TCRAP_Public/060330.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

            Thursday, March 30, 2006, Vol. 9, No. 064  


                            Headlines

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

AIR NEW ZEALAND: Teams Up with Qantas to Cut Costs
ALLCOAST LININGS: Decides to Wind Up Business
AUTO GROUP COMMERCIAL: Appoints Receivers and Managers
BLADEN GIBSON: Schedules Final Meeting Today
CBW IMPORTS: Members Agree to Wind Up Firm

CURRABILLA PASTORAL: Enters Voluntary Liquidation
DAVID BOXSHALL CONCRETING: Prepares to Pay Dividend
DEXTEC METALLURGICAL: Liquidator to Distribute Assets
EMT SERVICES: Receivers Step Down
FARROW MORTGAGE: To Distribute Final Dividend

FOUR WINDS PACKAGING: Supreme Court Winds Up Firm
GARMAK ENGINEERING: Creditors OK Liquidator's Appointment
HARRIS SCARFE: Jury Discharged in Trial of Former COO
HAYER ENTERPRISES: Joint and Several Liquidators Appointed
HIH INSURANCE: Jailed Ex-Exec Files for Bankruptcy

L.V. DEAKIN: Members Agree to Close Operations
MARCELLIN PTY: To Hold Final Meeting Today
MASTRIDGE PTY: Leonard Milner Named as Liquidator
MULTIPLEX GROUP: Wembley Workforce to be Slashed by 120
NEPTUNE INVESTMENTS: Prepares to Liquidate Assets

PETE'S PLUNDER: Begins Liquidation Process
PIRIE & ASSOCIATES: Hires Joint and Several Liquidators
PORT LINK INTERNATIONAL: Members to Receive Wind-up Details
RATHWET PTY: Placed Under Voluntary Liquidation
QANTAS AIRWAYS: Qantas Sells US$400 Million of 10-Year Bonds

QANTAS AIRWAYS: Union Actions Stop as New Work Laws Take Effect
ROVER PROPERTIES: Creditors Proofs of Claim Due Next Month
SAUNDERS HAULAGE: To Declare First and Final Dividend
STRATHFIELD: Plans to Franchise 62 Retail Stores
ST JOHNS PROJECTS: Members Opt for Voluntary Liquidation

TITAN CONCRETING: Liquidator Presents Wind-up Details
UIM CONSOLIDATED: Wind-up Process Initiated
WATTYL LIMITED: Board Sticks With Barloworld Despite ACCC Worry


C H I N A   &   H O N G   K O N G

ABBEY NATIONAL: To Hold Final General Meeting on April 25
CAPITALCORP HONG KONG: Liquidators Cease to Act
CENTURY JEWELRY: Enters Voluntary Liquidation
CIL HOLDINGS: Breaches Listing Rules for Delaying Annual Results
DEEPER LIMITED: Schedules Meeting on April 3

ECHO KNITTERS: Appoints Official Liquidators
ELITE CHAMP: Appoints Chow Cheuk Lap as Liquidator
FIRST DRAGONCOM: Winding-up Petition Dismissed
FUJI YUGYO: Joint and Several Liquidators Step Aside
MAK KEE: Lau and Ng Cease to Act as Joint Liquidators

OASIS-J LIMITED: Final Meeting Set April 24
PEAK GARDEN: Prepares to Liquidate Assets
PIFCO OVERSEAS: Creditors Given Until April 21 to Prove Claims
SEA BOND: Appoints Official Liquidators
TREE CODE: Schedules Final Meeting on April 28

WINNA LIMITED: Names Official Liquidator


I N D I A

FERTILISERS AND CHEMICALS: Revival Package Expected by March 31
HINDUSTAN PETROLEUM: Teams Up With Petrobras for NELP-VI Bid
HINDUSTAN SHIPYARD: Government Neglects Revival Plans


I N D O N E S I A

INDOFOOD SUKSES: 2005 Earnings Decline by 68%
PERUSAHAAN GAS: Lifts 2005 Profit by 81%


J A P A N

LIVEDOOR COMPANY: Fuji TV Seeks Compensation for Stock Losses
LIVEDOOR COMPANY: Court Plans Separate Trial for Ex-CEO
LIVEDOOR COMPANY: Connects Web Portal with Usen Corporation
SANYO ELECTRIC: Expands India Operations
SANYO ELECTRIC: 10 Advisers To Bow Out

SONY CORPORATION: Restructuring Still Has a Long Way To Go


K O R E A

KOREA EXCHANGE: Partners With Uzbekistani Bank
LG CARD: Prospective Bidders to Issue Bids


M A L A Y S I A

ASIAN PAC: New Shares Granted Listing and Quotation
FORMIS MALAYSIA: Cash Castle Gives Up Major Shareholding
MALAYSIA AIRLINES: Secures MYR1 Billion Bridging Loan Facility
MALAYSIA AIRLINES: Shares Up on Route Rationalization
MENTIGA CORPORATION: Shareholders OK Company Proposals

PAN MALAYSIA: Buys Back 75,000 Shares for MYR32,019
PROTON HOLDINGS: Explains MV Augusta Shares Disposal
PILECON ENGINEERING: Unit Disposes of Entire Mawar Equity
SELANGOR DREDGING: Unit Acquires Shelf Company for MYR2.00
SETEGAP BERHAD: Forges Restructuring Pact with Sumatec Group

SETEGAP BERHAD: Bourse Delists Securities
TALAM CORPORATION: Obtains 90-day Restraining Order
TELEKOM MALAYSIA: Prepares to List 108,000 New Shares
TENAGA NASIONAL: Needs to Hike Tariff to Stay Afloat
TENAGA NASIONAL: To List Share Option Scheme Shares


P H I L I P P I N E S

ABS-CBN BROADCASTING: Harsh Penalty Sought to Prevent Stampedes
ATLAS CONSOLIDATED: Cebu Welcomes Plan to Resume Operations
LAFAYETTE MINING: Albay Board Member Wants Firm to Quit
NATIONAL POWER: Possible Line Shutdown May Cause Long Blackout


S I N G A P O R E

CHINA AVIATION: Completes Restructuring Plan & Resumes Trading
CITIRAYA INDUSTRIES: Four Citiraya Workers Face Bribery Charges
DETAM CORPORATION: Wind-Up Hearing Slated for March 31
FERB PRIVATE: Proofs of Debt or Claim Due Next Month
GHIM PENG: Creditors Should Prove Claims by April 11

GRANTCHESTER PRIVATE: Set to Distribute Dividend
LINDETEVES-JACOBERG: Unveils ATB Australia's Dealing in Shares
UNITED FIBER: Makes 7th Partial Payment to Series Three Loan


T H A I L A N D

AGRO INDUSTRIAL: 2005 Profit Climbs by 950% Due to Restructuring
AGRO INDUSTRIAL: Starts New Shares Offering
ASIA HOTEL: Results in FY05 Returns to Black
BANGKOK STEEL: Profit Climbs to THB445 Mln Due to Restructuring
PAE THAILAND: Most Likely to Miss Dividend Payment for FY05

THAI-DENMARK SWINE: Net Loss and Capital Deficit Widens in 2005

     - - - - - - - -

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

AIR NEW ZEALAND: Teams Up with Qantas to Cut Costs
--------------------------------------------------
Air New Zealand and Qantas Airways are discussing ways to cut
costs on the crowded trans-Tasman route, the Herald Sun reveals.

According to Herald Sun, aside from Qantas, Air New Zealand is
also tackling Emirates, Pacific Blue and Qantas' low budget
carrier, Jetstar, on the Tasman route.  Air New Zealand's chief
operating officer, Rob Fyfe, said that airlines were dumping
capacity across the Tasman and that it is "really tough to make
a buck."

Launching Air New Zealand's new international lounge at the
Melbourne airport, Mr. Fyfe believes that closer links with
Qantas were still possible, despite an earlier bid for an
alliance being ruled out by competition authorities, the report
notes.

The new attempt to forge an alliance with Qantas comes soon
after the Flying Kangaroo fought off a challenge from Singapore
Airlines to enter the profitable United States route.

Last month, the Australian Federal Government rejected
Singapore's bid for non-stop flights after strong lobbying from
Qantas.

Mr. Fyfe believes that Australia's decision on the U.S. route
could harm his airline because New Zealand had a more liberal
aviation policy.  He notes that "the likes of Singapore Airlines
and Emirates are clearly keen to fly that route" and "given that
they don't have that opportunity to fly from Australia to west
coast U.S.A., obviously they may look to fly from NZ to U.S.A.
instead."

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


ALLCOAST LININGS: Decides to Wind Up Business
---------------------------------------------
On March 9, 2006, Anthony Warner and Clifford Sanderson were
appointed as liquidators of AllCoast Linings Pty Limited.

Contact: Clifford Sanderson
         Anthony Warner
         Liquidators
         CRS Warner Sanderson
         Level 5, 30 Clarence Street
         Sydney, New South Wales 2000
         Australia


AUTO GROUP COMMERCIAL: Appoints Receivers and Managers
------------------------------------------------------
Andrew John Love, Mark Maxwell Taylor and Peter Damien McCluskey
were appointed as receivers and managers of all assets and
undertakings of Auto Group Commercial (Queensland) Pty Limited
on March 9, 2006.

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


BLADEN GIBSON: Schedules Final Meeting Today
--------------------------------------------
The final meeting of the members and creditors of Bladen Gibson
Pty Limited is scheduled today, March 30, 2006, to get an
account of the manner of the Company's wind-up and property
disposal from Liquidator Stan Traianedes.

Contact: Stan Traianedes
         Liquidator
         Hall Chadwick Chartered Accountants & Business Advisers
         Level 12, 459 Collins Street
         Melbourne, Victoria 3000
         Australia


CBW IMPORTS: Members Agree to Wind Up Firm
------------------------------------------
The members of CBW Imports Pty Limited resolved on February 23,
2006, to wind up the Company's operations.

Barry Keith Taylor was appointed to supervise the Company's
wind-up activities.

Contact: Barry K. Taylor
         B. K. Taylor & Company
         8th Floor, 608 St. Kilda Road
         Melbourne, Victoria 3004
         Australia


CURRABILLA PASTORAL: Enters Voluntary Liquidation
-------------------------------------------------
At an extraordinary general meeting on February 24, 2006,
members of Currabilla Pastoral Company Pty Limited agreed that
the Company must voluntarily commence a wind-up of its
operations.

Peter R. McKeon was nominated to act as liquidator.

Contact: Peter R. McKeon
         Liquidator
         Allworths Chartered Accountants
         Level 9, 31 Market Street
         Sydney, New South Wales
         Australia


DAVID BOXSHALL CONCRETING: Prepares to Pay Dividend
---------------------------------------------------
David Boxshall Concreting Pty Limited will declare a first and
final dividend today, March 30, 2006.

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

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


DEXTEC METALLURGICAL: Liquidator to Distribute Assets
-----------------------------------------------------
At an extraordinary general meeting of Dextec Metallurgical Pty
Limited on February 22, 2006, members resolved to wind up the
Company's operations and distribute the proceeds of its assets
disposal.

Grahame Hill was then appointed as liquidator.

Contact: Grahame Hill
         Liquidator
         c/o Hills Insolvency Services Pty Limited
         PO Box 915, Rockdale
         New South Wales 2216
         Australia
         Telephone: (02) 9599 7945
         Fax: (02) 9599 7946


EMT SERVICES: Receivers Step Down
---------------------------------
On February 23, 2006, Anthony Milton Sims and Neil Geoffrey
Singleton ceased to act as the receivers and managers of the
property of EMT Services Pty Limited.


FARROW MORTGAGE: To Distribute Final Dividend
---------------------------------------------
Farrow Mortgage Services Pty Limited will distribute its final
dividend, to the exclusion of creditors who were not able to
prove their claims.

Contact: Greg Meredith
         Liquidator
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia


FOUR WINDS PACKAGING: Supreme Court Winds Up Firm
-------------------------------------------------
On February 23, 2006, the Supreme Court of New South Wales
issued an order to wind up Four Winds Packaging Pty Limited, and
appointed R. J. Porter to act as liquidator for the wind-up.

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


GARMAK ENGINEERING: Creditors OK Liquidator's Appointment
---------------------------------------------------------
Members of Garmak Engineering Pty Limited convened on
February 24, 2006, to wind up the Company's operations
voluntarily.

M. A. Rudaks's appointment as liquidator was confirmed by the
Company's creditors at a meeting held later that day.

Contact: M. A. Rudaks
         Liquidator
         Maris Rudaks & Associates Chartered Accountants
         Level 2, 99 Frome Street
         Adelaide, South Australia 5000
         Australia
         Telephone: (08) 8236 1500
         Fax: (08) 8236 1555


HARRIS SCARFE: Jury Discharged in Trial of Former COO
-----------------------------------------------------
The jury in the trial of Daniel Francis McLaughlin, in the
District Court in Adelaide, was on March 28, 2006, discharged
after being unable to reach a unanimous verdict, in relation to
17 charges arising from the Australian Securities and
Investments Commission's investigation into the Harris Scarfe
group.

Mr. McLaughlin was the Chief Operating Officer of Harris Scarfe
Holdings Limited and a director of Harris Scarfe Limited.

Mr. McLaughlin, of Happy Valley, Adelaide, was charged with
seven counts of failing to act honestly in the exercise of his
powers and the discharge of his duties as an officer of the
companies.  Mr. McLaughlin was also charged with ten counts of
being intentionally dishonest as an officer of the companies and
failing to exercise his powers and discharge his duties in good
faith.

On April 6, 2005, the jury in Mr. McLaughlin's first trial was
discharged after being unable to reach a unanimous verdict.

Mr. McLaughlin was remanded on continuing bail to reappear in
the District Court in Adelaide in one month's time.

The charges are being prosecuted by the Commonwealth Director of
Public Prosecutions.

Harris Scarfe Holdings Limited and Harris Scarfe Limited are
both in liquidation.


HAYER ENTERPRISES: Joint and Several Liquidators Appointed
----------------------------------------------------------
On March 6, 2006, Joint and Several Liquidators T. L. Rodewald
and Sheree Ann Hart were appointed to facilitate the liquidation
of Hayer Enterprises Limited's assets.

Contact: T. L. Rodewald
         Sheree Ann Hart
         Joint 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/


HIH INSURANCE: Jailed Ex-Exec Files for Bankruptcy
--------------------------------------------------
Former HIH Insurance Group associate Brad Cooper has suffered
the ultimate disgrace when he quietly filed for bankruptcy on
March 24, 2006, declaring over AU$10 million in debts and zero
assets, The Age reports.

The Age relates that there will be further submissions at the
sentencing hearing for Mr. Cooper today, in relation to his part
in the AU$5.3 billion downfall of the HIH Insurance Group in
2001.  Mr. Cooper has been in custody for five months, after he
plead guilty to 13 criminal charges relating to bribery and
making false statements in relation to cash payments made to a
company executive.

In a statement of affairs filed with the Insolvency and Trustee
Service Australia states, Mr. Cooper said that he had no money,
no property and no shares worth anything.  He said that there
was nothing left of the AU$18 million worth of his prestige
properties in beachfront Balmoral and Mosman, which he and his
wife bought and sold over the past five years.  He added that
all he has now is a small superannuation policy, AU$277,000 he
claims he is owed by one-time friend and fellow jail-bird Rodney
Adler, and a 10% share in a racehorse.

                      About HIH Insurance

HIH Insurance Limited -- the holding company of the HIH Group --
was a publicly listed company in Australia.  Prior to its
failure, the HIH Group was the second largest general insurer in
Australia, and had operations in many other countries.

On March 15, 2001, the HIH Group failed.  A.G. McGrath and
A.R.M. Macintosh, then of KPMG Sydney, were appointed as
provisional liquidators of HIH Insurance Limited and many of its
subsidiaries. Other insolvency practitioners were appointed to
various group companies incorporated in other parts of the
world.  In August 2001, the major Australian companies in the
HIH Group were placed into liquidation with Messrs McGrath and
Macintosh being appointed as Liquidators.  A year later, C.J.
Honey of McGrathNicol+Partners replaced A.R.M. Macintosh as
joint liquidator of the major Australian companies in the HIH
Group.

In November 2005, the Australian Liquidators received a court
order granting permission to convene meetings of creditors of
the eight companies that formerly held Australian insurance  
licenses to consider and vote on the proposed Schemes of
Arrangement.  These meetings will be held on March 29, 2006.

On November 25, 2005, the English Provisional Liquidators
received a similar court order from the High Court in England.  
The meetings of creditors for the English Schemes will be held
at the same time as the Australian Schemes.

HIH's AU$5.3 billion collapse on March 15, 2001, was the
nation's biggest corporate failure.


L.V. DEAKIN: Members Agree to Close Operations
----------------------------------------------
Members of L.V. Deakin Pty Limited held a meeting on
February 23, 2006, and agreed to wind up the Company's business.

Armin Theodor Adolf Borgert was named as liquidator to oversee
the wind-up.

Contact: Armin T. A. Borgert
         Liquidator
         1/1 Parraween Street
         Cremorne, New South Wales 2090
         Australia


MARCELLIN PTY: To Hold Final Meeting Today
------------------------------------------
Members of Marcellin Pty Limited will hold a final meeting
today, March 30, 2006, for them to receive Liquidator Andrew
McLellan's final account showing how the Company was wound up
and how its property was disposed of.

Contact: Andrew McLellan
         Liquidator
         PPB Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia


MASTRIDGE PTY: Leonard Milner Named as Liquidator
-------------------------------------------------
At an extraordinary general meeting on February 24, 2006, the
members of Mastridge Pty Limited decided to voluntarily wind up
the Company's operations.

A creditors' meeting was also held on the same day.
Subsequently, Leonard A. Milner was appointed as liquidator.

Contact: Leonard A. Milner
         Liquidator
         Venn Milner & Company
         Suite 1, 43 Railway Road
         Blackburn, Victoria 3130
         Australia


MULTIPLEX GROUP: Wembley Workforce to be Slashed by 120
-------------------------------------------------------
Multiplex Group will be seeing 120 workers in its Wembley
Stadium Project laid off due to a dispute between contractors
over pay and due to money shortage, the Australian Associated
Press reports.

ITV Sport relates that, according to union officials, the 120
steelworkers, scaffolders and welders have been notified that
their employment will be terminated next Tuesday because their
sub-contracting employers themselves have not been paid.

The AAP notes, however, that Multiplex had assured work at the
London site will continue while the dispute between its steel
subcontractor, Hollandia, and a labor employer, Fast Track, is
resolved.

Tom Kelly, an organizer with steelworkers' union GMB, told the
AAP that the layoffs by Fast Track will be implemented beginning
April 4 if it cannot reach an agreement with Hollandia over
payment.  Mr. Kelley said that GMB nevertheless instructed its
members to carry on working normally until they have an
opportunity to resolve the matter.

As reported in the Troubled Company Reporter - Asia Pacific in
February 2006, Multiplex's construction of the Wembley Stadium
in London is behind schedule and will no longer be able to host
the English Football Association's Cup Final on May 13, 2006.
Multiplex is still continuing to work towards completing the
Wembley Stadium.

                         About Multiplex    

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


NEPTUNE INVESTMENTS: Prepares to Liquidate Assets
-------------------------------------------------
Shareholders of Neptune Investments Limited have decided to
dissolve the assets of the Company on March 9, 2006.  

Subsequently, Bruce Donald Gemmell was appointed to facilitate
the liquidation.

Creditors are given until March 31, 2006, to prove their debt or
claims.  Failure to do so will exclude them from the benefit of
any distribution the Company will make.

Contact: Bruce Donald Gemmell
         Liquidator
         KPMG at Cranmer, Fifth Floor
         34-36 Cranmer Square
         P.O. Box 274, Christchurch
         New Zealand
         Telephone: (03) 363 5788
         Facsimile: (09) 363 5765


PETE'S PLUNDER: Begins Liquidation Process
------------------------------------------
On March 6, 2006, Pete's Plunder Limited have commenced
liquidation of its assets.

Subsequently, Thomas Lee Rodewald and Sheree Ann Hart were
appointed as joint and several liquidators to facilitate the
liquidation process.

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/


PIRIE & ASSOCIATES: Hires Joint and Several Liquidators
-------------------------------------------------------
Thomas Lee Rodewald and Sheree Ann Hart were appointed as joint
and several liquidators of Pirie & Associates Limited on March
6, 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/


PORT LINK INTERNATIONAL: Members to Receive Wind-up Details
-----------------------------------------------------------
The members of Port Link International Pty Limited will convene
today, March 30, 2006, to receive Liquidator S. D. Pascoe's
account regarding the Company's completed wind-up and disposal
of property.

Contact: S. D. Pascoe
         Liquidator
         SimsPartners
         Level 24, 264 George Street
         Sydney, New South Wales 2000
         Australia
         Telephone: (02) 9241 3422
         Fax: (02) 9241 3922


RATHWET PTY: Placed Under Voluntary Liquidation
-----------------------------------------------
On February 23, 2006, members of Rathwet Pty Limited agreed that
a voluntary wind-up of the Company is necessary and in its best
interests.

Contact: John Phillip Harrington
         Director
         c/o Frank Lo Pilato
         RSM Bird Cameron Partners
         Level 1, 103-105 Northbourne Avenue
         Turner Australian Capital Territory 2611
         Australia
         Telephone: 02 6247 5988


QANTAS AIRWAYS: Qantas Sells US$400 Million of 10-Year Bonds
------------------------------------------------------------
Qantas Airways Ltd. sold US$400 million of 10-year bonds
overnight in the 144a private market, Dow Jones Newswires says,
citing a banker familiar with the deal.

According to Reuters, the size of the deal was increased from
the US$350 million originally planned.

Dow Jones says the offering was priced at 99.604 to yield
6.103%, or 133 basis points over United States Treasurys.
The offering, is adds, is due on April 15, 2016, and carries a
coupon of 6.05%.

Reuters relates that the deal was lead managed by Citigroup
Global Markets Inc., Deutsche Bank Securities, Inc., and J.P.
Morgan Chase & Co.

Reuters provides this summary of the deal:

   Borrower: Qantas Airways Ltd.

   Amount: US$400,000,000

   Coupon: 6.05%

   Type: Notes

   Maturity: 4/15/2016

   Issue Price: 99.604

   First Pay Date: 10/15/2006

   Yield: 6.103%

   Pay Frequency: Semi-Annual

   Last Moody's: Baa1

   Last S&P: Bbb-Plus

   Spread: 133 Bps

   Make-Whole Call: 25 Bps

                         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: Union Actions Stop as New Work Laws Take Effect
---------------------------------------------------------------
As a result of the Australian Government's new workplace
relations regime, Qantas Airways maintenance unions were forced
to call off their low-level industrial action against the
airline.

Consequently, the Australian Manufacturing Workers Union and the
Australian Workers Union, who are unhappy about the airline's
decision to close its Sydney maintenance base and cut hundreds
of maintenance jobs, will have to reapply to have their three-
month work-to-rule campaign reinstated under the new laws, the
Sydney Morning Herald relates.  Since the application could now
take months, the Unions are concerned that they would "basically
have to go back to square one and lodge all of our paperwork."

Sydney Herald recounts that under the old laws, unions only had
to give 72 hours notice of industrial action after the breakdown
of enterprise bargaining talks.

The Troubled Company Reporter - Asia Pacific reported on
March 8, 2006, that the Unions, which represent over 2,000 of
Qantas maintenance workers, had have lodged an application with
the Industrial Relations Commission and have been granted
permission to allow maintenance members to "work to rule" for
three months, starting March 9.

With the new regime, the AMWU and the AWU will now have to hold
a secret ballot for members to vote on whether to hold a strike
action.  The ballot will have to abide by Australian Electoral
Commission guidelines and can be legally challenged by Qantas at
any time.

According to SMH, Qantas's chief executive officer, Geoff Dixon,
has strongly advocated the new laws, arguing that they will give
the airline more flexibility in dealing with its 30,000-plus
employees.

The AMWU and AWU have previously lodged a claim against Qantas
in the Federal Court, asserting that the airline's decision to
shut its Sydney operations had breached the Workplace Relations
Act by injuring workers in their employment.

The TCR-AP stated on March 10, 2006, that Qantas decided to
consolidate its heavy maintenance operations to Avalon,
Victoria, instead of pushing through with its plan to send the
operations to Asia.  Pursuant to its consolidation plan, the
airline decided to close its Boeing 747 maintenance operations
in Sydney and cut 480 jobs.  

However, Qantas' head of engineering, David Cox, denied the
claims and said that the airline was keen to resume talks on an
enterprise bargaining agreement, at which it is proposing to
slash the overtime wages paid to maintenance workers.

                         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.


ROVER PROPERTIES: Creditors Proofs of Claim Due Next Month
----------------------------------------------------------
Creditors of Rover Properties Limited are given until
April 13, 2006, to prove their debt or claims to be able to
benefit from any distribution the Company will make.

Raymond Gordon will facilitate the liquidation of the Company's
assets.

Contact: Raymond G. Burgess
         Liquidator
         P.O. Box 82-100, Auckland
         New Zealand
         Telephone: (09) 576 7806
         Facsimile: (09) 576 7263


SAUNDERS HAULAGE: To Declare First and Final Dividend
-----------------------------------------------------
Saunders Haulage Pty Limited will declare a first and final
dividend today, March 30, 2006.

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

Contact: Ian David Jessup
         Liquidator
         Jessup & Partners Accountants & Business Advisors
         3rd Floor, 155-157 Denham Street
         Townsville, Queensland 4810
         Australia
         Telephone: (07) 4772 3515
         Fax: (07) 4721 4513


STRATHFIELD: Plans to Franchise 62 Retail Stores
------------------------------------------------
Strathfield Group Limited is set to franchise 62 of its 87
stores and expects to get AU$10 million to AU$17 million in
annual profits or franchisee fees, the Australian Associated
Press reports.

Strathfield Chief Executive Officer Gerard Frack said that store
values range from AU$95,000 to AU$670,000 each, depending on the
size of the store and its location.  The franchise leases are
for five years with a five-year option.

Strathfield is also offering vendor finance to prospective
owners or operators at 12% interest.

Mr. Frack ascertained that the franchise proposition is sound,
and that there is great potential for future owners or operators
to significantly improve the bottom line performance of the
stores and therefore maximize return on their investment.

According to the AAP, Strathfield will be retaining new and
underperforming stores that will be built up, while also hanging
on to flagship stores for training purposes and keeping in touch
with the market place.

                        About Strathfield

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

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

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


ST JOHNS PROJECTS: Members Opt for Voluntary Liquidation
--------------------------------------------------------
The members of St Johns Projects Pty Limited held a general
meeting on February 24, 2006, and agreed to:

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

  -- appoint Angela Ann Gaffney as liquidator for the wind-up.

Contact: R. M. Ranson
         Director
         c/o RSM Bird Cameron
         1st Floor, 8 St. Georges Terrace
         Perth, Western Australia 6000
         Australia


TITAN CONCRETING: Liquidator Presents Wind-up Details
-----------------------------------------------------
A final meeting of the members and creditors of Titan Concreting
(Australia) Pty Limited will be held today, March 30, 2006.

At the meeting, Liquidator Schon G. Condon will report the
activities that took place during the wind-up period as well as
the manner by which the Company's property was disposed of.

Contact: Schon G. Condon RFD
         Liquidator
         Jones Condon Chartered Accountants
         Level 1, 34 Charles Street
         Parramatta, New South Wales
         Australia
         Telephone: 02 9893 9499


UIM CONSOLIDATED: Wind-up Process Initiated
-------------------------------------------
At a general meeting held on February 24, 2006, members of UIM
Consolidated Limited agreed that a voluntary wind-up of the
Company is necessary and in its best interests.

Neil Wickenden was then appointed as liquidator.

Contact: Neil Wickenden
         Liquidator
         Level 19, 207 Kent Street
         Sydney, New South Wales 2000
         Australia


WATTYL LIMITED: Board Sticks With Barloworld Despite ACCC Worry
---------------------------------------------------------------
As reported by the Troubled Company Reporter - Asia Pacific in
February 2006, Barloworld Limited offered AU$321 million to
acquire Wattyl Limited, knocking off Allco Equity Partners
Limited's hostile takeover bid.  The South African group
subsequently won the support of Wattyl's board of directors.

In an update, the Australian Associated Press says that the
Wattyl Board is continuing to recommend Barloworld's takeover
offer despite concerns from the Australian Competition and
Consumer Commission.

The ACCC had, last week, expressed concerns that a Barloworld
takeover, which would merge the number two and number three
paintmakers, would substantially reduce competition.

In a letter to shareholders, Wattyl chairman John Ingram assured
that the ACCC concerns were preliminary and not a final decision
on Barloworld's proposed acquisition of Wattyl.  He noted that
Barloworld, which owns the Taubmans, Bristol and White Knight
brands, remains convinced of the benefits of the merger to both
the industry and consumers and it will continue to work with the
ACCC to address its concerns.

Mr. Ingram also said that directors will recommend the
Barloworld offer absence any higher proposal from another
interested buyer.

Moreover, in a third supplementary target's statement, Wattyl
contended that Allco's alternative bid is inadequate and
opportunistic.  The Allco bid, which closes on April 3, 2006, is
for AU$3.25 per share, while Barloworld is offering Wattyl
shareholders AU$3.80 per share.

In addition, any dividends declared or paid by Wattyl would be
adjusted against the AU$3.80 per share offered by Barloworld.
Barloworld's pre-bid deed with Wattyl includes a break fee of
AU$3.2 million payable to Barloworld in certain circumstances.

The TCR-AP reported on March 3, 2006, that the Takeovers Panel
has received an application from AEF Financial Investments Pty
Limited, an Allco subsidiary, relating to Allco's bid.  AEP's
application raises a number of issues relating to Wattyl's
previous target's statement and Wattyl's treatment of Allco's
offer versus that of rival Barloworld's.

The issues raised by AEP includes the effect of the ACCC's
opposition to Barloworld's offer and the consequent relative
merits of the two offers for Wattyl, as well as the break-free
and other lock-up devices agreed by Wattyl with Barloworld.
Allco has sought a declaration of unacceptable circumstances and
final orders.

The ACCC is expected to give its final view on the matter on
May 4, 2006.

                          *     *     *

Headquartered in New South Wales, Australia, Wattyl Limited --
http://www.wattyl.com.au/-- is engaged in the manufacture and  
marketing of paints, resins and related products.  In June 2005,  
Wattyl commenced its business and finance restructuring program,
which includes the re-allocation of its marketing budget and
increased expenditure on strengthening Wattyl's brands and  
positioning the business or future growth.  In December 2005,
Allco Equity Partners made an AU$285-million hostile takeover
bid for Wattyl.  South Africa's Baroloworld, however, made a
friendly counter-offer of AU$321 million, which won the support
of Wattyl's Board.


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

ABBEY NATIONAL: To Hold Final General Meeting on April 25
---------------------------------------------------------
The final general meeting of the members of Abbey National
Financial and Investment Services (Far East) Limited will be
held on April 25, 2006, at 7th Floor, Alexandra House, 18 Chater
Road, in Central, Hong Kong.

At the meeting, the members will get an account of the manner of
the Company's wind-up and property disposal from Liquidator
Philip Brendan Gilligan.


CAPITALCORP HONG KONG: Liquidators Cease to Act
-----------------------------------------------
At a meeting of Capitalcorp Hong Kong Limited on March 20, 2006,
Nicholas Peter Etches and John Lewis Lancaster ceased to act as
Joint and Several Liquidators of the Company.

Contact: Nicholas Peter Etches
         John Lewis Lancaster
         Former Joint Liquidators
         8th Floor, Prince's Building
         10 Chater Road, Central
         Hong Kong


CENTURY JEWELRY: Enters Voluntary Liquidation
---------------------------------------------
The members of Century Jewelry Manufacturer Limited convened on
March 18, 2006, and concurred that the Company should wind up
its operations voluntarily.

Yau Sui Han was named as liquidator.

Contact: Yau Sui Han
         Liquidator
         Room 602, Eastern Commercial Centre
         397 Hennessy Road
         Wanchai, Hong Kong


CIL HOLDINGS: Breaches Listing Rules for Delaying Annual Results
----------------------------------------------------------------
CIL Holdings Limited said that the release of its annual results
for the year ending in June 30, 2005, would be postponed until
around April 30, 2006, Infocast News relates,

Consequently, the release of the Company's interim results for
the six months ended December 31, 2005, will be delayed and be
published not later than May 31, 2006.
  
According to Infocast News, the delay in the publication of the
audited final results and dispatch of the annual report for the
year ended June 30, 2005, constitute breaches of the Listing
Rules.  The Stock Exchange reserves its rights to take
appropriate actions against the Company and its directors.

Trading in the shares of the Company has been suspended on
April 1, 2004, and will remain suspended until further notice.
   
                   About CIL Holdings
Headquartered in Kowloon, Hong Kong, CIL Holdings Limited's
principal activity is the trading of multimedia products.  These
multi-media products include consumer video/audio electronics,
multimedia set top box and communication equipment.  Other
activities include trading of decorative products, property
holding and investment holding. Operations are carried out in
Hong Kong and British Virgin Islands.

The Troubled Company Reporter - Asia Pacific reported on October
24, 2005, that CSI Investment Management Limited has filed a
petition to wind up CIL Holdings Limited.

DEEPER LIMITED: Schedules Meeting on April 3
--------------------------------------------
The first meeting of creditors of Deeper Limited will be held at
Room 602, 3 Lockhart Road, in Wanchai, Hong Kong, on April 3,
2006, at 10:30 a.m.

A member or creditor may appoint a proxy to attend and vote at
the meeting.  Proxy forms are available at Unit A, 14/F., Shun
On Commercial Building, 112-114 Des Voeux Road, in Central, Hong
Kong.


ECHO KNITTERS: Appoints Official Liquidators
--------------------------------------------
At a meeting of the members of Echo Knitters Limited on
March 15, 2006, Wong Ming Lai was appointed to oversee the
Company's wind-up exercises.

Contact: Wong Ming Lai
         7th Floor, Eton Building
         288 Des Voeux Road
         Central, Hong Kong


ELITE CHAMP: Appoints Chow Cheuk Lap as Liquidator
--------------------------------------------------
The members of Elite Champ Engineering Limited convened a
meeting on March 15, 2006, and agreed to wind up the Company's
operations.  

Subsequently, Chow Cheuk Lap was appointed as liquidator.

Contact:  Chow Cheuk Lap
          Rooms 501-503
          5/F., Hang Seng Building
          77 Des Voeux Road
          Central, Hong Kong


FIRST DRAGONCOM: Winding-up Petition Dismissed
----------------------------------------------
As reported by the Troubled Company Reporter on January 12,
2006, Capital Wealth Corporation Limited presented a winding up
petition dated January 5, 2006 against First Dragoncom Agro-
Strategy Holdings.  

In an update on March 29, 2007, Infocast News disclosed that the
High Court of Hong Kong has ordered the dismissal of the
winding-up petition by Capital Wealth Corporation Limited
against First Dragoncom Agro-Strategy Holdings Limited.

According to the report, Elegant World, Greater Prosper and
Capital Wealth have entered into a deed of settlement with First
Dragoncom on February 28, 2006, for full settlement of their
respective claims against the Company.

First Dragoncom has already made full payment in the amount of
HK$2 million in cash pursuant to the deeds of settlement.

Headquartered in Admiralty, Hong Kong, First Dragoncom Agro-
Strategy Holdings Limited is engaged in the agricultural
business in the People's Republic of China which includes
nurturing, selling and trading of tree seedlings and seeds.


FUJI YUGYO: Joint and Several Liquidators Step Aside
----------------------------------------------------
Tam Kwok Yiu and Law Fung Ha ceased to act as Joint and Several
Liquidators of Fuji Yugyo (H.K.) Co. Limited on March 17, 2006.

Contact: Tam Kwok Yiu
         Law Fung Ha
         29th Floor, Wing On Centre
         111 Connaught Road Central
         Hong Kong   


MAK KEE: Lau and Ng Cease to Act as Joint Liquidators
-----------------------------------------------------
On March 17, 2006, Lau Siu Hung and Ng Chun Kong have ceased to
act as liquidator of Mak Kee Limited.  

Contact: Lau Siu Hung
         Ng Chun Kong
         2/F., Wing Yee Commercial Building
         Wing Kut Street
         Central, Hong Kong


OASIS-J LIMITED: Final Meeting Set April 24
-------------------------------------------
Members of Oasis-J Limited will hold a final meeting for them to
receive Liquidators Chan Kam Che and Ting Chi Kwong's final
account showing how the Company was wound up and how its
property was disposed of.

The meeting will be held on April 24, 2006, at 11:a.m., at Room
1408, Lippo Sun Plaza, 28 Canton Road, Tsimshatsui, in Kowloon,
Hong Kong.


PEAK GARDEN: Prepares to Liquidate Assets
-----------------------------------------
Peak Garden Limited has commenced liquidation on March 16, 2006.

Subsequently, Chow Cheuk Lap was appointed to facilitate the
liquidation of the Company's assets.

Contact: Chow Cheuk Lap
         Liquidator
         Rooms 501-503, 5/F
         Hang Seng Building
         77 Des Voeux Road Central
         Hong Kong


PIFCO OVERSEAS: Creditors Given Until April 21 to Prove Claims
--------------------------------------------------------------
Pifco Overseas Limited will be receiving proofs of debt or claim
before April 21, 2006.

Creditors are requested 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 the Company will make.

Contact: Christopher Harvey Hall
         Liquidator
         31/F., The Center
         99 Queen's Road Central
         Hong Kong
         

SEA BOND: Appoints Official Liquidators
---------------------------------------
Sea Bond Company Limited will be liquidating its assets after
members passed a resolution to wind up the Company's operation
on March 24, 2006.

Subsequently, the members appointed Ng Siu Chui and Hsieh Hui
Yun as liquidators.

Contact: Ng Siu Chui
         Hsieh Hui Yun
         Liquidators
         1/F, 32 Belleview Drive
         Repulse Bay Garden
         Repulse Bay, Hong Kong
      
  
TREE CODE: Schedules Final Meeting on April 28
----------------------------------------------
A final meeting of the members of Tree Code Limited will be held
for the parties to receive the liquidator's final account
showing how the Company was wound up and how its property was
disposed of.

The meeting will be held on April 28, 2006, at 10:00 a.m.

Contact: Wong Yun Wah
         Liquidator
         15th Floor, Kam Chung Building
         54 Jaffe Road, Wanchai
         Hong Kong


WINNA LIMITED: Names Official Liquidator
----------------------------------------
Winna Limited has commenced liquidation on March 17, 2006.

Julie Siu Shan Edwards was then appointed to facilitate the
liquidation of the Company's assets.

Contact: Julie Siu Shan Edwards
         Suite C, 16/F., On Hing Building
         1-9 On Hing Terrace
         Central, Hong Kong


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

FERTILISERS AND CHEMICALS: Revival Package Expected by March 31
---------------------------------------------------------------
The revival package of Fertilisers and Chemicals Travancore Ltd
is expected to be finalized by March 31, 2006, as the Committee
of Secretaries has set to take up for discussion the
recommendations of the Board for Reconstruction of Public Sector
Enterprises on the proposal, Business Line says.

The Committee is expected to go through the recommendations and
forward them with its comments to the Cabinet Committee on
Economic Affairs for its consideration by month-end.

A positive response from the CCEA is expected since the
Fertilisers and Finance Ministries are convinced of the
Company's prospects, especially after commissioning the LNG
terminal by the last quarter of 2009.

The Company had, in its proposal, requested to write off 50% of
the total outstanding loan amounting to INR574 crore as on
March-end and convert the balance into Government's equity in
the Company.  Besides, it had sought waiving the INR81 crore
outstanding towards interest as on March 31, 2005.

The Government is seeking to revive the Company amid the growing
demand for fertilizers in the country in recent months coupled
by a drop in production.

Headquartered in Kochi, Kerala, India, Fertilisers & Chemicals
Travancore Limited is principally engaged in the manufacturing
and distribution of fertilizers and chemicals.  Its products
include ammonium sulphate, factomfos, urea and caprolactam.  The
Company operates solely in the domestic market.   The Company,
which had been making profits for over a decade, started
reporting losses from 1998-99 onwards due to high cost of raw
materials and intermediaries and lower selling price of its
products.  In 2004, the Company was referred to the Board for
Industrial and Financial Reconstruction as a potentially sick
unit.


HINDUSTAN PETROLEUM: Teams Up With Petrobras for NELP-VI Bid
------------------------------------------------------------
Hindustan Petroleum Corporation and Brazil's Petrobras have
signed a memorandum of understanding to jointly bid for the 55
gas exploration blocks being offered under the sixth round of
the New Exploration and Licensing Policy, or NELP-VI, The
Financial Express reports.

Riding on the success of NELP-V, the Indian Government announced
the launch of the global competitive offer of 55 exploration
blocks, which include 24 deepwater blocks, six shallow water
blocks and 25 onshore blocks.  This offer covers the highest
ever acreage of 352 thousand square kilometer, nearly 12% of the
Indian sedimentary area.

The Government first launched a road show in Delhi on March 10,
2006.  The second was on March 28, which was held in London.  
The next one would be held in Houston, Texas, on March 30 for
NELP-VI and on March 31 for CBM-III.

The Troubled Company Reporter - Asia Pacific, on March 21, 2006,
reported that Hindustan Petroleum's rival, Bharat Petroleum, had
also signified its interest in partnering with Petrobras to bid
for oil blocks under NELP-VI.  It was Bharat Petroleum's second
attempt to tie up with the Brazilian firm after failing in its
first try.

Mumbai-based Hindustan Petroleum Corporation Ltd
-- http://www.hindustanpetroleum.com/-- was formed in 1974 on  
nationalization of ESSO India operations.  The operations of
Caltex were merged in 1976.  With two refineries at Mumbai and
Vizag, Hindustan Petroleum is currently is the second largest
player in both the Indian oil sector as well as the highly
competitive lubricants market.  However, the Company has lately
been incurring losses due to a government mandate to sell fuel
at subsidized prices.  The Company is counting on a Government
bailout to save it from bankruptcy.


HINDUSTAN SHIPYARD: Government Neglects Revival Plans
-----------------------------------------------------
A rehabilitation exercise is still unlikely for Hindustan
Shipyard Limited as the Government seems to forget its promise
to revive the ailing public sector undertaking, Business Line
relates.

Before the 2004 general election, the Congress as well as the
Left Parties had vowed that they will prioritize Hindustan
Shipyard's revival.  However, nothing has been done to commence
the process, the report says.

Hindustan Shipyard has received orders worth INR1,400 crore, but
it could not serve them because the yard is perpetually plagued
by working capital paucity and has to depend on advances from
clients to execute the work orders.  

The Company's workers unions demand INR50 crore from the
Government for working capital and strengthening of
infrastructure.  They said there is an urgent need to install
new machinery, construct a new building block and expand the
berths.

The workers continue to call for the Government to fulfill its
promise or risk losing a potential profit-making business.

Headquartered in Gandhi Gram, Visakhapatnam, India, Hindustan
Shipyard Limited is a public sector organization, involved in
the manufacturing and repair of commercial as well as naval
combat ships.  Situated on the outskirts of the town and easily
accessible by public transport, the organization provides an
ideal learning center for students of Electrical and Electronics
and Mechanical Engineering students.  The Company started
accumulating losses in the early 1990s due to outdated
machinery, ageing workforce, and cashflow woes.  It was referred
to the Board for Industrial and Financial reconstruction, which
declared the Company sick in August 1998.  The Government has
earlier planned to revive the ailing state firm.  The Andhra
Pradesh Government, on its part, has agreed to waive the
Company's sales tax arrears of about INR50 crore to help yard
back on its feet.   The Navy is also doing its bit to help the
struggling firm by placing submarine refit orders with the yard.
Hindustan Shipyard has a submarine retrofit division and is now
working on INS Vagli and INS Sindu Kirti.


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

INDOFOOD SUKSES: 2005 Earnings Decline by 68%
---------------------------------------------
PT Indofood Sukses Makmur booked a net profit of IDR124.02
billion in 2005, versus a net profit of IDR386.92 billion a year
earlier.

The Company said that its 2005 net profit fell 68% on year due
mostly to one-time charges of IDR386.95 billion as of December
31, including losses on currency swap transactions.

The Company, however, said that sales increased to IDR18.8
trillion in 2005 from IDR17.9 trillion in 2004.

              2005 Debt Narrows to IDR6.8 Trillion

In 2005, PT Indofood's total outstanding debt fell to IDR6.8
trillion from IDR7.9 trillion in 2004.  The United States dollar
denominated debts also fell to US$190.6 million in the same
period from US$317.4 million in 2004.  

PT Indofood has bought back US$166.3 million of its US$280
million Eurobonds due in 2007.  The Company also plans to redeem
all the outstanding balance of the Eurobonds this year.

                Streamlining Operations in 2006

This year, PT Indofood intends to set up a scheme to preserve
its leadership in all of its products, including continuing
streamlining, reorganizing and reengineering its operations,
particularly its distribution system.

PT Indofood also plans to increase its palm oil plantation this
year to 250,000 hectares from the 125,000 hectares in 2005.

                          *     *     *

PT Indofood Sukses Makmur Tbk (Indofood) --
http://www.indofood.co.id/-- is Indonesia's premier processed  
foods company.  Its products, including instant noodles, wheat
flour, branded edible oils and fats, baby foods, snack foods,
food seasoning, lead domestic market shares.  Indofood is
currently the largest instant noodles manufacturer and the
largest flour miller in the world, with installed capacities of
approximately 13 billion packs and 3.6 million tons per annum,
respectively.  Indofood's products are distributed mainly
through its subsidiaries, including Indomarco, independent
distributors, as well as some cooperatives, that bring the
company's products to more than 150,000 retail outlets in the
country.  Total employees as of December 1999 was 42,172.  A
combination of shrinking profits, escalating costs, losses,
competition and a declining rupiah prompted the Company to cut
around 2,000 or 4.4% of its workforce and slash 40 products from
its range in 2005.

On March 1, 2006, Moody's Investors Service placed on review for
possible upgrade the B2 foreign currency issuer rating of
Indofood Sukses and the senior unsecured bond rating of Indofood
International Finance Limited.


PERUSAHAAN GAS: Lifts 2005 Profit by 81%
----------------------------------------
State-owned gas distributor PT Perusahaan Gas Negara incurred a
net profit of IDR862.01 billion in the year ending December 31,
2005, versus a net profit of IDR474.34 billion in 2004.

The increase in the Company's net profit was due to higher sales
and lower foreign exchange losses.

Meanwhile, company sales increased to IDR2.78 trillion in 2005
from IDR2.078 trillion in 2004.  Dow Jones Newswire cites
analysts as saying that the increase in sales was the result of
bigger volumes and higher gas prices.

          Foreign Exchange Losses Down to IDR90.65 Bln

Gas Negara said its foreign exchange losses for 2005 has
narrowed to IDR90.65 billion, versus IDR242.08 billion a year
earlier, caused by the stronger dollar against the rupiah,
states Dow Jones Newswires.  The report added that most of the
Company's revenue is in United States dollars.

The Company has total assets of IDR12.57 trillion in 2005, from
IDR11.04 trillion in the previous year.

                          *     *     *

State-owned PT Perusahaan Gas Negara (Persero) Tbk --
http://www.pgn.co.id/-- was incorporated in 1965, and manages  
and adds value to Indonesia's gas resources.  Its current
business is focused on the downstream sector, gas transmission
and distribution pipeline operation, as well as marketing of gas
products, trading and gas storing.  Since its privatization in
2003, PGN continues to expand its business both in Indonesia and
overseas.

For the first six months of 2005, the Company generated total
revenue of IDR2.5 trillion and EBITDA of IDR1 trillion.  The
Company's total assets as of June 30, 2005, amount to IDR11.8
trillion.  Standard & Poor's Rating Services had, on Nov. 24,
2005, affirmed its 'B+' rating on Perusahaan Gas Negara, with a
stable outlook.  S&P expected PGN's financial profile to weaken
in the next few years, since it assumed new debts to finance its
network expansion.  In addition, the Company is rapidly
expanding its operations to support the government in executing
the Integrated Indonesia Gas Pipeline projects.  Given its
important role in the IIGP projects, S&P expects the Government
to support PGN financially, in the event of financial
difficulty.

In March 2006, Moody's Investors Service placed the B1 foreign
currency debt rating of PGN Euro Finance 2003 Ltd., which was
guaranteed by Perusahaan Gas Negara, on review for possible
upgrade.  The rating action followed Moody's decision to place
Indonesia's B2 foreign currency sovereign rating for bonds on
review for possible upgrade.  At the same time, Moody's has
affirmed the Ba2 corporate family rating of PGN.  The rating
outlook is stable.

The Troubled Company Reporter - Asia Pacific reported on May 23,
2005, that Perusahaan Listrik Negara was able to swing to profit
in 2004, with an unaudited net profit of IDR225.95 billion,
against a IDR3.56 trillion net loss the year before.


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

LIVEDOOR COMPANY: Fuji TV Seeks Compensation for Stock Losses
-------------------------------------------------------------
Fuji Television Network sent a letter to troubled Internet firm
Livedoor Company asking it to compensate a JPY34.5 billion net
loss that Fuji incurred when the Company's stocks plunged on the
heels of an accounting scandal, TMC News relates.

According to Fuji TV officials, the network bought a 12.74%
stake in Livedoor for JPY44 billion, assuming that the financial
information the Company had provided was accurate.  Fuji TV
intends to file a damage suit against Livedoor if the Company
rejects its compensation demand.

TMC News recounts that at the time Fuji TV bought shares from
Livedoor, the price per share stood at JPY329.  Yet, by January
2006, after an accounting fraud scandal at the Company erupted,
stock prices plunged to a mere JPY71 per share.

                      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.  

On March 17, 2006, the Troubled Company Reporter - Asia Pacific
stated that Fuji TV Network decided to sell its entire stake in
Livedoor Company to cable broadcaster Usen Corporation.


LIVEDOOR COMPANY: Court Plans Separate Trial for Ex-CEO
-------------------------------------------------------
The Tokyo District Court of Japan will set up a separate trial
for Livedoor Company's former president, Takafumi Horie, from
the trial for four other former Livedoor directors, Telecom Asia
Daily reports.

The trials are on account of the securities law violations that
the five Livedoor officials allegedly committed.

Unnamed prosecution sources stated that Court prosecutors are
trying to arrange an initial hearing for Mr. Horie in the
summer, while the hearings for the former directors are
scheduled in May 2006.

Mr. Horie had initially denied being involved in any accounting
fraud, while ex-directors Fumito Kumagai, Fumito Okamoto,
Osanari Nakamura and Ryoji Miyauchi admitted to the charges.  
Mr. Horie later admitted to some of the charges.

Because of the complexity of the case, it is believed that the
court decided to iron out certain major issues before the trials
start, in order to speed up the process.

                         About Livedoor

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.


LIVEDOOR COMPANY: Connects Web Portal with Usen Corporation
-----------------------------------------------------------
Livedoor Company linked its Web portal with local cable
broadcaster Usen Corporation on March 28, 2006, signifying the
alliance between both firms, The Japan Times reveals.

The links allow some 15 million Livedoor site users to access
Usen's Gya0 site, while Usen's 8.5 million users are also
directed to Livedoor's site.

On March 27, 2006, the Troubled Company Reporter - Asia Pacific
stated that Usen president Yasuhide Uno was set to integrate his
firm with that of Livedoor, in order to rescue the Company from
bankruptcy.  Mr. Uno bought a 12.74% stake in Livedoor from Fuji
Television Network for a suspected JPY9.5 billion.

                         About Livedoor

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.  
  

SANYO ELECTRIC: Expands India Operations
----------------------------------------
Sanyo Electric Company plans to expand its operations in India
to include commercial and industrial equipment, stating that
there were many opportunities in that sector, TMC News says.

Sanyo president Toshimasa Iue told reporters that the Company
had kept contact with potential customers for their new
products, and plans to focus on rural markets.

The Company also plans to confront India's power crisis by
introducing hybrid batteries as alternative energy sources, and
is also looking to solar energy to lessen dependence on
petroleum.

                       About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Company, Limited,
-- http://www.sanyo.com/-- is one of the world's leading makers  
of consumer electronics products.  On November 21, 2005, Moody's
Investors Service downgraded Sanyo's long-term ratings to Baa2
from Baa1, while placing these ratings on review for possible
further downgrade.

As reported by the TCR-AP on December 27, 2005, Sanyo Electric
entered the Indian market with the formation of a joint venture
firm with India's BPL Limited, called Sanyo BPL Private,
Limited.  Another report on March 20, 2006, said that Standard &
Poor's had retained the Company's 'BB' long-term corporate
credit and 'BB+' long-term senior unsecured debt on CreditWatch
with negative implications.


SANYO ELECTRIC: 10 Advisers To Bow Out
--------------------------------------
Sanyo Electric Company will relieve eight of 14 advisers and
counselors of their posts in order to cut costs and return to
profit, while two will step down at the Company's annual
shareholder meeting in June, The Japan Times says.

On March 31, 2006, two corporate counselors and six corporate
advisers will retire, whereas corporate counselors and former
Sanyo presidents Sadao Kondo and Yukinori Kuwano will follow in
June.

However, Former Sanyo president Satoshi Iue and former
Philippine president Corazon Aquino will stay on the board as
senior corporate advisers.

The Yomiuri Shimbun relates that Sanyo Electric did not disclose
how much it paid its counselors and advisers as remuneration.

According to the Times, Sanyo Electric is slated to post a
higher JPY233 billion net loss for the business year 2005 ending
March 31, 2006, against a JPY171.5 billion for 2004.

                       About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Company, Limited,
-- http://www.sanyo.com/-- is one of the world's leading makers  
of consumer electronics products.  On November 21, 2005, Moody's
Investors Service downgraded Sanyo's long-term ratings to Baa2
from Baa1, while placing these ratings on review for possible
further downgrade.

As reported by the TCR-AP on December 27, 2005, Sanyo Electric
entered the Indian market with the formation of a joint venture
firm with India's BPL Limited, called Sanyo BPL Private,
Limited.  Another report on March 20, 2006, said that Standard &
Poor's had retained the Company's 'BB' long-term corporate
credit and 'BB+' long-term senior unsecured debt on CreditWatch
with negative implications.


SONY CORPORATION: Restructuring Still Has a Long Way To Go
----------------------------------------------------------
Sony Corporation has progressed in its ongoing restructuring
program, but needs to do more to return to normal operations,
Reuters News reports, citing Sony president Ryoji Chubachi.

In an interview with Nihon Keizai Shimbun, Mr. Chubachi said
that the Company has improved earnings with the success of a new
liquid crystal display TV brand, and has regained customer
confidence.  However, he added, its restructuring still has a
long way to go.

On September 26, 2005, the Troubled Company Reporter - Asia
Pacific reported on Sony's restructuring plan and strategies to
turn around, including the layoff of 10,000 workers, the closure
of several plants and sale of non-core assets in order to turn
around.  As of January 2006, the Company had concluded three out
of 11 planned factory shutdowns, and has terminated about 2,500
jobs.

A Sony official told Reuters that it might join forces with
Samsung Electronics Company of South Korea as it mulls an
investment in LCD production, to take advantage of the growing
demand for LCDs.

                     About Sony Corporation

Headquartered in Tokyo, Japan, Sony Corporation's --
http://www.world.sony.com/-- principal activities are to  
develop, design, manufacture and sell electronic equipment,
instruments and devices for consumer and industrial markets.
The Group also manufactures and markets home-use game consoles
and software.  The Group operates through six segments:
electronics (audio-visual, informational and communicative
equipment, instruments and devices); game (PlayStation game
consoles and related software); music (recorded music in all
commercial formats and musical genres); pictures (image-based
software); financial services (insurance-related underwriting
business) and other segment (various operating activities
including Internet-related services and advertising agency).

On February 20, 2006, TCR-AP reported that Moody's Investors
Service assigned A2 ratings to Sony Corporation's JPY40 billion
domestic unsecured straight bond due 2010, JYP35 billion
domestic unsecured straight bond due 2013, and JPY25 billion
domestic unsecured straight bond due 2015.


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

KOREA EXCHANGE: Partners With Uzbekistani Bank
----------------------------------------------
Korea Exchange Bank is set to enter a joint venture deal with
the National Bank of Uzbekistan to boost trade ties between the
two countries, relates The Korea Times.

Under the agreement to be signed this week, Korea Exchange Bank
will provide a short-term export credit line of $20 million to
the Uzbekistani bank.  The Uzbekistani bank will also open won
and foreign currency settlement accounts at the Korea Exchange.

The Korea Exchange disclosed that the Uzbekistani bank has about
5,000 employees and 102 branches.  The Uzbekistani bank is the
largest lender in Central Asia with a market share of around
60%.

The tie-up agreement comes as Lone Star is in the process of
selling its 50.53% stake in Korea Exchange to Kookmin Bank.

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.
Kookmin Bank's four-week due diligence on Korea Exchange Bank
has commenced on March 27, 2006.


LG CARD: Prospective Bidders to Issue Bids
------------------------------------------
As reported by the Troubled Company Reporter - Asia Pacific on
March 29, 2006, interested bidders for LG Card Co. Ltd. have
been requested to submit their preliminary proposals within
April 12 to 19, 2006, citing lead managers JPMorgan Chase & Co.
and Korea Development Bank.

In an update, Reuters disclosed that local and foreign banks are
expected to bid for a stake worth up to $5 billion in LG Card
Co.  The potential bidders include Shinhan Financial Group,
Woori Financial Group, Merrill Lynch, Temasek Holdings, China
Construction Bank and Hana Financial Group.

The TCR-AP added that the stake up for sale would be between 51%
and 72% and is expected to cost around KRW3.4 trillion and
KRW4.8 trillion at current market prices.

Reuters cites a banking analyst as saying that Merrill Lynch
said that Woori might have the upper hand as it was involved in
the LG Card turnaround.

Woori and Shinhan are anxious for more lucrative businesses as
they face slow loan growth and additional margin-crushing
competition from global rivals such as Citigroup, which bought a
local bank in 2004.

The report added that the acquisition would allow Shinhan to
increase its pricing power as LG Card's high-margin nature
should bolster its endurance in a price competition.  

LG Card earned KRW1.36 trillion net profit in 2005 against a
KRW81.6 billion loss the previous year, with the delinquency
ratio on card bills and cash loans almost halving to 7% in
February from a year before.

The TCR-AP said on March 16 that through the sale, LG Card
creditors hope to recover around KRW5 trillion (US$5.1 billion)
spent in bailing out LG Card in 2004.

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
===============

ASIAN PAC: New Shares Granted Listing and Quotation
---------------------------------------------------
Asian Pac Holdings Berhad's additional 300,000,000 new shares
were granted listing and quotation on March 29, 2006.

The shares were issued pursuant to:

   -- the acquisition of Quality Trend Sdn Bhd for a total of
      MYR39,000,000, satisfied by cash consideration of
      MYR1,000,000, issuance of 126,650,000 new AsiaPac ordinary
      shares of MYR0.20 each at par and 12,670,000 nominal value
      of new irredeemable convertible unsecured loan stocks; and

   -- the acquisition of Changkat Fajar Sdn Bhd for a total of
      MYR53,000,000, satisfied by cash consideration of
      MYR1,000,000 issuance of 173,350,000 new AsiaPac shares at
      par and 17,330,00 nominal value of new ICULS.

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


FORMIS MALAYSIA: Cash Castle Gives Up Major Shareholding
--------------------------------------------------------
Cash Castle (M) Sdn Bhd has ceased to be a major shareholder of
Formis (Malaysia) Bhd after it disposed of 12.5 million shares
representing 9.18% stake in Formis on March 24, 2006, The Edge
relates.

Filings with Bursa Malaysia showed that the shares were sold in
the open market.  It was not disclosed how much the shares were
sold for, but Formis closed one sen higher to 86 sen on
March 24.

The substantial shareholders of Cash Castle are Mah Siew Chean,
Angeline Mah Siew Yenn and Christopher Mah Siew Houk.

                          *     *     *

Formis Malaysia Berhad -- http://www.formis.net/-- was  
incorporated in Malaysia under the Companies Act, 1965 on
March 23, 1992, under the name of Orlando Holdings Berhad.  The
Company was first listed on the Second Board of Bursa Malaysia
Securities Berhad on December 28, 1992, and subsequently, on
March 20, 2000, changed to its present name before being
transferred to Main Board of Bursa Securities on March 30, 2000.

Formis, a Practice Note 17 company, is principally an investment
holding company and through its subsidiaries, is involved in the
provision of hardware, software, maintenance and consultancy
services in information technology business, computer networking
solutions and systems integration as well as the wholesale and
retail of full range of "Orlando" ready-made menswear and
related accessories.  Formis is in the process of completing the
disposal of its IT Business to My-InfoTech (M) Berhad.  
Furthermore, it had also entered into a conditional sale and
purchase agreement dated January 6, 2006, to dispose of Orlando
Corporation Sdn Bhd.  After the disposal of its IT Business and
the proposed disposal of OCSB, Formis will not have any business
operations.


MALAYSIA AIRLINES: Secures MYR1 Billion Bridging Loan Facility
--------------------------------------------------------------
Malaysia Airlines and Bumiputra-Commerce Bank Berhad had, on
March 27, 2006, entered into a Facility Agreement.

Under the deal, Bumiputra-Commerce had agreed to make available
to Malaysia Airlines a bridging loan facility of up to a maximum
principal amount of MYR1 billion.

Malaysia Airlines will use the Bridging Loan Facility to finance
its working capital requirements.

The Malaysia Airlines Board of Directors is of the opinion that
the Bridging Loan Facility is in the airline's best interest.

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: Shares Up on Route Rationalization
-----------------------------------------------------
Malaysian Airline's share price was higher on Wednesday,
March 29, 2006, and is expected to climb even further as
investors were positive towards the airline's move to revamp its
domestic operations together with low-cost carrier AirAsia, The
Edge Daily says.

Malaysia Airlines opened at MYR2.96 on Wednesday, up two sen
from its previous day's closing price of MYR 2.94.  Within the
first 30 minutes, there were 21,000 shares done at prices
ranging from MYR2.96 and MYR3.04.  The pattern is expected to
continue as the airline implements its rationalization
exercises.

Meanwhile, Business Times reports that Malaysia Airlines expects
its domestic operations to post profit within a year from
August 1 after the rationalization of the domestic routes.

As reported by the Troubled Company Reporter - Asia Pacific on
March 29, 2006, Malaysia Airlines will take back the profit and
loss account of its domestic operations and will only operate 19
domestic trunk routes on premium flights while AirAsia  will
handle the low-cost flights on this sector and 99 non-trunk
domestic as well as social service rural routes.

According to The Edge, Malaysia Airlines and AirAsia would not
directly compete with each other on airfares as the two airlines
cater for different segments of air travelers.

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.


MENTIGA CORPORATION: Shareholders OK Company Proposals
------------------------------------------------------
At the Extraordinary General Meeting of Mentiga Corporation
Berhad on March 28, 2006, the Company 's shareholders approved:

   -- the proposed amendments to the Company's Articles of
      Association;

   -- the proposed amendments to the Company's Memorandum of
      Association;

   -- the proposed debt settlement via the issue of new
      ordinary shares of MYR1.00 each in Mentiga as settlement
      of an amount owed by Mentiga to its shareholder, Amanah
      Saham Pahang Berhad;

   -- the proposed restricted issue of redeemable convertible
      preference shares of MYR1.00 each in Mentiga to Amanah
      Saham;

   -- the proposed disposal by Selat Bersatu Sdn Bhd, a 56%-
      owned subsidiary of Mentiga, of 18,900 ordinary shares
      of IDR1,000,000 each in PT Rebinmas Jaya representing
      its entire 90% equity interest in PTRJ to Delloyd
      Plantation Sdn Bhd and Taipan Hectares Sdn Bhd, for a
      cash consideration of MYR61,200,000;

   -- the proposed increase in Mentiga's authorized share
      capital;

   -- the proposed employee share option scheme for eligible
      employees and directors of the Company and its
      subsidiaries;

   -- the proposed issue of options to Yab Dato' Sri Haji
      Adnan Bin Haji Yaakob;

   -- the proposed issue of options to Muhammad Nasir Bin
      Puteh;

   -- the proposed issue of options to Dato' Mohd Ghazali Bin
      Mohd Khalid;

   -- the proposed issue of options tp Yusof Ali Bin Haji M.
      Zain;

   -- the proposed issue of options to Bahudin Bin Mansor;

   -- the proposed issue of options to Hazli Bin Ibrahim.

A more detailed copy of these approved proposals is available
for free at:

   http://bankrupt.com/misc/tcrap_mentigacorp032906.pdf  

Headquartered in Pahang Darul Makmur, Malaysia, Mentiga
Corporation Berhad is engaged in the trading of timber products,
construction and property development and management and
advisory services to oil palm plantations.  In 2003, the Company
proposed to undertake a debt-restructuring program to settle its
debt with creditors.  The Company has been suffering losses in
the past years and is currently working to avert a possible
delisting from the Official List of Bursa Malaysia Securities.


PAN MALAYSIA: Buys Back 75,000 Shares for MYR32,019
---------------------------------------------------
Pan Malaysia Corporation Berhad bought back 75,000 ordinary
shares of MYR0.50 each for a total cash consideration of
MYR32,018.92 on March 28, 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 57,283,800.    
    
Pan Malaysia Corporation on March 23, 2006, bought back 50,000
ordinary shares of MYR0.50 each for a total cash consideration
of MYR20,769.45, Troubled Company Reporter - Asia Pacific
reports.

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.    


PROTON HOLDINGS: Explains MV Augusta Shares Disposal
----------------------------------------------------
Proton Holdings Berhad on March 2, 2006, completed the sale of
loss-making Italian motorcycle maker MV Agusta Motors SpA to
GEVI SpA, ending months of negotiation between both parties.  
The rationale for the sale of MVAM was to enable Proton to focus
on its core business and to minimize its exposure in the loss-
making investment in MVAM.

However, there continues to be uninformed speculation
surrounding the disposal.  In view of these uninformed
speculations, Proton has offered a more detailed explanation on
the disposal.

Proton had, through its wholly owned subsidiary, Proton Capital
Sdn Bhd acquired a 57.75% interest in MVAM in 2004.  The
acquisition was based on the assumption, amongst others, that it
would enable access to certain technologies as well as help
diversify the Group's revenue stream.  Unfortunately, the
acquisition of MVAM was not able to deliver on these
expectations and is unlikely to be able to do so without
significant investment of financial and managerial resources by
Proton CAP.  Instead, as discovered in August 2005 by the Group
Executive Committee, MVAM's financial situation had deteriorated
significantly and had threatened to pose significant financial
risk to Proton Group.  It was this threat together with other
considerations that had prompted Proton CAP to re-evaluate its
investment in MVAM.

Initially, a restructuring of the investment in MVAM had been
considered.  However, as a result of the structures put in place
to govern the inter-relationship between Proton CAP and the
minority shareholders, any proposed restructuring would not have
yielded a satisfactory solution.  In fact, it would have merely
increased Proton CAP's financial exposure to MVAM without any
reciprocal gain in control.

Proton CAP had also subsequently considered continuing to
support MVAM, both in the immediate-term as well as until such
time that MVAM is able to sustain itself, at which time the
investment would be reviewed.  Again, as a result of the
structures put in place, the funding needs of MVAM would have
had to be borne solely by Proton CAP.  To begin with, at the
time the matter was being considered, the scheduled frozen debts
remaining to be repaid amounted to approximately EUR107 million
or MYR477.28 million.  Estimates prepared in September 2005 also
suggested that if Proton were to continue supporting MVAM, it
should be prepared to inject an additional EUR40 million into
MVAM as working capital until end-September 2006 and up to EUR66
million until such time that MVAM is able to sustain itself.  
All of this assumes that the appropriate bank facilities would
be made available to MVAM.

After due consideration, the options were found to be
prohibitive in terms of further financial cost, with no
certainty whatsoever that MVAM could be turned-around on a
timely basis.  In addition, the rationale given for the
acquisition also now appeared to be unattainable, thereby any
further investment into MVAM could not be justified.  In any
event, the financial requirements for continued involvement in
MVAM had increased substantially.

Meanwhile, Proton, through Proton CAP, had also engaged a global
investment bank to review and advise it on its investment in
MVAM.  A review of the acquisition by the investment bank
concluded that:

   -- MVAM's existing business model is neither operationally
      nor financially sustainable;

   -- developing MVAM into an operating cashflow positive
      business will require substantial backing from Proton
      over an extended period and will involve considerable
      financial risk;

   -- integration of MVAM's operations with those of Proton is
      unlikely to deliver significant economies of scale or
      synergies to the combined business; and

   -- there is a very real possibility that MVAM will fall
      into bankruptcy, with significant commercial, financial
      and reputational risk to Proton.

Independent legal advice on the operation of Italian law was
also sought by Proton CAP.  In brief, Proton CAP was advised
that there is a real risk that in the event MVAM goes into
bankruptcy and legal proceedings are initiated to recover the
debts due to the creditors, the corporate veil between Proton
CAP and Proton could be pierced if it is shown that PROTON had
exercised its "direction and control" to the detriment of MVAM.

After due consideration of the advice given and the adverse
financial situation at that point of time, given the limited
options available, it was clear that the most optimal route for
Proton CAP to take was to exit MVAM completely via a disposal of
its interest in MVAM to another party that has the financial
means, or at least is able to secure funding for MVAM, to
continue supporting MVAM.  In addition to this, the new party
that takes over must also have a credible plan that could
convince MVAM's banks, and more importantly the local legal
authorities of their ability to assume the responsibilities of
Proton CAP in respect of MVAM, a company that has cumulative
losses over the last six years in excess of ?118 million.

Proton CAP took the decision to dispose off its interest in the
troubled Italian motorcycle maker after careful consideration of
the financial as well as operational implications to the Group,
both in the immediate as well as long-term.  The decision to
dispose of the interest in MVAM was taken after five months of
intense assessment and discussions at the highest level,
beginning in August 2005.  During this time, the Board of Proton
as well as that of Proton CAP had full access and opportunity to
engage with the advisers on the matter.

The 57.75% stake in MVAM was disposed off to GEVI SpA, a
special-purpose vehicle, for a nominal sum of EUR1.  In addition
to this, GEVI as the new majority shareholder, will "step in"
and assume responsibility for MVAM's current and future
liabilities, as well as secure the necessary funding for the
company, thereby reducing the possibility of MVAM falling into
bankruptcy.  For information, MVAM's current liabilities at that
time amounted to approximately EUR107 million in frozen debts
plus other financial and trade creditors.

Proton CAP had naturally sought a higher value for its stake,
prior to the disposal to GEVI, when it instructed its investment
bankers to seek for potential buyers for the 57.75% stake in
MVAM.  However, given that MVAM had negative shareholders'
funds, had a cashflow deficit, a track record of years of losses
and no concrete business plan, a valuation other than a nominal
sum would have been extremely difficult to obtain.

The valuation of EUR1 for Proton CAP's stake in MVAM was
supported by the actions of MVAM's existing bankers when they
rejected the application for a loan to finance MVAM's working
capital, using the MVAM shares as collateral as they viewed the
shares as worthless.

Furthermore, the offer made to purchase Proton CAP's shares in
MVAM for EUR1 by the founder of MVAM, also reinforced the notion
that attempts to obtain any valuation other than a nominal sum
is unrealistic.  Therefore, although the Board had mandated the
investment banker to try to obtain the highest value possible,
in the end, it was not possible.

There has been a lot of uninformed speculation as to "losses"
incurred as a result of the disposal of MVAM.  The fact of the
matter is that the losses were incurred at the time of the
acquisition of MVAM, not at the time of its disposal.  The
Investment Agreement to acquire the interest in MVAM was signed
on July 7, 2004, and the acquisition was completed on December
1, 2004.  The purchase consideration amounted to MYR367.6
million.  This entire amount of the consideration was treated as
goodwill as MVAM was in a net liability position. Consequently,
this entire amount was written-off immediately in the current
financial year of the acquisition.

The additional provisions relating to MVAM in the accounts of
Proton Group for financial year 2005/06 thus far amounts to
MYR136.2 million.  This, too, does not have anything to do with
the disposal but relates to the loans and advances extended via
two subsidiaries within the PROTON Group.  These loans were
extended by Management after the acquisition of MVAM.

In so far as the regulatory obligations of a public listed
company are concerned, Proton has complied with all necessary
requirements of Bursa Malaysia.  However, addressing the matter
publicly was not an option until now, as the agreement to
dispose of the interest in MVAM was conditional and restricted
the ability of Proton to fully address the uninformed
speculation in the public domain.

In addition, it was also felt that responding to the allegations
prematurely would have detracted from the main issue at hand,
which was to resolve the MVAM issue and avert the potential
liability.  All this is part of acting in the best interest of
the shareholders.

Since July 2005, Proton has undertaken a review of the major
processes, decision-making structures and limits of authorities.  
In addition, Proton's external auditors, Pricewaterhouse
Coopers, were also appointed to undertake a review of
investments undertaken by Proton in the past to ascertain
potential weaknesses in the process leading to decisions as well
as to identify means to address these weaknesses.

One of the first steps taken to prevent or at least minimize the
risk of such a recurrence again is a review of the internal
governance structure of the Group.  Changes have been made to
the Management Committee and Board structures of PROTON and its
Group.  In the past the structures had been exclusive and
certain key functions were not well represented.  Under the
reconstituted and expanded Management Committee and Board
structures, a greater diversity of representation has been
included in the decision making process.  Apart from re-
organization of domestic structures, Proton had also undertaken
changes to its overseas investments with a view to improve the
balance and control as well as strengthen their financial
discipline.

More importantly though, the structures that are now in place
provides better clarity to all those concerned, as to actual
authority and essential information to be disclosed.

With the explanation and clarifications, Proton hopes that the
matter will now be put to rest and that Proton would be allowed
to move forward and focus on its core business of manufacturing
and selling cars.

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.


PILECON ENGINEERING: Unit Disposes of Entire Mawar Equity
---------------------------------------------------------
Pilecon Engineering Berhad's wholly owned subsidiary, Pilecon
Realty Sdn Bhd, had, on March 28, 2006, entered into a Sale of
Shares Agreement with Fono Front Sdn Bhd for the disposal of
entire equity interest of Pilecon Realty in Mawar Awal (M) Sdn
Bhd comprising 300,000 ordinary shares for MYR1.00, each
representing 100% of the total issued and paid-up capital of
Mawar Awal, for a cash consideration of MYR1,604,000.

Mawar Awal is the beneficial owner of all that piece of freehold
land held under GM1530 Lot 798, Mukim Batu, District of Kuala
Lumpur.  The Land has been approved for a proposed development
known as "Proposed 1-block 19-storey condominium with 5 levels
of carpark and 1 level of swimming pool and recreational centre"
consisting of 284 units of condominium.  The Project has yet to
commence.

The total consideration of MYR1,604,000.00 was derived at on a
willing buyer, willing seller basis.  Fono Front has paid
MYR160,400.00 upon execution of the Sale of Shares Agreement.
The balance of the purchase price shall be paid from progress
collection of the sales of the Project.  Pursuant to the Sale of
Shares Agreement, Fono Front agrees that upon completion of the
Project, profit would be shared on the ratio of 80% in Fono
Front: 20% in Pilecon Realty of all profits derived from the
Project.

As Pilecon Engineering's restructuring is still at the final
stage of completion and with the urgency to launch the Project
to capitalize on the buoy property market, the Group decides to
participate in a less active role by disposing Mawar Awal to a
third party so that the latter can implement the Project without
stigma that may be attached to the Group in view of its
restructuring status.

The Company's Board of Directors, after having considered all
aspects of the Proposed Disposal, is of the opinion that the
Proposed Disposal is in the best interest of PEB Group.

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.


SELANGOR DREDGING: Unit Acquires Shelf Company for MYR2.00
----------------------------------------------------------
Selangor Dredging Berhad's wholly owned subsidiary, SDB
Properties Sdn Bhd, has on March 28, 2006, acquired 100% equity
interest in a shelf company, Vision Map (M) Sdn Bhd.

The entire equity interest comprises two ordinary shares of
MYR1.00 each fully paid-up for a total cash consideration of
MYR2.00.

Vision Map was incorporated in Malaysia on February 13, 2006,
and has an authorized share capital of MYR100,000.00 divided
into 100,000 ordinary shares of MYR1.00 each.

The acquisition of Vision Map will not have any material effect
on the earnings or net assets of the Selangor Dreding Berhad
Group for the year ending March 31, 2006.

Headquarted in Kuala Lumpur, Malaysia, Selangor Dredging Berhad
-- http://www.sdb.com.my/-- is engaged in the distribution of  
hardware and building materials.  Other activities include
property investment and development, operation of hotel and car
park and investment holding.  After the 1997 Asian financial
crisis, the Company began to implement exercises to curb losses
and improve its bottom line.  The Company became involved in
many businesses, some unprofitable and others, such as its tin-
mining concern with the high cost of extraction and low
commodity price, sunset industries with no future.  The Company
began restructuring its business and decided its core business
should be property development.  The other businesses and
subsidiaries were sold or wound down.


SETEGAP BERHAD: Forges Restructuring Pact with Sumatec Group
------------------------------------------------------------
Three Sumatec Resources Berhad's subsidiaries have entered into
a restructuring exercise agreement with infrastructure group
Setegap Berhad, a Practice Note 17 entity.

Sumatec will then emerged as a major shareholder of a new
company that will assume the listing status of Setegap under the
latter's proposed restructuring exercise.

Sumatec's subsidiaries Calinex Sdn Bhd, Sumatec (Sarawak) Sdn
Bhd and Sumatec Trackworks Sdn Bhd have entered into an
agreement with Setegap for the capital and debt restructuring
proposals.  Calinex will hold a 52.3% stake in the new entity.

The new company will complement Sumatec's oil and gas and mining
activities by offering infrastructure work, which Sumatec had
previously not been able to undertake as it did not have the
required technical skills.

The key proposals of the restructuring exercise will see a
capital reduction and consolidation of Setegap's present issued
and paid-up share capital of MYR49.7 million to almost a fifth
of its size and the settlement of debts owing to unsecured trade
creditors and secured financial institutions.

The settlement will be done partly through the issuance of 57
million new company shares and partly from the proceeds of the
disposal of certain assets of Setegap.

Under the proposal, 35 million new shares will be issued to the
secured financial institutions, subject to a put-and-call option
in favor of Calinex.

Once the put-and-call option is exercised, Calinex will hold
52.3% of the enlarged issued and paid-up share capital of the
new company, triggering a mandatory general offer for the
remaining new company shares.

The new company will subscribe for new ordinary shares from
Sumatec (Sarawak) and Sumatec Trackworks, giving it a 99.99%
stake in both the companies.

As part of the proposal, Sumatec has awarded two contracts to
Sumatec (Sarawak) that would have otherwise been awarded to
third-party civil contractors.

Setegap is a Practice Note 17 company listed on the second board
of Bursa Malaysia. The company has till April 11, 2006, to
submit its regularization plan to the relevant authorities.

As reported by the Troubled Company Reporter - Asia Pacific
reported that, on November 10, 2005, Bursa Malaysia started de-
listing procedures against Setegap as the company had failed to
submit a regularization plan within the stipulated time frame.

                      About Setegap Berhad

Headquartered in Petaling Jaya, Malaysia, Setegap Berhad's
principal activities are construction and maintenance of roads,
railways and building, including services rendered on quarrying.  
The Company's other activities include manufacturing and selling
of road construction equipment, asphalt plants, mixing plants,
asphalt emulsions and premix.  The Group also provides
mechanical and electrical services, leases machinery and
investment holding.  

Tight policies implemented by the Government in containing the
effect of the financial crisis in 1997/98 had affected certain
sectors of the economy, inter-alia, the construction and
property sectors.  As a result, the Company's cash flow and
profitability were adversely affected.  In August 1999, Setegap
had sought the assistance of the Corporate Debt Restructuring
Committee set up by the Government with its secretariat at Bank
Negara Malaysia on the restructuring of the Company and certain
of its subsidiaries' debts amounting to MYR95.29 million. The
Company had in October 2000 entered into a debt restructuring
agreement with its creditors.

As an integral part of the Company's debt restructuring scheme
at that time, the Company proposed a rights issue of Setegap
Shares, a restricted issue of shares in Setegap and a private
placement to raise fresh equity capital to pay its financial
obligations.  However, in light of the bearish market
conditions, which had adversely affected the Company's share
price between 2000 and 2001, the fund raising proposals were
aborted as the shares were being traded below par value.  

As an alternative proposal to address the share price problem,
the Company undertook a fund raising exercise was to provide the
Group with additional working capital, repayment of bank
borrowings and to provide security for the performance bond
facilities necessary for its projects.  In June 2003, the
proposals were aborted as Setegap's management's was of the
opinion that a more comprehensive proposal was required due to
the lack of contracts in the market.   In addition, the current
poor financial health of the Company has further compounded the
problem of obtaining new contracts as the lack of sufficient
working capital has limited its ability to tender for new
contracts.

Due to the unsuccessful attempts by the Company to raise funds
to regularize its debt problems, the debt restructuring
agreement in October 2000 was technically in default in 2003.  
Setegap and its subsidiaries had suffered losses for the past
four consecutive financial years since the financial year ended
December 31, 2002, which had consequently led to a negative
unaudited shareholders' fund of MYR98.25 million as of December
31, 2005.

The Board had on November 11, 2005, announced that the Company
had been served with a notice to show cause by Bursa Securities
on the delisting of the securities of the Company.  Without a
scheme to regularize its financial position, Setegap will risk
being delisted.  The current proposals will therefore be a
revitalization scheme for the Setegap Group.


SETEGAP BERHAD: Bourse Delists Securities
-----------------------------------------
After having considered all the facts and circumstances of the
matter, Bursa Malaysia Securities Berhad has decided to de-list
the securities of Setegap Berhad from the Official List of Bursa
Securities as the Company does not have an adequate level of
financial condition and level of operations to warrant continued
listing on the Official List of Bursa Securities.

Subsequently, Setegap's securities will be removed from the
Official List of Bursa Securities on April 7, 2006.

The securities of the Company may remain deposited with Bursa
Depository notwithstanding the de-listing of the securities of
the Company from the Official List of Bursa Securities.  It is
not mandatory for the securities of a company which has been de-
listed to be withdrawn from Bursa Depository.

Alternatively, shareholders of the Company who intend to hold
their securities in the form of physical certificates can
withdraw these securities from their Central Depository System
accounts maintained with Bursa Depository at anytime after the
securities of the Company are de-listed from the Official List
of Bursa Securities by submitting the application form for
withdrawal in accordance with the procedures prescribed by Bursa
Depository.

                       About Setegap Berhad

Headquartered in Petaling Jaya, Malaysia, Setegap Berhad's
principal activities are construction and maintenance of roads,
railways and building, including services rendered on quarrying.  
The Company's other activities include manufacturing and selling
of road construction equipment, asphalt plants, mixing plants,
asphalt emulsions and premix.  The Group also provides
mechanical and electrical services, leases machinery and
investment holding.  

Tight policies implemented by the Government in containing the
effect of the financial crisis in 1997/98 had affected certain
sectors of the economy, inter-alia, the construction and
property sectors.  As a result, the Company's cash flow and
profitability were adversely affected.  In August 1999, Setegap
had sought the assistance of the Corporate Debt Restructuring
Committee set up by the Government with its secretariat at Bank
Negara Malaysia on the restructuring of the Company and certain
of its subsidiaries' debts amounting to MYR95.29 million. The
Company had in October 2000 entered into a debt restructuring
agreement with its creditors.

As an integral part of the Company's debt restructuring scheme
at that time, the Company proposed a rights issue of Setegap
Shares, a restricted issue of shares in Setegap and a private
placement to raise fresh equity capital to pay its financial
obligations.  However, in light of the bearish market
conditions, which had adversely affected the Company's share
price between 2000 and 2001, the fund raising proposals were
aborted as the shares were being traded below par value.  

As an alternative proposal to address the share price problem,
the Company undertook a fund raising exercise was to provide the
Group with additional working capital, repayment of bank
borrowings and to provide security for the performance bond
facilities necessary for its projects.  In June 2003, the
proposals were aborted as Setegap's management's was of the
opinion that a more comprehensive proposal was required due to
the lack of contracts in the market.   In addition, the current
poor financial health of the Company has further compounded the
problem of obtaining new contracts as the lack of sufficient
working capital has limited its ability to tender for new
contracts.

Due to the unsuccessful attempts by the Company to raise funds
to regularize its debt problems, the debt restructuring
agreement in October 2000 was technically in default in 2003.  
Setegap and its subsidiaries had suffered losses for the past
four consecutive financial years since the financial year ended
December 31, 2002, which had consequently led to a negative
unaudited shareholders' fund of MYR98.25 million as of December
31, 2005.

The Board had on November 11, 2005, announced that the Company
had been served with a notice to show cause by Bursa Securities
on the delisting of the securities of the Company.  Without a
scheme to regularize its financial position, Setegap will risk
being delisted.  The current proposals will therefore be a
revitalization scheme for the Setegap Group.


TALAM CORPORATION: Obtains 90-day Restraining Order
---------------------------------------------------
On March 28, 2006, the Kuala Lumpur High Court has granted a 90-
day restraining order to Talam Corporation's wholly owned
subsidiary, Maxisegar Sdn Bhd.

The Restraining Order was obtained to facilitate the convening
of creditors meeting concerning the implementation of a proposed
debt-restructuring scheme.

The Restraining Order is not expected to have material financial
and operational impact on the Talam Group in view that:

   -- the Restraining Order is to facilitate the finalization
      of Maxisegar's proposed corporate restructuring scheme;
      and

   -- currently the operations of the Talam Group is
      maintained at a level sufficient to meet the outstanding
      and urgent requirements of the Talam Group.

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad is principally engaged in property development.  Its
other activities include trading building materials,
manufacturing of ready mixed concrete, provision for higher
educational programs, development and management of hotel, golf
and country club horticulturists, agriculturists and landscaping
designers and contractors and investment holding.  Operations of
the Group are carried out in Malaysia and China.  The Company
has accumulated mounting losses and debt in the past few years.  
In a bid to cut back on its borrowings, the firm has agreed to
sell off some of its assets.  The sales are expected to slash
the Company's short-term debts, which amounted to MYR1.8 billion
as of January 31, 2005.


TELEKOM MALAYSIA: Prepares to List 108,000 New Shares
-----------------------------------------------------
Telekom Malaysia Berhad's additional 108,000 new ordinary shares
of MYR1.00 each issued pursuant to the Company's Employees'
Share Option Scheme will be granted listing and quotation
starting March 30, 2006.

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


TENAGA NASIONAL: Needs to Hike Tariff to Stay Afloat
----------------------------------------------------
Tenaga Nasional Berhad is seeking a much-needed tariff increase
so it could stay afloat, Bernama reports, citing Deputy Energy,
water and Communications Minister Datuk Shaziman Abu Mansor.

Mr. Mansor revealed that Tenaga Nasional's profits cannot offset
annual capital expenditure of around MYR6 billion.  He added
that Tenaga Nasional would not still be able to continue
operations even if it collected a total of MYR29.9-bilion debt
owed to the power firm.

The top 10 companies that owned huge amounts to Tenaga Nasional
as of January 2006 are:

     * Perwaja Steel Sdn Bhd -- MYR254.33 million;
     * Nur Distribution Sdn Bhd -- MYR19 million;
     * Pendinginan Megajana -- MYR6.69 million);
     * United Paper Board -- MYR2.98 million;
     * Syarikat Stadium Shah Alam -- MYR2.89 million;
     * Teck See Plastic Sdn Bhd -- MYR2.76 million;
     * Merbok MDF Sdn Bhd -- MYR2.19 million;
     * MCB Industries Sdn Bhd -- MYR1.62 million;
     * Infineon Technologies -- MYR1.35 million; and
     * Nibong Tebal Paper Mill -- MYR1.28 million.

Bernama says that Tenaga Nasional has succeeded in recovering
some principal outstanding debts from other big debtors like
Antara Steel, Megasteel and Amsteel under Lion Group, Malaysia
Steel Works and Hualon Corporation.  However, the Company still
has along way to go with its collectibles.

As of last January, consumers all over the country owed Tenaga
Nasional a total of MYR2,324.83 million with domestic consumers
owing MYR441 million, commercial clients MYR708 million,
industrial consumers MYR1.12 billion, mining MYR0.66 million,
and street lighting MYR48.39 million.

Headquartered in Kuala Lumpur, Malaysia, Tenaga Nasional Berhad
-- http://www.tnb.com.my/-- is engaged in the generation,  
transmission, distribution and sale of electricity.  The Company
also manufactures, sells and repairs transformers and
switchgears.  It is also involved in provision of project
management, consultancy, engineering works, contracting,
trading, risk management, risk surveys, insurance, research and
development, property management, energy project development and
investment holding services.  It also undertakes repairs and
maintenance of motor vehicles.  The Group operates in Malaysia
and Mauritius.  The Company is currently undertaking liability
management exercises, which are expected to extend the Company's
debt maturity profile and reduce refinancing risk.  Moody's gave
the Company a 'Ba' rating due to the Company's relatively high
financial leverage and significant PPA obligations, accounting
for approximately 42% of total operating costs in FY2004.


TENAGA NASIONAL: To List Share Option Scheme Shares
---------------------------------------------------
Bursa Malaysia Securities Berhad will grant Tenaga Nasional
Berhad's additional 1,078,575 new ordinary shares listing and
quotation on March 30, 2006.

The shares of MYR1.00 each were issued pursuant to the Company's
Employees' Share Option Scheme.

Headquartered in Kuala Lumpur, Malaysia, Tenaga Nasional Berhad
-- http://www.tnb.com.my/-- is engaged in the generation,  
transmission, distribution and sale of electricity.  The Company
also manufactures, sells and repairs transformers and
switchgears.  It is also involved in provision of project
management, consultancy, engineering works, contracting,
trading, risk management, risk surveys, insurance, research and
development, property management, energy project development and
investment holding services.  It also undertakes repairs and
maintenance of motor vehicles.  The Group operates in Malaysia
and Mauritius.  The Company is currently undertaking liability
management exercises, which are expected to extend the Company's
debt maturity profile and reduce refinancing risk.  Moody's gave
the Company a 'Ba' rating due to the Company's relatively high
financial leverage and significant PPA obligations, accounting
for approximately 42% of total operating costs in FY2004.


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

ABS-CBN BROADCASTING: Harsh Penalty Sought to Prevent Stampedes
---------------------------------------------------------------
ALAGAD Partylist representative Rodante Marcoleta proposed a
bill to impose harsh penalties on event organizers who prepare
for an event without a written crowd management plan, such as
ABS-CBN Broadcasting Corporation's event organizers for its
local game show, the Philippine Star reveals.

Under House Bill No. 5381, any person who organizes a large
event but fails to comply with the safety conditions proposed in
the bill would be fined PHP100,000 and could face a jail term of
up to six years.  If the organizer is a corporation, the penalty
would be imposed on its officers.

Representative Marcoleta explained that he sought to ensure the
safety of the audience and participants in the regulation of
events that draw crowds so as to prevent another stampede from
happening, such as the February 4, 2006, incident that occurred
at the Philsports Arena where "Wowowee" game show -- organized
by ABS-CBN Broadcasting Network -- was set to celebrate its
first-year anniversary.

As reported by the Troubled Company Reporter - Asia Pacific,
thousands of people flocked to the venue, as Wowowee promised to
hand out major prizes.  A frantic scramble for entry resulted to
a stampede, which in turn caused the death of 70 people and
injury to hundreds of others.

                       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.

A March 29, 2006 TCR-AP report stated that the Court of Appeals
had issued a 60-day restraining order on the preliminary
investigation by the Department of Justice into the stampede
incident, to review ABS-CBN's petition that it would not get a
fair trial due to the perceived bias against the Company.


ATLAS CONSOLIDATED: Cebu Welcomes Plan to Resume Operations
-----------------------------------------------------------
Cebu Representative Eduardo Gullas embraced Atlas Consolidated
Mining and Development Corporation's plan to restart operations
of a copper mine, once hailed as the largest in Southeast Asia,
Mindanao Daily Mirror says.

According to Representative Gullas, the reopening of the mine
would translate into a rise in employment and income for Toledo
City, where the mine is situated, and Cebu province's local
governments and residents.

The Mirror relates that Atlas is finalizing a plan to raise
PHP8.69 billion in capital to restart mining operations via a
new unit, Carmen Copper Corporation, which also plans to pre-
sell future copper output in order to raise more funds.

Representative Gullas was confident that the corporation could
raise the needed funds, as increasing metal prices had also
raised global demand for mining firm shares.

                       About Atlas Mining

Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established   
through the merger of assets and equities of three Soriano-
controlled pre-war mines, the Masbate Consolidated Mining   
Company, IXL Mining Company and the Antamok Goldfields Mining
Company.  The Company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products.  The
Company's copper mining operations are centered in Toledo City,
Cebu, where two open pit mines, two underground mines and
milling complexes (concentrators) are located.  The Cebu copper
mine ceased operations in 1994.  Activities after the shutdown
were limited to safeguarding and maintaining the property, plant
and equipment at the minesite.  The closure has brought huge
losses to the mining firm.  The Masbate gold mine, meanwhile,
was sold to Base Metal Minerals Resources Corporation in 1996.

In January 2004, Atlas decided to rehabilitate the company and
its assets at the earliest possible time since copper and nickel
prices have recovered.  On February 23, 2006, TCR-AP reported
that Atlas signed an agreement with Crescent Asian Special
Opportunities Portfolio, which would buy part of the Company's
debts for PHP358.05 million convertible into stock, and would
invest PHP1.69 billion into Carmen Copper Corporation in
exchange for a 34% stake.


LAFAYETTE MINING: Albay Board Member Wants Firm to Quit
-------------------------------------------------------
Albay Provincial Board Member Ramon T. Fernandez, Jr., expressed
his discontent at the fact that the Philippine-based unit of
Australian firm Lafayette Mining, Inc., planned to reopen its
operations, TMC News reveals.

According to Mr. Fernandez, who said he was voicing out the
sentiments of his co-members that were against the mine's re-
operation, Lafayette Mining has no business operating in Albay.  

TMC News says Mr. Fernandez believed that Lafayette Philippines,
Incorporated, the local unit of the Australian firm based in
Rapu-Rapu Island, acted in bad faith when it was discovered that
the cyanide tailings from the mine's disposal process leaked out
into the sea, killing thousands of fish and affecting the
livelihood of the coastal residents.

The TCR-AP reported on March 28, 2006, that Lafayette must await
the results of a probe ordered by Philippine President Gloria
Macapagal Arroyo into the Company's mine tailings spills, and
must also comply with environmental conditions set by the
Environmental Management Bureau, the Mines and Geosciences
Bureau and the Pollution Adjudication Board before it can
restart operations.

                        About Lafayette

Headquartered in Melbourne, Australia, Lafayette Mining,  
Incorporated -- http://www.lafayettemining.com/-- has been  
listed on the Australian Stock Exchange since August 1997.  It
focuses on developing a polymetallic project involving copper,
gold, zinc and silver on the Island of Rapu-Rapu in the
Philippines, through Lafayette Mining Philippines, Inc.

The Department of Environment and Natural Resources' former
secretary, Mike Defensor, closed Lafayette Philippines in 2005
when the Company's mine tailings were accidentally spilled into
the Albay Gulf last October, killing thousands of fish and
destroying the livelihood of fishermen in the area.  The Company
was also fined PHP10.7 million for violating the Clean Water Act
and its environmental compliance certificate.

As reported by TCR-AP on March 24, 2006, Lafayette Philippines,
Incorporated, a local unit of Lafayette Mining, had secured
PHP1.51 billion from investors to resume normal operations, as
well as a new management team and base metal commissioning at
its mine in Rapu-Rapu, Albay, citing a Dow Jones report.


NATIONAL POWER: Possible Line Shutdown May Cause Long Blackout
--------------------------------------------------------------
If the Supreme Court orders National Power Corporation to shut
down and relocate a power transmission line, it may cause a
blackout over the southern region of Metro Manila that could
last 12 months, ABS-CBN News reports.

According to National Transmission Corporation president Alan T.
Ortiz, the issue is of national concern, as millions of
residents and establishments would be affected by the possible
transmission line shutdown.

TCR-AP had reported on March 28, 2006, that residents of
Dasmarinas Village, Makati City, where a 230-kilovolt Sucat-
Araneta-Balintawak transmission line passed, filed a petition
with the Supreme Court on March 9, 2000, to relocate the power
line, citing possible health risks from radiation emitted from
the power line.  A Makati court issued a restraining order on
March 18, 2000, which was later reversed by the Court of
Appeals.  The Supreme Court, however, overturned the appellate
court's decision and affirmed the lower court ruling to shut
down and transfer the line.   

ABS-CBN News relates that if the Supreme Court should decide to
push through to seek the shutdown of the power line, the cities
of Paranaque, Makati, Pasay and Muntinlupa will have zero
electricity.  The Metro Rail Transit would also be out of
service, as well as local and international airports and call
centers.  Mr. Ortiz said that as of the moment, they had no
solution to the problem as it would take up to 18 months to
relocate the power line, and the only other power line that
could provide power to affected areas, the San Jose-Dolores-
Kalayaan power line, could not supply sufficient power to all
areas for long periods of time.

A legal problem that has occurred, ABS-CBN News recounts, is
that Napocor failed to inform the Supreme Court that it had
transferred its transmission duties to the National Transmission
Corporation, which could not file for a motion to reconsider
with the court, since the original petition was filed with
Napocor and not TRANSCO.  TRANSCO president Ortiz plans to seek
the help of the Office of the Solicitor General to appeal the SC
decision.

                          About Napocor

Headquartered in Quezon City, Philippines, National Power
Corporation -- http://www.napocor.gov.ph/-- is a state-owned  
utility that builds and operates nuclear, hydroelectric,
thermal, and alternative power-generating facilities.  It works
with independent producers under a build-operate-transfer
program.  With a generating capacity of more than 11,500
megawatts, Napocor sells electricity to distributors and
industrial companies.  To comply with the privatization bill
approved by the Philippine Congress, the Company has begun
selling off its generation assets to help pay for the utility's
estimated debt of PHP600 billion.  It also separated its
transmission operations into a new subsidiary, the National
Transmission Corporation.

The state-owned firm, which is considered a major draining
factor of the Government's finances, is projected to post a
higher deficit of PHP18.41 billion this year from PHP5.95
billion deficit in 2005.  Napocor incurred its huge losses to
fund the operations of its power facilities.  The Government is
selling National Power's assets to help pay for the utility's
estimated PHP600 billion debt.  The annual loss at the utility,
which generates about 40% of the country's electricity narrowed
to PHP29.9 billion pesos in 2004 from PHP117 billion in 2003
after it was allowed to increase tariffs.


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

CHINA AVIATION: Completes Restructuring Plan & Resumes Trading
--------------------------------------------------------------
China Aviation Oil (Singapore) Corporation Limited has disclosed
that it has completed its Restructuring Plan on March 28, 2006.

Moreover, the Singapore Exchange Securities Trading has approved
the listing and quotation of China Aviation Oil (Singapore)
Corporation Limited's new shares.  The Exchange also lifted the
suspension of the Company's shares, and effective March 29,
2006, shares trading will resume.

Shares that can be traded are those that are consolidated
pursuant to the Share Consolidation effected on March 23, 2006.

The Company informed shareholders that the approval of the
Exchange is not an indication of the merits of the Restructuring
Plan, the Company, its subsidiaries or their shares or
securities.

                   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.

In February 2006, Chief Financial Officer Peter Lim was
sentenced to two years imprisonment and fined SGD150,000 for his
involvement in cheating and releasing false financial statement.
Earlier this month, a Singapore court also fined three other
Chinese China Aviation executives for concealing losses at the
group, which is subject to a $130 million restructuring plan.
On March 21, 2006, the former chief executive officer of China
Aviation Chen Jiulin, was sentenced to more than four years in
jail and made to pay SGD350,000 in fines.

Shareholders of the Company have subsequently approved a new
restructuring plan for China Aviation.  According to a TCR-AP
report on March 7, 2006, the 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.

The Company completed its Restructuring Plan on March 28.


CITIRAYA INDUSTRIES: Four Citiraya Workers Face Bribery Charges
---------------------------------------------------------------
Four people were charged in Singapore's Subordinate Court for
allowing their securities accounts to trade Citiraya Industries
Limited shares to benefit former chief executive Ng Teck Lee,
Dow Jones said, citing the Business Times.

The four employees and staff of Citiraya, now facing a total of
13 charges, are:

    1. Goh Lik In,
    2. Lee Kok Hou,
    3. Kwok Seng Hwa, and
    4. Ong Chwee Hwa.

According to Business Times, the charges were brought against
them by the Commercial Affairs Department under the Securities
and Futures Act.

These individuals allegedly received a total of SGD1.82 million
in bribes from ex-chief Ng Teck.  In return, they helped the
Company clinch multinational contracts, divert electronic chips
meant for destruction to overseas resale markets, and falsely
declared the content of precious metal extracted from electronic
waste

The trading occurred between September 2003 and January 2005.  
Mr. Ng Teck has left Singapore and has been missing since early
last year at the height of the Citiraya probe.

About 15 people have been charged over the Citiraya allegations,
and nine of them have been sentenced to jail.  One of them is Ng
Teck Lee's younger brother, Ng Teck Boon, who will serve eight
years imprisonment.

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.


DETAM CORPORATION: Wind-Up Hearing Slated for March 31
------------------------------------------------------
Eric Eng Meng Cheh presented to the Singapore High Court an
amended wind-up petition against Detam Corporation Asia Private
Limited on March 13, 2006.

The amended petition will be heard before the High Court on
March 31, 2006, at 10:00 a.m.

Creditors or contributories interested to support or oppose the
Petition may appear at the hearing.

Contact: Jansen, Menon & Lee
         Solicitors for the Petitioner
         63A Tras Street
         Singapore 079002


FERB PRIVATE: Proofs of Debt or Claim Due Next Month
----------------------------------------------------
Creditors of FERB Private Limited are required to prove their
debt or claims not later than April 7, 2006, to benefit from the
distribution of dividends.

Contact: Peter Chay Fook Yuen
         Bob Yap Cheng Ghee
         Joint and Several Liquidators
         c/o KPMG
         16 Raffles Quay
         #22-00 Hong Leong Building
         Singapore 048581


GHIM PENG: Creditors Should Prove Claims by April 11
----------------------------------------------------
GHIM Peng Hotel Private Limited will be receiving proofs of debt
or claim from creditors not later than April 11, 2006, in
preparation for the dividend distribution.

Contact: Chee Yoh Chuang
         Lim Lee Meng
         Liquidators
         c/o RSM Chio Lim
         18 Cross Street
         #08-01 Marsh & McLennan Centre
         Singapore 048423


GRANTCHESTER PRIVATE: Set to Distribute Dividend
------------------------------------------------
Creditors of Grantchester Private Limited are required to send
in their names and the particulars of their debt or claims not
later than April 24, 2006.

Failure to do so would exclude the creditors from the benefit of
any distribution the Company will make.

Contact: Chee Yoh Chuang
         Lim Lee Meng
         Liquidators
         18 Cross Street
         #08-01 Marsh & McLennan Centre
         Singapore 048423


LINDETEVES-JACOBERG: Unveils ATB Australia's Dealing in Shares
--------------------------------------------------------------
Lindeteves-Jacoberg Limited disclosed that on March 27, 2006,
ATB Austria Antriebstechnik AG acquired a total of 3,000 shares
in the Company.

The approximate percentage of the enlarged issued and paid up
share capital of the Company is n.m. 2.  The price paid per
share, excluding brokerage commission, clearing fees and GST is
SGD0.165.

The number of shares controlled or agreed to be acquired by the
ATB and parties acting or deemed to be acting in concert with
ATB as at March 15, 2006, was 223,869,831, which make up 45.12%
of enlarged issued share capital of the Company.
   
The number of shares acquired by ATB from March 15, to March 27,
2006, is 3,375,000, with 0.68% of enlarged issued share capital
of the Company.

As of March 27, 2006, taking into account ATB's acquisition of
the Offer, ATB owned, controlled or had agreed to acquire an
aggregate of 227,244,831 shares, representing approximately
45.80% of the enlarged issued and paid-up share capital of the
Company.

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


UNITED FIBER: Makes 7th Partial Payment to Series Three Loan
------------------------------------------------------------
On March 22, 2006, United Fiber System Limited issued an Advance
Notice for SGD2,000,000 to Cornell Capital Partners Offshore LP
pursuant to the Expanded Equity Line as seventh partial
repayment of the SGD50,000,000 Series Three Loan Note.

Following the three-day pricing period, the exercise price for
the Advance has been determined to be SGD0.2853, which is not
lower than 94% of the volume weighted average price of the
Company's shares -- SGD0.2948 -- traded on March 21, 2006.

To expedite the settlement of shares under the Advance, the
Company will borrow 7,017,164 shares from its controlling
shareholder, Tektronix Industries Limited, to deliver to
Cornell.  The shares delivered will comprise 0.35% of the
Company's enlarged issued and paid-up share capital after the
issue of 28,016,262 new shares to return to Tektronix.

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


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

AGRO INDUSTRIAL: 2005 Profit Climbs by 950% Due to Restructuring
----------------------------------------------------------------
Agro Industrial Machinery Public Company Limited and its
subsidiaries had a net profit of THB6.65 billion in the year
ending December 31, 2005, the Troubled Company Reporter - Asia
Pacific found from the Company's financials.

The 950% increase, compared to the THB7.03 million net profit in
2004, was explained in a company release to the Thailand Stock
Exchange as the result of operating under a rehabilitation plan.  
In 2005, the Company completely paid the debts to its creditors
under the Plan.  The discharge of all the debts resulted in a
profit of THB4.13 billion from business rehabilitation.  

The Company also obtained the proceeds of THB22 million as other
creditors approved the writing off of debts in the Company's
favor.

Also during the past year, the Company disposed two subsidiaries
to third parties as required by the Plan.  Therefore, there
arose a re-transfer transaction of THB2.73 billion relating to
the losses in excess of investment funds recorded by the equity
method.

        Agro Industrial Machinery Public Company Limited
         Financial Highlights, Year Ending December 31
                       In millions of THB

                          2005                     2004

   Assets                    -                   280.98
   Liabilities               -                 6,970.18
   Equity                    -                -6,689.19
   Paid-up Capital           -                    75.00
   Revenue            2,820.45                   242.16
   Net Profit         6,653.96                     7.03
   EPS(Baht)             88.11                     0.94
  
                          *     *     *

Agro Industrial Machinery Public Company Limited --
http://www.thaiengine.com/ -- was formerly known as Thai Engine  
Manufacturing Public Company Limited until February 9, 2006.  
The Company manufactures small diesel engines under the
Mitsubishi brandname.  It is also the sole Mitsubishi agent in
Thailand and Indo-China countries.

On November 7, 2000, the creditors' meeting voted in favor of
the Company's rehabilitation plan and on December 20, 2000, the
Central Bankruptcy Court approved the rehabilitation plan and
appointed Churchill Pryce Planner Company Limited as plan
administrator.  Subsequently, on January 2, 2002, the plan
administrator lodged a petition for amendment of the approved
plan and thereafter on April 4, 2002, the Central Bankruptcy
Court approved the amendment of the plan.   However, the Company
has been unable to implement and proceed to complete the plan
amendments within the dateline by August 2002.  Thus, the
implementation of the rehabilitation plan has to be carried on
under conditions set in the plan amendments.

With the resignation of Churchill Pryce Planner Company Limited
as plan administrators, the Company became a co-administrator
together with Asian International Planners Limited which also
stepped down as plan administrator in May 2005

On July 7, 2005 the Central Bankruptcy Court adjudicated to
consent that the Company becomes the new plan administrator.

                     The Rehabilitation Plan

The rehabilitation plan is divided into seven steps:

   1. Restructure of existing indebtedness by classifying
      creditors into 10 classes.

   2. Transfer of selected assets and liabilities to Special
      Purpose Vehicles.

      The two SPVs will be set up as:

      2.1. A Special Purpose Vehicle in the form of the Asset
           Management Company I to hold and dispose of
           selected non-core assets of the Company.

      2.2. A Special Purpose Vehicle in the form of the Asset
           Management Company II to hold the selected core
           assets.

   3. Transfer of the pledged unutilized land and share
      certificates to some secured creditors as of final
      settlement of these obligations.

   4. The Company will undertake multiple capital reductions to
      reduce capital from THB240 million to THB3.75 million.

   5. Capital increase and swapping of debt for equity.

   6. Based on the financial projections prepared in accordance
      with the rehabilitation plan, no significant earning
      assets will remain in the Company at this stage of the
      restructure and the Company will be unable to repay its
      remaining level of debt.  Creditors will then forgive the
      remaining debt.

   7. In issuance of warrants for the purchase of AMC II shares,
      an option would be offered for former executive directors
      to purchase such warrants and re-listing of operating
      business unit via Thai Engine Manufacturing Public Company
      Limited.  

On September 28, 2005, the Central Bankruptcy Court authorized
the revision of the Company's rehabilitation plan.

The Revised Plan provides that:

   1. The Plan must be implemented within six years after the
      court's approval.

   2. The management in the Asset Management Company I.

      * The engagement of Bank of Ayudthaya Public Co. Ltd. or
        persons who Bank of Ayudthaya assigns to be Asset
        Manager for proceeding with asset management and
        collection to follow-up debt including the proposal of
        assets of AMC I.  If the debt follow-up can be collected
        and such asset can be distributed, the money debt
        collected is repayable to creditor who transfers debt to
        AMC I.  However, the term and covenant is appropriately
        complied with the plan manager who will agree with the
        asset manager.

      * To sell shares of the AMC I which the Company is holding
        to outside party in the price not lower than book value
        of the AMC I as of December 31, 2004.  However, such
        shares' selling is proceeding after the engagement of
        asset manager is completed.

   3. The management of debt burden of the Asset Management
      Company II.

      * Given debt which is transferred to AMC II under the
        plan, the company will take fund which is received from
        capital increment to purchase asset from AMC II.

      * Given trading debt of the AMC II, the company will
        receive trading debt burden of AMC II, if such
        creditors agree to receive debt repayment from the
        Company.

        Moreover, the period of debt repayment under the normal
        trading term and covenant is not over one year.

   4. Management of the Asset Management Company II.

      * In the time period which the AMC II transfer asset
        disposal to the Company in accordance with the schedule,
        the Company is assigned to proceed with the AMC II
        transfer staff, employee, intellectual asset and various
        license certificates which is used in the business
        operation to the Company including any other procedure
        in accordance with the necessity and appropriateness.

      * It is noted that the shares disposal of AMC II which are
        holding by the Company is transferred to outside party
        in the price not under book value of the AMC II as of
        December 31, 2004.

      * After the creditors in debt transfer to AMC II
        completely receive debt repayment from AMC II in
        accordance with schedule, it is noted to liquidate the
        account of the AMC II in accordance with the further
        legal step.

   5. Rectification of capital so as for reservation of capital
      participation of investors

      * Capital after the conversion of shares to capital.
        After the debt conversion to capital, the Company holds
        the registered capital of THB75,000,000 par value of
        THB10 per share and capital paid up of THB7 million in
        par value of THB10 per share.

      * The amendment of par value of shares.  After the court
        approves the revised plan, the Company will proceed with
        the amendment of par value of shares from par value of
        THB10 to par value of THB1.

      * Capital Reduction. After the Company proceeds with the
        amendment of par value of shares in accordance with the
        schedule, the Company will reduce registered capital and
        paid-up capital to remain as THB20 million in par value
        of THB1 per share which is equivalent to 20 million
        shares.

      * Capital Increment.  After the Company proceeds with the
        capital reduction in accordance with schedule, the
        Company will proceed with the registered capital
        increment by amount of THB180 million at par value of
        THB1 per share so as for reservation of capital
        participation of investors after which, the Company
        registered capital will be THB200 million in par value
        of THB1 per share.

   6. Relief of remaining debt.  When the Company purchase asset
      from AMC II who repays debt to creditor of AMC II as per
      schedule, the remaining overdue debt which the Company
      will be forgiven.

   7. Capital Participation of Investors.  The plan manager will
      proceed with the public offering of shares increment of
      the Company to investors by number of 180 million shares
      in public offering price of THB1 per share which is
      equivalent to the total share increment fund THB180
      million some of which is taken to purchase asset from AMC
      II while the rest is used as working capital of the
      Company.  The plan manager has to proceed within 180 days
      after the date the Plan is approved.

              Progress with the Rehabilitation Plan

According to the Plan Administrator's report, the Company
completely restructured its existing indebtedness under Step 1
of the plan.  The total claim of secured debts was approximately
THB331 million.  This was restated to the appraised value of the
collateral given as security of approximately THB94 million. The
value of debt exceeding the appraised value was treated as
unsecured debt.  

The Official Receiver has now finalized all of the creditors'
claims against the Company.  The approved amounts have been used
to determine the value of each creditor's assignments to AMC I
and AMC II.  Two special purpose vehicles were established, as
subsidiaries of the Company as asset management companies; AMC I
and AMC II, under the names of TEM Assets Recovery Company
Limited and T.E.M. Business Operations Company Limited.  

Step 2, the assignment of assets and creditor claims to AMC I
and AMC II had been achieved through the signing of the
Assignment Agreements and related Asset Assignment Agreements
for AMC I and AMC II on which the execution dates of these
agreements were April 23, 2001, January 1, 2002 and February 15,
2002, respectively.

Step 3, the transfer of collateral to remaining secured
creditors was completed on January 17, 2002.

Step 4, the capital reduction had been completed on October 22,
2001.

The Plan Administrator has been working with related authorities
and legal counsel to complete Step 5, the capital increase and
swap of debt had been finalized on May 22, 2002.

The last 2 steps, forgiveness of remaining debt and re-listing
of operating business unit, will be followed the conditions
stipulated in the Plan Amendment since the Company is unable to
accomplish the plan as approved by the Central Bankruptcy Court
on April 4, 2002 within the specified period of August 2002.

The plan creditors received the proposal to purchase all
liabilities of the Company and subsidiaries under the
rehabilitation plan, but at present the planned purchase
proposal has not yet accepted by more than 51% of all creditors.

In 2005, the Company constitutes progress of operation in
accordance with entity-rehabilitated plan, rectified version
dated August 4, 2005:

   1. The management in Asset Management Company I

      1.1. Contract of engagement to hire Bank of Ayudhaya
           Public Company Limited as asset manager is performed
           so as for operation of asset management and follow up
           of debt collection including asset disposal AMC I in
           accordance with the contract of asset management
           dated December 26, 2005.

      1.2. Shares of AMC I, which the Company is holding are
           sold to outside party on December 27, 2005 in the
           price of THB0.01 per share that is not lower than
           book value of AMC I as of December 31, 2004.
           However, given management in AMC I, the plan manager
           has completely operated entirely whereby the Company
           does not hold any guarantee burden to debt obligation
           in AMC I.

   2. The management of debt burden of Asset Management Company
      II

      The Company takes fund raised from capital increment to
      purchase asset from AMC II while it is purchase of fixed
      asset and inventory in accordance with the contract to
      purchase to sell asset dated on December 21, 2005.
      Moreover, the AMC II takes fund raised from such sale to
      repay principle debt to creditors who comprise guarantee
      and creditors who comprise non-guarantee that the Company
      has transferred to AMC II while some part is repayable as
      cashier cheques dated on December 23, 2005 and another
      part is repayable as cheques dated on December 27, 2005.
      It is noted that on behalf of creditors who have not taken
      cheques for clearing at banks have completely placed asset
      for debt repayment at Central Asset Placement Office,
      Department of Case Enforcement on March 6, 2006.  The
      legal advisor of the Company has expressed its opinion
      that the Company has compiled with debt repayment in
      accordance with rehabilitated plan and all debt of the
      Company will not be able to resume to former status.

      Given debt which is transferred to AMC II, the remaining
      amount of THB241.11 million is received the total release
      whereby the Company recognized as gain from rehabilitated
      plan in the accounting period.  Moreover, creditors who
      hold mortgage as collateral agree to release such mortgage
      burden.

   3. The management in Asset Management Company II (AMC II)

      3.1. The Company operates that AMC II has transferred
           staff, employee and various license certificate which
           are used in business operation to Company.

      3.2. The Company has sold shares of AMC II which the
           Company is holding to outside party on December 27,
           2005 in the price of THB0.01 per share which is not
           lower than book value of AMC II as of December 31,
           2004.

   4.  The rectification of share capital so as for reserve of
       capital participation of investors.

       4.1. Share capital after conversion of debt to capital.

       4.2. Amendment of par value of share.

       4.3. Capital Reduction.

       4.4. Capital Increment

   5. Release of some part of outstanding debt.

   6. Capital participation of investors.

On January 31, 2006, the Company increased registered capital
from THB200.00 million THB206.32 million by issuing 6,315,801
new ordinary shares with a THB1 par value.  The new shares are
appropriated to former shareholders in accordance with the
former proportion.


AGRO INDUSTRIAL: Starts New Shares Offering
-------------------------------------------
On January 26, 2006, Agro Industrial Machinery Public Company
Limited began the offering of its 180,000,000 new shares at a
par value of THB1 each by private placement after obtaining
approval from the Central Bankruptcy Court.  This offering is in
line with the Company's rehabilitation plan.

The Company chose not to offer the shares to its existing
shareholders or the public because those offering procedures are
more complicated and time-consuming than the offering by private
placement.  The Company needs the financing to purchase assets
from its subsidiaries so that the subsidiaries will have the
means to repay their creditors.

Moreover, all assets deposited with the subsidiaries' creditors
as security for debt repayment will be released and transferred
back to the Company.  If the Company offered its shares to its
existing shareholders or the public, its shares may fail to
attract investors as these shares are grouped in the REHABCO
section and must not be traded on the SET board.  As a result,
the Company would probably obtain only part of the financing it
is seeking and would therefore fail to complete its
rehabilitation plan.

As a result of the new shares, the Company's issued and paid up
capital will be increasing from THB20 million representing 20
million common shares at THB1 par value to THB200 million with
200 million shares at the same par value.  The 180 million
common shares are currently allocated to a private placement
involving these persons:

    No.   Name of the Allottee                  Allotted shares

     1.   Far East Assets Corporation
          Public Company Limited                     28,000,000
     2.   Market Dollar Group Ltd.                    8,000,000
     3.   UBS AG, Singapore Branch                   16,000,000
     4.   Natsuree Lertchairat                        8,000,000
     5.   Chamni Chanchai                             6,000,000
     6.   Wisuth Katjamaporn                          2,500,000
     7.   Siriwat Anantkoosri                         1,500,000
     8.   Supaporn Aroonsathira                      10,000,000
     9.   Preecha Dejakampoo                         10,000,000
    10.   Thom Sriboonrueng                           5,000,000
    11.   Theerachai Riensapdee                       5,000,000
    12.   Jakkrit Thanawiroon                         2,000,000
    13.   Chawarat Charnweerakul                      1,500,000
    14.   Chamaiporn Dilakanond                       1,500,000
    15.   Watcharee Thitipanuwet                      5,000,000
    16.   Adisai Warinsirikul                         5,000,000
    17.   Poonsak Aekpoh                              5,000,000
    18.   Suthisak Lohsawad                          20,000,000
    19.   Montree Sihanatkatakul                     10,000,000
    20.   Pakjira Amatawat                            1,000,000
    21.   Peerapan Lohabutra                          2,500,000
    22.   Wilai Meekiat-ngarm                         3,500,000
    23.   Chotiwat Tunthanasarn                       1,000,000
    24.   Chartchai Chutima                           1,000,000
    25.   Sangkorn Puengpradit                        1,000,000
    26.   Wisit Laohapoonransi                        5,000,000
    27.   Methee Sa-nguanwongse                       5,000,000
    28.   Daruni Poo-ngern                            5,000,000
    29.   Arthid Hongpradit                           5,000,000

Agro Industrial Machinery Public Company Limited
-- http://www.thaiengine.com/-- was formerly known as Thai  
Engine Manufacturing Public Company Limited until February 9,
2006.  The Company manufactures small diesel engines under the
Mitsubishi brandname.  It is also the sole Mitsubishi agent in
Thailand and Indo-China countries.

On November 7, 2000, the creditors' meeting voted in favor of
the Company's rehabilitation plan and on December 20, 2000, the
Central Bankruptcy Court approved the rehabilitation plan and
appointed Churchill Pryce Planner Company Limited as plan
administrator.  Subsequently, on January 2, 2002, the plan
administrator lodged a petition for amendment of the approved
plan and thereafter on April 4, 2002, the Central Bankruptcy
Court approved the amendment of the plan.   However, the Company
has been unable to implement and proceed to complete the plan
amendments within the dateline by August 2002.  Thus, the
implementation of the rehabilitation plan has to be carried on
under conditions set in the plan amendments.

With the resignation of Churchill Pryce Planner Company Limited
as plan administrators, the Company became a co-administrator
together with Asian International Planners Limited, which also
stepped down as plan administrator in May 2005.

On July 7, 2005, the Central Bankruptcy Court adjudicated to
consent that the Company becomes the new plan administrator.


ASIA HOTEL: Results in FY05 Returns to Black
--------------------------------------------
Asia Hotel Public Company Limited unveiled to the Stock Exchange
of Thailand its audited financial statement for the financial
period ended December 31, 2005.

       Financial Highlights, Year Ending December 31, 2005
                      In millions of THB

                        2005                     2004
                      --------                 --------
   Assets             4,305.75                 3,935.54
   Liabilities        3,464.42                 5,107.26
   Equity               841.34                -1,171.71
   Paid-up Capital      320.00                   320.00
   Revenue            1,050.23                   891.71
   Net Profit         1,600.50                   -49.83
   EPS (Baht)            57.16                    -1.78

                          *     *     *

Headquartered in Bangkok, Thailand, Asia Hotel Public Company
Limited was incorporated on March 24, 1964, and has been
publicly listed since 1989.  The Company and its two
subsidiaries, Asia Pattaya Hotel Company Limited and Asia
Airport Hotel Company Limited are involved in the hotel
business, with its principal activities consisting of room
service and operating restaurants.  Another subsidiary, Zeer
Property Company Limited is primarily involved in the
construction and the building of shopping complexes.  During
2004, the Company has invested in Zeer Property Company Limited
thru a subsidiary, B.K. Ratchathevi Enterprise Company Limited a
holding company.  This holding structure was changed on
December 22, 2005.

The Troubled Company Reporter - Asia Pacific reported on March
28, 2006, that Asia Hotel is operating under a deficit in the
amount of THB1.21 billion, and the total current liabilities
exceeded its total current assets in the amount of THB311
million.  As a result, the Company declared no dividends, a
subsequent filing to the Thai Stock Exchange on March 14, 2006,
indicated.

The Company is undergoing a debt and shareholding restructuring
and is under Thailand's REHABCO Sector.


BANGKOK STEEL: Profit Climbs to THB445 Mln Due to Restructuring
---------------------------------------------------------------
Bangkok Steel Industry Public Company Limited reported a net
profit of THB445.60 million in 2005, compared with the net loss
of THB8,860.41 million a year earlier.

The Company's profit in financial year 2005 were due to these
reasons:

   * The company had profit before interest expense in 2005 for
     the amount of THB373.73 million, a decrease of THB478.91
     million compared with that of 2004 due to the decreasing
     demand of steel bar and galvanized iron steel as well as
     the fluctuation of selling price starting from the second
     quarter.

   * Interest expense was lowered by THB1,303.63 million as a
     result of debt restructuring in accordance with the
     rehabilitation plan which was approved by the Central
     Bankruptcy Court.  In addition, the operating profit was
     THB792.04 million higher than that of the prior year.

   * In 2005, the company realized the share of loss by equity
     method of the subsidiaries for THB5.67 million compared
     with that of THB2,354.55 million in 2004, accounting for
     the change in realizing of sharing the loss lowered for
     THB2,348.86 million.  The goodwill written-off was
     THB221.63 million, lower than the prior year including the
     change relating to the equity method of the subsidiaries
     was THB2,570.49 million higher than that of 2004.

   * The transaction apart from the normal business operation in
     2005 was that the subsidiaries transferred their assets to
     pay the creditors in accordance with the rehabilitation
     plan resulting to the loss of THB186.09 million.  Also, the
     subsidiaries transferred their shares to pay for the unpaid
     shares which occurred in the third quarter of 2004,
     resulting to the decrease in profit of THB5,860.68 million.

         Bangkok Steel Industry Public Company Limited
         Financial Highlights, Year Ending December 31
                      In millions of THB

                          2005                     2004

   Assets            17,307.59                18,297.85
   Liabilities       24,891.99                26,041.57
   Equity           -12,828.49               -12,990.90
   Paid-up Capital    1,600.00                 1,600.00
   Revenue           12,479.80                13,297.96
   Net Profit           445.60                -8,860.41
   EPS(Baht)              3.66                   -72.79

                          *     *     *

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 entered an order approving
that 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.


PAE THAILAND: Most Likely to Miss Dividend Payment for FY05
-----------------------------------------------------------
At a meeting of PAE (Thailand) Public Company Limited on
March 28, 2006, the board of directors agreed that:

   * the annual shareholders meeting be fixed for April 28,
     2006, at Novotel Bangna Hotel, Jamruree-Rajavadee Room, at
     4:30 a.m.

     A the meeting, the shareholders will:

     -- review and propose to accept the minute of extraordinary
        shareholders meeting for 2005;

     -- review and propose to accept the Company's performance
        in 2005 as well as the Company's annual report in the
        shareholders meeting;

     -- review the audited financial report as at December 31,
        2005;

     -- propose that PAE would suspend dividend payments to
        shareholders due to accumulated loss incurred in 2005;

     -- vote to appoint a new Board to replace the old board
        members and review the meeting allowance in year 2006;
        and

     -- review and propose a new auditor for the whole PAE
        group.  The proposed audit firm is S.K. Accountant
        Services Company Limited.  The fee is THB1,402,500 per
        annum.

        The certified auditors are:

        Khun Somchai Kurujitkosol CPA 3277,
        Khun Amphol Chamnonwat CPA 4663, and
        Khun Wanya Putrasatien CPA 4387.

   * the board of directors set the closing date of share book
     for the shareholders meeting on April 11, 2006, at 12:00  
     p.m. until the conclusion of the meeting.

Headquartered in Bangkok, Thailand, PAE (Thailand) Public Co.  
Limited -- http://www.pae.co.th/-- provides specialized  
industrial services, telecommunication works, personnel
recruitment, as well as distibutorship.  It is also involved in
civil work dealing with infrastructure development and
mechanical work and communication.  Other activities include
trading and supplier of equipment and raw materials.  The
Company is currently in rehabilitation.  Its Securities are
placed under the Rehabco Sector of the Stock Exchange of
Thailand.


THAI-DENMARK SWINE: Net Loss and Capital Deficit Widens in 2005
---------------------------------------------------------------
Thai Denmark Swine Breeder Public Company Limited has a bigger
capital deficit and net loss for 2005, the Troubled Company
Reporter - Asia Pacific learns from the Company's consolidated
financials.

The Company's consolidated financials show that its net loss
for the year ending December 31, 2005, totals THB559.76 million,
a 241.86% increase from 2004's net loss of THB163.74
million.  Revenue also fell 43.13% from THB946.69
million in 2004 to THB538.41 million in 2005.

The capital deficit likewise increased 260.79% to
THB774.40 million from THB214.64 million the previous year.

       Thai-Denmark Swine Breeder Public Company Limited
     Financial Highlights, For the year Ending December 31
                      In Millions of THB

                                 2005               2004

      Assets                   876.29           1,290.60
      Liabilities            1,650.69           1,505.24
      Equity                  -774.40            -214.64
      Paid-up Capital          150.00             150.00
      Revenue                  538.41             946.69
      Net Profit              -559.76            -163.74
      EPS(Baht)                -37.32             -10.91

             The Parent Company's Operations

The parent company, Thai Denmark Swine Breeder, on the other
hand posted a decrease of 31.58 per cent in its 2005 revenue
pegged at THB506.53 million and a net loss of THB381.41 million
or a 624.77 per cent increase from the year before.

This, the Company says is because of Weak sales, a THB308.40
million allowance for doubtful debt and interest payments.
The Company also recorded a one-off loss of THB49.01 million as
from default on debt repayment agreement.

Headquartered in Bangkok, Thai-Denmark Swine Breeder Public
Company Limited is a producer and breeder of swine and piglets.
The Company imports all of its parent stocks from Denmark.

The Company and its subsidiary, Srithai Feedmill Company
Limited, have been troubled with a bludgeoning net loss and
capital deficits, which raised significant on its continuing
operations as a going concern.

On June 2, 2005, the Company filed a petition with the Central
Bankruptcy Court to rehabilitate its business.  On July 26,
2005, the Court gave the go signal for the Company to
rehabilitate and appointed the Company as the Plan
Administrator.  The first creditor meeting was held on March 2,
2006.  However, plan amendments and some other issues had forced
its resolution to be postponed to April 11, 2006.  At present,
the rehabilitation plan is on the process.

Earlier on April 4, 2005, the Company's subsidiary Srithai
Feedmill Company Limited filed a petition with Thailand's
Central Bankruptcy Court to rehabilitate its business.  On
April 11, 2005, the Court ordered the Company to rehabilitate
its business and appointed Srithai Feedmill Company Limited as
the Plan Administrator.  The creditors meeting, held on Feb. 10,
2006, approved Srithai Feedmill's reorganization plan and
selected five creditors to be its creditors' committee.  At
present, the rehabilitation plan is under the Court's
consideration.






                            *********

  
S U B S C R I P T I O N   I N F O R M A T I O N  
  
Troubled Company Reporter -- Asia Pacific is a daily newsletter  
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ  
USA, and Beard Group, Inc., Frederick, Maryland USA.  Ma.  
Cristina Pernites-Lao, Faith Marie Bacatan, Reiza Dejito, Erica  
Fernando, Freya Natasha Fernandez, and Peter A. Chapman,  
Editors.  
  
Copyright 2006.  All rights reserved.  ISSN: 1520-9482.  
  
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