TCRAP_Public/060403.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

              Monday, April 3, 2006, Vol. 9, No. 066


                            Headlines

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

AAN SOLUTIONS: Creditors OK Liquidator's Appointment
A.C.N. 072 817 764: To Declare Dividend to Unsecured Creditors
AIR NEW ZEALAND: Imposes More Changes to Agent Base Commissions
AUST-ASIA TIMBERS: Members Agree to Wind Up Firm
AUTO GROUP TRANSPORT: Names Official Receivers and Managers

AWB LIMITED: Cole Asks DFAT Ministers to Submit Statements
BUZZACORP PTY: Decides to Shut Down Operations
COASTQUE PTY: Placed Under Voluntary Liquidation
COBY MOORE: Schedules Final Meeting Today
COLES MYER: Acquires Pharmacy Direct for AU$48 Million

CROSS ANTS: Names Barry Taylor as Liquidator
CTL PROPERTIES: Liquidator to Distribute Assets
FLIGHT CENTRE: Buys US-Based Corporate Travel Firm For AU$30 Mln
FLIGHT CENTRE: Board Names Bruce Brown as New Chairman
FUSIONWARE CORPORATION: Members Opt to Liquidate Business

GLENCAMPBELL PROPERTIES: To Hold Final Meeting Today
MULTIPLEX GROUP: Now Targets Wembley Project Completion by June
NEWBEACH NOMINEES: Appoints Official Receivers
NIWDER PTY: Winds Up Business
NLG INSURANCE: Fitch Affirms 'BB-' Insurer Fin'l Strength Rating

NORTEL PACIFIC: Creditors' Claims Due on April 4
RAINBEND PTY: Liquidator Set to Discuss Wind-up Report
ROBIN & MARGARET HILL: Inability to Pay Debts Prompts Wind-up
SE SUPPORTED: Enters Voluntary Liquidation
SUN AQUA PTY: To Distribute Final Dividend

TRANS EX: Supreme Court Orders Wind-up
UIM AGROCHEMICALS: Proceeds to Wind Up Operations


C H I N A   &   H O N G  K O N G

CHEERY CITY: Final Meeting Set on April 7
DIGITEL GROUP: Hong Kong Bourse Delists Shares
DONGFENG ELECTRONIC: Xinhua Downgrades Credit Rating to BB+
EASTERN GLORY: Court to Hear Wind-up Application
FOCUS AIM: Faces Liquidation Proceedings

FORWARD INDUSTRY: Winding Up Process Commenced
FU SHING: Faces Bankruptcy Proceedings
HONOR-SHARING MARKET-ORIENTED: Enters Liquidation Proceedings
ORIENT GARMENT: Receives Winding Up Petition
PRINCETON ECONOMICS: To Declare Dividend on April 18

SHENYANG JINBEI: Xinhua Cuts Credit Rating to C
TSANG TAT: Winding Up Hearing Slated for April 12
TSOI MING: Court Issues Bankruptcy Order
QANDEE ESTATES: Faces Wind-up Proceedings
WIN HING: Winding Up Hearing Slated for May 17


I N D I A

BHARAT PETROLEUM: Wins On-land Exploration Contract
EASTERN COALFIELDS: May Come Out of BIFR Next Year
NATIONAL TEXTILE: Works to Modernize Poddar Mills


I N D O N E S I A

GARUDA INDONESIA: Initiates Electronic Ticketing Service


J A P A N

DAIEI INCORPORATED: To Put Up Advertising Firm
HUSER LIMITED: Court Seizes Assets Before They Can Be Sold Off
LIVEDOOR COMPANY: Used Cars Unit Seeks Compensation for Losses
SANYO ELECTRIC: Plans to Spin Off Semiconductor Unit
SONY CORPORATION: Opts to Close Two Research Labs


K O R E A

HANARO TELECOM: Lucent Offers Maintenance Service
HYUNDAI ENGINEERING: Builder Appoints New CEO
KOREA EXCHANGE: Gets "A+" Overall Rating from Thomas Murray
KOREA EXCHANGE: Sale Likely to Be Delayed


M A L A Y S I A

APEX EQUITY: Buys Back 22,200 Shares for MYR9,922
AYER HITAM: Seeks Extension of Restraining Order
AYER MOLEK: High Court Fixes Wind-up Hearing on April 13
CHG INDUSTRIES: Declares Insolvency
DENKO INDUSTRIAL: Wind-up Action Against Unit Withdrawn

MALAYSIA AIRLINES: Identifies 19 Trunk Routes
MBF HOLDINGS: Court to Hear Defendant's Application on July 12
PANGLOBAL BERHAD: Federal Court Upholds High Court's Decision
PROTON HOLDINGS: In Talks with China's Chery
SBBS CONSORTIUM: Court Orders Winding Up

TAKASO RESOURCES: Long Holidays Contribute to 2Q Losses


P H I L I P P I N E S

ATLAS CONSOLIDATED: Mining Claims Follow Due Process
HACIENDA LUISITA: DAR Identifies 4,000 Property Recipients
NATIONAL BANK: To Further Amend By-laws
NATIONAL POWER: SC Blocks Operation of Sucat-Araneta Power Line


S I N G A P O R E

HCA HOLDINGS: Court to Hear Wind-Up Petition Next Month
HUP HIN: Faces Wind-Up Proceedings
TAI FOOK: Wind-Up Hearing Slated for April 7


T H A I L A N D

BANGKOK RUBBER: Decreases Loss by 90% as Capital Deficit Widens
M.D.X. Public Co.: Profit Ups 73% as Capital Deficit Shrinks
MANAGER MEDIA: Discloses 2005 Net Loss and Capital Deficit
MANAGER MEDIA: Appoints RSM Nelson as New Auditor
NEW PLUS KNITTING: 2005 Net Loss Shrinks 30% Despite Weak Sales

NEW PLUS KNITTING: Sets Shareholders' Meeting Schedule
TOTAL ACCESS: Moody's Lifts Rating to Ba1

     - - - - - - - -

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

AAN SOLUTIONS: Creditors OK Liquidator's Appointment
----------------------------------------------------
Members of AAN Solutions Pty Limited convened on March 2, 2006,
to voluntarily wind up the Company's operations.

In addition, M. F. Cooper was appointed as liquidator to
supervise the Company's wind-up activities.  The appointment was
confirmed at a creditors' meeting held later that day.

Contact: M. F. Cooper
         Liquidator
         Level 9, 99 Elizabeth Street
         Sydney, New South Wales 2000
         Australia


A.C.N. 072 817 764: To Declare Dividend to Unsecured Creditors
--------------------------------------------------------------
A.C.N. 072 817 764 Pty Limited will declare a dividend to its
unsecured creditors on April 4, 2006.

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

Contact: Frank Lo Pilato
         Liquidator
         RSM Bird Cameron Partners
         Level 1, 103-105 Northbourne Avenue
         Turner ACT 2612, Australia
         Telephone: 02 6247 5988


AIR NEW ZEALAND: Imposes More Changes to Agent Base Commissions
---------------------------------------------------------------
Starting May 29, 2006, Air New Zealand will reduce travel agent
base commission on all of its airfares that are sold out of
Australia, e-Travel blackboard says.

Base commissions on domestic New Zealand and trans-Tasman route
airfares will decrease from 1% to 0%, while all other
international tickets including Pacific Islands, United States
and United Kingdom will decrease from 7% to 5%.

Air New Zealand General Manager for Australia, Michael Reed,
blames the airline's move at reducing costs on the difficult
operating environment, which includes the consistently high fuel
prices.

Mr. Reed notes that many of Air New Zealand's competitors have
reduced their base commissions over the last year on airfares
sold within Australia, and Air New Zealand cannot afford to
allow its competitors to maintain a cost advantage while still
offering a high quality product for customers at an affordable
price.

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.


AUST-ASIA TIMBERS: Members Agree to Wind Up Firm
------------------------------------------------
The members of Aust-Asia Timbers Pty Limited held a meeting on
February 22, 2006, and agreed to wind up the Company's business.

At a meeting of creditors held that same day, Peter Paul Krecji
was named as liquidator.

Contact: Peter P. Krecji
         Liquidator
         GHK Green Krejci
         Level 9, 179 Elizabeth Street
         Sydney, New South Wales 2000
         Australia


AUTO GROUP TRANSPORT: Names Official Receivers and Managers
-----------------------------------------------------------
On February 10, 2006, Andrew John Love, Mark Maxwell Taylor and
Peter Damien McCluskey were appointed as receivers and managers
of all assets and undertakings of Auto Group Transport Pty
Limited.

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

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


AWB LIMITED: Cole Asks DFAT Ministers to Submit Statements
----------------------------------------------------------
The Cole Inquiry has directed Alexander Foreign Affairs Minister
Alexander Downer and Trade Minister Mark Vaile to provide
evidence of their knowledge regarding the AU$290 million
kickback payments made by AWB Limited to Iraq, The Australian
reports.

According to the report, Minister Downer and Minister Vaile --
now Deputy Prime Minister -- have been told to provide written
statements and to get ready to face the Cole Inquiry to answer
questions about the kickbacks scandal.

As reported by the Troubled Company Reporter - Asia Pacific on
March 22, 2006, a senior Foreign Affairs official revealed that
eight years ago, she had prepared a ministerial submission for
Ministers Downer and Vaile detailing that a Jordanian trucking
firm hired by AWB might have funneled money to then Iraqi
President Saddam Hussein's regime in breach of United Nations
sanctions.

Moreover, the TCR-AP also reported that the Cole Commission had
found out that cables were sent to the ministers two years ago
warning them that every contract under the UN's oil-for-food
program contained bribes.  Yet, despite the warning, the
Department of Foreign Affairs and Trade did not carry out any
rigorous review.

Both ministers denied having earlier knowledge of the kickbacks.  
They claimed that they only took AWB's word assuring them that
there was no corruption that took place in the UN program.

However, the federal opposition asserts that the Howard
Government is guilty of a cover-up, or of turning a blind eye to
the kickbacks, even while sending Australian troops to Iraq to
topple Saddam's regime.  The Opposition believes that the
Government deliberately "rorted" the inquiry's terms of
reference to prevent proper analysis of the Government's role.

Prime Minister John Howard promised earlier that he will testify
before the Cole Inquiry if required to do so, as well as make
ministers available to answer questions if called.

                           About AWB

AWB Limited -- http://www.awb.com.au/-- is Australia's leading  
agribusiness and one of the world's largest wheat marketing
companies.  It is also one of Australia's top 100 publicly
listed companies.  The Company is the exclusive manager and
marketer of all Australian bulk wheat exports through what is
known as the Single Desk.  The Company markets wheat, and a
range of other grains, into more than 50 countries, with
Australian wheat exports worth up to $5 billion per year.  AWB's
footprint includes more than 430 outlets through its subsidiary
landmark and has offices across the world.  The company employs
more than 2,700 staff reaching over 100,000 customers.  AWB is
also one of the nation's largest suppliers of rural merchandise,
distributors of fertilizer, marketers of livestock, brokers of
rural real estate and handlers of wool.

Previously a low profile organization, AWB made headlines in
late 2005 when it was accused of knowingly paying AU$290 million
in kickbacks to the Government of Iraq, under Saddam Hussein's
administration, through the United Nation's oil-for-food
program.  A UN report then found out that AWB paid the kickbacks
to a Jordanian trucking company linked to Hussein's deposed
regime.

The Australian Government then appointed a commission, headed by
retired judge Terence Cole, to investigate into the Company's
role in and the Government's alleged "knowledge" of the scandal.  
The "Cole Inquiry" is currently underway.  The scandal is
anticipated to create great political repercussions to the
Australian Government, given the country's contribution to
military action against President Hussein in the 2003 invasion
of Iraq.


BUZZACORP PTY: Decides to Shut Down Operations
----------------------------------------------
At a meeting on February 23, 2006, the members of Buzzacorp Pty
Limited decided to voluntarily wind up the Company's operations.

Subsequently, Paul Vartelas was appointed as liquidator at a
creditors' meeting was held later that day.

Contact: Paul Vartelas
         Liquidator
         B. K. Taylor & Company
         8th Floor, 608 St. Kilda Road
         Melbourne, Australia


COASTQUE PTY: Placed Under Voluntary Liquidation
------------------------------------------------
On February 24, 2006, the Federal Court of Australia appointed
Christopher J. Palmer to liquidate Coastque Pty Limited's
business.

Contact: Christopher J. Palmer
         Liquidator
         O'Brien Palmer
         Level 4, 23 Hunter Street
         Sydney, New South Wales 2000
         Australia


COBY MOORE: Schedules Final Meeting Today
-----------------------------------------
The creditors of Coby Moore Pty Limited will hold a final
meeting on April 3, 2006, for them to receive the liquidator's
final account showing how the Company was wound up and how its
property was disposed of.

Contact: Joseph Loebenstein
         Liquidator
         Loebenstein Insolvency Services Pty Limited
         203 Balaclava Road,
         North Caulfield, Victoria 3161
         Australia


COLES MYER: Acquires Pharmacy Direct for AU$48 Million
------------------------------------------------------
Coles Myer Limited purchased Sydney Drug Stores Pty Ltd --
trading as Pharmacy Direct -- for AU$48 million, which will be
taken in the form of Coles Myer shares.

Coles Myer Chief Executive Officer John Fletcher said that
Pharmacy Direct, which operates a retail shop in western Sydney,
as well as a significant online, mail, fax and phone order
pharmacy business, is a complementary fit to the Coles Myer
business model.

Mr. Fletcher clarifies that the acquisition was not intended to
challenge existing regulations that prevent pharmacies from
operating within supermarkets.  He explains that the acquisition
simply enables Coles Myer to develop a good understanding of the
pharmacy business within the existing rules, which will put it
in a good position if the regulations change in the future.

Pharmacy Direct has been operating since 1996 and has grown to
have 100 employees based at Silverwater, New South Wales, where
it also operates a retail shop.  Pharmacy Direct trades online
at http://www.pharmacydirect.com.au/

The pharmacy's existing customers are in all Australian states
and territories, with half the customer base living in rural and
regional Australia.  It has annual sales of AU$44 million.

Coles Myer says that Pharmacy Direct will continue to be
operated by qualified pharmacists as required under its license.  
Business founder and pharmacist Peter Brown will continue to be
involved in managing the business.

                          *     *     *

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


CROSS ANTS: Names Barry Taylor as Liquidator
--------------------------------------------
At a meeting of the members of Cross Ants Pty Limited held on
February 27, 2006, Barry Keith Taylor was appointed as
liquidator to supervise the Company's wind-up activities.

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


CTL PROPERTIES: Liquidator to Distribute Assets
-----------------------------------------------
At an extraordinary general meeting of CTL Properties Pty
Limited on February 28, 2006, members resolved to wind up the
Company's business operations and distribute the proceeds of its
assets.

Clive Raymond Sergent and Benjamin Thomas Wykoff were appointed
as liquidators for the wind-up exercise.

Contact: Clive R. Sergent
         Thomas B. Wykoff
         Liquidators
         c/o 6/20 Bonner Avenue
         Manly, New South Wales 2095
         Australia


FLIGHT CENTRE: Buys US-Based Corporate Travel Firm For AU$30 Mln
----------------------------------------------------------------
Flight Centre Limited acquired Chicago-based corporate travel
management firm Bannockburn Travel Management for AU$13 million,
egoli.com.au reports.  

The Company said that through its acquisition, it has almost
doubled its corporate travel presence in North America.

Flight Centre noted that in 2005, BTM generated US$93 million
total transaction value.  The business currently employs 80
people in Chicago and in its Arizona reservation center.

According to the egoli.com report, Flight Centre's managing
director, Graham Turner, said that BTM would operate alongside
their FCm Travel Solutions network operations in Canada, Chicago
and Los Angeles.

The acquisition, Mr. Turner added, means that the FCm network
will have a solid presence in Los Angeles and Chicago and a
footprint for future expansion in other key United States
locations.

FCm Travel Solutions global executive general manager, Anthony
Grigson, said that Flight Centre would investigate other
strategic acquisition opportunities in the United States as it
continued to expand the FCm Travel Solutions network.

As part of the Flight Centre/BTM deal, BTM's founder, Joe Mazza
Sr., has agreed to run the business for at least three years.

Headquartered at Brisbane, in Queensland, Australia, Flight
Centre Ltd. -- http://www.flightcentre.com/-- is an Australian  
owned and New Zealand-run independent retail travel group,
guaranteeing the lowest prices on all airfares.  It had a
turnover in excess of $3 billion worldwide and 18 years of
consecutive profits until its shares plunged more than 8%  
following the announcement of its first ever annual profit
decline.  The company, which in the past has reported
spectacular results, hit the wall in 2004-05 with two profit
downgrades.  Flight Centre announced 2004-05 profit of AU$67.91
million, down 17% from the previous period.  Embattled Flight
Centre then launched a restructuring drive aimed at saving costs
and began working towards a turnaround in 2005/06 by focusing on
ongoing development of its four main networks.  It has
implemented changes to its customer relations programs,
following a comprehensive review of its other company
initiatives.


FLIGHT CENTRE: Board Names Bruce Brown as New Chairman
------------------------------------------------------
In a recent amendment to its structure, Flight Centre Limited's
Board of Directors appointed Bruce Brown as non-executive
chairman, while Flight Centre's founder, Graham Turner, will
focus on his preferred role as managing director, e-Travel
Blackboard relates.

Mr. Brown was previously a non-executive director, while Mr.
Turner was executive chairman and performed the dual functions
of leading the Company's Board and overseeing Flight Centre's
daily operations.

Mr. Turner believes that separating the roles of chairman and
managing director would deliver a more effective overall
management structure and was in line with corporate governance
recommendations.  He also believes that Mr. Brown has what it
takes to take the Company forward as chairman.

Flight Centre's Board of Directors also includes non-executives
Howard Stack and Peter Barrow.

Headquartered at Brisbane, in Queensland, Australia, Flight
Centre Ltd. -- http://www.flightcentre.com/-- is an Australian  
owned and New Zealand-run independent retail travel group,
guaranteeing the lowest prices on all airfares.  It had a
turnover in excess of $3 billion worldwide and 18 years of
consecutive profits until its shares plunged more than 8%
following the announcement of its first ever annual profit
decline.  The company, which in the past has reported
spectacular results, hit the wall in 2004-05 with two profit
downgrades.  Flight Centre announced 2004-05 profit of AU$67.91
million, down 17% from the previous period.  Embattled Flight
Centre then launched a restructuring drive aimed at saving costs
and began working towards a turnaround in 2005/06 by focusing on
ongoing development of its four main networks.  It has
implemented changes to its customer relations programs,
following a comprehensive review of its other company
initiatives.


FUSIONWARE CORPORATION: Members Opt to Liquidate Business
---------------------------------------------------------
Members of Fusionware Corporation Pty Limited held a meeting on
March 2, 2006, and agreed on the Company's need to liquidate.

They named Stewart William Free as liquidator to manage the
Company's wind-up activities.

Contact: Stewart W. Free
         Liquidator
         Lawler Partners Chartered Accountants
         763 Hunter Street, Newcastle West
         New South Wales 2302
         Australia


GLENCAMPBELL PROPERTIES: To Hold Final Meeting Today
----------------------------------------------------
The final meeting of the members of Glencampbell Properties Pty
Limited will be held today, April 3, 2006, to get an account of
the manner of the Company's wind-up and property disposal from
Liquidator Bruce Robert Barton.

Contact: Bruce R. Barton
         Liquidator
         c/o McLean Charge Partners Chartered Accountants
         30 Grose Street, North Parramatta
         New South Wales 2151
         Australia


MULTIPLEX GROUP: Now Targets Wembley Project Completion by June
---------------------------------------------------------------
Multiplex Group is targeting substantial completion of its
Wembley Stadium construction project in London by June 2006,
egoli.com reports.  Yet, Multiplex says that it has left the
extension of its contract open until September.

According to the report, Multiplex had formally advised its
client, Wembley National Stadium, that it was entitled to
"substantial and legitimate" extensions of time under the terms
of its construction contract.

The Group notes that while the Wembley project is expected to be
substantially complete by the end of June, certain works such as
commissioning and cleaning would be completed after this date.
In addition, certain drainage problems that the Company had
identified during their final inspection still need to be fixed.

                         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.


NEWBEACH NOMINEES: Appoints Official Receivers
----------------------------------------------
On February 15, 2006, Derrick Vickers and Geoffrey Frank
Totterdell were appointed as joint receivers and managers of the
property of Newbeach Nominees Pty Limited.

Contact: Geoffrey F. Totterdell
         Derrick Vickers
         Receivers and Managers
         Level 19, QVI Building
         250 St. Georges Terrace, Perth
         Western Australia 6000
         Australia


NIWDER PTY: Winds Up Business
-----------------------------
At a general meeting of Niwder Pty Limited on February 27, 2006,
members agreed that a voluntary wind-up of the Company is
necessary and in the Company's best interests.

Peter Ngan was then appointed as liquidator.

Contact: Peter Ngan
         Liquidator
         Ngan & Co. Chartered Accountants
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia


NLG INSURANCE: Fitch Affirms 'BB-' Insurer Fin'l Strength Rating
----------------------------------------------------------------  
Fitch Ratings has affirmed the 'BB-' Insurer Financial Strength
rating of NLG Insurance Limited.  The Outlook for the rating is
Stable.

NLG Insurance reported a modest profit in FY05, a notable result
given it has operated for only one year.  Fitch notes that in
terms of its financial profile, NLG Insurance is prudently
capitalized and reserved, and is expected to remain so for the
foreseeable future.  The firm's assets backing technical
reserves are a mix of bank deposits and loans, which are
considered suitable at the present rating level.

The agency notes that risks associated with NLG Insurance, still
in its start-up phase, relate mainly to the sustainability of
underwriting profitability.  Risks underwritten by NLG Insurance
are short-tail in nature, being goods and debt repayment
insurance for hire purchase customers; hire purchase contracts
have terms of six months to three years, with an average term of
22 months.  Fitch notes that NLG Insurance's risks are well
spread by geography and employment profile, reflecting the broad
footprint of the electrical appliance retailing operations.

NLG Insurance is a captive insurer that is wholly-owned by Noel
Leeming Holdings Limited.  NLH is also the holding company for
Noel Leeming Group Limited, New Zealand's largest electrical
appliance retailer with a heritage in New Zealand dating back
over 100 years and currently around 80 stores spread throughout
New Zealand.  NLG Insurance's turnover is approaching NZ$500
million, representing around 25% of the electrical goods retail
market.  NLG Insurance provides insurance cover to customers of
NLG that enter into hire purchase arrangements for the purchase
of goods.


NORTEL PACIFIC: Creditors' Claims Due on April 4
------------------------------------------------
Creditors of Nortel Pacific are required to submit their formal
proofs of claim to Liquidator R. N. Yabsley by April 4, 2006.  

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

The Company will hold its final meeting on April 17, 2006, at
10:00 a.m., for members to receive wind-up details and
information on the disposal of property from the Liquidator.

Contact: R. N. Yabsley
         Liquidator
         c/o Bacchus Associates Pty Limited
         Suite 9, Level 2, The Cooperage
         56 Bowman Street, Pyrmont
         New South Wales 2009
         Australia


RAINBEND PTY: Liquidator Set to Discuss Wind-up Report
------------------------------------------------------
A final meeting of the members of Rainbend Pty Limited will be
held today, April 3, 2006.

At the meeting, Liquidator Colin R. McDonald 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: Colin R. McDonald
         Liquidator
         PO Box 56, Mooroolbark
         Victoria 3138
         Australia
         Telephone: (03) 9726 4988
         Fax: (03) 9726 9338


ROBIN & MARGARET HILL: Inability to Pay Debts Prompts Wind-up
-------------------------------------------------------------
The members of Robin & Margaret Hill Insurance Agencies Pty
Limited held a meeting on February 28, 2006, and determined that
due to its inability to pay its debts, a voluntary wind-up of
the Company's operations is appropriate and necessary.

Richard Herbert Judson was then named as the Company's
liquidator.

Contact: Richard H. Judson
         Liquidator
         Members Voluntarys Pty Limited
         PO Box 819, Moorabbin
         Victoria 3189
         Australia


SE SUPPORTED: Enters Voluntary Liquidation
------------------------------------------
The members of SE Supported Care Services Pty Limited convened
on February 28, 2006, and concurred that the Company should wind
up its operations voluntarily.

Maris Rudaks was appointed as liquidator for the wind-up.

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


SUN AQUA PTY: To Distribute Final Dividend
------------------------------------------
Sun Aqua Pty Limited will distribute a final dividend on April
4, 2006, to the exclusion of its creditors who were not able to
prove their claims.

Contact: V. J. Robinson
         Liquidator
         Deloitte Touche Tohmatsu
         Level 9, ANZ Centre
         22 Elizabeth Street, Hobart
         Tasmania 7000, Australia
         Telephone: 03 6237 7000
         Fax: 03 6237 7001


TRANS EX: Supreme Court Orders Wind-up
--------------------------------------
On February 27, 2006, the Supreme Court of New South Wales
ordered the winding up of Trans Ex Pty Limited, and appointed
R. J. Porter as liquidator of the Company.

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


UIM AGROCHEMICALS: Proceeds to Wind Up Operations
-------------------------------------------------
Members of UIM Agrochemicals (Australia) Pty Limited held a
general meeting on February 24, 2006, and agreed to:

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

  -- appoint Neil Wickenden as liquidator for the wind-up.

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


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

CHEERY CITY: Final Meeting Set on April 7
-----------------------------------------
Members and creditors of Cheery City Contractors Limited will
convene in a final meeting on April 7, 2006, at 2:30 p.m. and
4:00 p.m., respectively.

At the meeting, they will get an account of the manner of the
Company's wind-up and property disposal from Joint and Several
Liquidators' Yiu Cho Yan and Liu Chi Tat.

Contact: Yiu Cho Yan
         Joint & Several Liquidators
         c/o Yiu Cho Yan CPA
         Room 1002, 10/Flr
         Honest Motors Building


DIGITEL GROUP: Hong Kong Bourse Delists Shares
----------------------------------------------
The Hong Kong Stock Exchange has decided to delist the shares of
DigiTel Group on March 31, 2006, after the Company failed to
submit a valid resumption proposal pursuant to the Growth
Enterprise Market Listing Rules, Infocast News relates.

As reported by the Troubled Company Reporter - Asia Pacific on
September 19, 2006, Digitel Group received a letter from the
Hong Kong Stock Exchange that it plans to exercise its right to
cancel the listing of DigiTel if the Company cannot submit a
valid resumption proposal by March 8, 2006.

About Digitel Group Limited

Headquartered in Connaught Road Central, Hong Kong, Digital
Group Limited -- http://www.digitelgroup.com -- is engaged in  
the system integration and engineering of broadband multimedia
communication networks, web application services, distribution
of software and digital and multimedia communication equipment,
maintenance of digital communication equipments.

According to the Troubled Company Reporter - Asia Pacific,
DigiTel Group Limited incurred a net loss of HK$1.407 million  
for the first nine months of 2005, versus a net profit of  
HK$44.767 million a year earlier.


DONGFENG ELECTRONIC: Xinhua Downgrades Credit Rating to BB+
-----------------------------------------------------------
Xinhua Far East China Ratings has downgraded Dongfeng Electronic
Technology Co. Ltd. from BBB- to BB+ domestic currency issuer
credit rating.  The rating outlook is also changed from stable
to negative.

The rating action was prompted not only by Xinhua Far East's
concern about the intensifying competition in China's auto
market and the resultant pressures on the Company's OEM auto
parts business, but also by Dongfeng Tech's lagging market
position, with its comparatively small scale, weak R&D
capabilities and loose cost controls.  The downgrade also
incorporates the Company's unstable cash flow status, impaired
debt repayment capability and rising liquidity risk.

One positive factor preventing the Company from receiving a
lower rating is Dongfeng Motor Corporation's support for the
Company.  DFM is willing and able to continue propping up the
Company in the short run; however, there are uncertainties in
respect to its support in the long run as DFM itself faces even
fiercer competition.  The Company's rating outlook is changed to
negative considering these uncertainties.

While the Company's sales to related companies accounted for
more than 40% of its total sales annually from 2001 to 2005,
during the same period, CAGR of Dongfeng Tech's turnover was
lower than that of both related downstream automakers and the
China auto industry average.  In Xinhua Far East's view, the
benefits from related parties will diminish, with internal
purchases becoming increasingly market-oriented as automakers
get squeezed by excess capacity and price wars.

Meanwhile, Xinhua Far East notes that deteriorating debt
positions and increasing liquidity risks weigh heavy on the
Company.  By the end of 2005, Dongfeng Tech's gross debt to
total capital had risen to 52.3% from 26.1% in 2002, and its
debt repayment ability had become significantly impaired with
profit drying up over the previous years.  Its EBIT interest
coverage dropped from 8.2 in 2002 to 1.7 in 1H05 and turned
negative for the whole year of 2005. Current ratio recorded at
0.77 at the end of 2005.

The Company announced plans to improve its performance through
R&D enhancement and efficiency improvement, and Xinhua Far East
expects the Company will keep looking for opportunities to boost
the process and expand its product lines by setting up new joint
ventures and M&As. Xinhua Far East believes capital expenditure
will rise, resulting in an even tighter cash flow status for the
Company.

About Dongfeng Electronic Technology

Headquartered in Shanghai, China, Dongfeng Electronic Technology
Co. Ltd. -- http://www.dfl.com.cn-- is one of the most  
significant auto part manufacturers in China. Two ultimate
shareholders of the Company are Dongfeng Motor Corporation, the
third largest auto group in China, and Nissan Motor Company.  
The Company operates as an OEM supplier to Dongfeng Motor
Corporation.  In 2004 and 2005, Dongfeng Tech's turnover
recorded at CNY816 million and CNY904 million respectively, in
which sales to related companies accounted for more than 40%.
Dongfeng Tech produces such parts as combined auto meters and
related sensors, oil supply systems, brake systems and casts.


EASTERN GLORY: Court to Hear Wind-up Application
------------------------------------------------
On May 10, 2006, the High Court of Hong Kong will hear an
application to wind up Eastern Glory Catering Equipment Limited.

The Petition was filed on March 3, 2006, by Tung Chi of Room
215, Kai Fai House, Choi Wan Estate, in Kowloon, Hong Kong.  

Any creditor or contributory interested to appear at the hearing
are required to inform:

          Betty Chan
          For Director of Legal Aid
          34th Floor, Hopewell Centre
          183 Queen's Road East, Wanchai
          Hong Kong
          Telephone: (852) 2126 6731
          e-mail: ladinfo@lad.gov.hk


FOCUS AIM: Faces Liquidation Proceedings
-----------------------------------------
Ho Wai Chi and To Chin Pang on March 17, 2006, filed a winding
up petition against Focus Aim Limited.

The Petition will be heard before the High Court of Hong Kong
Special Administrative Region on May 17, 2006, at 9:30 a.m.

Any person who wishes to appear on the hearing of the
application must file an appearance not later than May 16, 2006.

Contact: Simon C.W. Yung & Co.
         Solicitors for the Petitioner
         21/F., Hing Yip Commercial Centre
         272-284 Dex Voeux Road Central
         Hong Kong


FORWARD INDUSTRY: Winding Up Process Commenced
----------------------------------------------
Forward Industry Limited has received a wind-up order from the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on March 22, 2006.

The Troubled Company Reporter - Asia Pacific has reported
earlier that Banca Intesa S.p.A. presented a petition for the
winding up of the Company on January 25, 2006.

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


FU SHING: Faces Bankruptcy Proceedings
--------------------------------------
A bankruptcy order pertaining to Fu Shing Civil Engineering Co.
was issued on March 20, 2006.

All debts due to the estate should be paid to the official
receiver, Edward Thomas O'Connell.

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


HONOR-SHARING MARKET-ORIENTED: Enters Liquidation Proceedings
-------------------------------------------------------------
Shum Fai Nin on March 13, 2006, filed a winding up petition
against Honor-Sharing Market-Oriented (International) Holdings
Limited.

The Petition will be heard before the High Court of Hong Kong
Special Administrative Region on May 10, 2006, at 9:30 a.m.

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

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


ORIENT GARMENT: Receives Winding Up Petition
--------------------------------------------
Chan Wan Mo and Chan Lai Ling on March 17, 2006, filed a
petition for the winding up of Orient Garment Limited.

The Petition will be heard before the High Court of Hong Kong at
9:30 a.m. on May 17, 2006.

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

Contact: Messrs. Au-Yeung, Cheng, Ho & Tin
         Solicitors for the Petitioner
         14th Floor, Far East Consortium Building
         121 Dex Voeux Road Central
         Hong Kong


PRINCETON ECONOMICS: To Declare Dividend on April 18
-----------------------------------------------------
Princeton Economics International Hong Kong Limited notifies
parties-in-interest of an intended dividend to be declared at
the High Court of Hong Kong Special Administrative Region.
  
Creditors are required to submit their proofs of claim by April
18, 2006, to:
  
         Joanne Oswin
         Joint and Several Liquidator
         22/F Prince's Building
         10 Chater Road, Central
         Hong Kong


SHENYANG JINBEI: Xinhua Cuts Credit Rating to C
-----------------------------------------------
Xinhua Far East China has downgraded Shenyang Jinbei Automotive
Co Ltd. from a BB to a C domestic currency issuer credit rating.

The downgrade was prompted by the large amount of overdue loans
reported in the Company's 2004 annual and 2005 interim results.
Overdue loans were reported to be CNY684 million in 2004,
representing 33.2% of gross debt.  Overdue loans rose further to
CNY696 million and reached 35.7% of gross debt in 1H05, with
most of the overdue loans from 2004 remaining unpaid.  

Xinhua Far East believes that Jinbei Auto's repayment capacity
has been materially impaired, considering that its cash reserve
(unpledged portion) is lower than its total overdue loans.

Xinhua Far East also notes the deteriorating profit margins of
both Jinbei Auto and its major subsidiaries, especially
Brilliance Jinbei, which makes it very difficult for the Company
to enhance its credit profile. The risks in its contingent
liabilities further aggravate the problem.

As competition has intensified in China's auto market, Jinbei
Auto's profitability has continued to decline in recent years,
in contrast to its rising light-vehicle sales. Six of its major
consolidated subsidiaries - one of which has been shut down -
reported losses over the past three years.  To make matters
worse, Brilliance Jinbei, a JV between Jinbei Auto and
Brilliance China Automotive Holdings Ltd, formerly the Company's
cash cow, also reported weak performance in 2004 and 1H2005.  
Xinhua Far East expects that CBA, as a self-branding domestic
manufacturer, might become further cornered in China's sedan
market and face considerable liquidity risks should its
convertible bond holders execute redemption options on the bond.
There is little chance for Jinbei Auto to notably boost its
profitability and cash flow in the next couple of years.

In its 2005 half year report, the Company reported RMB361
million in contingent liabilities, which originated from loan
assurances to its subsidiaries and unrelated companies. Based on
the poor performances of most of Jinbei Auto's subsidiaries and
the comparatively stagnant economy in the regions in which
related companies operate, Xinhua Far East anticipates that
these contingencies will lead to significant risk.

About Shenyang JinBei Automotive

A major light-vehicle producer in China, Jinbei Auto sold 18,300
light lorries in 2004, giving it a 2.4% market share; it also
sold 62,100 light cars, giving it 15.8% market share. Through
its JV with CBA, Jinbei Auto also produces the Zhonghua sedan,
sales of which came to 10,000 units in 2005, down 8.93% YoY. The
JV reported CNY432 million and CNY287 million in losses in 2004
and 1H05 respectively.


TSANG TAT: Winding Up Hearing Slated for April 12
-------------------------------------------------
On February 15, 2006, the High Court of Hong Kong received an
application from Cheung Chi Trading Company Limited to wind up
Tsang Tat Woolen Knitting Manufactory Limited.

The High Court will hear the Petition on April 12, 2006, at 9:30
a.m.

Any person who wishes to appear on the hearing of the
application must file an appearance not later than April 11,
2006.

Contact: Hui & Lam
         Solicitors for the Petitioner
         Rooms 2001-4, 20th Floor
         Hang Seng Building
         77 Des Voeux Road Central
         Hong Kong
         Telephone: 2111 0096
         Fax: 2111 0053


TSOI MING: Court Issues Bankruptcy Order
----------------------------------------
The High Court of Hong Kong issued a bankruptcy order for Tsoi
Ming Gei Engineering Company on March 22, 2006.  

All debts due to the estate should be paid to Official Receiver
Edward Thomas O'Connell.  

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


QANDEE ESTATES: Faces Wind-up Proceedings
-----------------------------------------
On March 7, 2006, China (Hong Kong) Limited lodged a petition to
wind up Qandee Estates Limited.

The High Court of Hong Kong will hear the Petition on May 3,
2006, at 9:30 a.m.

Any person who wishes to appear on the hearing of the
application must file an appearance not later than May 2, 2006.

Contact: Chu & Lau
         Solicitors for the Petitioner
         2nd Floor, The Chinese General Chamber of
         Commerce Building
         No. 24-25 Connaught Road
         Central, Hong Kong


WIN HING: Winding Up Hearing Slated for May 17
----------------------------------------------
On March 25, 2006, the High Court of Hong Kong received an
application from Liu Wai Yu to wind up Win Hing Civil
Engineering Limited.

The High Court will hear the Petition on May 17, 2006, at 9:30
a.m.

Any person who wishes to appear on the hearing of the
application must file an appearance not later than May 16, 2006.

Contact: Susan Liang & Co.
         Solicitors for the Petitioner
         Room 1802, 18th Floor
         Chekiang First Bank Centre
         1 Duddell Street, Central
         Hong Kong


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

BHARAT PETROLEUM: Wins On-land Exploration Contract
---------------------------------------------------
Bharat Petroleum Corporation Limited, in consortium with Oilex
of Australia, Videocon, GAIL and HPCL, has been awarded on-land
exploration block no. 56 by the Sultanate of Oman.

The block was offered by the Sultanate of Oman in its 2005
bidding round.

Bharat Petroleum's participating interest in the block is 12.5%.

                     About Bharat Petroleum

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

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

  
EASTERN COALFIELDS: May Come Out of BIFR Next Year
--------------------------------------------------
The Board for Industrial and Financial Reconstruction may
release Eastern Coalfields Limited earlier than originally
scheduled, The Economic Times reports.

The perennially loss-making Coal India subsidiary is poised to
make a profit of INR360 crore for the first time since 1975, as
against a net loss of INR679.20 crore during the previous fiscal
year.

The BIFR and the Board for Reconstruction of Public Sector
Enterprises expects Eastern Coalfields to post a positive net
worth by 2009-2010.  However, as the Company's profits jumped to
INR360 crore as against the projected INR81 crore in 2005-2006,
the Company is confident it will have a positive net worth by
the next fiscal year.

Through sustained efforts, including closure of unviable mines,
the Company had now been able to combat difficult mining
conditions and possibly wipe out its INR5,370 crore accumulated
losses in about six years, The Times reveals.  Production was
likely to touch 31 million tonnes, registering a 13.8% rise over
2004-05, when the Company reported a INR679.2 crore loss.

As part of its revamp efforts, operations had been suspended in
26 unviable mines and nine had been closed down following
dialogues with the trade unions.  The 11,000 workers rendered
surplus, had been redeployed in the expansion projects.  
Currently, the Company has a workforce of 1.02 lakh.

Headquartered in Asansol, India, Eastern Coalfields had suffered
difficult mining conditions, a very high proportion of
underground mines and a huge workforce, which led to persistent
losses.  The sick company was referred to the Board for
Industrial and Financial Reconstruction in 1999.  It is expected
to turn around by fiscal year 2007-08.  Eastern Coalfields sees
a INR360-crore profit for fiscal 2005-06.  This would be the
COmpany's maiden profit from operations since it was
incorporated three decades ago in 1975.


NATIONAL TEXTILE: Works to Modernize Poddar Mills
-------------------------------------------------
The National Textile Corporation has started the INR40-crore
conversion of its Poddar Mills into an ultra-modern facility,
Yarns & Fibers relates.

The move is just the beginning of a Company-wide modernization
program aimed to boost productivity and overhaul the Company's
operations.

According to BharatTextile.com, the proposed modernized
structure was designed to ensure that National Textile will be
able to compete with its more up-to-date rivals.

Poddar Mills, which is suffering annual losses of INR22.8 crore,
currently employs 900 workers.  Its workforce, however, will be
slashed as part of the Company's streamlining efforts.

Yarns & Fibers says that National Textile is also working to
revive in the next few years its other mills including:

     * Tata Mills;
     * Finlay Mills;
     * India United (1 & 5);
     * Apollo Mills;
     * Goldmohur Mills; and
     * New City Mill.

Headquartered in New Delhi, India, National Textile Corporation
Ltd -- http://texmin.nic.in/-- is the single largest textile  
central public sector enterprise under Ministry of Textiles
managing 52 textile mills through its nine subsidiary companies
spread all over India.  The strength of the group is around
22000 employees.  The annual turnover of the Company in the year
2004-05 was approximately INR638 crores.  In 2002, the Board for
Industrial and Financial Reconstruction approved the revival of
53 viable mills and closure of 66 unviable mills.  National
Textile is in the process of a major restructuring.  A new
corporate plan is under formulation for repositioning of the
organization by merging all its nine subsidiaries into one
holding company.


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

GARUDA INDONESIA: Initiates Electronic Ticketing Service
--------------------------------------------------------
As of March 1, 2006, Garuda Indonesia has begun implementing the
first stages of e-ticketing on its Jakarta-Surabaya-Jakarta
route, although transactions are still carried out at its sales
offices throughout Indonesia.

In a press statement, the Company said that the next step will
be the gradual implementation of e-ticketing on all Garuda
domestic and international routes and, concurrently,
transactions at all Garuda domestic and international sales
offices as well as through travel agents and interline with
other airlines, to be concluded by 2007.

Responding to a request by the International Air Transport
Association, over 260 of its member airlines are also
progressing along similar lines.  As the only IATA member
airline in Indonesia, Garuda's progress has closely followed
IATA's rules and regulations.

e-ticketing is a method of documenting sales activities in
passenger travel without the issue of a paper ticket.  All
information concerning passenger travel will be in electronic
format and kept in the airline's computer system.  As proof of
the e-ticket, passengers will receive an itinerary receipt.  
This computerized documentation will help customers avoid common
problems, such as lost, stolen tickets or tickets that have been
left behind.

Prior to any transactions, passengers must, beforehand, make a
reservation, providing a name that corresponds to his formal
identity card.  Reservations may be done at Garuda's sales
offices or through the 24-hours Garuda Call Center at 0 807 1
807 807 or 021-23519999.

                     About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--  
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves another 10 domestic routes.  Garuda
also ships about 200,000 tons of cargo a month and operates a
computerized tracking system.  The carrier has been hard-hit by
plunging arrivals on the resort island of Bali, where tourists
have been killed in bomb attacks in 2002 and 2005.  It has also
suffered from soaring global oil prices, a weakening of the
Indonesian rupiah and rising interest rates.  At present, Garuda
is concentrating its efforts on repaying its debts with foreign
creditors under the European Credit Agency, which were due last
December 31, 2005.  Garuda management hopes to receive IDR520.4
billion in funds, promised by the Indonesian government, by
March 2006.  In March 2006, The Indonesian Government proposed
to infuse US$250 million for PT Garuda Indonesia's debt
restructuring, or set up a "special-purpose vehicle" in a bid to
pay the airline's debts totaling US$644 million.  Sugiharto, the
state-owned enterprises minister, said that if the second option
was agreed, the special-purpose vehicle would repay debt
principal and interest of US$80 million annually within a 10-
year period.  Mr. Sugiharto added that the financial sources
would be from the airline's leasing revenues of US$30 million a
year and Government's fund of US$50 million a year.  The carrier
posted a SGD46.5 billion net loss in January, versus a net loss
of IDR56.1 billion in the same period last year.  As of the end
of 2005, Garuda's debt totaled US$795 million.


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

DAIEI INCORPORATED: To Put Up Advertising Firm
----------------------------------------------
Troubled retail chain operator Daiei Inc. plans to establish an
advertising and event-planning firm, Crisscross News reports.

According to Daiei, it would transfer around 700 employees to
the new firm, called Daiei Space Create, which will handle event
planning contracts and Internet retailing business of the
Company.

                        About Daiei Inc.

Headquartered in Hyogo, Tokyo, Daiei Incorporated --
http://www.daiei.co.jp/-- operates about 3,000 stores through  
its subsidiaries and franchisees.  Its retail businesses include
supermarkets, discount stores, department stores, and specialty
shops.  Other businesses include restaurants, hotels, and real
estate services.  Domestic sales make up more than 90% of its
revenues.  Daiei diversified haphazardly during the 1980s
loading up on debt and failing to keep up with new, more
efficient competitors.  Daiei, with support from the Industrial
Rehabilitation Corporation of Japan, has decided to close 54
stores nationwide, including subsidiaries, as part of its new
business reconstruction plan.  Of the 54 Daiei stores that have
been closed, only six were to be reopened by other tenants at
the end of January.

As stated in a March 8, 2006 report by the Troubled Company
Reporter - Asia Pacific, the Company expects to post a parent-
only net loss worth JPY3 billion, instead of an earlier
forecasted JPY2 billion net profit, due to high promotional
expenses.


HUSER LIMITED: Court Seizes Assets Before They Can Be Sold Off
--------------------------------------------------------------
A local court seized the assets of Huser Limited to prevent the
Company from disposing of them, Crisscross News says.

The paper also reveals that, according to the court-appointed
administrator, Hideo Sato, the court seized an airplane worth
JPY130 million at book value, which was used by Huser president
Susumu Ojima for business and personal trips, as well as two
bank deposits totaling JPY240 million.

The TCR-AP reported on February 20, 2006, that the Tokyo
District Court initiated bankruptcy proceedings for the Company
after around 300 owners of nine Huser condominium building units
with substandard earthquake resistance asked the court to
protect Huser's assets so they might share in the distribution
of these assets.

The real estate/condominium developer came into trouble earlier
this year when the Ministry of Land, Infrastructure and
Transport discovered that it had developed about 20 of around
100 buildings that were designed with substandard data
fabricated by now disqualified building engineer, Hidetsugu
Aneha.


LIVEDOOR COMPANY: Used Cars Unit Seeks Compensation for Losses
--------------------------------------------------------------
Livedoor Auto Company, a used vehicle dealer unit of Livedoor
Company Limited, plans to seek compensation from the troubled
Internet firm for the losses that Livedoor Auto incurred due to
an accounting scandal earlier this year, Kyodo News reveals.

After Livedoor Auto lawyers determine the exact amount of
losses, the firm will file a damages lawsuit against its parent
company.

On March 30, 2006, the Troubled Company Reporter - Asia Pacific
reported that former Livedoor stockholder Fuji Television
Network was also seeking compensation for losses incurred when
the Company's stock price plunged in February.

Using a similar reason as Fuji TV, Livedoor Auto said it became
a unit of Livedoor Company when it bought a 51% stake in the
vehicle dealer in September 2005.  Yet, Livedoor Auto insists
that the business tie-up was conducted under false circumstances
since Livedoor Company did not provide it with accurate
information, Kyodo News says.

A Livedoor Auto executive said that due to its tie-up with
Livedoor Company, it has been experiencing reduced sales due to
the negative image created by the accounting scandal.

                         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.


SANYO ELECTRIC: Plans to Spin Off Semiconductor Unit
----------------------------------------------------
Electronics maker Sanyo Electric Company Limited said that it
may spin off its loss-making semiconductor unit on July 1, 2006,
as part of its restructuring, Reuters News relates.

According to Sanyo, its semiconductor unit had never fully
recovered from a 2004 earthquake that damaged a major chip
factory.  The Company had announced the move in its business
plan disclosed last November 2005, adding that the move may make
the unit more competitive as a separate business.

Since March 2005, Sanyo's chip division has had to downsize its
workforce of 17,000 employees and lower production, as its sales
of JPY220 billion made up only 10% of the Company's total
revenues.  In its restructuring plan, Sanyo said it needed to
reduce its entire workforce by 15%, and it also planned to sell
off unprofitable businesses and cut its debt by 50%.

                      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 TCR-AP on March 30, 2006, the Company plans to
relieve eight advisers and counselors effective March 31, 2006,
whereas two corporate counselors and former Sanyo presidents
will step down at the annual shareholders' meeting in June this
year.  Sanyo did not give a reason for the termination of the
advisers.


SONY CORPORATION: Opts to Close Two Research Labs
-------------------------------------------------
Sony Corporation plans to shut down two of its four external
research laboratories as part of its restructuring efforts, and
to strengthen the Company's research network, the Associated
Press says.

The Company's Sony Nakamura Management Institute is set to close
at the end of April, whereas its Sony-Kihara Research Center
will be shut down in June this year.  Operations at the research
labs will go to Sony's main research units.

With its new management, Sony Corporation has tried to improve
profits amidst fierce competition from nearby South Korea and
Taiwan by strengthening its core products and scrapping 10,000
jobs.  The Company expects to post a JPY70 billion net profit
for the business year 2005.

                        About Sony Corp.

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).

A March 30, 2006 TCR-AP report states that the Company still has
a long way to go in terms of restructuring, according to Sony
president Ryoji Chubachi, although the Company has improved its
earnings with the success of a new liquid crystal display TV
brand, and has regained customer confidence.


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

HANARO TELECOM: Lucent Offers Maintenance Service
-------------------------------------------------
In a press release, Lucent Technologies disclosed that fixed-
line telecom carrier Hanaro Telecom has selected Lucent
Technologies to oversee the maintenance of its networks.  This
includes maintaining equipment provided by 13 different vendors.

Under the contract, Lucent Worldwide Services will provide call
center support, Remote Technical Support, On-Site Technical
Support and Repair and Exchange Services to help Hanaro use its
own resources more efficiently and reduce costs.  The contract
also includes maintenance on key equipment including optical
networking, voice telephone lines, leased line, microwave and
the wireless local loop.

"The single point of contact approach to maintain and manage
complex multi-vendor networks yields both efficiency and cost-
savings," Geon-Jun Park (TBC), senior vice president of network
operation unit, Hanaro Telecom, said.  "We believe that Lucent's
experience in the Korean market and knowledge will help us
achieve significant cost benefits and enable us to deliver
enhanced services more reliably to our customers".

"This is a very significant win for us in Korea.  We have become
the first vendor to offer a maintenance solution that manages a
major service provider's multivendor network," said Paul Higgs,
vice president of Lucent Worldwide Services in Asia Pacific and
China.  "Lucent is laying a foundation for offering maintenance
services to customers in Korea and as well as the broader Asia
Pacific market."

Lucent Worldwide Services' organization has extended its
capabilities into new business areas including managed service
and home networking solution in the Korean market. It has built
"smart apartments" by broadening local alliances with local
companies and participating in the consortium formed by SK
Telecom for providing households with a Digital Home Pilot
Service.

                   About Lucent Technologies

Lucent Technologies, headquartered in Murray Hill, N.J., USA,
designs and delivers networks for the world's largest
communications service providers.  Backed by Bell Labs research
and development, Lucent relies on its strengths in mobility,
optical, data and voice networking technologies as well as
software and services to develop next-generation networks.  The
company's systems, services and software are designed to help
customers quickly deploy and better manage their networks and
create new, revenue-generating services that help businesses and
consumers.  

                      About Hanaro Telecom

Headquartered in Seoul, South Korea, Hanaro Telecom Inc.
-- http://www.hanaro.com/-- is a player in the Korean local  
telephone market.  It provides high-speed Internet services in
Korea.  In June 2001, the Company integrated broadband Internet
access services, which included ADSL, Hybrid Fiber Coaxial
cables and Broadband Wireless Local Loop into a single brand
called HanaFOS.  Hanaro offers VoIP services to its broadband
business customers as a bundled service and also as a stand-
alone service.  Its VoIP infrastructure consists of an ADSL /
VDSL circuit, a splitter and a modem.  The splitter,  which is
connected through a DSL or cable modem line, converts the user's
voice into digital data packets, which are further passed on
through the Internet.  The operator had 1.5 million VoIP
subscribers at the end of July 2005.   

The Troubled Company Reporter - Asia Pacific reported in
February 2006 that Hanaro Telecom posted a net loss of KRW208.84
billion, a turnaround from the previous year's net profit of
KRW10.49 billion.  Restructuring costs prior to its merger with
Thrunet Co. caused the sharp decline in earnings.


HYUNDAI ENGINEERING: Builder Appoints New CEO
---------------------------------------------
At a meeting on March 30, 2006, the shareholders of Hyundai
Engineering & Construction Co. appointed Company Vice-President
Lee Jong-soo as its new chief executive officer.

Mr. Lee will replace Lee Ji-song, who, last month, indicated his
intention to quit due to health reasons.

Hyundai Engineering, which has been under the management control
of its creditors, is expected to have a new owner soon, as the
creditors plan to sell their 67% stake in the builder, estimated
to be worth more than KRW3 trillion.

As reported by the Troubled Company Reporter on December 23,
2005, Hyundai Group said it is aiming to reach annual sales of
KRW20 trillion in 2006, to win back its former unit, Hyundai
Engineering.  

                    About Hyundai Engineering

Headquartered in Seoul, South Korea, Hyundai Engineering &
Construction Company Limited's -- http://www.hdec.co.kr/-- is  
involved in civil engineering, housing development projects and
other contracted construction works in South Korea and
internationally. Its operations fall into the following key
areas: building, civil works, plant and power works.  Within the
building and housing section, HDEC is involved in construction
and architecture, and has been involved in residential,
commercial and institutional building projects.  HEC ran into a
serious liquidity problem in 2000 after extending massive
subsidies to prop up its weak subsidiaries and loss- making
businesses.  


KOREA EXCHANGE: Gets "A+" Overall Rating from Thomas Murray
-----------------------------------------------------------
Korea Exchange Bank has acquired an overall rating of "A+" over
its custody capability from "Thomas Murray," a London-based
international Custody Rating Agency.

Thomas Murray stated that the rating covers not only core
services but also measures in place for the protection of the
investors' interest, comprehensive value-added services and IT
infrastructure where KEB especially outperformed in the areas of
FX, securities lending and cash management.

Given relatively lower credit rating of the local banks, the
rating of "A+" proves the KEB standing atop of the service
capability and hopes re-draw foreign investors who turned back
to the local banks on the account of inferior credit rating
since Asian financial crisis.    

Thomas Murray -- htt://www.thomasmurray.com/ -- is a custody
risk rating and advisory company specializing in the global
securities services industry.  The Company privately and
publicly maintains opinions on over 300 custodians, 100 capital
market infrastructures and 150 central securities depositories
worldwide.  Thomas Murray is the single largest provider of
public and private ratings and risk assessments on global
custodians, agent banks and capital market infrastructures.

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.


KOREA EXCHANGE: Sale Likely to Be Delayed
-----------------------------------------
The Fair Trade Commission said that it may take more than four
months to make a ruling on whether Kookmin Bank's acquisition of
Korea Exchange Bank violates anti-trust regulations, The Korea
Times relates, citing Hur Seon, the Fair Trade Commission
secretary general.

The delay would hinder Lone Star Funds' plan to finalize the
sale of the Korean lender before July.  Lone Star is likely to
reap some KRW4.5 trillion in investment gains from the sale, but
is likely to pay no taxes if the sale is done before July.

Mr. Hur said that it usually takes more than 120 days to
deliberate on large and complicated merger cases.  He said that
the FTC would consider various conditions, such as possible
changes of market shares of banks as well as fair competition
regulations, to make the final decision on whether the merger
constitutes a monopoly.  "If the commission concludes that
Kookmin's takeover of KEB contradicts fair competition
principles, the FTC can suspend the sale of KEB stakes to
Kookmin," Mr. Hur added.

Mr. Hur's comments came after the National Tax Service said that
the tax agency is determined to impose taxes on capital gains
Lone Star will enjoy from the planned disposal of its stake at
KEB.  Even if Kookmin and Lone Star agree on sales terms
following Kookmin's due diligence study, the acquisition
requires regulatory approval from the anti-trust body.

The Troubled Company Reporter - Asia Pacific earlier reported
that the United States-based Lone Star has agreed on March 23 to
sell its 64.62% stake in Korea Exchange to Kookmin Bank.  
Kookmin Bank will have to pay KRW6.4 trillion for the takeover.

According to TCR-AP, Kookmin Bank's four-week due diligence on
Korea Exchange Bank commenced on March 27, 2006, days after it
was chosen as a preferred bidder to acquire Korea Exchange.

                       About Korea Exchange

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.


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

APEX EQUITY: Buys Back 22,200 Shares for MYR9,922
-------------------------------------------------
On March 30, 2006, Apex Equity Holdings Berhad bought back
22,200 ordinary shares for a total cash consideration of
MYR9,921.85.

The minimum price paid for each share purchased was MYR0.440 and
the maximum was MYR0.450.

After the purchase, the cumulative outstanding treasury shares
have reached 2,910,200.   

On March 29, 2006, the Company bought back 38,000 ordinary
shares for a total cash consideration of MYR16,860.73, according
to an earlier report by the Troubled Company Reporter - Asia
Pacific.   

Apex Equity Holdings Bhd -- http://www.apexequity.com.my/-- is  
principally engaged in stock and share broking, securities
dealing, property holding, provision of portfolio management,
investment advisory and nominee services, establishment and
management of unit trust and property and investment holding.  
Operations of the Group are principally carried out in Malaysia.
The Company has suffered five consecutive years of losses
beginning 2001.  It has incurred a net loss of MYR32,932,000 in
the fourth quarter of the fiscal year ending December 31, 2005,
which is an improvement from the fourth quarter 2004 net loss of  
MYR76,596,000.


AYER HITAM: Seeks Extension of Restraining Order
------------------------------------------------
Ayer Hitam Tin Dredging Malaysia Berhad has, on March 30, 2006,
submitted an application to the Kuala Lumpur High Court seeking
further extension of the restraining order.

The Court has not yet fixed a date for a hearing on the
extension request.

The High Court of Malaya had initially granted Ayer Hitam a 90-
day restraining order from December 5, 2005, to March 4, 2006.

The Company sought the Restraining Order in order to facilitate
its Proposed Restructuring Scheme, which was announced on
August 17, 2005.

The Proposed Restructuring Scheme includes provisions on:

     * capital reduction;
     * amendments to the company's Memorandum of Association;
     * rights issue;
     * private placement;
     * debt settlement; and
     * disposal of Motif Harta Sdn Bhd.

Headquartered in Kuala Lumpur, Malaysia, Ayer Hitam Tin Dredging
Malaysia Berhad -- http://www.ahtin.com.my/-- is involved in  
property development and the trading of promotional products and
services in Malaysia.  The Company is also engaged in the
trading of uninterrupted power supply equipment and magnetic
fuel treatment systems and the provision of investment holding,
nominee services, hotel development and management and
renovation services.  The Company has been incurring huge losses
in the past years and has defaulted on several loan facilities.  
As of January 31, 2006, Ayer Hitam Tin Dredging Malaysia
Berhad's payment defaults have reached MYR39,624,453.59.  On
August 17, 2005, the Company unveiled a Proposed Restructuring
Scheme to save the business.  Yet, the Securities Commission
rejected the Plan after determining that it is not a
comprehensive proposal capable of resolving all the financial
issues faced by the Company.  The Company's Board is still
deliberating on its next course of action.  


AYER MOLEK: High Court Fixes Wind-up Hearing on April 13
--------------------------------------------------------
The Kuala Lumpur High Court adjourned the hearing of the winding
up petition filed by Mirra Sdn Bhd against Ayer Molek Rubber
Company Berhad until April 13, 2006.

The Company has already filed an application to set aside the
Judgment in default by the Plaintiff.  The Company will also
file a Petition to oppose Mirra's winding up action.

Through its Petition, Mirra asserts a MYR3,224,690 claim against
Ayer Molek, as at December 8, 2005.  The claim relates to a
Judgment in Default dated November 22, 2005, obtained by Mirra
for work done but as yet not completed.  The interest paid under
the statement of claim is at 8% per annum on the judgment sum of
MYR2,097,315.62 from March 24, 1999 up to full settlement.

Since 1999, the Company was in constant negotiation with Mirra
to pay the amount allegedly owed to Mirra but taking into
account the fact that the development plans by the Company,
which involved the conversion of land, was aborted.  Hence, the
Petitioner should not claim the contracted sum but rather
abortive fees.  In August 2005, the parties had reached a
settlement amount of MYR300,000 on account of Mirra's work for
Ayer Molek.

Yet, due to several conditions, which were not fulfilled by
Mirra, the settlement arrangement came to a standstill.  
Following the breakdown of negotiations, the winding-up petition
was presented against Ayer Molek.

Headquartered in Kuala Lumpur, Malaysia, Ayer Molek Rubber
Company Berhad is principally engaged in the leasing of its
entire plantation land to a third party.  It operates solely in
the domestic market.  Ayer Molek has incurred substantial losses
since the early 90s, which prompted the Company to propose a
rescue and restructuring scheme to fully redeem and settle
outstanding debts.     


CHG INDUSTRIES: Declares Insolvency
-----------------------------------
CHG Industries Berhad declared that it is currently insolvent as
it is not able to settle in full all its liabilities within a
year from now.

The Company also disclosed that its position on default in
payment remains unchanged.

Headquartered in Selangor Darul Ehsan, Malaysia, CHG Industries
Berhad -- http://www.chg.com.my/-- is an investment holding  
company listed on the Main Board of the Kuala Lumpur Stock
Exchange, Malaysia.  It is the parent company of the CHG
Industries Group, whose principal activity is in the
manufacture, distribution and export of plywood, LVL (Laminated
Veneer Lumber) and other veneer products.  The Company's woes
started when it defaulted on loan facilities in 1999.  In 2003,
the Company inked a debt restructuring agreement with its
lenders.  But despite the deal, it continued to default on debts
and book huge losses up to the present.


DENKO INDUSTRIAL: Wind-up Action Against Unit Withdrawn
-------------------------------------------------------
Fagerdala Singapore Pte Limited, on March 27, 2006, withdrew the
winding-up petition it lodged with the Penang High Court against
Denko Industrial Corporation Berhad's subsidiary, Denko-HLB Sdn
Bhd.

The Plaintiff discontinued the Petition following full
settlement by Denko-HLB of its outstanding balance to Fagerdala.

As reported by the Troubled Company Reporter - Asia Pacific on
January 31, 2006, Denko and Fagerdala had finalized a Settlement
Agreement regarding Denko's payment of a SGD438,600 settlement
sum by way of 5 installments.

Headquartered in Kuala Lumpur, Malaysia, Denko Industrial
Corporation Berhad is involved in the manufacture and sale of
plastic raw materials, semi-finished products and chemicals,
plastic pipes and plastic injection molding products, foundation
garments made of cotton, polyester and other types of fabrics,
consumer and industrial products.  Its other activities include
the provision of maintenance services for sewerage systems and
waste water treatment plants, production of packing material and
vacuum foams, property rental, wholesaling and retailing of
foodstuff and investment holding.  The Company was released from
its Practice Note 4 status in March 2004 following the
implementation of the Company's debt-restructuring scheme.  The
Bursa Malaysia, however, still monitors the Company's
operations, as it continues to book losses even after its
financial condition was regularized.


MALAYSIA AIRLINES: Identifies 19 Trunk Routes
---------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
March 29, 2006, that Malaysia Airlines handed over most of its
domestic routes to low-cost carrier AirAsia.  As a result, the
carrier will operate only its remaining 19 domestic services,
leaving it to focus on reviving its international business.

Noticias Info says that of the 19 routes, Malaysia Airlines will
operate seven routes between Kuala Lumpur International Airport
and Peninsular Malaysia cities, six routes between KLIA and
Sabah/Sarawak, and six routes within Sabah and Sarawak.

The 19 routes are:

     * KL-Penang;
     * KL-Langkawi;
     * KL-Kota Kinabalu;
     * KL-Kuching;
     * KL-Johor Bahru;
     * KL-Miri;
     * KL-Sibu;
     * KL-Terengganu;
     * KL-Kota Bharu;
     * KL-Alor Setar;
     * KL-Kuantan;
     * KL-Bintulu;
     * KL-Labuan;
     * Kota Kinabalu-Sandakan;
     * Kota Kinabalu-Tawau;
     * Kota Kinabalu-Labuan;
     * Kuching-Kota Kinabalu;
     * Kuching-Sibu; and
     * Kuching-Miri.

Malaysia Airlines told Noticias that the 19 routes were
identified as key to ensuring the airlines future success.

Meanwhile, the Government has given the Malaysia Airlines a
freehand in managing its network.  The carrier has now drafted
an exercise that will see aircraft being reduced from 40 to 21,
and stations right-sized from 32 to 16.  

The plan also involves Malaysia Airlines cutting its 23,000-
strong manpower by around 6500, a TCR-AP report said.

The Government has also committed to provide financial
assistance in order to compensate Malaysia Airlines for the cost
involved in the restructuring of its domestic sector.

As reported by the Troubled Company Reporter - Asia Pacific,
Malaysia Airlines released its business turnaround plan on
February 27, 2006, aimed at achieving sustained profitability.

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.


MBF HOLDINGS: Court to Hear Defendant's Application on July 12
--------------------------------------------------------------
The Kuala Lumpur High Court has again postponed until July 12,
2006, the hearing of MBf Leasing Sdn Bhd's application for
summary judgment against MBf Holdings Berhad and MBf Printing
Industry Sdn Bhd

In October 2004, MBf Holdings, together with its subsidiaries,
lodged with the High Court of Malaya at Kuala Lumpur, a request
for an injunction against MBf Leasing, restraining it from
presenting, advertising or prosecuting a winding up petition
against the Plaintiffs.

Together with MBf Holdings, the subsidiary-plaintiffs are:
    
     * Alamanda Development Sdn Bhd;
     * MBf Trading Sdn Bhd;
     * MBf Automobile Sdn Bhd; and
     * MBf Printing Industry Sdn Bhd

The injunction application was made following a notice served by
MBf Leasing against MBf Holdings on September 10, 2004, in
respect of a debt owed by Alamanda, MBf Property Services Sdn
Bhd, which was purportedly guaranteed by the Company.
Subsequently, the MBf Leasing also issued letters of demand to
the Company as principal debtor/guarantor and to its
subsidiaries as principal debtors for facilities granted to its
subsidiaries.

A settlement sum of MYR18 million was agreed to be settled by
cash and assets.  In the midst of identifying the mechanics of
settlement, the MBf Leasing issued the notice pursuant to
Section 218 of the Companies Act 1965 on the Company.  
Subsequently the Defendant also served the letters of demand on
the Company and its subsidiaries as principal debtor/guarantor
and principal debtors respectively of the facilities granted.

Of the total MYR77,568,321.05 claims made by the MBf Leasing, a
sum of MYR25,688,140.15 had been accounted for in the books of
MBf Holdings group and MYR51,880,180.90 disclosed as contingent
liabilities.

Should the settlement of MYR18 million be formalized, there will
be a gain of approximately MYR9.1 million on the writeback of
the balance of the Inter-company Loans.  MBf Holdings and its
subsidiaries will incur a loss of approximately MYR51.88 million
and further interest and additional confirming facilities
accruing thereafter until the date of full settlement if the
Defendant is successful in its claims.

Without prejudice to the Company's rights at law, the Company
negotiated with the Defendant to settle the matter amicably.

On June 8, 2005, the Court allowed MBf Leasing's application for
summary judgment to be entered against MBf Trading Sdn Bhd and
MBf Holdings in the sum of MYR14,603,477.84 together with
interest and confirmation fee claimed via Kuala Lumpur High
Court Suit No. D7-22-1547-2004.

MBf Holdings has filed a Notice of Appeal to the court and
applied for stay of execution.

                          *     *     *

Headquartered in Selangor Darul Ehsan, Malaysia, MBf Holdings
Berhad is involved in retailing and wholesaling of merchandise,
shipping, automotive and heavy earthmoving equipment and
printing of packaging boxes.  Its other activities include
copra, cocoa, coffee and tea production, issuing of credit
cards, acquiring merchants and other related services, provision
of financial services, provision of property management,
investment in properties, property development including dealing
in land and estate management, club management, development and
sale of membership of a recreational club, education and
investment holding.  The Group's operations are carried out in
Malaysia, other Asean countries including Singapore, Thailand
and Philippines, Hong Kong, South Pacific Islands, Australia and
United States of America.

Over the years of 1997 and 1998, the ravages of the Asian
economic crisis adversely affected the operations of the MBf
Group.  Given the substantial debt and accumulated losses
suffered, MBf Holdings sought protection under Section 176(1) of
the Companies Act 1965.  MBf Holdings obtained court orders to
propose a scheme of arrangement to restructure its borrowings
with its lenders and selected creditors and to restrain its
creditors from commencing recovery action. The Scheme was
completed on June 30, 2003.  Included in the Scheme was a debt-
restructuring scheme, which excluded the lease, hire-purchase
liabilities, general unsecured liabilities and amounts owing to
subsidiary and associated companies.  The lease, hire-purchase
and general liabilities were to be addressed in the ordinary
course of business.  However, the Scheme made no provision for
the settlement of the Inter-company Loans, which the Group is
now having problems with.


PANGLOBAL BERHAD: Federal Court Upholds High Court's Decision
-------------------------------------------------------------
The High Court at Penang, on August 16, 2002, ordered PanGlobal
Berhad and its wholly owned subsidiary Toweltech Berhad to pay
the claim of Taisho Company Sdn Bhd.

The claim is in respect of an alleged friendly loan granted by
Taisho to PanGlobal and Toweltech, which the two debtors have
not settled.  Taisho demanded a payment of MYR3,688,371 from Pan
Global and MYR1,822,276 from Toweltech, with interest at 12% per
annum from January 1, 1991, until full settlement.

The High Court ruled in favor of Taisho and ordered that the
defendants pay the plaintiff its whole claim but with only 8%
annual interest.

PanGlobal has appealed the High Court Judgment but the Court of
Appeal dismissed the petition on July 11, 2005.

On March 28, 2006, the Federal Court dismissed with costs
PanGlobal Berhad's Motion for Leave to appeal against the High
Court judgment on August 16, 2002, and the decision of the Court
of Appeal granted on July 11, 2005.

As PanGlobal has exhausted all avenues of appeal, it follows
that the Judgment of the High Court in August 2002 is now
upheld.

Headquartered in Kuala Lumpur, Malaysia, Panglobal Berhad
-- http://home.panglobal.com.my/-- is engaged in underwriting  
all classes of general insurance business, extracting of logs,
sawmilling, manufacturing of veneer and extraction of coal.  
Other activities include property investment and development and
leasing of real estate, investment holding, business management,
building and fitness club management.  PanGlobal is a Practice
Note 4/2001 company.  The Bursa Malaysia Securities has required
the Company to regularize its financial condition, curb huge
losses and settle debts in order to continue operating.  The
Company has already submitted a Proposed Restructuring Scheme to
the Securities Commission on September 9, 2005.  It is now
awaiting required approvals to implement the corporate
rehabilitation program.


PROTON HOLDINGS: In Talks with China's Chery
--------------------------------------------
National carmaker, Proton Holdings Bhd is believed to be in
talks with Chinese carmaker Chery, although the latter declined
to offer any comments, China Knowledge reveals.

According to the report, Chery might be given a manufacturing
platform in Malaysia while the Malaysian carmaker might set up
plants in China in the strategic alliance.

Should the plan proceed, Chery will take advantage of a new
national automotive policy in Malaysia, which came into effect
on February 23, 2006.

As reported by the Troubled Company Reporter - Asia Pacific, the
Government has already reduced taxes on most imported vehicles.  
The new policy also paved the way for the reduction of import
duties on cars made or assembled in Association of Southeast
Asian Nations member countries to 5%.  

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.


SBBS CONSORTIUM: Court Orders Winding Up
----------------------------------------
SBBS Consortium Berhad is likely to be wound up after the Kuala
Lumpur High Court on March 29, 2006, granted Southern Bank
Berhad's application to wind up the Company.

Southern Bank lodged the wind-up petition last year after SBBS
defaulted a loan facility extended by Southern Bank.

SBBS said an application to stay the winding-up order made by
the shareholder will be filed immediately.

Headquartered in Kuala Lumpur, Malaysia, SBBS Consortium Berhad
is engaged in the trade, manufacture and sale of molded and sawn
timber and other wood-based products.  Its other activity is
investment holding.  Due to its inability to service loan
facilities, the Company had entered into various negotiations
with its bank creditors, and in order to ensure that these
creditors are treated on a pari passu basis, the Company had
ceased making repayments to its bank creditors on an ad-hoc
basis.  As a consequence of this treatment, its bank creditors
have taken various measures to recover their outstanding loans.  
Negotiations between the Company and its bank creditors are
nonetheless, still continuing.  The Company is considering
various sources of new business and funds to address its
financial position, and had on June 24, 2005, appointed Covenant
Equity Consulting Sdn Bhd to advise on its options.  Currently,
the Company is working to implement corporate rehabilitation
exercises to turn its business around.  


TAKASO RESOURCES: Long Holidays Contribute to 2Q Losses
-------------------------------------------------------
Takaso Resources Berhad's revenue for the second quarter for the
financial year ended July 31, 2006, amounted to MYR6.2 million,
which was lower than the corresponding quarter in previous year
by 11.8%, whilst the Group's loss after tax increased by 30% to
MYR117,000 as compared to MYR90,000 in the corresponding quarter
in previous year.  Lower amount of revenue achieved for the
current quarter was mainly due to the long festive holidays.

Revenue for the six-month period ended January 31, 2006,
remained comparable with that of previous corresponding period.

The Group, however, reported a net loss of MYR144,000 for the
six months period ended January 31, 2006, as compared to
MYR505,000 in the previous comparable period mainly attributed
to lower finance costs and tax expense incurred.   

The Group's loss before tax for the current quarter amounted to
MYR117,000 of which is higher than the preceding quarter by 77%
or MYR90,000.  This was resulted by lower sales achieved in the
current quarter as compared with the preceding quarter.

Based on the prevailing markets conditions, better operating
results will be achieved by the Group in the second half year.   

There is no dividend being declared for the current quarter.

             Summary of Key Financial Information

        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    31-01-2006    31-01-2005      31-01-2006     31-01-2005
    MYR'000       MYR'000         MYR'000        MYR'000

* Revenue  

      6,192         7,025          14,728         14,609

* Profit/(loss) before tax  

       -117           -90            -144           -343

* Profit/(loss) after tax and minority interest

       -117           -90            -144           -505

* Net profit/(loss) for the period

       -117           -90            -144           -505

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

      -0.28         -0.22           -0.35          -1.23

* Dividend per share (sen)

       0.00          0.00            0.00           0.00

* Net assets per share (MYR)

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

       0.9100                       0.9100

A full-text copy of the Company's Second Quarter Report is
available for free at:

   http://bankrupt.com/misc/tcrap_takasoresources033106.pdf  

Headquartered in Johor, Malaysia, Takaso Resources Bhd
manufactures condoms and baby products. Its other activities
include trading and retailing in rubber products, baby apparels,
infant milk formula and toiletries, manufacturing and repairing
of moulds and investment holding. Operations of the Group are
carried out in Malaysia, other Asian countries, Oceania, Europe
countries, African countries and America.  The Company has been
incurring losses in the past due to cutthroat competition in the
industry.  However, the Company is expected to start making
profits this year since it has already focused on developing its
own house brands.


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

ATLAS CONSOLIDATED: Mining Claims Follow Due Process
----------------------------------------------------
On March 30, 2006, Atlas Consolidated Mining and Development
Corporation provided the Philippine Stock Exchange copies of
certifications from the Bureau of Mines and Geosciences on the
status of its mining claims.

Furnished to the Stock Exchange are:

     * a February 22, 2006, certification that the Company has
       valid and existing mineral production sharing agreements,
       lease contracts and applications for mineral production
       sharing agreements;  

     * a March 10, 2006, certification indicating that the
       Company filed an application for mineral production-
       sharing agreements with MGB Region V, which is still
       being processed pending compliance with documentary
       requirements;

     * a certification issued on March 14, 2006, by the Mines
       and Geosciences Bureau - Cordillera Administrative
       Region certifying that the Company's applications are
       valid and existing and free from liens and encumbrances;

     * a certification issued on March 27, 2006, by MGB-Caraga
       Region XIII certifying that the Company's applications
       for mineral production-sharing agreements that were filed
       on July 15, 1991, and September 9, 1991, are still valid
       and existing; and

     * a March 30, 2006, certification issued by MGB-Region IV
       certifying that the Company has applications for mineral
       production-sharing agreements and existing production-
       sharing agreements in Palawan province, which are now
       being processed.


A full-text copy of this media release is available for free at:

   http://bankrupt.com/misc/tcrap_atlasmining033106.pdf

                           About Alas

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.


HACIENDA LUISITA: DAR Identifies 4,000 Property Recipients
----------------------------------------------------------
The Department of Agrarian Reform said on March 30, 2006, that
it has named around 4,000 farmers who are entitled to receive
property to be distributed by Hacienda Luisita Incorporated, the
Philippine Inquirer reports.

An Agrarian Reform official said that it is possible that over
3,000 hectares of the hacienda, owned by the family of former
Philippine president Corazon Aquino, would be distributed to
farmers of the Company once a survey of the 4,915-hectare sugar
estate is completed.

Hacienda workers sought to meet with Agrarian Reform officials
to address the land area to be distributed by the workers, as a
Department of Agrarian Reform notice held that only 2,039.64
hectares were subject to land reform.  

The Inquirer states that the Alyansa ng mga Magbubkid ng Asyenda
Luisita labor union has asked the Agrarian Reform Council to
place the original 6,453-hectare estate, owned by the Tarlac
Development Corporation, under land reform.

Headquartered in Tarlac City, Philippines, Hacienda Luisita
Incorporated is a sprawling farm owned by the family of former
Philippine President Corazon Cojuangco Aquino.  Its woes started
when workers staged protests over the displacement of hacienda
workers affected by the closure of sugar mill Central Azucarera
de Tarlac.  The decision to shut down CAT was due to heavy
losses incurred from falling sugar prices both locally and
abroad.  Tension in the sugar estate escalated after a reported
violent dispersal of striking workers at the Hacienda Luisita in
Tarlac on November 16, 2004, that resulted to the death of seven
persons.  In an effort to resolve the dispute, HLI proposed a
stock distribution option, which was later junked by the
Government due to violations of the provisions of the
Comprehensive Agrarian Reform Law.  The land title distribution
to around 5,000 farmer beneficiaries is expected on the first
half of 2006.


NATIONAL BANK: To Further Amend By-laws
---------------------------------------
At an Executive Session of the Philippine National Bank held on
March 24, 2006, the Bank's board of directors approved an
amendment to its amended by-laws, such that the position, powers
and duties of the Chairman of the Board in Sections 6.1 and 6.3,
Article VI captioned "Officers" shall be transferred to Section
5.4, Article V captioned "Board of Directors."

The amendments are pending approval by Company stockholders at
an Annual Stockholders' Meeting to be held on May 30, 2006, at
8:00 a.m.

Stockholders will also discuss:

1. Call to Order
2. Secretary's Proof of Notice and Quorum
3. Approval of the Minutes of the 2005 Annual Stockholders'    
    Meeting held on May 24, 2005
4. Report of the President on the Results of Operations for the      
    year 2005
5. Approval of the 2005 Annual Report
6. Ratification of All Acts, Resolutions and Proceedings of the
    Board of Directors and Corporate Officers since the 2005
    Annual Stockholders' Meeting
7. Election of Directors
8. Appointment of External Auditor
9. Other Matters

A full-text copy of PNB's amended statements is available for
free at:

   http://bankrupt.com/misc/tcrap_pnb033106.pdf

                            About PNB

Headquartered in Pasay City, Philippines, Philippine National
Bank -- http://www.pnb.com.ph/-- is the country's first  
universal bank established on July 22, 1916.  Its primary
mandate was to provide financial services to the agricultural
and industrial sector, and support the government's economic
development efforts.  The privatization of PNB began when it
offered 30% of its stocks to the public on June 21, 1989.  The
Lucio Tan Group is the single biggest stockholder of the Bank.  
The Bank's core business consists of lending and deposit-taking
activities from corporate, middle market and retail customers,
as well as various government units.  It also engages in bill
discounting, fund transfers, remittance servicing, foreign
exchange dealings, retail banking, trust services, treasury
operations and trade finance.  
  
The Bank is undergoing a five-year rehabilitation exercise until
2007.  In line with a restructuring agreement executed in 2002,
the government and Lucio Tan agreed to jointly sell at least 67%
of the bank's equity.  Mr. Tan acquired some of the Government's
shares in PNB, in exchange for emergency aid to PNB after the
Bank suffered huge losses.  PNB is considered to be well ahead
of its rehabilitation as it booked net profits for four straight
years, due to its strong overseas remittance business and the
sale of non-performing assets.  In 2005, the Bank's net profit
rose to PHP610 million, about 73% more than the PHP353.2 million
profit it reported for 2004.  
  

NATIONAL POWER: SC Blocks Operation of Sucat-Araneta Power Line
---------------------------------------------------------------
The Supreme Court affirmed a Makati City trial court ruling to
prevent the National Power Corporation from powering up a 230-
kilovolt Sucat-Araneta-Balintawak power transmission line,
Manila Bulletin reveals.

Supreme Court Associate Justice Minita Chico Nazario wrote the
decision to reverse a Court of Appeals verdict that had allowed
the Company to continue to use the power line.  According to the
Supreme Court, potential health risks from radiation emitted by
the power lines take precedence over presumed economic benefits
per se, as alleged by Napocor.

As reported by TCR-AP on March 28, 2006, Napocor had in 1996
built 29 decagon-shaped steel poles 53.4 meters high to hold
overhead high tension cables in order to connect the 230-
kilovolt Sucat-Araneta-Balintawak transmission network in Makati
City.  On March 9, 2000, after failed negotiations with the
Company, residents of Barangay Dasmarinas, Makati City -- where
the transmission lines pass -- filed a suit to stop Napocor from
operating the transmission lines, and to relocate the power
lines to Lawton Avenue, Fort Bonifacio, due to health risks and
exposure to electromagnetic radiation.

A Makati court issued an 18-day temporary restraining order
against Napocor on March 13, 2000, stopping the Company from
transmitting energy through the Sucat-Araneta Balintawak
transmission lines, to which Napocor filed a certiorari petition
with the Court of Appeals to seek dismissal of the case for lack
of jurisdiction.  On May 3, 2000, the Court of Appeals reversed
the lower court's order as Presidential Decree 1818 mandated
proscription on injunctions against infrastructure projects.

Justice Nazario overturned the May 3 Decision, stating that "it
is prudent to preserve the status quo," that is, to suspend
Napocor's operation of the Sucat-Araneta-Balintawak transmission
lines to transmit power, pending the Makati court's final
decision on whether the project infringes on the petitioners'
substantive right to health.  The SC added that in this case, PD  
1818 does not apply.  

A March 30, 2006, TCR-AP report stated that the shutdown and
relocation of the Sucat-Araneta transmission lines may cause a
12-month blackout in the cities of Paranaque, Makati, Pasay and
Muntinlupa.  The Metro Rail Transit would also be out of
service, as well as local and international airports and call
centers.

According to a report by Manila Standard Today, President Gloria
Macapagal Arroyo had ordered the Department of Energy to draw up
a contingency plan to provide uninterrupted power supply to
affected cities.

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

HCA HOLDINGS: Court to Hear Wind-Up Petition Next Month
-------------------------------------------------------
A petition to wind up HCA Holdings Private Limited was filed by
Hock Chuan Ann Construction Private Limited with the Singapore
High Court on March 14, 2006.

The petition will be heard before the High Court on April 7,
2006.

Any creditor or contributory to wishing support or oppose the
Petition may appear at the hearing.

Contact: Hock Chuan Ann Construction Private Limited
         Petitioner
         c/o Messrs Ernst & Young
         10 Collyer Quay #21-01, Ocean Building,
         Singapore 049315

         Drew & Napier LLC
         Solicitors for the Petitioners
         20 Raffles Place
         #17-00, Ocean Towers,
         Singapore 048620


HUP HIN: Faces Wind-Up Proceedings
----------------------------------
The High Court of Singapore received from Hock Chuan Ann
Construction Private Limited a petition to wind-up Hup Hin
Realty Private Limited.

The Petition will be heard before the Court at 10:00 a.m. on
April 7, 2006.

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

Contact: Hock Chuan Ann Construction Private Limited
         Petition
         c/o Messrs Ernst & Young
         10 Collyer Quay #21-01, Ocean Building
         Singapore 049315
   
         Drew & Napier LLC
         20 Raffles Place #17-00,
         Solicitors for the Petitioners
         Ocean Towers, Singapore 048620


TAI FOOK: Wind-Up Hearing Slated for April 7
--------------------------------------------
On March 14, 2006, Hock Chuan Ann Construction Private Limited
filed with the High Court of Singapore a petition to wind up Tai
Fook Development Private Limited.

The Petition will be heard by the Court at 10:00 a.m. on
April 7, 2006.

Any creditor or contributory wishing support or oppose the
Petition may appear at the hearing.

Contact: Hock Chuan Ann Construction Private Limited
         Petitioner
         c/o Messrs Ernst & Young
         10 Collyer Quay #21-01, Ocean Building,
         Singapore 049315

         Drew & Napier LLC
         Solicitors for the Petitioners
         20 Raffles Place
         #17-00, Ocean Towers,
         Singapore 048620


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

BANGKOK RUBBER: Decreases Loss by 90% as Capital Deficit Widens
---------------------------------------------------------------
Bangkok Rubber Public Company Limited has decreased its net loss
from THB454.02 million in 2004, to the THB45.04 million for the
year ending December 31, 2005, the Troubled Company Reporter -
Asia Pacific learns from the Company's latest financial report.

The Company also has a THB5.40 billion revenue for 2005, a
22.62% increase from 2004's revenue of THB4.39 billion.

In a company release to the Stock Exchange of Thailand, Bangkok
Rubber's authorized directors, Prasert Chulthira and Nuchanart
Thammanomai, explained that the increase in revenue is from the
increased sales, which includes a 25.07% rise in export value
and a higher selling price for the year.

As of December 31, 2005, the Company and its subsidiaries have a
capital deficit of THB2.34 billion, an increase from THB2.22
billion in 2004 because the Company has recorded provision for
guarantee obligations and allowance for doubtful debts totaling
THB2.52 billion.

             Bangkok Rubber Public Company Limited
      Financial Highlights, For the year Ending December 31
                      In Millions of THB

                                 2005               2004

      Assets                 2,878.46           3,064.11
      Liabilities            5,215.07           5,285.92
      Equity                -2,358.56          -2,239.79
      Paid-up Capital        1,392.67           1,392.67
      Revenue                5,379.71           4,387.28
      Net Profit               -45.04            -454.02
      EPS(Baht)                 -0.32              -3.29

Sophon Permsirivallop of Ernst & Young Office Limited, Bangkok
Rubber's independent auditor, was unable to express an opinion
on the Company's financial statements, since any of these could
have a material effect on the Company's financials:

   * Failure of four banks and financial institutions with which
     the Company has significant business transactions to send
     replies to the Auditor's request for confirmation of
     outstanding balances as of December 31, 2005.  In addition,
     the other 97 banks and financial institutions which did
     reply showed that the outstanding balances of credits and
     guarantee obligations per the confirmation from banks and
     financial institutions were not equal to the Company's
     records.

   * The Customs Department filed a petition with the Central
     Bankruptcy Court claiming payment of duty liabilities
     totaling THB459.1 million.  The Court has ruled against the
     Company.  As of December 31, 2005, the Company still has
     THB76.4 million in outstanding duty obligations.  The
     Company has, therefore, recorded provision for contingent
     losses amounting to THB25.7 million and its management is
     of the opinion that such reserve is adequate.  On Feb. 20,
     2006, the Customs Department authorised a reduction of the
     duty obligations to a sum of THB52.2 million.  The Auditor
     has sent a letter to the solicitor which the Company has
     engaged to act on its behalf in this case, to request the
     solicitor's analysis as to the result of the litigation but
     the solicitor replied that he was unable to stipulate a
     definite amount of contingent losses at this time.

   * The Company being under rehabilitation, its capital deficit
     and a postponement of debt repayment all cast doubts on the
     Company's ability to continue operating.


Headquartered in Bangkok, Thailand, Rubber Public Company
Limited -- http://www.pan-group.com/-- manufactures shoes and  
footwear under Pan, Kodomo, Diadora, and Heel Care brand names.

On 21 November 2002, the Company's rehabilitation plan was
approved by the Central Bankruptcy Court.  The Company is in the
process of implementing this plan.  The significant debt
restructuring measures under the rehabilitation plan provide
that creditors would waive their rights to claim for outstanding
interest accrued up to the date on which the court ordered
rehabilitation.  This does not include the debt to be repaid to
creditors supporting revolving credit and financial creditors
which will receive repayment of debt as per the existing
contract and agreement.

       The Rehabilitation Plan and the Company's Progress

   1. The significant steps for debt repayment under the
      rehabilitation plan are:

      * Debt amounting to THB2.50 billion will be repaid in
        quarterly installments within 10 years.  Interest is
        charged at 3% per annum for the first three years, 5%
        per annum for the next three years, and MLR rate per
        annum for the remainder.

      * Debt amounting to THB1.29 billion is to be repaid in
        the form of conversion of debt into equity at THB17 per
        share within 150 days after the Company's rehabilitation
        plan is approved by the Central Bankruptcy Court.

      * Debt amounting to THB600 million is to be repaid of
        principal out of the proceeds from sale of assets of
        affiliated companies which the Company exercises claim
        under the relevant loan agreements executed with the
        affiliated companies and by assumption of right under
        relevant guarantees agreement without interest within
        five years.  The Company will refinance from financial
        institutions, personal or other juristic to repayment
        the debt within 90 days if the Company fails the
        repayment.

      * The creditors agree to suspense principal amounting to
        THB370 million from surplus cash flow for 10 years
        without interest.  If the Company is able to make
        repayment over 50% of this portion of debt, the
        creditors agree to discharge the remainder.

   2. Recapitalization of the Company is to proceed in
      accordance with:

      * The Company decreased its registered share capital from
        THB1.50 billion to THB975 million by reducing the number
        of shares from 150 million shares to 97.5 million
        shares.

      * The Company increased its registered share capital to
        support the conversion of debt to equity from THB975
        million to THB1.81 billion by issuing 83,001,047
        ordinary shares with a par value THB10 per share.

      * Allocation of its ordinary shares to the creditors when
        there is an order from the official receiver.

      * Registration of the increase in paid-up capital to be in
        compliance with the number of ordinary shares of the
        Company, which are allocated to the creditors.  The
        Company has allocated 41,766,690 ordinary shares as part
        of its increased share capital to the Company's
        creditors and guarantee obligations creditors to related
        companies by issuing 30,268,824 and 11,497,866 ordinary
        shares, respectively.  As a result, the Company has
        paid-up capital by THB1.39 billion or 139,266,690
        ordinary shares of THB10 each.  The Company registered
        its paid-up capital on these dates:

        -- June 4, 2003 by 13,234,927 shares
        -- September 12, 2003 by 15,563,340 shares
        -- December 2, 2003 by 3,577,275 shares
        -- February 23, 2004 by 9,391,148 shares

   3. Success of the rehabilitation plan will occur when the
      Company has fully undertaken and followed these
      procedures:

      * The Company has completed the decrease and increase of
        the registered share capital to support debt to equity
        conversion;

      * Shareholding percentage of the Company has become more
        than zero; and

      * The Company has made repayment of debt as specified in
        the rehabilitation plan to all creditors in the amount
        of not less than 50%.

Furthermore, the implementation of the rehabilitation plan is
expected to cover five years after the Court's approval of the
plan.

During the year 2005, the Company has not made any debt payments
under the rehabilitation plan.  The Company is, therefore, held
to have defaulted on debt payment under the rehabilitation plan
and the planner is in such circumstances required to propose a
solution to the creditors committee and to work with them to
revise the rehabilitation plan.  The Company is currently
revising the plan for submission to the official receiver.

The ability of the Company to continue its business as a going
concern depends on its ability to comply with the business
rehabilitation plan, and to find additional sources of funding,
and the outcome of its operations.


M.D.X. Public Co.: Profit Ups 73% as Capital Deficit Shrinks
------------------------------------------------------------
M.D.X. Public Company Limited posted a THB368.67 million net
profit for the year ending December 31, 2005, the Troubled
Company Reporter - Asia Pacific finds out from the Company's
financials.

The figure is a 73.69% increase from the THB212.26 million net
profit in 2004.

The Company also posted THB649.19 million in revenue, a 4.90%
increase from THB618.85 million in 2004.

Moreover, the Company's capital deficit decreases by a
mild 6.56%, from THB6.23 billion in 2004 to THB5.83
billion in 2005.

                 M.D.X. Public Company Limited
     Financial Highlights, for the year ending Dec. 31, 2005
                      In Millions of THB

                                 2005               2004

      Assets                 3,719.04           3,540.77
      Liabilities            8,062.48           8,377.92
      Equity                -5,825.23          -6,234.36
      Paid-up Capital        4,755.93           4,755.93
      Revenue                  649.19             618.85
      Net Profit               368.67             212.26
      EPS(Baht)                  0.78               0.50

              About M.D.X. Public Company Limited

M.D.X. Public Company Limited and its subsidiaries develop
industrial estates for plants and factories.  The Group
develops, provides and manages infrastructure as well as all
necessary facilities and utilities such as power, water, waste
water treatment, telecommunications, and solid waste disposal
systems.

The Company is classified under the REHABCO, or Companies Under
Rehabilitation, sector.

The Company has been operating with a capital deficit for years,
with a THB8.85 billion deficit in 2002 as the highest in the
last five years.  In that same year, the Company posted a
THB1.59 billion net loss.

The Company is implementing a rehabilitation plan, which has
been approved by the Central Bankruptcy Court in April 2003.  
The approved rehabilitation plan has major steps relating to the
transfer of some assets and liabilities to a special purpose
company established for managing and selling the Company's
secondary assets.  However, some important steps of the plan are
still under implementation.  The ability of the Company and its
subsidiaries to continue their businesses as going concerns
depends on the success of the Company in business restructuring
in accordance with the rehabilitation plan.

                    The Rehabilitation Plan

The rehabilitation plan's principle and method consist of
capital and debt restructuring:

   1. Capital Restructuring

      As specified in capital restructuring plan, the Company
      had to decrease its registered capital from THB5 billion
      to THB1.66 billion and then increase it by THB3.10 billion
      in order to convert creditor liability into capital.  As a
      result, the Company would have the paid-up registered
      capital of THB4.76 billion and the creditors would become
      the Company's major shareholders at 65.18% of the
      registered capital, while the original shareholders would
      hold shares decreasingly at 34.82 per cent of registered
      capital.

   2. Debt Restructuring

      Creditors who have submitted for repayment rights could be
      divided into two categories, namely those who are affected
      by the debt restructuring and those who are not.  Thus,
      procedures for debt restructuring will concentrate on two
      main items, accrued liability on principal, and accrued
      interest with various expenses.

          The Implementation of the Rehabilitation Plan

The Company has implemented its rehabilitation plan, mainly the
capital restructuring, related to the decrease and increase of
the registered capital including part conversion of debt into
capital, and also on debt restructuring, particularly the
transfer of obligated assets for debt settlement, the transfer
of secondary assets to the special purpose company,  debt
forgiveness for the remaining principal indebtedness and
interest payable as  mentioned in the first option.  The second
option and third option, which are the last steps involving cash
repayment and forgiveness of remaining debt, will follow the
conditions stipulated in the amended plan, since the Company is
unable to accomplish the plan as approved by the Central
Bankruptcy Court on April 1, 2003, within the specified period
of June 2004.        

                      Going-Concern Issue

The consolidated financial statements of MDX Public Company
Limited and its subsidiary companies and the Company's financial
statement as of September 30, 2005, and December 31, 2004,
showed retained deficits by the amounts of THB10.66 billion and
THB10.92 billion, respectively, and total liabilities were
greater than total assets by the amounts of THB4.48 billion and
THB4.84 billion, respectively.


MANAGER MEDIA: Discloses 2005 Net Loss and Capital Deficit
----------------------------------------------------------
Manager Media Group Public Company Limited registered an
THB85.74 million net loss for the year ending December 31, 2005,
compared with the THB963.89 million net profit in 2004, the
Troubled Company Reporter - Asia Pacific finds out from the
Company's financials.

The Company is also experiencing a capital deficit of THB403.41
million, 19.92% higher than 2004's THB336.40 million.

Manager Media, however, also reported a 7.92% increase in
revenues from THB461.84 million in 2004 to THB498.44 million
in 2005.

          Manager Media Group Public Company Limited
     Financial Highlights, for the year Ending Dec. 31, 2005
                      In Millions of THB

                                 2005               2004

      Assets                   255.64             293.43
      Liabilities              659.05             629.84
      Equity                  -403.41            -336.40
      Paid-up Capital          129.36             102.50
      Revenue                  498.44             461.84
      Net Profit               -85.74             963.89
      EPS(Baht)                 -0.61              9.40

                       About Manager Media

Headquartered in Bangkok, Thailand, Manager Media Group Public
Company Limited -- http://www.manager.co.th/-- publishes a
variety of daily, weekly, and monthly publications.  Periodicals
include Manager monthly magazine, Manager weekly newspaper,
Manager daily newspaper, and Thai Investment weekly magazine.
The Company also partners with the Vietnam News Agency to
publish The Vietnam News, an English-language daily newspaper in
Vietnam.

Manager Media has been operating with a capital deficit for
years, the biggest of which totaled around THB2 billion both in
the years 2001 and 2002.  In the same years, the Company posted
net losses of THB54.05 million and THB24.22 million,
respectively.

The Company is in the process of business rehabilitation.  In
2004, Manager Media's amended business rehabilitation plan was
approved by the Company's financial creditors and by the Civil
Court.  On May 31, 2004, the Company appointed the Thai Military
Bank Public Company Limited as its financial advisor.  

                The Business Rehabilitation Plan

Before the amendments, the Company has completely performed, in
accordance with the original business rehabilitation plan, the
first capital increment, the first issuance of warrant and
the second capital increment -- in which the Company has a
registered and issued share capital of 102.50 million shares at
THB1 per share, and the first issuance of warrant of 38,239,548
unit at THB10 per unit, and share premium of THB98 million.

The Company's Amended Business Rehabilitation Plan provides for
capital restructuring, in which Manager Media will increase
capital for five more times and issue another set of warrants to
buy ordinary shares; and for debt restructuring, in which the
Company will repay financial creditors and give some creditors
the rights to convert debt to ordinary shares.

Manager Media has experienced a delay in proceeding with its
Amended Plan, due to a miscalculation of the number of shares
increase to correspond to the process of debt and equity
restructuring, which in turn resulted to a delay in registration
of capital increase.  In addition, the Company encountered a
problem relating to the terms and regulations of The Office of
Securities and Exchange Commission concerning the method of
converting the convertible debentures into ordinary shares.

Manager Media had indicated that it could not perform the
remaining actions under the rehabilitation plan within the
Court's appointed timeframe ending on August 3, 2005.  
Therefore, the Company's Plan Administrator had requested and
obtained an extension of the period of the business
rehabilitation process for another year, which will expire in
August 2006.  

The Company's Plan Administrator has persuaded some certain
investors who are keen on an investment in the outstanding of
the unsold increase share capital of 190 million shares.


MANAGER MEDIA: Appoints RSM Nelson as New Auditor
-------------------------------------------------
Manager Media Group Public Company Limited's plan administrator,
Saowaluck Teeranujunyong, has named RSM Nelson Wheeier's Prawit
Wipusirikup as the company's auditor, for the year 2006.

                       About Manager Media

Headquartered in Bangkok, Thailand, Manager Media Group Public
Company Limited -- http://www.manager.co.th/-- publishes a
variety of daily, weekly, and monthly publications.  Periodicals
include Manager monthly magazine, Manager weekly newspaper,
Manager daily newspaper, and Thai Investment weekly magazine.
The Company also partners with the Vietnam News Agency to
publish The Vietnam News, an English-language daily newspaper in
Vietnam.

Manager Media has been operating with a capital deficit for
years, the biggest of which totaled around THB2 billion both in
the years 2001 and 2002.  In the same years, the Company posted
net losses of THB54.05 million and THB24.22 million,
respectively.

The Company is in the process of business rehabilitation.  In
2004, Manager Media's amended business rehabilitation plan was
approved by the Company's financial creditors and by the Civil
Court.  On May 31, 2004, the Company appointed the Thai Military
Bank Public Company Limited as its financial advisor.  


NEW PLUS KNITTING: 2005 Net Loss Shrinks 30% Despite Weak Sales
---------------------------------------------------------------
New Plus Knitting Public Company Limited has reported a THB38.41
million net loss for the year ending December 31, 2005, the
Troubled Company Reporter - Asia Pacific learns from the
Company's financials.

The 29.75% decrease in net loss, as compared with the 2004
figure, is coupled with the decrease in the Company's deficit by
68.71% to THB14.26 million from THB45.57 million in 2004.

However, the Company's THB268.64 million in 2005 revenues is a
15.66% fall from the THB318.53 million figure in 2004.

           New Plus Knitting Public Company Limited
    Financial Highlights, For the year Ending Dec. 31, 2005
                      In Millions of THB

               Assets                   373.29
               Liabilities              387.55
               Equity                   -14.26
               Paid-up Capital          100.00
               Revenue                  268.64
               Net Profit               -38.41
               EPS(Baht)                 -3.84

In a subsequent announcement dated March 14, 2006, the Company's
board of directors has passed a resolution omitting the dividend
payment for the year 2005 because of the Company's deficit and
operation loss.

                     About New Plus Knitting

New Plus Knitting Public Company Limited's principal activity is
the manufacturing and distribution of textiles and clothing for
domestic and export sale.  Products include stockings, socks,
ladies underwear, ladies pajamas, shorts, pants, skirt, shirts
and dolls.  The Group markets its products in Thailand and other
countries in Asia, as well as in Europe, such as Ireland,
England and Germany.  It operates solely in the domestic market.

The Company has been saddled by a series of net losses since the
year 2002, the highest of which is a THB79.25 million net loss
in 2004.  In the same year, the Company fell into a capital
deficit.  The Company is currently classified under the REHABCO,
or Companies Under Rehabilitation, sector.


NEW PLUS KNITTING: Sets Shareholders' Meeting Schedule
------------------------------------------------------
New Plus Knitting Public Company Limited's shareholders will
convene on April 25, 2006, at 10.00 a.m., at the Company's
headquarters.

At the meeting, the shareholders will:

   * acknowledge the report of the board of directors;

   * approve the Company's Balance Sheet, and the Profit and
     Loss Statement as of December 31, 2005;

   * consider dividend omission for 2005;

   * elect new directors to replace those retiring by
     rotation; and

   * appointing the auditor and fix its remuneration of the year
     2006.

                     About New Plus Knitting

New Plus Knitting Public Company Limited's principal activity is
the manufacturing and distribution of textiles and clothing for
domestic and export sale.  Products include stockings, socks,
ladies underwear, ladies pajamas, shorts, pants, skirt, shirts
and dolls.  The Group markets its products in Thailand and other
countries in Asia, as well as in Europe, such as Ireland,
England and Germany.  It operates solely in the domestic market.

The Company has been saddled by a series of net losses since the
year 2002, the highest of which is a THB79.25 million net loss
in 2004.  In the same year, the Company fell into a capital
deficit.  The Company is currently classified under the REHABCO,
or Companies Under Rehabilitation, sector.


TOTAL ACCESS: Moody's Lifts Rating to Ba1
-----------------------------------------
Moody's Investors Service has upgraded its corporate family and
senior unsecured rating for Total Access Communications Public
Co Ltd to Ba1 from Ba2 with a positive outlook.  This concludes
the review for possible upgrade commenced on October 21, 2005.

The rating upgrade reflects TAC's improving and strong financial
and operational profiles, which well position it to absorb the
evolving competitive pressures evident in the domestic cellular
market.  The positive outlook reflects Moody's expectation that
TAC will execute its business growth plan in a conservative
manner, and such planned growth will potentially further
strengthen its subscriber base and operating cash flow.

The ratings of TAC reflect the application of Moody's rating
methodology for government-related issuers (GRIs) in view of
Telenor ASA's (Telenor - a GRI itself) 69.3% economic exposure
in the company. In accordance with the rating methodology, TAC's
ratings reflect the combination of the following inputs:

  * Baseline credit assessment (BCA) of 5 (on a scale of 1 to 6,
    where 1 represents lowest credit risk)

  * the A2 foreign currency rating of Telenor ASA

  * low dependence

  * low support

"The BCA of 5 reflects TAC's position as the second largest
telecommunications operator in Thailand with 28% market share,
its established brand and extensive network coverage, and its
solid financial profile," says Moody's lead analyst Anna Ho,
adding, "the BCA further considers the ongoing subscriber growth
evident in the Thai cellular sector and from which TAC - as one
of its two leading operators - will stand to benefit."

Moody's also believes TAC will benefit from Telenor's presence
as a strategic shareholder, its technical and operational
expertise, and management guidance. However, these strengths are
tempered by the increasingly competitive nature, as penetration
rises, of the cellular market in Thailand, the potential for
more aggressive pricing strategy by key competitors, and TAC's
large capex plan, including negative free cash flow in the
coming year.

Low dependence reflects the fact that TAC is predominately
operating in Thailand and contributes moderately to the EBITDA
of Telenor, which itself has a relatively diversified income
stream.  Low support reflects Moody's belief that Telenor has
the flexibility to divest its stake in TAC, if political or
regulatory issues seriously affect its investment. At the same
time, Moody's has considered TAC's strategic fit with Telenor
and the higher level of economic exposure to 69.3% from 40.3%.

TAC's BCA is the key driver of its rating.  Its BCA and
therefore the rating will experience an upward trend if a) TAC
demonstrates its ability to execute its business plan and
generate positive free cash flow on a sustainable basis; and b)
improves it liquidity profile by arranging appropriate
refinancing for its maturing debts in 2006 and manages well its
debt maturity profile.

In terms of possible downward rating pressure, the rating is
unlikely to be lowered, given the current positive outlook.
However, the outlook could return to stable if competition
intensifies, leading to lower EBITDA margins, and TAC therefore
fails to generate sustainable positive free cash flow.

                About Total Access Communications

Total Access Communications Public Co. Ltd., headquartered in
Bangkok, is the second largest cellular operator in Thailand
with 28% market share or 8.7 mln subscribers at end-2005. The
company has a concession from CAT Telecom Public Company Limited
(formerly known as Communications Authority of Thailand "CAT")
for the provision of cellular radio communication services. This
expires in 2018.

                      About Telenor ASA

Telenor ASA, headquartered in Oslo, Norway, is an international
provider of telecommunications, data and media communication
services, with a particularly strong focus on mobile, internet
and broadband services.







                            *********

  
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