% of Corus
stock, declined to say if the Brazilian company was prepared to
engage in a bidding war, the report notes.

Reuters cites Companhia Siderurgica as saying that it would
finance an acquisition through a combination of existing
financial resources and the proceeds of new debt facilities.

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.

                          *     *     *

Moody's Investors Service placed all ratings of Corus Group plc
under review with direction uncertain following the
recommendation of the board of Corus Group in favor of the
proposed acquisition of the entire capital of Corus Group by
Tata Steel Limited.

If the bondholders exercised the put option or the bonds were
tendered for above par as part of a refinancing, Moody's is
likely to withdraw the ratings for the bonds.  Similarly, a
refinancing of the rated bank loans would also result in a
likely withdrawal of the ratings for the credit facilities.  At
that juncture, Moody's remaining rating at Corus Group will be
the corporate family rating.

Ratings affected:

Corus Group plc

    * Ba2 Corporate Family Rating;

    * Ba1 Rating on EUR800 million Secured
      Bank Facilities maturing July 2008;

    * B1 Rating on EUR800 million Unsecured Notes due 2011; and

    * B1 Rating on GBP200 million in Unsecured Notes due 2008.

Moody's last rating action on Corus was the upgrade to
Ba2/Ba1/B1 on May 8.

Fitch Ratings changed the Rating Watch on Corus Group PLC's
Issuer Default and senior unsecured BB- and Short-term B ratings
to Negative from Positive.  This follows the recommendation by  
the CS Board of an offer from India-based Tata Steel Ltd. valued
at GBP4.3 billion.

The RWN also applies to these 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.

Fitch will resolve the Rating Watch following publication of
CS's 2006 results, further details on the level of synergies and
operational benefits that could accrue under the transaction,
and the closure of the deal.

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.


CORUS GROUP: Bondholders' Meeting Slated for December 4
-------------------------------------------------------
Corus Group PLC, through Corus Nederland BV, called a Bondholder
Meeting for holders of its NLG345 million 4.625% convertible
bonds due April 2007, of which NLG335 million are currently
outstanding.

Corus is offering Bondholders the opportunity to redeem the
Bonds early in conjunction with the acquisition.  Bondholders
are asked to consider whether they wish the Bonds to be redeemed
on the Early Redemption Date as detailed below.  The necessary
resolution will be voted upon at a Bondholder Meeting to be held
on Dec. 4, 2006.  Bondholders may vote by proxy if they do not
wish to attend the Bondholder Meeting.

Corus Group PLC, Tata Steel Ltd. and Tata Steel U.K. Ltd.
announced Oct. 20 their agreement on the terms of the
recommended acquisition of the entire issued and to be issued
share capital of Corus at a price of 455 pence in cash for each
share, valuing Corus at GBP4.3 billion.

The Acquisition is to be made by Tata Steel U.K., a wholly-owned
indirect English subsidiary of Tata Steel.  The Acquisition is
proposed to be effected by means of a scheme of arrangement
under section 425 of the Companies Act 1985 of England and
Wales, but may, in the alternative, be effected by way of an
offer in accordance with the City Code on Takeovers and Mergers
in the United Kingdom.

                          The Proposal

If the Resolution is passed the Issuer and the Trustee would
enter into a supplemental trust deed amending the terms of the
Bonds.  If the effective date of the Scheme, or the date on
which an offer by Tata Steel U.K. becomes unconditional in all
respects, then occurs on or before Feb. 28, 2007, the redemption
of the Bonds will occur on the day two business days after the
Effective Date, instead of on April 22, 2007 as currently
documented.

In these circumstances the Bonds will be redeemed at a price per
NLG1,000 principal amount of the Bonds of NLG1,037.50, plus
accrued interest on the principal amount of the Bonds up to the
Early Redemption Date.

If the Resolution is passed and the Bonds are redeemed on the
Early Redemption Date, Bondholders on whose behalf a Dutch bank
or other institution submits a Voting Instruction in favor of
the Resolution to the Tabulation Agent so that it arrives prior
to 4:00 p.m. CET on the Early Submission Date of Nov. 24, 2006,
will receive, in addition, a premium in an amount of NLG5.00 per
NLG1,000 principal amount of the Bonds which were the subject of
that Voting Instruction, provided that such Bondholders do not
revoke their Voting Instructions or attend the Bondholder
Meeting or Adjourned Bondholder Meeting.

            Participating in the Consent Solicitation

Bondholders may vote at the Bondholder meeting by one of two
methods:

   -- By giving proxy to the Trustee, or its nominee, to vote on
      the Bondholder's behalf.  This can be implemented by
      instructing an Affiliate Institution which holds the Bonds
      on behalf of the Bondholder to submit a Voting Instruction
      to the Tabulation Agent prior to 4:00 p.m. CET on the
      Final Submission Date or the Adjourned Meeting Submission
      Date, respectively.

      The Voting Instruction must be accompanied by a
      Declaration from that Affiliate Institution.  Details of
      how to do this and Forms of Voting Instruction and
      Declaration are included in the Consent Solicitation
      Statement.

   -- By attending the Bondholder Meeting in person or by
      another proxy.  Details of how to do this are included in
      the notice of for the Bondholder.

The Bondholder Meeting will at 10:00 a.m. CET on Dec. 4, to be
held at:

         The offices of De Brauw Blackstone Westbroek at          
         Tripolis (Tower 100)
         Burgerweeshuispad 301
         1076 Amsterdam, The Netherlands

If necessary, the Adjourned Bondholder Meeting will be held at
the same address on Dec. 21.

             Conditions of the Consent Solicitation

The Proposal will only become effective if the Resolution is
passed at the Bondholder Meeting and if the Effective Date
occurs on or before the Backstop Date, being Feb. 28, 2007.
Should these conditions not be met, the terms and conditions of
the Bonds will remain unchanged, the Bonds will not be redeemed
on the Early Redemption Date and no Early Voting Premium will be
payable.

Transaction timetable

   Date              Time                           Event

   Nov. 24, 2006   4:00 p.m. CET   Early Submission Date.
                                   Bondholders must submit a
                                   Qualifying Voting Instruction
                                   in favor of the resolution by
                                   this in order to be eligible
                                   to receive the Early Voting
                                   Premium.

   Nov. 30, 2006   4:00 p.m. CET   Final Submission Date.
                                   Final date for submission of
                                   Voting Instructions.
   
   Dec. 4, 2006    10:00 a.m. CET  Bondholder Meeting.  If a
                                   quorum is not present, it
                                   will be necessary to call the
                                   Adjourned Bondholder Meeting.
                                   If Resolution is passed,
                                   execution of the Supplemental
                                   Trust Deed.
                           
                                   Notice of Results.  As soon
                                   as practicable after the
                                   Bondholder Meeting, notice of
                                   results of Bondholder Meeting
                                   published in Het Financieele
                                   Dagblad, and Euronext
                                   Amsterdam Official Price
                                   List, and on Bloomberg and
                                   Reuters IIIA.
                           
                                   Anticipated date of court
                                   meeting and extraordinary
                                   general meeting of Corus
                                   Shareholders to approve the
                                   Scheme.

   Dec. 19, 2006  10:00 a.m. CET   Adourned Meeting Submission
                                   Date. Final date of
                                   submission of Voting
                                   Instructions for Adjourned
                                   Bondholder Meeting.

   Dec, 21, 2006  10:00 a.m. CET   Adjourned Bondholder Meeting.
                                   If the Resolution is passed,
                                   execution of the Supplemental
                                   Trust Deed.
                           
                                   Notice of Results.  As soon
                                   as practicable after the
                                   Adjourned Bondholder Meeting,
                                   notice of results of
                                   Adjourned Bondholder Meeting
                                   published in Het Financieele
                                   Dagblad, and Euronext
                                   Amsterdam Official Price
                                   List, and on Bloomberg and
                                   Reuters IIIA.

   Jan. 16, 2007    Business       Anticipated Scheme Effective
                    hours          Date.

   Effective Date   Business       Early Redemption Date
   + two business   hours
   days

   Feb. 28, 2007    Close of       Backstop Date
                    business

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.

                          *     *     *

Moody's Investors Service placed all ratings of Corus Group plc
under review with direction uncertain following the
recommendation of the board of Corus Group in favor of the
proposed acquisition of the entire capital of Corus Group by
Tata Steel Limited.

If the bondholders exercised the put option or the bonds were
tendered for above par as part of a refinancing, Moody's is
likely to withdraw the ratings for the bonds.  Similarly, a
refinancing of the rated bank loans would also result in a
likely withdrawal of the ratings for the credit facilities.  At
that juncture, Moody's remaining rating at Corus Group will be
the corporate family rating.

Ratings affected:

Corus Group plc

    * Ba2 Corporate Family Rating;

    * Ba1 Rating on EUR800 million Secured
      Bank Facilities maturing July 2008;

    * B1 Rating on EUR800 million Unsecured Notes due 2011; and

    * B1 Rating on GBP200 million in Unsecured Notes due 2008.

Moody's last rating action on Corus was the upgrade to
Ba2/Ba1/B1 on May 8.

Fitch Ratings changed the Rating Watch on Corus Group PLC's
Issuer Default and senior unsecured BB- and Short-term B ratings
to Negative from Positive.  This follows the recommendation by  
the CS Board of an offer from India-based Tata Steel Ltd. valued
at GBP4.3 billion.

The RWN also applies to these 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.

Fitch will resolve the Rating Watch following publication of
CS's 2006 results, further details on the level of synergies and
operational benefits that could accrue under the transaction,
and the closure of the deal.

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.


GOODYEAR TIRE: Steelworkers Blast US$1-Bil. Senior Notes Offer
--------------------------------------------------------------
The United Steelworkers blasted Goodyear Tire and Rubber
Company's announcement to place about US$1 billion of three-year
and five-year senior unsecured notes, subject to market and
other customary conditions.  The company has indicated that it
will use about one-half of the proceeds to repay existing notes
due Dec. 1, 2006 and March 1, 2007.  The rest of the money will
be used for general purposes, including funding the strike with
the USW.

"Goodyear is already carrying about US$6.4 billion dollars in
debt, and its credit is poor and getting worse," said USW
International president Leo W. Gerard.  "Now they plan to borrow
more money to flush down a rat hole of a fight they can never
win."

"Quite simply, this latest move by the company is the wrong
thing for the wrong reasons at the wrong time," said USW
International vice president Tom Conway.  Mr. Conway heads the
USW's bargaining team in its negotiations with Goodyear. "When
you borrow money, you have to pay it back, and to pay it back
Goodyear needs to build tires that people want to buy," said
Conway.  "This company has no such plan in place."

"It is really time for the company's owners to step forward and
stop this madness," said Mr. Gerard. "Bob Keegan is looking
increasingly like Captain Queeg in the The Caine Mutiny."

Queeg is the fictional character in Herman Wouk's 1951 novel,
who was removed from command of a World War II minesweeper
because of eccentric behavior that lead to mistakes that
endangered his crew.

The USW represents more than 17,000 workers at Goodyear
facilities in the U.S. and Canada.  On Oct. 5, about 15,000 USW-
represented workers at 16 locations in North America went out on
strike in an effort to win a fair and equitable contract.

Overall, the USW presents more than 850,000 members in the U.S.
and Canada.  Some 70,000 are employed in the tire, rubber and
plastics industry.

                       About Goodyear Tire

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

                           *     *     *

Standard & Poor's Ratings Services placed its 'B+' corporate
credit rating on Goodyear Tire & Rubber Co. on CreditWatch with
negative implications because of the potential for business
disruptions and earnings pressures that could result from the
ongoing labor dispute at some of its North American operations.

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'.

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. Automotive and Equipment sectors, the
rating agency confirmed its B1 Corporate Family Rating for The
Goodyear Tire & Rubber Company.  Additionally, Moody's revised
or held its probability-of-default ratings and assigned loss-
given-default ratings on these loans and bond debt obligations:

Issuer: The Goodyear Tire & Rubber Company

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   First Lien Credit
   Facility               Ba3      Ba1     LGD 2      10%

   Second Lien Term
   Loan                   B2       Ba3     LGD 3      35%

   Third Lien Secured
   Term Loan              B3       B2      LGD 4      63%

   11% Senior Secured
   Notes                  B3       B2      LGD 4      63%

   Floating Rate Senior
   Secured Notes          B3       B2      LGD 4      63%

   9% Senior Notes        B3       B2      LGD 4      63%

   6-5/8% Senior Notes    B3       B3      LGD 6      94%

   8-1/2% Senior Notes    B3       B3      LGD 6      94%

   6-3/8% Senior Notes    B3       B3      LGD 6      94%

   7-6/7% Senior Notes    B3       B3      LGD 6      94%

   7% Senior Notes        B3       B3      LGD 6      94%

   Senior Unsecured
   Convertible Notes      B3       B3      LGD 6      94%

Issuer: Goodyear Dunlop Tires Europe B.V.

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Euro Revolving
   Credit Facilities      B1       Ba1     LGD 2      10%

   Euro Secured
   Term Loan              B1       Ba1     LGD 2      10%

Moreover, the Troubled Company Reporter - Asia Pacific reported
on November 20, 2006, that Moody's Investors Service has
assigned a B2, LGD4, 63% rating to Goodyear Tire's new US$1.0
billion offering of unsecured notes.  At the same time, the
rating agency affirmed Goodyear's Corporate Family Rating of B1
and negative outlook and revised its Speculative Grade Liquidity
rating to SGL-2.


LIPPO BANK: Government Sells Stake for IDR1,350 Per Share
---------------------------------------------------------
The Indonesia Government last week sold its remaining 500 shares
in PT Bank Lippo Tbk for IDR1,350 each, Reuters reports, citing
an official at state asset management firm PT Pengelola Aset.

Aside from Bank Lippo, the Government, through Pengelola Aset,
also sold its remaining stake in PT Bank Internasional Indonesia
Tbk.  In aggregate, Reuters relates, the Government raised
IDR$514 billion from the sale of shares in the two banks.

As previously reported in the Troubled Company Reporter - Asia
Pacific the Government has been selling stakes in
banks and other companies acquired after the 1997 Asian
financial crisis to trim its budget deficit forecast this year.  
The Government also aims to recoup part of the more than
IDR450 trillion it spent bailing out the nation's banks, the
TCR-AP stated.

                          *     *     *

Headquartered in Jakarta, Indonesia, PT Lippo Bank Tbk
-- http://www.lippobank.co.id/-- offers two product segments:    
Consumer Products, comprised of personal accounts, debit cards,
distribution cards, VIP banking, credit cards, loans,
bancassurance, payment services, loyalty programs and safe
deposit boxes, and Corporate Products, consisting of
LippoKredit, LippoTrade, LippoGiro, LippoDeposit, e-LippoLink
and MFTS. The bank is supported by 134 branch offices, 21 sub
branch offices, 238 cash offices and four payment service
offices nationwide.

The Troubled Company Reporter - Asia Pacific reported on
December 28, 2005, that Fitch Ratings Services has affirmed Bank
Lippo's Individual rating at 'D', while upgrading its support
rating to '4' from '5' to reflect the entry of Khazanah
Nasional Berhad, the investment arm of the Malaysian government,
as the majority shareholder of the bank.

The TCR-AP stated on Nov. 9, 2006, that Moody's Investors
Service has assigned first-time ratings to Bank Lippo:

   -- issuer/subordinated debt of Ba3/Ba3;

   -- foreign currency long-term/short-term deposit of B2/Not
      Prime; and

   -- bank financial strength (BFSR) of D-.

Fitch Ratings has assigned these ratings to PT Bank Lippo Tbk:

   * Long-term foreign currency Issuer Default rating of 'BB-';

   * Short-term foreign currency rating of 'B'; and

   * Long-term National rating of 'A+(idn)'.


PERUSAHAAN GAS: Names Mr. Sutikoni As New President Director
---------------------------------------------------------------
PT Perusahaan Gas Negara has named Sutikno as its new President
Director, replacing WMP Simandjuntak, the Jakarta Post says.

The report relates that Mr. Sutikno was formerly the General
Director of Gas Negara and the company's shareholders endorsed
his appointment during their extraordinary meeting in Jakarta on
November 17.

Jakarta Post recounts that Mr. Simandjuntak, who was appointed
as PGN's president director in 2001 for a five-year term, has
successfully turned the state-owned gas utility company into one
of the largest companies in the country.

The report points out that under Mr. Simandjuntak, PGN shares
have more than doubled in the past 12 months.  The company's
total revenues reached about IDR5.4 trillion, which is about
US$600 million in 2005.  As of September 2006, total revenues
reached IDR4.9 trillion, up from IDR3.9 trillion in the same
period in 2006.

Jakarta Post adds that other members of PGN's new executive
board are Djoko Pramono, as finance director, and Adib Abas, as
director for development.  Mr. Simandjuntak was appointed member
of the board of commissioners.

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

The Troubled Company Reporter - Asia Pacific reported on
June 28, 2006, that Fitch Ratings Agency assigned these ratings
to PT Perusahaan Gas Negara Tbk on June 27:

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

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

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

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

Standard & Poor's Rating Services had, on Nov. 24, 2005,
affirmed its 'B+' rating on PGN.


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

ALL NIPPON: Operates Normally as Unions Cancel Strike
-----------------------------------------------------
Workers at All Nippon Airways Co., as well as at Japan Airlines,
canceled plans for a strike which would have disrupted domestic
service, Bloomberg News says.

The report notes that All Nippon and Japan Airlines both
operated flights normally after the unions called off the
planned strike.

Bloomberg recounts that workers at the two Japanese airlines
warned the companies earlier last week that they may strike to
protest pay and other labor conditions.

According to Bloomberg, Japanese airline unions often use the
threat of strikes as bargaining tactics.

                    About All Nippon Airways

Headquartered in Tokyo, All Nippon Airways Co., Limited --
http://www.ana.co.jp/eng/-- is Japan's second-largest airline   
company in terms of revenue.  The company, which was founded in
1952, provides these services:

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

   3. Business of buying, selling, leasing and maintenance of
      aircraft and aircraft parts; and

   4. Aircraft transportation ground support business, including
      passenger boarding procedures and loading of hand baggage.

The airlines flies to all key Asian destinations, the United
States and Canada, France, the United Kingdom and key European
countries.

As reported in the Troubled Company Reporter - Asia Pacific on
June 13, 2006, Fitch Ratings said that the credit quality gap
between Japan's top two airlines continues to widen with All
Nippon Airways Co. Limited -- rated 'BB+'/Stable -- benefiting
from market improvements, while its rival, Japan Airlines
Corporation -- rated 'BB-'/Stable -- continues to be grounded by
internal woes.

The TCR-AP also stated on May 30, 2006, that Moody's Investors
Service has upgraded to Ba1 from Ba3 the senior unsecured debt
ratings of All Nippon Airways Co., Ltd.  The rating action
concludes the review initiated on March 3, 2006.  The rating
outlook is stable.

On May 3, 2006, Standard & Poor's Ratings Services revised its
outlook on the BB- long-term corporate credit rating on All
Nippon Airways to positive from stable, reflecting the company's
improved earnings and expectations for stable profitability,
thanks to cost reductions efforts as well as a stronger
competitive position.


CNET NETWORKS: S&P Junks Credit Rating Due to Indenture Default
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on CNET
Networks Inc., including lowering the corporate credit rating to
'CCC+' from 'B', and placed the ratings on CreditWatch with
developing implications.

The action was based on the company receiving a notice of
acceleration from the trustee for the holders of $125 million in
0.75% senior convertible notes due 2024 and not having a
sufficient number of consents to waive default from indenture
violation.

Total debt outstanding as of June 30, 2006, was $143.3 million.

San Francisco-based CNET connects buyers and suppliers of
information technology and electronic products through
advertiser-supported online news and product reviews.  More
recently, the company has branched out to automotive and other
categories.

The trustee is accelerating the maturity on the convertible
notes because CNET failed to file its quarterly report for the
period ended June 30, 2006, with the SEC.  CNET was unable to
file because a special committee formed by its board of
directors is reviewing stock option practices.  Certain stock
options granted between 1998 and 2001 differ from the recorded
measurement dates.  As a result of the filing delinquency, the
company violated provisions of the indenture that require the
report to be filed with the trustee 15 days after the report is
submitted to the SEC.

If the company repays the accelerated maturity of $125 million,
S&P may raise the rating back to the 'B' category.  On the other
hand, if the company does not meet the accelerated maturity, S&P
will likely lower the ratings to 'D'.

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


CNET NETWORKS: Faces Nasdaq Delisting Due to 10-Q Filing Delay
--------------------------------------------------------------
CNET Networks Inc. received a Nasdaq Staff Determination notice
on Nov. 13, 2006 stating that the company was not in compliance
with Nasdaq Marketplace Rule 4310(c)(14).  The letter, which was
expected, was issued in accordance with Nasdaq procedures due to
the company's failure to timely file its Form 10-Q with the
Securities and Exchange Commission for its fiscal quarter ended
Sept. 30, 2006.

In response to a similar letter the company received in August
2006 following the company's failure to file its Form 10-Q for
the quarter ended June 30, 2006, the company requested and was
granted a hearing on September 26, 2006 with the Nasdaq Listing
Qualifications Panel.  The Nov. 13, 2006 Nasdaq notice states
that the September 30, 2006 10-Q filing delinquency will serve
as an additional basis for delisting the company's securities on
the Nasdaq Global Market and that the Nasdaq Listing
Qualifications Panel will consider this matter in rendering a
determination regarding the company's continued listing on the
Nasdaq Global Market.  Pending a decision by the hearing panel,
CNET Networks' common stock will continue to be listed on the
Nasdaq Global Market.  There can be no assurance that the
hearing panel will grant the company's request for continued
listing.

The company previously announced that a Special Committee
of the company's Board of Directors completed an independent
review of CNET Networks' past stock option practices and related
accounting.  Management expects that CNET Networks will restate
its historical financial statements to record non-cash charges
for compensation expense relating to past stock option grants.  
The company is in the process of preparing its restated
financial statements which the company expects to file with the
Securities and Exchange Commission along with its delinquent
Form 10-Qs as soon as practicable.

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

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


HERBALIFE LTD: Class III Board Member Jesse Rogers Resigns
----------------------------------------------------------
Herbalife Ltd. disclosed that Jesse Rogers, Class III member of
its Board of Directors, has retired from the Board effective as
of Nov. 10, 2006.

The company disclosed that the reason for his retirement was the
potential conflict of interest presented by the acquisition of
Neways, Inc., by Golden Gate Capital, a private equity firm of
which Mr. Rogers is a Managing Director.

Herbalife Ltd. (NYSE: HLF) -- http://www.herbalife.com/-- is a  
global network marketing company that sells weight-management,
nutritional supplements and personal care products intended to
support a healthy lifestyle.  Herbalife products are sold in 62
countries through a network of more than one million independent
distributors.  The company's largest market is in Mexico.  The
company supports the Herbalife Family Foundation --
http://www.herbalifefamily.org/-- and its Casa Herbalife  
program to bring good nutrition to children.

                          *     *     *

Standard & Poor's Ratings Services rated Herbalife Ltd.'s long-
term foreign and local issuer credit ratings at BB+.


MICROVISION INC: Inks Underwriting Pact with MDB Capital Group
--------------------------------------------------------------
Microvision Inc. filed with the United States Securities and
Exchange Commission a prospectus supplement relating to its
shelf registration statement.

The prospectus supplement together with the related base
prospectus contemplate the sale of 3,317,567 shares of the
company's common stock pursuant to an underwriting agreement
with MDB Capital Group, LLC.  The public offering price for each
share will be US$2.39 and each share will be sold to the
underwriter at the public offering price less an underwriting
discount of 7.5%.  The company expects to receive approximately
US$7,928,985.13 in gross proceeds from the offering.

The SEC, on Sept. 8, 2005, declared effective the registration
statement on Form S-3 of the company, which permitted the issue
of shares of the company's common stock, preferred stock and
warrants to purchase securities of the company up to a combined
amount of US$35,000,000.

A full text-copy of the underwriting agreement may be viewed at
no charge at http://ResearchArchives.com/t/s?1521

Headquartered in Redmond, Wash., Microvision Inc.,
-- http://www.microvision.com/-- develops high-resolution  
displays and imaging systems based on the company's proprietary
silicon micro-mirror technology.  The company's technology has
applications in a broad range of military, medical, industrial,
professional and consumer products.  The company has global
representation in Japan and Korea.

                      Going Concern Doubt

PricewaterhouseCoopers LLP in Seattle, Washington, raised
substantial doubt about Microvision's ability to continue as a
going concern after auditing the company's consolidated
financial statements and its internal control over financial
reporting as of Dec. 31, 2005.  The auditor pointed to the
company's losses since inception, accumulated deficit, and need
for additional financial resources to fund its operations at
least through Dec. 31, 2006.


MITSUBISHI MOTORS: Aims JPY100-Bil. Operating Profit in 4 Years
---------------------------------------------------------------
Mitsubishi Motors Corp plans to forge alliances with other firms
as it aims to post a JPY100-billion operating profit in four to
five years, AFX News Limited reports, citing the company's
president, Osamu Masuko, as telling the Nihon Keizai Shimbun.

According to Mr. Masuko, Mitsubishi will actively pursue
alliances with other firms in fields such as environmental
technology and subcompacts.

AFX notes that Mr. Masuko suggested a possible tie-up in the
technology area, saying that technology development "does not
necessarily have to be undertaken entirely by us, so we will
make use of alliances with other companies in the sector."

Mr. Masuko also revealed that he is targeting an operating
profit of around JPY100 billion and a profit margin of about 5%
four or five years from now.

Mitsubishi, the report says, has been restructuring in line with
a plan drawn up in January 2005 and which is set to be completed
in March 2008.  AFX relates that, as Mr. Masuko put it,
Mitsubishi is emerging from an emergency situation and at last
putting in place a normal management structure.

Mr. Masuko also expressed strong interest in strengthening
overseas operations, saying that "it is not enough to just
export completed cars from Japan."

                    About Mitsubishi Motors

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

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

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

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

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

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


NIPPON SHEET: 1H Operating Profit Seen to Rise 68% to JPY6.5 Bil
----------------------------------------------------------------
Nippon Sheet Glass Co Ltd is expected to report a first half to
September 2006 operating profit of about JPY6.5 billion, up some
68% from a year earlier, largely on the back of strong results
at Pilkington PLC, the U.K. glass company that it acquired
earlier this year, AFX News Limited relates, citing the Nihon
Keizai Shimbun.

AFX notes that Nippon Sheet's sales for the six months ended
Sept. 30, 2006, are expected to have doubled to some
JPY265 billion, as those of Pilkington seems to have grown about
8%, helped by a construction boom in Europe.

Nippon Sheet is expected to report an operating profit forecast
of JPY35 billion, up 320%, for the full-year to March 2007 from
the previous year, supported by an expected growth in its
European operations which should offset the anticipated profit
decline in the domestic segment due to higher raw material and
fuel costs.

Headquartered in Tokyo, Japan, Nippon Sheet Glass Company,
Limited -- http://www.nsg.co.jp/-- operates in four business   
divisions.  Its Glass and Construction Material division
manufactures, processes and sells various types of glasses, such
as float plate, polished wire, heat absorbing, heat reflecting,
reinforced, laminated, double-layer, vacuum, fireproof,
template, mirror and ornamental glass, as well as sashes.  It
also supplies construction materials, and interior accessories
for stores.  The Information and Electronics division offers
optical products, fine glass products, industrial glass
products, liquid crystal display (LCD) products and others.  Its
Glass Fiber division is engaged in the manufacture, processing
and sale of special glass fiber products, air filter-related
items and others.  The Others division is involved in the
facility engineering and the test analysis businesses, among
others.

The Troubled Company Reporter - Asia Pacific reported on
June 23, 2006, that Standard & Poor's Ratings Services affirmed
its 'BB+' long-term corporate credit and long-term senior
unsecured debt ratings on Nippon Sheet Glass Co. Ltd., following
the company's successful acquisition of U.K.-based Pilkington
PLC.  At the same time, Standard & Poor's removed the ratings
from CreditWatch, where they were placed on Nov. 1, 2005.


NORTHWEST AIRLINES: Can Assume Modified Microsoft Licensing Pact
----------------------------------------------------------------
The Hon. Allan Gropper of the United States Bankruptcy Court for
the Southern District of New York allows Northwest Airlines,
Inc., to assume its Modified Enterprise Agreement with Microsoft
Licensing GP, and to file the modified agreement under seal.

Judge Gropper also rules that upon Northwest Airlines' payment
of the US$355,267 administrative claim and allowance of the
US$1,029,586 general unsecured claim, Microsoft will be deemed
to have immediately withdrawn Claim Nos. 11014 and 11231.

As reported in the Troubled Company Reporter on Nov. 9, 2006,
the Debtors and Microsoft Licensing GP, an affiliate of
Microsoft Corp., entered into an Enterprise Agreement and
various other related agreements on Feb. 21, 2003, pursuant to
which MLGP provides the Debtors various products, including
software licenses, maintenance and upgrades.  The Enterprise
Agreement expires by its terms on Dec. 31, 2006.

After filing for bankruptcy, the Debtors and MLGP negotiated the
Modified Enterprise Agreement, which continues the Debtors'
enrollment with respect to the use of Microsoft software under
the Enterprise Agreement through Dec. 31, 2008.  The
effectiveness of the Modified Enterprise Agreement is
conditioned upon the entry of a final and non-appealable Court
order authorizing the Debtors' assumption of the Modified
Enterprise Agreement.

The parties have agreed that in connection with the assumption
of the Modified Enterprise Agreement, MLGP will be entitled to,
among other things:

   (a) a US$475,000 renewal fee to be paid on or before Jan. 1,
       2007; and

   (b) three annual installment payments -- a US$1,656,446
       initial installment due within 14 days from the date the
       Court approves the request, and two additional
       installments in the amount of US$1,740,464 to be paid on
       Jan. 1, 2007, and Jan. 1, 2008.

The parties have further agreed that all monetary defaults under
the Enterprise Agreement will be cured through, (i) an
administrative claim for US$355,267 to be paid no later than
contemporaneously with the payment of the initial installment;
and (ii) an allowed general unsecured claim for US$1,029,586.

The parties agreed that all cure obligations that the Debtors
may owe MLGP under Section 365 in connection with prepetition
defaults under the Enterprise Agreement, if any, are deemed
satisfied in full through payment of the Administrative Claim
and allowance of the General Unsecured Claim.

Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP,
in New York, tells the Court that the Modified Enterprise
Agreement is a valuable asset of the Debtors' estates because
the goods and services provided by MLGP are important to the
Debtors' operations.

The Debtors will realize significant cost savings by continuing
their contractual relationship with MLGP, Mr. Petrick adds.

Northwest Airlines Corp. (OTC: NWACQ) -- http://www.nwa.com/
-- is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures.  Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks.  Northwest and its
travel partners serve more than 900 cities in excess of 160
countries on six continents.  The company and 12 affiliates
filed for chapter 11 protection on Sept. 14, 2005 (Bankr.
S.D.N.Y. Lead Case No. 05-17930).  Bruce R. Zirinsky, Esq., and
Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP
in New York, and Mark C. Ellenberg, Esq., at Cadwalader,
Wickersham & Taft LLP in Washington represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors has retained Akin
Gump Strauss Hauer & Feld LLP as its bankruptcy counsel in the
Debtors' chapter 11 cases.  When the Debtors filed for
protection from their creditors, they listed US$14.4 billion in
total assets and US$17.9 billion in total debts.  The Debtors'
exclusive period to file a chapter 11 plan expires on Jan. 16,
2007.

(Northwest Airlines Bankruptcy News, Issue No. 46; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000)

In July 2006, Northwest Airlines Corp. unit Northwest Airlines
Inc. reached a tentative concessionary contract agreement with
its flight attendants' union.  Standard & Poor's Ratings
Services affirmed its 'D' corporate credit ratings on both
entities, which are determined by the companies' bankruptcy
status.


NORTHWEST AIRLINES: Wants to Enter into Revised CBA with AMFA
-------------------------------------------------------------
Pursuant to Rule 9019(a) of the Federal Bankruptcy Rules of
Procedure and Section 363 of the Bankruptcy Code, Northwest
Airlines Corp. and its debtor-affiliates ask the United States
Bankruptcy Court for the Southern District of New York to:

   (i) approve the compromise and settlement of their labor
       dispute with the Aircraft Mechanics Fraternal
       Association; and

  (ii) authorize them to enter into a revised collective
       bargaining agreement with AMFA.

AMFA is the bargaining representative of the Debtors' mechanics,
cleaners and custodians.  AMFA and the Debtors' management had
reached a collective bargaining agreement that became effective
May 12, 2001 and amendable as of May 12, 2005.

The AMFA CBA required early commencement of bargaining pursuant
to Section 6 of the Railway Labor Act.  The bargaining commenced
with opening proposals served on October 14, 2004 and reached an
"impasse" on July 19, 2005.

In August 2005, AMFA declined to send the Debtors' final
contract offer to union members for ratification and called for
a strike against the Debtors.

In December 2005, the Debtors and AMFA reached agreement on a
tentative strike settlement, but the union's members failed to
ratify the agreement.

The parties reached a second tentative strike settlement
agreement in October 2006.  AMFA's membership ratified the new
settlement agreement with about 72% of its membership voting for
approval on November 6, 2006.

The Debtors' new agreement with AMFA provides these terms:

A. AMFA Represented Employees Electing Lay-off Status

     * Employees whose employment status is currently "on
       strike" can elect to go on lay-off status from the
       permanent positions they held at the time of the strike,
       without a right to exercise seniority for purposes of
       displacing any new hire permanent replacement employees
       or employees who made unconditional offers to return to
       work and were reinstated prior to October 9, 2006;

     * Employees making the lay-off election will be entitled to
       one week of severance pay for each year of service with a
       maximum of five weeks, paid in a lump sum and calculated
       at the base rates of pay.  The employees will also be
       entitled to payment of any accrued vacation at the base
       rates of pay set plus the applicable number of license
       premiums each employee had been receiving at the time of
       the strike;

     * Employees making the lay-off election will be deemed to
       have a right of recall to the permanent positions without
       filing a request for Recall for the calendar years 2006
       and 2007 and will be allowed Internet access to job
       bulletins in RADAR -- Northwest's electronic employee
       information system; and

     * Northwest agrees to withdraw immediately any pending
       appeals as to any strike related unemployment claims
       filed by the employees and will not thereafter contest
       payment of unemployment compensation benefits to any
       employee whose status is converted to lay-off status.

B. AMFA Represented Employees Electing to Resign Their
Employment

     * Employees who are "on strike" from a permanent position
       and who elect to resign their employment with Northwest
       will be entitled to one week of separation pay for each
       year of service with a maximum of 10 weeks, paid in a
       lump sum and calculated at the base rates of pay.  The
       employees will also be entitled to payment of any accrued
       vacation at the base rates of pay plus the applicable
       number of license premiums each employee had been
       receiving at the time of the strike;

     * Employees who elect to resign will be deemed to have
       voluntarily resigned from employment with Northwest and
       will be permanently ineligible for reemployment with
       Northwest; and

     * An employee who has a minimum of 10 years of vesting
       service and whose years of vesting service plus age is
       equal or greater than 60 will be considered eligible to
       apply for "Rule of 60" retiree boarding priority space
       for available lifetime pass privileges, subject to the
       terms and conditions of that Program and pass privilege
       rules generally applicable to the Debtors' employees.

In addition to the resolution of disputes over the treatment of
striking AMFA-represented employees, the AMFA Agreement modifies
certain elements of the compensation, work rules and benefits
currently in effect for AMFA-represented employees:

   (1) Overtime will be paid for hours worked in excess of eight
       hours in any one workday modifying the current term
       providing for overtime pay for hours worked in excess of
       40 hours per workweek;

   (2) Certain employees will not suffer loss of pay while
       investigating or handling complaints and grievances;

   (3) The vacation bid procedures will be relaxed so that an
       employee is not required to bid his or her entire
       vacation accrual in the annual bid but may reserve up to
       10 days;

   (4) Sick leave pay will be increased from 70% to 75% of the
       employee's normal hourly pay rate for each of the first
       seven continuous and consecutive work days of illness or
       injury.  The eighth additional day and all subsequent
       continuous and consecutive work days of illness or injury
       will be paid at 100%;

   (5) Across-the board base pay rate increases of 1.5%
       effective every January 1 of each year from 2007 to 2011;

   (6) A Paid Union Leave Program; and

   (7) An amendable date of December 31, 2011.

In connection with the Debtors' Chapter 11 cases, the AMFA
Agreement provides that:

   (x) Northwest is not assuming any liabilities or obligations
       under any prior agreement with AMFA or any claims which
       otherwise may be alleged to have arisen against Northwest
       at any time prior to the execution of the AMFA Agreement;

   (y) Northwest's obligations under the AMFA Agreement are not
       administrative costs and expenses of the Debtors' Chapter
       11 cases; and

   (z) Northwest reserves all rights to seek rejection and
       modification of the terms and conditions of the AMFA
       Agreement under Sections 1113 and 1114 of the Bankruptcy
       Code, or otherwise, on the same basis as if the AMFA
       Agreement had been executed and delivered by the parties
       prior to the Petition Date.

The settlement is fair and reasonable and preserves the
necessary cost savings implemented with the labor group, Gregory
M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP, in New
York, says.

Northwest Airlines Corp. (OTC: NWACQ) -- http://www.nwa.com/
-- is the world's fourth largest airline with hubs at Detroit,
Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures.  Northwest is a member of
SkyTeam, an airline alliance that offers customers one of the
world's most extensive global networks.  Northwest and its
travel partners serve more than 900 cities in excess of 160
countries on six continents.  The company and 12 affiliates
filed for chapter 11 protection on Sept. 14, 2005 (Bankr.
S.D.N.Y. Lead Case No. 05-17930).  Bruce R. Zirinsky, Esq., and
Gregory M. Petrick, Esq., at Cadwalader, Wickersham & Taft LLP
in New York, and Mark C. Ellenberg, Esq., at Cadwalader,
Wickersham & Taft LLP in Washington represent the Debtors in
their restructuring efforts.  The Official Committee of
Unsecured Creditors has retained Akin Gump Strauss Hauer & Feld
LLP as its bankruptcy counsel in the Debtors' chapter 11 cases.  
When the Debtors filed for protection from their creditors, they
listed US$14.4 billion in total assets and US$17.9 billion in
total debts.  The Debtors' exclusive period to file a chapter 11
plan expires on Jan. 16, 2007.

(Northwest Airlines Bankruptcy News, Issue No. 46; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000)

In July 2006, Northwest Airlines Corp. unit Northwest Airlines
Inc. reached a tentative concessionary contract agreement with
its flight attendants' union.  Standard & Poor's Ratings
Services affirmed its 'D' corporate credit ratings on both
entities, which are determined by the companies' bankruptcy
status.


SUMITOMO TRUST: To Increase Lending in China for More Profit
------------------------------------------------------------
Sumitomo Trust & Banking Co. plans to increase lending,
investment and alliances in China to seek more profit in the
world's fastest-growing major economy, Shanghai Daily reports.

The report cites Hideo Amemiya, a Sumitomo Trust executive who
oversees the bank's international strategy, as saying that
China, with the scale of its economy, can at least double or
triple Sumitomo Trust's revenue in Asia.  

Mr. Amemiya expressed that he'd like to draw up a plan and carry
it through within two to three years.

Mariko Yasu of Shanghai Daily relates that China's
US$2.22-trillion economy is drawing Japanese banks, including
Sumitomo Trust, which are looking for earnings drivers after
reducing bad debts at home.  Mr. Yasu notes that the longest
postwar economic expansion in Japan is also encouraging
manufacturers to bolster their overseas operations, providing
banks with increased lending opportunities.

Moreover, Sumitomo Trust, which specializes in managing pension
funds and property assets for clients, is seeking to increase
its investment in China buyout funds.  The bank is also looking
at other funds run by managers based in China, including CDH
Investments, ACTIS and Capital Today and is considering
alliances with Chinese financial institutions.

"Japanese banks will have to gain non-Japanese clients to expand
further in Asia," Shanghai Daily quotes Keisuke Moriyama, a
Tokyo-based banking analyst at Nomura Holdings Inc.  "They need
to catch up with their global competitors, which have bigger
investment and business platforms, before the gap between them
widens."

The report, citing the Bank of Japan, notes that lending at
large Japanese banks, including Sumitomo Trust, declined 0.4%
last month.  Growth in bank lending slowed for a third month
after a spate of borrowing before the central bank raised
interest rates for the first time in almost six years in July.

Sumitomo Trust and Banking Co., Ltd. --
http://www.sumitomotrust.co.jp/-- is headquartered in Osaka,  
Japan.  As of September 30, 2005, its non-consolidated assets
were worth JPY18 trillion.

The Troubled Company Reporter - Asia Pacific reported on May 2,
2006, that Moody's Investors Service upgraded the bank financial
strength rating of Sumitomo Trust to D+ from D.  


US AIRWAYS: Proposed Delta Merger Cues S&P's CreditWatch
--------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on US
Airways Group Inc., including the 'B-' corporate credit ratings
on US Airways Group Inc. and its major operating subsidiaries
America West Holdings Corp., America West Airlines Inc., and US
Airways Inc., on CreditWatch with developing implications.

At the same time, ratings on enhanced equipment trust
certificates of Delta Air Lines Inc. were also placed on
CreditWatch with developing implications.  

The CreditWatch placement does not affect 'AAA' rated EETCs that
are covered by bond insurance.

These rating actions follow US Airways Group's unsolicited
proposal to merge with Delta, upon Delta's emergence from
bankruptcy, expected in the first half of 2007.  The proposal
offers approximately US$8 billion in cash and stock to Delta's
unsecured creditors, using US$7.2 billion of committed credit
facilities to fund the US$4 billion cash portion of the offer
and to refinance various existing debt.

The combination would result in one of the world's largest
airlines and US Airways' management forecasts annual revenue and
cost synergies of US$1.6 billion when fully phased in over a
two-year period.  The combination is also subject to an
antitrust review by the Department of Justice.

"If US Airways is successful in completing the merger with Delta
and realizing these synergies, ratings could be raised
modestly," said Standard & Poor's credit analyst Betsy Snyder.

"Alternatively, if US Airways completes the merger but
encounters problems with integrating the two airlines,
particularly among the different labor groups, or if a potential
competing bid for Delta forces US Airways to raise its bid
materially, ratings could be lowered."

Affirmation of ratings at the current level is also a possible
outcome.  Management has stated that it will not seek to change
the aircraft obligations that Delta has agreed to perform on in
bankruptcy, which includes the rated EETCs.

US Airways Group is already the product of a recent merger, the
Sept. 2005 combination of America West Holdings Corp. and US
Airways Group Inc. upon the latter's emergence from Chapter 11.
In 2006, the combined US Airways' earnings performance has been
among the best of U.S. airlines, due in large part to strong
revenue growth.

In addition, the company has realized US$425 million of
synergies from that merger, in excess of the forecast US$350
million.
However, the company has not yet integrated its labor forces,
which is often the most difficult part of an airline merger.  US
Airways has indicated that if labor costs for each labor group
were to rise to that of the highest paid among those of the
three airlines, the cost to the combined entity would be only
US$90 million annually.  US Airways intends to serve all cities
on the combined route system, but to reduce capacity 10%
primarily through the early termination of aircraft leases.

Headquartered in Arlington, Virginia, US Airways' primary
business activity is the ownership of the common stock of US
Airways, Inc., Allegheny Airlines, Inc., Piedmont Airlines,
Inc., PSA Airlines, Inc., MidAtlantic Airways, Inc., US Airways
Leasing and Sales, Inc., Material Services Company, Inc., and
Airways Assurance Limited, LLC.

US Airways (NYSE: LCC) and America West's merger created the
fifth largest domestic airline employing nearly 35,000 aviation
professionals.  US Airways, US Airways Shuttle and US Airways
Express operate approximately 3,800 flights per day and serve
more than 230 communities in the U.S., Canada, Europe, the
Caribbean and Latin America.  US Airways is a member of Star
Alliance, which provides connections for our customers to 841
destinations in 157 countries worldwide.

US Airways has operations in Australia, China, Costa Rica,
Japan, Philippines, and Spain, among others.


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

DURA AUTOMOTIVE: Gets Interim Nod to Pay Foreign Vendor Claims
--------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
granted, on an interim basis, DURA Automotive Systems, Inc.'s
request to pay claims, prior to the filing for chapter 11
protection, owing to vendors, service providers, regulatory
agencies, and governments located in foreign jurisdictions,
including claims for payment for direct and indirect materials
and services provided to the Debtors, as well as import or tax
obligations.

The Debtors estimate they owe approximately US$3,400,000 to
Foreign Vendors as of the Petition Date.  Of that amount, the
Foreign Claims of the foreign joint venture aggregate
approximately US$100,000.

The Debtors also request that they be authorized to permit all
checks issued by them to the Foreign Vendors, prior to the
filing for chapter 11 protection, to clear the Debtors' bank
accounts.  The Debtors further request that the banks honor,
unless otherwise directed, any and all checks drawn by the
Debtors prior to the Petition Date to pay any of the
obligations, prior to the filing for chapter 11 protection,
owing to the Foreign Entities that have not cleared the banking
system prior to the Petition Date and any and all checks drawn
by the Debtors after the Petition Date to pay any claims, prior
to the filing for chapter 11 protection, of the Foreign Vendors.

Keith R. Marchiando, chief financial officer and vice president,
emphasizes the satisfaction of the Foreign Claims will not be
deemed to be an assumption or adoption of any agreements that
relate to those operations.

Mr. Marchiando tells the Court that the Debtors are making every
effort to avoid interruptions in the supply chain and the
adverse effects that even a temporary break in the supply chain
could have on their businesses.  Many of the Foreign Vendors
supply goods or services to the Debtors that are crucial to the
Debtors' ongoing U.S. and Canadian operations.  Moreover, Mr.
Marchiando says, some of these Foreign Vendors supply goods or
services to the Debtors that cannot be obtained from other
sources in sufficient quantity or quality or without significant
delays.  The Debtors regularly transact business with Foreign
Vendors of this type in Brazil, China, Czech Republic, France,
Germany, India, Japan, Korea, Mexico, Romania, Slovakia, Spain,
the United Kingdom, and elsewhere in Europe and Asia.  "[I]f
these goods are not obtained from Foreign Vendors without
interruption, the Debtors likely would not be able to fulfill
their obligations to their customers."

Mr. Marchiando notes Foreign Vendors might be confused or have
guarded reactions to the U.S. bankruptcy process.  "[T]here is a
significant risk that the nonpayment of even a single invoice
could cause a foreign vendor to stop shipping goods to the
Debtors on a timely basis and completely sever its business
relationship with the Debtors.  But even short of that,
nonpayment of prepetition claims may cause Foreign Vendors to
utilize extreme caution and adopt a wait-and-see attitude in
approaching the unfamiliar territory of Chapter 11, resulting in
costly delays in the shipment of additional goods.  The Debtors
can ill afford delays of this nature."

"If the Foreign Claims are not paid, the Foreign Vendors may
take precipitous action against the Debtors based upon an
erroneous belief that they are not subject to the jurisdiction
of the Court and, thus, not subject to the automatic stay
provisions of Section 362(a) of the Bankruptcy Code," Mr.
Marchiando notes.

The Debtors have a number of non-debtor affiliates located in
more than 15 foreign countries, and thus, the Foreign Vendors
may also take action against those non-debtor affiliates, or
against any property owned by the Debtors themselves located in
foreign territory.

If Foreign Vendors fail to ship goods or refuse to do business
with the Debtors because of a failure to pay the Foreign Claims,
or if foreign governmental entities seize goods from sole-source
suppliers because of a failure to pay the Foreign Claims, the
Debtors' manufacturing facilities utilizing those parts would
likely be forced to shut down less than 24 hours after the
missed shipment, Mr. Marchiando says.  Shortly after a shutdown
of one of the Debtors' facilities, the Debtors' OEM Customers
would likely be forced to halt production of their products on
one or more of their assembly lines.  Shutting down one assembly
line could cause an affected OEM Customer to assert damages
against the Debtors exceeding US$10,000,000 per day.

Thus, the Debtors to continue the payment of Foreign Claims on
the agreement of the individual foreign vendor to continue
supplying goods and services to the Debtors on terms that are
consistent with the historical trade terms between the parties.  
The Debtors propose that the Customary Trade Terms apply for the
remaining term of the Foreign Vendor's agreement with the
Debtors, as long as the Debtors agree to pay for those goods in
accordance with those terms.

The Debtors reserve the right to negotiate trade terms with any
vendor, as a condition to payment of any Foreign Claim, that
vary from the Customary Trade Terms to the extent the Debtors
determine that those terms are necessary to procure essential
goods or services or are otherwise in their best interests.

If a Foreign Vendor accepts a payment on account of an
obligation of the Debtors, prior to the filing for chapter 11
protection and thereafter, fails to provide the Debtors with the
requisite Customary Trade Terms, then:

    (a) any Foreign Payment received by the Foreign Vendor will
        be deemed an unauthorized postpetition transfer under
        Section 549 of the Bankruptcy Code that the Debtors may
        either:

           (i) recover from the Foreign Vendor in cash or goods,
               or

          (ii) at the Debtors' option, apply against any
               outstanding administrative claim held by that
               Foreign Vendor; and

    (b) upon recovery of any Foreign Payment, the corresponding
        prepetition claim of the Foreign Vendor will be
        reinstated in the amount recovered by the Debtors, less
        the Debtors' reasonable costs to recover those amounts.

The Debtors also seek authorization, but not direction, to
obtain written verification before issuing payment to a Foreign
Vendor that that Foreign Vendor will continue to provide goods
and services to the Debtors on Customary Trade Terms for the
remaining term of the Foreign Vendor's agreement with the
Debtors; provided, however, that the absence of such written
verification will not limit their rights.

Finally, to facilitate the payment of Foreign Vendors and, thus,
the avoidance of foreign actions against the Debtors and their
assets, the Debtors request that the banks be authorized and
required to (a) honor any checks drawn against their accounts,
but not cleared prior to the Petition Date, and (b) complete an
fund transfer requests made but not completed prior to the
Petition Date.

In addition, the Debtors seek the Court's permission to issue
postpetition checks and to make postpetition fund transfer
requests to replace any prepetition checks and transfers, prior
to the filing for chapter 11 protection, to Foreign Creditors
that may be dishonored by the banks.

The Court will convene a hearing on November 20, 2006, at 1:00
p.m. Eastern Time to consider final approval.

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

                          *     *     *

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

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

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


HANAROTELECOM: Shareholders OK Employee Stock Option Rights
-----------------------------------------------------------
hanarotelecom Inc.'s shareholders approved a grant of stock
option rights totaling 3,350,000 shares to 59 of the company's
officers and employees, the company discloses in a filing with
the United States Securities and Exchange Commission.

The shareholders arrived at the decision in an extraordinary
general meeting on November 16, 2006.

In the meeting, the shareholders also accepted the appointment
of these directors and audit committee members:

   a. David Yeung and Wilfried Kaffenberger as directors;

   b. Paul Chen as outside director; and

   c. Sung-Kyou Park and Sun-Woo Kim as audit committee members.

                   About hanarotelecom

hanarotelecom Inc. -- http://www.hanaro.com/-- is the second  
largest player in the Korean local telephone market.  It
provides high-speed Internet services in Korea.  It provides
high-speed Internet services in Korea.  In June 2001, the
company integrated broadband Internet access services which
included ADSL, Hybrid Fiber Coaxial cables and Broadband
Wireless Local Loop into a single brand called HanaFOS.
hanarotelecom offers VoIP services to its broadband business
customers as a bundled service and also as a stand alone
service.

                          *     *     *

Moody's Investor Service has given hanarotelecom's long-term
corporate family and senior unsecured debt 'Ba2' ratings.

Standard and Poor's gave both hanarotelecom's long-term foreign
issuer credit and long-term local foreign issuer credit 'BB'
ratings.


KOREA EXCHANGE BANK: Warrant for Two Lone Star Execs Issued
-----------------------------------------------------------
The Seoul Central District Court issued warrants detaining Lone
Star Funds' vice chairman, Ellis Short, and general counsel,
Michael Thomson.

As stated in prior Troubled Company Reporter - Asia Pacific
reports, South Korean prosecutors had been looking into Lone
Star's purchase of a 50.5% stake in Korea Exchange Bank in 2003,
and had been examining whether the cheap acquisition was
appropriate.  Prosecutors allege that Lone Star executives
conspired with KEB and South Korean Government officials to
lower the bank's price below actual market value.

The TCR-AP then reported on March 24, 2006, that Lone Star
agreed to sell its stake in KEB to Kookmin Bank.  The deadline
to complete the deal had been put off because of the
investigation.  

The talks to sell KEB to Kookmin is on hold, Reuters cites Lone
Star Chairman John Grayken as saying.  Until the probe into the
deal is over, Lone Star will not invest any money in South
Korea, Mr. Grayken adds.

Previously, the Seoul court rejected requests to issue warrants
to Lone Star executives.  As reported in the TCR-AP on Nov. 7,
the court denied the warrant issuance because an additional
probe was needed to arrest the officers.

According to Reuters, the latest decision finally came after
Korea's Supreme Prosecutors' Office submitted its third request
for the issuance of warrants.

                      About Korea Exchange

Korea Exchange Bank -- http://www.keb.co.kr/english/index.htm--     
was established in January 1967 by the Government originally as
a specialist foreign exchange bank.  It retains its strength in
trade finance and foreign exchange.  In terms of assets, it
ranks sixth among Korea's nationwide commercial banks with 7% of
system assets.  It operates a branch network of 317 domestic and
28 overseas offices.  During the economic crisis, significant
exposures to troubled corporate borrowers led to a deterioration
in the bank's financial health.  However, since then, its
operating performance stabilized, and the bank has reported
consecutive quarterly profits since the end of 2003.

Fitch Ratings gave Korea Exchange Bank a 'C' Individual Rating
effective on June 17, 2005.

Moody's Investors Service gave KEB a 'D' Bank Financial Strength
Rating effective on May 9, 2006.

                          *     *     *

South Korean politicians -- led by the main opposition Grand
National Party -- have alleged that the Korea Exchange shares
were sold cheap to United States-based Lone Star Funds after the
Bank's financial status was incorrectly reported.  Korea
Exchange denied the allegations in March 2006.

The Board of Audit and Inspections and the Supreme Public
Prosecutors' Office initiated separate investigations into the
matter.  On June 20, 2006, the BAI determined that Lone Star's
acquisition of Korea Exchange was led by management with the
approval of the financial supervisory bureau.  BAI found that
KEB exaggerated its insolvency and falsely recorded the Bank for
International Settlements' capital adequacy ratio at 6.16%,
which is below the 8% threshold for healthy banks.

Prosecutors are investigating whether there were any
transgressions of law in the process of selling KEB and whether
bribes were given to officials.  If prosecutors will find solid
evidence that the data was cooked up, it might lead to the
nullification of the KEB sale to Lone Star and the arrest of
regulators, policymakers and former KEB executives.


THERMA-WAVE INC: Reports US$1.95 Mil. for 2nd Fiscal Quarter
------------------------------------------------------------
Therma-Wave Inc. filed its financial statements for the second
fiscal quarter ended Oct. 1, 2006, with the United States
Securities and Exchange Commission on Nov. 8, 2006.

Net revenues for the fiscal second quarter 2007 were
US$15.8 million, down US$2.1 million or 12% sequentially from
US$17.9 million recorded in the fiscal first quarter 2007.  Net
revenues declined US$1.5 million, or 9%, from the
US$17.3 million reported for the fiscal second quarter of 2006.

Net loss attributable to common stockholders for the 2007 second
fiscal quarter was US$1.95 million including approximately
US$450,000 in stock-based compensation costs recorded in
accordance with Statement of Financial Accounting Standards No.
123(R), and approximately US$77,000 in restructuring charges.

Sequentially, net loss attributable to common stockholders
increased by US$820,000 compared with a net loss attributable to
common stockholders of US$1.13 million in the fiscal first
quarter of 2007.

In the year ago period, the Company reported a net loss
attributable to common stockholders of US$4.15 million including
the impact of restructuring charges totaling US$2.26 million.

Boris Lipkin, Therma-Wave's president and chief executive
officer, stated, "Our fiscal second quarter performance was
highlighted by bottom line results within our stated guidance
range and cash utilization which was slightly better than
anticipated.

"Revenues were below forecast primarily due to a shipment push
out based on a revised customer delivery requirement, an
increase in deferred systems revenue and lower than anticipated
upgrade revenues.

"During the quarter, Therma-Wave received a number of repeat
orders for our leading edge metrology offerings, with new
bookings for the period coming in at US$18.8 million.

"New orders were slightly below our original forecast primarily
due to the delay in the release of a significant multi-unit tool
order by one of our customers.

"I am pleased to say that we have already received a significant
portion of this new order in October and expect the remainder to
be recorded during the current quarter.

"We continue to make progress on our next generation Opti-Probe
line of precision measurement tools for the 45nm technology node
and beyond in the areas of thin film and optical critical
dimension metrology.

"During September, we accepted the first production orders for
our 45nm Opti-Probe tools based on successful customer
demonstrations.  These orders were received before we shipped
our first evaluation tool in October to a customer.

"This marks an important milestone in our next generation 45nm
product launch cycle and reflects the confidence our customers
have in our ability to provide the tools critical to their most
important next generation metrology production needs," Mr.
Lipkin concluded.

Gross margin for the fiscal second quarter 2007 was 38.5%
compared with 38.3% in the fiscal first quarter 2007 and 34.4%
in the year ago period.

Cash and cash equivalents totaled US$17.5 million as of Oct. 1,
2006, reflecting cash utilization of US$1.4 million during the
second fiscal quarter.

At Oct. 1, 2006, the Company's balance sheet showed
US$59.749 million in total assets, US$36.559 million in total
liabilities, US$7.260 million in redeemable convertible
preferred stock, and US$15.930 million in total stockholders'
equity.

Full-text copies of Therma-Wave's 2nd fiscal quarter financials
are available for free at http://ResearchArchives.com/t/s?150a

                        Going Concern Doubt

As reported in the Troubled Company Reporter on June 20, 2006,
PricewaterhouseCoopers, LLP, in San Jose, California, raised
substantial doubt about Therma-Wave, Inc.'s ability to continue
as a going concern after auditing the Company's consolidated
financial statements for the year ended April 2, 2006.  The
auditor pointed to the Company's recurring net losses and
negative cash flows from operations.

                         About Therma-Wave

Based in Fremont, California, Therma-Wave, Inc. (NASDAQ: TWAV)
-- http://www.thermawave.com/-- develops, manufactures and  
markets process control metrology systems used in the
manufacture of semiconductors.  Therma-Wave offers products to
the semiconductor manufacturing industry for the measurement of
transparent and semi-transparent thin films; for the measurement
of critical dimensions and profile of IC features and for the
monitoring of ion implantation.  The company has global
locations in Korea and Japan.


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

ANTAH HOLDINGS: Posts MYR7.26MM Net Loss in Sept. 2006 Quarter
--------------------------------------------------------------
Antah Holdings Bhd incurred a MYR7.26-million net loss on
MYR7.652 million revenues in the quarter ended September 30,
2006, as compared with a net loss of MYR7.50 million on
MYR33.85 million revenue in the same period last year.

Antah Holdings' consolidated balance sheet as of September 30,
2006, reflected strained liquidity with MYR85.87 million in
current assets available to pay MYR652.647 million in
liabilities coming due within the next 12 months.

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

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

   http://bankrupt.com/misc/antah-may-3q.xls

                          *     *     *

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

The Company's balance sheet as of June 30, 2006, showed total
assets of MYR678.492 million and total liabilities of MYR1.039
billion, resulting into a shareholders' equity deficit of
MYR361.167 million.


COMSA FARMS: Files Audited Financials for F/Y Ended March '06
-------------------------------------------------------------
Comsa Farms Bhd submitted its annual audited accounts for the
financial year ended March 31, 2006, to the Malaysia Securities
Bhd.

The company has now fully complied with the listing requirements
of the Bursa after filing the audited financial report.

Comsa's external auditors, Messrs. Moores & Rowland had
qualified the audited financial statements of for the reviewed
year.

                          Going Concern

The external auditors noted that Comsa's financial statements
have been prepared under the going concern assumption because:

    * The Group and Company had deficits in shareholders' equity
      as at March 31, 2006, amounting to MYR86,920,000 and
      MYR79,544,000, respectively.

    * Current liabilities exceeded current assets by
      MYR227,105,000 for the Group and MYR82,757,000 for the
      Company as at March 31, 2006.

    * The Company has not been able to redeem its unsecured
      bonds amounting to MYR40,000,000 on their second extended
      redemption date on August 31, 2006.

    * The Company has also defaulted in the payment of interest
      totaling MYR1,960,000 on its unsecured long term loans.

    * Two subsidiary companies have been unable to repay their
      overdue bank borrowings which totaled MYR25,019,000 --
      inclusive of accrued interest -- as at March 31, 2006.  As
      a result, the creditor banks have recalled the credit
      facilities and issued letters of demand.

"Due to the significance of the factors described above and the
amounts involved, we have not been able to satisfy ourselves as
to appropriateness of the going concern assumption used in the
preparation of the financial statements," the external auditors
said.

                   Notes to Financial Statements

The company's external auditors noted that information disclosed
in the company's financial statements has been included by the
directors based on information set out in a Board Paper dated
October 7, 2006, and where available with relevant supporting
documents.

However, the auditors expressed that they have not been able to
verify all the information set out in Note 2 to the financial
statements, and as noted that they "have not been able to
satisfy ourselves" as to whether all the information set out in
the financial statement has been fairly stated.

                  Notes to Accounts Receivables

The company's external auditors pointed to the numerous accounts
payable -- both trade and non-trade, including a director's
account and accounts of companies related to 2 directors --
which have been set off against accounts receivables although no
legal right of such set-off can be established.  The set-offs
date back to previous years and it was not possible to establish
the cumulative amounts to be re-grossed.

                 Note 15 to Financial Statement

Messrs. Moores & Rowland noted that based on note 15 to the
financial statements, advances owing by the Group to directors
totaled MYR20,285,000 as at March 31, 2006.  This amount
includes amounts, which, according to the underlying accounting
records, represent payments by the directors on the Group's
behalf.

However, the acceptance and terms and conditions of these
advances, including the board's approval thereof, and the
acknowledgement of liability on the part of the Group are not
supported by documentary evidence, the auditors said.

"We are therefore unable to satisfy ourselves as to whether the
amount of MYR20,285,000 has been correctly described and taken
up in the financial statements."

                          Litigations

Based in the note 32 (b) (i) on the company's financial
statements, the directors of the company have expressed their
view that Comsa Feedmills Sdn Bhd has a reasonable chance of
successfully defending the suit filed against the subsidiary
company.  However, the auditors pointed out that this view has
not been supported by a written opinion from the solicitors.

As for the claim set out in note 32(b)(ii) to the financial
statements, the Group has not appointed solicitors to defend the
case, auditors noted that they were unable to obtain full
information regarding the case, and accordingly, have been
unable to satisfy themselves as to whether the disclosures in
note 32(b)(ii) has been fairly stated, and consequently, whether
the claim has been properly recognized or disclosed in the
financial statements.

                Deferred Taxes and Tax Liabilities

As of March 31, 2006, deferred tax assets and deferred tax
liabilities of the company amounted to MYR11,000 and
MYR1,032,000, respectively.  However, the auditors noted that
the recognized deferred tax assets and deferred tax liabilities
are not supported by workings or calculations, which clearly
identify the underlying temporary differences.

Consequently, the underlying temporary differences which
supposedly gave rise to the deferred tax assets and deferred tax
liabilities have not been disclosed in the financial statements
as required by Malaysian Accounting Standards 25 - Income Taxes,
the auditors added.

Additionally, a reconciliation of the tax charge for the year to
that based on the statutory tax rate has not been disclosed as
required by MASB 25.

In view of the significance of the abovementioned matters, the
auditors have been unable to express an opinion as to whether:

   (a) the financial statements have been properly drawn up:
       
        (i) so as to give a true and fair view of the matters
            required by Section 169 of the Companies Act, 1965
            to be dealt with in the financial statements of the
            Group and of the company;

       (ii) in accordance with the provisions of the Act so as
            to give a true and fair view of the state of affairs
            of the Group and of the Company at 31 March 2006 and
            of their results and cash flows for the year ended
            on that date;

      (iii) in accordance with applicable approved accounting
            standards.

   (b) the accounting and other records and the registers
       required by the Act to be kept by the company and by
       those subsidiary companies of which we acted as auditors
       have been properly kept in accordance with the provisions
       of the Act.

              Subsidiary Companies' Audit Reports

Messrs. Moores & Rowland considered the financial statements and
the auditors' reports of the subsidiary companies of which they
did not acted as auditors.

        Audit Reports on Seven Subsidiary Companies

The audit reports on the financial statements of seven
subsidiary companies, namely:

    -- Comsa Breeding Farms Sdn Bhd,
    -- Comsa Broiler Farms Sdn Bhd,
    -- Comsa Cold Storage Sdn Bhd,
    -- Comsa Chicken Products Sdn, Bhd
    -- Comsa Feedmills Sdn Bhd,
    -- Comsa Properties Sdn Bhd, and
    -- Comsa Layer Farms Sdn Bhd,

were subject to qualifications similar to those on the Group and
Company as enumerated above in this report.

Except as stated in the preceding paragraph, the audit reports
on the financial statements of the subsidiary companies were not
subject to any qualification and did not include any comment
made under Section 174 (3) of the Act.

Other than those referred to in the preceding paragraphs,
Messrs. Moores & Rowland said that they are satisfied regarding
the financial statements of the subsidiary companies that have
been consolidated with the Company's financial statements are in
form and content appropriate and proper for the purposes of the
preparation of the consolidated financial statements and we have
received satisfactory information and explanations required by
us for those purposes.

                          *     *     *

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

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

As reported in the Troubled Company Reporter - Asia Pacific on
Nov. 3, 2006, the company registered US$63.60 million in total
assets and a US$5.00 million shareholders' equity deficit as of
Nov. 2.


WEMBLEY INDUSTRIES: Files Plea to Defer Delisting of Securities
----------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific previously reported
that Bursa Malaysia Securities decided to delist the securities
of Wembley Industries Bhd from the official list of the Bursa
Securities starting on November 20, 2006.

Wembley Industries, however, submitted an appeal on November 17,
to the Securities Commission to reconsider its earlier decision
to reject Wembley's application for extension of time.

In an answer to the appeal, the removal of the Wembley's
securities from the Official List on November 20 was deferred
until further notice.

                          *     *     *

Headquartered in Sarawak Malaysia, Wembley Industries Holdings
Berhad is a developer of commercial properties and investment
holding.  Its other activities are the development of the inter-
state bus and taxi terminal, the retail podium and the budget
hotel.

The company has been placed under the Practice Note 4 category
due to its tight cash flow position.  On January 7, 2003,
Malaysia's Foreign Investment Committee approved the company's
regularization plan.  Subsequently, on April 7, 2003, the FIC
revised its approval to include the possible participation of
Daewoo Corporation, the former turnkey contractor of Plaza
Rakyat Project in the company's Proposed Debt Restructuring.  
The company's ability to continue as a going concern hinges on
the successful implementation of the Scheme.

As reported by the Troubled Company Reporter - Asia Pacific,
Wembley's balance sheet as of June 30, 2006, revealed strained
liquidity with current assets of MYR415,649,000 available to pay
current liabilities of MYR1,229,086,000 coming due within the
next 12 months.  

As of June 30, 2006, the group has total assets of
MYR422,526,000 and total liabilities of MYR1,229,086,000,
resulting into a shareholders' deficit of MYR806,560,000.


* Fitch Keeps Malaysia's Sovereign Ratings at A-
------------------------------------------------
Fitch Ratings affirmed the Federation of Malaysia's Long-term
foreign currency Issuer Default rating at A- and the Long-term
local currency IDR at A+.  At the same time, the agency also
affirmed Malaysia's Short-term IDR at F2 and the Country Ceiling
at A.

The Outlook on the ratings is Stable.

Fitch's ratings balance Malaysia's robust external finances
against the scope for further improvements in public finances.

"Malaysia's external finances are a fundamental rating strength.  
The country has enjoyed another bumper year from the commodities
cycle and high oil price environment," said Ai Ling Ngiam,
associate director, Asian Sovereigns.  Fitch forecasts
Malaysia's current account position will stay above 15% of GDP
for 2006 thanks to a strong trade account, robust tourism
receipts and rising dividend repatriation by Malaysian companies
operating abroad.

Malaysia's liquidity ratio exceeds 380%, compared to 132% for
the 'A' median, placing it behind only China and Taiwan in the
'A' category.  The net public and external debt ratios also
compare favorably to the 'A' peer group.

The ratio of net external credit to current external receipts is
expected to increase further, to 24% in 2006, compared to the
'A' median of 2.3%.  Net public external credit stands at 33% of
GDP in 2006, in line with the government's efforts to minimize
its exposure to external borrowing.  Notwithstanding the pull
out of portfolio investment and the accumulation of other
investment assets during Q4 2005, foreign exchange reserves are
expected to recover to about USD83 billion by end-2006, while
debt service should stay manageable at 5% of CXR.

Fitch expects real GDP growth to slow to 5% in 2007 from 5.4% in
2006, subject to downside risk.  The agency says leading
indicators point to a moderation in the global electronics
cycle, which will likely weigh on Malaysia's electronics sector,
a key growth driver, as well as manufacturing overall.

Slower demand from the US, a major trading partner of Malaysia,
which absorbs about 20% of its exports, also does not bode well
for Malaysian exporters.  This will likely pose a drag on
household demand, particularly since the manufacturing sector,
which accounts for 30% of total employment, has typically led
other sectors in overall wage increases.  Already, household
spending has moderated on the back of weakness in consumer
sentiment, higher cost of living and the increased household
debt burden.

The federal government registered a fiscal deficit excluding
securitisation receipts of 3.8% of GDP in 2005, better than 4.7%
in 2004, thanks to bumper petroleum income taxes, higher
dividend payments from Petronas and receipts of petroleum
royalties.

Looking ahead, the government has reverted back to its
expansionary budgetary program made possible by windfall oil
revenues, although fiscal consolidation is still occurring,
albeit at a much slower pace than originally envisioned.

"Improvements in the public debt position over 2005-2006 will
likely be reversed, particularly if GDP growth decelerates, as
the government has committed to a slew of infrastructure
projects in line with the Ninth Malaysia Plan," cautioned Ms.
Ngiam.

"Malaysia's plans to tap the existing pool of liquidity within
the national pension fund system and rely on government-linked
entities such as Khazanah, Petronas and Permodalan Nasional
Berhad-owned entities, additionally risks a build-up of
contingent liabilities."

The high public debt burden continues to represent a future tax
on the economy, a potential future crowding out of the private
sector and lower investor expectations for net returns,
hindering investment expectations.  "Over the longer term,
sustained government spending and expansive public sector
involvement in business cannot be a durable substitute for
private sector investments," said Ms. Ngiam.  Central to the
fiscal reform process remains the need to create a more
efficient and transparent public sector, to level the playing
field for all investors alike, and to further dismantle the
system of patronage.


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

AL'S DINER: Court to Hear CIR's Liquidation Petition on Dec. 14
---------------------------------------------------------------
The High Court of Auckland will hear a liquidation petition
against Al's Diner Ltd on Dec. 14, 2006, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on Oct. 5, 2006.

The Solicitor for the Petitioner can be reached at:

         E. M. Duncan-Sittlington
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone:(07) 959 0471


BARON CLIFFORD: Official Assignee to Act as Liquidator
------------------------------------------------------
On Nov. 2, 2006, the Official Assignee was appointed as official
liquidator of Baron Clifford Ltd.

According to the Troubled Company Reporter - Asia Pacific, the
CIR filed a liquidation petition against the company on
Sept. 15, 2006.  The petition was heard on Nov. 2, 2006.

The Liquidator can be reached at:

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


BELL MACINTOSH: Liquidation Hearing Set on November 27
------------------------------------------------------
On Oct. 16, 2006, the Commissioner of Inland Revenue filed
before the High Court of Christchurch an application to
liquidate Bell Macintosh Ltd.

The Court is set to hear the petition on Nov. 27, 2006, at 10:00
a.m.

The Solicitor for the Petitioner 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


DHILLON FRUIT: Liquidation Hearing Fixed on November 30
-------------------------------------------------------
A liquidation petition filed against Dhillon Fruit Growers Ltd
will be heard before the High Court of Napier on Nov. 30, 2006,
at 10:00 a.m.

Fruitfed Supplies -- part of PGG Wrightson Ltd -- filed the
petition with the Court on Oct. 16, 2006.

The Solicitor for the Petitioner can be reached at:

         A. J. Sherlock
         Hesketh Henry
         Lawyers
         Level Eleven, 41 Shortland Street
         (Private Bag 92-093 or D.X. C.P. 24-017)
         Auckland
         New Zealand


DT COMPUTERS: Official Assignee to Liquidate Business
-----------------------------------------------------
On Oct. 30, 2006, the Official Assignee was appointed as
liquidator of DT Computers Ltd.

As reported by the Troubled Company Reporter - Asia Pacific,
Renaissance Ltd filed a liquidation petition against the company
on Sept. 28, 2006.  The Court heard the petition on Oct. 30,
2006.

The Liquidator can be reached at:

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


HM E & C: Court to Hear Liquidation Petition on November 30
-----------------------------------------------------------
On Aug. 4, 2006, Modus Project Management Ltd filed before the
High Court of Auckland a petition to liquidate HM E & C New
Zealand Ltd.

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

The Solicitor for the Petitioner can be reached at:

         Paul Reid Cogswell
         cogswell+jaduram
         Lawyers
         Level Eight, Wyndham Towers
         38 Wyndham Street, Auckland 1010
         New Zealand
         Telephone:(09) 368 7062


LEYHATTON INNOVATIONS: Creditors to Prove Debts by Jan. 31
----------------------------------------------------------
Creditors of Leyhatton Innovations Ltd are required to submit
their proofs of debt by Jan. 31, 2007, to Joint Liquidators
Craig Alexander Sanson and Richard Dale Agnew.

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

The Joint and Several Liquidators can be reached at:

         Craig Alexander Sanson
         Richard Dale Agnew
         PricewaterhouseCoopers
         113-119 The Terrace (P.O. Box 243)
         Wellington
         New Zealand
         Telephone:(04) 462 7489
         Facsimile:(04) 462 7492


MERIDIAN HOMES: Creditors' Proofs of Claim Due on Dec. 5
--------------------------------------------------------
On Nov. 3, 2006, the shareholders of Meridian Homes Ltd
appointed Paul Graham Sargison and Gerald Stanley Rea as
liquidators.

In this regard, Mr. Sargison requires the company's creditors to
submit their proofs of claim by Dec. 5, 2006, for them to share
in any distribution the company will make.

On November 10, 2006, the Troubled Company Reporter - Asia
Pacific citing a report from Newswire.co.nz said that Meridian
Homes went into liquidation due to its inability to pay debts as
they fall due.

The Joint Liquidators can be reached at:

         Paul Graham Sargison
         Gerald Stanley Rea
         Gerry Rea Associates
         P.O. Box 3015, Auckland
         New Zealand
         Telephone:(09) 377 3099
         Facsimile:(09) 377 3098

                      About Meridian Homes

Meridian Homes Limited -- http://www.meridianhomes.co.nz-- is  
located at 184, Hibiscus Coast Highway, Orewa, New Zealand.  
According to the NZ Herald, Meridian Homes was a registered
master builder and offered the Master Build guarantee and
offered a design and build service for homes mainly in the
NZ$180,000 to NZ$220,000 range.


PIXELISE LTD: Faces Liquidation Proceedings
-------------------------------------------
An application to liquidate Pixelise Ltd will be heard before
the High Court of Auckland on Dec. 19, 2006, at 10: 45 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on Oct. 5, 2006.

The Solicitor for the Petitioner can be reached at:

         E. M. Duncan-Sittlington
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone:(07) 959 0471


SETSUN PROPERTIES: Shareholders Opt to Liquidate Business
---------------------------------------------------------
On Nov. 1, 2006, the shareholders of Setsun Properties Ltd
resolved by special resolution to liquidate the company's
business and appointed James Stewart Murrayas liquidator.

The Liquidator can be reached at:

         James Stewart Murray
         P.O. Box 46
         Orewa, Auckland 1330
         New Zealand
         Telephone:(09) 426 8488
         Facsimile:(09) 426 8486


YATES RECLAMATIONS: Appoints Douglas Kim Fisher as Liquidator
-------------------------------------------------------------
On Nov. 3, 2006, Douglas Kim Fisher was appointed as liquidator
to oversee the liquidation of Yates Reclamations Ltd.

Mr. Fisher requires the company's creditors to submit their
proofs of claim by Nov. 24, 2006.

The Liquidator can be reached at:

         Douglas Kim Fisher
         Private Bag MBE M215
         Auckland
         New Zealand
         Telephone:(09) 630 0491
         Facsimile:(09) 638 6283


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

BANKARD INC: Posts PHP571-Million Net Loss for 3rd Quarter 2006
---------------------------------------------------------------
Bankard Inc.'s year-to-date September 2006 net loss amounted to
PHP571 million, higher by PHP258 million compared to the figure
for year-to-date September 2005.  The increase in the losses is
primarily due to the booking of higher additional valuation
reserves as required by the Bangko Sentral ng Pilipinas, the
impact of which is PHP272 million.  This is coupled with the
non-recognition of deferred tax assets on credit provisions
effective January 2006.

The Company's diversification into card-not-present, m-commerce
and e-commerce merchant acquiring combined with selective card-
present acquiring, are generating new fee income that are
expected to contribute significantly to turning Bankard's profit
picture around.

Bankard notes that its 2005 net merchant discounts reached
PHP173.3 million, a growth of 91% or PHP71.2 million vs. 2004.  
Third quarter 2006 merchant discounts grew by PHP50.5 million or
232% versus third quarter 2005.  Year-to-date September 2006
merchant discounts grew by PHP122.6 million or 149% versus year-
to-date September 2005.

The delinquency levels continued to decline in 2005,
particularly the 30-179 days past due portfolio.  From a high of
22% in February 2004, 30-179 days delinquency went down
significantly to 12.9% in December 2005 and further down to
11.2% in September 2006.  The Company expects this favorable
trend to continue in 2006.

The decline in delinquency rate translated to lower losses for
doubtful accounts of PHP921.9 million in 2005 from PHP1.3
billion in 2004.  This trend should have continued in 2006
except for the increase in the BSP required higher additional
valuation reserves.

Bankard disclosed that its cash and cash equivalents showed a
decline of PHP299.4 million or 79% versus December 2005 mainly
because of payment of interest bearing loans.

Deferred tax assets in 2005 amounted to PHP516 million basically
due to higher provisions for credit losses.

Outstanding loans to Rizal Commercial Banking Corporation as of
December 31, 2005, and September 30, 2006, were PHP2,369,060,000
and PHP2,366,250,000 respectively.

                         About Bankard

Bankard, Inc. -- http://www.bankard.com/-- is a 67%-owned  
subsidiary of RCBC Capital Corporation.  It was organized by
PCIBank in December 1981 as Philippine Commercial Credit Card,
Inc. to engage in domestic credit card operation.  It issued the
country's first credit card by a commercial bank.  On July 8,
1992, PCCCI changed its corporate name to Bankard Inc.

Bankard is a licensee of Mastercard International Incorporated,
JCB International Co., Ltd. and VISA International Service
Association to issue credit cards accepted by affiliated banks
and merchant establishments worldwide.  The Company markets a
line of credit cards, which includes Bankard MasterCard, Bankard
Visa, Bankard JCB Standard and Premiere and its latest, myDream
JCB.

Bankard's total current assets as of March 31, 2006, stood at
PHP3.58 billion, while its total current liabilities amounted to
PHP4.44 billion.  Bankard's total assets amounted to
PHP4.48 billion, and its equity was pegged at PHP32.17 million.  
The Company posted a PHP242.59-million net loss for the quarter
ended March 31, 2006, on total revenues of PHP494.33 million,
and expenses of PHP736.93 million.

                           About RCBC

Rizal Commercial Banking Corporation -- http://www.rcbc.com/--  
is a universal bank principally engaged in all aspects of
banking, and provides services such as deposit products, loans
and trade finance, domestic and foreign fund transfers,
treasury, foreign exchange and trust services.  In addition, the
Bank is licensed to enter into forward currency contracts to
service its customers and as a means of reducing and managing
the Bank's foreign exchange exposure.

Moody's Investors Service gave Rizal Commercial Banking's Long
Term Bank Deposits a Ba3 rating effective May 25, 2006.


BANKARD INC: Reaches Impasse & Deadlock on GE Money Sale
--------------------------------------------------------
On August 1, 2006, the Troubled Company Reporter - Asia Pacific
cited a report from the Manila Standard Today saying that
Bankard Inc.'s shareholders approved the sale of the credit card
company's assets and the transfer of its liabilities to GE Money
Bank, a unit of United States-based General Electric Co.
Proceeds from the sale would be used to pay Bankard's remaining
liabilities, the TCR-AP noted.

However, Bankard disclosed in its third quarter 2006 financial
results that it has reached an impasse and deadlock with GE
Consumer Finance in the negotiations covering the Sale.  Thus,
in view of the expiry of the exclusivity period originally
provided by Bankard to GE Consumer Finance, Bankard is now
exploring other options that are in its best interests.

                         About Bankard

Bankard, Inc. -- http://www.bankard.com/-- is a 67%-owned  
subsidiary of RCBC Capital Corporation.  It was organized by
PCIBank in December 1981 as Philippine Commercial Credit Card,
Inc. to engage in domestic credit card operation.  It issued the
country's first credit card by a commercial bank.  On July 8,
1992, PCCCI changed its corporate name to Bankard Inc.

Bankard is a licensee of Mastercard International Incorporated,
JCB International Co., Ltd. and VISA International Service
Association to issue credit cards accepted by affiliated banks
and merchant establishments worldwide.  The Company markets a
line of credit cards, which includes Bankard MasterCard, Bankard
Visa, Bankard JCB Standard and Premiere and its latest, myDream
JCB.

Bankard's total current assets as of March 31, 2006, stood at
PHP3.58 billion, while its total current liabilities amounted to
PHP4.44 billion.  Bankard's total assets amounted to
PHP4.48 billion, and its equity was pegged at PHP32.17 million.  
The Company posted a PHP242.59-million net loss for the quarter
ended March 31, 2006, on total revenues of PHP494.33 million,
and expenses of PHP736.93 million.

                           About RCBC

Rizal Commercial Banking Corporation -- http://www.rcbc.com/--  
is a universal bank principally engaged in all aspects of
banking, and provides services such as deposit products, loans
and trade finance, domestic and foreign fund transfers,
treasury, foreign exchange and trust services.  In addition, the
Bank is licensed to enter into forward currency contracts to
service its customers and as a means of reducing and managing
the Bank's foreign exchange exposure.

Moody's Investors Service gave Rizal Commercial Banking's Long
Term Bank Deposits a Ba3 rating effective May 25, 2006.


BANKARD INC: BSP Okays Staggered Payment of Valuation Reserves
--------------------------------------------------------------
Bankard Inc. discloses that its management requested an approval
from the Bangko Sentral ng Pilipinas to allow the staggered
booking of the required allowance for doubtful accounts over a
period of seven years starting in 2004.

The company relates that the BSP, through its letter dated
January 14, 2004, informed Bankard that the Monetary Board,
under its Resolution No. 1872 dated December 22, 2003, has
granted the Company's request to stagger the booking of the
valuation reserves of PHP3,602,000,000 over seven years:

            Year      Percentage          Amount
            ----      ----------          ------
            2004           5          PHP180,100,000
            2005           5             180,100,000
            2006          18             648,360,000
            2007          18             648,360,000
            2008          18             648,360,000
            2009          18             648,360,000
            2010          18             648,360,000
                      ---------     ----------------
                         100        PHP3,602,000,000

Also, the Resolution requires the Company to infuse fresh
capital equal to the amount of valuation reserves booked in
accordance with the terms of the BSP approval.  On December 29,
2005, the Company made a fresh capital infusion amounting to
PHP190,474,000 to comply with this BSP requirement.

Based on a separate determination made by the Company of the
required valuation reserves as of December 31, 2003, after the
provisions of the BSP Circular, the computed required additional
allowance for doubtful accounts approximates the BSP-approved
amount of PHP3.6 billion.

However, in 2006, it was ascertained that this required
additional allowance of PHP3.6 billion determined in 2003 did
not pertain wholly to 2003, but a significant portion of the
amount pertained to 2002 and prior years.  Based on the
Company's re-computation, of the required additional allowance,
PHP749.355 million pertained to 2003 and PHP2.852 billion
pertained to 2002 and prior years.  In computing these amounts,
the rules under BSP Circular No. 398 were applied.

Of the BSP-approved amount of PHP3.6 billion, the Company
recognized additional provision for doubtful accounts amounting
to PHP180.1 million for each of the years ended December 31,
2005, and 2004, following the staggered amortization of the
required allowance for doubtful accounts determined in 2003 as
approved by the BSP.

                         About Bankard

Bankard, Inc. -- http://www.bankard.com/-- is a 67%-owned  
subsidiary of RCBC Capital Corporation.  It was organized by
PCIBank in December 1981 as Philippine Commercial Credit Card,
Inc. to engage in domestic credit card operation.  It issued the
country's first credit card by a commercial bank.  On July 8,
1992, PCCCI changed its corporate name to Bankard Inc.

Bankard is a licensee of Mastercard International Incorporated,
JCB International Co., Ltd. and VISA International Service
Association to issue credit cards accepted by affiliated banks
and merchant establishments worldwide.  The Company markets a
line of credit cards, which includes Bankard MasterCard, Bankard
Visa, Bankard JCB Standard and Premiere and its latest, myDream
JCB.

Bankard's total current assets as of March 31, 2006, stood at
PHP3.58 billion, while its total current liabilities amounted to
PHP4.44 billion.  Bankard's total assets amounted to
PHP4.48 billion, and its equity was pegged at PHP32.17 million.  
The Company posted a PHP242.59-million net loss for the quarter
ended March 31, 2006, on total revenues of PHP494.33 million,
and expenses of PHP736.93 million.

                           About RCBC

Rizal Commercial Banking Corporation -- http://www.rcbc.com/--  
is a universal bank principally engaged in all aspects of
banking, and provides services such as deposit products, loans
and trade finance, domestic and foreign fund transfers,
treasury, foreign exchange and trust services.  In addition, the
Bank is licensed to enter into forward currency contracts to
service its customers and as a means of reducing and managing
the Bank's foreign exchange exposure.

Moody's Investors Service gave Rizal Commercial Banking's Long
Term Bank Deposits a Ba3 rating effective May 25, 2006.


MANILA ELECTRIC: Signs 5-Yr. Transition Supply Contract with NPC
----------------------------------------------------------------
Manila Electric Company confirms with the Philippine Stock
Exchange that on November 16, 2006, it has signed with the
National Power Corporation a Transition Supply Contract, which
is subject to the approval of the Energy Regulatory Commission.  
The Contract provides for the supply of electricity by National
Power to Manila Electric for a period of five years but not
later than one year from the start of open access if open access
is implemented within the five-year period.

The Contract ensures power supply to Manila Electric's customers
based on the National Power time-of-use rate approved by the
ERC.  It provides for the supply of a total of 33,188 gigawatt-
hours of electricity for the period of five years from 2007 to
2011, which represents 26% of the forecasted total energy
requirement of Manila Electric for the five-year period.  This
energy requirement is based on Manila Electric's projected
demand less:

   (a) its off-take from its independent power producers,
       namely, First Gas Sta. Rita and San Lorenzo Power Plants,
       and Quezon Power Plants;

   (b) projected energy requirements under Manila Electric-
       National Power programs, like the One-Day Power Sales and
       the Customer Choice Program; and

   (c) 10% of the total demand to be sourced from the Wholesale
       Electricity Spot Market, as required by Section 25 of
       Republic Act 9136.

                      About Manila Electric

Headquartered in Ortigas, Pasig City, the Manila Electric
Company -- http://www.meralco.com.ph/-- is the largest utility  
in the Philippines, providing power to 4.1 million customers in
metropolitan Manila and more than 100 surrounding communities.  
As deregulation takes effect, Meralco is reducing its dependence
on state-owned National Power Corp. by increasing the amount of
power it purchases from independent power producers.  Meralco is
also preparing for competition by moving into non-regulated
activities, including energy consulting, independent power
production, engineering, fiber optics, e-commerce, and real
estate.

                          *     *     *

A March 31, 2006 report by the Troubled Company Reporter - Asia
Pacific stated that the Company posted a 79.7% decrease in its
2005 net losses to PHP411 million from PHP2.03 billion in 2004,
due to provisions for probable losses while awaiting a Supreme
Court final decision on a pending unbundling rate case, and the
adoption of new accounting standards.

In a TCR-AP report on April 24, 2006, it was noted that Manila
Electric cannot seek a loan to expand its facilities unless it
repays outstanding short-term debts amounting to around
PHP4.7 billion.

On November 15, 2006, the TCR-AP reported that the company
posted a net income of PHP229 million for the 3rd quarter of
2006, a 79.5% decrease compared to the net income of PHP1.12
billion for the 2nd quarter of 2006.  The company however, noted
that the 3rd quarter net income was a turnaround from a net loss
of PHP479 million in the same period last year.


* BSP Upgrades its External Outlook in 2006 to US$2.8 Billion
-------------------------------------------------------------
The Bangko Sentral ng Pilipinas upgraded its balance of payments
outlook for 2006 based on the latest assessment of economic
conditions as of November 15, 2006.  

Overall BOP surplus in 2006 was revised upward to US$2.8 billion
from US$2.0 billion estimated in July due to strong current
account and capital and financial account inflows.

The current account surplus was upgraded to US$3.8 billion
(equivalent to 3.3% of GDP) from US$2.1 billion (1.8% of GDP).  
Drivers of growth in the current account include OFW
remittances, strong exports of goods (electronics, garments and
mineral products) and services (travel and receipts from
business process outsourcing and other IT-enabled services).  
The growth of OFW remittances coursed through the banking system
in 2006 was revised upward to 15.0% or US$12.3 billion from an
earlier estimate of 11.0% or US$11.9 billion.  Overall
remittances, including those not captured by the banks, are now
expected to aggregate US$13.4 billion (9.1% growth) from an
earlier estimate of US$13.1 billion (6.5% growth).

Meanwhile, the capital and financial account (excluding
commercial banks' Net Foreign Assets or NFA) is expected to
remain at surplus in 2006.  Foreign direct and portfolio
investments are projected to reach US$2.0 billion and US$3.6
billion, respectively, in 2006 following the sustained
investors' confidence in the economy.

The GIR, which reached US$22.3 billion in October, is expected
to end at US$22.0 billion due to debt service payments in the
last two months of 2006.  Notwithstanding, the projected level
is higher by US$1.0 billion compared to US$21.0 billion estimate
made in July.  At US$22.0 billion, the GIR is equivalent to 4.1
months import cover.

                          *     *     *

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

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

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


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

CATHOLIC SOCIAL: Creditors Must File Proofs of Debt by Dec. 9
-------------------------------------------------------------
The creditors of Catholic Social And Welfare Workers Co-
Operative Credit Union Ltd, which was placed under members'
voluntary liquidation, are required to file their proofs of debt
by Dec. 9, 2006, in order to be included in the company's
distribution of dividend.

The company's liquidator can be reached at:

         Genevieve Ee Gek Neo
         2 Finlayson Green #09-08
         Asia Insurance Building
         Singapore 049247


CHEMTURA: Lion Chemical May Buy EPDM & Rubber Chemical Assets
-------------------------------------------------------------
Chemtura Corp. disclosed that Lion Chemical Capital, LLC is the
potential buyer of the company's EPDM business and the Rubber
Chemicals businesses associated with Geismar, Louisiana as well
as Flexzone(r) antiozonants worldwide.  The letter of intent was
signed and announced Nov. 2.  The companies expect that a
definitive agreement will be completed by year-end.

Chemtura is selling EPDM and Rubber Chemicals in order to focus
more intently on its core businesses.

"We are very happy to be selling these businesses to a company
for which they will be core and strategic," said Chemtura
Chairman and CEO Robert L. Wood.  "We believe this will be
beneficial for our customers."

Lion plans to merge the two businesses into its existing Lion
Copolymer business, located in Baton Rouge, La. Lion Copolymer
is a leading manufacturer and marketer of synthetic rubber.

Peter De Leeuw, chairman of Lion Copolymer, said, "We think the
Chemtura businesses are excellent additions to our existing
synthetic rubber business. All these businesses will be core to
our future and will position us to provide exceptional offerings
of rubber-based products and services to customers throughout
much of the world.  We intend to expand our research and
technical service to ensure that customers can count on us to
provide solutions for their product needs."

Lion Copolymer CEO Paul Saunders said, "I am pleased that the
EPDM and Rubber Chemicals businesses will be part of our family.  
We share the same high standards for safety, environmental
compliance, customer service and high value for our associates
that operate our facilities. Since acquiring the SBR business in
2005, we have invested in the people and facilities at our Baton
Rouge plant under Lion Copolymer and plan to do the same for the
new businesses at Geismar, La."

The EPDM and Rubber Chemicals businesses being sold had revenues
for the twelve months ended Sept. 30, 2006 of approximately
US$300 million. The transaction is subject to regulatory
approvals.  Proceeds from the sale will be used primarily for
debt reduction.

                      Lion Chemical Capital

Lion Chemical Capital is a private equity firm focused on
investing in premier businesses operating in the chemical and
related industries. Lion leverages its founders' extensive
experience in the chemical industry, executive management,
private equity and investment banking. Target investments are
highly selective and possess key attributes such as market and
technological leadership and strong management.

                         About Chemtura

Before joining American Express, Mr. Mahoney was the senior
manager of accounting policies and financial reporting for the
Colgate-Palmolive company.  Before that, he was a senior manager
with KPMG LLP.

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
Thailand, Australia, China, Hong Kong, India, Japan, South
Korea, Taiwan, and Singapore.

                          *     *     *

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.

Moody's Investors Service assigned a Ba1 rating to Chemtura
Corp.'s US$400 million of senior notes due 2016 and affirmed the
Ba1 ratings for its other debt and the corporate family rating.


EVERETT INVESTMENT: Creditors Must Prove Debts by December 11
-------------------------------------------------------------
Everett Investment Pte Ltd, which is in members' voluntary
liquidation, requires its creditors to file their proofs of debt
by Dec. 11, 2006.

Failure to submit a proof of debt will exclude a creditor from
sharing in the company's distribution of dividend.

The company's liquidators can be reached at:

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


FREESCALE: Prices Senior Notes Offering by Firestone Acquisition
----------------------------------------------------------------
Freescale Semiconductor, Inc., declared the pricing of the
private offering by Firestone Acquisition Corp. of its senior
and senior subordinated notes.

The offering consists of:

   -- US$500 million principal amount of senior floating rate
      notes due 2014 that will bear interest at a rate of
      three-month LIBOR plus 387.5 basis points;

   -- US$1.5 billion principal amount of 9-1/8% / 9-7/8% senior
      PIK-election notes due 2014;

   -- US$2.35 billion principal amount of 8-7/8% senior fixed
      rate notes due 2014; and

   -- US$1.6 billion principal amount of 10-1/8% senior
      subordinated notes due 2016.

Firestone Acquisition Corp. was formed in connection with
Freescale's previously announced agreement to merge with an
entity controlled by affiliates of a private equity consortium
led by The Blackstone Group and including The Carlyle Group,
Permira and Texas Pacific Group.  Firestone Acquisition Corp.
will issue the notes.  Freescale will assume all of the
obligations under the notes upon consummation of the merger.  
The net proceeds from the offering of the notes, together with
other financing sources, will be used to consummate the merger
and related transactions.  The sale of the notes and the merger
are expected to close on Dec. 1, 2006, subject to certain
closing conditions.

The notes will not be registered under the Securities Act of
1933, as amended, and, unless so registered, may not be offered
or sold in the United States absent registration or an
applicable exemption from, or in a transaction not subject to,
the registration requirements of the Securities Act and other
applicable securities laws.

                      About Freescale

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.
Freescale became a publicly traded company in July 2004.  The
company has design, research and development, manufacturing or
sales operations in more than 30 countries, including Australia,
China, Hong Kong, India, Japan, Korea, Malaysia, Taiwan and
Singapore.

The company's 7-1/8% Senior Notes due 2014 carry Moody's
Investors Service's Ba1 rating.

Moody's Investors Service assigned Freescale Semiconductor a
corporate family rating of Ba3 and a speculative grade liquidity
rating of SGL-1. A shareholder meeting has been scheduled on
Nov. 13 to vote on the company's proposed acquisition, which is
expected to close by the end of November 2006.

In addition, Standard & Poor's Ratings Services kept its
ratings, including the 'BB+' corporate credit rating, on
Freescale Semiconductor Inc. on CreditWatch with negative
implications, where they were placed on Sept. 11 following the
company's announcement that it was considering a business
transaction, later confirmed as a leveraged buyout.

Fitch downgraded Freescale Semiconductor Inc.'s Issuer Default
Rating, senior unsecured notes, and senior unsecured bank credit
facility to 'BB+' from 'BBB-' following the company's
confirmation that it has entered into a definitive agreement to
be purchased by a consortium of private equity firms for US$17.6
billion, the largest ever technology leveraged buy-out.


GLOBAL DELIGHT: High Court Enters Wind-Up Order
-----------------------------------------------
Reserve Cash Pte Ltd filed a petition to wind up Global Delight
Pte Ltd.

Accordingly, the High Court of Singapore entered an order on
Nov. 3, 2006, directing Global Delight to wind up its
operations.

In this regard, all creditors of Global Delight are required to
submit their proofs of debt to the company's liquidator.

The liquidator can be reached at:

         The Official Receiver
         The Insolvency Service
         Insolvency & Public Trustee's Office
         45 Maxwell Road #05-11/#06-11
         The URA Centre (East Wing)
         Singapore 069118


INHWA FURNITURE: Creditors' Proofs of Debt Due on December 22
-------------------------------------------------------------
Inhwa Furniture Pte Ltd, which is in liquidation, requires its
creditors to file their proofs of debt by Dec. 22, 2006, to be
included in the company's distribution of dividend.

The company's liquidator can be reached at:

         Heng Lee Seng
         300 Beach Road
         #38-05 The Concourse
         Singapore 199555


PDC CORP: Incorporates New Subsidiary
--------------------------------------
PDC Corp Ltd disclosed on Nov. 15, 2006, that it has
incorporated a wholly owned subsidiary, HLH Agri R & D Pte. Ltd.

HLH Agri was incorporated in Singapore with a paid-up capital of
SGD100 and its principal activities are research and development
of hybrid corn seeds and corn seeds trading.  The investment in
HLH Agri is funded through internal funds and is not expected to
have any material effect on the company's net tangible assets
and earnings per share for the current financial year.

                        About PDC Corp.

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

                          *     *     *

PDC Corporation's Auditors, Ernst & Young had issued their
report on the company's financial statement for the year ended
Dec. 31, 2005, highlighting a going concern issue, but without
qualifying their opinion.

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


PDC CORP: Subsidiary Inks Agreement to Develop Corn Plantations
---------------------------------------------------------------
PDC International Pte Ltd, a wholly-owned subsidiary of PDC Corp
Ltd, has inked a Co-operation Agreement dated Nov. 6, 2006, with
the Regency Government of Toba Samosir/Pemerintah Kabupaten Toba
Samosir, for the proposed development of corn plantations.  The
Group will develop hybrid corn seeds and these will be promoted,
and sold.  Moreover, the Group will also export corn or other
type of plant specie that will be cultivated on plantations
situated on approximately 40,000 hectares of arable lands
located within the Regency area of Toba Samosir North Sumatra
Province.

PDC International has embarked on the Proposed Co-operation for:

   * New revenue and earnings stream for the Group

     -- The Proposed Co-operation to develop agribusiness will
        give the Group access to new markets both geographically
        and in terms of business/industry sector.  It will
        provide a new revenue and earnings stream for the
        company.  This is in line with the Group's
        diversification strategy to reduce its reliance on the
        construction and property development business in
        Singapore.

   * Good growth potential in agribusiness

     -- There is good growth potential in the agribusiness in
        view of the unabated demand for agriproducts from
        increasing urban populations worldwide.  This is
        exacerbated by the rising demand for biofuels as a clean
        and viable alternative source of energy for automotives
        and industrial uses.  Corn has a proven track record of
        use as a source of biofuel production.  The Group has
        chosen to focus on corn where the returns are faster due
        to the short maturing period of corn plants.  Corn can
        be harvested within months.

In order to carry out the Agreement, PDC International is
required to incorporate Newco, a wholly-owned subsidiary in
Indonesia.

Under the Agreement, the Regency Government will be responsible
for:

   -- providing PDC International with the Land free from all
      Encumbrances, as its contribution to the total
      development, operation and management of the Plantations
      and the marketing, sale and export of the crop in order
      for PDC International or Newco to develop the land for
      corn or other plant cultivation;

   -- taking all necessary action to clear the Land of all
      squatters, including the payment of compensation and
      ensure that the Land is free from any third parties
      claiming adverse possession over the Land prior to PDC
      International or Newco;

   -- facilitating the issuance of the Land'a Certificate of
      "Hak Paka" title documents in the name of Newco and to
      ensure that the Land's Title Documents are valid and
      legally binding;

   -- ensuring that the tenure of the Land will not be less than
      20 years with the right to renew for a further period of
      20 years without any payment.  But in an event of Force
      Majeure, that will cause the annual harvest of the crop
      for any given year to be less than 50% of crop harvest
      estimate as determined by PDC International for that year,
      the Regency will extend the tenure of the Land for
      another year with no payment; and

   -- assisting PDC International in the application of all
      licenses and permits.

In return, PDC International will:

   -- invest in and fund the development of the Project and at
      the same time utilize the Land to cultivate corn or any
      crop that are deemed more viable and beneficial by PDC
      International from time to time in their own discretion;

   -- introduce modern agricultural technology and resources
      that is believed by PDC International to enhance the
      existing agriculture system on the Land, and at the same
      time provide guidance and professional advice that will
      benefit the agriculture workers;

   -- design and construct agriculture infrastructure within the
      Plantations like the storage and roasting facilities, farm
      access roads and offices;

   -- use its reasonable efforts to generate employment
      opportunities for the agricultural workers and to
      facilitate the increase of the productivity of resources,
      crop yield and quality in the Land; and

   -- use its reasonable efforts to implement the Project within
      a reasonable time once all requisite licenses and permits
      are received, and will complete the development work
      within a reasonable period of time, always taking into
      account the local conditions and other relevant factors as
      determined by PDC International.

Unless the parties have agreed otherwise and withstanding other
provisions of the Agreement, PDC International and Newco will
proceed with the Project if these conditions have been met:

   -- the satisfactory completion of the pilot farming exercise
      as determined conclusively by PDC International;

   -- the requisite approvals of the company and PDC
      International's Board of Directors and shareholders;

   -- the requisite approvals from the  regulatory bodies on the
      terms and conditions acceptable to PDC International;

   -- the requisite licenses and permits obtained on terms and
      conditions acceptable to PDC International;

   -- issuance of the Land Title Documents to Newco, for a
      minimum tenure of 60 years and on terms and conditions as
      are acceptable to PDC International.

Upon the satisfaction of these conditions, the Agreement will
remain in force until it is terminated in these circumstances:

   -- upon the occurrence of one of the Events of Default set
      out in the Agreement;

   -- PDC International serving 14 days written termination
      notice to the Regency in the event the commercial
      viability of the Project is believed to be unsatisfactory
      by PDC International; or

   -- PDC International giving notice to the Regency if any
      situation occurs, which in the opinion of PDC
      International gives reasonable grounds to believe that a
      material adverse change with respect to the political
      situation in Indonesia, the Project and the condition of
      the Regency has occurred.

                         About PDC Corp.

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

                          *     *     *

PDC Corporation's Auditors, Ernst & Young had issued their
report on the company's financial statement for the year ended
Dec. 31, 2005, highlighting a going concern issue, but without
qualifying their opinion.

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


PROLUX INTERNATIONAL: Pays First and Final Dividend
---------------------------------------------------
Prolux International Pte Ltd, which was placed under compulsory
liquidation, has paid the first and final dividend to its
creditors on Nov. 3, 2006.

The company paid 100% to all admitted preferential claims and
6% to all admitted ordinary claims.

The company's liquidator can be reached at:

         Tay Swee Sze & Associates
         137 Telok Ayer Street
         Singapore 068602


RAV GRAPHIC: Commences Wind-Up of Operations
--------------------------------------------
On Oct. 27, 2006, the High Court of Singapore has entered an
order directing RAV Graphic Pte Ltd to wind up its operations.

Moscow Narodny Bank Limited filed the wind-up petition against
the company.

Subsequently, the creditors of RAV Graphic are required to
submit their proofs of debt to the liquidator.

The Liquidator can be reached at:

         The Official Receiver
         45 Maxwell Road #05-11/#06-11
         The URA Centre (East Wing)
         Singapore 069118


READER'S DIGEST: Moody's Expands Scope of Ratings Review
--------------------------------------------------------
Moody's Investors Service is expanding the scope of its review
for downgrade of The Reader's Digest Association, Inc.'s after
the company's report that Ripplewood Holdings LLC will take the
company private for approximately US$2.4 billion.  

Moody's originally placed Reader's Digest's Ba1 Corporate Family
Rating and Ba2 senior unsecured note rating on review for
downgrade on Sept. 6, 2006.

Ratings Remaining On Review for Possible Downgrade:

   * Issuer: Reader's Digest Association, Inc.

      -- Corporate Family Rating, currently Ba1

      -- Probability of Default Rating, currently Ba1

      -- Senior Unsecured Regular Bond/Debenture, currently Ba2,
         LGD5, 82%

Moody's will evaluate Ripplewood's proposed financing structure
including the amount of any equity contribution, strategies to
grow revenues and enhance operating margins, and plans for asset
sales, but believe the cash purchase price will likely result in
a significant increase in leverage and a multi-notch downgrade
of the CFR.

Reader's Digest's existing US$300 million notes indenture has a
change of control provision that allows bondholders to put the
notes back to the company at 101% of par.  Moody's expects the
notes and the existing US$500 million credit agreement will be
retired if the acquisition closes at which point the rating on
the notes would be withdrawn.

As part of the review, Moody's will continue to evaluate the
company's plans to stabilize and reverse the significant
operating performance decline in the consumer business segments,
and improve working capital management in support of new product
introductions and the international expansion strategy.  Moody's
believes negative pressure remains on the rating if a leveraged
acquisition of the company does not close.

Headquartered in Pleasantville, New York, The Reader's Digest
Association, Inc, -- http://www.rda.com-- is a global publisher  
and direct marketer of products including magazines, books,
recorded music collections and home videos.  Products include
Readers Digest magazine, which is published in 50 editions and
21 languages.  Annual revenues approximate US$2.4 billion.

The company has offices in Singapore, Australia, Hong Kong,
Malaysia, Taiwan, and Philippines.


READER'S DIGEST: Ripplewood Offer Cues S&P Negative CreditWatch
----------------------------------------------------------------
Standard & Poor's Ratings Services reported that the 'BB'
ratings on Reader's Digest Association Inc. remain on
CreditWatch with negative implications, where they were placed
on Aug. 15, 2006.

The company entered into a definitive agreement to be acquired
by an investor group led by Ripplewood Holdings LLC for US$2.4
billion, including the assumption of debt.

"The transaction is expected to significantly increase debt
leverage, which is likely to result in a ratings downgrade,"
said Standard & Poor's credit analyst Hal F. Diamond.

Headquartered in Pleasantville, New York, The Reader's Digest
Association, Inc, -- http://www.rda.com-- is a global publisher  
and direct marketer of products including magazines, books,
recorded music collections and home videos.  Products include
Readers Digest magazine, which is published in 50 editions and
21 languages.  Annual revenues approximate US$2.4 billion.

The company has offices in Singapore, Australia, Hong Kong,
Malaysia, Taiwan, and Philippines.


SEA CONTAINERS: Wants to Set Up Interim Compensation Procedures
---------------------------------------------------------------
Sea Containers, Ltd. and its debtor-affiliates ask the United
States Bankruptcy Court for the District of Delaware to
establish uniform procedures for:

     (i) the allowance of interim compensation and reimbursement
         of expenses of professionals retained by court order;
         and

    (ii) the reimbursement of expenses incurred by the members
         of the Official Committee of Unsecured Creditors.

The Debtors have filed or intend to file applications to employ:

   (a) Sidley Austin LLP as general reorganization and
       bankruptcy counsel,

   (b) Young Conaway Stargatt & Taylor, LLP, as Delaware
       counsel,

   (c) PricewaterhouseCoopers LLP as financial advisor,

   (d) Kirkland & Ellis LLP as special conflicts litigation
       counsel,

   (e) Carter Ledyard & Milburn LLP as special counsel for U.S.
       corporate matters, and

   (f) Richards Butler LLP as special counsel for foreign legal
       matters.

The Debtors expect to hire other estate professionals in their
Chapter 11 cases.  The Creditors' Committee will likely seek to
retain its own professionals as well.

The Debtors want to streamline the professional compensation
process and enable the Court and all parties-in-interest to more
effectively monitor the fees incurred by the Professionals.  The
procedures will also reduce the financial burdens imposed on the
Professionals while awaiting final approval of their fees and
expenses.

Specifically, the Debtors propose that:

   (1) No earlier than the 25th day of each month following the
       month for which compensation is sought, each Professional
       seeking interim allowance of its fees and expenses may
       file an application and serve a copy of that application
       to:

         (a) the Office of the United States Trustee
             for the District of Delaware
             J. Caleb Boggs Federal Building, Rome 2207
             844 N. King Street
             Wilmington, DE 19801
             Attn: David Buchbinder, Esq.

         (b) the Debtors
             Sea Containers, Ltd.
             c/o Sea Containers Services Ltd.
             20 Upper Ground
             London SE1 9PF, United Kingdom
             Attn: Edwin S. Hetherington, Esq.

         (c) counsel to the Debtors
             Sidley Austin LLP
             One South Dearborn
             Chicago, IL 60603
             Attn: Larry J. Nyhan, Esq., and
                   Brian J. Lohan, Esq.

                    -- and --

             Young Conaway Stargatt & Taylor, LLP
             The Brandywine Building
             1000 West Street
             Wilmington, DE 19801
             Attn: Robert S. Brady, Esq.

         (d) counsel to the official committee

   (2) Each Notice Party will have 20 days to object to a
       Monthly Fee Application.  If there are no objections, the
       Debtors will be allowed to pay 80% of the Professional's
       fees and 100% of the expenses requested.  If objections
       are filed, the Debtors will be allowed to pay 80% of the
       undisputed fees and 100% of the undisputed expenses.  The
       first Monthly Fee Application will cover the period from
       the Petition Date through and including October 31, 2006.

   (3) The parties are encouraged to resolve timely objections
       filed.  If unsuccessful, the parties may seek a Court
       ruling on the Objection.  The Professionals may seek
       payment of the difference, if any, between the Maximum
       Interim Payment and the Actual Interim Payment made, or
       forego payment of the Incremental Amount until the next
       quarter fee application request hearing or final fee
       application hearing, at which time the Court will
       consider and rule on the Objection, if requested by the
       parties.

   (4) Beginning with the approximate three-month period from
       the Petition Date and ending on December 31, 2006, and at
       the end of each three-month period thereafter, each
       Professional must file with the Court and serve on the
       Notice Parties a notice requesting interim Court approval
       and allowance of compensation for services rendered and
       reimbursement of expenses sought in the Monthly Fee
       Applications filed during that period.  Each Quarterly
       Fee Application Request will be filed and served by no
       later than 45 days after the end of the applicable
       Interim Fee Period.  The first Interim Fee Application
       Deadline will be February 14, 2007.

   (5) The Debtors will ask the Court to schedule a hearing on
       Quarterly Fee Application Requests at least once every
       six months or at other intervals as the Court deems
       appropriate.

   (6) The pendency of an Objection will not disqualify a
       Professional from future payment.

   (7) All fees and expenses paid to Professionals in accordance
       with the Compensation Procedures are subject to
       disgorgement until final allowance by the Court.

The Debtors further ask the Court to allow each Committee Member
to submit statements of expenses and supporting vouchers to
counsel to the applicable Committee, who will collect and submit
those requests for reimbursement in accordance with the
Compensation Procedures as if that Committee Member were a
Professional.

                      About Sea Containers

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

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

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 4; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or  
215/945-7000)


TIONG POLESTAR: Pays Final Dividend to Creditors
------------------------------------------------
Tiong Polestar Engineering Pte Ltd, which is in liquidation, has
paid a final dividend to its creditors on Oct. 5, 2006.

The company paid 19.41% to all admitted claims.

The company's liquidator can be reached at:

         Jamshid K Medora
         22 Malacca Street
         Royal Brothers Building #08-02
         Singapore 048980


VALEANT PHARMA: S&P Cuts Corporate Credit Rating to B+ from BB-
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Costa
Mesa, Califorinia-based Valeant Pharmaceuticals International.
The corporate credit rating was lowered to 'B+' from 'BB-'.

The ratings remain on CreditWatch with negative implications,
where they were placed Oct. 24, 2006 to reflect the ongoing
uncertainty regarding the company's inability to file its Form
10-Q for the third quarter and the consequences if the company
is not able to resolve the situation in 60 days.

"The ratings downgrade reflects our concern regarding specialty
pharmaceutical company Valeant's continued struggles to generate
earnings and cash flow growth," explained Standard & Poor's
creditanalyst Arthur Wong.

Sales growth of the company's core product portfolio has been
tepid.  Valeant is highly reliant on product acquisitions for
growth.  Compelling product acquisition opportunities, however,
are few, and those that do exist are expensive for the company.
Valeant also faces increasing R&D funding needs and, with the
major setback in the development of its lead product prospect,
no new product launches are expected soon from the company's
internal pipeline.

The third-quarter 10-Q filing delay was attributed to Valeant's
need to restate its financials, possibly as far back as 1997,
due to errors in accounting for stock option grants.  This
failure to file on time constitutes a default of reporting
requirements under the company's convertible and high-yield note
agreements, which, if not cured within 60 days, could result in
an acceleration of the amounts outstanding under those notes.
Standard & Poor's will monitor the cost and ability of Valeant
to cope with this situation before resolving the CreditWatch
listing.

                 About Valeant Pharmaceuticals

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


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

TRUE CORP: Inks Interconnection Deal with Total Access
------------------------------------------------------
In a disclosure statement submitted before the Stock Exchange of
Thailand, True Corp Pcl announced that its board of directors
agreed to enter into Reference Interconnection Offer with Total
Access Pcl.

According to True Corp's statement, the two companies had agreed
on an interconnection rate, which charge a caller's network to
the receiving party's network of THB1 per minute with immediate
effect.

The interconnection deal will be submitted to the National
Telecommunications Commission for approval within 15 days.

The agreement, according to Reuters, was made after True Corp
and TAC joined forces to seek change in their access charge
payment to state firm TOT Pcl.

True Corp and TAC filed a joint complaint before the NTC
regarding the access charge paid by the two companies to TOT Pcl
for every mobile number to use fixed-line networks.  

True Move, True Corp's wholly owned subsidiary, and Total Access
have to pay an access charge to TOT Pcl for transferring mobile
call traffic to its fixed line network, Reuters relates.  True
Move and Total Access pay THB200 per minute access charge for
post-paid customers and 18% of revenues from pre-paid customers.

AIS, however, which operates under a concession from TOT, does
not have to pay an access charge, and pays a revenue-sharing
charge of 20% for the life of its concession through 2015,
compared with 20% to 30% for DTAC and True Move.

                          *     *     *

True Corporation Public Company Ltd's --
http://www.truecorp.co.th/--- principal activities are the  
provision of telecommunication services and various value-added-
services that includes: Digital Data Network Direct Inward
Dialing, Integrated Service Digital Network, Public Telephone,
Personal Communication Telephone Service, Multimedia and
Internet Service Provider.  Other activities include training
services, online games, rental services and investment holding.

Standard & Poor's Ratings Services, on July 27, 2006, affirmed
its BB long-term corporate credit rating on True Corp Public Co
Ltd.  The outlook is stable.

True Corp also currently carries Moody's corporate family rating
at Ba3, with stable outlook.


TRUE CORP: S&P Lowers Rating to BB- from BB
-------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on True Corp. Public Co. Ltd., Thailand's integrated
communications provider, to 'BB-' from 'BB'.  The outlook is
negative.
     
"The rating downgrade and negative outlook reflect the group's
weaker credit profile.  Since the second quarter of 2006, True
Corp.'s operating income margin (excluding operating lease
adjustment) has shown a continuous decline, dropping to 34% as
of Sept. 30, 2006, compared with its 2003-2005 average of 39%,"
said Standard & Poor's analyst Yasmin Wirjawan.

The profit margin decline is due to profitability pressure in
both fixed-line and wireless segments amid the recent
intensified competition in the domestic telecom market.  This
trend is expected to continue as pricing competition and heavy
promotions among the existing operators remain intense.  In
addition, domestic subscriber growth has subsided and wireless
penetration rate has reached more than 50%.  Given the
profitability pressure, True Corp.'s cash flow measures are
likely to remain weak with funds from operations to debt at
below 15% and debt to EBITDA above 4.5x in the near term.
     
True Corp.'s liquidity position is weak.  Its cash balance,
including restricted cash for debt service and short-term
investment of THB7.6 billion (US$208 million) as of Sept. 30,
2006, is not enough to cover debt due in one year of THB10.7
billion.  The company will need to seek refinancing to cover the
remaining near-term obligations.
      
"The negative outlook incorporates our view that there is about
a one-in-three chance that the group, amid the challenging
operating environment and its high leverage position, may breach
its debt financial covenant targets required, by certain
creditors, to be met by end-March 2007," said Ms. Wirjawan.

The financial covenants require that True Corp.'s stand-alone
senior debt to EBITDA reaches 4.0x by the end of March 2007,
while its cellular subsidiary, True Move Co. Ltd.'s net debt to
EBITDA has to reach 4.5x post March 2007.  These ratios are
currently at 4.5x for True Corp. and 5.5x for True Move (based
on the last four quarters of EBITDA), implying the group may
face difficulties meeting the requirements.  However, there is a
reasonable possibility that the relevant creditors may consider
a waiver, extension or novation of such requirements.
      
"In the event that the group breaches the required financial
covenants, the creditors may call technical default on the
debt," Ms. Wirjawan said.  "The rating may also be lowered if
the group's financial ratios continue to weaken materially from
the current metrics," Ms. Wirjawan added.
     
However, the outlook could be changed to stable if the company
improves its gearing position and turns around its profitability
and cash flow measures, including FFO to debt above 20% on a
sustainable basis, accompanied with no deterioration in its
business profile.  In addition, True Corp. will need to
demonstrate the ability to generate predictable and sustainable
positive free operating cash flow, while maintaining adequate
liquidity to fund its developments and future obligations.
      
"On the positive side, True Corp.'s credit profile is supported
by its strong market position in the domestic fixed-line,
broadband, and pay TV markets, and by its growing presence in
the cellular market," Ms. Wirjawan noted.  The company is one of
the two fixed-line service providers in the Bangkok Metropolitan
area with a 55% market share.  It controls about 80% of the
broadband market, and is the leading pay-TV provider in
Thailand.  Its cellular market share has increased to almost 19%
after four years of full commercial operation supported by
aggressive promotional campaign and expanded network coverage.


* Thousands of SMEs to Fold Due to Tough Overseas Competition
-------------------------------------------------------------
Nearly 10,000 small and medium-sized enterprises are expected to
fold this year due to fierce competition from overseas, The
Nation says, citing Jhitraporn Techacharn, director-general of
the Office of Small and Medium Enterprises Promotion.

These companies, the newspaper relates, are neither capital-
intensive to withstand cheap products from China and Vietnam,
nor quality-oriented to compete with products from the United
States and Europe.

In addition, Ms. Jhitraporn added that with the free-trade
agreements with countries like Australia, China and New Zealand,
many SMEs in various industries will go under.

SMEs also face strong domestic competition from large foreign
investors expanding in Thailand, especially in the retail
sector, Ms. Jhitraporn said.  In fact, a number of SMEs have
already closed.

SME business, The Nation notes, will comprise 4% of gross
domestic product this year, compared with 4.7% last year.  SME
business value had grown only slightly because of an increase in
operating costs and a lack of competitiveness, Ms. Jhitraporn
said.

"SMEs have to develop niche products and cheaper products
because they cannot compete with imports from China.  But they
have to develop trendy products or creative products that meet
demand both domestically and internationally," she said.

The office will spend THB700 million to help SMEs in the fiscal
year ending next September.


* BOND PRICING: For the Week 20 November to 24 November 2006
------------------------------------------------------------

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

AUSTRALIA & NEW ZEALAND
-----------------------
Ainsworth Game                        8.000%    12/31/09     1
Alinta Networks                       5.750%     9/22/10     7
APN News & Media Ltd                  7.250%    10/31/08     6
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                 8.600%    03/15/08     8
Fletcher Building Ltd                 7.800%    03/15/09     7
Fletcher Building Ltd                 8.850%    03/15/10     8
Fletcher Building Ltd                 7.550%    03/15/11     7
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     8
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
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
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     3


KOREA
-----
Korea Development Bank                7.350%    10/27/21    50
Korea Development Bank                7.450%    10/31/21    50
Korea Development Bank                7.400%    11/02/21    49
Korea Development Bank                7.310%    11/08/21    49


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
Dataprep Holdings Bhd                 4.000%    08/06/07     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
Greatpac Holdings Bhd                 2.000%    12/11/08     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
Kosmo Technology Industrial Bhd       2.000%    06/23/08     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
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%    03/28/07     2
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
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, Rousel Elaine Tumanda,
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.
   
TCR-AP subscription rate is $575 for 6 months delivered via e-
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
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***