TCRAP_Public/060329.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  

           Wednesday, March 29, 2006, Vol. 9, No. 063  


                            Headlines

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

A.C.N. 001 392 963: Decides to Wind Up Business
A.C.N. 092 357 992: Schedules Final Meeting Today
AFFORDABLE GRANITE: Prepares to Liquidate Assets
BROOKHOLLOW PTY: Members Resolve to Wind Up Firm
CARNET AUSTRALIA: Appoints Receivers and Managers

CHALLENGE PIPELINE: Members Opt for Winding Up
CLAYTON PLASTICS: To Distribute Dividend
DARFIELD PTY: Enters Voluntary Liquidation
ETHAN REBOLLEDO: Supreme Court Orders Wind-up
ET SOLUTIONS: Names Joint and Several Liquidators

FABRIC LIBRARY: Shareholders Decide on Winding Up
FLOORS OF AUSTRALIA: Liquidator to Discuss Wind-up Report
FORTESCUE METALS: Gets AU$284-Mil Financing for Pilbara Project
FORTESCUE METALS: CEO Forrest Undaunted by Legal Action
GLOBECOM NZ: Official Assignee Tapped as Liquidator

HADLEY'S CREATIVE: Members Agree to Voluntary Liquidation
HANNOVER HOLDINGS: Members to Receive Wind-up Details
MCCLEURG HOLDINGS: Joint and Several Liquidators Appointed
M.D.M. CONSTRUCTIONS: Robert Whitton Named as Liquidator
MYER LIMITED: Newbridge Seeks AU$1 Billion Financing to Buy Myer

NATCON PTY: Prepares to Pay Dividend to Creditors
QANTAS AIRWAYS: To Provide Freighter Aircraft to Air Express
QANTAS AIRWAYS: Seeking AU$350 Million for New Aircraft
QANTAS AIRWAYS: To Further Outsource IT Services
RACHALL PROPRIETARY: Inability to Pay Debts Leads to Wind-up

RESPONSIBLE NOMINEES: To Declare First and Final Dividend
RICHMART CLARK: Members Agree to Liquidate Business
RUSSELL HASTINGS PTY: To Hold Final Meeting Today
S&L WALLACE PTY: Placed Under Voluntary Liquidation
STATION ROAD: Appoints Official Liquidator

TELSTRA CORPORATION: Judge Grills Senior Exec Over Pay TV Issue
TELSTRA CORPORATION: Senator Coonan Open to Compromise
WORLD WOOL: Receiver Steps Aside


C H I N A   &   H O N G   K O N G

ALKING INTERNATIONAL: To Declare Dividend on April 8
ARTPAC RESOURCES: Members Resolve to Wind Up Firm
ASIA WATER: Winding Up Process Commenced
ASSON HOLDINGS: Enters Liquidation Proceedings
BIG SINCERE: Appoints Official Liquidators

GALANE BAKERY: Au Shu Wing Lodges Wind-Up Petition
HAMON CHINA: Members' Meeting Slated for April 20
INCORPORATED OWNERS: Receives Petition to Wind Up Operations
JEAN HOOD: Shareholders Resolve to Wind Up Firm
MIRAGE LIMITED: Schedules Final Meeting on April 13

OVERTURE COMPANY: Liquidator to Distribute Assets
PACTLAND LIMITED: Faces Wind-up Proceedings
PROFIT ERA: To Hold Final Meeting on April 20
ROSENBLUTH INTERNATIONAL: Members' Meeting Slated for April 18
SYSCAN TECHNOLOGY: 2005 Net Loss Widens to HK$100 Mln

UNITED OCEAN: Liquidator to Discuss Wind-up
WINTIC CONSULTANTS: Court Orders Winding Up


I N D I A

BHARAT PETROLEUM: Opens Petroleum Oil Lubricant Depot in Kanpur
COAL INDIA: Coal & Steel Panel Criticizes Outsourcing Plan
DUNLOP INDIA: Reopening Agreement Formalized
INCAB INDUSTRIES: Workers Reject Silver Jubilee Revival Proposal


I N D O N E S I A

GARUDA INDONESIA: Deutsche Bank to Invest in Ailing Carrier


J A P A N

CULTURE CONVENIENCE: Teams Up with Aioi Insurance Company
LIVEDOOR COMPANY: Affiliate Plans to Change Name


K O R E A

KOREA EXCHANGE: Moody's Reviews Rating for Possible Upgrade
KOREA EXCHANGE: Kookmin Starts Due Diligence on KEB
LG CARD: Selects Blue Coat to Strengthen Web Security


M A L A Y S I A

GEORGE TOWN: Court Rules Restraining Order Will Continue
MALAYSIA AIRLINES: Reports End-of-year Losses Due to Fuel Costs
MALAYSIA AIRLINES: Ax Hovers Over 6,500 Workers
MANGIUM INDUSTRIES: Sawmill Arm Defaults on Unsecured Debts
NORTH BORNEO: Corporate Adviser Quits

PAN MALAYSIA: Buys Back 75,000 Shares for MYR31,995
PILECON ENGINEERING: Unit Receives Petition to Wind Up
PROTON HOLDINGS: Plans to Put MV Augusta Nightmare Behind
SOUTHERN BANK: Lists New Ordinary Shares
SOUTHERN BANK: RAM Maintains A1/P1 Ratings

SYARIKAT KAYU: Intends to Have Shareholders' Mandate Renewed
VTI VINTAGE: Unit Bids for MYR2.2-Mln Leasehold Land Property


P H I L I P P I N E S

ABS-CBN BROADCASTING: Court Halts DOJ Probe on Stampede Case


S I N G A P O R E

CHINA AVIATION: Expects to Resume Trading of Shares Today
CITIRAYA INDUSTRIES: Inks Investment Agreement with Heshe
FIRSTLINK INVESTMENTS: Court Decides on Petition Against Unit
INTER-BUILDERS DEVELOPMENT: Proofs of Claim Due Next Month
KIAN FOO: Court Decides to Wind Up Firm

SINTEK TRADING: Creditors Should Prove Claims by April 7
STERI-CARE: Creditors Given Until April 24 to Prove Claims


T H A I L A N D

BANGKOK STEEL: Hires New Auditors
CENTRAL PAPER: Net Loss Shrinks to THB39.32 Million
CHRISTIANI & NIELSEN: Posts a THB136.17 Million Profit
EVERLAND: Net Profit Narrows to THB171.5 Million
THAI AIRWAYS: Nok Air to Takeover Two Routes

     - - - - - - - -

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

A.C.N. 001 392 963: Decides to Wind Up Business
-----------------------------------------------
Members of A.C.N. 001 392 963 Pty Limited held an extraordinary
general meeting on February 20, 2006, and agreed to:

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

  -- appoint Michael Stephen Hawkins Royal as liquidator for the
     wind-up.

Contact: Michael S. H. Royal
         Liquidator
         Business Improvement and Restructuring Services
         Suite 5a, 19-21 Central Road
         Miranda, New South Wales 2228
         Australia
         Telephone: (02) 9531 8365
         Fax: (02) 9531 8367


A.C.N. 092 357 992: Schedules Final Meeting Today
-------------------------------------------------
A final meeting of the members of A.C.N. 092 357 992 Pty Limited
will be held for the parties to receive the Liquidator I. A.
Currie's final account showing how the Company was wound up and
how its property was disposed of.

The meeting will be held today, March 29, 2006.

Contact: I. A. Currie
         P. G. Biazos
         Liquidators
         Currie Biazos Insolvency Accountants
         Level 3, 320 Adelaide Street
         Brisbane, Queensland 4000
         Australia


AFFORDABLE GRANITE: Prepares to Liquidate Assets
------------------------------------------------
Affordable Granite Benchtops South Island Limited has commenced
liquidation on March 8, 2006.

In this regard, Gordon Hansen was appointed to facilitate the
liquidation of the Company's assets.

Creditors are asked to file their claims and establish any
priority the claims may have not later than April 7, 2006.

Contact: G. L. Hansen
         Liquidator
         Goldsmith Fox PKF
         P.O. Box 13 141, Christchurch
         New Zealand
         Telephone: (03) 366 6706
         Facsimile: (03) 366 0265


BROOKHOLLOW PTY: Members Resolve to Wind Up Firm
------------------------------------------------
The members of Brookhollow Pty Limited held a meeting on
February 20, 2006, and agreed to shut down the Company's
operations.

Roberth Keith Hunter was then appointed as liquidator.

Contact: Robert K. Hunter
         Liquidator
         Ure Lynam & Company Chartered Accountants
         17th Floor, 1 York Street
         Sydney, New South Wales 2000
         Australia


CARNET AUSTRALIA: Appoints Receivers and Managers
-------------------------------------------------
On February 10, 2006, Andre John Love, Mark Maxwell Taylor and
Peter Damien McCluskey were appointed as receivers and managers
of all assets and undertakings of Carnet Australia 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


CHALLENGE PIPELINE: Members Opt for Winding Up
----------------------------------------------
At a general meeting of Challenge Pipeline Services Pty Limited
on February 23, 2006, members resolved to close the Company's
business operations and distribute the proceeds of its assets.

Ron Gamble was appointed as liquidator to supervise the
Company's wind-up.

Contact: Ron Gamble
         Liquidator
         c/o BDO Chartered Accountants & Advisers
         8th Floor, 256 St. George's Terrace
         Perth, Western Australia 6000
         Australia
         Telephone: (08) 9360 4200


CLAYTON PLASTICS: To Distribute Dividend
----------------------------------------
Clayton Plastics (Australia) Pty Limited will declare its first
and final dividend today, March 29, 2006.

The Company's creditors who were not able to prove their claims
will be excluded from the benefit of the dividend.

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


DARFIELD PTY: Enters Voluntary Liquidation
------------------------------------------
The members of Darfield Pty Limited convened on February 20,
2006, and concurred that the Company should wind up its
operations voluntarily.

Robert William Cowling was named as Company Liquidator.

Contact: Robert W. Cowling
         Liquidator
         GPO Box 3300
         Darwin Northern Territory 0801
         Australia
         Telephone: (08) 8941 9959
         Fax: (08) 8941 4599


ETHAN REBOLLEDO: Supreme Court Orders Wind-up
---------------------------------------------
On February 23, 2006, the Supreme Court of New South Wales
ordered the winding up of Ethan Rebolledo Pty Limited, and
appointed R. J. Porter as Liquidator.

Contact: R. J. Porter
         Liquidator
         Moore Stephens Chartered Accountants
         Level 6, 460 Church Street
         Parramatta, New South Wales 2150
         Australia


ET SOLUTIONS: Names Joint and Several Liquidators
-------------------------------------------------
Joint and several liquidators have been appointed for ET
Solutions Limited on March 6, 2006.

Contact: Kenneth Peter Brown
         Thomas Lee Rodewald
         Joint and Several Liquidators
         Care of Rodewald Hart Brown Limited
         127 Durham Street
         P.O. Box 13-380, Tauranga
         New Zealand
         Telephone: (07) 571 6280
         Web site: http://www.rhb.co.nz/


FABRIC LIBRARY: Shareholders Decide on Winding Up
-------------------------------------------------
At a meeting of shareholders of Fabric Library International Pty
Limited on February 22, 2006, it was decided that the Company
must voluntarily commence a wind-up of its operations.

Contact: Ian Alexander Jolly
         Liquidator
         Level 4, 222 Clarence Street
         Sydney, New South Wales 2000
         Australia


FLOORS OF AUSTRALIA: Liquidator to Discuss Wind-up Report
---------------------------------------------------------
The members and creditors of Floors of Australia Pty Limited
will hold a final meeting today, March 29, 2006, for them to get
an account of the manner of the Company's wind-up and property
disposal from Liquidator Adrian Brown.

Contact: Adrian Brown
         Liquidator
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia

FORTESCUE METALS: Gets AU$284-Mil Financing for Pilbara Project
---------------------------------------------------------------
Fortescue Metals Group Ltd. -- through adviser Citigroup -- has
arranged a AU$284 million financing facility to keep development
of its AU$2 billion iron ore mine project in the Pilbara region,
the Australian Associated Press reports.

The Troubled Company Reporter - Asia Pacific reported on
March 27, 2006, that Fortescue has just completed its internal
40-day review, which set the Company for its Pilbara funding
campaign.  Fortescue handed over to Citigroup the job of
sourcing the debt component of the capital raising and of
determining the timing and method of the fundraising initiative.

According to AAP, Citigroup arranged the syndicated loan note
facility to keep the Pilbara Project on track while Fortescue
considers its financing options.

Fortescue believes that the financing facility would give it
enough time and flexibility to optimize the respective debt and
equity components of its project finance program while
continuing the expedited delivery of the Pilbara Project.  The
mining group said that with the loan note in place, it was
scheduling other key construction and procurement contracts to
maintain the Project's timeline.

Fortescue is targeting first production in the first quarter of
2008.

                         About Fortescue

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited -- http://fmgl.com.au/-- is involved in the  
exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

Fortescue's troubles began when its Chief Executive Officer,
Andrew Forrest, admitted to a AU$500-million blowout on the cost
of port and rail infrastructure in the Pilbara Project because
of price hikes for steel, fuel, construction materials and
contract labor.  The Company also disclosed that the hampered
progress brings in the possibility that the Company may not meet
its ore delivery schedule and pushes up costs at resource
developments across Western Australia.  In May 2005, the
Australian Stock Exchange pressured Fortescue to explain matters
about the troubled project and to explain how the Company would
be able to dispose of its lower grade order for 95% of the price
obtained by rivals BHP Billiton and Rio Tinto for their top-
quality products.  The ASX referred the Fortescue matter to the
Australian Securities and Investments Commission, which recently
commenced a legal action against the Company.  ASIC alleges that
Fortescue is engaged in misleading and deceptive conduct and has
failed to comply with its continuous disclosure obligations when
it announced various contracts with Chinese entities on August
23 and November 5, 2004.  In particular, Fortescue did not
disclose that the Chinese parties had not reached a concluded
agreement on fundamental aspects of the projects and they had
merely agreed that they would in the future jointly develop and
agree on the "agreed" matters.  ASIC is seeking civil penalties
of up to AU$3 million against Fortescue.


FORTESCUE METALS: CEO Forrest Undaunted by Legal Action
-------------------------------------------------------
Fortescue Metals Group Ltd. faced the Federal Court yesterday
over charges brought by the Australian Securities and
Investments Commission.

As reported in the Troubled Company Reporter - Asia Pacific on
March 6, 2006, ASIC had issued proceedings in the Federal Court
in Perth seeking civil penalty orders against the listed mining
company and its chief executive officer, Andrew Forrest, for
allegedly misleading and engaging in deceptive conduct when
announcing major contracts with Chinese entities on August 23
and November 5, 2004, relating to Fortescue's AU$2 billion iron
ore mine project in the Pilbara region.  The ASIC also claims
that the mining group failed to comply with continuous
disclosure obligations.

The TCR-AP stated that ASIC is seeking penalties of up to AU$3
million against Fortescue and AU$600,000 against Mr. Forrest.

According to ABC News Online, Fortescue asserted that it
disclosed all the necessary information and will vigorously
contest the ASIC's charges.

Mr. Forrest, on the other hand, together with his lawyers, has
initiated a move to have the legal action dropped, ABC News
relates.

Mr. Forrest's lawyer, Martin Bennett, presented the Federal
Court with a copy of a letter sent to the Australian Stock
Exchange in 2004, which he says proves that the CEO met all of
his disclosure obligations.  Mr. Bennet also argued that ASIC's
failure to include the release in its statement of claims is
utterly incomprehensible.

The Federal Court has scheduled a hearing for next month to
decide on Mr. Forrest's dismissal request.

                         About Fortescue

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited -- http://fmgl.com.au/-- is involved in the  
exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

Fortescue's troubles began when its Chief Executive Officer,
Andrew Forrest, admitted to a AU$500-million blowout on the cost
of port and rail infrastructure in the Pilbara Project because
of price hikes for steel, fuel, construction materials and
contract labor.  The Company also disclosed that the hampered
progress brings in the possibility that the Company may not meet
its ore delivery schedule and pushes up costs at resource
developments across Western Australia.  In May 2005, the
Australian Stock Exchange pressured Fortescue to explain matters
about the troubled project and to explain how the Company would
be able to dispose of its lower grade order for 95% of the price
obtained by rivals BHP Billiton and Rio Tinto for their top-
quality products.  The ASX referred the Fortescue matter to the
Australian Securities and Investments Commission, which recently
commenced a legal action against the Company.  ASIC alleges that
Fortescue is engaged in misleading and deceptive conduct and has
failed to comply with its continuous disclosure obligations when
it announced various contracts with Chinese entities on August
23 and November 5, 2004.  In particular, Fortescue did not
disclose that the Chinese parties had not reached a concluded
agreement on fundamental aspects of the projects and they had
merely agreed that they would in the future jointly develop and
agree on the "agreed" matters.  ASIC is seeking civil penalties
of up to AU$3 million against Fortescue.


GLOBECOM NZ: Official Assignee Tapped as Liquidator
---------------------------------------------------
On March 3, 2006, the Official Assignee was chosen to facilitate
the liquidation of Globecom NZ Limited's assets.

Contact: Official Assignee
         Insolvency and Trustee Service
         Private Bag 4714, Christchurch
         New Zealand
         Telephone: 0508 467 658
         Web site: http://www.insolvency.govt.nz/


HADLEY'S CREATIVE: Members Agree to Voluntary Liquidation
---------------------------------------------------------
After a general meeting on February 24, 2006, the members of
Hadley's Creative Landscapes Pty Limited decided to voluntarily
wind up the Company's operations.

Gregory Stuart Andrews was named as liquidator for the wind-up.

Contact: Gregory S. Andrews
         Liquidator
         G. S. Andrews & Associates
         22 Drummond Street, Carlton 3053
         Australia
         Telephone: (03) 9662 2666
         Fax: (03) 9662 9544


HANNOVER HOLDINGS: Members to Receive Wind-up Details
-----------------------------------------------------
The members of Hannover Pty Limited will convene today, March
29, 2006, to receive Liquidator Richard Cox'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: Richard Cox
         Liquidator
         c/o Trumans
         PO Box 5485, West Chatswood
         New South Wales 1515
         Australia
         Telephone: (02) 9410 6999


MCCLEURG HOLDINGS: Joint and Several Liquidators Appointed
----------------------------------------------------------
Kenneth Peter Brown and Thomas Lee Rodewald were appointed joint
and several liquidators of McCleurg Holdings Limited on
February 25, 2006.

Contact: T. L. Rodewald
         Joint Liquidator
         Care of Rodewald Hart Brown Limited
         127 Durham Street
         P.O. Box 13-380, Tauranga
         New Zealand
         Telephone: (07) 571 6280
         Web site: http://www.rhb.co.nz/


M.D.M. CONSTRUCTIONS: Robert Whitton Named as Liquidator
--------------------------------------------------------
After their extraordinary general meeting on February 22, 2006,
the members of M.D.M. Constructions Pty Limited decided to
voluntarily wind up the Company's operations.

A creditors' meeting was also held on the same day.
Subsequently, Robert Whitton was appointed as Liquidator.

Contact: Robert Whitton
         Liquidator
         Lawler Partners Chartered Accountants
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia


MYER LIMITED: Newbridge Seeks AU$1 Billion Financing to Buy Myer
---------------------------------------------------------------
Newbridge Capital LLC is borrowing AU$1.06 billion to fund its
purchase of the Myer department stores from Coles Myer Limited,
a banker involved in the matter told Bloomberg News.

As reported in the Troubled Company Reporter - Asia Pacific on
March 15, 2006, Coles Myer sold its 61-store chain and its
flagship store in Bourke Street, Melbourne, for AU$1.4 billion
in aggregate to Newbridge Capital -- along with Newbridge's
American parent company Texas Pacific Group and the Myer family,
which holds some 5% stake in the investment firm.

Newbridge, which buys up companies and injects money to sell at
a profit, plans to raise AU$910 million through loans and bonds
to fund the purchase of the 61 Myer stores for AU$1.175 billion,
the unidentified banker also told Bloomberg.  Newbridge will
issue AU$225 million in 6-1/2-year bonds and get AU$685 million
from a six-year loan, the banker added.

Bloomberg cites National Australia Bank Ltd. as saying on
March 13 that it was arranging the financing with Goldman Sachs
JBWere Pty.  Goldman Sachs JBWere and NAB will invite other
lenders to join the AU$910 million financing, the banker said.

The bonds will pay a yield of between 4 percentage points and
4.5 percentage points more than the Australian bank-bill swap
rate, Bloomberg further notes.  Interest on the loan will be
charged at 2 percentage points to 2.25 percentage points over
the swap rate.  The three-month swap rate was 5.59%.

According to Bloomberg, Newbridge will also get a AU$150 million
loan from NAB for the flagship Melbourne property, which it is
buying for AU$225 million.

Bloomberg explains that buyout firms like Newbridge use a
combination of their own money and debt to pay for takeovers.
They then typically seek to expand those companies or improve
performance before selling them within five years to other funds
or to investors through stock offerings.

                          *     *     *

Headquartered in Melbourne, Victoria, Coles Myer Ltd. --
http://www.colesmyer.com/-- operated around 2,500 stores in  
Australia and New Zealand and employs with over 165,000 staff.
The Company is listed on the stock exchanges of Australia,
London, and New Zealand.  Coles Myer has been suffering the
burden of consumer-spending downturn.  In August 2005, its
subsidiary, Myer Limited -- http://www.myer.com/-- has been  
named in an ABN Amro report as a big loser in the battle between
upmarket department stores and discount retailers, with its
market share dropping more than 7% since 1996, as discount
operators undercut department stores on price and quality.  In
the same period, Myer's market share has plummeted from 27.8% to
20.6%.  The bad news came on top of Merrill Lynch's downgrade of
its forecast of Coles Myer's net profit to AU$680 million, in
line with the company's own prediction of between AU$670 million
and AU$680 million.  Merrill Lynch blamed weakness in the retail
sector for the cut of AU$20 million, or 3%, in forecast net  
profit.  Between 2001 and 2004, Myer closed 12 of its 73
outlets.  In March 2006, after months of negotiations, Coles
Myer sold the 61-store Myer chain to Newbridge Capital and to
the former Myer store owners, the Myer family, for AU$1.4
billion.


NATCON PTY: Prepares to Pay Dividend to Creditors
-------------------------------------------------
Natcon Pty Limited will declare a first and final dividend
today, March 29, 2006, to the exclusion of its creditors who
were not able to prove their claims.

Contact: W. B. Rangott
         Liquidator
         Rangott Slaven Hundy
         Unit 12, Level 3 Engineering House
         11 National Circuit, Barton ACT 2600
         Australia
         Telephone: (02) 6285 1430
         Fax: (02) 6281 1966


QANTAS AIRWAYS: To Provide Freighter Aircraft to Air Express
------------------------------------------------------------
Qantas Airways plans to convert four Boeing 737-300 aircraft to
freighters for domestic freight operator Australian air Express.

Qantas Chief Executive Officer Geoff Dixon notes that this will
be the first jet freighter conversion work ever to be undertaken
in Australia.

Mr. Dixon says that Qantas will establish a new operation to
undertake the work at its facility in Avalon, Victoria, creating
60 jobs.  He says that this new operation "will convert four
Boeing 737-300 aircraft into freighters and then wet lease this
capacity to AaE."

Qantas is "pleased that the work will be undertaken in
Australia," saying that the engineering skills and facilities it
has available at Qantas Engineering's Avalon base make an
onshore option viable for this project.

According to Mr. Dixon, third-party work such as this would give
the Avalon base good growth prospects into the future.

The B737-300 aircraft are currently being utilized by the Qantas
Group's New Zealand operation.  The aircraft will be replaced in
New Zealand by four Qantas B737-400s.

According to the Company's press release, the conversion work
will commence in April 2006 and be completed by January 2007,
with the aircraft entering AaE service as they are completed
from August this year.  It will utilize conversion kits
developed by Israel Aircraft Industries' Bedek Aviation
division.

"Once in operation, the converted aircraft will deliver
efficiency and reliability benefits to AaE and replace three of
the company's fleet of Boeing 727 freighters," Mr. Dixon says.

Australian air Express is owned jointly by Qantas and Australia
Post.

                         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.


QANTAS AIRWAYS: Seeking AU$350 Million for New Aircraft
-------------------------------------------------------
Qantas Airways is reportedly seeking around AU$350 million in
loans to purchase seven new aircraft to service its domestic and
New Zealand routes, The Australian says.

According to Bloomberg News, the loans were being arranged by
ANZ Bank, which would then syndicate them to a wider group of
lenders.  Reports from Australia, Singapore and the United
States put the value of the loans at between AU$341 million and
AU$350 million.

Reports of the loans came as Qantas revealed that it would
convert four 737-300 passenger aircraft to freighters and lease
them to its domestic freight joint venture with Australia Post,
Australian air Express.

Qantas said that work on converting the passenger aircraft will
start next month and the aircraft will replace three aging and
less efficient Boeing 727 freighters at AeA.  The aircraft will
come from the airline's New Zealand operations and will be
replaced by four Qantas 737-400s.

The Australian notes that the reported loans would be used to
buy five Boeing 737-800s and two Airbus A320s and would mature
in nine to 12 years.

The Australian cites a U.S. report as stating that a sale of 10-
year notes would be managed by Citigroup, JP Morgan Chase and
Deutsche Bank.  It said the notes would be rated Baa1 by Moody's
and BBB+ by Standard & Poor's Rating Agencies.

                         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.


QANTAS AIRWAYS: To Further Outsource IT Services
------------------------------------------------
Qantas Airways has called on certain Australian and overseas IT
service providers to submit tenders for technology development,
maintenance and support services, The Australian relates.

According to Qantas' chief information officer, the airline is
looking at whether an external supplier could provide IT
services more effectively.

The airline's chief information officer, John Willett, said it
was conducting a review of its IT development, maintenance and
support services. "We're looking at whether an external supplier
could provide these services more effectively," he said.
"Suitably qualified" Australian and international IT providers
had been asked to tender their services.

The Australian cites a report on the Crikey.com.au Web site
saying that several India-based companies were on the list while
several large Australian IT providers had not been invited to
tender.  Qantas has already signed a AU$1.4 billion multi-year
outsourcing deal with Telstra Corporation and IBM Global
Services.

Qantas currently runs 600 separate IT applications -- from
flight planning, engineering, load control systems and ticketing
to Qantas's frequent flyer scheme and Web site.

                         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.


RACHALL PROPRIETARY: Inability to Pay Debts Leads to Wind-up
------------------------------------------------------------
Rachall Proprietary Limited had on February 21, 2006, determined
that due to its inability to pay its debts, a voluntary wind-up
of its business operations is appropriate and necessary.

Geoffrey Alfred Robertson was named liquidator of the Company.

Contact Geoffrey A. Robertson
        Liquidator
        67A Monaro Street, Queanbeyan
        New South Wales 2620
        Australia


RESPONSIBLE NOMINEES: To Declare First and Final Dividend
---------------------------------------------------------
Responsible Nominees will declare a first and final dividend
today, March 29, 2006.

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

Contact: Salvatore Algeri
         Simon A. Wallace-Smith
         Liquidators
         c/o Deloitte Touche Tohmatsu
         180 Lonsdale Street, Melbourne
         Victoria 3000
         Australia


RICHMART CLARK: Members Agree to Liquidate Business
---------------------------------------------------
At the general meeting of Richmort Clark Pty Limited on
February 24, 2006, members agreed that it is in the Company's
best interests to liquidate its operations.

Cornelis A. Roggeveen was appointed to oversee the wind-up.

Contact: Cornelis A. Roggeveen
         Liquidator
         Arch Roggeveen & Associates
         372 Stenner Street, Toowoomba
         Queensland 4350
         Australia


RUSSELL HASTINGS PTY: To Hold Final Meeting Today
-------------------------------------------------
A final meeting of the members of Russell Hastings Pty Limited
will be held today, March 29, 2006.

At the meeting, Liquidator Gary F. Westbrook 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: Gary F. Westbrook
         Liquidator
         c/o T. H. White & Company
         1st Floor, 184 Barkly Street
         St. Kilda, Victoria 3182
         Australia


S&L WALLACE PTY: Placed Under Voluntary Liquidation
---------------------------------------------------
Members of S&L Wallace Pty Limited held a meeting on
February 22, 2006, and agreed on the Company's need to
liquidate. They named James Alexander Shaw as Liquidator for the
wind-up.

Contact: James A. Shaw
         Liquidator
         Ferrier Hodgson Chartered Accountants
         PO Box 840, Newcastle
         New South Wales 2300
         Australia


STATION ROAD: Appoints Official Liquidator
------------------------------------------
Station Road Holdings Limited has commenced liquidation on
March 9, 2006.

Subsequently, Thomas MacGregor Simpson was appointed to
facilitate the liquidation of the Company's assets.

Contact: Thomas Macgregor Simpson
         Liquidator
         McFarlane Hornsey Simpson Limited
         P.O. Box 540, Timaru
         New Zealand

TELSTRA CORPORATION: Judge Grills Senior Exec Over Pay TV Issue
---------------------------------------------------------------
Judge Ronald Sackville examined Telstra Corporation senior
executive Bruce Akhurst for the second time on March 27, 2006,
regarding allegations that he ignored warnings of the potential
illegal conduct in the pay TV market in 2000, the Sydney Morning
Herald reports.

Mr. Akhurst, who joined Telstra as its top in-house lawyer in
1996 and took an additional role overseeing its 50% stake in pay
TV retailer, Foxtel, four years later, testified in the Seven
Network's AU$1.1 billion damages case in the Federal Court over
the 2002 demise of its pay TV arm, C7.  Specifically, Mr.
Akhurst told Judge Sackville that he already forgot whether he
had called for advice or had considered himself how much market
power Foxtel enjoyed when it refused to carry C7's sports
programs.

According to the Sydney Herald, Judge Sackville admitted he was
puzzled why Mr. Akhurst did not try to look at the question of
Foxtel's market power.

Mr. Akhurst, however, told the court that there is an access
regime to Telstra's cable for pay TV retailers, and that there
are other ways C7 can exist.  He said that it did not seem to be
obvious that Foxtel has an obligation to carry anyone.

Moreover, Mr. Akhurst denied an assertion by Seven's barrister,
John Sheahan, SC, that he had come to an illegal agreement with
Telstra's co-shareholders in Foxtel, News Ltd and Publishing &
Broadcasting Ltd, that Fox Sports would stay out of the bidding
for the AFL rights.

The Sydney Herald says that the court saw an e-mail from Mr.
Akhurst to a fellow Telstra executive, Greg Willis, in August
2000 responding to speculation that Fox Sports, which is jointly
owned by News and PBL, was considering a rival bid.  To this,
Mr. Akhurst admitted that he had come to an understanding with
News and PBL but said that it had not occurred to him it might
breach the Trade Practices Act.

                         About Telstra  

Headquartered at Melbourne, in Victoria, Australia, Telstra
Corporation -- http://www.telstra.com.au/-- is an Australian  
telecommunications and information services company.  Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5
million mobile services.  In September 2005, Telstra suffered an
earnings downgrade and share price fall.  The Company announced
that its earnings before interest and tax in 2005/06 are
expected to decline by 7-10% compared to that of 2004/05 as a
result of accelerating declines in public switched telephone
network revenues and softening growth in the mobiles market due
to aggressive pricing.  Also, the political furor surrounding
Telstra has strengthened the Government's resolve to dispose of
its remaining 51% majority interest in the Company.  The
Australian Securities and Investment Commission then commenced
an investigation into Telstra in connection with the Company's
compliance with its disclosure obligations following the
earnings downgrade.  This led to a number of Telstra
shareholders and class action claimants showing anger and dismay
over the telco's behavior.  In November 2005, after a four-month
review, Telstra Chief Executive Officer Sol Trujillo announced a
major restructure of the Company, one which involves the loss of
thousands of jobs over the next five years and a massive
investment in new networks which will help deliver bigger profit
margins.


TELSTRA CORPORATION: Senator Coonan Open to Compromise
------------------------------------------------------
Communications Minister Helen Coonan has finally indicated that
she is open to a compromise with Telstra Corporation to end
their long-running dispute over the prices Telstra plans to
charge rivals in return for access to its raw copper-wire
network.

The Australian recounts that Telstra wants a single average
rental price for competitors to access its raw copper wires,
known as the unbundled local loop.  However the Australian
Competition and Consumer Commission rejected as too high the
prices that Telstra planned to offer its rivals.  Moreover, the
ACCC prefers four different geographic zones, with prices
varying from inner city areas in band one to regional areas in
band four.

As reported in the Troubled Company Reporter - Asia Pacific,
Telstra had called a halt to its AU$3 billion high-speed fibre-
optic network plan in December 2005 as it asked the Government
to step in after the ACCC rejected its proposed ULL rental
price.  The TCR-AP stated on March 27, 2006, that for the past
two years, Telstra has been trying to obtain some protection for
the proposed investment from a regulatory regime that allows its
competitors access to its network at prices that Telstra
considers unfair.

Telstra is set to submit a special report to the Government this
week outlining the reasons for the way it prices access to the
Telstra network.

Senator Coonan said that she wants to take a look at the report
first and then evaluate the best way to deal with it.  She said
that she will be looking at "more creative solutions" for
resolving the band four problems.

According to an earlier TCR-AP report, Telstra and the ACCC have
initiated peace talks to put an end to their "tense"
relationship.

                         About Telstra

Headquartered at Melbourne, in Victoria, Australia, Telstra
Corporation -- http://www.telstra.com.au/-- is an Australian  
telecommunications and information services company.  Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5
million mobile services.  In September 2005, Telstra suffered an
earnings downgrade and share price fall.  The Company announced
that its earnings before interest and tax in 2005/06 are
expected to decline by 7-10% compared to that of 2004/05 as a
result of accelerating declines in public switched telephone
network revenues and softening growth in the mobiles market due
to aggressive pricing.  Also, the political furor surrounding
Telstra has strengthened the Government's resolve to dispose of
its remaining 51% majority interest in the Company.  The
Australian Securities and Investment Commission then commenced
an investigation into Telstra in connection with the Company's
compliance with its disclosure obligations following the
earnings downgrade.  This led to a number of Telstra
shareholders and class action claimants showing anger and dismay
over the telco's behavior.  In November 2005, after a four-month
review, Telstra Chief Executive Officer Sol Trujillo announced a
major restructure of the Company, one which involves the loss of
thousands of jobs over the next five years and a massive
investment in new networks which will help deliver bigger profit
margins.


WORLD WOOL: Receiver Steps Aside
--------------------------------
On February 14, 2006, Alexander Robert Mackay Macintosh ceased
to act as the receiver of the property of World Wool Pty
Limited.


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

ALKING INTERNATIONAL: To Declare Dividend on April 8
----------------------------------------------------
Alking International Company 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 April
8, 2006, to:
  
         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


ARTPAC RESOURCES: Members Resolve to Wind Up Firm
-------------------------------------------------
Members of Artpac Resources China Limited held a meeting on
March 9, 2006, and agreed that:

  -- the Company be wound up voluntarily; and

  -- Chong Man Leung be appointed as liquidator for the purpose
     of such winding up.

Contact: Chong Man Leung
         21/F, Skyline Commercial
         Centre, 71-77 Wing Lok Street
         Sheung Wan, Hong Kong
         Wanchai, Hong Kong


ASIA WATER: Winding Up Process Commenced
----------------------------------------
Asia Water Company Limited has received a wind-up order from the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on March 6, 2006.

Contact: Kenny K.C. Tam
         Joint & Several Liquidator
         HKSAR-Official Receiver's Office
         10th Floor, Queensway Government Offices,  
         66 Queensway, Hong Kong
         Telephone: 2867 2426
         Fax: 3105 1814


ASSON HOLDINGS: Enters Liquidation Proceedings
----------------------------------------------
Tse Chung Yau on February 20, 2006, filed a winding up petition
against Asson Holdings Limited.

The Petition will be heard before the High Court of Hong Kong
Special Administrative Region on April 19, 2006, at 9:30 a.m.

Any person who wishes to appear on the hearing of the
application must file an appearance not later than April 18,
2006.

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


BIG SINCERE: Appoints Official Liquidators
------------------------------------------
At a meeting of the members of Big Sincere Investments Limited
on February 16, 2006, Wong Man Chung, Francis and Wong Wai Man,
Cliff were appointed as liquidators for the Company's wind-up.

Contact: Office of the Liquidators
         19th Floor, No. 3 Lockhart Road
         Wanchai, Hong Kong


GALANE BAKERY: Au Shu Wing Lodges Wind-Up Petition
--------------------------------------------------
On February 17, 2006, Au Shu Wing filed a wind-up petition
against Galane Bakery Company Limited.

The Petition will be heard before the High Court of Hong Kong on
April 19, 2006, at 9:30 a.m.

Any other creditor or contributory of Ngee Leong who wishes to
support or oppose the Petition may appear at 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


HAMON CHINA: Members' Meeting Slated for April 20
-------------------------------------------------
The members of Hamon China Fund Management Limited will convene
a meeting on April 20, 2006, to receive Liquidator Edward
Middleton's account on the Company's winding up.

The meeting will be held at the 27th Floor, Alexandra House, 16-
20 Chater Road, Central, Hong Kong.


INCORPORATED OWNERS: Receives Petition to Wind Up Operations
------------------------------------------------------------
Benny Fung Construction & Marine Engineering Limited on
February 27, 2006, filed a petition for the winding up of The
Incorporated Owners of Man Yuen Building.

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

Any creditor or contributory wishing to support or oppose the
making of a wind-up order may appear at the time of hearing by
himself or his counsel.

Contact: Peter W.K. Lo & Company
         Solicitors for the Petitioner
         5th Floor, Bank Centre
         630-636 Nathan Road Mongkok
         Kowloon, Hong Kong
         Central, Hong Kong
         Telephone: 2869 9808
         Fax: 2525 2788


JEAN HOOD: Shareholders Resolve to Wind Up Firm
-----------------------------------------------
The shareholders of Jean Hood Properties held a meeting on March
8, 2006, and agreed that:

  -- the Company be wound up voluntarily;

  -- Chiu Wai Hon and Lau Wai Ming be appointed as liquidators
     for the purpose of such winding up;

  -- the books, accounts and documents of the Company will be
     retained by the Liquidator and be destroyed three months
     after the Company is dissolved; and

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


MIRAGE LIMITED: Schedules Final Meeting on April 13
---------------------------------------------------
The final meeting of the members of Mirage Limited will be held
on April 13, 2006, at Suite 711, 7th Floor, Chinachem Golden
Piaza, 77 Mody Road, Tsimshatsui East, in Kowloon, Hong Kong.

At the meeting, they will get an account of the manner of the
Company's wind-up and property disposal from Liquidator Hui Chun
Chu, Olivia.

Contact: Hui Chun Chun, Oliva
         Liquidator
         19/F., Tien Chu Commercial Building
         173-174 Gloucester Road
         Wanchai, Hong Kong


OVERTURE COMPANY: Liquidator to Distribute Assets
-------------------------------------------------
At a general meeting on March 10, 2006, the members of Overture
Company Limited resolved to wind up the Company's business
operations and distribute the proceeds of its assets.

As a result, Bernard Pun Wing Mou of 45th Floor, Sun Hung Kai
Centre, 30 Harbour Road, Hong Kong, was appointed as liquidator.


PACTLAND LIMITED: Faces Wind-up Proceedings
-------------------------------------------
On March 13, 2006, the High Court of Hong Kong received an
application from Microsport GmbH & Co. KG to wind up the
operations of Pactland Limited.

The High Court will hear the Petition on May 10, 2006, at 9:30
a.m.

Any person who wishes to appear on the hearing of the
application must file an appearance not later than May 9, 2006.

Contact: Yeung Law & Co.
         Solicitors for the Petitioner
         Room 1609, 16th Floor
         Tuen Mun Parklane Square
         No. 2 Tuen Hi Road, Tuen Mun
         New Territories, Hong Kong


PROFIT ERA: To Hold Final Meeting on April 20
---------------------------------------------
A final meeting of the members and creditors of Profit Era
Limited will be held on April 20, 2006, at the 5th Floor, Ho Lee
Commercial Building, 38-44 D'Aguilar Street, in Central, Hong
Kong.

At the meeting, liquidator Lau Wu Kwai King Lauren 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.

A member or creditor may appoint a proxy to attend and vote at
the meeting.  Proxy forms are available at the venue.


ROSENBLUTH INTERNATIONAL: Members' Meeting Slated for April 18
--------------------------------------------------------------
The members of Rosenbluth International (Hong Kong) Limited will
convene a meeting on April 18, 2006, at 3:00 p.m. to receive the
liquidators account on the Company's winding up and disposal of
properties.

They will also discuss on whether the books, accounts and
documents of the Company will be retained by the Liquidator and
be destroyed three months after the Company is dissolved.

Contact: Chiong Lai Lai
         Liquidator
         Room 1201, Dina House
         Ruttonjee Centre
         11 Duddell Street, Central         
         Hong Kong


SYSCAN TECHNOLOGY: 2005 Net Loss Widens to HK$100 Mln
-----------------------------------------------------
Syscan Technology Holdings Limited incurred a net loss of
HK$100.088 million for 2005, versus a net loss of HK$23.883 in
the same period a year earlier, Infocast News reports.  

The Company booked a loss per share of HK$0.971 and did not
declare a final dvidend.  

Infocast News has reported earlier this month that Syscan has
proposed to offer 307 million to 342 million shares at HK$0.03
per share, or HK$9.2 million to HK$10.3 million in total,
through an open offer on the basis of three open offer shares
for every one share held.

The proceeds from the open offer of not less than $8.3 million
will be used as general working capital and repayment of short-
term bank loans.  Cheung Wai, Executive Director of Syscan, will
as the underwriter.  As a result of underwriting the open offer,
the underwriter might have interests in 30% or more of the share
capital of the company then in issue.  The underwriter will make
an application to the Securities and Futures Commission for a
whitewash waiver.

Syscan admitted that it is presently in shortage of cash and has
difficulties to satisfy its short-term liabilities in the coming
few months as well as long-term liabilities.  The underwriter
therefore advanced a sum of HK$9.4 million to the Company as
shareholder's loan on February 13, 2006, in view of the tight
cash flow of the group.  

According to the report, the open offer will also enable the
Company to raise sufficient resources to relieve its cash flow
difficulties without resorting to sell further valuable assets
of the Company, which will unavoidably adversely affect its
normal operation.

Headquartered in North Point, Hong Kong, Syscan Technology
Holdings Limited -- http://www.syscaninc.com-- is engaged in  
the design, research, development, manufacture and distribution
of optical image capturing devices and related components
including CMOS sensor chips, optical image capturing modules &
scanners.  Syscan Technology reported a net loss of HK$25.061
million for the first half of 2005, versus a net loss of
HK$2.823 million a year earlier.


UNITED OCEAN: Liquidator to Discuss Wind-up
-------------------------------------------
A final meeting of the members of United Ocean Far East Limited
will be held on April 19, 2006.

At the meeting, Liquidator Chan Sun Kwong 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: Chan Sun Kwong
         Liquidator
         Room 102, 1/F., Oriental Centre
         67-71 Chatham Road
         Tsimhatsui, Kowloon
         Hong Kong


WINTIC CONSULTANTS: Court Orders Winding Up
-------------------------------------------
The High Court of Hong Kong had on February 11, 2006, appointed
Wong Man Chung, Francis and Wong Wai Man, Cliff as Joint and
Several Liquidators in the winding up of Wintic Consultants
Limited.

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

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

BHARAT PETROLEUM: Opens Petroleum Oil Lubricant Depot in Kanpur
---------------------------------------------------------------
On March 26, 2006, Bharat Petroleum Corporation Ltd inaugurated
its petroleum oil lubricant depot in Kanpur as part of its
expansion plans, The Hindu reveals.

Built at an investment of INR3.185 crore, the depot has a total
tankage of INR15,900 kiloliters and caters to 80 petrol and
diesel outlets.

Bharat Petroleum Chairman and Managing Director Ashok Sinha said
that the Kanpur facility is a significant milestone for the
Company in Uttar Pradesh.  With the new depot, the Company is
fully equipped to meet the market demand for high-quality
products, Mr. Sinha added.

                     About Bharat Petroleum

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

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


COAL INDIA: Coal & Steel Panel Criticizes Outsourcing Plan
----------------------------------------------------------
The Parliamentary Standing Committee on Coal and Steel has
criticized Coal India Limited's proposal to outsource certain
mining activities as part of the Company's exercise to reduce
cost and increase production, The Financial Express reveals.

The panel has denounced Coal India's justification of its
outsourcing plan by furnishing comparative figures of cost of
production in Bhubaneswari, Kamah and Kulda opencast projects
where some mining activities have been outsourced.

The committee said that Coal India has ignored the costs being
incurred on the heavy machines and work force that lay idle due
to outsourcing.  The Committee also pointed out possible
corruption and exploitation of labor in the outsourced activity.

The PSCCS asked Coal India to formulate a plan to minimize
outsourcing to ensure full capacity utilization of men and
machines at its disposal.  The Company was also asked to ensure
that the terms and conditions laid down in the contract with
private companies were strictly adhered to, adding that due
preference be given to companies utilizing the services of the
"separated" workers.

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: Reopening Agreement Formalized
--------------------------------------------
A formal pact signed by Dunlop India Limited's Factory Employees
Union and the Company's management will see that production at
the Dunlop Ambattur site will resume on August 31, 2006, Sify
Business reports.

The Troubled Company Reporter - Asia Pacific reported on
March 27, 2006, that Dunlop has planned to restart production
sometime in August this year under the new management led by the
Ruia Group.

On March 18, 2006, the workers union and Dunlop management had
entered into an agreement that provided for maintenance work
from April 10, with production to begin four months later.  The
three-year deal provides for a 20% wage cut, a retirement scheme
for 300 workers, a reduction of workforce to about 800, an
incentive scheme and retrenchment compensation.  The Agreement
was finalized on March 28 in the presence of the Tamil Nadu
Government's Labour Department officials with a specific date
agreed on for starting production.

The details of production and productivity will be finalized
after the factory commences operation and runs for a few months,
Sify says.

The production is expected to stabilize by November.  The
details of the product mix are also being finalized.

The Company is targeting an output of about 130-140 tonnes a
day.

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.


INCAB INDUSTRIES: Workers Reject Silver Jubilee Revival Proposal
----------------------------------------------------------------
Last-ditch attempts to revive Incab Industries Limited have
failed after trade unions representing Incab workers rejected a
proposal by Silver Jubilee to shift machinery from Incab's
Jamshedpur plant to Pune, The Telegraph reveals.

Pune-based Silver Jubilee's proposal failed to win the support
of the unions at a recent meeting convened by the State Bank of
India.  The March 27, 2006, meeting was one of the last chances
the parties had in order to break the long-standing deadlock.

Incab Industries Employees Association President Rakeshwar
Pandey told The Telegraph that the unions could not accept the
proposal since it only talked about reviving the Pune unit.
The Jamshedpur unit, he said, was responsible for the generation
of 75% of the Company's business and about 75% of the Company's
workforce was based in the area.

According to Mr. Pandey, the unions are still open to other
revival proposals provided that it also includes rehabilitation
of the Jamshedpur unit.

Following the rejection of Silver Jubilee's offer, the State
Bank of India is likely to negotiate with the two remaining
investors interested in reviving Incab.

The Bank is expected to send its final recommendations to the
Board for Financial and Industrial Reconstruction by April 12
this year or risk winding up the Company.  

As reported by Troubled Company Reporter - Asia Pacific on
March 8, 2006, aside from Silver Jubilee, Tata Steel has also
signified its interest to revive the ailing Incab.

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


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

GARUDA INDONESIA: Deutsche Bank to Invest in Ailing Carrier
-----------------------------------------------------------
Germany's Deutsche Bank is set to invest in PT Garuda Indonesia,
but has yet to wait for the Indonesian Government to issue an
undertaking letter or a written guarantee, Antara News relates.

As reported by the Troubled Company Reporter on March 16, 2006,
The Finance Ministry will prepare an undertaking letter or
written guarantee to save PT Garuda Indonesia from bankruptcy.

In an update on March 27, 2006, Antara News said that it was
impossible for the finance ministry to issue the letter because
Presidential Decree No 59/1972 barred a state company from
asking a guarantee from the government, including Bank
Indonesia, to acquire foreign loans.

According to the report, the Indonesian Government is still
discussing which among its bodies should issue the undertaking
letter.  The Government has suggested that the undertaking
letter be issued by the state enterprises ministry and submitted
to the House of Representatives for consultation.

Eventually, the House Commission session decided to refer PT
Garuda Indonesia's problem and its solution to a cabinet meeting
on March 28, 2006.

Meanwhile, Garuda Indonesia's president, Emirsyah Satar, said
that the airline needed at least US$105 million to pay debts
that have matured and US$50 million as working capital.

An earlier TCR-AP Report had 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.

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.  In March 2006, The Indonesian Government proposed
to infuse US$250 million for PT Garuda Indonesia's debt
restructuring, or set up a "special-purpose vehicle" in a bid to
pay the airline's debts totaling US$644 million.  Sugiharto, the
state-owned enterprises minister, said that if the second option
was agreed, the special-purpose vehicle would repay debt
principal and interest of US$80 million annually within a 10-
year period.  Mr. Sugiharto added that the financial sources
would be from the airline's leasing revenues of US$30 million a
year and Government's fund of US$50 million a year.  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.


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

CULTURE CONVENIENCE: Teams Up with Aioi Insurance Company
---------------------------------------------------------
Culture Convenience Club Company has joined forces with Aioi
Insurance Company to set up a joint casualty insurance firm in
order to cash in on the customer base of Tsutaya video rental
chain, Crisscross News relates.

Culture Convenience is the operator of the Tsutaya video rental
chain, and will start to offer automobile insurance policies to
the 18.44 million people currently registered with the Tsutaya
chain drive.

                    About Culture Convenience

Headquartered in Tokyo, Japan, Culture Convenience Club Company,
Limited -- http://www.ccc.co.jp/-- operates franchise stores  
under the name of Tsutaya nationwide for rental of compact discs
and videos and sales of books and game software.  The operations
are carried out through ist franchise, store management,
Internet and contents divisions.  The Company is currently
undergoing rehabilitation under the auspices of the Industrial
Revitalization Corporation of Japan.  On January 25, 2006, Japan
Credit Rating Agency Limited has removed the rating on senior
debts of Culture Convenience Club from the credit monitor and
affirmed it as BBB upon the announcement of the Company's shift
to a holding Company structure on November 8, 2005.  The shift
to a holding Company structure aims at efficient management
style in the midst of business expansion.  The Company will
incur net loss for the current fiscal year due to financial
burden for these acquisitions and one-time write-downs of
consolidation goodwill adjustment account.  The Japan Credit
Rating Agency also affirmed the rating on the Company, removing
it from Credit Monitor, believing that impact of shift to a
holding company structure and of acquisitions of the companies
above will be small.

The Troubled Company reporter - Asia Pacific reported on
February 28, 2006, that the Ministry of Trade and Industry has
authorized the business-restructuring plan of Culture
Convenience Club Company Limited under the Law on Special
Measures for Industrial Revitalization.


LIVEDOOR COMPANY: Affiliate Plans to Change Name
------------------------------------------------
Livedoor Marketing Company, an affiliate of struggling Internet
firm Livedoor Company Limited, is considering changing its name
in order to regain public confidence after Livedoor Co. got
involved in a securities law violation scandal, Kyodo News says.

According to Livedoor Marketing, it was indicted last month
together with Livedoor Company, partly because its management
relied on Livedoor Co.  It said that when Livedoor Co. went
down, it brought Livedoor Marketing with it.

The Troubled Company Reporter - Asia Pacific reported on
March 21, 2006, that former Livedoor directors and the Company's
ex-president, as well as Livedoor Marketing, were earlier
indicted on charges of falsifying a September 2004 report to
indicate that Livedoor garnered a profit, to cover up a huge
JPY300 million pre-tax loss.  They were also accused of
violating securities laws when they counted profits from share
sales issued to acquire other firms as sales instead of as
capital.

Livedoor Marketing Company plans to change its name to Media
Innovation Company, indicating its resolve to become independent
from Livedoor Copany.  The proposed name change is pending
shareholder approval at an upcoming meeting to be held later
next month.

                       About Livedoor Co.

Headquartered in Tokyo, Japan, Livedoor Company, Limited --
http://corp.livedoor.com/en/-- is engaged in the Internet-
related business.  It is involved in many sectors, including out
portal site "livedoor", financial business, corporate web
solutions, data center and IP telephony business.  Last year,
prosecutors raided Livedoor's office on suspicions of accounting
fraud.  Company executives were alleged to have relayed false
information on a merger, with the intent to boost the stock
price of a Company subsidiary.  Livedoor's stock price plunged
on allegations that the Company concealed a huge JPY1 billion
loss for the financial year ended September 2004.  
  
A TCR-AP report on March 21, 2006, stated that Livedoor begun a
tie-up of its operations with cable broadcaster Usen
Corporation, when Usen president Yasuhide Uno bought a 12.74%
stake in the Company from Fuji TV Network.


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

KOREA EXCHANGE: Moody's Reviews Rating for Possible Upgrade
-----------------------------------------------------------
Moody's Investors Service has affirmed Kookmin Bank's A3/Baa1
senior/subordinated debt and A3/Prime-2 long-term/short term
deposit ratings, but placed Kookmin's D+ bank financial strength
rating (BFSR) on review for possible downgrade.  At the same
time, Moody's placed Korea Exchange Bank's Baa2/Baa3
senior/subordinated debt and Baa2/Prime-3 long-term/short-term
deposit ratings on review for possible upgrade.  Kookmin Bank's
D- BFSR will remain on review for possible upgrade.  These
actions follow the selection of Kookmin Bank as preferred bidder
for the acquisition of Korea Exchange Bank.

The affirmation of Kookmin Bank's credit ratings reflected the
agency's view that the transaction will further enhance the
bank's systemic significance as the combined entity will control
a 28% share of system deposits, a substantial market position
that augers well for increased systemic support to the
institution.

The review of Kookmin's D+ BFSR will focus on the potential
diminution of the combined entity's economic capital level as a
result of acquisition goodwill and the yet to be determined
funding structure of the transaction.  While Moody's views the
acquisition of KEB as synergistic to Kookmin Bank's franchise,
particularly in the corporate banking and foreign exchange
sectors where KEB is strong; however, potential synergies from
the transaction will most likely materialize in the medium term
given the mammoth scale and the expected integration challenges.

As for Korea Exchange Bank, the review on its credit ratings
will center on its acquisition by a financially stronger
strategic parent as well as its gaining greater systemic
importance in the domestic banking landscape.  Moody's had noted
the potential upward pressure on the bank's ratings in its press
release dated March 2, 2006, pending Lone Star's exit strategy.

Kookmin Bank was established in 1963 and is the largest
commercial bank in Korea, having secured the dominant ranking
through a merger with Housing & Commercial Bank in November
2001.  The bank operates a strong retail banking franchise,
controlling a fifth of system loans and deposits.

Korea Exchange Bank was established in January 1967 by the
government originally as a specialist foreign exchange bank.  It
retains its strength in trade finance and foreign exchange.  In
terms of assets, it ranks sixth among Korea's nationwide
commercial banks with 7% of system assets.  It operates a branch
network of 317 domestic and 28 overseas offices.

Korea Exchange Bank -- http://www.keb.co.kr/english/index.htm--
was established in January 1967 by the Government originally as
a specialist foreign exchange bank.  It retains its strength in
trade finance and foreign exchange.  In terms of assets, it
ranks sixth among Korea's nationwide commercial banks with 7% of
system assets.  It operates a branch network of 317 domestic and
28 overseas offices.  During the economic crisis, significant
exposures to troubled corporate borrowers led to a deterioration
in the bank's financial health.  However, since then, its
operating performance stabilized, and the bank has reported
eight consecutive quarterly profits since the end of 2003.


KOREA EXCHANGE: Kookmin Starts Due Diligence on KEB
---------------------------------------------------
Kookmin Bank's four-week due diligence on Korea Exchange Bank
commenced on March 27, 2006, days after it was chosen as a
preferred bidder to acquire Korea's largest lender, The Korea
Herald reports.

A squad of 50 experts from Kookmin Bank will proceed with the
audit to confirm potential risks in Korea Exchange Bank's asset
portfolio and evaluate the operating and business systems of the
two banks.

           Employees Still Against Kookmin Acquisition

The Korea Herald says that Korea Exchange Bank's 7,000 labor
union employees insisted that the audit should be put off until
the Fair Trade Commission concludes that the deal does not
violate antitrust rules.  The employees said they would reject
one-on-one interviews and hold back any information needed for
the acquisition.  

In various cases, mergers and acquisitions in the Korean banking
sector are obstructed by labor unions for fear of losing
employment.  The Troubled Company Reporter - Asia Pacific
reported last week that KEB Chief Executive Officer Richard
Wacker had informed Korea Exchange employees that there would be
no forced job cuts after the takeover.

The Korea Exchange management is trying to end the union's move
to interrupt the ongoing due diligence.

      Kookmin Says Financing KEB Acquisition is No Problem

To raise KRW2.1 trillion capital for the acquisition, Kookmin
Bank plans to sell subordinated debts to retail investors and
increase capital from pension funds or large foreign banks.

Kim Ki-hong, who headed Kookmin's acquisition, said that there
are no major problems raising money to finance the deal and the
lender is likely to opt for individual investors rather than
foreign banks should the terms of lending conditions remain the
same.

Analysts said that the two parties might sign a final contract
in April or May and complete the payment by June-end.  Kookmin
needs to get approval from the financial regulator and antitrust
watchdog.

                          *     *    *

Korea Exchange Bank -- http://www.keb.co.kr/english/index.htm--
was established in January 1967 by the Government originally as
a specialist foreign exchange bank.  It retains its strength in
trade finance and foreign exchange.  In terms of assets, it
ranks sixth among Korea's nationwide commercial banks with 7% of
system assets.  It operates a branch network of 317 domestic and
28 overseas offices.  During the economic crisis, significant
exposures to troubled corporate borrowers led to a deterioration
in the bank's financial health.  However, since then, its
operating performance stabilized, and the bank has reported
eight consecutive quarterly profits since the end of 2003.

The TCR-AP reported on March 24, 2006, that Lone Star Funds has
picked Kookmin Bank to purchase its 51% stake in Korea Exchange.


LG CARD: Selects Blue Coat to Strengthen Web Security
-----------------------------------------------------
Blue Coat(R) Systems, the leader in secure content and
application delivery, revealed that LG Card Co., the leading
credit card company in South Korea, has deployed Blue Coat's SG-
Series and AV-Series appliances to protect its corporate network
and customer database from spyware, viruses and other security
threats and to ensure the privacy and integrity of its data.

LG Card offers installment financing, consumer loans and leasing
as well as credit card services to more then 9.8 million
cardholders in South Korea.  Since protection of its customer
database is vital to its operations and reputation, LG Card
endeavors to utilize the highest levels of security
infrastructure and practices.  In the past, its network had
experienced several security threats, including spyware and
other virus attacks that caused a slow down in overall
operations.

"Traditionally, the true cost of security has always been
performance, but with Blue Coat we get the highest levels of
security along with significant acceleration of content and
applications," IC Jeong, manager of the network operation team
for LG Card, said.  "Without impacting transaction performance,
we can block spyware and other malware before it has a chance to
penetrate the corporate network or individual client and server.
We can also protect our customer database with the highest level
of security."

"LG Card is a trusted name and company in Korea, and we are
happy to provide both the protection and acceleration they
needed to maintain the confidence and excellence of operations,"
An Seung-Ryong, Country Manager of Blue Coat Korea, said.  "Only
a proxy infrastructure has the power to simultaneously control,
protect and accelerate Web communications and applications."

                          About LG Card

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.


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

GEORGE TOWN: Court Rules Restraining Order Will Continue
--------------------------------------------------------
The Court of Appeal has decided to dismiss a motion filed by an
unnamed "intervenor" to set aside an interim restraining order
entered on September 19, 2005, pertaining to George Town
Holdings Berhad and its 22 subsidiary and associate companies.

The Court of Appeal ruled that the Restraining Order under
Section 176(10) of the Companies Act, 1965, against the
Companies be continued until the disposal of the appeal.

The Appeal is now fixed for hearing on May 16, 2006.

The Restraining Order was first granted by the Kuala Lumpur High
Court on March 9, 2005, to:

     * George Town Holdings Berhad;
     * George Town Chemist Sdn Bhd;
     * Super Departmental Stores (George Town) Sdn Bhd;
     * Super Tanjung Department Stores Sdn Bhd;
     * Super Kinta Departmental Stores Sdn Bhd;
     * Usra Iwaki Plastic Technology (M) Sdn Bhd;
     * Batu Road Supermarket Sdn Bhd;
     * Super Clothing Manufacturing (M) Sdn Bhd;
     * Alpine Sign Sdn Bhd;
     * Arrow- Mega Development Sdn Bhd;
     * Euro Growth Sdn Bhd;
     * GT Design Sdn Bhd;
     * GT Group Management Sdn Bhd;
     * Super Parking Sdn Bhd;
     * Syarikat Great Eastern Clothing Manufacturing (M) Sdn
       Bhd;
     * Arrow Projects Sdn Bhd;
     * George Town Chemist (Penang) Sdn Bhd;
     * Golden Pharmaceutical Sdn Bhd;
     * Keramat Supermarket Sdn Bhd;
     * Principle Innovation Sdn Bhd;
     * Sky Dynamics Sdn Bhd;
     * The Super Pastry Centre Sdn Bhd; and
     * Super Kinta Goldsmith Sdn Bhd.

The firms had obtained a restraining order under Section 176(10)
of the Companies Act, which restrained and stayed for a period
of 90 days further proceedings in any action or the institution
or commencement of any proceedings against the Company or any of
the companies.

The Restraining Order was secured to allow the Group to finalize
its Proposed Restructuring Scheme

Under the Scheme:

   -- the Group will seek the indulgence of its lenders and
      creditors to restructure the terms and repayment
      schedule of the borrowings of the group companies;

   -- the Group will rationalize and reorganize the existing
      stores and further increase the stores to create a
      critical mass so that the Company is able to enjoy
      economies of scale;

   -- the Group had started to rationalize and stream line the
      business operations of the Company's retail business
      through a review and improvements in the IT systems,
      business performance reporting and key retail business
      policies in order to improve efficiency and
      profitability.

   -- the Proposals will be financed through the issuance of
      shares and bonds subject to the approval of the relevant
      authorities.

The Group faced numerous suits filed by financiers and trade
creditors who have alleged that outstanding debts are owed to
them.  In an effort to settle the debts and come to an agreement
with the creditors, the Group had prepared an initial scheme for
the purposes of a debt-restructuring scheme.  The Group has
obtained a Restraining Order and applied for extensions of the
Order so it could to finalize its scheme of arrangement.

Headquartered at Petaling Jaya, in Selangor Darul Ehsan,
Malaysia, George Town Holdings Berhad operates supermarkets,
department stores and convenience stores.  Its other activities
include property development, trading in pharmaceutical
products, media design and advertising, management services,
goldsmith and jewelers, management of car parks, bakery, pastry
and fast food center, financial services, hotel management and
investment holding.  The Group operates in Malaysia, Continental
Europe/Offshore Islands and other countries.  The Company has
been suffering losses since 1999 due to stiff competition.  It
has closed over 10 outlets in the past four years.   The Company
expects cutthroat competition among retailers to put continuous
pressure on its margins.  The Company is also facing a possible
delisting from the official list of the Bursa Malaysia
Securities for failing to submit its financial reports.


MALAYSIA AIRLINES: Reports End-of-year Losses Due to Fuel Costs
---------------------------------------------------------------
Malaysia Airlines has reported a loss of MYR616.4 million for
the October 2005-December 2005 Quarter and a net loss of MYR1.3
billion for the financial period April 2005-December 2005.

Revenue for the financial period was up by 10.3% or MYR826.9
million, compared to same period for 2004, driven by 10.2%
growth in passenger traffic.  International passenger revenue
increased by MYR457.6 million or 8.4% to MYR5.9 billion while
cargo revenue decreased by MYR64.1million or 4.2% to MYR1.5
billion.

Costs increased by 28.8% or MYR2.3 billion, amounting to a total
of MYR10.3 billion, primarily due to escalating fuel prices.  
Other significant cost increases included staff costs, handling
and landing fees, aircraft maintenance and overhaul charges,
Widespread Assets Unbundling charges and leases.

The most substantial factor for the losses was from fuel costs.  
For the period, the total fuel cost was MYR3.5 billion
representing a 40.4% increase compared to the same period in
2004.  Total fuel cost increases comprised MYR977.8 million due
to higher fuel price and another MYR157.6 million due to
additional consumption.  In the third quarter, fuel costs
amounted to MYR1.26 billion compared to the MYR1.01 billion in
the corresponding period in 2004; resulting in 24.6% increase or
MYR249.3 million.

Staff costs for the financial year was MYR1.2 billion, an
increase of 20.6% compared to MYR1 billion in 2004.  Final
quarter staff costs increased by 12.3%, compared to the same
period last year.  The increase for the financial year under
review was attributable to the implementation of upward staff
salary and allowance revisions.

The third largest cost item was aircraft maintenance and
overhaul amounting to MYR635 million which translates to a 23.1%
increase compared to the year earlier.  Third quarter
maintenance and overhaul totaled to MYR202.9 million, up 9.2%
compared to the corresponding quarter.  This increase, for the
year, was due to some credits received from suppliers for year
2004, which lowered 2004 costs, and required redelivery
maintenance checks in 2005.

For 2005, WAU and lease charges were MYR372.2 million,
reflecting a 78.4% increase against similar charges in 2004.  
The final quarter increase for these charges was 113.7% higher
than the same quarter of 2004, totaling MYR154.9 million due to
revised lease rental rates and higher London Inter Bank Offer
Rate in 2005 compared to 2004.

Handling and landing fees rose 19.9% or MYR202.4 million from
2004 to MYR1.2 billion. Total handling & landing fees for the
final quarter amounted to MYR444.9 million, an increase of 25.8%
or MYR91.2 million.  This increase was due to increase in number
of stations and flights as well as under provisions from the
financial year 2004.

Malaysia Airlines' Financial Report for the Quarter ended
December 2005 is available for free at:

   http://bankrupt.com/misc/tcrap_malaysiaairlines032806.pdf

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.  It made a loss after tax of MYR1.3 billion for
MYR2005 and MYR616 million for the nine-month to December 31,
2005, due to high fuel and operating costs, and unprofitable
routes.  In late February 2006, it 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: Ax Hovers Over 6,500 Workers
-----------------------------------------------
Malaysia Airlines is to cut a third of its workforce and hand
over most of its domestic routes to low-cost carrier AirAsia,
Associated Press reports.

The changes are part of a three-year plan, announced in February
2006, aimed at returning Malaysia's flag carrier to
profitability.

The airline says it will lay off about 6,500 of its 23,000
employees and cut its fleet in half to 21 aircraft.

Under the new structure, which takes effect on August 1, 2006,
AirAsia will take over 96 of Malaysia Airlines' domestic routes,
many of which are currently losing money.  The move will leave
Malaysia Airlines with only 19 domestic routes.

Malaysia Airlines will operate only the remaining 19 domestic
services, leaving it to focus on reviving its international
business.

Under the restructuring, Malaysia Airlines will also lose its
Government subsidies starting August 1, Chron.com says.

Malaysia Airlines, which is 69% owned by the Government, said
last month that only four of its 118 domestic routes were
profitable.  To keep the airline afloat, the Government has been
bearing an annual loss of about MYR300 million or US$81.3
million as an indirect subsidy to the airline.

The Government has decided to give neither MAS nor AirAsia
subsidy to operate their domestic operations.  The Government
would, however, pay the low-cost carrier to operate social
routes like the rural air services in Sabah and Sarawak.

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.  It made a loss after tax of MYR1.3 billion for
MYR2005 and MYR616 million for the nine-month to December 31,
2005, due to high fuel and operating costs, and unprofitable
routes.  In late February 2006, it 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.


MANGIUM INDUSTRIES: Sawmill Arm Defaults on Unsecured Debts
-----------------------------------------------------------
Mangium Industries Bhd informed that its wholly owned
subsidiary, Mangium Sawmill Sdn Bhd, has defaulted in its
repayments on facilities granted by Standard Chartered Bank
Malaysia Berhad and Southern Bank Berhad, which are unsecured.

Both Standard Chartered Bank and Southern Bank Berhad have
agreed to the Proposed Debt Settlement & Restructuring Scheme
announced by Mangium Industries on December 22, 2003.

The estimated total outstanding as of February 28, 2006, in
relation to the payments, which are in default amounts to
MYR15,053,689.

Since Mangium Industries is the guarantor for these loans, the
Company is liable for the full amount and any further interest
and financial cost levied there or until the settlement of these
debts.

Mangium Industries is in active negotiations with the lenders to
normalize and regularize the accounts.

Headquartered in Kuala Lumpur, Malaysia, Mangium Industries
Berhad Formerly known as Serisar Industries Berhad manufactures
and trades timber and timber related products.  The Company   
also provides printing services, publisher, printer consultants
and advertisers, trading of alcoholic beverages, general trading
of office furniture and investment holding.  Due to the
unfavorable timber market and depressed prices for timber and
timber related products throughout Asia since the financial
crisis in the year 1997, many of the MIB Group's buyers were
adversely affected and are facing financial difficulties leading
to their inability to settle their outstanding balances.  As a
result, the cash flow generated from operations was not
sufficient to service the interest and principal obligations to
the lenders as and when they fell due.


NORTH BORNEO: Corporate Adviser Quits
-------------------------------------
On March 24, 2006, Southern Investment Bank Berhad has tendered
its resignation as the corporate adviser for the Revised Scheme
of The North Borneo Corporation Berhad.

Subsequent to the approval obtained from the Securities
Commission for the Proposed Rescue cum Restructuring Scheme on
December 31, 2002, North Borneo Corp. had executed various
agreements to revise certain terms to enable LLT Resources
Berhad, being the company that will assume the listing status of
North Borneo Corp., to focus on plantation-related business.

North Borneo Corp. has secured the approval-in-principle in
relation to the Revised Scheme from financial institution
creditors consisting 82.46% in value of the total debts of the
North Borneo Corporation Group to be restructured.

The Revised Scheme comprises of:

   -- a proposed share exchange of 20 ordinary shares of
      MYR1.00 each in NBC with one new LLT Share;

   -- proposed acquisition of plantation lands measuring in
      total of approximately 10,974 acres for a total purchase
      consideration of MYR229,500,000;

   -- a proposed acquisition of the entire equity interest in
      Seatex Plantations Sdn Bhd for a purchase consideration
      of MYR83,225,923;

   -- a proposed debt settlement scheme to be undertaken by
      the NBC Group with its secured creditors and unsecured
      creditors;

   -- a proposed special issue of 10,000,000 new LLT Shares at
      par to Bumiputera investors to be identified later;

   -- a proposed share placement of LLT Shares by Yoke Hoh Sdn
      Bhd, being the vendor of SPSB, Prospell Enterprise Sdn
      Bhd and creditors of NBC to the public to meet the 25%
      public shareholding requirement.

   -- a proposed transfer of the listing status of NBC on the
      Main Board of the Bursa Malaysia Securities Berhad to
      LLT; and

   -- the proposed exemption to Yoke Hoh, Prospell Enterprise,
      and parties acting in concert with them namely, Looh Lim
      Teng Holdings Sdn Bhd, Dato' Looh Keo @ Looh Lim Teng
      (Dato' Looh), Chin Yew Lian and Leong Sze Eam from the
      obligation to undertake a mandatory offer to acquire the
      remaining voting shares in LLT after the Revised Scheme
      under Practice Note 2.9.3 of the Malaysian Code on
      Take-overs and Mergers, 1998 (Code).

Meanwhile, the Troubled Company Reporter - Asia Pacific reported
on March 6, 2006, that two scheme creditors of North Borneo
Corp. have withdrawn their support of the Company's proposed
debt restructuring.  Sabah Development Bank said that it is no
longer agreeable to the terms of the planned North Borneo Group
disposal as part of the restructuring program.  Prokhas Sdn Bhd
also took back its pledge to participate in the Company's
rehabilitation.

TCR-AP also reported on April 28, 2005, that the Securities
Commission has agreed to North Borneo's proposal to dispose of
its business as part of efforts to regularize its finances.  The
Plan, however, met objections from creditors.

Headquartered in Sabah, Malaysia, The North Borneo Corporation
Berhad engages in the management of forest management unit and
investment holding.  The Group operates in Malaysia and Bermuda.
Due to its continuous losses, the Kuala Lumpur Stock Exchange
placed the Company under the Practice Note 4/2001 category in
April 2001 and was ordered to start regularizing its financial
condition.


PAN MALAYSIA: Buys Back 75,000 Shares for MYR31,995
---------------------------------------------------
Pan Malaysia Corporation Berhad bought back 75,000 ordinary
shares of MYR0.50 each for a total cash consideration of
MYR31,995.52 on March 27, 2006.    
    
The minimum price paid for each share purchased was MYR0.410 and
the maximum was MYR0.430.

After the purchase, the cumulative outstanding treasury shares
have reached 57,208,800.

Pan Malaysia Corporation Berhad bought back 50,000 ordinary
shares of MYR0.50 each for a total cash consideration of
MYR20,769.45 on March 23, 2006, as reported by the Troubled
Company Reporter - Asia Pacific.
    
Headquartered in Kuala Lumpur, Malaysia, Pan Malaysia
Corporation Berhad provides management services and the
manufacturing, marketing and distribution of confectionery and
cocoa-based and other food products.  The Company also operates
departmental and specialty stores, construction and property
investment and investment holding.  The Group operates in
Malaysia, Australia and the rest of Asia-Pacific.  Pan Malaysia
has suffered consecutive losses in the past.  In the fourth
quarter of the fiscal year ending December 31, 2005, the Company
booked a net loss of MYR6.8 million.    


PILECON ENGINEERING: Unit Receives Petition to Wind Up
------------------------------------------------------
A winding-up petition had been presented in the High Court of
Malaya at Shah Alam on March 2, 2006, against Pilecon Civil
Works Sdn Bhd, a wholly owned subsidiary of Pilecon Engineering
Berhad.

The Petition was filed by M-Factor Industries Sdn Bhd, who
asserts a MYR279,484 claim, covering payment for M-Factor's
subcontractor services rendered for Pilecon Civil Works.

In the event the winding-up petition succeeds, there would be an
estimated exceptional loss of MYR13.5 million and the
construction works would be carried out by another subsidiary of
the Company as it is equipped with the necessary expertise and
technical capability in the sector.  Pilecon Civil Works is
expected to incur legal fees of approximately MYR6,000.

The Petition will be heard before the High Court of Malaya on
June 21, 2006.

Headquartered in Selangor Darul Ehsan, Pilecon Engineering
Berhad is engaged in building construction and civil engineering
works.  The Company is also involved in trading and hiring of
plant and equipment for foundation engineering and civil
engineering works.  It also undertakes resort operation and
complex management services.  The Group operates in Malaysia,
Hong Kong and Singapore.  The Company is currently undergoing a
MYR354-million debt-restructuring exercise.  The scheme,
however, was placed in jeopardy following the Securities
Commission's rejection of an inter-conditional proposal to
acquire a piece of land in Johor at a cost of MYR75 million.  
The Commission also rejected the Company's scheme of arrangement
with certain secured creditors.


PROTON HOLDINGS: Plans to Put MV Augusta Nightmare Behind
---------------------------------------------------------
Car manufacturer Proton Holdings Berhad is keen on putting its
costly MV Augusta experience behind and move on, Bernama
reports, citing Proton Chairman Datuk Mohd Azlan Hashim.

Proton admitted that the acquisition of MV Augusta Motors SpA
was an expensive lesson for the Company.  However, Proton said
that the subsequent disposal of the insolvent Italian motorcycle
manufacturer would allow the Company to concentrate on its core
business of producing quality cars for consumers.

With the recently announced National Automotive Policy, Mr.
Hashim is pushing Proton to focus on improving its overall
capabilities, product quality and cost competitiveness.

The Australian reported on December 28, 2005, that Proton has
abandoned an ambitious but short-lived plan to expand into the
motorcycle business, with the sale of a stake in Italy's MV
Augusta Motor.  The Company said it had sold its 57.57% interest
in the European business to Italy's GEVI Spa for a symbolic
EUR1, but the buyer would assume the EUR107 million or US$174
million in debt.

The rationalization came as state-linked Proton struggles to
cope with rising competition and a falling market share in
Malaysia.  It is also trying to seal a deal to sell a strategic
equity stake to Volkswagen, the European carmaker.

MV Augusta, which is under bankruptcy protection, makes bikes
under the Augusta, Cagiva and Husqvarna brands.  Proton doled
out EUR70 million to buy Augusta in December 2005 in a move that
took it beyond its main car-making business and surprised
analysts.  But Augusta has gone on losing money, contributing to
Proton's own flow of red ink.

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad
-- http://www.proton-edar.com.my/-- is engaged in  
manufacturing, assembling, trading and provision of engineering
and other services in respect of motor vehicles and related
products.  Its other activities include property development,
trading of steel and related products, engine and technologies
research, development of automotive related technologies,
investment holding, importation and distribution of motor
vehicles, related spare parts and accessories, holds
intellectual property, provides engineering consultancy,
operates single make race series and carries out specific
engineering contracts.  The Group's operations are carried out
in Malaysia, England, Australia, Socialist Republic of Vietnam
and the United States of America.  Proton has recently suffered
plunging profits due to dwindling car sales and cutthroat
competition.  Proton has been under increasing pressure, with
its share of domestic sales falling to 44% from 75% over the
past decade.


SOUTHERN BANK: Lists New Ordinary Shares
----------------------------------------
Southern Bank Berhad's additional 174,125 new ordinary shares of
MYR1.00 each will be granted listing and quotation today,
March 29, 2006.  

The shares were issued pursuant to:

   -- the exercise of 167,125 Warrants 1996/2006 into 167,125
      New Local "A" Shares; and

   -- the exercise of 7,000 Warrants 1996/2006 into 7,000 New
      Foreign "A" shares.

As the ordinary shares arising from these exercises will 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" and "SBANK-
02".

As reported by the Troubled Company Reporter - Asia Pacific,
Moody's Investors Service has confirmed Southern Bank Berhad's
D- bank financial strength rating with a positive outlook.  At
the same time, the rating agency placed the bank's Baa2/P-3
long-term/short-term ratings, Baa3 subordinated debt rating and
Ba2 preference share rating on review for possible upgrade.  

                   About Southern Bank

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.  On
March 16, 2006, Bumiputra-Commerce Holdings Berhad took over the
Company's business for MYR6.7 billion after five months of
negotiation.  Under the final deal, Bumiputra-Commerce would buy
all the assets and liabilities of Southern Bank.  It would
undertake a voluntary general offer at MYR4.30 cash per Southern
Bank share or a combination of cash and redeemable convertible
unsecured loan stocks equivalent to MYR4.30 per SBB share and
MYR2.56 cash per Southern Bank warrant.  The VGO is expected to
be completed by May or June, followed by Southern Bank's
delisting.  The entire integration process may extend to next
year.


SOUTHERN BANK: RAM Maintains A1/P1 Ratings
------------------------------------------
Rating Agency Malaysia Berhad is maintaining Southern Bank
Berhad's A1/P1 general bank ratings with a stable outlook,
despite the recent announcement of the Bank's acquisition by
Bumiputra-Commerce Holdings Berhad.

Moving forward, after all the necessary approvals have been
obtained from the relevant authorities and shareholders,
Southern Bank will be delisted from Bursa Malaysia and all its
assets and liabilities will be absorbed by Bumiputra-Commerce
Bank Berhad.

Once the acquisition goes through as planned, Southern Bank's
ratings will be withdrawn by RAM as its general bank ratings
will no longer be applicable.

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. On
March 16, 2006, Bumiputra-Commerce Holdings Berhad took over the
Company's business for MYR6.7 billion after five months of
negotiation.  Under the final deal, Bumiputra-Commerce would buy
all the assets and liabilities of Southern Bank.  It would
undertake a voluntary general offer at MYR4.30 cash per Southern
Bank share or a combination of cash and redeemable convertible
unsecured loan stocks equivalent to MYR4.30 per SBB share and
MYR2.56 cash per Southern Bank warrant.  The VGO is expected to
be completed by May or June, followed by Southern Bank's
delisting.  The entire integration process may extend to next
year.


SYARIKAT KAYU: Intends to Have Shareholders' Mandate Renewed
------------------------------------------------------------
Syarikat Kayu Wangi Berhad intends to seek renewal of
Shareholders' Mandate on Recurrent Related Party Transactions at
the forthcoming 25th Annual General Meeting to be convened by
the Company at a still unknown date.

The circular to shareholders of the Company containing details
of the Proposed Shareholders' Mandate will be issued in due
course.

Headquartered in Johor, Malaysia, Syarikat Kayu Wangi Berhad
first made a loss in 1999 when it defaulted on its first bond
payment.  The Company has been suffering losses since then.


VTI VINTAGE: Unit Bids for MYR2.2-Mln Leasehold Land Property
-------------------------------------------------------------
Vintage Tiles Industries (EM) Sdn Bhd, a wholly owned subsidiary
of VTI Vintage Berhad, had successfully made a bid for the
entire leasehold land held under CL 045086379, 16.5 Mile, Jalan
Tuaran, Sabah, measuring 5.65625 acres together with several
light industrial buildings erected, in a public auction held on
March 24, 2006.  Vintage Tiles offered MYR2,195,450 for the
property.

The Public Auction was conducted by the Assistant Collector of
Land Revenue Tuaran at instance of the chargee of the Property,
OCBC Bank (Malaysia) Berhad (295400-W).  The charger of the
leasehold Property, which has a term of 999 years commencing
from August 4, 1927, is Southtech Industries Sdn Bhd -- formerly
known as Waja Pipe Industries Sdn Bhd.

A deposit of 25% of the total Purchase Consideration amounting
to MYR548,862.50 has been paid to Messrs. Lee & Thong, Advocates
& Solicitors, agent for the Assistant Collector of Land Revenue,
Tuaran and the 75% balance of the Purchase Consideration is
payable within 90 days from the date of auction.

The Acquisition is subject to the Condition of Sale and is
expected to be completed within 90 days from the date of the
public auction, when the full balance of the Purchase
Consideration is paid.

The Acquisition is in line with the Group's intended plan to set
up a concrete roof tile plant in East Malaysia to cater to its
existing and future projects, which would reduce overheads,
logistically, in the long run.

The Board is of the opinion that the Acquisition is in the long-
term interest of the VTI Vintage Group.

Headquartered in Kuala Lumpur, Malaysia, VTI Vintage Berhad is
involved in the manufacturing, trading, supplying and laying of
roof tiles.  The Company has been incurring losses since 2004
due to high operating expenses.


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

ABS-CBN BROADCASTING: Court Halts DOJ Probe on Stampede Case
------------------------------------------------------------
The Court of Appeals 13th Division issued a temporary
restraining order to bar the Department of Justice from
continuing a preliminary investigation on a stampede incident
involving ABS-CBN Broadcasting Corporation, ABS-CBN News says.

The Troubled Company Reporter - Asia Pacific reported on
March 9, 2006, that the National Bureau of Investigation
recommended to the Department of Justice the filing of reckless
imprudence charges on several ABS-CBN executives in order to
accept full responsibility for the stampede that broke out on
February 4, 2006.  The stampede killed up to 70 people and
injured hundreds at the Philsports Arena in Pasig City, where
ABS-CBN's "Wowowee" gameshow was to celebrate its first
anniversary on February 4, 2006.

A subsequent TCR-AP Report stated that ABS-CBN had filed a
petition with the Court of Appeals to halt the DOJ probe due to
the perceived bias of the department's prosecution panel against
the Company.  According to Associate Justice Arturo Payag, the
60-day TRO will enable the court to review ABS-CBN's Petiton.

The Philippine Inquirer, citing ABS-CBN officials, reported that
Justice Secretary Raul Gonzales prejudged the case when he said
that the Company was responsible for the incident.  ABS-CBN
lawyer Regis Puno feared that ABS-CBN defendants would not get a
fair trial in the stampede case.  Assoicate Justice Payag has
set a hearing date for April 24, 2006, to decide whether it
would issue a final injunction on the investigation.

                        About ABS-CBN Corp.

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

ABS-CBN has been struggling with its debt woes with continued
operating losses, weak airtime revenues and rising costs amidst
a drop in viewer ratings, along with the restructuring of its
parent firm, Benpres Holdings.  A stampede on February 4, 2006,
that happened in time for a program anniversary, led to rumors
of license revocation for the Network, class action proceedings
initiated by the victims and other expenses, which altogether
led to a further drop in ABS-CBN share prices.


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

CHINA AVIATION: Expects to Resume Trading of Shares Today
---------------------------------------------------------
China Aviation Oil (Singapore) Limited expected its
Restructuring Plan to be completed on March 28, 2006.

The issue of new shares under the Investment Agreement,
Subscription Agreement, Creditors' Share Invitation and
Shareholders' Scheme, pursuant to the Restructuring Plan,
provides that the Company will, on the Completion Date, issue an
aggregate 529,284,539 new shares to:

   (a) China Aviation Oil Holding Company, BP and Aranda under
       the Investment Agreement and Subscription Agreement;

   (b) Creditors under the Creditors' Share Invitation; and

   (c) Minority shareholders (at the direction of China Aviation
       Holding) under the Shareholders' Scheme.

The resultant shareholding of the Company post-Restructuring
Plan will be:

Shareholders              No. of Shares      % Shareholding

  CAOHC                   367,777,427             50.88

  BP                      144,564,119             20.00

  Aranda                   33,611,158              4.65

  Creditors                72,282,000             10.00

  Minority Shareholders   104,585,833             14.47

  Total                   722,820,537            100.00

Moreover, in accordance with the terms of the Creditors' Scheme,
the Company will, on the Completion Date, make the cash
distribution to creditors, with the balance owed amount -- of
approximately US$132.6 million -- restructured, deferred and
repayable to creditors over a five-year period.  This is after a
creditors' waiver of approximately 43% on average of their debts
owing by the Company under the Creditors' Scheme.

The Shareholders' Scheme will also be implemented with effect
from the Completion Date.

The appointment of the new Board of Directors as approved by
Shareholders at the Extraordinary General Meeting on March 3,
2006, will be effective as of the Completion Date.  The new
Board will comprise of:

   -- Lim Jit Poh, Independent Chairman;

   -- Zhao Shousen, Non-Executive Director;

   -- Yang Chuan, Non-Executive Director;

   -- Meng Fanqiu, Non-Executive Director;

   -- Dr. Wu Shen Kong, Non-Executive Director;

   -- Ian Springett, Non-Executive Director;

   -- Lee Suet Fern, Independent Director; and

   -- Liu Fuchun, Independent Director.

Subject to completion of the Restructuring Plan, the Company
will make an application to the SGX-ST for the listing and
quotation of the new shares, and the lifting of suspension and
resumption of trading of the Company's shares, on the Main Board
of the SGX-ST, to take place on and with effect from 9:00 a.m.
of March 29, 2006.

                      About China Aviation

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.

Shareholders of the Company have recently approved a new
restructuring plan for China Aviation.  According to a TCR-AP
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.


CITIRAYA INDUSTRIES: Inks Investment Agreement with Heshe
---------------------------------------------------------
Citiraya Industries Limited has entered into an amended and
restated investment agreement with Heshe Holdings Limited and
Chip Lian Investments Private Limited in relation to their
proposed investment in the Company.

The Amended and Restated Investment Agreement replaces the
investment agreement entered into by the Company with Heshe and
Chip Lian on September 19, 2005, which has been terminated.

Under the Investment Agreement, each investor will pay
SGD8,050,000 in cash to the Company to subscribe for 948,724,172
new ordinary shares in the Company at SGD0.008485 per share.

The Company also wishes to grant to each investor an option to
subscribe for an additional 948,724,172 new ordinary shares in
the Company each at SGD0.008485 per share.

The issued of the Subscription Shares is subject to these
conditions precedent:

   * the approval of the Singapore Stock Exchange Securities
     Trading Limited for the listing of the Subscription Shares
     and Option Shares and for the lifting of the suspension of
     trading in the Company's shares;

   * the ruling by the Securities Industrial Council that the
     Investors need not make a mandatory offer for the Company
     as a result of the issuance of the Subscription Shares and
     the Option Shares and the waiver of the mandatory offer by
     the Company's shareholders;

   * the approval of the Heshe shareholders for its investments
     into the Company;

   * the approval of the Company's creditors to a scheme of
     arrangement for the restructuring of certain debts and
     liabilities of the Company and its creditors;

   * the approval of the creditors of Citiraya (Singapore)
     Private Limited to a scheme of arrangement for the
     restructuring of certain debts and liabilities of Citiraya
     Singapore to its creditors; and

   * the approval of the Company's shareholders for the issue of
     the Subscription Shares, the grant of the Option and the
     issue of the Option Shares.

The Investment Agreement can be viewed for free at:

   http://bankrupt.com/misc/CitirayaIndustries032706.pdf

Headquartered in Tech Park Crescent, Singapore, Citiraya
Industries -- http://www.citiraya.com/-- is in the business of
providing a one-stop recycling and processing service for the
electronics industry.  It has also commenced the provision of
treatment processing services for toxic chemical waste which
contain precious metals.  Citiraya has been placed in judicial
management since November 25, 2005.


FIRSTLINK INVESTMENTS: Court Decides on Petition Against Unit
-------------------------------------------------------------
An application to appoint a liquidator to Green Salt Group
Limited, a subsidiary of FirstLink Investments Corporation
Limited, was filed with the British Virgin Islands High Court.

At a hearing on the application on March 23, 2006, Judge Indra
Hariprishad-Charles:

   * directs the Company to instruct Moore Stephens accountants
     to conduct a full audit on internationally accepted
     standard terms of Green Salt's business for the period from
     May 27, 2003, to December 31, 2005, and to report on the
     audit results;

   * directs Green Salt to provide cooperation and access to the
     proposed auditors as is necessary for the completion of the
     audit and subsequent report;

   * sets aside the application by Asiacorp to appoint a
     liquidator to Green Salt until the auditor's report is
     filed with the court;

   * orders Asiacorp to pay the Company's reasonable costs of
     opposing Asiacorp's application to appoint liquidators for
     Greensalt.

              About Green Salt Group Limited

Established in Hong Kong on September 25, 2002, Green Salt Group
Limited is an investment holding company engaging in the
manufacturing and sale of salt products in the Asia Pacific
region.  Green Salt is a subsidiary of FirstLink Investments
Corporation Limited.

      About FirstLink Investments Corporation Limited

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


INTER-BUILDERS DEVELOPMENT: Proofs of Claim Due Next Month
----------------------------------------------------------
An intended dividend will be distributed for Inter-builders
Development Private Limited.

Creditors are given until April 7, 2006, to send in their proofs
of debt or claim.

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


KIAN FOO: Court Decides to Wind Up Firm
---------------------------------------
The High Court of Singapore has ordered to wind up Kian Foo
Building Contractor Private Limited on March 6, 2006.

All creditors should file a proof of debt or claim in order to
benefit from any distribution the Company will make.

Contact: The Official Receiver
         Insolvency & Public Trustee's Office
         Rajah & Tann
         Solicitors for the Petitioner
         45 Maxwell Road #05-11/#06-11
         The URA Centre (East Wing)
         Singapore 069118


SINTEK TRADING: Creditors Should Prove Claims by April 7
--------------------------------------------------------
Sintek Trading Enterprise Private Limited will be distributing
dividends, and creditors are requited to prove their claims not
later than April 7, 2006, in order to benefit from the
distribution.

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


STERI-CARE: Creditors Given Until April 24 to Prove Claims
----------------------------------------------------------
Steri-Care Private Limited will be receiving proofs of debt or
claim before April 24, 2006.

Creditors should send in their particulars to the solicitors and
liquidators of the Company.

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

Contact: Low Sok Lee Mona
         Teo Chai Choo
         Liquidators
         c/o Low, Yap & Associates
         4 Shenton Way
         #04-01 SGX Centre 2
         Singapore 068807


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

BANGKOK STEEL: Hires New Auditors
---------------------------------
On March 15, 2006, Bangkok Steel informed the Securities
Exchange of Thailand of its new auditors.

The Troubled Company Reporter learned from the Company's release
that its new auditors for the year 2006 would be:

            Somchai Kuruchitkosol,
            Umpol Jumnongwat, and
            Wanya Puthsathien.

                          *     *     *

Bangkok Steel Industry Public Company Limited
-- http://www.bangkoksteel.co.th/-- manufactures reinforcing  
steel bars including deformed steel bars under "BSI" brand name,
and galvanized iron flat sheets under "Singha" brand name.  
Additionally, the Company provides steel fabrication services
for machinery installations and large containers; and is a
licensee of "Kone" cranes from Finland.   

On December 22, 2003, the Supreme Court ordered the Company to
rehabilitate its business in accordance with Thailand's
Bankruptcy Act.  On April 19, 2004, the Central Bankruptcy Court
appointed C.J. Morgan Co., Ltd. and Panya Intellect Co., Ltd. to
be its business rehabilitation planners.  The comptroller of
Bankruptcy head invited the debtors, creditors and lenders to
lodge the claim for settlement of debts with the Company.  The
total claims lodged by the appellants amounted to approximately
THB59.09 billion which were the outstanding balance in the
Company's accounts approximately THB18.91 billion and
commitments and contingent liabilities of THB40.18 billion.

The Company's business rehabilitation plan dated December 19,
2004 was accepted three days later, and on February 7, 2005,
Thailand's Central Bankruptcy Court gave an order that it agreed
with the aforesaid rehabilitation plan.  

On November 30, 2005, the creditors' meeting moved to amend the
Company's business rehabilitation plan, which the Central
Bankruptcy Court agreed to on December 26, 2005.

          Bangkok Steel's Business Rehabilitation Plan

The amended business rehabilitation plan contains these
provisions:

   (1) The Classification of Debt

       There were 29 creditors to file the application for
       repayment of debts in the total amount of THB59.09
       billion, comprising THB38.53 billion in principal and
       THB20.56 billion in accrued interests.  The creditors had
       been classified in 7 groups, one group of secured
       creditors, and the remaining six have been tagged as
       unsecured creditors.

   (2) The Debt Restructuring Plan

       A total amount of THB4.92 billion will be paid to
       creditors within 136 months, comprising:

       * a non-core asset swap amounting to THB131 million;

       * repayment from cash flows amounting to THB2.29 billion;

       * repayment from guarantors or concerned persons
         amounting to THB311 million, and;

       * a deferred payment in the 136 months of THB2.18
         billion.

The balance of THB54.18 billion will be forgiven after the
completion of all payments.

   (3) The Capital Restructuring Plan

       The plan administrator may pay the debt by common shares
       of the increased capital before its due date, on the
       condition that creditors accept the scheme of payment
       before due date.
  
       Furthermore, the principles and methods of the capital
       restructuring plan are:

      * Decreasing share capital registered in the amount of
        THB4.00 billion to THB1.60 billion by canceling
        unappropriated 240 million common shares with par value
        at THB10.

      * Decreasing share capital registered in the amount of
        THB1.60 billion to THB160 million by decreasing the par
        value from THB10 to THB1.

      * Increasing share capital registered by 3.84 billion
        shares through the issuance of common shares to pay the
        liabilities for creditor or guarantor or other persons
        before the due date by considering the share capital
        registered.

          The progress of the Company's rehabilitation

The Company is currently looking to reduce its debts from
THB59.09 billion to THB43.79 billion.

The Company has also repaid to creditors under the
rehabilitation plan for principal and interest of THB11.94
million and THB44.05 million, respectively.  A subsidiary as the
guarantor, made the repayment of debts to creditors on behalf of
the Company of THB200 million.  

In May 2005, a related company as the guarantor transferred its
assets for debt payment to a creditor at the value of 70% of
appraisal value for debt repayment of THB111 million.

In September 2005, the Company transferred its assets for debt
payment to a secured creditor in group 1 at the value of 70% of
appraisal value for debt repayment of THB130.94 million.

The Company is currently operating with current liabilities of
THB24.89 billion against a THB17.31 billion current asset
position.

Bangkok Steel reported a net profit of THB445.60 million for the
year ending December 31, 2005, a 105.03 per cent increased
compared with the net loss of THB8.86 billion in the previous
corresponding period, but the Stock Exchange of Thailand has
continued suspension of its shares trading since the Company
auditor has expressed a disclaimer of opinion.


CENTRAL PAPER: Net Loss Shrinks to THB39.32 Million
---------------------------------------------------
Central Paper Industry Public Company Limited has recorded
another net loss for the year ending December 31, 2005, the
Troubled Company Reporter - Asia Pacific has learned from the
Company's financials.

Even with a 6.39% increase in revenue to THB800.52 million in
2005 from 2004's THB752.44 million, the Company still reported
net loss pegged at THB39.32 million, as compared to 2004's net
loss of THB1.11 billion.

The Company, in a release to the Stock Exchange of Thailand, has
explained that the rise in sales was due to higher sales prices
for its printing and writing paper products, which rose in 2005
in accordance with world pulp price increases.

Central Paper's Current assets is pegged at THB184.03 million,
against a current liabilities position of THB3.11 billion,
showing that the Company has an insolvent balance sheet.

It also has a capital deficiency of THB6.62 billion for 2005, up
from THB6.58 in 2004.

The Company's auditor, Apichart Sayasit of Horwath (Thailand)
Limited, has issued a disclaimer of opinion, citing Central
Paper's being in rehabilitation and doubts on the Company's
going concern.  The SET has already ruled that the Company's
financial status is not adequately or properly reflected on its
financial statements, and has continued suspending Central
Paper's trading.

Established in 1973, Central Paper Industry Public Company
Limited -- http://www.centralpaper.thailand.com/-- produces and  
distributes uncoated printing paper including fine printing
paper used in high quality printing tasks, newsprint paper used
in newspaper printing, and kraft paper used for making paper
bags.  The Company is currently classified under Thailand's
Companies Under Rehabilitation or REHABCO sector.

Before the Company entered into business rehabilitation, it:

   * was sued by a financial institution for the default on
     repayment of loan principal and accrued interest totaling
     THB109.3 million;

   * has defaulted on the repayment of loan principal and
     accrued interest to a local company totaling THB119.2
     million and in 2003, the Court sentenced the Company to
     make the repayment of loan principal and accrued interest
     in full including the interest charged until the last
     settlement date, and;

   * was sued by a bank for the default on repayment of loan
     principal and accrued interest totaling THB2.83 billion.
     After that, this bank transferred the right on the debts to
     Thai Asset Management Corporation.  Subsequently on
     September 5, 2002, the Civil Court sentenced the Company
     and the guarantor to make the debt repayment totaling
     THB2.8 billion to Thai Asset Management Corporation
     including the interest charged at the rate 15% per annum of
     the loan principal of THB1.91 billion until the last
     settlement date and to mortgage land, construction,
     and machinery of the Company and confiscated other assets
     of the guarantor.  The Company did not appeal on the result
     of the case.

On March 16, 2004, the Company submitted a petition for
rehabilitation of the Company to Thailand's Central Bankruptcy
Court.  On April 26, 2004, the Central Bankruptcy Court ordered
the Company to rehabilitate its business and appointed the
Company the Business Reorganization Planner.

Subsequently, on February 1, 2005, the Central Bankruptcy Court
issued an order to approve the Company's Business Reorganization
Plan according to the conditions and procedures stated in the
Business Reorganization Plan and to appoint the Company the Plan
Administrator.

Currently, the Company is in the process of compliance with the
Business Reorganization Plan.  However, the Company has faced
with liquidity problems since it has sustained operating losses
for several years and the Company could not make a repayment to
Creditor Group 1 of THB4.7 million as stated in the Business
Reorganization Plan.  Hence, the repayment of the debts in
accordance with the Business Reorganization Plan when become due
significantly depends on the Company's abilities to operate
successfully in the future and to generate sufficient cash flows
from operations.  

The Business Rehabilitation Plan:

   1. Debt Restructuring

      1.1. Creditor Group 1: Not less than 15% Secured Creditor
           Thai Asset Management Corporation

           All claims of this creditor amounting to THB3.84
           billion -- consisting of principal of THB1.91 billion
           and accrued interest of THB1.92 billion -- will be
           separately paid such that:

           * Loan principal of THB564.6 million will be repaid
             in 40 quarterly installments at varying amounts
             totaling 10 years commencing in June 2005 with
             interest at, and payable monthly:

                    Year              Interest Rate
                     1-3              MLR minus 4% p.a.
                     4-5              MLR minus 2% p.a.
                    6-10              MLR

           * Principal of THB188.2 million will be repaid at
             the end of the tenth year from the Effective Date
             of the plan -- February 2015 -- with interest at
             0.01% per annum and payable annually.

           * Principal of THB54 million will be converted into
             common shares of the Company, to be issued at the
             value of THB10 per share within 90 days after the
             date that the Company completely restructures its
             share capital.

           * Principal of THB510.7 million will be repaid
             within five years after the completion of share
             capital restructuring and the creditor agrees to
             reduce its debt of THB2.55 to every THB1 repayment
             with no interest.  If the Company can not repay
             that debt within the due date of five years, the
             remaining debt principle will be converted to
             common share capital of the Company at the par
             value of THB10 per share within 180 days after the
             due date of the debt repayment.

           * Principal of THB595.8 million will be forgiven
             with no interest bearing when the Company repays
             the debt as said in previous item and the security
             of the Company can be traded in the Stock Exchange
             of Thailand.

           * Interest of THB2.13 billion will be forgiven with
             no interest when the Company repays the THB510.7
             million debt and the security of the Company can be
             traded in the Stock Exchange of Thailand.

             The creditor agreed to forgive all liabilities
             under being a guarantor for International
             Converting Center Company Limited as specified in
             the Debt Restructuring Agreement dated January 20,
             2004, entered into between TAMC and ICC.
             Liabilities will be released when both ICC and the
             Company comply with all conditions in that
             agreement and have filed detail of their assets and
             liabilities to TAMC for three years from the Debt
             Restructuring Plan date.

      1.2. Creditor Group 2: Less than 15% Secured Creditor
           Siam City Leasing-Factoring Public Company Limited

           All claims of this creditor amounting to THB112.3
           million, which consisted of principal of THB69.8
           million and accrued interest of Baht 42.5 million
           -- THB50.3 million as recorded in the accounts --
           will be separately paid as:

           * Part of the principal will be paid by transfer of
             secured land at the fair market value as appraised
             by the independent appraiser (THB34.1 million) with
             a 5-year buy-back option.  As at December 31, 2005,
             the Company has not yet transferred the secured
             land to the creditor since the appraised value of
             the secured land has not yet been finalized.

           * 15% of the remaining principal, which is equal to
             THB5.4 million will be repaid in 40 equal quarterly
             installments commencing in June 2005 with no
             interest.

           * The remaining principal of THB30.3 million and
             accrued interest of THB42.5 million will be
             forgiven when the Court approves the Business
             Reorganization Plan (February 1, 2005).

      1.3. Trade Creditors

           All principal amounting to THB22.9 million will be
           paid in full as the normal course of business.  As of
           December 31, 2005, the Company had already paid these
           debts to the trade creditors.

      1.4. Unsecured Creditors: Official Receiver of Natee Thong
           Finance and Security Co., Ltd. and Assets Management
           Corporation

           All claims of this creditor amounting to THB106.7
           million, which consisted of principal of THB51
           million and accrued interest of THB55.7 million will
           be separately paid such that:

           * 10% of the total debts of THB10.7 million will be
             repaid in 40 equal quarterly installments starting
             June 2005 with no interest.

           * The remaining debts of THB96.0 million will be
             forgiven when the Court approves the Business
             Reorganization Plan (February 1, 2005).

      1.5. Unsecured Debt under Letter of Guarantee: Kasikorn
           Bank Public Company Limited

           If this debt has arisen, the Company will repay such
           debt within 120 days from the date that the Plan
           Administrator or the Company has been informed by
           letter along with evidence. As at December 31, 2005,
           the Company already cancelled bank guarantees from
           such bank.

      1.6. Unsecured Creditors for debt from being a guarantor:

           All claims of these creditors amounting to THB2.70
           billion will be paid whenever any creditors repay
           debt under guarantee to the primary creditor TAMC.
           The Company will repay full amount of such debts by
           legal right transfer.  

   2. Share Capital Restructuring

      Under the Business Reorganization Plan, the Company, as
      Plan Administrator, shall be entitled to proceed with the
      reduction and increase of the authorized share capital as
      prescribed in the Plan, including to amend the memorandum
      and articles of association of the Company from time to
      time, in order to comply with the repayment program and
      any other procedures under the plan including submission
      of new shareholder list to the Ministry of Commerce.

      In compliance with the Business Reorganization Plan, the
      Company will restructure its capital as follows:

      2.1. Within 90 days after the Effective Date of the Plan
           (which is due on May 1, 2005), the Company shall:

           * Reduce the authorized share capital from THB1.80
             billion (180,000,000 common shares at THB10 par
             value) to THB600 million (60,005,400 common shares
             at THB10 par value) by reducing 119,994,600
             unsubscribed common shares at THB10 par value
             totaling THB1.20 billion which were reserved for
             exercised warrants of 119,994,600 warrants (right
             to exercise is 1:1). The Company has registered its
             authorized share capital reduction with the
             Ministry of Commerce on May 6, 2005.

           * Reduce the authorized share capital of the Company
             by reducing the par value from THB10 per share to
             THB1 per share, which shall result in the reduction
             of the authorized share capital from THB600 million
             (60,005,400 common shares at THB10 par value) to
             THB60 million (60,005,400 common shares at THB1 par
             value). The reduced share capital shall be offset
             against the deficit of the Company. The Company has
             not complied with this condition.

           * Reduce the authorized share capital of the Company
             by reducing the par value from THB1 per share to
             THB0.01 per share, which shall result in the
             reduction of the authorized share capital from
             THB60 million (60,005,400 common shares at THB1 par
             value) to THB0.60 million (60,005,400 common shares  
             at THB0.01 par value). The reduced share capital
             and premium on common shares shall be offset
             against the deficit of the Company. The Company has
             registered its authorized share capital reduction
             with the Ministry of Commerce on June 7, 2005 and
             offset the reduced share capital and premium on
             common shares against the deficit of the Company.

           * Reduce the number of authorized common shares and
             increase the par value of common share in the
             proportion of existing shareholding from 60,005,400
             common shares at THB0.01 par value to 60,006 common
             shares at THB10 par value. As of December 31, 2005,
             the Company is in the process of complying with
             this condition.

      2.1. Within 90 days after the completion of this share
           reduction the Company shall increase its authorized
           share capital from THB0.6 million (60,006 common
           shares at THB10 par value) to THB54.6 million
           (5,460,006 common shares at THB10 par value) by
           issuing new 5,400,000 common shares at THB10 par
           value and allocating such new common shares to the
           Creditor Group 1 under the Business Reorganization
           Plan (total debt of THB54 million).    

   3. In addition, the significant terms and conditions under
      the Business Reorganization Plan provide that:

      * The Company can increase its authorized share capital
        and offer new common shares at THB10 per share to
        creditors in the proportion of each creditor's debt.

      * The Company can increase its authorized share capital
        and offer new common shares at the book value of the
        last quarter plus 10% which should not less than market
        value to existing shareholders or new investors.

      * The Company can increase its authorized share capital
        and offer new warrants to existing warrant holders to
        exercise its right to purchase the Company's common
        shares not over than three percent of paid-up share
        capital.

      * The Company should amend the memorandum and articles of
        association of the Company to comply with the capital
        restructuring.

      * The Plan Administrator can decide to obtain additional
        working capital facility from both loan and capital for
        the Company.

      * The Company should close all bank accounts and maintain
        not more than three major bank accounts.  As at Dec. 31,
        2005, the Company has complied with this condition.

      * The Company can distribute dividend when the profit
        already reserved for debt and completely reserved for
        legal reserve and cannot distribute dividend over than
        50% of its net profit from operation.

      * The Plan Administrator should assign to have a cash-
        monitoring review by conditions of the Creditor Group 1
        and report to the Creditor Group 1 every six months.  On
        June 27, 2005, the Company has assigned SCMB Company
        Limited as its cash-monitoring reviewer for the year
        2005 with the fee of THB0.4 million.


CHRISTIANI & NIELSEN: Posts a THB136.17 Million Profit
------------------------------------------------------
The Troubled Company Reporter - Asia Pacific has learned from
the financials of Christiani and Nielsen (Thai) Public Company
Limited that the Company had a THB136.17 million net profit for
the year ended December 31, 2005, a THB172 million decrease from
2004's posted THB308.52 million net profit.

The Company explains that the decrease is due to the fact that
in 2004, the Company recorded a THB170 million gain from
disposal of investment in discontinued operation, and that in
2005 the Company had a THB2 million increase in exchange loss.

The Company has thus far approved a dividend payment of THB0.10
per share to shareholders registered in Company's shareholders
book as of 4 May 2006.  Total dividend payment is set at
THB40.12 million to be paid on 15 May 2006.  Moreover, THB6.8
million has been allocated to Legal Reserve and the remaining
THB89.2 million has been allocated to unappropriated retained
earnings.

       Christiani & Nielsen (Thai) Public Company Limited
             Company Highlights, as of December 31
                      (in millions THB)

                               2005               2004

      Assets               2,658.38           2,281.22
      Liabilities          1,695.51           1,471.42
      Equity                 962.88             809.80
      Paid-up Capital        401.16             401.16
      Revenue              3,693.53           4,147.00
      Net Profit             136.17             308.52
      EPS(Baht)                0.35               0.80

Headquartered in Bangkok, Thailand, Christiani & Nielsen Public
Company Limited -- http://www.cn-thai.co.th/-- and its  
subsidiaries specialize in construction and engineering.  The
Company and its subsidiaries undertake a wide range of projects
including industrial buildings, commercial buildings and
residential buildings, civil and marine works and major
infrastructure projects.  The Company is also involved in
property development.

In 2002, creditors claimed against the Company and its
subsidiaries for which it acted as guarantor a total of THB1.43
billion in debt.  This and working with a significant deficit,
forced the Company's management decided that it will not be able
to carry out the repayment.

On May 31, 2002, the Company lodged a petition for
rehabilitation in accordance with the Thai Bankruptcy Act with
Thailand's Central Bankruptcy Court which was approved on
July 8, 2002.  CN Advisory Company Limited was appointed as its
planner.

Following the Court's order for the rehabilitation of the
Company's business, the debtors, creditors and lenders were
invited by the Comptroller of Bankruptcy to lodge the claims for
settlement of debts with the Company.  At the end of the
process, claims against the Company amounted to approximately
THB10.95 million which exceeded the outstanding balances in the
Company's accounts.  The difference mainly represented guarantee
obligations and contract value.  

The Company had inspected the evidence and lodged the opposition
for the incorrect amounts of the claims and, on January 15,
2003, proposed its rehabilitation plan to the creditors.  The
plan was approved by the majority of its concerned trade and
financial institution creditors on February 18, 2003 and was
subsequently approved by the Central Bankruptcy Court on May 2,
2003 in which the Court appointed CN Advisory Company Limited as
a plan administrator.

The Company had in 2003 implemented the rehabilitation plan in
which the capital restructuring, most of the group and debt
restructuring plans had already been completed, the details of
which are described next.

                The Company's Rehabilitation Plan

The Company's rehabilitation plan has significant contents as:

   1. Capital restructuring

      The Company processed its capital restructuring under
      the rehabilitation plan regarding the decrease and
      increase of the Company's registered share capital
      which was approved by the Plan Administrator's Board
      of Directors through the meeting of the Board of
      Directors of CN Advisory Co., Ltd. held on July 23,
      2003 and was also approved by the Central Bankruptcy
      Court on August 5, 2003.  The Company's capital
      restructuring was processed as follows:

      * The Company decreased its 18,035,800 non-issued
        ordinary shares, resulting in the reduction of its
        registered share capital from THB1.59 billion
        (159,219,320 ordinary shares of THB10 each) to
        THB1.41 billion (141,183,520 ordinary shares at
        THB10 each).  The Company registered the capital
        decrease with the Ministry of Commerce on August 25,
        2003.

      * On August 26, 2003, the Company registered the
        decrease of its issued and paid up share capital by
        reducing the par value from THB10 each to THB0.01
        each to offset with the Company's deficit totaling
        THB1.41 billion, resulting in the reduction of its
        registered and paid up share capital from THB1.41
        billion to THB1.4 million (141,183,520 ordinary
        shares of THB0.01 each).

      * The Company transferred the statutory reserve of
        THB28.5 million and share premium of THB198.1
        million to offset with the Company's deficit.

      * The Company issued 31,060,374,480 new ordinary
        shares of THB0.01 each by offering 31,060,374,400
        ordinary shares to the existing shareholders of
        the Company in the portion of 1 existing ordinary
        share to 220 new ordinary shares and offering 80
        ordinary shares through the private placement. The
        registered and paid up share capital had therefore
        increased from THB1.4 million (141,183,520 ordinary
        shares of THB0.01 each) to THB312 million
        (31,201,558,000 ordinary shares THB0.01 each).
        The Company registered the capital increase with
        the Ministry of Commerce on September 30, 2003.

      * On March 16, 2004, the Company registered with the
        Ministry of Commerce for the change of its par
        value and number of ordinary shares from
        31,201,558,000 ordinary shares of THB0.01 each to
        312,015,580 ordinary shares of THB1 each.

      * In addition, on July 30, 2004, the meeting of the
        Board of Directors of CN Advisory Co., Ltd. passed
        a resolution for the increase of the Company's
        registered share capital from THB312,015,580
        (312,015,580 ordinary shares of THB1 each) to
        THB401,162,888 (401,162,888 ordinary shares of THB1
        each) by issuing new ordinary shares of
        THB89,147,308 (89,147,308 ordinary shares of THB1
        each) to reserve for stock dividend payments to
        the shareholders.  The Company registered the
        change of registered share capital to THB401
        million with the Ministry of Commerce on Sept. 20,
        2004 and the paid up capital to THB401,161,682 on
        October 13, 2004.  The stock dividend was allocated
        to the shareholders on October 12, 2004.

   2. Group restructuring

      The Company processed its group-restructuring plan by
      disposing investments in certain subsidiary companies
      which have not operated or have operated with loss to
      third parties. The group-restructuring plan had been
      approved by the Plan Administrator's Board of Directors
      through the meeting of the Board of Directors of CN
      Advisory Company Limited number 3/2546 held on
      July 23, 2003, which was also in compliance with the
      rehabilitation plan agreed by the Central Bankruptcy Court
      on May 2, 2003.

   3. Debt restructuring

      As part of the debt restructuring, the Company had made
      payments to each group of creditors following the basis
      specified in the rehabilitation plan and had adjusted
      liabilities which were deemed necessary.  The details of
      debt settlement, gain from debt restructuring and debt
      adjustments were as follows:
      
      Gain from debt restructuring

      * THB29.8 million from the transfer of the Company's land
        and land with construction thereon and the subsidiary's
        land to settle the debts of THB169.1 million claimed
        under the plan by the 1st group creditor.

      * THB32.3 million from the payment made to one of the
        third group creditor at 3% of total debts of THB60.5
        million claimed under the plan.

      * THB338.5 million from the payment made to the 4th group
        creditor at three percent of total debts of THB1.72
        billion claimed under the plan.

      * THB57.1 million from the transfer of the Company's land,
        together with payment, to settle the debt of THB75
        million claimed under the plan by the 5th group
        creditor.

      * THB375.5 million from payment and adjustment of amounts
        due to and loans from related parties at three percent
        of total debts of THB390.5 million claimed under the
        plan.

On June 28, 2005, the Company filed a request for release from
the rehabilitation plan with the Central Bankruptcy Court,
stating that it has fulfilled the main processes under the
rehabilitation plan and had considered setting up reserve for
potential loss from guarantee obligations and other liabilities
in the accounts.  On September 1, 2005, the Court has ordered
the release of the company from the rehabilitation plan.


EVERLAND: Net Profit Narrows to THB171.5 Million
------------------------------------------------
Everland Public Company Limited's financials released on
March 1, 2006, revealed that the Company had a net profit of
THB171.15 million for the year ending December 31, 2005.

In comparison, this is a THB6.90 billion or 97.58% decrease from
the THB7.07 billion net profit recorded in 2004,  The Company
explained however that a one-off gain from debt repayment of
THB6.77 billion was incorporated in the 2004 results, while the
2005 reflects only a THB108.25 million one-off gain.

The Company's total revenue in 2005 was pegged at THB471.50
million, an increase from 2004's THB417.86 million due to
developing and selling more projects within the year.

                 Everland Public Company Limited
             Financial Highlights, ending December 31

                             2005                  2004

   Assets                1,604.16              1,373.07
   Liabilities           1,109.84              1,427.18
   Equity                  494.32                -54.15
   Paid-up Capital         300.00              6,426.36
   Revenue                 471.50                417.86
   Net Profit              171.15              7,068.56
   EPS(Baht)                 0.41                 11.00

Everland Public Company Limited -- http://www.everland.co.th/--  
develops property for sale and rental including condominiums,
apartment buildings and resorts.  The company also invests in
property development companies.

On June 15, 2001, the Company filed a partition to the
Bankruptcy Court for business rehabilitation.  On July 16, 2001,
The Central Bankruptcy Court ordered the Company to be
rehabilitated.  The Property Planner Company Limited is the plan
administrator according to the approval of The Central
Bankruptcy Court dated May 20, 2002.  It will administer the
Company as mentioned in the plan.  However, in 2005, the Company
has completely paid the debt and has been released of the debt
in accordance with the rehabilitation plan.

On October 14, 2005, the Company informed by the Stock Exchange
of Thailand, that the Company has completed and abided by the
conditions set forth by the Board of Governors of the Stock
Exchange of Thailand. The Company is no longer under review and
has retained its status as a listed security on the Stock
Exchange of Thailand under REHABCO.

On January 10, 2006, the Company was informed by the Stock
Exchange of Thailand, that the Company's security was
transferred from under REHABCO to Property Development and, thus
was allowed to trade beginning January 19, 2006.

The Troubled Company Reporter -- Asia Pacific has learned in a
company release that Everland Public Company Limited has
signified interest to delay the termination of it's
rehabilitation plan by this month.

The Company now expects the Thai Central Bankruptcy Court to
terminate the rehabilitation plan by May 2006.

               Summary of the Rehabilitation Plan

Two hundred and nine creditors have applied for repayment
of debts in the amount approximately THB15,000 million.  The
plan divided all the creditors into 13 groups, comprising of
secured creditors and unsecured creditors.

The secured creditors are divided into:

   Group 01: Large secured creditors
   Group 02: Retail secured creditors

Unsecured creditors comprise of:

   Group 03: Unsecured financial institution creditors
   Group 04: Other unsecured creditors
   Group 05: subsidiaries, which are guarantors
   Group 06: Trade and professional creditors
   Group 07: Tax creditors
   Group 08: Infrastructure creditors
   Group 09: The Stock Exchange of Thailand and the Securities
             Depository Center Company Limited
   Group 10: Company's employees
   Group 11: Condominium juristic person
   Group 12: Customers
   Group 13: Rehabilitation expenses creditor

Within 90 days after the Court has approved the rehabilitation
plan, the Company will transfer its pledged assets, project of
undeveloped lands to the rehabilitation plan payable Groups 1
and 2, for instance, part of the Country Village Suwintawong,
the Country Marina City, and undeveloped land in and outside of
Bangkok, to creditors.  Regarding the Country Complex project,
the Company will sell it and repay the debts for rehabilitation
plan payable Group 1.  Parts of the remaining debts are to be
repaid from using the incomes from projects which will be
developed in the future.  The projects are composed of the
Country Village Theparak and part of the Country Village
Suwintawong.  The Company will repay the outstanding debts
mentioned within six years from the date in which The Central
Bankruptcy Court approved the rehabilitation plan.  The
outstanding debts have an interest rate of 3.5% per annum.

The remaining secured debts in the balance sheet after the
swapping of debts with assets are to be repaid by using income
from projects and the unsecured debts all groups will be repaid
by premium from using incomes from projects and will be repaid
by converting the debts into ordinary share at THB10 per share.  
The remaining capital will be suspended and the creditors have
agreed to forgive all of the accrued interest, liabilities and
the debts when the Company has completely satisfied all of the
conditions as stated in the rehabilitation plan.

All groups of creditors except groups 7 and 10 are to forgive
all of the accrued interest expense when the Company and
mortgagor has completely transferred all collateral assets to
pay the debts of Groups 1 and 2 creditors and bring the cash
income from Country Complex Project to repay the debts of Group
1.  And all groups of creditors except group 7 will abandon
calculation of interest in accordance with the formal contract
of plan.

The Property Planner Company Limited is the plan administrator
according to the approval of The Central Bankruptcy Court dated
May 20, 2002.  It will administer the Company as mentioned in
the plan.  The procedures of rehabilitation are to be completed
in five years after the approval of The Bankruptcy Court.  The
procedures can be extended with permission of the Court for
another two years.

On March 29, 2004, the Central Bankruptcy Court approved the
revised plan, such that, among others, the debts claimed by
group 1 creditors are revised from THB247.2 million to THB229
million.  Out of the THB229 million, only THB206 million have an
interest rate 3.5% per annum from the date in which The Central
Bankruptcy Court has approved the rehabilitation plan.

On March 2, 2005, the Central Bankruptcy Court approved yet
another revised plan, providing that, among others, premium on
share capital in the amount of THB682.50 million and
Appropriate-Legal of retained earning in the amount of THB20.99
million are to be offset against the Company's deficit prior to
equity reduction.

Moreover, the Company must reduce its capital by reducing its
par value from THB10 to THB1.  After that capital reduction, the
Company must reduce common shares by converting 25 shares of
common shares to one share.  After the share reduction, the
Company must increase its paid-up share capital to THB300
million by issuing new common shares at the price of THB1 per
share:

   * The Company must issue the common shares not in excess
     of 35% of the share capital to the plan administrator or
     any person indicated by the plan administrator as a
     management fee in accordance with the rehabilitation
     plan.

   * The Company must issue 10% of the new share capital to
     previous shareholders that have incurred loss at the
     time when the Court granted rehabilitation of the
     Company.

     These previous shareholders have the right to purchase
     share capital at THB0.01 per share in proportion to the
     percentage of the shares previously held.

   * The remaining shares of increased capital are to be
     issued to creditors that lend working capital for the
     development of the Company's projects after the Court
     has granted rehabilitation of the Company.  These
     creditors have the right to purchase share capital at
     THB1 a share.

      Progress of Implementation of the Rehabilitation Plan

   1. Transferring of assets to pay debts

      The Company has transferred the additional collateral
      assets to pay Group 1 creditors as follows:

      * On January 8, 2004, the Company has transferred
        collateral assets, the land of Villa Holding Co., Ltd.
        to Group 4 creditors.  

      * On January 20, 2004, the Company transferred the Royal
        Beach Condominium, the project of Royal Beach
        Condominium Company Limited resulting in a loss from the
        transfer of collateral assets for payments according to
        the rehabilitation plan amounting to THB6.10 million
        shown as loss from debt repayment under rehabilitation
        plan.

      * On January 30, 2004 and April 28, 2004, the Company has
        transferred the collateral assets to pay Group 1
        creditors; resulting in a loss from the transfer of
        collateral assets for payments according to
        rehabilitation plan amounting to THB10.21 million.

   2. Paying debts from cash income from the Country Complex,
      the Country Village Theparak and a part of the Country
      Village Suwintawong.

      On April 30, 2004, the Company transferred the cash income
      from the Country Complex and the Country Village
      Suwintawong to creditors of Group 1.

      On April 30, 2004, the Company completely transferred the
      collateral assets in accordance with the rehabilitation
      plan.  The creditors forgave the accrued interest
      expenses amounting to THB6,044.41 million.

      On July 26, 2004, the Company transferred the cash incomes
      from the Country Village Theparak to creditors of Group 1.
      On August 27, 2004 the Company completely transferred the
      cash income to creditors of Group 1.  The creditors
      forgave the suspended part waiting for discharged debts
      amounting to THB1.05 billion.

   3. Conversion of debts to equity

      On  June 14, 2002, The  Central  Bankruptcy  Court
      approved the Company's  rehabilitation  plan  to  reduce
      the  registered capital from the existing amount of
      THB1.50 billion to THB1.2125 million, by canceling the
      28.75 million unissued ordinary shares and to reduce the
      existing number of 121,250,000 shares to 121,250
      shares, with a par value of THB10 by  the plan
      administrator.
      
      The reduced capital in the amount of THB1.21 billion to
      reduce the retained loss. After that, the Company
      registered to increase the capital to THB10 billion
      comprised of 1 billion shares, with the par value of THB10
      each share, in preparation to convert debts into equity
      and to compensate the plan administrator in the amount of
      THB10 billion.  The Company has registered the increase
      share capital with The Ministry of Commerce on September
      25, 2002.

      The Company converted the debt to equity on April 8, 2003
      amounting to 645,107,869 shares, at THB10 each, totaling
      THB6.45 billion and on April 22, 2003 amounting to 1,857
      shares, at THB10 each, totaling THB18,570. The total
      conversion of debt to equity amounted to 645,109,726
      shares, totaling THB6.45 billion which were allocated to
      the rehabilitation plan creditors of  Groups  1, 2, 3, 4,
      5, 6 and 12.

      In 2003, the Company recorded the suspensed account from
      conversion of debt to equity in advance amounting to
      5,191,628 shares, at THB10 apiece, totaling THB51.91
      million to a Group 4 creditor to support the payback with
      ordinary shares to such creditor when it has transferred
      the collateral assets to pay creditors of Group 1 in
      accordance with the rehabilitation plan.  In 2004, such
      creditor completed the transfer of the collateral assets
      but the Company did not deliver share certificates because
      such creditor got an advance from the Company. At the
      present time, the Company has already delivered the share
      certificates.

      The suspensed account from the adjustment of the debts in
      accordance with the official receiver amounting to
      THB45.40 million arises from the order of the official
      receiver to reduce the debts of Group 6 creditors (2
      companies).  The Company had registered the decrease in
      share capital with The Ministry of Commerce on
      May 10, 2005.


THAI AIRWAYS: Nok Air to Takeover Two Routes
--------------------------------------------
Thai Airways International Public Company Limited will hand over
its loss-making domestic route to its subsidiary Nok Air,
Bangkok Post reports.

On Sunday, daily services in Bangkok-Nakhon Si Thammarat route
have been suspended.  Also, starting May 1, 2006, the twice-a-
week service from Bangkok to Trang will also be dropped.

The move is part of Thai Airways continuing effort to turnover
loss-making routes to Nok Air, its low-cost airline subsidiary.

Somchainuk Engtrakul, Thai Airways acting president told the
Post that Nok Air will takeover on operating flights to the two
southern destinations with the same flight schedule as Thai
Airways' services.

Nok Air also plans to add a second daily flight for the Bangkok-
Nakhon Si Thammarat route by the end of April or early May upon
completion of the repairs currently made at Nakhon Si Thammarat
airport.

Headquartered in Bangkok, Thailand, Thai Airways International
Public Company Limited -- http://www.thaiairways.com/-- is
engaged in the operation of domestic and international air
transportation service.  This includes support services such as
freight forwarding, warehousing, on-line ticketing, hotel and
restaurant operations, fuel storage and filling for aircraft at
the airport Air catering and fuel pipeline transportation.  The
Group also provides services in other type of transportation in
connection with the information technology services, distributes
computer services, flight reservation and other travel-related
services.  The company underwent a major business restructuring
last year after it plunged to a loss of THB4.78 billion in the
April-June period, canceling or reducing flights to unprofitable
routes, and adding more high-yield routes.  It also implemented
a more proactive marketing strategy with a focus on corporate
customers, in a bid to improve its passenger yield.





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