/raid1/www/Hosts/bankrupt/TCRAP_Public/060313.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, March 13, 2006, Vol. 9, No. 51
Headlines
A U S T R A L I A & N E W Z E A L A N D
A.C.N. 089 715 604 PTY: Schedules Final Meeting on March 14
BERINA HOLDINGS: Trvaglini Ceases to Act as Receiver
CAL.D. SYSTEM: Court to Hear Liquidation Petition Today
CAMERON AUTO: Decides to Wind Up Operations
CIMU PTY: To Declare Dividend to Creditors
CLIPSAL EXTRUSIONS: Winds Up Business
CYBATECH COMPUTING: Enters Voluntary Liquidation
DIAKANASTASI HOLDINGS: Court Orders Wind-up
E.R. ENTERPRISES: Inability to Pay Debts Leads to Wind-up
FELTEX CARPETS: Gives Updates on Market & Settlement with Ex-CEO
GM SCAFFOLDING: Members Agree to Liquidate Assets
GROSVENOR TRADING: To Distribute Final Dividend
HOT CHH: Appoints Liquidators to Wind Up Operations
JUNCTION FARMS: Names William David Sawers as Liquidator
J.W. MATTISKE: Michael J. Ryan Named as Liquidator
KGB APPLICATORS: Liquidator to Explain Wind-up Report
MANAGED SETTLEMENT: Appoints Official Liquidator
MYER LIMITED: Board Anoints Myer Consortium as Preferred Bidder
NARAMELLA PTY: To Declare First and Final Dividend
NORTH COAST: Members Resolve to Shut Down Business
NZ PREOWNED: Prepares to Liquidate Assets
PACIFIC FLEET: Creditors Opt to Wind Up Firm
PARKSTONE LIMITED: Enters Winding Up Proceedings
PHILLIPS CARAVANS: Begins Wind-up Proceedings
PREVIA HOLDINGS: Creditors Should Prove Debt by March 31
QUESTVALE PTY: Receiver Ceases to Act
REDBACK PROCUREMENT: Placed Under Voluntary Liquidation
SKOPE FURNITURE: Liquidation Hearing Slated for March 27
WINTINNA & WELBOURNE: Members & Creditors to Get Wind-up Details
WOOLSACK HOLDINGS: Court to Hear Liquidation Petition Next Week
C H I N A & H O N G K O N G
BEST & PRESTIGE: Members & Creditors Meeting Fixed on April 3
BONDED-WAREHOUSING & TRADING: Appoints Official Liquidators
BRIGHTFUL LIMITED: Official Receivers Appointed
ENRO SHIRT: Enters Voluntary Liquidation
HCAPITAL ENTERPRISES: Ying and Chung Named as Liquidators
FLYING DRAGON: Members to Receive Wind-up Details
KANSA GENERAL: To Hold Creditors' Meeting on March 22
NANFANG SECURITIES: Former Executives Arrested
POWIN ELECTRIC: Members to Receive Wind-up Details
SENSES INTEGRATED: Schedules Final Meeting on March 31
SINO PHARMACEUTICALS: Enters Voluntary Liquidation
WELKIN TRANSPORT: Schedules Final Meeting on April 4
YICK TUNG: Receiving Proofs of Claim Until April 3
I N D I A
CEMENT CORPORATION: Government Grants Revival Package
DABHOI NAGRIK: Reserve Bank Cancels the Operation License
INDIA CEMENTS: To Consider Holding Limit Increase
NAMTECH ELECTRONIC: Mulls Sale of Immovable Properties
I N D O N E S I A
GARUDA INDONESIA: Government Seeks US$106 Million Aid
PERUSAHAAN GAS: Starts Work on Sumatra-Java Gas Pipeline Project
J A P A N
JAPAN AIRLINES: Sued for Fuel Surcharge Price Fixing
LIVEDOOR COMPANY: Fuji TV to Seek Share Price Drop Damages
LIVEDOOR COMPANY: SESC to File New Charges on Ex-Execs
K O R E A
KOREA EXCHANGE: Government Denies Using Influence in Sale
SAMSUNG CARD: Posts KRW1.3 Trillion in 2005
M A L A Y S I A
APEX EQUITY: Buys Back MYR13,312 Worth of Shares
AYER HITAM: Stay of Execution Fixed for Court Mention
DATUK KERAMAT: Reprimanded for Regulation Breach
FURQAN BUSINESS: Updates on Discover Orient Deal
FURQAN BUSINESS: Books Higher Net Loss in Q4/FY05
MALAYSIA AIRLINES: AirAsia Takes on Bulk of Domestic Routes
MALAYSIA AIRLINES: Welcomes New Communications Strategy Head
PAN MALAYSIAN: Proposes Corporate Exercises
POLY GLASS: Bourse Extends Financial Regularization Period
SCOMI ENGINEERING: Settles Default Payments to Creditors
SUREMAX GROUP: Receives Summon from AmMerchant
TALAM CORPORATION: Unit Struck Off from Register
TALAM CORPORATION: Court Dismisses Unit's Judgment Appeal
TRI-PILE SDN: Court Orders Liquidation
P H I L I P P I N E S
ABS-CBN BROADCASTING: CEO May Be Held Liable for Stampede
MANILA ELECTRIC: JP Morgan Predicts Slow Sales for 2006
NATIONAL FOOD: To Post PHP8-Bln Net Loss for 2006
NATIONAL POWER: Gets OK to Spend PHP1.34-Bln for Power Program
UNIVERSAL RIGHTFIELD: Appellate Court Allows DMCI Rehabilitation
*Pre-need Firm Sales Fall 22% on Weak Investor Confidence
S I N G A P O R E
CHINA AVIATION: Court Fixes March 14 as Hearing Date for Scheme
GREATRONIC LIMITED: Picks Moore Stephens as New Auditor
HESHE HOLDINGS: Concludes Acquisition of CHE-Recycling
KIN LIN: Creditors Meeting Slated for March 17
NAMITA INDUSTRIAL: To Pay Dividends on March 24
PE INTERNATIONAL: Court Winds Up Operations
SEMBAWANG MULPHA: Winds Up Operations
SONICBLUE SINGAPORE: Wind-Up Hearing Set Next Week
T H A I L A N D
ADVANCE PAINT: To Undertake Warrant Exercise on March 31
PICNIC CORPORATION: Four Asset Mgt Firms Assert THB226 Million
PICNIC CORPORATION: Needs to Raise Funds to Avert Bankruptcy
THAI-DENMARK SWINE: To Discuss Resolutions of Meeting Next Month
THAI PETROCHEMICAL: Considers Refinancing $900 Million in Debt
THAI PETROCHEMICAL: Posts a Near-500% Rise in Net Profit
- - - - - - - -
============================================
A U S T R A L I A & N E W Z E A L A N D
============================================
A.C.N. 089 715 604 PTY: Schedules Final Meeting on March 14
-----------------------------------------------------------
The final meeting of the members and creditors of
A.C.N. 089 715 604 Pty Limited is scheduled on March 14, 2006, at
10:30 a.m., to receive the liquidator's final account showing how
the wind-up was conducted and how the Company's property was
disposed of.
Contact: Glenn A. Crisp
Liquidator
RSM Bird Cameron Partners
Level 8, 525 Collins Street
Melbourne, Victoria 3000
Australia
Telephone: (03) 9286 1800
Fax: (03) 9286 1899
BERINA HOLDINGS: Trvaglini Ceases to Act as Receiver
----------------------------------------------------
On February 7, 2006, Dino Trvaglini of Moore Stephens BG
Chartered Accountants ceased to act as the receiver and manager
of the property of Berina Holdings Pty Limited.
CAL.D. SYSTEM: Court to Hear Liquidation Petition Today
-------------------------------------------------------
A petition to liquidate CAL.D. System Limited will be heard
before the High Court of Palmerson North today, March 13, 2006.
The Petition was filed on December 13, 2006, by the Commissioner
of Inland Revenue.
Contact: Ellen-Marie Carpenter
Solicitor for the Plaintiff
Technical and Legal Support Group
Napier Service Centre, Level Four,
Library Building, 22 Station Street
P.O. Box 1144, Napier
Telephone: (06) 974 6315
Facsimile: (06) 974 6212
CAMERON AUTO: Decides to Wind Up Operations
-------------------------------------------
Members of Cameron Auto Electrics Pty Limited held a meeting on
February 9, 2006, and agreed to close the Company's business.
Peter John Brindley was then appointed as liquidator.
Contact: Peter J. Brindley
Liquidator
123 Camberwell Road, Hawthorn East
Australia
CIMU PTY: To Declare Dividend to Creditors
------------------------------------------
CIMU Pty Limited will declare a first and final dividend to its
employee creditors on March 14, 2006.
Creditors who were not able to prove their claims will be
excluded from the benefit of the dividend.
Contact: Nicholas Martin
Liquidator
PPB Chartered Accountants
Level 10, 90 Collins Street
Melbourne, Victoria 3000
Telephone: (03) 9654 1517
CLIPSAL EXTRUSIONS: Winds Up Business
-------------------------------------
At a general meeting of the members of Clipsal Extrusions Pty
Limited on February 6, 2006, it was agreed that a voluntary wind-
up of the Company is appropriate and necessary.
S. C. Davies and Robyn Beverley McKern were appointed as
liquidators for the wind-up.
Contact: S. C. Davies
Robyn B. McKern
Joint and Several Liquidators
c/o McGrathNicol+Partners
115 Grenfell Street, Adelaide
South Australia 5000
Telephone: 08 8468 3700
Web site: http://www.mcgrathnicol.com.au/
CYBATECH COMPUTING: Enters Voluntary Liquidation
------------------------------------------------
After their extraordinary general meeting on February 9, 2006,
the members of Cybatech Computing Pty Limited decided to
voluntarily wind up the Company's operations.
A creditors' meeting was also held on the same day.
Subsequently, William Bernard Abeyratne and Loke Ching Wong were
appointed as joint and several liquidators.
Contact: William B. Abeyratne
Loke Ching Wong
Liquidators
c/o Harrisons Insolvency
Level 5, 150 Albert Road
South Melbourne, Victoria 3205
Australia
Telephone: 9696 2885
DIAKANASTASI HOLDINGS: Court Orders Wind-up
-------------------------------------------
On February 14, 2006, the Supreme Court of New South Wales
ordered the wind-up of Diakanastasi Holdings Pty Limited and
appointed R. J. Porter to act as liquidator.
Contact: R. J. Porter
Liquidator
Moore Stephens Chartered Accountants
Level 6, 460 Church Street
Parramatta, New South Wales 2150
Australia
E.R. ENTERPRISES: Inability to Pay Debts Leads to Wind-up
---------------------------------------------------------
After a meeting of the members of E.R. Enterprises Pty Limited on
February 13, 2006, it was agreed that the Company wind up its
business voluntarily due to its inability to pay its debts.
Peter Burton and Brian Allen were then appointed as the Company's
liquidators.
Contact: Brian Allen
Peter Burton
Liquidators
c/o Burton Glenn Allen Chartered Accountants
Level 2, 57 Grosvenor Street
Nuetral Bay, New South Wales
Australia
Telephone: (02) 9904 4644
Fax: (02) 9904 9644
FELTEX CARPETS: Gives Updates on Market & Settlement with Ex-CEO
----------------------------------------------------------------
In an update on market conditions, Feltex Carpets Limited
reported that its performance in the half-year period ended
December 31, 2005, had been encouraging.
The Company said that initial benefits from its restructuring
initiatives are beginning to flow through the business in terms
of improved operational efficiencies. Feltex believes that its
restructuring has provided it with a stronger base, amidst having
to face intense competition and pricing pressure in the market.
Feltex admitted that it has yet to reach the level of
profitability in continuing its operations. However, it said
that this underlying profitability is beginning to normalize,
albeit in a slower pace than expected. The recent weaker New
Zealand dollar is believed to bring in a positive impact on
profitability.
As reported by the Troubled Company Reporter - Asia Pacific on
March 7, 2006, while the Company's January sales performance was
in line with expectations, the margin performance was below
expected levels, reflecting the extremely competitive market
conditions. Market feedback indicated that the retail
environment in February was also challenging, and this has been
reflected in Feltex's trading for February, with both sales and
margins lower than expected.
Feltex warned that the third quarter -- January to March -- of
each financial year is always the weakest and most challenging in
the carpet industry. The Company explained that due to the
continuing uncertainties in the Australasian marketplace, it is
not in a position to provide any specific guidance as to its
likely performance during the remainder of the 2006 Financial
Year.
Reaches Severance Settlement with Ex-CEO
In addition to its market conditions report, Feltex said that it
has reached a settlement in principle with its previous chief
executive officer, Sam Magill.
Mr. Magill's contract as CEO had been terminated last year after
the Company issued two profit warnings within three months. Mr.
Magill stayed on as a director until he was voted off the board
by shareholders at an annual meeting in December.
Feltex said the settlement with Mr. Magill was below the $496,000
provided in its financial statements for the year ended June
2005.
Current Undertakings
Feltex further disclosed that work continues on a broad range of
initiatives to improve plant utilization, manufacturing
processes, quality, labor efficiency and sales.
The Company also said that it is in the final stages of selling
surplus property in Melbourne. The proceeds of the sale will be
used to reduce its debt.
The Company's Board continues to monitor the implementation of
initiatives.
About Feltex
Established over 50 years ago, Feltex Carpets Limited
-- http://www.feltex.com/-- has built a reputation for being one
of the world's leading manufacturers of superior-quality carpet.
The Feltex operation includes a wool scouring plant, six spinning
mills, three tufted carpet mills, a woven carpet mill and offices
in New Zealand, Australia and the United States. They also lead
the way in exports, with customers throughout South East Asia,
Japan, the United States, the Middle East and other key world
markets. The Company's troubles began last year as it struggled
with losses and earnings downgrades, flogging sales, and a
dipping share price. Feltex closed plants and fired 235 workers
in the past year, and is now in merger talks with rival Godfrey
Hirst.
GM SCAFFOLDING: Members Agree to Liquidate Assets
-------------------------------------------------
Members of GM Scaffolding Pty Limited held a meeting on February
10, 2006, and agreed on the Company's need to liquidate its
assets.
They then named Kimberley Andrew Strickland and Christopher
Michael Williamson to oversee the Company's wind-up activities.
Contact: Kimberley A. Strickland
Christopher M. Williamson
Joint and Several Liquidators
SimsPartners
Level 12, 40 St. Goerge's Terrace
Perth, Western Australia 6000
GROSVENOR TRADING: To Distribute Final Dividend
-----------------------------------------------
Grosvenor Trading Company Pty Limited will declare a first and
final dividend to its unsecured priority creditors today, March
13, 2006.
Creditors who were not able to prove their claims will be
excluded from the benefit of the dividend.
Contact: Manfred Holzman
Liquidator
Holzman Associates
GPO Box 3667
Sydney, New South Wales 2001
Australia
Telephone: (02) 9222 9070
Fax: (02) 9222 9071
HOT CHH: Appoints Liquidators to Wind Up Operations
---------------------------------------------------
Mark Sullivan and Andrew Radburnd were appointed joint and
several liquidators of Hot CHH Limited on February 20, 2006.
Contact: Andrew Radburnd
Liquidator
P.O. Box 13-511
Christchurch
Telephone: (03) 377 0527
Facsimile: (03) 377 0535
JUNCTION FARMS: Names William David Sawers as Liquidator
--------------------------------------------------------
On January 27, 2006, William David Sawers was appointed as
liquidator of Junction Farms Pty Ltd by resolution of
shareholders.
Contact: W. D. Sawers
Liquidator
Staples Rodway Hawkes Bay Limited
205 Hastings Street South
P.O. Box 46, Hastings
Telephone: (06) 878 7004
J.W. MATTISKE: Michael J. Ryan Named as Liquidator
--------------------------------------------------
The members of J.W. Mattiske Pty Limited convened on February 15,
2006, and concurred that the Company should wind up its
operations voluntarily.
As a result, Michael John Ryan was appointed as liquidator.
Contact: Michael J. Ryan
Liquidator
"Riverflash"
Forbes, New South Wales 2871
Australia
KGB APPLICATORS: Liquidator to Explain Wind-up Report
-----------------------------------------------------
The members of KGB Applicators Pty Limited will convene on March
14, 2006, to receive the liquidators' account regarding the
Company's completed wind-up and disposal of property, and to
consider any other matters that may be brought before the
meeting.
Contact: Andrew Fielding
Julie Williams
Liquidators
PPB Chartered Accountants & Business Reconstruction
Specialists
Level 4, 31 Sherwood Road
Toowong, Queensland 4066
Australia
MANAGED SETTLEMENT: Appoints Official Liquidator
------------------------------------------------
At a meeting of the members and creditors of Managed Settlement
Services Pty Limited on February 17, 2006, Jamieson Louttit was
appointed as liquidator for the Company's wind-up.
Contact: Jamieson Louttit
Liquidator
Jamieson Louttit & Associates
Level 15, 88 Pitt Street
Sydney, New South Wales 2000
Telephone: (02) 9231 0505
Fax: (02) 9231 0303
MYER LIMITED: Board Anoints Myer Consortium as Preferred Bidder
---------------------------------------------------------------
The board of directors of Coles Myer Limited met last Thursday
and anointed Newbridge Capital Inc./Myer family consortium as the
official preferred bidder for the Myer Limited department stores
as well as the flagship store in Bourke Street, Melbourne.
Newbridge is believed to have offered AU$1.3 billion for the Myer
stores and the Bourke Street site.
The Myer family consortium had laid down a AU$900 million offer
for the department store chain alone, which stores it owned
before selling it to Coles Myer in 1984. The Myer family
controls 3-5% of Coles Myer.
The Sydney Morning Herald relates that this paved the way for the
Myer Consortium to open negotiations with the various landlords
of Myer Limited's 61 stores, including the new owner of the
flagship store in Bourke Street, Melbourne.
The Sydney Herald notes that the Myer family owns 5% of the
consortium, while senior Myer management, including managing
director Dawn Robertson, have been offered the opportunity to buy
in. The consortium is being bankrolled by the private equity
group Newbridge and its parent, Texas Pacific Group.
According to the report, the Myer Consortium is expected to fly
out a number of senior executives from the United Kingdom
department store group Debenhams, which it acquired in a similar
deal in 2003, to help with the transition. Their first goal will
be to cut costs and increase profitability at the underperforming
Myer stores.
Former Myer managing director Peter Wilkinson, who has been
advising the Newbridge/Myer bid team, will work with Ms.
Robertson and Debenhams to ensure Myer's philosophy of promoting
and selling high-end fashion is not damaged.
The AU$900 million-plus price tag is understood to be at the top
of Coles Myer's range, especially as it will be boosted by the
AU$350 million or so that the Bourke Street property is expected
to generate. Property development company Lend Lease is believed
to be in pole position in its face-off with CFS Gandel Retail
Trust for the 70,000 square meter site.
The winning bidder for Myer will be announced after any problems
between the new owner and the landlords have been settled.
Headquartered in Melbourne, Victoria, Coles Myer Ltd. --
http://www.colesmyer.com/-- operated 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.
NARAMELLA PTY: To Declare First and Final Dividend
--------------------------------------------------
Naramella Pty Limited will declare its first and final dividend
today, March 13, 2006, to the exclusion of its creditors who were
not able to prove their claims.
Contact: A. A. Gaffney
Liquidator
c/o RSM Bird Cameron
1st Floor, 8 St. George's Terrace
Perth, Western Australia 6000
Telephone: (08) 9261 9100
NORTH COAST: Members Resolve to Shut Down Business
--------------------------------------------------
At a general meeting of the members of North Coast Caravans Pty
Limited on February 14, 2006, it was agreed that a voluntary
wind-up of the Company is appropriate and necessary.
Moreover, Barry Alfred Bentley was appointed as liquidator for
the wind-up.
Contact: Barry Alfred Bentley
Liquidator
Bentley Brett & Vincent
226A Harbour Drive, Coffs Harbour
New South Wales 2450
NZ PREOWNED: Prepares to Liquidate Assets
-----------------------------------------
On February 16, 2006, Murray George Allott was appointed as
liquidator to facilitate the liquidation of NZ Preowned Furniture
& Appliance Limited's assets.
Any inquiries by creditors or shareholders may be directed to the
Liquidator.
Contact: Murray G. Allott
Liquidator
111 Bealey Avenue
P.O. Box 29-432
Christchurch
Telephone: (03) 365 1028
Facsimile: (03) 365 6400
e-mail: projects@profitco.co.nz
PACIFIC FLEET: Creditors Opt to Wind Up Firm
--------------------------------------------
A final meeting of the creditors of Pacific Fleet Leasing Pty
Limited will be held on March 14, 2006, at 11:00 a.m.
At the meeting, liquidator Joseph Loebenstein will report the
activities that took place during the wind-up period as well as
the manner by which the Company's property was disposed of.
Contact: Joseph Loebenstein
Liquidator
Loebenstein Insolvency Services Pty Limited
203 Balaclava Road, North Caulfield
Victoria 3161, Australia
PARKSTONE LIMITED: Enters Winding Up Proceedings
------------------------------------------------
Shareholders of Parkstone Limited resolved to liquidate the
Company's assets.
Rhys Michael Barlow will facilitate the liquidation and
distribution of surplus assets.
Contact: Rhys Michael Barlow
Liquidator
Care of BDO Spicers
Chartered Accountants, Level Two
BDO House, 99-105 Customhouse Quay
P.O. Box 10-340, Wellington
Telephone: (04) 472 5850
Facsimile: (04) 473 3582
e-mail: rhys.barlow@wlg.bdospicers.com
PHILLIPS CARAVANS: Begins Wind-up Proceedings
---------------------------------------------
The members of Phillips Caravans Pty Limited convened at a
general meeting on February 14, 2006, and agreed to close the
Company's business operations. They named Barry Alfred Bentley
as liquidator for the wind-up.
Contact: Barrey A. Bentley
Liquidator
Bentley Brett & Vincent
226A Harbour Drive, Coffs Harbour
New South Wales 2450, Australia
PREVIA HOLDINGS: Creditors Should Prove Debt by March 31
--------------------------------------------------------
Previa Holdings Limited has commenced liquidation on February 17,
2006, and Auckland chartered accountant Andrew Hill was appointed
to facilitate the liquidation of the Company's assets.
Creditors of the Company are given until March 31, 2006, to prove
their debts or claims, or be excluded from the benefit of any
distribution made before the debts are proved, or as the case may
be, from objecting to the distribution.
Contact: Andrew Hill
Liquidator
BDO Spicers
Chartered Accountants
29 Northcroft Street, Takapuna
Auckland
Telephone: (09) 486 2125
Facsimile: (09) 486 4026
QUESTVALE PTY: Receiver Ceases to Act
-------------------------------------
On February 9, 2006, Philip G. Jefferson ceased to act as the
receiver and manager of the property of Questvale Pty Limited.
REDBACK PROCUREMENT: Placed Under Voluntary Liquidation
-------------------------------------------------------
On February 13, 2006, the members and creditors of Redback
Procurement Pty Limited agreed to wind up the Company's
operations voluntarily. They appointed R. A. Sutcliffe as
liquidator for that purpose.
Contact: R. A. Sutcliffe
Liquidator
Ground Floor, 192-198 High Street
Northcote, Victoria 3070
Australia
Telephone: (03) 9482 6277
SKOPE FURNITURE: Liquidation Hearing Slated for March 27
--------------------------------------------------------
The High Court of Christchurch will hear on March 27, 2006, the
application to put Skope Furniture Limited into liquidation.
Commercial Factors Limited filed the petition on January 30,
2006.
Persons who are interested to appear on the hearing are required
to file an appearance before the Court.
Contact: Paul John Dale
Solicitor for the Plaintiff
Grove Darlow & Partners
Solicitors Level Ten, Tower One,
The Shortland Centre,
51 53 Shortland Street,
Auckland 1
WINTINNA & WELBOURNE: Members & Creditors to Get Wind-up Details
----------------------------------------------------------------
A final meeting of the members and creditors of Wintinna &
Welbourne Hill Pastoral Company 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 13, 2006.
Contact: A. C. Matthews
Liquidator
Anthony Matthews & Associates Chartered Accountants
Ground Floor, 91 Hutt Street
Adelaide, South Australia 5000
Telephone: (08) 8232 8885
Fax: (08) 8232 8886
e-mail: info@matthewsassociates.com.au
A person is not entitled to vote as a creditor at a meeting
unless he or she has lodged a formal proof of claim with the
Chairperson of the meeting.
WOOLSACK HOLDINGS: Court to Hear Liquidation Petition Next Week
---------------------------------------------------------------
An application to liquidate Woolsack Holdings Limited was filed
with the High Court of Auckland on December 12, 2006.
The petition was filed by the Commission of Inland Revenue and
will be heard on March 16, 2006, at 10:45 a.m.
Any person interested to appear at the hearing must file an
appearance not later than the second working day before March 16.
Contact: Simon John Eisdell Moore
Solicitor for the Plaintiff
Crown Solicitor
Meredith Connell
Level Seventeen, Forsyth Barr Tower,
55-65 Shortland Street
P.O. Box 2213 or D.X. C.P. 24-063
Auckland
================================
C H I N A & H O N G K O N G
================================
BEST & PRESTIGE: Members & Creditors Meeting Fixed on April 3
-------------------------------------------------------------
The members of Best & Prestige Company will convene on April 3,
2006, to receive Liquidator Lui Wan Ho's account regarding the
Company's completed wind-up and disposal of property, and to
consider any other matters that may be brought before the
meeting.
Contact: Lui Wan Ho
Liquidator
26 Floor
Wing On Centre
111 Connaught Road Central
Hong Kong
BONDED-WAREHOUSING & TRADING: Appoints Official Liquidators
-----------------------------------------------------------
The members of Bonded-Warehousing & Trading Co. Limited held a
meeting on February 21, 2006, and agreed on the Company's need to
liquidate. They then named Lai Kar Yan Derek and Darach E.
Haughey to oversee the Company's wind-up activities.
Contact: Lai Kar Yan Derek
Darach E. Haughey
Joint and Several Liquidators
Deloitte Touche Tohmatsu
26th Floor, Wing On Centre,
111 Connaught Road,
Central, Hong Kong
Telephone: + 86 (21) 6141 8888
Fax: + 86 (21) 6335 1118
BRIGHTFUL LIMITED: Official Receivers Appointed
-----------------------------------------------
On March 3, 2006, Alexander Chiu wang Cheng was appointed to act
as the liquidator of the property of Brightful (H.K.) Limited.
Contact: Alexander Chiu Wang Cheng
Liquidator
Room 810 Argyle Centre
688 Nathan Road
Kowloon
Hong Kong
ENRO SHIRT: Enters Voluntary Liquidation
----------------------------------------
Enro Shirt of Hong Kong Limited held a meeting on February 21,
2006, and agreed that:
-- the Company be placed under members voluntary liquidation;
-- Yuen Cheong be appointed as liquidator; and
-- the audit of the liquidator's accounts of receipts and
payments will not be required
Contact: To Yuen Cheong August
Liquidator
13A Casas Domingo
Kam Hang Road
Kwu Tung
Sheung Shui
New Territories
Hong Kong
HCAPITAL ENTERPRISES: Ying and Chung Named as Liquidators
---------------------------------------------------------
At a meeting on February 22, 2006, shareholders of HCapital
Enterprises Limited concurred that the Company must voluntarily
commence a wind-up of its operations.
Ying Hing Chiu and Chung Miu were then appointed as liquidators.
Contact: Ying Hing Chiu
Chung Miu Yin
Liquidators
Level 28, Three Pacific Place
1 Queen's Road East
Hong Kong
FLYING DRAGON: Members to Receive Wind-up Details
-------------------------------------------------
A final meeting of the members of Flying Dragon Group Limited
Trading as Elements will be held on March 16, 2006, at Baker
Tilly Hong Kong, 12/F., China Merchants Tower, Shun Tak Centre,
168-200 Connaught Road Central, Hong Kong.
At the meeting, they will appoint a liquidator and consider
matters relevant to the Company's winding-up.
As reported by The Troubled Company Reporter - Asia Pacific on
May 12, 2004, Wong Chun Kong presented a petition to wind up the
Company.
KANSA GENERAL: To Hold Creditors' Meeting on March 22
-----------------------------------------------------
A meeting of the creditors of Kansa General International
Insurance Company Limited, Hong Kong Branch will be held on March
22, 2006, at 4:00 p.m.
At the meeting, the members will be asked to:
-- reconstitute the committee of inspection for the scheme
of arrangement;
-- authorize an application to the court for the variation
of the costs order to the effect that the requirement for
taxation and the undertaking to submit past and future
bills for taxation by the liquidator, be dispensed with,
providing the bills are approved by the Commitee; and
-- authorize an application to the court that the
liquidator's bill already submitted for taxation be
withdrawn and be paid, providing the bills are approved
by the Commitee.
Contact: Nicholas Timothy Cornforth hill
Liquidator
Alvarez and Marsal Asia Limited
5/F Allied Kajima Building
138 Gloucester Road
Wanchai, Hong Kong
Telephone: (852) 3102 2600
Fax: (852) 2598 0060
e-mail: rbaker@alvarezandmarsal.com
NANFANG SECURITIES: Former Executives Arrested
----------------------------------------------
The police have arrested three former presidents of Nanfang
Securities, Xinhua News relates.
The detained are Kan Zhidong, Liu Bo and Guo Yuanxian, who have
been put under administrative custody for more than two years.
In 1992, Nanfang Securities was once one of the three leading
securities brokerage companies in the People's Republic of China.
However, the Company's financial health began to deteriorate
under haphazard management.
The brokerage was taken over by the China Securities Regulatory
Commission and Shenzhen City Government in January 2004.
In April 2005, the CSRC revoked the license of Company and told
to shut down for violations and irregularities. Currently, it
remains under liquidation.
POWIN ELECTRIC: Members to Receive Wind-up Details
--------------------------------------------------
A final meeting of the members of Powin Electric Company Limited
will be held on March 31, 2006, at Rooms 1801-05, Hua Qin
International Building, 340 Queen's Road, in Central, Hong Kong.
At the meeting, the members will receive the Liquidator Yeh Chun
Rong's final account showing how the Company was wound up and how
its property was disposed.
The members will also discuss on whether the Liquidator should
retain the Company's books, accounts and documents or destroy
them three months after the Company is dissolved.
SENSES INTEGRATED: Schedules Final Meeting on March 31
------------------------------------------------------
A final meeting of the members of Senses Integrated Marketing
Limited will be held on March 31, 2006, at 11:00 a.m.
At the meeting, liquidator Lee Wai Chung Robert will report the
activities that took place during the wind-up period, as well as
the manner by which the Company's property was disposed of.
Contact: Lee Wai Chung Robert
Liquidator
18/F, Causeway Bay Commercial Building
1-13 Sugar Street
Causeway Bay
Hong Kong
SINO PHARMACEUTICALS: Enters Voluntary Liquidation
--------------------------------------------------
Members of Sino Pharmaceuticals (Hong Kong) Limited held a
general meeting on Feb. 18, 2006, and agreed that:
-- the Company be wound up voluntarily;
-- Tome Jose Carlos Elvino De Souza be appointed as
liquidator to divide and distribute any part of the
Company's assets; and
-- the audit of the liquidator's accounts of receipts and
payments will not be required.
Contact: Tome Jose Carlos Elvino De Souza
Liquidator
Flat A, 36/F
Block C Chung Crescent
Tung Chung
New Territories
WELKIN TRANSPORT: Schedules Final Meeting on April 4
----------------------------------------------------
A final meeting of the members of Welkin Transport Company
Limited will be held on April 4, 2006, at 10:00 a.m.
At the meeting, liquidator Leung Chi Keung will report the
activities that took place during the wind-up period as well as
the manner by which the Company's property was disposed of.
Contact: Ying Hing Chiu
Chung Mu Yin, Diana
Joint Liquidators
Level 28, Three Pacific Place
1 Queen's Road East
Hong Kong
YICK TUNG: Receiving Proofs of Claim Until April 3
--------------------------------------------------
Yick Tung (China) Bonded-Warehousing & Trading Co. Limited will
be receiving proofs of debt or claim until April 3, 2006.
Creditors may send in their particulars to Lai Kar Yan Derek and
Darach E. Haughey, the Company's joint liquidators at:
Deloitte Touche Tohmatsu
26th Floor, Wing On Centre
111 Connaught Road
Central, Hong Kong
Telephone: + 86 (21) 6141 8888
Fax: + 86 (21) 6335 1118
Creditors who fail to comply with such requirements will be
excluded from the benefit of any distribution.
=========
I N D I A
=========
CEMENT CORPORATION: Government Grants Revival Package
-----------------------------------------------------
Cement Corporation of India Limited was given a fresh lease on
life with the Government clearing a revival package for the
ailing public state utility, India Infoline reveals.
The Company's revival package includes:
* the closure and sale of assets of seven ailing units;
* the expansion of three units at an investment of INR141.11
crore;
* the waiver of interests on government loans, worth
INR886.22 crore; and
* the conversion of loans worth INR355.43 crore into
redeemable preference capital.
The closure of the seven non-operational units is expected to
reduce the outgo on payment of idle wages and enable the
Government to sell the assets to meet liabilities and infuse
fresh funds for the expansion and modernization of three units to
make them self-sufficient and profit generating.
Pursuant to the revival plan, Cement Corporation will also get a
plan assistance amounting INR30.67 crore and a non-plan
assistance of INR153.62 crore. The Company will have to repay
loans worth INR304.52 crore to the Government.
Cement Corporation of India Limited --
http://www.cementcorporation.com/-- was incorporated in the year
1965 as a wholly owned undertaking of the Government of India.
The Corporation started incurring losses since 1984-85 and its
net worth was eroded completely in the year 1994-95.
DABHOI NAGRIK: Reserve Bank Cancels the Operation License
---------------------------------------------------------
In a move to protect the interest of the depositors, the Reserve
Bank of India has cancelled the license of Dabhoi Nagrik Sahakari
Bank Ltd, as the bank has ceased to be solvent.
In a press statement issued last week, the Reserve Bank said that
all the efforts to revive the Company, in consultation with the
Government of Gujarat, have failed and the depositors are
inconvenienced by continued uncertainty.
The Reserve Bank has delivered the order of cancellation of the
bank's license after the close of business on March 7, 2006. The
Registrar of Co-operative Societies in Gujarat has also been
requested to issue an order for winding up the bank and appoint a
liquidator.
On liquidation, every depositor is entitled to repayment of his
deposits up to a monetary ceiling of INR1 lakh from the Deposit
Insurance and Credit Guarantee Corporation.
With the cancellation of its license and after commencement of
liquidation proceedings, the process of paying the Dabhoi Nagrik
depositors the amount insured as per the DICGC Act, will be set
in motion.
The Reserve Bank, in an earlier directive issued on June 14,
2004, has prohibited Dabhoi Nagrik to accept fresh deposits and
repayment of deposits was restricted to INR500 per depositor.
Contact: Shri S.Rajgopal
General Manager
Urban Banks Department, Reserve Bank of India
La Gajjar Chambers, Ashram Road, P.B. No. 1
Ahmedabad 380 009
India
Telephone Number: (079) 2658-5184,
Fax Number: (079) 26584853.
e-mail address: ubdahmedabad@rbi.org.in
INDIA CEMENTS: To Consider Holding Limit Increase
-------------------------------------------------
India Cements's Board of Directors, at a meeting set today, March
13, 2006, will consider a proposal to increase the holding limit
under Portfolio Investment Scheme of all Foreign Institutional
Investors/sub accounts of Foreign Institutional Investors put
together from the present 24% of paid up equity capital.
The Troubled Company Reporter - Asia Pacific reported on
March 10, 2006, that India Cements ownership structure is
undergoing a change. Earlier, the Sanmar group said it was
selling a large part of its stake to another set of promoters --
India Cements Vice-Chairman and Managing Director N. Srinivasan,
and Executive Director N. Ramachandran.
Headquartered in Chennai, India, India Cements Limited
-- http://www.indiacements.co.in/-- manufactures and markets
cement under the brand name Coromandel cement. The Company was
established in 1946 and the first plant was setup at Sankarnagar
in Tamilnadu in 1949. Since then it has grown in stature to
seven plants spread over Tamilnadu and Andhra Pradesh. In 2002,
the Company fell into a deep financial crisis, which prompted it
to undertake debt restructuring in 2003. Faced with the huge
challenges, the company addressed its problems proactively. It
reduced interest costs, improved the capacity utilization,
implemented voluntary retirement schemes and raised equity. All
these initiatives helped the firm bring down its debt under
corporate debt restructuring program from a hefty INR1,700 crore
to INR400 crore.
NAMTECH ELECTRONIC: Mulls Sale of Immovable Properties
------------------------------------------------------
At a meeting on February 20, 2006, the Board of Directors of
Namtech Electronic Devices has accorded to conduct a postal
ballot to seek the approval of the members of the Company by
Ordinary Resolution to sell or otherwise dispose of the whole or
substantially the whole of the Company's immovable properties
such as factory land and buildings in Electronic City, Bangalore,
with or without plant and machinery.
The properties will be sold to buyers at the best realizable
market value as may be decided by the Board on terms and
conditions as may be deemed fit.
Director Uma Devi Nambiar will be authorized to negotiate on
behalf of the Company and also to sign or execute the relevant
papers.
Furthermore, the Board has appointed B S Raghuveer as scrutinizer
for conducting the Postal Ballot process in a fair and
transparent manner.
The Postal Ballot form duly completed should reach the
Scrutinizer on or before the close of working hours on April 6,
2006. The Scrutinizer will submit his report to the Chairman of
the Company after completion of the scrutiny and the results of
Postal Ballot will be announced on April 13, 2006.
Headquartered at Electronics City, in Bangalore, India, Namtech
Electronic Devices Limited is an ISO 9002 company specialized in
manufacturing and marketing of Electronic Components and
associated products for the Electronics and Telecommunications
Industry. It is the only manufacturer in India of both 2-Pole
and 3-Pole ceramic gas discharge tubes for use in different types
of main distribution frames like Krone, Pouyet, TVS R&M, I.T.I.
Ltd etc. In the April 2005 to June 2005, the Company incurred a
net loss of INR24.61 million, up against a net loss of INR16.67
million in the same period in the previous year.
=================
I N D O N E S I A
=================
GARUDA INDONESIA: Government Seeks US$106 Million Aid
-----------------------------------------------------
The Indonesian Government will seek parliamentary approval this
week for a plan to infuse US$106 million into ailing carrier PT
Garuda Indonesia, ABC Asia Pacific relates.
Sugiharto, the state-owned enterprises minister, said that under
the proposal, US$50 million would go to operations and the rest
would be used to repay debt. As of the end of 2005, Garuda's
debt is equal to US$795 million in aggregate.
Mr. Sugiharto has previously said that the Government may sell a
stake in Garuda to revive its deteriorating fortunes.
Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/-- currently
has a fleet of about 77 aircraft offering service to some 27
domestic and 33 international destinations. Under its Citilink
brand, it serves another 10 domestic routes. Garuda also ships
about 200,000 tons of cargo a month and operates a computerized
tracking system. The carrier has been hard-hit by plunging
arrivals on the resort island of Bali, where tourists have been
killed in bomb attacks in 2002 and 2005. It has also suffered
from soaring global oil prices, a weakening of the Indonesian
rupiah and rising interest rates. At present, Garuda is
concentrating its efforts on repaying its debts with foreign
creditors under the European Credit Agency, which were due last
December 31, 2005. Garuda management hopes to receive IDR520.4
billion in funds, promised by the Indonesian government, by March
2006. The carrier posted a SGD46.5 billion net loss in January,
versus a net loss of IDR56.1 billion in the same period last
year. As of the end of 2005, Garuda's debt totaled US$795
million.
PERUSAHAAN GAS: Starts Work on Sumatra-Java Gas Pipeline Project
----------------------------------------------------------------
State gas distributor PT Perusahaan Gas Negara had commenced work
on the South Sumatra-West Java gas pipeline project, Dow Jones
reports.
The 105-kilometer project was marked by the start of offshore
trenching for Labuhan Maringgai, an important section of the
South Sumatera-West Java transmission pipeline.
According to the report, Nippon Steel Corporation will install
the submarine pipelines. Offshore trenching is scheduled to be
commissioned in February 2007.
State-owned PT Perusahaan Gas Negara -- http://www.pgn.co.id/--
was incorporated in 1965, and manages and adds value to
Indonesia's gas resources. Its current business is focused on
the downstream sector, gas transmission and distribution pipeline
operation, as well as marketing of gas products, trading and gas
storing. Since its privatization in 2003, PGN continues to
expand its business both in Indonesia and overseas. Standard &
Poor's Rating Services had on Nov. 24, 2005, affirmed its 'B+'
rating on Indonesia's PT Perusahaan Gas Negara (Persero) Tbk.
(PGN), with a stable outlook. For the first six months of 2005,
the Company generated total revenue of IDR2.5 trillion (US$250
million) and EBITDA of IDR1 trillion. The Company's total assets
as of June 30, 2005 amount to IDR11.8 trillion. PGN's financial
profile should weaken in the next few years, since it assumed new
debts to finance its network expansion. The Company is rapidly
expanding its operations to support the government in executing
the Integrated Indonesia Gas Pipeline (IIGP) projects. Given its
important role in the IIGP projects, Standard & Poor's expects
the government to support PGN financially, in the event of
financial difficulty.
=========
J A P A N
=========
JAPAN AIRLINES: Sued for Fuel Surcharge Price Fixing
----------------------------------------------------
Japan Airlines Corporation, together with 10 other global
airlines and three cargo carriers, had been sued by a Tanzanian
firm in a United States class action suit for conspiracy to fix
the price of fuel surcharges, Airwise News says.
Tanzanian firm Sisimizi filed the antitrust lawsuit on Feb. 28,
2006, with the United States District for the Northeastern
District of Illinois. Sisimizi's Complaint seeks damages from
Japan Airlines, Air France-KLM, Asiana Airlines, Cathay Pacific
Airways, Nippo Cargo Airlines and Atlas Air Worldwide, among
others.
Sisimizi had used KLM cargo to ship woodcarvings to New York,
Airwise News reports.
Since the filing, the U.S. Department of Justice and the
executive branch of the European Union have raided several global
carriers in efforts to investigate. According to U.S. law firms,
the airlines could pay a substantial amount in punitive damages
plus fines imposed by the Department of Justice, if found guilty.
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. 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.
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.
LIVEDOOR COMPANY: Fuji TV to Seek Share Price Drop Damages
----------------------------------------------------------
Fuji Television Network, Inc., is planning to sue Livedoor
Company Limited for damages on account of losses incurred when
the Company's stock price fell in the wake of an accounting
scandal, Japan Times relates.
According to Fuji chairman Hisashi Hieda, the network bought
133.74 million shares in Livedoor at JPY329 per share, totaling
JPY44 billion, to retain control of local radio broadcaster
Nippon Broadcasting System, Inc. When Livedoor was rocked by the
accounting fraud scandal earlier this year, its stock price fell
sharply to JPY78 per share, incurring huge losses for Fuji TV.
Fuji is mulling selling its 12.75% stake in Livedoor to investors
who want to revive the troubled firm in order to determine its
losses, before proceeding to file a lawsuit to seek damages.
Headquartered in Tokyo, Japan, Livedoor Company, Limited
-- http://corp.livedoor.com/en/-- is into Internet-related
business. It is involved in many sectors, including out portal
site "livedoor", financial business, corporate web solutions,
data center and IP telephony business. Last year, Livedoor's
office was raided by prosecutors on suspicions of accounting
fraud. Company executives were alleged to have relayed false
information on a merger, with the intent to boost the stock price
of a Company subsidiary. Livedoor's stock price plunged on
allegations that the Company concealed a huge JPY1 billion loss
for the financial year ended September 2004.
LIVEDOOR COMPANY: SESC to File New Charges on Ex-Execs
------------------------------------------------------
Japan's Securities and Exchange Surveillance Commission is
preparing to file a new criminal complaint against the former
chief executive officer and officials of Livedoor Company Limited
in an alleged accounting fraud scheme, Kyodo News relates.
The SESC will also name Livedoor as a corporate entity when it
files the charges with the Toko District Public Prosecutor's
Office next week, after which the Tokyo Stock Exchange would
announce its decision on the possible delisting of Livedoor's
shares from the market for start-up firms, Kyodo News reports,
citing exchange sources.
Under its planned complaint, the SESC will ask prosecutors to
indict former Livedoor CEO Takafumi Horie, former chief financial
officer Ryoji Miyauchi, former Company directors Fumito Okamoto
and Fumito Kumagai, as well as former Livedoor Finance Co.
president Osanari Nakamuri, on charges of conspiracy to falsify
Livedoor's 2004 financial statements in order to conceal a JPY1
billion loss by adding JPY5.34 billion to its consolidated
earnings results, thereby reporting a pre-tax operating profit of
JPY5 billion, instead of an actual pre-tax JPY300 million loss.
The Company executives posted false sales of two current units
and issued new shares to swap them with shares of firms they were
planning to acquire. Proceeds from the sale were then
transferred back to Livedoor in order to manipulate its report
earnings.
Headquartered in Tokyo, Japan, Livedoor Company, Limited
-- http://corp.livedoor.com/en/-- is into Internet-related
business. It is involved in many sectors, including out portal
site "livedoor", financial business, corporate web solutions,
data center and IP telephony business. Last year, Livedoor's
office was raided by prosecutors on suspicions of accounting
fraud. Company executives were alleged to have relayed false
information on a merger, with the intent to boost the stock price
of a Company subsidiary. Livedoor's stock price plunged on
allegations that the Company concealed a huge JPY1 billion loss
for the financial year ended September 2004.
=========
K O R E A
=========
KOREA EXCHANGE: Government Denies Using Influence in Sale
---------------------------------------------------------
South Korea's Finance Ministry denied reports on Thursday that
the Government influenced the sale of Korea Exchange Bank to
United States-based Lone Star Funds, Yonhap News says.
The Troubled Company Reporter - Asia Pacific reported on
March 8, 2006, that the American investment fund bought a 51%
stake in Korea Exchange for KRW1.38 trillion (US$1.41 billion) in
October 2003. Lone Star is now pushing to unload the stake after
a two-year lockup period ended in 2005.
On March 7, 2006, the Korean Board of Audit and Inspection
Committee started an investigation on whether Lone Star's
purchase was appropriate.
According to the report, South Korean politicians -- led by the
main opposition Grand National Party -- have alleged that the
Korea Exchange shares were sold cheap to Lone Star after the
Bank's financial status was incorrectly reported. Korea
Exchange denied the allegations early this month.
The results of the BAI probe are expected to come out in June
2006.
Korea Exchange Bank -- http://www.keb.co.kr/english/index.htm--
was established in January 1967 by the Government originally as a
specialist foreign exchange bank. It retains its strength in
trade finance and foreign exchange. In terms of assets, it ranks
sixth among Korea's nationwide commercial banks with 7% of system
assets. It operates a branch network of 317 domestic and 28
overseas offices. During the economic crisis, significant
exposures to troubled corporate borrowers led to a deterioration
in the bank's financial health. However, since then, its
operating performance stabilized, and the bank has reported eight
consecutive quarterly profits since the end of 2003. Moody's
Investors Service has placed Korea Exchange Bank's D- bank
financial strength rating on review for possible upgrade.
SAMSUNG CARD: Posts KRW1.3 Trillion in 2005
-------------------------------------------
Samsung Card reported a loss of KRW1.3 trillion in 2005 due to
bad loan provisions, Yonhap News reports, citing the Financial
Supervisory Service.
The Company's performance is expected to turn better this year,
as recovering domestic demand will boost its revenue, the report
said.
Headquartered in Seoul, Korea, Samsung Card,
-- http://www.samsungcard.co.kr/-- formerly the No.1 credit card
issuer, fell to the third place after Kookmin Card and LG Card,
following a liquidity crunch in 2003, because of a rise in
overdue credit card bills. Samsung Card suffered an 18% increase
in net loss for 2005 to KRW1.31 trillion.
===============
M A L A Y S I A
===============
APEX EQUITY: Buys Back MYR13,312 Worth of Shares
------------------------------------------------
On March 8, 2006, Apex Equity Holdings Berhad bought back 30,000
ordinary shares for a total cash consideration of MYR13,311.68.
The minimum price paid for each share purchased was MYR0.440 and
the maximum was MYR0.440.
After the purchase, the cumulative outstanding treasury shares
have reached 2,682,000.
Apex Equity Holdings Bhd -- http://www.apexequity.com.my/-- is
principally engaged in stock and share broking, securities
dealing, property holding, provision of portfolio management,
investment advisory and nominee services, establishment and
management of unit trust and property and investment holding.
Operations of the Group are principally carried out in Malaysia.
The Company has suffered five consecutive years of losses
beginning 2001. It has incurred a net loss of MYR32,932,000 in
the fourth quarter of the fiscal year ending December 31, 2005.
The result is an improvement from last year's fourth quarter net
loss of MYR76,596,000.
AYER HITAM: Stay of Execution Fixed for Court Mention
-----------------------------------------------------
The legal matter between Ayer Hitam Dredging Malaysia Berhad's
subsidiary, Motif Harta Sdn Bhd, and KIY Design & Interior (M)
Sdn Bhd is now fixed for mention on June 20, 2006.
The Matter was heard before the Kuala Lumpur High Court on
March 8, 2006.
On October 7, 2005, a Statutory Demand was served on Motif Harta
by the solicitors of KIY. The Demand states that Motif Harta
owes KIY MYR260,953.06, consisting of the principal amount of
MYR159,215.59, the MYR91,952.47 interest and MYR9,785.00 cost in
respect of an amended judgment entered against Motif on Aug. 22,
2005.
KIY's claim relates to an alleged commission for the procurement
of supply of goods and services for a hotel-in-progress. Motif
was required to pay the KIY Debt within 21 days from the date of
service of the Demand.
Ayer Hitam had appealed against the August Judgment and had
instructed its solicitors to file for a stay of execution.
Headquartered in Kuala Lumpur, Malaysia, Ayer Hitam Tin Dredging
Malaysia Berhad -- http://www.ahtin.com.my/-- is involved in
property development and the trading of promotional products and
services in Malaysia. The Company is also engaged in the trading
of uninterrupted power supply equipment and magnetic fuel
treatment systems and the provision of investment holding,
nominee services, hotel development and management and renovation
services. The Company has been incurring huge losses in the past
years and has defaulted on several loan facilities. As of
January 31, 2006, Ayer Hitam Tin Dredging Malaysia Berhad's
payment defaults have reached MYR39,624,453.59. On August 17,
2005, the Company unveiled a Proposed Restructuring Scheme to
save the business. However, the Securities Commission has
rejected the Plan after determining that it is not a
comprehensive proposal capable of resolving all the financial
issues faced by the Company. The Company's Board is still
deliberating on its next course of action.
DATUK KERAMAT: Reprimanded for Regulation Breach
------------------------------------------------
Bursa Malaysia Securities Berhad has publicly reprimanded Datuk
Keramat Holdings Berhad for breaching the Listing Requirements.
Bursa Malaysia stated that Datuk Kermata failed to update the
Bourse on the status of a demand received from Danaharta Urus Sdn
Bhd on September 16, 2003. Datuk Keramat also failed to make an
immediate announcement on the writ of summons and the receipt of
a letter of demand, with regard to the MYR88.38-million claim by
Danaharta Urus.
The public reprimand was imposed pursuant to Paragraph 16.17 of
the Bursa Securities Listing Requirements after taking into
consideration all the circumstances and the relevant factors of
the matter including the fact that Datuk Keramat had previously
breached the Listing Requirements.
Bursa Securities has cautioned the Company about its
responsibility to maintain appropriate standards of corporate
responsibility and accountability in order to achieve greater
disclosure and transparency to its shareholders and the investing
public.
Headquartered in Pulau Pinang, Malaysia, Datuk Keramat Holdings
Berhad is engaged in investment and property holding. The
Company is also involved in management services; property
investment services; project management services and development;
credit and financing activities; distribution and publication of
magazines; media design and advertising; management of
supermarket and departmental store; trading and distribution of
pharmaceutical, management of car park, garment manufacturing and
financial services. On January 24, 2005, the Company was been
served with a winding-up petition by Affin Bank Bhd, who claimed
a sum of MYR15.66 million as of May 31, 2002, in respect of
revolving credit facilities granted to the company. The Company
has been suffering tight liquidity and is facing possible
delisting due to its failure to submit its financial reports to
Bursa Malaysia. The Company explained that the issuance of its
financial statements was delayed because it is still working on
the proposed restructuring scheme.
FURQAN BUSINESS: Updates on Discover Orient Deal
------------------------------------------------
On March 3, 2006, Furqan Business Organization Berhad entered
into a Share Sale Agreement with directors Wong Ah Choy and Chin
Kim Lan to acquire 200,000 ordinary shares of MYR1.00 each in
Discover Orient Holidays Sdn Bhd. The total cash consideration
for the shares purchase is MYR7,500,000.00.
Discover Orient is a tour operator and travel agent, which was
incorporated in Malaysia under the Companies Act, 1965, on
February 3, 1992.
The net tangible assets of Discover Orient as per the latest
audited accounts dated January 31, 2005, was MYR1,872,865. Mr.
Wong and Mr. Chin, as the Vendors, have indicated that Discover
Orient's NTA at the date of the Agreement is approximately MYR4.0
million. Furthermore, as stated in the Share Sale Agreement, the
Vendors irrevocably and unconditionally guarantee, for the
benefit of Furqan Business, that the NTA is true and accurate.
In the event that the accounts being audited has a variance or
discrepancy of more than 20% in the reduction of the NTA as
disclosed, the Vendors will make good the difference by way of
cash.
Total liabilities and contingent liabilities which Furqan
Business will assume equal to MYR4,151,628 and MYR213,622,
respectively. These amounts comprise of trade payables, other
payables and accrual, hire purchase payables, term loan, taxation
and bank overdraft.
Furqan Business is in the process of getting the necessary
approval from the Foreign Investment Committee in respect of the
acquisition.
The Furqan Board of Directors believes that the prospects of the
business are encouraging. The Board also believes that Discover
Orient's strong position in the market, which caters to the
higher end tourists, will further enhance the leisure and
hospitality business unit of the FBO Group. This is due to the
fact that Discover Orient is long established in the industry
since 1992. Barring any natural calamities like SARS and the
bird flu, the profitability of Discover Orient should be
maintainable in light of the established networking.
Nevertheless, the Company is covered by the three-year profit
guarantee provided.
Upon getting the approval from Foreign Investment Committee, the
Furqan Board estimates that the acquisition will be completed
within three months.
As reported by the Troubled Company Reporter - Asia Pacific on
March 8, 2006, Furqan Business will use internal funds to finance
the acquisition, which is expected to enhance the hospitality,
travel and leisure business of the Group.
Headquartered in Kuala Lumpur, Malaysia, Furqan Business
Organization Berhad formerly known as Austral Amalgamated Berhad
is engaged in property development and investment, tour and
travel services, and financial services. Other activities
include contractor, leasing and hire purchase financing
facilities. The Group's operations are substantially carried out
in Malaysia. The Company's lackluster business prospects have
taken their toll on Furqan Business' financial position as its
operating cash flow has persistently remained in negative
territory since 31 December 2002. Rating Agency Malaysia has
downgraded the rating of the Company's MYR37.66 million
Redeemable Convertible Loan Stocks, from BB3 to B1, with a
negative outlook. At the same time, the rating agency is
maintaining the Rating Watch on the Company, pending further
clarification on its recent corporate exercise to acquire a 7%-
stake in the Cepatwawasan Group. The downgrade is premised on
the deterioration in Furqan's business profile, especially in its
leasing business, which is currently the main revenue contributor
to the Group.
FURQAN BUSINESS: Books Higher Net Loss in Q4/FY05
-------------------------------------------------
Save for the goodwill written off amounting to MYR198.64 million
in the previous year's corresponding quarter, Furqan Business
Organization Berhad recorded higher loss before tax of MYR6.45
million for the fourth quarter of fiscal 2005 compared to loss
before tax of MYR201.36 million in the previous year's
corresponding quarter mainly due to higher allowance for doubtful
debts made for lease receivables.
Higher loss before tax of MYR6.45 million for current quarter
compared to loss before tax of RM2.92 million for the preceding
quarter were mainly due to unfavorable result from leasing sector
and impairment loss on subsidiary company's real property asset.
The prospects of the FBO Group hinge on the prospects of property
development, hospitality and leasing sectors. The Board expects
the Group's performance for the current year to remain
satisfactorily compared to the previous year.
The Group does not have any financial instrument with off balance
sheet risk at the date of this report except for the extent of
the corporate guarantee issued to certain scheme companies in
relation to the Guaranteed Secured Term Loan and promissory
notes, pursuant to the Corporate Restructuring Exercise carried
out by the Group and corporate guarantee on borrowing facilities
obtained by subsidiary companies.
The Profit Guarantee for the financial year ended December 31,
2003, had been met.
Summary of Key Financial Information
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
* Revenue
15,646 29,543 60,222 75,631
* Profit/(loss) before tax
-6,455 -201,357 -8,774 -196,065
* Profit/(loss) after tax and minority interest
-6,640 -200,540 -9,089 -196,105
* Net profit/(loss) for the period
-6,640 -200,540 -9,089 -196,105
* Basic earnings/(loss) per shares (sen)
-1.61 -48.67 -2.21 -47.60
* Dividend per share (sen)
0.00 0.00 0.00 0.00
* Net assets per share (MYR)
As at end of As at Preceding
Current Quarter Financial Year End
0.5400 0.5200
The Company's financial report is available for free at:
http://bankrupt.com/misc/tcrap_furqanbusinessreport031006.pdf
http://bankrupt.com/misc/tcrap_furqanbusinessnotes031006.pdf
Headquartered in Kuala Lumpur, Malaysia, Furqan Business
Organization Berhad formerly known as Austral Amalgamated Berhad
is engaged in property development and investment, tour and
travel services, and financial services. Other activities
include contractor, leasing and hire purchase financing
facilities. The Group's operations are substantially carried out
in Malaysia. The Company's lackluster business prospects have
taken their toll on Furqan Business' financial position as its
operating cash flow has persistently remained in negative
territory since 31 December 2002. Rating Agency Malaysia has
downgraded the rating of the Company's MYR37.66 million
Redeemable Convertible Loan Stocks, from BB3 to B1, with a
negative outlook. At the same time, the rating agency is
maintaining the Rating Watch (with a negative outlook) on the
Company, pending further clarification on its recent corporate
exercise to acquire a 7%-stake in the Cepatwawasan Group. The
downgrade is premised on the deterioration in Furqan's business
profile, especially in its leasing business, which is currently
the main revenue contributor to the Group.
MALAYSIA AIRLINES: AirAsia Takes on Bulk of Domestic Routes
-----------------------------------------------------------
The Government has permitted ailing Malaysia Airlines to share
its domestic routes with low-cost carrier AirAsia, Agence France
Presse reports.
Specifically, the Government has decided that Malaysia Airlines
will concentrate on flights to a few select destinations while
AirAsia will operate the rest of rural and domestic routes, which
are mostly operating at a loss. A committee, chaired by Prime
Minister Abdullah Ahmad Badawi, riled that Malysia Airlines be
allowed to only operate flights to premier domestic routes such
as Penang, Kuching, Kota Kinabalu, Alor Star and Langkawi, some
of which are tied into the national carrier's international
routes network.
The decision ended nearly two years of wrangling between Malaysia
Airlines and AirAsia over the domestic routes, AFP says.
Malaysia Airlines has been losing money on many domestic routes
while AirAsia, saying it could make these routes profitable, has
been urging the Government to give it a chance to take those
routes.
The move is part of a three-year revival plan for Malaysia
Airlines, which faces extensive cost-cutting in order to stem
massive losses.
Headquartered in Selangor, Malaysia, Malaysia Airlines
-- http://www.malaysiaairlines.com/-- services domestic and
international flights. Its global network comprised 32 domestic
and 86 international destinations. Of the 86 international
destinations, 17 were operated in collaboration with our airline
partners. The carrier is currently facing financial
difficulties, and is set to report a net loss of MYR1.3 billion
for the nine month to December 31, 2005, due to high fuel and
operating costs, and unprofitable routes. It recently unveiled a
radical rescue plan to raise MYR4 billion in order to stay afloat
and return to profitability by next year. Under the
restructuring plan, the airline pledged to cut its budget by 20%
across the board, terminate many unprofitable routes, freeze
recruitment except for front-line staff, crack down on corruption
by encouraging whistle-blowing and stop corporate sponsorship.
MALAYSIA AIRLINES: Welcomes New Communications Strategy Head
------------------------------------------------------------
Indira Nair has joined Malaysia Airlines to head the national
flag carrier's communications strategy division, as the carrier
attempts to rebound from a period of prolonged struggle.
Ms. Nair, who had spent five years as Ogilvy Public Relations'
regional chief talent officer at the Asia Pacific region, pointed
out that her new role as senior general manager for corporate
communications reflects the importance that both Malaysia
Airlines and new chief executive officer Idris Jala are attaching
to effective, strategic communications.
Ms. Nair, the first senior general manager of corporate
communications at MAS from India, will report directly to Mr.
Jala.
Headquartered in Selangor, Malaysia, Malaysia Airlines
-- http://www.malaysiaairlines.com/-- services domestic and
international flights. Its global network comprised 32 domestic
and 86 international destinations. Of the 86 international
destinations, 17 were operated in collaboration with our airline
partners. The carrier is currently facing financial
difficulties, and is set to report a net loss of MYR1.3 billion
for the nine month to December 31, 2005 due to high fuel and
operating costs, and unprofitable routes. It recently unveiled a
radical rescue plan to raise MYR4 billion in order to stay afloat
and return to profitability by next year. Under the
restructuring plan, the airline pledged to cut its budget by 20%
across the board, terminate many unprofitable routes, freeze
recruitment except for front-line staff, crack down on corruption
by encouraging whistle-blowing and stop corporate sponsorship.
PAN MALAYSIAN: Proposes Corporate Exercises
-------------------------------------------
Pan Malaysian Industries Berhad has proposed a capital
restructuring scheme comprising a capital reduction scheme and
rights issue.
Under the capital reduction scheme, the par value of Pan
Malaysian shares will be reduced to 5 sen from 50 sen and two 5
sen shares will be consolidated into one 10 sen share, bringing
down Pan Malaysian's share capital from 2.48 billion shares of 5
sen each to 1.24 billion shares of 10 sen each. The value of the
share capital would remain at MYR124 million.
It is expected that the unaudited accumulated losses of the
company as at December 31, 2005, amounting to about MYR1.34
billion would be completely written-off upon completion of the
proposed capital reconstruction, the Company said in a statement
to Bursa Malaysia last week.
Pan Malaysian has also proposed a renounceable rights issue of up
to a maximum of 2.67 billion new ordinary shares of 10 sen each
in Pan Malaysian on a basis on three rights shares for every two
existing 10 sen shares.
The maximum amount of rights shares assumes that all existing
warrants of the Company are exercised prior to the implementation
of the Company's proposed par value reduction scheme.
A full-text copy of the Proposals is available for free at:
http://bankrupt.com/misc/tcrap_panmalaysia031006.doc
http://bankrupt.com/misc/tcrap_panmalaysiaapendix031006.doc
Headquartered in Kuala Lumpur, Malaysia, Pan Malaysian Industries
Berhad is involved in the operation of departmental and specialty
stores and hypermarket. Its other activities include investment
and property holding. The Group's operation is predominantly in
Malaysia, Hong Kong and Singapore. The Company has been
suffering substantial losses since 1999.
POLY GLASS: Bourse Extends Financial Regularization Period
----------------------------------------------------------
At Poly Glass Fibre (M) Bhd's request, Bursa Malaysia Securities
Berhad extended the Company's time to implement and regularize
its financial condition pursuant to Practice Note 17 until
June 30, 2006.
Headquartered in Penang, Malaysia, Poly Glass Fibre (Malaysia)
Bhd -- http://www.polyglass.com.my/-- is a leading manufacturer
and marketer of premium-quality fiber glass wool building
insulation, HVAC insulation, and other specialty products for
thermal and acoustic insulation for commercial, industrial, and
residential applications. The Company is under Bursa Malaysia
Securities' PN17 category, which requires the Company to
regularize its financial condition or risk possible delisting
from the Exchange.
SCOMI ENGINEERING: Settles Default Payments to Creditors
--------------------------------------------------------
Scomi Engineering Berhad has fully settled all default interest
and default principal payments to financial institutions in
respect of various credit facilities granted to the Company,
pursuant to the Company's Composite Scheme of Arrangement.
The Company paid all its default obligations using the proceeds
of its Rights issue on January 20, 2006.
Following the Default Settlement, the Company no longer triggers
any criteria under Paragraph 2.0 of the Practice Note 1 of Bursa
Malaysia Securities' Listing Requirements.
A company is placed under the PN1 Category if:
-- it defaults in payments of interest in respect of loan
stocks or bonds whether listed or unlisted on the
Exchange irrespective of whether a demand has been made;
-- it defaults in principal payments in respect of loan
stocks or bonds whether listed or unlisted on the
Exchange;
-- it defaults in payments of either interest or principal
sums or both in respect of a credit facility where the
credit facility is 5% or more of the net tangible assets
of the listed issuer; or
-- it defaults in payments of either interest or principal
sums or both in respect of a credit facility, which is
reasonably expected to have a material effect on the
price, value or market activity of any listed issuer's
securities or the decision of a holder of securities of
the listed issuer or an investor in determining his
choice of action.
Headquartered in Petaling Jaya, Malaysia, Scomi Engineering
Berhad Formerly known as Bell & Order Berhad provides services in
the design, manufacture, supply and installation of sound and
communication systems. Operations of the Group are carried out
in Malaysia and Singapore. In October 2004, the Company ceased
business operations. Its subsidiary in Singapore is also
discontinuing its business. The Company is currently undertaking
a corporate restructuring exercise with Scomi Group Bhd.
Completion of the exercise will result in the latter taking
control of the Company with a new core business.
SUREMAX GROUP: Receives Summon from AmMerchant
----------------------------------------------
On March 9, 2006, Suremax Group Berhad and its subsidiary Suremax
Builders Sdn Bhd have been served with a Summon and a Statement
of Claim by AmMerchant Bank Berhad -- formerly known as Arab-
Malaysian Merchant Bank Berhad.
AmMerchant asserts a total of MYR 150,091 against Suremax, with
an 8.56% annual interest from December 9, 2005, until the date of
full settlement. AmMerchant is also seeking compensation for
other costs that the Court deems fit and reasonable.
The Kuala Lumpur High Court will hear the case on April 26, 2006.
The Company said it will seek legal advice from its solicitors
regarding its next course of action.
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. Suremax
Group has suffered substantial losses since 2004. The Company is
also trying to avert a series of winding up actions against its
subsidiaries.
TALAM CORPORATION: Unit Struck Off from Register
-----------------------------------------------
Eminent Sun Sdn Bhd, a subsidiary of Talam Corporation Berhad,
has been struck off from the register by the Companies
Commissions of Malaysia pursuant to the powers conferred by
Subsection 308(4) of the Companies Act, 1965, and accordingly
dissolved.
Headquartered in Kuala Lumpur, Malaysia, Talam Corporation Berhad
is principally engaged in property development. Its other
activities include trading building materials, manufacturing of
ready mixed concrete, provision for higher educational programs,
development and management of hotel, golf and country club
horticulturists, agriculturists and landscaping designers and
contractors and investment holding. Operations of the Group are
carried out in Malaysia and China. The Company has accumulated
mounting losses and debt in the past few years. In a bid to cut
back on its borrowings, the firm has agreed to sell off some of
its assets. The sales are expected to slash the Company's short-
term debts, which amounted to MYR1.8 billion as of January 31,
2005.
TALAM CORPORATION: Court Dismisses Unit's Judgment Appeal
---------------------------------------------------------
The Federal Court has dismissed an appeal by Talam Corporation's
unit, Maxisegar Sdn Bhd, against the May 5, 2005, Court of Appeal
Judgment in favor of Silver Concept Berhad.
The appeal was made pursuant to an agreement made between Silver
Concept and Maxisegar on March 31, 1997, wherein Silver Concept
agreed to sell and Maxisegar agreed to purchase 1,142.48 acres of
land in Mukim Batang Kali and in Mukim Rasa, all in the District
of Ulu Selangor. Maxisegar has paid a 10% deposit and second
installment, totaling MYR42,071,200, to Silver Concept.
Maxisegar needed to pay a total of MYR38,324,788 for the judgment
sum plus an annual interest rate of 8% until the date of full
settlement. Apart from the judgment sum, the Company required to
write-off the 10% deposit and second installment paid amounting
to MYR42,071,200 to Silver Concept.
The judgment sum is the balance that Maxisegar needed to pay for
the purchase. Maxisegar's failure to pay the balance lead to to
the Silver Concept filing a legal action action against the Talam
unit.
The Company foresees that the financial obligation has a material
financial and operational impact on the Group. The Company will
also take the necessary steps to arrive at an agreeable solution.
Headquartered in Kuala Lumpur, Malaysia, Talam Corporation Berhad
is principally engaged in property development. Its other
activities include trading building materials, manufacturing of
ready mixed concrete, provision for higher educational programs,
development and management of hotel, golf and country club
horticulturists, agriculturists and landscaping designers and
contractors and investment holding. Operations of the Group are
carried out in Malaysia and China. The Company has accumulated
mounting losses and debt in the past few years. In a bid to cut
back on its borrowings, the firm has agreed to sell off some of
its assets. The sales are expected to slash the Company's short-
term debts, which amounted to MYR1.8 billion as of January 31,
2005.
TRI-PILE SDN: Court Orders Liquidation
--------------------------------------
The Shah Alam High Court has released an decision favoring a
petition filed by Pilecon engineering Berhad's subsidiary, Wirax
Engineering Sdn Bhd, to wind up Tri-Pile Sdn Bhd.
On March 9, 2006, the Court has ordered the wind-up of Tri-Pile.
An Official Receiver has also been appointed as the Company's
provisional liquidator.
As reported by the Troubled Company Reporter - Asia Pacific on
July 2, 2004, a winding up petition had been presented at the
Shah Alam High Court on April 1, 2004, against Tri-Pile. The
Petition was served onto Tri-Pile on June 30, 2004, for a claim
of MYR195,678.67.
Tri-Pile tried to contest the winding-up petition served but
failed.
=====================
P H I L I P P I N E S
=====================
ABS-CBN BROADCASTING: CEO May Be Held Liable for Stampede
---------------------------------------------------------
Justice Secretary Raul Gonzalez is seeking to include ABS-CBN
Chairman Eugenio Lopez III in the list of persons recommended for
prosecution for the ULTRA stampede which killed more than 70
persons and injured 600 others last February 4, 2006.
According to Justice Gonzalez, that just like in vehicular
accidents where the owner of the vehicle is solidly liable, firm
owners can also be charged for acts committed by their employees.
He added that while he is satisfied by the report from the
National Bureau of Investigation on the incident, it can still be
expanded. The report is currently under review, and despite the
fact that Mr. Lopez had admitted responsibility, he was not
included in the list of persons to be charged for the incident.
Mr. Gonzalez also denied that the filing of charges against ABS-
CBN executives is intended to intimidate the Network. ABS-CBN is
perceived to be against the Arroyo administration, a report by
Sun.Star Network said.
In a related report, the Philippine Daily Inquirer states that
the Volunteers Against Crime and Corruption are not happy with
the NBI recommendation. Apart from adding Lopez to the list,
VACC founding chair Dante Jimenez would like to have Pasig police
chief Senior Superintendent Raul Medina held liable. VACC
launched a class action against the network in behalf of the
victims and their families, as the Troubled Company Reporter -
Asia Pacific reported on February 17, 2006.
On February 4, 2006, ABS-CBN's popular gameshow "Wowowee" was
slated to celebrate its first anniversary at the ULTRA arena,
promising to give out cash prizes to the first 300 people to
enter the stadium. The announcement caused a furor among those
who had waited in line days beofre the event, resulting in a
stampede when a steel barrier was suddenly opened, leading to a
frantic scramble for seats.
The Troubled Company Reporter - Asia Pacific reported on March 9,
2006 that the NBI had recommended to the Department of Justice
the filing of charges of reckless imprudence leading to multiple
homicide and physical injury against 12 ABS-CBN officers and
staff, and five persons outside the network, who were in-charge
of security that day.
The NBI also recommended that administrative charges be filed
against Pasig City mayor Vicente Eusebio for granting a permit to
ABS-CBN, without ensuring security and contingency plans for the
event.
Handling the case is Senior State Prosecutor Leo Dacera, who has
fixed an initial investigation on the compliant on March 20,
2006.
ABS-CBN Broadcasting or Alto Broadcasting System-Chronicle
Broadcasting Network -- http://www.abscbn-ir.com/-- is a leading
Philippine radio and television broadcasting network and
multimedia company. It was the first television station founded
in the Philippines in 1953. The network's main broadcast
facilities are located at the ABS-CBN Broadcast Center, Mother
Ignacia St., Diliman, Quezon City, Philippines.
ABS-CBN has been struggling with its debt woes with continued
operating losses, weak airtime revenues and rising costs amidst a
drop in viewer ratings, along with the restructuring of its
parent firm, Benpres Holdings. The February 4, 2006, stampede
led to rumors of license revocation for the Network, class action
proceedings initiated by the victims and other expenses, which
altogether led to a further drop in share prices.
MANILA ELECTRIC: JP Morgan Predicts Slow Sales for 2006
-------------------------------------------------------
Brokerage firm JP Morgan forecasts a slow growth in sales for
Manila Electric Company in 2006 due to decreased consumption from
high rates and litigation about the rate increase which may
discourage investors, The Philippine Inquirer reports.
Despite such improvements as reduced systems losses, investors
are keeping close watch on a Company case in the Supreme Court,
where it would be determined if its PHP0.17 per kilowatt-hour
rate increase in 2003 was allowable, and other pending case in a
lower court for the allowance of another PHP0.13 rate increase in
2004.
Citing JP Morgan, the Inquirer relates that Meralco set aside
around PHP6.2 billion in provisions last year, and expects to do
the same this year, since it is still collecting higher rates
that it had started in 2003. JP Morgan analyst Joe Liew said
that due to the Value Added Tax implementation, power prices rose
by 9% last year while sales grew at a meager 0.6%, a trend that
is expected to continue as the Company proceeds with its cases in
court.
In 2004, Meralco posted a PHP2.61 billion net loss, and was
expected to post a reduced PHP1.11 billion net loss for 2005. JP
Morgan estimates that the Company would post a PHP1.2 billion net
loss this year. JP Morgan will continue to mantain a "neutral"
rating for Meralco, and expects its shares to trade at PHP19.25
per share.
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 Post PHP8-Bln Net Loss for 2006
-------------------------------------------------
ABS-CBN News reports that the National Food Authority is slated
to report a PHP8 billion net loss for 2006, according to NFA
deputy administrator Jessup Navarro.
Mr. Jessup said that the Company's losses were caused by interest
payments to its long- and short-term loans, tariff payments on
imported rice and subsidy to farmers. The NFA had posted an
PHP8.3 billion net loss last year. The NFA is expecting a
similar loss this year since it sells rice at a price less than
break-even to consumers. The agency's loans also amount to PHP35
billion.
But the NFA is not expecting to incur losses from the President's
order to buy raw sugar from mills at PHP950 per bag instead of
the usual PHP1,250 per bag price, in order to bring down the
price of sugar. Mr. Navarro said that the NFA would process and
refine the sugar for distribution, and plans to sell it at PHP32
per kilo, which is equivalent to production cost, so the agency
would break even.
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: Gets OK to Spend PHP1.34-Bln for Power Program
--------------------------------------------------------------
The Energy Regulatory Commission approved a petition from the
Small Power Utilities Group of National Power Corporation to
spend about PHP1.34 billion annually until 2008 for its
missionary electrification program, The Philippine Star says.
The funds would be sourced from the Universal Charge Missionary
Electrification fund managed by the Power Sector Assets and
Liabilities Management Corporation, and is charged to consumers.
The UC changes annually, depending on the program for that year.
Last year, the universal charge was pegged at PHP.095. Napocor-
SPUG estimates that it would need PHP0.10 for 2006, PHP0.96 for
2007, and PHP0.12 for 2008. The ERC has required Napocor-SPUG to
submit a detailed accounting report for the fund in previous
years, as well as a semi-annual report for the expenses of the
UC-ME for 2005-2008. the Power Sector Assets & Liabilities
Management Corp., which handles Napocor's finances, was asked to
release the PHP1.34 billion annually, to fund the Company's
program until 2008, as well as regular reports on the
disbursement, collection and use of the UC-ME funds.
Napocor-SPUG rehabilitates and improves existing capacities and
sustems to ensure efficient and reliable power supply, as well as
to meet added demand. For 2006, Luzon SPUG areas need an
additional 31,300 kilowatts of power, while Mindanao would need
5,750 kilowatts of power.
Napocor-SPUG requested to provide power to 1,249 barangays in
unviable areas so as to meet a targeted 100% electrification plan
at the barangay level.
About NAPOCOR
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. The Government is selling
National Power's assets to help pay for the utility's estimated
Php600 billion of debt. The annual loss at the utility, which
generates about 40% of the country's electricity, narrowed to
Php29.9 billion pesos in 2004 from Php117 billion in 2003 after
it was allowed to increase tariffs.
Napocor's debt has junk status, according to Moody's Investors
Service and Standard & Poor's. Moody's rates the utility's long-
term foreign-currency debt at B1, four rungs below investment
grade. S&P's rating of the utility's debt is one step higher
than Moody's.
UNIVERSAL RIGHTFIELD: Appellate Court Allows DMCI Rehabilitation
----------------------------------------------------------------
On March 3, 2006, the Court of Appeals issued a Temporary
Restraining Order against a Mandaluyong regional court decision
to dismiss the proposed rehabilitation of Universal Rightfield
Property Holding Incorporated by a creditor, The Philippine Star
reports.
D. M. Consunji Incorporated filed a petition on January 30, 2004,
to rehabilitate the debt-ridden property development firm, which
had owed PHP480.5 million to DMCI as of September 30, 2003. DMCI
filed the petition to ensure that it would be paid by Universal
Rightfield via a court-appointed rehabilitation receiver, which
would also ensure that the Company returns to financial
soundness.
The Star relates that under the proposed rehabilitation,
Universal Rightfield's debt to DMCI would be reduced through a
dacion en pago scheme and an injection of PHP150 million capital
to begin development of the Company's property in Cabuyao,
Laguna.
The TRO, which is valid for 60 days from the date of issue,
prohibits the Mandaluyong Regional Trial Court from executing its
order to dismiss Universal Rightfield's rehabilitation scheme,
and from lifting the stay order.
DMCI's financial advisers conducted a study of Universal
Rightfield's cashflow projections, and determined that the
Company can repay its debt within 10 years. According to the
advisers, Universal Rightfield has a promising
residential/leisure development core business, which was halted
by the 1997/1998 Asian financial crisis. However, despite this,
they believe that the property market would turn around and
Universal Rightfield can return to profitability with its
property development subsidiaries.
Philippine-based Universal Rightfield Property Holdings
Incorporated provides residential and leisure related needs and
wants of the middle and upper middle income market, served in two
areas: Affordable residential condominiums with integrated
facilities for work and leisure targeted for the middle income
market, and Leisure developments which offers ownership to
multiple clubs for a single proprietary membership share.
Troubled Company Reporter - Asia Pacific reported on February 26,
2004, that the Company's total debts to creditors amounted to
PHP1.39 billion, and that it is expected to repay its debts
within a 10-year period.
*Pre-need Firm Sales Fall 22% on Weak Investor Confidence
---------------------------------------------------------
The debt payment suspension and rehabilitations filed by pre-need
firms has affected January 2006 sales as investors adopt a wait-
and see attitude, The Philippine Star relates.
According to the Securities and Exchange Commission's Non-
Traditional Securities Department, pre-need firms' sales dropped
22.2% to PHP1.72 billion in January, from a previous PHP2.21
billion. Sales of life plans fell by 62.3% to PHP234.24 million
compared to last year's sales of PHP620.93 million, whereas
education plan sales also dropped by 49%, from PHP756.63 million
to PHP387.73 million. Pension plan sales, however, increased by
31.6% from PHP833.83 million to PHP1.1 billion.
Difficulties in the business environment is expected to
contribute to slow growth for th epre-need industry in 2006, as
well as the adoption of International Accounting Standards for
2005 financial results, the Star says. Under the IAS, premiums
collected will be listed as liabilities rather than as income,
which means that financially sound firms could seem to be
bankrupt.
=================
S I N G A P O R E
=================
CHINA AVIATION: Court Fixes March 14 as Hearing Date for Scheme
---------------------------------------------------------------
On March 7, 2006, China Aviation Oil (Singapore) Corporation
Limited filed with the High Court of Singapore an application to
approve the Shareholders' Scheme of Arrangement.
The High Court will hear the Application on March 14, 2006, at
10:00 a.m.
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.
Singapore's Commercial Affairs Department investigated China
Aviation in December 2004 after it was discovered that the
Company had lost up to SGD896.07 million in fuel derivatives
trading, which was not immediately reported to the Singapore
Exchange. China Aviation averted bankruptcy when creditors
agreed to write down some of its debt in June 2005, and BP Plc,
Europe's biggest oil company, agreed to take a stake in the
company.
GREATRONIC LIMITED: Picks Moore Stephens as New Auditor
-------------------------------------------------------
At an Extraordinary General Meeting of Greatronic Limited on
March 9, 2006, it was resolved that the Company's recent auditor,
Ernst & Young, will be replaced with Moore Stephens.
Headquartered in Singapore, Greatronic Limited
-- http://www.greatronic.com/--is engaged in the manufacturing
of material handling equipment as well as the design, fabrication
and installation of conveyor-based integrated automation system.
The Company is embroiled in a controversy after its unit,
Greatronic Technology (Malaysia) Berhad, was accused of making
fraudulent transactions with its associates based in the United
States and Germany. The scandal further contributed to the
firm's losses.
HESHE HOLDINGS: Concludes Acquisition of CHE-Recycling
------------------------------------------------------
Heshe Holdings Limited has completely acquired the 60% issued and
paid up share capital of CHE-Recycling Private Limited.
Accordingly, CHE-Recycling is now a subsidiary of the Company.
The CHE acquisition provides that:
* 24,406,056 new ordinary shares in the share capital of the
Company have been issued to Team Rise Technology Limited
and Peh Hai Chin (in the proportion of 90% and 10%
respectively);
* Chng Weng Wah, the Company's Chief Executive Officer, and
Goh Poh Kee, the Company's Chief Financial Officer, have
been appointed as directors of CHE-Recycling;
* Loh Eu Tse Derek, the Company's Non-Executive Independent
Director, has been appointed as a non-executive director of
CHE-Recycling; and
* Peh Hai Chin and Lim Chuan Heng, who are directors of
CHE-Recycling, have also entered into separate service
agreements with CHE-Recycling.
Heshe Holdings Limited started out in 1971 as a retail
partnership selling ready-to-wear shirts. Its name was changed
to Heshe Holdings Limited in 1975, when it took on the role of an
investment holding company. Subsequently, the Group expanded its
business to include manufacturing and a distribution network of
retail shops selling its own in-house brands, primarily the Lea
brandname as well as those of local designers and labels.
KIN LIN: Creditors Meeting Slated for March 17
----------------------------------------------
Creditors of Kin Lin Builders Pte Ltd will convene a meeting on
March 17, 2006, at 10:00 a.m., at 6 Shenton Way #32-00, in DBS
Building Tower Two, Singapore 068809.
At the meeting, the creditors will consider the resignation of
Wee Aik Guan as liquidator of the Company, as well as his release
from all liability in respect of any act or default in the
administration of the affairs of the Company or otherwise in
relation to his conduct as liquidator pursuant to Section 276 (4)
of the Companies Act. The creditors will also agree on whether
it will no longer be necessary for Mr. Wee to send a summary of
receipts and payments in the wind-up in accordance with Form 68
together with Form 66.
Contact: Tam Chee Chong
Liquidator
c/o Deloitte & Touche
6 Shenton Way #32-00
DBS Building Tower Two
Singapore 068809
NAMITA INDUSTRIAL: To Pay Dividends on March 24
-----------------------------------------------
Namita Industrial and Trading Concepts is set to distribute
preferential dividends to creditors on March 24, 2006.
The Company will be receiving proofs of debt or claim until that
date.
Contact: The Official Receiver
Liquidator
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118
PE INTERNATIONAL: Court Winds Up Operations
-------------------------------------------
On February 17, 2006, the Singapore High Court has ordered to
wind up PE International Exhibitions Pte Limited.
Contact: The Official Receiver
The URA Centre, East Wing
45 Maxwell Road #06-11
Singapore 069118
M/S Trinity Law Corporation
Solicitors for the Petitioner
No. 3 Shenton Way,
#14-06 Shenton House,
Singapore 068805
SEMBAWANG MULPHA: Winds Up Operations
-------------------------------------
SembCorp Logistics discloses that its 58%-owned subsidiary,
Sembawang Mulpha Pte Limited, has been placed under members'
voluntary liquidation, with Chee Yoh Chuang and Lim Lee Meng as
liquidators.
As SembMulpha is a dormant company, this liquidation is not
expected to have any material financial impact on SembLog.
Contact: Chee Yoh Chuang
Lim Lee Meng
Liquidators
c/o Chio Lim & Associates 18 Cross
Street #08-01 Marsh & McLennan Centre
Singapore 048423
SONICBLUE SINGAPORE: Wind-Up Hearing Set Next Week
--------------------------------------------------
The Singapore High Court received on February 22, 2006, a
petition to wind up Sonicblue Singapore Private Limited, formerly
known as S3 Singapore Private Limited.
The Company's creditors, Yang & Yeo Management Pte Ltd -- trading
as Cc Yang & Associates of 10 Anson Road #13-01, International
Plaza, Singapore 079903 -- presented the petition,
The High Court will hear the petition on March 17, 2006, at 10:00
a.m.
Any creditor or contributory planning to support or oppose the
Petition may appear personally or by proxy at the time of
hearing.
Contact: Ang & Partners
Solicitors for the Petitioners
150 Beach Road #32-00,
The Gateway West, Singapore 189720
===============
T H A I L A N D
===============
ADVANCE PAINT: To Undertake Warrant Exercise on March 31
--------------------------------------------------------
Advance Paint & Chemical Public Company Limited will exercise
APC-W1 and APC-W2 warrants on March 31, 2006, at 9:00 a.m. to
4:00 p.m. Shareholders listed on the Company's register book as
of December 27, 2002, will be eligible for the exercise. The
exercise ratio is 1:1 at THB1 per share.
Warrant holders are required to:
-- submit exercise notice to the Company during business hours
from March 24, 2006, to March 30, 2006;
-- complete the form of Exercise Notice;
-- warrant certificates or certificate receipts in the form
prescribed by the Stock Exchange of Thailand;
-- submit check or cashier check payable to Advance Paint &
Chemical (Thailand) Public Company Limited within Bangkok
Metropolitan;
-- submit a copy of Identification Card or Passport with
certified true copy for individual warrant holders; and
-- submit a copy of Affidavit or the Certificate of
Incorporation certified by notary public (less than six
months) for corporate warrant holders.
Headquartered in Bangkok, Thailand, Advance Paint & Chemicals
Public Company Limited manufactures and distributes paint and
coatings. It currently undergoes business rehabilitation and is
categorized under the Rehaco Sector of the Stock Exchange of
Thailand.
PICNIC CORPORATION: Four Asset Mgt Firms Assert THB226 Million
--------------------------------------------------------------
Four asset management companies have earlier commenced a legal
process against Picnic Corporation Public Company Limited as a
result of unpaid amounts totaling THB226.21 million.
Specifically, three asset management companies have earlier
asserted an aggregate of THB156.6 million against Picnic on
account of overdue bills of exchange, plus interest. These bills
of exchange matured from October 28, to November 30, 2005.
Another asset management firm asserts THB63.28 million and
THB6.33 million.
Picnic informs the Stock Exchange of Thailand that repayment of
the overdue amounts will be done by issuing new shares to
existing shareholders. The Company will present the paid-up
capital register at the extraordinary shareholders meeting on
March 21, 2006.
PICNIC CORPORATION: Needs to Raise Funds to Avert Bankruptcy
------------------------------------------------------------
Picnic Corporation Public Company Limited faces the risk of
bankruptcy if its planned THB1.48 billion-fund mobilization would
not materialize, The Nation relates, citing a senior official at
the Stock Exchange of Thailand.
Thus, the Company is pursuing a capital increase procedure by
selling one share to every two that existing shareholders own.
However, Stock Exchange of Thailand's president, Suthichai
Chitvanich, had expressed doubts over the success of the fund-
raising effort.
Mr. Chitvanich said that the Company's offering price of THB1 per
share is far more than the current market price of THB0.52
In addition, a minor shareholder also doubts the success of the
capital-increase procedure due to the recent cancellation of the
shareholders meeting slated for March 2. The meeting was
postponed for failing to meet a quorum to vote on the scheme.
The shareholder said that the lack of a quorum might imply that
Picnic's major shareholders had already dumped their holdings.
"They can sue Picnic [and push it into] bankruptcy. They can ask
Picnic to go into rehabilitation. Also, they can move to
confiscate Picnic's assets. They must follow the legal process
if Picnic fails to raise funds," The Nation quotes Mr. Chitvanich
as saying.
According to the Exchange's vice president, the 34% of Picnic's
shareholders that might agree to buy the new shares is not enough
to save the Company. He said that the Company would not have any
money left over to expand.
However, Picnic still expects to fully settle its overdue bills
of exchange (B/Es) even if only 34 per cent of shareholders
exercise their right to buy 510 million shares.
Four asset-management firms have been seeking repayment for the
debt the Company incurred from bills of exchange worth THB220
million.
Additional creditors are expected to follow in the four asset-
management firms' footsteps as the company has about another
THB1.8 billion in debts, almost all of which are bills of
exchange-related.
Picnic plunged into a net loss of THB3.06 billion last year from
a THB234.9 million net profit in 2004, mainly because it was
forced to restate its financial statement. In the 2005 balance
sheet, the company had current liabilities that were THB1.7
billion more than current assets.
Headquartered in Bangkok, Thailand, Picnic Corporation Public
Company Limited -- http://www.picniccorp.com/-- is engaged in
liquefied petroleum gas trading business under "Picnic Gas"
trademark transferred from Union Gas and Chemicals Company Ltd.
The Company became listed when it took over B Grimm Engineering
Plc, a company that had languished in the Stock Exchange of
Thailand's rehabilitation sector since the financial crisis.
At present, Picnic is undergoing business rehabilitation. Its
securities are placed under the Rehabco Sector of the Stock
Exchange of Thailand.
THAI-DENMARK SWINE: To Discuss Resolutions of Meeting Next Month
----------------------------------------------------------------
The reorganization plan of Thai-Denmark Swine Breeder Public
Company Limited's subsidiary was approved by the Company's
creditors on February 10, 2006.
At their meeting, creditors of Thai-Denmark selected five members
to form a creditors committee to overlook the reorganization
plan.
Headquartered in Bangkok, Thailand, Thai-Denmark Swine Breeder
Public Company Limited is engaged in swine breeding, raising
piglets and porkers for sale to farmers and the slaughter house.
The Company also engaged in the production of animal feeds. The
Company is in rehabilitation under the Bankruptcy Act.
THAI PETROCHEMICAL: Considers Refinancing $900 Million in Debt
--------------------------------------------------------------
Thai Petrochemical Industry PCL is considering refinancing about
US$900 million in debt.
The move came after the Company has paid a bulk of its shares
with the THB38,448,593,004 proceeds from the sale of newly
issued shares, as the Troubled Company Reporter - Asia Pacific
reported on January 24, 2006.
The report added that the debt refinancing is required to reduce
interest payments and the Company's number of creditors.
Headquartered in Bangkok, Thailand, Thai Petrochemical Industry
(TPI) -- http://www.tpigroup.co.th/-- is the leading integrated
petrochemical company in the country, producing naphtha,
liquefied petroleum gas, and lubricant oils. The bankrupt
company, which had defaulted on $2.7 billion in loans, was being
reorganized by the Thai Government until PTT Plc, Thailand's
largest oil and gas group, and Thailand's biggest company,
purchased a 31.5% stake in Thai Petrochemical late in 2005.
In December 2005, PTT and three other state agencies completed
payment for a 61.5% stake on in Thai Petrochemical. The money
was used to pay for a bulk of the Company's defaulted loans.
The Company has since been trying to get out of restructuring.
THAI PETROCHEMICAL: Posts a Near-500% Rise in Net Profit
--------------------------------------------------------
In a filing with the Stock Exchange of Thailand, Thai
Petrochemical Industry PCL reported a THB60.8 billion (US$1.6
billion) net income for the year ended December 31, 2005.
The figure is nearly five times its 2004 net income of THB12.3
billion, with sales rising 21% to THB187.1 billion. This recent
result is a good progress considering that the Company just came
out of its debt and ownership restructuring in December last
year.
The Company also posted a THB2.71 billion savings on interest
expenses, having repaid some of its high interest loans.
On January 2, 2006, Troubled Company Reporter - Asia Pacific
reported that Thai Petrochemical sought the approval of the
Central Bankruptcy Court to exit business rehabilitation, and was
set to repay creditors US$.48 billion. The Central Bankruptcy
court postponed all hearings on the petition until April 18,
2006.
Headquartered in Bangkok, Thailand, Thai Petrochemical Industry
(TPI) -- http://www.tpigroup.co.th/-- is the leading integrated
petrochemical company in the country, producing naphtha,
liquefied petroleum gas, and lubricant oils. The bankrupt
company, which had defaulted on $2.7 billion in loans, was being
reorganized by the Thai Government until PTT Plc, Thailand's
largest oil and gas group, and Thailand's biggest company,
purchased a 31.5% stake in Thai Petrochemical late in 2005.
In December 2005, PTT and three other state agencies completed
payment for a 61.5% stake on in Thai Petrochemical. The money
was used to pay for a bulk of the Company's defaulted loans.
The Company has since been trying to get out of restructuring.
*********
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. 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
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contained herein is obtained from sources believed to be
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*** End of Transmission ***