TCRAP_Public/060316.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Thursday, March 16, 2006, Vol. 9, No. 054


                            Headlines

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

A.C.N. 007 724 834 PTY: Prepares to Liquidate
AGILE CONSULTANTS: Decides to Wind Up Business
ALEX & TED INTERIOR: Supreme Court Orders Wind-up
AUSTIN GROUP: Launches New Brand to Help Up Sales
AUTO GROUP AUCTIONS: Names Receivers and Managers

BISACAR PTY: Commences Wind-Up Process
BLOSSOM HOLDINGS: Appoints Official Liquidators
B&W EARTHMOVERS: Faces Liquidation Proceedings
CAMELOT COURT: Names Warwick J. Ainger as Liquidator
CARUSO & FOTI: Liquidator to Present Wind-up Report

COASTAL PACIFIC: Prepares to Pay Dividend
DELAMARE ELECTRICAL: Liquidation Hearing Fixed April 6
ECI TELECOM: To Hold Final Meeting Today
FIRST STATE: Appoints Official Liquidator
KOBLA PTY: Enters Voluntary Liquidation

MARK CRAM: Winds Up Business
MATCHAM PTY: Members and Creditors to Receive Wind-up Details
MILLER'S RETAIL: Remains Positive Despite Deepening Losses
NEW FORCE: To Distribute Final Dividend
NITRO SECURITY: Inability to Pay Debts Prompts Wind-up

NYLEX LIMITED: Forecasts a Sharp Earnings Drop
NYLEX LIMITED: Unit Inks MYR93 Million Supply Contract
OZJET AIRLINES: Cancels Scheduled Flights Due to Weak Bookings
OZJET AIRLINES: Suffers AU$100,000 Loss Daily
OZJET AIRLINES: Ceased Flight Operations Leave 55 Jobless
PHILLIPS INVESTMENTS: Members Resolve to Wind Up Firm

PORT DOUGLAS REEF: Reports Another Net Loss; Will Wind Up
PROPERTY SOLUTIONS: Accepting Proofs of Debt Until April 7
QANTAS AIRWAYS: Takes On OzJet Passengers
RAINBOW GIFTS: Set to Wind-Up Operations
STEEL FRAMING: Prepares to Liquidate Assets

STORAGE PLUS: To Declare Dividend
STRATHFIELD: Posts 216% Decline in Net Profits
THP ADVERTISING: Liquidator to Discuss Wind-up Details
TUNNEL VISION: Proofs of Debt Due on March 30
TWENTY SEVEN PTY: Names John Woodley as Liquidator

UNISOURCE LIMITED: Picks Receivers from Meltzer Mason Heath
VICTORIAN CORPORATE: Members Agree to Shut Down Business
WILLIAM POWER: Creditors' Claims Due on March 30
ZACKDON HOLDINGS: Court to Hear Petition Next Month


C H I N A   &   H O N G  K O N G

CHEERY CITY: Appoints Liquidators & Committee of Inspection
CONDO ENGINEERING: To Declare Dividend on March 24
CYBER SOURCES: Lee Hong Yin John Lodges Liquidation Petition
DON FRANCO: Names Liquidators and Committee of Inspection
GOODFAIR LIMITED: To Hold Final Meeting on April 21

GUANGDONG KELON: No Board Meeting Held for Share Transfer
HARTCOURT CAPITAL: Enters Voluntary Liquidation
HONG KONG EVERGREEN: Liquidator to Present Wind-up Report
KWOK WING NEWSPAPER: Wind-up Hearing Slated for April 12
LONG KI ENGINEERING: Court to Hear Wind-up Petition on April 26

LUEN WON: Declares First and Final Dividend
MARKCHAMP LIMITED: Appoints Official Liquidators
MOULIN GLOBAL: U.S. Court Grants Chapter 15 Petition
NEWFORM INVESTMENT: Appoints Au Ping Yun as Liquidator
NEWFORM KNITTERS: Appoints Official Liquidator

TACWIN INDUSTRIES: Court to Hear Wind-up Petition on April 26
WORLD NICE: Liquidator to Explain Wind-up Report


I N D I A

BK PAPER: Former Workers Oppose Sale
COAL INDIA: Hikes Coal Supply to Non-Sore Sector Consumers
DUNLOP INDIA: Seeks Protection from Creditors
INDUSTRIAL DEVELOPMENT: Revamps Board of Directors
* CISF Threatens to Withdraw Protection of State Firms


I N D O N E S I A

GARUDA INDONESIA: Changes Aircraft Operation in Perth
GARUDA INDONESIA: Government to Save Airlines
PERTAMINA: May Shut 50,000 B/D Refinery In June


J A P A N

ALL NIPPON: Sells Shares to Buy Planes
ALL NIPPON: Get Rids of Real Estate Arm
ALL NIPPON: Dissolves Air Hokkaido Unit
DOI: Initiates Wind-up Proceedings
GESTION-PRIVEE: U.S. Court Grants Chapter 15 Protection

HUSER LIMITED: Ex-President to Face Bankruptcy Charges
JAPAN AIRLINES: NEW CEO Promises to Stabilize Operations
KOBE STEEL: Receives 'B' Issuer Default Rating from Fitch
LIVEDOOR COMPANY: Director Kumagai Resigns
SANYO ELECTRIC: 50% Owned by Goldman Sachs and Daiwa

SAPPORO HOLDINGS: Gets 'B' Issuer Default Rating


K O R E A

LG CARD: Sale to Kick Off on March 27
SHINHAN BANK: Moody's Gives 'D+' Financial Strength Rating


M A L A Y S I A

APEX EQUITY: Buys Back 23,000 Shares
ASIAN PAC: Updates Corporate Restructuring Exercise
DATUK KERAMAT: Securities Delisted from Bourse
DATUK KERAMAT: Obtains Interim Stay of Judgment
FEDERAL FURNITURE: SC Allows More Time to Complete Restructuring

MALAYSIA AIRLINES: Expected to Fly Primary Domestic Routes
MALAYSIA AIRLINES: To Revamp Reservation System
PATIMAS COMPUTERS: Buys Back MYR84,066 Worth of Shares
PROMTO BERHAD: To Appeal Delisting Order
SATERAS RESOURCES: No Extension Seen to Complete Proposed Scheme

SOUTHERN BANK: Additional Shares Granted Listing and Quotation
SOUTHERN BANK: Merger with Bumiputra-Commerce Now On
TELEKOM MALAYSIA: Spice Won't Hurt RAM Rating
TRU-TECH HOLDINGS: Exercise Rights of Warrants Expires April 18


P H I L I P P I N E S

LIGHT RAIL: Puts Up MRT Maintenance Contract for Bidding
MAYNILAD WATER: MWSS Approves Re-Privatization Terms
NATIONAL POWER: Challenges Meralco Claim to Lower Power Rates
* Philippine Central Bank to Pay US$500-Mln Debt in Advance


S I N G A P O R E

BLISSMORE PRIVATE: Omitted from Companies Registry
CAMELEON DESIGN: Prepares to Pay Dividend
CHINA AVIATION: Ex-Chief Admits to Six of 15 Charges
FORNET INTERNATIONAL: Wind-Up Hearing Slated for March 24
MAE ENGINEERING: Clarifies Business Times Report

UNITED FIBER: Makes Fifth Payment to Series Three Loan Note


T H A I L A N D

THAI HEAT: Stock Exchange of Thailand Lifts Trading Halt
TMB BANK: Fitch Affirms Ratings on News of Rights Issue

     - - - - - - - -

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

A.C.N. 007 724 834 PTY: Prepares to Liquidate
---------------------------------------------
The members of A.C.N. 007 724 834 Pty Limited convened on
February 14, 2006, and concurred that the Company should wind up
its operations.

M. C. Smith was then appointed as liquidator to facilitate the
wind-up.

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


AGILE CONSULTANTS: Decides to Wind Up Business
----------------------------------------------
At Agile Consultants Pty Limited's general meeting on
February 10, 2006, members concurred that it is in the Company's
best interests to wind up its operations.

R. A. Sutcliffe was appointed to oversee the wind-up.

Contact: R. A. Sutcliffe
         Liquidator
         Ground Floor, 192-198 High Street
         Northcote, Victoria 3070
         Telephone: (03) 9482 6277


ALEX & TED INTERIOR: Supreme Court Orders Wind-up
-------------------------------------------------
On February 10, 2006, the Supreme Court of New South Wales
ordered the wind-up of Alex & Ted Interior Lining Pty Limited,
and appointed Antony de Vries as liquidator of the Company.

Contact: Antony de Vries
         Liquidator
         c/o de Vries Tayeh
         Level 3, 95 Macquarie Street
         Parramatta, New South Wales 2124
         Telephone: (02) 9633 3333
         Fax: (02) 9933 3040


AUSTIN GROUP: Launches New Brand to Help Up Sales
-------------------------------------------------
Austin Group has begun promoting Rochford Australia -- a brand
it acquired in November 2004 -- after an eight-month delay in
plans, the Herald Sun reports.

Austin Chief Executive Officer Brendan Santamaria hopes for
strong international sales.  He believes that the move can help
the Company go forward after a 13% slump in sales, and dwindling
share prices.

Mr. Santamaria said that Rochford will be the Austin Group's
premier brand and is targeted to be on display at stores like
Myer, David Jones and Swimwear Galore by July 2006.

The Troubled Company Reporter - Asia Pacific reported on
March 7, 2006, that Austin Group recorded a 48.3% decline in net
profit to AU$1.5 million for the half year ending December 31,
2005, on top of the 13% decline in net sales from AU$33.7
million in 2004 to AU$29.2 million.  Austin shares also fell 1.5
cents to 54.5 cents.

Austin Group -- http://www.austingroup.com.au/-- was founded in  
1982 as a designer, importer and wholesaler of apparel.  
Throughout the 1990s, the Group acquired other businesses, which
resulted in high debt.  It was publicly listed in 1993, at which
time the Company was in a middle of a troubled acquisition and
expansion program into home wares.  By 1999, Austin bailed out
of its other businesses to focus on traditional and profitable
core business units.  It sold its non-core businesses to repay
bank debts.  The Company continues to be saddled by weak sales,
and diminishing profits.


AUTO GROUP AUCTIONS: Names Receivers and Managers
-------------------------------------------------
On February 10, 2006, Andrew John Love, Mark Maxwell Taylor and
Peter Damien McCluskey were appointed as receivers and managers
of all present and future assets and undertakings of Audit Group
Auctions Pty Limited.

Contact: Andrew J. Love
         Mark M. Taylor
         Receivers
         Level 17, 2 Market Street
         Sydney, New South Wales 2000
         Australia

         Peter D. McCluskey
         Receiver
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia


BISACAR PTY: Commences Wind-Up Process
--------------------------------------
After a general meeting on February 3, 2006, the members of
Bisacar Pty Limited resolved to close the Company's business
operations and distribute the proceeds of its assets disposal.

Stephanie Janet Wilkinson was then appointed as liquidator.

Contact: Stephanie J. Wilkinson
         Liquidator
         49 Lake Street, Wentworth Falls 2782
         Australia


BLOSSOM HOLDINGS: Appoints Official Liquidators
-----------------------------------------------
Blossom Holdings Limited was placed in liquidation on March 1,
2006, by a special resolution passed by the shareholders.

As a result, Kevin David Pitfield and Gareth Russel Hoole were
appointed as joint and several liquidators.

Creditors are given until March 31, 2006, to prove their debt or
claims and to establish any priority their claims may have.

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


B&W EARTHMOVERS: Faces Liquidation Proceedings
------------------------------------------------
On January 16, 2006, the High Court of Auckland received from
the Commissioner of Inland Revenue an application to liquidate
B&W Earthmovers Limited.

The application will be heard before the High Court on
March 30, 2006, at 10:45 a.m.

Persons wishing to attend the hearing are required to file an
appearance not later than March 28, 2006.

Contact: Kristal Gallagher
         Solicitor for the Plaintiff
         Auckland Service Centre
         17 Putney Way
         P.O. Box 76-198
         Manukau City
         New Zealand
         Telephone: (09) 262 9148)


CAMELOT COURT: Names Warwick J. Ainger as Liquidator
----------------------------------------------------
On February 28, 2006, Warwick J. Ainger was appointed liquidator
of Camelot Court Limited.

Mr. Ainger will be receiving proofs of debt or claims from
creditors not later than March 30, 2006.  

Failure to comply with the requirement will exclude creditors
from the benefit of any distribution the Company will make.

Contact: Warwick J. Ainger
         Liquidator
         Ainger Tomlin, Chartered
         Accountants, First Floor
         AMI Building, 116 Riccarton Road
         P.O. Box 8237, Christchurch
         New Zealand
         Telephone: (03) 343 0046
         Facsimile: (03) 348 9312


CARUSO & FOTI: Liquidator to Present Wind-up Report
---------------------------------------------------
A final meeting of the members and creditors of Caruso & Foti
Pty Limited will be held today, March 16, 2006.

At the meeting, liquidators Schon G. Condon and Bruce Gleeson
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: Schon G. Condon
         Bruce Gleeson
         Joint Liquidators
         c/o Jones Condon Chartered Accountants
         Telephone: (02) 9893 9499


COASTAL PACIFIC: Prepares to Pay Dividend
-----------------------------------------
Coastal Pacific Aviation Pty Limited will declare its first and
final dividend today, March 16, 2006.

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


DELAMARE ELECTRICAL: Liquidation Hearing Fixed April 6
------------------------------------------------------
An application to liquidate Delamare Electrical Limited was
filed in the High Court of Auckland on January 11, 2006, by the
Commissioner of Inland Revenue.

The Court will hear the Petition on April 6, 2006, at 10:00 a.m.

Interested parties planning to appear at the hearing must file
an appearance not later than April 4, 2006.

Contact: Kristal Gallagher
         Solicitor for the Plaintiff
         Auckland Service Centre, 17 Putney Way
         P.O. Box 76-198 Manukau City
         New Zealand
         Telephone (09) 262 9148


ECI TELECOM: To Hold Final Meeting Today
----------------------------------------
A final meeting of the members and creditors of ECI Telecom
(Australia) 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 16, 2006.

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


FIRST STATE: Appoints Official Liquidator
-----------------------------------------
The members of First State Group Pty Limited held a meeting on
February 16, 2006, and agreed on the Company's need to
liquidate. They then named Vincent Heufel to oversee the
Company's wind-up activities.

Contact: Vincet Heufel
         Liquidator
         Heufel Partners
         20 Kemp Street, Wallsend
         New South Wales 2287, Australia


KOBLA PTY: Enters Voluntary Liquidation
---------------------------------------
At a meeting of Kobla Pty Limited on February 15, 2006, it was
agreed that the Company needs to voluntarily wind up its
operations.

Eric Maxwell Huggard was nominated to act as liquidator for the
wind-up.

Contact: Eric M. Huggard
         Liquidator
         Level 2, 105 Queen Street
         Melbourne, Victoria 3000
         Australia


MARK CRAM: Winds Up Business
----------------------------
After their extraordinary general meeting on February 15, 2006,
the members of Mark Cram Carpentry Pty Limited decided to
voluntarily wind up the Company's operations.

A creditors' meeting was also held on the same day.

Subsequently, Daniel I. Cvitanovic was appointed as liquidator.

Contact: Daniel I. Cvitanovic
         Liquidator
         Level 1, 121-123 Crown Street
         Wollongong, New South Wales 2500
         Australia


MATCHAM PTY: Members and Creditors to Receive Wind-up Details
-------------------------------------------------------------
The members and creditors of Matcham Pty Limited will convene
today, March 16, 2006, to receive Liquidator D. J. Offerman'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: D. J. Offermans
         Liquidator
         c/o Offermans PPB
         Level 7, Suncorp Plaza
         61-73 Sturt Street, Townsville
         Queensland 4810, Australia


MILLER'S RETAIL: Remains Positive Despite Deepening Losses
----------------------------------------------------------
Miller's Retail Limited reported a net loss after tax of AU$21.5
million in the six months ending December 31, 2005, more than
quadrupling the AU$3.9 million net loss it reported for the
corresponding period in 2004.

The Company said that the figure takes into account a loss of
AU$38.4 million on sale of the Company's Discount Variety
Division in November 2005.

According to Miller's Retail, the proceeds of the Discount
Variety sale were used to repay long-term debt.  As a result,
the Company was also able to attain a net cash position of
AU$50.5 million as of December 31, 2005.

The December 2005 half-year results released on March 15, 2006,
further highlighted:

   * sales revenue of AU$266.9 million, a 14% improvement
     compared to the previous corresponding period;

   * like-for-like sales growth of 15% reflecting the Company's
     strong performance;

   * EBITDA of AU$32 million, up 66% compared to the previous
     corresponding period; and

   * working capital improvements, with operating cash flows of
     AU$54.8 million, a AU$28 million improvement from the
     previous corresponding period.

Miller's Retail Chief Executive Gary Perlstein attributed the
positive turn on revenues and sales on the Company's renewed
focus on its apparel business, including improvements made to
the brand portfolio, and a store optimization program, which
paved the way for the closing underperforming stores.

Miller's Retail's Half-year Report for the period ended December
31, 2005, is available for free at:

   http://bankrupt.com/misc/millers_half_year_report_dec312005.pdf

                        Positive Outlook

Mr. Perlstein further said that Miller's Retail is in for growth
and increased shareholder returns.

"These results are encouraging, and confirm MRL has the right
strategy.  We are well positioned to continue executing our
strategy and improve our business outlook. The improved working
capital conditions provide MRL with the flexibility to drive
future growth," Mr. Perlstein said.

The Company is set to again give out dividends by 2007.

The Troubled Company Reporter - Asia Pacific reported on
November 25, 2005, that Miller's Retail had entered into an
agreement to sell its Discount Variety division, Go-Lo, Crazy
Clark's, Chickenfeed and Look Sharp Concepts, to a jointly owned
entity to be formed by private equity firms Catalyst Investment
Managers Pty Ltd and Castle Harian Australian Mezzanine Partners
Pty Ltd for AU$120 million.  Miller's had warned that the sale
will result in a pre-tax loss of around AU$50 million in the
2005 financial year due to a write down of the remaining
intangible assets and a loss on the book value of net tangible
assets of the Discount Variety Division.

                     About Miller's Retail

Miller's Retail Limited -- http://www.millersretail.com.au/--  
is one of the leading retailers in Australia and New Zealand.  
The Group owns over 1,000 retail stores across Australia and New
Zealand and maintains one of the largest retail loyalty programs
in Australia.

Miller's Retail had been in the red since 2003 due to poor and
continuously dropping margins.  The variety discount business,
which it acquired in an attempt to diversify, has turned out to
be a failure.

In January 2005, Miller's Retail was on its way to a major
reform after it sold a strategic stake to Investec Westworth
Private Equity, which sought structural and board changes ahead
of moves to trim the number of players in the besieged discount
variety market to stem losses.  With a new chief executive
officer and a new Board, the whole Company was placed under a
strategic review, a move that impacted short-term profitability,
but deemed vital to enable Miller's Retail to focus on the right
growth opportunities and improve working capital conditions.

Despite lackluster operations in some of its ventures,
Miller's still has confidence in its clothing business, which
remained good and valuable because of its brands and market
position.  In November 2005, after a series of buyouts and buy-
ins, Miller's Retail sold its ailing discount variety division.


NEW FORCE: To Distribute Final Dividend
---------------------------------------
New Force North Pty Limited will declare a first and final
dividend on March 17, 2006, to the exclusion of its creditors
who were not able to prove their claims.

Contact: Barry Keith Taylor
         Liquidator
         B. K. Taylor & Company
         8/608 St. Kilda Road
         Melbourne, Victoria 3004
         Australia


NITRO SECURITY: Inability to Pay Debts Prompts Wind-up
------------------------------------------------------
After a general meeting of the members of Nitro Security Pty
Limited on February 14, 2006, it was agreed that the Company
wind up its business voluntarily due to its inability to pay its
debts.

Robyn Erskine and Peter Goodin were then appointed as the
Company's liquidators.

Contact: Robyn Erskine
         Peter Goodin
         Liquidators
         Brooke Bird & Co. Chartered Accountants
         471 Riversdale Road, Hawthorn East 3123
         Australia


NYLEX LIMITED: Forecasts a Sharp Earnings Drop
----------------------------------------------
Nylex Limited has warned that its annual earnings will be
halved, The Age relates.

The news came after the building, automotive and plastics group
posted a half-year net profit of AU$46.9 million, compared to a
loss of AU$30.08 million in the same period in 2004.  The result
however included the AU$48.3 million profit on the sale of AH
Plant Hire division.

Without the one-off gain, Nylex's net profit was AU$3.6 million.

Nylex executive chairman Peter George said that trading
conditions were difficult in the first half as Nylex continued
its long restructuring process.  The Company confirmed its view
that revenue in the second half of the financial year will fall
short of expectations, due to a slowing in motor vehicle
production levels and sluggish conditions in the building
industry.

The company did not declare an interim dividend.

                          About Nylex

Headquartered in Melbourne, Australia, Nylex Limited --
http://www.nylexlimited.com.au/-- is an Australian marketer,  
manufacturer and service provider of plant hire services,
building products, automotive products, plastic products, and
engineered products.  Nylex owed its lenders more than AU$400
million at the peak and has basically been in a controlled
liquidation of the mish-mash of assets built up in the 1990s.  

Nylex has been in restructuring for 11 years, the past six saw
the Company management balance between keeping creditors happy
and placating shareholders who over time lost 90 per cent of
their investments.  Nylex at one time owed AU$400 million to
different banks

The Company has sold many businesses to reduce debt, moved some
production offshore and now has a strong balance sheet and is
looking for acquisitions.  It has also launched a major push to
build on its strong position in garden water control to become a
leader in overall household water conservation.


NYLEX LIMITED: Unit Inks MYR93 Million Supply Contract
------------------------------------------------------
Nylex Corporation Pty Ltd, a division of Nylex Limited, has
sealed a five-year US$25 million (RM93 million) contract with
Nylex (Malaysia) Bhd to supply synthetic leather to an unrelated
entity, the Edge reports.

Nylex Malaysia group managing director Datuk Siew Ka Wei said
that the contract would contribute to the Nylex group's turnover
and earnings over the next five years.

Headquartered in Melbourne, Australia, Nylex Limited --
http://www.nylexlimited.com.au/-- is an Australian marketer,  
manufacturer and service provider of plant hire services,
building products, automotive products, plastic products, and
engineered products.  Nylex owed its lenders more than AU$400
million at the peak and has basically been in a controlled  
liquidation of the mish-mash of assets built up in the 1990s.  

Nylex has been in restructuring for 11 years, the past six saw
the Company management balance between keeping creditors happy
and placating shareholders who over time lost 90 per cent of
their investments.  Nylex at one time owed AU$400 million to
different banks

The Company has sold many businesses to reduce debt, moved some
production offshore and now has a strong balance sheet and is
looking for acquisitions.  It has also launched a major push to
build on its strong position in garden water control to become a
leader in overall household water conservation.


OZJET AIRLINES: Cancels Scheduled Flights Due to Weak Bookings
--------------------------------------------------------------
OzJet Airlines has decided to suspend its scheduled flights
between Melbourne and Sydney, and instead concentrate on charter
flights, the Company stated in a press release posted at its Web
site on March 12, 2006.

OzJet Chairman Paul Stoddart, who expressed the airline's "very
great regret" over the decision to stop scheduled services,
explained that it was due to the lack of support needed to
operate against big and established carriers, coupled with weak
bookings and lack of regular costumers.

"We have given it a go in a very tough area of the Australian
aviation industry and, as much as we would have hoped, it has
become clear that we were not going to achieve in the immediate
future the kind of revenues that were needed to keep OzJet in
the air as the airline was envisaged," Mr. Stoddard said.

OzJet advised booked passengers to either process for a refund
or transfer to Qantas Airways at no additional cost.  Qantas,
Mr. Stoddard said, had offered to assist in transporting people
who have booked and paid for tickets with OzJet.

The airline also disclosed its plan to operate with "a reduced
workforce" for its charter operations.  However, OzJet assures
any staff not retained that they will be paid their full
entitlements.

OzJet will retain its Air Operator's Certificate, two Boeing 737
aircraft for charter work, and about 30% of its staff.

Ozjet Airlines -- http://www.ozjet.com.au/-- opened as an  
Australian business class airline plying the Sydney and
Melbourne route in November 2005.  OzJet announced fleet
expansion with another three Boeing 737-200s and four BAe 146s,
and had planned to fly into Brisbane, Canberra, Adelaide and
Perth.  It aimed for 10% of the business market from competitors
Qantas, Virgin Blue and Jetstar.


OZJET AIRLINES: Suffers AU$100,000 Loss Daily
---------------------------------------------
OzJet Airlines has been losing around AU$100,000 to as much as
AU$140,000 a day, The Advertiser reports, citing OzJet Chairman
Paul Stoddart's revelation.

Mr. Stoddart, while accepting the blame for the airline's
failure, also pointed out that the Company started off on
projections "that weren't borne out of fact" and were not
sustainable in the long term.  He said that the projections that
OzJet started with were 75% off in terms of revenue, which was
hard to sustain on a long-term basis.

Mr. Stoddart also admits that he was not there to "check things
out" for himself, as he was busy with the sale of former
company, Minardi.

Ozjet Airlines -- http://www.ozjet.com.au/-- opened as an  
Australian business class airline plying the Sydney and
Melbourne route in November 2005.  OzJet announced fleet
expansion with another three Boeing 737-200s and four BAe 146s,
and had planned to fly into Brisbane, Canberra, Adelaide and
Perth.  It aimed for 10% of the business market from competitors
Qantas, Virgin Blue and Jetstar.  The Airline stopped scheduled
flights on March 12, 2006, because of low bookings and plans to
focus on charter flights.


OZJET AIRLINES: Ceased Flight Operations Leave 55 Jobless
---------------------------------------------------------
As many as 55 OzJet Airline staff are out of job after the
airline cancelled its scheduled flights, The Sydney Morning
Herald reports.

The Sydney Herald also cites OzJet Chairman Paul Stoddart as
admitting that his attempts at breaking into Australia's airline
market through a business carrier cost him at least AU$10
million.

OzJet's abrupt exit on Sunday night also left several creditors
waiting for assurance that the airline will pay its bills.

Ozjet Airlines -- http://www.ozjet.com.au/-- opened as an  
Australian business class airline plying the Sydney and
Melbourne route in November 2005.  OzJet announced fleet
expansion with another three Boeing 737-200s and four BAe 146s,
and had planned to fly into Brisbane, Canberra, Adelaide and
Perth.  It aimed for 10% of the business market from competitors
Qantas, Virgin Blue and Jetstar.  The Airline stopped scheduled
flights on March 12, 2006, because of low bookings and plans to
focus on charter flights.


PHILLIPS INVESTMENTS: Members Resolve to Wind Up Firm
-----------------------------------------------------
The members of Phillips Investments Pty Limited held a general
meeting on February 16, 2006, and agreed to:

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

  -- appoint Barry Alfred Bentley as liquidator for the wind-up.

Contact: Barry A. Bentley
         Liquidator
         Bentley Brett & Vincent
         226A Harbour Drive, Coffs Harbour
         New South Wales 2450, Australia


PORT DOUGLAS REEF: Reports Another Net Loss; Will Wind Up
---------------------------------------------------------
Port Douglas Reef Resorts Limited posted a AU$64,000 net loss
for the half year ended December 31, 2005, a 110% decline from
the AU$592,000 net profit for the corresponding period in 2004,
the Troubled Company Reporter - Asia Pacific has learned from
the Company's financials submitted to the Australian Stock
Exchange on March 14, 2006.

The Company's revenue has likewise suffered a 37% drop to
AU$5.58 million, from an AU$8.84 million revenue posted in 2004.

                    Board Favors Liquidation

The Company said that over the past six months, it has been
exploring opportunities "with regards to the remaining company
structure and associated tax losses" to add value to
shareholders' investments.

The Port Douglas Board of Directors, however, admitted that
these opportunities were limited and all available avenues have
been exhausted.  The Board stated that it intends to come up
with a resolution to place the Company in the hands of a
liquidator.

                       About Port Douglas

Headquartered in Port Douglas, Queensland, Port Douglas Reef
Resorts Limited operates tourism-related assets in Port Douglas,
Tropical North Queensland, which included the Radisson Treetops
Resort and The Rainforest Habitat Wildlife Sanctuary.  The
Company's guest list included the Clintons, Helmut Kohl and
Jiang Zemin, but, after years of poor visitor numbers, the
Company has sold its business assets.  

By June 30, 2005, Port Douglas Reef has sold Radisson Treetops
Resort, the Rainforest Habitat, Links Golf Course and Carins
Rainforest Dome.

In December 2005, the Company returned capital to the value of
AU$6.28 million.

                           Key Events

In its filing with the Australian Stock Exchange, the Company
outlines these key material events that took place:

   04/28/2005      Shares were suspended from quotation after
                   the company announced that it will sell
                   Radisson Treetops Resort, the Rainforest
                   Habitat Wildlife Sanctuary and the Cairns
                   Rainforest Dome.

   05/31/2005      Radisson Treetops Resort, The Rainforest
                   Habitat Wildlife Sanctuary, and Cairns
                   Rainforest Dome were sold to S8 Limited.

   07/28/2005      The board had resolved that a further return
                   of capital of 1.5 cents per share should be
                   distributed to shareholders.

                   Currently, the board is exploring the option
                   of selling the company structure, and the
                   remaining cash.

   08/03/2005      Links Golf Course was sold to Juniper
                   Development Group for AU$5.5 million.

   11/30/2005      A final return of 1.1 cents per share was
                   announced.

   03/03/2006      The Company announced that capital returns of
                   1.5 cent per share (AU$3.6 million) were paid
                   on October 11, 2005, and 1.1 cent per share
                   capital return (AU$2.7) was paid on Dec. 15,
                   2005

   03/14/2006      Company entered into liquidation.


PROPERTY SOLUTIONS: Accepting Proofs of Debt Until April 7
----------------------------------------------------------
Property Solutions Inspections NZ Limited has been placed into
liquidation on March 2, 2006.  Daran Nair will facilitate the
liquidation of the Company's assets.

Mr. Nair will be accepting proofs of debt or claims from
creditors until April 7, 2006.  

Failure to comply with the requirement will exclude them from
any distribution the Company will make.

Contact: Daran Nair
         Liquidator
         Nair & Associates
         280 Great South Road
         Auckland
         P.O. Box 74-322 Market Road
         Auckland, New Zealand
         Telephone: (09) 522 5182
         Facsimile: (09) 522 5183


QANTAS AIRWAYS: Takes On OzJet Passengers
-----------------------------------------
Qantas Airways has offered to fly stranded OzJet passengers free
of charge following OzJet Airline's announcement that it would
cease operating its scheduled flights.

Qantas had assured OzJet of its support for affected passengers
and said that it will carry free of charge those who have
already traveled one leg of a journey with OzJet and have a
return leg booked to fly with OzJet before March 24.

For OzJet passengers who have yet to fly, Qantas will offer
economy class seats at the same fare.

                          About Qantas  

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

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


RAINBOW GIFTS: Set to Wind-Up Operations
----------------------------------------
David Stephens Griffiths, the liquidator of Rainbow Gifts
Trading Limited will be accepting proofs of debt or claims from
creditors not later than April 7, 2006.

Failure to comply with the requirements would exclude them from
the benefit of any distribution the Company may make.

Contact: David Stephen Griffiths
         Liquidator
         DFK, P.O. Box 6077, Auckland 1036
         New Zealand
         Telephone: (09) 379 3890
         Facsimile: (09) 309 3304


STEEL FRAMING: Prepares to Liquidate Assets
-------------------------------------------
Brian Leo McPhail has commenced the liquidation of Steel Framing
Systems Limited's assets on February 23, 2006.

As a result, creditors are invited to prove their debt or claims
on or before April 18, 2006.

Contact: Brian McPhail
         Liquidator
         Hart McPhail Aikin Limited
         Accountants
         Level One, 320 Ti Rakau Drive
         East Tamaki, Auckland
         Telephone: (09) 272 4000
         Facsimile: (09) 272 4015


STORAGE PLUS: To Declare Dividend
---------------------------------
Storage Plus Group Pty Limited will declare its first dividend
to creditors on March 17, 2006.

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

Contact: G. G. Woodgate
         Liquidator
         Woodgate & Company  
         Telephone: (02) 9233 6088
         Fax: (02) 9233 1616


STRATHFIELD: Posts 216% Decline in Net Profits
----------------------------------------------
Strathfield Group Ltd. delivered a net loss of AU$3.46 million
for the six months ended January 1, 2006, a 216% decline from
the AU$2.97 million net profit in the previous corresponding
period.

Redundancy payments of AU$504,000 and an inventory write-off of
AU$815,000 were included in the results.

                         Moving Forward

Strathfield Chief Executive officer Gerard Frack said that "the
Group has embarked on significant changes since September to
return to group to profitability."  These changes includes:

     * Substantial reduction in company costs;

     * Changing the Group's product mix to focus more on the
       higher margin product categories of car and mobile;

     * Consolidation of lower margin businesses like the home
       entertainment business;

     * Introduction of a new range of higher margin digital
       media products; and

     * Changing the distribution strategy from solely company-
       run to franchises.

Strathfield Group Limited -- http://www.strathfield.com/-- is  
one of the largest independent retailers of mobile communication
products in Australia, with 86 outlets nationwide.  Strathfield
offers a large range of products including Car, Home, and Mobile
entertainment and communication tools.  Strathfield is the
leader in in-car entertainment, and provides quality "on the
spot" installation services through its outlets.

The Company has focused on paying down debt and entered into
restructuring.  After losing AU$41 million in 2003, Strathfield
Group has run its cash reserves dangerously low.  The Company
undertook a capital raising of approximately AU$22.2 million
through a AU$12.6 million placement and AU$9.6m Rights Issue of
ordinary shares.  The shareholders previously approved the
placement of 126 million ordinary shares at AU$0.10.  
Strathfield's major shareholder, Kelly Group Holdings Pty
Limited, has agreed to underwrite the rights issue to AU$8
million and has advanced to the Company, as a loan, AU$8 million
of the issue.

The Group has since been into a series of recapitalizations, and
has suffered from a series of losses, defaults and a major
management team revamp in 2005.


THP ADVERTISING: Liquidator to Discuss Wind-up Details
------------------------------------------------------
A final meeting of the members and creditors of THP Advertising
Pty Limited will be held today, March 16, 2006, for the parties
to receive the liquidator's final account showing how the
Company was wound up and how its property was disposed of.

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


TUNNEL VISION: Proofs of Debt Due on March 30
---------------------------------------------
The High Court of Wellington has appointed John Francis Managh
as liquidator of Tunnel Vision Limited on February 27, 2006.

Creditors are required to prove their debt not later than March
30, 2006.

If they fail to do so on the given date, they will be excluded
from any distribution the Company will make.

Contact: John Managh
         Liquidator
         Gladstone Chambers
         50 Tennyson Street
         P.O. Box 1022, Napier
         New Zealand
         Telephone/Facsimile: (06) 835 6280
         E-mail: jmanagh@xtra.co.nz


TWENTY SEVEN PTY: Names John Woodley as Liquidator
--------------------------------------------------
Members of Twenty Seven Pty Limited convened on Jan. 31, 2006,
and decided to wind up the Company's operations.

John Staniforth Woodley was appointed as liquidator to supervise
Twenty Seven's wind-up activities.

Contact: John S. Woodley
         Liquidator
         Weston Woodley & Robertson
         Level 18, 201 Elizabeth Street
         Sydney, New South Wales 2000
         Telephone: (02) 9264 9144
         Fax: (02) 9264 6334


UNISOURCE LIMITED: Picks Receivers from Meltzer Mason Heath
-----------------------------------------------------------
Insolvency practitioners Arron Leslie Heath and Michael
Lamacraft were appointed joint and several liquidators of
Unisource Limited on March 2, 2006.

The Company's creditors are given only until April 3, 2006, to
prove their debt or claims to benefit from any distribution the
Company will make.

Contact: M. Lamacraft
         Liquidator
         Meltzer Mason Heath
         Chartered Accountants
         P.O. Box 6302
         Wellesley Street, Auckland
         New Zealand
         Telephone: (09) 357 6150
         Facsimile: (09) 357 6152


VICTORIAN CORPORATE: Members Agree to Shut Down Business
--------------------------------------------------------
At a general meeting of Victorian Corporate Protection Group Pty
Limited, members decided to voluntarily wind up the Company's
operations.

B. A. Secatore and D. P. Juratowich were appointed as joint and
several liquidators at a creditors' meeting held that same day.

Contact: P. D. Juratowich
         B. A. Secatore
         Liquidators
         Bentleys MRI
         114 William Street, Melbourne 3000
         Australia


WILLIAM POWER: Creditors' Claims Due on March 30
------------------------------------------------
Members of William Power Investments Pty Limited held a meeting
on February 9, 2006, and agreed to close the Company's business.

John Vouris was appointed as liquidator to oversee the wind-up
operations.

Creditors of the Company are required to submit their formal
proofs of claim to the liquidator by March 30, 2006, in order to
participate in the dividend distribution.

Contact: John Vouris
         Liquidator
         Vouris & Bell Chartered Accountants
         Level 9, 4 O'Connell Street
         Sydney, New South Wales 2000
         Australia
         Telephone: 9232 6800


ZACKDON HOLDINGS: Court to Hear Petition Next Month
---------------------------------------------------
The High Court of Nelson will hear an application to liquidate
Zackdon Holdings Limited on April 6, 2006, at 10:00 a.m.

The Commissioner of Inland Revenue filed the Petition on January
25, 2006.

Any person, other than the defendant company, who wishes to
appear on the hearing of the application, must file an
appearance not later than April 4, 2006.

Contact: Julia Dykema
         Solicitor for the Plaintiff
         Technical and Legal Support Group
         South Island Service Centre
         Ground Floor Reception
         518 Colombo Street
         P.O. Box 1782, Christchurch
         New Zealand
         Telephone: (03) 363 1809
         Facsimile: (03) 363 1889


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

CHEERY CITY: Appoints Liquidators & Committee of Inspection
-----------------------------------------------------------
With respect to its winding up proceedings with the High Court
of Hong Kong Special Administrative Region, Cheery City
Contractors Limited appointed Yiu Cho Yan and Liu Chi Tat,
Stephen, as joint liquidators on January 23, 2006.

In addition, Cheery City formed a committee of inspection,
composed of:

   1. Chan Choi Fat;
   2. Hong Kong Dredging Limited;
   3. Superich Limited Services Limited;
   4. Cheong Kee Shipyard Limited;
   5. Chui Hai Kuen;
   6. Mei Kwan Engineering Company; and
   7. China State Construction Engineering (Hong Kong) Limited.

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


CONDO ENGINEERING: To Declare Dividend on March 24
--------------------------------------------------
Condo Engineering (China) Limited notifies parties-in-interest
of an intended dividend to be declared at the High Court of Hong
Kong Special Administrative Region.
  
Creditors are required to submit their proofs of claim by
March 24, 2006, to:
  
          Desmond Chung Seng Chiong
          Joint and Several Liquidator
          Ferrier Hodgson Limited
          14/F Hong Kong Club
          Building, 3A Chater
          Road, Hong Kong
          Telephone: 2820 5600
          Fax: 2521 7632


CYBER SOURCES: Lee Hong Yin John Lodges Liquidation Petition
------------------------------------------------------------
On February 3, 2006, Lee Hong Yin John filed with the High Court
of Hong Kong a petition to wind up Cyber Sources Limited.

The application will be heard before the High Court of
Christchurch on March 29, 2006, at 9:30 a.m.

Any person wishing to appear at the hearing must file an
appearance not later than March 28, 2006.

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


DON FRANCO: Names Liquidators and Committee of Inspection
---------------------------------------------------------
The members of Don Franco (HK) Company Limited convened at a
meeting on February 9, 2006, and agreed to close the Company's
business operations.

They named Chiu Koon Shou and Tsang Fan Wan as joint
liquidators.  In addition, the members named a committee of
inspection, composed of:

   * Kwan Tat Industrial Limited;
   * Agencia Comercial Chan Chan Lda;
   * Golden Chance Industries Limited;
   * Hyatt Time Limited; and
   * Wah Sing Labels Limited.

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


GOODFAIR LIMITED: To Hold Final Meeting on April 21
---------------------------------------------------
A final meeting of the members of Goodfair Limited will be held
on April 21, 2006.

At the meeting, liquidators Tse Chiang Kwok, Nasaar, and Tam
Chun Wan 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: Tse Chiang Kwok, Nasaar
         Tam Chun Wan
         Joint Liquidators
         Room 503, 5th Floor
         St. George's Building
         2 Ice House Street
         Central, Hong Kong


GUANGDONG KELON: No Board Meeting Held for Share Transfer
---------------------------------------------------------
Guangdong Kelon Electrical Holdings Company Limited issued a
clarification to certain statements released in various press
articles, newspapers and Web sites in Hong Kong and the People's
Republic of China on March 14, 2006.

Certain press articles disclosed that Gu Chu Jun, who is
currently under supervision, authorized the acting chairman of
the Company, Mr. Liu Cong Meng, to chair a board meeting on
March 8, 2006, during which none of the senior management of
Hisense took part.  It was alleged that during that meeting, the
board of directors of the Company decided to put the shares held
by Mr. Gu in the Company up for public auction.

The Company clarifies that:

   1) The Board is unable to and it has not held any board
      meeting for the purposes of discussing and voting on the
      transfer of shares in the Company.  As of March 15, 2006,
      the Company has not received any notice from any
      governmental authorities about the public auction of the
      shares held by Mr. Gu in the Company.

   2) The Company entered into a sales agency agreement and a
      supplemental agreement with Qingdao Hisense Marketing
      Company Limited on Sept. 16, 2005, and Sept. 26, 2005,
      respectively, and the Agreements will expire on
      March 31, 2006.

   3) China Securities Journal and Securities Times,
      together with Hong Kong Commercial Daily and China Daily,
      are the newspapers selected by the Company for disclosure
      of information in the PRC and Hong Kong, respectively.
      Any information disclosed by the Company is accurate only
      if published in those newspapers.

At the request of the Company, trading in H Shares of the
Company was suspended with effect on June 16, 2005 pending the
release of an announcement in relation to price sensitive
information.  

Headquartered in Wanchai, Hong Kong, Guangdong Kelon Elecrical  
Holdings Company Limited -- http://www.kelon.com/-- is one of  
the largest cooling domestic appliance manufacturers in China,
mainly engaging in the development and manufacture, as well as
domestic and overseas sales of refrigerators and air-
conditioners.  Before the latest scandal involving it's former  
Chairman, the refrigerator maker was saddled with staggering  
2004 net losses, after seeing a CNY197.3 million net profit in  
2003 and a similar substantial profit in 2002.  With the
outbreak of the scandal, it suspended trading of some of its  
shares and had its assets frozen.  The Company was taken over by
China's Hisense Group in a CNY900 million acquisition in
September 2005.


HARTCOURT CAPITAL: Enters Voluntary Liquidation
-----------------------------------------------
On February 28, 2006, the members of Hartcourt Capital Limited
have agreed that a wind-up of the Company is appropriate and
necessary.

Subsequently, Wong Man Chung, Francis, and Wong Wai Man, Cliff,
were appointed to oversee the Company's wind-up activities.

Contact: Wong Man Chung, Francis
         Wong Wai Man, Cliff         
         Joint and Several Liquidators
         19th Floor, No. 3 Lockhart Road
         Wanchai, Hong Kong


HONG KONG EVERGREEN: Liquidator to Present Wind-up Report
---------------------------------------------------------
A final meeting of the members of Hong Kong Evergreen Investment
Management Limited is scheduled on April 11, 2006, to receive
liquidator Shom Chun Po's final account showing how the wind-up
was conducted and how the Company's property was disposed of.

Contact: Shom Chun Po
         Liquidator
         Room 2302, 23rd Floor
         Golden Centre
         188 Dex Voeux Road Central
         Hong Kong


KWOK WING NEWSPAPER: Wind-up Hearing Slated for April 12
--------------------------------------------------------
On February 8, 2006, Chan Ka Chun filed a petition to wind up
Kwok Wing Newspaper & Magazines Company Limited.

The Petition will be heard before the High Court of Hong Kong
Special Administrative Region on April 12, 2006, at 9:30 a.m.  

Creditors or contributories of the Company who wish to support
or oppose the Petition may appear in Court at the time of the
hearing.
  
Contact: Betty Chan
         for Director of Legal Aid
         34/F, Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong
         Telephone: (852) 2126 6731
         e-mail: ladinfo@lad.gov.hk


LONG KI ENGINEERING: Court to Hear Wind-up Petition on April 26
---------------------------------------------------------------
On February 9, 2006, the Lee Tung Construction & Decoration
Company Limited filed an application to wind up Long Ki
Engineering Limited with the High Court of Special
Administrative Region.

The Application will be heard before the High Court on April 26,
2006, at 9:30 a.m.

Contact: Messrs. Tai, Mak & Partners
         Solicitors for the Petitioner
         Rooms 1004-1005, 10th Floor
         Nan Fung Tower
         No. 173 Des Voeux Road, Central
         Hong Kong
         Telephone: 2850-6336
         Fax: 2850-6086


LUEN WON: Declares First and Final Dividend
-------------------------------------------
Luen Won Catering Enterprises Limited will declare a first and
final dividend of 3.2053% to unsecured creditors, payable on or
after March 17, 2006.

Contact: Lo Tak Tin
         Unit 1501, 15/F
         On Hong Commercial
         Building, 145 Hennessy Road
         Wanchai, Hong Kong
     

MARKCHAMP LIMITED: Appoints Official Liquidators
------------------------------------------------
The members of Markchamp Limited held a meeting on March 1,
2006, and agreed on the Company's need to liquidate.  

They then named Ricky P.O. Chong and Cordelia Tang to oversee
the Company's wind-up activities.

Contact: Ricky P.O. Chong
         Cordelia Tang         
         Joint and Several Liquidators
         905 Silvercord, Tower 2
         5-19 Jardine's Bazaar
         30 Canton Road, Tsimshatsui
         Kowloon, Hong Kong


MOULIN GLOBAL: U.S. Court Grants Chapter 15 Petition
----------------------------------------------------
On February 24, 2006, the United States Bankruptcy Court for the  
Northern District of California (San Francisco) granted Moulin
Global Eyecare Holdings Limited's motion for protection pursuant
to Chapter 15 of the U.S. Bankruptcy Code.

The Troubled Company Reporter - Asia Pacific reported on
March 1, 2006, that through its Chapter 15 Petition, Moulin
Global sought recognition of the foreign proceedings it
instituted in the High Court of the Hong Kong Special
Administrative Region Court of First Instance and the Supreme
Court of Bermuda.

In his Chapter 15 Order, Judge Thomas E. Carlson rules that the
Hong Kong proceeding is recognized as the foreign main
proceeding, while the Bermuda proceeding is the foreign non-main
proceeding.

Judge Carlson also stays the legal proceedings filed by Anthony
P. DiChiara against Moulin.

As stated by the TCR-AP report, Mr. DiChiara alleges  
that he was employed by Moulin as General Counsel and Executive  
Vice President for Strategic Planning and was instrumental in  
Moulin's acquisition of a 56% controlling interest in ECCA  
Holdings, Inc., which owns and operates Eye Care Centres of  
America, Inc.  Mr. DiChiara further claimed that Moulin agreed
to give him a 3% interest in ECCA from Moulin's US$97 million
ECCA interest in consideration of his past services to the
Company.  The suit further alleges that Moulin's provisional
liquidators, Desmond Chung Seng Chiong and Roderick John Sutton,
have tortiously and fraudulently refused to transfer the ECCA
shares to Mr. DiChiara.  In addition to his stock claim, Mr.
DiChiara seeks over US$300,000 in wages and expense
reimbursement for past services to Moulin.

The Chapter 15 Order provides that the automatic stay applies to
bar prosecution of either the DiChiara Claims or the Stock
Recovery Claim against Moulin.

However, the Order clarifies that Mr. DiChiara may prosecute the
Stock Recovery Claim against the provisional liquidators:

   (a) to the extent that the provisional liquidators were
       acting in their capacity as officers or directors of any
       the Non-debtor Entities; and

   (b) only if the Security Condition is not satisfied.

The U.S. Court finds that the total outstanding shares of
capital stock of ECCA, including the Stock, and other property
of the Non-Debtor Entities, are not property of Moulin or its
estate.

A petition for the winding up of Moulin Global was presented to  
the High Court of Hong Kong June 21, 2005.  A total of 29 banks,
led by HSBC, filed the petition after Moulin disclosed
accounting irregularities and the pending insolvency of its
German subsidiary, NiGuRa Optik.  

A TCR-AP research has found that on August 4, 2005, the banks  
filed a similar winding up petition in the Supreme Court of
Bermuda.

The Chapter 15 Order, as well as other documents related to
Moulin Global's Chapter 15 proceedings, are available at
http://www.chapter15.com/

Established in 1960, Moulin Global Eyecare Holdings Limited --  
http://www.moulin.com.hk/-- is a vertically integrated eyewear    
company engaged in the design, manufacture, distribution and  
retailing of quality eyewear products to customers worldwide.   
It is one of the major players in the international eyewear  
industry.


NEWFORM INVESTMENT: Appoints Au Ping Yun as Liquidator
------------------------------------------------------
Au Ping Yun has been named as liquidator of Newform Investment
Limited on March 3, 2006.

Contact: Au Ping Yun
         Liquidator
         Unit 3, 20th Floor
         Golden Centre
         188 Des Voeux Road Central
         Hong Kong


NEWFORM KNITTERS: Appoints Official Liquidator
----------------------------------------------
On March 3, 2006, Au Ping Yun was appointed as liquidator of
Newform Knitters Limited.

Contact: Au Ping Yun
         Liquidator
         Unit 3, 20th Floor
         Golden Centre
         188 Des Voeux Road Central
         Hong Kong
         

TACWIN INDUSTRIES: Court to Hear Wind-up Petition on April 26
-------------------------------------------------------------
On February 23, 2006, the Guangxi Fashion Import and Export
Company Limited and Guangxi Orient Fashion Import and Export
Company Limited filed an application to wind up Tacwin
Industries (International) Limited with the High Court of
Special Administrative Region.

The Application will be heard before the High Court on April 26,
2006, at 9:30 a.m.

Contact: Yip, Tse & Tang
         Solicitors for the Petitioner
         20th Floor, China Overseas Building
         No. 139 Hennessy Road
         Wanchai, Hong Kong


WORLD NICE: Liquidator to Explain Wind-up Report
------------------------------------------------
A final meeting of the members of World Nice Investment Limited
will be held for them to receive the liquidator's final account
showing how the Company was wound up and how its property was
disposed of.

The meeting will be held on April 21, 2006.

Contact: Tse Chiang Kwok, Nassar
         Tam Chun Wan
         Joint Liquidators
         Room 503, 5th Floor
         St. George's Building
         2 Ice House Street
         Central, Hong Kong


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

BK PAPER: Former Workers Oppose Sale
------------------------------------
Around 180 workers of failed BK Paper Mills have expressed their
disappointment over the sale of the firm's facility to Golden
Paper Bag Works for a meager amount, Cybernoon.com reports.

Golden Paper won the bidding conducted by a court receiver and
paid only INR6 lakh for the mill, which was initially valued at
INR5.52 crore, the report says.

The purchaser wanted to dispose of the mills property and
dismantle machinery.  BK Paper Mills' former employees, however,
obstructed the dismantling work on the grounds that the High
Court, by an order dated February 1, 2006, has discharged the
court receiver from the case and as such, has no right to
conduct the auction and hand over the property to the buyer.

The court receiver immediately sought permission from the High
Court to take help and protection from local police after
tension at the site heightened.

However, the High Court has maintained that the issue can be
resolved and action taken against those responsible, but it
stressed that the property is certainly not guarded properly.  
The Court had also advised that since the Board for Industrial
and Financial Reconstruction has already appointed an official
liquidator for BK Paper Mills, the court receiver should get
himself discharged from the case and from handling the property.  

High Court Justice V M Kanade acknowledged that the workers'
concerns should be addressed.  However, he referred the case to
the BIFR, which has received the case in 2003.

"The present application can be heard by the same court.  It is
well settled fact that once order is passed by BIFR, the
property of a sick unit can be resold or disposed of by an order
of BIFR," Mr. Kanade said.


COAL INDIA: Hikes Coal Supply to Non-Sore Sector Consumers
----------------------------------------------------------
Coal India Limited has increased the availability of coal to
non-core sector consumers, including small and medium
enterprises, to 17 metric tons this year, India Infoline
reports.

The move, according to the report, is aimed to insulate these
sectors from coal shortages that aggravated lately in view of
increased demand from power utilities and other core sector
industries like steel and cement.

While a majority of coal produced in the country is allocated to
core sector industries through the linkage system, only a small
quantity of coal remains available for other sectors for captive
use.  Non-core sector industries, particularly SMEs, have been
complaining that they do not get enough coal for their
requirements.

The SMEs said that the e-auction of coal started by Coal India
has benefited only large companies with financial muscle to bid
high for coal procurement.  So the only alternate for them is to
have a separate quota of coal for their requirements.

Apart from 17 MT of coal for the non-core sector, Coal India has
also increased coal to be offered for sale under e-auction route
to 20 MT from an earlier level of 10 MT.

The floor price under auction is fixed at 20% above notified
price, Infoline says.  The additional quota for SMEs is also
through the e-route where prices were initially 76% higher than
the notified prices but have now come down to 40% above notified
prices.

In addition, the coal ministry has also asked Coal India to
provide 5 MT of coal to tiny and small consumers sector whose
requirement is less than 500 tons per year.  This coal is sold
at price 20% above the notified prices.

Headquartered in Kolkota India, Coal India Limited
-- http://www.coalindia.nic.in/-- is engaged in the mining of  
coal, coal based products and mining consultancy.  The Company
was incorporated under the Companies Act, 1956 and is wholly
owned by the Government of India.  It recently turned around
from substantial losses in the past due to its e-auction
revenues.  However, it is still saddled with labor problems
involving its senior staff.


DUNLOP INDIA: Seeks Protection from Creditors
---------------------------------------------
Dunlop India Ltd has sought relief from the West Bengal
Industrial Reconstruction Department to protect the company from
creditors, The Economic Times says.

The ailing tire maker, which was recently taken over by the Ruia
Group, asked for the relief as it moves towards settling its
INR650 dues to secured creditors and INR60 crore to its workers.  
Other statutory dues of the company with various state
governments were around INR212 crore, electricity charges INR50
crore, miscellaneous around INR40 crore, and contingent
liabilities INr20 crore.

The "relief undertaking" status will protect the Company from
being dragged to Court for still unpaid dues.

The Times states that the Industrial Reconstruction Department
would submit the proposal of Dunlop before the next hearing of
Appelate Authority for Industrial and Financial Reconstruction
slated for March 26, 2006, where the revival package of the
company would be considered.

According to sources, the state government might seek for more
time if it was not able to take a decision on whether to grant
the status of a "relief undertaking" by the hearing date.

Headquartered in Kolkota, India, Dunlop India Limited is
involved principally in manufacturing and distributing
automotive tires and tubes.  The firm's other activities include
manufacturing high-pressure hoses, steelcord belting and
vibration isolators.  The company had reported profit until
March 1997.  In January 1998, the Board of Directors decided
that the Company had become sick due to the necessity of
reversing the earlier decision for sale of some real estate
property of the company through a subsidiary, Dunlop Investment
Limited.  This decision required a reversal of corresponding
entry of INR1,700 million and its reflection in the accounts of
the financial year 1997-98.  After taking this into account, the
Board of Directors decided to refer the Company to Board of
Industrial and Financial Reconstruction and abruptly announced
suspension of Dunlop's operations in both Sahaganj and Ambattur
in February 1998.  The Ministry for Law, Justice and Company
Affairs had also come to the conclusion after inspection of the
Books of Accounts of Dunlop India that there were serious
irregularities and had moved the Company Law Board for
appointment of Government Directors.  In January 2006, the Ruia
Group took over the Company and voted to re-open its plants in
within this year.


INDUSTRIAL DEVELOPMENT: Revamps Board of Directors
--------------------------------------------------
The Industrial Development Bank of India Limited and the
Ministry of Finance have appointed S/ Shri O V Bundellu and
Jitender Balakrishnan, presently Executive Directors in IDBI
Ltd, as Whole-time Directors on the IDBI Board with effect from
the date of taking charge of the post till the date of their
superannuation or until further orders.

Accordingly, S/Shri O V Bundellu and Jitender Balakrishnan has
taken charge as Whole-time Deputy Managing Directors of IDBI Ltd
from March 14, 2006.

Headquartered in Mumbai, India, and Industrial Development Bank
of India Limited -- http://www.idbi.com/-- was set up in 1964  
under an Act of Parliament as a wholly owned subsidiary of
Reserve Bank of India.  In February 1976, the Bank's ownership
was transferred to Government of India.  It was designated
Principal Financial Institution for co-ordinating the working of
institutions at national and State levels engaged in financing,
promoting and developing industry.  In October 2004, the IDBI's
undertaking was transferred to IDBI Ltd, which immediately
commenced operations as a banking company.  The Bank is
currently undertaking an exercise for restructuring its
liabilities, under the auspices of the Government of India.


* CISF Threatens to Withdraw Protection of State Firms
------------------------------------------------------
The Central Industrial Security Force has warned more than a
dozen public sector units to pay their arrears or lose security
cover, Mumbai Mirror says.

The CISF, which was created in 1969 to guard a number of PSUs in
India, claimed that a number of state firms have not paid them
INR500 crores in aggregate arrears for years.  

The para-military group also stressed that the non-payment has
indirectly hampered its plan to expand and modernize because it
has not generated revenues.

The 93,000-strong force has served a notice to several PSUs,
including:

     * Bharat Coking Coal Ltd;
     * Jharia, Heavy Engineering Corporation;
     * Ranchi, Hindustan Machine Tools;
     * Srinagar,
     * Bharat Petroleum Corporation Ltd:
     * Naini;
     * Hindustan Antibiotics Ltd;
     * Brahmaputra Valley Fertiliser Corporation Ltd;
     * Namrup; and
     * Dulhasti Hydro Electric Project.


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

GARUDA INDONESIA: Changes Aircraft Operation in Perth
-----------------------------------------------------
PT Garuda Indonesia discloses that, effective March 24, 2006,
all services to and from Perth, Australia, will be operated by
Boeing 737-800 aircraft.  The B737-800 aircraft is configured
with 180 economy seats, which is 48 more per flight.

Unfortunately, due to the all-economy configuration of the
Aircraft, passengers holding business class bookings will be
affected by the temporary withdrawal of Business Class between
Perth and Bali.  Garuda says that this will be a temporary
situation until the Aircraft has been reconfigured, which is
anticipated to take up to six months.

Passengers already ticketed in Business class will be required
to forward their tickets to Garuda Indonesia Perth for
processing of downgrade refunds.

Schedule changes will reflect the new information.  Schedules of
the Perth Flights are:

     GA726      Daily      DPS 2150 PER 0125+1
     GA727      Daily      PER 0800 DPS 1140

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.


GARUDA INDONESIA: Government to Save Airlines
---------------------------------------------
The Finance Ministry will prepare an undertaking letter or
written guarantee to save PT Garuda Indonesia from bankruptcy,
pursuant to an understanding between the Finance Minister Sri
Mulyani Indrawati and State Enterprises Minister Sugiharto, in a
meeting with the House of Representative's Commission IX.

As reported by the Troubled Company Reporter - Asia Pacific on
March 13, 2006, the Indonesian Government is gearing up to seek
parliamentary approval for a plan to inject funds into the
financially ailing national flag-carrier.

Sri Mulyani said her ministry would complete the undertaking
letter and then bring it to the House for consultation.

A subsequent TCR-AP Report noted that to save Garuda, the
Government had prepared two ways of solving the problem --
either by infusing US$250 million, or setting up a special
purpose vehicle in a bid to pay Garuda's debts totaling US$644
million.

The supporting US$250 million, which would be taken from the
national budget, would be considered as the Government's
participation in Garuda's equity.

In the short run, however, Minister Sugiharto admits that it
would be impossible to obtain the supporting funds from the
national state budget, so the non-cash through the undertaking
letters was the only solution to the problem.  He said the
mechanisms would be designed during the week.

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.


PERTAMINA: May Shut 50,000 B/D Refinery In June
-----------------------------------------------
PT Pertamina will shut its Sungai Pakning refinery in June 2006
for 17 to 21 days, Dow Jones reports, citing a company official.

According to Pertamina, it plans to close the Sungai Pakning
Refinery, which is located near Dumai in Riau province, for a
scheduled turnaround.  The Refinery produces 50,000 barrels a
day.

Dow Jones notes that Pertamina operates seven oil refineries
with a total output capacity of around 1 million barrels per
day.  However, these refineries only cover about three-quarters
of domestic oil demand, with the rest being met by imports.

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a   
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation No.
31/2003 has changed its legal status from a special state-owned
enterprise into a Limited Liability Company.  In carrying out
its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Despite reporting a net profit of
IDR3.03 trillion for the first six months of 2005, Pertamina's
failure to service its financial obligations was pegged as one
of the contributors to Indonesia's decreased income for the
year.  Indonesia's President Susilo Bambang Yudhoyono has
promised to expedite the overhaul of state oil firm PT Pertamina
in order to increase the country's fuel output.  President
Yudhoyono said the Company's restructuring program is not
proceeding effectively, as the Company is still experiencing
many difficulties.  He added that he wants to conduct a "real"
restructuring of Pertamina, with clear and measurable phases.
On March 8, 2006, the Indonesian government has appointed
Pertamina marketing director Ari Soemarno as Pertamina's new
chief.  Because of Mr. Soemarno's vast experience in managing
the Company's imports and exports of crude oil and oil products,
he was considered the best candidate to replace Pertamina's
President Widya Purnama.


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

ALL NIPPON: Sells Shares to Buy Planes
--------------------------------------
All Nippon Airways Company Limited discloses in a press release
that it is selling 230.5 million shares of the Company's common
stock.

The decision, which was reached on March 1, 2006, also fixed the
offer price at JPY403 per share, with the option that 19.5
million shares will be sold depending on investor demand.

Bloomberg News relates that the stake sale is expected to garner
around JPY109.6 billion or around US$935 million.  The proceeds
will be used to purchase planes.

Bloomberg said that the move will enable All Nippon to expand
its fleet without increasing debt as it seeks to win customers
from larger rival, Japan Airlines Corp., which has reported
safety lapses.


ALL NIPPON: Get Rids of Real Estate Arm
---------------------------------------
All Nippon Airways Company Limited is selling all stock in
subsidiary ANA Real Estate Company, Asia Times says.

ANA Real Estate owns rental office and apartment buildings,
chiefly in Osaka and Tokyo and has group sales of about JPY8
billion.  Orix Corporation will be its new owners.

All Nippon is taking steps to focus its resources on its
aviation operations and also trying to shrink its interest-
bearing liabilities.  With these goals in mind, the airline
decided to sell the subsidiary.


ALL NIPPON: Dissolves Air Hokkaido Unit
---------------------------------------
All Nippon Airways Company Limited is preparing to dissolve its
regional unit, Air Hokkado, in July 2006.

Air Hokkaido, a unit of All Nippon subsidiary Air Nippon,
operates two daily flights between Hakodate and Okushiri in
Hokkaido, Japan.  Due to commercial reasons, the Company will
halt its operations on March 31, 2006.

Based in Hakodate, Hokkaido, Japan, Air Hokkaido --
http://www2s.biglobe.ne.jp/~ito-nori/j_airline/adk.html--  
operates domestic feeder flights in Hokkaido.  Its main base is
Hakodate Airport.  The airline was established on April 5, 1994,
and started operations on July 22, 1994.  It is owned by All
Nippon Airways (80%) and the Hokkaido local government (20%).
The Air Hokkaido fleet consists of 1 DHC-6 Twin Otter Series 300
aircraft, as of January 2005.

All Nippon is taking steps to focus its resources on its
aviation operations and also trying to shrink its interest-
bearing liabilities.


DOI: Initiates Wind-up Proceedings
----------------------------------
Electrical appliance discount chain operator Doi initiated
bankruptcy proceedings to wind up its business, Kyodo News
reports.

According to a court-appointed administrator, the Tokyo District
Court had, on March 8, 2006, authorized the Company to start
winding up its operations.  In August 2003, Doi received court
protection from its creditors under the Civil Rehabilitation
Law, and had sought to turn around its operations under a court-
approved restructuring program.  However, fierce competition
delayed the restructuring, and eventually Doi ended its
restructuring efforts.

Teikoku Databank's Fukuoka branch stated that the Fukuoka-based
firm was in debt of up to JPY5.5 billion before seeking a court-
approved rehabilitation program.  The Company's current debt
size is not known at present.

Doi, which was founded in Fukuoka, Japan in 1949, reported
record sales of JPY34.6 billion in its peak year in 1989.  When
it fell into a business crisis, the Company focused efforts on
its photo development and printing business.


GESTION-PRIVEE: U.S. Court Grants Chapter 15 Protection
-------------------------------------------------------
The United States Bankruptcy Court for the Middle District of
North Carolina, Durham Division, has decided to recognize the
Japanese Bankruptcy Proceeding of Gestion-Privee Location LLC as
a Foreign Main Proceeding pursuant to Chapter 15 of the
Bankruptcy Code.

The U.S. Court's decision has effectively stayed all other legal
proceedings that may be ongoing or commenced against Gestion-
Privee, including the lawsuit initiated by Pinehurst Homes,
Inc., on September 15, 2005.  It also protects the Company's
assets within the United States from any execution, transfer,
encumbrance, and disposal.

With regards to the Petitioner, Gestion-Privee Foreign
Representative Manjiro Yamakawa, the U.S. Court Decision gives
him the power to:

     * exercise in the U.S. Court the rights and powers of a
       trustee under and to the extent provided by Sections 363
       and 552 of the Bankruptcy Code as to property of the
       Debtor located within the territorial jurisdiction of the
       United States, and;

     * examine witnesses, take evidence or deliver information
       concerning the Debtor's assets, affairs, rights,
       obligations or liabilities.

The U.S. Court Decision and other details of Gestion-Privee's
Chapter 15 Case is available for free at:

       http://www.chapter15.com

The Troubled Company Reporter - Asia Pacific reported on
March 1, 2006, that an affiliate of the Company, Gestion-Privee
Japan, raised funds from individual investors under fraudulent
advertising that these funds would be invested in Swiss Private
Banking assets.  The funds never made it into the Swiss
interests, and were instead diverted and transferred to the
parent, which used the funds to purchase various real estate
properties.  In July 2005, investors learned that GPJ did not
have sufficient funds to perform its obligations and honor its
promises to return the invested sums to Japanese investigators,
after failing to pay dividends to its investors are earlier
promised.  This spurred GPJ directors to initiate a bankruptcy  
filing.  By September 2005, the debtor, along with Mr. Hata and
GPJ, has been declared bankrupt.

The Chapter 15 filing stems from Pinehurst Homes, Inc.'s July  
2005 claim that Gestion-Privee owed the sum of US$180,860, plus  
interest and attorney's fees, which was a result of a renovation  
contract that the two parties entered in late 2004.  On
September 20, 2004, Gestion-Privee purchased a luxury residence
-- The Castle -- in North Carolina for US1.4 million.  
Renovation on the property, contracted with Pinehurst Homes,
amounted US$1.1 million, plus a US$.2 million contractor's fee.


HUSER LIMITED: Ex-President to Face Bankruptcy Charges
------------------------------------------------------
The Tokyo District Court plans to initiate court-supervised
bankruptcy procedures against former Huser Limited president
Susumu Okima, The Japan Times reports.

A report by Troubled Company Reporter - Asia Pacific states that
the Tokyo Court had initiated bankruptcy proceedings against
Huser Limited on February 16, 2006, at the request of around 300
owners of nine Huser condominium building units with substandard
earthquake resistance.  The residents had asked the court to
protect Huser's assets for future damages claims.

Huser developed about 20 of 97 buildings cited by the Land,
Infrastructure and Transport Ministry as being designed
with substandard data compiled by disgraced architect Hidetsugu
Aneha.

The Court had declared that the Company's liabilities exceed its  
assets.  It named lawyer Hideo Seto as administrator for  
Huser's bankruptcy procedures.


JAPAN AIRLINES: NEW CEO Promises to Stabilize Operations
--------------------------------------------------------
Japan Airlines Senior Vice-President Haruka Nishimatsu was
appointed on March 1, 2006, to replace former Chief Executive
Officer Toshiyuki Shinmachi.  Mr. Nishimatsu promised to
restructure the troubled airline, The Japan Times relates.

In an interview with the Times, Mr. Nishimatsu said JAL needs to
garner an operating profit of at least JPY100 billion in order
to survive.  The Company targets to return to profit this year,
although Mr. Nishimatsu said that the Company should also have a
long-term goal in order to sustain development.

The Troubled Company Reporter - Asia Pacific stated in a
March 3, 2006 report that Mr. Nishimatsu would replace outgoing
president Shinmachi after the Company's annual shareholder
meeting in June.  Mr. Shinamchi agreed to resign from his post
to take full responsibility for the Company's recent poor
performance.

Due to safety problems and rising aviation fuel prices, JAL
expects to post a JPY47 billion net loss for the business year
ending March 31, 2006, including a JPY32 billion net loss from
domestic operations, as its passengers switch to other carriers.

According to Mr. Nishimatsu, the Company recognizes the
importance of prioritizing safety, and needs to improve
communication within the Company in order to eliminate
sectionalism.

The Times reports that aside from reducing interest-bearing
liabilities by JPY592 billion by 2010, JAL also plans to drop
unprofitable international routes as well as strengthening
relations between former Japan Airlines Co. and Japan Air System
Co., which had been merged in 2002.

                      About Japan Airlines

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

JAL's international passenger operations incurred losses in
recent years due to negative factors such as the severe acute
respiratory distress syndrome epidemic and terrorism fears.  For
the full fiscal year ending March 2006, JAL forecasts a group
net loss of JPY47 billion.  As result of a series of incidents
relating to the safety of flight operations, the JAL Group was
the subject of a business improvement order and administrative
warnings relating to assurances on air transportation safety
issued by the Ministry of Land, Infrastructure and Transport in
March 2005.  In the fiscal year 2005-2007, Medium-Term Business
Plan announced that in order to implement the reform of the
corporate structure and the cost structure swiftly, the holding
Company and operating companies are to be integrated.  
Specifically, in fiscal 2005, the corporate planning and
marketing functions will be integrated and JAL plans to
streamline the organization to aim 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, due mainly to a delay in the recovery of demand  
on routes to China and Southeast Asia.  Domestic passenger
demand also 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 fell year-on-year, due to weak
demand on routes from Japan to East Asian countries and the
United States.  Rising aviation fuel prices compounded the
situation and contributed to a harsh environment for the JAL
Group.


KOBE STEEL: Receives 'B' Issuer Default Rating from Fitch
---------------------------------------------------------
On March 14, 2006, Fitch Ratings Agency assigned a 'B' Short-
term Foreign and Local Currency Issuer Default Rating to Kobe
Steel Limited.

Short-term IDRs, which replace traditional Short-term ratings,
reflect the ability of an issuer to meet its financial
commitments on a timely basis over the next 12 months; it is
thus a benchmark 'probability of default' rating and does not
reflect any assessment of potential loss in the event of
default. Securities in an issuer's liability structure will be
rated higher, lower, or the same as the IDR on the basis of
their relative recovery prospects.

Headquartered at Chuo-ku, Kobe, in Hyogo, Japan, Kobe Steel,
Limited -- http://www.kobelco.co.jp/english/corp/index.html--  
is one of Japan's leading steelmakers, as well as the top
supplier of aluminum and copper products.  Other businesses
include welding consumables, urban infrastructure and plant
engineering services, and industrial machinery.  The Company
also has high-tech businesses in electronics and information
systems.  Kobe Steel has numerous consolidated and equity-valued
companies in Japan, the Americas, Asia and Europe.  KOBELCO is
the corporate mark used by Kobe Steel on a variety of products
and in the names of a number of group companies.


LIVEDOOR COMPANY: Director Kumagai Resigns
------------------------------------------
Livedoor Company director Fumito Kumagai tendered his
resignation last week, prompting the Company to ask the Tokyo
District Court to appoint a provisional director to replace the
vacated post, Kyodo News says.

Mr. Kumagai was chosen as the Company's representative director
after the arrest of former Livedoor's president, Takafumi Horie,
and three other directors for securities law violations and
accounting fraud.  However, Mr. Kumagai was also arrested for
his alleged role in the accounting scandal.

According to Livedoor, Mr. Kumagai will retain his post if the
Tokyo District Court refuses to appoint a provisional director
to replace him.  

Kyodo News reports that on March 14, 2006, the Tokyo District
Public Prosecutors Office filed additional indictments on
Livedoor Company, ex-CEO Horie, and five individuals for the
falsification of Livedoor's 2004 financial accounts.

                    About Livedoor

Tokyo-based Livedoor Company, Limited --  
http://corp.livedoor.com/en/-- is an Internet company that    
provides out portal site "livedoor", corporate web solutions,  
data center and IP telephony business.  The Company was the  
focus of an accounting scandal when it was discovered that the  
Company had concealed a JPY1 billion loss for the financial year  
ended September 2004 by manipulating its financial statements.   
Livedoor president Takafumi and other former executives were  
arrested on January 23, 2006, for their alleged role in the  
accounting scandal.


SANYO ELECTRIC: 50% Owned by Goldman Sachs and Daiwa
----------------------------------------------------
On March 14, 2006, Daiwa Securities SMBC Company and Goldman
Sachs Group, Inc., each acquired a 24.5% stake in Sanyo Electric
Company, Crisscross News relates.

According to Sanyo, Goldman Sachs and Daiwa Securities bought
preferred shares from the Company totaling JPY300 billion on a
voting rights basis, together with Sanyo's main bank, Sumitomo
Mitsui Banking Corporation.

The Troubled Company Reporter - Asia Pacific stated in its
report on March 14, 2006, that after posting losses worth JPY
171.5 billion in 2005, Sanyo Electric is expected to incur an
even greater JPY233 billion loss this year.  Company chairman
and founding member Satoshi Iue has resigned from his position
to take the blame for the Company's downward performance, and
shareholders have approved its restructuring plan, which entails
focusing efforts on its mobile phone and rechargeable battery
core businesses to return to profit.

                   About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Company, Limited,
-- http://www.sanyo.com/-- is one of the world's leading  
manufacturers of consumer electronics products.  Moody's placed
Sanyo's long-term ratings on review for possible further
downgrade last November 21, 2005; at the same time, the rating
agency downgraded those long-term ratings to Baa2 from Baa1.

Moody's considers that it is possible for Sanyo to return to
profitability if its mid-term business plan is implemented as
planned.  Sanyo's business portfolio, in the rating agency's
opinion, was too diversified for its relatively weak capital
base, ranging from AV (audio visual) products, home appliances,
batteries, commercial-use air-conditioning systems and
semiconductors to the finance business.


SAPPORO HOLDINGS: Gets 'B' Issuer Default Rating
------------------------------------------------
On March 14, 2006, Fitch Ratings Agency assigned a 'B' Short-
term Foreign and Local Currency Issuer Default Rating to Sapporo
Holdings Limited.

Short-term IDRs, which replace traditional Short-term ratings,
reflect the ability of an issuer to meet its financial
commitments on a timely basis over the next 12 months; it is
thus a benchmark 'probability of default' rating and does not
reflect any assessment of potential loss in the event of
default.  Securities in an issuer's liability structure will be
rated higher, lower, or the same as the IDR on the basis of
their relative recovery prospects.

Sapporo Holdings Limited --
http://www.sapporoholdings.jp/english/-- formerly known as  
Sapporo Breweries, brews beer and operates more than 200 beer
halls and restaurants.  Sapporo is one of Japan's oldest
brewers, and is Japan's third largest brewing company, with
brews ranging from its flagship Black Label to the pricier
Yebisu.  Sapporo also makes the low-malt happoshu brew. The
company sells Guinness beer in Japan through its Sapporo
Guinness Company and owns a beverage company that makes canned
coffee, bottled water, and soft drinks.


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

LG CARD: Sale to Kick Off on March 27
-------------------------------------
Interested bidders for LG Card Co. are requested to submit their
formal proposals starting April 7, 2006, The Korea Herald says,
citing Korea Development Bank.

Korea Development and other LG Card creditors will invite bids
for the Company within two weeks after the notice is made on
March 27, 2006.

The creditors are hoping the sale will succeed so they could
recover around KRW5 trillion (US$5.1 billion) spent in bailing
out LG Card in 2004.  The sale is expected to generate between
KRW5.4 trillion and 6.23 trillion.

The creditors are looking to name a preferred bidder by April.  
So far, the strongest potential bidders are Woori Financial
Group Inc., Shinhan Financial Group Inc., and Citi Group Inc.

Headquartered in Seoul Korea, LG Card Co.
-- http://www.lgcard.com/-- provides installment finance  
services and credit card, as well as leasing services to credit
worthy companies while acquiring valuable assets from merchant
banks and leasing firms.  LG Card also finances families wishing
to purchase big ticket items such as automobiles, appliances and
computers.  At the end of October 2003, LG Card had KRW3.24
trillion more debt than assets and had faced threats of
liquidity crisis and court receivership.  LG Card has been in
the hands of creditors since it was rescued from bankruptcy
through a KRW5 trillion (US$4.78 billion) debt-for-equity swap
and a further KRW1 trillion bailout in late 2004.


SHINHAN BANK: Moody's Gives 'D+' Financial Strength Rating
----------------------------------------------------------
Moody's Investors Service has raised Shinhan Bank's bank
financial strength rating to D+ from D.  The revised rating
carries a stable outlook.  All other ratings -
senior/subordinated debt of Baa1/Baa2 and long-term/short-term
deposit of Baa1/Prime-2 - with stable outlook are unaffected.

The higher BFSR reflects the bank's sustained financial
fundamentals upon its merger with affiliate Chohung Bank,
scheduled for April 1, 2006.  Despite Moody's initial concerns,
Chohung Bank's creditworthiness under its parent, Shinhan
Financial Group, has improved substantially.  Therefore, the
absorption of Chohung Bank into Shinhan Bank will not dilute the
financial health of the combined bank as greatly anticipated at
the time of the acquisition.  Nonetheless, the financial
fundamentals place Shinhan Bank at the low end of the rating
band.

In Moody's view, the 2.5-year transition phase pre-merger would
have helped to reduce the integration challenges. Many of
Chohung Bank's practices and standards would have been brought
up to Shinhan Bank's levels.  A smooth integration may allow the
enlarged entity to soon begin reaping synergistic benefits.

Shinhan Bank was established in 1982 with capital from Korean
residents in Japan. It is Korea's fourth largest bank by assets
(second largest after merging with Chohung Bank), holding a 9%
share of deposits and 11% of loans.  The bank has developed a
strong franchise in the consumer as well as small and medium-
sized enterprise segments.  In September 2001, it formed a
holding company, SFG, under which it and five other affiliates
became stable companies.  Since then, the Shinhan Financial
Group has expanded its organizational structure to include 11
subsidiaries and is now Korea's second largest financial group.

Shinhan Bank is 100% owned by SFG, which is in turn 20% held by
Korean Japanese shareholders and 4% by BNP Paribas. In September
2003, the Shinhan Financial Group acquired from the government
an 80.04% stake in Chohung Bank, an entity which it now wholly
owns.  This transaction propelled SFG to its current system
ranking.  The Shinhan Financial Group agreed to maintain Shinhan
Bank and Chohung Bank as separate legal entities for three years
but has brought their merger date forward to April 1, 2006.


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

APEX EQUITY: Buys Back 23,000 Shares
------------------------------------
Apex Equity Holdings Berhad bought back 23,000 ordinary shares
for a total cash consideration of MYR10,282.35 on March 14,
2006.

The minimum price paid for each share purchased was MYR0.440 and
the maximum was MYR0.445.

After the purchase, the cumulative outstanding treasury shares
have reached 2,755,000.

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.


ASIAN PAC: Updates Corporate Restructuring Exercise
---------------------------------------------------
Pursuant to its Corporate Restructuring Scheme, Asian Pac
Holdings Berhad has on March 14, 2006, inked a supplemental deed
constituting redeemable convertible secured loan stocks
2000/2007.

Under the supplemental deed, the revised conversion price of
MYR1.25 for ordinary shares of MYR0.20 each in Asian Pac is to
be satisfied by either:

     -- tendering a cash payment of MYR0.25 plus MYR1.00 nominal
        value of RCSLS for five Asian Pac New Shares; or
  
     -- MYR1.00 nominal value of RCSLS for four Asian Pac New
        Shares.

The Company also entered into a new trust deed constituting
irredeemable convertible unsecured loan stocks 2006/2011, which
are to be issued as part consideration to the vendors of Quality
Trend Sdn Bhd and Changkat Fajar Sdn Bhd, the acquisitions of
which form part of Asianpac's corporate restructuring scheme.

As reported by the Troubled Company Reporter - Asia Pacific,
Asian Pac Holdings Berhad on March 19, 2004, disclosed that the
Company proposes to undertake the Proposed Corporate
Restructuring Scheme to address its hefty losses.

Headquartered in Kuala Lumpur, Malaysia, Asian Pac Holdings
Berhad -- http://www.asianpac.com.my-- is principally engaged  
in the underwriting of general insurance.  Its other activities
include provision of stockbroking and nominee services,
investment and development of properties and investment holding.  
Despite its healthier profits, Asian Pac's balance sheet has
remained burdened by its hefty accumulated losses, which
amounted to MYR506.48 million as of March 1, 2005.  To address
this, Asian Pac is currently undertaking a corporate-
restructuring exercise, which includes several proposed land
acquisitions to improve its high gearing level and to address
the accumulated losses.


DATUK KERAMAT: Securities Delisted from Bourse
----------------------------------------------
After having considered all the facts and circumstances, Bursa
Securities has decided to delist Datuk Keramat Holdings Berhad
from the Official List of Bursa Securities, as the Company has
failed to issue the financial statements within the time frames
stipulated by Bursa Securities; and more than six months have
lapsed from the expiry of the relevant timeframes stipulated and
the prescribed financial statements have still not been issued
to-date.

In this connection, the Company's securities will be removed
from the Official List of Bursa Securities at 9:00 a.m. on
Wednesday, March 22, 2006.  The Company is required to
communicate Bursa Securities' decision to its shareholders.

With respect to the Company's securities, which are currently
deposited with Bursa Malaysia Depository Sdn Bhd, the securities
may remain deposited with Bursa Depository notwithstanding the
delisting of the securities from the Official List of Bursa
Securities. It is not mandatory for the securities of a company,
which has been delisted to be withdrawn from Bursa Depository.

Alternatively, the Company's shareholders who intend to hold
their securities in the form of physical certificates, can
withdraw these securities from their Central Depository System
accounts maintained with Bursa Depository at anytime after the
securities of the above companies have been de-listed from the
Official List of Bursa Securities.  This can be effected by the
shareholders submitting an application form for withdrawal in
accordance with the procedures prescribed by Bursa Depository.  
These shareholders can contact any Participating Organization of
Bursa Securities and/or Bursa Depository's helpline at 03-2034
7711 for further information on the withdrawal procedures.

Upon the de-listing, the Company will continue to exist but as
an unlisted entity.  The Company is still able to continue its
operations and business and its shareholders can still be
rewarded by the companies' performance.  However, the
shareholders will be holding shares, which are no longer quoted
and traded on Bursa Securities.

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 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.


DATUK KERAMAT: Obtains Interim Stay of Judgment
-----------------------------------------------
On March 13, 2006, Datuk Keramat was granted an interim stay of
the judgment obtained by Danaharta Urus Sdn Bhd against the
Company.

The stay will last until the final disposal of the Company's
application for stay, which is fixed for hearing on April 17,
2006.

Danaharta has received an order on January 13, 2005, to collect
a judgment sum of MYR88,384,865 from Datuk Keramat for breaching
a restructuring facility agreement between the two parties.

                           Background

Datuk Keramat had entered into a restructured facility agreement
with Danaharta in 2003.  However, the Company planned to enter
into a proposed Debt Restructuring Scheme with the creditors of
the Company and sought the views of Danaharta.  After various
meetings with Danaharta and based upon the agreement of
Danaharta to support the proposed Debt Restructuring Scheme, the
Company had appointed Merchant Bankers and circulated the
proposed Debt Restructuring Scheme to Datuk's creditors of the
Company including Danaharta.  Under the agreed scheme, the Datuk
will issue Irredeemable Convertible Unsecured Loan Stocks to its
creditors including Danaharta.

The Company had agreed with Danaharta that it would pay the sum
of MYR150,000 per month for the initial letter of offer of the
restructured facility to be suspended. The Company had complied
with its part of the agreement and Danaharta had accepted the
payments without any pre-conditions prior to the suit being
commenced.  In breach of the agreement, Danaharta had commenced
a suit against the Company.

The Company contends that the suit filed by Danaharta is without
any merits or basis and the Company is therefore defending the
unfounded claims.

Meanwhile, the Troubled Company Reporter - Asia Pacific reported
on March 13, 2006, that Bursa Malaysia has reprimanded Datuk
Keramat for not updating the Bourse on the status of the demand
received from Danaharta Urus Sdn Bhd since September 16, 2003.  
Datuk 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.

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 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.


FEDERAL FURNITURE: SC Allows More Time to Complete Restructuring
----------------------------------------------------------------
The Securities Commission extends the time for Federal Furniture
Holdings (M) Berhad to complete the implementation of its
Restructuring exercise through March 15, 2007.

On June 24, 2004, Board of Directors of Federal Furniture
Holdings (M) Berhad has proposed a capital reduction, a share
premium reduction, rights issue with warrants and a debt
settlement scheme with some of its financial institution lenders
to restructure and settle a substantial part of its total banks'
borrowings.

Headquartered in Selangor Darul Ehsan Malaysia Federal Furniture
Holdings Bhd -- http://www.federal-furniture.com/-- is a listed  
company on the Kuala Lumpur Stock Exchange and is Malaysia's
premier furniture and interior design group.  It consists of
companies in all the main sectors of the furniture-related
industries, from manufacturing, marketing, exporting, contract
furnishing and interior design to retail.  With only six more
months prior to submitting its Restructuring Plan to authorities
for approval, Furniture Holdings Berhad admitted it has not yet
finalized its Financial Regularization Plan.


MALAYSIA AIRLINES: Expected to Fly Primary Domestic Routes
----------------------------------------------------------
A Cabinet Committee set up to oversee the rationalization of
domestic air routes is expected to let Malaysia Airlines System
fly primary domestic routes, while Air Asia take on the
secondary destinations, The Star reveals.

As reported by the Troubled Company Reporter - Asia Pacific on
March 13, 2006, the Government has permitted ailing Malaysia
Airlines to share its domestic routes with low-cost carrier
AirAsia.

Splitting of the routes, however, was not yet finalized.

The TCR-AP said that AirAsia was prepared to take over some of
Malaysia Airlines' assets, including four to nine aircraft, as
well as 200 to 1,000 employees to service the added domestic
routes.  AirAsia was also willing to take up the unprofitable
domestic routes now run by Malaysia Airlines with no subsidies,
with a view of making these routes profitable.

Prime Minister Datuk Seri Abdullah Ahmad Badawi or Transport
Minister Datuk Seri Chan Kong Choy is expected to make an
announcement of the domestic route rationalization this week.

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: To Revamp Reservation System
-----------------------------------------------
Malaysia Airlines is looking to switch entirely to e-ticketing
before the December 2007 deadline imposed by the International
Air Transport Association for all commercial airlines to have it
in place, The Edge reports.

MAS managing director Idris Jala said that e-ticketing id one
way to reduce costs.

Along with e-ticketing, Mr. Idris said pricing and inventory
management will also be a top priority in trim expenses.

The cost reduction plan is timely for Malaysia Airlines, which
is currently facing a "cash and profit" crisis, with a reported
loss of over MYR1.3 billion in 2005.

The carrier has implemented e-ticketing system for domestic
flights and will looking to go paperless for all flights as soon
as possible.

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.  


PATIMAS COMPUTERS: Buys Back MYR84,066 Worth of Shares
------------------------------------------------------
On March 3, 2006, Patimas Computers Berhad bought back 10,000
ordinary shares for a total cash consideration of MYR10,980.76.

M & C Services Sdn Bhd lodged the shares, which were purchased
through Bursa Malaysia Securities Berhad, with the registrar of
companies on March 14, 2006.

The minimum price paid for each share purchased was MYR1.090 and
the maximum was MYR1.090.  

After the purchase, the cumulative outstanding treasury shares
of the Company have reached 100,000.

Headquartered in Kuala Lumpur, Malaysia, Patimas Computers
Berhad is principally engaged in the development and sale of
computer related products and provision of computer related
services that is predominantly carried out in Malaysia.  
Accordingly, information by business and geographical segments
on the Group's operations is not presented.  The Group has
undertaken internal restructuring and other measures to offset
substantial losses and debts it incurred in the past years.  As
a result of its revival efforts, the contingent liabilities
arising from unsecured corporate guarantees given to licensed
banks for bank credit facilities granted to the Company's
subsidiaries decreased from MYR89.9 million as of December 2004
to MYR89.4 million as at December 2005.  The Group, which
currently has a healthy revenue backlog and strong sales
pipeline, is optimistic of the prospects in the year ahead and
anticipates better financial results in 2006.


PROMTO BERHAD: To Appeal Delisting Order
----------------------------------------
Promto Berhad is currently in the process of making an appeal to
the Bursa Malaysia Securities Berhad to reconsider its decision
to delist the Company's securities.

As reported by the Troubled Company Reporter - Asia Pacific on
March 15, 2006, Bursa Securities has decided to delist Promto
Berhad from the official list of Bursa Malaysia Securities on
March 22, 2006, due to the Company's failure to issue its annual
audited accounts and annual reports for the financial years 2003
and 2004 after more than six months from the expiry of the
timeframes.

Headquartered in Kuala Lumpur, Malaysia, Promto Berhad is active
in the manufacture and sale of electrical fittings, plastic
pipes, reinforced concrete pipes, culverts, concrete poles and
other building materials.  The Company has been employing
measures to revive its business and comply with listing
requirements.  The Company currently awaits the approval of
relevant authorities for the implementation of its proposed
restructuring scheme and rationalization exercise.


SATERAS RESOURCES: No Extension Seen to Complete Proposed Scheme
----------------------------------------------------------------
The Securities Commission has not approved Sateras Resources
(Malaysia) Berhad's application to extend the time to complete
the Company's Proposed Restructuring Scheme to April 2006.

The Board of Directors of Sateras has lodged an appeal with the
Securities Commission in respect of the said decision.

The Company filed a Proposed Restructuring Scheme in 2003.

The Sateras Group has been experiencing losses since 1997 and
has negative shareholders' funds as of the financial year ended
March 31, 2002.  Due to the economic turmoil, which hit the
country in 1997-1998, the financial condition of the Group
worsened and had never recovered since then.  The Sateras Group
was highly geared with total borrowings of MYR167.04 million as
of March 2002.  With the contraction in the property market
following the prolonged weak capital market and the over supply
of properties, the Group's businesses were unable to generate
sufficient revenue and cashflow to service its debts obligations
as and when it fell due since 1998.  The Group also did not
foresee that they will be able to generate sufficient future
profits and cashflow to meet its entire financial obligation in
the ordinary course of business or through the sale of its
assets.

The Proposed Restructuring Scheme is aimed at reviving the
financial strength of the Company through the injection of
profitable and viable assets via the Proposed Acquisition of Ace
and, thus, provides the creditors and existing shareholders of
Sateras an avenue to recover part of their debts or investments.  
The primary objective of the Proposed Debt Settlement is to
address its financial predicament, to rescue the Company from
the risk of being de-listed pursuant to the provisions of
Practice Note/2001 as the deadline imposed by the Stock Exchange
for Sateras to regulate its financial condition has since
passed. It is also intended to rescue the Company from the
likely event of being wound up or placed under a receivership
due to its inability to meet its financial commitments; and to
revive the financial strength of the Company via Ace.

The Proposed Share Exchange will provide the existing
shareholders of Sateras an avenue to recover a portion of their
investment, thus enabling the existing shareholders to benefit
from the prospects of the Ace Group as opposed to the current
position of Sateras.

Headquartered in Kuala Lumpur, Malaysia, Sateras Resources is
principally engaged in investment holding and provision of
management and secretarial services.  The principal activities
of its subsidiary companies are that of property development,
investment in real property, investment holding and educational
services.  In 2002, the firm was served a wind-up petition by
AmBank Berhad.  In 2003, the Company proposed a Restructuring
Scheme to clean up its balance sheet.  In 2004, lodged an
application before the Bursa Malaysia to regularize its
financial condition.  As the Group's business activity has been
reduced to a minimum, the Group's focus is mainly directed
towards implementing the Proposed Restructuring Scheme.


SOUTHERN BANK: Additional Shares Granted Listing and Quotation
--------------------------------------------------------------
Southern Bank Berhad's additional 118,744 new ordinary shares of
MYR1.00 each will be granted listing and quotation with today,
March 16, 2006.

The new shares were issued pursuant to the exercise of 118,744
warrants 1996/2006 (local warrants) into 118,744 new local "A"
shares.

As the said ordinary shares arising from the Exercise not be
entitled to dividends or any other distributions declared, made
or paid to shareholders in respect of the financial year ended
December 31, 2005, they will be quoted as "SBANK-OA".

Headquartered in Kuala Lumpur, Malaysia, Southern Bank Berhad
-- http://www.southernbank.com.my/-- is engaged in the  
provision of commercial banking business and other related
financial services, which include Islamic banking services.    
Other activities are accepting deposits and advancing loans,
property ownership and management, provision of risk capital,
stockbroking, sale and management of unit trusts, building
construction, property investment and investment holding.  The
Bank is currently working out measures to prevent the sale of
its business to Bumiputra-Commerce Holdings Berhad, which has
already submitted an unsolicited Asset Sale Proposal.  The Bank
believes Bumiputra-Commerce's bid fundamentally undervalues
Southern Bank and is materially inadequate from a financial and
business point of view.  In October 2005, Moody's Investors
Service has placed Southern Bank Berhad's D- bank financial
strength rating on review for possible upgrade.


SOUTHERN BANK: Merger with Bumiputra-Commerce Now On
----------------------------------------------------
Bumiputra-Commerce Holdings Berhad has been cleared to acquire
take over Southern Bank Berhad for MYR6.7 billion.

Bumiputra-Commerce will acquire Southern Bank for MYR4.30 per
share in cash or combination of cash and redeemable convertible
unsecured loan stocks and its warrants for MYR2.56 each.

In an announcement on March 15, 2006, Bumiputra-Commerce
confirmed that Southern Bank would also be declaring a five sen
gross dividend per share as part of the deal.

The sweetened deal comes after Southern rejected a hostile bid
last month from Bumiputra-Commerce.

Post-acquisition, Bumiputra-Commerce said it would merge
Southern Bank with its existing business and eventually delist
the Bank.  It said it would pay MYR50 million to Southern
directors and staff in loyalty or severance payments.

Bumiputra-Commerce's total assets will rise to MYR151 billion
from MYR121 billion after the completion of the deal.

Bumiputra-Commerce senior executive Nazir Razak described the
deal as a "landmark merger exercise" that would enhance value
for all shareholders, customers and employees.

Meanwhile, Southern Bank chief executive director Tan Sri Tan
Teong Hean Tan has been offered an executive advisory role for
two years at Bumiputra-Commerce to help with the integration.

The Troubled Company Reporter - Asia Pacific reported on March
8, 2006, that Southern Bank Board had unanimously rejected the
unsolicited Asset Sale Proposal from Bumiputra-Commerce, saying
the bid fundamentally undervalues Southern Bank and is
materially inadequate from a financial and business point of
view.

Headquartered in Kuala Lumpur, Malaysia, Southern Bank Berhad
-- http://www.southernbank.com.my/-- is engaged in the  
provision of commercial banking business and other related
financial services, which include Islamic banking services.    
Other activities are accepting deposits and advancing loans,
property ownership and management, provision of risk capital,
stockbroking, sale and management of unit trusts, building
construction, property investment and investment holding.  The
Bank is currently working out measures to prevent the sale of
its business to Bumiputra-Commerce Holdings Berhad, which has
already submitted an unsolicited Asset Sale Proposal.  The Bank
believes Bumiputra-Commerce's bid fundamentally undervalues
Southern Bank and is materially inadequate from a financial and
business point of view.  In October 2005, Moody's Investors
Service has placed Southern Bank Berhad's D- bank financial
strength rating on review for possible upgrade.


TELEKOM MALAYSIA: Spice Won't Hurt RAM Rating
---------------------------------------------
Rating Agency Malaysia opines that Telekom Malaysia Berhad's
proposed acquisition of an effective 49%-stake in Spice
Communications Private Limited -- via Distacom Communications
(India) Limited -- for a cash consideration of USD178.8 million
(MYR666.9 million), is within the Group's financial capacity.  

As such, the proposed acquisition is not expected to have any
adverse impact on the AAA-rating of Telekom's Medium-Term Notes
Programme.  Moreover, Telekom's plans are also in line with its
objective of becoming a significant mobile player in the Asian
market.

The proposed acquisition can be easily funded by Telekom's cash
reserves, which amounted to MYR6.4 billion as at end-December
2005.  Even after the MYR879.5-million settlement to DeTeAsia
Holding GmbH, Telekom would still have MYR5.54 billion of cash
to fund the proposed acquisition.  Following the completion of
the acquisition, Telekom's net gearing ratio would still come up
to a comfortable 0.30 - 0.35 times, compared to 0.27 times as at
end-December 2005.  Furthermore, Telekom's cash-generating
ability is expected to remain strong with an annual net
operating cashflow of at least MYR6 billion vis-a-vis some MYR12
billion of outstanding borrowings as of end-2005.

The proposed acquisition, which marks Telekom's debut in the
Indian market, will allow it to capitalize on the fast-growing
mobile segment, gain access to a broader market base and harness
significant operational synergies with its other regional
investments. Spice is expected to be a strong addition to the
Group's regional network of over 20 million subscribers in 8
countries.  With the enlarged network, Telekom is expected to
reap the benefits of, amongst others, common equipment sourcing
and opportunities for international call traffic within the
region.  

After a nine-year track record in mobile operations in the
states of Punjab and Kartanaka in India, Spice has a commendable
base of 1.7 million subscribers as of January 2006.  It is the
second-largest operator in Punjab with a 28.9% market share,
although one of the smallest players in Kartanaka with only a 6%
share of that market.  With their respective mobile penetration
rates of only 19% and 9% in Punjab and Kartanaka, these areas
offer strong growth opportunities given their large population
bases of 24 million and 54 million. Besides these 2 states,
Spice has also applied for additional licenses to operate in 6
new circles, further enlarging its growth opportunities.

Despite the stiff competition in India, Spice has been
profitable.  It generated an operating profit before
depreciation, interest and tax of USD37.2 million against
USD135.6 million of revenue in FYE 30 June 2005.  In line with
its expansion, however, Spice has also geared up substantially
with USD254.2 million of borrowings against USD125 million of
shareholders' funds, reflecting a gearing ratio of around 2
times as at end-June 2005.  In this respect, RAM does not
discount some infusion of funds from Telekom, as working capital
to assist Spice in developing its business.

Headquartered in Kuala Lumpur, Malaysia, Telekom Malaysia
-- http://www.telekom.com.my/-- which once owned Malaysia's  
telecommunications landscape, now faces growing competition.   
Telekom Malaysia provides voice and data services through three
primary operating units: TelCo, its core telecom business;
Telekom Multimedia, which develops new media businesses; and
ServiceCo, which oversees operational activities such as fleet
and property management.  The company is also a leading Internet
Service Provider.  Among Telekom Malaysia's subsidiaries are
units that publish phone directories and operate fiber optic
networks.  It sold its cellular unit in 2002 but gained control
of Celcom (Malaysia) in 2003.  The company also owns stakes in
businesses in nine countries in Asia and Africa.  The Company
had been locked up in disputes with different companies in the
past, which brought heavy losses to the firm.  Some of its units
are also facing the possibility of being wound up by creditors.


TRU-TECH HOLDINGS: Exercise Rights of Warrants Expires April 18
---------------------------------------------------------------
Tru-Tech Holdings Berhad disclosed that the Exercise Rights of
the Warrants will expire on April 18, 2006.

Warrants not exercised by the expiry date will lapse and become
null and void and shall cease to be exercisable thereafter and
accordingly be removed from the official list of Bursa
Securities Malaysia Berhad on April 19, 2006.

Holders of Warrants should note that if they wish to participate
in the future performance of the Company and its subsidiaries,
they would have to exercise their Exercise Rights on or before
the expiry date.  Holders of Warrants can either keep the new
Tru-Tech Shares to be issued to them arising from the exercise
of the Warrants or realize the said Tru-Tech Shares in the
future either through a direct business transaction with another
party or through open market on Bursa Securities.  On the
contrary, Holders of Warrants will not be able to participate in
the future performance of the Company and its subsidiaries if
the Exercise Rights are not exercised on or before the Expiry
Date.

The last day for trading of Warrants will be no later than 5:00
p.m. on March 30, 2006.  The Warrants will be suspended from
quotation on Bursa Securities with effect from 9:00 a.m. on
March 31, 2006.  Accordingly, the Warrants will be removed from
the Official List of Bursa Securities with effect from 9:00 a.m.
on April 19, 2006.

The exercise price for the Warrants is MYR6.50.  The remittance
has to be made in full to Tru-Tech Holdings Bhd via:

   * banker's draft or cashier's order drawn on a bank
     operating in Malaysia; or

   * money or postal order issued by a post office in
     Malaysia.

Furthermore, Bursa Depository will not be accepting any request
for the ordinary transfer of Warrants from April 10, 2006, up to
April 18, 2006.

Headquartered in Ulu Tiram Johor, Malaysia, Tru-Tech Holdings
Berhad's principal activity is the manufacturing of electronic
components and products.  Its other activities include
development and distribution of switch-mode power supplies and
investment holding.  The Group operates in Malaysia, Singapore,
United States and United Kingdom.  On May 27, 2004, Tru-Tech
announced a series of proposed corporate exercises to address
its financial frailty.  These include the incorporation of a new
entity as Tru-Tech's holding company, and the disposal of its
existing contract-assembly business to a third party.  Much of
Tru-Tech's future performance will hinge on its ability to
restructure its debts and resolve its financial woes.


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

LIGHT RAIL: Puts Up MRT Maintenance Contract for Bidding
--------------------------------------------------------
The Light Rail Transit Authority will bid out a five-year
maintenance contract for its Metro Rail Transit Line 2, the
Manila Times recounts.

According to LRTA administrator Mel Robles, they had decided to
bid out the MRT Line 2 contract worth PHP1.06 billion because
its warranty is about to expire next month.  Moreover, the
Philippine Government does not have the expertise to maintain
the Metro Rail operations.

The bidding will be conducted in two stages, with the first on
April 18, 2006, and the other on May 14, 2006.

Manila Times cites an unnamed LRTA official as saying that it
would be better if a private firm would handle the MRT 2's
operations maintenance, so as to avoid any delays in the
Government's procurement process.

The Philippine Government obtained a soft loan from the Japan
Bank for International Cooperation in order to build the PHP31
billion MRT 2.

The Light Rail Transit Authority -- http://www.lrta.gov.ph/--  
is a wholly owned government corporation created on July 12,
1980, under  Executive Order (EO) No. 603, as amended by  EO No.
830 dated September 1982, and  EO No. 210 dated July 7, 1987.   
The LRTA is primarily responsible for the construction,
operation, maintenance and/or lease of light rail transit
systems in the Philippines.  The LRTA is recognized as the
premiere rail transit in the country providing reliable,
efficient, dependable, and environment-friendly mass rail
services to all residents of Metro Manila.  However, the Company
has had difficulty in repaying its debts, which amounted to over
PHP1 billion as of 2004.


MAYNILAD WATER: MWSS Approves Re-Privatization Terms
----------------------------------------------------
Metropolitan Waterworks and Sewerage System's board of trustees
has approved the terms of reference for the re-privatization of
the concession area of Maynilad Water Services, Inc., the
Philippine Inquirer relates.

According to the Philippine Government corporate counsel Agnes
Devanedera, the next step is to circulate the terms of reference
among the creditors of Maynilad Water, to seek their approval.

In the terms of reference, Metropolitan's 84% stake in the
Company would be auctioned off, pending the resolution of a
US$3-million capital injected into Maynilad Water by Suez
Lyonnais des Eaux before its rehabilitation.

Court-appointed receiver Rosario Bernaldo is expected to review
the issue and come up with the best solution, before the terms
of reference would be finalized for possible review next week.  
Maynilad Water creditors such as Citibank NA, BNP Paribas,
Credit Agricole and Equitable PCI Bank are expected to review
the disbursed capital of French Suez Lyonnais and other matters
this week.

Under the terms of reference, the winning bidder would continue
Maynilad Water's operations for the remaining years of its 25-
year concession.

In 2005, the Company was able to post PHP2.2 billion in net come
due to reduced interest charges and reduced production costs.  
DMCI holdings, AMA Group of Companies, and Merrill Lynch are
among the companies that have expressed interest in bidding for
the Company's concession rights, the Inquirer reports.

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


NATIONAL POWER: Challenges Meralco Claim to Lower Power Rates
-------------------------------------------------------------
The National Power Corporation has questioned the claim of
Manila Electric Company that it charges lower power generation
rates than the state-owned firm, The Philippine Star reports.

According to Napocor's bills to Meralco, it charged PHP4.08 per
kilowatt-hour from the period December 26, 2005 to January 25,
2006, and PHP4.12 per kilowatt-hour for the period from January
26, 2006 to February 26, 2006.  Including value-added tax and
deferred accounting costs, Napocor charged Meralco PHP4.86 per
kilowatt-hour in January and PHP4.97 per kilowatt-hour last
month.

The Troubled Company Reporter - Asia Pacific reported on
March 15, 2006, that Meralco had paid PHP5.94 per kwh of power
from Napocor in February 2006, while it paid PHP5.26 per kwh for
power generated from its independent power producers.

                       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.


* Philippine Central Bank to Pay US$500-Mln Debt in Advance
-----------------------------------------------------------
The Bangko Sentral ng Pilipinas is planning to pay a debt of up
to US$500 million next month by using reserves from the foreign
exchange, the Philippine Star says.

According to BSP governor Amando Tetangco, Jr., the increase in
gross international reserves and incoming remittances from
overseas Filipino workers helped to improve the Bank's external
position, and an early repayment of debt would reduce interest
costs.  BSP's debt, which comprises US$104.5 million in floating
rate notes and US$395.5 million loan from commercial lenders, is
due to mature in October this year.

The Philippine government aims to reduce its debt by 56% of the
country's gross domestic product by 2008, and has targeted to
scrap the budget deficit by that time.  The BSP had borrowed
US$500 million from 18 commercial lenders in order to pay a
whopping US$800 million debt, and it didn't want to exhaust its
foreign reserves to repay the debt.

The Star reports that Standard & Poor's raised its outlook on
Philippine debt to stable from negative due to a slimmed down
budget deficit.  The government's long-term foreign currency
debt was rated BB, three rungs below investment grade.


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

BLISSMORE PRIVATE: Omitted from Companies Registry
--------------------------------------------------
Blissmore Pte Limited, an indirect dormant subsidiary of
CapitaLand Limited, has been taken out of the Register of
Companies effective February 24, 2006.


CAMELEON DESIGN: Prepares to Pay Dividend
-----------------------------------------
Cameleon Design & Communication (S) Private Limited is set to
pay intended preferential dividend to creditors.

The Company will be receiving proofs of claim not later than
March 24, 2006.

Contact: Kamala Ponnampalam
         Assistant Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


CHINA AVIATION: Ex-Chief Admits to Six of 15 Charges
----------------------------------------------------
At a hearing on Wednesday, China Aviation Oil (S) Limited's
former chief executive officer pleaded guilty to six of 15
charges filed against him, Reuters reveals.

Ex-Chief Chin Jiulin admitted to charges including:

   -- making false or misleading statements;

   -- failure to inform the Singapore exchange of the Company's   
      losses;       
   
   -- conspiring to cheat Deutsche Bank;
   
   -- procuring China Aviation's parent firm to commit insider    
      trading

According to China Aviation's lawyer, Nicholas Narayanan, five
of the six charges that Mr. Jiulin admitted to each carries a
maximum sentence of seven years in prison.

Mr. Jiulin worked as CEO of China Aviation in 1997, until he was
suspended from his job in November 2004.  

The suspension of Mr. Jiulin came after the Company raked in
losses for engaging in speculative trading on oil prices.  The
huge loss prompted the Company to seek court protection from
creditors.

In August 2005, China Aviation's parent firm paid SGD8 million
as penalty for breaching Singapore's insider trading laws.  
China Aviation Holdings sold a 15 percent stake in China
Aviation Oil one month before it sough court protection from
creditors.

On March 2, 2006, Jia Changbin, chairman of China Aviation Oil,
was fined a record SGD250,000 for insider trading and SGD150,000
for failing to disclose the company's loss to Singapore Stock
Exchange.  Non-executive directors Gu Yanfei, 40, and Li Yongji,
37, were each fined SGD150,000 for not disclosing the loss.

Shareholders of the Company have recently approved a new
restructuring plan for China Aviation.  According to a Troubled
Company Reporter - Asia Pacific report on March 7, 2006, the
newly approved restructuring plan allows creditors an option to
have an upfront cash payment of 45 cents on every dollar owed,
or a higher repayment rate of 58 cents a dollar spread over five
years.  

On the other hand, the Court has fixed the hearing in relation
to the Sanction of Shareholders' Scheme on March 21, 2006.  The
court's approval would resume trading in China Aviation's
shares.

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 avoided 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.   


FORNET INTERNATIONAL: Wind-Up Hearing Slated for March 24
---------------------------------------------------------
A wind-up petition has been presented to the Singapore High
Court for Fornet International Private Limited on February 27,
2006.

The Petition will be heard before the Court on March 24, 2006,
at 10:00 a.m.

Creditor or contributory of the Company desiring to support or
oppose the Petition may appear at the hearing.

Contact: Koninklijke Philips Electronics N.V.
         Petitioner
         Groenewoudseweg 1, 5621 BA Eindhoven
         The Netherlands

         Shook Lin & Bok
         Solicitors for the Petitioner
         1 Robinson Road
         #18-00, AIA Tower
         Singapore 048542


MAE ENGINEERING: Clarifies Business Times Report
------------------------------------------------
MAE Engineering Limited clarified the news article in the
Business Times on March 14, 2006, captioned "MAE Hopes to turn
around with bio-diesel business".

Currently, the valuation of Lereno and its bio-diesel business
and the due diligence exercise for Lereno are in progress.  A
formal sale and purchase agreement between the seller Eligro Sdn
Bhd and MAE will be finalized and signed after these exercises
are completed.  Once this is done, the details will be submitted
to SGX, MAE's Board and MAE's shareholders for approvals and
further announcement of the details will be released.

The introduction of Lereno and its bio-diesel business was
through an interview by the press with the Executive Chairman of
Lereno, David Long and Marketing Director of Lereno, Daniel Ho
Siau Chiang.  Ong Puay Koon, Kong Mun Kwong and other members of
MAE were present at the introduction.  MAE's directors were also
interviewed as MAE is the potential substantial shareholder of
Lereno.

At the interview, David Long explained at great length the
business of Lereno, its proprietary production process, the
quality and the uniqueness of its products (bio-diesel and
pharmaceutical-grade glycerine).  Mr. Long also elaborated on
Lereno's business positioning in relation to the rest of the
general bio-diesel market.

Ong Puay Koon, when requested at the event, confirmed that MAE
intends to secure 38% of shares in Lereno.

The acquisition of this 38% shares will be fully satisfied
through a proposed issue of new MAE shares at an issue price of
$0.05 per share.

Currently, MAE has initiated the process of raising additional
funds for financing the working capital for the acquisition and
MAE's business.  Greater details for this will be made available
to shareholders once preliminary regulatory approvals are
obtained.

Analysis and report required under Rule 1006 of the Listing
Manual will be made available in an announcement immediately
after the due diligence, the valuation exercise and the sale and
purchase agreement of the Lereno shares have been finalized and
completed.

Headquartered in Singapore, Mae Engineering Limited is engaged
in the provision of integrated electrical and mechanical
engineering services including designing, planning and
procurement.  These services are categorized into electrical
installations, mechanical installations, electrical power supply
installations, instrumentation and building automation as well
as maintaining electrical and mechanical systems.  The Group
also offers consulting and specialist services to oceanariums
and aquariums.  The Group has disposed off its prawn and fish
farming as well as edutainment businesses.


UNITED FIBER: Makes Fifth Payment to Series Three Loan Note
-----------------------------------------------------------
On March 8, 2006, United Fiber System Limited has issued an
Advance Notice for SGD2,000,000 to Cornell pursuant to the
Expanded Equity Line as fifth partial repayment of the
SGD50,000,000 Series Three Loan Note.

Following the three-day pricing period, the exercise price for
the Advance has been determined to be SGD0.2852, which is not
lower than 94% of the volume weighted average price of the
Company's shares traded on March 7, 2006 of SGD0.2850.

To expedite the settlement of shares under the Advance, the
Company will borrow 7,012,622 shares from its controlling
shareholder, Tektronix Industries Limited, to deliver to
Cornell.

The shares delivered will comprise 0.35% of the Company's
enlarged issued and paid-up share capital after the issue of
13,988,555 new shares to return to Tektronix.

Headquartered in Singapore, United Fiber System's  
-- http://www.ufs.com.sg/-- principal activities are those of
building contractors and property developer.  Other activities
include manufacturing and trading of scaffolding systems and
investment holding.  Operations of the Group are carried out in
Singapore and other Asia-Pacific countries.  In April 2002, the
shareholders of the Company approved a plan to venture into the
forestry and pulp businesses.  The restructuring exercise
involved the acquisition of the entire issued and paid-up share
capital of Anrof Singapore Ltd group of companies with a forest
concession right and extensive forest plantations in Indonesia
and with a license to build and operate a bleached hardwood
kraft pulp mill in Indonesia with an annual production capacity
of 600,000 tonnes of pulp.  The restructuring exercise has
transformed UFS from a local construction company to a group
with significant regional presence and with synergistic
operations in forestry, pulp production and construction.


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

THAI HEAT: Stock Exchange of Thailand Lifts Trading Halt
--------------------------------------------------------
The Stock Exchange of Thailand had ordered to halt trading in
Thai Heat Exchange Public Company Limited, after information on
capital increase circulated, without formally informing the
Exchange.  The Company is said to be selling shares at THB1 per
share and was due for payment on March 15, 2006.

However, since the Company was able to clarify or disclose
relevant information to the Exchange, disseminated through the
disclosure system, the Company was allowed to resume trading
effective yesterday, March 15, 2006.

Headquartered in Bangkok, Thailand, Thai Heat Exchange Public
Company Limited -- http://www.thaiheat.com/-- has been  
manufacturing quality condenser coils, evaporator coils for
automobile and room air-conditioners and other application such
as slab coils, cooler coils, heater coils, refrigeration coils,
box air-conditioners, and cater to the various sectors of its
large clientele.  Thai Heat is currently undergoing business
rehabilitation.  Its securities are placed under the Rehabco
Sector of the Stock Exchange of Thailand.


TMB BANK: Fitch Affirms Ratings on News of Rights Issue
-------------------------------------------------------
Fitch Ratings has affirmed TMB Bank Public Company Limited's
ratings on the bank's announcement of its rights issue.

These ratings are affirmed:

   * Long-term foreign currency rating at 'BB+' with a Positive
     Outlook

   * Short-term foreign currency rating at 'B', foreign currency
     subordinated debt rating at 'BB'

   * Individual rating at 'D' and Support rating at '3'.

At the same time, Fitch Ratings (Thailand) has affirmed TMB's
National Long-term rating at:

   * 'A(tha)' with a Positive Outlook

   * National Short-term rating at 'F1(tha)' and

   * National subordinated debt rating at 'A-(tha)' (A  
     minus(tha)).

The ratings affirmation followed the bank's announcement of its
rights issue, which, if successfully completed, should help
strengthen its financial position and result in an upgrade of
its ratings.  TMB's ratings remain constrained by its currently
low level of reserves and capital and weak profitability and
franchise relative to its larger peers.

TMB's planned capital increase and the support of its 16.1%
strategic shareholder, Development Bank of Singapore (DBS, rated
'AA-' (AA minus)/Stable/'F1+'), should help strengthen the bank
in the medium-term, notwithstanding a weakening operating
environment in 2006.

TMB plans to raise THB20 billion of capital in 2006, THB12
billion via a rights issue and a further THB8 billion in either
Hybrid Tier 1 or Upper Tier 2 capital within six months.  DBS
and other key shareholders such as the Ministry of Finance (with
31%) have indicated their support to the capital increase.

While improving, TMB's underlying profitability and capital
position remains relatively weak when compared with other big
Thai banks.  Its asset quality and reserve coverage deteriorated
while its cost to income ratio still remains high, trends which
were accentuated by the merger with the Industrial Finance
Corporation of Thailand (IFCT).

The weakening operating environment may also impact the bank's
loan growth and profitability in 2006.

Underlying operating revenues are recovering, although
profitability is still below the peer average, with a net
interest margin of only 2.12% in 2005, reflecting the higher
funding costs of IFCT and still weak underlying loan growth. Net
income improved to THB7.8 billion in 2005 - mainly because of
lower provisioning.

The refinancing of IFCT's higher cost wholesale funding,
together with the strengthening of the bank's franchise should
result in higher revenues and improved profitability in the
medium term.

At end-2005, TMB reported impaired loans of THB77.4bn, or about
14% of total loans, up from THB66.4bn (or 13%) at end-2004, due
mainly to the reclassification of restructured loans in H105,
although its impaired loans started to fall in H205. Loan loss
reserves stood at THB35bn, which equated to 45 % of impaired
loans, down from THB44.3bn or 67% at end-2004.

Relatively weak reserve coverage and the high level of
restructured loans still presents some risk of further
provisioning. TMB's net impaired loans/equity stood at 83% at
end-2005, up sharply from 49%, reflecting its weak reserve
levels.

At end-2005, TMB's Tier 1 capital stood at 6.2% of risk-weighted
assets (RWA) and total capital was 9% of RWA. These ratios
remain weaker than those of TMB's peers, although the planned
capital increase should help the bank fund growth and improve
reserve coverage.






                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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