TCRAP_Public/060227.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

           Monday, February 27, 2006, Vol. 9, No. 041


                            Headlines

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

A.C.N. 005 786 569: Receivers Step Down
A.C.N. 065 035 387: Schedules Final Meeting Today
ADSTEAM MARINE: Blames Low Profit on British Operations
AIR NEW ZEALAND: Net Profit Down 45% Due to Fuel Prices
AIR NEW ZEALAND: Plans to Outsource Aircraft Cleaning Jobs

AIR NEW ZEALAND: Customers Embrace Improvements
AIR NEW ZEALAND: Unveils Executive and Corporate Reorganization
COMPUTERCATIONS PTY: Liquidates Operations
DELTA FORCE: Supreme Court Issues Wind-up Order
DGCP PTY: Placed Under Voluntary Liquidation

FLIGHT CENTRE: Sees Benefits of Restructuring
FSL HOLDINGS: Prepares to Close Business
GERMAN KITCHEN: Members Agree to Liquidate
GOLDEN CROSS: CIR Files Liquidation Petition
HOTJOBS.COM PTY: Members to Receive Wind-up Details Today

ION GROUP: IAS Facility Sold to Drivetrain Systems For AU$70 Mln
IRVING HAMMOND: Will Declare Final Dividend Today
J&J CORBETT: Members Opt to Wind Up Firm
JUVERNA PTY: Enters Voluntary Liquidation
LEURA SQUARE: Ernst & Young Appointed as Receivers

MARJACK INVESTMENTS: Set to Distribute Company Assets
MC&WI KELLY: Enters Liquidation Proceedings
MESCHELL FARIS: To Pay Dividend Today
MULTIPLEX: Admits Breaching of Covenants With Bankers
MYER LIMITED: Acquires Hedley Hotel Group for AU$306 Million

PAINTNOW PTY: Members Push to Liquidate Firm
PCB ONE: Receivers and Managers Appointed
QANTAS AIRWAYS: Maintenance Workers Gear Up for Strike
SCHAPEL INVESTMENTS: Inability to Pay Debts Forces Wind-up
SEALEY CAFE: Court to Hear Liquidation Application on March 30

SONOH PTY: Schedules Final Meeting Today
STOREWATCH RESPONSE: Falls Into Receivership
TAXIS COASTLINE: CIR Lodges Application to Liquidate Firm
TRIPLE J: Court Appoints Liquidator
WATTYL LIMITED: Reports 62% Drop in Half-Year After Tax Profit

WEEKES INVESTMENT: Decides to Shut Down Business
WHEELSPIN PTY: Liquidator to Present Wind-up Report
WOOLSHED BAR: Court Taps Official Liquidators
WESTPOINT GROUP: ASIC Provides Status Report for Investors


C H I N A   &   H O N G  K O N G

401 CONCEPT: Appoints Joint and Several Liquidators
401 HUABO: Liquidators Named to Wind Up Assets
401 LAUNDRY: Names Official Liquidator  
ACCUPRODUCT INDUSTRIAL: Commences Winding Up Process
BEIJING M-MODE: Placed Under Liquidation

BRIGHT CONTAINER: Decides to Close Operations
BUDDYZ COFFEE: Creditors' Meeting Set for March 9
CITIDECO CONTRACTING: Wind-up Hearing Slated for March 15
CREATIVE CIRCLE: Members to Receive Wind-up Details
ELITE CHAMP: Creditors' First Meeting Fixed for March 15

HANSONG COMPANY: Decides to Shut Down Operations
KONG SUN: Members & Creditors Meetings Fixed for March 6
L&M FOUNDATION: Creditors Meeting Set for March 6
NFO HONG KONG: Creditors' Proofs of Claim Due on March 16
T.T. LIMITED: Court Enters Wind-Up Order

YEE WOO: Court to Hear Wind-Up Petition on March 15


I N D I A

INCAB INDUSTRIES: Silver Jubilee is Last Hope for Revival
JIK INDUSTRIES: Completes Debt Revamp
* Government Approves Bond Issue for Oil Firms


I N D O N E S I A

DIRGANTARA INDONESIA: To Sell 12 Planes for IDR2 Tln to Thailand  
KIANI KERTAS: UFS Readies Funds for Takeover
PERTAMINA: Coalition Opposes ExxonMobil's Cepu Block Operation
PERTAMINA: To Import LPG from Singapore to Avoid Shortage


J A P A N

JAPAN AIRLINES: Summoned in Air Cargo Probe
LIVEDOOR CO.: TSE to Decide on Delisting Next Month
MITSUBISHI MOTORS: Posts January 2006 Production & Sales Figures
SANYO ELECTRIC: Shareholders OK JPY300 Bln Bailout
* Teikoku Says Japan Corporate Bankruptcies Up in 2005


K O R E A

KYOBO LIFE: Top Executives to Quit Posts
DONGHAE PULP: Possible Liquidation Worries Industry Sources


M A L A Y S I A

AKN TECHNOLOGY: Books MYR13,452,000 Net Loss in 3Q/FY05
ANTAH HOLDING: Unveils Result of EGM
BTM RESOURCES: Net Loss Shrinks to MYR1,379,000 in 4Q/FY05
BUKIT KATIL: Unveils Status of Loan to Various Facilities
DOLOMITE CORPORATION: Incurs MYR7,444,000 Net Loss in 4Q/FY05

INTELLIGENT EDGE: Suffers MYR365,000 Net Loss in 4Q/FY05
KUMPULAN BELTON: Issues Litigation Update
LINEAR CORPORATION: Files Stay of Execution of Wind-Up Order
MALAYSIA AICA: Returns to Profit in 3Q/FY05
NIKKO ELECTRONICS: Books MYR17,008,000 Net Loss in 3Q/FY05

PAXELENT CORPORATION: Unit Inks SPA to Dispose of Properties


P H I L I P P I N E S

ABS-CBN BROADCASTING: NBI Summons Executives on Stampede
EXPORT AND INDUSTRY: Mulls Shares Offer to Minority Investors
MAYNILAD WATER: Government Postpones Rights Sale to July
NATIONAL POWER: Finance Department Wants Assets Sold as One
PHILIPPINE AIRLINES: May Bypass Philippines-Bahrain Air Talks

PICOP RESOURCES: Unveils Board Resignation and Appointment
PICOP RESOURCES: Faces Illegal Logging Accusations


S I N G A P O R E

ANG MO KIO: Creditors' Claims Due on March 17
CARLINES 2000: Ordered to Wind Up Business
INTERNOC SINGAPORE: To Hold Final Meeting Next Month
NEOCORP INTERNATIONAL: Completes Unit Sale
OPH LEISURE: Placed Under Voluntary Liquidation

PCCHIP COMPUTER: To Declare Dividend  


T H A I L A N D

CIRCUIT ELECTRONICS: Court to Decide on Reorganization Plan
MANAGER MEDIA: Net Loss Hits THB86,848,000 in FY05

     - - - - - - - -

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

A.C.N. 005 786 569: Receivers Step Down
---------------------------------------
On January 27, 2006, Simon Wallace-Smith and Peter Yates ceased
to act as receivers and managers of A.C.N. 005 786 569 Pty
Limited.


A.C.N. 065 035 387: Schedules Final Meeting Today
-------------------------------------------------
A final meeting of the members of A.C.N. 065 035 387 Pty Limited
will be held for them to receive the liquidator's final account
showing how the Company was wound up and how its property was
disposed of.

The meeting will be held today, February 27, 2006.

Contact: G. D. D. Raffan
         Liquidator
         Foster Raffan
         Level 6, 8 West Street
         North Sydney, New South Wales 2060
         Australia


ADSTEAM MARINE: Blames Low Profit on British Operations
-------------------------------------------------------
Adsteam Marine Ltd. posted a 5% increase in first-half net
profit to AU$21.2 million, helped by a one-off $5.3 million pre-
tax payment for "unwinding a previous agreement to provide
management services" to its part-owned Flinders Ports operations
in South Australia, The Sydney Morning Herald reports.

However, Adsteam lowered its full-year forecast, which caused
its shares to go down.  The Company had expected to deliver a
full-year net profit at the lower end of its previous forecast
range of AU$42 million to AU$46 million.  Adsteam shares were
4.75% down at AU$1.905 in early afternoon trade on February 23,
2006.

According to The Sydney Herald, Adsteam said that its half-year
result was marred by its British operations, which reported an
unexpected dip in profit, attributable to lower volumes and to
charges associated with industrial problems at its Gravesend
base.  The result in Britain overshadowed the strong performance
in the Company's Australian tug operations, which led to its
first profit rise since 2003.

The paper relates that Adsteam's result was also propped up by
foreign exchange gains and a AU$3 million grant from the
Australian Federal Government for the Company to maintain its
marine salvage capability.

Yet, aside from noting the Company's lifting of its interim
dividend 63% to 3.9 cents, its chief executive officer, John
Moller, said that Adsteam is in a much stronger position than it
was two years ago.  He said that Adsteam debts are down AU$130
million, its "capacity to borrow has increased significantly"
and "costs are much lower."

Adsteam's full-year net profit outlook has been helped by new
International Financial Reporting Standards under which it will
no longer book an estimated AU$15 million in goodwill
amortization.

Headquartered in New South Wales, Australia, Australia Adsteam
Marine Ltd -- http://www.adsteam.com.au/-- currently has a  
fleet of more than 200 vessels and also offers other maritime
services such as a shipping agency, fuel distribution and
salvage.  Adsteam's debt was estimated to be AU$360 million.   
The Company had undertaken steps in a plan to divest non-core
businesses since May 2003 as part of its business transformation
program and has raised money to support its rescue plan designed
to trim down debts and repay borrowings.


AIR NEW ZEALAND: Net Profit Down 45% Due to Fuel Prices
-------------------------------------------------------
Air New Zealand has booked a net profit before Unusuals and Tax
of NZ$81 million for the six-month period ending December 31,
2005 -- a 45% or NZ$65 million decrease from the net profit in
the same period last year.

Net Profit after Tax was NZ$46 million, a 55% or NZ$56 million
decrease, on the previous period.

Despite this, the Company has grown yield and traffic by NZ$136
million over the half year, implemented significant cost savings
and continues to drive for further overall efficiencies.

"It is quite clear that the Airline is facing unprecedented fuel
costs, which have unduly affected the result for this period,"
said Chairman John Palmer.  "A 36% increase in fuel prices over
this period combined with a reduction in fuel hedging gains has
placed considerable pressure on earnings."

However, Air New Zealand's financial position remains favorable
with gearing at 54%, cash at NZ$1.1 billion and operating cash
flow up 41% to NZ$233 million, compared with NZ$165 million for
the same period last year.

Consistent with its earlier indications to the market, the Board
has approved the payment of a fully imputed dividend of 2.5
cents per share, payable on March 23, 2006.  The record date is
March 10, 2006.  A strong balance sheet, and a secure management
team under Rob Fyfe, gives the Board confidence on the current
level of dividend payout.

Chief Executive Officer Rob Fyfe said the 2006 financial year
and some of the 2007 financial year would serve as transition
periods.

"By December 2006, the new long-haul product will be on all
routes. The Airline will have a refreshed brand identity in
place.

"New route opportunities and a distinctive new New Zealand
themed customer experience offer the chance to grow the business
by opening up new markets and luring back customers.

"We are also on track to realize $100 million in cost savings in
2006 with a further $115 million in savings in the 2007
financial year, an increase of $35 million on previous targets,"
Mr. Fyfe said.

Volatile jet fuel prices, exchange rates and competitor activity
remain risks to the business.  In the short-term, the Company
has substantial foreign exchange and fuel hedge cover in place
that allows for some certainty on the Company's operating cost
base.

Currency hedges are in place on a significant portion of the
Airline's future aircraft commitments. Over the longer-term, the
strategies being implemented by Air New Zealand are focused at
growing the business together with improving operating margins.

                       Results of operations

In the six months to December 2005, Air New Zealand flew
6sixmillion passengers, an increase of 4.5%.  Group capacity, as
measured by Available Seat Kilometers (ASKs), increased 4.2% to
17.1 billion ASKs.  Group traffic, as measured by Revenue
Passenger Kilometers (RPKs), increased 4.2% to 13 billion RPKs.  
As traffic growth matched capacity expansion, passenger load
factor was stable at 76.1%.

In this reporting period, network yields were up 3.8% to 11.7
cents per RPK (December 2004: 11.3 cents per RPK).

If the loss arising on conversion of foreign currencies to New
Zealand dollars is factored out, then Group yields were up 6%.
Therefore, any weakening in the New Zealand dollar will have a
positive influence in passenger yields.  

Short-haul passenger numbers increased 5% to 5.2 million.
Capacity grew 9.2% to 7.5 billion ASKs.  Traffic of 5.4 billion
RPKs was up 6.3%.  The resulting load factor was 1.9 percentage
points lower at 72.7%.

Short-haul yields were up 6.4% to 16.7 cents per RPK. This
improvement was due to an 8.4% improvement in Tasman yields as
Air New Zealand gained a slight market share premium over
capacity share through effective marketing, and pricing
strategies.  

Long-haul passenger numbers increased 1.5% to 823,000. Capacity
remained stable at 9.6 billion ASKs.  Traffic increased 2.8% to
7.6 billion RPKs, even with the negative influence of the high
New Zealand dollar.  As traffic outstripped capacity, load
factor increased 1.6 percentage points to 78.8%.

Long-haul yields reduced 1.2% to 8.1 cents per RPK. The strong
New Zealand dollar was a negative influence on both yields and
demand for travel on long-haul markets. Adjusting for the
negative influence of currency, long-haul yields were up by
2.9%.

                          Profitability

Total operating revenue of NZ$1.9 billion was up 7.7%.

While operating revenue was up, the Company's operating margins
ended the period down 3.5 percentage points.  A number of
factors, some controllable and some not, had an impact on this
period's operating cost base.

As signaled to the market previously, Air New Zealand will incur
NZ$59 million in costs as it adds new fleet.  Of this, NZ$35
million was incurred in the first half.

The result includes a negative currency impact of NZ$5 million.  
Air New Zealand has benefited from the strong currency in the
recent past, but this trend is starting to reverse as the impact
on yields and demand for travel outweighs the currency related
reduction in the Airlines cost base.

After taking into account taxation of NZ$26 million and unusual
items of NZ$9 million, related to the closing of the wide-body
engine maintenance line, net profit after tax was NZ$46 million.

                      Business Restructuring

In October 2005 the Company announced a proposal to outsource
wide body maintenance (aero-engines and airframes).  In December
2005, after consultation with staff and union representatives,
the decision was announced to outsource aero-engine maintenance,
which results in 110 employees being made redundant.  Associated
costs of NZ$9 million have been recognized in the interim
result.  

The Company also announced its intention to work with employee
representatives on a counter proposal regarding wide-body
airframe maintenance.  The Company subsequently accepted this
counterproposal in January 2006.  On February 23, 2006, after
union members ratified their counterproposal, the Company
announced its intention to discontinue with its plan to
outsource wide-body airframe maintenance.  As a result, up to
200 positions could still be disestablished on top of the 110
redundancies announced in December 2005.

The Company is also planning other significant restructurings,
which could lead to further redundancy and associated costs in
the second half of the 2006 year, including:

     -- the potential outsourcing of aircraft cleaning,
        affecting 114 employees who have been given the
        opportunity to transfer to a new employer or accept
        redundancy;
     
     -- the disestablishment of the In-flight Service Director
        role and the introduction of new Flight Service
        Managers, where a number of staff are currently
        considering voluntary redundancy; and

     -- the significant reorganization of corporate functions
        across the Company, impacting approximately 470
        employees.

Contact: Mike Tod
         General Manager
         Public Affairs
         Phone: 09 336 3225
         Mobile: 021 747 582
         e-mail: Mike.Tod@airnz.co.nz

         David Jamieson
         Corporate Communications Manager
         Public Affairs
         Phone: 09 336 2253
         Mobile: 021 727 486
         e-mail: David.Jamieson@airnz.co.nz

Headquartered in Christchurch, New Zealand, Air New Zealand --
http://www.airnz.co.nz/-- is an international and domestic  
airline group which provides air passenger and cargo transport
services within New Zealand, as well as to and from Australia,
the South West Pacific, Asia, North America and the United
Kingdom.  Air New Zealand also encompasses business units
providing engineering and ground handling services.  
Subsidiaries extend to booking systems, travel wholesaling and
retailing services.  In 2002, Air New Zealand restructured to a
no-frills domestic service in order to curb losses from
unprofitable routes.  It is presently working on cutting costs
on its services to and from Australia, and is upgrading its
long-haul fleet as part of a recovery program from near-collapse
in 2001.


AIR NEW ZEALAND: Plans to Outsource Aircraft Cleaning Jobs
----------------------------------------------------------
Air New Zealand said it is considering outsourcing its aircraft
cleaning at Auckland, Wellington and Christchurch, subject to
contract negotiations with suppliers.

All affected staff would be given the opportunity to transfer to
a new employer, or accept redundancy.

Of those positions, around 70 would be in Auckland, 13 in
Wellington and around 30 in Christchurch.

"The Airline is in discussion with three cleaning service
providers and expects to shortly be able to announce a decision
on a successful tender. This is a business decision and is in no
way a reflection on the quality of the work carried out by our
staff," says General Manager of Air New Zealand Airport Services
Paul Reid.

Mr. Reid said the airline has been consulting with unions since
August 2005 about the future direction of aircraft cleaning.

"We have been open, honest and fair in our dealings with the
unions and we will vigorously defend any legal challenges," Mr.
Reid declared.

Air New Zealand already outsources cleaning of its own aircraft
at overseas ports and has conducted extensive market research,
finding that there was no common pattern to the way other
airlines handled cleaning.

Headquartered in Christchurch, New Zealand, Air New Zealand --
http://www.airnz.co.nz/-- is an international and domestic  
airline group which provides air passenger and cargo transport
services within New Zealand, as well as to and from Australia,
the South West Pacific, Asia, North America and the United
Kingdom.  Air New Zealand also encompasses business units
providing engineering and ground handling services.  
Subsidiaries extend to booking systems, travel wholesaling and
retailing services.  In 2002, Air New Zealand restructured to a
no-frills domestic service in order to curb losses from
unprofitable routes.  It is presently working on cutting costs
on its services to and from Australia, and is upgrading its
long-haul fleet as part of a recovery program from near-collapse
in 2001.


AIR NEW ZEALAND: Customers Embrace Improvements
-----------------------------------------------
Air New Zealand's customers have given a thumbs-up to the new
direction of the airline.  It is no longer perceived as
delivering basic service and "past its best" but is viewed as
innovative, "a step ahead" and "right up there" in comparison
with other airlines.

This is according to a recent survey of customers who have
experienced Air New Zealand's new in-flight product (new
seating, cabin interiors, and state of the art in-flight
entertainment systems) that since August last year is being
progressively introduced on all long-haul flights.

The percentage of customers who would "definitely" recommend Air
New Zealand to their friends, family, and colleagues has grown
from 44% across the international network to 71% on the new
product in November 2005.  And the percentage who would
"probably" recommend Air New Zealand on these flights exceeded
90% for the first time.

General Manager Marketing Steve Bayliss said the level of
enthusiasm from customers in response to the changes made so far
showed there was a renewed sense of pride in Air New Zealand, as
the national carrier.

"Prior to this, our customers were not negative but certainly
were not inspired by our long-haul product.  Air New Zealand is
re-energized.  We have a firm commitment to provide customers
with enhanced comfort and a unique travel experience -- and we
are determined to showcase our country at its best," said Mr.
Bayliss.

TNS Regional Research Consultant Darren Kemp said such a
positive and quick overall turn-around in brand perception was
an impressive result for a company of Air New Zealand's size.

"To achieve such a rapid change in perception is quite an
achievement for a company that operates in many different
countries and whose customers come from such a diverse range of
backgrounds," said Mr. Kemp, who is based in Australia.

"A key aspect of any brand is public and customer perception,
which is significant for not only customer loyalty, but also for
generating a sense of pride in the company.  In terms of
customer experience, Air New Zealand's new long-haul product
differentiates it from other airlines and has become an area of
strength."

Air New Zealand regularly monitors people's perceptions of its
product and services.  Approximately 2,500 customers participate
in a weekly on-line survey each year.

Headquartered in Christchurch, New Zealand, Air New Zealand --
http://www.airnz.co.nz/-- is an international and domestic  
airline group which provides air passenger and cargo transport
services within New Zealand, as well as to and from Australia,
the South West Pacific, Asia, North America and the United
Kingdom.  Air New Zealand also encompasses business units
providing engineering and ground handling services.  
Subsidiaries extend to booking systems, travel wholesaling and
retailing services.  In 2002, Air New Zealand restructured to a
no-frills domestic service in order to curb losses from
unprofitable routes.  It is presently working on cutting costs
on its services to and from Australia, and is upgrading its
long-haul fleet as part of a recovery program from near-collapse
in 2001.


AIR NEW ZEALAND: Unveils Executive and Corporate Reorganization
---------------------------------------------------------------
Air New Zealand Chief Executive Officer Rob Fyfe discloses that
he would be reorganizing his senior executive team.

Mr. Fyfe has proposed a new streamlined structure that supports
the operational and customer facing areas of the business.  The
current structure consists of 1,890 positions, which Mr. Fyfe
plans to reduce to 1,420 over the next year.

"I have organized my team to ensure I have direct access to all
facets of the business that are needed to ensure Air New Zealand
is in the shape it needs to be to remain globally competitive",
Mr. Fyfe says.

Mr. Fyfe believes that Air New Zealand now has a clear and
exciting strategic direction to pursue and would become a nimble
and fast moving business that was uniquely and proudly Kiwi.
However, he acknowledges that the airlines need to earn the
right to grow by further improving its efficiency, and
simplifying its business.

Mr. Fyfe's new executive team is composed of:

     * Vanessa Stoddart, Group General Manager HR and
       Organizational Change;

     * Rob McDonald, Chief Financial Officer and Group General
       Manager Corporate;

     * Norm Thompson, Group General Manager Short Haul Airline;

     * Ed Sims, Group General Manager International Airline;

     * Captain David Morgan, General Manager Operations
       Standards and Safety;

     * Chris Nassenstein, General Manager ANZES;

     * Steve Bayliss, General Manager Marketing;

     * Mike Tod, General Manager Public Affairs and Group
       Communications;

     * General Manager Airline Operations and Planning (to be
       arranged); and

     * General Manager Strategic Development (to be arranged).

Headquartered in Christchurch, New Zealand, Air New Zealand --
http://www.airnz.co.nz/-- is an international and domestic  
airline group which provides air passenger and cargo transport
services within New Zealand, as well as to and from Australia,
the South West Pacific, Asia, North America and the United
Kingdom.  Air New Zealand also encompasses business units
providing engineering and ground handling services.  
Subsidiaries extend to booking systems, travel wholesaling and
retailing services.  In 2002, Air New Zealand restructured to a
no-frills domestic service in order to curb losses from
unprofitable routes.  It is presently working on cutting costs
on its services to and from Australia, and is upgrading its
long-haul fleet as part of a recovery program from near-collapse
in 2001.


COMPUTERCATIONS PTY: Liquidates Operations
------------------------------------------
After a meeting of the members and creditors of Computercations
Pty Limited on February 1, 2006, it was agreed that the Company
wind up its business voluntarily.

As a result, Geoffrey McDonald was appointed to supervise the
wind-up operations.

Contact: Geoffrey McDonald
         Liquidator
         c/o Hall Chadwick,
         Level 29, 31 Market Street,
         Sydney, New South Wales 2000
         Australia


DELTA FORCE: Supreme Court Issues Wind-up Order
-----------------------------------------------
On February 2, 2006, the Supreme Court of New South Wales
ordered the wind-up of Delta Force Constructions Pty Limited,
and appointed Steven Nicols as liquidator.

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


DGCP PTY: Placed Under Voluntary Liquidation
--------------------------------------------
At a meeting of DGCP Pty Limited's shareholders on January 31,
2006, it was decided that the Company needs to voluntarily wind
up its operations.

Geoffrey Owen Freeman was nominated to act as liquidator to
manage the wind-up activities.


FLIGHT CENTRE: Sees Benefits of Restructuring
---------------------------------------------
Flight Centre posted a first half net profit of AU$33.6 million,
down 7.7% on the same period last year.

According to the Australian Associated Press, Flight Centre's
executive chairman, Graham Turner, said that the embattled
travel group has started seeing the benefits of restructuring
its operations.  Mr. Turner believes that with the continuation
of its cost reduction scheme and with better airline contracts,
Flight Centre is showing signs that it will get good profit
growth in the future and may get close to last year's pre-tax
result of AU$1156.6 million.

Flight Centre claimed to be on track to achieve its full-year
growth target of a 12% to 15% increase in total transaction
value to around AU$8 billion for the Company's suppliers, AAP
relates.  Its first half TTV was AU$3.7 billion, up 14% on last
year, while revenue rose 13% to AU$472 million as net profit
before tax fell 4% to AU$49.8 million.  The result included a
one-off AU$4 million gain in over-ride revenue because of the
new accounting standards.

Mr. Turner said that Flight Centre was determined to win airline
contracts with more favorable margins.

Flight Centre's first half reflected healthy returns from its
global business travel unit FCm Travel Solutions and strong
profits in South Africa and India.  Its profit results from New
Zealand were below expectations and Australian earnings were
impacted by loyalty program costs and more low margin
transactions.

Flight Centre announced an interim dividend of 20 cents, down on
the previous dividend of 22.5 cents.

Headquartered at Brisbane, in Queensland, Australia, Flight
Centre Ltd. -- http://www.flightcentre.com/-- is an Australian  
owned and New Zealand-run independent retail travel group,
guaranteeing the lowest prices on all airfares.  It had a
turnover in excess of $3 billion worldwide and 18 years of
consecutive profits until its shares plunged more than 8%
following the announcement of its first ever annual profit
decline.  The company, which in the past has reported
spectacular results, hit the wall in 2004-05 with two profit
downgrades.  Flight Centre announced 2004-05 profit of AU$67.91  
million, down 17% from the previous period.  Embattled Flight
Centre then launched a restructuring drive aimed at saving costs
and began working towards a turnaround in 2005/06 by focusing on
ongoing development of its four main networks.  It has
implemented changes to its customer relations programs,
following a comprehensive review of its other company
initiatives.


FSL HOLDINGS: Prepares to Close Business
----------------------------------------
The shareholders of FSL Holdings Pty Limited agreed to wind up
the Company's operations and named Geoffrey Owen Freeman to
facilitate the liquidation of its assets.


GERMAN KITCHEN: Members Agree to Liquidate
------------------------------------------
At a general meeting of the members of German Kitchen Connection
Pty Limited on January 31, 2006, it was resolved that a
voluntary wind-up of business operations is appropriate and
necessary.  Jason Bettles and Susan Carter were appointed as
liquidators.

Contact:  Jason Bettles
          Susan Carter
          Worrells Solvency & Forensic Accountants
          Level 6 Fifty Cavill Avenue, Surfers Paradise
          Qld 4217, Australia
          Web site: http://www.worrells.net.au/


GOLDEN CROSS: CIR Files Liquidation Petition
--------------------------------------------
The Commissioner of Inland Revenue has lodged a petition to
liquidate Golden Cross Contracting Limited.

The Petition will be heard by the High Court of Hamilton today,
February 27, 2006.

Contact: D. J. Fabish
         Solicitor for the Plaintiff
         Inland Revenue Department
         1 Bryce Street, Hamilton,
         New Zealand
         Telephone: (07) 834 7336


HOTJOBS.COM PTY: Members to Receive Wind-up Details Today
---------------------------------------------------------
The members of Hotjobs.com Group Pty Limited will convene today,
February 27, 2006, to receive liquidator M. C. Smith's account
regarding the Company's completed wind-up and disposal of
property.

Contact: M. C. Smith
         Liquidator
         McGrath Nicol + Partners
         Level 9, 10 Shelley Street,
         Sydney, New South Wales 2000
         Australia
         Telephone: (02) 9338 2666
         Web site: http://www.mcgrathnicol.com.au/


ION GROUP: IAS Facility Sold to Drivetrain Systems For AU$70 Mln
----------------------------------------------------------------
ION Group's ION Automotive Systems Pty Limited has completed the
sale of its Albury-based automotive transmission manufacturing
facility and its related intellectual property assets to
Drivetrain Systems International Pty Limited.

After the administration trading period, the sale of the IAS
Assets is expected to generate at least AU$70 million for ION
Group's creditors.

Drivetrain Systems is a consortium consisting of Australian and
International investors and members of the facility's
operational management team.  Drivetrain has committed to
various stakeholders to support the continued operations of the
business from the Albury site.

Contact: Colin Nicol
         McGrathNicol and Partners
         Administrator         
         Level 9, 10 Shelley Street,
         Sydney NSW 2000
         Australia
         Telephone: +61 2 9338 2600
         Fax: +61 2 9338 2699
         e-mail: cnicol@mcnp.com.au
         Web site: http://www.mcgrathnicol.com.au


IRVING HAMMOND: Will Declare Final Dividend Today
-------------------------------------------------
Irving Hammond Pty Limited will declare a final dividend today,
February 20, 2006, to the exclusion of creditors who were not
able to prove their claims.

Contact: Justin Denis Walsh
         Liquidator
         Ernst & Young
         Level 5, Waterfront Place,
         1 Eagle Street, Brisbane,
         Queensland 4000
         Australia
         Telephone: 07 3243 3707


J&J CORBETT: Members Opt to Wind Up Firm
----------------------------------------
On February 1, 2006, members of J&J Corbett Buildings Services
Pty Limited agreed to wind up the Company's operations.  Gregory
John Shilton was appointed as liquidator to manage its wind-up
activities.

Contact: Gregory J. Shilton
         Liquidator
         Gregory J. Shilton & Company
         1st Floor, 407 Canterbury Road
         Surrey Hills, Victoria 3127
         Australia


JUVERNA PTY: Enters Voluntary Liquidation
-----------------------------------------
The members of Juverna Pty Limited met on January 31, 2006, to
agree on the Company's need to wind up its operations.

Tarquin Raoul Koch was then appointed as liquidator to supervise
the Company's wind-up activities.

Contact: Tarquin R. Koch
         Liquidator
         Anthony Matthews & Associates
         Chartered Accountants
         Ground Floor, 91 Hutt Street
         Adelaide, South Australia 5000
         Telephone: (08) 8232 8885
         Fax: (08) 8232 8886
         e-mail: info@matthewsassociates.com.au


LEURA SQUARE: Ernst & Young Appointed as Receivers
--------------------------------------------------
On January 31, 2006, Justin Denis Walsh and Keiran William
Hutchison were appointed as receivers and managers of Leura
Square Pty Limited's properties.

Contact: Justin D. Walsh
         Keiran W. Hutchison
         Receivers
         Ernst & Young
         Level 5, 1 Eagle Street
         Brisbane, Queensland
         Australia


MARJACK INVESTMENTS: Set to Distribute Company Assets
-----------------------------------------------------
After their general meeting on February 3, 2006, the members of
Marjack Investments Pty Limited resolved to close the Company's
business operations and distribute the proceeds of its assets.

Subsequently, Mark Christopher Hall and Timothy James Clifton
were appointed as liquidators.

Contact: Timothy J. Clifton
         Mark C. Hall
         Liquidators
         Clifton Chartered Accountants
         Level 10, 26 Flinders Street,
         Adelaide, South Australia


MC&WI KELLY: Enters Liquidation Proceedings
-------------------------------------------
On December 13, 2005, the Commissioner of Inland Revenue filed
with the High Court of Hamilton an application to place MC&WI
Kelly Limited under liquidation.

The hearing on the Application will be held today, February 27,
2006.

Contact: P. L. Windsor-Knaap
         Solicitor for the Plaintiff
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone: (07) 834 7432


MESCHELL FARIS: To Pay Dividend Today
-------------------------------------
Meschell Faris Sales Pty Limited will declare its first and
final dividend today, February 27, 2006.

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

Contact: Douglas Ferris
         Liquidator
         c/o HLB Mann Judd
         Level 19, 207 Kent Street,
         Sydney, New South Wales 2000
         Australia


MULTIPLEX: Admits Breaching of Covenants With Bankers
-----------------------------------------------------
Multiplex Group recently posted an overall AU$119.6 million loss
in the half year ended December 31, 2006, including a massive
AU$250.7 million net loss attributed to its Wembley Stadium
Project in London.  The report came two days after the English
Football Association gave up plans to hold the FA Cup Final at
Wembley, which was already behind schedule.

The Age says that the recent losses cause the Company to face a
liquidity crisis that could threaten existing development
projects.

Multiplex yesterday admitted that it had breached various
financial ratios and bank covenants and was engaging in talks
with its bankers.

The Age explains that while Multiplex's debts were secured
against AU$2.95 billion of property trust assets, its cash and
available borrowings fell by 35% to AU$484 million over the
first half of the financial year.  Multiplex's intercompany loan
-- from the property trust to the construction and development
corporation -- now stands at AU$1.2 billion.

Moreover, The Australian says that the Company downgraded its
forecast 2005-06 earnings by a massive AU$113 million yesterday.

According to The Sydney Morning Herald, Multiplex Chief
Executive Officer Andrew Roberts assured investors that the
group would no longer need to make further provisions on the
Wembley project and would stick to its forecast of a AU$50
million profit for the full year to the end of June.

Yet, Sydney Herald relates that the full forecast includes an
assumption that Multiplex will win a series of damages actions
against sub-contractors on the Wembley job, including United
Kingdom's Cleveland Bridge, which was building the steel arch
for the stadium's roof.

Sydney Herald says that if the damage actions fail, "investors
can expect more red ink."

Investors received an 8-cent interim distribution for the
Multiplex Property Trust, which reported an 88% rise in property
income to AU$85.8 million.

Mr. Roberts explained that the profit would come from asset
revaluations and an improving office market in Multiplex
Property Trust and asset sales from the group's development arm,
primarily in the United Kingdom.

Mr. Roberts ascertained investors that there would be no more
losses at Wembley.  He also said that Multiplex was likely to
sell off several assets, including some of its Duelguide
portfolio, to boost cash flows.

The Company has been paying GBP138,000 in penalties daily since
January 31, 2006, to the FA for the late turnover of the
stadium.  Penalties have been capped at GBP14 million and were
included in the half-year result.

Multiplex shares plunged to AU$3.01 before a late recovery to
close 13 cents lower at AU$3.15.  Some property analysts
predicted a takeover and break-up of the group if the share
price fell below AU$3.  One analyst predicted a competitor could
seize control of the profitable Multiplex Property Trust.

                         About Multiplex

Headquartered at Miller's Point, in New South Wales, Australia,
Multiplex Group -- http://www.multiplex.biz/-- derives its  
revenue from property funds management, construction, property
development, and facilities management.  The Group employs over
2,000 people and has established operations and offices
throughout Australia, New Zealand, the United Kingdom and the
Middle East.  In December 2003, Multiplex Limited listed on the
Australian Stock Exchange as a part of the Multiplex Group,
raising a total of AU$1.2 billion.  Multiplex Group was formed
by combining the various businesses of Multiplex Limited and the
newly established portfolio of investments held by Multiplex
Property Trust.  Early in 2005, Multiplex began facing cost
pressures on its reconstruction project for the Wembley Stadium
in London, prompting it to conduct its own internal
investigation into the Wembley difficulties.  Its auditor, KPMG,
later conducted its own thorough review of the problems, leading
to an unpredicted write-down.  In February 2005, stunned
investors sold down Multiplex shares after the Company reversed
its stance on two United Kingdom projects, writing off AU$68.3
million from its profits.  This started a series of profit
downgrades throughout 2005.  The Company's troubles continue
with plunging share prices, extortion attempts and threats of
class action from disgruntled shareholders.  The Roberts family,
as founder and controlling shareholder of Multiplex, opted to
offer AU$50 million indemnity in a bid to appease dissatisfied
shareholders.  In May 2005, Multiplex admitted its troubled
Wembley Stadium construction project may end up with a
multimillion loss.  As of February 2006, the Company is faced
with liquidity crisis after posting a massive AU$474 million
loss on Wembley and is currently in talks to bring down possible
delay fees, pegged at AU$138,000 per day beyond the scheduled
March 31, 2006 completion date.


MYER LIMITED: Acquires Hedley Hotel Group for AU$306 Million
------------------------------------------------------------
Coles Myer Limited acquired Hedley Hotel Group for AU$306
million.  The acquisition is expected to close by mid to late
May 2006.

Under the purchase deal, Coles Myer will have 36 hotels and 103
bottle shops and another 17 sites on which it can develop its
1st Choice Liquor Superstores, which compete with rival
Woolworths' 45 Dan Murphy outlets.

Coles Myer Chief Executive Officer John Fletcher said that the
Hedley Group would give Coles Myer market leadership in
superstore liquor retailing Queensland and strengthen its
position in north Brisbane, where it was currently "thin on the
ground."

Queensland licensing laws require liquor retailers to also be
hotel owners.  Thus, Mr. Fletcher said that the Company is in
hotels in Queensland because it is the only way it can be in
liquor retailing there.

Mr. Fletcher, however, brushed aside analysts' suggestions that
the Hedley purchase had been timed to counter the Company's poor
sales figures.

Coles Myer had reported results for the second quarter with
sales rising 3.1% to AU$10.13 billion.

After the closing, Coles Myer will have a total of 68 hotels and
742 bottle shops across Australia and 72 sites for its 1st
Choice superstore development.

Liquor Group managing director Peter Scott said that Coles Myer
was now well set up to take advantage of the growing liquor
superstore sector.  He said that the giant booze supermarkets
currently accounted for about 8% of liquor retail sales, which
the Company expects to grow to more than 40% by 2010.

The AU$306 million purchase price for Hedley Group excludes
inventory.  At least AU$79 million of the purchase price will be
taken in the form of Coles Myer shares, and the balance in cash.


PAINTNOW PTY: Members Push to Liquidate Firm
--------------------------------------------
The members of Paintnow Limited held a meeting on January 21,
2006, and agreed to close the Company's business.

They appointed Stephen Gower Baker to facilitate the wind-up
operations.

Contact: Stephen G. Baker
         Liquidator
         Stephen Baker & Company
         Suite 2, 98 Woolwich Road
         Woolwich, New South Wales 2110
         Australia
         Telephone: 9817 6427
         Fax: 9879 0964


PCB ONE: Receivers and Managers Appointed
-----------------------------------------
On February 8, 2006, Anthony John McCullagh and Stephen Mark
Lawrence, of Horwath Corporate (Auckland) Limited, were
appointed jointly and severally as receivers and managers of all
present and after acquired personal property of PCB One Limited.

The Receivership is under the terms of a general security
agreement in favor of Sopac Holdings Limited dated October 27,
2005, which was registered on the Personal Property Securities
Register on November 1, 2005.

Contact: Horwath Corporate (Auckland) Limited
         Level Fourteen, Forsyth Barr Tower
         55-65 Shortland Street (P.O. Box 3678)
         Auckland 1015
         New Zealand
         Telephone: (09) 302 0521
         Facsimile: (09) 302 0536
         e-mail: horcorp@horwath.co.nz     


QANTAS AIRWAYS: Maintenance Workers Gear Up for Strike
------------------------------------------------------
Qantas Airways unexpectedly called off the scheduled enterprise
bargaining talks with the Australian Manufacturing Workers Union
and Australian Workers Union yesterday, causing heavy
maintenance workers to mobilize for a strike action, The Sydney
Morning Herald reports.

The paper says that Qantas Chief Executive Officer Geoff Dixon
also called off the scheduled briefing where he was expected to
announce the airline's decision on whether to send the heavy
maintenance operations of its long-haul fleet outside Australia
and leave an estimated 2,500 workers jobless.

Workers fear that the airline may decide to shut its Sydney
Boeing 747 and 767 maintenance base if it decides to restructure
its Australian maintenance operations.  Any decision to keep
work inside the country is expected to result in wholesale job
cuts, given that Qantas wants to slash maintenance costs by 20%.

Qantas explained that the engineering transformation update was
called off because it had some discussions with certain
interested parties that need to be sorted out.

The enterprise bargaining agreement talks will resume on
March 6, 2006.

The AMWU has warned Qantas that it would launch industrial
action if heavy maintenance is sent to Asia or if jobs are cut
across its Australian operations without first consulting with
unions.


SCHAPEL INVESTMENTS: Inability to Pay Debts Forces Wind-up
----------------------------------------------------------
Schapel Investments Pty Limited has determined that a voluntary
wind-up of its business operations is necessary, due to the
Company's inability to pay its debts.

In that regard, Andrew James Heard and Mark Christopher Hall
were appointed to oversee the Company's liquidation activities.

Contact: Mark C. Hall
         Andrew J. Heard
         Joint Liquidators
         PPB Chartered Accountants
         Level 10, 26 Flinders Street,
         Adelaide 5000 South Australia


SEALEY CAFE: Court to Hear Liquidation Application on March 30
--------------------------------------------------------------
On March 30, 2006, the High Court of Auckland will hear a
petition to liquidate Sealey Cafe Bar (1999) Limited.

The Commissioner of Inland Revenue lodged the Petition on
December 19, 2005.

Any person, other than the defendant company, who wishes to
appear on the hearing of the application, must file an
appearance not later than March 28, 2006, with:

          D. J. Fabish
          Solicitor for the Plaintiff
          Inland Revenue Department
          1 Bryce Street, Hamilton
          New Zealand
          Telephone: (07) 834 7336


SONOH PTY: Schedules Final Meeting Today
----------------------------------------
The final meeting of the members and creditors of Sonoh Pty
Limited is scheduled today, February 27, 2006, for them to get
an account of the manner of the Company's wind-up and property
disposal from liquidator Geoffrey Reidy.

Contact: Geoffrey Reidy
         Liquidator
         Rodgers Reidy
         Level 8, 333 George Street
         Sydney, New South Wales 2000
         Australia
       

STOREWATCH RESPONSE: Falls Into Receivership
--------------------------------------------
On February 8, 2006, Finance Portfolio Limited appointed Paul
Graham Sargison and Gerald Stanley Rea, chartered accountants of
Auckland, as receivers and managers of the property of
Storewatch Response Group Limited.  The appointment is under the
powers contained in a general security agreement dated May 31,
2005, secured over all present and future personal property of
the company.

Contact: The Office of the Receivers and Managers
         Gerry Rea Associates, P.O. Box 3015
         Auckland, New Zealand
         Telephone: (09) 377 3099
         Facsimile: (09) 377 3098
         e-mail: psargison@gerryrea.co.nz


TAXIS COASTLINE: CIR Lodges Application to Liquidate Firm
---------------------------------------------------------
On November 22, 2005, the Commissioner of Inland Revenue filed
an application to have Taxis Coastline Limited liquidated.

The High Court of Tauranga will hear the Petition on March 6,
2006, at 10:45 a.m.

Any person, other than the defendant company, who wishes to
appear on the hearing of the application, must file an
appearance not later than March 2, 2006, with:

          G. N. Jansen
          Solicitor for the Plaintiff
          Inland Revenue Department
          1 Bryce Street, Hamilton
          New Zealand
          Telephone: (07) 834 7408


TRIPLE J: Court Appoints Liquidator
-----------------------------------
On February 3, 2006, the Federal Court of Australia, New South
Wales District Registry, appointed Christopher J. Palmer to act
as liquidator for the wind-up of Triple J Bricklaying Pty
Limited.

Contact: Christopher J. Palmer
         Liquidator
         O'Brien Palmer
         Level 4, 23-25 Hunter Street
         Sydney, New South Wales 2000
         Australia


WATTYL LIMITED: Reports 62% Drop in Half-Year After Tax Profit
--------------------------------------------------------------
Wattyl Limited reported a 62% drop in after-tax profit to AU$3.4
million in the six months ended December 2005, compared with
AU$9 million in the same period in 2004.

Wattyl Managing Director John Nolan blames the plunge on the
Company's AU$5.2 million provision for restructuring.

Mr. Nolan said that Wattyl's restructuring program remained on
track to deliver AU$22 million cost savings in the target's
statement, lodged with the Australian Securities and Investments
Commission in January.  He adds that the full-year benefit would
be reflected in the 2006-07 financial year.

Wattyl's revenues dropped 1% to AU$214 million for the six
months to December 2005, compared with AU$216 million in the
corresponding period in 2004.

The Company's earnings before interest and tax were AU$7.2
million, against AU$13.9 million for the half year to December
2004.

Directors declared a fully franked interim dividend of 8 cents a
share -- down from 10 cents in the previous corresponding
period.  Analysts of the stock said that the payment of an 8
cent dividend was in line with the Company's policy to pay
ordinary dividends of 70% to 100% of its after-tax earnings
before non-recurring items.  The board had reiterated its
intention to unanimously recommend to its shareholders to
consider a takeover proposal from South African group Barloworld
Ltd.

The Australian Competition and Consumer Commission is doing a
"market sounding" on Barloworld's proposal and is expected to
hand down its decision in April.

As reported in the Troubled Company Reporter - Asia Pacific, on
February 14, 2006, Barloworld made a AU$321 million friendly
takeover bid for Wattyl.  The offer is higher than the AU$3.25-
a-share bid from Allco Equity Partners, valuing the Company at
$285 million.


WEEKES INVESTMENT: Decides to Shut Down Business
------------------------------------------------
Members of Weekes Investment Pty Limited held an extraordinary
general meeting on February 2, 2006, and agreed to:

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

  -- appoint William Balfour Rangott as liquidator.

Contact: William B. Rangott
         Liquidator
         Rangott Slaven Hundy
         Unit 12, Level 3, Engineering House
         11 National Circuit
         Barton ACT 2600
         Australia


WHEELSPIN PTY: Liquidator to Present Wind-up Report
---------------------------------------------------
The final meeting of the shareholders of Wheelspin Pty Limited
is scheduled today, February 27, 2006, where the liquidator will
present an account of the manner of the Company's wind-up and
property disposal.

Contact: I. J. Snook
         Liquidator
         c/o William Buck (SA) Pty Limited
         48 Greenville Road
         Wayville, South Australia 5034
         Telephone: (08) 8272 2333
         Fax: (08) 8272 1972


WOOLSHED BAR: Court Taps Official Liquidators
---------------------------------------------
On February 2, 2006, the High Court of Dunedin has ordered that
The Woolshed Bar & Grill Limited be put into liquidation.

Iain Andrew Nellies and Paul William Gerrard Jenkins were
appointed joint and several liquidators for the purpose.

Contact: Insolvency Management Limited
         Level Six, Burns House
         10 George Street (P.O Box 1058)
         Dunedin, New Zealand


WESTPOINT GROUP: ASIC Provides Status Report for Investors
----------------------------------------------------------
The Australian Securities and Investments Commission has created
a bulletin designed to tell Westpoint Group investors some key
information about the status of the ASIC's legal proceedings
relating to the Group.

           Essential Information for Westpoint Investors

1. What is happening with the company at the center of
   Westpoint, Westpoint Corporation Pty Ltd?

   The Federal Court in Perth has ordered the winding up of
   Westpoint Corporation Pty Ltd.  The ASIC applied to wind up
   the company on grounds of insolvency.

   The court appointed PPB as liquidators of the company.

   ASIC believes that Westpoint Corporation is responsible for
   arranging, managing and coordinating Westpoint's property
   projects as well as holding money for other group companies.

   ASIC was concerned that Westpoint Corporation was unable to
   pay its debts, including its obligations under the guarantees
   given to the mezzanine companies to make good expected
   shortfalls in the repayment of amounts owed to investors.

2. Have any other Westpoint companies been placed in external
   administration?

   A provisional liquidator has been appointed to Westpoint
   Management Limited.  Westpoint Management is the trustee of
   the 60 Market Street and 297 Murray Street Trusts, and
   responsible entity of the Paragon Commercial Syndicate, the
   Warnbro Fair Syndicate and the Westpoint Income Fund.

   The Supreme Court has appointed PPB as provisional
   liquidators Westpoint Management following consultation
   between ASIC, the receivers and managers over parts of the
   company's property, and PPB.

   Under the orders, the provisional liquidators are required to
   provide a report to the Court and to ASIC regarding the
   winding up of the company, as soon as reasonable and in any
   event, within two months of the orders.  ASIC will review
   that report to help it determine the future of the company's
   Australian Financial Services License and its status as
   responsible entity of the managed investment schemes.

3. Where has the money gone?

   Instead of going into individual property development
   projects as Westpoint investors were led to believe, ASIC
   alleges investors' money was pooled and used by Westpoint for
   various purposes of the group.

   The intermingling of investors' funds must now be unraveled
   by the receivers and liquidators of various Westpoint
   entities.

4. What happens to investors whose money is locked up in
   Westpoint schemes?

   Investors' money remains tied up in the schemes pending the
   determination by liquidators of the most effective way to
   sell the assets in an orderly process.

5. Why did ASIC not act earlier to regulate the Westpoint Group
   and prevent the loss of investors' money?

   ASIC commenced action against Westpoint companies in 2004
   when it became concerned that they were operating outside
   the provisions of the Corporations Law.  ASIC sought a
   determination by the court that Westpoint was promoting a
   financial product and a managed investment scheme.

   ASIC's appeal from the original court decision was heard
   recently.  The court's decision in these proceedings will
   determine ASIC's jurisdiction over the activities of
   Westpoint and the avenues it can pursue in respect of
   Westpoint directors and the financial planners and advisers
   involved.

6. Can it happen again?

   Investors should be aware that if they put their money into
   high interest products they are accepting high risk.  Some
   investment schemes are deliberately structured so that they
   fall outside the provisions of the Corporations Act.  Those
   schemes, many without an approved product disclosure
   statement or prospectus, carry the highest risk.

                 Summary of action taken to date

Litigation was started in 2004 in the Supreme Court of Western
Australia between ASIC and (i) Emu Brewery Mezzanine Ltd; and
(ii) Bayshore Mezzanine Pty Ltd concerning whether certain
investments offered to investors in those companies were
regulated under various parts of the Corporations Act 2001.  
ASIC also asked the court to find that investors have been
misled.  This litigation is yet to be resolved and is currently
being considered by the Western Australian Court of Appeal.  
This action will identify whether ASIC has jurisdiction over
investments offered by Westpoint and will determine what actions
ASIC can pursue.

In November and December 2005, ASIC brought applications in the
Federal Court in Perth seeking the winding up of York Street
Mezzanine Pty Ltd and Ann Street Mezzanine Pty Ltd, and the
appointment of a provisional liquidator to the companies to
safeguard the interests of the holders of promissory notes.  The
court has ordered that these companies be wound up and has
appointed PricewaterhouseCoopers as the liquidators.

ASIC has also successfully applied for the winding up of
Westpoint Corporation Pty Ltd on the basis that the Company is
insolvent.  PPB has been appointed as liquidators of Westpoint
Corporation.  PPB are also the liquidators of Westpoint
Constructions.

The Supreme Court of Western Australia has appointed PPB as
provisional liquidators of Westpoint Management Limited.

Creditors have also voted to appoint PricewaterhouseCoopers as
liquidators of:

          * Mount Street Mezzanine Pty Ltd;
          * Bayshore Mezzanine Pty Ltd;
          * Bayview Heritage Mezzanine Pty Ltd;
          * Market Street Mezzanine Ltd; and
          * Market Street Mezzanine No.2 Pty Ltd.

Creditors of also voted to appoint Ferrier Hodgson as
liquidators of:

          * North Sydney Finance Ltd; and
          * Emu Brewery Mezzanine Ltd.

KordaMentha are acting as receivers of:

          * Westpoint Corporation Pty Ltd;
          * Warnbro Shopping Center - Westpoint Corporation;
          * certain assets of Westpoint Management Ltd;
          * Bayshore Port Melbourne Pty Ltd;
          * Paragon Commercial Syndicate; and
          * other special purpose vehicles within the group.

Deloitte have been appointed receiver of:
          
          * the property at 60 Market St Melbourne.

Ferrier Hodgson are receivers of:

          * Scots Church Development Pty Ltd; and
          * certain assets of Westpoint Construction Pty Ltd.

                     Lodgment of 2005 accounts

The Westpoint Group companies or investment schemes, which have
lodged their financial accounts for the year ended June 30,
2005, as a result of court orders obtained by ASIC are:

          * Emu Brewery Mezzanine Ltd;
          * North Sydney Finance Ltd;
          * Chocolate Factory (Winthrop) Ltd;
          * Paragon Apartments Ltd;
          * Bayview Port Melbourne Ltd;
          * Warnbro Fair Syndicate;
          * Paragon Commercial Syndicate; and
          * Westpoint Income Fund.

The companies ordered by the Court to lodge audited 2005
accounts are:
  
          * Westpoint Corporation Pty Ltd;
          * Westpoint Constructions Pty Ltd; and
          * Scots Church Development Ltd.

ASIC is considering the enforcement of these court orders in
view of the fact that liquidators and receivers are now in
control of the Westpoint companies.

                            Stop order

In October last year, ASIC also stopped the Product Disclosure
Statement issued by Westpoint Income Fund.  The order stops the
fund from raising any money under the PDS.  The responsible
entity of the fund, Westpoint Management, is now under the
control of provisional liquidators.

                        Production of books

ASIC also has applications before the court to enforce
compulsory notices for the production of documents by:

          * Scots Church Development Limited;
          * Bayshore Port Melbourne Pty Ltd;
          * North Sydney Development Pty Ltd; and
          * North Sydney Finance Pty Ltd.

ASIC is working with the liquidators and receivers of these
companies regarding compliance with the notices.


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

401 CONCEPT: Appoints Joint and Several Liquidators
---------------------------------------------------
On February 9, 2006, Cosimo Borrelli and Kelvin Flynn, of  
Alvarez & Marsal Asia Limited, were appointed to liquidate 401  
Concept Mall Development Limited's operations.

Contact: Cosimo Borrelli & Kelvin Flynn   
         Alvarez & Marsal Asia Limited
         5th Floor Allied Kajima Building
         138 Gloucester Road,
         Wanchai, Hong Kong
         Telephone: (852) 3102 2600
         Fax: (852) 2598 0060
         e-mail: rbaker@alvarezandmarsal.com


401 HUABO: Liquidators Named to Wind Up Assets
----------------------------------------------
At a meeting of the creditors of 401 Huabo Limited on February
9, 2006, it was agreed that the Company be wound up.  Cosimo
Borrelli and Kelvin Flynn, of Alvarez & Marsal Asia Limited,
were appointed as joint and several liquidators to supervise the
Company's liquidation.

Contact: Cosimo Borrelli
         Kelvin Flynn
         Alvarez & Marsal Asia Limited
         5th Floor Allied Kajima Building
         138 Gloucester Road, Wanchai, Hong Kong
         Telephone: (852) 3102 2600
         Fax: (852) 2598 0060
         e-mail: rbaker@alvarezandmarsal.com


401 LAUNDRY: Names Official Liquidator  
--------------------------------------
The creditors of 401 Laundry Services Limited convened on
February 9, 2006, and decided to liquidate the Company's
business operations.  

The members subsequently named Cosimo Borrelli and Kelvin Flynn,
of Alvarez & Marsal Asia Limited, to facilitate the Company's
wind-up activities.  

Contact: Cosimo Borrelli
         Kelvin Flynn
         Alvarez & Marsal Asia Limited
         5th Floor Allied Kajima Building
         138 Gloucester Road, Wanchai, Hong Kong
         Telephone: (852) 3102 2600
         Fax: (852) 2598 0060
         e-mail: rbaker@alvarezandmarsal.com


ACCUPRODUCT INDUSTRIAL: Commences Winding Up Process
----------------------------------------------------
Accuproduct Industrial Limited has received a wind-up order from
the High Court of the Hong Kong Special Administrative Region
Court of First Instance on February 8, 2006.

Contact: Edward Thomas O'Connell
         Official Receiver
         HKSAR-Official Receiver's Office
         10th Floor, Queensway Government Offices,
         66 Queensway, Hong Kong
         Telephone: 2867 2426
         Fax: 3105 1814
         e-mail: eamonn@oro.gov.hk


BEIJING M-MODE: Placed Under Liquidation
----------------------------------------
On February 23, 2006, M-Mode Berhad has placed its wholly owned
subsidiary, Beijing M-Mode Network Technology Co. Ltd., under
liquidation.

Beijing M-Mode was incorporated as a wholly owned subsidiary of
M-Mode Berhad on March 2, 2005, with a registered capital of
US$150,000.00.  The intended principal activities of Beijing M-
Mode were technology development in Internet, network, software,
technical consultancy, technical support and other activities
that are in the best interest of the Company other than
activities prohibited by regulation or which required prior
approval from the Government of The People's Republic of China.
However, it has been dormant since the date of its
incorporation.

Beijing M-Mode was previously incorporated in order for M-Mode
to tap into the Chinese market.  However, subsequent to Beijing
M-Mode's incorporation, M-Mode entered into a joint venture
agreement on June 25, 2005, with Elegant Archer (M) Sdn Bhd and
Dalian Dreamfun Digital Technology Co. Ltd to set up a joint
venture Company in Dalian, China, known as Dalian M-Mode
Dreamfun Technology Ltd.

The Directors of M-Mode believe that liquidating Beijing M-Mode
is appropriate since M-Mode is focusing on Dalian M-Mode and
does not have immediate plans to activate Beijing M-Mode.

M-Mode assures parties-in-interest that the Liquidation will not
have any material effects on its share capital, net assets and
earnings for the financial year ending December 31, 2006.

None of the Directors or substantial shareholders of M-Mode or
persons connected to them has any interests, directly or
indirectly, in the Liquidation.


BRIGHT CONTAINER: Decides to Close Operations
---------------------------------------------
On December 15, 2005, Tam Kam Hung presented a petition to wind
up Bright (Cant-HK) Container Company Limited.

The Petition will be heard before the High Court of Hong Kong
Special Administrative Region on March 15, 2006, at 9:30 a.m.

Contact: Betty Chan King Wah
         Director of Legal Aid
         HKSAR Legal Aid Department
         34/F, Hopewell Center
         183 Queen's Road East
         Wanchai, Hong Kong
         Telephone: (852) 2126 6731
         e-mail: ladinfo@lad.gov.hk


BUDDYZ COFFEE: Creditors' Meeting Set for March 9
-------------------------------------------------
A meeting of the creditors of Buddyz Coffee Limited will be held
on March 9, 2006, at 11:30 a.m.

Creditors who want to be represented at the meeting may appoint
proxies, who must be lodged at Room 1101, 11/F, Shiu Lam
Building, 23 Luard Road, in Wan Chai, Hong Kong, not later than
March 8, 2006.


CITIDECO CONTRACTING: Wind-up Hearing Slated for March 15
---------------------------------------------------------
On January 18, 2006, Ling Way Leng issued a petition to wind up
Citideco Contracting Limited.

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

Contact: Betty Chan King Wah
         Director of Legal Aid
         HKSAR-Legal Aid Department
         34/F, Hopewell Center
         183 Queen's Road East
         Wanchai, Hong Kong
         Telephone: (852) 2126 6731
         e-mail: ladinfo@lad.gov.hk  


CREATIVE CIRCLE: Members to Receive Wind-up Details
---------------------------------------------------
A final meeting of the members of Creative Circle Limited will
be held on March 18, 2006, at Unit C, 9th Floor, Eton Building,
288 Des Voeux Road, in Central, Hong Kong.

At the meeting, the members will receive the liquidator's final
account showing how the Company was wound up and how its
property was disposed.

They will also propose that the books, accounts and documents of
the Company will be retained by the liquidator, Ng Kowk Hing,
and be destroyed three months after the Company is dissolved.


ELITE CHAMP: Creditors' First Meeting Fixed for March 15
--------------------------------------------------------
The first meeting of Elite Champ Engineering Limited's creditors
will be held on March 15, 2006, at 11:30 a.m., at the 5th Floor,
Ho Lee Commercial Building, 38-44 D'Aguilar Street, in Central,
Hong Kong.

Any proxy may represent a contributory or creditor entitled to
attend at the meeting.

Forms of proxies for both meetings must be lodged not later than
March 14, 2006, at the meeting location.


HANSONG COMPANY: Decides to Shut Down Operations
------------------------------------------------
On February 17, 2006, the members of Hansong (Hong Kong) Company
Limited convened and agreed that:

   -- the Company be wound up voluntarily.

   -- Lam Ying Sui, of Room 1005 Allied Kajima Building, 138
      Gloucester Road, in Wanchai, Hong Kong, be appointed to
      supervise the wind-up activities of the Company; and

   -- the audit of the liquidator's accounts of receipts and
      payments will not be required.


KONG SUN: Members & Creditors Meetings Fixed for March 6
--------------------------------------------------------
The meetings of the members and creditors of Kong Sun
Engineering & Construction Company Limited will be held for them
to receive the liquidator's final account showing how the
Company was wound up and how its property was disposed.

The meeting among members will be held on March 6, 2006, at 2:30
p.m., and the creditors' meeting will follow at 3:00 p.m.

Contact: Stephen Briscoe
         Liquidator
         Alvarez and Marsal
         5th Floor Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong
         Telephone: (852) 3102 2600
         Fax: (852) 2598 0060
         e-mail: sbriscoe@alvarezandmarsalasia.com


L&M FOUNDATION: Creditors Meeting Set for March 6
-------------------------------------------------
The first meeting of creditors and contributories of L&M
Foundation Specialist Limited will be held on March 6, 2006, at
10:30 a.m. and 11:30 p.m., respectively.

Contact: Edward Thomas O'Connell
         Official Receiver
         HKSAR-Official Receiver's Office
         10th Floor, Queensway Government Offices,
         66 Queensway, Hong Kong
         Telephone: 2867 2426
         Fax: 3105 1814
         e-mail: eamonn@oro.gov.hk


NFO HONG KONG: Creditors' Proofs of Claim Due on March 16
---------------------------------------------------------
The creditors of NFO Hong Kong Limited are required to submit
the particulars of their debts or claims against the Company by
March 16, 2006, to:  

          Choi Man On
          Chan Wai Dune
          Joint and Several Liquidators
          37/F., Hennessy Center,
          500 Hennessy Center, Causeway Bay,
          Hong Kong
          
Failure to comply with the requirements will exclude the
creditors from the benefit or any distribution or from objecting
to the distribution.


T.T. LIMITED: Court Enters Wind-Up Order
----------------------------------------
T.T. (Holdings) Limited had presented a petition to wind up its
operations.

On February 8, 2006, the High Court of the Hong Kong Special
Administrative Region Court of First Instance entered a wind-up
order pertaining to the Company.

Contact: Edward Thomas O'Connell
         Official Receiver
         HKSAR-Official Receiver's Office
         10th Floor, Queensway Government Offices,
         66 Queensway, Hong Kong
         Telephone: 2867 2426
         Fax: 3105 1814
         e-mail: eamonn@oro.gov.hk


YEE WOO: Court to Hear Wind-Up Petition on March 15
---------------------------------------------------
On January 20, 2006, Cheung Ying Keung presented a petition with
the High Court of Hong Kong Special Administrative Region to
wind up Yee Woo Hing Hat Manufactory Company Limited.

The Court will hear the Petition on March 15, 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.

Contact: Kenneth Woo & Co.
         Solicitors for the Petitioner
         Room A, 2nd Floor, Mee Tak Building,
         33 Kwong Fuk Road, Tai Po,
         New Territories, Hong Kong
         Telephone: 2685-1013
         Fax: 2638-0220


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

INCAB INDUSTRIES: Silver Jubilee is Last Hope for Revival
---------------------------------------------------------
The steering committee of the Finance Department is urging
Silver Jubilee to submit a revival plan for ailing Incab
Industries Limited on or before February 28, 2006, in order to
save the firm from dissolution, The Telegraph reports.

The Committee is planning to finalize a revival package for
Incab on March 2, 2006, before forwarding the plan over to the
Board for Industrial and Financial Reconstruction, the report
states.

The BIFR has given Incab until April 12, 2006, to recover or
risk being wound up.

State finance minister Raghuvar Das, who is rallying for the
smooth takeover of Incab, vowed to work out a settlement for
Incab's revival before the BIFR deadline.

The Telegraph states that two firms are setting their eyes on
Incab.  Tata Steel is reportedly interested in Incab's
Jamshedpur unit, while Silver Jubilee is keen on the Pune
subsidiary.

Headquartered in Chennai, India, Incab Industries Limited was
involved in the manufacture and export of electrical wires and
cables.  Incab Industries was declared sick in April 2000.  The
State Bank of India was appointed as the operating agency to
examine the viability of the company and formulate a
rehabilitation scheme based on the company's proposal for its
revival, if found viable.  In April 2004, the Board for
Industrial and Financial Reconstruction considered winding up
the Company since there was no concrete rehabilitation proposal
for consideration.  


JIK INDUSTRIES: Completes Debt Revamp
-------------------------------------
JIK Industries Ltd. has completed its corporate debt
restructuring program with its lenders, The Hindu Business Line
reports.

According to the paper, JIK will focus on its crystal ware
manufacturing business in its post-restructured phase.

Business Line relates that under its corporate debt
restructuring package, JIK will pay its INR57-crore outstanding
debt over 10 years, beginning 2008.  The interest cost has been
lowered from 16% to 9%.

The paper recounts that before the Company embarked on a debt
restructuring, it had accumulated an aggregate debt of
INR110 crore -- INR30 crore of which was converted to equity
through a deal with its unsecured creditors pursuant to Section
391 of the Companies Act.  About INR8 crore would be converted
into equity by the lenders and INR11 crore has been waived.
Another INR4 crore would either be converted into equity or
preference shares.

The Company had gone down under after accidents at its chemical
waste recycling plant and at its crystal-making unit.

The company, which had diversified interests -- crystal making,
money changing and chemical waste recycling -- was forced to
exit the money changing business after its net worth was eroded.  
Under the Reserve Bank of India stipulations companies whose net
worth was eroded were not allowed to continue in the money
changing business.

Currently, JIK's crystal making unit is partially operational.  
The company is in the process of capacity expansion.


* Government Approves Bond Issue for Oil Firms
----------------------------------------------
Loss-making oil firms Indian Oil Corporation, Bharat Petroleum
and Hindustan Petroleum will finally receive compensation for
selling petroleum products at subsidized prices, as the Cabinet
has approved the issue of INR11,500 crore worth of oil bonds,
The Telegraph reports.

According to The Telegraph, Indian Oil is set to receive
INR6,000 crore, while the remaining INR5,500 crore will be
equally divided between Hindustan Petroleum and Bharat
Petroleum.

The bonds will be released in two equal tranches of INR5,750
crore each, the first of which will be issued immediately.

The bonds will carry a fixed coupon to be determined on the
basis of the prevailing market rate of interest on central
government securities with comparable maturities. The interest
will be payable on a six-monthly basis.

The maturities of the bonds have been spread over different
periods to minimize the burden on the government. While the
first block of bonds worth INR2,000 crore will mature in three
years, second block of INR2,000 crore in six years and the
remaining INR1,750 crore will mature after nine years.

The Government expects the bonds to improve the balance sheets
of the three oil companies, which have incurred huge for selling
liquefied petroleum gas an kerosene below market prices despite
soaring global crude rates.

The firms can even sell the bonds at a discount in order to
raise money if required, The Telegraph adds.


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

DIRGANTARA INDONESIA: To Sell 12 Planes for IDR2 Tln to Thailand  
----------------------------------------------------------------
Ailing PT Dirgantara Indonesia aims to sell 10 to 12 airplanes
worth IDR2 trillion to Thailand, Reuters News relates.

According to State Enterprises Minister Sugiharto, Thailand is
awaiting approval from Parliament for the aircraft purchase this
year.  Half of the aircraft would be used for military service,
while the rest would be used for civilian purposes.

Reuters cites Minister Sugiharto as saying that the purchase
deal with Thailand would help Dirgantara turn around, Reuters
News says.

PT Dirgantara Indonesia -- http://www.indonesian-aerospace.com/
-- is one of the indigenous aerospace companies in Asia with  
core competence in aircraft design, development and manufacture  
of civilian and military regional commuter aircraft.  In
production line, Dirgantara Indonesia has delivered more than
300 units of aircraft & helicopters, defense system, aircraft
components and other services.  The Company was not able to
fully recover from the 1998 Asian financial crisis, and has
sought government help to turn its business around.


KIANI KERTAS: UFS Readies Funds for Takeover
--------------------------------------------
On January 12, 2006, Singaporean firm United Fiber System
Limited issued a statement indicating that it had lined up the
necessary funds for the proposed acquisition and refinancing of
the debts of troubled Indonesian pulp and paper mill PT Kiani
Kertas.

UFS has made progress in its negotiations with Kingsclere
Finance Limited, which has an exclusive sales and purchase
agreement with the vendors of Kiani Kertas.  However, UFS said
that if the deal no longer makes financial sense, it is ready to
walk away from the proposed takeover to protect the interests of
its shareholders.

Merrill Lynch will be assisting UFS in arranging the funds for
the acquisition of Kiani Kertas.

PT Kiani Kertas - http://www.kiani.com/-- was formed in 1990 to    
establish a world class market pulp mill at Mangkajang, in the  
Berau District of Kalimantan Timur.  The Company is committed to
sustainable forest practices, including conservation areas for
biodiversity.  Kiani Kertas' objective is to ensure that the
surrounding area, and its people benefit from the presence and
operation of the mill.  Environmental procedures and policies
are continuously monitored to ensure that environmental
standards are consistently met.  Kiani Kertas owes a principal
of IDR1.86 trillion and IDR120.23 billion in interest to Bank
Mandiri.  The Company needs capital from new investors in order
to stay afloat and repay its debts to Bank Mandiri by 2007, as
stipulated in a restructuring agreement signed in 2004.


PERTAMINA: Coalition Opposes ExxonMobil's Cepu Block Operation
--------------------------------------------------------------
A group of members from Indonesia's House of Representatives and
Regional Representative Council has joined forces with economic
observers and alumni and student organizations of acclaimed
universities to oppose ExxonMobil Corporation's proposed
operatorship of the Cepu oil block, The Jakarta Post reports.

PT Pertamina and United States-based ExxonMobil have a long-
standing dispute on the operations management of the oil block,
co-owned by both firms with the regional government.  They had
come to an initial agreement on the development of the block,
but were still deadlocked on who would operate it, The Post
says.

According to The Post, The People's Movement to Save Cepu Block
sent a letter to President Susilo Bambang Yudhoyono, asking the
Government to reconsider handing the operation of the Cepu block
to ExxonMobil, as the firm may mark up the development costs of
the block.  House of Representatives member Dradjad Wibowo
stated that if Pertamina were to operate the oil block, it would
ensure lower costs and greater revenues for the Government.

The Government is considering handing over the block's
operations to Exxonmobil, which can provide the financing and
technologies to develop the block, and has given both Pertamina
and ExxonMobil until next week to resolve the matter.  If they
cannot come up with a solution by next week, the Government will
take over the decision of the Cepu block's operations.

The Cepu oil block, which was discovered by ExxonMobil when it
was under contract by Pertamina, has 500 million barrels of
reserves, and its exploration would increase Indonesia's total
oil output by almost 20%.  Troubled Company Reporter - Asia
Pacific reported on February 23, 2006, that the long delay in
the block's development could cause up to IDR48 trillion in
state losses.

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a      
wholly state-owned enterprise.  The enactment of Oil and Gas Law    
No. 22/2001 in November 2001 and Government Regulation No.     
31/2003 has changed its legal status from a special state-owned   
enterprise into a Limited Liability Company.  In carrying out  
its activities, PT Pertamina (Persero) implements an integrated   
system from upstream to downstream.  Despite reporting a net
profit of IDR3.03 trillion for the first six months of 2005,
Pertamina's failure to service its financial obligations was
pegged as one of the contributors to Indonesia's decreased
income for the year.


PERTAMINA: To Import LPG from Singapore to Avoid Shortage
---------------------------------------------------------
PT Pertamina will increase its imports of liquefied petroleum
gas, or LPG, in order to prevent a possible shortage, The Oil &
Gas Journal says.

In January 2006, the state oil and gas firm had planned to
import up to 6,000 tons of LPG from Malaysia, Singapore, and
Thailand and to produce LPG at its Balongan refinery in West
Java.  The Journal relates, however, that the temporary shutdown
of Pertamina's refinery has forced the Company to raise its LPG
imports to 9,000 tons.

Pertamina's refinery, which could produce 1,200 tons of LPG per
day, stopped operations on February 15.  It will resume
production on March 5.  The refinery has been shut down several
times in the past two years for maintenance purposes.

Pertamina will import 9,000 tons of LPG from Singapore in order
to meet local demand.

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a      
wholly state-owned enterprise.  The enactment of Oil and Gas Law    
No. 22/2001 in November 2001 and Government Regulation No.     
31/2003 has changed its legal status from a special state-owned   
enterprise into a Limited Liability Company.  In carrying out  
its activities, PT Pertamina (Persero) implements an integrated   
system from upstream to downstream.  Despite reporting a net
profit of IDR3.03 trillion for the first six months of 2005,
Pertamina's failure to service its financial obligations was
pegged as one of the contributors to Indonesia's decreased
income for the year.


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

JAPAN AIRLINES: Summoned in Air Cargo Probe
-------------------------------------------
Japan Airlines Corporation is a defendant in two suits alleging
collusion between major international airlines to set airline
fares by raising surcharges for fuel and security, Newsday.com
reports.

The legal actions have been filed in the United States District
Court in Brooklyn, New York.

One suit was filed by Fleurchem Inc., a Middletown, New York
supplier of ingredients for flavors and fragrances.  The case
alleges that airlines began conspiring "on or around"
January 1, 2000.  Barbara J. Hart, an attorney at Labaton
Sucharow & Rudoff in Manhattan, is representing Fleurchem.

The second suit was filed by an animal shipping Company Animal
Land Inc. of Atlanta.  The suit alleges that airlines "used the
aftermath of the 9/11 attacks ... as a pretext for coordinated
price increases in the form of surcharges for additional
security measures".  Garrett Blanchfield, a lawyer for Reinhardt
Wendorf and Blanchfield of St. Paul, Minnesota represents Animal
Land.

The suits, which both seek class action status, came a week
after the Justice Department and European law-enforcement
authorities launched investigations into possible air-cargo
price-fixing.

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.  JAL's
international passenger operations incurred losses in recent
years due to negative factors such as the severe acute
respiratory distress syndrome epidemic and terrorism fears.  For
the full fiscal year ending March 2006, JAL forecasts a group
net loss of JPY47 billion.


LIVEDOOR CO.: TSE to Decide on Delisting Next Month
---------------------------------------------------
The Tokyo Stock Exchange will decide next month whether to
delist the stock of Livedoor Co., Japan Economic Newswire
reports.

The development came after former Livedoor President Horie and
other former executives were served fresh arrest warrants on
February 22, 2006, for alleged accounting fraud.

The Securities and Exchange Surveillance Commission may file a
criminal complaint around 20 days after the issue of fresh
warrants.  This may prompt the TSE to delist Livedoor's shares
in mid-March and transfer the issue to the liquidation post from
the monitoring post.

The Troubled Company Reporter - Asia Pacific reported on
February 15, 2006, that the Tokyo Stock Exchange may delist
Livedoor Co. if its former executives are arrested again for
tampering the Company's financial statements.  Prosecutors
arrested former Livedoor President Takafumi Horie and three
other former executives last month.  They were indicted last
week on charges of market manipulation and accounting fraud by a
Livedoor subsidiary.

Headquartered in Tokyo, Japan, Livedoor Co. Ltd.   
-- http://corp.livedoor.com/en/-- is into Internet-related   
business.  It is involved in many sectors, including out portal  
site "livedoor", financial business, corporate web solution,
data center and IP telephony business.  


MITSUBISHI MOTORS: Posts January 2006 Production & Sales Figures
----------------------------------------------------------------
Mitsubishi Motors Corporation released its global production,
domestic sales and export results for January 2006.

A Company press release said that the total global production
was 106,749 units, an increase of 4.7% from January 2005.  In
Japan, 55,582 units were produced in the month, 10.5% more year-
on-year.

Total sales in Japan came to 17,600 units, a 9.9% increase on
the previous period's figure due to the strong debut of the new
concept minicar "i", which sold over 2,300 units in one week
after its January 24, 2006, launch.  Shortly into February
orders for "i" surpassed 10,000 units.  This is the ninth
consecutive month of year-on-year sales growth for the domestic
market.  Total sales for passenger cars were 13,264 units, 115.2
percent of last year's volume, while commercial vehicle sales
saw a small decrease to 4,336 units, or 96.4% of the January
2005 total.

Overseas production for the month was stable at 51,167 units, or
99.1% of the amount manufactured in the same period last year.
European production was down 9.4% compared to last year's
volume, to 5,587 units.  Asian production totaled 35,935 units,
a small decline of 4.0% over the previous period, and production
in North America increased 14.8% year-on-year to 6,507 units.

Total exports from Japan rose 33.1% over last year's volume to
29,621 units.  Lead by continued strong sales growth in Russia,
exports to Europe increased to 10,262 units, or 166.7% of the
export volume for the same period last year.  Exports to Asia
declined to 1,929 units, or 59.6% of last year's total, while
exports to the North American market rose to 2,911 units, or
136.2% of the volume for the year before period.

                      Performance Overview

Mitsubishi Motors consolidated net sales in the first three
quarters of fiscal 2005 (April 1 through December 31, 2005)
totaled JPY1,529.6 billion, down JPY88.3 billion over the same
period last year (JPY1,617.9 billion).  The decrease reflects
lower OEM supply volumes in North America and Europe that were
not offset by an increase in revenues in Japan driven by the
introduction of a new model.

The Company posted an operating loss of JPY18.2 billion, an
improvement of JPY81.5 billion over the same period last year.
Factors offsetting the weaker revenue and contributing to this
improvement include higher retail unit volume and higher margin
model mix and a weaker yen.  These were complemented by a number
of favorable factors, including: lower depreciation costs as a
result of asset impairment charges taken in the U.S. and
Australia during the previous fiscal year; non-recurrence of one
time charges resulting from the sales of sales-finance
receivables in the U.S. financial services subsidiary; lower
sales promotion costs, mainly advertising, in the U.S. and
Europe; and lower warranty expenses mainly in Japan.

Mitsubishi Motors posted an ordinary loss of JPY33.8 billion, a
year-on-year improvement of JPY110.3 billion, and a net loss of
JPY68.1 billion, an improvement of JPY160.1 billion.  The
smaller ordinary loss stems mainly from improvement in income
from equity method affiliates and from the non-recurrence of
costs associated with the issue of new shares in the previous
fiscal year.

                Progress in FY2005 Business Plan

On an individual quarter basis, net sales have increased each
quarter: JPY485.8 billion in the first quarter, JPY505.5 billion
in the second, and JPY538.3 billion in the third.

Operating, ordinary, and net losses were all at a level that
should enable the full-year forecasts to be achieved.  For the
third quarter itself, ordinary and net losses were reduced
substantially over the first and second quarters and operating
income moved into the black.

                    About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation
-- http://www.mitsubishi-motors.co.jp-- is one of the few  
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.
The Company also operates consumer-financing services and
provides this to its customer base.  Mitsubishi's problems stem,
in part, from the scandal surrounding years of systematically
covering up defects and ill-advised auto lending policies in the
United States.


SANYO ELECTRIC: Shareholders OK JPY300 Bln Bailout
--------------------------------------------------
The shareholders of Sanyo Electric Company has approved a
JPY300-billion (US$2.6 billion) bailout plan that will give
banks management control of the Company to help it recover from
losses, Bloomberg News reports.

Shareholders will sell preferred stock to Goldman Sachs Group
Inc., Sumitomo Mitsui Financial Group Incorporated and Daiwa
Securities SMBC Company.  The banks, which will control 49.8% of
the Company and hold five of nine board seats, will pay JPY70
per share, or about a quarter of Friday's stock price, for the
stock.

Sanyo, the world's largest maker of rechargeable batteries,
needs cash to pay for a three-year plan to cut 15% of its
workforce, close factories and reduce costs.  The Company is
expecting a second year of record losses as falling prices of
televisions, cameras and other electronics dent margins.

Sanyo projects a group net loss of JPY233 billion for the 2005
business year through March 31, following that of JPY171.5
billion the previous year.

Headquartered in Osaka, Japan, Sanyo Electric Co. Ltd.  
--  http://www.sanyo.co.jp/koho/index_e.html-- carries out its   
operations through its audio-visual and information division  
which manufactures digital cameras, cellular phones, LCD  
projectors,  televisions, video recorders and information  
systems; home appliances division which manufactures  
washing machines, vacuum cleaners, microwave ovens,  
refrigerators and compressors; machinery division which  
manufactures commercial air conditioners, vending machines,  
commercial kitchen equipment and heat pump air conditioners;  
electronic devices division which produces electronic components  
for personal computers, cellular phones and semiconductors; and  
batteries division which produces nickel metal hybrid batteries  
for personal computers, lithium-ion batteries for cellular  
phones and nickel-cadmium batteries for power tools.


* Teikoku Says Japan Corporate Bankruptcies Up in 2005
------------------------------------------------------
In 2005, the number of corporate bankruptcies in Japan under the
legal settlement was 7,905 cases.

Teikoku Databank America said in a press release that based on a
quarterly basis, the number of bankruptcies consistently
increased, especially from the second quarter (2,013 cases) to
the third quarter (2,100 cases, increased 87 cases, 4.3%, from
the same term of the previous year), and also to fourth quarter
(2,291 cases, increased 191 cases, 9.1%, from the same term of
the previous year).  

Bankrupt trends recently had experienced a decrease, but turned
to increase overall in 2005.


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

KYOBO LIFE: Top Executives to Quit Posts
----------------------------------------
Vice President Park Sung kyu and 19 other executives of Kyobo
Life Insurance Company made a surprise announcement at a meeting
on February 21, 2006, to step down from their posts, The Korea
Herald reveals.

According to the Herald, Kyobo Chairman Shin Chang Jae has not
accepted their resignation yet.

The executives cited poor business performance as the cause of
their action.  But according to industry watchers, the main
reason for the resignation was dissatisfaction with the
leadership of Mr. Shin.

Mr. Shin has been facing problems since he took the job as
chairman in 2000.  Kyobo has been experiencing poor business
performance and a string of crisis including listing and
issuance of additional share.

Since 2000, the Korea Asset Management Company has been looking
to sell its 41.3 % stake in Kyobo in the second half of this
year, before the insurer lists its shares, the Herald said.

But KAMCO could not do so as the calculation for the exact value
of the stake, which is not listed on the bourse, is difficult.
If Kamco sells its 41.3 percent stake, it could become difficult
for Mr. Shin, who holds a 37.3 percent stake in Kyobo to fend
off threats to his management rights.

In the 1980's, Kyobo was considered the largest insurance firm.  
However, the Company began to face problems when profits started
to dwindle.

Currently, Kyobo is "No. 3" after Samsung Life Insurance Company
and Korea Life Insurance.  Analysts speculate that the company
is unlikely to meet the target net income of KRW250 billion for
2005.

Headquartered in Seoul, Korea, Kyobo Life Insurance Co. Limited
-- http://www.kyobo.co.kr-- is one of the largest and most  
well-respected insurance companies in South Korea.  It provides
a wide range of life insurance products, including accident
cover, annuities, and plans for education, health, pension,
retirement, and savings.


DONGHAE PULP: Possible Liquidation Worries Industry Sources
-----------------------------------------------------------
The possible liquidation of Donghae Pulp Company has become a
great concern since it supplies 20% of pulp the domestic paper
producers use annually, Yonhap News Agency said.

The local market gets about 400,000 tons of pulp from Donghae,
which enables the local industry to get some leverage in price
negotiations with foreign suppliers, sources told Yonhap.

Domestic paper producers have conflicting views on the effect of
the possible liquidation.

According to one industry source, most paper producers won't be
affected by the liquidation since they have plenty of pulp in
stock and have diversified their supply sources.

Another source said that in the long-term, the liquidation would
let local industry lose ground in negotiations with foreign
suppliers and the price of paper will eventually go up.        

Headquartered in Kyongnam, South Korea, Donghae Pulp Company
Limited -- http://www.donghaepulp.co.kr-- was hit by the 1997  
Asian financial crisis and went bankrupt in 1998.  

The Company manufactures bleached chemical pulp to create paper
and paperboard.


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

AKN TECHNOLOGY: Books MYR13,452,000 Net Loss in 3Q/FY05
-------------------------------------------------------
AKN Technology Berhad has released its unaudited third quarter
financial report for the financial period ended December 31,
2005.

          Summary of Key Financial Information
                  December 31, 2005

        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    12/31/2005    12/31/2004      12/31/2005     12/31/2004
    MYR'000       MYR'000     MYR'000        MYR'000

(1) Revenue  

    111,985        89,261         321,762        303,140

(2) Profit/(loss) before tax

    -13,356         1,907         -27,233         11,652

(3) Profit/(loss) after tax and minority interest  

    -13,452         1,165         -26,795         11,285

(4) Net profit/(loss) for the period

    -13,452         1,165         -26,795         11,285

(5) Basic earnings/(loss) per shares (sen)

    -11.65           0.96          -23.10           9.23

(6) Dividend per share (sen)

      0.00           0.00            0.00           0.00

(7) Net assets per share (MYR)

      As at end of               As at Preceding
    Current Quarter            Financial Year End

        1.5900                      1.8300

The unaudited financial statement is available for free at:

   http://bankrupt.com/misc/AKNTechnologyQtr331Dec05.pdf


ANTAH HOLDING: Unveils Result of EGM
------------------------------------
At the Extraordinary General Meeting on February 23, 2006, Antah
Holding Berhad passed:

* the Proposed Vesting Arrangement involving:

   -- the sale, transfer and assignment of the concession of a
      new highway linking Kajang to Seremban measuring
      approximately 48 kilometres and work-in-progress carried
      out by Kaseh Lebuhraya Sdn. Berhad, a wholly owned
      subsidiary of Antah in respect of the Concession by
      Kaseh to Lebuhraya Kajang-Seremban Sdn Berhad, a wholly
      owned subsidiary of Kaseh; and

   -- the assumption of the principal amount owed by Kaseh to
      Bank Pembangunan dan Infrastruktur Malaysia Berhad of
      not more than MYR200,000,000 and an amount of up to
      MYR300,000,000 which the Government of Malaysia has paid
      for and on behalf of Kaseh in respect of the costs,
      expenses and charges incurred in making available the
      land for the construction works under the Concession by
      Lekas for the purchase consideration equivalent to
      MYR374.73 million to be satisfied by the issuance of
      49,999,998 new ordinary shares of MYR1.00 each in Lekas
      and MYR50,000,000 nominal value of Lekas' redeemable
      unsecured loan stocks;

* the Proposed subscription of 50,000,000 new Lekas Shares and
  MYR200,000,000 nominal value of seven percent redeemable
  convertible unsecured loan stocks of MYR1.00 each in Lekas
  by IJM Corporation Berhad for a total consideration of
  MYR250,000,000 to be satisfied by cash; and

* the Proposed call option giving Antah the right to acquire
  from IJM up to MYR100,000,000 nominal value of Lekas
  RCULS, being part of the Lekas RCULS to be issued pursuant
  to the Proposed Subscription, during the option period at
  the relevant option price to be satisfied by cash.

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.  The Company's 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.


BTM RESOURCES: Net Loss Shrinks to MYR1,379,000 in 4Q/FY05
----------------------------------------------------------
BTM Resources Berhad's unaudited fourth quarter financial
statement for the financial period ended December 31, 2006, has
been released to Bursa Malaysia Securities Berhad.

          Summary of Key Financial Information
                  December 31, 2005

        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period  
    12/31/2005    12/31/2004      12/31/2005     12/31/2004
    MYR'000       MYR'000     MYR'000        MYR'000

(1) Revenue

      3,769         3,880          20,869         25,144

(2) Profit/(loss) before tax

     -1,379        -5,910          -5,412        -10,371

(3) Profit/(loss) after tax and minority interest

     -1,379        -5,910          -5,414        -10,371

(4) Net profit/(loss) for the period

     -1,379        -5,910          -5,414        -10,371

(5) Basic earnings/(loss) per shares (sen)

     -5.08         -21.76          -19.94         -41.34

(6) Dividend per share (sen)

      0.00           0.00            0.00           0.00

(7) Net assets per share (M)

     As at end of               As at Preceding
    Current Quarter            Financial Year End

       0.2800                       0.4800

The financial statement is available for free at:

   http://bankrupt.com/misc/BTM4thQuarter05.xls

BTM Resources Berhad is engaged in logging, saw milling and
trading of sawn timber and logs.  Other activities include the
manufacturing of finger jointed timber and laminations boards,
provision of kiln-drying operations and timber molding.  The
Group also undertakes investment holding and the provision of
management services.  The Group operates in Malaysia.


BUKIT KATIL: Unveils Status of Loan to Various Facilities
---------------------------------------------------------
Bukit Katil Resources Berhad issued an update on the status of
its loan facilities to:

   * Bumiputra Commerce Bank Berhad

     The application by the bank to enter summary judgment
     against the company was allowed by the Learned Senior
     Assistant Registrar on July 16, 2004.

   * OCBC Bank (Malaysia) Berhad

     OCBC Bank (Malaysia) Berhad has obtained an order for sale
     on November 14, 2003, on Omega Bricks Sdn Bhd's land held
     under Grant Reg No.31, Lot No 5058 Mukim Gunung Semanggol,
     Daerah Krian, Negeri Perak.

     OCBC Bank (Malaysia) Berhad has also obtained a winding-up
     petition under Section 218(2) of the Companies Act, 1965 on
     October 6, 2003, and was served on the company on
     November 14, 2003.

     The High Court on September 8, allowed the bank's
     application for the winding-up petition.  The Company
     already filed a Notice of Appeal to the Court of Appeal
     against the decision of the High Court.  The High Court on
     October 6, 2005, granted a stay of the Winding-up Order for
     a period until August 18, 2006, pursuant to the powers of
     the High Court provided for in Section 243 of the Companies
     Act, 1965.

   * Alliance Merchant Bank Berhad

     No date has been set to consider the Bank's application for
     summary judgment.

   * Perbadanan Kemajuan Negeri Pahang

     The company is a defendant in suit being initiated by
     Perbadanan Kemajuan Negeri Pahang for breach of a Call
     Option Contract.  On April 19, 2004, a final judgment was
     granted by the High Court for MYR14.0 million against the
     Company, inclusive of interest until the date of full
     settlement.

     An application in relation to a proposed debt restructuring
     scheme has been submitted to the Securities Commission on
     December 16, 2005.

The Board of Directors of Bukit Katil further provided an update
on the details of all facilities currently in default in
compliance with Section 3.1 of Practice Note 1/2001.

A full-text copy of the borrowings in Default as of
January 31, 2005, is available for free at:

   http://bankrupt.com/misc/BukitKatilResourcesBerhad022306.pdf

Headquartered in Kuala Lumpur, Malaysia, Bukit Katil Resources
Berhad is engaged in money lending and oil palm and rubber
production.  Other activities include investment holding,
software development, property investment and development and
manufacturing of bricks and ceramic products.  Operations are
carried out in Malaysia and India.


DOLOMITE CORPORATION: Incurs MYR7,444,000 Net Loss in 4Q/FY05
-------------------------------------------------------------
The unaudited fourth quarter financial statement of Dolomite
Corp. Berhad has been released to Bursa Malaysia Securities
Berhad.

          Summary of Key Financial Information
                  December 31, 2005

        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    12/31/2005    12/31/2004      12/31/2005     12/31/2004
    MYR'000       MYR'000     MYR'000        MYR'000

(1) Revenue

     27,571        22,796         107,323         80,966

(2) Profit/(loss) before tax

     -7,957        -2,215          -2,920            648

(3) Profit/(loss) after tax and minority interest

     -7,444          -817          -6,291            603

(4) Net profit/(loss) for the period

     -7,444          -817          -6,291            603

(5) Basic earnings/(loss) per shares (sen)

      -2.83         -0.31           -2.39           0.23

(6) Dividend per share (sen)

       0.00          0.00            0.00           0.00

(7) Net assets per share (MYR)

      As at end of               As at Preceding
    Current Quarter            Financial Year End

        0.7225                      0.7460

The financial statement is available for free at:

   http://bankrupt.com/misc/DolomiteCorpqtrrpt1205.xls

Headquartered in Kuala Lumpur, Selangor, Malaysia, Dolomite
Corporation Berhad formerly known as Sunway Building Technology
Berhad develops residential and commercial properties.  The
Company's other activities include piling and precast concrete
construction contracts, earthworks, buildings and expressways
contracts; manufacturing and selling of pavers, piles,
eurotiles, blocks, concrete pipes and precast building
materials; manufacturing and selling of hot mixes, concrete
piles and ready mixed concrete; and holding of investment in the
shares of its subsidiaries, associates and other investments.  
The Group's operations are located in Malaysia and Indonesia.


INTELLIGENT EDGE: Suffers MYR365,000 Net Loss in 4Q/FY05
--------------------------------------------------------
Intelligent Edge Technologies Berhad has submitted to Bursa
Malaysia Securities Berhad its unaudited fourth quarter
financial report for the financial period ended December 31,
2005.

          Summary of Key Financial Information
                  December 31, 2005

        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    12/31/2005    12/31/2004      12/31/2005     12/31/2004
    MYR'000       MYR'000     MYR'000        MYR'000

(1) Revenue

        911           449           1,542          1,312

(2) Profit/(loss) before tax

       -360        -2,331          -1,753         -5,992

(3) Profit/(loss) after tax and minority interest

       -365        -1,685          -1,637         -5,316

(4) Net profit/(loss) for the period

       -365        -1,685          -1,637         -5,316

(5) Basic earnings/(loss) per shares (sen)

      -0.40         -1.86           -1.80          -6.28

(6) Dividend per share (sen)

       0.00          0.00            0.00           0.00

(7) Net assets per share (MYR)

      As at end of               As at Preceding
    Current Quarter            Financial Year End

        0.0369                       0.2338
  
The financial statement is available for free at:
http://bankrupt.com/misc/IntelligentEdgeQReportDec2005.xls

Intelligent Edge Technologies Berhad's principal activity is the
sale of telecommunication products.  Other activities include
interactive digital entertainment content integrating and
enabling, lifestyle management, provision of consultancy
services and dealing in computer hardware and software relating
to information technology, broadcast management, media content
development and distribution and investment holding.  Operations
are carried out in Malaysia.


KUMPULAN BELTON: Issues Litigation Update
-----------------------------------------
Kumpulan Belton Berhad provided updates on the status of its
involvement in litigation for the January 27, 2006 period:

   * OCBC Bank (Malaysia) Berhad (Plaintiff) versus Belton
     Fasteners Sdn. Bhd. (Defendant) & Kumpulan Belton Berhad   
     (Guarantor) Ipoh High Court (No.3) Civil Suit No. 22-251-
     2001

   * OCBC Bank (Malaysia) Berhad (Plaintiff) versus Belton HWC
     Industries Sdn. Bhd. (Defendant) & Kumpulan Belton Berhad
     (Guarantor) Kuala Lumpur High Court Civil Suit No: D8-22-
     1430-2002

     A notice pursuant to Section 218 of the Companies Act, 1965
     was served upon the Defendant and the Guarantor.

     An ex-parte injunction restraining the plaintiff from
     filing winding-up proceedings was allowed by the Court on
     January 4, 2006.  The inter-partes hearing fixed on
     January 23, 2006, in the High Court in Ipoh under
     Originating Summons No. 24-04-2006 was mentioned on
     February 21, 2006 and adjourned to May 9, 2006, for hearing
     of the Originating Summons.

     Meanwhile, the management of Belton is in discussion to
     formulate a scheme to address the current financial
     position.

   * OCBC Bank (Malaysia) Berhad (Plaintiff) vs. Belton Springs
     Sdn. Bhd. (Defendant) & Kumpulan Belton Berhad (Guarantor)
     Kuala Lumpur High Court Civil Suit No: D8-22-1429-2002

     A notice pursuant to Section 218 of the Companies Act, 1965
     was served upon the Defendant and the Guarantor.

     An ex-parte injunction restraining the plaintiff from
     filing winding-up proceedings was allowed by the Court on
     January 4, 2006.  The inter-partes hearing fixed on
     January 23, 2006, in the High Court in Ipoh under
     Originating Summons No. 24-04-2006 was mentioned on
     February 21, 2006, and adjourned to May 9, 2006, for
     hearing of the Originating Summons.

     Meanwhile the management of Belton is in discussion to
     formulate a scheme to address the current financial
     position.

   * OCBC Bank (Malaysia) Berhad (Plaintiff) versus
     Aesthetic Development Sdn. Bhd. (Defendant) & Kumpulan
     Belton Berhad (Guarantor) Ipoh High Court Civil Suit No:
     22-173-2003
     
     The Plaintiff's application for Summary Judgment was
     dismissed on January 19, 2006, and the Plaintiff's appeal
     to the Judge in Chambers is fixed for hearing on Feb. 21,
     2006.

     On February 21, 2006, the Court has ordered both parties to
     file written submissions by May 9, 2006.

    * OCBC Bank (Malaysia) Berhad (Plaintiff) versus Pleasant
      Venture Sdn. Bhd. (Defendant) Ipoh High Court
      Originating Summons No: 24-707-2001

    * OCBC Bank (Malaysia) Berhad (Plaintiff) versus Aesthetic
      Development Sdn. Bhd. (Defendant) Ipoh High Court
      Originating Summons No. 24-706-2001

   * RHB Bank Berhad (Plaintiff) versus Belton Springs Sdn. Bhd.
     (Defendant) & Kumpulan Belton Berhad (Guarantor) Ipoh High
     Court Civil Suit No.22-133-2001

   * RHB Bank Berhad (Plaintiff) versus Belton Sdn. Berhad
     (Defendant) & Kumpulan Belton Berhad (Guarantor) Ipoh High
     Court Civil Suit No.22-134-2001

     The Defendant's appeal to the Judge in Chambers, which was
     fixed for hearing on February 9, 2006, was adjourned to
     May 26, 2006.

   * AmBank Berhad (Plaintiff) versus Belton Sdn. Berhad
     (Defendant) & Kumpulan Belton Berhad (Guarantor) Kuala
     Lumpur High Court Civil Suit No: D9-22-2365-2000

   * Aseambankers Malaysia Berhad (Plaintiff) versus Kumpulan
     Belton Berhad (Defendant) Kuala Lumpur High Civil Court D2-
     22-1827-2003

   * Hong Leong Bank Berhad (Plaintiff) versus Belton Pins
     Industries Sdn. Bhd. (Defendant) & Kumpulan Belton Berhad
     and two Others (Guarantors) Kuala Lumpur High Civil Court
     No. D7-1845-2003

   * Danaharta Managers Sdn. Bhd. (Plaintiff) versus Belton
     Fasteners Sdn. Bhd. (Defendant) Ipoh High Court Originating
     Summons No. 24-389-2004

   * Danaharta Managers Sdn. Bhd. (Plaintiff) versus Belton
     Tools Sdn. Bhd. (Defendant) & Kumpulan Belton Berhad
     (Guarantor) Kuala Lumpur High Court Civil Suit No. D1-22-
     1747-2004

   * Danaharta Managers Sdn. Bhd. (Plaintiff) vs Belton Oriental
     Heat Treatment Sdn. Bhd. (Defendant) & Kumpulan Belton
     Berhad (Guarantor) Kuala Lumpur High Court Civil Suit No.
     D1-22-1748-2004

Headquartered in Perak Darul Ridzuan, Malaysia, Kumpulan Belton
Berhad -- http://www.beltongroup.com-- manufactures and sells  
automotive suspension parts and components.  Other activities
include property development and investment, provision of
machining and heat treatment services and investment holding.  
Operations of the Group are carried out in Malaysia and
Australia.


LINEAR CORPORATION: Files Stay of Execution of Wind-Up Order
------------------------------------------------------------
Linear Corporation Berhad has filed with the High Court an
application for stay of execution of the Winding-Up Order on
February 22, 2006.

The winding-up order was served to the Company's subsidiary,
Linear Cooling Industries Berhad by Syarikat Success
Construction Berhad (SSC) on May 26, 2005.  The winding-up
petition was presented to the Malaya High Court in Penang on
May 24, 2005.

On September 9, 2003, Linear Cooling had contracted Syarikat
Success Construction Sdn Bhd to construct a district cooling
plant in Bandar Perda, Seberang Prai, for total contract value
of MYR3,799,000-00.  There are portions of works not performed
as a result of Syarikat's unilateral termination of the
contract.  

Prior to the Petition being served, Linear Cooling had paid a
total sum of MYR3,349,000-00 for certified works done under the
contract.

Syarikat Success filed the Petition for a sum of MYR583,418-82
for retention sum, interest accrued, value of uncertified work
done, variation work, preliminaries and damages.

Headquartered in Penang, Malaysia, Linear Corporation Berhad's
-- http://www.linear.com.my/-- principal activity is providing   
mechanical and engineering services.  The Company's other
activities include the manufacture and trade  
of cooling towers and water tanks, provision of water treatment  
services and distribution of fiberglass reinforce plastics (FRP  
or GRP), composites and other compounds, information and  
communications technology services, provision of computer  
programming services, consultancy, other computer related  
services, provision of management services and investment  
holding.  The Group's operations are carried out in Malaysia,  
Thailand, British Virgin Islands and Singapore.


MALAYSIA AICA: Returns to Profit in 3Q/FY05
-------------------------------------------
Malaysia Aica Berhad has released its unaudited third quarter
financial report for the financial period ended
December 31, 2005.

          Summary of Key Financial Information
                   December 31, 2005

        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    12/31/2005    12/31/2004      12/31/2005     12/31/2004
    MYR'000       MYR'000     MYR'000        MYR'000

(1) Revenue

      6,990         4,982          20,586         18,191

(2) Profit/(loss) before tax

        120        -1,391          -2,512         -4,574

(3) Profit/(loss) after tax and minority interest

        122          -944          -2,511         -2,916

(4) Net profit/(loss) for the period

        122          -944          -2,511         -2,916

(5) Basic earnings/(loss) per shares (sen)

       0.09         -0.72           -1.92          -2.24

(6) Dividend per share (sen)

       0.00          0.00            0.00           0.00

(7) Net assets per share (MYR)

      As at end of               As at Preceding
    Current Quarter            Financial Year End

        0.5400                      0.5600

The financial statement is available for free at:

   http://bankrupt.com/misc/MalaysiaAicaquartermasb26.xls

Malaysia Aica Berhad manufactures prefabricated doors and door
frames, knocked-down furniture parts and mouldings from rubber
wood.  Other activities include investment holding and financing
of leases and hire purchase, granting of commercial credits and
manufacturing of ice blocks. Operations are carried out in
Malaysia.


NIKKO ELECTRONICS: Books MYR17,008,000 Net Loss in 3Q/FY05
----------------------------------------------------------
Nikko Electronics Berhad's unaudited third quarter financial
report for the financial period ended December 31, 2005.

           Summary of Key Financial Information
                   December 31, 2005
       
        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    12/31/2005    12/31/2004      12/31/2005     12/31/2004
    MYR'000       MYR'000     MYR'000        MYR'000  

(1) Revenue

     41,243        76,984         136,004        214,136

(2) Profit/(loss) before tax

    -17,008       -12,761         -14,258         12,238

(3) Profit/(loss) after tax and minority interest

    -17,008       -11,785         -14,258         11,087

(4) Net profit/(loss) for the period

    -17,008       -11,785         -14,258         11,087

(5) Basic earnings/(loss) per shares (sen)

     -17.14        -11.91          -14.37          11.21

(6) Dividend per share (sen)

       0.00          7.50            6.00           7.50

(7) Net assets per share (MYR)

      As at end of               As at Preceding
    Current Quarter            Financial Year End

        1.3900                      1.5900

The financial statement is available for free at:

   http://bankrupt.com/misc/NikkoElectricsDec05.xls

The notes to the financial statement is available for free at:

   http://bankrupt.com/misc/NikkoDec05Notes.doc

Nikko Electronics Berhad manufactures sells radio controlled
toys, electronic and toy related products.  The Group operates
in Malaysia, United States of America, France, Japan, United
Kingdom, Netherlands, Italy, Norway, Hong Kong, Denmark,
Austria, Spain, Australia and other countries.


PAXELENT CORPORATION: Unit Inks SPA to Dispose of Properties
------------------------------------------------------------
Paxelent Corporation Berhad advised that its wholly owned
subsidiary, Measurex Engineering (M) Sdn Bhd had on February 21,
2006, entered into two Sale and Purchase Agreements with Chong
Ngun Kin (First Purchaser) and Ong Ling Ting (Second Purchaser),
respectively.

The First SPA with First Purchaser is in respect of the disposal
of a workshop constructed on a piece of land under Title No.
HS(D) 101620, Lot 65117, Mukim of Plentong District of Johor
Bahru, Johor and bearing the address of No. 12, Jalan Seroja 39,
Taman Johor Jaya, 81100 Johor Bahru (First Property) for a cash
consideration of MYR460,700.00 only.

The Second SPA with Second Purchaser is in respect of the
disposal of a workshop constructed on a piece of land under
Title No. HS(D) 101621 Lot 65118, Mukim of Plentong District of
Johor Bahru, Johor and bearing the address of No. 10, Jalan
Seroja 39, Taman Johor Jaya, 81100 Johor Bahru (Second Property)
for a cash consideration of MYR465,500.00 only.

The disposal considerations were arrived at on a willing buyer
and willing seller basis. The consideration value shall be
satisfied by way of payment in cash.

        Salient Terms of the Sale and Purchase Agreements

* Deposits

    A deposit of 10% of the consideration value, for a
    total of MYR46,070.00 and MYR46,550, will be paid by First
    Purchaser and Second Purchaser respectively upon execution
    of the SPAs.

* Completion

    The First Purchaser and Second Purchaser shall make the
    final cash payment, being the balance 90% of the
    consideration value of MYR414,630.00 and MYR418,950.00
    within ninety days from the date of the SPAs.  An
    extension of 31 days was granted in the event of Purchasers
    unable to complete within ninety (90) days period subject to
    payment of current market interest rate per annum on daily
    basis.

                   Rationale for the Disposal

The disposals will bring necessary cash flow into the Group
instead of being retained as a property investment with
rental income.

          Intended Application of the Disposal Proceeds

The additional cash flow from disposals may be used as working
capital and also to partially clear debts of the group.

                 The Cost and Date of Investment

The First Property was purchased in 1991 and the cost of
investment was MYR1,003,307.45.  The cost was written down to
realizable value of MYR485,000.00 in 2004.

The Second Property was purchased in 1993 and the cost of
investment was MYR1,060,911.45. The cost was written down to
realizable value of MYR490,000.00 in 2004.

                    Effects of the Disposals

   * On Share Capital and Substantial Shareholders

     The Disposals will not have any effect on the share capital
     and substantial shareholders of PCB as the disposal
     consideration would be satisfied entirely by cash.

   * On Earnings

     The expected loss from the disposals were MYR12,355.00.

   * On Net Tangible Assets (NTA)

     The disposals were not expected to have any material impact
     on the earnings per share and Net Assets per share of PCB
     group and the Company.

The Disposals are not subject to the approval of shareholders of
PCB.  The Directors of PCB, were of the opinion that the
disposals were in the best interest of PCB Group.

The SPAs will be available for inspection during normal business
hours at Unit 15-7, The Boulevard, Mid Valley City, Lingkaran
Syed Putra, 59200 Kuala Lumpur (except public holiday) for a
period of fourteen days from the date of this announcement.

Paxelent Corporation Bhd's principal activities are the
marketing, selling and manufacturing of hard disk drive
components, moulds, jigs and fixtures, die-casting, precision
machining, design and drawing of new products for manufacturing
and plating.  Other activities of the Group are provision of
multimedia and information technology services and production,
sale and screening of movie films and sale of film rights,
investment holding and property investment holding.  The Group
operates in Malaysia and Asia Pacific (Singapore and China).


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

ABS-CBN BROADCASTING: NBI Summons Executives on Stampede
--------------------------------------------------------
Ten officials of ABS-CBN Broadcasting Corporation were summoned
to an investigation by the National Bureau of Investigation in
connection with the stampede incident involving the network, The
Manila Times relates.

The summoned ABS-CBN officials were:

     * vice-president for entertainment Charo Santos Concho;
     * Wowowee show host Willie Revillame;
     * ABS-CBN location manager (name not available);
     * assistant location manager Rey Cayabyab;
     * head security officer Rene Luspo;
     * Wowowee staffer Mel Filiciano;
     * associate producer Harold James Nueva;
     * segment producer Owen Garcia;
     * production manager Marilou Almade; and
     * executive producer and manager Morly Nueva.

Ross Bautista, head agent of the NBI in Metro Manila, said the
bureau will rely on evidence and statements from the people
called for questioning.

As reported by the Troubled Company Reporter - Asia Pacific on
February 6, 2006, as many as 74 people died and hundreds were
injured when fans of the popular ABS-CBN noontime show "Wowowee"
tried to crash the gates of the Philsports Arena stadium on
February 4, 2006, in Pasig City, where the program had scheduled
its first anniversary gala.

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 has been struggling with its debt woes with continued
operating losses, weak airtime revenues and high costs amidst
decline in viewership ratings, coupled with the restructuring of
its parent, Benpres Holdings.  The February 4, 2006, stampede
placed the Network in the midst of rumors of license revocation,
class action proceedings initiated by the victims, and more
expenses which altogether caused further decline in share
prices.


EXPORT AND INDUSTRY: Mulls Shares Offer to Minority Investors
-------------------------------------------------------------
Export and Industry Bank Incorporated will allow minority
shareholders to buy new shares in the Bank under the same terms
as extended to major shareholders who have recently infused Php3
billion in fresh capital.

In relation to this, Exportbank requested the Philippine Stock
Exchange to extend the trading suspension on its shares as it
works out the details of the offer.

The shareholders who infused the Php3 billion in EIB last
December were led by Hong Kong-listed Lippo China Resources
Limited, a local investor group led by businessman Alfredo Yao,
and Extra Year Investment Ltd.  Extra Year is the investment
vehicle of Raiffeisen Zentralbank Osterrich AG Group of Austria
and AO Capital Partners Limited of Hong Kong.

The fresh capital will give those shareholders some 12 billion B
shares, each with a par value of Php0.25, in Exportbank.  The
new shares are equivalent to around 95% of Exportbank's
outstanding common shares.

The Troubled Company Reporter - Asia Pacific reported on Feb.
16, 2006, that Exportbank is planning to sell Php3.2 billion
worth of idle assets in order to clean up its books.  Aside from
this, the bank is expected to be more liquid after the entry of
new investments.  The fresh capital will also boost the bank's
ability to protect its depositors.

Headquartered in Makati City, Manila, Exportbank --
http://exportbank.com.ph/-- has 50 branches and has revived  
former Urban Bank unit under new names.  Its principal activity
is the provision of commercial banking services such as deposit-
taking, loans and trade finance, domestic and foreign fund
transfers, treasury, foreign exchange and trust services.  Under
an agreement dated December 29, 2005, the Philippine Deposit
Insurance Corp will extend a yearly financial aid of Php600
million to Exportbank.  The Bank is saddled with the Php10-
billion non-performing assets it inherited from Urban Bank when
the two banks merged in 2002.  


MAYNILAD WATER: Government Postpones Rights Sale to July
--------------------------------------------------------
The Philippine Government has decided to sell its 84% rights in
Maynilad Water Incorporated in July 2006, instead of March, as
earlier planned, The Manila Bulletin relates.

ABN AMRO, which Maynilad hired as its financial adviser on
January 9, 2006, is now preparing the privatization terms of
reference and will come up with the sale terms soon.

The Manila Bulletin says that the Government is bidding off its
rights in Maynilad in order to avoid paying Php0.7 million in
financial aid to the water utility.

Lopez Family-owned Benpres Holdings Corp. had control of the 84%
interest until it was transferred to the state after a court-
approved rehabilitation plan.  

The Troubled Company Reporter - Asia Pacific reported on Feb.
10, 2006, that Maynilad Water Services posted a net income of
Php2.1 billion in 2005 for the first time in seven years.  
Maynilad's court-appointed receiver, Rosario Bernaldo,
attributed the unaudited financial result to huge savings in
interest payments, reduced production costs, and self-
improvement efforts.

Headquartered in Quezon City, Philippines, Maynilad Water
Services Incorporated distributes water to the western part of
Metro Manila.  The Company went under court rehabilitation in
2005 after it suffered financial difficulties due to heavy debt
burden and operational woes.


NATIONAL POWER: Finance Department Wants Assets Sold as One
-----------------------------------------------------------
The Department of Finance is seriously considering divesting
National Power Corporation's power and transmission assets as a
group, The Manila Times relates.

According to The Times, the plan is aimed at expediting
Napocor's privatization and making the power firm more
attractive to investors.

The Finance Department said that it will study the proposal
thoroughly to make sure it does not violate the Electric Power
Industry Reform Act.

Under the plan, the Government will sell 60% of Napocor and hold
on to the remaining 40%.  

As reported by the Troubled Company Reporter - Asia Pacific on
February 16, 2006, the Government, through Power Sector Assets
and Liabilities Management Corporation, has targeted to
privatize 70% of Napocor's generating assets.  However, PSALM
was able to divest only five facilities or 0.0015% of the total
assets set for privatization.  The Finance Department,
therefore, believes that it is easier to divest the assets as
one rather than individually, The Times adds.

Headquartered in Quezon City, Philippines, National
PowerCorporation -- 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.  With a generating capacity of more than 11,500
megawatts, 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.
The state-owned firm, which is considered a major draining
factor of the Government's finances, is projected to post a
higher deficit of Php18.41 billion this year from Php5.95-
billion deficit in 2005.  Napocor incurred its huge losses to
fund the operations of its power facilities.


PHILIPPINE AIRLINES: May Bypass Philippines-Bahrain Air Talks
-------------------------------------------------------------
National flag carrier Philippine Airlines may be given the
chance to stave off additional Bahrain-Manila flights requested
by Gulf Air, The Manila Times reports, citing Philippine Civil
Aeronautics Board Deputy Director Carmelo Arcilla.

Mr. Arcilla told the Times that the Philippines-Bahrain new air
service agreement may only become operational if PAL accepts the
code-sharing deal.

The Philippine and Bahrain governments earlier signed a new air
services agreement allowing Gulf Air two additional flights
while compensating PAL for its four unused entitlements to
Bahrain.  The Middle Eastern carrier has the permit to fly four
times a week to Manila, twice to Clark and twice to Cebu,
Philippines.

Since the two parties failed to resolve the issue on the
deadline given by the Government, the negotiating teams will
again schedule a series of talks.

As reported on the February 15, 2006, issue of the Troubled
Company Reporter - Asia Pacific, PAL claimed that aviation talks
with Arab Gulf states will further contribute to the massive
oversupply of Philippine-Middle East airline capacity, making it
impossible for PAL to restore its services to Saudi Arabia.  The
oversupply situation caused PAL to bleed around US$10 million a
year.

The report also stated that PAL was planning to discontinue
flight to Riyadh, Saudi Arabia, starting March 2, because the
route has not been profitable in the past years due to tight
competition from at least six airlines from the Arab Gulf
states.

Recent media reports, however, revealed that PAL was looking to
keep the Saudi Arabia route if the Government will assist the
airline in asking Saudi Arabian officials to grant PAL the
necessary rights to operate a Manila-Dubai-Saudi Arabia route.

Philippine Airlines -- http://www.philippineairlines.com/-- is  
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation. With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.  As of 2005, it claims
to serve 21 domestic airports and 31 foreign cities.  Its main
hub is the Ninoy Aquino International Airport in the capital
city of Manila.  Following labor problems and its failure to
settle debts, PAL filed for rehabilitation in June 1998.  It
trimmed down its operations after the 1997 Asian financial
crisis.  The fleet was reduced from 53 to 22 aircraft, many
domestic and international routes were discontinued, and the
workforce was reduced.  PAL is set to complete its 10-year debt
rehabilitation program ending 2009.  


PICOP RESOURCES: Unveils Board Resignation and Appointment
----------------------------------------------------------
At the regular meeting of the Board of Directors of Picop
Resources Incorporated on February 23, 2006, the Board accepted
the resignation of member Carlos T. Castro.

Mr. Castro, Land Bank of the Philippines' representative of in
the Board, resigned "in view of (his) retirement from the
government service effective February 1, 2006."

At the same meeting, Omar T. Salvo, as proposed by Land Bank and
on nomination by PICOP President Teodoro G. Bernardino, and
after review of his qualification by the Nomination Committee,
was elected Director of the company, to replace Mr. Castro.  Mr.
Salvo will serve the remainder of Mr. Castro's term.

PICOP's seven-man board now consists of:

     * Leonardo Siguion Reyna - Chairman
     * Joost Pekelharing - Vice Chairman
     * Teodoro G. Bernardino  
     * Pedrito M. Aragon
     * Ramon E. Montano - Independent Director
     * Omar T. Salvo - Land Bank Nominee
     * Panteleon G. Dumlao - Independent Director

PICOP Resources Incorporated -- http://www.srmo-law.com-- is  
the only integrated forest and paper company in the country. Its
forest concession covers about 200,000 hectares in Northeastern
Mindanao under a sustainable and expanding yield basis.  It is
widely recognized for the quality of its timber products such as
plywood, veneer and lumber, and its paper products such as
newsprint, kraft linerboard, corrugating medium, mechanical
printing paper and world-class telephone directory paper.
PICOP expects to bounce back to black in the next two years
after suffering from a string of losses since 1997.  The Company
is currently working to trim energy costs, which contribute
substantially to its annual losses.  The Company incurred a net
loss of Php292 million in 2004, up from Php273 million in 2003
despite cutting its operating expenses from Php305 million in
2003 to Php210 million in 2004.


PICOP RESOURCES: Faces Illegal Logging Accusations
--------------------------------------------------
A parish priest in Surigao del Sur is calling for the
cancellation of PICOP Resources Incorporated's permit due to the
paper mill's illegal logging activities, ABS-CBN News reports.

Rev. Fr. Florio Falcon, also a leader of civic group Aksyon
Samabayanan, asked President Gloria Macapagal-Arroyo to suspend
the operations of PICOP, which has been reportedly conducting
operations in areas outside its logging coverage.

Fr. Falcon told ABS-CBN News that PICOP has violated its
forestry ageement with the Department of Environment and Natural
Resources by continuing to cut trees outside the government-
designated areas.  Fr. Falcon explained that the DENR has
already deducted 28,125 hectares from PICOP's 75,545-hectare
original logging area when the environmental office converted
its timber licensing agreement into an industrial forest
management agreement.

The priest also claimed that PICOP also breached the Indigenous
People's Rigt Act by operating in areas of ancestral domain, the
report relates.

PICOP President Teodoro Bernardino, however, denied the
allegations, saying the firm has not violated any environmental
laws.  He added that the DENR has already confirmed that the
residents living within PICOP's area of operation are "not
indigenous to the region and are fake".

PICOP Resources Incorporated -- http://www.srmo-law.com-- is  
the only integrated forest and paper company in the country.  
Its forest concession covers about 200,000 hectares in
Northeastern Mindanao under a sustainable and expanding yield
basis.  It is widely recognized for the quality of its timber
products such as plywood, veneer and lumber, and its paper
products such as newsprint, kraft linerboard, corrugating
medium, mechanical printing paper and world-class telephone
directory paper.  PICOP expects to bounce back to black in the
next two years after suffering from a string of losses since
1997.  The Company is currently working to trim energy costs,
which contribute substantially to its annual losses.  The
Company incurred a net loss of Php292 million in 2004, up from
Php273 million in 2003 despite cutting its operating expenses
from Php305 million in 2003 to Php210 million in 2004.


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

ANG MO KIO: Creditors' Claims Due on March 17
---------------------------------------------
Creditors of Ang Mo kio Community Hospital Private limited are
required to submit proofs of claim to the liquidator by March
17, 2006, in order to participate in the Company's dividend
distribution.

Contact: Lai Seng Kwoon
         Liquidator
         c/o 16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


CARLINES 2000: Ordered to Wind Up Business
------------------------------------------
On February 10, 2006, a wind-up order was issued against
Carlines 2000 Pty Limited.

Creditors of the Company are required to file their proofs of
claim with the liquidator.

Moreover, all debts due to the Company should be forwarded to
the liquidator.

Contact: The Official Receiver
         Liquidator
         The URA Center (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


INTERNOC SINGAPORE: To Hold Final Meeting Next Month
----------------------------------------------------
The creditors of Internoc Singapore Pte Limited will convene on
March 23, 2006, at 2:00 p.m., to receive the liquidator's
account on the Compan'ys liquidation and disposal of property.

CONTACT: Winston Loong Sie Yek
         Liquidator
         140 Robinson Road
         #06-03 Chow House
         Singapore 068907


NEOCORP INTERNATIONAL: Completes Unit Sale
------------------------------------------
On February 13, 2006, NeoCorp International Limited entered into  
an agreement to sell 510,000 shares, or its entire equity  
interest in wholly owned sybsidiary Presscrete Engineering Pte  
Limited, to Tritech International Holdings Pte Limited for  
SGD600,000.

Under the agreement, the sale must be completed within 30 days
of the agreement date.

On February 23, 2006, NeoCorp International completed the sale
of its subsidiary to Tritech.

NeoCorp International Limited is a contractor company for  
general building construction and civil engineering.  The  
Group's civil and structural engineering contractors service has  
completed more than 40 projects involving structural repairs,  
controlled demolition, strengthening, post tensioning and  
external post tensioning work.  The Group also designs,  
constructs and operates outdoor adventure-based experiential  
learning activities, and is also an investment holding firm that
provides management services.  The Company posted a net loss of
SGD6.3 million for the six months ended May 31, 2005.


OPH LEISURE: Placed Under Voluntary Liquidation
-----------------------------------------------
On February 22, 2005, OPH Leisure Pte Limited, a subsidiary of
Orchard Parade Holdings Limited, was placed under voluntary
liquidation by its members.

Subsequently, Choong Chow Siong was appointed as liquidator to
supervise the Company's wind-up activities.

Contact: Choong Chow Siong
         10 Anson Road
         # 12-15 International Plaza
         Singapore 079903


PCCHIP COMPUTER: To Declare Dividend  
------------------------------------
Pcchip Computer Manufacturer (Singapore) Pte Limited will
declare a dividend to creditors.

Creditors of the Company are required to submit their formal
proofs of claim to the liquidator by March 17, 2006, to benefit
from the dividend distribution.

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


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

CIRCUIT ELECTRONICS: Court to Decide on Reorganization Plan
-----------------------------------------------------------
The creditors of Circuit Electronics Public Co. Limited have
approved the Company's reorganization plan, which provides for
THB2,494,469,583.74 -- more than 50% of its total debt.  

The reorganization plan will be submitted to the bankruptcy
court for final approval.

Headquartered in Amphoe Uthai Ayutthya, Thailand, Circuit
Electronics Public Co. Limited -- http://www.cei.co.th-- is  
currently in rehabilitation.  Its Securities are placed under
the Rehabco Sector of the Stock Exchange of Thailand.


MANAGER MEDIA: Net Loss Hits THB86,848,000 in FY05
--------------------------------------------------
Manager Media Group Public Company Limited has released its
audited yearly financial statement for the financial period
ended December 31, 2005:

                                    (in thousands)
                                  Ending December 31,
                               2005                 2004
                               ----                 ----
Net profit (loss)           (86,848)              958,363

EPS (baht)                    (0.62)                 9.35

The Company has already reported and disseminated its financial
statements in full via the SET Electronic Listed Company
Information Disclosure (ELCID), and has also submitted the
original report to the Securities and Exchange Commission.

Headquartered in Bangkok, Thailand, Manager Media Public Co.
Limited -- http://www.manager.co.th-- is categorized under the  
Rehabco Sector of the Stock Exchange of Thailand.  Companies
placed under Rehabco presently undergo rehabilitation process.






                            *********


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
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                 *** End of Transmission ***