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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  

             Friday, January 5, 2007, Vol. 10, No. 4

                            Headlines

A U S T R A L I A

CAPITAL VALUERS: Members' Final Meeting Set on Jan. 19
CHEMGENEX PHARMACEUTICALS: E&Y Raises Going Concern Doubt
CHURCH & DWIGHT: Moody's Upgrades Corporate Family Rating to Ba1
COOPER COMPANIES: Weak Financial Results Cue S&P's Watch Neg.
EUSTON ENGINEERING: Liquidator to Present Wind-Up Report

FISHER ELECTRONICS: To Declare Final Dividend on Feb. 18
GYPRO-TECH (AUSTRALIA): Members to Receive Wind-Up Report
LABSTAFF PTY: Members' Final Meeting Set on Jan. 19
M D H ROOFING: Members and Creditors to Meet on Jan. 15
MAAS CORP: To Declare Preferential Dividend on Jan. 19

PETERPHYL HOLDINGS: Members to Meet on Jan. 12
REVLON INC: Subsidiary Refinances Bank Credit Agreement
SPRAY BOOTH: Meeting of Members and Creditors Set on Jan. 31
UBS (AUSTRALIA): Members to Receive Wind-Up Report on Jan. 19
USED & ABUSED: Members and Creditors to Meet on Jan. 22


C H I N A   &   H O N G  K O N G

BANKERS TRUST: Creditors' Proofs of Debt Due on Jan. 29
CHINA SOUTHERN: Reform Delay May Cause Trading Curbs
DAIMLERCHRYSLER: Gets Nod for Chinese Venture
DIGITAL NETWORK: President Departs; COO to Take Vacant Post
FULLGOLD CORPORATION: Appoints Yeung Ping Hung as Liquidator

I-SECURITY SOLUTIONS: Joint Liquidators Cease to Act
KIN TAI: Liquidator Cheuk Ceases to Act
LIVENGOOD INVESTMENTS: Creditors Must Prove Debts by Jan. 30
PEACE FOREST: Appoints Liquidator
QING XIN: Members Opt to Liquidate Business

STAR ASSETS: Enters Wind-Up Proceedings
TAISHIN INTERNATIONAL: Writes Off NT$9.7BB NPL Losses in FY2006
WORLD FIREFIGHTERS: Names Ho Siu Kau as Liquidator


I N D I A

ALLAHABAD BANK: Increases Interest Rates on Term Deposits
BALLARPUR INDUSTRIES: Board Meeting Slated on Jan. 19
BANK OF BARODA: Set to Enter European Joint Ventures
BANK OF BARODA: Hikes BPLR to 12% Per Annum Effective Jan. 1
BANK OF INDIA: Hikes Lending Rate by 50 Basis Points to 12%

BHARTI AIRTEL: Allots 25,350 Equity Shares Under ESOP
BHARTI AIRTEL: SingTel Wants Vodafone Off Board, Reports Say
CADMUS COMMUNICATIONS: Will Merge with Cenveo
CADMUS COMMUNICATIONS: Buyout Prompts Moody's to Review Ratings
CADMUS COMMUNICATIONS: Buyout Prompts S&P's Negative CreditWatch

ICICI BANK: To Market Three-Tranche US$-Denominated Debt
ICICI BANK: Forfeits 44,280 Equity Shares Over Unpaid Balance
UNION BANK: To Offer Group Insurance to Fixed Deposit Holders


I N D O N E S I A

AVNET INC.: Completes Acquisition of Access Distribution
GOODYEAR TIRE: New Labor Contract Cues S&P to Remove Neg. Watch
GOODYEAR TIRE: Inks New Labor Contract with Steelworkers Union
GOODYEAR TIRE: Workers Resume Production After Strike
HILTON HOTELS: Sets Date for 4th Q/Year-End Earnings Release

INCO LTD: Shareholders Support Itabira Canada's Takeover
PHILLIPS-VAN HEUSEN: Acquires Neckwear Firm Superba
SARANA KALTIM VENTURA: PEFINDO Assigns "idBB+" Ratings
WILLBROS GROUP: Chairman & CEO Mike Curran Elects To Retire


J A P A N

ALITALIA SPA: Gives Buyer Free Hand to Decide on Redundancies
ALITALIA SPA: Italian Cabinet Approves Air Transport Reform
ALITALIA SPA: Hikes Year-on-Year Passenger Traffic in November


K O R E A

DAEWOO ELECTRONICS: Creditors Reject Videocon's Latest Offer
DURA AUTOMOTIVE: Wants to Pay US$1.1-M Prepetition Tax Claims
DURA AUTOMOTIVE: Names D. Harbert as Interim Chief Fin'l Officer
KRISPY KREME: Expects US$117 Million in Revenues for 3rd Quarter
KRISPY KREME: Files Delayed First Quarter Financial Results

SHINHAN BANK: Plans Innovation to Fight Tougher Competition


M A L A Y S I A

ANTAH HOLDINGS: Unit Receives Summons In Chambers
ANTAH HOLDINGS: Gets Public Reprimand for Breaking Bursa's Rules
ANTAH HOLDINGS: Supplements Agreements with Units
FEDERAL FURNITURE: Gets Forfeiture Notice on Terrenganu Property
SYARIKAT KAYU: Seeks Extension of Filing Regularization Plan

SUGAR BUN: Changes Name to Borneo Oil Bhd
TENGGARA OIL: Fails to Clear Debt of MYR28.40MM Due on Dec. 06


N E W   Z E A L A N D

AUTOHAUS EUROPEAN: Creditors Must Prove Debts by Jan. 24
BLUE CHIP: Liquidators to Receive Claims Until Jan. 6
COLDWELL HOLDINGS: Proofs of Debt Due on Jan. 16
DELOITTE PROPERTY: Creditors' Proofs of Debt Due on Jan. 24
DENNY'S CORP: Units Ink New US$350 Million Senior Loan Agreement

DVS CAFE: Names Brown and Rodewald as Joint Liquidators
FXHT FUND: Creditors Must Prove Debts by Feb. 2
PENGUIN HOSPITALITY: Appoints Official Assignee as Liquidator
RJI PACIFIC: Court Appoints Joint Liquidators
TAXIS COASTLINE: Appoints Joint Liquidators

VERTECH NEW ZEALAND: High Court Appoints Liquidators


P H I L I P P I N E S

ALLIED BANKING: Posts PHP385-Mil. Net Income in 2006 3rd Quarter
BACNOTAN CONSOLIDATED: Turns Around with PHP38MM in 2006 3Q
BENGUET CORP: Reports PHP2.1BB Capital Deficiency as of Sept.
CITY RESOURCES: Records PHP2-Million Capital Deficiency
CYBER BAY: Sept. 06 Balance Sheet Shows PHP3BB Capital Deficit

FIL-ESTATE: Capital Deficiency at PHP310.2-Mil. as of Sept. 30
FILSYN CORP: Records PHP479-Mil. Equity Deficit as of Sept. 2006
GLOBAL EQUITIES: Sept. 30 Balance Sheet Shows PHP263MM Deficit
MRC ALLIED: ASM Adjourned Due to Lack of Quorum


S I N G A P O R E

ARMSTRONG INDUSTRIAL: Ventures into Australian Automotive Market
ARMSTRONG INDUSTRIAL: Shareholder Exercises Share Options
ASIA PACIFIC PAPER: Creditors Must Prove Debts by Jan. 29
CHINA AVIATION: Appoints m. Bennetts as Non-Executive Director
CHINA FAR EAST: High Court to Hear Wind-Up Petition on Jan. 12

GOLD LINK: Liquidator to Receive Claims Until Feb. 5


T H A I L A N D

BANK OF AYUDHYA: GE Completes Acquisition of 25.4% Stake
THAI WAH: Court Orders Appointment of New Plan Administrator


* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

CAPITAL VALUERS: Members' Final Meeting Set on Jan. 19
------------------------------------------------------
Capital Valuers Pty Ltd, which is in liquidation, will hold a
final meeting for its members on Jan. 19, 2007.

At the meeting, Liquidator Grant Andrew Slater will present the
final accounts of the company's wind-up proceedings and property
disposal exercises.

The Liquidator can be reached at:

         Grant Andrew Slater
         Bentleys MRI Canberra
         Level 1, 13 London Circuit
         Canberra ACT 2601
         Australia


CHEMGENEX PHARMACEUTICALS: E&Y Raises Going Concern Doubt
---------------------------------------------------------
After auditing Chemgenex Pharmaceuticals Limited's financial
report for the fiscal year ended June 30, 2006, Ernst & Young
raised substantial doubt as to the company's ability to continue
as a going concern.

The auditors pointed to the Chemgenex's recurring operating
losses and negative cash flows from operating activities.  E&Y
stated that to fund the expected levels of operating
expenditures, the company will require additional sources of
capital.  It said that while the company has previously been
successful in raising additional capital, there can be no
assurance that it will be able to raise sufficient capital to
continue its operations.

For the financial year ended June 30, 3006, Chemgenex incurred a
loss after tax of US$10,369,719, on revenues of US$1,917,931,
compared with the US$6,235,183 loss after tax on US$3,794,299 of
revenues recorded for the financial year ended June 30, 2005.

Chemgenex's balance sheet as of June 30, 2006, reflected total
current assets of US$15,704,681, compared with the US$9,056,852
current assets as of end-June 2005.

Moreover, the company's total assets as of June 30, 2006, stood
at US$32,965,251, while its total liabilities amounted to
US$1,960,342, resulting in total equity of US$31,004,909.

Headquartered in Victoria, Australia, Chemgenex Pharmaceuticals
Limited s a gene-based pharmaceutical development company
dedicated to improving the lives of patients by developing novel
protein, antibody and small molecule therapeutics in the areas
of oncology, obesity, diabetes and central nervous system
disorders.  The company was formed in 2004 from the merger of
AGT Biosciences of Melbourne, Australia, and privately held
ChemGenex Therapeutics, Inc., of Menlo Park, California.

The ChemGenex pipeline of therapeutics is based on internally
discovered targets that play a role in important mechanisms
underlying metabolic and CNS diseases coupled with later-stage
small molecules in clinical development for the treatment of
cancer.  The company uses genomic tools such as patient
genotyping in clinical development to reduce clinical risk and
improve patient outcomes.


CHURCH & DWIGHT: Moody's Upgrades Corporate Family Rating to Ba1
----------------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating
of Church and Dwight Company Inc. to Ba1 from Ba2.

This rating action reflects Moody's view that the incremental
portfolio benefits achieved via recent acquisitions
significantly offset the slightly higher leverage incurred over
the last 12 months.

At the same time, Moody's views CHD's historical track record of
achieving solid organic growth and quickly integrating
acquisitions in order to achieve expected synergies and restore
credit metrics as key positive factors in the upgrade.

The outlook is stable.

"CHD's corporate family rating and stable outlook are supported
by the company's consistent ability to generate solid operating
performance from its diversified product portfolio of leading,
innovative brands in its premium categories, and with sufficient
scale, known brands and price competitiveness in its value
categories," says Moody's Vice President Janice Hofferber.  The
company's participation in generally stable, disposable,
household and personal care categories, its leading market share
positions, its growth potential in international markets; and
management's disciplined financial policies will continue to
support free cash flow generation and deleveraging.

The ratings are constrained by its smaller scale in relation to
its competitors that often have significantly more financial
flexibility, greater bargaining power with retail customers, and
considerably larger resources available to seek market share
gains in the respective categories.

Moody's notes, however, that CHD's dual focus on brand support
and cost efficiency combined with the company's balanced growth
strategy are important offsets to scale.  Recent acquisitions
have been important strategic and synergistic additions to the
portfolio and more importantly, CHD has a proven track record of
effective integration.  While Moody's anticipates that debt
reduction will be an important priority for free cash flow, it
recognizes that the company will continue to seek strategic
opportunities to grow and will maintain its prudent financial
policies in executing these strategies.

Ratings upgraded:

   -- Corporate family rating to Ba1 from Ba2;

   -- Probability of default rating to Ba1 from Ba2;

   -- US$100 million convertible senior debentures to Ba1, LGD4,
      56% from Ba2, LGD4, 59%; and,

   -- US$250 million senior subordinated notes due to Ba2, LGD5,
      84% from Ba3, LGD5, 85%.

Ratings affirmed:

   -- US$100 million senior secured revolving credit facility
      due 2009, affirmed at Baa3;

   -- US$528 million senior secured term loan A facility due
      2011, affirmed at Baa3.

Outlook is stable.

Headquartered in Princeton, New Jersey, Church & Dwight Co. Inc.
-- http://www.churchdwight.com/-- manufactures and sells sodium  
bicarbonate products popularly known as baking soda.  The
company also makes laundry detergent, bathroom cleaners, cat
litter, carpet deodorizer, air fresheners, toothpaste, and
antiperspirants.

The company's international business includes operations in
Australia, Canada, Mexico, the United Kingdom, France, and
Spain.


COOPER COMPANIES: Weak Financial Results Cue S&P's Watch Neg.
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on Lake
Forest, California-based specialty medical device maker Cooper
Companies Inc., including the 'BB' corporate credit rating, on
CreditWatch with negative implications.

"The CreditWatch listing reflects the company's weak fiscal 2006
fourth quarter and its downward revision in guidance for 2007,
the most recent in a succession of lowered expectations,"
explained Standard & Poor's credit analyst Cheryl Richer.

Prospectively, lower cash flow will limit Cooper's ability to
pay down debt as quickly as we had anticipated. Contributing to
the 3% constant currency drop over the 2005 period were delays
in the consolidation of U.S. distribution facilities, a more
complex silicone hydrogel ramp up than expected, and a slowdown
in global demand for soft contact lenses.  Furthermore, as the
market transitions to silicone hydrogel lenses, estimated by
Cooper to be 44% of new patient fits, the inability to capture
customers translates into lost market share opportunities given
that historical switching patterns are low.

The 'BB' rating reflects Cooper's largely single product line
focus and its need to compete against much larger players.  This
is partially offset by its solid No. 3 position (18% global
market share) in the US$4 billion soft contact lens industry.  
The company is exposed to technology changes, as well as the
risks inherent in integrating its largest ever acquisition
(Ocular Sciences Inc.), made in January 2005--a process expected
to span three years.  Despite the recent slowdown in demand
(which could be attributed to inventory build up), Cooper
benefits from favorable industry demographics, a growing teen
population (the primary users), increased incidence of myopia,
and continued improvement in soft contact lens visual acuity,
comfort, and care.

Standard & Poor's will meet with management to discuss its
strategy in addressing our concerns.  S&P expects to resolve the
CreditWatch listing in January.

The company has operations in Australia, Japan, and France.


EUSTON ENGINEERING: Liquidator to Present Wind-Up Report
--------------------------------------------------------
Euston Engineering Pty Ltd, which was placed under voluntary
liquidation, will hold a final meeting for its members on
Jan. 30, 2007, at 10:30 a.m.  At the meeting, Liquidator Colin
Thomas will present the final accounts of the company's wind-up
proceedings and the manner by which the property was disposed
of.

As reported by the Troubled Company Reporter - Asia Pacific, Mr.
Thomas was appointed as the company's liquidator on Sep. 9,
2004.

The Liquidator can be reached at:

         Colin Thomas
         Colin Thomas & Associates
         Suite 2, 172 Pacific Highway
         New South Wales 2060
         Australia


FISHER ELECTRONICS: To Declare Final Dividend on Feb. 18
--------------------------------------------------------
Fisher Electronics No 1 Pty Limited -- formerly trading as
Penrith Betta Electrical and Penrith City Hifi -- which is in
liquidation, will declare its final dividend on Feb. 18, 2007.

Accordingly, creditors are required to submit their proofs of
debt by Jan. 22, to be included in the company's distribution of
dividend.

Mr. Thomas can be reached at:

         Schon G. Condon rfd
         c/o Jones Condon
         Chartered Accountants
         Australia
         Telephone:(02) 9893 9499


GYPRO-TECH (AUSTRALIA): Members to Receive Wind-Up Report
---------------------------------------------------------
The members of Gypro-Tech (Australia) Pty Limited, which is in
voluntary liquidation, will meet on Jan. 22, 2007, at 10:00
a.m., to receive Liquidator Parker's account regarding the
company's wind-up proceedings.

The Liquidator can be reached at:

         G. J. Parker
         Parker Insolvency
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia


LABSTAFF PTY: Members' Final Meeting Set on Jan. 19
---------------------------------------------------
Labstaff Pty Limited, which is in liquidation, will hold a final
meeting for its members on Jan. 19, 2007, at 11:00 a.m.

At the meeting, Liquidator Hodgkinson will give the final
accounts regarding the company's wind-up proceedings and
property disposal exercises.

The Liquidator can be reached at:

         Damien Hodgkinson
         Pitcher Partners
         Level 3, 60 Castlereagh Street
         Sydney, New South Wales 2000
         Australia


M D H ROOFING: Members and Creditors to Meet on Jan. 15
-------------------------------------------------------
A final meeting will be held for the members and creditors of
M D H Roofing Pty Ltd, which is in liquidation, on Jan. 15,
2007, at 10:00 a.m.

At the meeting, Liquidator Thomas will present the final
accounts of the company's wind-up proceedings and property
disposal exercises.

The Liquidator can be reached at:

         H. C. Thomas
         BKR Walker
         Wayland Chartered Accountants
         8th Floor, 55 Hunter Street
         Sydney, Australia


MAAS CORP: To Declare Preferential Dividend on Jan. 19
------------------------------------------------------
Maas Corp Pty Limited, which is in liquidation, will declare a
preferential dividend on Jan. 19, 2007, to the exclusion of
those who were unable to prove their debts before Jan. 5.

The liquidator can be reached at:

         W. B. Rangott
         Telephone: (02) 6285 1430
         Facsimile: (02) 6281 1966
         Web site: http://www.rangottslaven.com.au


PETERPHYL HOLDINGS: Members to Meet on Jan. 12
----------------------------------------------
The members of Peterphyl Holdings Pty Limited, which is in
liquidation, will hold a final meeting on Jan. 12, 2007, at
10:30 a.m.

Liquidator Kenneth Whittingham will present the final accounts
of the company's wind-up proceedings at the meeting.

The Liquidator can be reached at:

         Kenneth Whittingham
         BDO
         Level 19, 2 Market Street
         Sydney, New South Wales 2000
         Australia


REVLON INC: Subsidiary Refinances Bank Credit Agreement
-------------------------------------------------------
Revlon, Inc.'s wholly-owned operating subsidiary, Revlon
Consumer Products Corporation, consummated the refinancing of
its existing bank credit agreement.

Among other things, the new credit facilities will result in
annual interest savings due to lower interest margins and
provide the company with financial and other covenant
flexibility, as well as extend the maturity dates for RCPC's
bank credit agreement to January 2012.

Commenting on the announcement David Kennedy, president and
chief executive officer, stated, "I am delighted with this
demonstration of support by our lenders.  This new credit
agreement provides us with additional liquidity and flexibility
as we enter 2007 focused on our core Revlon, Almay and Mitchum
brands, while seeking to continue to improve our cash flow."

As part of the refinancing, RCPC entered into a new 5-year $840
million term loan facility, replacing the US$800 million term
loan under RCPC's 2004 bank credit agreement.  RCPC also amended
its existing US$160 million multi-currency revolving credit
facility under its 2004 bank credit agreement and extended its
maturity through the same 5-year period.

The company indicated that the proceeds from the 2006 Credit
Facilities were used to repay in full approximately US$800
million of outstanding indebtedness under the term loan facility
of RCPC's 2004 bank credit agreement, plus accrued interest and
a prepayment fee, with the balance of the proceeds being
available for general corporate purposes, after paying fees and
expenses incurred in connection with the 2006 Credit Facilities.

The interest rate on the 2006 Term Loan Facility, which was
fully drawn at the closing, was reduced from LIBOR plus 6% to
LIBOR plus 4%.  The interest rate on the 2006 Revolving Credit
Facility, of which approximately US$57 million was drawn at the
closing, was reduced from LIBOR plus 2.5% to LIBOR plus 2%.

The 2006 Term Loan Facility is guaranteed and secured by
substantially the same collateral package and guarantees that
secured the term loan facility of RCPC's 2004 bank credit
agreement, and the 2006 Revolving Credit Facility continues to
be guaranteed and secured by its existing collateral package and
guarantees.

Revlon, Inc. (NYSE:REV) -- http://www.revloninc.com/-- is a  
worldwide cosmetics, skin care, fragrance, and personal care
products company.  The company's vision is to deliver the
promise of beauty through creating and developing the most
consumer preferred brands.  The company's brands include
Revlon(R), Almay(R), Vital Radiance(R), Ultima(R), Charlie(R),
Flex(R), and Mitchum(R).  The company has Asia Pacific
operations in Australia, China, Hong Kong, Singapore, and
Taiwan.

                          *     *     *

At Sept. 30, 2006, Revlon Inc.'s balance sheet showed
US$925 million in total assets and US$2.150 billion in total
liabilities, resulting in a US$1.225 billion stockholders'
deficit.


SPRAY BOOTH: Meeting of Members and Creditors Set on Jan. 31
------------------------------------------------------------
Spray Booth Services Pty Limited, which is in liquidation, will
hold a joint meeting for its members and creditors on Jan. 31,
2007, at 11:00 a.m.

At the meeting, Liquidator Wily will present the final accounts
of the company's wind-up proceedings and property disposal
exercises.

The Liquidator can be reached at:

         Andrew H. J. Wily
         Armstrong Wily
         Chartered Accountants
         Level 5, 75 Castlereagh Street
         Sydney, New South Wales 2000
         Australia


UBS (AUSTRALIA): Members to Receive Wind-Up Report on Jan. 19
-------------------------------------------------------------
The members of UBS (Australia) Capital Partners Ltd, which is in
liquidation, will meet on Jan. 19, 2007, at 10:00 a.m.

At the meeting, the members will receive the final accounts of
the company's wind-up proceedings and property disposal
exercises.

The Liquidators can be reached at:

         David Clement Pratt
         Timothy James Cuming
         PricewaterhouseCoopers
         Level 15, 201 Sussex Street
         Sydney, New South Wales 1171
         Australia


USED & ABUSED: Members and Creditors to Meet on Jan. 22
-------------------------------------------------------
Used & Abused Pty Limited, which is in liquidation, will hold a
joint meeting on Jan. 22, 2007, at 10:00 a.m., to receive the
company's wind-up report and the manner in which the property
was disposed of.

The liquidator can be reached at:

         M. J. M. Smith
         Smith Hancock
         Chartered Accountants
         Level 4, 88 Phillip Street
         Parramatta, New South Wales 2150
         Australia


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

BANKERS TRUST: Creditors' Proofs of Debt Due on Jan. 29
-------------------------------------------------------
The creditors of Bankers Trust Securities (Pacific) Limited are
required to submit their proofs of debt by Jan. 29, 2007, to be
included in the company's distribution of dividend.

As reported by the Troubled Company Reporter - Asia Pacific, the
company was placed under voluntary liquidation on Dec. 21, 2006.

The joint and several liquidators can be reached at:

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


CHINA SOUTHERN: Reform Delay May Cause Trading Curbs
----------------------------------------------------
China Southern Airlines Co Ltd said that government ownership
rules and insufficient cash would force it to delay its
conversion of state-owned government shares, Reuters reports.

As a result, it may face trading curbs as announced by the
Shanghai and Shenzhen stock exchanges.  According to Reuters,
the bourses said that companies failing to follow through with
state-share reforms by January 8, 2007, would be subject to 5%
daily share price movements in either direction rather than 10%
allowed for other shares.

"Our board of directors reminds investors of risks in trading
our shares" because of the firm's failure to start the reform,
China Southern said in a statement published in Chinese
newspapers.

China Southern, however, notes that its "parent vows it will
still try to win support from related parties and hopes to kick
off the reform later," Reuters relates.

According to Reuters, China Southern's parent controls 50.3% of
the listed company in the form of state shares but government
restrictions requiring state control of key companies made it
unable to reduce the state-owned share.

China Southern also said its parent lacked sufficient cash and
other resources to compensate public shareholders for any
dilution to existing shares that would occur if state-owned
shares became tradeable.

China ordered its 1,400-plus listed company to conduct the
state-share reform in May 2005 and so far 97% of the firms have
completed or announced plans to conduct the reform, Reuters
relates.  The move is part of an effort by Beijing to make
corporations and the stock markets more transparent.

Regulators have said that companies failing to begin making
reforms by the end of 2006 would face trading curbs, including
stricter requirements for information disclosure, Reuters says.

                          *     *     *

Headquartered in Guangzhou, China, China Southern Airlines Co
Ltd. -- http://www.cs-air.com-- engages in the operation of  
airlines, as well as in aircraft maintenance and air catering
operations in the People's Republic of China and
internationally.  It provides commercial airlines, cargo
services, logistics operations, air catering, utility service,
hotel operation, travel services, aircraft leasing, and Internet
services.

On May 1, 2006, Fitch Ratings has downgraded China Southern
Airlines Company Limited's Foreign Currency and Local Currency
Issuer Default Ratings to B+ from BB-.

The Troubled Company Reporter - Asia Pacific reported in April
2006, that the carrier posted a net loss of CNY1.85 billion for
2005 versus a net loss of CNY48 million a year earlier.


DAIMLERCHRYSLER: Gets Nod for Chinese Venture
---------------------------------------------
DaimlerChrysler won the approval to set up a joint venture that
will manufacture Mercedes-Benz brand vans in China, various
reports say citing an official newspaper in China.

According to reports, the company's Mercedes-Benz brand will
form a venture with Fujian Motor Industry Group and Taiwan's
China Motor Corp in which the firms will invest more than EUR200
million, the Shanghai Securities News reported, citing sources.

Under the terms approved by the ministry of commerce, the state-
owned Fujian auto firm will control a 50% stake in the joint
venture while DaimlerChrysler will hold 33.78% and China Motor
16.22%.

The creation of the venture, which is expected to have an annual
output of about 40,000 mid-sized and light cars, is scheduled to
start production by the end of 2008.

                          *     *     *

Headquartered in Stuttgart, Germany, DaimlerChrysler AG --
http://www.daimlerchrysler.com/-- engages in the development,  
manufacture, distribution, and sale of various automotive
products, primarily passenger cars, light trucks, and commercial
vehicles worldwide.  It primarily operates in four segments:
Mercedes Car Group, Chrysler Group, Commercial Vehicles, and
Financial Services.

The Chrysler Group segment offers cars and minivans, pick-up
trucks, sport utility vehicles, and vans under the Chrysler,
Jeep, and Dodge brand names.  It also sells parts and
accessories under the MOPAR brand.

DaimlerChrysler has operations in Australia, China, Indonesia,
Japan, Korea, Malaysia and Thailand.

DaimlerChrysler lowered its operating profit forecast for full-
year 2006 to be in the magnitude of EUR5 billion (US$6.4billion)
based on an expected full-year operating loss of approximately
EUR1 billion (US$1.2 billion) for its Chrysler Group.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures - particularly on light trucks - by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.  Chrysler Group
will take additional production cuts in the third and fourth
quarters to reduce dealer inventories and make way for its
current product offensive.


DIGITAL NETWORK: President Departs; COO to Take Vacant Post
-----------------------------------------------------------
On December 18, 2006, Terence Yap resigned as president of
Digital Network Alliance International, Inc.  Digital Network
clarifies that Mr. Yap's resignation was not due to a
disagreement with the company on any matter.  Mr. Yap will
remain a director.

Also on December 18, 2006, the Board of Directors appointed Chan
Chi Fai -- also known as Edward Chan -- as President of the
Company.  Mr. Chan is currently the Chief Operating Officer of
the Company and will remain as COO.  He has been affiliated with
the Company and its affiliated entities since January 2002, when
he co-founded Digital Network Alliance (HK) Ltd.  From April
2000 to December 2001, he was a director and chief operating
officer of Skyhub Asia Co Ltd., which was engaged in satellite
network and data network design and project management.  Skyhub
Asia's main line of business was the provision of satellite
services within the Asia Pacific region.  From July 1996, to
April 2000, he was marketing manager of Hutchison Corporate
Access (HK) Ltd. HCA's main line of business is the provision of
satellite data network services within the Asia Pacific region.

Digital Network Alliance International, Inc., was incorporated
on August 20, 1997 in the State of Delaware as Sheffield
Products, Inc.  On August 13, 2004 the Company acquired all of
the outstanding stock of Digital Network Alliance Holdings (BVI)
Inc., a British Virgin Islands Corporation, in exchange for
stock of the Company.  On November 30, 2004, the Company changed
its name to Digital Network Alliance International, Inc.  The
consolidated results of operations are primarily those of
Digital BVI and its consolidated subsidiaries.

The principal activities of the consolidated company are that of
provision of voice termination, satellite and broadband internet
services throughout the Asia Pacific region, including Hong
Kong, Singapore, Indonesia, Bangladesh, Pakistan and Mongolia.

                          *     *     *

At December 31, 2005, and 2004, Digital Network had an
accumulated deficit of US$2,657,954 and US$2,201,484,
respectively, as well as a working capital deficit of US$397,635
in 2005.  The Company also realized net losses of US$456,470 and
US$2,141,081 for the years ended December 31, 2005, and 2004,
respectively.  Operations to date have been primarily financed
by equity transactions.  As a result, the Company's future
operations are dependent upon the identification and successful
completion of permanent equity financing and ultimately, the
achievement of profitable operations.


FULLGOLD CORPORATION: Appoints Yeung Ping Hung as Liquidator
------------------------------------------------------------
Yeung Ping Hung was appointed as liquidator of Fullgold
Corporation Limited on Dec. 29, 2006.

Fullgold's Liquidator can be reached at:

         Yeung Ping Hung
         Rooms 1801-05
         Hua Qin International Building
         340 Queen's Road Central
         Hong Kong


I-SECURITY SOLUTIONS: Joint Liquidators Cease to Act
----------------------------------------------------
Pursuant to the Companies Ordinance (Chapter 32), Ying Hing Chiu
and Chung Miu Yin have ceased to act as joint liquidators of
i-Security Solutions Limited on Dec. 23, 2006.

The Troubled Company Reporter - Asia Pacific has reported that
on February 8, 2006, the members of I-Security Solutions agreed
to:

  -- voluntarily wind up the Company's business operations; and

  -- appoint Ying Hing Chiu and Chung Miu Yin, Diana, as
     liquidators for the wind-up.


KIN TAI: Liquidator Cheuk Ceases to Act
---------------------------------------
Cheuk Yee Man ceased to act as liquidator of Kin Tai Bonding
Technology (F.E) Limited on Dec. 29, 2006.

The Troubled Company Reporter - Asia Pacific previously reported
that Mr. Cheuk presented the company's wind-up report on
Dec. 18, 2006.

The former Liquidator can be reached at:

         Cheuk Yee Man
         Room 2810, 28/F.
         113 Argyle Street
         Kowloon, Hong Kong


LIVENGOOD INVESTMENTS: Creditors Must Prove Debts by Jan. 30
------------------------------------------------------------
Livengood Investment Limited, which was placed under members'
voluntary liquidation, requires its creditors to submit their
proofs of debt by Jan. 30, 2007.

Failure to submit proofs of debt on the due date will exclude a
creditor from sharing in the company's distribution of dividend.

The liquidator can be reached at:

         Sum Wai Ching, Helena
         19/F., S.B. Comm Bldg.
         478 Nathan Road
         Yau Ma Tei, Kowloon


PEACE FOREST: Appoints Liquidator
---------------------------------
At an extraordinary general meeting held on Dec. 21, 2006, the
creditors of Peace Forest Limited appointed Luk Wing Hay as the
company's liquidator.

The Liquidator can be reached at:

         Luk Wing Hay
         9/F., Surson Commercial Building
         140-142 Austin Road
         Tsimshatsui, Kowloon
         Hong Kong


QING XIN: Members Opt to Liquidate Business
-------------------------------------------
At an extraordinary general meeting held on Dec. 20, 2006, the
members of Qing Xin Cheng Shi Company Limited resolved:

   -- to voluntarily wind up the company's operations; and

   -- to appoint Lee Kar Yum and Tsang Hin Fai as the company's
      Liquidators.


STAR ASSETS: Enters Wind-Up Proceedings
---------------------------------------
On Dec. 18, 2006, the shareholders of Star Assets Property
Limited resolved to voluntarily wind up the company's
operations.

Moreover, Natalia Seng Sze Ka Mee and Cynthia Wong Tak Yee were
appointed as the company's liquidators and were authorized to
divide the company's assets among the members.

The Liquidators can be reached at:

         Natalia Seng Sze Ka Mee
         Cynthia Wong Tak Yee
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


TAISHIN INTERNATIONAL: Writes Off NT$9.7BB NPL Losses in FY2006
---------------------------------------------------------------
Taishin International Bank announced it will write off NT$9.7
billion in non-performing loan losses it incurred in the 2006
financial year, the Financial Times reports.

The paper notes that this is the third time the bank about-turn
on accounting treatment of the losses amid its struggle to
restore its financial health in the wake of consumer lending
crisis.

In August last year, Taishin said it would stretch amortization
of non-performing loan losses incurred in 2006 over five years.  
By October the lender announced that it was rethinking the
accounting treatment as it angered its investors, the Financial
Times recounts.

However, a month later Taishin returned to its previous decision
to amortize its NPL losses.  According to Taishin, although
Taiwanese law allowed amortizing the bank's losses, the board
decided to recognize the loss "to conform to general accepted
accounting principles."

Meanwhile, the bank said that to maintain its capital adequacy
ratio after the loss, it would issue up to NT$17 billion in
hybrid tier 1 debentures before the end of the first quarter
2007, the Financial Times relates.

                          *     *     *

On September 29, 2006, the Troubled Company Reporter - Asia
Pacific reported that Fitch Ratings downgraded on September 27,
2006, the Long-term Issuer Default, National Long-term,
Individual and subordinated debt ratings of Taishin Financial
Holding Co.

In addition, the agency upgraded the Support rating of TFHC's
wholly owned subsidiary, Taishin International Bank, while
downgrading the remainder of the ratings on the bank.  The
rating Outlooks on TFHC and TIB are revised to Stable from
Negative.

After the rating action, the ratings are as follows:

    * Long-term IDR at BBB;
    * Short-term F3;
    * National Long-term A+(twn);
    * National Short-term F1(twn);
    * Individual C; and
    * Support 3.

The Outlook is Stable.


WORLD FIREFIGHTERS: Names Ho Siu Kau as Liquidator
--------------------------------------------------
On Dec. 16, 2006, Ho Siu Kau was appointed as the liquidator of
World Firefighters Games and Conference 2006 Limited.

The Troubled Company Reporter - Asia Pacific previously reported
that the company entered wind-up proceedings on Dec. 16, 2006.

The Liquidator can be reached at:

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


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

ALLAHABAD BANK: Increases Interest Rates on Term Deposits
---------------------------------------------------------
Allahabad Bank increased the card rates of term deposits in the
time buckets of 181 days and above effective starting Jan. 1,
2007, the bank said in a press release.

The maximum rate is 8.50% per annum (previous 8.00%) in the time
bucket of five to 10 years.  

The increased interest rates per annum applicable from Jan. 1,
2007, are:

   Time Bucket                         Rate Increase
   -----------                         -------------
   181 days to less than 1 year        from 7% to 7.25%

   1 year to less than 3 years         from 7.5% to 8%

   3 years to less than 5 years        from 7.5% to 8.25%

   5 years to less than 7 years        from 7.5% to 8.5%

   7 years up to 10 years              from 8% to 8.5%

In the company release, Allahabad Bank noted that during the
first half of the current fiscal year, i.e., 2006-07, it
achieved a deposit growth of 23.58% from INR43,700.55 crore as
at Sept. 30, 2005, to INR54,006.20 crore as at Sept. 30, 2006.

The Bank aims to reach INR1,00,000 crore business by the end of
the current fiscal.

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

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


BALLARPUR INDUSTRIES: Board Meeting Slated on Jan. 19
-----------------------------------------------------
Ballarpur Industries Ltd's board of directors will hold a
meeting on Jan. 19, 2007, the company informed the Bombay Stock
Exchange in a regulatory filing.

During the meeting, the board will, among others, consider and
approve Ballarpur Industries' unaudited financial results for
the second quarter and half-year periods ended Dec. 31, 2006.

Headquartered in Ballarpur, India, Ballarpur Industries Limited
-- http://www.bilt.com/-- is writing and printing paper company     
based in India.  BILT has five product groups: coated wood-free,
uncoated wood-free, copier, creamwove and business stationery.
There are three types of products in the coated wood-free
segment: two side coated paper, two side coated boards and
single side coated products.  The company is also a manufacturer
and exporter of paper, with a presence in all segments of the
usage spectrum that includes writing and printing paper,
industrial paper and specialty paper

On April 12, 2004, Standard and Poor's Ratings Service gave
Ballarpur Industries BB- ratings for both its long-term local  
and foreign issuer credit.


BANK OF BARODA: Set to Enter European Joint Ventures
----------------------------------------------------
Bank of Baroda is poised to sign life insurance and asset
management joint ventures with European partners as early as the
end of the month, the Financial Times reports.

Anil Khandelwal, BoB chairman and managing director, told FT in
an interview that the bank already has the infrastructure to
sell its insurance policies.

"It's like the railway line which is already there -- you just
need to bring the bogey and run it," the paper quotes Mr.
Khandelwal as saying.

Mr. Khandelwal, however, did not name possible partners, hinting
only that they were both Europe-based companies.

The bank will permit its foreign partner in the asset management
venture to have majority control, Mr. Khandelwal said.  The FT
notes that the Indian Government limits foreign partners in an
insurance business to a 26% stake.

The bank and its European partner will invite another Indian
company to take a stake, which could be a bank or an
industrialist, Mr. Khandelwal added.

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

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


BANK OF BARODA: Hikes BPLR to 12% Per Annum Effective Jan. 1
------------------------------------------------------------
In a filing with the Bombay Stock Exchange, Bank of Baroda
discloses that it has increased its Benchmark Prime Lending Rate
from 11.5% to 12% per annum.

The increase is effective starting Jan. 1, 2007,

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

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


BANK OF INDIA: Hikes Lending Rate by 50 Basis Points to 12%
-----------------------------------------------------------
Bank of India raised its prime lending rate by 50 basis points
to 12%, but spared the agriculture and small and medium
enterprises with only a 25-bps increase, the Business Standard
reports.
  
The move was brought about by industry-wide increase in cost of
funds and the Reserve Bank of India's decision to revise the
Cash Reserve Ratio in December 2006, a senior BoI official told
BS.
  
The bank did not give the same increase in lending rate for farm
and SMEs believing those sectors do not have the same capacity
to absorb cost increase compared with corporates and other
segments, the bank official explained.  
  
The agriculture, the official pointed out, is a national
priority and crop loans up to INR3 lakh will not be impacted by
increase in PLR and will continue to be charged an interest of
7%.

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

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

                          *     *     *

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

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

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


BHARTI AIRTEL: Allots 25,350 Equity Shares Under ESOP
-----------------------------------------------------
Pursuant to its Employees Stock Option Scheme 2005, Bharti
Airtel Ltd issued 25,350 of the company's equity shares to
employees:

   * 22,000 Equity Shares of INR10 each fully paid up at an
     exercise price of INR221.

   * 3,350 Equity Shares of INR10 each fully paid up at an
     exercise price of INR313.

The committee of directors of Bharti Airtel's board decided on
the allotment at its meeting on Jan. 3, 2007.

Bharti Airtel Ltd is one of India's leading integrated
telecommunications service operators, providing Global System of
Mobile Communications cellular, basic telephony, long distance,
and data services.  Bharti Airtel provides mobile telephony
services in all the 23 circles across the country today.  It
provides telecommunication services across the entire telecom
vertical through its various subsidiaries: cellular services,
fixed-line services, national and international long-distance
services, and data and enterprise services.

                          *     *     *

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

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


BHARTI AIRTEL: SingTel Wants Vodafone Off Board, Reports Say
------------------------------------------------------------
Singapore Telecommunications wants representatives of Vodafone
off the board of Bharti Airtel Ltd, Reuters says, citing
newspaper reports.

SingTel, who holds a 30% stake in Bharti, reportedly wants
Vodafone out because of Vodafone's expressed interest for a
controlling stake in mobile phone operator Hutchison Essar.  
Vodafone Group has a 10% stake in Bharti.

The Business Standard newspaper, citing sources close to the
development, said that SingTel's objection was based on a
possible conflict of interest if Vodafone continued to have two
representatives on the Bharti board.

Bharti Airtel was recently rumored to be in the race to buy out
either the Ruias' or Hutchison International's stake in Hutch
Essar.

Putting speculation to rest, Bharti denied that it is in the
running for Hutch Essar, The Economic Times reported on Dec. 20.  
"There's too much speculation on this issue and this must stop,"
Bharti Airtel chairman Sunil Mittal told the news agency.

Bharti Airtel Ltd is one of India's leading integrated
telecommunications service operators, providing Global System of
Mobile Communications cellular, basic telephony, long distance,
and data services.  Bharti Airtel provides mobile telephony
services in all the 23 circles across the country today.  It
provides telecommunication services across the entire telecom
vertical through its various subsidiaries: cellular services,
fixed-line services, national and international long-distance
services, and data and enterprise services.

                          *     *     *

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

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


CADMUS COMMUNICATIONS: Will Merge with Cenveo
---------------------------------------------
Cadmus Communications Corp. has entered into a definitive merger
agreement with Cenveo, Inc., for the latter to acquire the firm
in an all-cash merger at a price of US$24.75 per share.  The
total value of the transaction, including Cenveo's assumption of
Cadmus Communications' debt, is expected to be approximately
US$430 million at closing.

Cadmus Communications' board of directors unanimously approved
the merger agreement and is unanimously recommending that
Cadmus' shareholders approve the transaction.  The transaction,
expected to close during the first calendar quarter of 2007,
requires the approval of Cadmus Communications' shareholders and
regulatory approvals and the satisfaction of certain other
closing conditions contained in the merger agreement.

Bruce V. Thomas, president and chief executive officer of Cadmus
Communications, said, "Over our 22-year history, Cadmus has
grown to become the leading provider of publishing services to
the scientific, technical, and medical market, the fifth largest
periodical printer in North America, and a leading and global
provider of specialty packaging services.  With this
transaction, we will now become part of the third largest
graphic communications company in North America.  As part of
this larger business, Cadmus will be positioned to reach the
next level of performance and market share growth in the
attractive niche markets we serve.  We should now be better able
to meet the growing and full service needs of Cadmus' customers
and better able to use our scale to deliver increased
efficiencies and a wider service offering to our customers."

In line with the merger, Clary Ltd., Purico (IOM) Ltd., Melham
US Inc. and Bruce V. Thomas entered into a voting agreement with
Cenveo pursuant to which they have agreed to vote their shares
of Cadmus Communications in favor of the merger.

Cadmus Communications was advised by Deutsche Bank Securities
Inc., which rendered a fairness opinion to the Cadmus
Communications Board of Directors.  Willkie Farr & Gallagher
LLP and Troutman Sanders LLP served as legal advisors to Cadmus
Communications on the transaction.

Cadmus Communications will file a proxy statement with the
Securities and Exchange Commission concerning the proposed
merger transaction.  Cadmus Communications and its directors and
executive officers and other members of its management and its
employees may be participants in the solicitation of proxies
from the shareholders of Cadmus Communications with respect to
the transactions contemplated by the merger agreement.  

                          About Cenveo

Headquartered in Stamford, Connecticut, Cenveo, Inc., is one of
North America's leading providers of print and visual
communications, with one-stop services from design through
fulfillment.  The company's broad portfolio of services and
products include commercial printing, envelopes, labels,
packaging and business documents delivered through a network of
production, fulfillment and distribution facilities throughout
North America.

                   About Cadmus Communications

Headquartered in Richmond, Virginia, Cadmus Communications Corp.
provides end-to-end integrated graphic communications and
content processing services to professional publishers, not-for-
profit societies, and corporations.  Its annual revenue is
approximately US$450 million.  It has operations in the U.S.,
India and the Caribbean Rim.

Moody's Investors Service affirmed the Ba3 corporate family
rating of Cadmus Communications Corp. and all other Cadmus
ratings.  The company's credit metrics remain weak for its
rating following poor execution of a costly equipment upgrade
and plant consolidation, which pressured margins and resulted in
greater than expected cash consumption for its fiscal year ended
June 30, 2006.  Moody's anticipates, however, that Cadmus credit
metrics will return to levels more appropriate for its Ba3
corporate family rating over the next year.  The outlook remains
stable, notwithstanding the rating's weak position.

Moody'as affirmed these ratings:

   -- Affirmed Ba3 Corporate Family Rating;

   -- Affirmed Ba3 Probability of Default Rating; and

   -- Affirmed B1 rating on 8.375% senior subordinated notes due
      2014, LGD 5, 73%.

After Cenveo's reported plan to acquire Cadmus, Moody's placed
the Ba3 corporate family rating of Cadmus and the B1 corporate
family rating of Cenveo on review for downgrade.


CADMUS COMMUNICATIONS: Buyout Prompts Moody's to Review Ratings
---------------------------------------------------------------
Moody's Investors Service placed the B1 corporate family rating
of Cenveo Corporation and the Ba3 corporate family rating of
Cadmus Communications Corporation on review for downgrade after
Cenveo's reported plan to acquire Cadmus.

Moody's also placed all security ratings of each company on
review for downgrade.

The review will focus on:

   1) projected timing for the combined entity to generate
      sustainable positive free cash flow;

   2) the plans and capability of Cenveo to sustain Cadmus's    
      core base of scientific, technical and medical customers;

   3) likely timing and amount of cash restructuring costs;

   4) the timing and amount of synergy benefits to result from
      both cost savings and incremental revenue; and,

   5) the structure of the proposed financing.

Moody's does not anticipate a greater than one notch downgrade
of Cenveo's corporate family rating if the review concludes in a
downgrade.  Assuming close of the transaction, Moody's would
likely withdraw the corporate family rating for Cadmus.

These are the rating actions:

   * Cenveo Corporation

      -- B1 Corporate Family Rating, Placed on Review for
         Possible Downgrade;

      -- Ba3 Senior Secured Bank Rating, Placed on Review for
         Possible Downgrade;

      -- B2 Senior Notes Rating, Placed on Review for Possible
         Downgrade;

      -- B3 Senior Subordinated Notes Rating, Placed on Review
         for Possible Downgrade; and,

      -- Outlook, Changed To Rating Under Review From Negative.

   *  Cadmus Communications Corporation

      -- Ba3 Corporate Family Rating, Placed on Review for
         Possible Downgrade;

      -- B1 Senior Subordinated Notes Rating, Placed on Review
         for Possible Downgrade; and,

      -- Outlook, Changed To Rating Under Review From Stable

Headquartered in Stamford, Connecticut, Cenveo is a leading
provider of envelopes, offset and digital printing services, and
printed office products with annual revenue of approximately
US$1.6 billion.

Headquartered in Richmond, Virginia, Cadmus Communications
Corporation provides end-to-end integrated graphic
communications and content processing services to professional
publishers, not-for-profit societies, and corporations.  Its
annual revenue is approximately US$450 million.  It has
operations in the U.S., India and the Caribbean Rim.


CADMUS COMMUNICATIONS: Buyout Prompts S&P's Negative CreditWatch
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on Cadmus
Communications Corp. on CreditWatch with negative implications,
including its 'BB-' corporate credit rating.

The CreditWatch listing comes after Cadmus's disclosure that it
has entered into a definitive agreement to be acquired by Cenveo
Inc. for US$24.75 per common share in cash, or approximately
$430 million, including the assumption of about US$190 million
in funded debt at Cadmus as of September 2006.  

At the same time, ratings on Cenveo, including the 'B+'
corporate credit rating, were placed on CreditWatch with
negative implications.

Following the close of the acquisition, which is expected in the
first quarter of 2007, if Cadmus's US$125 million subordinated
notes are refinanced, all ratings on Cadmus will be withdrawn.
Otherwise, the rating on the subordinated notes would be lowered
to Cenveo's subordinated debt rating level.

                          *     *     *

Headquartered in Richmond, Virginia, Cadmus Communications
Corporation provides end-to-end integrated graphic
communications and content processing services to professional
publishers, not-for-profit societies, and corporations.  Its
annual revenue is approximately US$450 million.  It has
operations in the U.S., India and the Caribbean Rim.


ICICI BANK: To Market Three-Tranche US$-Denominated Debt
--------------------------------------------------------
ICICI Bank Ltd will begin marketing a three-part U.S. dollar-
denominated bond to potential investors today, Jan. 5, 2007, The
Wall Street Journal reports.

The dollar-denominated debt reportedly is callable in 10 years
and consists of:

   -- a three-year senior floating rate note;

   -- a five-year senior fixed-rate note; and

   -- a 15-year upper Tier 2 subordinated note.

The bonds, which issue size is still not known but WSJ believes
it to be at least US$300 million, will be used for general
corporate purposes.

Bloomberg News believes the debt to be at least US$500 million.

ICICI Bank Ltd hired Citigroup Inc, Deutsche Bank AG and Merrill
Lynch & Co to sell the bonds.

ICICI will meet investors in Singapore, London and the United
States between Jan. 5 and Jan. 8, Bloomberg says, citing a sale
document.  
  
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: Forfeits 44,280 Equity Shares Over Unpaid Balance
-------------------------------------------------------------
ICICI Bank Ltd forfeited 44,280 equity shares (issued under the
public issue in Dec. 2005 vide Prospectus dated Nov. 23, 2005)
for non-payment of balance amount due as on the close of
business hours on December 28, 2006.

The decision was made by the bank's Share Transfer Shareholders'
or Investors' Grievance Committee of Directors at a meeting held
on Dec. 7, 2006.

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.


UNION BANK: To Offer Group Insurance to Fixed Deposit Holders
-------------------------------------------------------------
The Union Bank of India will offer group insurance through the
Life Insurance Corporation for its fixed deposit account holders
pursuant to a scheme called "Union double plus," domain-b.com
reports.

According to the report, the scheme will cover all of Union
Bank's account holders including staff account holders between
the ages of 18 and 55 years.

"With the retail revolution sweeping across India and huge
demand being perceived for various financial products and
services from the customers, our objective has always been to
cater to such demands with hassle-free, convenient products
which will serve the interest of the customer," Union Bank's
CMD, M. V. Nair, was quoted as saying.  "Against this backdrop,
we have been tying up with LIC for different group insurance
schemes for our different deposit accountholders.  The launch of
this new scheme is a step towards providing value added products
and services to our customers."

Union Bank of India -- http://www.unionbankofindia.com/-- is  
one of the 10 largest Indian banks with total assets of over
INR800 billion as on March 31, 2006.  Union Bank was
incorporated in 1919 at Mumbai and was nationalized during the
first round of bank nationalization in 1969.  Until August 2002,
GoI fully owned the bank; currently, GoI has a 55% stake.
The bank has a nationwide presence with a geographically
diversified branch network.  As of March 31, 2006, it had 2,082
branches and 145 extension counters.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Oct. 23, 2006, that Fitch Ratings upgraded the Bank's individual
rating to 'C/D' from 'D.'

Moody's Investors Service gave the bank's foreign long-term bank
deposits a Ba2 rating.


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

AVNET INC.: Completes Acquisition of Access Distribution
--------------------------------------------------------
Avnet, Inc., has completed its acquisition of Access
Distribution, a General Electric company and leading value-added
distributor of complex computing solutions for US$410.3 million
in cash, subject to adjustments based upon the audited net book
value at closing, effective December 31, 2006.  The acquisition
should be immediately accretive to earnings and add
approximately US$0.20 EPS in calendar 2007.  The integration of
the Access business into Avnet's Technology Solutions Group is
expected to be essentially complete by the end of June 2007 with
projected annual costs savings of US$15 million.

Roy Vallee, Avnet's Chairman and Chief Executive Officer,
commented, "The acquisition of Access creates a level of scale
and scope for our Technology Solutions Group that is unmatched
in value-added IT distribution.  By enhancing our technical
capabilities and adding several hundred talented people to our
team, Avnet is now able to deliver solutions to a broader base
of value added resellers for enterprise computing solutions
suppliers in North America and Europe.  This is an excellent
strategic fit that creates significant value for all Avnet
stakeholders."

With the acquisition completed, Avnet's Technology Solutions
group expands its portfolio to include the full line of products
from Sun Microsystems and complementary suppliers such as Avaya,
F5 Networks, McAfee and Nokia.  In addition, Avnet expands its
presence with value-added IT distribution into France, the
Netherlands, Portugal and Spain.

"This move positions Avnet to offer the most robust suite of
enterprise class technology solutions in the industry, thus
enabling our customer and supplier partners to accelerate their
growth," said Rick Hamada, Chief Operating Officer, Avnet, Inc.
"Our intent is to maintain the focus on Sun Microsystems already
in place at Access with dedicated resources, similar to how we
manage our other key server supplier relationships.  With this
expanded offering and our industry-leading system integration,
marketing, financial and technical services, Avnet has raised
the bar yet again for providing added-value in technology
solutions distribution."

The business unit will be known as Avnet Technology Solutions,
Access Division.  Former Access Distribution CEO Anna McDermott
joins the leadership team for the Technology Solutions Group in
the Americas and will lead the new Access Division as senior
vice president and general manager, reporting directly to Avnet
Technology Solutions, Americas President Fred J. Cuen.

Avnet, Inc., headquartered in Phoenix, Arizona, is one of the
largest worldwide distributors of electronic components and
computer products, primarily for industrial customers.  Revenues
for the fiscal year ended July 1, 2006 were US$14.3 billion.  It
has operations in these Asia-Pacific countries: Indonesia,
Australia, China, Hong Kong, India, Japan, Malaysia, New
Zealand, Philippines and Singapore.

The Troubled Company Reporter - Asia Pacific reported on
November 6, 2006, that in connection with Moody's Investors
Service's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology for the U.S. technology
semiconductor and distributor sector, the rating agency affirmed
its Ba1 corporate family rating on Avnet, Inc.

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

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$400MM 8.00% Sr.
   Unsecured Notes
   due 2006               Ba1      Ba1     LGD3        49%

   US$250MM 6.00% Sr.
   Unsecured Notes
   due 2015               Ba1      Ba1     LGD3        49%

   US$300MM 6.625% Sr.
   Unsecured Notes
   due 2016               Ba1      Ba1     LGD3        49%

   US$300MM 2.00%
   Convertible Sr.
   Debentures due 2034    Ba1      Ba1     LGD3        49%

   Shelf - Sr.
   Unsecured            (P)Ba1    (P)Ba1   LGD3        49%

   Shelf - Subor.       (P)Ba2    (P)Ba2   LGD6        97%


GOODYEAR TIRE: New Labor Contract Cues S&P to Remove Neg. Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit and other ratings on Goodyear Tire & Rubber Co. and
removed them from CreditWatch where they were placed with
negative implications on Oct. 16, 2006, as a result of the labor
dispute at several of the company's North American plants.

The affirmation follows the announcement that Goodyear and the
United Steel Workers Union, representing about 12,600 employees
at 12 plants in the U.S. and Canada, have reached an agreement
on a new contract and union members have ratified the agreement.  
The outlook is stable.

Pro forma for US$1 billion of new debt sold in the fourth
quarter -- partly to refinance US$515 million of debt coming due
in the next six months, some of which was repaid in December --
Goodyear has total debt (including the present value of
operating leases and underfunded employee benefit liabilities)
of about US$12 billion.

The new contract should enable Goodyear to achieve substantial
cost savings over the three-year contract term. The company
estimates that compared with 2006 prestrike levels, savings are
expected to total US$70 million in 2007, US$240 million in 2008,
and US$300 million in 2009.  These savings are comprised of
capacity-related savings, reduced legacy costs, and savings from
increased productivity.

Significant terms of the new three-year contract include:

    -- The elimination (subject to court and regulatory
       approval) of Goodyear's responsibility for all current
       and future retiree health care liabilities for the
       company's USW workforce in return for the creation of a
       VEBA trust with US$1 billion in initial funding, a
       portion of which could be funded with Goodyear's common
       equity.  Resulting OPEB expense savings are estimated at
       US$110 million and cash savings at US$145 million
       annually compared with 2006.  Goodyear's total unfunded
       OPEB liability was US$2.6 billion at the end of 2005, of
       which about half was the USW OPEB liability.

    -- The closure of the Tyler, Texas-based plant after the end
       of 2007.  This closure will eliminate 9 million units of
       higher-cost capacity and save an estimated US$50 million
       annually.

    -- Lower-cost wages and benefits for new hires during the
       first three years of employment.  The level of savings
       will depend partly on the attrition rate of the existing
       workforce.

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.


GOODYEAR TIRE: Inks New Labor Contract with Steelworkers Union
--------------------------------------------------------------
The Goodyear Tire & Rubber Company and the United Steelworkers
union have reached tentative agreement 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 USW members have been on strike since October 5,
2006.

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

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

The company says that the 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, chairman and chief
executive officer.

The tentative agreement, gives Goodyear 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
      to be launched with an up front US$1 billion contribution
      from Goodyear to consist of $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's previously announced 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; and

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

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

Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit and other ratings on Goodyear Tire & Rubber Co. and
removed them from CreditWatch where they were placed with
negative implications on Oct. 16, 2006, as a result of the labor
dispute at several of the company's North American plants.


GOODYEAR TIRE: Workers Resume Production After Strike
-----------------------------------------------------
The Goodyear Tire & Rubber Co. reported that striking workers
have begun returning to work at the 16 plants represented by the
United Steelworkers.

Jon Rich, president of Goodyear's North American Tire business,
said, "Goodyear welcomes the return to work of our USW
associates. I have no doubt our associates will quickly return
to their normal high levels of performance and productivity."
Production at the affected tire and engineered products plants
will ramp up over the next few weeks. Full supply of Goodyear
products is expected to be available soon thereafter.

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

                           *     *     *

Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit and other ratings on Goodyear Tire & Rubber Co. and
removed them from CreditWatch where they were placed with
negative implications on Oct. 16, 2006, as a result of the labor
dispute at several of the company's North American plants.

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.

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


HILTON HOTELS: Sets Date for 4th Q/Year-End Earnings Release
------------------------------------------------------------
Hilton Hotels Corporation has scheduled January 31, 2007, as the
date for the release of its fourth quarter and year-end earnings
and conference call.

The results will be issued prior to the opening of the market,
with a conference call to follow that day at 12 p.m. Eastern
time (9 a.m. Pacific).  The dial-in numbers are 800-299-6183
(domestic)/ 617-801-9713 (international), pass code "Hilton."

Forward-looking statements and other material information
concerning anticipated future events and expectations may be
discussed on this conference call.

The conference call will also be Web cast simultaneously via
Hilton's investor relations Web site.  Investors wishing to
access the call on the Web should log on to
http://www.hiltonworldwide.com/click the investor relations'  
tab and click on the quarterly conference call link.

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,  
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Indonesia, Australia, Austria, India, Philippines and
Vietnam.

                          *     *     *

Moody's Investors Service confirmed its Ba2 Corporate Family
Rating for Hilton Hotels Corporation in connection with its
implementation of its new Probability-of-Default and Loss-Given-
Default rating methodology for the gaming, lodging and leisure
sectors.


INCO LTD: Shareholders Support Itabira Canada's Takeover
--------------------------------------------------------
Inco Ltd. shareholders approved the company's amalgamation with
Itabira Canada Inc., a wholly owned indirect subsidiary of
Companhia Vale do Rio Doce, at a meeting in Toronto on Jan. 3,
Northern Life reports.

The report relates that pursuant to the amalgamation, Inco will
become a wholly owned indirect subsidiary of CVRD and change its
name to CVRD Inco Ltd.

According to Northern Life report, Inco and Itabira Canada had
intended to file articles of amalgamation, which were to become
effective on Jan. 4.

Upon the amalgamation, for each Inco common share held by
shareholders, they will receive one Class A redeemable preferred
share of CVRD Inco.  After the amalgamation, when practicable,
each Class A redeemable preferred share of CVRD Inco will be
redeemed for CDN86 in cash, the report explains.

The report says that an application has been made for the de-
listing of Inco's shares from the Toronto Stock Exchange and
that Inco expects to suspend its reporting obligations with the
United States Securities and Exchange Commission effective
Jan. 4.

The report adds that the company is also applying to cease to be
a reporting issuer under Canadian securities law.

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

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


PHILLIPS-VAN HEUSEN: Acquires Neckwear Firm Superba
---------------------------------------------------
Phillips-Van Heusen Corporation has completed its acquisition of
U.S. neckwear firm Superba, The Apparel Analyst reports.  
Superba holds the licenses for brand names like Arrow, DKNY,
Tommy Hilfiger, Nautica, Perry Ellis, and Ted Baker.

According to the report, Superba will now operate as PVH
Neckwear Group.

The report notes that PVH has also agreed with Mallory & Church
LLC to the early termination of the neckwear licenses that
Mallory holds for PVH's IZOD and Calvin Klein brands.  The PVH
Neckwear Group will assume control of the Calvin Klein and IZOD
neckwear businesses and the neckwear offerings will continue to
be distributed through better department stores and specialty
stores.

The arrangement is expected to become effective in early
February, the report relates.

Phillips-Van Heusen Corporation -- http://www.pvh.com/-- owns   
and markets the Calvin Klein brand worldwide.  It is a shirt
company that markets a variety of goods under its own brands:
Van Heusen, Calvin Klein, IZOD, Arrow, Bass and G.H. Bass & Co.,
Geoffrey Beene, Kenneth Cole New York, Reaction Kenneth Cole,
BCBG Max Azria, BCBG Attitude, Sean John, MICHAEL by Michael
Kors, Chaps and Donald J. Trump Signature.

It has operations in Asia-Pacific, including Indonesia, China,
Philippines, Malaysia, and Thailand.

The Troubled Company Reporter - Asia Pacific reported on
Dec. 14, 2006, that Moody's Investors Service upgraded Phillips
Van Heusen Corporation's corporate family rating to Ba2 from
Ba3.

The company's senior secured notes were upgraded to Baa3 from
Ba1 and the company's senior unsecured notes were upgraded to
Ba3 from B1.

The rating outlook is stable, reflecting Moody's expectations
the company will sustain financial metrics appropriate for the
rating category.


SARANA KALTIM VENTURA: PEFINDO Assigns "idBB+" Ratings
------------------------------------------------------
PEFINDO Credit Rating Indonesia assigned its "idBB+" ratings to
PT Sarana Kaltim Ventura and the Company's proposed 3 year Bond
of IDR50 billion.  The ratings reflect the unfavorable industry
condition and the Company's concentrated investment to several
large investees.  However, the Company's moderate profitability
and manageable asset quality have supported the ratings.

SKTV was founded on June 15th 1995 in Balikpapan, East
Kalimantan, as a venture capital company.  SKTV embarks on a
mission to nurture micro, small, and medium enterprises, by
forming a partnership with prospective companies.  SKTV's main
duty is to provide financial assistance as well as strategic
management consultation for its partnership companies
(Perusahaan Pasangan Usaha).  SKTV's financial assistance to its
PPU can be in the form of profit sharing scheme, convertible
debts, or equity participation.  The Company's major
shareholders are PT Bahana Artha Ventura, holding nearly 31%,
and Regional Bank of East Kalimantan, with 12% ownership as of
December 2005.  The Company currently has three representative
offices and one head office.  The head office is located in
Samarinda, the capital city of East Kalimantan, and the three
other offices are located in Balikpapan, Tarakan, and Bontang
that are still in East Kalimantan province.  As of December
2005, SKTV employed 37 staffs.

The ratings reflect these factors:

   * Unfavorable industry condition.  In comparison with other
     financial institutions such as banks and multifinance
     companies, the development of venture capital industry is
     considered unfavorable with negative growths during the
     past several years.  Major reason of the industry negative
     growth is lack of funding sources, which prevent their
     expansion plans.  A tight competition is also another
     constraint, as they essentially have to operate within the
     same playing field with that of well established banking
     and multifinance industries.  These conditions have also
     made SKTV experience negative growths since 2001.  The
     Company's total investment and assets have continuously
     declined to IDR59.9 billion and IDR64.7 billion as of
     August 2006 from IDR69.1 billion and IDR82.0 billion,
     respectively in 2001, as funding sources from Japan Export
     Import Bank (currently Japan Bank for International
     Corporation) has not been continued since December 2000.
     The JBIC loan has to be amortized until 2010 with the
     remaining balance of IDR26.5 billion as of August 2006 from
     the initial balance of IDR66.3 billion as of 2000.
     Compared to total small & medium enterprises loans in the
     region, the Company's loan portfolio also represented only
     a small portion of less than 1%.  This condition is likely
     to continue, unless a new source of funding is obtained.
     To strengthen the existence of VCC and promote the growth
     of the industry, more initiative and incentive regulations
     are urgently required.  With only three Ministry of Finance
     decisions to regulate the industry, we intuitively conclude
     that the government only puts a little attention to the
     industry.

   * Concentrated investment.  For the past three years, about
     70% SKTV's investment has been directed to medium segment.
     For this segment only, average loan per PPU is considered
     high at about IDR2.5 billion as of 2005, compare to average
     amount of total three segments (micro, small, and medium)
     of only IDR344 million within the same period.  Most of
     SKTV's medium segment PPU is capital intensive businesses
     that are related to mining, forestry, and sea
     transportation.  Accordingly, the Company's concentration
     risk measured by 50 largest PPU over total outstanding
     investment always stand at above seventy percent, i.e.
     79.9% in FY05, 78.1% and 73.9% in FY04 and FY03,
     respectively.  However, given the Company's small number of
     obligors of only 262 PPU as of December 2005, it is
     probably more appropriate to measure the concentration risk
     for the top 20 largest debtors.  Using this, however, the
     concentration risk remains high at 64.7% as of FY05.

The ratings are supported by the Company's:

   * Moderat profitability.  SKTV managed to book a relatively
     stable net interest revenue at IDR5 billion to IDR6 billion
     within the past five years.  Net interest margin is quite
     volatile, ranging from 7.1% to 9.6% with an average of 9.3%
     within the past five years.  Efficiency ratio is also
     considered good, with five-year average of 38.0% compared
     to that of peers' that is ranging from around 40% to 70%
     during FY01-FY05.  With this performance, SKTV managed to
     record an adequate bottom line result ranging from
     IDR3 billion to IDR4 billion within the past five years.
     As a result, SKTV recorded a sound return on average asset,
     which stays between 4% and 5% with an average of 5.0%, well
     above its peers.

   * Manageable asset quality.  During the past five years, SKTV
     managed to record a manageable asset quality as measured by
     the ratio of problematic investments (non performing loan)
     over net investments that stood at below 4% with a 5-year
     average of 2.7%.  However, the Company's provisioning ratio
     to cover NPL was relatively low, staying at only 43.7% as
     of December 2005.

Outlook:

A "stable" outlook is assigned to the above ratings.  The
Company's main challenge going forward is to obtain funding
source, as current long term funding is about to reach its
maturity.  Several possible sources of funding are currently
explored by the Company, including the bond issuance and bank
loans.
                

WILLBROS GROUP: Chairman & CEO Mike Curran Elects To Retire
-----------------------------------------------------------
Michael F. Curran has decided to retire as Chairman and Chief
Executive Officer of Willbros Group, Inc.  Yet, Mr. Curran
entered into a consulting agreement to continue to provide his
expertise to the Company for a period of two years, beginning
January 1, 2007.  Mr. Curran will also remain as Chairman of the
Board of Willbros Group.

Willbros announced in June 2006 that Randy Harl would succeed
Mr. Curran as CEO beginning January 1, 2007.

With over 44 years of experience, Mr. Curran is one of the most
experienced executives in the global pipeline construction
industry.  He has participated in many of the advances in
technology and process developed by the industry and in the
opening of new markets in the past 30 years, including frontier
projects in Saudi Arabia, the Alaskan arctic and north and west
Africa.

Mr. Curran will provide to Willbros a broad range of consulting
services including business development, operations reviews and
interface with the investment community.

Willbros Group, Inc. (NYSE:WG) -- http://www.willbros.com/-- is  
an independent contractor serving the oil, gas and power
industries, providing engineering and construction, and
facilities development and operations services to industry and
government entities worldwide.  Willbros has operations in
Indonesia.

                     Long-term Debt Waivers

During the period from Nov. 23, 2005, to June 14, 2006, the
company entered into four additional amendments and waivers to
the 2004 Credit Facility with its syndicated bank group to waive
non-compliance with certain financial and non-financial
covenants.  Among other things, the amendments provided that:
(1) certain financial covenants and reporting obligations were
waived and/or modified to reflect the Company's current and
anticipated future operating performance; (2) the ultimate
reduction of the facility to US$70,000 for issuance of letter of
credit obligations only; and (3) a requirement for the Company
to maintain a minimum cash balance of US$15,000.


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

ALITALIA SPA: Gives Buyer Free Hand to Decide on Redundancies
-------------------------------------------------------------
The Italian Government has not decided on the number of
employees that would be retained after it sells its 30% stake in
ailing national carrier Alitalia S.p.A., Reuters says.

"On employment, it's not been said that there will be precise
obligations," Tommaso Padoa-Schioppa, Italy's Economy Minister,
said.

Mr. Padoa-Schioppa said it is up to the stake's buyer on how
much Alitalia workforce it should retain.

"It's obvious that the entrepreneurs who will make bids should
present an industrial plan that takes into account the state of
Alitalia's work force," Mr. Padoa-Schioppa added.

Mr. Padoa-Schioppa expects the sale process to be completed
within six months.

As reported in the TCR-Europe on Dec. 15, the Italian government
will publish the terms for the sale of its 30% stake in Alitalia
by the end of the year.  Mr. Padoa-Schioppa said the
government's sale advisor would draft the terms of the tender.

Italy has started inviting banks to act as advisors for the sale
of its 30.1% stake in carrier Alitalia S.p.A.  Letters were sent
to:

   -- Sanpaolo Imi S.p.A.,
   -- Unicredit,
   -- Mediobanca,
   -- Morgan Stanley, and
   -- Merrill Lynch.

In a TCR-Europe report on Dec. 13, Italy glued some conditions
on the sale.  The buyer must:

   -- launch a bid to acquire the whole carrier;

   -- keep Alitalia's logo, brand and national identity;

   -- have convincing and detailed business plans and
      commitments, which may include:

         -- a lock-up,
         -- adequate service offering;
         -- territorial coverage; and
         -- information on job levels

   -- continue to operate out of Milan's Malpensa Airport as
      well as Rome's Fiumicino.

Several Italian entrepreneurs are reportedly interested in
Alitalia, The Times reports.  Local bets include:

   -- Carlo Toto, founder of Air One,
   -- Luca di Montezemolo, head of Fiat and Ferrari;
   -- Diego Della Valle, chief of the Tod's shoe empire; and
   -- Banca Intesa and Sanpaolo IMI;

The government aims to complete the process by January 2007.  

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- generates around EUR4.8 billion in
annual revenue and employs more than 11,000 people.  Alitalia
flies to about 80 destinations in more than 60 countries,
including Argentina, China, and Japan, from hubs in Rome and
Milan and operates a fleet of about 185 aircraft.  The Italian
government owns 49.9% of Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered EUR93
million in net profits in 2002 after a EUR1.4 billion capital
injection.  The carrier booked consecutive annual net losses of
EUR520 million in 2003, EUR813 million in 2004, and EUR168
million in 2005.


ALITALIA SPA: Italian Cabinet Approves Air Transport Reform
-----------------------------------------------------------
The cabinet of Italian Prime Minister Romano Prodi approved a
measure designed to reform Italy's air transport system by end
of 2007 and attract buyers to its 30.1% stake in Alitalia
S.p.A., The Associated Press reports.

"All the work we've done in these months... is aimed at creating
conditions so that someone invests in Alitalia," Transport
Minister Alessandro Bianchi said a news conference.  "We believe
there are investors which are interested."

Mr. Bianchi said the reform would make Italian airports more
efficient and accountable.  The measure would grant the
government more power over the companies that were awarded
concessions to operate airports, AP cites Mr. Bianchi.  The
measure would allow Italy to fine or "even withdraw a
concession" to airport operators that fail to adhere to state
rules.  Mr. Bianchi added that the reform only applies to future
concessions.

The reform also calls for a review of airport fees for airlines,
AP relys.  Alitalia CEO Giancarlo Cimoli has been asking Italy
to review airport fees to counter competition from low-cost
carriers, AP adds.

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- generates around EUR4.8 billion in
annual revenue and employs more than 11,000 people.  Alitalia
flies to about 80 destinations in more than 60 countries,
including Argentina, China, and Japan, from hubs in Rome and
Milan and operates a fleet of about 185 aircraft.  The Italian
government owns 49.9% of Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered EUR93
million in net profits in 2002 after a EUR1.4 billion capital
injection.  The carrier booked consecutive annual net losses of
EUR520 million in 2003, EUR813 million in 2004, and
EUR168 million in 2005.


ALITALIA SPA: Hikes Year-on-Year Passenger Traffic in November
--------------------------------------------------------------
Alitalia S.p.A. released its traffic statistics for November
2006.

As for October and November 2006, international and
intercontinental passenger revenues showed an increase against
2005.  

Traffic, measured in Revenue Passenger Kilometers, decreased
2.5% and the capacity, measured in Available Seat Kilometers
decreased 0.7%.  Therefore load factor decreased 1.3 percentage
point reaching 69.2%.

Alitalia carried 1.8 million passengers, down (-2.6%) compared
to the previous year.

Detailed comparisons with November 2005:

   -- Domestic Passenger Network: load factor almost in line to
      58.8%, with the number of passengers down 6.0% compared to
      last year.

   -- International Passenger Network: the number of passengers
      carried was up by 1.7%. With a capacity increase of 5.4%
      load factor was 62.1%.

   -- Intercontinental Passenger Network: load factor almost in
      line (-0.5 p.p.) to 79.3% compared to last year's.
      Capacity down 2.9% due to frequencies reductions linked to
      winter season start.

                        Cargo Operations

In November, Cargo, measured in Revenue Ton Kilometers,
increased by 36.1% while capacity was up 26.2%. Overall load
factor was equal to 70.0% up five percentage points.  To be
noted that within the positive long haul cargo network
performance routes to North Atlantic and Far East significantly
grew in the month (up 43.8 and 33% respectively).    

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- generates around EUR4.8 billion in
annual revenue and employs more than 11,000 people.  Alitalia
flies to about 80 destinations in more than 60 countries,
including Argentina, China, and Japan, from hubs in Rome and
Milan and operates a fleet of about 185 aircraft.  The Italian
government owns 49.9% of Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered EUR93
million in net profits in 2002 after a EUR1.4 billion capital
injection.  The carrier booked consecutive annual net losses of
EUR520 million in 2003, EUR813 million in 2004, and EUR168
million in 2005.


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

DAEWOO ELECTRONICS: Creditors Reject Videocon's Latest Offer
------------------------------------------------------------
Creditors of Daewoo Electronics rejected the latest offer by a
consortium led by Videocon Industries Ltd. to buy the Korean
electronics company, reports say.

Reuters, citing a source close to the deal, said that the
negative response came after Videocon and bid partner Ripplewood
Holdings LLC sought to lower the price.

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

In October 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.  After
conducting the diligence, the bid partners cut their offer
price.  

Reuters' sources said that the Videocon consortium sought a 5%
discount from the initially agreed price and wanted to hold part
of the payment as provisioning against additional debt that
might be discovered later.

In an e-mailed statement to Bloomberg News, Woori Bank said that
the preliminary agreement between creditors and Videocon will be
annulled because of differences over price and the payment
method.

"The terms they offered leave little cash in creditors' hands,"
Reuters quotes an unnamed creditor official.

Creditors, however, are not closing their doors on the Videocon
consortium.  According to Woori Bank, creditors will continue
talks with the consortium because the Indian company is still
the most likely candidate to buy Daewoo.

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.


DURA AUTOMOTIVE: Wants to Pay US$1.1-M Prepetition Tax Claims
-------------------------------------------------------------
DURA Automotive Systems, Inc. and its debtor affiliates seek
authority from the U.S. Bankruptcy Court for the District of
Delaware to pay, in their sole discretion, the undisputed
prepetition claims of certain governmental units in respect to
real and personal property taxes in an aggregate amount not to
exceed US$1,100,000.

The Debtors further request that all their banks and other
financial institutions be authorized and directed, upon their
request, to receive, process, honor and pay any and all checks
drawn on their accounts to pay the Prepetition Property Tax
Claims.

Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger,
P.A., in Wilmington, Delaware, relates that the Debtors own real
and personal property in at least 12 U.S. states and Canadian
provinces.  Under applicable law, state, provincial, and local
governments in the jurisdictions where the properties are
located are granted the authority to levy taxes against the real
and personal property.

The Debtors typically pay taxes on their Owned Properties in the
ordinary course as the taxes are invoiced, which typically
covers taxes for the prior year, or quarter, depending on how
the applicable tax is assessed.  Thus, as of the bankruptcy
filing date, the Debtors owed taxes that accrued with respect to
the Owned Properties for some portions of the 2006 calendar
year.

Mr. DeFranceschi tells the Honorable Kevin J. Carey of the U.S.
Bankruptcy Court for the District of Delaware, that while the
Bankruptcy Code does not require the Debtors to pay the Property
Taxes at this time, nonpayment or late payment of certain
prepetition Property Taxes will, among others:

   (i) likely subject the Debtors to above-market interest rates
       and penalties in certain circumstances;

  (ii) cause Taxing Authorities' county or municipal to suffer a
       significant gross revenue cutback, in turn leading to
       reduced funding of public schools, fire and police
       departments, and other municipal services from which the
       Debtors and their employees enjoy the benefits;

(iii) unnecessarily divert the Debtors' attention away from the
       operations of their businesses and the reorganization
       process in the event the Taxing Authorities would cause
       the Debtors to be audited; and

  (iv) result in the creation of statutory liens on the Owned
       Properties, which creation and perfection does not
       violate the automatic stay under Section 362 of the
       Bankruptcy Code.

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

                          *     *     *

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

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

                          *     *     *

The Debtors filed for chapter 11 petition on October 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.  As of July 2, 2006, the Debtor had
US$1,993,178,000 in total assets and US$1,730,758,000 in total
liabilities.  (Dura Automotive Bankruptcy News, Issue No. 7;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DURA AUTOMOTIVE: Names D. Harbert as Interim Chief Fin'l Officer
----------------------------------------------------------------
DURA Automotive Systems Inc. appointed David L. Harbert as its
interim vice president and chief financial officer, effective
immediately, pending approval by the United States Bankruptcy
Court for the District of Delaware.

"I want to thank Keith for his many contributions to DURA and
wish him well on his future endeavors," said Larry Denton,
chairman and chief executive officer of DURA Automotive.  "I
also welcome David to DURA and look forward to his
contributions.  David's appointment will ensure an orderly
transition until a new CFO is named.  His extensive leadership
and financial expertise will help position the company to emerge
from bankruptcy as a stronger, more competitive organization."

Mr. Harbert, 64, brings extensive turnaround and restructuring
experience as a CFO and will help guide the company through
its bankruptcy proceedings.  Mr. Harbert succeeds Keith R.
Marchiando, who has served as DURA's CFO since March 2005.  
Mr. Marchiando will remain with the company through February
2007, in order to ensure a smooth transition.

Since 2004, Mr. Harbert has served as a partner with Tatum
FO Partners LLP, a professional services firm, with expertise
in assisting corporations through financial restructuring
activities. P rior to joining Tatum, Harbert served as chief
financial officer for three Citigroup Venture Capital Portfolio
Companies over a nine-year period.  Those companies included
FastenTech, Paper-Pak Products and Delco Remy International.  
He also served as chief financial officer of Applied Power,
Inc., and Tenneco Automotive.

                      About Dura Automotive

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

                          *     *     *

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

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

                          *     *     *

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


KRISPY KREME: Expects US$117 Million in Revenues for 3rd Quarter
----------------------------------------------------------------
Krispy Kreme Doughnuts Inc. reported that on a preliminary basis
it expects to report revenues of approximately US$117 million
for the third quarter of fiscal 2007, which ended Oct. 29, 2006,
compared to revenues of approximately US$129 million for the
third quarter of fiscal 2006.  The decrease in revenues reflects
a decline in the number of company stores as well as lower sales
to franchisees by the company's Manufacturing and Distribution
segment.

Systemwide sales fell approximately 9% in the third quarter of
fiscal 2007 compared to the third quarter of the prior year
primarily due to an approximately 17% decrease in the number of
factory stores to 293 (total stores, including satellites,
decreased approximately 8%).  Average weekly sales per factory
store (which is computed by dividing sales from all factory and
satellite stores by the number of factory stores in operation)
increased approximately 16% and 12% in company stores and
systemwide, respectively, compared to the third quarter of
fiscal 2006.  Average weekly sales per store (which is computed
by dividing sales from all factory and satellite stores by the
aggregate number of all such stores in operation) increased
approximately 14% for company stores and decreased approximately
0.5% systemwide, compared to the third quarter of fiscal 2006.  
Systemwide average sales per store decreased slightly while
company average sales per store rose principally because the
growth in satellite stores, which have lower average sales than
factory stores, largely has been concentrated in franchise
stores and not in company stores.  The average sales per unit
data reflect, among other things, store closures and the related
shift in off-premises doughnut production into a smaller number
of stores.  Systemwide sales data include sales at all company
and franchise locations.  Systemwide sales is a non-GAAP
financial measure; however, the company believes systemwide
sales information is useful in assessing the overall performance
of the Krispy Kreme brand and, ultimately, the performance of
the company.

"While we still have a way to go in Krispy Kreme's turnaround,
we are encouraged by our progress in the third quarter," said
Daryl Brewster, President and Chief Executive Officer.  "The
company has agreed to settle the class action lawsuit and most
of the shareholder derivative litigation.  Average unit volumes
rose at company-owned stores. Krispy Kreme continued its
international expansion while filling several key management
positions critical to achieving sustained growth."

The company noted that its financial results continue to be
adversely affected by the substantial costs associated with the
legal and regulatory matters previously disclosed by the
company.  The company expects to report a net loss for the third
quarter of fiscal 2007.

                        Financial Position

The company believes that cash flow from operations and existing
cash balances will be sufficient to meet its liquidity needs. As
of Oct. 29, 2006, the company's cash balance was approximately
$35 million and its indebtedness was approximately US$119
million (including capital lease obligations), compared to
approximately US$16 million and US$123 million, respectively, at
Jan. 29, 2006.  The January amounts exclude amounts relating to
Glazed Investments, the company's consolidated franchisee at the
time.  As of Oct. 29, 2006, the company had no consolidated
franchisees.

                         About Krispy Kreme

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme
(NYSE: KKD) -- http://www.krispykreme.com/-- is a branded   
specialty retailer of premium quality doughnuts, including the
company's signature Hot Original Glazed.  There are currently
approximately 323 Krispy Kreme stores and 79 satellites
operating systemwide in 43 U.S. states, as well as operations in
Australia, Canada, Mexico, the Republic of South Korea and the
United Kingdom.

The company generates revenues from three distinct sources:
company-owned stores, franchise fees and royalties from
franchise stores, and a vertically integrated supply chain.

Freedom Rings, LLC, company's franchisee in Eastern
Pennsylvania, Delaware and Southern New Jersey, filed on Oct.
16, 2005 for Chapter 11 protection with the Delaware Bankruptcy
Court (Bankr. D. Del. Case No. 05-14268).  Following closure of
its four remaining stores, the Bankruptcy Court confirmed
Freedom Rings' plan of liquidation on April 20, 2006 and its
operations have been substantially wound up.

KremeKo, Inc., Krispy Kreme's Canadian franchisee, filed for
restructuring on April 15, 2005, pursuant to the Companies'
Creditors Arrangement Act with the Ontario Superior Court of
Justice.  Krispy Kreme Doughnut Corp. agreed to pay
approximately US$9.3 million to two secured creditors to settle
its obligations with respect to its guarantees pertaining to
certain indebteness and related equipment agreements.  In
exchange, a newly formed subsidiary of Krispy Kreme Doughnut
Corp. acquired substantially all of the operating assets of
KremeKo, as authorized by the Ontario Court.

Glazed Investments, LLC, company's franchisee in Colorado,
Minnesota and Wisconsin, filed for Chapter 11 protection on Feb.
3, 2006 (Bankr. N.D. Ill. Case No. 06-00932).  Subsequent to
this filing, Glazed Investments sold its remaining 12 Krispy
Kreme stores to Western Dough, Krispy Kreme's area developer for
Nevada, Utah, Idaho, Wyoming and Montana, for appoximately US$10
million.  This sale was facilitated by the Chapter 11 filing, by
permitting the assets to be sold free and clear of all liens,
claims and encumbrances.  

Under the plan of liquidation filed by Glazed Investments, it
will be dissolved after distribution of the sale proceeds to
creditors, and Krispy Kreme will not receive any payment on
account of its ownership in Glazed Investments.  While a
substantial portion of Glazed Investments' debts were retired
from the sale proceeds and liquidation of other assets, Krispy
Kreme paid approximately US$1 million of its franchisee's debt
which was guaranteed by it.


KRISPY KREME: Files Delayed First Quarter Financial Results
-----------------------------------------------------------
Krispy Kreme Doughnuts Inc. delivered its first quarter
financial results to the United States Securities and Exchange
Commission on Dec. 22, 2006.  The company's quarterly filings
have been delayed due to accounting problems.

For the three months ended April 30, 2006, the company reported
a US$6 million net loss on US$119.3 million of net revenues
compared with a US$53.3 million net loss on US$152.5 million of
net revenues for the same period in 2005.

Net cash provided by operating activities was US$7.6 million and
US$11.5 million in the first quarter of fiscal 2007 and 2006,
respectively.  The company's net loss, adjusted for non-cash
charges and credits, declined approximately US$2.0 million in
the first quarter of fiscal 2007 compared to the first quarter
of fiscal 2006.  This improvement in operating cash flow was
offset by increases in accounts receivable and a reduction in
accounts payable and accrued liabilities during the quarter.

The company's balance sheet at April 30, 2006, showed
US$393.1 million in total assets, US$282 million in total
liabilities and a US$111.1 million positive stockholders'
equity.

Full-text copies of the company's first quarter financials are
available for free at http://researcharchives.com/t/s?17bd

As reported in the Troubled Company Reporter on Dec. 15, 2006,
the company's filing with the Securities and Exchange Commission
on Dec. 11, 2006, disclosed that the company has devoted in
completing its annual report on Form 10-K for fiscal 2006, filed
on Oct. 31, 2006, and its quarterly reports on Form 10-Q for the
first three quarters of fiscal 2006, filed on Nov. 9, 2006.

In addition, the company has also been devoting substantial
resources to complete its quarterly reports on Form 10-Q for the
first two quarters of fiscal 2007.  Due to the substantial
resources devoted to these reports, the company was unable to
finalize its quarterly report on Form 10-Q for the third quarter
of fiscal 2007 before the filing deadline of Dec. 8, 2006.

                         About Krispy Kreme

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme
(NYSE: KKD) -- http://www.krispykreme.com/-- is a branded  
specialty retailer of premium quality doughnuts, including the
company's signature Hot Original Glazed.  There are currently
approximately 323 Krispy Kreme stores and 79 satellites
operating systemwide in 43 U.S. states, as well as operations in
Australia, Canada, Mexico, the Republic of South Korea and the
United Kingdom.

The company generates revenues from three distinct sources:
company-owned stores, franchise fees and royalties from
franchise stores, and a vertically integrated supply chain.

Freedom Rings, LLC, company's franchisee in Eastern
Pennsylvania, Delaware and Southern New Jersey, filed on Oct.
16, 2005 for Chapter 11 protection with the Delaware Bankruptcy
Court (Bankr. D. Del. Case No. 05-14268).  Following closure of
its four remaining stores, the Bankruptcy Court confirmed
Freedom Rings' plan of liquidation on April 20, 2006 and its
operations have been substantially wound up.

KremeKo, Inc., Krispy Kreme's Canadian franchisee, filed for
restructuring on April 15, 2005, pursuant to the Companies'
Creditors Arrangement Act with the Ontario Superior Court of
Justice.  Krispy Kreme Doughnut Corp. agreed to pay
approximately US$9.3 million to two secured creditors to settle
its obligations with respect to its guarantees pertaining to
certain indebteness and related equipment agreements.  In
exchange, a newly formed subsidiary of Krispy Kreme Doughnut
Corp. acquired substantially all of the operating assets of
KremeKo, as authorized by the Ontario Court.

Glazed Investments, LLC, company's franchisee in Colorado,
Minnesota and Wisconsin, filed for Chapter 11 protection on Feb.
3, 2006 (Bankr. N.D. Ill. Case No. 06-00932).  Subsequent to
this filing, Glazed Investments sold its remaining 12 Krispy
Kreme stores to Western Dough, Krispy Kreme's area developer for
Nevada, Utah, Idaho, Wyoming and Montana, for appoximately US$10
million.  This sale was facilitated by the Chapter 11 filing, by
permitting the assets to be sold free and clear of all liens,
claims and encumbrances.  

Under the plan of liquidation filed by Glazed Investments, it
will be dissolved after distribution of the sale proceeds to
creditors, and Krispy Kreme will not receive any payment on
account of its ownership in Glazed Investments.  While a
substantial portion of Glazed Investments' debts were retired
from the sale proceeds and liquidation of other assets, Krispy
Kreme paid approximately US$1 million of its franchisee's debt
which was guaranteed by it.


SHINHAN BANK: Plans Innovation to Fight Tougher Competition
-----------------------------------------------------------
Anticipating tougher competition, Shinhan Bank intends to focus
on maximizing efficiency of the organization through innovation,
The Korean Times reports, citing Shinhan Bank President Shin
Sang-hoon.

The bank expects "unprecedented" competition among financial
firms this year with the slowing economic growth, the capital
integration law and free trade agreements.

Mr. Shin also believes that Korea's rising real estate prices
and foreign exchange rates will pose a grave threat to the
banking sector.

Hence, The Times relates, Mr. Shin called for employees to come
forward with new models to help the bank overcome these
obstacles.

"Last year we completed the construction of hardware.  This year
we should upgrade software and create synergy from the
integration," the newspaper quotes Mr. Shin as saying.

The bank must do its utmost to become a leader that will pioneer
a new road for Korea's financial industry, Mr. Shin added.

Headquartered in Taepyeong-no, Seoul, Shinhan Bank --
http://www.shinhan.com/-- was established in 1982 with capital   
from Korean residents in Japan.  It is Korea's fourth largest
bank by assets -- second largest after merging with Chohung Bank
-- holding a 9% share of deposits and 11% of loans.  The bank
has developed a strong franchise in the consumer as well as
small and medium-sized enterprise segments.  In September 2001,
it formed a holding company, Shinhan Financial Group, under
which it and five other affiliates became stable companies.
Since then, the Shinhan Financial Group has expanded its
organizational structure to include 11 subsidiaries and is now
Korea's second largest financial group.

The Troubled Company Reporter - Asia Pacific reported on
March 16, 2006, that Moody's Investors Service has raised
Shinhan Bank's Bank Financial Strength Rating to D+ from D.  The
revised rating carries a stable outlook.  The higher BFSR
reflects the bank's sustained financial fundamentals upon its
merger with affiliate Chohung Bank.


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

ANTAH HOLDINGS: Unit Receives Summons In Chambers
-------------------------------------------------
Kaseh Lebuhraya Sdn Bhd, a wholly owned subsidiary of Antah
Holdings Bhd, has been served with a sealed copy of Summons in
Chambers by Azam Developer & Construction Sdn Bhd.

The summon, dated Nov. 21, 2006, is issued to intervene in the
proceedings and to set aside the restraining order obtained by
Kaseh, Antah's filing with the Bursa Malaysia Securities Bhd
discloses.

The Summons In Chambers is fixed for hearing on Jan. 22, 2007.

As reported by the Troubled Company Reporter - Asia Pacific on
Aug. 1, 2006, Kaseh Lebuhraya received a Writ of Summons from
Azam Developer.  Azam asserted a MYR19.4-million compensation
claim and sought an injunction order against Antah's subsidiary.

The Kuala Lumpur High Court later denied the injunction.

Azam also sought payment of interest on the compensation claim
and costs associated with the suit.

                          *     *     *

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

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

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


ANTAH HOLDINGS: Gets Public Reprimand for Breaking Bursa's Rules
----------------------------------------------------------------
Bursa Malaysia Securities Bhd publicly reprimanded Antah
Holdings Bhd on Dec. 19, 2006, for breach of paragraph
9.16(1)(a) of the Bursa's Listing Rules.

According to the bourse, Antah Holdings failed to take into
account the adjustments explained by the company on Dec. 20,
2005, and March 24, 2006, regarding its unaudited quarterly
results for the period ended June 2004 and June 2005
respectively.

Paragraph 9.16(1)(a) stipulates that a listed issuer must ensure
that each announcement is factual, clear, unambiguous, accurate,
succinct and contain sufficient information to enable investors
to make informed investment decisions.

In addition, Bursa required Antah Holdings to engage its
external auditor to carry out a limited review of the company's
quarterly reports prior to the announcement of the results.

                          *     *     *

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

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

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


ANTAH HOLDINGS: Supplements Agreements with Units
-------------------------------------------------
Antah Holdings Bhd entered into a Definitive Agreement with its
wholly owned subsidiary Kaseh Lebuhraya Sdn Bhd and its
associate company, Lebuhraya Kajang Seremban Sdn Bhd and IJM
Corporation Berhad on Sept. 30, 2005, to undertake a proposed
vesting arrangement, shareholders agreement, subscription and
call option:

a. Vesting agreement between KASEH, LEKAS and IJM wherein LEKAS
   has agreed to, inter alia, take-over all the work-in-progress
   carried out by KASEH in respect of the Concession to be
   satisfied by the issuance of 49,999,998 new LEKAS shares and
   MYR50,000,000 nominal value;

   Concession is that, which is awarded by the Government of
   Malaysia to KASEH for the design, construction, operation,
   management and maintenance of, and collection of toll on, a
   new highway linking Kajang to Seremban measuring    
   approximately 48 kilometers, on a build, operate and transfer
   method of privatization.

b. Subscription agreement between KASEH, LEKAS and IJM wherein
   IJM has agreed to subscribe for 50,000,000 new LEKAS Shares
   and MYR200,000,000 nominal value of 7% redeemable convertible
   unsecured loan stocks.

c. Shareholders agreement between KASEH, IJM and LEKAS to
   regulate the relationship between Kaseh and IJM as
   shareholders and the corporate affairs in LEKAS; and

d. Call option agreement between Antah and IJM wherein IJM has
   agreed to grant to Antah the option to purchase up to MYR100
   million nominal value RCULS.

In an update Antah entered into a supplemental agreement with
Kaseh, Lekas and IJM to include variations in its original
agreements with its units.  

The variations includes:

1. The LEKAS RCULS will be replaced by MYR240,000,000 from
   MYR200,000,000; and

2. The maturity date of the RULS will be changed to Feb. 8,
   2027.

Accordingly, the original agreement will be amended and replaced
by the mentioned changes.

                         *     *     *

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

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

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


FEDERAL FURNITURE: Gets Forfeiture Notice on Terrenganu Property
----------------------------------------------------------------
Federal Furniture Holdings (M) Bhd received a forfeiture notice
on the Terengganu land, one of the properties to be transferred
to the company's Special Purpose Vehicle 2 debt restructuring
plan.

As reported by the Troubled Company Reporter - Asia Pacific on
Dec. 20, 2006, Pejabat Tanah of Hulu Terengganu ordered one of
the properties belonging to Federal Furniture to be forfeited in
favor of the State Authorities due to the company's breach of
one of the express conditions on the land title.

The company is currently seeking scheme lenders' approval for a
replacement property and/or cash in the event the said property
cannot be transferred.  Federal is also seeking the consent of
the scheme lenders to extend the completion date for the
implementation of the restructuring scheme that had expired on
Dec. 29, 2006.

                          *     *     *

Headquartered in Selangor Darul Ehsan Malaysia Federal Furniture
Holdings Bhd -- http://www.federal-furniture.com/-- is a listed  
company on the Kuala Lumpur Stock Exchange and is Malaysia's
premier furniture and interior design group.  It consists of
companies in all the main sectors of the furniture-related
industries, from manufacturing, marketing, exporting, contract
furnishing and interior design to retail.

On June 24, 2004, the Board of Directors of Federal Furniture
has proposed a capital reduction, a share premium reduction,
rights issue with warrants and a debt settlement scheme with
some of its financial institution lenders to restructure and
settle a substantial part of its total bank borrowings.  On July
5, 2006, the Company submitted its Regularization Plan to Bursa
Malaysia Securities Berhad for approval.

The company's balance sheet as of September 30, 2006, reflected
MYR149.14 million in total assets and MYR159.09 million in total
liabilities.  Shareholders' deficit totaled MYR9.95 million.


SYARIKAT KAYU: Seeks Extension of Filing Regularization Plan
------------------------------------------------------------
Syarikat Kayu Wangi Bhd appealed before the Bursa Malaysia
Securities Bhd to extend the submission of the company's
regularization plan from Jan. 8, 2007, to Feb. 7, 2007.

The company will make the necessary announcement on the decision
of the Bursa on the company's appeal.

                          *     *     *

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

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

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


SUGAR BUN: Changes Name to Borneo Oil Bhd
-----------------------------------------
At an Extraordinary General Meeting held on Jan. 3, 2007, Sugar
Bun Corp Bhd passed a special resolution changing the company's
name into Borneo Oil Bhd.

The change of business name will be effective upon the issuance
of the Certificate of Incorporation on Change of Name by the
Companies Commission of Malaysia.

                          *     *     *

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

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


TENGGARA OIL: Fails to Clear Debt of MYR28.40MM Due on Dec. 06
--------------------------------------------------------------
Tenggara Oil Bhd and its subsidiary companies, Tenggara
Lubricant Sdn Bhd and Tenggara Concrete Sdn Bhd have been unable
to pay the amount of principal and/or interest in respect of its
credit facilities as at December 31, 2006.

   Lender                    Borrower            Amount Due
   ------                    --------         ----------------
   CIMB Bank Bhd              TOB               MYR5,380350.90
   (Southern Bank Berhad)

   CIMB Bnk Bhd               TOB                 1,092,744.54
   (Bumiputra-Commerce Bank
   Bhd)

   Malayan Banking Bhd        TLSB                8,147,090.17

   Malayan Banking Bhd        TLSB                1,477,919.74

   Malayan Banking Bhd        TCSB               12,297,070.24
                                              ----------------
                                              MYR28,395,175.59
                                              ================

                          *     *     *

Tenggara Oil Berhad is undertaking a divestment and
restructuring exercise, which will reposition it as a service-
oriented and trading group from its current resource-based
businesses.  Current businesses include investment holding,
supply of ready mixed concrete, property holding, management and
construction.  As part of a corporate revamp exercise, the
Company has repositioned itself in the oil and gas business,
which will be its core business.  The Company is headquartered
in Kuala Lumpur, Malaysia.

Tenggara is in the process of formulating a debt-restructuring
scheme with relevant parties.  Tenggara has been incurring
losses, with a MYR3.728-million loss for the 12-month period to
July 31, 2006, and a MYR2.848-million loss for the same period
to July 31, 2005.


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

AUTOHAUS EUROPEAN: Creditors Must Prove Debts by Jan. 24
--------------------------------------------------------
Liquidator Andrew Hill requires the creditors of Autohaus
European 1999 Ltd, which is in liquidation, to file their proofs
of debt by Jan. 24, 2007.

The company commenced a wind-up of its operations on Dec. 18,
2006.

The Liquidator can be reached at:

         Andrew Hill BDO Spicers
         Chartered Accountants
         29 Northcroft Street
         Takapuna, Auckland
         New Zealand
         Telephone: (09) 486 2125
         Facsimile: (09) 486 4026


BLUE CHIP: Liquidators to Receive Claims Until Jan. 6
-----------------------------------------------------
On Nov. 30, 2006, the shareholders of Blue Chip Charters Limited
appointed Laurence George Chilcott and Peter Charles Chatfield
as the company's joint and several liquidators.

Accordingly, the Liquidators will be receiving proofs of debt
from the company's creditors until Jan. 6, 2007.

The 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


COLDWELL HOLDINGS: Proofs of Debt Due on Jan. 16
------------------------------------------------
Creditors of Coldwell Holdings Ltd are given until Jan. 16,
2007, to submit their proofs of debt to Liquidators Kevin David
Pitfield and Gareth Russel Hoole.

The company entered liquidation on Dec. 8, 2006.

The Joint Liquidators can be reached at:

         Kevin David Pitfield
         Gareth Russel Hoole
         Staples Rodway Limited
         Chartered Accountants
         P.O. Box 3899, Auckland
         New Zealand
         Telephone: (09) 309 0463


DELOITTE PROPERTY: Creditors' Proofs of Debt Due on Jan. 24
-----------------------------------------------------------
Deloitte Property Company Ltd commenced liquidation on
Dec. 18, 2006.

Douglas Kim Fisher was appointed as the company's liquidator on
the same day.  Accordingly, Mr. Fisher fixed Jan. 24, 2007, as
the last day for receiving claims.

The Liquidator can be reached at:

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


DENNY'S CORP: Units Ink New US$350 Million Senior Loan Agreement
----------------------------------------------------------------
Denny's Inc. and Denny's Realty LLC, operating subsidiaries of
Denny's Corp., have entered into a new senior secured credit
agreement in an aggregate principal amount of US$350 million.  
The Company estimates that based on current interest rates, the
refinancing will save approximately US$5.5 million per year in
cash interest.

"We are pleased to be able to complete this refinancing
transaction, which further strengthens the Company's capital
structure, as it will allow us to reduce Denny's cost of
borrowing," said Nelson J. Marchioli, President and Chief
Executive Officer.  "The positive response to this transaction
by the credit rating agencies and our lenders is a testament to
Denny's ongoing operational improvements that have generated
increasing cash flow and greater financial stability.  The
favorable terms of this refinancing will result in further
improved cash flow, which will provide additional flexibility to
continue investing in the Denny's brand and to advance our
commitment to reducing debt."

The new credit facility consists of a US$50 million revolving
credit facility, a US$260 million term loan, and an additional
US$40 million synthetic letter of credit facility.  The
revolving facility matures in five years and the term loan and
synthetic letter of credit facility mature in five and a half
years.  Banc of America Securities LLC acted as sole lead
arranger and book manager for the new credit facility and Bank
of America, N.A. will serve as administrative agent.

The new credit facility has been used to refinance the Company's
prior credit facility and will be available for working capital,
capital expenditures and other general corporate purposes.  The
new facility is guaranteed by Denny's Corporation and its other
subsidiaries and is secured by substantially all of the assets
of the Company and its subsidiaries.

In addition, the new facility is secured by first-priority
mortgages on 140 company-owned real estate assets. Interest on
loans under the new revolving facility will be payable,
initially, at per annum rates equal to LIBOR plus 250 basis
points and adjusting over time based upon Denny's leverage
ratio.  Interest on the new term loan will be payable at per
annum rates equal to LIBOR plus 225 basis points.  The covenants
under the new agreement remain generally consistent with those
under the prior agreement.

                        About Denny's Corp.

Headquartered in Spartanburg, South Carolina, Denny's Corp. --
http://www.dennys.com/-- is America's largest full-service  
family restaurant chain, consisting of 543 company-owned units
and 1,035 franchised and licensed units, with operations in the
United States, Canada, Costa Rica, Guam, Mexico, Puerto Rico,
and New Zealand .

                          *     *     *

On Nov 22, 2006, Moody's Investors Service assigned Denny's
Inc.'s proposed US$350 million senior secured credit facility
consisting of a US$50 million revolver, a US$260 million term
loan B and a US$40 million synthetic letter of credit facility.

At June 28, 2006, Denny's Corporation's balance sheet showed
US$500.3 million in total assets and US$758.2 million in total
liabilities, resulting in a US$257.9 million stockholders'
deficit.


DVS CAFE: Names Brown and Rodewald as Joint Liquidators
-------------------------------------------------------
DVS Cafe Limited, which is in liquidation, appointed Kenneth
Peter Brown and Thomas Lee Rodewald as the company's joint and
several liquidators on Dec. 11, 2006.

The Liquidators can be reached at:

         Kenneth Peter Brown
         Thomas Lee Rodewald
         Care of Rodewald Hart Brown Limited
         127 Durham Street (P.O. Box 13-380)
         Tauranga
         New Zealand
         Telephone: (07) 571 6280
         Web site: http://www.rhb.co.nz


FXHT FUND: Creditors Must Prove Debts by Feb. 2
-----------------------------------------------
FXHT Fund Managers Ltd -- formerly trading as FXHomeTrader NZ
Limited -- which is in liquidation, requires its creditors to
submit their proofs of debt by Feb. 2, 2007.

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

The liquidators can be reached at:

         Peri Micaela Finnigan
         Boris van Delden
         McDonald Vague, P.O. Box 6092
         Wellesley Street Post Office
         Auckland
         New Zealand
         Telephone: (09) 303 0506
         Facsimile: (09) 303 0508
         Web site: http://www.mvp.co.nz


PENGUIN HOSPITALITY: Appoints Official Assignee as Liquidator
-------------------------------------------------------------
The official assignee of Penguin Hospitality Ltd was appointed
as the company's liquidator on Dec. 8, 2006.

The Liquidator can be reached at:

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


RJI PACIFIC: Court Appoints Joint Liquidators
---------------------------------------------
The High Court at Rotorua appointed Iain Shephard and Christine
Margaret Dunphy as joint and several liquidators of RJI Pacific
International Ltd on Dec. 11, 2006.

The Liquidators can be reached at:

         Iain Shephard
         Christine Margaret Dunphy
         Shephard Dunphy Limited
         Shed 20, Princes Wharf
         P.O. Box 11-793, Wellington
         Auckland
         New Zealand
         Telephone: (09) 309 3264
         Facsimile: (09) 309 3265


TAXIS COASTLINE: Appoints Joint Liquidators
-------------------------------------------
On Dec. 11, 2006, Kenneth Peter Brown and Thomas Lee Rodewald
were appointed as joint and several liquidators of Taxis
Coastline Ltd.

The Joint and Several Liquidators can be reached at:

         Kenneth Peter Brown
         Thomas Lee Rodewald
         Care of Rodewald Hart Brown Limited
         127 Durham Street (P.O. Box 13-380)
         Tauranga
         New Zealand
         Telephone: (07) 571 6280
         Web site: http://www.rhb.co.nz


VERTECH NEW ZEALAND: High Court Appoints Liquidators
----------------------------------------------------
On Dec. 14, 2006, the High Court at Auckland appointed Iain
Bruce Shephard and Christine Margaret Dunphy as joint and
several liquidators of Vertech New Zealand Ltd.

The Liquidators can be reached at:

         Iain Bruce Shephard
         Christine Margaret Dunphy
         Shephard Dunphy Limited
         Level Two, Zephyr House
         82 Willis Street
         P.O. Box 11-793, Wellington
         New Zealand
         Telephone: (04) 473 6747
         Facsimile: (04) 473 6748


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

ALLIED BANKING: Posts PHP385-Mil. Net Income in 2006 3rd Quarter
----------------------------------------------------------------
Allied Banking Corp. and its subsidiaries recorded a net income
of PHP385.25 million for the quarter ended Sept. 30, 2006,
compared with a PHP330.05 million net income for the same period
in 2005.

In the nine months ended Sept. 30, 2006, the Group posted net
income of PHP1.13 billion, higher than the PHP848.41 million net
income reported for the first nine months of 2005.

Allied Bank's consolidated balance sheet as of end-September
2006 reflected PHP156.45 billion in total assets, and
PHP140.71 billion in total liabilities.

The company's financial report for the quarter ended Sept. 30,
2006, is available for free at the Philippine Stock Exchange
site at: http://www.pse.org.ph/

                     About Allied Banking Corp.

Allied Banking Corporation -- http://www.alliedbank.com.ph/--   
is a universal bank incorporated in the Philippines on April 4,
1977.  The Company and its subsidiaries/affiliates are engaged
in all aspects of banking, financing and leasing to personal,
commercial, corporate and institution clients.  Allied Bank
offers a full range of domestic and international banking
products and services including deposit taking, lending and
related services, domestic and foreign fund transfer, treasury,
foreign exchange and trust services.  In addition, the Bank is
licensed to enter into regular financial derivatives as a means
of reducing and managing the bank's and its customers' foreign
exchange exposure.

The Troubled Company Reporter - Asia Pacific reported on Nov. 6,
2006, that Moody's Investors Service revised the outlook of
Allied Banking Corp.'s foreign currency long-term deposit rating
of B1 to stable from negative.  The bank's foreign currency Not-
Prime short-term deposit rating and bank financial strength
rating of E+ remain stable.

This action follows the change in Moody's outlook to stable for
the Philippine country ceilings -- Ba3 foreign currency long-
term debt and B1 local currency government bond rating.

On October 31, 2006, Fitch Ratings affirmed Allied Banking
Corporation's Individual rating at 'D' and Support rating at '4'
after a review of the bank.


BACNOTAN CONSOLIDATED: Turns Around with PHP38MM in 2006 3Q
-----------------------------------------------------------
Bacnotan Consolidated Industries, Inc., reports a consolidated
net income for the 2006 third quarter of PHP38.05 million, a
turnaround from the PHP10.40-million net loss incurred in the
same period in 2005, the company said in its quarterly
financials submitted to the Philippine Stock Exchange.

The quarter's positive results were brought about by the
financial income realized by the parent company in the amount of
PHP119 million.

BCII's unaudited consolidated sales revenues for the quarter
ended Sept. 30, 2006, amounted to PHP594 million compared with
PHP506 million in the same period ended Sept. 30, 2005.  The
increase was due to the increase in sales revenues of Union
Galvasteel Corporation, amounting to PHP86 million for the 2006
third quarter.  Unaudited consolidated cost and expenses of BCII
for the third quarter amounted to PHP563 million, 13% higher
compared to the previous year's PHP497 million.  The increase is
due to the increase in costs and expenses of UGC, Araullo
University and Cagayan de Oro College.

         Nine months ended September 30, 2006 vs. 2005

BCII's posted unaudited consolidated revenues of PHP1.75 billion
for the nine months ended September 30, 2006, compared to
PHP1.55 billion in the same period in 2005.  The increase was
due to the increase in sales revenues of UGC amounting to
PHP149 million as well as higher revenue contributions from
Cagayan de Oro College in 2006.

BCII acquired COC end of June 2005, hence, consolidated revenues
as of September 2005 included only COC's income from July to
September, compared to nine months in 2006.  In similar manner,
COC's costs and expenses increased in 2006.

BCII's unaudited consolidated cost and expenses amounted to
PHP1.69 billion, 13% higher than costs and expenses for the same
period last year. The increase is attributed to COC's costs and
expenses, as well as an increase in UGC's cost of raw materials.

Equity in net earnings from subsidiaries and affiliates
increased by 35% to PHP91 million, coming mainly from equitized
income in Phinma Property Holdings Corporation, which increased
from PHP9 million last year to PHP29 million this year and
equitized income from Araullo University of PHP6.5 million this
year, from a net loss of PHP13 million last year.

BCII's unaudited consolidated net income as of September 30,
2006 resulted in a net income of PHP150 million, a 142% increase
from last year's net income of PHP62 million.  BCII's income
attributable to BCII equity shareholders amount to
PHP145 million.

BCII's total assets by end of September 2006 was
PHP7.1 billion of which cash and cash equivalents amounted to
PHP578 million and financial assets at fair value through profit
or loss amounted to PHP2.1 billion.

The company's financial report for the quarter ended Sept. 30,
2006, is available for free at the Philippine Stock Exchange
site at: http://www.pse.org.ph/

                  About Bacnotan Consolidated

Makati-based Bacnotan Consolidated Industries, Incorporated, --
http://www.bipc.com.ph/-- Phinma Group's flagship company, was  
founded by a group of industrialists led by the Escaler family
in 1957.  BCI is a holding company that, through its operating
subsidiaries, is engaged primarily in the production,
distribution and sale of clinker, cement and concrete products.  
It also has an interest in the paper and packaging industry and
it has also ventured into property development and reinforced
steel bars manufacturing.

The Company's principal source of revenue is from the cement
sales of its cement subsidiary.  Historically, its cement
subsidiary has been responsible for at least 80% of its sales
revenues.  It is primarily engaged in the quarrying, production,
distribution and marketing of portland and pozzolan cement.

On March 22, 2006, the Troubled Company Reporter - Asia Pacific
cited a report from the Philippine Daily Inquirer saying that
the Philippine Stock Exchange planned to remove Bacnotan
Consolidated from its index due to insufficient tradability.


BENGUET CORP: Reports PHP2.1BB Capital Deficiency as of Sept.
-------------------------------------------------------------
In a regulatory filing with the Philippine Stock Exchange,
Benguet Corporation disclosed a consolidated net loss of
PHP170.7 million for the nine-month period ended September 30,
2006, compared with the PHP43.4-million net loss incurred for
the same period in 2005.  

Consolidated net loss for the third quarter of 2006 amounted to
PHP29.60 million, a reversal from the net income of
PHP110.0 million for the same period in 2005.

The negative variance in the third quarter and the nine months
period is mainly due to the PHP290.2 million income from the
capitalization of BAGO mine capital development provision in
booked in 2005.  Before the income of PHP290.2 million, the loss
for the three-month and the nine-month periods in 2006 would be
have been lower.  The decline was mainly due to lower operating
costs and expenses and higher foreign exchange gain in 2006.

Operating revenues declined to PHP58.4 million in the 2006 third
quarter and PHP185.7 million for the first nine months of this
year from operating revenues of PHP62.5 million and
PHP232.7 million for the same respective periods in 2005 mainly
due to lower production of gold brought about by lower grade of
ore milled to 9.17 grams Au per tonne from 14.80 grams Au per
tones in 2005 and lower sales of chromite in 2006.

Operating costs and expenses for the 2006 third quarter and
nine-month period decreased to PHP81 million and PHP237 million,
respectively, from PHP88 million and PHP286 million in the same
periods in 2005.  The decline was mainly due to lower production
costs of chromite in 2006.  For the 2006 third quarter, other
income amounted to PHP27 million, lower by 88% versus
PHP232 million for the same period in 2005, while in the nine-
month period 2006, other expenses amounted to PHP78 million,
compared with the other income of PHP112 million in 2005.

                       Financial Position

For the nine months period this year, the company continued to
be in a cash-tight situation.  The company will continue to
dispose of its non-performance assets and improve its production
volume of gold and chromite products to generate adequate cash
to meet its operating cash requirement.

The company foresees improvement in its cash flow for the fourth
quarter this year, as the price of metals continued to rise and
as the company gets orders for chrome ore from Canada and
Mexico.

Total assets of the company stood at PHP2.8 billion as of the
end of September 2006, while total liabilities amount to PHP4.89
billion.

Prepaid expenses and other current assets decline to
PHP67 million from PHP81 million as of end-September 2005,
mainly due to offsetting of input taxes versus output tax and
excise tax payable.  Deferred charges and other assets slightly
decreased to PHP343 million from PHP356 million in 2005 mainly
due to depreciation of fixed assets of suspended operation.

Accounts payable and accrued expenses (mostly interest on loans)
increased to PHP2,218 million from PHP1.945 billion as of year-
end 2005 mainly due to accrued interest on bank liabilities.

The outstanding bank loans slightly decreased mainly due to FX
gain on the company's foreign currency-denominated borrowings
due to peso appreciation against the dollar.
Accumulated translation adjustment decreased due to the
adjustments of foreign investment transacted at current peso-to-
dollar exchange rate.

Capital deficiency as of September 2006 went up to
PHP2.1 billion from PHP1.9 billion in 2005 due to net losses for
the 2006 nine-month period.   The company's current liabilities
still exceeded its current assets by PHP3.6 billion at September
2006 and PHP3.4 billion in 2005.

The company's financial report for the quarter ended Sept. 30,
2006, is available for free at the Philippine Stock Exchange
site at: http://www.pse.org.ph/

                       About Benguet Corp

Benguet Corporation -- http://www.benguetcorp.com/-- was  
organized to primarily engage in gold mining.  It expanded into
chromite and copper production, and then into the fields of
general engineering and industrial construction, agriculture,
shipping, banking and finance, real estate and forestry-based
ventures.

As of Sept. 30, 2006, the company's total assets stood at
PHP2.82 billion, while total liabilities amount to
PHP4.89 billion, resulting to a shareholders' equity deficit of
PHP2.07 billion.  


CITY RESOURCES: Records PHP2-Million Capital Deficiency
-------------------------------------------------------
City Resources (Phil.) Corp. registers a PHP2.35-million capital
deficiency as of September 30, 2006.

The company also registered a net loss of PHP16,000, in
professional fees, for the quarter ended Sept. 30, 2006, and
PHP224,000 for the 2006 nine-month period.

The company is currently not operating.

The company's financial report for the quarter ended Sept. 30,
2006, is available for free at the Philippine Stock Exchange
site at: http://www.pse.org.ph/

                          *     *     *

In an agreement dated January 31, 1994, City Resources (Phil.)
Corporation sold, transferred and conveyed its mining rights
over all of its mineral properties located in the Municipalities
of Paracale and Labo, both in the Province of Camarines Norte,
to a certain mining company.

On March 24, 1994, the Securities and Exchange Commission
approved the change in the primary purpose of the Company from a
mining to a holding company.  Accordingly, the remaining
deferred charges for mining exploration and development costs as
of that date amounting to PHP16,497,445, were written off and
charged to the deficit account under the "Stockholders' equity"
section of the balance sheets.

Since then, the Company has not yet conducted any business.
Transactions thereafter only pertain to operating expenses,
which were paid by Lopez, Inc., a shareholder, in behalf of the
Company.


CYBER BAY: Sept. 06 Balance Sheet Shows PHP3BB Capital Deficit
--------------------------------------------------------------
With practically no operations, Cyber Bay Corporation reports
PHP89,000 in revenues for the nine-month period ended Sept. 30,
2006, compared with the PHP2,000 revenues reported in the same
period in 2005.  Total expenses for the first nine months of
2006 amounted to PHP1.52 million, lesser compared with the
PHP3.75 million expenses in 2005.

The company incurred a net loss of PHP1.43 million in the 2006
nine-month period.

For the quarter ended Sept. 30, 2006, the company recorded a net
loss of PHP308,000, on revenues of PHP89,000.

As of September 30, 2006, the company chalks up a stockholders'
equity deficit of PHP3.08 billion, almost flat from the year
before, with total liabilities of PHP3.70 billion against total
assets of PHP612.70 million.

The company's financial report for the quarter ended Sept. 30,
2006, is available for free at the Philippine Stock Exchange
site at: http://www.pse.org.ph/

Formerly Centennial City, Inc., Makati-based Cyber Bay
Corporation's strategic thrust is the development of reclaimed
land in the prime Manila Bay area into a web of interrelated
development districts that will make up a 21st century modern
township.  The company has a 100% equity interest in Central Bay
Reclamation and Development Corporation, formerly Amari Coastal
Bay Development Corporation, which has a joint venture agreement
with the Public Estates Authority for the reclamation of 750
hectares along the Manila-Cavite Coastal Road area.  An integral
component of the government's Boulevard 2000, the Cyber Bay
master plan involves the development of a world-class center of
commerce, entertainment, shopping and education integrated with
a mix of residential districts.  With the Cyber Bay Project, the
company is afforded a unique flagship waterfront development.

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 29, 2006, Cyber Bay Corporation's balance sheet as of Dec.
21 reflected total assets of US$11.54 million and total
shareholders' equity deficit of US$58.06 million.


FIL-ESTATE: Capital Deficiency at PHP310.2-Mil. as of Sept. 30
--------------------------------------------------------------
Fil-Estate Corporation reported a net loss of PHP1.9 million for
the third quarter of 2006, according to the company's quarterly
financials submitted to the Philippine Stock Exchange.

The company plans to continue its strategy of maintaining itself
as a holding company with key investment in the Metro Rail
Transit project.  The operation for the next 12 months will be
strictly confined to that of an investee company.

As of September 30, 2006, Fil-Estate Corporation's balance sheet
revealed a stockholders' deficit of PHP310.2 million, on total
assets of PHP1.8 billion and total liabilities of
PHP2.1 billion.

Cash increased by about PHP9,000 from PHP149,000 in 2005 to
PHP159,000 in 2006, the funds were substantially used for
funding for the regular expenses of the company.

The increase is due to related parties account of about
PHP2.5 million, corresponding to additional advances made by
FEMI, one of the major stockholders of the company.

The company's financial report for the quarter ended Sept. 30,
2006, is available for free at the Philippine Stock Exchange
site at: http://www.pse.org.ph/

Headquartered in Pasig City, Philippines, Fil-Estate Corporation
was originally incorporated as San Jose Oil Company, Inc. whose
primary purpose was to prospect for and market, oil, natural gas
and other minerals and secondarily invest in non-mining
corporation or other enterprises.  In July 1996, the Board of
Directors and the stockholders approved the change in the
company's primary purpose from oil exploration to that of a
holding company authorized to engage in property and
infrastructure development, as well as the increase in
authorized capital stock from PHP300 million to PHP2 billion
with par value of PHP1.00 per share.

On January 22, 1998, the Securities and Exchange Commission
approved the change in corporate name to Fil-Estate Corporation,
the change in primary purpose from oil exploration to a holding
firm, the change in par value from PHP0.01 to PHP1.00 per share,
and the declassification of the A and B shares.  The company
started engaging in infrastructure, privatization, leisure and
real estate investments through directly managed subsidiaries,
associated entities and strategic alliances.  The key investment
of Fil-Estate Corporation is in the form of equity interest in
Metro Rail Transit Holdings, Inc., and Metro Rail Transit
Holdings 2.

The Troubled Company Reporter - Asia Pacific reported on
Dec. 22, 2006, that Fil-Estate Corporation, as of Dec. 21, has
total assets of US$33.30 million and total shareholders' equity
deficit of US$5.80 million.


FILSYN CORP: Records PHP479-Mil. Equity Deficit as of Sept. 2006
----------------------------------------------------------------
Filsyn Corporation registered a net loss of PHP2,511 for the
third quarter of 2006 as it continues to have no operations, the
company said in its 17Q filing with the Philippine Stock
Exchange.

Net loss for the nine-month period ended Sept. 30, 2006, totaled
PHP11,980.  The company's losses were due to non-commercial
operations.  The company stated that it has no plan yet to
resume commercial operations.

The company's balance sheet as of Sept. 30, 2006, showed
PHP996.18 million in total assets, and a shareholders' equity
deficit of PHP479.22 million.

The company's financial report for the quarter ended Sept. 30,
2006, is available for free at the Philippine Stock Exchange
site at: http://www.pse.org.ph/

Headquartered in Makati City, Philippines, Filsyn Corporation is
engaged in the manufacture of polyester, supplying polyester
fiber and yarn, a major raw material requirement of the textile
industry.  Also, it ventured into PET bottle production, which
is being supplied to mineral water, softdrinks and condiment
industries.  The PET bottle manufacturing uses Filsyn's
polyester chips, which are converted to Polyester Terephthalate
(PET) resin. Its product lines are polyester chips, polyester
fiber and yarn, PET bottles, and PET chips.  The company's
operations evolved from purely polyester manufacturing into
being involved in various activities that include trading of
polyester products.

As reported in the Troubled Company Reporter - Asia Pacific on
Dec. 22, 2006, Filsyn Corporation, as of Dec. 21, recorded
US$19.20 million of total assets and US$8.83 million of
stockholders' equity deficit.


GLOBAL EQUITIES: Sept. 30 Balance Sheet Shows PHP263MM Deficit
--------------------------------------------------------------
Global Equities, Inc., reported a PHP31.79-million net loss for
the nine months ended September 30, 2006, the company said in
its quarterly financials filed with the Philippine Stock
Exchange.

The loss was due to:

   a. PHP29.030-million interest accruing for the three
      inclusive quarters;

   b. Parent company showing PHP2.141 million in operating
      expenses, attributable to:

      1. Payment of PSE Membership fee for year 2006;

      2. Accrual of professional fees (legal counsel and
         transfer agent);

      3. Rent;

      4. Salaries of key personnel of new management;

      5. Other expenses; and

   c. Subsidiaries reporting total operating expenses of around
      PHP0.943 million.

The parent company and subsidiaries have a recorded negative
stockholders' equity of PHP263.302 million as of Sept. 30, 2006,
and PHP27.207 million as of Sept. 30, 2005.  The group's current
liabilities exceeded current assets by PHP874.133 million as of
Sept. 30, 2006, and PHP856.405 million as of Sept. 30, 2005.  
Consequently, the company was not able to settle its maturing
obligations.

The company also said that to address these difficulties, the
company continuously:

   (a) negotiates with the creditor banks for loan restructuring
       or settlement through dacion en pago arrangements;

   (b) disposes of saleable assets;

   (c) implements cost-cutting programs; and

   (d) negotiates with third party investors to jointly develop
       real estate properties.

                          Loan Default

As of September 30, 2006, the parent company and a subsidiary
are in default in the payment of principal and interest due.  

On February 23, 2004, the parent company, Adamson & Adamson,
Inc.  (a subsidiary) and Equitable PCI Bank agreed on a dacion
en pago arrangement of AAI's manufacturing facility and
equipment under installation with carrying value of
PHP195.5 million as of December 31, 2003 for settlement of the
parent company's long term debt amounting to PHP169.3 million
and AAI's bank loans amounting to PHP26.2 million.

The remaining loan with EPCIB has been considered for settlement
through a dacion en pago arrangement under a Memorandum of
Agreement entered into between the parent company and EPCIB on
April 23, 2002.  Under the MOA, the loan of the parent company
will be settled in exchange for land and development with
carrying value of PHP108.9 million as of September 30, 2006, and
December 31, 2005.  

The MOA also included the waiver of accrued interest expense.  
Also, as agreed with EPCIB, interest expense on the loan has not
been recognized starting 2002.  As of November 10, 2006, the
dacion en pago arrangement has not yet been finalized pending
the transfer of land titles to the parent company of the land
and development that are subject of dacion en pago arrangement.

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

Headquartered in Makati City, Philippines, Geograce Resources --
formerly known as Global Equities, Inc. -- was originally
incorporated as La Suerte Gold Mining Corporation on April 20,
1970, primarily to engage in the exploration, exploitation, and
development of mineral resources; to purchase, lease and
otherwise acquire mining claims and concessions anywhere in the
Philippines; and to carry on the business of mining, extracting,
smelting, treating, and otherwise producing and dealing in
metals and minerals of all kinds including all its products and
by-products.


MRC ALLIED: ASM Adjourned Due to Lack of Quorum
-----------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
November 16, 2006, that the Annual Stockholders' Meeting of MRC
Allied Industries, Inc., was set on Dec. 28, 2006.

In an update, however, MRC Allied discloses that the ASM was
adjourned due to lack of quorum.

                   About MRC Allied Industries

MRC Allied Industries, Inc., formerly known as Makilala Rubber
Corporation, was initially engaged in the processing and export
of baled natural rubber.  In 1993, MRC diversified into the
property development business, particularly in industrial estate
and township development.

At present, the Company is concentrating on its two main
projects, the New Cebu Township One in Naga, Cebu, and the
Amihan Woodlands Township in Leyte.  Phase One of the New Cebu
Township One, a Philippine Economic Zone Authority-approved
Special EconomiZone in Naga, Cebu, consisting of 123 hectares,
has been developed and is available for sale to investor-
locators.

MRC is also developing 2,312-hectare Amihan Woodlands Township
in San Isidro, Leyte which was proclaimed as another special
Economic Zone by the Office of the President in Malacanang.  It
is billed as the Philippines' largest eco-tourism project with
Special Economic Zone status.  This project is being developed
as a township based on tourism and incorporating a business park
for non-polluting light industries

The Company continues to explore various investment
opportunities.  However, given the present economic conditions,
particularly with respect to increasing fuel and power costs and
uncertainties in the tax system of the government, the Company
has been very prudent on its investment decisions.

                      Going Concern Doubt

After auditing MRC Allied's 2005 annual report, Emmanuel V.
Clarino of Sycip Gorres Velayo & Co. expressed a significant
doubt on the Company's ability to continue as a going concern.

Mr. Clarino pointed out that:

   * The Company and its subsidiary incurred net losses of
     PHP35.2 million and PHP34.8 million for the years ended
     December 31, 2005, and 2004, resulting in a deficit of
     PHP724.1 million and PHP688.9 million as of December 31,
     2005, and 2004, because it has substantially reduced its
     development activities; and

   * The Company was also unable to pay principal and interest
     amortizations on its bank loans.

To address the present financial difficulties, the Company's
management is undertaking these measures:

   a. Continuous negotiation with the Company's creditor banks
      for the restructuring of its loans;

   b. Communication with prospective investors as part of its
      marketing efforts;

   c. Disposal of saleable assets; and

   d. Engaging in other revenue-generating activities like
      selling filling materials to raise funds to partially
      service loans.


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

ARMSTRONG INDUSTRIAL: Ventures into Australian Automotive Market
----------------------------------------------------------------
On Dec. 22, 2006, Armstrong Industrial Corporation Limited has
entered the US$12.75 billion Australian automotive market with
Universal Forme Pty Ltd, an Australian automotive parts
supplier.

Both Armstrong and Universal Forme have signed a memorandum of
understanding to kick-start the partnership and a formal
agreement is expected to be inked soon.  The collaboration will
benefit both parties by widening their product range, market
coverage and R&D capabilities including design.

Armstrong will develop and market products to complement
Universal Forme in areas where materials and components are
manufactured in Armstrong's China plants or other locations
within the Armstrong Group that compete favorably.

Gilbert Ong, Armstrong Chairman and CEO said, "Riding on the
rising global outsourcing trend, we would be able to offer this
competitive advantage to major automotive component makers in
Australia.  Supplying to a wider geography, in addition to our
automotive bases in Thailand and China, will have a symbiotic
effect for Armstrong too, as it will enhance our utilization
rates thereby lowering our production costs further."

Mr. Ong added, "The well-developed and sophisticated Australian
automotive industry, where automobiles and their parts are
designed for both the Australian and overseas markets, presents
an excellent opportunity for us to broaden and deepen our
technical capability in Automotive, and provides a valuable
vantage point to enter and build our presence in these markets."

According to Universal Forme's Director, Robert AdSs, "The co-
operation with Armstrong augurs well for both partners in
extending our services to the larger regional market, not only
within the Asia Pacific but to include the lucrative US market,
too.  We hope to create business synergies to offer our
customers a holistic and comprehensive suite of solutions."

Automotive is one of Armstrong's key growth drivers and is one
of the fastest growing for the Group.  It accounts for about a
fifth of Group revenue, equivalent to approximately US$26
million sales in FY2005, growing by double digits annually
since 1999.  

The alliance is expected to gather momentum and steadily
contribute to Armstrong's Group revenue from FY2007 onwards.  It
is not expected to have any material impact on the Group's
consolidated net tangible asset and earnings per share for the
financial year ended Dec. 31, 2006.

                      About Universal Forme

Universal Forme is a privately owned manufacturing and marketing
Melbourne based company servicing a wide range of industries
including manufacturing, construction, packaging and consumer
goods.

For more information, please contact:

         Big Picture Consulting
         Telephone: (65) 6223 0865
         Facsimile: (65) 6223 2058
         E-mail: eruwin@bigpicture.com.sg

         Armstrong Industrial Corp Ltd
         Telephone: 6665 8613
         Facsimile: (65) 6665 8665
         E-mail: drkohgh@armstrong.com.sg
         Mobile: (65) 9665-0184

                    About Armstrong Industrial

Armstrong Industrial Corp. Ltd -- http://www.armstrong.com.sg--  
manufactures and sells precision die-cut foam and rubber moulded
components for a range of applications, including insulating,
dampening, cushioning, and sealing.  The company also provides
architectural and engineering activities and related technical
consultancy.  The company has manufacturing presence in
Singapore, Malaysia, Thailand, China, Indonesia and Vietnam.

                          *     *     *

Moody's Investors Service gave Armstrong Industrial's senior
unsecured debt a Ba2 rating effective on December 16, 1991, and
its subordinated debt a B1 rating effective on October 23, 1986.


ARMSTRONG INDUSTRIAL: Shareholder Exercises Share Options
---------------------------------------------------------
Koh Gim Hoe, a shareholder of Armstrong Industrial Corp Ltd,
has, on Dec. 29, 2006, increased his number of direct shares in
the company.  

Presently, Mr. Hoe holds 2,000,000 direct shares with 0.40%
issued share capital.  Prior to that, Mr. Hoe held 1,800,000
direct shares with 0.36% issued share capital.  

Mr. Hoe exercised his share options/convertibles, thus the
increase of his direct shares.  

                    About Armstrong Industrial

Armstrong Industrial Corp. Ltd -- http://www.armstrong.com.sg--  
manufactures and sells precision die-cut foam and rubber moulded
components for a range of applications, including insulating,
dampening, cushioning, and sealing.  The company also provides
architectural and engineering activities and related technical
consultancy.  The company has manufacturing presence in
Singapore, Malaysia, Thailand, China, Indonesia and Vietnam.

                          *     *     *

Moody's Investors Service gave Armstrong Industrial's senior
unsecured debt a Ba2 rating effective on December 16, 1991, and
its subordinated debt a B1 rating effective on October 23, 1986.


ASIA PACIFIC PAPER: Creditors Must Prove Debts by Jan. 29
---------------------------------------------------------
Asia Pacific Paper Converting Co. Pte Ltd, which was placed
under voluntary liquidation, requires its creditors to submit
their proofs of debt by Jan. 29, 2007.

Failure to submit proofs of debt by the bar date will exclude a
creditor from sharing in the company's distribution of dividend.

The company's liquidator is:

         Tay Joo Soon
         1 North, Bridge Road #13-03
         High Street Centre
         Singapore 179094


CHINA AVIATION: Appoints m. Bennetts as Non-Executive Director
--------------------------------------------------------------
China Aviation Oil (Singapore) Corp disclosed that Michael J.
Bennetts has been appointed on Jan. 1, 2007, as the company's
Non-Executive Director.

In addition, Mr. Bennetts will assume these posts:

   a) Member of the Remuneration Committee;

   b) Member of the Nominating Committee; and

   c) Member of the Disclosure Committee.

Mr. Bennetts was the Chief of Staff of Integrated Supply and
Trading, BP London from 2001 to 2003.  He was also the
Commercial Manager of BP South Africa (Pty) Ltd, Cape Town from
2000 to 2001 and held various roles in BP marketing business in
South Africa, China and New Zealand from 1983 to 2000.

The appointment of Mr. Bennetts followed after the resignation
of Dr. Wu Shen Kong from the company on Jan. 1.  Mr. Bennetts
assumed all the positions of Dr. Wu in the company.

              About China Aviation Oil (Singapore)

Incorporated in 1983, China Aviation Oil (Singapore) Corp.
Limited -- http://www.caosco.com/-- deals primarily in jet fuel  
procurement, although it is also active in international oil
trading and oil-related investment.  The firm commands a near-
100% market share of the procurement of imported jet fuel for
China's civil aviation industry, and has expanded its market to
include ASEAN countries, the Far East and the United States.

The company is undergoing restructuring.  Its Restructuring Plan
was approved by shareholders on March 3, 2006, and sanctioned by
the High Court of Singapore on March 21, 2006.  It became
effective on March 28, 2006.

The company, according to a TCR-AP report on Nov. 10, 2006, is
currently working with an insolvent balance sheet, with a
US$390.07 million shareholder's deficit on total assets of
US$211.96 million.


CHINA FAR EAST: High Court to Hear Wind-Up Petition on Jan. 12
--------------------------------------------------------------
On Dec. 21, 2006, A.N. Technology Pte Ltd fled a petition to
wind up the operations of China Far East International
Enterprise Pte Ltd.

The petition will be heard before the High Court of Singapore on
Jan. 12, 2007, at 10:00 a.m.

The Petitioner's solicitors can be reached at:

         Legis Point LLC
         16 Collyer Quay
         #11-01 Hitachi Tower
         Singapore 049318


GOLD LINK: Liquidator to Receive Claims Until Feb. 5
----------------------------------------------------
Wan Teck Guan, as liquidator for Gold Link Ventures Pte Ltd --
which is under members' voluntary liquidation -- will be
receiving proofs of debt from the company's creditors until
Feb. 5, 2007.

Creditors who will not be able to submit proofs of debt on the
due date will be excluded in the company's distribution of
dividend.

The Liquidator can be reached at:

         Wan Teck Guan
         627A Aljunied Road
         #06-05 Biztech Centre
         Singapore 389842


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

BANK OF AYUDHYA: GE Completes Acquisition of 25.4% Stake
--------------------------------------------------------
GE Capital International Holdings Corporation completed its
acquisition of a 25.4% stake in Bank of Ayudhya for THB22.3
billion on Jan. 4, 2007, Reuters reports.

The lender disclosed that the GE unit had completed the payment
for 1.39 billion shares at THB16 each on January 3.

As reported by the Troubled Company Reporter - Asia Pacific on
Nov. 15, 2006, Bank of Ayudhya will absorb the assets and
liabilities including the deposits, home mortgages and equity
loans of GE Thai unit, GE Money Retail Bank.

Reuters notes that Bank of Ayudhya's registered paid-up capital
had increased to THB47.9 billion and GE Money Bank had
transferred loans worth around THB2.06 billion to the bank.

                          *     *     *

Headquartered in Bangkok, Thailand, Bank of Ayudhya Public Co.
Ltd. -- http://www.krungsri.com/-- provides a full range of  
banking and financial services.  The bank offers corporate and
personal lending, retail and wholesale banking; international
trade financing asset management; and investment banking
services to customers through its branches.  It has branches in
Hong Kong, Vietnam, Laos, and the Cayman Islands.

Moody's Investors Service gave Bank of Ayudha an 'E+' bank
financial strength rating.

Fitch Ratings gave the bank a 'BB+' Long-Term Foreign Currency
Issuer Default Rating, a 'B' Short-Term Foreign Currency Rating,
a 'BB' Foreign Currency Subordinated Debt Rating, and a 'D'
Individual Rating.


THAI WAH: Court Orders Appointment of New Plan Administrator
------------------------------------------------------------
On December 21, 2006, the Central Bankruptcy Court approved Thai
Wah Grpup Planner Co Ltd's resignation as Thai Wah Pcl's plan
administrator.

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

The creditors' meeting will be held on Jan. 15, 2007, at 9:30
a.m., at the conference room of the Business Reorganisation
Office, 11th Floor, 25 Bangkok Insurance Building, South Sathorn
Road, Tungmahamak Sub-district, in Sathorn District, Bangkok
10120.

As there is still no appointed interim administrator, all duties
and responsibilities of the former plan administrator will be
vested on the official receiver.

                          *      *     *

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

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

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

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

                       Going Concern Doubt

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

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


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                      Total
                                           Total   Shareholders
                                          Assets      Equity
Company                        Ticker      ($MM)      ($MM)
-------                        ------     ------   ------------

AUSTRALIA

Allstate Explorations NL          ALX      12.65      -51.62
Austar United Communications Ltd. AUN     231.54      -52.58
Hutchison Telecommunications
   (Aust) Ltd.                    HTA    1696.65     -786.31
Indophil Resources NL             IRN      37.79      -69.96
Intellect Holdings Limited        IHG      15.01       -0.83
KH Foods Ltd                      KHF      62.30       -1.71
Lafayette Mining Limited          LAF      78.17     -127.82
Life Therapeutics Limited         LFE      59.00       -0.38
RP Data Ltd                       RPX      24.25       -6.30
Stadium Australia Group           SAX     135.23      -41.84
Tooth & Company Limited           TTH      97.05      -70.08


CHINA AND HONG KONG

Artel Solutions Group
  Holdings Limited                931      29.19      -18.65
Asia Telemedia Limited            376      10.89       -5.50
Bestway International
  Holdings Limited               2994      25.00       -0.67
Chang Ling Group                  561      77.48      -76.83
Chengdu Book - A               600083      21.50       -3.07
China Liaoning International
  Cooperation Holdings Ltd.       638      20.12      -42.96
China Kejian Co. Ltd.              35      54.71     -179.23
Datasys Technology
  Holdings Ltd                   8057      14.1        -2.07
Dynamic Global Holdings Ltd.      231      39.43       -2.21
Everpride Biopharmaceutical
   Company Limited               8019      10.16       -2.16
Fujian Changyuan Investment
   Holdings Limited               592      31.36      -54.04
Guangdong Kelon Electrical
   Holdings Co Ltd                921     685.74      -96.88
Guangdong Meiya Group
   Company Ltd.                   529     107.16      -49.54
Hainan Overseas Chinese
   Investment Co. Ltd.         600759      32.70      -15.28
Hans Energy Company Limited       554      94.75      -10.76
Heilongjiang Sun & Field
   Science & Tech.                620      29.96      -49.18
Hualing Holdings Limited          382     242.26      -28.15
Huda Technology & Education
   Development Co. Ltd.        600892      17.29       -0.19
Hunan Anplas Co., Ltd.            156      94.17      -65.04
Hunan GuoGuang Ceramic
   Co., Ltd.                   600286      87.44      -68.55
Hunan Hengyang                 600762      68.45       -7.20
Innovo Leisure Recreation
   Holdings Ltd.                  703      13.68       -2.01
Jiamusi Paper Co. Ltd.            699     120.30      -56.84
Jiangxi Paper Industry
   Co. Ltd                     600053      19.58      -12.80
Junefield Department
   Store Group Limited            758      16.80       -6.34
Loulan Holdings Limited          8039      13.01       -1.04
Mindong Electric Group Co., Ltd.  536      21.63       -1.50
New City (Beijing) Development
   Limited                        456     242.25      -21.46
New World Mobile Holdings Ltd     862     295.66      -12.53
Orient Power Holdings Ltd.        615     176.86      -64.20
Shenyang Hejin Holding
   Company Ltd.                   633      83.18      -20.87
Shenz China Bi-A                   17      39.13     -224.64
Shenzhen Dawncom Business Tech
   and Service Co., Ltd           863      79.84      -37.30
Shenzhen Shenxin Taifeng
   Group Co., Ltd.                 34      95.27      -44.65
Shenzen Techo Telecom Co., Ltd.   555      14.84       -6.25
Sichuan Changjiang Packaging
   Holding Co. Ltd.            600137      13.11      -72.76
Sichuan Topsoft Investment
   Company Limited                583     113.12     -148.61
SMI Publishing Group Ltd.        8010      10.48       -7.83
Songliao Automobile Co. Ltd.   600715      49.56       -3.76
Success Information
   Industry Group Co.             517      88.67      -18.67
Taiyuan Tianlong Group Co.
   Ltd                         600234      13.47      -87.63
UDL Holdings Limited              620      12.04       -9.31
Winowner Group Co. Ltd.        600681      38.03      -62.88
Xinjiang Hops Co. Ltd          600090      86.63      -11.26
Yantai Hualian Development
   Group Co. Ltd.              600766      59.99       -7.66
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622      49.89      -17.71
Zarva Technology Co. Ltd.         688     101.76     -102.01
Zhejiang Haina Sporting and
  Touring Goods Co. Ltd.          925      21.43      -33.33


INDONESIA

Ades Waters Indonesia Tbk        ADES      21.35       -8.93
Eratex Djaja Ltd. Tbk            ERTX      30.30       -1.21
Hotel Sahid Jaya                 SHID      71.05       -4.26
Jakarta Kyoei Ste                JKSW      44.72      -38.57
Mulialand Tbk                    MLND     141.33      -45.99
Panca Wiratama Sakti Tbk         PWSI      39.72      -18.82
Steady Safe                      SAFE      19.65       -2.43
Toba Pulp Lestrari Tbk           INRU     403.58     -198.86
Unitex Tbk                       UNTX      29.08       -5.87
Wicaksana Overseas
   International Tbk             WICO      43.09      -46.36
Sekar Bumi Tbk                   SKBM      23.07      -41.95
Suba Indah Tbk                   SUBA      85.17       -9.18
Surya Dumai Industri Tbk         SUDI     105.06      -30.49


JAPAN

Mamiya-OP Co., Ltd.              7991     152.37      -67.11
Montecarlo Co. Ltd.              7569      66.29       -3.05
Nihon Seimitsu Sokki Co., Ltd.   7771      23.82       -1.10
Tsuchiya Twoby Home Co., Ltd.    1753      24.01       -2.05
Sumiya Co., Ltd.                 9939      89.32      -11.57
Yakinikuya Sakai Co., Ltd.       7622      79.44      -11.14


MALAYSIA

Antah Holdings Bhd                ANT     184.60      -98.30
Ark Resources Berhad              ARK      25.91      -28.35
Cygal Bhd                         CYG      58.47      -69.79
Comsa Farms Bhd                   CFB      50.74      -25.55
Mentiga Corporation Berhad       MENT      22.13      -18.25
Metroplex Bhd                     MEX     323.51      -49.28
Mycom Bhd                         MYC     222.58     -136.17
Lityan Holdings Bhd               LIT      22.22      -19.11
Olympia Industries Bhd           OLYM     272.49     -281.44
Pan Malay Industries             PMRI     199.08       -6.30
Panglobal Bhd                     PGL     188.83      -60.07
Park May Bhd                      PMY      11.04      -13.58
PSC Industries Bhd                PSC      62.80     -116.18
Sateras Resources Bhd             SRM      43.84      -27.08
Setegap Berhad                    STG      19.92      -26.88
Wembley Industries Holdings Bhd   WMY     111.72     -204.61


PHILIPPINES

APC Group Inc.                    APC      67.04     -163.14
Atlas Consolidated Mining and
   Development Corp.               AT      33.59      -57.17
Cyber Bay Corporation            CYBR      11.54      -58.06
East Asia Power Resources Corp.   PWR      92.55      -64.61
Fil-Estate Corporation             FC      33.30       -5.80
Filsyn Corporation                FYN      19.20       -8.83
Gotesco Land, Inc.                 GO      17.34       -9.59
Prime Orion Philippines Inc.     POPI      98.36      -74.34
Swift Foods Inc.                  SFI      26.95       -8.23
Unioil Resources & Holdings
   Company Inc.                   UNI      10.64       -9.86
United Paragon Mining Corp.       UPM      21.19      -21.52
Universal Rightfield Property
   Holdings Inc.                   UP      45.12      -13.48
Uniwide Holdings Inc.              UW      61.45      -30.31
Victorias Milling Company Inc.    VMC     127.83      -32.21


SINGAPORE

ADV Systems Auto                  ASA      14.32       -8.54
China Aviation Oil (Singapore)
   Corporation                    CAO     211.96     -390.07
Compact Metal Industries Ltd.     CMI      54.36      -25.64
Falmac Limited                    FAL      10.90       -0.73
Gul Technologies Singapore
   Limited                        GUL     152.80      -27.74
HLG Enterprise                   HLGE     150.70      -12.72
Informatics Holdings Ltd         INFO      22.30       -9.14
L&M Group of Companies            LNM      57.98       -5.20
Liang Huat Aluminium Ltd.         LHA      19.30      -76.43
Lindeteves-Jacoberg Limited        LJ     225.52      -53.23
Pacific Century Regional          PAC    1381.26     -107.11
See Hup Seng Ltd.                 SHS      17.36       -0.09


SOUTH KOREA

BHK Inc                          3990      24.36      -17.38
C & C Enterprise Co. Ltd.       38420      28.05      -14.50
Cenicone Co. Ltd.               56060      36.82       -1.46
Cheil Entech Co. Ltd.           53330      37.25       -0.31
DaeyuVesper Co. Ltd.            41140      19.06       -1.60
Dewell Elecom Inc.              32590      10.93       -6.92
Everex Inc.                     47600      23.15       -5.10
EG Greentech Co.                55250     186.00       -1.50
EG Semicon Co. Ltd.             38720     166.70      -12.34
Tong Yang Major                  1520    2332.81      -86.95
TriGem Computer Inc             14900     629.32     -292.96


THAILAND

Bangkok Rubber PCL                BRC      70.19      -56.98
Central Paper Industry PCL      CPICO      40.41      -37.02
Circuit Electronic
   Industries PCL              CIRKIT      20.37      -64.80
Daidomon Group Pcl              DAIDO      12.92       -8.51
Datamat PCL                       DTM      12.69       -6.13
Kuang Pei San Food Products
   Public Co.                  POMPUI      12.51       -9.87
Sahamitr Pressure Container
   Public Co. Ltd.               SMPC      20.77      -28.13
Sri Thai Food & Beverage Public
   Company Ltd                    SRI      18.29      -43.37
Tanayong PCL                    TYONG     178.27     -734.30
Thai-Denmark PCL                DMARK      21.37      -18.88
Thai-Wah PCL                      TWC      91.56      -41.24




                            *********

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 ***