TCRAP_Public/060217.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, February 17, 2006, Vol. 9, No. 035

                            Headlines

A U S T R A L I A  &  N E W  Z E A L A N D

BEAINI HOLDINGS: Appoints Joint Receivers and Managers
BRYDIES CATERING: Decides to Close Business
BURGESS HOLDINGS: Court to Hear Wind-up Petition Feb. 20
CAPRICE ACQUISITIONS: Liquidation Process Commenced
CEDUNA PTY: Liquidator to Issue Wind-up Report

CLEARSKY MOUNTAINS: Appoints Official Liquidator
DIAMONDPLACE PTY: To Distribute Dividend
ERDYNAST HOLDINGS: Enters Voluntary Liquidation
FERMORE PTY: Opts to Liquidate Operations
FLORIDA FARM: Holds Final Meeting Today

GILETE G&B: Creditors Agree to Wind Up Firm
GLOBAL SEAFOOD: Receivers and Managers Appointed
GLOBAL PROJECT: Placed Under Voluntary Liquidation
IVYCROSS INVESTMENTS: Prepares to Close Shop
KOPI MALAYSIA: Enters Winding Up Proceedings

KRYSTAL HARBOUR: To Declare First and Final Dividend
MEZE BESPOKE: Creditors OK Liquidator's Appointment
MUNICH MANAGEMENT: Members to Receive Wind-up Details
N2 COMMUNICATIONS: CIR Applies for Firm's Liquidation
NAI FLETCHERS: Creditors Decide to Shut Down Firm

PERFORMANCE MAINTENANCE: Taps Joint and Several Liquidators
POWER PUMPING: Set to Pay Dividend
PUHANU PTY: Liquidator to Distribute Assets
QANTAS AIRWAYS: Fuel Spending and Job Cuts Slash H1 Profit
QANTAS AIRWAYS: Unveils Group Executive Changes

QANTAS AIRWAYS: Firm on Job Cuts
QANTAS AIRWAYS: CEO Wants to Stay Beyond 2007
RABINDAMIR PTY: To Hold Final Meeting Today
SHEVANE PTY: R. A. Sutcliffe Tapped to Liquidate Firm
SJ TRADING: Receiver Quits Role

SOHO CITY: Winds Up Business
TELSTRA CORPORATION: Awaits ACCC's Verdict on Competition Notice
TELSTRA CORPORATION: Completes Sale of Satellite JV to Stratos
WATTYL LIMITED: Allco Holds On Despite Barloworld's Counterbid
WESTPOINT GROUP: Watchdog to Probe Advisers Over Role on Fiasco


C H I N A  &  H O N G  K O N G

ASAHI ELECTRIC: Liquidator to Give Wind-up Report
ASIA PROCUREMENT: Court Issues Wind-Up Order
BEST MENTOR: Lau Kong Sing Lodges Wind-Up Petition
BRILLIANCE CHINA: Targets Sales Increase
CENTURY BEST: Court Enters Wind-Up Order

EXPRESS BUILDERS: Members and Creditors to Meet Feb. 20
HOPEFUL MOVE: Court Enters Wind-Up Order
LUEN YICK: Members and Creditors to Meet Feb. 20
NEW GENERATION: Members and Creditors Meeting Fixed Feb. 20
PHOENIX COURT: Enters Winding Up Petition

POTENT CORPORATION: Court to Hear Wind-Up Petition March 29
POWERWAVE COMPANY: Winding Up Hearing Slated for March 29
POWERWAVE MULTIMEDIA: Court to Hear Wind-Up Petition March 29
SUNSHINE BUILDING: Court Issues Wind-Up Order
UNITED PLASTIC: Begins Bankruptcy Proceedings

VIC GARMENT: Creditors and Contributories to Meet Feb. 28  
WING MOU: Liquidator to Give Wind-up Report


I N D I A

BHARAT PETROLEUM: Seeks Partners for Bina Refinery
PRANAVADITYA SPINNING: Considers Debt Restructuring


I N D O N E S I A

GARUDA INDONESIA: Government May Use State Reserves for Bailout
NEWMONT MINHASA: Parent to Pay IDR276.8 Bln in Settlement
PERUSAHAAN LISTRIK: Government Rules Out Power Rate Hike


J A P A N

HITACHI LIMITED: To Build Water Pumps in China
HITACHI LIMITED: Unions Calls for JPY2,000 Pay Hike
JAPAN AIRLINES: Chief Rejects Calls to Resign
PIONEER CORPORATION: Launches New Internal DVD Multi Writers


K O R E A

DAEWOO ENGINEERING: Union Blocks Two Preliminary Bidders


M A L A Y S I A

ANTAH HOLDING: Averts Securities Delisting
COMSA FARMS: Installs New Group Chief Financial Officer
FOUNTAIN VIEW: New Shares up for Listing and Quotation
KIA LIM: SC Grants 3-Month Extension to Corporate Exercise
KIG GLASS: Chinese Unit Shuts Down Operations

LITYAN HOLDINGS: Scraps Agreement with Unique Base and Rafiki
MAGNUM CORPORATION: Holds Shares Buy Back  
PACIFIC & ORIENT: Repurchases 3,000 Ordinary Shares
SBBS CONSORTIUM: Wind-Up Hearing Fixed March 29
SETEGAP BERHAD: Court Extends Restraining Order to February 28

SOUTHERN BANK: Questions Validity of Bumiputra Offer


P H I L I P P I N E S

ABS-CBN BROADCASTING: VACC Prepares Class Action Suit
ABS-CBN BROADCASTING: Stampede Video Sent to Probers on Time
NATIONAL POWER: Congress to Probe Semirara Oil Spill
TPG CORPORATION: Turns to Court for Rehabilitation
UNIWIDE HOLDINGS: Leases Out Loss-making Supermarkets


S I N G A P O R E

ACCREDIT BAY: Creditors' Proofs of Claim Due March 16
ASPAC REGION: Decides to Close Operations
ASPAC REGION: Prepares to Distribute Dividend
CIH LIMITED: Posts Third-Quarter Net Loss
TRINITY RESEARCH: Receiving Proofs of Claim Until March 10


T H A I L A N D

SUNTECH GROUP: Fails to Submit Financial Statement on Time
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

==========================================
A U S T R A L I A  &  N E W  Z E A L A N D
==========================================

BEAINI HOLDINGS: Appoints Joint Receivers and Managers
------------------------------------------------------
On January 13, 2006, Murray Campbell Smith and Anthony Gregory
McGrath, of McGrath Nicol + Partners Chartered Accountants, were
appointed as joint receivers and managers for the property of
Beaini Holdings Pty Limited.


BRYDIES CATERING: Decides to Close Business
-------------------------------------------
At an extraordinary general meeting of the members of Brydies
Catering Services Pty Limited on January 23, 2006, it was agreed
that a voluntary wind-up of the Company is appropriate and
necessary.

Moreover, Paul William Gidley, of Lawler Partners Chartered
Accountants, was appointed as liquidator for the wind-up.


BURGESS HOLDINGS: Court to Hear Wind-up Petition Feb. 20
--------------------------------------------------------
On February 20, 2006, the High Court of Wellington will hear a
petition to liquidate the business of Burgess Holdings Limited.

The Commissioner of Inland Revenue lodged the Petition on
November 25, 2005.

Further particulars may be obtained from the office of the Court
or from the plaintiff or the plaintiff's solicitor, Kate
Elizabeth Harder, at:

          Technical and Legal Support Group
          Wellington Service Centre
          First Floor, New Zealand Post House,
          7-27 Waterloo Quay (P.O. Box 1462)
          Wellington
          Telephone: (04) 802 8162
          Facsimile: (04) 802 8187


CAPRICE ACQUISITIONS: Liquidation Process Commenced
---------------------------------------------------
On November 23, 2005, the Commissioner of Inland Revenue has
filed before the High Court of Wellington a petition to put
Caprice Acquisitions Limited into liquidation.
       
The High Court will hear the application on February 20, 2006,
at 10:00 a.m.

Further particulars may be obtained from the office of the Court
or from the plaintiff or the plaintiff's solicitor, KATE
Elizabeth Harder, at:

          Technical and Legal Support Group
          Wellington Service Centre
          First Floor, New Zealand Post House
          7-27 Waterloo Quay (P.O. Box 1462)
          Wellington
          Telephone: (04) 802 8162
          Facsimile: (04) 802 8187


CEDUNA PTY: Liquidator to Issue Wind-up Report
----------------------------------------------
A final meeting of the members of Ceduna Pty Limited will be
held on February 17, 2006, at 10:30 a.m.

At the meeting, liquidator D. D. Plante will report the
activities that took place during the wind-up period as well as
the manner by which the Company's property was disposed of.


CLEARSKY MOUNTAINS: Appoints Official Liquidator
------------------------------------------------
On January 27, 2006, the shareholders of Clearsky Mountains NZ
Limited appointed W. G. Cant to liquidate the Company's
operations.

The Liquidator requires the Company's creditors to lodge their
proofs of debt or claims by February 28, 2006, to:

          The Liquidator
          Level Seven, Southern Cross Building
          61 High Street, Auckland


DIAMONDPLACE PTY: To Distribute Dividend
----------------------------------------
Diamondplace Pty Limited will declare a dividend on February 17,
2006.

Creditors who are not able to prove their claims will be
excluded from the benefit of the dividend.


ERDYNAST HOLDINGS: Enters Voluntary Liquidation
-----------------------------------------------
At Erdynast Holdings Pty Limited's general meeting on January
24, 2006, members concurred that it is in the Company's best
interests to liquidate its operations.

Richard Judson, of Members Voluntarys Pty Limited, was appointed
to oversee the wind-up.


FERMORE PTY: Opts to Liquidate Operations
-----------------------------------------
Members and creditors of Fermore Pty Limited held a meeting on
January 25, 2006, and agreed on the Company's need to liquidate.
They named R. A. Sutcliffe to manage the Company's wind-up
activities.


FLORIDA FARM: Holds Final Meeting Today
---------------------------------------
A final meeting of Florida Farm Holdings Pty Limited will be
conducted on February 17, 2006, at 9:00 a.m.

Liquidator Alan Tarrant Green will present his final account
regarding the Company's wind-up operations at that meeting.


GILETE G&B: Creditors Agree to Wind Up Firm
-------------------------------------------
On January 20, 2006, the creditors of Gilete G&B Logistics Pty
Limited agreed that a voluntary wind-up of the Company is
necessary and in its best interests.

As a result, Martin Jones and Darren Weaver, of Ferrier Hodgson
Chartered Accountants, were appointed as official liquidator.


GLOBAL SEAFOOD: Receivers and Managers Appointed
------------------------------------------------
Geoffrey Frank Totterdell and Derrick Craig Vicekers of
PricewaterhouseCoopers were appointed Receivers and Managers of
Global Seafood Australia Limited on February 15, 2006, by the
National Australia Bank Limited over all the assets and
undertakings of the Company.


GLOBAL PROJECT: Placed Under Voluntary Liquidation
--------------------------------------------------
Members of Global Project Group Pty Limited convened on January
20, 2006, to commence the Company's wind-up operations.

Subsequently, the members named Martin Jones, of Ferrier Hodgson
Chartered Accountants, to administer the wind-up activities.


IVYCROSS INVESTMENTS: Prepares to Close Shop
--------------------------------------------
Members of Ivycross Investments Pty Limited held a meeting on
January 23, 2006, and agreed to close the Company's business.

Moreover, the members agreed to appoint Kimberley Andrew
Strickland and Christopher Michael Williamson, of SimsPartners,
as liquidator to oversee the wind-up operations.


KOPI MALAYSIA: Enters Winding Up Proceedings
--------------------------------------------
On November 17, 2005, the Commissioner of Inland Revenue has
filed with the High Court of Wellington an application to have
Kopi Malaysia Limited liquidated.

The High Court will hear the application on February 20, 2006,
at 10:00 a.m.

Further particulars may be obtained from the office of the Court
or from the plaintiff or the plaintiff's solicitor, Kerryn Marie
Watt, at:

          Technical and Legal Support Group
          Wellington Service Centre
          First Floor, New Zealand Post House
          7-27 Waterloo Quay (P.O. Box 1462)
          Wellington
          Telephone: (04) 802 8095
          Facsimile: (04) 802 8187


KRYSTAL HARBOUR: To Declare First and Final Dividend
----------------------------------------------------
Krystal Harbour Pty Limited will declare a first and final
dividend on February 20, 2006.

Creditors who are not able to prove their claims will be
excluded from the benefit of the dividend.


MEZE BESPOKE: Creditors OK Liquidator's Appointment
---------------------------------------------------
Members of Meze Bespoke Furniture & Joinery Pty Limited convened
on January 25, 2006, to voluntarily wind up the Company's
operations.

In addition, R. M. Sutherland, of Jirsch Sutherland Chartered
Accountants, was appointed as liquidator to supervise the
Company's wind-up activities. Creditors confirmed the
liquidator's appointment at a creditors' meeting held that same
day.


MUNICH MANAGEMENT: Members to Receive Wind-up Details
-----------------------------------------------------
The final meeting of the members of Munich Management Pty
Limited is slated for February 17, 2006, at 10:00 a.m., to get
an account of the manner of the Company's wind-up and property
disposal from liquidator David Clement Pratt, of
PricewaterhouseCoopers.


N2 COMMUNICATIONS: CIR Applies for Firm's Liquidation
-----------------------------------------------------
On November 25, 2005, the Commissioner of Inland Revenue has
applied to put N2 Communications Limited into liquidation.

The application will heard before the High Court of Wellington
on Monday, February 20, 2006, at 10:00 a.m.

Further particulars may be obtained from the office of the Court
or from the plaintiff or the plaintiff's solicitor, Julia Marie
Snelson, at:

          Technical and Legal Support Group
          Wellington Service Centre
          First Floor, New Zealand Post House
          7-27 Waterloo Quay (P.O. Box 1462)
          Wellington
          Telephone: (04) 802 8127
          Facsimile: (04) 802 8187.


NAI FLETCHERS: Creditors Decide to Shut Down Firm
-------------------------------------------------
The creditors of Nai Fletchers Fotographics Pty Limited convened
on January 24, 2006, and concurred that the Company should wind
up its operations.

In addition, the creditors appointed Atle Crowe-Maxwell, of PKF
Chartered Accountants, as liquidator.


PERFORMANCE MAINTENANCE: Taps Joint and Several Liquidators
-----------------------------------------------------------
Boris van Delden and John Trevor Whittfield, insolvency
practitioners of Auckland, were appointed as joint and several
liquidators of Performance Maintenance Limited on January 27,
2006.

The Liquidators have require the Company's creditors to prove
their claims on or before February 28, 2006, at:

          BORIS VAN DELDEN
          Liquidator
          McDonald Vague
          P.O. Box 6092
          Wellesley Street Post Office
          Auckland
          Telephone: (09) 303 0506
          Facsimile: (09) 303 0508
          Web site: http://www.mvp.co.nz/


Failure to comply with the requirement will exclude any creditor
from the benefit of any distribution made before the debts are
proved or, as the case may be, from objecting to the
distribution.


POWER PUMPING: Set to Pay Dividend
----------------------------------
Power Pumping Pty Limited will declare its first and final
dividend on February 20, 2006.

Creditors who are not able to prove their claims will be
excluded from the benefit of the dividend distribution.


PUHANU PTY: Liquidator to Distribute Assets
-------------------------------------------
After their extraordinary general meeting on January 24, 2006,
the members of Puhanu Pty Limited resolved to close the
Company's business operations and distribute the proceeds of its
assets.

As a result, Norman C. Liefermann was appointed as liquidator.


QANTAS AIRWAYS: Fuel Spending and Job Cuts Slash H1 Profit
----------------------------------------------------------
Qantas Airways Limited's first-half profit fell 9.6% due to
rising fuel costs and redundancy payouts to workers, Bloomberg
says.

Net income fell to AU$352.6 million (US$261 million) in the six
moths ended Dec. 31, from AU$390 million a year ago.  

Net profit for the six months ended Dec. 31, declined to A$352.6
million from A$390.2 million a year earlier. The carrier had
warned in August its fiscal 2006 earnings would fall to AU$357
million due to soaring fuel prices, after it posted a record
fiscal 2005 profit.

Qantas's fuel bill, the airline's second-biggest expense after
labor, rose 58 percent to AU$1.3 billion. The carrier has said
its fuel costs may rise AU$900 million in fiscal 2006, ending
three straight years of net income growth.

Chief Executive Officer Geoff Dixon has pledged to cut costs by
AU$3 billion by fiscal 2008 to offset rising fuel expenses.  To
reach the target, low-cost domestic carrier Jetstar will start
to fly international routes.  Mr. Dixon is also planning to move
maintenance jobs overseas, where labor is cheaper.

Qantas, with 38,000 staff, has approved the international
expansion of its low-cost domestic airline Jetstar to fly to
cities within six to 10 hours of Australia by January 2007.

A full-text copy of Qantas' First Half Financial Report is
available for free at:

  http://bankrupt.com/misc/tcrap_qantasairways021606.pdf

Qantas Airways -- http://www.qantas.com.au/-- is the world's  
second oldest airline.  Qantas is also recognized as one of the
world's leading long-distance airlines, having pioneered
services from Australia to North America and Europe.  The Qantas
Group employs approximately 38,000 staff across a network that
spans 145 destinations (including codeshare services) in
Australia, Asia-Pacific, Americas, Europe and Africa.  The
Qantas Group also operates a diverse portfolio of airline-
related businesses, including Engineering Technical Operations
and Maintenance Services, Airports and Catering, Qantas Freight,
Qantas Holidays, Qantas Defence Services and Qantas Consulting.  


QANTAS AIRWAYS: Unveils Group Executive Changes
-----------------------------------------------
The Qantas Group unveiled a new executive structure to lead the
Company through the next stage of its business transformation
program.

Qantas Chief Executive Officer Geoff Dixon said the changes,
effective February 20, centered on a significantly smaller top
team with broader responsibilities, in keeping with the
efficiency drive throughout the Group.

"Under the new structure, the management of each of the
businesses will have the freedom to pursue independent business
development initiatives, with accountability for the results.  
At the same time, collaboration between the segments will be a
key focus, reflecting the importance of the links between the
various businesses in driving value for the Group."

"We are fortunate to have an executive leadership team of the
caliber and commitment that we do," Mr. Dixon said.

The seven executive general managers reporting to Mr. Dixon are:

     * John Borghetti as executive general manager of Qantas
       Airlines;
     * Kevin Brown as executive general manager for people;
     * David Cox as executive general manager for engineering;
     * Grant Fenn as executive general manager for associated
       businesses;
     * Peter Gregg as chief financial officer and executive
       general manager for strategy;
     * Alan Joyce as chief executive officer for Jetstar; and
     * Rob Kella as chief risk officer.

Mr. Dixon said the structure had been organized around three key
groupings - flying businesses, non-flying businesses, and
corporate support.

                 Flying Businesses

The flying businesses will be grouped under two major brands -
Qantas and Jetstar.  John Borghetti will lead the full service
airlines, including Qantas (domestic and international),
QantasLink and Australian Airlines, and Alan Joyce will be
responsible for Jetstar operations including the Australian
business, the new international airline and Jetstar Asia.

The senior management of both flying businesses will work
closely to ensure the profitable growth of the Group's flying
portfolio to achieve the best result for the company.

                 Non-flying Businesses

Current Executive General Manager Airports and Catering Grant
Fenn will become Executive General Manager Associated
Businesses, taking on responsibility for Freight and Qantas
Holidays in addition to Airports and Catering, with the focus on
growing and diversifying the Qantas Group's earnings stream as
well as driving efficiencies in each business.

David Cox will continue to lead Qantas Engineering, and will be
responsible for the Engineering transformation program as well
as taking on responsibility for Qantas Defence Services.

                  Corporate Support

Chief Financial Officer and Executive General Manager Strategy
Peter Gregg will oversee:

     -- Finance, led by Deputy Chief Financial Officer Colin
        Storrie, including financial policy, Treasury, Tax and
        the Sustainable Future Program;

     -- a new Qantas Shared Services (QSS) area, led by the
        current Head of the Sustainable Future Program Curtis
        Davies, which will be responsible for Property,
        Procurement and the Financial Services areas of Revenue
        Accounting, Accounting Control, Accounts Payable, Credit
        Management and Group Payroll;

     -- a separated Information Technology division, IT
        Services, to be headed by current Head of IT Business
        Services, John Willett, who replaces Fiona Balfour as
        Chief Information Officer; and

     -- a streamlined Corporate Centre including Strategy,
        Economics, Investor Relations, Qantas Consulting and
        Strategic Procurement divisions, which will provide
        business segments with advice and support on policy,
        strategy and stakeholder relations.

Kevin Brown, as Executive General Manager People, continues to
have responsibility for people strategy including industrial
relations, remuneration, workforce management initiatives and
the implementation of key employee programs aimed at creating a
competitive and motivated workforce.

Current Head of Internal Audit, Rob Kella, will become Chief
Risk Officer. A new Risk and Assurance Office, which will
include Risk, Safety, Security, Occupational Health and Safety,
Environment, Aviation Health Services and Internal Audit, will
provide an integrated approach to risk management across the
Group.

The Communication, Public Company and Legal, and Government and
International Relations areas continue to serve the Office of
the Chief Executive Officer.

Mr. Dixon said that every part of the business had aggressive
targets for profit, return on assets, cost and growth as
applicable.

"Qantas has undergone extensive change in recent years,
including the reorganization into segments in 2003 to give a
clearer picture of the true financial performance and cost
structure of each part of the company.

"This restructuring has increased accountability and yielded
significant benefits, including AU$1.27 billion of cost and
efficiency improvements to date, which have enabled us to invest
and grow.

"These achievements have allowed Qantas to stand out as one of
the few airline success stories, despite the significant
challenges presented by higher fuel prices and aggressive
competition.

"These latest organizational changes will now give us the best
structure under which to meet the many challenges that lie
ahead," Mr. Dixon said.

Qantas Airways -- http://www.qantas.com.au/-- is the world's  
second oldest airline.  Qantas is also recognized as one of the
world's leading long-distance airlines, having pioneered
services from Australia to North America and Europe.  The Qantas
Group employs approximately 38,000 staff across a network that
spans 145 destinations (including codeshare services) in
Australia, Asia-Pacific, Americas, Europe and Africa.  The
Qantas Group also operates a diverse portfolio of airline-
related businesses, including Engineering Technical Operations
and Maintenance Services, Airports and Catering, Qantas Freight,
Qantas Holidays, Qantas Defence Services and Qantas Consulting.  


QANTAS AIRWAYS: Firm on Job Cuts
------------------------------
Next week, Qantas Airways is expected to decide on its proposal
to shift heavy maintenance abroad, a move that will see at least
2,500 jobless, the Sydney Morning Herald reveals.

But the carrier, which is in the final stages of its decision
process, warned it will have to lay off workers even if it
decides to keep its long-haul heavy maintenance operations in
Australia.

According to the Sydney Herald, Qantas is looking at China as
its foreign base because maintenance costs were 20% lower there.
There have been rumors that Qantas could create a maintenance
joint venture with aircraft manufacturing giant Boeing in the
Asian country.

The move is expected to provoke the Australian Manufacturing
Workers Union and Australian Workers Union, which are still in
enterprise bargaining talks with Qantas.  The airline wants to
cut maintenance workers' overtime pay, a move unions say will
slash their take-home pay by 30%.

Qantas Airways -- http://www.qantas.com.au/-- is the world's  
second oldest airline.  Qantas is also recognized as one of the
world's leading long-distance airlines, having pioneered
services from Australia to North America and Europe.  The Qantas
Group employs approximately 38,000 staff across a network that
spans 145 destinations (including codeshare services) in
Australia, Asia-Pacific, Americas, Europe and Africa.  The
Qantas Group also operates a diverse portfolio of airline-
related businesses, including Engineering Technical Operations
and Maintenance Services, Airports and Catering, Qantas Freight,
Qantas Holidays, Qantas Defence Services and Qantas Consulting.  


QANTAS AIRWAYS: CEO Wants to Stay Beyond 2007
---------------------------------------------
Qantas Airways Chief Executive Geoff Dixon vowed to stay with
the carrier beyond the end of his contract on July 1, 2007, The
Advertiser relates.

Mr. Dixon told The Advertiser that it was not yet his time to
move on.  However, he acknowledged it was up to the Company's
board to decide on his future.

Mr. Dixon was appointed chief executive officer and managing
director of Qantas in March 2001.  He was chief executive
designate from November 2000, after serving as deputy chief
executive officer since November 1998.  He was appointed to the
Qantas Board in August 2000.

Mr. Dixon joined Qantas in 1994 and has had responsibility in
the airline for all commercial activities, including worldwide
sales and marketing, network development, revenue management,
fleet planning, cabin crew, customer service, product
development and airline alliances.

Qantas Airways -- http://www.qantas.com.au/-- is the world's  
second oldest airline.  Qantas is also recognized as one of the
world's leading long-distance airlines, having pioneered
services from Australia to North America and Europe.  The Qantas
Group employs approximately 38,000 staff across a network that
spans 145 destinations (including codeshare services) in
Australia, Asia-Pacific, Americas, Europe and Africa.  The
Qantas Group also operates a diverse portfolio of airline-
related businesses, including Engineering Technical Operations
and Maintenance Services, Airports and Catering, Qantas Freight,
Qantas Holidays, Qantas Defence Services and Qantas Consulting.  


RABINDAMIR PTY: To Hold Final Meeting Today
-------------------------------------------
The final meeting of the members of Rabindamir Pty Limited is
slated for February 17, 2006, at 10:00 a.m., to get an account
of the manner of the Company's wind-up and property disposal
from the liquidator, D. D. Plante.



SHEVANE PTY: R. A. Sutcliffe Tapped to Liquidate Firm
-----------------------------------------------------
On January 25, 2006, Shevane Pty Limited's members and creditors
agreed to shut down the Company's operations.

They appointed R. A. Sutcliffe to act as liquidator.


SJ TRADING: Receiver Quits Role
-------------------------------
On January 18, 2006, Manfred Holzman informed that he ceased to
act as the receiver and manager of the property of SJ Trading
Pty Limited.


SOHO CITY: Winds Up Business
----------------------------
After their general meeting on January 23, 2006, the members of
Soho City Pty Limited decided to close the Company's business
operations.

A meeting of creditors was held on the same day. Subsequently,
D. A. Turner, of PKF Chartered Accountants, was appointed as
liquidator.


TELSTRA CORPORATION: Awaits ACCC's Verdict on Competition Notice
----------------------------------------------------------------
The Australian Competition and Consumer Commission will decide
within a few weeks whether it will issue a competition notice to
Telstra Corporation over the telco's plan to hike its line
rental price for wholesale customers, News.com.au reports.

On December 22, 2006, the competition watchdog released a
consultation notice, which served as a warning to Telstra for
changing its wholesale Home Access rate plan and retail HomeLine
Part rate plan.

The warning was issued following complaints from Telstra's
wholesale customers that the prices for the line rental
component of most of Telstra's retail fixed line services were
below its prices for the line rental component of its wholesale
Home Access service.

The ACCC cautioned Telstra that its conduct raised the costs of
its competitors in the retail fixed services market and
substantially hindered their ability to compete for the supply
of fixed line services to consumers, News.com.au says.

Meanwhile, ACCC chairman Graeme Samuel said Telstra could expect
a decision within weeks on whether a competition notice would be
issued.  If found guilty of breaching competition notices,
Telstra could face fines of up to AU$10 million.

Headquartered in Melbourne, Victoria, Australia, Telstra  
Corporation -- http://www.telstra.com.au/-- is an Australian  
telecommunications and information services company.  Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5
million mobile services.  Telstra's international business
includes Hong Kong CSL Limited, TelstraClear Limited, and Reach  
Ltd.


TELSTRA CORPORATION: Completes Sale of Satellite JV to Stratos
--------------------------------------------------------------    
Stratos Global has completed its acquisition of satellite
service provider, Xantic, a joint venture between Telstra
Corporation and Dutch carrier KPN.

The recent acquisition creates what Stratos claims will be "the
world's leading provider of advanced remote communications
solutions, with a significantly expanded geographic presence and
customer base in the Americas, Europe and the Asia-Pacific
region".

The sale, announced last August, was completed on February 14,
2006, for US$191.3 million in cash, returning US$67 million to
Telstra for its 35% stake in the company.  Telstra also received
US$13 million last year by way of a return of shareholder
capital by Xantic.

Xantic, with 2004 revenue of approximately $US172 million,
employs 270 people worldwide and operates Inmarsat land earth
stations in Burum, Netherlands, and Perth, Australia.  It also
hosts the new satellite access station for Inmarsat's next
generation Broadband Global Area Network service, launched late
last year.

The Telstra-KPN joint venture was formed in 2000 as Station 12
through the merger of Telstra and KPN's Inmarsat-based mobile
communications businesses.  Station 12 was merged with SpecTec
shortly afterwards and renamed Xantic.

Headquartered in Melbourne, Victoria, Australia, Telstra  
Corporation -- http://www.telstra.com.au/-- is an Australian  
telecommunications and information services company.  Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5
million mobile services.  Telstra's international business
includes Hong Kong CSL Limited, TelstraClear Limited, and Reach  
Ltd.


WATTYL LIMITED: Allco Holds On Despite Barloworld's Counterbid
--------------------------------------------------------------
Allco Equity Partners Limited is still unfazed by South African
Barloworld's decision to knock off AEP's hostile bid for ailing
paint maker Wattyl Limited, The Age reports.

Barloworld Limited has won the support of Wattyl's board after
it beefed up its friendly AU$3.25 per share takeover offer by 55
cents.

AEP managing director, Peter Yates told The Age that
Barloworld's offer was highly conditional and that approval from
the Australian Competition and Consumer Commission was not
assured.

The bid, according to Mr. Yates, contains a 90% minimum
acceptance condition and requires the approval of the ACCC,
which 10 years ago rejected a similar proposal on a number of
competition grounds.

AEP's AU$3.25 a share offer is substantially lower than
Barloworld's AU$3.80 per share, but that will not matter if, as
seems likely, the deal is blocked by the regulator, The
Australian says.

The ACCC will accept submissions on the Barloworld offer until
March 6, 2006, and expects to make a decision by April 7, 2006.

Headquartered in North Ryde, New South Wales, Wattyl Limited --
http://www.wattyl.com.au/-- is a paint and surface coatings  
company that produces a broad range of paints, varnishes,
lacquers and special purpose protective coatings.  With
operations in Australia and New Zealand, Wattyl employs over
2,000 people.  The Company's origins date back to the
development of crystal veneer, which is a treatment for reviving
French-polished furniture.  Wattyl has then developed more
special products, including protective coatings with long term
exterior durability, high performance marine coating systems,
UV-cured timber finishes, specialized protective coatings that
enable easy removal of graffiti from treated surfaces, and
special effect finishes for automotive wheels and components.  


WESTPOINT GROUP: Watchdog to Probe Advisers Over Role on Fiasco
---------------------------------------------------------------
The Australian Securities and Investments Commission will
investigate around 50 financial advisers and companies who
backed investment in Westpoint Group, relates the Sydney Morning
Herald.

The regulator told the Sydney Herald it will act against
unlicensed advisers, as well as licensed financial advisers who
promoted Westpoint schemes.  

ASIC is now investigating the conduct of a number of officers
and related entities in the group, the licensed and unlicensed
advisers who promoted the Westpoint investment, and professional
advisers.

Several mezzanine financing companies associated with Perth-
based Westpoint Group have been placed into in administration
while the Federal Court will shortly rule on whether Westpoint
itself should be wound up.

Around 3,000 investors who sank AU$300 million into the various
funds face losing most of their cash, the Sydney Herald says.  
ASIC vowed to work with these investors to help them get back at
least some of their investment.


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

ASAHI ELECTRIC: Liquidator to Give Wind-up Report
-------------------------------------------------
A final meeting of the members and creditors of Asahi Electric
Wire (Hong Kong) Company Limited will be held on March 10, 2006,
at 3:00 p.m. and 3:30 p.m., respectively.

At the meeting, liquidator Ruby Mun Yee Leung will report the
activities that took place during the wind-up period as well as
the manner by which the Company's property was disposed of.


ASIA PROCUREMENT: Court Issues Wind-Up Order
--------------------------------------------
The petition to wind up Asia Procurement Limited will be heard
before the High Court of Hong Kong Special Administrative Region
on March 15, 2006, at 9:30 a.m.

Creditors or contributories who wish to support or oppose the
Petition may appear in Court at the time of the hearing.  A
written notice of the creditor's or contributory's intention
must be sent not later than 6:00 p.m., on March 14, 2006, to:

          Betty Chan
          for Director of Legal Aid
          34/F, Hopewell Centre
          183 Queen's Road East
          Wanchai, Hong Kong
          Phone: 633-3368
          Fax: 634-3009


BEST MENTOR: Lau Kong Sing Lodges Wind-Up Petition
--------------------------------------------------
On January 24, 2006, Lau Kong Sing issued a petition before the
High Court to wind up Best Mentor Group Limited.

The petition will be heard before the High Court of Hong Kong on
March 26, 2006, at 9:30 a.m.

Creditors or contributories of the Company who wish to support
or oppose the Petition may appear in Court at the time of the
hearing.  A written notice of the creditor's or contributory's
intention must be sent not later than 6:00 p.m., on March 28,
2006, to:

          Messrs. Chan & Associates
          Solicitors for the Petitioner
          Rooms 601-2, 6th Floor
          Hong Kong Trade Centre
          No. 161 Des Vouex Road Central
          Hong Kong
          Phone: 2189 7217
          Fax: 2189 7216


BRILLIANCE CHINA: Targets Sales Increase
----------------------------------------
Loss-making carmaker Brilliance China Automotive Holdings
Limited plans to sell 100,000 minibuses and Zhonghua sedans in
2006, up 43% from last year, Bloomberg News relates.

The Company is betting on new models to attract Chinese buyers
this year.

Brilliance China reported a loss of CNY299 million in the first
half of 2005.  It expects a full-year loss of CNY295 million,
according to the average estimate in a Thomson Financial survey
of 11 analysts.

Headquartered in Central, Hong Kong, Brilliance China Automotive
Holdings Ltd's -- http://www.brillianceauto.com-- principal  
activities are the manufacturing and distribution of minibuses
for passenger and commercial use, automobile window molding,
stripping, other automotive components and passenger sedan.  It
also manufactures gasoline engines for use in passenger vehicles
and light duty trucks.  Major brands include Toyota and
Zhonghua.  


CENTURY BEST: Court Enters Wind-Up Order
----------------------------------------
Century Best Engineering Limited had presented a petition to
wind up its operations.

On February 1, 2006, the High Court of the Hong Kong Special
Administrative Region Court of First Instance entered a wind-up
order pertaining to the Company.


EXPRESS BUILDERS: Members and Creditors to Meet Feb. 20
-------------------------------------------------------
At a meeting on February 20, 2006, the members and creditors of
Express Builders Company Limited will tackle the resignation of
David John Kennedy as joint and several liquidator, and the
appointment of Cosimo Borrelli in his place.

Creditors or members may vote either in person or by proxy.


HOPEFUL MOVE: Court Enters Wind-Up Order
---------------------------------------
Hopeful Move Investment Limited had presented a petition to wind
up its operations.

Accordingly, on January 9, 2006, the High Court of the Hong Kong
Special Administrative Region entered a wind-up order pertaining
to the Company.


LUEN YICK: Members and Creditors to Meet Feb. 20
------------------------------------------------
The members and creditors of Luen Yick Water & Drainage Works
Limited will meet on February 20, 2006, at 3:00 p.m. and 3:30
p.m., respectively, at the 5/F, Allied Kajima Building, 138
Gloucester Road, in Wanchai, Hong Kong.

At the meetings, the parties will be accepting the resignation
of David John Kennedy as the Company's liquidator, and appoint
Cosimo Borrelli in his place.

Creditors and members may vote either in person or by proxy.


NEW GENERATION: Members and Creditors Meeting Fixed Feb. 20
-----------------------------------------------------------
The meetings of the members and creditors of New Generation
Industries Limited will be held for them to consider the
resignation of David John Kennedy as its liquidator, and appoint
Cosimo Borrelli in his place.

The meeting among members will be held on February 20, 2006, at
4:00 p.m. and the creditors' meeting will take place at 4:30
p.m.


PHOENIX COURT: Enters Winding Up Petition
-----------------------------------------
On January 24, 2006, Lau Kong Sing filed a petition to wind-up
Phoenix Court Limited.

The High Court of the Hong Kong Special Administrative Region is
scheduled to hear the Petition on March 29, 2006, at 9:30 a.m.

Any Company creditor or contributory who wants to support or
oppose the winding up order may appear at the hearing by himself
or his counsel for that purpose.


POTENT CORPORATION: Court to Hear Wind-Up Petition March 29
-----------------------------------------------------------
Lau Kong Sing presented a petition for the winding up of Potent
Corporation Limited on January 24, 2006.

The Petition will be heard before the High Court of Hong Kong
Special Administrative Region on March 29, 2006, at 9:30 a.m.  

Creditors or contributories of the Company who wish to support
or oppose the Petition may appear in Court at the time of the
hearing.  A written notice of the creditor's or contributory's
intention must be sent not later than 6:00 p.m., on March 28,
2006, to:
  
         Messrs. Chan & Associates
         Solicitors for the Petitioner
         Rooms 601-2, 6th Floor
         Hong Kong Trade Centre
         No. 161 Dex Vouex Road
         Central, Hong Kong
         Phone: 2189 7217
         Fax: 2189 7216


POWERWAVE COMPANY: Winding Up Hearing Slated for March 29
---------------------------------------------------------
Nanyang Commercial Bank presented a petition to wind up
Powerwave Company Limited on January 23, 2006.

The Petition will be heard before the High Court of Hong Kong
Special Administrative Region on March 29, 2006, at 9:30 a.m.

Creditors or contributories of the Company who wish to support
or oppose the Petition may appear in Court at the time of the
hearing.  


POWERWAVE MULTIMEDIA: Court to Hear Wind-Up Petition March 29
-------------------------------------------------------------
On January 23, 2006, Nanyang Commercial Bank presented a
petition to wind up Powerwave Multimedia Limited.

The Petition will be heard before the High Court of Hong Kong
Special Administrative Region on March 29, 2006, at 9:30 a.m.

Creditors or contributories of the Company who wish to support
or oppose the Petition may appear in Court at the time of the
hearing.  


SUNSHINE BUILDING: Court Issues Wind-Up Order
---------------------------------------------
A petition to wind up the operations of Sunshine Building
Management Company Limited will be heard before the High Court
on March 15, 2006, at 9:30 a.m.

Accordingly, on January 9, 2006, the High Court of the Hong Kong
Special Administrative Region Court of First Instance entered a
wind-up order pertaining to the Company.


UNITED PLASTIC: Begins Bankruptcy Proceedings
--------------------------------------
A bankruptcy order against United Plastic Material and Pigment
Company was issued on February 10, 2006.  All debts due to the
estate should be paid to the official receiver, E.T. O'Connell.


VIC GARMENT: Creditors and Contributories to Meet Feb. 28  
---------------------------------------------------------
The meetings of creditors and contributories of VIC Garment
Factory Limited will be held on February 28, 2006, at 2:30 p.m.
and 3:30 p.m., respectively, at Room 1037, 10/F One Grand Tower,
639 Nathan Road, Mongkok, in Kowloon, Hong Kong.
  

WING MOU: Liquidator to Give Wind-up Report
-------------------------------------------
The annual meetings of the members and creditors of Wing Mou
Construction Company Limited will be held on February 17, 2006,
at 9:30 a.m. and 10:30 a.m., respectively.

At the meeting, they will consider the resignation of David John
Kennedy as joint and several liquidator, and appoint Stephen
Briscoe in his place.


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

BHARAT PETROLEUM: Seeks Partners for Bina Refinery
--------------------------------------------------
Bharat Petroleum is looking for partners to develop and operate
its Bina Refinery in Madhya Pradesh, The Economic Times reports.

According to the report, BPCL has already started the groundwork
for the INR9,100 crore, six-million-tonne refinery.  However,
the firm is still looking to different parties for partnering
the program.

BPCL took up Bina Refinery through its subsidiary Bharat Oman
Refineries Ltd.

Meanwhile, BPCL is also planning to bid for on-shore blocks in
the Middle East.  The Company has already secure INR5,500 crore
till December this year visa-a-vis INR3,500 crore in 2004-05.

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


PRANAVADITYA SPINNING: Considers Debt Restructuring
---------------------------------------------------
The Board of Directors of Pranavaditya Spinning Mills Ltd will
meet on February 22, 2006, to consider and take on record the
Company's restructuring application under the Corporate Debt
Restructuring Mechanism.

The Company has been racking up losses since 2002.  In the April
2005 to June 2005 quarter, the Company incurred a net loss of
INR2.64 million, down against INR3.1-million net loss in the
same period last year.

Headquartered in Mumbai, India, Pranavaditya Spinning Mills is
engaged in cotton spinning, and the manufacture of yarns,
fabrics and garments.


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

GARUDA INDONESIA: Government May Use State Reserves for Bailout
---------------------------------------------------------------
The Indonesian government is looking into the possibility of
using the capital reserves of state-owned firms in order to
repay PT Garuda Indonesia's debts to creditors, Antara News
reports.

According to State Enterprises Minister Sugiharto, the troubled
airline's liquidity problems had resulted in a negative cash
flow.  Hence, the Government is trying to see whether it can
transfer the capital reserves of other state firms to Garuda,
Antara says.

Minister Sugiharto added that excessive investments with no
returns caused the Company's financial problems.   The Minister
said it is difficult for the airline to recover from the
financial slump without adequate recapitalization or investments
from outside parties.

At present, Garuda Indonesia has to spend up to IDR83.02 billion
per month for its operating expenses.  It is currently in talks
with its local and foreign creditors on how to settle its debts
totaling IDR7.3 trillion.

According to the Office of the State Enterprises Minister, the
Government is planning to use the investments funds of local
insurance firm PT Jamosrek and the surplus funds of state-owned
telecommunications firms in order to bail out Garuda, Antara
relates.

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


NEWMONT MINHASA: Parent to Pay IDR276.8 Bln in Settlement
---------------------------------------------------------
The Environment Ministry will withdraw a civil suit against PT
Newmont Minhasa Raya after both parties had agreed to a
IDR276.78-billion settlement, Reuters News relates.

The Ministry filed the suit against Newmont last year, seeking
IDR1.23 trillion in compensation for damages caused by the
Company's waste disposal process that polluted nearby Buyat Bay.  
A lower court dismissed the case last November, and lawyers for
the Ministry appealed the decision.

Newmont denied any wrongdoing, saying that the Government had
approved its waste disposal processes.  The Company is also
involved in a criminal case, where its Chief Executive Officer
Richard Ness has stood trial since last August on pollution
charges.  Despite the signing of the civil settlement, the
criminal case against Newmont Minhasa would continue, according
to chief social welfare minister Aburizal Bakrie.

Reuters News reports that in the settlement agreement, the
Government and PT Newmont Minhasa Raya will set up an
independent panel to develop and implement an environmental
assessment and monitoring program for 10 years, and Newmont
would pay IDR276.78 billion over that period as part of the
settlement.  Once the Government receives an initial transfer of
IDR12 million, it would drop the civil suit against Newmont.

The panel is tasked to come up with a definitive, scientific
conclusion regarding the condition of Buyat Bay, according to a
statement.  The panel's responsibility would be to find out the
condition of Buyat Bay.  

The Government's investigation found Buyat Bay to be polluted,
but studies by the Indonesian Health Ministry and the World
Health Organization did not come up with the same conclusion.

Newmont Minhasa Raya -- http://www.newmont.co.id/-- is the  
Indonesian unit of U.S.-based Newmont Mining Corporation, and
has mined in Minhasa, North Sulawesi, for the past seven years.  
During operations, PTNMR was the single largest direct and
indirect employer in the Minahasa area.  Since inception of
operations, PTNMR and its contractors have generated employment
opportunities for 700 Indonesians.


PERUSAHAAN LISTRIK: Government Rules Out Power Rate Hike
--------------------------------------------------------
The Indonesian government has sufficient funds to increase the
fuel subsidy of PT Perusahaan Listrik Negara, so there is no
need to increase power rates, Antara News reports.

According to House Commission VII member Tjatur Sapto Edhi, the
remainder of last year's state budget, an estimated IDR7
trillion, would be used to cover PLN's fuel subsidy deficit.

PLN had sought a IDR34.7 trillion subsidy, but only IDR17
trillion was provided for in the 2006 state budget.  Mr. Edhi
said that the Government can cover the shortage, which stands at
IDR17.7 trillion, Antara News relates.

The Government could also lower fuel prices for PLN, as both PT
Pertamina and PT PLN are state-owned.  It is a better
alternative to raising electricity tariffs, legislator Febby
Tumewa said.

These are alternative proposals to cover PLN's expected losses
this year as businesses and households alike are opposed to
increasing power rates due to the negative effects of such an
action.

Headquartered in Jakarta, Indonesia, PT Perusahaan Listrik
Negara -- http://www.pln.co.id/-- is Indonesia's state-owned  
utility company.  The Company transmits and distributes
electricity to approximately 30 million customers, or about 60%
of Indonesia's population.  The Indonesian government decided to
end PLN's power supply monopoly to spark interest for
independents to build more capacity for sale directly to
consumers.  The decision comes as many areas of the country are
experiencing power shortages.


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

HITACHI LIMITED: To Build Water Pumps in China
----------------------------------------------
Hitachi Limited and Wuxi Pump Manufacturing Company Limited has
entered into an agreement to produce large pumps for water
supply facilities and sewage systems in China through a joint
venture, Jiji Press relates.

The joint venture firm, Hitachi Pump Manufacture (Wuxi) Co., is
capitalized at CNY105 million.  

The move comes at a time when demand for large water pumps
increased in China as the country undergoes rapid urbanization
and industrialization.

Headquartered in Tokyo, Japan, Hitachi Limited
-- http://www.hitachi.com/-- is a leading global electronics  
Company with approximately 347,000 employees worldwide.  The
Company offers a wide range of systems, products and services in
market sectors including information systems, electronic
devices, power and industrial systems, consumer products,
materials and financial services.


HITACHI LIMITED: Unions Calls for JPY2,000 Pay Hike
---------------------------------------------------
Labor unions at Hitachi Limited submitted their wage demands to
the firm's management on Wednesday, requesting a monthly pay
increase of JPY2,000, Japan Today says.

Negotiations is expecting a rough start as the management is
reluctant to raise wages in view of a difficult business
environment that includes increased international competition
and higher prices of crude oil and other materials.

Headquartered in Tokyo, Japan, Hitachi Limited
-- http://www.hitachi.com/-- is a leading global electronics  
Company with approximately 347,000 employees worldwide.  The
Company offers a wide range of systems, products and services in
market sectors including information systems, electronic
devices, power and industrial systems, consumer products,
materials and financial services.


JAPAN AIRLINES: Chief Rejects Calls to Resign
---------------------------------------------
Japan Airlines Corporation President Toshiyuki Shinmachi
rejected calls by several board members for him to step down,
The Associated Press reports.

Last week, four board members asked Mr. Shinmachi to step down
as president to take the responsibility for the carrier's recent
poor performance.

JAL's image has been badly tarnished by a series of safety
lapses since last year, eroding passenger numbers and driving it
deeper into losses.

Headquartered in Tokyo, Japan, Japan Airlines Corporation   
(formerly Japan Airlines System Corporation) --  
http://www.jal.com/en/-- was created as a result of the merger   
of Japan Airlines and Japan Air Systems to boost domestic  
coverage.  Combined, the airlines serve more than 170 cities in  
some 30 countries and operate more than 270 mostly jet aircraft.  
Both carriers continue to operate separately as Japan Airlines  
International Co. Ltd. and Japan Airlines Domestic, though they  
are combined in a single brand as JAL/Japan Airlines.


PIONEER CORPORATION: Launches New Internal DVD Multi Writers
------------------------------------------------------------
Pioneer Corporation announced its new internal DVD multi writers
with ATAPI interface for Windows(R)-based PCs - the DVR-A11-J
(pure white), DVR-A11-JBK (black), and DVR-A11-JSV (silver).  

The new DVD drives, employing the Company's newly designed Disc-
Resonance Stabilizer, assure stable write and read operation
with high accuracy.  At the same time, they realize impressively
quiet operation even during high-speed rotation owing to
Pioneer's proprietary technologies including honeycomb
structure.

Pioneer's new DVD drives support the recording and playback of
recordable discs in seven DVD formats (DVD-R, Dual Layer DVD-R,
DVD-RW, DVD-RAM, DVD+R, DVD+R Double Layer, and DVD+RW) as well
as CD-R and CD-RW discs.  The new drives offering industry
leading write speeds realize the high-speed recording of max.
8x*1 on single-sided double-layer DVD formats (Dual Layer DVD-R
and DVD+R Double Layer).

The new drives will come bundled with an extensive collection of
software applications for DVD/CD authoring, DVD slide show
creation, data backups, and so on.

The DVR-A11-J series will be available inJapan early in March
2006.  The retail prices are not suggested.

As previously reported in the Troubled Company Reporter - Asia
Pacific, during the nine-month period ended December 31, 2005,
Pioneer Corp.'s operating activities provided a net cash of
JPY21,891 million (US$185.5 million).  Despite the net loss of
JPY56,641 million (US$480.0 million) for the period, adjustments
for non-cash expenses such as depreciation and amortization of
JPY35,422 million (US$300.2 million), impairment losses of
JPY32,543 million (US$275.8 million) recognized for property,
plant and equipment mainly for plasma display production, and
equity in losses of affiliated companies of JPY25,132 million
(US$213.0 million) resulted in a positive net cash flow.  


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

DAEWOO ENGINEERING: Union Blocks Two Preliminary Bidders
--------------------------------------------------------
Daewoo Engineering & Construction Company's labor union demands
transparency in the creditors search for a new buyer, Yonhap
News Agency reveals.  The union wants reassurance from creditors
not to sell their entire shareholding in the Company.

"It will cost a new buyer KRW4.5 trillion to KRW5 trillion to
purchase the entire stake, which will eventually drag the
company back into insolvency because of high interest payments,"
union leader Jeong Chang-du told Yonhap.

The union pointed out that if a new owner acquires the builder
through a leverage buyout, the owner should be banned from
selling the builder's assets or stakes for at least three years,
Yonhap says.

Unionists also asked the creditors to drop Doosan Group and
Hanwha Group as preliminary bidders for reasons of violating
corporate ethics.  

According to the Korea Asset Management Corporation, the bidders
are scheduled to send in their formal tender in March, and a
preferred bidder will be selected in April.


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

ANTAH HOLDING: Averts Securities Delisting
------------------------------------------
Bursa Malaysia Securities Berhad has decided against proceeding
with Antah Holding Berhad's possible delisting.

The delisting procedures was terminated upon the Company's
submission of its Annual Report for the financial year ended
June 30, 2004, as required by Bursa Malaysia.

Headquartered in Petaling Jaya, Selangor Darul Ehsan, Malaysia,
Antah Holding Berhad -- http://www.antah.com.my/-- manufactures  
and trades pharmaceutical products and fluid engineering and
manufacturing.  Other activities include retailing of housewares
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.


COMSA FARMS: Installs New Group Chief Financial Officer
-------------------------------------------------------
Lee Swi Heng has been appointed as Group Chief Financial Officer
of Comsa Farms Berhad on February 15, 2006.

Mr. Lee is a fellow of the Association of Chartered Certified
Accountants, United Kingdom.  He was also a fellow of the
Institute of Certified Public Accountants of Singapore, and also
a member of the Malaysian Institute of Accountants.  Mr. Lee
obtained his Masters in Business Administration from the
University of Birmingham, U.K.

Mr. Lee has worked in Low Yat group as a Director of
Administration and Finance.  He was also the Group Financial
Controller for the East Malaysia operations of Karambunai
Resorts Berhad.  Subsequent to this, he was appointed the Chief
Financial Officer of Kretam Holdings Berhad and the Non-
Executive Director of Innosabah Securities Berhad.

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


FOUNTAIN VIEW: New Shares up for Listing and Quotation
------------------------------------------------------
Bursa Malaysia Securities Berhad will list and quote Fountain
View Development Berhad's additional 12,000 new ordinary shares
of MYR1.00 each on February 20, 2006.

The shares were issued pursuant to the conversion of 12,000
Irredeemable Convertible Unsecured Loan Stocks 2003/2006 into
12,000 new ordinary shares.

Headquartered in Selangor Darul Ehsan, Malaysia, Fountain View
Development Berhad's principal activity is property development.
The Company's other activities include plantation and production
of crude palm oil and palm kernel and investment holding.  The
group principally operates in Malaysia.


KIA LIM: SC Grants 3-Month Extension to Corporate Exercise
----------------------------------------------------------
The Securities Commission has approved Kia Lim Berhad's
application to extend by three months the time to complete the
Company's warrants rights issue and its debt restructuring
scheme.

The extension granted covers the period from February 16,
2006,to May 15, 2006.

Nonetheless, the Company has completed its warrants rights issue
and has listed and quoted the shares at the Bursa Malaysia on
February 15, 2006.

Headquartered in Johor Darul Takzim, Malaysia, -- Kia Lim Berhad
http://www.roof-tiles.com/index.html-- manufactures and exports  
roofing tiles, bricks and pavers.  Its subsidiary companies are
principally involved in the manufacturing of clay common bricks,
facing bricks, block bricks, M211 bricks, brick tiles, chamfered
paving bricks, and H-shape pavers, as well as roofing tiles.


KIG GLASS: Chinese Unit Shuts Down Operations
---------------------------------------------
KIG Glass Industrial Berhad's China unit, Zibo Jiali Glass
Industry Company Limited, has subsequently decided to completely
cease production operation to facilitate major overhaul of plant
and machinery.  

Since January 29, 2006, Zibo Jiali has gradually scaled down its
production due to financial constraints.

To address the cash flow problem, the KIG board has endorsed
Zibo Jiali management's decision to sell its existing stock on
hand.

Headquartered in Johor Darul Ta'zim, Malaysia, KIG Glass   
Industrial Berhad -- http://www.kedaung.com/-- manufactures and  
sells glassware, glass blocks and carton boxes.  The firm's  
other activities include manufacturing of ceramic roof tiles.   
Its operations are carried out in Malaysia and China.


LITYAN HOLDINGS: Scraps Agreement with Unique Base and Rafiki
-------------------------------------------------------------
The Conditional Sale and Purchase Agreement between Lityan
Holdings Berhad, Unique Base Pty Limited and Rafiki Nominees Pty
Limited was mutually terminated on February 15, 2006.

Therefore, Lityan will proceed to dispose of the Chariot Shares
through open market or placements on a best-effort basis.

The agreement was about the proposed disposal of Lityan Overseas
Sdn Bhd's 2,580,303 ordinary shares in Chariot Limited to Unique
Base and/or RAFIKI for a total cash consideration of
AU$1,806.212 (equivalent to MYR5,245,240 based on the exchange
rate as at September 15, 2005).

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings  
Berhad -- http://www.lityan.com.my/-- sells and provides   
maintenance services and rental of computer equipment,  
peripherals, telecommunication equipment and related services.   
The Company's other activities include provision of building  
maintenance and management services, developing and marketing of  
new client-server programming tools and application software,  
operation of public mobile data network, property investment and  
investment holding.  The Group carries out its operations in  
Malaysia and the Philippines.


MAGNUM CORPORATION: Holds Shares Buy Back  
-----------------------------------------
During its shares buy back on February 15, 2006, Magnum
Corporation Berhad repurchased 432,600 ordinary shares of
MYR0.50 each.

The minimum price paid for each share purchased is MYR1.910
while the maximum price paid for each share purchased is
MYR1.960.

Number of shares purchased retained in treasury is 432,600
units.  The cumulative net outstanding treasury shares is now at
105,433,700.

Headquartered in Kuala Lumpur, Malaysia, Magnum Corporation  
Berhad -- http://www.magnum.com.my-- operates a four-digit   
number forecast betting game.  It is also engaged in property  
holding and development and letting of properties, operation of  
hotel, general investment holding and trading, printing  
activities, credit services, securities dealing and brokerage,  
and provision of computer software and other related services.  

The Group sponsors Alex Yoong, the first Malaysian Formula One  
driver, and KL Minardi Formula One Team.  Operations of the  
Group are carried out in Malaysia, Hong Kong, The People's  
Republic of China, Philippines and other countries.


PACIFIC & ORIENT: Repurchases 3,000 Ordinary Shares
---------------------------------------------------
Pacific & Orient Berhad repurchased 3,000 Ordinary shares of
MYR1.00 each for a total consideration of MYR5,340.03 during its
shares buy back on February 15, 2006.

Each share purchased had a minimum price of MYR1.760 while
maximum price was MYR1.770.

Cumulative net outstanding treasury shares to date is 5,610,856
units.

Headquartered in Kuala Lumpur, Malaysia, Pacific & Orient Berhad  
-- http://www.pacific-orient.com-- is engaged in the provision   
of general insurance and management services.  The firm's other  
activities include provision of information technology services,  
sale of information technology equipment, distribution of  
consumer products, provision of sales and administrative  
services, provision of management and privilege card programmed  
services, research and development and trading activities and  
money lending and investment holding.  


SBBS CONSORTIUM: Wind-Up Hearing Fixed March 29
-----------------------------------------------
The winding up petition against SBBS Consortium Berhad,
instituted by Southern Bank Berhad, is fixed for hearing at the
Kuala Lumpur High Court on March 29, 2006.

Headquartered in Kuala Lumpur, Malaysia, SBBS Consortium Berhad
is engaged in the trade, manufacture and sale of moulded and
sawn timber and other wood-based products.  Its other activity
is investment holding.  Operations are carried out predominantly
in Malaysia.


SETEGAP BERHAD: Court Extends Restraining Order to February 28
--------------------------------------------------------------
The High Court of Malaya, Kuala Lumpur has extended Setegap
Berhad's interim restraining order to February 28, 2006.

The Court also scheduled Setegap's application to further extend
the Restraining Order dated March 17, 2005, for hearing on
February 28, 2006.

Headquartered in Petaling Jaya, Malaysia, Setegap Berhad's  
principal activities are construction and maintenance of roads,  
railways and building, including services rendered on quarrying.

The Company's other activities include manufacturing and selling  
of road construction equipment, asphalt plants, mixing plants,  
asphalt emulsions and premix.  The Group also provides  
mechanical and electrical services, leases machinery and  
investment holding. Operations of the Group are carried out  
predominantly in Malaysia.


SOUTHERN BANK: Questions Validity of Bumiputra Offer
----------------------------------------------------
The Board of Southern Bank Berhad advised that the certain terms
and conditions of the unsolicited Conditional Voluntary Take-
Over Offer (Notice) from Bumiputra-Commerce Holdings Berhad are
not in compliance with the Malaysian Code on Takeovers and
Mergers, 1998.  The Company is seeking a ruling from the
Securities Commission with respect to the validity of the
Notice.

In addition, Southern Bank responds to Bumiputra-Commerce's
assertion made in its Bursa Malaysia announcement dated
February 14, 2006, implying that Southern Bank's rejection of
the business offer would be tantamount to an act of frustrating
the takeover offer.

The Company refered to Section 35 of the Code (Frustration of
offers by a board of directors of the offeree) and noted that
Southern Bank's rejection of the business offer is not a
prohibited action under the section.

The Company noted that Bumiputra has, of its own accord, chosen
to impose as a condition to the takeover offer that the approval
of the bank's shareholders be obtained for the business offer.

There is no legal requirement for Southern Bank's Board to
facilitate the fulfillment of such an unusual condition.  The
Board has carefully deliberated the unsolicited Business Offer
and has found that it fundamentally undervalues Southern Bank
and is materially inadequate from a financial and business point
of view.

Headquartered in Kuala Lumpur, Malaysia, Southern Bank Berhad --  
http://www.southernbank.com.my/-- is engaged in the provision   
of commercial banking business and other related financial
services, which include Islamic banking services.  Other  
activities are accepting deposits and advancing loans, property  
ownership and management, provision of risk capital,  
stockbroking, sale and management of unit trusts, building  
construction, property investment and investment holding.


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

ABS-CBN BROADCASTING: VACC Prepares Class Action Suit
-----------------------------------------------------
The Volunteers Against Crime and Corruption is compiling class
action affidavits from at least 100 victims of the Philsports
stampede involving ABS-CBN Broadcasting Corporation's popular
game show, "Wowowee", ABS-CBN News reports.

VACC lawyers Leonard de Vera, Pete Principe and Bong Tansinsin
are preparing their case against ABS-CBN, which will be filed
after the results of investigations by the Department of Justice
and the Department of Local and Interior Government are
released.

According to ABS-CBN News, the VACC has set up a help desk at
the Philsports Arena in Pasig City to assist the stampede
victims.  The group is coordinating with ABS-CBN to extend
medical assistance to the victims by providing psychiatrists.  

The Troubled Company Reporter - Asia Pacific reported earlier
that a government fact-finding committee has placed the blame
for the tragedy on "Wowowee" organizers, which attracted an
estimated 30,000 people to watch the show's first anniversary
presentation.  Seventy-one people died while more than 600 were
injured in the tragedy.

The panel recommended criminal charges against four officials of
ABS-CBN for failing to prepare adequate security for the show.

Charges of criminal negligence were recommended against Rene
Luspo, ABS-CBN's head of security; Marilou Almaden, Wowowee
production manager; Rey Cayabyab, assistant location manager;
and Mel Feliciano, floor director.

Justice Secretary Raul Gonzalez earlier said police and local
officials could face criminal charges if investigators find them
equally culpable in the tragedy.   

ABS-CBN Broadcasting or Alto Broadcasting System-Chronicle
Broadcasting Network -- http://www.abscbn-ir.com-- is a leading  
radio and television broadcasting network and multimedia company
in the Philippines.  It was founded in 1953, and was the first  
television station in the Philippines.  The network's main
broadcast facilities are located at the ABS-CBN Broadcast Center
in Mother Ignacia St., Diliman, Quezon City, Philippines.


ABS-CBN BROADCASTING: Stampede Video Sent to Probers on Time
------------------------------------------------------------
ABS-CBN Broadcasting Corporation said video footages showing the
February 4 stampede were handed over to government investigators
within the 72-hour period given to the fact-finding panel to
complete its investigation, The Manila Times relates.

The statement came amid a claim made by Interior Undersecretary
Marius Corpus that the network "intentionally withheld" raw
footage of the Philsports Arena stampede that killed 71 and
injured more than 600.  

Mr. Corpus said ABS-CBN's late submission of footages also
delayed the report of the fact-finding team, The Manila Times
says.

However, ABS-CBN said its lawyers have submitted copies of
relevant video to the fact-finding committee on February 7,
2006.  The network also said that footages of the stampede were
aired in the primetime news program, "TV Patrol World".  There
were also footages carried over the network's other news
programs.

The report submitted by Mr. Corpus' team to the Department of
Justice on Wednesday last week was said to be insufficient
because it lacked statements from victims and medical
certificates issued by attending doctors.

Meanwhile, Troubled Company Reporter - Asia Pacific reported
that President Gloria Macapagal-Arroyo blamed ABS-CBN
Broadcasting Corporation for the stampede.  Pres. Arroyo told a
radio interview Tuesday that the event organizers and sponsors
were careless in their preparations resulting in the tragedy.

ABS-CBN Broadcasting or Alto Broadcasting System-Chronicle
Broadcasting Network -- http://www.abscbn-ir.com-- is a leading  
radio and television broadcasting network and multimedia company
in the Philippines.  It was founded in 1953, and was the first  
television station in the Philippines.  The network's main
broadcast facilities are located at the ABS-CBN Broadcast Center
in Mother Ignacia St., Diliman, Quezon City, Philippines.


NATIONAL POWER: Congress to Probe Semirara Oil Spill
----------------------------------------------------
A joint panel from the Senate and the House of Representatives
will conduct an on-site inquiry on the massive oil spill in
Semirara Island, Antique, which was caused by the grounding of a
National Power Corporation barge, The Philippine Daily Inquirer
reports.

Sen. Pia Cayetano, head of the Senate committee on environment
and natural resources and co-chairman of the congressional
oversight committee on clear water, will lead the inquiry.

President Gloria Macapagal-Arroyo has also ordered newly
appointed Environment Secretary Angelo Reyes to act quickly on
the Semirara oil spill, The Inquirer relates.

Meanwhile, Energy Secretary Raphael Lotilla reported that
representatives from his department went to the site last Monday
with members of the Philippine Coast Guard for an ocular
inspection.

Mr. Lotilla told the Inquirer that Napocor has discussed with
energy officials a rehabilitation plan while the Coast Guard and
the Department of Environment and Natural Resources will work
together for the cleanup.

Napocor has hired about 250 casual workers to clean up the oil
spill.  It is estimated that the cleanup will cost P80 million
and take four months to finish.

The Troubled Company Reporter - Asia Pacific reported earlier  
that a Napocor barge that carried bunker oil ran aground on  
December 18, 2006, 200 meters off Semirara after encountering  
huge waves and strong winds.  

According to the report, the spilled bunker fuel has  
contaminated 236 hectares of mangroves and 40 square kilomter
of marine life near Semirara Island.  The spill, which
contaminated fish sanctuaries and damaged sea grasses and coral
reefs, has affected at least 10,000 residents.

Headquartered in Quezon City, Philippines, National Power  
Corporation -- http://www.napocor.gov.ph-- is a state-owned   
utility that builds and operates nuclear, hydroelectric,  
thermal, and alternative power-generating facilities.  It
works with independent producers under a build-operate-transfer  
program.  Its transmission network has a line length of nearly  
13,000 circuit miles.  With a generating capacity of more than  
11,500 MW, Napocor sells electricity to distributors and  
industrial companies.  To comply with the privatization bill  
approved by the Philippine Congress, the Company has begun  
selling off its generation assets.  It has also separated its  
transmission operations into a new subsidiary, the National  
Transmission Corporation.


TPG CORPORATION: Turns to Court for Rehabilitation
--------------------------------------------------
TPG Corporation has finally sought corporate rehabilitation with
the Makati Regional Trial Court to ensure continued operations,
The Philippine Star reports.

According to the Star, TPG's move to seek court intervention is
part of efforts to carry out its STEP-Up program, which is
expected to help the Company recover from its cash flow woes.  
The program is also aimed at ensuring the orderly settlement of
its obligations to TPG's plan holders.

The STEP-UP or the Scholars Trust Fund with Equitable Pay-out
for Unified Preservation program calls for preserving the pre-
need firm's trust fund and reserving a portion of scholars' a
availment benefits as equity in a financial holding company that
will have interests in a diverse portfolio of financial
services.  

However, in subsequent discussions with the Securities and
Exchange Commission, it was determined that without 100% plan
holder consent to the program, the SEC can neither approve nor
disapprove STEP-UP.  Given that 100% approval is not only highly
improbable but physically impossible, the only available option
to ensure achievement of the STEP-UP objectives is to seek a
court mandate for its implementation.

TPG's trust fund is currently valued at between Php800 million
to Php900 million while its liabilities stand at Php1.1 billion,
The Star says.


UNIWIDE HOLDINGS: Leases Out Loss-making Supermarkets
-----------------------------------------------------
Uniwide Holdings Incorporated said it has decided to lease out
its supermarket business to another company after suffering
heavy losses in this segment, The Manila Bulletin relates.

In a disclosure to the stock exchange, Uniwide Holdings' unit
Uniwide Sales Warehouse Club Incorporated has signed a lease
agreement with Suy Sing Commercial Corp that will result in the
retrenchment of about 424 Uniwide employees.

Uniwide, which also operates warehouse clubs and department
stores, said the lease agreement covers all its six stores and
will generate monthly rental income of about Php4.0 million,

According to the Manila Bulletin, Uniwide suffered a net loss of
Php435 million in the nine months to September last year, more
than three times the Php129.4 million net loss booked in the
same period in 2004.

Uniwide Holdings, Incorporated -- http://www.uni-wide.com--  
does not engage in retail activities itself, but provides
support services to franchisees in the areas of inventory
management, merchandising, marketing, advertising and training.
It also engages in two kinds of real estate operations.  The
first is the acquisition, development, holding and leasing of
land and buildings used to house Warehouse Clubs, Department
Stores and Family Stores.  The second is property development
principally involving the acquisition, horizontal development
and sale of land for residential communities and commercial lots
adjacent to Warehouse Clubs, and the development of shopping
malls anchored by Warehouse Clubs.

UW was established in 1975 as a small textile trading firm.


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

ACCREDIT BAY: Creditors' Proofs of Claim Due March 16
-----------------------------------------------------
Accredit Bay Pte Limite, which is preparing to declare a
dividend, has required its creditors to submit their formal
proofs of claim to liquidator Chia Lay Beng by March 16, 2006.  

Failure to comply will exclude creditors from the benefit of the
dividend.


ASPAC REGION: Decides to Close Operations
-----------------------------------------
At the extraordinary general meeting of Aspac Region Pte Limited
on February 7, 2006, it was decided that the Company close its
business operations.

Subsequently, Mr. Kon Yin Tong, Mr. Wong Kian Kok and Mr. Aw Eng
Hai were appointed as liquidators to oversee the wind-up
activities.


ASPAC REGION: Prepares to Distribute Dividend
---------------------------------------------
Creditors of Aspac Region Pte Limited are required to submit
proofs of claim to liquidators Kon Yin Tong, Wong Kian Kok and
Aw Eng Hai, by March 16, 2006, in order to participate in the
Company's dividend distribution.

Failure to comply with this requirement will exclude creditors
from the benefit of the dividend.


CIH LIMITED: Posts Third-Quarter Net Loss
-----------------------------------------
CIH Limited reported a net loss for the third quarer of 2005,
its third successive loss for the year.

In its report, the Company incurred a net loss amounting to
SG$2.22 million for the quarter ended December 31, 2005,
compared to an SG$862,000 net profit for the same period in
2004.

A full-text copy of CIH Limited's financial results is available
for free at:

     http://bankrupt.com/misc/tcrap_cihlimited021606.pdf

Incorporated in Singapore in 1991, CIH Limited --
http://www.cihltd.com/-- is the holding company of CIHL Group  
and is principally engaged in the development, manufacture and
marketing of electrical installation products.  It is one of the
major suppliers of electrical installation products in Asia.

In December 2003, CIHL formed a 50-50 joint venture with
Schneider Electric SA of France to manufacture and distribute
electrical wiring devices and installation systems in Asia.  The
joint venture Clipsal Asia Holdings Limited has a significant
presence across Asia, with manufacturing operations in China,
Malaysia, Indonesia and Vietnam and a sales network covering
more than 15 countries in Asia.  In addition, CIHL holds
investments in lighting products, LED superscreens and other
businesses.  It currently has 200 employees and occupies a total
floor area of 8,000 square metres.

CIHL is currently 67.6%-owned by Singapore-listed GP Industries
Limited, which is an 87.1% subsidiary of Hong Kong firm Gold
Peak Industries (Holdings) Limited.


TRINITY RESEARCH: Receiving Proofs of Claim Until March 10
----------------------------------------------------------
Creditors of Trinity Research Pte Limited are required its
crditors to submit formal proofs of claim by March 10, 2006, to:

          Kon Yin Tong, Wong Kian Kok and Aw Eng Hai
          Liquidators
          c/o 47 Hill Street,
          #05-01 Chinese Chamber of Commerce & Industry     
          Building, Singapore 179365

Failure to comply with this requirement will exclude creditors
from the benefit of the dividend.


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

SUNTECH GROUP: Fails to Submit Financial Statement on Time
-----------------------------------------------------------
Suntech Group Public Company Limited failed to submit its
unreviewed semi-annual financial statements ending December 31,
2005, on the deadline specified by the Securities and Exchange
Commission.

The SEC allows listed companies whose securities are suspended
to submit its unreviewed semi-annual financial statements and
management discussion and analysis within 45 days instead of the
reviewed quarterly financial statements.




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

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

CHINA & HONG KONG
-----------------
Guangdong Meiya Group Co. Ltd. 000529        27.43      178.19  
Guangdong Sunrise
   Group Co. Ltd-A             000030     (-182.94)      35.98
Guangdong Sunrise
   Group Co. Ltd-B             200030     (-182.94)      35.98
Hainan Dadong-A                000613       (-6.63)      17.81
Hainan Dadong-B                200613       (-6.63)      17.81
Heilongjiang Black Dragon
   Co. Ltd.                    600187      (-29.45)     153.92
Shenz China Bi-A               000017     (-206.90)      50.08
Shenz China Bi-B               200017     (-206.90)      50.08
Xinjiang Tunhe Investment
   Co. Ltd.                    600737        47.57      476.47

INDONESIA
---------
Barito Pacific Timber Tbk Pt    BRPT       (-62.86)     360.72

MALAYSIA
--------
Kemayan Corp Bhd                KOP       (-353.12)      84.89
Lityan Holdings Bhd             IT          (-8.43)      28.86
Panglobal Bhd                   PGL        (-50.36)     189.92
PSC Industries Bhd              PSC          51.63      639.35

PHILIPPINES
-----------
Pilipino Telephone Co.          PLTL      (-159.78)     280.22

SINGAPORE
---------
China Aviation Oil (Singapore)
   Corporation                  AO          132.64      351.87
Informatics Holdings Ltd        INFO        (-6.73)      27.59
Lindeteves-Jacoberg Limited     LG           39.61      332.07
Pacific Century Regional        PAC       (-145.53)    1289.71

THAILAND  
--------  
Asia Hotel PCL                  ASIA       (-30.12)     101.17
Asia Hotel PCL                  ASIA/F     (-30.12)     101.17
Bangkok Rubber PCL              BRC        (-57.11)      78.78
Bangkok Rubber PCL              BRC/F      (-57.11)      78.78
Central Paper Industry PCL      CPICO      (-37.02)      40.41
Central Paper Industry PCL      CPICO/F    (-37.02)      40.41
Circuit Elect PCL               CIRKIT     (-25.89)      61.30
Circuit Elect PCL               CIRKIT/F   (-25.89)      61.30
Datamat PCL                     DTM         (-1.72)      17.55
Datamat PCL                     DTM/F       (-1.72)      17.55
National Fertilizer PCL         NFC          70.66      142.61
National Fertilizer PCL         NFC/F        70.66      142.61
Siam Agro-Industry Pineapple
   And Others PCL               SAICO      (-14.71)      13.38
Siam Agro-Industry Pineapple
   And Others PCL               SAIC0/F    (-14.71)      13.38
Thai Wah Public
Company Limited-F               TWC        (-47.01)     158.87
Thai Wah Public
Company Limited-F               TWC/F      (-47.01)     158.87





                            *********


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., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA.  Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito, Erica Fernando, Freya Natasha Fernandez, and Peter A.
Chapman, Editors.

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.

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

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***