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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, January 2, 2007, Vol. 10, No. 1

                            Headlines

A U S T R A L I A

BLACK&WHITE CROWD: Placed Under Members' Voluntary Wind-Up
CONTRABART MANAGEMENT: Court Orders Wind-Up
FPM CONSTRUCTIONS: Courts Order Wind Up
JKB CONSTRUCTIONS: To Declare First and Final Dividend
KNV ROOFING: Members Appoint Joint Liquidators

MIRAGE SPORTS: Undergoes Voluntary Liquidation
MTF INVESTMENTS: To Declare First Interim Dividend on Jan. 22
PRECISION CERAMICS: Names Warner and Sanderson as Liquidators
RONALD TAPP: Creditors Must Prove Debts by January 30
SPUDS SURF: Final Meeting Slated for January 30

WANNAWORK PTY: Members and Creditors to Receive Wind-Up Report


C H I N A   &   H O N G  K O N G

BALLY TOTAL: Grants Stock Options to New Employees
GLOBAL POWER: Committee Hires Schulte Roth as Counsel
GLOBAL POWER: Committee Hires Chanin Capital as Fin'l Advisors
GLOBAL POWER: U.S. Trustee Appoints 3-Member Equity Committee
GOLD EARTH: Members' Final Meeting Fixed on January 22

GUANGDONG INTERNATIONAL: Annual Meetings Slated for Jan. 11
HONG KONG BUS: Creditors' Proofs of Claim Due on January 22
KANSA GENERAL: Members and Creditors to Meet on January 12
PIZZA PIZZA: Members Pass Resolution to Wind Up Firm
PRUTON INTERNATIONAL: Members to Receive Wind-Up Report

REMY COINTREAU: S&P Revises Outlook to Neg. on Reorganization
SHATIN LUCKY: Ng Shung Mo Ceases to Act as Liquidator
THE LEESON: Schedules Members' Final Meeting on January 22
WIDE CHEER: Members Decide to Close Business
WORLD FIREFIGHTERS: Placed Under Members' Voluntary Wind-Up

YIZHENG CHEMICAL: Creditors' Proofs of Debt Due on Jan. 22


I N D I A

AES CORP: Entering Into Electric Transmission Business
FEDERAL BANK: Discloses Auditors' Observation in Sept. Report
HDFC BANK: Board to Meet on Jan. 11 to Consider 3Q Financials
ICICI BANK: Signs US$1-Bil. Syndicated Loan Facility
ICICI BANK: Sets Extraordinary General Meeting for Jan. 20

ICICI BANK: Allots 17,980 Equity Shares Under ESOS
INDIAN OIL: Board Declares 60% Interim Dividend
INDUSTRIAL DEVELOPMENT: To Finance Projects with Life Insurance
RELIANCE INDUSTRIES: S&P Affirms Long-term Currency Ratings
TATA POWER: CRISIL Puts Debt Programs on Rating Watch


I N D O N E S I A

ALCATEL-LUCENT: Builds Eutelsat Communications' W7 Satellite
ALCATEL-LUCENT: Partners with Deutsche Telekom in T-City Contest
COMVERSE TECH: Faces Delisting Due to Form 10-Q Filing Delay
GARUDA INDONESIA: Government Signs Decree to Inject IDR500 Bil.
GOODYEAR TIRE: Agrees on New Master Contract with Union

KERETA API: Halts Work On Double-Tracking Schemes Until January
METSO OYJ: Stock Option Subscriptions Hike Equity Capital
METSO OYJ: Cuts 222 Jobs at Valmet Automotive Unit
NORTEL NETWORKS: Inks US$2-Billion Verizon Wireless Supply Deal


J A P A N

CSC, SERIES 1 GK: Moody's Rates G-3 Pay-through Bond at B2
CSC, SERIES 1 GK: Fitch Gives Class G-3 Bond 'B' Rating
CSC, SERIES 1 GK: Moody's Rates G-3 Pay-through Bond at B2


K O R E A

DAEWOO ELECTRONICS: Completion Sale to Videocon Threatened
HANAROTELECOM: Signs Contract with 20th Century Fox
PANTECH CO: Korea Investment Denies Purchasing Bonds


M A L A Y S I A

NORTH BORNEO: To Hold 56th Annual General Meeting on Jan. 15
OLYMPIA INDUSTRIES: Seeks Addt'l. 3 Mos. to Complete Revamp Plan


N E W   Z E A L A N D

AQUAFARM SUPPLIES: Creditors Must Prove Debts by January 6
BE-WITCHED LTD: Creditors Must Prove Claims by January 30
CCY LTD: Petition Hearing Slated for January 24
ECOWORLD NZ: Creditors Must Lodge Claims by January 8
GRAY FUR: Faces Liquidation Proceedings

SHARIF ENTERPRISES: Appoints Joint Liquidators
SOUTHERN ALPINE: Court to Hear Liquidation Petition on Jan. 29
THE BUSINESS: Court Sets Liquidation Hearing on January 29
TOGETHER LTD: Shareholders Agree to Liquidate Business
TOP HAT: Shareholders Opt to Close Business

VERTICAL ROOFING: CIR Seeks to Liquidate Company


P H I L I P P I N E S

APEX MINING: Completes Initial Phase for Masara Mine
APEX MINING: Nine-Month Net Loss Balloons to PHP35.37 Million
BENPRES HOLDINGS: Posts 9-Month 2006 Net Income of PHP3.28 Bil.
DEVELOPMENT BANK: DBP President Wants Merger with Land Bank
PHIL. LONG DISTANCE: FPCL Awaits Gov't Go Signal to Make Offer

PHIL. NATIONAL BANK: 9-Month Net Income Improves 33% at PHP605MM
UNIWIDE HOLDINGS: Unit Ordered to Pay PHP11MM in Building Fees
* Earnings of Listed Firms Up 32% After 9 Months


S I N G A P O R E

SEA CONTAINERS: Services Files Schedules of Assets & Liabilities


T H A I L A N D

COMPUTER SCIENCES: Seeks Waiver of Default on US$200-Mil. Notes


* BOND PRICING: For the Week 18 December to 22 December 2006

     - - - - - - - -

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

BLACK&WHITE CROWD: Placed Under Members' Voluntary Wind-Up
----------------------------------------------------------
The members of Black&White Crowd Control Services Pty Ltd met on
Dec. 6, 2006, and resolved to voluntarily wind up the company's
operations.

In this regard, Nicholas Crouch was appointed as liquidator.

The Liquidator can be reached at:

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


CONTRABART MANAGEMENT: Court Orders Wind-Up
-------------------------------------------
On Dec. 4, 2006, the Supreme Court of Queensland ordered
Contrabart Management Pty Ltd to wind up its operations and
appointed A. R. Nicholls as official liquidator.

The Official Liquidator can be reached at:

         A. R. Nicholls
         c/o Nicholls & Co
         Chartered Accountants
         Suite 6, 459 Peel Street
         PO Box 271, Tamworth New South Wales 2340
         Australia


FPM CONSTRUCTIONS: Courts Order Wind Up
---------------------------------------
The Federal Court of Australia and the Supreme Court of New
South Wales each issued an order on Nov. 24, 2006, and Nov. 27,
2006, respectively, to wind up FPM Constructions Pty Ltd.

Accordingly, Steven Nicols was appointed as liquidator.

The Liquidator can be reached at:

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


JKB CONSTRUCTIONS: To Declare First and Final Dividend
------------------------------------------------------
JKB Constructions Pty Ltd will declare the first and final
dividend on Jan. 16, 2007.

In this regard, creditors are asked to file their proofs of debt
by Jan. 8, 2007, to be included in the dividend distribution.

The Troubled Company Reporter - Asia Pacific reported on Sept.
26, 2006, that the Supreme Court of New South Wales issued a
wind-up order against the company.

The Deed Administrator can be reached at:

         P. Ngan
         Ngan & Co
         Chartered Accountants
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia


KNV ROOFING: Members Appoint Joint Liquidators
----------------------------------------------
The members of KNV Roofing Pty Ltd met on Dec. 5, 2006, and
appointed Anthony Warner and Cliff Sanderson as joint and
several liquidators.

The Joint and Several Liquidators can be reached at:

         Anthony Warner
         Cliff Sanderson
         CRS Warner Sanderson
         Level 5, 30 Clarence Street
         Sydney, New South Wales 2000
         Australia
         Website: http://www.crswarnersanderson.com.au


MIRAGE SPORTS: Undergoes Voluntary Liquidation
----------------------------------------------
On Dec. 7, 2006, the members of Mirage Sports Boats Pty Ltd met
and resolved to voluntarily wind up the company's operations.

At the creditors' meeting held that same day, Morgan Kelly and
Steve Sherman were appointed as liquidators.

The Liquidators can be reached at:

         Morgan Kelly
         Steve Sherman
         Ferrier Hodgson
         Level 13, 225 George Street
         Sydney, New South Wales
         Australia


MTF INVESTMENTS: To Declare First Interim Dividend on Jan. 22
-------------------------------------------------------------
MTF Investments Pty Ltd will declare a first and interim
dividend on Jan. 22, 2007.

Creditors who will not be able to prove their claims by
Jan. 12, 2007, will be excluded from sharing in the dividend
distribution.

As reported in the Troubled Company Reporter - Asia Pacific, the
Supreme Court of New South Wales ordered to wind up the company
on July 19, 2005.

The official liquidator can be reached at:

         Thomas Javorsky
         c/o Jones Partners
         Insolvency & Business Recovery
         Australia
         Telephone:(02) 9251 5222


PRECISION CERAMICS: Names Warner and Sanderson as Liquidators
-------------------------------------------------------------
The members of Precision Ceramics Pty Ltd appointed Anthony
Warner and Cliff Sanderson as joint and several liquidators
during the general meeting held on Dec. 6, 2006.

The Joint and Several Liquidators can be reached at:

         Anthony Warner
         Cliff Sanderson
         CRS Warner Sanderson
         Level 5, 30 Clarence Street
         Sydney, New South Wales 2000
         Australia
         Website: http://www.crswarnersanderson.com.au


RONALD TAPP: Creditors Must Prove Debts by January 30
-----------------------------------------------------
At a general meeting held on Dec. 11, 2006, the members of
Ronald Tapp Holdings Pty Ltd resolved to voluntarily wind up the
company's operations and appointed Roderick Mackay Sutherland as
liquidator.

In this regard, Mr. Sutherland requires the company's creditors
to prove their debts by Jan. 30, 2007, or they will be excluded
from the company's distribution.

The Liquidator can be reached at:

         Roderick Mackay Sutherland
         Jirsch Sutherland
         Chartered Accountants
         Level 2, 84 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9233 2111
         Facsimile:(02) 9233 2144


SPUDS SURF: Final Meeting Slated for January 30
-----------------------------------------------
The final meeting of the members and creditors of Spuds Surf
Victoria Avenue Pty Ltd will be held on Jan. 30, 2007, at 11:30
a.m., to consider Liquidator Pascoe's final report.

According to the Troubled Company Reporter - Asia Pacific, the
company's creditors decided to wind up its business on June 30,
2006.

The Liquidator can be reached at:

         Scott Pascoe
         Sims Partners
         Level 24, Australia Square
         264 George Street, Sydney
         New South Wales 2001
         Australia
         Telephone: 9241 3422


WANNAWORK PTY: Members and Creditors to Receive Wind-Up Report
--------------------------------------------------------------
The members and creditors of Wannawork Pty Ltd will meet on
Jan. 22, 2007, at 11:30 a.m., to receive a report on the
company's wind-up proceedings from Liquidator C. Wykes.

As reported in the Troubled Company Reporter - Asia Pacific, the
company commenced the wind-up of its operations on Oct. 11,
2005.

The Liquidator can be reached at:

         C. Wykes
         Lawler Partners
         Chartered Accountants
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia


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

BALLY TOTAL: Grants Stock Options to New Employees
--------------------------------------------------
Bally Total Fitness granted stock options under its Inducement
Plan adopted in 2005 to new employees Jerry Rezabek and
Stephanie Burnham.

Mr. Rezabek will be Bally Total's assistant vice president in
accounting, while Ms. Burnham will be the firm's senior director
in market research.

Mr. Rezabek received 5,000 stock options and Ms. Burnham
received 4,000 stock options.  These inducement stock options
vest in three equal annual installments on the anniversary of
the grant date and are subject to forfeiture in the event of
resignation or termination for cause prior to vesting.

Under the New York Stock Exchange (NYSE) Rule 303A.08, these
inducement stock option grants require a public announcement of
the awards and written notice to the NYSE.

Bally Total Fitness Holding Corp. --
http://www.Ballyfitness.com/-- is the largest and only United
States-wide commercial operator of fitness centers, with over
400 facilities located in 29 states, and in Mexico, Canada,
Korea, the Caribbean, and China under the Bally Total Fitness,
Bally Sports Clubs and Sports Clubs of Canada brands.  Bally
offers a unique platform for distribution of a wide range of
products and services targeted to active, fitness-conscious
adult consumers.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Oct. 20, 2006, that Moody's Investors Service affirmed the Caa1
rating on Bally Total Fitness Holding Corp.'s US$235 million
10.5% senior unsecured notes (guaranteed) due 2011 and the Caa3
rating on the company's US$300 million 9.875% senior
subordinated notes due 2007.  Moody's said the rating outlook
remains negative.


GLOBAL POWER: Committee Hires Schulte Roth as Counsel
-----------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
allowed the Official Committee of Unsecured Creditors appointed
in Global Power Equipment Group Inc. and its debtor-affiliates'
chapter 11 cases, to employ Schulte Roth & Zabel LLP as its
counsel.

Schulte Roth is expected to:

   a) assist and advise the Committee in its consultations with
      the Debtors, other committees, if any, and other parties-
      in-interest relative to the overall admnistration of the
      estates;

   b) represent the Committee at hearings to be held before the
      Court and communicate with the Committee regarding the
      matters heard and issues raised, as well as the decisions
      and considerations of the Court;

   c) assist and advise the Committee in its examination and
      analysis of the Debtors' financial affairs;

   d) review and analyze all applications, orders, operating
      reports, schedules and statements of financial affairs
      filed or to be filed with the Court by the Debtors or
      other interested parties in the Debtors' cases; advise the
      Committee as to the necessity and propriety of the
      foregoing and their impact on the rights of unsecured
      creditors, and upon the cases generally; and after
      consultation with and approval from the Committee or its
      designee(s), consent to appropriate orders on its behalf;

   e) assist the Committee in preparing appropriate legal
      pleadings and proposed orders as may be required in
      support of positions taken by the Committee and preparing
      witnesses and reviewing relevant documents;

   f) coordinate the receipt and dissemination of information
      prepared by and received from the Debtors' attorneys,
      accountants, financial advisors or other professionals
      retained in the Debtors' cases, as well as any information
      as may be received from other professionals engaged by the
      Committee and other committees;

   g) advise the Committee in connection with the Debtors'
      solicitation and filing with the Court of acceptances or
      rejections of any proposed plan or plans of
      reorganizations or liquidation; and

   f) perform all other necessary legal services and provide
      for, and all other necessary legal advice to, the
      Committee in these chapter 11 cases.

Jeffrey S. Sabin, Esq., at Schulte Roth, discloses that the
firm's professionals bill:

          Designation                 Hourly Rate
          -----------                 -----------
          Partners                  US$580 - US$800
          Special Counsel               US$550
          Associates                US$225 - US$525
          Legal Assistants          US$130 - US$265

Mr. Sabin assures the Court that his firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

Headquartered in Tulsa, Oklahoma, Global Power Equipment Group
Inc. aka GEEG Inc. -- http://www.globalpower.com/-- provides
power generation equipment and maintenance services for its
customers in the domestic and international energy, power and
infrastructure and service industries.  The Company designs,
engineers and manufactures a range of heat recovery and
auxiliary equipment primarily used to enhance the efficiency and
facilitate the operation of gas turbine power plants as well as
for other industrial and power-related applications.  The
company has facilities in Plymouth, Minnesota; Tulsa, Oklahoma;
Auburn, Massachusetts; Atlanta, Georgia; Monterrey, Mexico;
Heerleen, Netherlands; Shanghai, China; and Nanjing, China.

The Company and 10 of its affiliates filed for chapter 11
protection on Sept. 28, 2006 (Bankr. D. Del. Case No 06-11045).
Attorneys at White & Case LLP and The Bayard Firm, P.A.,
represent the Debtors.  The Official Committee of Unsecured
Creditors appointed in the Debtors' cases has selected Landis
Rath & Cobb LLP as its counsel.  As of Sept. 30, 2005, the
Debtors reported total assets of US$381,131,000 and total debts
of US$123,221,000.  The Debtors' exclusive period to filed a
chapter 11 plan expires on Jan. 26, 2007.


GLOBAL POWER: Committee Hires Chanin Capital as Fin'l Advisors
--------------------------------------------------------------
The United States Bankruptcy Court for the District of Delaware
allowed the Official Committee of Unsecured Creditors appointed
in Global Power Equipment Group Inc. and its debtor-affiliates'
chapter 11 cases, to retain Chanin Capital Partners as its
financial advisors.

Chanin Capital will:

   a) review and analyze the Debtors' operations, financial
      condition, business plan, strategy, and operating
      forecasts;

   b) analyze any merger, divestiture, joint-venture, or
      investment transaction;

   c) assist in the determination of an appropriate go-forward
      capital structure for the Debtors;

   d) assist the Committee in developing, evaluating,
      structuring and negotiating the terms and conditions of a
      restructuring or reorganization plan, including the value
      of the securities, if any, that may be issued to the
      Committee under any restructuring or plan;

   e) provide testimony, as necessary, before the Bankruptcy
      Court; and

   f) provide the Committee with other appropriate general
      restructuring advice and litigation support.

Brent Williams, a Chanin Capitals managing partner, discloses
that his firm will charge the Committee at a standard flat
monthly rate of US$75,000.

Mr. Williams assures the Court that his firm does not hold any
interest adverse to the Debtors or their estates.

Headquartered in Tulsa, Oklahoma, Global Power Equipment Group
Inc. aka GEEG Inc. -- http://www.globalpower.com/-- provides
power generation equipment and maintenance services for its
customers in the domestic and international energy, power and
infrastructure and service industries.  The Company designs,
engineers and manufactures a range of heat recovery and
auxiliary equipment primarily used to enhance the efficiency and
facilitate the operation of gas turbine power plants as well as
for other industrial and power-related applications.  The
company has facilities in Plymouth, Minnesota; Tulsa, Oklahoma;
Auburn, Massachusetts; Atlanta, Georgia; Monterrey, Mexico;
Heerleen, Netherlands; Shanghai, China; and Nanjing, China.

The Company and 10 of its affiliates filed for chapter 11
protection on Sept. 28, 2006 (Bankr. D. Del. Case No 06-11045).
Attorneys at White & Case LLP and The Bayard Firm, P.A.,
represent the Debtors.  The Official Committee of Unsecured
Creditors appointed in the Debtors' cases has selected Landis
Rath & Cobb LLP as its counsel.  As of Sept. 30, 2005, the
Debtors reported total assets of US$381,131,000 and total debts
of US$123,221,000.  The Debtors' exclusive period to filed a
chapter 11 plan expires on Jan. 26, 2007.


GLOBAL POWER: U.S. Trustee Appoints 3-Member Equity Committee
-------------------------------------------------------------
Kelly Beaudin Stapleton, the United States Trustee for Region 3
appointed three creditors to serve on an Official Committee of
Equity Security Holders of Global Power Equipment Group Inc. and
its debtor-affiliates' chapter 11 cases:

   1. PPM America Private Equity Fund, L.P.
      Attn: Patrick John Lanigan
      225 W. Wacker, Suite 1200
      Chicago, IL 60606
      Tel: (312) 634-2559
      Fax: (312) 634-0728;

   2. Zesiger Capital Group LLC
      Attn: Robert K. Winters
      320 Park Avenue
      New York, NY 10022
      Tel: (212) 508-6300
      Fax: (212) 508-6329

   3. Frank E. Williams, Jr.
      P.O. Box 4004
      Merrifield, VA 22116
      Tel: (703) 641-4612
      Fax: (703) 641-9082

Headquartered in Tulsa, Oklahoma, Global Power Equipment Group
Inc. aka GEEG Inc. -- http://www.globalpower.com/-- provides
power generation equipment and maintenance services for its
customers in the domestic and international energy, power and
infrastructure and service industries.  The Company designs,
engineers and manufactures a range of heat recovery and
auxiliary equipment primarily used to enhance the efficiency and
facilitate the operation of gas turbine power plants as well as
for other industrial and power-related applications.  The
company has facilities in Plymouth, Minnesota; Tulsa, Oklahoma;
Auburn, Massachusetts; Atlanta, Georgia; Monterrey, Mexico;
Heerleen, Netherlands; Shanghai, China; and Nanjing, China.

The Company and 10 of its affiliates filed for chapter 11
protection on Sept. 28, 2006 (Bankr. D. Del. Case No 06-11045).
Attorneys at White & Case LLP and The Bayard Firm, P.A.,
represent the Debtors.  The Official Committee of Unsecured
Creditors appointed in the Debtors' cases has selected Landis
Rath & Cobb LLP as its counsel.  As of Sept. 30, 2005, the
Debtors reported total assets of US$381,131,000 and total debts
of US$123,221,000.  The Debtors' exclusive period to filed a
chapter 11 plan expires on Jan. 26, 2007.


GOLD EARTH: Members' Final Meeting Fixed on January 22
------------------------------------------------------
The final meeting of the members of Gold Earth Enterprises Ltd
will be held on Jan. 22, 2007, at 4:30 p.m., to consider the
liquidator's account of the company's wind-up proceedings.

As reported in the Troubled Company Reporter - Asia Pacific, the
company commenced a wind-up of its operations on Feb. 27, 2006.

The liquidator can be reached at:

         Lam Ying Sui
         Room 1005 Allied Kajima Building
         138 Gloucester Road, Wanchai
         Hong Kong


GUANGDONG INTERNATIONAL: Annual Meetings Slated for Jan. 11
-----------------------------------------------------------
The annual meetings of the members and creditors of Guangdong
International Trust & Investment Corporation Hong Kong
(Holdings) Ltd will be held on Jan. 11, 2007, at 9:00 a.m. and
9:30 a.m., respectively.

At the meeting, the liquidators will present an account of the
company's wind-up proceedings during the preceding year.

The liquidators can be reached at:

         Gabriel CK Tam
         Jacky CW Muk
         KPMG
         8/F, Prince's Building
         10 Chater Road, Central
         Hong Kong


HONG KONG BUS: Creditors' Proofs of Claim Due on January 22
-----------------------------------------------------------
Liquidator Cham Yuen requires the creditors of Hong Kong Bus
Body Works Manufacturers' Association Ltd to submit their proofs
of claim by Jan. 22, 2007.

Creditors who fail to submit their proofs of claim by the due
date will be excluded from sharing in any distribution the
company will make.

As reported in the Troubled Company Reporter - Asia Pacific, the
company entered wind-up proceedings on Dec. 13, 2006.

The Liquidator can be reached at:

         Cham Yuen
         Flat B, 12/F
         Block 2, Villa Art Deco
         9 Town Park Road South
         Yuen Long, N.T.
         Hong Kong


KANSA GENERAL: Members and Creditors to Meet on January 12
----------------------------------------------------------
The members and creditors of Kansa General International
Insurance Company Ltd, Hong Kong Branch will hold separate
meetings on Jan. 12, 2007, at 10:00 a.m. and 10:30 a.m.,
respectively.

During the meeting, the following resolutions are to be
considered:

   -- that an application pursuant to section 206(1) of the
      Companies Ordinance be made for the appointment of a
      Committee of inspection to act with the liquidator; and

   -- that the Committee be comprised of two members: Kansa
      International Corporation Limited and South China
      Insurance Co Limited.

The liquidator can be reached at:

         Nicholas Timothy Cornforth Hill
         Alvarez and Marsal Asia Limited
         5/F Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong
         Telephone:(852) 3102 2600
         Fax:(852) 2598 0060
         E-mail: rbaker@alvarezandmarsal.com


PIZZA PIZZA: Members Pass Resolution to Wind Up Firm
----------------------------------------------------
The members of Pizza Pizza Ltd met on Dec. 19, 2006, and passed
a special resolution to voluntarily wind up the company's
operations.

Accordingly, J P Walsh was appointed as liquidator and was
authorized to divide the company's assets.

The Liquidator can be reached at:

         J P Walsh
         1403 Dominion Centre
         43-59 Queen's Rd East
         Hong Kong


PRUTON INTERNATIONAL: Members to Receive Wind-Up Report
-------------------------------------------------------
The members of Pruton International Company Ltd will meet on
Jan. 22, 2007, at 4:00 p.m., to receive a report of the
company's wind-up proceedings from Liquidator Lam Ying Sui.

The Troubled Company Reporter - Asia Pacific previously reported
that the company's members resolved to wind up the company's
operations on Feb. 27, 2006.

The Liquidator can be reached at:

         Lam Ying Sui
         Room 1005 Allied Kajima Building
         138 Gloucester Road, Wanchai
         Hong Kong


REMY COINTREAU: S&P Revises Outlook to Neg. on Reorganization
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
France-based spirits and wine group Remy Cointreau S.A. to
negative from stable.  At the same time, Standard & Poor's
affirmed its 'BB-' long-term corporate credit and senior
unsecured debt ratings on the group.

"The outlook revision reflects our concerns about the execution
of the group's reorganization of distribution -- expected over
the next couple of years -- and associated costs, in a context
of slowing growth in the important U.S. cognac market," said
Standard & Poor's credit analyst Vincent Allilaire.

In December 2006, Remy announced the financial conditions of its
intended departure from its main current distribution partner,
the Maxxium joint venture, in March 2009.  Maxxium handles about
44% of the group's sales in volume.  Standard & Poor's believes
the planned and chosen reorganization of distribution should
have no overall lasting negative impact on the quality of Remy's
business.  Nevertheless, the reorganization induces some
execution risk in the choice of and transition to new
distribution routes, as well as in the development of
proprietary distribution in the growing, but competitive, Asian
markets.  Furthermore, this transition takes place in a context
of slowing cognac sales (in volume) for the category in the
U.S., the largest market globally.

Standard & Poor's expects that, despite underlying progress in
price and mix management, underlying profits may be constrained
by additional costs linked to the reorganization of the group's
distribution and additional marketing costs in Asian markets.
The group's profits could also be negatively affected by a
possible slow-down in the U.S. market.

"The ratings or outlook could be revised upward should Remy
manage to maintain its cash flows to levels sufficient to allow
for further deleveraging on a sustainable basis, despite
expected still-high dividend payments and the one-off impact of
the group's exit fee from its current distribution
arrangements," Mr. Allilaire added.  "Conversely, downward
pressure would apply should R,my fail to sustain a financial
profile in line with the current ratings due to operating
performance, acquisitions, or increased shareholder returns."

Headquartered in Cognac, France, Remy Cointreau --
http://www.remycointreau.com/-- offers a range of premium wine
and spirit brands, known and recognized throughout the world.
These brands include, among others, Remy Martin, Cointreau,
Passoa, Metaxa, Mount Gay Rum, Charles Heidsieck and Piper-
Heidsieck.  The company has distribution facilities in China.


SHATIN LUCKY: Ng Shung Mo Ceases to Act as Liquidator
-----------------------------------------------------
On Dec. 16, 2006, Ng Shung Mo ceased to act as liquidator of
Shatin Lucky Plaza Ltd.

As reported by the Troubled Company Reporter - Asia Pacific, Mr.
Ng presented a wind-up report during the members' meeting on
Dec. 15, 2006.

The former Liquidator can be reached at:

         Ng Shung Mo
         12/F, Grand Court
         6 Babington Path, Mid Level
         Hong Kong


THE LEESON: Schedules Members' Final Meeting on January 22
----------------------------------------------------------
The Leeson Organization Holding Ltd, which is in members'
voluntary liquidation, will hold a final general meeting on
Jan. 22, 2007, at 3:00 p.m.

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

The Liquidator can be reached at:

         Lam Ying Sui
         Room 1005 Allied Kajima Building
         138 Gloucester Road, Wanchai
         Hong Kong


WIDE CHEER: Members Decide to Close Business
--------------------------------------------
At an extraordinary general meeting held on Dec. 18, 2006, the
members of Wide Cheer Investment Ltd passed a special resolution
to voluntarily liquidate the company's business.

In this regard, Chan Shet Hung Suzanne and Li Chi Chung were
appointed as joint and several liquidators and were authorized
to divide the company's assets.

The Joint and Several Liquidators can be reached at:

         Chan Shet Hung Suzanne
         Li Chi Chung
         83 Des Voeux Road, Central
         Hong Kong


WORLD FIREFIGHTERS: Placed Under Members' Voluntary Wind-Up
-----------------------------------------------------------
On Dec. 16, 2006, the members of World Firefighters Games and
Conference 2006 Ltd met and passed a special resolution to
voluntarily wind up the company's operations.

Ho Siu Kau was subsequently appointed as liquidator.

The Liquidator can be reached at:

         Ho Siu Kau
         Room 1406
         China Insurance Group Building
         141 Des Voeux Road, Central
         Hong Kong


YIZHENG CHEMICAL: Creditors' Proofs of Debt Due on Jan. 22
----------------------------------------------------------
Creditors of Yizheng Chemical Fibre International Investment
(H.K.) Ltd are required to submit their proofs of debt to
Liquidators Thomas Andrew Corkhill and Iain Ferguson Bruce, by
Jan. 22, 2007.

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

The Liquidators can be reached at:

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


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

AES CORP: Entering Into Electric Transmission Business
------------------------------------------------------
The AES Corp. is entering the electric transmission business as
part of its overall growth strategy for North America.  Through
a new wholly owned subsidiary, AES said it has acquired the
development pipeline and trade name from Trans-Elect, LLC, a
leading transmission developer.

In addition, AES disclosed that the new subsidiary has entered
into an agreement with Trans-Elect's former management team to
jointly develop projects across North America to extend and
improve the nation's electricity grid.

"We see significant potential for transmission development in
North America with grid investment expected to nearly double by
2010.  Increasing congestion costs in many high demand areas of
the country, the growing development of renewable generation
located far from load centers, and enhanced regulatory support
at the state, regional, and federal levels are driving this
growth," said David Gee, President of AES North America.

"Independent electric transmission is a natural complement to
our existing generation development business. We also see
significant synergy and opportunity in working with Trans-
Elect's development team as they are proven and respected in the
transmission business."

Trans-Elect was formed in 1999 as the first independent
transmission company in North America to pursue the development
of independently owned electric transmission with the goal of
increasing the reliability of the system and lowering costs to
consumers.  Since 2002, Trans-Elect has acquired an interest in
the AltaLink transmission system in Alberta, Canada, purchased
Consumers Energy's Michigan transmission system and secured
financing to construct the expansion of the Path 15 transmission
line in California.  Before being sold to third parties, these
assets totaled 12,600 miles of transmission assets under
management.

"Trans-Elect is proud to have pioneered independent electric
transmission ownership and new transmission development in this
country," said Bob Mitchell, Chief Executive Officer of Trans-
Elect Development, LLC, and a former executive at Trans-Elect.
"We are excited about this new relationship with AES as they
have been a creative force in developing independent generation
in the US.  Additionally, we believe that AES's development
skills, industry relationships, and financing capabilities will
enhance our efforts to meet the nation's electricity needs."

Transmission investment in the United States has increased
dramatically since the late 1990's from US$2.5 billion in 1998
to US$5.5 billion in 2005.  According to the Edison Electric
Institute, transmission investment could reach US$8.0 billion
per year by 2008 and US$10.0 billion or more by 2010.

                          About AES Corp.

AES Corporation -- http://www.aes.com/-- is a global power
company.  The company operates in South America, Europe, Africa,
Asia and the Caribbean countries.  Generating 44,000 megawatts
of electricity through 124 power facilities, the company
delivers electricity through 15 distribution companies.

The company has presence in India, China and Sri Lanka.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
Given-Default rating methodology.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.


FEDERAL BANK: Discloses Auditors' Observation in Sept. Report
-------------------------------------------------------------
Federal Bank Ltd informed the Bombay Stock Exchange that in its
limited review report for the quarter ended Sept. 30, 2006, the
auditors made this observation:

   "The effect if any as consequent of the unadjusted items in
   inter-branch / office transactions as on September 30, 2006
   is not considered in the statement."

As reported in the Troubled Company Reporter - Asia Pacific on
Oct. 26, 2006, Federal Bank's third quarter 2006 financials
showed INR694.6 million in net profit or earnings per share of
INR8.11.

Headquartered in Aluva, India, the Federal Bank Limited --
http://www.federal-bank.com/-- is engaged in the banking
business, offering a number of deposit products to its retail
customers, including non-resident Indians, such as savings bank
account, current deposits, time deposits and recurring deposits
with suitable variations for customized products targeting
different groups, including students, salaried employees and
senior citizens.

Fitch Ratings gave Federal Bank a support rating of 5 on
July 22, 2003.


HDFC BANK: Board to Meet on Jan. 11 to Consider 3Q Financials
-------------------------------------------------------------
HDFC Bank Ltd's board of directors will hold a meeting on
Jan. 11, 2007, the bank informs the Bombay Stock Exchange in a
regulatory filing.

During the meeting, the board will consider and approve the
bank's unaudited financial results (provisional) for the third
quarter ending Dec. 31, 2006.

Headquartered in Mumbai, India, HDFC Bank Limited --
http://www.hdfcbank.com/-- is a private sector bank that offers
a range of commercial and transactional banking services and
treasury products to wholesale and retail customers.  The bank
operates in three segments: retail banking, wholesale banking
and treasury services.  The retail banking segment serves retail
customers through a branch network and other delivery channels.
The wholesale banking segment provides loans and transaction
services to corporate and institutional customers.  The treasury
services segment undertakes trading operations on the
proprietary account, foreign exchange operations and derivatives
trading.

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


ICICI BANK: Signs US$1-Bil. Syndicated Loan Facility
----------------------------------------------------
ICICI Bank Ltd signed a US$1 billion yen-equivalent syndication
loan agreement in Geneva on Dec. 20, 2006.  The facility is
split into three tranches:

   * US$350 million 364-day tranche (tranche A);

   * US$450 million two-year tranche (tranche B); and

   * US$200 million three-year tranche (tranche C).

There has been strong investor interest in the syndication.  A
total of 26 banks participated in the syndication facility --
the widest participation for any Indian Bank syndication in the
international markets.  The Bank concluded this transaction in a
record time of one month from the date the mandate was awarded.

Ms. Chanda Kochhar, Deputy Managing Director, of the Bank said,
"The US$1 billion syndication is a benchmark deal as this
facility marks the largest syndicated loan for an Indian bank
borrower.  We are delighted with the widespread interest this
deal has generated from the leading banks across the globe.  It
is heartening to see a number of new players participating in
this deal."

Banca Intesa S.P.A., The Bank of Tokyo-Mitsubishi UFJ, Ltd.,
BayernLB, BNP Paribas, Calyon, Chinatrust Commercial Bank Ltd,
Fortis Bank S.A. / N.V., The Hongkong and Shanghai Banking
Corporation Ltd, Lloyds TSB Bank PLC, Mizuho Corporate Bank Ltd,
Natixis, The Royal Bank of Scotland PLC, Standard Chartered
Bank, Sumitomo Mitsui Banking Corporation are the 14 Mandated
Lead Arrangers for the syndication.

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

                          *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

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


ICICI BANK: Sets Extraordinary General Meeting for Jan. 20
----------------------------------------------------------
ICICI Bank Ltd informs the Bombay Stock Exchange that the bank's
members will hold an Extraordinary General Meeting on Jan. 20,
2007, to accord approval to the amalgamation with The Sangli
Bank Ltd with effect from the date on which the Scheme is
sanctioned by the Reserve Bank of India or a another date as may
be specified by RBI.

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 12, 2006, ICICI Bank's board of directors approved the
amalgamation with Sangli Bank.

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

                          *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

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


ICICI BANK: Allots 17,980 Equity Shares Under ESOS
--------------------------------------------------
ICICI Bank Ltd allotted 17,980 equity shares of face value of
INR10 each on Dec. 18, 2006, a filing with the Bombay Stock
Exchange discloses.

The allotment is pursuant to the Employees Stock Option Scheme,
2000, the BSE filing says.

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

                          *     *     *

Fitch Ratings gave ICICI a 'C' Individual Rating.

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


INDIAN OIL: Board Declares 60% Interim Dividend
-----------------------------------------------
Indian Oil Corporation Ltd's board of directors approves the
company's declaring an interim dividend of 60% (INR6 per share)
for the financial year 2006-07.

The board arrived at the decision at its meeting held on
Dec. 22, 2006.

Headquartered in New Delhi, Indian Oil Corporation Limited --
http://www.iocl.com/-- is engaged in the sale of petroleum
products.  Other businesses comprise the sale of imported crude
oil, sale of gas, petrochemicals and oil and gas exploration
activities jointly undertaken in the form of unincorporated
joint ventures.  The company's premium fuels include XTRAPREMIUM
petrol and XTRAMILE diesel.  AutoGas is Indian Oil's auto liquid
petroleum gas brand and sells SERVO lubricants in 10 countries.
The aviation fuel supply business caters to the aviation fuel
requirements of the defense services, national carriers,
scheduled private airlines and international airlines.  The
Digboi Refinery of the Assam Oil Division processes crude oil
and its marketing network comprises 366 retail outlets, 399
kerosene/light diesel oil dealerships, and 271 Indane
distributors.  It owns and operates 18 refineries with a
combined refining capacity of 54.20 million tones per annum (1.1
million barrels per day).

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
April 21, 2006, that Standard & Poor's Ratings Services revised
the outlook on Indian Oil to positive from stable.  At the same
time, S&P affirmed the 'BB+' issuer credit rating on the
Company.  The outlook revision follows the revision in the
outlook on the sovereign credit ratings on India
(BB+/Positive/B) on April 19, 2006.

Additionally, Moody's Investors Service gave Indian Oil a Ba1
long-term corporate family rating and a Ba2 issuer rating on
March 3, 2005.


INDUSTRIAL DEVELOPMENT: To Finance Projects with Life Insurance
---------------------------------------------------------------
Industrial Development Bank of India Ltd signed a Memorandum of
Understanding on Dec. 21, 2006, with Life Insurance Corporation
of India Ltd, the bank discloses in a regulatory filing with the
Bombay Stock Exchange.

Under the deal, the parties will undertake joint and take-out
financing of long-gestation projects, including infrastructure
projects.

Industrial Development Bank of India is a scheduled bank
incorporated and registered under the Companies Act, 1956,
having its registered office at Mumbai, India.  IDBI enjoys the
status of a public financial institution.  IDBI is also
categorised under a new sub-group 'Other Public Sector Banks'.
The government of India holds 52.68% of the issued capital of
IDBI.  IDBI was originally established in 1964 as a wholly owned
subsidiary of RBI to provide credit and other facilities for the
development of industry.  In 1976, the ownership of IDBI was
transferred from RBI to the Central Government and IDBI was
entrusted with the additional responsibility of acting as the
principal development financial institution responsible for
coordinating the activities of institutions engaged in the
financing, promotion or development of industry.  IDBI has a
long-standing business relationship with more than 3,000
corporate clients and over five million retail investors.
Currently, IDBI has a network of 181 branches, four extension
counters and 396 ATMs in 103 centres.  IDBI provides a wide
range of products and services in the financial sector to both
retail and corporate clientele.  The range of diversified
services includes project financing, term lending, working
capital facilities, lease finance, venture capital, loan
syndication, corporate advisory services and legal and technical
advisory services to its corporate clients as well as mortgages
and personal loans to its retail clients.  As part of IDBI's
development activities, the bank has been instrumental in
sponsoring and supporting the development of key institutions
involved in India's financial sector.  In this mode, IDBI has
played a key role in the formation of the Securities and
Exchange Board of India.  IDBI has also sponsored the National
Stock Exchange of India Limited, which first introduced
electronic trading in securities in India.  IDBI maintains an
arm's-length business relationship with its subsidiaries and
affiliates.  More detailed information on IDBI is available on
http://www.idbi.com/

                          *     *      *

The Troubled Company Reporter - Asia Pacific reported on
July 28, 2006, that Moody's Investors Service assigned a D-
financial strength rating and Ba2/Not-Prime long- and short-term
foreign currency deposit ratings to Industrial Development Bank
of India Limited.  All ratings have stable outlooks.  The bank's
existing Baa2 foreign currency senior unsecured debt rating was
unaffected by this action.

Additionally, Standard & Poor's Ratings Services gave IDBI's
long-term foreign issuer credit a BB+ rating on April 19, 2006.


RELIANCE INDUSTRIES: S&P Affirms Long-term Currency Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services, on Dec. 29, 2006, affirmed
its long-term foreign and local currency ratings on India's
Reliance Industries Ltd. at 'BBB'.  The outlook is stable.

"The affirmation reflects Reliance's dominant competitive
position, the relatively stable medium term prospects for its
core refining and petrochemical businesses, and an overall
moderate financial profile of the company," said Standard &
Poor's credit analyst Anshukant Taneja.

The ratings factor in the likelihood of timely completion of its
ongoing projects, specifically the new refinery at Jamnagar,
India.  The ratings are also underpinned by the expectation that
Reliance would pursue its noncore businesses, specifically
investments in the retail sector, in a modular phased-out
manner, as an accelerated investment strategy can weigh on the
company's overall credit profile.

"The ratings remain constrained by Reliance's exposure to highly
cyclical industries, large capital commitments in its refining,
exploration and production businesses, and uncertainties in
developing its reportedly large gas reserves," added Mr. Taneja.

Standard & Poor's views Reliance's Indian rupee INR617 billion
(US$13.5 billion) capital expenditure plan with caution, given
potential softening in the petrochemical cycle, reduced demand
for refined petroleum products, and uncertainties related to the
company's upstream gas business.

Lower-than-expected cash flows for funding a part of the capital
expenditure could mean higher borrowings, which would weaken the
company's credit protection measures.

"Reliance's current financial position, strong liquidity, and
high access to financial resources do mitigate some of these
risks," noted Mr. Taneja.

Reliance is India's largest private sector company.  Its two
main lines of business are oil refining and petrochemicals
production, accounting for about 67% and 31% of revenue,
respectively, for the fiscal year ended March 31 2006.

Reliance had revenues of INR891 billion and net income from
continuing operations of INR90.6 billion in fiscal 2006.

                          *     *     *

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

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

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


TATA POWER: CRISIL Puts Debt Programs on Rating Watch
-----------------------------------------------------
Credit Rating Information Services of India Ltd placed these
debt programmes of Tata Power Company Limited on Rating Watch
with Developing Implications:

   INR5 Billion NCD Programme:                AAA

   INR5 Billion NCD Programme:                AAA

   INR5 Billion NCD Programme:                AAA

   INR5 Billion Short Term Debt Programme:    P1+

The rating action follows the company's selection as the
successful bidder for the 4,000 megawatt coal-based power plant
at Mundra.  This is one of the two Ultra Mega Power Projects
awarded through an international competitive bidding process
initiated by Power Finance Corporation Limited.  The projects
have been awarded to bidders quoting the lowest levellized
tariffs over Power Purchase Agreement periods of 25 years.  Each
UMPP project is expected to entail an investment of
INR150-170 billion.

In a release made on December 11, 2006, "Will mega power
projects generate mega credit risks?," CRISIL had highlighted
the potential credit implications of these projects for
successful bidders.

The Rating Watch reflects the potential implications for TPC's
credit risk profile, considering the large size and funding
requirements of the project in relation to TPC's scale of
operations and balance sheet.  To better understand these
implications, CRISIL will engage in detailed discussions on the
project with TPC's management.  CRISIL will also analyse the
project's funding mix, direct and indirect linkages with TPC,
strategic tie ups if any, and profitability, using criteria
outlined in its December 11 release.  After completing this
process, CRISIL will take a final view on the ratings.

                        About the Company

Tata Power Company Ltd. is a licensee engaged in generation and
supply power to bulk consumers in the Mumbai metropolitan area.
The company operates four thermal plants with a combined
capacity of 1,350 MW, and three hydroelectric plants aggregating
447 MW; all of these supply power to the Mumbai licence area.
The company also has a plant that supplies power to Tata Steel.
In addition, Tata Power has an 81 MW independent power project
at Belgaum that sells power to Karnataka Power Transmission
Corporation Limited.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
November 10, 2005, that Standard & Poor's Ratings Services
affirmed its 'BB+' long-term foreign and local currency
corporate credit ratings for Tata Power.  The outlook is stable.


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

ALCATEL-LUCENT: Builds Eutelsat Communications' W7 Satellite
------------------------------------------------------------
Alcatel Alenia Space, a unit of Alcatel-Lucent, and Eutelsat
Communications have signed a contract under which the former
will manufacture and deliver Eutelsat's W7 communications
satellite.

To be launched in second quarter 2009 at Eutelsat's 36 degrees
East location, W7 will double the capacity currently available
at a key neighborhood in the group's fleet of geo-stationary
satellites.  Through a configuration of high-performance fixed
and steerable beams, W7 will also boost coverage and flexibility
for addressing growing markets, notably in central Asia and
Africa.

W7's mission comprises up to 70 Ku-band transponders that can be
connected to six beams serving Europe, Russia, Africa, the
Middle East and central Asia.  To be co-located with Eutelsat's
W4 satellite, which already serves anchor pay-TV operators in
Russia, the Ukraine and sub-Saharan Africa, W7 will enable
Eutelsat to almost double bandwidth for digital video services
in these regions.  It will also replace all capacity on
Eutelsat's SESAT 1 satellite that serves Europe, North Africa,
the Middle East and central Asia, and bring fresh capacity to
South Africa through a high-power fixed beam and to central Asia
through a spot beam which can be reoriented in orbit.  Following
W7's deployment at 36 degrees East, SESAT 1 will continue in
commercial service at an alternative location.

Weighing in at 5.6 tons and with 12 kW of payload power, W7 is
based on the Alcatel Alenia Space Spacebus 4000 platform and
will be boosted into orbit by Sea Launch.

"Since 2000, we have proactively built our video neighborhood at
36 degrees East into a prime location for digital markets in
eastern Europe and Africa," Eutelsat CEO Giuliano Berretta said.
"This commitment has won the confidence of pay-TV operators who
are pioneers in their markets, notably NTV Plus from Russia,
Poverkhnost from the Ukraine and MultiChoice Africa which
reaches large parts of sub-Saharan Africa through this
neighborhood.

"In order to support growth for broadcast and telecommunications
services in these regions and to boost capacity for other
markets, we looked closely at how we could even more efficiently
exploit the resource at 36 degrees East.  With W7, this key
position in our fleet will benefit from capacity enabling us to
use the full spectrum of Ku-band frequencies, and to respond to
market demands in multiple regions through a high degree of
operational flexibility."

"We are very pleased and fully committed to supporting Eutelsat
sustainable growth," said Pascale Sourisse CEO of Alcatel Alenia
Space.  "We are also very proud of working alongside Eutelsat to
meet the increasing market demand and emerging new applications
by delivering technologies with outstanding performance.  W7 is
the second satellite after W2A to be awarded by Eutelsat to our
company in 2006.  This contract further consolidates an
historical year for our company: we have been chosen by a large
number of operators, making us the world leader in the
communications satellite market."

                         About Eutelsat

Headquartered in Paris, France, Eutelsat Communications --
http://www.eutelsat.com/-- is the holding company of Eutelsat
S.A.  The group is a leading satellite operator with capacity
commercialized on 23 satellites providing coverage over the
entire European continent, as well as the Middle East, Africa,
India and significant parts of Asia and the Americas.  The group
is one of the world's three leading satellite operators in terms
of revenues.  Its satellites are used for broadcasting nearly
1,800 TV and 900 radio stations to more than 120 million cable
and satellite homes.  The group also provides TV contribution
services, corporate networks, mobile positioning and
communications, Internet backbone connectivity and broadband
access for terrestrial, maritime and inflight applications.

                      About Alcatel-Lucent

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

                          *     *     *

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

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

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

The Rating Outlook for Alcatel-Lucent is Stable.

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

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

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

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

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

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

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


ALCATEL-LUCENT: Partners with Deutsche Telekom in T-City Contest
----------------------------------------------------------------
Alcatel-Lucent is supporting Deutsche Telekom's "T-City"
competition as an exclusive premium partner.  Under the terms of
a five-year contract concluded at the end of November, Alcatel-
Lucent will support Deutsche Telekom in the development and
introduction of innovative integrated telecommunication
solutions.

Alcatel-Lucent will also make its expertise in the development
and introduction of new services available for the "T-City"
program.  Alcatel-Lucent has found that close and direct
cooperation between end-users, service providers and solution
suppliers considerably accelerates the development and
implementation of new solutions.  Thus the citizens, local
authorities, organizations and enterprises of the future "T-
City" will find their service needs met with an unprecedented
"quality of experience."

A total of 52 cities entered the "T-City" competition.  The
winning concept will be realized -- with regards to
telecommunications solutions and applications -- by Deutsche
Telekom, Alcatel-Lucent as the Premium partner and - if needed -
additional non-premium partners.  The participants share the
expectation that an advanced technical infrastructure, the
applications running on it and the degree of networking among
municipal institutions will provide a basis for a sustained
increase in the quality of life for their citizens.

Of the 52 cities that participated in the initial round of the
competition, an independent jury selected ten cities to go
forward to the final round:

   -- Arnsberg,
   -- Coburg, Frankfurt (Oder),
   -- Friedrichshafen,
   -- Goerlitz,
   -- Kamp-Lintfort,
   -- Kaiserslautern,
   -- Neuruppin,
   -- Osterholz-Scharmbeck and
   -- Schwabisch-Hall.

The winner will be the city that has made the best municipal
application to use the modern telecommunications technology to
meet the specific tasks and challenges a 21st century community
faces (e.g. the interaction between citizens and the municipal
administration).  The future T-City will act as a role model for
other cities, and will be selected in February 2007.

Deutsche Telekom will implement the innovative ideas of the
future T-City jointly with Alcatel-Lucent as its premium partner
in defined product and cooperative areas.  Deutsche Telekom may
recruit additional partners to implement other areas, which are
not covered by the premium partnership with Alcatel-Lucent.

"We are pleased with having won Alcatel-Lucent as a strong
technology and premium partner for a quite demanding T-City
project.   We are looking forward to use our joint know-how for
giving birth to an exemplary, networked city of the future,"
Joerg Bollow, project leader T-City, Deutsche Telekom AG.

Hans-Burghardt Ziermann, an executive with Alcatel-Lucent's
operations in Germany, is a member of the 11-strong jury, which
selected the ten finalists at the end of November.

"This exclusive partnership in the "T-City" project represents a
continuation of our long-lasting and successful partnership with
Deutsche Telekom", said Mr, Ziermann.  "We are happy to be able
to help a city become a more attractive place for living and as
an industrial location thanks to a modern telecommunications
network."

                      About Alcatel-Lucent

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

                          *     *     *

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

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

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

The Rating Outlook for Alcatel-Lucent is Stable.

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

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

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

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

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

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

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


COMVERSE TECH: Faces Delisting Due to Form 10-Q Filing Delay
------------------------------------------------------------
Comverse Technology Inc. received an additional Staff
Determination Letter from The NASDAQ Stock Market, on Dec. 14,
2006, indicating that the reported delay in the filing of the
Form 10-Q for the fiscal quarter ended Oct. 31, 2006, with the
United States Securities and Exchange Commission serves as an
additional basis for the delisting of the company's securities
from NASDAQ under NASDAQ Marketplace Rule 4310(c)(14).

As disclosed, the NASDAQ Listing and Hearing Review Council
issued a stay of the NASDAQ Listing Qualifications Panel's
August 18, 2006 decision establishing a deadline of Sept. 25,
2006 for the company to be current in its periodic filings with
the SEC.  The Listing Council also issued a stay of any future
Panel determinations to delist the company's securities from
trading pending further action by the Listing Council.

As a result of the company's reported expanded investigation,
the company expects it will require additional time to file its
periodic reports with the SEC.  The company does not know
whether the newly identified accounting issues or resulting
delay in the company's ability to be current in its periodic
filings will result in a lifting of the stay and a delisting of
the company's shares from The NASDAQ Stock Market.  There can be
no assurance that the Listing Council will continue the stay or
grant an extension or that the company's securities will remain
listed on the NASDAQ Stock Market.

Comverse Technology, Inc. (NASDAQ: CMVT) --
http://www.comverse.com/-- provides software and systems that
enable network-based multimedia enhanced communication and
billing services.  Over 450 communication and content service
providers in more than 120 countries use Comverse products to
generate  revenues, strengthen customer loyalty and improve
operational efficiency.

Comverse has offices all over the world, including Indonesia,
Malaysia and the Philippines.

On Sept. 21, 2006, Standard & Poor's Ratings Services' 'BB-'
corporate credit and senior unsecured debt ratings on Woodbury,
New York-based Comverse Technology Inc. remained on CreditWatch
with negative implications, where they were placed on March 15,
2006.


GARUDA INDONESIA: Government Signs Decree to Inject IDR500 Bil.
---------------------------------------------------------------
Indonesian President Susilo Bambang Yudhoyono has signed a
decree providing for the injection of IDR500 billion into PT
Garuda Indonesia as part of the Government's efforts to help
state-owned firms financially, Reuters reports, citing the state
secretary minister.

According to the report, the move came as the Government is
considering selling a stake in Garuda, possibly through an
initial public offering, and as the company struggles to
restructure around US$800 million in debt mostly owed to the
European Credit Agency.  Reuters recalls that Garuda defaulted
on a US$55-million debt payment at the end of 2005.

Reuters points out that like many other airlines, Garuda has
been hit by soaring fuel prices.

Under the scheme, the Indonesian Government intends to inject
IDR1.6 trillion in aggregate into 12 state firms, including
Garuda, Reuters relates.

Minister Yusril Ihza Mahendra told reporters that after signing
the decree, the president urged the firms to improve their
performance in order to contribute to the country's revenue.

Reuters recounts that Garuda said in August that it aims to
reduce costs by 5% to 10% next year, partly by introducing fuel
efficiency measures.

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves another 10 domestic routes.  Garuda
also ships about 200,000 tons of cargo a month and operates a
computerized tracking system.

The airline was affected by plunging arrivals on the resort
island of Bali, where tourists have been killed in bomb attacks
in 2002 and 2005.  It has also suffered from soaring global oil
prices, a weakening of the Indonesian rupiah and rising interest
rates.  At present, Garuda is concentrating its efforts on
repaying its IDR4.55-trillion debt with foreign creditors under
the European Credit Agency, which were due on December 31,
2005.

Garuda is currently undergoing debt restructuring.  The Troubled
Company Reporter - Asia Pacific reported on December 20, 2006,
that in line with the airline's debt restructuring, it continues
to consistently pay debt interest.


GOODYEAR TIRE: Agrees on New Master Contract with Union
-------------------------------------------------------
Goodyear Tire & Rubber Co. has reached a tentative agreement
with United Steelworkers or USW on a new master contract
covering about 12,600 employees at 12 tire and engineered
products plants in the United States.  The USW is expected to
schedule ratification votes at all plants in the coming days.

The previous three-year labor agreement expired July 22, 2006.
The Goodyear Tire employees who are USW members have been on
strike since Oct. 5, 2006.

The tentative agreement, which covers workers at 12 tire and
engineered products plants in the United States, gives Goodyear
& Tire the ability to reduce excess high-cost manufacturing
capacity, reduce legacy costs, improve productivity and reduce
labor costs consistent with the four point cost reduction plan
that was announced to investors in 2005.  The tentative
agreement:

        -- Secures retiree medical benefits through an
           independently administered Voluntary Employees'
           Beneficiary Association (VEBA) to be launched with
           an up front US$1 billion contribution from Goodyear
           & Tire to consist of US$700 million in cash and up
           to US$300 million in additional cash or common
           stock at the company's option.  Subject to court
           and regulatory approvals, the VEBA would assume
           full responsibility for providing retiree medical
           benefits to all present and future Goodyear USW
           retirees;

        -- Consistent with Goodyear & Tire's previously
           disclosed plans to exit certain segments of the
           private label tire business, provides for the
           closing of the Tyler, Texas, facility
           after Dec. 31, 2007;

        -- Delivers substantial improvements in labor costs
           and productivity through redesign of incentive
           systems and immediate implementation of market-
           based wage and benefit levels for all new hires;

        -- Improves job security and provides capital
           investments in USW plants of at least US$550
           million over the life of the agreement.

The 12 master contract plants covered by the tentative agreement
are:

          -- Akron, Ohio;
          -- Buffalo, New York;
          -- Danville, Va.;
          -- Fayetteville, North Carolina;
          -- Gadsden, Alabama;
          -- Lincoln, Nebraska;
          -- Marysville, Ohio;
          -- St. Marys, Ohio;
          -- Sun Prairie, Wisconsin;
          -- Topeka, Kansas;
          -- Tyler, Texas; and
          -- Union City, Tennessee.

Goodyear & Tire will hold a conference call in January for
investors, financial analysts and media to discuss specifics of
the new contract if the tentative agreement is ratified by the
USW membership.  The timing of that call will be announced at a
later date.

Goodyear & Tire said that its tentative agreement with USW
supports its strategy to significantly reduce costs and improve
competitiveness in its North American operations.

"Our goal was always to reach a fair agreement that improves our
ability to compete and win with customers.  This agreement would
accomplish that goal," said Robert J. Keegan, chairperson and
chief executive officer of 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.

                           *     *     *

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

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

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


KERETA API: Halts Work On Double-Tracking Schemes Until January
---------------------------------------------------------------
PT Kereta Api halted work on double-tracking schemes in Jakarta,
Depok, Bogor, Tangerang and Bekasi on Dec. 15, The Jakarta Post
reports.  According to The Post, this will continue until mid-
January 2007.

The report cites company spokesman Akhmad Sujadi as saying that
the work had been halted since the project contracts had
expired, adding that the work would begin again next year after
a new tender had been held.

Mr. Sujadi explained that it is the Indonesian Government's rule
to halt work, so Kereta was expected to abide by it.

The Post points out that the double-track schemes are due to be
completed by early February.  Mr. Sujadi added that they are
confident that the projects will be finished in time, the report
notes.

Headquartered in Bandung, West Java, Indonesia's state railway
PT Kereta Api -- http://www.kereta-api.com/-- operates a large
and busy network.  Its 6,000 kilometers of track exten
throughout Java and Sumatra and carry some 200 million
passengers per year.  Since 1999, KAA has operated as a limited
corporation and is currently implementing a strategy for change
designed to make it Indonesia's main choice of transport for all
sectors of Indonesian society.

                          *     *     *

Kereta Api confessed to having stated a IDR5-billion loss in
2005 as profit, although it was unintentional, said KA spokesman
Noor Hamidi.

Earlier Troubled Company Reporter - Asia Pacific reports stated
that the Company booked a 2005 net loss of IDR13 billion.

KA commissioner Hekinus Manao informed the public that several
company liabilities were recorded as assets in its financial
report, which he had refused to sign and thus delayed a
scheduled shareholders' meeting earlier this month.

The TCR-AP also reported that the Indonesian Government plans to
provide IDR100 billion to Kereta Api as bailout funds.


METSO OYJ: Stock Option Subscriptions Hike Equity Capital
---------------------------------------------------------
A total of 65,000 shares in Metso Corporation have been
subscribed for with the 2003A stock options during a period of
Dec. 7-11.  The nominal value of one share is EUR1.70.

As a result of share subscriptions, the increase in the share
capital, EUR110,500 has been entered into the Trade Register on
Dec. 21.  After this increase, the company's share capital is
EUR240,923,343.80 and the total number of shares is 141,719,614.
Out of this total, Metso holds 360,841 shares.

Dividend rights of the new shares and other shareholder rights
shall commence from the registration date of Dec. 21.

The shares have been applied for listing on the Helsinki Stock
Exchange together with the old shares as of Dec. 22.  For the
2003A stock options the current share subscription price is
EUR8.70.

                          About Metso

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- serves customers in the pulp and paper
industry, rock and minerals processing, the energy industry and
selected other industries.

The company also has operations in Indonesia.

                          *     *     *

Standard & Poor's Ratings Services revised its outlook on
Finland-based machinery and engineering group Metso Corp.  To
positive from stable, reflecting improvements in the group's
operating performance and capital structure that offer it the
potential to return to a low investment-grade rating.  The 'BB+'
long-term and 'B' short-term corporate credit ratings, as well
as the 'BB' senior unsecured debt rating on the group were
affirmed.


METSO OYJ: Cuts 222 Jobs at Valmet Automotive Unit
--------------------------------------------------
Valmet Automotive, a unit of Metso Oyj, will reduce its
workforce by 222 people.

The decision was made after the cooperation negotiations
initiated on Nov. 1.  From these 222 employees, 216 are blue-
collar and six are white-collar.  In the negotiation proposal,
the reduction need was assessed to be 260 employees.  After the
reduction, the personnel will number a little more than 800
persons.

As a result from the weakened car market the car output will
gradually fall by early April to 102 cars per day from the daily
output of 153 cars in November.

                          About Metso

Headquartered in Helsinki, Finland, Metso Corporation --
http://www.metso.com/-- serves customers in the pulp and paper
industry, rock and minerals processing, the energy industry and
selected other industries.

The company also has operations in Indonesia.

                          *     *     *

Standard & Poor's Ratings Services revised its outlook on
Finland-based machinery and engineering group Metso Corp. to
positive from stable, reflecting improvements in the group's
operating performance and capital structure that offer it the
potential to return to a low investment-grade rating.  The 'BB+'
long-term and 'B' short-term corporate credit ratings, as well
as the 'BB' senior unsecured debt rating on the group were
affirmed.


NORTEL NETWORKS: Inks US$2-Billion Verizon Wireless Supply Deal
---------------------------------------------------------------
Nortel Networks Corp. signed a US$2-billion supply deal with
Verizon Wireless to help the cellphone company cope with an
explosion in demand for mobile broadband Internet access,
Reuters reports.

According to the companies, the five-year agreement is aimed at
expanding the quality and reach of Verizon's network in the
United States as users clamor for online video, games and music,
Reuters notes.

The report cites Nortel's mobility and converged core networks
president, Richard Lowe, as saying that consumers expect more
from their mobile devices than voice communication and text
messaging.

Mr. Lowe said that Nortel is making it simple for Verizon
Wireless to expand its network to meet this demand and to
competitively drive new services to market, the report relates.

Reuters points out that Nortel is betting that demand for online
media and gaming will push the Internet to the brink in terms of
capacity, prompting both wireline and wireless network
expansions from service providers such as Verizon.

Billions of dollars are at stake for equipment suppliers like
Nortel and its rivals, as users watch movies and download music
on desktops and laptops, as well as on cellphones and portable
e-mail devices, the report says.

                          About Nortel

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- is a recognized
leader in delivering communications capabilities that enhance
the human experience, ignite and power global commerce, and
secure and protect the world's most critical information.
Serving both service provider and enterprise customers, Nortel
delivers innovative technology solutions encompassing end-to-end
broadband, Voice over IP, multimedia services and applications,
and wireless broadband designed to help people solve the world's
greatest challenges.  Nortel does business in more than 150
countries, including in Indonesia, Australia, China, Mexico,
Philippines, and Thailand.

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 5, 2006,
Moody's Investors Service upgraded its B3 Corporate Family
Rating for Nortel Networks Corp. to B2.

Dominion Bond Rating Service confirmed the long-term ratings of
Nortel Networks Capital Corporation, Nortel Networks
Corporation, and Nortel Networks Limited at B (low) along with
the preferred share ratings of Nortel Networks Limited at Pfd-5
(low).  All trends are Stable.

DBRS confirmed B (low) Stb Senior Unsecured Notes; B (low) Stb
Convertible Notes; B (low) Stb Notes & Long-Term Senior Debt;
Pfd-5 (low) Stb Class A, Redeemable Preferred Shares; and Pfd-5
(low) Stb Class A, Non-Cumulative Redeemable Preferred Shares.


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

CSC, SERIES 1 GK: Moody's Rates G-3 Pay-through Bond at B2
----------------------------------------------------------
Moody's Investors Service has assigned these definitive ratings
to the bonds issued by CSC, Series 1 GK.

Transaction Overview

Issuer: CSC, Series 1 GK

Loan Originator: Credit Suisse Principal Investments Limited,
Tokyo Branch

Arranger: Credit Suisse Securities (Japan) Limited

Underlying Asset: 11 non-recourse loans backed by real estates
or beneficiary interests

Closing Date: December 28, 2006
                                             Final    Credit
Class*   Rating      Amount      Coupon    Maturity  Support**

  A-2     Aaa     JPY18.10 bil.  Floating   11/2012    39.2%

  A-3     Aaa      JPY3.90 bil.  Floating   11/2012    39.2%

  B-2     Aa2      JPY1.70 bil.  Floating   11/2012    30.4%

  B-3     Aa2      JPY1.50 bil.  Floating   11/2012    30.4%

  C-2      A2      JPY1.70 bil.  Floating   11/2012    21.5%

  D-2    Baa2       JPY500 mil.  Floating   11/2012    12.7%

  E-3    Baa3       JPY600 mil.  Floating   11/2012     8.6%

  F-3     Ba2      JPY1.90 bil.  Floating   11/2012     3.3%

  G-3      B2      JPY1.20 bil.  Floating   11/2012     0.0%

   X      Aaa      (Initial      Floating   11/2012      NA
                Notional Amount:
                    JPY28 bil.)

* Each Class of the Classes A through G consists of the
   Subclasses 1 through 3.  Each Subclass 1 and the Class X are
   privately offered to a limited number of investors in Japan
   and are offered under Regulation S under the Securities Act
   of 1933 in the United States.  Each Subclass 2 is privately
   offered to Qualified Institutional Investors in Japan and is
   offered under Regulation S under the Securities Act of 1933
   in the United States.  Each Subclass 3 is not offered in
   Japan and is offered under Section 4(2) of the Securities Act
   of 1933 in the United States.  The Class X is an IO (Interest
   Only) strip.

** The formula to calculate the credit support for this
   transaction is as follows:

   Credit support %: A / B

   A: Total principal amount of the Bonds (including the amount
      of the additional issue***) subordinated to the subject
      Bonds (including the amount of the additional issue)

   B: Total principal amount of the Bonds (including the amount
      of the additional issue)

Moody's ratings are mainly based on these factors:

1. The quality of the real estate as the collateral of the
   underlying loans

2. The characteristics of the underlying loans and the benefits
   of property diversity at the loan level

3. The levels of credit enhancement at each loan level as
   illustrated by the loan-to-value ratios and the stressed debt
   service coverage ratios

4. The benefits of loan diversity at the Issuer level

5. The distribution structure of principal collections from the
   underlying loans by the modified pro-rata pay

6. The level of credit support at the Issuer level provided by
   the senior/subordinate structure

7. The liquidity support incorporated into the transaction

8. The legal and structural integrity of the transaction

Scheme overview

1. Credit Suisse Principal Investments Limited, Tokyo Branch
   originated 11 non-recourse loans backed by real estate, and
   transferred the loans to the Issuer.  The Issuer in turn
   issued the Classes A through G and the Class X Bonds.  A part
   of the proceeds -- from the transfer of the loans will be
   paid with the cash amount raised by the additional issuance
   of the aggregated JPY 5,100,000,000 bonds by the Issuer and
   planned for after the closing date and the cash amount paid
   to the Issuer under the term of Bond Indenture.  The Bonds
   have a senior/subordinate structure.

2. Coupon distributions on the rated Bonds on the rated Bonds
   depend on interest paid on the Loans.

The ratings address the expected loss posed to investors by the
legal final maturity date.  The structure for the Class A allows
for timely payment of interest and ultimate payment of principal
by the legal final maturity date.  The structure for the Classes
B through G allows for ultimate payment of interest and
principal by the legal final maturity date.  The structure for
the Class X allows for payment of excess interest as long as
principal is outstanding.


CSC, SERIES 1 GK: Fitch Gives Class G-3 Bond 'B' Rating
-------------------------------------------------------
Fitch Ratings assigned ratings to CSC, Series 1 GK's
JPY31.1 billion bonds due November 2012 and interest-only bonds:

   -- JPY18,100 million Class A-2 floating-rate bonds: 'AAA'
      (subordination ratio* 39.2 %)

   -- JPY3,900 million Class A-3 floating-rate bonds: 'AAA'
      (subordination ratio 39.2 %);

   -- JPY1,700 million Class B-2 floating-rate bonds: 'AA'
      (subordination ratio 30.4 %);

   -- JPY1,500 million Class B-3 floating-rate bonds: 'AA'
      (subordination ratio 30.4%);

   -- JPY1,700 million Class C-2 floating-rate bonds: 'A'
      (subordination ratio 21.5 %);

   -- JPY500 million Class D-2 floating-rate bonds: 'BBB'
      (subordination ratio 12.7 %);

   -- JPY600 million Class E-3 floating-rate bonds: 'BBB-'
      (subordination ratio 8.6%);

   -- JPY1,900 million Class F-3 floating-rate bonds: 'BB'
      (subordination ratio 3.3 %);

   -- JPY1,200 million Class G-3 floating-rate bonds: 'B' (no
      subordination) and

   -- JPY28,000 million** Class X bonds: 'AAA'.

The bond issuer may make additional issuances after the closing
date in respect of any class of the bond with the maximum bond
balance (and in the case of the Class X bonds, the notional
principal amount):

   -- JPY22,000 million Class A floating-rate bonds: 'AAA'
      (subordination ratio* 39.2 %)

   -- JPY3,200 million Class B floating-rate bonds: 'AA'
      (subordination ratio 30.4 %);

   -- JPY3,200 million Class C floating-rate bonds: 'A'
      (subordination ratio 21.5 %);

   -- JPY3,200 million Class D floating-rate bonds: 'BBB'
      (subordination ratio 12.7%);

   -- JPY1,500 million Class E floating-rate bonds: 'BBB-'(BBB
      minus) (subordination ratio 8.6 %);

   -- JPY1,900 million Class F floating-rate bonds: 'BB'
      (subordination ratio 3.3 %);

   -- JPY1,200 million Class G floating-rate bonds: 'B' (no
      subordination) and

   -- JPY33,100 million** Class X bonds: 'AAA'.

* Subordination ratios are calculated by the following formula
   based on the maximum bond balance, as of the closing date
   Subordination ratio: 1-(A+B)/C

   A: Rated debt amount and any other debt amounts that share
      the same rating

   B: Debt amount ranking senior to the rated debt

   C: Outstanding balance of total monetary claims as of the
      cut-off date

** Notional amount, interest-only

This transaction is a securitisation of non-recourse loans (the
"loan claims") extended to six borrowers originated by Credit
Suisse Principal Investments Limited, Tokyo Branch ("CSPI").
CSC, Series 1 GK issued the Class A to G bonds to fund the
purchase of the loan claims from CSPI.  Orix Asset Management &
Loan Services Corp. (rated 'CPS2+(JPN)'/'CMS1-(minus)(JPN)') is
responsible for servicing and providing the liquidity advance.

The ratings reflect the quality of the underlying collateral,
the structural features of the loan claims and bonds including
reserves and a cash trap mechanism, and the credit enhancement
provided by a senior/subordinated structure.

The initial issuance amount of the transaction is JPY31,100
million, with the closing date on December 28, 2006, and final
maturity date in November 2012.  Bond interest payment dates
fall quarterly on the 12th day of February, May, August and
November.

The loan claims are secured by 72 properties and beneficial
interests in their respective trusts. Principal and interest
payments on the loan claims will be passed through to repay
principal and interests on the bonds.

The ratings address the timely payment of interests and ultimate
payment of principal by the legal final maturity date of
November 2012 for the Class A bonds, ultimate payment of
interests and principal by the legal maturity date for the Class
B through G bonds.  The rating on the interest-only Class X
bonds addresses only the likelihood of receiving interest
payments while principal on the related Class A to E bonds
remains outstanding.  The rating on the Class X bonds does not
address the possibility that a bond holder might fail to recover
the initial investment due to a rapid rate of principal payments
(including both voluntary and involuntary prepayments), or
realized losses.  The ratings do not address the timing or
likelihood of prepayments and/or receipt of default interest.


CSC, SERIES 1 GK: Moody's Rates G-3 Pay-through Bond at B2
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to the
JPY31.1 billion (initial principal) yen-denominated bonds issued
by CSC, Series 1 GK, classes A-2 to G-3 and class X, due
November 2012.  The bonds are ultimately secured by 11 non-
recourse loans backed by 72 real estate properties.  This
transaction is arranged by Credit Suisse Securities (Japan) Ltd.

The ratings address the full and timely payment of interest and
the ultimate repayment of principal by the transaction's legal
final maturity date for the class A bonds, the full payment of
interest and ultimate repayment of principal by the legal
maturity date for the class B to G bonds, and the timely payment
of available interest for the interest-only class X bonds.

The ratings are based on:

  -- The quality of the loans that secure the bonds;

  -- The quality of the real estate properties that ultimately
     secure the loans;

  -- Ample credit support provided by the senior/subordinate
     structure of the bonds;

  -- Ample liquidity support provided by a servicer advance; and

  -- The sound nature of the transaction's legal structure.

The rated bonds (initial principal of JPY31.1 billion) are
issued by CSC, Series 1 GK (Godo Kaisha).  The bonds are applied
to the purchase of 11 loans (total principal amount of
approximately �36.2 billion) extended to six obligors and
originated by Credit Suisse Principal Investments Ltd., Tokyo
Branch.  CSC, Series 1 GK may issue additional bonds worth
JPY5.1 billion in total (JPY1.5 billion in class C,
JPY2.7 billion in class D, and JPY0.9 billion in class E).  Each
loan is ultimately backed by collateral: the first security
rights over the obligors' real estate beneficial interests, and
actual real estate properties.  ORIX Asset Management & Loan
Services Corp. acts as the servicer for this transaction.

The class A-2, B-2, C-2 and D-2 bonds are privately offered to
qualified institutional investors in Japan, and are offered
under Regulation S of the Securities Act of 1933 in the United
States.  The class A-3, B-3, E-3, F-3, and G-3 bonds are not
offered in Japan, but are offered under Section 4(2) of the
Securities Act of 1933 in the United States.  The class X bonds
are privately offered to a limited number of investors in Japan,
and are offered under Regulation S of the Securities Act of 1933
in the United States.

Ratings Assigned:

CSC, Series 1 GK -- JPY31.1 billion (initial principal) yen-
denominated bonds due November 2012

Class  Rating      Amount      Coupon    Subordination Rate

A-2    AAA     JPY18.1 bil.  Floating         39.2%
A-3    AAA     JPY3.9 bil.   Floating         39.2%
B-2    AA      JPY1.7 bil.   Floating         30.4%
B-3    AA      JPY1.5 bil.   Floating         30.4%
C-2    A       JPY1.7 bil.   Floating         21.5%
D-2    BBB     JPY0.5 bil.   Floating         12.7%
E-3    BBB-    JPY0.6 bil.   Floating          8.6%
F-3    BB      JPY1.9 bil.   Floating          3.3%
G-3    B       JPY1.2 bil.   Floating          0.0%
  X     AAA     JPY28.0 bil. (Initial notional principal)

The calculation method of the subordination ratio is:
Subordination ratio: 1-(A+B)/C

A: Rated obligations and obligations with equivalent payment
   priorities
B: Senior obligations than the rated obligations

C: Total outstanding amount of monetary receivables transferd to
   CSC, Series 1 GK as of the cut-off date

(The calculation of the subordination ratio is based on the
assumption that the class C, D and E bonds are all issued in
amounts of JPY1.5 billion, JPY2.7 billion, and JPY0.9 billion,
respectively.  The total issue amount, including the
unissued classes, is JPY36.2 billion.)


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

DAEWOO ELECTRONICS: Completion Sale to Videocon Threatened
----------------------------------------------------------
The planned sale of Daewoo Electronics could be cancelled this
week if creditors reject a proposal made by the Videocon
Industries-led consortium to cut the price by 13%, The Financial
Times reports, citing a statement made by major Daewoo creditor
Woori Bank.

As reported in the Troubled Company Reporter - Asia Pacific on
Sept. 13, 2006, Videocon and bid partner Ripplewood Holdings
LLC submitted the winning bid for a controlling stake in Daewoo.

On Oct. 20, 2006, Daewoo's creditors, including Woori Bank
and Korea Asset Management Corp., signed an initial deal to sell
the company to the Videocon-led consortium.  The winning bidders
agreed to pay around KRW700 billion for Daewoo, FT recounted.

However, the bid partners said they would conduct due diligence
and might adjust the offered price.  According to FT, they have
since cut it by 13%.

Unless more than 75% of the creditors agree to the proposal, the
deal will be nullified, FT says.  However, negotiations will be
resumed if the Videocon consortium proposes an acceptable
amendment, Park Jun-tae of Woori Bank told the news agency.

                    About Daewoo Electronics

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

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

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

The Troubled Company Reporter - Asia Pacific reported on
Nov. 14, 2005, that creditors of Daewoo Electronics have placed
the firm for sale for US$1 billion.  ABN Amro,
PricewaterhouseCoopers and Woori Bank were appointed to find a
buyer for the business.  In Sept. 2006, the consortium led by
Videocon Industries submitted a winning bid for a controlling
stake in Daewoo.  The deal is currently threatened by
disagreement between Daewoo's creditors and the bidders on the
final price tag.


HANAROTELECOM: Signs Contract with 20th Century Fox
---------------------------------------------------
hanarotelecom Inc. signed a contract with 20th Century Fox to
have over 30 of the studio's movies included in the archives of
its HanaTV, The Korea Times reports.

HanaTV, which was launched in July 2006, is a video-on-demand
service via the Internet.  Its users can download movies, shows
and other contents from the Internet and watch them on TV.

Pursuant to the agreement, Century Fox's new releases up to 2009
will be available on HanaTV.

A separate contract has also been signed to have singer Rain's
world tour viewed, hanarotelecom officials told The Times.
According to the newspaper, Rain is scheduled to stage his 11-
nation world tour going through Las Vegas, Japan, China and
Thailand, among other places.

                      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.

Fitch Ratings assigned hanarotelecom a Long-term foreign
currency Issuer Default rating of 'BB'.  The rating Outlook is
Stable.


PANTECH CO: Korea Investment Denies Purchasing Bonds
----------------------------------------------------
Pantech Co. creditor Korea Investment & Securities Co. denies a
report that it agreed to acquire KRW50 billion (US$53.7 million)
of the mobile phone manufacturer's asset-backed securities,
Yonhap News reports.

However, Korea Investment's Executive Vice President Oh Woo-taek
admitted that Pantech officials offered to sell them the bonds.
The brokerage firm rejected the offer because of a "disagreement
in interest," the EVP told Yonhap News.

According to Yonhap News, shares of Pantech and its affiliate
Pantech&Curitel Communications Inc. jumped early on Dec. 26,
2006, after Maeil Business newspaper reported that Korea
Investment will buy the bonds to be issued by the Pantech
entities.

As widely reported, Pantech and Pantech&Curitel sought
creditors' bailout due to increasing debts and mounting losses.
On Dec. 15, the creditors rescued the companies by approving a
debt-work out scheme, giving the companies a grace period on
their matured debts.

The Yonhap paper however believes that the debt-rescheduling
program remains fragile as non-banking creditors like Korea
Investment didn't participate in the temporary scheme.

"If the non-banking creditors move to call up their debts from
the two mobile phone makers, Pantech and the affiliate may have
no choice but to declare bankruptcy," the newspaper says citing
some analysts.

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


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

NORTH BORNEO: To Hold 56th Annual General Meeting on Jan. 15
------------------------------------------------------------
The North Borneo Corporation Berhad informs Bursa Malaysia
Securities Berhad that it will hold its 56th Annual General
Meeting on Jan. 15, 2007, at 3.00 p.m.

The meeting will be held at Borneo Meeting Room in the Sheraton
Labuan Hotel, 462 Jalan Merdeka, in 87029 Federal Territory of
Labuan.

Headquartered in Sabah, Malaysia, The North Borneo Corporation
Berhad engages in the management of forest management unit and
investment holding.  The Group operates in Malaysia and Bermuda.

Due to its continuous losses, the Kuala Lumpur Stock Exchange
placed the Company under the Practice Note 4/2001 category in
April 2001 and was ordered to start regularizing its financial
condition.  On April 28, 2005, the Securities Commission has
agreed to North Borneo's proposal to dispose of its business as
part of the Company's efforts to regularize its finances and
restructure its debts.  The Plan, however, met objections from
creditors.  On March 6, 2006, two scheme creditors of North
Borneo -- Sabah Development Bank and Prokhas Sdn Bhd -- withdrew
their support of the Company's proposed debt restructuring,
saying that they are no longer agreeable to the terms of the
planned business disposal as part of the restructuring program.

The Company's March 31, 2006 balance sheet showed total assets
of MYR1,662,000 and total liabilities of MYR163,379,000 ,
resulting in a MYR161,717,000 deficit in shareholders' funds.


OLYMPIA INDUSTRIES: Seeks Addt'l. 3 Mos. to Complete Revamp Plan
----------------------------------------------------------------
Olympia Industries Bhd asks the Securities Commission to further
extend:

   -- for three months to March 31, 2007, the company's deadline
      to complete its Restructuring Scheme; and

   -- up to June 30, 2007, for its subsidiary Jupiter Securities
      Sdn Bhd to merge with at least one other stock-broking
      company.

As previously reported by the Troubled Company Reporter - Asia
Pacific, the Securities Commission gave Olympia Industries until
Dec. 31, 2006, to complete its restructuring scheme and for
Jupiter Securities to merge with a stock-broking company.

Headquartered in Kuala Lumpur, Malaysia, Olympia Industries
Berhad organizing and managing numbers forecast pools and public
lotteries, operation of recreation clubs, investment holding and
property development.  Other activities include trading in
securities, paint spraying of aluminium, other metal products
and architectural products, letting of properties, maintaining
and operating internet based transaction facilities and
services, food and beverage business, events organizer and
project management, travel and tours agency, servicing of oil
and gas pipeline, asset management, money lending and
stockbroking.

Operations are carried out in Malaysia, Papua New Guinea and
Singapore.  The Company has incurred continuous losses in the
past and has also been fined many times by Bursa Malaysia
Securities for failing to maintain appropriate standards of
corporate responsibility and accountability to the investing
public.

Olympia's balance sheet as of Sept. 30, 2006, reflected
MYR1.01 billion in total assets and MYR2.07 billion in total
liabilities, resulting to a shareholders' deficit of MYR1.06
billion.

The company is currently operating pursuant to a restructuring
scheme.


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

AQUAFARM SUPPLIES: Creditors Must Prove Debts by January 6
----------------------------------------------------------
On Nov. 30, 2006, the shareholders of Aquafarm Supplies Ltd
appointed Laurence George Chilcott and Peter Charles Chatfield
as joint and several liquidators.

The liquidators require the creditors to prove their debts by
Jan. 6, 2007, or they will be excluded from any distribution the
company will make.

The Joint and Several Liquidators can be reached at:

         Laurence George Chilcott
         Peter Charles Chatfield
         Smith Chilcott Bertelsen Harry
         Chartered Accountants
         Level Eleven, Shortland Tower One
         51-53 Shortland Street (P.O. Box 5545)
         Auckland
         New Zealand
         Telephone:(09) 379 8035
         Facsimile:(09) 307 8892


BE-WITCHED LTD: Creditors Must Prove Claims by January 30
---------------------------------------------------------
Liquidators Grant Bruce Reynolds and Gilbert Dale Chapman
require the creditors of Be-Witched Ltd to prove their claims by
Jan. 30, 2007, and establish any title they may have to
priority.

According to the Troubled Company Reporter - Asia Pacific, the
High Court of Auckland heard the petition against the company on
Nov. 30, 2006, filed by Clearview Marketing Ltd.

The Joint and Several Liquidators can be reached at:

         Grant Bruce Reynolds
         Gilbert Dale Chapman
         Reynolds & Associates Limited
         Insolvency Practitioners
         P.O. Box 259-059, Greenmount
         East Tamaki, Auckland
         New Zealand
         Telephone:(09) 577 0162
         Facsimile:(09) 577 0243


CCY LTD: Petition Hearing Slated for January 24
-----------------------------------------------
An application to liquidate the business of CCY Ltd will be
heard before the High Court of Blenheim on Jan. 24, 2007, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on Nov. 10, 2006.

The CIR's solicitor 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


ECOWORLD NZ: Creditors Must Lodge Claims by January 8
-----------------------------------------------------
The High Court of Hamilton appointed Henry David Levin and Barry
Phillip Jordan as joint and several liquidators of Ecoworld New
Zealand Ltd on Dec. 4, 2006.

The liquidators fix Jan. 8, 2007, as the last day for creditors
to prove their claims and establish any priority claims they may
have.

As reported in the Troubled Company Reporter - Asia Pacific, the
Court heard on Dec. 4, 2006, the petition against the company,
which was filed by the Commerce Commission.

The Joint and Several Liquidators can be reached at:

         Henry David Levin
         Barry Phillip Jordan
         c/o Daryll Powell
         PPB McCallum Petterson
         Level Eleven, Forsyth Barr Tower
         55-65 Shortland Street, Auckland
         New Zealand
         Telephone:(09) 336 0000
         Facsimile:(09) 336 0010


GRAY FUR: Faces Liquidation Proceedings
---------------------------------------
A liquidation petition filed against Gray Fur Trading Co Ltd
will be heard before the High Court of Greymouth on Feb. 5,
2007, at 2:30 p.m.

J P Paul Electrical Ltd filed the petition on Oct. 19, 2006.

J P Paul's solicitor can be reached at:

         D. J. Gregory
         Raymond Sullivan McGlashan
         Barristers and Solicitors
         17 Strathallan Street (P.O. Box 557)
         Timaru
         New Zealand
         Telephone:(03) 687 9777
         Facsimile:(03) 687 9797


SHARIF ENTERPRISES: Appoints Joint Liquidators
----------------------------------------------
Iain Bruce Shephard and Christine Margaret Dunphy were appointed
as joint and several liquidators of Sharif Enterprises Ltd on
Dec. 5, 2006.

The Joint and Several Liquidators can be reached at:

         Iain Bruce Shephard
         Christine Margaret Dunphy
         Shephard Dunphy Limited
         Level Two, Zephyr House
         82 Willis Street, Wellington
         New Zealand
         Telephone:(04) 473 6747
         Facsimile:(04) 473 6748


SOUTHERN ALPINE: Court to Hear Liquidation Petition on Jan. 29
--------------------------------------------------------------
The High Court of Christchurch will hear a liquidation petition
against Southern Alpine Properties Ltd on Jan. 29, 2007, at
10:30 a.m.

The Commissioner of Inland Revenue filed the petition on
Nov. 27, 2006.

The CIR's solicitor 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


THE BUSINESS: Court Sets Liquidation Hearing on January 29
----------------------------------------------------------
The Commissioner of Inland Revenue filed a petition to liquidate
The Business Directory Ltd on Nov. 20, 2006.

The petition will be heard before the High Court of Christchurch
on Jan. 29, 2007, at 10:30 a.m.

The CIR's solicitor 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


TOGETHER LTD: Shareholders Agree to Liquidate Business
------------------------------------------------------
On Nov. 23, 2006, the shareholders of Together Ltd resolved by
special resolution to liquidate the company's business and
appointed Joon Youl Seo as liquidator.

The Liquidator can be reached at:

         Joon Youl Seo
         P.O. Box 8722
         Symonds Street, Auckland 1015
         New Zealand
         Telephone:(09) 303 2200
         Facsimile:(09) 307 2074


TOP HAT: Shareholders Opt to Close Business
-------------------------------------------
The shareholders of Top Hat Wholesale Ltd resolved by special
resolution to liquidate the company's business and appointed
Robert Drum as liquidator.

The Liquidator can be reached at:

         Robert Drum
         69 Wood Street, Ponsonby
         Auckland
         New Zealand
         Telephone:(09) 376 6070
         Facsimile:(09) 376 6350


VERTICAL ROOFING: CIR Seeks to Liquidate Company
------------------------------------------------
On Nov. 7, 2006, the Commissioner of Inland Revenue filed before
the High Court of Christchurch a liquidation petition against
Vertical Roofing Ltd.

The petition will be heard on Jan. 29, 2007, at 10:00 a.m.

The CIR's solicitors 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


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

APEX MINING: Completes Initial Phase for Masara Mine
----------------------------------------------------
In a regulatory filing with the Philippine Stock Exchange, Apex
Mining Co., Inc., discloses that the initial phase of its
500 tonnes-per-day Masara plant has been substantially completed
and has commenced operations.  The first gold pour at the new
plant has taken place.

Plant recoveries are in accordance with expectations at 90.2%
for gold and 71.1% for silver.

Both the ore sampling and actual silver production from the
plant have shown better recovered silver ratios than
historically reported production numbers.  Historical numbers
have shown a ratio of 2-3 ounces of silver for each ounce of
gold and a recovery of around 2 ounces silver per ounce gold.
The first gold pour gave ratios around 4 ounces silver to
1 ounce gold recovered.

Commissioning and initial full production at the 500 t/d plant
will continue to treat lower grade development ore from the
Bonanza/Maligaya and Maria Inez vein systems with gold grades of
+/ - 4 g/t expected whilst higher grade stopes are developed.
The expected average gold grade at full production is 6-6.5 g/t.

The Phase-II plant, to treat an additional 2,400 tonnes per day,
is under construction with a target start up date of the end of
the second quarter 2007.

The Masara operation in the Philippines is forecast to produce
around 100,000-120,000 ounces for 2007, increasing to +180,000
ounces in 2008 at full production capacity and with full
availability of higher grade underground stoping.  Drilling and
underground sampling continue to support the company's view that
these corporate targets can be met.

                       About Apex Mining

Apex Mining Company, Inc., is majority owned by Norwegian firm
Crew Gold Corporation, which is based in the United Kingdom.  It
owns the Masara gold mine in Compostela Valley on the island of
Mindanao.  Apex Mining is a corporation that is principally
engaged in the business of mining gold, silver, copper, lead and
other precious metals.  The company was initially involved in
copper mining and shifted to gold mining in the late 70s when
copper prices started to plummet.

                          *     *     *

After almost a decade of profitable operations, Apex shut down
in March 1991 due to adverse conditions brought about+ by an
illegal strike of its workforce.  As peaceful and stable
conditions were restored, Apex restored to a Mines Operating
Agreement with a foreign-backed outfit.

In the hope of getting back on track, the company launched
"Project 200" by the last quarter of 1997.  This is to resume
operations in the Masara mines using the company's own
resources.  The new system marked the use of "Corpo" or "Balbag"
system, a viable alternative in the area of work relationships
wherein the owner and the mines exist in a partner and
industrial partner relationship.

The company's Operations were suspended on March 16, 2000, up to
the present.  However, a mine rehabilitation program was
implemented starting July 2000 to re-access the measured ore
blocks located at level 850 and level 930.  There is a pending
negotiation for a joint venture with Argonuat Mining Co., Inc.,
at 3780 Kilroy Airport Way, Suite 200, in Long Beach,
California.  The transaction is being delayed by the current
peace and order situation in Mindanao.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Sept. 20, 2006, that Apex Mining Co. incurred a net loss of
PHP46 million for the year ended December 31, 2005.  As of this
date, the Company has accumulated a deficit of PHP1.037 billion
while current liabilities exceed current assets by PHP86
million.

As of Dec. 31, 2005, the company posted total assets of
PHP65,509,996 and total liabilities of PHP86,860,797.


APEX MINING: Nine-Month Net Loss Balloons to PHP35.37 Million
-------------------------------------------------------------
Apex Mining Company, Inc., incurred a net loss of
PHP8.68 million for the quarter ending September 30, 2006, more
than double the PHP3.11-million net loss incurred for the
corresponding quarter in 2005, according to the company's
financial report submitted to the Philippine Stock Exchange.

The company's net loss for the nine months ending September 30,
2006, was pegged at PHP35.37 million, tripling the
PHP11.94-million net loss it posted in the January-September
period a year ago.

                      Results of Operations

On August 4, 2005, an international mining firm, Crew Gold
Corporation and its Philippine subsidiary, Mapula Creek Gold
Corporation, entered into a Share Purchase Agreement with the
company's majority shareholders for the sale and purchase of
72.87% of the issued and outstanding capital stock of the
company.  The SPA involved the sale and transfer of a total of
549,966,524 shares (including 459,524,591 of the unlisted
shares) for US$6.6 million.  Pursuant to the SPA, the Puyat
Group divested fully its shareholdings in the company.

In view of the SPA, the company formally terminated its
operating agreement with Viclode Mining Corporation, and
Mintrecor, Inc.  On the other hand, Mapula and Crew Gold entered
into a Memorandum of Agreement with Goldridge Mining Corp.
wherein the latter agreed to stop all its operation effective
October 4, 2005.

On December 22, 2005, Mines and Geosciences Bureau approved the
company's Mineral Production Sharing Agreement No. 225-2005 - XI
covering the 679.02 hectares located in Maco, Compostela Valley
Province.

As of first quarter of 2006, under the new management, the
company has started its rehabilitation of the plant at the mine
site.  Mapula Teresa Crew Gold Corporation, and Crew Minerals
(Phils.), Inc., the local affiliates of Crew Gold, made advances
to the company for the rehabilitation and refurbishment of the
processing plant.  Other site infrastructures, like power
upgrades, roads, accommodation, technical services and
operations staff, office buildings for administration, workshops
and stores are also being upgraded progressively.

For the second quarter of 2006, the company continued its
rehabilitation of the mines and mill plant.  The rehabilitation
activities continued to be financed by Crew Gold through its
local affiliates mentioned above.

For the third quarter of 2006, the company made advances to
related parties amounting to PHP77,311,101 for the continuous
rehabilitation of the plant and mines.

On August 9, 2006, the company reported the confirmation of the
historical resource data together with the discovery of
additional veins in the Masara-Bonanza system and the expanded
potential for porphyry copper-gold ore systems.

In September of this year, Apex started its pre-commissioning
program which is designed to assess the integrity of the
refurbished 500 tonne per day process facility prior to
commencement of continuous production.  During this program, the
first gold-silver dore was produced from the processing of
clean-up material.  Dore produced from the Masara plant will
contain approximately 2 ounces of silver for each ounce of gold.
Once fully commissioned, the Masara operation will have the
capacity to process 2,900 tpd ore to produce between 150,000 and
200,000 ounces gold and 300,000 to 400,000 ounces silver
annually.

The company will not utilize the capacity of the plant in 2007
as underground development progressively ramps up towards the
end of 2007/early 2008.  Moreover, the company has also
completed the construction of the new Teresa Elementary School
library.  This facility was turned over to the local authority
in a small ceremony on September 15, 2006.

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

                        About Apex Mining

Apex Mining Company, Inc., is majority owned by Norwegian firm
Crew Gold Corporation, which is based in the United Kingdom.  It
owns the Masara gold mine in Compostela Valley on the island of
Mindanao.  Apex Mining is a corporation that is principally
engaged in the business of mining gold, silver, copper, lead and
other precious metals.  The company was initially involved in
copper mining and shifted to gold mining in the late 70s when
copper prices started to plummet.

                          *     *     *

After almost a decade of profitable operations, Apex shut down
in March 1991 due to adverse conditions brought about+ by an
illegal strike of its workforce.  As peaceful and stable
conditions were restored, Apex restored to a Mines Operating
Agreement with a foreign-backed outfit.

In the hope of getting back on track, the company launched
"Project 200" by the last quarter of 1997.  This is to resume
operations in the Masara mines using the company's own
resources.  The new system marked the use of "Corpo" or "Balbag"
system, a viable alternative in the area of work relationships
wherein the owner and the mines exist in a partner and
industrial partner relationship.

The company's Operations were suspended on March 16, 2000, up to
the present.  However, a mine rehabilitation program was
implemented starting July 2000 to re-access the measured ore
blocks located at level 850 and level 930.  There is a pending
negotiation for a joint venture with Argonuat Mining Co., Inc.,
at 3780 Kilroy Airport Way, Suite 200, in Long Beach,
California.  The transaction is being delayed by the current
peace and order situation in Mindanao.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Sept. 20, 2006, that Apex Mining Co. incurred a net loss of
PHP46 million for the year ended December 31, 2005.  As of this
date, the Company has accumulated a deficit of PHP1.037 billion
while current liabilities exceed current assets by PHP86
million.

As of Dec. 31, 2005, the company posted total assets of
PHP65,509,996 and total liabilities of PHP86,860,797.


BENPRES HOLDINGS: Posts 9-Month 2006 Net Income of PHP3.28 Bil.
---------------------------------------------------------------
Benpres Holdings Corporation posted unaudited consolidated
revenues of PHP12.949 billion in the first nine months of 2006,
2% higher than PHP12.725 billion of revenues in the same period
last fiscal year, the company said in its 17Q filing with the
Philippine Stock Exchange.

The 9M2006 unaudited financial statements were restated to
reflect the deconsolidation of Maynilad Water Services, Inc.,
pursuant to the water utility's Court-approved Debt Capital and
Restructuring Agreement

Net income attributable to equity holders of the parent for the
period January-September 2006 reached PHP2.981 billion from
PHP899 million in the same period of the previous fiscal year.
Benpres's unaudited net income as of September 2006 includes
PHP588 million in foreign exchange gain resulting from the
peso's further appreciation to PHP50.21:US$1.

Consolidated net income for the nine months ended Sept. 30,
2006, is available for free at PHP3.28 billion, as compared with
the net income of PHP1.01 billion in the same period ended Sept.
30, 2005.

Benpres's net income for the period in review is primarily
derived from the equity share in net earnings of investees
(+73.6%), after First Philippine Holdings Corporation booked a
one-time gain on dilution of its equity interest in First Gen
Corporation in the amount of PHP2.7 billion with First Gen's
initial public offering in February 2006.

Net sales and services, airtime-net, and license fees reflect
ABS-CBN Broadcasting Corporation accounts.  Production costs,
general and administrative expenses, cost of sales and services,
and agency commission, incentives and co-producers' share are
all ABS-CBN accounts.

The peso appreciated to PHP50.21 per US dollar in September 2006
from PHP53.09 in December 2005 compared to an appreciation to
PHP56.01 in September 2005 from PHP56.28 in December 2004.
Provisions for losses decreased by 82% to P118 million from P659
million pertaining to advances to subsidiaries and affiliates.
Other income dropped by 67% due to a reversal of excess of
accumulated losses over acquisition cost of Maynilad Water
arising from the deconsolidation of Maynilad Water in 2005.  As
such, total unaudited expenses for the first nine months
declined by 18% year-on-year to PHP9.171 billion from
PHP11.122 billion.

                   Key Performance Indicator

As a holding company, Benpres receives revenues from asset sales
and dividends from investees.  Hence, the key performance
indicator with the most direct impact on Benpres is the net
income of investees.  Dividends received by Benpres are based on
the investees' net income in the previous year.  For the
January-September 2006 period, the financial performance of
investees was within expectations.

In May 2006, Benpres received dividends in the amount of
PHP254 million from FPHC based on Benpres's equity share of
44.61%.  In July 2006, Rockwell Land Corporation declared cash
dividends in the amount of PHP61.25 million in favor of Benpres,
50% of which was received in 3Q06 with the remaining 50%
expected to be paid out in December 2006.  Dividends received
are utilized by Benpres for interest payments on its debt.

Benpes has also been selling its shares in Digitel through the
Philippine Stock Exchange.  Proceeds from the sale of Digitel
shares are earmarked for the debt-for-asset swap as proposed to
creditors in the Debt Restructuring Plan.

                       Financial Condition

Cash and cash equivalents decreased by 29% from end-2005 levels
due to debt service, accounting for an 8.5% drop in unaudited
total current assets. Investments and advances-net increased by
14.5% to PHP20.16 billion due to the equity share in net
earnings of investee companies during the period, and leading to
a 5.9% increase in unaudited total noncurrent assets.

Trade and other receivables (-8%), derivative asset (-18%),
other current assets (+43.5%), derivative liabilities (+140.4%),
and share in equity adjustment from translation (-48.9%) reflect
ABS-CBN accounts.

Noncurrent interest-bearing loans and borrowings (-33.9%) and
other noncurrent liabilities (-22.2%) were reduced following
principal payments made by ABS-CBN during the period, and
accounted for the 31.7% decline in total noncurrent liabilities.

Unaudited total consolidated equity as of September 30, 2006,
stood at PHP11.997 billion, 38.2% better than end-2005 as the
deficit was reduced by 32% to PHP6.258 billion given the net
income of PHP3.28 billion for the period in review.  Share in
unrealized gain on fair value of adjustments of available-for-
sale investments improved by 59% due to the higher market value
of Digitel shares.

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

                          About Benpres

Headquartered in Pasig City Philippines, Benpres Holdings
Corporation is a 56.22%-owned subsidiary of Lopez, Inc.  Both
entities were incorporated in the Philippines.  Benpres Holdings
and its subsidiaries are mainly involved in investment holdings,
broadcasting and entertainment, and water distribution.  The
company's associates are involved in telecommunications, power
generation and distribution, cable television, real estate
development and infrastructure.

Starting in 2002, Benpres Holdings defaulted on its principal
and interest payments on its long-term direct obligations and
guarantees and commitments.  As proposed in the company's
Balance Sheet Management Plan, all of Benpres' liabilities were
computed as of May 31, 2002.  Also as proposed in the BSMP, the
company would make good faith semi-annual payments on its direct
and contingent obligations.  The first payment was made on
December 2, 2002, and succeeding payments were made in June and
December 2003, June and November 2004, and May and November
2005.

As of Dec. 31, 2005, Benpres Holdings' long-term direct
obligations due for payment stood at PHP9.96 billion.  By virtue
of its guarantees and commitments, based on the BSMP, the
company may be liable for certain obligations that already fell
due, amounting to approximately PHP10.94 billion as of Dec. 31,
2005, excluding guarantees in its unit, Maynilad Water Services,
Inc.  As of December 31, 2005, consolidated current liabilities
exceeded consolidated current assets by PHP22.12 billion.  Net
loss attributable to Benpres Holdings' equity holders for the
year ended December 31, 2004, amounted to PHP1.2 billion.

After auditing the company's annual report for the period ended
December 31, 2005, Sycip Gorres Velayo & Co. raised substantial
doubt on Benpres Holdings' ability to continue as a going
concern, which would depend on success of the company's balance
sheet management plan.


DEVELOPMENT BANK: DBP President Wants Merger with Land Bank
-----------------------------------------------------------
The Philippine Government should merge the Development Bank of
the Philippines with Land Bank of the Philippines "sooner than
later" and then privatize the merged commercial banking
business, DBP President Reynaldo David told the Philippine Daily
Inquirer.

According to the Inquirer, Mr. David believes that the
Government should not compete in the commercial banking arena,
saying that within 10 years, the only government-controlled bank
should be the central bank.  Mr. David asserted that the
Philippine banking industry has reached the stage when
infrastructure is "quite developed."

Mr. David also said that a merger between DBP and Land Bank
would eliminate redundancies in branch networks.  The Inquirer
notes that DBP has 77 branches and Land Bank has over 300, but,
Mr. David said, DBP is "in the same locality" as Land Bank,
putting each bank in unnecessary competition.

The report further cites Mr. David as saying that the ideal
scenario would be to consolidate DBP and Land Bank, rationalize
their businesses and then spin off their commercial banking
functions into a new entity, while keeping the development-
banking portfolio.

                         About Land Bank

The Land Bank of the Philippines is a government financial
institution that strikes a balance in fulfilling its social
mandate of promoting countryside development while remaining
financially viable.  This dual function makes Land Bank unique.
The profits derived from its commercial banking operations are
used to finance the bank's developmental programs and
initiatives.

From its initial role as the financing arm of the agrarian
reform, Land Bank has evolved into a full-service commercial
bank.  Over the years, Land Bank continued to expand its loan
portfolio in favor of its priority sectors: the farmers and
fisherfolk, small and medium enterprises and microenterprises,
livelihood loans and agribusiness, agri-infrastructure and other
agri- and environment-related projects.

Land Bank ranks among the top five commercial banks in the
country in terms of deposits, assets, loans and capital.

                          *     *     *

On October 6, 2006, the Troubled Company Reporter - Asia Pacific
reported that Fitch Ratings has assigned a Long-term foreign
currency and local currency Issuer Default rating of 'BB', and a
National Long-term rating of 'AA(phi)' to Land Bank of the
Philippines.  The Outlook on the ratings is Stable.  At the same
time, the agency also assigned an expected rating of 'BB-' to
LBP's planned subordinated debt issue of up to US$100 million to
US$150 million.  Fitch also affirmed the bank's Individual and
Support ratings at 'D' and '3', respectively.

The TCR-AP also reported that on November 2, 2006, Moody's
Investors Service revised the outlook of the Land Bank of the
Philippines' foreign currency long-term deposit rating of B1 to
stable from negative.  The outlook for Land Bank's foreign
currency Not-Prime short-term deposit rating and bank financial
strength rating of E+ remains stable.

            About Development Bank of the Philippines

Development Bank of the Philippines --
http://www.devbankphil.com.ph/-- prides itself for being "the
Philippines's most progressive development banking institution,"
providing for the medium and long-term financing needs of
enterprises, with emphasis on small and medium-scale industries,
particularly in the countryside.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
December 22, 2006, that Fitch Ratings has affirmed Development
Bank of the Philippines' ratings as follows:

   -- Long-term foreign currency Issuer Default rating of 'BB',

   -- Long-term local currency IDR of 'BB+',

   -- Individual raring of 'C/D' and

   -- Support ratings of '3'.

The TCR-AP also reported on December 5, 2006, that Standard &
Poor's Ratings Services assigned its 'BB-'rating to the
Development Bank of the Philippines' (DBP: foreign currency BB-
/Stable/B, local currency BB+/Stable/B) PHP2.35 billion existing
lower Tier II subordinated notes due 2016, which will have a
tenor of ten years with a call option at the end of five years.
The differential between the 'BB+' counterparty credit rating
and the 'BB-' rating on the lower Tier II notes reflects the
subordinated nature of the notes.

Moody's Investors Service has revised the outlook of Development
Bank's foreign currency long-term deposit rating of B1 and local
currency long-term deposit rating of Ba2 from negative to
stable.


PHIL. LONG DISTANCE: FPCL Awaits Gov't Go Signal to Make Offer
--------------------------------------------------------------
First Pacific Co. Ltd. said that it will not allow rival bidder,
Parallax Venture Fund, to buy the Government's stake in the
Philippine Long Distance Telephone Company, Sun.Star reports.

According to Sun.Star, First Pacific Managing Director Manuel
Pangilinan said that they are waiting for the formal offer from
the Government before proceeding with the "right to match"
offer.   "It is anticipated that the Philippine Government's
formal notice under the Right to Match will be issued shortly
and that the proposed acquisition will be completed within 30
days thereafter," First Pacific said in an earlier disclosure.

Sun.Star explains that only 111,415 shares, or 6.4% of PLDT --
which is equivalent to one PLDT board seat -- would be sold out
by the Government.

On December 13, 2006, the Troubled Company Reporter - Asia
Pacific reported that the Philippine Government has received a
PHP25.2-billion offer from Parallax Venture Fund XXCII.
Parallax outbid Pan Asia Presidio Capital, which offered
PHP24.9 billion.

Mr. Pangilinan said that First Pacific cannot pay more than the
PHP25.2-billion offer by Parallax.

Sun.Star explains that First Pacific had earlier announced that
it will team up with NTT DoCoMo, Japan's largest mobile phone
firm, for the possible acquisition of the Government stake in
PLDT.

DoCoMo currently owns a 6.7% stake in PLDT while First Pacific
currently has a 24.3% interest in PLDT.  If the joint
acquisition pushes through, First Pacific will end up with 27.5%
of PLDT while DoCoMo's stake in PLDT will increase to 9.9%.

Based in Makati City, Philippines, Philippine Long Distance
Telephone Co. -- http://www.pldt.com.ph/-- is the leading
national telecommunications service provider in the Philippines.
Through three principal business groups -- wireless, fixed line,
and information and communications technology -- the company
offers a wide range of telecommunications services to over 22
million subscribers in the Philippines across the nation's most
extensive fiber optic backbone and fixed line, cellular and
satellite networks.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Nov. 7,
2006, that Moody's Investors Service affirmed Philippine Long
Distance Telephone Company's Ba2 senior unsecured foreign
currency rating and changed its outlook to stable from negative.

According to the report, PLDT's current foreign currency senior
unsecured debt rating of Ba2/stable is above the Philippines'
foreign currency country ceiling of Ba3/stable.  The foreign
currency senior unsecured debt rating incorporates
convertibility risk, which is the likelihood of the government
declaring a debt moratorium to counter a foreign currency
crisis.

The TCR-AP reported on Sept. 1, 2006, that Standard & Poor's
Ratings Services affirmed its 'BB+' foreign currency rating on
Philippine Long Distance Telephone Co.

On Aug. 21, 2006, the TCR-AP stated that Fitch Ratings upgraded
PLDT's Long-term foreign currency Issuer Default Rating to
'BB+' from 'BB'.  The Outlook is Stable.  At the same time,
Fitch upgraded PLDT's global bonds and senior notes to 'BB+'
from 'BB' while it also affirmed PLDT's Long-term local currency
IDR of 'BBB-' with a Positive Outlook and National Long-term
rating of 'AAA(phl)' with a Stable Outlook.


PHIL. NATIONAL BANK: 9-Month Net Income Improves 33% at PHP605MM
----------------------------------------------------------------
Philippine National Bank posted a net income of PHP605 million
for the first nine months of 2006, 33% over the PHP454-million
net income reported in the same period last fiscal year, the
bank said in a 17Q filing with the Philippine Stock Exchange.

Net interest margin for the 2006 nine-month period reached
PHP3.90 billion, PHP291 million higher than the PHP3.61 billion
posted in the same period in 2005.  Fee-based and other income
went up by PHP393 million from PHP5.00 billion in the 2005 nine-
month period to PHP5.40 billion in the 2006 nine-month period,
attributed mainly to trading gains on sale investment
securities.

Administrative and other operating expenses were slightly up by
PHP127 million from PHP6.23 billion in 2005 to PHP6.33 billion
in 2006, while provision for impairment losses amounted to
PHP1.68 million and PHP1.39 million for the periods ended
Sept. 30, 2006, and Sept. 30, 2005, respectively.

Provision for income tax was PHP661 million for the nine months
of 2006 and PHP534 million for the same period last year.

                       Financial Condition

As of September 30, 2006, the group's consolidated resources
reached PHP235.10 billion, PHP11.98 billion or 5.4% higher from
the PHP223.12-billion level as of year-end 2005.  The growth in
resources was fueled by the increase in customer deposits
and proceeds from the PHP5.5 billion Subordinated Notes issued
as Tier 2 Capital on August 10, 2006.

Significant changes were registered in these accounts:

   * Cash and Other Cash Items decreased by PHP1.21 billion from
     PHP5.67 billion to PHP4.46 billion.  The level of cash is
     based on the limits set under existing Bank

   * Due from Bangko Sentral ng Pilipinas increased by
     PHP3.68 billion from PHP3.72 billion to PHP7.40 billion,
     partly due to the additional reserve requirement resulting
     from the increase in deposit liabilities.

   * Due from Other Banks decreased by PHP504 million from
     PHP5.70 billion to PHP5.19 billion.  The decrease pertains
     to accounts with various foreign banks.

   * Securities Held Under Agreements to Resell was higher by
     PHP2.50 billion, from PHP12.30 billion to PHP14.80 billion.
     This involves lending to BSP only.

   * Financial Assets at Fair Value Through Profit or Loss
     increased by PHP152 million from PHP1.05 billion to
     PHP1.20 billion on account of higher investments in
     government securities.

   * Available for Sale Investments increased by PHP9.33 billion
     from PHP40.24 billion to PHP49.57 billion due to additional
     purchases of government securities.

   * Held to Maturity Investments decreased by PHP1.35 billion,
     from PHP5.27 billion to PHP3.92 billion on account of
     matured government bonds.

   * Investment in Subsidiaries went up by PHP54 million, from
     PHP684 million to PHP738 million in view of the on-going
     establishment of a new subsidiary abroad of PNB.

   * Other Resources increased by PHP756 million, from
     PHP9.67 billion to PHP10.42 billion mainly on account of
     mark to market adjustment of certain assets.

The consolidated liabilities as of Sept. 30, 2006, increased by
PHP12.49 billion from PHP200.21 billion in 2005 to
PHP212.70 billion.  Material changes in liability accounts are:

   * Total deposits grew by PHP9.27 billion from
     PHP167.83 billion to PHP177.10 billion.  By deposit mix,
     demand, savings and time deposits increased by
     PHP980 million, PHP8.29 billion and PHP4 million,
     respectively.

   * Bills and Acceptances Payable decreased by PHP737 million,
     from PHP13.15 billion to PHP12.41 billion mainly due to
     settlement of certain government accounts and foreign
     obligations.

   * Due to Bangko Sentral ng Pilipinas was lower by
     PHP21 million from PHP116 million to PHP94 million due to
     payment of supervision and examination fees.

   * Margin Deposits and Cash Letters of Credit went up by
     PHP507 million, from PHP70 million to PHP577 million
     accounted for by regular trade transactions.

   * Manager's Check and Demand Drafts Outstanding increased by
     PHP269 million from PHP473 million to PHP742 million on
     account of checks payable pending negotiation.

   * Subordinated Debt increased by PHP5.42 billion, from
     PHP2.96 billion to PHP8.43 billion.  On August 10, 2006,
     the Bank issued PHP5.50 billion Unsecured Subordinated
     Notes to be used as Tier 2 Capital to comply with the
     requirements of Basle II accord and to boost its capital
     adequacy ratio.

   * Other Liabilities decreased by PHP2.25 billion, from
     PHP10.68 billion to PHP8.43 billion mainly due to decrease
     in balances of deposits with other banks and miscellaneous
     liabilities.

The consolidated capital funds stood at PHP22.40 billion as of
end September 30, 2006, lower by 2.2% compared to
PHP22.91 billion as of year-end 2005 mainly due to reversal of
net unrealized gain on sale of securities.

                    Key Performance Indicators

Capital Adequacy

Capital adequacy ratio covering credit risk (consolidated basis)
based on report submitted to BSP as of September 30, 2006, was
20.6%, 3.4% higher than 17.2% as of December 31, 2005.  The new
Tier 2 Capital - PHP5.5 billion, 12% Subordinated Notes issued
on August 10, 2006, boosted the group's capital adequacy.

Asset Quality

Non-performing loans of the group amounted to PHP27.6 billion as
of September 30, 2006.  NPL coverage ratio stood at 73.5%

Profitability

                                   For Nine Months Ended
                                        September 30,
                                       2006      2005
                                      ------    ------
            Return on equity           3.59%     2.71%
            Return on assets           0.35%     0.29%
            Net interest margin        3.41%     3.44%

Liquidity

Total liquid assets were PHP100.3 billion and PHP85.6 billion as
of September 30, 2006, and December 31, 2005, respectively,
representing 42.6% and 39.1% of the total assets.

The bank is in compliance with both liquidity and legal reserve
requirements for deposit liabilities and deposit substitutes.

Cost Efficiency

The ratio of total operating expenses to the sum of net interest
income and other income for nine months ended September 30, 2006
and 2005 are 69.3% and 72.3%, respectively.

PNB's financial report for the nine months ended Sept. 30, 2006,
is available at the Philippine Stock Exchange site at
http://www.pse.com.ph/

                            About PNB

Philippine National Bank -- http://www.pnb.com.ph/-- is the
Philippine's first universal bank established on July 22, 1916.
The bank's core business consists of lending and deposit-taking
activities from corporate, middle market and retail customers,
as well as various government units.  Its other principal
activities include bill discounting, fund transfers, remittance
servicing, foreign exchange dealings, retail banking, trust
services, treasury operations and trade finance.  Through its
subsidiaries, PNB engages in a number of diversified financial
and related businesses such as international merchant banking,
investment banking, life/non-life insurance, leasing, financing
of small-and-medium-sized industries, and financial advisory
services.  It introduced innovations such as the bank on wheels,
computerized banking, ATM banking, mobile money changing and
domestic travelers' checks.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
November 6, 2006, that Moody's Investors Service has revised the
outlook of Philippine National Bank's foreign currency long-term
deposit rating of B1, local currency senior debt rating of Ba2,
and local currency subordinated debt rating of Ba3 to stable
from negative.

The outlook for PNB's foreign currency Not-Prime short-term
deposit rating and bank financial strength rating of E remains
stable.

The TCR-AP reported on Nov. 1, 2006, that Fitch Ratings affirmed
Philippine National Bank's Individual rating at 'E' and Support
rating '3' after a review of the bank.

Standard and Poor's Ratings Services has given PNB 'B' Short-
Term Foreign Issuer Credit and Short-Term Local Issuer Credit
Ratings, as well as 'B-' Long-Term Foreign Issuer Credit and
Long-Term Local Issuer Credit Ratings effective as of April 26,
2006.


UNIWIDE HOLDINGS: Unit Ordered to Pay PHP11MM in Building Fees
--------------------------------------------------------------
The Supreme Court has ordered Uniwide Sales Realty and Resources
Corp., a unit of Uniwide Holdings, Inc., to pay PHP11.5 million
in unpaid fees to Titan-Ikeda Construction and Development
Corp., in connection with the construction of Uniwide buildings
in Metro Manila, Business World reports.

The figure is exclusive of a 6% annual interest from Dec. 19,
1992 until the date of payment.

Business World explains that the SC affirmed a 1996 decision by
the Court of Appeals, which had denied Uniwide's refund claim of
PHP5.8 million in allegedly overpaid fees, as well as a claim
for liquidated damages.

The report recounts that Titan was first hired by Uniwide in May
1991 for construction of the Libis building for
PHP120.9 million.  This was finished on Feb. 15, 1992, three
months behind schedule.  The Caloocan project was commissioned
in May 1992, for PHP118 million, and completed in June 1993,
four months behind schedule.  In July 1992, Titan and Uniwide
entered into another agreement, for renovation of the Edsa
Central building for PHP21.3 million.  The project was completed
by October 1992, but Uniwide paid only PHP15 million.

Business World adds that the company had claimed it was
overcharged by Titan and is no longer liable for a
PHP6.3-million unpaid balance for additional construction and
renovation of the Edsa Central complex.  The tribunal, however,
said Uniwide failed to present at the lower courts any evidence
of fraud in the pricing of the construction project.

Uniwide had also claimed its overpayment of PHP5.8 million had
been based on an unauthorized request for additional works on
the Libis project.  Associate Justice Dante O. Tinga said,
however, that Uniwide was unable to establish its right to
reimbursement.

Uniwide no longer contested with the high court the Court of
Appeals' order for the payment of a PHP5.2-million unpaid
balance for the construction of its Caloocan department store.

Business World further added that as for Uniwide's claim for
liquidated charges due to delays in finishing the projects, Mr.
Tinga said this was not raised during earlier proceedings at the
Construction Industry Arbitration Commission, the quasi-judicial
body tasked to settle construction cases.

According to the Business World report, Uniwide was, however,
cleared of additional value-added taxes, after having already
paid PHP2.4 million of this for its Libis administration
building.  Mr. Tinga said in the absence of a written agreement
between parties, it is the seller who is required to absorb the
VAT, pursuant to Sections 99 and 102 of the Tax Code.  Mr. Tinga
thus affirmed the construction commission's ruling, that any
unpaid VAT shall be Titan's obligation.

                         Uniwide Reacts

Uniwide, in a later disclosure with the Philippine Stock
Exchange, confirmed the existence of such case between Uniwide
Sales Realty and Titan-Ikeda Construction pending before the
Philippine Supreme Court.  However, Uniwide's counsel, the Law
Offices of Balgos and Perez, have not yet received a copy of the
Court Decision.

Uniwide, however, made it clear that they will file a Motion for
Reconsideration the moment they officially receive a copy.

                     About Uniwide Holdings

Uniwide Holdings, Inc., was incorporated in the Philippines and
is a major subsidiary of Uniwide Sales, Inc., a holding company
wholly owned by the Gow family.

The company was organized in 1994 as the franchiser of USI and
Uniwide Sales Warehouse Club stores.  The company also engages
in real estate operations primarily through a subsidiary,
Uniwide Sales Realty and Resources Corp.  USRRC is involved in
the acquisition, development, holding and leasing of land and
buildings used as sites for the warehouse clubs and department
stores.  On the other hand, another subsidiary, Naic Resources &
Development Corporation engages in, operates, conducts, manages
and carries on the business of a general amusement, recreation
and entertainment enterprise.

Uniwide filed for rehabilitation in June 1999, and the
Securities and Exchange Commission approved its rehabilitation
plan in 2000.  Under the plan, the company will convert 50% of
its unsecured debt into 15-year convertible notes redeemable
anytime at its convenience, while the remaining 50% would be
restructured into a 10-year loan with 0% interest and a 3-year
grace period; payment will begin on the fourth year.


* Earnings of Listed Firms Up 32% After 9 Months
------------------------------------------------
Combined earnings of companies listed with the Philippine Stock
Exchange surged 32.5% to PHP167.92 billion in the first nine
months of the year from PHP126.73 billion year-on-year, PSE
President Francis Lim told the Manila Standard.

Mr. Lim said that the growth in nine-month earnings was better
than the 27.35-percent hike in net income recorded by the listed
firms during the first half of the year.   The increase, he
added, "reaffirms perceptions that the economy stands on solid
ground, despite the challenging political environment here and
abroad."

The Standard explains that the data was based on unaudited
financial statements of the 233 listed domestic companies that
submitted reports to the PSE as of Dec. 14.  Combined gross
revenues of the listed companies from January to September also
went up 12.76% to PHP1.5 trillion from PHP1.33 trillion a year
earlier.

Mr. Lim said that all six industry groups in the main board, as
well as the small- and medium-sized enterprises board, enjoyed
higher net income and gross revenues this year.  Firms in the
small- and medium-sized enterprises board chalked up the best
growth, reversing the PHP1.28-million loss incurred for the
first nine months of 2005 and replaced it with a PHP6-million
net income for the same period this year.

The total gross revenues of firms in the board went up 66% to
PHP122.13 million, the Manila Standard adds.

The Standard report mentions that the mining and oil sector
recorded the huge growth in income at 81.4% as combined net
earnings of companies in this sector reached PHP3.59 billion
from PHP1.98 billion a year ago, while listed companies in the
services sector accounted for the biggest share of the pie as
their combined net profit for the period hit PHP47.74 billion,
or 23.2% higher than the year-ago level of PHP38.74 billion.
The services sector also accounted for the biggest share of
gross revenues at PHP218.5 billion, or 5.5% higher than the
year-ago level of PHP207.01 billion.  Net earnings of firms in
the holding firms sector went up 56% to PHP39.7 billion; those
in the industrial sector rose 28.6% to PHP34.9 billion; the
financial sector 28.5% to PHP29.89 billion; and property sector
19% to PHP12.11 billion.

The report adds further that Philippine Long Distance Telephone
Co., the country's largest telecommunications company,
registered the highest net income of PHP26 billion during the
period, followed by Ayala Corp. with a net profit of
PHP11 billion.  Also included in the top 10 companies in terms
of net income are SM Investments Corp., First Philippine
Holdings Corp., Globe Telecom, Pilipino Telephone Corp., Bank of
the Philippine Islands, JG Summit Holdings Inc., First Gen
Corp., and San Miguel Corp.

Lastly, the Manila Standard reports that the combined earnings
of companies that make up the 30-company PSEi went up 25.4% to
PHP116.53 billion from PHP92.89 billion the previous year.  But
the share of the PSEi firms to the total income of all listed
companies shrank to 69.4% from 73.3%.

                          *     *     *

"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
=================

SEA CONTAINERS: Services Files Schedules of Assets & Liabilities
----------------------------------------------------------------

A.   Real Property                                         none

B.   Personal Property
B.1  Cash on Hand                                       US$7,504
B.2  Bank Accounts
        Bank of America NA - London, UK                       -
        Bank of Scotland - Leeds, UK                      3,428
        Barclays Bank PLC - London, UK                    8,834
        Commerce Bank - Delaware, USA                   250,000
        NatWest PLC - London, UK                            288
B.9  Interests in Insurance Policies                    unknown
B.13 Stocks and Interests in Businesses
        Common Stock - Periandros SA, Greece          2,501,121
B.16 Accounts Receivable
        Trade - London, England                         873,414
        Intercompany receivable
           Ferry & Port Holdings                     52,352,264
           GE SeaCo                                       3,869
           Hart Fenton                                1,847,891
           Newhaven Marina                              358,256
           Periandros                                   839,543
           SC America Inc.                               54,118
           SC Asia Pty                                1,006,914
           SC British Isles                          44,224,454
           SC House Management                          159,779
           YMCL                                       8,819,200
           Insurance premiums to be recharged         1,199,114
B.21 Other Contingent & Unliquidated Claims           2,067,020
B.22 Intellectual Property                              unknown
B.25 Vehicles                                           270,046
B.28 Office Equipment                                 3,256,769
B.35 Other Personal Property
        Due from related parties                      3,927,545
        Other receivables                               986,479
        Prepaid expenses                              1,728,970

     TOTAL SCHEDULED ASSETS                       US$126,746,820
     ==========================================================

C.   Property Claimed as Exempt                  not applicable

D.   Secured Claim
        Bank of Scotland                              1,634,106
        Bank of Scotland                                333,255

E.   Unsecured Priority Claims                             none

F.   Unsecured Non-priority Claims
        24 Seven Vending Ltd.                             7,285
        AFE Serviceline                                     934
        Aspen Trustees Limited - 1983 pension scheme    unknown
        Aspen Trustees Limited - 1990 pension scheme    unknown
        Copyright Licensing Agency Ltd.                  10,654
        Fairways & Swinford (Travel) Ltd.               237,578
        GB Crate Hire Ltd.                                  265
        Group 4 Securicor                                 1,475
        IBM (UK) Ltd.                                     2,541
        Janitorial Express                                  470
        Minster Cleaning Services                           216
        Misco                                             2,353
        Office Angels                                        30
        Robert Walters                                   11,177
        SC Property Services                          2,751,973
        Sea Containers Limited                       62,347,052
        Service Point (UK)                                   22
        Sprint International Express Ltd.                 1,154
        Veneglass Limited                               unknown

     TOTAL SCHEDULED LIABILITIES                  US$67,342,542
     ==========================================================

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. 7; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


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

COMPUTER SCIENCES: Seeks Waiver of Default on US$200-Mil. Notes
---------------------------------------------------------------
Computer Sciences Corp. is soliciting consents from the holders
of its US$200 million aggregate outstanding principal amount of
its 6-1/4% Notes due 2009 for a one-time waiver, to be effective
through March 9, 2007, of any default or event of default under
the reporting requirements in the indentures governing the
Notes.

The company disclosed that it received, on Dec. 8, 2006, notices
of default from Citibank N.A., acting as trustee, with respect
to its default under the reporting provision, and also as the
trustee under the indentures that govern the company's three
other outstanding series of notes with respect to default under
the reporting requirements in the indentures.

The approval of the proposed waiver would extend the existing
30-day cure period in the indenture by 60 days with respect to
the reporting provision, which is consistent with the cure
period for the reporting requirements under the indentures that
govern its three other outstanding series of notes and similar
to the cure period provided in the waiver of default granted on
Nov. 17, 2006, by the company's lenders under its $1 billion
credit agreement for failure to comply with the reporting
covenant in the credit agreement.

CSC is offering an initial consent fee of a US$1.25 in cash for
each US$1,000 in principal amount of the Notes to all holders of
record on Dec. 11, 2006, who properly execute and deliver a
letter of consent on or prior to Dec. 21, 2006.  If the company
has not filed its Quarterly Report with the SEC on or before
5:30 p.m., New York City time, on Jan. 5, 2007, it will pay to
each consenting holder an additional US$1.25 in cash for each
US$1,000 in principal amount of Notes.

The proposed waiver will become effective promptly after
receiving valid and unrevoked consents from holders representing
a majority of the outstanding aggregate principal amount of the
Notes.

The consent solicitation will expire at 5:00 p.m., New York City
time, on Dec. 21, 2006.  Holders may submit their Letters of
Consent to the Tabulation Agent at any time on or prior to the
expiration date.  Holders may revoke their consents prior to the
effectiveness of the proposed waiver.

Global Bondholder Services Corporation has been retained to
serve as its Tabulation Agent for the consent solicitation.
Requests for documents should be directed to Global Bondholder
Services at (866) 470-3800 or (212) 430-3774.

Merrill Lynch & Co. was also retained as solicitation agent for
the consent solicitation.  Questions regarding the terms of the
consent solicitation should be directed to the Solicitation
Agent at (888) 654-8637 or (212) 449-4914 (collect).

Headquartered in El Segundo, Calif., Computer Sciences
Corporation (NYSE: CSC) -- http://www.csc.com/-- is an
information technology services company.  The company's services
include systems design and integration; IT and business process
outsourcing; applications software development; Web and
application hosting; and management consulting.  The company has
operations in Singapore, the United Kingdom and Thailand.


* BOND PRICING: For the Week 18 December to 22 December 2006
------------------------------------------------------------

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

AUSTRALIA & NEW ZEALAND
-----------------------
Ainsworth Game                 8.000%  12/31/09     AUD     0.78
Alinta Networks                5.750%  09/22/10     AUD     6.71
APN News & Media Ltd           7.250%  10/31/08     AUD     5.50
A&R Whitcoulls Group           9.500%  12/15/10     NZD     9.40
Arrow Energy NL               10.000%  03/31/08     AUD     1.23
Babcock & Brown Pty Ltd        8.500%  12/31/49     AUD     8.00
Becton Property Group          9.500%  06/30/10     AUD     0.65
BIL Finance Ltd                8.000%  10/15/07     NZD     9.00
Capital Properties NZ Ltd      8.500%  04/15/07     NZD     8.55
Capital Properties NZ Ltd      8.500%  04/15/09     NZD     7.90
Capital Properties NZ Ltd      8.000%  04/15/10     NZD     8.50
Cardno Limited                 9.000%  06/30/08     AUD     5.10
CBH Resources                  9.500%  12/16/09     AUD     0.58
Chrome Corporation Ltd        10.000%  02/28/08     AUD     0.02
Clean Seas Tuna Ltd            9.000%  09/30/08     AUD     0.29
Djerriwarrh Investments Ltd    6.500%  09/30/09     AUD     4.50
Evans & Tate Ltd               8.250%  10/29/07     AUD     0.44
Fletcher Building Ltd          8.600%  03/15/08     NZD     8.00
Fletcher Building Ltd          8.850%  03/15/10     NZD     7.75
Fletcher Building Ltd          7.550%  03/15/11     NZD     7.90
Futuris Corporation Ltd        7.000%  12/31/07     AUD     2.39
Hy-Fi Securities Ltd           7.000%  08/15/08     NZD     8.15
Hy-Fi Securities Ltd           8.750%  08/15/08     NZD    11.40
Hutchison Telecoms Australia   5.500%  07/12/07     AUD     0.53
IMF Australia Ltd             11.500%  06/30/10     AUD     0.75
Infrastructure & Utilities
   NZ Ltd                      8.500%  09/15/13     NZD     8.40
Infratil Ltd                   8.500%  11/15/15     NZD     8.10
Kagara Zinc Ltd                9.750%  05/06/07     AUD     6.86
Kiwi Income Properties Ltd     8.000%  06/30/10     NZD     1.23
Minerals Corporation Ltd      10.500%  09/30/07     AUD     0.86
Nuplex Industries Ltd          9.300%  09/15/07     NZD     8.05
Pacific Print Group Ltd       10.250%  10/15/09     NZD    11.00
Salomon SB Australia           4.250%  02/01/09     USD     7.81
Silver Chef Ltd               10.000%  08/31/08     AUD     1.05
Software of Excellence         7.000%  08/09/07     NZD     1.80
Speirs Group Ltd.             10.000%  06/30/49     NZD    61.00
Structural Systems            11.000%  06/30/07     AUD     1.60
Tower Finance Ltd              8.750%  10/15/07     NZD     8.20
TrustPower Ltd                 8.300%  09/15/07     NZD     8.50
TrustPower Ltd                 8.300%  12/15/08     NZD     8.05
TrustPower Ltd                 8.500%  09/15/12     NZD     8.25
TrustPower Ltd                 8.500%  03/15/14     NZD     8.00
Vision Systems Ltd             9.000%  12/15/08     AUD     3.50


KOREA
-----
Korea Development Bank         7.350%  10/27/21     KRW    49.01
Korea Development Bank         7.450%  10/31/21     KRW    48.98
Korea Development Bank         7.400%  11/02/21     KRW    48.97
Korea Development Bank         7.310%  11/08/21     KRW    48.93
Korea Development Bank         8.450%  12/15/26     KRW    69.74


MALAYSIA
--------
Aliran Ihsan Resources Bhd     5.000%  11/29/11     MYR     0.78
AHB Holdings Bhd               5.500%  03/06/07     MYR     0.15
Asian Pac Bhd                  4.000%  12/21/07     MYR     0.23
Berjaya Land Bhd               5.000%  12/30/09     MYR     0.63
Bumiputra-Commerce             2.500%  07/17/08     MYR     1.03
Camerlin Group Bhd             5.500%  07/15/07     MYR     2.29
Crescendo Corporation Bhd      3.000%  08/25/07     MYR     0.90
Dataprep Holdings Bhd          4.000%  08/06/07     MYR     0.43
Denko Industrial Corp. Bhd     5.000%  03/15/07     MYR     0.60
Eastern & Oriental Hotel       8.000%  07/25/11     MYR     1.77
Eden Enterprises (M) Bhd       2.500%  12/02/07     MYR     0.70
EG Industries Bhd              5.000%  06/16/10     MYR     0.61
Equine Capital Bhd             3.000%  08/26/08     MYR     0.36
Greatpac Holdings Bhd          2.000%  12/11/08     MYR     0.33
Gula Perak Bhd                 6.000%  04/23/08     MYR     0.49
Hong Leong Industries Bhd      4.000%  06/28/07     MYR     0.85
Huat Lai Resources Bhd         5.000%  03/28/10     MYR     0.59
I-Berhad                       5.000%  04/30/07     MYR     0.52
Insas Bhd                      8.000%  04/19/09     MYR     0.70
Kamdar Group Bhd               3.000%  11/09/09     MYR     0.32
Kosmo Technology Industrial    2.000%  06/23/08     MYR     0.57
Kretam Holdings Bhd            1.000%  08/10/10     MYR     0.53
Kumpulan Jetson                5.000%  11/27/12     MYR     0.43
LBS Bina Group Bhd             4.000%  12/29/06     MYR     0.51
LBS Bina Group Bhd             4.000%  12/31/07     MYR     0.48
LBS Bina Group Bhd             4.000%  12/31/08     MYR     0.48
LBS Bina Group Bhd             4.000%  12/31/09     MYR     0.48
Lebar Daun Berhad              2.000%  01/06/07     MYR     5.00
Media Prima Bhd                2.000%  07/18/08     MYR     1.59
Mithril Bhd                    8.000%  04/05/09     MYR     0.39
Mithril Bhd                    3.000%  04/05/12     MYR     0.62
Mutiara Goodyear Dev't Bhd     2.500%  01/15/07     MYR     0.33
Pantai Holdings Bhd            5.000%  07/31/07     MYR     2.50
Pelikan Int'l Corp Bhd         3.000%  04/08/10     MYR     1.34
Pelikan Int'l Corp Bhd         3.000%  04/08/10     MYR     1.34
Poh Kong Holdings Bhd          3.000%  01/20/07     MYR     0.73
Puncak Niaga Holdings Bhd      2.500%  11/18/16     MYR     0.87
Ramunia Holdings               1.000%  12/20/07     MYR     0.89
Rashid Hussain Bhd             3.000%  12/23/12     MYR     1.14
Rashid Hussain Bhd             0.500%  12/24/12     MYR     1.32
Rhythm Consolidated Bhd        5.000%  12/17/08     MYR     0.44
Senai-Desaru Exp.              3.500%  12/09/19     MYR    74.33
Senai-Desaru Exp.              3.500%  05/09/20     MYR    73.34
Senai-Desaru Exp.              3.500%  12/09/20     MYR    71.99
Senai-Desaru Exp.              3.500%  06/09/21     MYR    71.01
Senai-Desaru Exp.              3.500%  12/09/21     MYR    70.05
Senai-Desaru Exp.              3.500%  12/09/22     MYR    68.53
Senai-Desaru Exp.              3.500%  06/09/23     MYR    67.60
Senai-Desaru Exp.              3.500%  12/08/23     MYR    66.69
Senai-Desaru Exp.              3.500%  06/07/24     MYR    65.79
Silver Bird Group Bhd          1.000%  02/15/09     MYR     0.31
Southern Steel                 5.500%  07/31/08     MYR     1.27
Tenaga Nasional Bhd            3.050%  05/10/09     MYR     1.24
Tradewinds Plantations Bhd     3.000%  02/28/16     MYR     0.73
WCT Land Bhd                   3.000%  08/02/09     MYR     1.09
Wah Seong Corp                 3.000%  05/21/12     MYR     3.00
YTL Cement Bhd                 4.000%  11/10/15     MYR     1.50


SINGAPORE
---------
Sengkang Mall                  8.000%  11/20/12     SGD     1.00




                            *********

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

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

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


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Nolie Christy Alaba, Rousel Elaine Tumanda,
Valerie Udtuhan, Francis James Chicano, Catherine Gutib, Tara
Eliza Tecarro, Freya Natasha Fernandez, and Peter A. Chapman,
Editors.

Copyright 2007.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$625 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 US$25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.

                 *** End of Transmission ***