TCRAP_Public/060302.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

            Thursday, March 2, 2006, Vol. 9, No. 044


                            Headlines

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

2XL BUILDING: CIR Lodges Petition to Liquidate Firm
AA VICTORIAN: Prepares to Pay Dividend
BACK O'BOURKE: Appoints PBB as Receiver
BAILLIE STREET: Decides to Shut Down Operations
BURTON CLINIC: Creditors' Proofs of Claims Due on March 21

CARS-R-US 2004: Appoints Official Liquidators
CLASS TECHNOLOGY: Creditors OK Liquidator's Appointment
CORIUM PTY: Supreme Court Liquidates Firm
D & S SPINKS: Members to Receive Wind-up Details
E. D. & G. WELCH: Falls Into Liquidation

EGAN CORPORATION: Prepares to Close Shop
ENTERTAINMENT MEDIA: Provides Status Report on Group Restructure
FORTUNE PASTORAL: Members Agree to Wind Up
HEVERS HOLDINGS: Court Issues Wind-up Order
HOBSON SWAN: Liquidation Hearing Set on March 9

HORIZON GROUP: Schedules Final Meeting Today
KITCHENCO LIMITED: Joint and Several Liquidators Appointed
KUNDURACI ENTERPRISES: Robert Cole Appointed as Receiver
LAPER PTY: Distributes Dividend to Creditors
MARTIN PLACE: Enters Liquidation Proceedings

MEGA MERGER: Liquidation Petition To Be Heard on March 9
MEMENTO RESTAURANTS: Liquidator to Explain Wind-up Report
MYER LIMITED: S&P Says Hedley Purchase Does Not Affect Ratings
MYER LIMITED: Final Bids Due on March 3
NATIONAL AUSTRALIA: Workers Approve New EBA Package

PINEWOOD COMMUNITY: Inability to Pay Debts Prompts Wind-up
QANTAS AIRWAYS: Workers Stage Protest Against Outsourcing Plan
RADIATA PLANTATIONS: Creditors Decide to Close Business
RICHARDSON WOODCRAFTS: Placed Under Liquidation
SJP FORMWORK: To Declare Final Dividend

SLITCELL PTY: Members and Creditors to Review Wind-up Report
SOUTH ISLAND: Undergoes Liquidation Process
STAR BUILDING: Placed Under Voluntary Liquidation
SYSPRO ASIA: Appoints Brent Kijurina to Liquidate Firm
VIC PIC: Court to Hear Liquidation Petition on March 16

* ASIC Bans Director of Failed Companies


C H I N A   &   H O N G  K O N G

CHINA EASTERN: Fitch Assigns 'BB-' Rating and Negative Outlook
SF INTERNATIONAL: Wind-up Hearing Slated for April 12
SUNSHINE GIFT: Court to Hear Wind-up Petition on April 12
SURPLUX HOUSEHOLD: High Court Orders Company Wind-up
TARGET FIELD: Commences Wind-up Process

TOP STAR: Creditors' Meeting Set for March 6
TOP STAR: Wind-up Hearing Slated for March 15
TEXUNITED LIMITED: Schedules Final Meeting on March 31
TING FUNG: Decides to Shut Down Operations
WISETON ELECTRONIC: Yeung Koon Lung Files Wind-up Petition

X-DIVE CENTRE: Commences Winding Up Process
W.F. INDUSTRIAL: Court to Hear Wind-Up Petition on March 29
WHOLE LION: Bank Wants Company Wound Up


I N D I A

BHARAT PETROLEUM: Unveils Change in Directorate
SUN EARTH: SEBI Bars Promoters from Trading in Market
* RBI Issues Guidelines for Sick Small Industrial Units


I N D O N E S I A

EXCELCOMINDO PRATAMA: Net Loss Balloons to IDR224 Bln
PERUSAHAAN LISTRIK: Mulls Use of Cheaper Fuel to Cut Costs


J A P A N

JAPAN AIRLINES: Chief Executive to be Replaced, Reports Say
MITSUBISHI MOTORS: Sees Rise in United States Sales
SANYO ELECTRIC: Introduces Projectors for Professionals


K O R E A

DAEWOO ENGINEERING: Union's Protests Could Delay Sale


M A L A Y S I A

FOREMOST HOLDINGS: Results Return to Black in 4Q/FY05
KARENSOFT TECHNOLOGY: 4Q/FY05 Net Profit Widens to MYR8,166,000
LINEAR COOLING: Withdraws Suit Against Syarika
MANGIUM INDUSTRIES: Returns to Profit in 4Q/FY05
MAXTRAL INDUSTRY: Securities Issuance Gets SC's Approval

MERCES HOLDINGS: Net Loss Dips to MYR1,592,000 in 4Q/FY05
MERCURY INDUSTRIES: Net Loss Hits MYR2,694,000 in 4Q/FY05
MINPLY HOLDINGS: Net Loss Slips to MYR1,183,000 in 4Q/FY058
MULPHA LAND: Net Loss Drops to MYR2,999,000 in 4Q/FY05
PAN MALAYSIA: Books MYR6,883,000 Net Loss in 4Q/FY05

PASDEC HOLDINGS: Net Loss Dips to MYR1,441,000 in 4Q/FY05
PJI HOLDINGS: Suffers MYR4,613,000 Net Loss in 4Q/FY05
PNE PCB BERHAD: Incurs MYR1,540,000 Net Loss in 1Q/FY05
POLYMATE HOLDINGS: Books MYR10,706,000 Net Loss in 1Q/FY05
PORTRADE DOTCOM: Posts MYR147,000 Net Loss in 2Q/FY05

SM SUMMIT: Net Loss Hits MYR123,000 in 3Q/FY05
SUREMAX GROUP: Names New Auditors at Meeting
TRICUBES BERHAD: Net Loss Slips to MYR128,000 in 3Q/FY05  
TRU-TECH HOLDINGS: Net Loss Shrinks to MYR12,243,000 in 4Q/FY05


P H I L I P P I N E S

ABS-CBN BROADCASTING: Revamps Management After President Quit
BAGUIO MOUNTAIN: To Distribute Assets and End Liquidation
CABIAO RURAL BANK: Court OKs Petition for Liquidation Assistance
MANILA ELECTRIC: Up on Technical Recovery
NATIONAL FOOD: To Keep Rice Supply and Prices Stable Amid Crisis

NATIONAL FOOD: Farmer Groups Reject Proposed Dissolution
NATIONAL POWER: Poised to Make Profit in 2006
NATIONAL POWER: Thai Firm Eyes Three Assets
* S&P Monitors Philippines and Warns of Negative Action


S I N G A P O R E

CHANNEL GROUP: Quicklogic Files Wind-up Petition
CHINA AVIATION: Books Profit in 4Q/FY05 Despite Operating Loss
DAVIS LANGDON: Creditors' Claims Due on March 17
FIRSTLINK INVESTMENTS: Net Loss Widens by 516%
FIRSTLINK INVESTMENTS: Repays Loan to Chairman

GURCHARAN SINGH: Court Issues Liquidation Order
LIANG HUAT: Annual Net Loss Drops 70%
LINDTEVES-JACOBERG: FY05 Net Loss Climbs 24.7%


T H A I L A N D

EASTERN PRINTING: Net Profit Up THB10,186,000 in FY05
NEW PLUS: Net Loss Shrinks to THB37,351,000

     - - - - - - - -

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

2XL BUILDING: CIR Lodges Petition to Liquidate Firm
---------------------------------------------------
On November 15, 2005, the Commissioner of Inland Revenue filed
an application to put 2XL Building Services (2000) Limited under
liquidation.

The CIR Application will be heard before the High Court of
Auckland on March 9, 2006, at 10:00 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 6, 2006, to:

          S. J. Eisdell Moore
          Solicitor for the Plaintiff
          Meredith Connell
          Level Seventeen, Forsyth Barr Tower
          55-65 Shortland Street
          (P.O. Box 2213 or D.X. C.P. 24-063)
          Auckland, New Zealand
          Telephone: (09) 336 7556)
          Web site: http://www.meredithconnell.co.nz/


AA VICTORIAN: Prepares to Pay Dividend
--------------------------------------
AA Victorian Independent Pumping Pty Limited will declare its
first dividend today, March 2, 2006.

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

Contact: N. Giasoumi
         Liquidator
         Dye & Rennie Chartered Accountants
         Suite 8, 260 Auburn Road
         Hawthorn 3122, Australia


BACK O'BOURKE: Appoints PBB as Receiver
---------------------------------------
On February 13, 2006, Andrew Leslie Smith was appointed as
receiver and manager of all the assets and undertakings of Back
O'Bourke Fruits Pty Limited.

Contact: Andrew L. Smith
         Receiver
         PPB Chartered Accountants & Business Reconstruction
         Specialists
         Level 15, 25 Bligh Street
         Sydney, New South Wales
         Australia


BAILLIE STREET: Decides to Shut Down Operations
-----------------------------------------------
At a general meting of Baillie Street Developments Pty Limited's
members on January 31, 2006, they decided that the Company needs
to voluntarily wind up its operations.

Ian Alexander Cattanach was nominated to act as liquidator to
manage the Baillie's wind-up activities.


BURTON CLINIC: Creditors' Proofs of Claims Due on March 21
----------------------------------------------------------
Paul Graham Sargison and Gerald Stanley Rea, the liquidators of
The Burton Clinic for Faces Limited, has required the Company's
creditors to lodge their proofs of claims or debts on or before
March 21, 2006, to:

          Gerry Rea Associates
          P.O. Box 3015, Auckland
          New Zealand
          Telephone: (09) 377 3099
          Facsimile: (09) 377 3098
          Web site: http://www.gerryrea.co.nz/

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


CARS-R-US 2004: Appoints Official Liquidators
---------------------------------------------
On February 15, 2006, John Trevor Whittfield and Boris van
Delden, insolvency practitioners of Auckland, were appointed as
joint and several liquidators of Cars-R-Us 2004 Limited.

The Liquidators require the Company's creditors to submit their
proofs of debts or claims by March 31, 2006, to:

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

Failure to comply with the requirement will exclude any creditor
from the benefit of any distribution.


CLASS TECHNOLOGY: Creditors OK Liquidator's Appointment
-------------------------------------------------------
Members of Class Technology Pty Limited held a meeting on
February 3, 2006, and agreed on the Company's need to liquidate.  

In addition, Roderick Mackay Sutherland was appointed as
liquidator to supervise Class Technology's wind-up activities.
The Company's creditors confirmed the liquidator's appointment
at a meeting held later that day.

Contact: Roderick M. Sutherland
         Liquidator
         Jirsch Sutherland Chartered Accountants
         Level 2, 84 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone: 02 9233 2111
         Fax: 02 9233 2144


CORIUM PTY: Supreme Court Liquidates Firm
-----------------------------------------
On February 2, 2006, the Supreme Court of New South Wales
ordered the liquidation of Corium Pty Limited, and appointed
Steven Nicols to facilitate the Company's wind-up activities.

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


D & S SPINKS: Members to Receive Wind-up Details
------------------------------------------------
A final meeting of the members of D & S Spinks 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, March 2, 2006.

Contact: Adrian Stewart Duncan
         Liquidator
         c/o Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales
         Australia


E. D. & G. WELCH: Falls Into Liquidation
----------------------------------------
On February 9, 2006, E. D. & G. Welch Limited commenced its
liquidation and appointed Richard Dale Agnew and John Howard
Fisk, chartered accountants of Auckland and Wellington, as joint
and several liquidators.

The Liquidators fix May 9, 2006, as the deadline for the
Company's creditors to make their claims and to establish any
priority their claims may have.

Failure to comply with the requirement will exclude any creditor
from the benefit of any distribution or from objecting to the
distribution.

Contact: John Howard Fisk
         Liquidator
         PricewaterhouseCoopers
         Level Sixteen, 113-119 The Terrace (P.O. Box 243)
         Wellington, New Zealand
         Telephone: (04) 462 7000
         Facsimile: (04) 462 7492


EGAN CORPORATION: Prepares to Close Shop
----------------------------------------
The members of Egan Corporation Pty Limited agreed to wind up
the Company's operations, and named Roderick Mackay Sutherland
to facilitate the liquidation of its assets.

Contact: Roderick M. Sutherland
         Liquidator
         Jirsch Sutherland Chartered Accountants
         Level 2, 84 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone: (02) 9233 2111
         Fax: (02) 9233 2144


ENTERTAINMENT MEDIA: Provides Status Report on Group Restructure
----------------------------------------------------------------
The Board of Entertainment Media & Telecoms Corporation Limited
provided a further update in relation to the restructure of the
EMT group of companies.

                       Rentworks/Alleasing

As previously disclosed, Alleasing Finance Australia Limited
(formerly Rentworks Limited) held a secured debt position over a
number of the EMT group entities, including EMT's United States
and Canadian entities, GalaVu and EMT Corporation Pty Ltd and
EMT Services Pty Ltd.

The Directors of EMT advised shareholders that the transaction
as detailed in the update to the market last week has now been
finalized.

                    Summary of the Transaction

The secured Alleasing debt of AU$2,020,000 over the EMT
subsidiaries has been acquired by Cardinal Communications
Incorporated for AU$702,500.

Cardinal has agreed to provide a loan of AU$797,500 to GalaVu
for working capital purposes.

Cardinal has acquired AU$648,250 of debt from Livonia Pty
Limited, the secured creditor of EMT.

Cardinal has agreed to convert all of its debt, totaling
AU$3,465,750 into EMT shares, with AU$532,500 to be exercised at
1.0 cents per share and the balance at approximately 0.5 cents
per share, in order to provide Cardinal with at least 64% of the
issued capital of EMT on a fully diluted basis.  The issue of
shares in excess of 20% will be subject to shareholder approval.  
In addition, if EMT shareholder approval is not forthcoming for
the issue of the additional shares to Cardinal or EMT is not
relisted on the Australian Stock Exchange within 120 days of the
date of the agreement, then EMT will transfer all of the assets
constituting the security held by Cardinal in exchange for
Cardinal's secured debt.

Livonia has agreed to convert AU$425,000 of its debt into EMT
shares at 1.0 cents per share and a further AU$733,750 at 5.0
cents per share.  Livonia's shareholding will not exceed 20% and
therefore may not require shareholder approval.

Sims Partners have retired as receivers of EMT Corporation Pty
Ltd and EMT Services Pty Limited.

Alleasing has assigned and/or releases the security over EMT's
U.S. and Canadian subsidiaries to Cardinal.

In accordance with the Agreement, Cardinal has been issued
46,000,000 fully paid shares anbd Livonia has been issued
35,250,000 fully paid ordinary shares at 1.0 cents per share.  
Both Cardinal and Livonia now have 19.99% of the issued capital
of EMT.

                  Receivership of Parent Entity

The receiver has finalized the first phase pf the process of
resolving the debts of the EMT group of entities.  An informal
creditors proposal was put forward to the unsecured creditors of
the parent entity, which has resulted in all of the unsecured
creditors being satisfied.  An advance of AU$100,00 has been
provided by the secured creditor' Livonia to satisfy unsecured
creditors that opted for a cash settlement.  In addition, the
remaining unsecured creditors were issued 3,492,141 and the EMT
directors (as approved by shareholders at the General Meeting)
were issued 31,000,000 shares at 1.0 cents per share.

The Directors and Receiver of EMT are now focused on dealing
with the remaining debts of the EMT group of entities and have
commenced the preparation of the Annual Report, the various
quarterly cash flow statements and the half yearly report for
the period to December 31, 2005, and satisfying any ASX
requirements under Chapter 12 of the ASX Listing Rules.  EMT's
directors remain confident that it is possible that EMT will be
in a position to apply for requotation during the final quarter
of the 2006 financial year.

Tony Sims and Neil Singleton of specialist Australian Insolvency
firm, SimsPartners, were appointed Receivers and Managers to the
Australian publicly listed company, Entertainment Media &
Telecoms Corporation Limited and two of its Australian
subsidiaries on September 19, 2005.


FORTUNE PASTORAL: Members Agree to Wind Up
------------------------------------------
The members of Fortune Pastoral Pty Limited held a meeting on
February 3, 2006, and agreed to close the Company's business.

They then appointed Matthew Woods as liquidator to oversee the
Company's wind-up operations.

Contact: Matthew Woods
         Liquidator
         Pitcher Partners Chartered Accountants
         17th Level, AMP Building
         140 St. Georges Terrace
         Perth, Western Australia 6000
         Telephone: (08) 9322 2022
         Fax: (08) 9322 1262


HEVERS HOLDINGS: Court Issues Wind-up Order
-------------------------------------------
On February 3, 2006, the Federal Court of Australia ordered the
wind-up of Hevers Holdings Pty Limited, and appointed Steven
Nicols to act as liquidator.

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


HOBSON SWAN: Liquidation Hearing Set on March 9
-----------------------------------------------
On November 15, 2005, an application to liquidate Hobson Swan
Construction Limited was filed with the High Court at Auckland
by the Commissioner of Inland Revenue.

The Application will be heard on March 9, 2006, at 10:00 a.m.

Any person, other than the defendant company, who wishes to
appear on the Hearing must file an appearance not later than
March 6, 2006, to:

          S. J. Eisdell Moore
          Solicitor for the Plaintiff
          Meredith Connell
          Level Seventeen, Forsyth Barr Tower
          55-65 Shortland Street
          (P.O. Box 2213 or D.X. C.P. 24-063)
          Auckland, New Zealand
          Telephone: (09) 336 7556)
          Web site: http://www.meredithconnell.co.nz/


HORIZON GROUP: Schedules Final Meeting Today
--------------------------------------------
The final meeting of the members and creditors of Horizons Group
Limited is scheduled today, March 2, 2006, where liquidator
Laurence G. Fitzgerald will present an account of the manner of
the Company's wind-up and property disposal.

Contact: Laurence A. Fitagerald
         Liquidator
         Horwath BRI (Victoria) Pty Limited
         Chartered Accountants
         Level 30, 525 Collins Street
         Melbourne, Victoria 3000
         Australia


KITCHENCO LIMITED: Joint and Several Liquidators Appointed
----------------------------------------------------------
On February 16, 2006, the High Court at Auckland appointed Henry
David Levin, insolvency practitioner, and David Stuart Vance,
chartered accountant, as joint and several liquidators of
Kitchenco Limited.

The Liquidators will dispense with the meeting of creditors in
order to keep costs to a minimum and maximize returns to
creditors.

The Liquidators have fixed March 9, 2006, as the last day for
creditors to make their claims and establish any priority their
claims may have.

Creditors who have not submitted a proof of claim will be
excluded from the benefit of any distribution.

Any creditors claiming a security interest in respect of the
company must provide details to the liquidators immediately.

Contact: Henry David Levin
         Liquidator
         McCallum Petterson
         Level Eleven, Forsyth Barr Tower
         55-65 Shortland Street, Auckland
         New Zealand
         Postal Address: P.O. Box 6916
         Wellesley Street, Auckland
         Telephone: (09) 336 0000
         Facsimile: (09) 336 0010


KUNDURACI ENTERPRISES: Robert Cole Appointed as Receiver
--------------------------------------------------------
On January 31, 2006, Robert Molesworth Hobill Cole was appointed
as the receiver and manager of the assets and undertakings of
Kunduraci Enterprises Pty Limited.

Contact: Robert M. H. Cole
         Liquidator
         Cole Downey & Co. Chartered Accountants
         Unit 2, 6 Moorabool Street
         Geelong, Victoria 3220
         Australia


LAPER PTY: Distributes Dividend to Creditors
--------------------------------------------
Laper Pty Limited will declare its first and final dividend
today, March 2, 2006, to the exclusion of creditors who were not
able to prove their claims.

Contact: Paul Sweeney
         Terry Van der Velde
         Joint Liquidators
         SV Partners
         Level 16, 120 Edward Street
         Brisbane, Queensland 4000
         Australia


MARTIN PLACE: Enters Liquidation Proceedings
--------------------------------------------
At an extraordinary general meeting of the members of Martin
Place Services Pty Limited on February 6, 2006, it was resolved
that a voluntary wind-up of business operations is appropriate
and necessary.  Deryk Andrew was appointed as the Company's
official liquidator.

Contact: Deryk Andrew
         Liquidator
         Bentleys MRI Sydney Business Recovery and
         Insolvency Partnership
         PO Box Q1165, QVB Post Office
         Sydney, New South Wales 1230
         Australia


MEGA MERGER: Liquidation Petition To Be Heard on March 9
--------------------------------------------------------
On March 9, 2006, The High Court of Auckland will hear an
application by Nauhria Precast Limited to liquidate Mega Merger
Holdings Limited.

Any person, other than the defendant company, who wishes to
appear on the Hearing must file an appearance not later than
March 7, 2006.

Contact: A. K. Singh
         Solicitor for the Plaintiff
         Penney Patel Law, Solicitors
         1 Kimberley Road (P.O. Box 26-344)
         Epsom, Auckland
         New Zealand


MEMENTO RESTAURANTS: Liquidator to Explain Wind-up Report
---------------------------------------------------------
The members and creditors of Memento Restaurants Pty Limited
will convene today, March 2, 2006, to receive liquidator Adrian
Stewart Duncan's account regarding the Company's completed wind-
up and disposal of property.

Contact: Adrian S. Duncan
         Liquidator
         c/o Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales
         Australia


MYER LIMITED: S&P Says Hedley Purchase Does Not Affect Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services said today that Coles Myer
Ltd.'s (BBB/Stable/A-2) acquisition of the Hedley Hotel Group in
Queensland for AU$306 million has no impact on the group's
ratings or outlook.

Standard & Poor's considers the acquisition to be an important
part of the group's liquor business growth strategy, and
believes the purchase can be comfortably debt funded (including
associated operating leases) within the group's current ratings.

Nevertheless, the key ratings focus continues to be on the cost
position of Coles Myer's supermarket business, and the potential
for its major competitor, Woolworths Ltd. (A-/Negative/A-2), to
use its growing supply-chain cost savings to erode Coles Myer's
margins or market share in the next couple of years.
Accordingly, Coles Myer will be reliant on the effective and
timely execution of its own supply-chain overhaul, and on its
ability to keep pace with Woolworths' rapidly growing liquor
business, to protect the competitive position and market shares
of its key food and liquor operations in the short-to-medium
term.

Headquartered in Melbourne, Victoria, Coles Myer Ltd. --  
http://www.colesmyer.com/-- operates around 2,500 stores in   
Australia and New Zealand and employs with over 165,000 staff.  
The Company is listed on the stock exchanges of Australia,
London, and New Zealand.  Coles Myer has been suffering the
burden of consumer-spending downturn.  In August 2005, its
subsidiary, Myer Limited -- http://www.myer.com/-- has been  
named in an ABN Amro report as a big loser in the battle between
upmarket department stores and discount retailers, with its
market share dropping more than 7% since 1996, as discount
operators undercut department stores on price and quality.  In
the same period, Myer's market share has plummeted from 27.8% to
20.6%.  The bad news came on top of Merrill Lynch's downgrade of
its forecast of Coles Myer's net profit to AU$680 million, in
line with the company's own prediction of between AU$670 million
and AU$680 million.  Merrill Lynch blamed weakness in the retail
sector for the cut of AU$20 million, or 3%, in forecast net
profit.  Between 2001 and 2004, Myer closed 12 of its 73
outlets.  In late 2005, Coles Myer decided to sell Myer Limited,
initially expecting AU$1 billion.  However, latest reports
indicate that interested bidders have narrowed down in number.


MYER LIMITED: Final Bids Due on March 3
---------------------------------------
Final bids for Myer Limited are due on Friday, March 3, 2006.

The Troubled Company Reporter - Asia Pacific reported on Feb. 9,
2006, that serious bidders for Coles Myer Limited's department
store business had been reduced to three:

     * Edgars Consolidated Stores Limited;
     * CVC Asia Pacific; and
     * Newbridge Capital Inc.

According to the Australian Associated Press, Harvey Norman
Holdings is also interested in acquiring the 61-store chain.

AAP says that Coles Myer's two-city block, six-storey store with
frontages to both Bourke and Lonsdale Streets in the heart of
Melbourne, Australia, will be sold separately.  The price tag
for the Myer Melbourne flagship store is between AU$350 million
to AU$450 million.

Coles Myer is looking at a AU$1 billion windfall from the
potential Myer sale.  A Coles Myer spokesman had said that the
Company's board of directors is set to make a decision on the
Myer sale by the end of March.

AAP relates that the Sale will enable Coles Myer's management to
focus on its more lucrative supermarket, liquor and discount
variety store segment in an effort to close the gap with rival
Woolworths.

AAP cites FW Holst analyst David Spry as saying that without
Myer, competition between Coles Myer and Woolworths will
intensify.  He believes that the Myer Sale would remove a lot of
baggage that has been holding Coles Myer back in performance and
market rating.  However, Myer, as a single entity, had potential
for the new owner because Coles Myer had not been 100% committed
on the store.

Headquartered in Melbourne, Victoria, Coles Myer Ltd. --  
http://www.colesmyer.com/-- operates around 2,500 stores in   
Australia and New Zealand and employs with over 165,000 staff.  
The Company is listed on the stock exchanges of Australia,
London, and New Zealand.  Coles Myer has been suffering the
burden of consumer-spending downturn.  In August 2005, its
subsidiary, Myer Limited -- http://www.myer.com/-- has been  
named in an ABN Amro report as a big loser in the battle between
upmarket department stores and discount retailers, with its
market share dropping more than 7% since 1996, as discount
operators undercut department stores on price and quality.  In
the same period, Myer's market share has plummeted from 27.8% to
20.6%.  The bad news came on top of Merrill Lynch's downgrade of
its forecast of Coles Myer's net profit to AU$680 million, in
line with the company's own prediction of between AU$670 million
and AU$680 million.  Merrill Lynch blamed weakness in the retail
sector for the cut of AU$20 million, or 3%, in forecast net
profit.  Between 2001 and 2004, Myer closed 12 of its 73
outlets.  In late 2005, Coles Myer decided to sell Myer Limited,
initially expecting AU$1 billion.  However, latest reports
indicate that interested bidders have narrowed down in number.


NATIONAL AUSTRALIA: Workers Approve New EBA Package
---------------------------------------------------
National Australia Bank's new three-year enterprise bargaining
agreement has been certified by the Australian Industrial
Relations Commission after gaining approval from 88% of
employees, the Australian Associated Press reports.

As reported by the Troubled Company Reporter - Asia
Pacific in February 2006, the new EBA promises NAB employees a
4% fixed wage per annum over its three-year term; 0.1% annual
increases in superannuation contributions, up to a total
employer contribution of 10% of wages; and a share scheme,
which varies depending on employee income, and will be funded
from new capital.

NAB says that the new package provided increased support, choice
and flexibility to help employees better balance work and
personal commitments through improved parental leave provisions,
salary averaging options and increased salary packaging.

Ahmed Fahour, the chief executive of NAB's Australian
operations, said the new agreement would assist NAB in the next
phase of its turnaround plan and "is a major step in the
integration of [NAB's] organization, aligning core terms and
conditions across [its] businesses."

Headquartered at Melbourne, in Victoria, Australia, National
Australia Bank Ltd. -- http://www.national.com.au/-- offers a  
wide range of financial services, including: personal banking,
business banking, corporate banking, agribusiness, wealth
management, transactional solutions, custody services asset
finance and leasing financial planning.  The bank's Australian
Division is focused on delivering financial solutions to help
customers achieve their financial goals.  National Australia
Bank is undertaking a three-year revival program after its 2004
foreign exchange trading scandal and several profit downgrades
in 2005 that hammered its share price.  The Bank is working to
recover from a tumultuous two years marked by a boardroom
upheaval and disintegration, executive departures and huge job
cuts.  As of February 2006, NAB said that it was moving ahead
and that its crises were over.  NAB further stated that planning
for its post-recovery phase was under way.  


PINEWOOD COMMUNITY: Inability to Pay Debts Prompts Wind-up
----------------------------------------------------------
Pinewood Community Co-operative Limited has determined that a
voluntary wind-up of its business operations is necessary, due
to the Company's inability to pay its debts.

Bruce Neil Mulvaney was appointed to oversee the Company's
liquidation activities.

Contact: Bruce N. Mulvaney
         Liquidator
         Bruce Mulvaney & Company
         1st Floor, 613 Canterbury Road
         Surrey Hills, Victoria 3127
         Australia


QANTAS AIRWAYS: Workers Stage Protest Against Outsourcing Plan
--------------------------------------------------------------
Hundreds of maintenance workers yesterday protested Qantas
Airways' plan to send the heavy maintenance operations of its
long-haul fleet to Asia and slash 2,500 jobs in the process.  
The workers marched from the Qantas jet base on Qantas Drive to
the domestic terminal in Sydney Airport as part of a campaign to
stop the carrier from its outsourcing plan.

Unions representing the maintenance workers said that they have
failed to get a guarantee of job security in return for
concessions during long-running enterprise bargaining talks with
Qantas, the Australian Associated Press relates.

As reported by the Troubled Company Reporter - Asia Pacific on
February 27, 2006, Qantas unexpectedly called off the scheduled
enterprise bargaining talks with the Australian Manufacturing
Workers Union and Australian Workers Union, causing heavy  
maintenance workers to mobilize for a strike action.  The EBA
negotiations were aimed at achieving an outcome that will give
Qantas a chance to compete with offshore work.

The TCR-AP report states that Qantas Chief Executive Officer
Geoff Dixon also called off a scheduled briefing where he was
expected to announce the airline's decision on the outsourcing
of jobs.  Any decision to keep maintenance work within Australia
is expected to result in wholesale job cuts to aide the airline
in its efforts to slash maintenance costs by 20%.

The Australian Manufacturing Workers Union believes that any
move to shift maintenance work overseas would compromise Qantas'
"impeccable" safety record.  The AMWU further believes that the
public is sure to support the workers in case the airline's plan
pushes through.

The AMWU said that it intends to make an application for
protected industrial action to the Australian Industrial
Relations Commission.  It stated its readiness to take any
action if required, especially in case workers are urged to sign
off on an enterprise agreement not favorable to them.

Meanwhile, Qantas said that yesterday's protest did not affect
any of its flights.  Qantas Engineering executive general
manager David Cox said that the Union had not acted in good
faith by holding the protest action and that it is "hard to see
how the action they've taken today will be helpful in building a
constructive dialogue."

The enterprise bargaining agreement talks between Qantas and the
unions will resume on March 6, 2006.  Mr. Cox says that Qantas
is already close to a decision and is expected to make an
announcement on the outsourcing issue in the next few weeks.

Qantas has already shed 15% of its management staff and cut
commissions to travel agencies.  Qantas employs more than 35,000
staff.

Headquartered in Sydney, Australia, Qantas Airways --
http://www.qantas.com.au/-- is the world's second oldest  
airline and is also recognized as one of the leading long-
distance airlines, having pioneered services from Australia to
North America and Europe.  The Qantas Group employs
approximately 38,000 staff across a network that spans 145
destinations in Australia, Asia-Pacific, Americas, Europe and
Africa.  The Qantas Group also operates a diverse portfolio of
airline-related businesses, including Engineering Technical
Operations and Maintenance Services, Airports and Catering,
Qantas Freight, Qantas Holidays, Qantas Defence Services and
Qantas Consulting.  Qantas started having problems in 2003 with
the ill effects of the Iraq War and the SARS outbreak, on top of
the already difficult period following the events of the 9/11
terrorist attacks, the Afghanistan war and the terror threats,
which lead to a downturn in bookings to other Asian countries,
and affecting most of European routes as well.  The adverse
effects also affected other areas of the business including
Qantas Flight Catering, Qantas Holidays and Australian Airlines.  
Qantas started reviewing, and widened, the range of initiatives
it had put in place following the triggering events.  These
initiatives included the reduction of staffing numbers through
the use of accumulated leave to the equivalent of 2,500 full-
time employees by June 2003 and by the equivalent of 1,000
employees between July and September 2003; a restructuring
program involving 1,000 redundancies, 400 permanent positions
eliminated through attrition and 300 permanent positions
converted from full time to part time; a freeze on capital and
discretionary expenditure; expansion of the leave without pay
program; increased use of part time workers; significant
restructuring of work practices and activities; and reduction of
capital expenditure, including retirement of some aircraft and
deferral of delivery of new aircraft.  In December 2003, Qantas
unveiled its new low cost-carrier airline, Jetstar Asia, which
later proved to be a headache after failing to gain access to
crucial markets such as Indonesia and China.  In June 2005,
Qantas admitted it is still struggling to recover its investment
in Jetstar, despite having managed to lease out four of its
unused Airbus 320s.

By early 2004, Qantas posted a AU$357.8 million net profit for
the period ended December 31, 2003, owing to a strong domestic
performance, effective cost-cutting measures, improvement in the
international segment of the business and other subsidiaries.  
However, the Airline also posted a lower revenue figure.  The
road to recovery proved rocky as Qantas had to deal with
escalating fuel prices, increased competition and skirmishes
with its labor unions.  Qantas has also seen a lot of fruitless
merger talks.  Qantas went into another round of job cuts in
late June 2005, a move that was punctuated with more than 600
jobs slashed in the first half of its financial year.  The
latest round of job cuts announced in February 2006 came amidst
uncertainty of outsourcing the Airline's heavy maintenance works
overseas.  


RADIATA PLANTATIONS: Creditors Decide to Close Business
-------------------------------------------------------
On February 2, 2006, the creditors of Radiata Plantations
Limited agreed to wind up the Company's operations.  George
Georges was appointed as liquidator to manage Radiata's wind-up
activities.

Contact: George Georges
         Liquidator
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria,
         Australia


RICHARDSON WOODCRAFTS: Placed Under Liquidation
-----------------------------------------------
On February 16, 2006, the High Court at Auckland appointed Henry
David Levin, insolvency practitioner, and David Stuart Vance,
chartered accountant, as joint and several liquidators of
Richardson Woodcrafts Limited.

Pursuant to Section 245 of the Companies Act 1993, the
Liquidators will dispense with the meeting of creditors in order
to keep costs to a minimum and maximize returns to creditors.

The Liquidators have fixed March 9, 2006, as the last day for
creditors to make their claims and establish any priority their
claims may have.

Creditors who have not made a claim will be excluded from the
benefit of a distribution.

Any creditors claiming a security interest in respect of the
Company are required to provide details to the liquidators
immediately.

Contact: Henry David Levin
         Liquidator
         McCallum Petterson
         Level Eleven, Forsyth Barr Tower
         55-65 Shortland Street, Auckland
         New Zealand
         Postal Address: P.O. Box 6916
         Wellesley Street, Auckland
         Telephone: (09) 336 0000
         Facsimile: (09) 336 0010
         Web site: http://www.mccallumpetterson.com/


SJP FORMWORK: To Declare Final Dividend
---------------------------------------
SJP Formwork (Australia) Pty Limited will declare its final
dividend on March 3, 2006.

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

Contact: Ian J. Purchas
         Liquidator
         Star Dean Willcocks
         Level 1, 32 Martin Place
         Sydney, New South Wales 2001
         Australia


SLITCELL PTY: Members and Creditors to Review Wind-up Report
------------------------------------------------------------
The final meeting of the members and creditors of Slitcell Pty
Limited is scheduled today, March 2, 2006, for them to get an
account of the manner of the Company's wind-up and property
disposal from liquidator Adrian Stewart Duncan.

Contact: Adrian S. Duncan
         Liquidator
         c/o Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia


SOUTH ISLAND: Undergoes Liquidation Process
-------------------------------------------
David Donald Crichton and Keiran Anne Horne, chartered
accountants of Crichton Horne & Associates, were appointed
liquidators of South Island Connections Limited by order of the
High Court dated February 17, 2006.

The Liquidators fix March 20, 2006, as the deadline for the
Company's creditors to make their claims and to establish any
priority their claims may have, under Section 312 of the
Companies Act 1993.  Otherwise, the creditors will be excluded
from the benefit of any distribution.

Any creditor holding a security interest over South Island's
assets should immediately contact the liquidators.

Contact: Nelson Gardiner
         Crichton Horne & Associates
         Old Library Chambers, 109 Cambridge Terrace
         (P.O. Box 3978), Christchurch
         New Zealand
         Telephone: (03) 379 7929
         Web site: http://www.cha.co.nz/


STAR BUILDING: Placed Under Voluntary Liquidation
-------------------------------------------------
At a meeting of Star Building Decoration Pty Limited's members
on February 7, 2006, it was agreed that the Company be wound up
voluntarily, due to its inability to pay its debts.

Robert Moodie was appointed as liquidator to manage the
Company's wind-up activities.

Contact: Robert Moodie
         Liquidator
         c/o Rodgers Reidy
         Level 8, 333 George Street
         Sydney, New South Wales 2000
         Australia


SYSPRO ASIA: Appoints Brent Kijurina to Liquidate Firm
------------------------------------------------------
The members of Syspro Asia Pacific Pty Limited held an
extraordinary general meeting on February 6, 2006, and agreed
to:

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

  -- appoint Brent Kijurina as liquidator.

Contact: Brent Kijurina
         Liquidator
         Smith Hancock Chartered Accountants
         Level 4, 88 Phillip Street,
         Parramatta, New South Wales 2150
         Australia


VIC PIC: Court to Hear Liquidation Petition on March 16
-------------------------------------------------------
On March 16, 2006, the High Court of Napier will hear an
application to put Vic Pic Contractors Limited into liquidation.

The Petition was lodged before the High Court by Accident
Compensation Corporation on January 31, 2006.

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 14, 2006.

Contact: Dianne S. Lester
         Solicitor for the Plaintiff
         Maude & Miller
         Second Floor, McDonald's Building
         Cobham Court
         (P.O. Box 50-555 or D.X. S.P. 32-505)
         Porirua City, New Zealand
         Web site: http://www.mmiller.co.nz/


* ASIC Bans Director of Failed Companies
----------------------------------------
The Australian Securities and Investments Commission has banned
John Bardin Davis, of Malvern, Victoria, from managing
corporations for three years.

ASIC's ban on Mr. Davis followed an investigation into his
involvement in a number of failed companies:

     * Razoneska Pty Ltd (in liquidation);
     * Barron Entertainment Ltd (in liquidation);
     * Consortium Professionale Pty Ltd (in liquidation);
     * Consortium Management Pty Ltd (in liquidation); and
     * Calannie Pty Ltd (in liquidation).

These companies left debts aggregating around AU$8.2 million,
including substantial tax liabilities of over AU$1.7 million in
aggregate.

ASIC alleges that Mr. Davis failed to exercise his powers and
duties as a director of the companies with reasonable care and
due diligence in failing to maintain adequate financial records
and ensure the companies did not trade while insolvent.

In particular, ASIC states that Mr. Davis may have breached the
fiduciary and statutory duties he owed to Barron Entertainment
Ltd (in liquidation) by causing Barron Entertainment to enter
into an uncommercial transaction.

On May 12, 2000, Barron Entertainment purchased units held by
Lets 2000 Pty Ltd for AU$1 million in Lets Trust, of which Lets
Pty Ltd was the Trustee.  Ten days after the payment was made,
Lets Pty Ltd was placed into administration rendering the units
in Lets Trust worthless.  In addition, AU$450,000 of the AU$1
million payment made for the trust units was traced back to Lets
Management Pty Ltd, a company of which Mr. Davis was a co-
director.

ASIC also alleges that Mr. Davis failed to provide assistance to
liquidators, including the provision of information relating to
the financial circumstances of the failed companies.

Mr. Davis has the right to appeal to the Administrative Appeals
Tribunal for a review of ASIC's decision.

Under the Corporations Act, ASIC may disqualify a person from
managing a corporation for up to five years if a person has been
the director of two or more failed corporations within seven
years that have been wound up and their liquidator has lodged a
report with ASIC about the corporation's inability to pay its
debts.


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

CHINA EASTERN: Fitch Assigns 'BB-' Rating and Negative Outlook
--------------------------------------------------------------
Fitch Ratings has assigned China Eastern Airlines Corporation
Limited ("China Eastern") a Foreign Currency Issuer Default
Rating ("IDR") of 'BB-' (BB minus), and a Local Currency Issuer
Default Rating of 'BB-' (BB minus).  The Outlook on the ratings
is Negative.

The ratings reflect China Eastern's deteriorating profitability
due to declining yields driven by increasing competition and
escalating operating expenses as a result of the hike in jet
fuel prices.  Fitch also notes that the carrier's aggressive
capex plans could constrain its cash flow generation and further
worsen its leverage levels.  The restructuring risks from the
integration of Yunnan Air and China Northwest Airlines in 2005
have also been factored into the ratings.

These concerns are partly mitigated by China Eastern's strong
traffic growth, stable nationwide operations and strong
operating cash generation relative to its lease-adjusted
leverage levels. The ratings also take into account the growth
prospect (over 10% annually) in China's air travel market over
the medium-term, the favourable regulatory environment as well
as support from the government.

China Eastern's total revenue increased at a compound annual
growth rate of 13% over the past five years amid stable
profitability.  However, since 2005, the carrier started to
suffer a decline in profitability as demonstrated by a net loss
of CNY475 million in H105, mainly due to a 19.2% year-on-year
("yoy") increase in operating expenses (relative to a 9.4% yoy
growth in total revenues).  This was driven by a surge in jet
fuel costs (+41%), administrative expenses (+58.7%) and
commission payments (+38.3%).  Fitch notes that though several
favourable factors, including the resumption of a fuel surcharge
and the appreciation of the Chinese yuan, would likely increase
China Eastern's operating revenue and non-operating income, the
agency estimates the carrier's profitability would have
substantially deteriorated for FY05.

China Eastern has remained highly geared over the past five
years.  The company's credit metrics substantially improved in
FY04, with total adjusted debt net of cash to operating EBITDAR,
falling to 6.8x in end-FY04 from 9.1x in end-FY03, attributable
to a 21% increase in net adjusted debt and a strongly improved
operating EBITDAR of 60%.  FFO (funds from operations) adjusted
leverage dropped to 7.2x in FY04 from 9.3x in FY03.  The
carrier's total debt increased by 36% in H105 over CNY25.7bn
seen at end-FY04, due mainly to the CNY5.3bn in debt it assumed
when the carrier acquired Yunnan Air and China Northwest
Airlines.  The increase in total debt and the decline in
profitability could further impair China Eastern's coverage
ratios by end-05.

China Eastern has been generating negative free cash flow over
the past three years mainly due to large cash capex on aircraft
additions.  At H105, the carrier's total contracted and
authorised capital commitment was CNY58.8bn, implying an average
annual capex of CNY10bn over the next five years.  Fitch expects
China Eastern to finance its capex and other fixed charges
mainly through operational cash flows and additional debt.

The Negative Outlook reflects Fitch's expectation that China
Eastern will most likely continue to suffer a decline in
profitability due to the challenging cost environment for the
Chinese airline sector.  Although Fitch estimates that China
Eastern will likely expand its operational cash flows as a
result of a strong growth in air traffic after its acquisition
of Yunnan Air and China Northwest Airlines, the agency expects
the carrier to significantly increase its cash outlays,
including capex, lease payments and financial costs, which could
further constrain its liquidity.  The capacity expansion, which
is likely to be financed mainly by fresh debt, could also push
up the carrier's leverage over the next two years.

While Fitch views the favorable regulatory environment and
government support as positive factors, the agency believes that
adverse changes to the competitive landscape and on the
regulatory front could provide downward pressure on the ratings.
Total adjusted debt net of cash to operating EBITDAR sustained
at above 9.5x would also trigger a negative rating action.


SF INTERNATIONAL: Wind-up Hearing Slated for April 12
-----------------------------------------------------
On February 6, 2006, SF International Secretaries Limited
presented a petition to wind up SF International Secretaries
Limited before the High Court of Hong Kong Special
Administrative Region.

The Petition will be heard on April 12, 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: Ford, Kwan & Company
         Solicitors for the Petitioner
         Suites 1505-1508, 15th Floor
         Chinachem Golden Plaza
         No. 77 MOdy Road Tsimshatsui East
         Kowloon, Hong Kong
         Telephone: 2366 0688
         Fax: 2722 0736


SUNSHINE GIFT: Court to Hear Wind-up Petition on April 12
---------------------------------------------------------
On February 16, 2006, the Nanyang Commercial Bank Limited filed
an application to wind-up Sunshine Gift Packaging Limited with
the High Court of Special Administrative Region.
  
The Application will be heard before the High Court on April 12,
2006, at 9:30 a.m.

Contact: Gallant Y.T. Ho & Co.
         Solicitors for the Petitioner
         5th Floor, Jardine House
         No. 1 Connaught Place
         Central, Hong Kong
         Telephone: (852) 2526-3336
         Fax: (852) 2845-9294
         e-mail: gyth@gallantho.com


SURPLUX HOUSEHOLD: High Court Orders Company Wind-up
----------------------------------------------------
Surplus Household Service Limited has received a wind-up order
from the High Court of the Hong Kong Special Administrative
Region Court of First Instance on February 15, 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


TARGET FIELD: Commences Wind-up Process
---------------------------------------
A winding up petition was served on Target Field (China) Limited
on December 21, 2005.

On February 15, 2006, the High Court of the Hong Kong Special
Administrative Region Court of First Instance released an order
to wind up 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


TOP STAR: Creditors' Meeting Set for March 6
--------------------------------------------
A meeting of the creditors of Top Star Garment Limited will be
held on March 6, 2006, at 11:30 a.m.

At the meeting, the parties will appoint a new member to fill
the vacancy in the Committee of Inspection and ascertain the
wishes of creditors to change the Company's mode of winding up
from voluntary to compulsory.

Creditors who want to be represented at the meeting may appoint
proxies, who must be lodged at Unit 1602-3, 16/F., Yue Xiu
Building, 160-174 Lockhart Road, in Wanchai, Hong Kong, not
later than March 8, 2006.


TOP STAR: Wind-up Hearing Slated for March 15
---------------------------------------------
On February 20, 2006, Standard Chartered Bank (Hong Kong)
Limited filed a petition to wind up Top Star Garment 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: Tsang, Chan & Wong
         Solicitors for the Petitioner
         16th Floor, Wing On House
         No. 71 Des Voeux Road Central
         Central, Hong Kong
         Telephone: (852) 2524 5131         
         Fax: (852) 2845 0324
         e-mail: tcw@tcw.com.hk


TEXUNITED LIMITED: Schedules Final Meeting on March 31
------------------------------------------------------
A final general meeting of the members of Texunited 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 on March 31, 2006.

Contact: Ngan Lin Chun Esther
         Joint and Several Liquidator
         1902 Mass Mutual Tower
         38 Gloucester Road
         Wanchai, Hong Kong
         Telephone: 852 2520 2701
         Fax: 852 2861 3757


TING FUNG: Decides to Shut Down Operations
------------------------------------------
On February 19, 2006, the members of Ting Fung Industrial
Company Limited convened and agreed that:

   -- the Company be wound up voluntarily.

   -- Lau Suet Meng 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.

Contact: Lau Suet Meng
         Room 1004, Harvest Building,
         29-37 Wing Kut Street,
         Central, Hong Kong


WISETON ELECTRONIC: Yeung Koon Lung Files Wind-up Petition
----------------------------------------------------------
Yeung Koon Lung has lodged a petition to wind-up Wiseton
Electronic Limited.

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

Contact: Paul W. Tse
         Solicitors for the Petitioner
         Room 1008-1012, Bank Centre
         636 Nathan Road, Mongkok,
         Kowloon, Hong Kong


X-DIVE CENTRE: Commences Winding Up Process
-------------------------------------------
X-Device Centre Limited has received a wind-up order from the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on February 15, 2006.

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


W.F. INDUSTRIAL: Court to Hear Wind-Up Petition on March 29
-----------------------------------------------------------
On February 3, 2006, Bank of China (Hong Kong) Limited presented
a petition with the High Court of Hong Kong Special
Administrative Region to wind up W.F. Industrial Limited.

The Court will hear the Petition on March 29, 2006, at 9:30 a.m.

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

Contact: Anthony Chang & Partners
         Solicitors for the Petitioner
         3903 Tower 2, Lippo Centre
         89 Queensway,
         Central, Hong Kong
         Tel: (852) 2869 9699
         Fax: (852) 2537 5703


WHOLE LION: Bank Wants Company Wound Up
---------------------------------------
On February 3, 2006, Bank of China (Hong Kong) Limited presented
a petition to wind up Whole Lion Limited.

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

Contact: Anthony Chiang & Partners
         Solicitors for the Petitioner
         Rm 3903, Tower 2, Lippo Centre
         89 Queensway, Hong Kong
         Telephone: (852) 2869 9699
         Fax: (852) 2537 5703


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

BHARAT PETROLEUM: Unveils Change in Directorate
-----------------------------------------------
Bharat Petroleum Corporation Ltd has appointed Shri. P K Sinha,
Joint Secretary and Financial Advisor, Ministry of Petroleum &
Natural Gas, as Director of the Company effective as of Feb. 21,
2006.  Mr. Sinha replaces Smt. Aditi S Ray, Economic Advisor,
MoP&NG, Government Nominee Director on the Board, who resigned
from the Office of Director on the same date.

                     About Bharat Petroleum

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

Bharat Petroleum is currently working to reverse its losses
resulting from the sale of liquefied petroleum gas (LPG) at
lower, subsidized prices.  On September 23, 2005, the Company
delisted its shares from Madras Stock Exchange Ltd, Calcutta
Stock Exchange Association Ltd and Delhi Stock Exchange
Association Ltd.  In November 2005, Bharat Petroleum's November
2004 profits dissipated and the Company registered a INR203-
crore (US$45.7 million) net loss.  By the end of the third
quarter ending December 31, 2005, the Company posted a US$231
million net loss.  In January 2006, Bharat Petroleum entered
into a merger with Koichi Refineries Ltd, which shareholders for
both companies accepted, after an initial merger bid was
disapproved in September 2005.  Even with its aggressive
expansion moves, Bharat Petroleum has decided to put aside a
US$1.4 million dollar expansion project due to losses brought
about by oil subsidies, as the Company -- and the entire
industry -- suffered huge losses and has difficulty implementing
expansion activities due to the Government's refusal to allow
oil companies to raise fuel prices despite global crude oil
price crossing US$70 a barrel.  On February 20, 2006, the
Petroleum Ministry, however, has proposed an increase of INR3
per liter each in petrol and diesel prices and INR20 per
cylinder increase in liquefied petroleum gas price to save the
oil companies from going bankrupt.


SUN EARTH: SEBI Bars Promoters from Trading in Market
-----------------------------------------------------
The Securities and Exchange Board of India imposed a three-year
securities trading ban on the promoters and associates of Sun
Earth Ceramics Limited, Business Line reports.

The regulator's decision followed a move by Sun Earth promoters
to purposely bloat the Company's shares to reflect easy
liquidity.  

In addition, the promoters pledged the stocks to various
financial institutions including LL&FS Investsmart Ltd,
Centurion Bank, Global Trust, Federal Bank, SICOM Limited and
the Industrial Development Bank of India Limited.

Sun Earth is part of the Motwani group manufacturing and
distributing ceramic tiles under the Sonora brand.  It is also
engaged in marketing bathroom accessory products.  Sun Earth has
tied up with Walt Disney for using Disney characters on tiles
and with Masco Corporation for distribution of bathroom
accessory products like jacuzzis and faucets.

In 2001, Sun Earth became the subject of a legal action filed by
Unit Trust of India.  UTI sought to recover dues of INR127.04
lakh out of its total exposure of INR2,083.16 lakh in Sun Earth.  
UTI's contention was that the company has been persistently
delaying their payments to UTI on every quarter since 2000.  


* RBI Issues Guidelines for Sick Small Industrial Units
-------------------------------------------------------
The Reserve Bank of India is issuing from time to time
guidelines for the early sickness detection of small-scale
units, WebIndia123.com reports.

The Minister for Small Scale Industries Mahabir Prasad advised
the state-level inter-institutional committees set up in each
state under the convenorship of the RBI representatives to
monitor, among other things, the implementation of these
guidelines.

Minister Prasad said the RBI guidelines are critical since they
will allow troubled small firms to take early remedial measures
and avoid being wound up.

WebIndia says that the Central Government does not provide
financial aide to the sick small-scale units.  However, prime
lending institutions, including commercial banks extend them
financial assistance by way of debt restructuring.

According to a 2004 government survey, the number of sick small-
scale units in India has hit 1.38 lakh.


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

EXCELCOMINDO PRATAMA: Net Loss Balloons to IDR224 Bln
-----------------------------------------------------
Foreign exchange losses and increasing costs has caused PT
Excelcomindo Pratama Tbk to book a higher net loss of IDR224.1
billion in 2005, compared to a IDR45.3 billion net loss in 2004,
Reuters News reports.

Excelcomindo's operating profit dropped 13.94% to IDR570.06
billion, while revenue rose by 17% to IDR2.96 trillion.  

Despite the firm's lackluster performance in 2005, analysts
predict that the Company would post a IDR203.2-billion net
profit this year, especially that it now controls 13% of
Indonesia's mobile phone users.

PT Excelcomindo Pratama Tbk - http://www.xl.co.id/-- obtained  
the Global system for Mobile Communications (GSM) 900 spectrum
allocation license from Indonesian authority in September 1995,
while its commercial operation started in October 1996,
providing GSM cellular network and services in the country. XL
was the first private company to provide mobile telephone
service in Indonesia.  The Company's cash woes started in 2004,
when it garnered a net loss of IDR84.75 million for the six
months ended June 30, 2004.


PERUSAHAAN LISTRIK: Mulls Use of Cheaper Fuel to Cut Costs
----------------------------------------------------------
As part of its cost-cutting efforts, PT Perusahaan Listrik
Negara is planning to substitute the use of high-speed diesel in
some of its power plants with fuel oil, the Jakarta Post says.

PLN primary energy director Tonny Agus Mulyantono said that the
Company has identified 45 diesel-power plants that could be
converted to use the cheaper fuel oil.  

Only small-scale power plants outside Java that can be supplied
with diesel due to transportation difficulties would be using
fuel oil, The Post says.

PLN expects some IDR1.34-trillion savings if the conversion
pushes through since fuel oil only costs IDR3,600 per liter,
which is much cheaper that the IDR5,043 per liter diesel fuel.  
PLN would need six to eight months to install new equipment to
handle fuel oil, which is thicker than high-speed diesel fuel.  

The Company, however, is still conducting feasibility studies on
the matter as it awaits confirmation from state oil firm PT
Pertamina on the availability of fuel oil.

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

After suffering heavy losses since 2004, PLN expects to post a
IDR23-trillion loss this year, and estimates to spend up to
IDR51 trillion in fuel purchases for its fuel-based power
plants.  


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

JAPAN AIRLINES: Chief Executive to be Replaced, Reports Say
-----------------------------------------------------------
Japan Airlines will hold an emergency board meeting to
officially decide on the resignation of president and chief
executive officer Toshiyuki Shinmachi, Kyodo News said, quoting
unspecified JAL sources.

The report says that Mr. Shinmachi, who became JAL president in
2004 and CEO in April 2005, will be replaced by Haruka
Nishimatsu, a senior vice president in charge of financial
matters.

A JAL spokesman declined to confirm the report on the CEO's
resignation.

Nihon Keizai business daily reports that Mr. Nishimatsu's
appointment as CEO, reported to take effect in June 2005, is
supported by a group of managers who had wanted Mr. Shinmachi
and other executives out of the picture and bring an end to
JAL's management crisis.

The Troubled Company Reporter - Asia Pacific reported on Feb.
21, 2006, that certain board members asked Mr. Shinmachi,
together with JAL Vice-President Katsuo Haneda and Senior
Managing Director Hidekazu Nishizuka to step down and take
responsibility for the group's poor performance.

AFP reports that JAL's net loss tripled to JPY11 billion in the
quarter ended December 31, 2006, due partly to a series of
safety scares which have frightened passengers at a time of
soaring fuel costs.

Headquartered in Tokyo, Japan, Japan Airlines 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 served more than 170 cities in
some 30 countries and operated 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.  As result of a
series of incidents relating to the safety of flight operations,
the JAL Group was the subject of a business improvement order
and administrative warnings relating to assurances on air
transportation safety issued by the Ministry of Land,
Infrastructure and Transport in March 2005.  In the fiscal year
2005-2007, Medium-Term Business Plan announced that in order to
implement the reform of the corporate structure and the cost
structure swiftly, the holding Company and operating companies
are to be integrated.  Specifically, in fiscal 2005, the
corporate planning and marketing functions will be integrated
and further steps to eliminate overlapping jobs and streamline
the organization will be taken with a view to achieving
substantial integration, the aim being to virtually integrate
the holding company and the operating company.  In addition, the
number of full-time officers was cut by 30%, and this reform was
completed on April 1, 2005.  For the JAL Group, there was a
year-on-year decline in passenger demand on international
routes, primarily because of a delay in the recovery of demand
on routes to China and Southeast Asia.  Domestic passenger
demand also faltered and fell below its year-earlier level,
particularly among individual passengers, as a result of factors
such as the series of safety problems that occurred.  Demand for
international cargo services also registered a year-on-year
decline overall, owing to the weakness of demand on routes from
Japan to East Asian countries and the United States.  The
persistence of aviation fuel prices at record-high levels
compounded the situation and meant that the environment in which
the JAL Group operated remained exceptionally harsh.


MITSUBISHI MOTORS: Sees Rise in United States Sales
---------------------------------------------------
Mitsubishi Motors Corporation expects to increase its sales in
the United States by 240,000 units, Reuters reports, citing
President Osamu Masuko.

According to Reuters, Mr. Masuko says that Mitsubishi's ability
to rise sales can be made possible through a range of new
products that the Company is rolling out.  However, Mr. Masuko
says that reaching the target increase is not easy and may take
the Company five years.  Mr. Masuko says he sees sales rising to
180,000 units in 2007 from nearly 125,000 in 2005.

Reuters relates that Mitsubishi, which returned to profit in its
fiscal third quarter after 11 quarters of losses, made around
80,000 Colt cars last year at its Netherlands plant -- NedCar --
that also makes four-seater Smart models.  The Company hopes to
produce the same number this year.  This indicates that about
40,000 Smart ForFours would be made at NedCar, which in November
cut its 2006 production target by 10,000 vehicles to 120,000
units.

The plant needs to make 130,000 cars to break even, but Mr.
Masuko told Reuters that he had no plans to find other models to
make there.  Mitsubishi Motors car sales in Europe rose 17.7% in
calendar year 2005 to 265,685 vehicles, beating its target of
260,000.

                    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: Introduces Projectors for Professionals
-------------------------------------------------------
Sanyo Electric Co., Ltd., has introduced two WiFi projectors
that specifically suit corporate or IT professionals.  

The PLC-XU86 ($3 999) and the PLC-XU83 ($3499) are both equipped
with WiFi wireless presentation 80211.G so that a PC and
projector can be managed remotely.

For poignant presentations, the projectors can be used for both
data and video presentations with HDTV compatibility, which
supports 720p and 1080i.  Sanyo says that the projector uses a
wide range optical zoom of 1.57x, which is versatile for
different sized rooms.

The PLC-XU gives the user the freedom to do presentations on the
run with a USB Memory Viewer for PC-free presentations.  
Changing slides and emphasizing important points in a
presentation can be managed by the remote control with mouse
function and laser pointer.

Wireless set-up is claimed to be simple with connection settings
for PC and projector made automatically.  It possesses 2000 to
2500 lumens combined with native XGA for high resolution images
which is claimed to suit large audiences.

The PLC-XUs' weigh 2.6kg and Power Off and Go function allow for
immediate disconnection without waiting for the projector to
cool down.

Headquartered in Osaka, Japan, Sanyo Electric Co. Ltd. --
http://www.sanyo.co.jp/koho/index_e.html-- carried out its  
operations through its audio-visual and information division,
home appliances division, machinery division, electronic devices
division and batteries division.  The Company began facing a
difficult operating environment in some of its core businesses
after the demand for digital-related products became sluggish,
after an earthquake hit its plant in Niigata in 2004 and caused
damages, and after losses arose from some accounting changes.  
Prices of some electric devices declined and inventories
accumulated, while sales of digital cameras to camera makers
weakened, with falling prices.  As a result, Sanyo's operating
profits for the months to Dec. 31, 2004, dropped 64% compared
with the same period in 2003.  By February 2005, the electric
firm's ratings turned from stable to negative, reflecting the
Company's weaker profitability and financial profile.  In
November 2005, Sanyo revised down its earnings forecast for the
fiscal year to March 2006, with an operating loss of JPY17
billion now expected instead of JPY18 billion of profit.  Net
loss was similarly amended down, to JPY233 billion from
JPY140bn.  Sanyo then announced a mid-term business plan whose
targets included: restructuring of unprofitable businesses;
focusing on three key areas where Sanyo has retained global
competitiveness (batteries, commercial-use air-conditioning
systems and personal mobile electronics products); and
improvement of its financial profile as quickly as possible.


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

DAEWOO ENGINEERING: Union's Protests Could Delay Sale
-----------------------------------------------------
Due to the interference of unionists in the due diligence
process of Daewoo Engineering & Construction Company, the formal
tender for the Company will most likely be delayed to April,
JoongAng Daily reports.

The Korea Asset Management Corporation fears that the sale could
be postponed due to a very transparent show of disapproval from
the unionists.  

As reported in the Troubled Company Reporter on March 1, 2006,
the union has blocked bidders from conducting due diligence on
Daewoo Engineering.  The union placed a group of employees at
the lobby of the Company's headquarters in Seoul to bar bidders
from entering.

The union's main concern is to be reassured that the creditors
would not sell their entire stake in Daewoo.  They have also
expressed concern over the inflated price of the Company.  The
union believes that a further increase in price would drag the
Company back to insolvency because of high interest payments.

Headquartered in Seoul, South Korea, Daewoo Engineering &
Construction Co. -- http://www.daewooenc.com/-- has become a  
world leader in civil engineering, housing construction, power
and industrial plant development, architectural services, and
construction of liquid natural gas facilities.  In addition to
large-scale domestic projects, Daewoo has more recently built
gas plants in Nigeria, a hospital in Libya, and the Trump World
Tower in New York, to name a few.  Daewoo Engineering is one of
several Daewoo units that initially survived the 1999 collapse
of the conglomerate Daewoo Group under US$80 billion of debts in
South Korea's largest corporate bankruptcy.  In early 2004, the
Korea Asset Management Company announced a proposed auction of
Daewoo Engineering.  Daewoo Engineering is the latest part of
the bankrupt Daewoo business empire to be sold.  KAMCO's 46%
stake in the Company had been estimated to fetch about KRW800
billion (US$677 million).  The Company has since become a
potential acquisition target in 2006.


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

FOREMOST HOLDINGS: Results Return to Black in 4Q/FY05
-----------------------------------------------------
Foremost Holdings Berhad has released its fourth quarter
financial statement 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  
    31-12-2005    31-12-2004      31-12-2005     31-12-2004
    MYR'000       MYR'000         MYR'000        MYR'000   

(1) Revenue  

     18,581        31,663         126,305        170,625

(2) Profit/(loss) before tax

      4,220        -4,480          -5,867         -2,989

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

      3,085        -4,475          -7,983         -2,370

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

      3,085        -4,475          -7,983         -2,370

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

       5.86        -10.21          -15.17          -5.40

(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

       0.5252                      0.5766

The financial statement is available for free at:

   http://bankrupt.com/misc/FOREMOSTQ4FY2005.xls

The notes to financial statement is available for free at:

   http://bankrupt.com/misc/FOREMOSTNotesQ42005.doc

Foremost Holdings Berhad manufactures and sells automobile
speakers, home audio speakers, general-purpose speakers and
speaker wooden cabinets.  The Company is also engaged in the
trading of auto accessories, investment holdings and the
provision of management services.  Products are distributed in
Malaysia, Singapore, United Kingdom, Italy, Taiwan, USA, other
Asian countries, other European countries and other countries.


KARENSOFT TECHNOLOGY: 4Q/FY05 Net Profit Widens to MYR8,166,000        
---------------------------------------------------------------
Karensoft Technology Berhad's unaudited fourth quarter financial
statement 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  
    31-12-2005    31-12-2004      31-12-2005     31-12-2004
    MYR'000       MYR'000         MYR'000        MYR'000

(1) Revenue  

        188         1,543           1,254          6,147

(2) Profit/(loss) before tax

     -8,164        -4,758         -10,612         -3,929

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

     -8,166        -4,743         -10,617         -3,930

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

     -8,166        -4,743         -10,617         -3,930

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

     -10.64         -6.74          -11.33          -3.80

(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

       0.0337                      0.1833

The financial statement is available for free at:

  http://bankrupt.com/misc/KarenSoftTechnologyKTBQ405.pdf

Karensoft Technology Berhad's activities are copyright
ownership, marketing, training, installation, support,
implementation and distribution of software solutions.  Other
activities include marketing of hardware equipment and
investment holding.  The Group operates in Malaysia.


LINEAR COOLING: Withdraws Suit Against Syarikat
-----------------------------------------------
On February 28, 2006, Linear Cooling Industries Sdn Bhd and
Syarikat Success Construction Sdn signed a settlement agreement
after Linear Cooling agreed to withdraw its legal action against
Syarikat.

Under the agreement:

    * Linear will transfer a sum of MYR430,000-00 into
      Syarikat's account on or before March 1, 2006;

    * Linear, via its solicitors, files and serves the Notice
      of Discontinuance of its suit against Syarikat for
      liquidated damages of MYR530,000-00 for rectification
      works and unspecified damages in respect of Syarikat's
      failure to satisfactorily complete the construction of a
      district cooling plant located at Bandar Perda, Seberang
      Prai; and

    * Syarikat will agree to discharge on March 2, 2006, the
      wind-up application dated February 20, 2006, filed by
      Linear Cooling, subject to the approval of the Court.

All the terms will be considered full and final settlement
between the parties in relation to the Winding-up Petition, the
Appeal and the Suit and all matters stated in the terms.

Headquartered in Penang, Malaysia, Linear Cooling Industries Sdn
Bhd is the industrial manufacturing arm of the Linear Group.  
Today, LCI houses some of the most comprehensive HVAC
manufacturing facilities available and its products are exported
worldwide.  The Company was served a notice of a winding-up
petition by Syarikat Success Construction Berhad on May 26,
2005.  SSC was claiming for an amount of MYR583,418.82, a
retention sum and disputes of variation works, overdue interest
and claimed losses.


MANGIUM INDUSTRIES: Returns to Profit in 4Q/FY05
------------------------------------------------
Mangium Industries Berhad unveiled to Bursa Malaysia Securities
Berhad its unaudited fourth quarter financial statement 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  
    31-12-2005    31-12-2004      31-12-2005     31-12-2004
    MYR'000       MYR'000         MYR'000        MYR'000

(1) Revenue  
   
     13,389        14,867          48,429         41,884

(2) Profit/(loss) before tax  

      1,924        -4,565          -1,220         -9,972

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

        434        -5,130          -2,682         -10,585

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

        434        -5,130          -2,682         -10,585

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

       1.36        -16.03           -8.38          -33.08

(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

       0.3200                       0.0400

The financial statement is available for free at:

   http://bankrupt.com/misc/MangiumIndustries022806.xls

The notes to financial statement is available for free at:

   http://bankrupt.com/misc/MangiumIndustriesNotestoAccountQ42005.doc

Headquartered in Kuala Lumpur, Malaysia, Mangium Industries  
Berhad Formerly known as Serisar Industries Berhad manufactures  
and trades timber and timber related products.  The Company  
also provides printing services, publisher, printer consultants  
and advertisers, trading of alcoholic beverages, general trading  
of office furniture and investment holding.  Operations of the  
Group are carried out in Malaysia.


MAXTRAL INDUSTRY: Securities Issuance Gets SC's Approval
--------------------------------------------------------
The Securities Commission has approved Maxtral Industry Berhad's
proposed issuance of the Islamic Securities Facilities,
comprising of:

   -- MYR80.0 million Al Bai' Bithaman Ajil Islamic Debt
      Securities Facility; and

   -- up to MYR20.0 million Murabahah Underwritten Notes
      Issuance Facility/Murabahah Medium Term Notes Issuance
      Facility.

The proceeds arising from the proposed issuance of BaIDS will be
utilized to:

   * refinance and repay bank borrowings of Maxtral and its
     subsidiary, Kin Yip Wood Industries Sdn Bhd;

   * fund the finance service reserve account equivalent to one
     profit payment of the BaIDS to be issued;

   * reimburse and finance Maxtral's and KYWI's capital
     expenditures;

   * finance Maxtral's and KWYI's working capital; and

   * pay the relevant issuance expenses.

The proceeds arising from the proposed issuance of the
MUNIF/MMTN Facility will be utilized to:

   * fund the finance service reserve account equivalent to one
     profit payment of the MMTN to be issued;

   * finance purchase of raw materials;

   * finance Maxtral's and KYWI's capital expenditures and
     working capital; and

   * roll-over the MUNIF/MMTN issued.

OSK Securities Berhad has been appointed as the Principal
Adviser, Lead Arranger and Facility Agent for the Islamic
Securities Facilities.

Headquartered in Sabah Malaysia, Maxtral Industry Bhd
manufactures and sells plywood, veneer, mouldings products and
logs trading.  Other activities of the group are management
services and investment holdings.


MERCES HOLDINGS: Net Loss Dips to MYR1,592,000 in 4Q/FY05
---------------------------------------------------------
Merces Holdings Berhad has released 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  
    31-12-2005    31-12-2004      31-12-2005     31-12-2004
    MYR'000       MYR'000         MYR'000        MYR'000

(1) Revenue  

     12,790         7,129          21,466         16,796

(2) Profit/(loss) before tax

     -1,593        -4,023          -4,280         -5,267

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

     -1,592        -4,074          -4,278         -5,003

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

     -1,592        -4,074          -4,278         -5,003

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

      -3.12         -7.90           -8.38        -10.00

(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

       0.5200                      0.6100

The financial statement is available for free at:

   http://bankrupt.com/misc/MercesHoldingsQuarterlyResults022806.xls

The status on the Company's material litigation is available for
free at:

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

Merces Holdings Berhad's principal activities are the provision  
of property development and building construction works.  The  
Company's other activity include investment holding.  Operations  
of the Group are predominantly carried out in Malaysia.


MERCURY INDUSTRIES: Net Loss Hits MYR2,694,000 in 4Q/FY05
---------------------------------------------------------
Mercury Industries Berhad 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  
    31-12-2005    31-12-2004      31-12-2005     31-12-2004
    MYR'000       MYR'000         MYR'000        MYR'000

(1) Revenue  

     10,405         9,146          36,149         33,854

(2) Profit/(loss) before tax

     -2,636          -921          -1,680            645

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

     -2,694        -1,044          -2,107             80

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

     -2,694        -1,044          -2,107             80

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

      -7.45         -2.89           -5.82           0.22

(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
    
       0.4313                      0.4896

The financial statement is available for free at:

   http://bankrupt.com/misc/MercuryIndustries022806.doc

Headquartered in Kuala Lumpur, Malaysia, Mercury Industries  
Berhad's principal activities are organized into three operating  
divisions: Manufacturing, Retailing and Investment holding.  The  
manufacturing division manufactures and sells putty, hardener,  
underseal and paints.  The retailing division markets paints and  
related products.  The Investment holding division provides  
management services.  The Group operates principally in  
Malaysia.


MINPLY HOLDINGS: Net Loss Slips to MYR1,183,000 in 4Q/FY058
-----------------------------------------------------------
The unaudited fourth quarter financial report of Minply Holdings
(M) Berhad has been submitted 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  
    31-12-2005    31-12-2004      31-12-2005     31-12-2004
    MYR'000       MYR'000         MYR'000        MYR'000

(1) Revenue  

     17,710        18,195          59,953         66,263

(2) Profit/(loss) before tax

     -1,082          -282            -955        -10,441

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

     -1,183        -4,456            -957        -13,376

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

     -1,183        -4,456            -957        -13,376

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

      -2.69        -10.43           -2.18         -31.31

(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

       0.7803                      0.8306

The financial statement is available for free at:

   http://bankrupt.com/misc/MinplyHoldingsBM4Q2005.xls

Headquartered in Johor, Malaysia, Minply Holdings (M) Berhad is
engaged in trading and manufacturing of wood based products,
furniture parts, accessories, metal hinges and other related
products.  Other activities include investment holding and
provision of sub-contracting services. The Group's operations
are predominantly located in Malaysia.


MULPHA LAND: Net Loss Drops to MYR2,999,000 in 4Q/FY05
------------------------------------------------------
Mulpha Land 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  
    31-12-2005    31-12-2004      31-12-2005     31-12-2004
    MYR'000       MYR'000         MYR'000        MYR'000

(1) Revenue  

      1,093        19,496          22,222         77,496

(2) Profit/(loss) before tax

     -3,363        -7,445           1,345         -7,024

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

     -2,999        -7,430           2,006         -6,983

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

     -2,999        -7,430           2,006         -6,983

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

      -4.96        -12.28            3.32         -11.54

(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

       1.6400                      1.3400

The financial is available free of charge at:

   http://bankrupt.com/misc/MulphaLand4q2005FINAL1.xls

The notes to financial statement is available for free at:

   http://bankrupt.com/misc/MulphaQ4notesFINAL1.doc

Headquartered in Kuala Lumpur, Malaysia, Mulpha Land Berhad
formerly known as Mega Pascal Berhad is engaged in the
production and sale of ready-mixed concrete.  Other activities
include property development, property development, quarry
operations, contractors and dealers of granite products and
rental of mixer trucks and investment holding. Operations are
carried out in Malaysia.


PAN MALAYSIA: Books MYR6,883,000 Net Loss in 4Q/FY05
----------------------------------------------------
Pan Malaysia Corporation Berhad has released its 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  
    31-12-2005    31-12-2004      31-12-2005     31-12-2004
    MYR'000       MYR'000         MYR'000        MYR'000

(1) Revenue  

     78,982        95,538         332,638        352,986

(2) Profit/(loss) before tax

    -17,616    -1,123,703         -24,551     -1,116,601

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

     -6,883    -1,125,718         -16,427     -1,116,573

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

     -6,883    -1,125,718         -16,427     -1,116,573

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

      -0.96       -134.29           -2.12        -140.39

(6) Dividend per share (sen)

       0.00          0.00            0.00           1.00

(7) Net assets per share (MYR)

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

       0.5958                      0.6040

The financial statement is available for free at:

   http://bankrupt.com/misc/PanMalaysiaDec2005.xls

Headquartered in Kuala Lumpur, Malaysia, Pan Malaysia   
Corporation Berhad provides management services and the   
manufacturing, marketing and distribution of confectionery and   
cocoa-based and other food products.  The Company also operates   
departmental and specialty stores, construction and property   
investment and investment holding. The Group operates in   
Malaysia, Australia and the rest of Asia-Pacific.


PASDEC HOLDINGS: Net Loss Dips to MYR1,441,000 in 4Q/FY05
---------------------------------------------------------
Pasdec Holdings Berhad unveiled to Bursa Malaysia Securities
Berhad its 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  
    31-12-2005    31-12-2004      31-12-2005     31-12-2004
    MYR'000       MYR'000         MYR'000        MYR'000

(1) Revenue  


     17,708         6,669          72,926         32,991

(2) Profit/(loss) before tax

     -1,214       -25,333           5,552        -21,978

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

     -1,441       -27,060           5,646        -22,869

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

     -1,441       -27,060           5,646        -22,869

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

      -0.69        -13.13            2.74         -11.10

(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

       1.5700                       1.5400

The financial statement is available for free at:

   http://bankrupt.com/misc/Pasdec4Qreport052802.doc

Headquartered in Pahang, Malaysia, Pasdec Holdings Berhad is a
developer of residential and commercial properties.  Other
activities include trading of building materials, manufacturing
and sale of bricks, provision of management services and quarry
operation.  Operations are mainly carried out in Malaysia.


PJI HOLDINGS: Suffers MYR4,613,000 Net Loss in 4Q/FY05
------------------------------------------------------
PJI Holdings Berhad has submitted to Bursa Malaysia Securities
Berhad its second quarter financial statement 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  
    31-12-2005    31-12-2004      31-12-2005     31-12-2004
    MYR'000       MYR'000         MYR'000        MYR'000

(1) Revenue

     14,884        32,698          33,601         67,655

(2) Profit/(loss) before tax

     -4,470        -3,413          -8,625         -5,442

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

     -4,613        -7,496          -8,930         -9,586

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

     -4,613        -7,496          -8,930         -9,586

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

      -1.14         -1.85           -2.20          -2.36

(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

       0.1468                      0.1712

The financial statement is available for free at:

   http://bankrupt.com/misc/PJIHoldings2Qtr2006.xls

PJI Holdings Berhad provides electrical and mechanical
engineering services.  Other activities include supply and
installation of air-conditioning and ventilation systems,
infrastructure power distribution services, electrical
components trading and investment holding.  Operations are
carried out in Malaysia.


PNE PCB BERHAD: Incurs MYR1,540,000 Net Loss in 1Q/FY05
-------------------------------------------------------
PNE PCB Berhad has released its unaudited first quarter
financial statement 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  
    31-12-2005    31-12-2004      31-12-2005     31-12-2004
    MYR'000       MYR'000         MYR'000        MYR'000

(1) Revenue  

     20,279        13,804          20,279         13,804

(2) Profit/(loss) before tax

     -1,540        -2,605          -1,540         -2,605

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

     -1,540        -1,269          -1,540         -1,269

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

     -1,540        -1,269          -1,540         -1,269

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

      -2.34         -1.93           -2.34          -1.93

(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

       1.0900                      1.1100

The financial statement is available free of charge at:
   
   http://bankrupt.com/misc/PNEPCB311205announcement.doc

PNE PCB Berhad manufactures and sells printed circuit boards and
related products.  Other activity includes investment holding.  
The Group operates in Malaysia, Singapore and the People's
Republic of China.


POLYMATE HOLDINGS: Books MYR10,706,000 Net Loss in 1Q/FY05
----------------------------------------------------------
Polymate Holdings Berhad's unaudited first quarter financial
statement 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  
    31-12-2005    31-12-2004      31-12-2005     31-12-2004
    MYR'000       MYR'000         MYR'000        MYR'000

(1) Revenue  

     11,492        35,206          11,492         35,206

(2) Profit/(loss) before tax  

    -10,832        -7,247         -10,832         -7,247

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

    -10,706        -7,203         -10,706         -7,203

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

    -10,706        -7,203         -10,706         -7,203

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

     -15.83        -10.67          -15.83         -10.67

(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

       -0.5100                     1.8900

The financial statement is available for free at:

   http://bankrupt.com/misc/PolymateHoldings1QReport.xls

The notes to financial statement is available for free at:
   
   http://bankrupt.com/misc/PolymateHoldingsNotes1q2006.doc


PORTRADE DOTCOM: Posts MYR147,000 Net Loss in 2Q/FY05
-----------------------------------------------------
Portrade Dotcom Berhad has released its unaudited second quarter
financial statement 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  
    31-12-2005    31-12-2004      31-12-2005     31-12-2004
    MYR'000       MYR'000         MYR'000        MYR'000

(1) Revenue  

      3,144         1,916           4,792          3,669

(2) Profit/(loss) before tax  

       -137          -136            -471           -293

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

       -147          -135            -489           -291

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

       -147          -135            -489           -291

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

      -0.16         -0.14           -0.52          -0.31

(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

       0.1200                      0.1237

The financial statement is available for free at:

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

Headquartered in Selangor Malaysia, Portrade DotCom Bhd is
engaged in the provision of information technology related
products.  Other activity is investment holding.  Operations are
carried out in Malaysia.


SM SUMMIT: Net Loss Hits MYR123,000 in 3Q/FY05
----------------------------------------------
The unaudited third quarter financial statement for the
financial period ended December 31, 2005 of SM Summit Holdings
Bhd 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  
    31-12-2005    31-12-2004      31-12-2005     31-12-2004
    MYR'000       MYR'000         MYR'000        MYR'000

(1) Revenue  

      8,854         8,802          25,399         28,618

(2) Profit/(loss) before tax

         70          -459            -135         -1,410

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

       -123          -471            -294         -1,642

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

       -123          -471            -294         -1,642

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

      -0.31         -1.18           -0.74          -4.11

(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

       1.1451                      1.1525

The financial statement is available free of charge at:

   http://bankrupt.com/misc/SMSummitBerhadQ3fs.xls

The notes to financial statement are available for free at:

   http://bankrupt.com/misc/SMSummitBerhadMSEB.doc
   http://bankrupt.com/misc/SMSummitBerhadMASB.doc

Headquartered in Kuala Lumpur, Malaysia, SM Summit Holdings
Berhad is engaged in the manufacture and trade of compact discs.  
Other activities of the Group include mechanical reproduction of
sound and music and manufacture of plastic fabricated parts.  
Operations of the Group are carried out in Malaysia.


SUREMAX GROUP: Names New Auditors at Meeting
--------------------------------------------
At their annual general meeting, shareholders of Suremax Group
Berhad have approved the resolution to appoint Atarek Ibrahim &
Company as Auditors of the Company in place of the retiring
Auditors, Horwath to hold office until the conclusion of the
next Annual General Meeting.  The Auditors' remuneration have
also been approved.

Headquartered in Kuala Lumpur, Malaysia, Suremax Group Berhad is
engaged in property development, construction, trading in
construction materials and sub-contracting works.  The firm's
other activities include the provision of property management
services and building construction.  The Group is also involved
in the manufacture and sale of ready mixed concrete.


TRICUBES BERHAD: Net Loss Slips to MYR128,000 in 3Q/FY05  
--------------------------------------------------------
The unaudited third quarter financial statement for the
financial period of Tricubes 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  
    31-12-2005    31-12-2004      31-12-2005     31-12-2004
    MYR'000       MYR'000         MYR'000        MYR'000

(1) Revenue  
   
      9,891         1,050          18,559          1,050

(2) Profit/(loss) before tax

       -163          -304             -92           -304

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

       -128          -333             147           -333

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

       -128          -333             147           -333

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

      -0.10         -0.01            0.11           0.01

(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
    
       0.2300                      0.2400  

The financial statement is available free of charge at:
   
   http://bankrupt.com/misc/TricubesBerhad3Q2005(Amended).pdf


TRU-TECH HOLDINGS: Net Loss Shrinks to MYR12,243,000 in 4Q/FY05
---------------------------------------------------------------
Tru-Tech Holdings Berhad submitted to Bursa Malaysia Securities
Berhad its unaudited fourth quarter financial statement 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  
    31-12-2005    31-12-2004      31-12-2005     31-12-2004
    MYR'000       MYR'000         MYR'000        MYR'000

(1) Revenue  

      5,130         7,313          21,499         95,692

(2) Profit/(loss) before tax

    -11,766       -20,220         -16,555        -28,887

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

    -12,243       -20,454         -17,033        -29,012

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

    -12,243       -20,454         -17,033        -29,012

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

    -28.41         -47.46          -39.52         -67.32

(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

       -1.8800                     -1.4700

The financial statement is available for free at:

   http://bankrupt.com/misc/Tru-techBerhad022806.xls

Headquartered in Ulu Tiram Johor, Malaysia, Tru-Tech Holdings  
Berhad's principal activity is the manufacturing of electronic
components and products.  Its other activities include
development and distribution of switch-mode power supplies and
investment holding.  The Group operates in Malaysia, Singapore,  
The United States of America and United Kingdom.  


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

ABS-CBN BROADCASTING: Revamps Management After President Quit
-------------------------------------------------------------
ABS-CBN Broadcasting Corporation has unveiled organizational
changes after its president, Luis Alejandrino, announced his
resignation last Tuesday, The Manila Times says.

The Network has promoted its executive vice-president for
entertainment, Rosario Santos-Concio, as executive vice-
president and television channel head.  Ms. Santos-Concio will
be in charge of total television channel programming, on-air
operations, and overall revenue and profit delivery of Channel
2, the flagship of ABS-CBN, The Times reveals.

Antonio Ventosa, until recently the managing director of
Hemisphere Leo Burnett Advertising, joins ABS-CBN as head of
marketing.  

Agustin Benitez, on the other hand, has been appointed as head
of the customer development group of ABS-CBN.  Prior to his new
posting, Mr. Benitez served as associate managing director of
ABC Channel 5, another Philippine television station.

As reported by the Troubled Company Reporter - Asia Pacific on
March 1, 2006, Luis Alejandrino resigned from his post as ABS-
CBN's president and chief operating officer effective March 16,
2006, to join his former employer, NutriAsia.  He will be
replaced by ABS-CBN Chairman and Chief Executive Eugenio Lopez
III.

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.   


BAGUIO MOUNTAIN: To Distribute Assets and End Liquidation
---------------------------------------------------------
On March 14, 2006, the Motion for Approval of the Final Project
of Distribution of Assets and Termination of the Liquidation
Proceedings of Baguio Mountain Province Development Bank will be
submitted to the Liquidation Court or the Regional Trial Court -
Branch 6 of Baguio City for approval.

Contact: The Philippine Deposit Insurance Corporation
         Liquidator
         PDIC Bldg., 2228 Chino Roces Avenue  
         1231 Makati City, Philippines
         Telephone: (632) 841-4000
         e-mail: info@pdic.gov.ph
         Web site: http://www.pdic.gov.ph/


CABIAO RURAL BANK: Court OKs Petition for Liquidation Assistance
----------------------------------------------------------------
On January 18, 2006, the Regional Trial Court Branch 34 of Gapan
City, approved the Petition for Assistance in the Liquidation of
Cabiao Rural Bank (Nueva Ecija) Incorporated, filed by the
Philippine Deposit Insurance Corporation, as the Bank's
Liquidator.

All creditors and other interested parties of the Cabiao Rural
Bank are advised to submit their money claims to RTC, Branch 34,
Gapan City, for approval or disapproval.

Contact: The Philippine Deposit Insurance Corporation
         PDIC Bldg., 2228 Chino Roces Avenue  
         1231 Makati City, Philippines
         Telephone: (632) 841-4000
         e-mail: info@pdic.gov.ph
         Web site: http://www.pdic.gov.ph/


MANILA ELECTRIC: Up on Technical Recovery
-----------------------------------------
Manila Electric Company and its parent, First Philippine
Holdings Corporation, were higher on technical recovery after
February's weak showing, The Philippine Daily Inquirer relates.

The Inquirer article says that dealers are ready to snap up
Meralco and FPHC stocks after recent shares slumps.

In the middle of the session, FPHC was up Php1.00 or 2.41% at
Php42.50, on volume of 844.300 shares.  It was the second top-
traded counter.

Meralco A-shares, limited to Filipino investors, were up Php0.25
or 2.00% at Php12.75. Meralco B-shares, available to foreign
investors, were Php0.75 or 4.05% higher at Php19.25.

Westlink Global Equities Incorporated said the stock are
technically due for a rebound after being oversold last month.

                         About Meralco

Headquartered in Ortigas, Pasig City, the Manila Electric
Company -- http://www.meralco.com.ph/-- is the largest utility  
in the Philippines, providing power to 4.1 million customers in
metropolitan Manila and more than 100 surrounding communities.
As deregulation takes effect, Meralco is reducing its dependence
on state-owned National Power Corp. by increasing the amount of
power it purchases from independent power producers.  Meralco is
also preparing for competition by moving into non-regulated
activities, including energy consulting, independent power
production, engineering, fiber optics, e-commerce, and real
estate.

Meralco started to incur huge losses in 2003 on lower power
sales and a slowdown in residential power consumption due to the
rising cost of power.  In 2004, the Energy Regulatory Commission
ordered the power utility firm to refund some Php90 million to
its customers for overbillings.  On June 2, 2004, Meralco
adopted a 13.27-centavo power rate hike, which was approved by
the Energy Regulatory Commission, to offset its losses.  
However, the rate hike was nullified by the Supreme Court in
February 2006.  Standard & Poor's Ratings Services assigned a B-
rating and negative outlook on Meralco.


NATIONAL FOOD: To Keep Rice Supply and Prices Stable Amid Crisis
----------------------------------------------------------------
The National Food Authority assured the public there would be
enough supply of NFA rice and that prices are still stable
despite the economic crisis.

The state food agency said the allocation per retailer is
regulated until its replenishment for the succeeding allotment.

NFA officials assured there would be sufficient supply of rice
even during calamity, adding that they are prepared in case of
La Nina threat.

NFA prices are stable since the agency is selling rice using the
old price sold at Php18 per kilo while the retailers are buying
it at Php16.50/kilogram or Php825/bag.

Headquartered in Quezon City, Philippines, National Food
Authority  -- http://www.nfa.gov.ph/-- is a government  
organization regulating the rice and corn industry by
stabilizing grain supply and prices and maintaining food
security in cereals.  NFA is among the state-owned firms, which
push up the country's outstanding public sector debt.  In 2005,
the agency incurred an additional Php6-billion debt to bankroll
cost of rice and corn importation, as well as payment of import
duties.  The Company is seeking a private sector takeover of its
importation role so it could gradually make a turnaround from
its Php22-billion loss in 2005.  


NATIONAL FOOD: Farmer Groups Reject Proposed Dissolution
--------------------------------------------------------
Grain retailers and farmer groups campaign to let the National
Government keep the National Food Authority because of NFA's
position as a major rice and corn distributor, SunStar Daily
says.

In a joint resolution, the Grains Retailers Confederation of the
Philippines and the Provincial Farmers Action Council said that
the "NFA stabilizes rice supply and to abolish it would negate
(the Government's) success."

The groups are also rallying to make NFA the sole rice importer
free of tariff duties to enable it to sell rice to consumers at
cheaper costs, SunStar relates.

The Government is planning to dissolve NFA since, aside from
incurring huge debts and losses, the agency still cannot cope
with the increasing demand of a growing population despite high
rice production, the report says.

As reported by the Troubled Company - Asia Pacific on Jan. 23,
2006, NFA has challenged government policymakers to make the
crucial decision on whether or not it should be allowed to
continue its twin mandate of buying grains at above market
prices from farmers and distributing these at cheaper prices to
consumers.  

The agency implements the government's rice support program by
buying palay from farmers and selling these at subsidized prices
in strategic areas to stabilize prices.  At the same time, it is
mandated to handle the country's rice import program.  

Its conflicting tasks have caused NFA to absorb huge losses.  
With inadequate budgetary support, the NFA is finding it more
difficult to fund its programs and has been relying on
commercial loans to carry out its mandate.  

Headquartered in Quezon City, Philippines, National Food
Authority  -- http://www.nfa.gov.ph/-- is a government  
organization regulating the rice and corn industry by
stabilizing grain supply and prices and maintaining food
security in cereals.  NFA is among the state-owned firms, which
push up the country's outstanding public sector debt.  In 2005,
the agency incurred an additional Php6-billion debt to bankroll
cost of rice and corn importation, as well as payment of import
duties.  The Company is seeking a private sector takeover of its
importation role so it could gradually make a turnaround from
its Php22-billion loss in 2005.


NATIONAL POWER: Poised to Make Profit in 2006
---------------------------------------------
Things are looking up at National Power Corporation, as the
electricity generation company forecast to post a profit for
2006 -- its first in nine years -- as a stronger peso helps cut
costs, a government official said today.

Bloomberg News, citing Nieves Osorio, president of Power Sector
Asset and Liabilities Management Co., stated that the utility is
expecting savings on interest payments on its foreign debt and
other obligations abroad because of gains in the local currency.  
The profit forecast comes after the Company broke even in 2005,
the Troubled Company Reporter - Asia Pacific learned from the
Company's unaudited figures.

National Power's losses narrowed to Php29.9 billion in 2004 from
Php117 billion in 2003 after it was allowed to increase tariffs.  

In the past three months, the peso rose 5.1% against the dollar.

National Power also expects to continue to save on oil costs by
using power plants that operate on less-expensive fuel,
Mr. Osorio said.

As reported by the TCR-AP 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.

Headquartered in Quezon City, Philippines, National Power
Corporation -- http://www.napocor.gov.ph/-- is a state-owned  
utility that builds and operates nuclear, hydroelectric,
thermal, and alternative power-generating facilities.  It works
with independent producers under a build-operate-transfer
program.  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 to help pay for the utility's
estimated 600 billion pesos ($11.6 billion) of debt.  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.  It is selling dozens of generating plants and
leasing its nationwide electricity grid to cut dependence on
debt and unburden the Government, which guarantees all its
debts.


NATIONAL POWER: Thai Firm Eyes Three Assets
-------------------------------------------
Thai power firm Electricity Generating Plc has signified its
interest to acquire three of National Power Corporation's power
facilities, Malaya News reports.

EGCOMP asset management senior executive, Somyos Polachan, told
Reuters that the firm is holding discussions with Napocor.  He
said the outcome of the negotiations will be revealed soon.

According to Malaya, the Thai firm is willing to invest around
THB100 million (US$2.5 million) for the three power plants.

EGCOMP, 22% owned by Hong Kong utility CLP Holdings, has a
capacity of 2,414 megawatt, accounting for about 9-10% of
Thailand's generating capacity.  State-run EGAT Plc owns 25% of
the Company.

This development came after Ayala Corporation expressed interest
in joining the privatization of the government's 700-megawatt
Tiwi-Makban geothermal assets in Albay, Laguna and Batangas
provinces.  Ayala, whose core business includes banking, and
telecommunications, formed Michigan Power Inc., a special
purpose company that will explore potential investments in the
power sector, last year.

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 Power
Corporation -- http://www.napocor.gov.ph/-- is a state-owned  
utility that builds and operates nuclear, hydroelectric,
thermal, and alternative power-generating facilities.  It works
with independent producers under a build-operate-transfer
program.  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.  It
is selling dozens of generating plants and leasing its
nationwide electricity grid to cut dependence on debt and
unburden the Government, which guarantees all its debts.


* S&P Monitors Philippines and Warns of Negative Action
-------------------------------------------------------
Standard & Poor's on Monday affirmed the Philippines' BB-minus
foreign currency rating and BB-plus local currency rating are
unchanged but warned that a negative action may be needed if the
country loosens its fiscal grip.

On February 24, 2006, Philippine President Gloria Macapagal-
Arroyo invoked emergency rule to fight what she called a
"systematic conspiracy" against her by members of the
opposition, sparking a political crisis that hurt the country's
financial markets.

"Should the current political crisis worsen and become
protracted, the risks are that both policy and economic reforms
could be delayed," S&P analysts wrote in a research note.

"Any signs that political considerations could overshadow
ongoing fiscal consolidation efforts will have negative credit
implications," they added.

Less than one month ago, Standard & Poor's had revised to stable
from negative the outlook on the Philippines debt, mentioning
"improved expectations of the country's ability to maintain
fiscal consolidation."

Such an expectation was among the main reasons that made
Philippines' debt the most profitable among emerging markets in
2005. According to JP Morgan's Emerging Markets Bond Index Plus
(EMBI+) <11EMJ>, the country's bonds jumped more than 20% last
year.

But now investors are worried that the country has still not
become as stable as initially thought, after nine years of
martial law under late dictator Ferdinand Marcos.

Spreads between the Philippines' debt and comparable U.S.
Treasuries, a gauge of investors' perception of risk, widened 6
basis points to 266 points on Friday on the news, recouping part
of their losses on Monday.

According to S&P, an eventual loss of investors' confidence in
the Philippines would expose the country's external
vulnerabilities, given that almost half of its debt is currently
denominated in foreign currency.


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

CHANNEL GROUP: Quicklogic Files Wind-up Petition
------------------------------------------------
On February 14, 2006, Quicklogic Corporation filed a winding up
petition against Channel Group Pte Limited.

The Singapore High Court will hear the Petition on March 10,
2006, at 10:00 a.m.

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

The Petitioner's solicitors, Messrs Colin Ng & Partners, will
provide, upon payment of a regulated charge for the same, a copy
of the winding up petition to any Company creditor or
contributory who requires a copy of the petition.

Any person who intends to appear at the hearing of the petition
must serve on or send by post to solicitors Messrs Colin Ng &
Partners a written notice of his intention.  The notice must
state the name and address of the person, or, if a firm, the
name and address of the firm, and must be signed by the person,
firm or his or their solicitor (if any) and must be served, or,
if posted, must be sent by post to reach the solicitors not
later than 12:00 p.m. on March 9, 2006.


CHINA AVIATION: Books Profit in 4Q/FY05 Despite Operating Loss
--------------------------------------------------------------
On February 28, 2006, China Aviation Oil (Singapore) Corporation
Limited reported a turnaround net profit profit of SGD12.67
million for the financial year ended Dec. 31, 2005, compared to
a SGD864.96 million net loss in 2004.

This year, China Aviation's jet-fuel procurement business was
conducted on an agency basis by subsidiary China Aviation Oil
Trading rather than a principal basis in 2004.  CAOT records
commission income rather than underlying sales as revenue,
resulting in a significant decline in China Aviation's turnover
in 2005.  Gross profits also fell from SGD41.55 million in 2004
to SGD17.10 million in 2005.

Once China Aviation's restructuring is complete, it will resume
operations on a principal basis.

China Aviation's operating loss for 2005 stood at SGD13.97
million due to a SGD16.45 million foreign exchange loss accruing
on foreign-denominated liabilities.  However, the Company's 33%-
held Pudong Airport fuel-supply associated contributed SGD46.22
million in profit, while its stake in Compania Logistica de
Hidrocarburos earned dividends of SGD10.97 million.

A full-text copy of CAO's 2005 financial results is available
for free at:

    http://bankrupt.com/misc/tcrap_chinaaviation030106.pdf

Incorporated in 1983, China Aviation Oil (Singapore) Corp.  
Limited -- http://www.caosco.com/-- deals primarily in jet fuel    
procurement, although it is also active in international oil  
trading and oil-related investment.  The firm commands a near-
100% market share of the procurement of imported jet fuel for  
China's civil aviation industry, and has expanded its market to  
include ASEAN countries, the Far East and the United States.  
China Aviation's oil-trading business has expanded beyond jet
fuel to  include fuel oil, gasoline, naphtha, crude oil, and  
petrochemical products.  China Aviation has lost up to SGD892.17
million trading duel derivatives, and was subject to
investigation by Singaporean police and the Singapore Stock
Exchange.  The Company was able to stay afloat with he help of
its creditors who agreed to write off part of its debt, and by
investors who were interested to buy a stake.  China Aviation is
mapping out a restructuring plan with its creditors to save the
Company from bankruptcy.


DAVIS LANGDON: Creditors' Claims Due on March 17
------------------------------------------------
Creditors of Davis Langdon & Seah (2000) Pte Limited, who have
not submitted their claims, are required to submit their proofs
of claim to Company liquidator James Clelland Pollock by
March 17, 2006.

Failure to comply with this requirement will exclude creditors
from the benefit of the Company's dividend distribution.

Contact: James C. Pollock
         Liquidator
         c/o 1 Magazine Road
         #05-01 Central Mall
         Singapore 059567


FIRSTLINK INVESTMENTS: Net Loss Widens by 516%
----------------------------------------------
The 2005 annual net loss of Firstlink Investments Limited
increased by a significant 516.1%.  

The Company posted a SGD17.8 million net loss for the full year
ended December 31, 2005, compared to its SGD2.89 million net
loss for the same period in 2004.  Sales for the second half of
2005 also dropped to SGD4.77 million, from SGD28.4 million a
year earlier.

A full-text copy of Firstlink Investments' full-year 2005
financial results is available for free at:

   http://bankrupt.com/misc/tcrap_firstlinkinvestments030106.pdf

Incorporated in 1978, FirstLink Investments Corporation Limited
-- http://www.firstlinkcorp.com.sg/-- was converted into a     
public company in September 1987 and was listed on SESDAQ in
October 1987.  The principal activity of the Company is
investment holding.  The Company has continuously incurred
losses since 2002.  It sold various assets in Australia and New
Zealand to repay its debts.


FIRSTLINK INVESTMENTS: Repays Loan to Chairman
----------------------------------------------
In October 2005, Firstlink Investments Corporation Limited
borrowed SGD1.2 million from its chairman, Ling Yew Kong, to
meet a demand for payment from Mayban Securities Berhad.  

On February 23, 2006, the Company fully repaid the interest-free
loan to Mr. Ling Yew Kong.  Consequently, the charge over the
8,500,000 ordinary shares of MYR1.00 each in the capital of
Astral Supreme Berhad held by the Company to Mr. Ling as
security for the loan was discharged that same day.

Incorporated in 1978, FirstLink Investments Corporation Limited
-- http://www.firstlinkcorp.com.sg/-- was converted into a     
public company in September 1987 and was listed on SESDAQ in
October 1987.  The principal activity of the Company is
investment holding.  The Company has continuously incurred
losses since 2002.  It sold various assets in Australia and New
Zealand to repay its debts.


GURCHARAN SINGH: Court Issues Liquidation Order
-----------------------------------------------
On February 17, 2006, the Singapore High Court issued an order
to wind up Gurcharan Singh & Company Pte Limited.

All creditors of the Company should file their proofs of claim
with:

         The Official Receiver
         Insolvency & Public Trustee's Office
         The URA Centre, East Wing
         45 Maxwell Road #05-11/#06-11
         Singapore 069118

All debts due to the Company should be forwarded to the
liquidator.


LIANG HUAT: Annual Net Loss Drops 70%
-------------------------------------
Liang Huat Aluminum Limited reports a significant 70.77% drop
in its full-year net loss for 2005.  The Company posted a
SGD29.22 million net loss for the full year ended December 31,
2005, comapred to its SGD99.74 million net loss for the same
period in 2004.

A full-text copy of Liang Huat's 2005 full-year financial
results is available for free at:

   http://bankrupt.com/misc/tcrap_lianghuat030106.pdf

Liang Huat Group -- http://www.lianghuatgroup.com.sg/-- is a    
vertically integrated, professionally run group of companies  
focusing on producing high quality aluminum products and  
processed glass for both the industrial and construction  
industries.  It also supplies and installs aluminum and  
processed glass for major commercial and residential projects  
mainly in Singapore.  Liang Huat was the subject of a winding up
petition filed by Lim Ah Siong t/a Lian Siong Aluminium &
Trading on August 26, 2004.  Presently, the Company is
undergoing a financial restructuring exercise.  It is also
working a Scheme of Arrangement with its major creditor banks.


LINDTEVES-JACOBERG: FY05 Net Loss Climbs 24.7%
----------------------------------------------
The annual net loss of Lindeteves-Jacoberg Limited rose 24.7% to
SGD79.81 million in 2005, while its net loss for 2004 was pegged
at SGD64 million.

Company sales for 2005 dropped to SGD254.2 million, as compared
with SGD368.4 million in 2004.  Low output contributed to the
low absorption of manufacturing overheads, thus depressing gross
margins, and stock losses due to obsolescence, discounts to
customers and warranty costs also contributed to poor gross
margins.  Selling, distribution and administrative expenses
declined, however, as a result of the Company's restructuring
exercise.

Lindeteves-Jacoberg's 2005 financial results is available for
free at:

   http://bankrupt.com/misc/tcrap_lindeteves-jacoberg030106.pdf

Lindeteves-Jacoberg Limited - http://www.linjacob.com/-- was   
incorporated in Singapore on 11 December 1947 as part of a Dutch
international trading group.  Its principal activities consist
of investment holding, provision of warehousing and rental
services and acting as specialist mechanical and electrical
contractor for environmental engineering projects.  The Company
is undergoing a debt restructuring exercise by way of a Scheme
of Arrangement with its creditors.


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

EASTERN PRINTING: Net Profit Up THB10,186,000 in FY05
-----------------------------------------------------
Eastern Printing Public Company Limited has released a summary
of its audited yearly financial statement for the financial
period ended December 31, 2005.  

                       Audited
               Ending December 31, 2005

                                     For year
                               2005            2004

Net profit (loss)       112,189,000     102,003,000

EPS (baht)                     0.42            0.40

Headquartered in Bangkok, Thailand, Eastern Printing Public
Company Limited is currently in rehabilitation.  Its Securities
are placed under the Rehabco Sector of the Stock Exchange of
Thailand.


NEW PLUS: Net Loss Shrinks to THB37,351,000
-------------------------------------------
New Plus Knitting Public Company Limited reported a net loss of
THB37,351,000 for the financial year ended Dec. 31, 2005,
compared to a net loss of THB78,273,000 in the same period in
2004.

New Plus Knitting is a public company listed in the Stock
Exchange of Thailand.  It is currently undergoing business
rehabilitation and is placed under the Rehabco Sector of the
Bourse.




                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA.  Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito, Erica Fernando, Freya Natasha Fernandez, and Peter A.
Chapman, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
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contained herein is obtained from sources believed to be
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subscription or balance thereof are $25 each.  For subscription
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                 *** End of Transmission ***