TCRAP_Public/060404.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  

             Tuesday, April 4, 2006, Vol. 9, No. 067


                            Headlines

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

3B CONSTRUCTION: Supreme Court Orders Wind-up
AIR NEW ZEALAND: ACA Frowns at Qantas Code-Sharing Pact
ALAN A. WRIGHT TRANSPORT: Members Opt for Voluntary Liquidation
ASKARO HOLDINGS: Creditors OK Liquidator's Appointment
AUSTRALIAN WATERWISE: Troubled Waters Ahead

AUTO GROUP FLEETS: Receivers and Managers Appointed
BE-1 PTY: Placed Under Voluntary Liquidation
BEXTON INTERNATIONAL: Down Park Files Petition to Liquidate Firm
BOLD SILVER: Names Lesie Karutz as Liquidator
CITIE CENTRE: To Declare Final Dividend

CROESUS MINING: Revival Plan Set to be Finalized by April 7
EARLY SETTLER: William Gavin Johnston Named Liquidator
GAINSFORD HOLDINGS: Inability to Pay Debts Leads to Wind-up
GLOBAL ENVIRO: Supreme Court Names Liquidator
ISLAND GOURMET: Set to Hold Final Meeting Today

LAMP MAN: Faces Liquidation Petition
LAPTOP LAND PTY: Receiver Steps Aside
MCINDOE PASTORAL: Liquidator to Present Wind-up Report
M&S DAIRIES: Shuts Down Operations
NERATHONG PASTORAL: Prepares to Distribute Assets

NZX LIMITED: Receiving Proofs of Debt Until April 13
POLAROID AUSTRALIA: Declares Final Dividend
QANTAS AIRWAYS: Workers Go to AIRC Over Outsourcing Complaints
QUICKSHED'S AUSTRALIA: Enters Voluntary Liquidation
SA MILES MEDICAL: Members to Receive Wind-up Details

ST. HELENA'S REST HOME: Completes Liquidation Process
STRETFORD INVESTMENTS: Wind-up Process Initiated
SYDNEY GAS: Torn Between Two Financiers
THELMA MOXHAM HOLDINGS: Decides to Wind Up Business
TRIMEX (N.Z.): Official Receivers and Managers Named

VACATIONS PACIFIC: Liquidator Wants Firm Removed from Register
WATTYL LIMITED: Barloworld Says Offer Will Help Wattyl Shares Up
WESTMORELAND HOLDINGS: Proofs of Debt or Claim Due Next Month
WOODMAN HOTELS: To Hold Final Meeting Today


C H I N A   &   H O N G  K O N G

BANK OF CHINA: Repatriated Banker Gets 12-Year Jail Term
CHEUNG WAH: Poised to Exit Bankruptcy This Year
CHINA HONG KONG DECORATION: Schedules Meeting on May 4
FOCUS CENTURY: Creditors Meeting Slated for April 24
INCO INVESTMENTS: Creditors Given Until May 2 to Prove Claims

LINKCITY TECHNOLOGIES: Receives Winding Up Petition
MOULIN GLOBAL: Appoints Official Liquidators
NAIVE RUBBER: Faces Bankruptcy Proceedings
NEW CHINA HONG KONG CAPITAL: Final Meeting Set for April 21
NEW CHINA HONG KONG FINANCE: Members, Creditors to Meet April 21

NEW CHINA HONG KONG GROUP: Final Meeting Fixed April 21
LAM'S UNITED: Liabilities Prompt Firm to Wind Up
QUICK PROFIT: Members Convene to Discuss Winding Up
SATISFACTORY PRINTING: Issues Preferential Dividend Notice
TRIWAY INVESTMENT: Claims Filing Period Ends May 10

TSOI MING: Enters Bankruptcy Proceedings
WINSPOWER LIMITED: Creditors Should Prove Debts by April 18


I N D I A

BPL LIMITED: Board OKs Preferential Shares Issue to EIPT
HEAVY ENGINEERING: Court Orders Government to Extend Aid
* Number of Loss-Making PSEs Drops but Combined Losses Jump


I N D O N E S I A

INDOFOOD SUKSES: Launches $100 Million Loan Via ING Bank
PERUSAHAAN GAS: Unit to Sell $200 Million in Bonds


J A P A N

LIVEDOOR COMPANY: To Move Out of Roppongi Hills Office
PIONEER CORPORATION: Over 700 Employees Seek Early Retirement


K O R E A

CHOHUNG BANK: Fitch Withdraw Ratings After Shinhan Merger
DAEWOO SHIPBUILDING: Achieves 45% of 2006 Orders Target in 1Q
HYUNDAI MOTOR: Chairman Chung Mong-Koo Exits Korea


M A L A Y S I A

APEX EQUITY: Buys Back 2,000 Shares for MYR913
ASIAN PAC: Walking the Road to Recovery
DATUK KERAMAT: Fails to Submit Financial Statements on Time
KILANG PAPAN: Awaits New Restructuring Scheme to Curb Losses
KL INFRASTRUCTURE: Net Loss Widens on Higher Loans Interests

LITYAN HOLDINGS: Provides Credit Default Updates
MBF HOLDINGS: Makes Partial Payment of Defaulted Loans
MEDIA PRIMA: Restructuring Brings Better Results
OMEGA HOLDINGS: Securities Commission Junks Restructuring Scheme
OMEGA HOLDINGS: Net Loss Narrows to MYR198,000 in 2Q/FY05

OMEGA HOLDINGS: Court Extends Restraining Order
SBBS CONSORTIUM: Sees No Development in Default Status
SETRON MALAYSIA: Obtains MYR10 Million Credit from Affin Bank
SETRON MALAYSIA: Board Wants to Change Name to Halifax Capital
WEMBLEY INDUSTRIES: Seeks More Time to Fulfill DRA Conditions


P H I L I P P I N E S

ABS-CBN BROADCASTING: Stampede Victims Want DOJ to Resume Probe
FASTECH SYNERGY: Five Creditor Banks Agree to Restructure Loan
MANILA ELECTRIC: Large Clients Can Choose Own Power Suppliers
NATIONAL FOOD: Plans to Import 500,000 Tons of Rice in May
NATIONAL POWER: Cooperative Official Concerned About Debts


S I N G A P O R E

CTC CONTRACTORS: Creditors to Meet on April 18
D & B STEEL: Faces Wind-Up Petition by Shi Ca
FRESH LUSH: Creditors Required to Prove Debt by May 2
GRAFFITI ARTIST: Proofs of Claim Due Next Month
HONG INVESTMENT: Court Decides to Wind Up Firm

MISHA TRADING (S): Wind-Up Petition Set for Hearing April 21


T H A I L A N D

CIRCUIT ELECTRONIC: Seeks SEC Nod to Extend Submission of FS
KUANG PEI SAN: AGM Slated for April 24
NFC FERTILIZER: Wipes Out 2004 Net Profit & Registers Net Loss
THAI HEAT: Unveils Warrant Exercise Results
BOND PRICING: For the Week 3 April to 7 April 2006

     - - - - - - - -

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

3B CONSTRUCTION: Supreme Court Orders Wind-up
---------------------------------------------
On February 27, 2006, the Supreme Court of New South Wales
ordered the winding up of 3B Construction Group 1 Pty Limited,
and appointed R. J. Porter as liquidator.

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


AIR NEW ZEALAND: ACA Frowns at Qantas Code-Sharing Pact
-------------------------------------------------------
The proposed code-share deal between Air New Zealand and Qantas
Airways has met strong opposition from Australia's top consumer
advocate, TMCNet.Com reports.

The Australian Consumers Association has warned that the lack of
competition might mean fewer planes and higher airfares.  This
concern came after reports that the two airlines are close to
finalizing an agreement to share reservation codes in the trans-
Tasman route, which would result in the two controlling 80% of
the market.

While it would not be as extensive as a merger proposed in 2003,
the ACA fears that the Air New Zealand/Qantas partnership would
bring in a high fare rate while it would still be hard for other
low-cost carriers to compete.  ACA deputy chief executive Norm
Crothers expressed worry that Qantas and Air New Zealand might
create another monopoly.

New Zealand Finance Minister Michael Cullen confirmed last week
that code-sharing had been raised in talks but said that the
Government -- which owns a majority stake in Air New Zealand
following a 2001 government bailout -- had yet to receive a
final briefing.

The Troubled Company Reporter - Asia Pacific reported on
March 31, 2006, that Air New Zealand and Qantas Airways are
close to a code-sharing deal to cut costs, stave off fuel costs
and huge losses on the crowded trans-Tasman route.

TCR-AP also quoted Tony Marks, rival Pacific Blue's chief
executive officer, as saying that the Airlines were likely to
offer fewer, but larger flights, lessening competition and
making price hikes unavoidable.

In 2003, competition regulators on both sides of the Tasman
rejected a proposal that would have seen the two airlines
cooperate on all international and domestic services.
Australian authorities later approved the deal on appeal, saying
that increased competition from Pacific Blue and Dubai-based
Emirates would prevent anti-competitive behavior.

                      About Air New Zealand

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.

                          About Qantas

Headquartered in Sydney, Australia, Qantas Airways
-- http://www.qantas.com.au/-- is the world's second oldest  
airline and is also recognized as one of the leading long-
distance airlines, having pioneered services from Australia to
North America and Europe.  The Qantas Group employs
approximately 38,000 staff across a network that spans 145
destinations in Australia, Asia-Pacific, Americas, Europe and
Africa.  The Qantas Group also operates a diverse portfolio of
airline-related businesses, including Engineering Technical
operations and Maintenance Services, Airports and Catering,
Qantas Freight, Qantas Holidays, Qantas Defence Services and
Qantas Consulting.

Qantas started having problems in 2003 with the ill effects of
the Iraq War and the SARS outbreak, on top of the already
difficult period following the events of the 9/11 terrorist
attacks, the Afghanistan war and the terror threats, which lead
to a downturn in bookings to other Asian countries, and
affecting most of European routes as well.  The adverse effects
also affected other areas of the business including Qantas
Flight Catering, Qantas Holidays and Australian Airlines.
Qantas started reviewing, and widened, the range of initiatives
it had put in place following the triggering events.  These
initiatives included the reduction of staffing numbers through
the use of accumulated leave to the equivalent of 2,500 full-
time employees by June 2003 and by the equivalent of 1,000
employees between July and September 2003; a restructuring
program involving 1,000 redundancies, 400 permanent positions
eliminated through attrition and 300 permanent positions
converted from full time to part time; a freeze on capital and
discretionary expenditure; expansion of the leave without pay
program; increased use of part time workers; significant
restructuring of work practices and activities; and reduction of
capital expenditure, including retirement of some aircraft and
deferral of delivery of new aircraft.  In December 2003, Qantas
unveiled its new low cost-carrier airline, Jetstar Asia, which
later proved to be a headache after failing to gain access to
crucial markets such as Indonesia and China.  In June 2005,
Qantas admitted it is still struggling to recover its investment
in Jetstar, despite having managed to lease out four of its
unused Airbus 320s.

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


ALAN A. WRIGHT TRANSPORT: Members Opt for Voluntary Liquidation
---------------------------------------------------------------
After their general meeting on February 24, 2006, the members of
Alan A. Wright Transport Pty Limited decided to voluntarily wind
up the Company's operations.

William Balfour Rangott was then appointed as liquidator.

Contact: William B. Rangott
         Liquidator
         Rangott Slaven Hundy
         Level 3, Engineering House
         11 National Circuit
         Barton Australian Capital Territory 2600
         Australia
        

ASKARO HOLDINGS: Creditors OK Liquidator's Appointment
------------------------------------------------------
Members of Askaro Holdings Pty Limited convened on March 1,
2006, and agreed to wind up the Company's business operations.

M. F. Cooper was the appointed to supervise the Company's wind-
up activities.  

Creditors confirmed the Liquidator's appointment at a creditors'
meeting held later that day.

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


AUSTRALIAN WATERWISE: Troubled Waters Ahead
-------------------------------------------
Australian Waterwise Solutions Limited has flagged 2006 as a
difficult year in the wake of a number of factors that have
adversely impacted its business performance,
BusinessNews.Com.Au says.

The tough times facing the group have been reflected in its
results for the first half of the 2006 financial year, and have
led to what the Company's newly installed director, Geoff
Gander, calls a "hardcore review."

Australian Waterwise's merchandising division was impacted by an
unusually mild summer in Western Australia, and water bans in
Sydney, Brisbane and the Gold Coast contributed to difficult
trading conditions in many stores.

Wholesale operations were also affected by the different, but
equally damaging weather conditions on opposite sides of the
country, although the results were more in line with budgeted
net profit forecasts.

The Troubled Company Reporter -- Asia Pacific has learned from
The Company's financials that the half year ending on Dec. 31,
2005, had the Company posting a AU$122,726 net profit, a 84%  
decline from the AU$776,721 for the previous corresponding
period.  The Company's revenue likewise decreased 11% from
AU$22.19 million to AU$19.65 million in the half year to
December 31, 2005.

AWS is aware of its current unhealthy position, which is
highlighted by a continued weakness in its share price, and is
looking at ways to "weather proof" its business so sales remain
unaffected regardless of weather conditions.  It is planning to:

   * improve its middle management in the merchandise division
     so as to provide a stronger control over the day to day
     performance of branches;

   * review poorly performing branches and product lines, as
     well non-core assets so as to determine their on-going
     viability to the group.

     Last year six branches made losses and two branches were
     closed.

   * assess inventory levels, stuck at unacceptably high levels
     because of unseasonable poor sales over the summer, with a
     view to a potential write down of stock prior to June 30.

   * introduce a new range of residential and rural pumps this
     month.

The company's problems have also resulted in these board and
senior management changes:

   * David Nicholls has stepped down from the board and his role
     of general manager, merchandising;

   * Rohan Hardie has resigned as managing director but will
     continue in his role as general manager, wholesale;

   * Michael Moore has left the board and has been replaced as a
     non-executive director by Mr. Gander.

                          *     *     *

With assets of AU$35.61 million, Australian Waterwise Solutions
Limited -- http://www.hugall.com.au/-- is Australia's largest  
irrigation and water garden company.  The Company merchandises
and wholesales irrigation, turf, pump and water garden products.
The Company also designs, supplies, installs, manages and
maintains commercial irrigation contracts and projects and also
operates a lawn mowing and garden maintenance franchise system.


AUTO GROUP FLEETS: Receivers and Managers Appointed
---------------------------------------------------
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 Fleets 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


BE-1 PTY: Placed Under Voluntary Liquidation
--------------------------------------------
At BE-1 Pty Limited's general meeting on February 27, 2006,
members concurred that it is in the Company's best interests to
liquidate its operations.

Stan Traianedes was then appointed as Liquidator for the wind-
up.

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


BEXTON INTERNATIONAL: Down Park Files Petition to Liquidate Firm
----------------------------------------------------------------
Down Park Limited has filed with the High Court of Christchurch
an application to liquidate Bexton International Limited.

The High Court will hear the Application on April 10, 2006.

Any person wishing to appear on the hearing must file an
appearance not later than April 6, 2006.

Contact: Down Park Limited
         Plaintiff
         Dean James Gregory
         Solicitor for the Plaintiff
         Raymond Sullivan McGlashan
         Barristers and Solicitors
         17 Strathallan Street
         P.O. Box 557, Timaru
         New Zealand
         Telephone: (03) 684 5179
         Facsimile: (03) 688 0145


BOLD SILVER: Names Lesie Karutz as Liquidator
---------------------------------------------
At a special general meeting of Bold silver Pty Limited held on
February 22, 2006, members resolved to wind up the Company's
affairs, and appointed Leslie Glenn Karutz as liquidator.

Contact: Leslie G. Karutz
         Liquidator
         RSM Bird Cameron
         4 Eyre Street, Port Lincoln
         Australia


CITIE CENTRE: To Declare Final Dividend
---------------------------------------
Citie Centre 5 Pty Limited will declare a final dividend today,
April 4, 2006.

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

Contact: Jason Bettles
         Liquidator
         Worrells Solvency & Forensic Accountants
         Web site: http://www.worrells.net.au/


CROESUS MINING: Revival Plan Set to be Finalized by April 7
-----------------------------------------------------------
Croesus Mining N.L. is set to complete a deal with its hedging
banks and finalize a new mining plan until the end of the week.

According to the West Australian, Croesus chairman Michael
Kiernan confirmed that a detailed review by external advisers is
almost complete, but details of which still need some finishing
touches.  Mr. Kiernan said that he had met with the team that is
putting together the plan and had already talked with their
hedging counter-parties.  The plan, he said, will be finalized
on April 6 or 7.

The Troubled Company Reporter - Asia Pacific reported on
March 21, 2006, that Croesus had called in external advisers to
review its financial position after posting a first-half loss of  
AU$27 million and after experiencing difficulties meeting its
gold hedging commitments.  The TCR-AP said that Croesus was
believed to have begun talks with its main hedging counterpart,  
Macquarie, to restructure its hedge book and defer near-term
commitments in a bid to get the Company back on its feet.

"We're finalizing a proposal to put to the hedging people which
will include a management structure going forward," Mr. Kiernan
told the West Australian.

The report also relates that both of Croesus' Bullen and
Harlequin mines at Norseman now look set to carry on under the
revival strategy, which will also recommend a move to supplement
production by treating ore from other gold projects in the area.

Mr. Kiernan said that productivity needed to improve
substantially, especially at the Harlequin site, where too few
production faces had been developed and the mining method was
inappropriate for the narrow-vein mineralization.  Mr. Kiernan
declined to comment on whether Harlequin would remain open, the
West notes, although it is believed that the site is likely to
stay in operation if a partial standstill deal can be struck
with the hedging banks.

Moreover, the report says that the new mining plan may be
targeting a monthly production of about 8000oz, and to
supplement that production rate, Croesus is expected to target
additional medium-grade feed from external sources to keep the
Norseman plant at full capacity and produce up to 12,000oz a
month.

The TCR-AP earlier stated that on March 16, 2006, Croesus had
asked the stock exchange for a trading halt on all of its
securities as it considers the future of its gold-mining
operations and while it is undertaking an evaluation of all its
businesses.

                          *     *     *

Headquartered in Kalgoorlie, Western Australia, Croesus Mining  
N.L. -- http://www.croesus.com.au/-- explores and produces gold  
through its Davyhurst and Central Norseman exploration projects.

Falling grades and skyrocketing costs have pulled down Croesus'
production and profitability since 2005.  Croesus' problems also
stem from inadequate mine planning and development at its
flagship Norseman operation, where it operates the Bullen and  
Harlequin mines.  After selling its Davyhurst project to fellow  
Western Australian gold miner Monarch Resources Ltd. in November
to focus on the Norseman site, Croesus warned of a pretax loss
for the six months to December 31, 2005, on lower output and
hedging losses.

Now nursing the AU$25 million mark-to-market loss on its hedge-
book, Croesus was pushed to the brink of collapse by a surge in
costs above AU$800 an ounce -- roughly AU$200/oz above the
delivery price of its hedging contracts.  It was also producing
only about 7000oz a month, well below the 10,000oz needed to
meet its commitments.


EARLY SETTLER: William Gavin Johnston Named Liquidator
------------------------------------------------------
A special resolution to dissolve Early Settler Limited has been
passed by shareholders on March 27, 2006.

Subsequently, William Gavin Johnston was appointed as liquidator
to facilitate liquidation of the Company's assets.

The Liquidator requires the Company's creditors to prove their
debt or claims by April 13, 2006, or be excluded from the
benefit of any distribution the Company will make.

Contact: William Gavin Johnston
         Liquidator
         P.O. Box 91-842, Auckland
         New Zealand
         Facsimile: (09) 361 6702


GAINSFORD HOLDINGS: Inability to Pay Debts Leads to Wind-up
-----------------------------------------------------------
At a meeting of the members and creditors of Gainsford Holdings
on March 7, 2006, it was determined that due to its inability to
pay its debts, the Company must be wound up voluntarily.

Blair Pleash was appointed to supervise the Company's wind-up
activities.

Contact: Blair Pleash
         Liquidator
         c/o Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia


GLOBAL ENVIRO: Supreme Court Names Liquidator
---------------------------------------------
On February 2006, the Supreme Court of New South Wales appointed
Christopher J. Palmer as liquidator for the winding up of Global
Enviro Control Pty Limited.

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


ISLAND GOURMET: Set to Hold Final Meeting Today
-----------------------------------------------
The members and creditors of Island Gourmet Foods Pty Limited
will hold a final meeting today, April 4, 2006, for them to get
an account of the manner of the Company's wind-up and property
disposal from Liquidator Brett Harrison.

Contact: Brett Harrison
         Liquidator
         105 Macquarie Street, Hobart
         Tasmania 7000, Australia
         Telephone: 03 6223 2555
         Fax:  03 6223 2556
         Email: info@pjc.com.au


LAMP MAN: Faces Liquidation Petition
------------------------------------
The High Court of Auckland received on February 1, 2006, an
application to liquidate Lamp Man Limited.

The Application, which was filed by Ullrich Aluminium Company
Limited, will be heard before the High Court on April 13, 2006
at 10:45 a.m.

Interested parties wishing to appear at the hearing must file an
appearance not later than April 11, 2006.

Contact: Dianne s. Lester
         Solicitor for the Plaintiff
         Credit Consultants Debt Services NZ Limited
         Level Three, 3-9 Church Street
         P.O. Box 213 or D.X. S.X. 10 069
         Wellington
         New Zealand
         Telephone: (04) 470 5972


LAPTOP LAND PTY: Receiver Steps Aside
-------------------------------------
On March 9, 2006, Gregory Winfield Hall ceased to act as the
receiver and manager of the property of Laptop Land (New South
Wales) Pty Limited.


MCINDOE PASTORAL: Liquidator to Present Wind-up Report
------------------------------------------------------
A final meeting of the members of McIndoe Pastoral Proprietary
Limited will be held for the parties to receive Liquidator G. M.
Rambaldi's final account showing how the Company was wound up
and how its property was disposed of.

The meeting will be held today, April 4, 2006.

Contact: G. M. Rambaldi
         Liquidator
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia


M&S DAIRIES: Shuts Down Operations
----------------------------------
At a general meeting of M&S Dairies Pty Limited on February 23,
2006, members agreed that the Company must voluntarily commence
a wind-up of its operations.

Creditors named Roger David Midgley Smith as liquidator.

Contact: Roger D. M. Smith
         Liquidator
         126 George Street
         Morwell, Victoria 3840
         Australia


NERATHONG PASTORAL: Prepares to Distribute Assets
-------------------------------------------------
After an extraordinary general meeting on Nerathong Pastoral Co
Pty Limited, members resolved to wind up the Company's business
operations and distribute the proceeds of its assets disposal.

John Staniforth Woodley was tapped to manage Nerathong's wind-up
activities.

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


NZX LIMITED: Receiving Proofs of Debt Until April 13
----------------------------------------------------
Shareholders of NZX Limited have passed a special resolution to
appoint joint and several liquidators to facilitate the
liquidation of the Company's assets.

The Company's creditors are given until April 13, 2006, to prove
their debt or claims to benefit from any distribution the
Company will make.

Contact: Peri Micaela Finnigan
         Liquidator
         Victoria Toon, McDonald Vague
         P.O. Box 6092, Wellesley Street
         Auckland
         New Zealand
         Telephone: (09) 303 0506
         Facsimile: (09) 303 0508


POLAROID AUSTRALIA: Declares Final Dividend
-------------------------------------------
Polaroid Australia Pty Limited will distribute its final
dividend today, April 4, 2006, to the exclusion of its creditors
who were not able to prove their claims.

Contact: Keiran Hutchison
         Liquidator
         Ernst & Young
         Level 37, 680 George Street
         Sydney, New South Wales 2000
         Australia    
         Telephone: 02 9248 4057


QANTAS AIRWAYS: Workers Go to AIRC Over Outsourcing Complaints
--------------------------------------------------------------
Qantas Airways maintenance workers are taking their complaints
regarding Qantas' move to outsource an aircraft maintenance job
to the Australian Industrial Relations Commission, the
Australian Associated Press relates.

As reported in the Troubled Company Reporter - Asia Pacific on
March 23, 2006, Qantas has booked one of its 747 aircraft for
maintenance repair in Asia.  Qantas will send the plane to
Singapore later this month, despite having promised earlier that
it will keep its maintenance operations in Australia.

Qantas' decision angered the maintenance workers, who have
already staged a snap stop-work action on March 27 to show their
opposition.  The TCR-AP said that the protest took place despite
Qantas having already assured workers that it is still committed
to keeping its promise to keep heavy maintenance work in
Australia.

Moreover, the Executive General Manager of Qantas Engineering,
David Cox, had also explained that the arrangement for a single
Boeing 747-400 aircraft to undergo a heavy maintenance check in
Singapore was not out of the norm.  He said that the airline is
in a transition period ahead of moving its heavy maintenance
operations from Sydney to Avalon, as part of its consolidation
plan.

Yet, members of the Australian Licensed Aircraft Engineers
Association are also concerned about reports that two more jets
will be serviced outside the country, the AAP says, citing the
association's industrial manager, Chris Ryan.

The AAP notes that Qantas' executive general manager Kevin Brown
last week said that the airline had signed a deal with a Hong
Kong company to service a second jet.  Mr. Brown also indicated
that Qantas is considering a similar arrangement with a company
in Sweden.

Mr. Ryan asserted that the airline failed to respond to the
ALAEA's request asking it to confirm its actual maintenance
plans.

At the AIRC, the maintenance workers argued that Qantas had not
followed the protocols on seeking services overseas as set out
in the enterprise agreement.  According to Mr. Ryan, the
national carrier had an obligation under the enterprise
agreement to first explore the options for keeping the work in
Australia.  He said that Qantas failed to consider all these
available options.

The workers asserted that the airline still has the capacity to
do the work in Australia and that it still has the tools, the
skills and the hangar.

                          About Qantas

Headquartered in Sydney, Australia, Qantas Airways --
http://www.qantas.com.au/-- is the world's second oldest  
airline and is also recognized as one of the leading long-
distance airlines, having pioneered services from Australia to
North America and Europe.  The Qantas Group employs
approximately 38,000 staff across a network that spans 145
destinations in Australia, Asia-Pacific, Americas, Europe and
Africa.  The Qantas Group also operates a diverse portfolio of
airline-related businesses, including Engineering Technical
operations and Maintenance Services, Airports and Catering,
Qantas Freight, Qantas Holidays, Qantas Defence Services and
Qantas Consulting.

Qantas started having problems in 2003 with the ill effects of
the Iraq War and the SARS outbreak, on top of the already
difficult period following the events of the 9/11 terrorist
attacks, the Afghanistan war and the terror threats, which lead
to a downturn in bookings to other Asian countries, and
affecting most of European routes as well.  The adverse effects
also affected other areas of the business including Qantas
Flight Catering, Qantas Holidays and Australian Airlines.  
Qantas started reviewing, and widened, the range of initiatives
it had put in place following the triggering events.  These
initiatives included the reduction of staffing numbers through
the use of accumulated leave to the equivalent of 2,500 full-
time employees by June 2003 and by the equivalent of 1,000
employees between July and September 2003; a restructuring
program involving 1,000 redundancies, 400 permanent positions
eliminated through attrition and 300 permanent positions
converted from full time to part time; a freeze on capital and
discretionary expenditure; expansion of the leave without pay
program; increased use of part time workers; significant
restructuring of work practices and activities; and reduction of
capital expenditure, including retirement of some aircraft and
deferral of delivery of new aircraft.  In December 2003, Qantas
unveiled its new low cost-carrier airline, Jetstar Asia, which
later proved to be a headache after failing to gain access to
crucial markets such as Indonesia and China.  In June 2005,
Qantas admitted it is still struggling to recover its investment
in Jetstar, despite having managed to lease out four of its
unused Airbus 320s.

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


QUICKSHED'S AUSTRALIA: Enters Voluntary Liquidation
---------------------------------------------------
Members of Quickshed's Australia Pty Limited held a meeting on
February 28, 2006, and agreed on the Company's need to
liquidate.

At the meeting, the members appointed Michael Gerard McCann to
manage the Company's wind-up activities.

Contact: Michael G. McCann
         Liquidator
         Grant Thornton Chartered Accountants
         Level 4, Grant Thornton House
         102 Adelaide Street, Brisbane
         Queensland 4000, Australia


SA MILES MEDICAL: Members to Receive Wind-up Details
----------------------------------------------------
The members of SA Miles Medical Pty Limited will convene today,
April 4, 2006, to receive the liquidator's account regarding the
Company's completed wind-up and disposal of property.

Contact: Peter Camenzuli
         Johnston Rorke
         Level 5, 255 Adelaide Street
         Brisbane, Queensland 4000
         Australia


ST. HELENA'S REST HOME: Completes Liquidation Process
-----------------------------------------------------
St. Helena's Rest Home Limited's joint liquidators, David W.
Cope and Stephen A. Dunbar, will apply for the removal of the
Company from the New Zealand Register following the completion
of their report on the Company's liquidation.

An objection to the removal must be lodged with the Register not
later than May 5, 2006.


STRETFORD INVESTMENTS: Wind-up Process Initiated
------------------------------------------------
Members of Stretford Investments Pty Limited held a general
meeting on February 20, 2006, and agreed to shut down the
Company's business operations.

Contact: Peter Thomas Power CA
         c/o 3 Dimensions Pty Ltd
         6/532-542 Hampton Street
         Hampton, Victoria 3188
         Australia


SYDNEY GAS: Torn Between Two Financiers
---------------------------------------
Sydney Gas Limited is due to choose between refinancing offers
from Babcock & Brown and Melbourne investment house Chimaera
Capital, The Sydney Morning Herald reports.

According to the Sydney Herald, Babcock & Brown is vying with
Chimaera over refinancing a AU$30 million Sydney Gas convertible
note issue with some insiders tipping that Chimaera will end up
trumping its much larger rival.

The Sydney Gas board of directors -- which is also fighting a
hostile takeover bid by Queensland Gas that includes a
convertible note refinancing proposal -- is expected to announce
the results of the negotiations among the parties.

The Sydney Herald recounts that noteholders who are owed AU$10
million have to decide by tonight whether to nearly halve their
money by accepting shares in Sydney Gas or be repaid in cash on
Saturday.  Since it is unlikely that many will convert their
investment to shares, Sydney Gas and adviser Macquarie Bank is
mulling over financing proposals to repay the notes.

Babcock and Brown is reportedly interested in financing the
AU$30 million of notes as well as in assisting Sydney Gas with a
AU$23 million rights issue.

The investment bank could be seeking access to coal-seam methane
from Sydney Gas for its power-generating assets in the Hunter
Valley.

Chimaera Capital, which underwrote the original note issue, is
also interested in financing the debt.

Another option is to accept rival Queensland Gas' hostile offer.

                        About Sydney Gas

Sydney Gas Limited -- http://www.sydneygas.com/-- is a major  
coal seam methane producer in New South Wales.  It is the first
CSM producer in New South Wales to be granted a Production
Lease.  Its tenements cover the major energy markets in NSW
extending across the Wollongong, Sydney and Hunter Valley
regions.  The company's key producing asset is located at Camden
and the Company is currently evaluating the upside projects at
Hunter and Merriwa.

On November 15, 2005, Sydney Gas completed all of the
preconditions to the Joint Venture arrangements with The
Australian Gas Light Company over its development and
exploration assets in NSW, and the consideration of AU$42.25
million has been paid to Sydney Gas by AGL.  The financial close
of the joint venture arrangements with AGL completed a critical
element of the Company's strategy and saved Sydney Gas from
looming insolvency.  The Australian Securities and Investments
Commission later decided not to take further action on
allegations that Sydney Gas had breached the Corporations Act,
unless new information comes to light.

Sydney Gas's entire board quit in December 2005 after the
Company's shares were suspended to allow it to progress its
inquiries regarding the ownership of and arrangements concerning
the exercise of rights affecting a substantial number of shares
in the Company.

Sydney Gas has been struggling with the challenge of funding its
redemption of AU$30 million of convertible notes, with the first
tranche due on April 1, 2006, and the other due in June.
Queensland Gas launched an AU$88-million takeover bid for Sydney
Gas, at AU$0.36 per share, together with an offer to bail the
Company out by funding the redemption of its existing notes and
issuing a new, cheaper set of notes.  Sydney Gas rejected the
Queensland Offer.


THELMA MOXHAM HOLDINGS: Decides to Wind Up Business
---------------------------------------------------
Members of Thelma Moxham Pty Limited convened on Feb. 27, 2006,
to commence wind-up operations for the Company.

Contact: Kenneth Wayne Lamb
         Liquidator
         Jones Condon Chartered Accountants
         77 Station Street, Malvern
         Victoria 3144
         Australia


TRIMEX (N.Z.): Official Receivers and Managers Named
----------------------------------------------------
On March 28, 2006, Peri Micaela Finnigan and Victoria Toon,
chartered accountants of Auckland, were appointed as joint and
several liquidators of Trimex (N.Z.) Limited.

Creditors have until April 13, 2006, to prove their debt or
claims in order to benefit from any distribution the Company
will make.

Contact: Peri Micaela Finnigan
         Liquidator
         Victoria Toon, McDonald Vague
         P.O. Box 6092, Wellesley Street
         Auckland
         New Zealand
         Telephone: (09) 303 0506
         Facsimile: (09) 303 0508


VACATIONS PACIFIC: Liquidator Wants Firm Removed from Register
--------------------------------------------------------------
Liquidator Stephen J. Tubbs has finalized its report on the
liquidation of Vacations Pacific Limited.

Subsequently, Mr. Tubbs has filed for the removal of the Company
from the New Zealand Register.

Any objection to the removal must be delivered to the Registrar
not later than April 28, 2006.


WATTYL LIMITED: Barloworld Says Offer Will Help Wattyl Shares Up
----------------------------------------------------------------
Barloworld Limited mailed a statement to Wattyl Limited's
shareholders detailing its AU$321 million takeover offer for the
embattled Australian paint maker, the Australian Associated
Press reports.

In the bidder's statement, Barloworld said that its takeover
offer will help keep Wattyl's share price from falling.  AAP
notes that yesterday, Wattyl shares were up six cents at
AU$3.37, more than 30% higher than where the stock closed on
December 5, 2005, the day before Allco Equity Partners Limited
launched its hostile takeover bid for the company.

As reported by the Troubled Company Reporter - Asia Pacific in  
February 2006, Barloworld's AU$3.80-per-share offer for Wattyl
knocked off Allco's hostile takeover bid of AU$3.25 per share.  
The South African group subsequently won the support of Wattyl's
board of directors.  The Allco bid closed yesterday.

According to the AAP, Barloworld also said that Wattyl shares
may also become less liquid if Barloworld were to become a
majority shareholder.

Barloworld stated that it would review Wattyl's operations,
including staff numbers and the production capability of the
Company's manufacturing plants, to identify potential synergies
if the acquisition were successful.  It also indicated that some
employees "may be made redundant," yet clarified that it would
not be able to determine how many jobs might be axed until its
review is completed.

Moreover, Barloworld also plans to continue a restructuring
program already underway, and merge its head office with that of
Wattyl's.

The TCR-AP also reported earlier that Barloworld is currently in
discussions with the Australian Competition and Consumer
Commission to address the regulator's concerns that a Barloworld
takeover, which would merge the number two and number three
paintmakers, would substantially reduce competition.  
Barloworld, on the other hand, is firm on its belief that a
merger with Wattyl would be beneficial to the industry and the
consumers.

Barloworld's chief executive officer, Tony Phillips, said that
the company's talks with the ACCC could lead to members of the
Barloworld Group providing undertakings to the competition
watchdog.

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

                          *     *     *

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


WESTMORELAND HOLDINGS: Proofs of Debt or Claim Due Next Month
-------------------------------------------------------------
A liquidator has been appointed to facilitate the liquidation   
of Westmoreland Holdings Limited.

Subsequently, the liquidator fixed April 13, 2006, as the last
day for creditors to prove their debt or claims.  

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

Contact: William Gavin Johnston
         Liquidator
         P.O. Box 91-842, Auckland
         New Zealand
         Facsimile: (09) 361 6702


WOODMAN HOTELS: To Hold Final Meeting Today
-------------------------------------------
A final meeting of the members and creditors of Woodman Hotels
Pty Limited will be held today, April 4, 2006.

At the meeting, Liquidator Christopher P. Powell 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: Christopher P. Powell
         Liquidator
         c/o KordaMentha
         Level 4, 70 Pirie Street
         Adelaide, Australia


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

BANK OF CHINA: Repatriated Banker Gets 12-Year Jail Term
--------------------------------------------------------
Yu Zhendong, the former head of the Bank of China in Guangdong
Province, was sentenced to 12 years in prison, after being
accused of helping embezzle US$82.47 million from his state-
owned bank, AFX News relates.  The Chinese Court also
confiscated US$125,000 from Mr. Yu.

As reported by the Troubled Company Reporter - Asia Pacific on
August 14, 2005, Mr. Yu and two bank managers fled to the United
States in 2001 and was sent back to China in April 2004, under
an agreement in which he pleaded guilty to racketeering charges
in a United States federal court in Las Vegas.  

Moreover, the TCR-AP also reported that Mr. Yu's plea agreement
required the United States authorities to obtain assurances that
China would not sentence Mr. Yu to more than 12 years in prison
and he would not be tortured or given the death penalty.

AFX News relates that Mr. Yu teamed up with Xu Chaofan and Xu
Guojun to pocket millions from the Bank of China and then had
the money remitted to their private companies overseas to
finance their personal spending and gambling habits.  

                   About Bank of China

Headquartered in Beijing, China, the Bank of China
-- http://www.bank-of-china.com/-- provides corporate banking,  
retail banking and investment banking.  Other activities include
provision of corporate deposits, corporate loans, foreign
exchange business, savings deposits, consumer credit and
bankcards.  It has 12,967 domestic branches and 559 overseas
branches.  The bank received a US$22.5 billion capital injection
from the Government in 2003 to restructure state-owned banks.  
The state-owned lender has been offloading bad loans and
increasing capital since 2003 in preparation for an overseas
share sale, part of government plans to prepare the industry for
increased foreign competition, starting at the end of this year.    


CHEUNG WAH: Poised to Exit Bankruptcy This Year
-----------------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance Chapter 6, that Lau Ching Keung
trading as Cheung Wah Co., the bankrupt, will be discharged from
bankruptcy on September 4, 2006, in the absence of any
objections from their trustee in bankruptcy or creditors.

The bankrupt's creditors have the right to object to their
discharge on any of these grounds:

1) In the case of a discharge to which section 30A(2)(a) of
      the Bankruptcy Ordinance (Chapter 6) applies, that the
      bankrupt is likely within 5 years of the commencement of
      the bankruptcy to be able to make a significant
      contribution to its estate;

   2) That the discharge of the bankrupt would prejudice the
      administration of its estate;

   3) That the bankrupt has failed to co-operate in the
      administration of its estate;

   4) That the conduct of the bankrupt, either in respect of the
      period before or the period after the commencement of the
      bankruptcy, has been unsatisfactory;

   5) Without limiting section 30A(4)(c) or (d) of the
      Bankruptcy Ordinance (Chapter 6)(i.e. ground (iii) or
      (iv)), that the bankrupt has departed from Hong Kong and
      has failed forthwith to return to Hong Kong following a
      request to do so from the trustee;

   6) That the bankrupt has continued to trade after knowing to
      be insolvent;

   7) That the bankrupt has committed an offence under section
      129 or any of sections 131 to 136 of the Bankruptcy
      Ordinance (Chapter 6); and

   8) That the bankrupt has failed to prepare an annual report
      of his/her earnings and acquisitions for the trustee.

Creditors who wish to object to the Company's discharge must
notify the court and the liquidator not later than August 21,
2006.

CONTACT: Edward Thomas O'Connell
         Official Receiver
         10th Floor, Queensway Government Offices,
         66 Queensway, Hong Kong
         Phone: 28672448
         Fax: 31051814
         Web site: Http://www.info.gov.hk/oro/


CHINA HONG KONG DECORATION: Schedules Meeting on May 4
------------------------------------------------------
The first meeting of the creditors of China Hong Kong Decoration
Limited will be held at Units 3309-3311, 33/F., West Tower, Shun
Tak Centre, 168-200 Connaught Road Central, in Sheung Wan, Hong
Kong, on May 4, 2006, at 10:00 a.m.

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


FOCUS CENTURY: Creditors Meeting Slated for April 24
----------------------------------------------------
The creditors of Focus Century Limited will hold a creditors'
meeting on April 24, 2006, at 10:00 a.m., at Room 1206, 12/F.,
New Victory House, 93 Wing Lok Street, in Central, Hong Kong.

Any proxy may represent a contributory or creditor entitled to
attend at the meeting.

Forms of proxies for the meeting must be lodged not later than
April 23, 2006, at the meeting location.


INCO INVESTMENTS: Creditors Given Until May 2 to Prove Claims
-------------------------------------------------------------
Inco Investments Limited will be receiving creditors' proofs of
debt or claim before May 2, 2006.

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

Failure to comply with the requirements will exclude any
creditor from the benefit the Company will make.

Contact: Rainier Hok Chung Lam
         Joint and Several Liquidator
         22/F., Prince's Building
         Central, Hong Kong


LINKCITY TECHNOLOGIES: Receives Winding Up Petition
---------------------------------------------------
Cheung Yu Wah on January 17, 2006, filed a petition to wind up
Linkcity Technologies (H.K.) Limited.

The Petition will be heard before the High Court of Hong Kong at
9:30 a.m. on April 12, 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: Cheung & Choy
         Solicitors for the Petitioner
         Room 612, Wing On Centre
         111 Connaught Road
         Central, Hong Kong


MOULIN GLOBAL: Appoints Official Liquidators
--------------------------------------------
The High Court of the Hong Kong Special Administrative Region on
March 14, 2006, released an order to appoint Roderick John
Sutton and Desmond Chung Seng Chiong as Joint and Several
Liquidators of Moulin Global Eyecare Manufacturing Limited.

As reported by the Troubled Company Reporter - Asia Pacific on
March 16, 2006, a petition for the winding up of Moulin Global
was presented to the High Court of Hong Kong June 21, 2005.  
Some 29 banks, led by HSBC, filed the petition after Moulin
disclosed accounting irregularities and the pending insolvency
of its German subsidiary, NiGuRa Optik.   

Contct: Desmond Chung Seng Chiong
        Roderich John Sutton
        Joint and Several Liquidators
        Ferrier Hodgson Limited
        14th Floor, Hong Kong Club Building
        3A Chater Road, Central
        Hong Kong


NAIVE RUBBER: Faces Bankruptcy Proceedings
------------------------------------------
Naive Rubber and Plastic Toys Manufactory was issued a
bankruptcy order on March 22, 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


NEW CHINA HONG KONG CAPITAL: Final Meeting Set for April 21
-----------------------------------------------------------
A final meeting of the members and creditors of The New China
Hong Kong Capital Limited will be held on April 21, 2006, at
Room 207, Duke of Windsor Social Service Building, No. 15
Hennessy Road, in Wanchai, Hong Kong.

At the meeting, Joint and Several Liquidator James Wardell will
report on the activities that took place during the wind-up
period as well as the manner by which the Company's property was
disposed of.


NEW CHINA HONG KONG FINANCE: Members, Creditors to Meet April 21
----------------------------------------------------------------
Members and creditors of The New China Hong Kong Finance Limited
will convene in a final meeting at Room 207, Duke of Windsor
Social Service Building, No. 15 Hennessy Road, in Wanchai, Hong
Kong, on April 21, 2006, at 9:30 a.m. and 10:30 a.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
Liquidator James Wardell.


NEW CHINA HONG KONG GROUP: Final Meeting Fixed April 21
-------------------------------------------------------
A final meeting of the members and creditors of The New China
Hong Kong Group Limited will be held for the parties to receive
the liquidator James Wardell's final account showing how the
Company was wound up and how its property was disposed of.

The meeting will be held on April 21, 2006, at 11:00 a.m. and
11:30 respectively, at Room 207, Duke of Windsor Social Service
Bulding, No. 15 Hennessy Road, in Wanchai, Hong Kong.


LAM'S UNITED: Liabilities Prompt Firm to Wind Up
------------------------------------------------
The members of Lam's United Company Limited on March 20, 2006,
placed the Company in liquidation.

The move came after members determined that the Company is
unable continue its business operations due to its liabilities.

Subsequently, the members appointed Chan Kin Hang, Danvil as
provisional liquidator.

Contact: Chan Kin Hang, Danvil
         Room 802, 8th Floor
         Ginza Square, 565-567 Nathan Road
         Yaumatei, Kowloon
         Hong Kong


QUICK PROFIT: Members Convene to Discuss Winding Up
---------------------------------------------------
The final meeting of the members of Quick Profit Enterprises
Limited will be held on May 3, 2006, 10:30 a.m. at 13/F., Shum
Tower, 268 Dex Voeux Road, in Central, Hong Kong.

At the meeting, Liquidator Zeng Xianggao will present an account
on how the winding up was conducted and the property of the
Company disposed of, and to give any explanations as required.


SATISFACTORY PRINTING: Issues Preferential Dividend Notice
----------------------------------------------------------
Satisfactory Printing & Dyeing Factory Limited issued a notice
of intended second and final preferential dividend in the High
Court of the Hong Kong Special Administrative Region Court of
First Instance on March 24, 2006.

Creditors are required to submit their proofs of claim by April
7, 2006, to:

          Lau Wu Kwai King Lauren
          Joint and Several Liquidator
          5th Floor, Ho Lee Commercial Building
          38-44 D'Aguilar Street Central
          Hong Kong


TRIWAY INVESTMENT: Claims Filing Period Ends May 10
---------------------------------------------------
Triway Investment Limited started liquidating its assets after
members decided to wind up the Company's operations on March 10,
2006.

Appointed Liquidator Ngan Fai Wong of F.W. Ngan & Co. requires
creditors to send in their full names, addresses and
descriptions, full particulars of debts or claims, and the names
and addresses of Solicitors (if any) on or before May 10, 2006.

Contact: Ngan Fai Wong, Sunny
         Liquidator
         c/o F.W. Ngan & Co.
         Room B, 19/F.,
         Wing Hang Insurance Building
         11, Wing Kut Street
         Hong Kong


TSOI MING: Enters Bankruptcy Proceedings
----------------------------------------
A bankruptcy order for Tsoi Ming Gei Engineering Company was
issued 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


WINSPOWER LIMITED: Creditors Should Prove Debts by April 18
-----------------------------------------------------------
Winspower Limited will be receiving proofs of debt or claims
only until April 18, 2006.

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

Failure to comply with the requirements will exclude any
creditor from the benefit the Company will make.

Contact: Richard Michael Healy
         Stephen John Peaker
         Joint and Several Liquidators
         Room 503, 5th Floor, St. George's Buildings
         2 Ice House Street, Central
         Hong Kong


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

BPL LIMITED: Board OKs Preferential Shares Issue to EIPT
--------------------------------------------------------
The Board of Directors of BPL Limited has approved an allotment
of equity shares up to 2,00,00,000 at a premium of INR33.02 a
share to Electro Investment Pvt Ltd. on preferential basis.  The
issue is subject to the Securities and Exchange Board of India's
prescribed guidelines and Bombay Stock Exchange rules.

The BPL Board, which presided over an extraordinary general
meeting on March 29, 2006, has also informed the bourse of a
decision to increase the authorized share capital of the company
to INR2250 million comprising 5,00,00,000 Equity Shares of
INR10/- each and 1,75,00,000 Redeemable Preference Shares of
INR100/- each and consequential amendments in the Memorandum and
Articles of Association.

As reported by the Troubled Company Reporter - Asia Pacific on
March 31, 2006, the increase in the authorized capital was
approved at the EGM to accommodate the preferential issue to
Electro Investment Pvt Limited.

Headquartered in Bangalore, India, BPL Limited manufactures and
distributes consumer electronic products such as televisions,
video tape recorder, audio systems, emergency lanterns,
electrocardiographs and monitors.  The Group also manufactures
home appliances like washing machines, refrigerators, vacuum
cleaners, microwave ovens, gas tables, soft energy and consumer
telecom products.  Its plants are located at Kerala, Karnataka
and Uttar Pradesh.  The Group operates only in India.  Last
year, the Company obtained approval from the Kerala High Court
for its financial restructuring scheme and the launch of the
50:50 joint venture with Sanyo for the CTV business.  The
restructuring has allowed BPL to focus and strategize on its
core businesses like mobile phones, entertainment electronics,
medical electronics, engineering plastics and tooling for
automotive and consumer electronics industry.  As a part of the
restructuring exercise, BPL had recently also sold off its dry
cell business- which operated through its subsidiary BPL Soft
Energy Systems- in a INR67 crore deal including liabilities to
the Khaitans of Eveready Industries.


HEAVY ENGINEERING: Court Orders Government to Extend Aid
--------------------------------------------------------
Heavy Engineering Corporation will soon receive a INR102-crore
bridge loan from the Union Government as directed by the
Jharkhand High Court, The Telegraph reports.

Aside from the loan, the Court also ordered the Government to
extend the bank guarantee of INR150 crore for a period of three
years until Heavy Engineering is able to stand on its feet.

ZeeNews reported earlier that the Court had ordered the
Jharkhand State Electricity Board and Heavy Engineering officers
to sit with Government representatives and formulate plans to
revive the firm.  Heavy Engineering owes around INR649 crore to
the JSEB, which will waive the outstanding amount of its claim
after receiving INR500 crore from the corporation.

A report by The Telegraph on March 5, 2006, reveals that Union
finance minister Paniappan Chidambaram has ruled out any
additional package for Heavy Engineering.  Minister Chidambaram
has made it clear to a delegation of Heavy Engineering Officers'
Association that the finance ministry was not able to make any
changes in the INR2,100-crore rehabilitation package announced
by the Government in December 2005 on the grounds that any
deviation from the original package would have to be concurred
by the Cabinet.

However, the Association explained that it had called on the
Union finance minister in New Delhi to press for a comprehensive
rehabilitation package for the ailing firm following the High
Court's observations that the central package contained mere
provisions to clear the old dues and was not backed by any
comprehensive plan to put the corporation back on the rails.

Nonetheless, the Financial Express reports that the Union
Cabinet has already approved a package for revival for Heavy
Engineering, the implementation of which has been started.

                          *     *     *

Headquartered in Ranchi, India, Heavy Engineering Corporation
Limited -- http://www.hecltd.com/-- was incorporated in  
December 1958 with the primary objective of achieving self-
sufficiency and self-reliance in the field of design and
manufacture of equipment and machinery for the Iron and Steel
Industry and other core sector industries like, Mining,
Metallurgical, etc.  It has three manufacturing units:

     * Heavy Machine Building Plant;
     * Heavy Machine Tools Plant; and
     * Foundry Forge Plant.

The Company manufactures a wide range of equipment for steel
plants, material handling equipment like wagon tipplers and EOT
cranes, heavy machine tools including CNC machine tools and
special purpose machine tools, various types of castings,
forgings and rolls.  The Company became sick and was referred to
BIFR in the late 1990s.  BIFR has sanctioned a revival plan,
which is under implementation.


* Number of Loss-Making PSEs Drops but Combined Losses Jump
-----------------------------------------------------------
A recent survey conducted by the Department of Public
Enterprises revealed that the number of loss-making public
sector enterprises in the Central region declined to 73 in
2004-05 from 88 in 2003-04, The Financial Express reports.

Of the 217 PSEs, 143 reported that they were profitable, the
survey says.  Among the 73 loss-making firms, 30 were those
acquired by the Government from the private sector.

The combined losses of the 73 state firms, however, have grown
to INR9,002.75 crore from INR6,359 crore in the previous survey
period.

According to the survey, as many as 73 sick state companies were
referred to the Board for Industrial and Financial
Reconstruction as of June 2005.

However, six of the BIFR referrals were later dropped from the
list after their net worth turned positive.

The six companies, which were declared "no longer sick", are:

     * Scooters India Ltd;
     * North Eastern Regional Agricultural Marketing
       Corporation;
     * Vignyan Industries;
     * Bharat Immunologicals;
     * and Biologicals Corporation Ltd; and
     * Maharashra Elektrosmelt Ltd.

The BIFR has sanctioned revival schemes for 16 state firms.  It
has also recommended winding up 29 companies and issued winding
up notice in two cases.  

The Government has, however, decided to step in and prepare
revival package for companies for which the BIFR has issued
winding up notices such as the Heavy Engineering Corporation and
Bharat Ophthalmic Glass.  Bharat Opthalmic was also recommended
for winding up by the Board for Reconstruction of Public
Enterprises.


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

INDOFOOD SUKSES: Launches $100 Million Loan Via ING Bank
--------------------------------------------------------
PT Indofood Sukses Makmur Tbk has launched a US$100 million,
two-year amortising term loan via sole lead arranger ING Bank,
Reuters Basis Point says.

According to the report, the deal was launched simultaneously to
sub-underwriting and general syndication.

                          *     *     *

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

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


PERUSAHAAN GAS: Unit to Sell $200 Million in Bonds
--------------------------------------------------
Transportasi Gas Indonesia, a unit of state-owned PT Perusahaan
Gas Negara, plans to sell $200 million in bonds, Reuters Basis
Point relates.  JPMorgan Chase & Co will arrange the sale.

                About Transportasi Gas Indonesia

Transportasi Gas Indonesia is 60% owned by Perusahaan Gas
Negara.  The Company owns and operates 621 miles of onshore and
offshore gas pipelines that deliver CococoPhilips' South Sumatra
gas to market.

                 About PT Perusahaan Gas Negara

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

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

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

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


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

LIVEDOOR COMPANY: To Move Out of Roppongi Hills Office
------------------------------------------------------
Struggling Internet firm Livedoor Company Limited is looking to
move its headquarters out of a complex in Roppongi Hills, Tokyo,
due to high rental fees, Mainichi Shimbun reports.

In an interview with the paper, Livedoor president Kozo
Hiramatsu said that they were burdened by the rent at Roppongo
Hills, but, sources close to the matter said that the Company
wants to polish its image and not be part of the "Hills tribe,"
the name given to young entrepreneurs based in that area.

Companies of the Hills Tribe give off a bad image because
despite their success, investors view them negatively, due to
several hostile takeover attempts against established firms.

                      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.

On April 3, 2006, Troubled Company Reporter stated that a
Company unit, Livedoor Auto Company, was seeking compensation
from its parent for losses incurred due to the recent accounting
scandal that led to the arrest and indictment of its former
president and directors.  An earlier report on March 30, 2006,
also said that former Livedoor stockholder Fuji Television
Network was seeking damages from the Company, for losses
incurred when Livedoor stock prices plunged sharply in the wake
of the scandal last January.


PIONEER CORPORATION: Over 700 Employees Seek Early Retirement
-------------------------------------------------------------
Around 777 employees of Pioneer Corporation applied for its
early retirement plan, surpassing the Company's target to
downsize 600 jobs, AFX News relates.

The consumer electronics firm, which posted a special JPY11
billion loss in the fiscal year ended March 31, 2006, due to a
price drop of its plasma display TVs, accepted the applications
of all 777 workers, adding that it would not be affected by the
oversubscription as it had already prepared for it.

The Troubled Company Reporter - Asia Pacific reported on
March 10, 2006, that Pioneer Corporation had estimated to post
an JPY85 billion net loss for the business year 2005, ending
March 31, 2006.

Headquartered in Tokyo, Japan, Pioneer Corporation --
http://www.pioneer.co.jp/-- manufactures consumer and  
commercial electronics, about 40% of its sales come from car
electronics, which are sold to retailers and automobile
manufacturers.  Pioneer also makes video equipment and audio
products.  Through Disco Vision Associations, Pioneer also
generates revenue from licensing optical disc technologies.
Pioneer has more than 30 manufacturing facilities worldwide.

In February 2005, Standard & Poor's Ratings Services lowered its
long-term issuer credit and senior unsecured debt ratings on
Pioneer to 'BBB' from 'BBB+' reflecting substantial
deterioration in earnings in the Company's home electronic
business and weak prospects for early recovery in performance.
The rating action reflected the subsequent deterioration in cash
flow protection.  By November 2005, S&P placed its 'BBB' ratings
on Pioneer on CreditWatch with negative implications following
the Company's yet weaker profit forecast for fiscal 2005 (ending
March 31, 2006).  In December 2005, Pioneer announced business
restructuring plans that involve improving management efficiency
through organizational restructuring.  The Company dismantled
its current "internal company" system as of Jan. 1, 2006, and
reorganized into a two-department set-up featuring the Home
Entertainment Business Group and the Mobile Entertainment
Business Group.  All operations related to plasma displays, DVD
products and home audio products will be integrated into the
Home Entertainment Business Group.  The Home Entertainment
Business Group staff, currently working at three locations, will
be consolidated at one location in Japan by 2007.  As part of
Pioneer's efforts to reduce fixed costs for the entire group, it
is also consolidating its worldwide production sites from 40 to
about 30, and in this regard, cutting about 2,000 employees,
mostly at overseas production sites.


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

CHOHUNG BANK: Fitch Withdraw Ratings After Shinhan Merger
---------------------------------------------------------
Fitch Ratings has withdrawn its ratings on Chohung Bank and
affirmed those on Shinhan Bank -- both Long-term Foreign
Currency Issuer Default Rating 'A-', Individual 'C', Support '1'
and Short-term 'F2'.  This follows the merger of the two banks
on April 1, 2006, under the Shinhan name.  Shinhan Bank's Lower
Tier Two and Upper Tier Two issue ratings are also affirmed at
'BBB+', while its hybrid Tier 1 rating is affirmed at 'BBB'.

The enlarged Shinhan Bank remains 100% owned by the Shinhan
Financial Group.  Together with Jeju Bank -- a regional bank,
62% owned by SFG -- SFG is the second-largest banking group in
Korea with KRW165 trillion in assets at end-2005, accounting for
c.15% of system-wide assets.  At end-2005, the combined banks'
total capital adequacy ratio stood at c. 11.6% -- Tier 1 CAR of
7.4% -- up from 10.9% -- Tier 1 of 6.3% -- a year prior.  
Shinhan is currently targeting a total CAR of 12% and a tier 1
CAR of 8%.

In 2005, both Shinhan and Chohung posted robust operating
performances.  Shinhan reported KRW774 billion in net income to
show a 17.8% ROE and a 1.06% ROA, while Chohung registered
KRW757bn in net income resulting in a 23.5% ROE and a 1.15% ROA.
Fitch also notes Chohung's significant improvement in asset
quality over 2005, with its non-performing loan ratio declining
to 1.0% from 1.9%.  Shinhan has long been a relatively strong
performer, including throughout the Korean banking crisis of the
late-1990s and the system-wide credit card problems of 2003.  
Fitch expects the merger will be successful with the enlarged
bank enjoying good profitability as supported by Shinhan's
credit risk management capabilities and Chohung's wider presence
in the mass market.

Fitch understands that SFG has an interest in acquiring LG Card,
which may affect the group's financial status and ratings
depending on the price paid and how it is funded.

                       About Chohung Bank

Headquartered in Seoul, South Korea, Chohung Bank
-- http://www.chb.co.kr/-- was established in 1897 and is  
Korea's oldest bank.  The government took over the bank during
the Asian financial crisis, when deterioration in the quality of
its large corporate book caused the bank to become severely
under-capitalized.  Then, in September 2003, Shinhan Financial
Group acquired an 80.04% stake from the government.  It now
wholly owns CHB.  With the acquisition, SFG became the system's
second largest financial group.  SFG had agreed to maintain CHB
and its other subsidiary, Shinhan Bank, as separate legal
entities for three years but the merger date was later brought
forward to April 1, 2006.

Fitch Ratings had on May 30, 2005, upgraded the ratings on CHB
to Long-term 'BBB+' from 'BBB', Short-term 'F2' from 'F3' and
Individual 'C' from 'C/D'.  CHB's Support rating, meanwhile, was
affirmed at '2'.  Fitch's ratings on CHB's Lower and Upper Tier
II subordinated debt have also been raised by one notch to 'BBB'
and 'BBB-'.  The Outlook on CHB's ratings is Positive.  At the
same time, the agency also revised the rating Outlook on Shinhan
Bank to Positive from Stable.  CHB posted net income of KRW265.2
billion resulting in 11.7% ROE in 2004, a meaningful turnaround
from losses of KRW987bn in 2003.  The bank's NPL ratio also
declined significantly to 1.94% at end- 2004 from 4.8% a year
earlier.  Thanks to the bank's downsizing and book-cleaning
efforts in its credit card and unsecured loans businesses, CHB
continued to post favorable operating results in the first
quarter of 2005, registering KRW125.9 billion for an annualized
0.80% ROA and 20.1% ROE, mainly thanks to falling provisioning
charges.


DAEWOO SHIPBUILDING: Achieves 45% of 2006 Orders Target in 1Q
-------------------------------------------------------------
As reported by the Troubled Company Reporter on January 5, 2006,
Daewoo Shipbuilding and Marine Engineering Co. eyes a 47%
increase of orders in 2006 to US$10 billion, compared to US$6.8
billion in 2005.

In an update on April 2, 2006, The Korea Times relates that the
shipbuilder posted orders worth US$4.5 billion in the first
quarter, or 45% of its target.

              About Daewoo Shipbuilding and Marine

Headquartered in Seoul, South Korea, Daewoo Shipbuilding and
Marine Engineering Co. -- http://www.dsme.co.kr/-- has  
developed into one of the world's premium specialized
shipbuilding and offshore contractor that builds various
vessels, offshore platforms, drilling rigs, floating oil
production units, submarines, and destroyers.  The shipbuilder
has been under a creditors-led corporate restructuring program
since 1999 along with some other affiliates after its parent,
Daewoo Group, collapsed under heavy debt exposure.  Daewoo
Shipbuilding is up for sale and the Korea Development Bank and
Korea Asset Management Corporation plan to start the sale
process of their remaining stakes in the second half of 2006.


HYUNDAI MOTOR: Chairman Chung Mong-Koo Exits Korea
--------------------------------------------------
Hyundai Motor chairman Chung Mong-koo has left for the United
States on April 2, 2006, to visit several manufacturing and
sales facilities in the country, The Korea Times reports.  Mr.
Chung is expected to be back on April 9, 2006.

The Troubled Company Reporter - Asia Pacific reported earlier
that prosecutors have raided the headquarters of Hyundai Motor
Co., and three of its subsidiaries -- Glovis Co., Kia Motors
Corporation and Hyundai Autonet Co. -- on March 26, 2006, as
part of their investigation into the Hyundai Motor Group's
alleged involvement in a slush fund scandal and in illegal
political lobbying.

According to the Korea Times, a Hyundai Motor spokesman has
confirmed that Mr. Chung's trip was planned long before the
scandal broke out.  The unnamed spokesman added that there was
no legal problem regarding Mr. Chung's sudden flight.

The Korea Times relates that the prosecutors were not informed
of Mr. Chung's departure, but said that it will not affect the
ongoing investigations.

The TCR-AP recounts that the Supreme Public Prosecutors Office
interrogated Chae Yang-ki, president of Hyundai Motor Group's
Corporate Planning Division, on March 29, 2006, and also
arrested Glovis chief executive officer Lee Ju-eun over
allegations that the automaker raised billions of won in slush
funds to bribe politicians and government officials through
lobbyist Kim Jae-rok.  Mr. Lee was charged with embezzlement of
KRW6.98 billion of Company money to create slush funds.  

                       About Hyundai Motor

Headquartered in Seoul, South Korea, Hyundai Motor Company
-- http://www.hyundai-motor.com/-- has been selling cars in the  
United States since 1986, but it only started selling its heavy
trucks stateside in 1998.  South Korea's number 1 carmaker,
Hyundai produces 14 models of cars and minivans, as well as
trucks, buses, and other commercial vehicles.  The Company
reestablished itself as Korea's leading carmaker in 1998 by
acquiring a 51% stake in Kia Motors (since reduced to about
45%).  Hyundai's exports include the Accent and Sonata, while
its Korean models include the Atos subcompact.  The Company also
manufactures machine tools for factory automation and material-
handling equipment.  

In September 2005, Standard & Poor's Rating Services maintained
its long-term BB+ ratings on Hyundai Motor Co. and Kia Motors
Corp. on CreditWatch with positive implications following recent
reports that the Hyundai Group may buy Mando Corp. a Korean auto
parts maker.  Mando has been put up for sale for KRW2 trillion
by JP Morgan Partners and Affinity Capital, which together own
over 70% of the company.  Despite Hyundai and Kia's continued
improvement of their global market positions, the group
continues to make overly aggressive expansion and acquisition
plans.  These include a recently announced Kia factory in the
U.S. and, of more concern, the W5 trillion-W7 trillion blast
furnaces planned by group company INI Steel Co.  The CreditWatch
listings will be reassessed within the following two months. If
purchase terms for Mando are solidified during that time, the
CreditWatch placement will be resolved.  However if the
negotiations are prolonged, Standard & Poor's will affirm the
current 'BB+' ratings until further information is available.


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


APEX EQUITY: Buys Back 2,000 Shares for MYR913
----------------------------------------------
On March 31, 2006, Apex Equity Holdings Berhad bought back 2,000
ordinary shares for a total cash consideration of MYR913.36.

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

After the purchase, the cumulative outstanding treasury shares
have reached 2,912,200.   

On March 30, 2006, the Company bought back 22,200 ordinary
shares for a total cash consideration of MYR9,921.85, 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.


ASIAN PAC: Walking the Road to Recovery
---------------------------------------
Asian Pac Holdings Berhad is well on its way to recovery, The
Star Online reports, citing the Company's former majority
shareholder, Peter Lew.

The group, which returned to the black last fiscal year with a
net profit of MYR12.1 million on revenue of MYR195.2 million, is
undertaking a corporate restructuring, The Star relates.

The revamp involves cutting the par value of the Company's
shares to 20 sen from MYR1 as well as knock offing its share
premium account.  The exercise seeks to bring down the Company's
accumulated losses to MYR80.73 million from MYR486.7 million.

As part of the exercise, the Company is also keen on land
acquisition, which is expected to strengthen the Company's
balance sheet and also replenish its land bank.

Asian Pac managing director Datuk Mustapha Buang told Bernama
News that the Company has now refocused on property after it
disposed of its insurance and stockbroking arms in 2003 and
2004.

Currently, the Company is completing various projects all over
the country.  The completion of the projects is expected to
conclude the Company's turnaround.

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


DATUK KERAMAT: Fails to Submit Financial Statements on Time
-----------------------------------------------------------
Datuk Keramat Holdings Berhad says that it has not issued these
financial reports pursuant to the requirement of Paragraph
9.26(3)(b) of the Bursa Securities Listing Requirements:

   * Annual Audited Accounts for financial period ended
     December 31, 2004, by the April 30, 2005 due date;

   * First Quarterly Report ended March 31, 2005, by the May 31,
     2005 due date;

   * Annual Report for financial period ended December 31,
     2004, by the June 30, 2005 due date;

   * Second Quarterly Report ended June 30, 2005, by the
     August 31, 2005 due date;

   * Third Quarterly Report ended September 30, 2005, by the
     November 30, 2005 due date; and

   * Fourth Quarterly Report ended December 31, 2005, by the
     February 28, 2006 due date.

The Company explained that the delay in the issuance of the
Financial Statements was due to the fact that the Company is
still working on its proposed restructuring scheme.  

The expected date of the Financial Statements submission will
depend on the outcome of the restructuring plan.

The consequences of non-compliance of the requirement may result
in the Company being suspended and delisted by Bursa Malaysia
Securities Berhad.

As reported by the Troubled Company Reporter - Asia Pacific on
March 16, 2006, Bursa Securities has decided to delist Datuk
Keramat's securities from the Official List of Bursa Securities
on March 22 as the Company does not have an adequate level of
financial condition to warrant continued listing on the Bourse.   
   
The Company had immediately lodged an appeal against the
Bourse's decision with the Bourse's Appeals Committee.  Thus,
Bursa Securities had postponed the delisting until a ruling on
the appeal is entered.   

Headquartered in Pulau Pinang, Malaysia, Datuk Keramat Holdings
Berhad is engaged in investment and property holding.  The
Company is also involved in management services; property
investment services; project management services and
development; credit and financing activities; distribution and
publication of magazines; media design and advertising;
management of supermarket and departmental store; trading and
distribution of pharmaceutical, management of car park, garment
manufacturing and financial services.  On January 24, 2005, the
Company was been served with a winding-up petition by Affin Bank
Bhd, who claimed a sum of MYR15.66 million as of May 31, 2002,
in respect of revolving credit facilities granted to the
company.  The Company has been suffering tight liquidity and is
facing delisting due to its failure to submit its financial
reports to Bursa Malaysia.  The Company explained that the
issuance of its financial statements was delayed because it is
still working on the proposed restructuring scheme.


KILANG PAPAN: Awaits New Restructuring Scheme to Curb Losses
------------------------------------------------------------
As of January 31, 2006, Kilang Papan Seribu Daya Berhad ceased
operations and there was no turnover for the quarter ended that
date, compared to a turnover of MYR0.24 million in the previous
quarter.  Operations will start when working capital is injected
pursuant to the directors' efforts to formulate a restructuring
scheme with the creditors of the Company.

The Company's MYR8.02-million pre-tax loss for the January 2006
quarter is higher than the previous quarter's MYR4.6-million
loss as a result of a MYR3-million impairment loss provision in
the current quarter.

The current year prospects will not improve until a new
Restructuring Scheme is formulated and implemented.

The Board of Directors does not recommend the payment of any
dividend for the quarter under review.

               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

          0           258             486          2,474

* Profit/(loss) before tax  

     -8,023        -4,639         -21,540        -19,378

* Profit/(loss) after tax and minority interest  

     -8,023        -4,639         -21,540        -19,378

* Net profit/(loss) for the period

         -8        -4,639         -21,540        -19,378

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

     -40.00        -23.00         -108.00         -97.00

* 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

       -10.8900                     -9.8200

The Company's First Quarter Report is available for free at:

   http://bankrupt.com/misc/tcrap_kilangpapan4Q040306.pdf  

   http://bankrupt.com/misc/qtr31.1.06.rtf   

Headquartered in Sabah, Malaysia, Kilang Papan Seribu Daya
Berhad engages in the manufacturing and marketing of timber and
timber related products; and trading of rubber wood products.  
Its products, which include sawn timber and molded timber, are
exported to Japan, United States and Europe.  The Company fell
into Special Administration on December 1999, due to its
catastrophic losses.  In December 2002, the Securities
Commission approved the Company's debt-restructuring scheme.  In
November 2005, Pengurusan Danaharta Nasional Berhad terminated
the Special Administrators appointment to the Company.  As the
Proposed Restructuring Scheme to the Securities Commission on
June 21, 2004, was based on a Workout Proposal formulated by the
Special Administrators on May 28, 2004, the existing Debt
Restructuring Scheme was withdrawn by Am Merchant Bank Berhad on
behalf of the Special Administrators.  On December 22, 2005, the
Company received a Notice to Show Cause on De-listing of its
securities from the Official List of Bursa Securities.  On
March 10, 2006, Bursa Securities informed the Company that its
securities will be delisted from the Official List on March 22,
2006.  However, the Company appealed against the delisting.  
Meanwhile, the directors have made efforts to propose a
restructuring scheme and are awaiting the response from certain
creditors.  The Company does not comply with Paragraph 3.04 of
the Bursa Malaysia Listing Requirements as the paid-up share
capital is MYR19,999,000 instead of MYR40,000,000.  This
shortfall will be addressed upon implementation of a new Debt
Restructuring Scheme.


KL INFRASTRUCTURE: Net Loss Widens on Higher Loans Interests
------------------------------------------------------------
For the third quarter of fiscal year ending April 30, 2006, the
KL Infrastructure Group Berhad's turnover was 25% higher at
MYR29.6 million, as against the MYR23.6 million in the preceding
year period.  Operating profit before depreciation saw a 41%
increase from MYR10.4 million in 2005 to MYR14.7 million in
2006.

However, higher depreciation charges of MYR7.8 million due to
adjustment of depreciation rates have resulted in a reduction in
the profit before interest and taxation of MYR6.9 million for
2006.

The Group suffered a higher loss after interest and taxation of
MYR57.2 million due to the higher interest expense incurred on
the project loans.

The losses arising in both the current and preceding quarters
were attributable to the financing charges.  While contributions
were slightly higher in the current quarter, this was largely
negated by higher amortization and depreciation charges and
increased financing costs.

No dividend has been proposed for the financial quarter ended
January 31, 2006.

               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

     11,873         8,321          29,580         23,629

* Profit/(loss) before tax

    -18,718       -17,166         -57,209        -51,255

* Profit/(loss) after tax and minority interest

    -18,718       -17,166         -57,209        -51,255

* Net profit/(loss) for the period

    -18,718       -17,166         -57,209        -51,255

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

      -3.60         -3.30          -11.00          -9.86

* 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

        0.1587                       0.2687

KL Infrastructure's financial statement for the third quarter
ended January 31, 2006, is available for free at:

   http://bankrupt.com/misc/tcrap_klinfrareport040306.pdf

   http://bankrupt.com/misc/tcrap_klinfrastructure040306.doc  

KL Infrastructure Group is principally engaged in the concession
and operation of an intra-city public transit system called the
KL Monorail.  Its other activities include provision of
advertising space on columns and stations along KL Monorail
project route, property development and investment holding.  The
Group's activities are carried out principally in Malaysia.  The
Group has been incurring consecutive losses in the past years
due to its high operating expenses and loan-interest payments.


LITYAN HOLDINGS: Provides Credit Default Updates
------------------------------------------------
Lityan Holdings Berhad has updated on the details of the various
credit facilities in default by the Company and its subsidiaries
to the financial institutions as of March 31, 2006.

The defaulted facilities are detailed in:

   http://bankrupt.com/misc/tcrap_lityanholdings040306.pdf  

Lityan Holdings is currently insolvent.  However, the company
has submitted its Proposed Restructuring Scheme to the
Securities Commission, Foreign Investment Committee and Bank
Negara Malaysia for their approval on January 20, 2006.  It had
also commenced discussion and currently is in negotiations with
the lenders on the Creditors Scheme of Arrangement.

The Company is concurrently also looking into other business
opportunities within its core activities and also actively
taking steps to dispose of the Group's non-core investments and
non-operating assets to address its current financial position.

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides  
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.  
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.

The Group incurred hefty losses since the 2001, with its
liabilities exceeding its assets by MYR76 million.  It also
started defaulting on loan facilities.  In 2005, the Company
proposed a restructuring scheme.  The Company is currently
looking into other business opportunities within its core
activities and also taking steps to dispose of the Group's non-
core investments and non-operating assets to address its current
financial predicament and to generate cash flow for settlement
of defaults and redemption of loans.


MBF HOLDINGS: Makes Partial Payment of Defaulted Loans
------------------------------------------------------
MBf Holdings on March 31, 2006, repaid its Scheme B Creditors
MYR1,000,000, which reduced the total defaulted sum of
MYR19,478,317.

The Default was made by MBf Corporation's wholly owned
subsidiary, MBf Leasing Sdn Bhd.

In addition, around MYR426,413 has been paid to all Scheme
Creditors, resulting in a shortfall of MYR880,253 in interest
repayment to all Scheme Creditors for March 2006.

As of March 31, 2006, the cumulative interest shortfall amounts
to MYR3,913,223.

There is no further new development since the previous
announcement with regard to the steps taken to address the
default.

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.


MEDIA PRIMA: Restructuring Brings Better Results
------------------------------------------------
For the fourth quarter of the year ended December 31, 2005,
Media Prima Berhad registered a revenue of MYR118.67 million as
compared to MYR109.05 million booked for the quarter ended
September 30, 2005, arising mainly from strong growth in
advertising revenue.

Accordingly, Media Prima recorded an increase in profit before
tax of 41% from MYR23.96 million achieved for the previous
quarter to MYR33.79 million for the quarter under review.

The Company's results and revenue activities are mainly driven
by the performance of its subsidiaries, TV3 Group and
Metropolitan TV Sdn Bhd -- 8TV, and its associate, The New
Straits Times Press (M) Berhad Group.

For the financial year 2005, Media Prima registered profit after
tax and minority interest of MYR55.46 million on the back of
revenue of MYR399.68 million due to strong operational results
at TV3 and 8TV, arising from growth in advertising revenue and
lower operating cost arising from prudent financial management.

TV3 continued to maintain its leadership position in the
broadcasting industry by garnering 43% of television advertising
expenditure, or TV ADEX, and 48% share of free to air TV
viewership.  Further, 8TV TV ADEX and free to air TV viewership
increase to 14% from 10% in 2004, and 6% from 4% in 2004,
respectively.

The media environment is expected to be more challenging given
the uncertain global economic conditions and the intense
competition within the industry to compete for increased market
share.  However, Media Prima is optimistic that it will be able
to maintain its industry leadership position and future earnings
growth through continued investment in quality programming,
branding and prudent financial management.

Further Media Prima will also continuously look at investment
opportunities to enhance its group activities and earnings
potential, as reflected in its recent acquisition of Channel 9
and NTV7.  Accordingly going forward, the Board of Directors is
confident that the Group will continue to improve its financial
performance.

The Directors recommended a final gross dividend in respect of
the financial year ended December 31, 2005, of 2.0 sen per
ordinary share, less income tax at 28%, which, subject to the
approval of the shareholders at the forthcoming Annual General
Meeting of the Company, will be paid at a date to be determined.

               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

    118,673       101,018         399,689        328,405

* Profit/(loss) before tax  

     33,789        24,571          71,305         49,432

* Profit/(loss) after tax and minority interest

     29,615        14,866          55,469         37,713

* Net profit/(loss) for the period

     29,615        14,866          55,469         37,713

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

       5.25          2.75            9.83           6.97

* 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

        0.0687                      0.4720

Media Prima's Financial Report for the period ended January 31,
2006, is available for free at:

   http://bankrupt.com/misc/tcrap_mediaprima040306.doc  

Headquartered in Selangor Darul Ehsan, Malaysia, Media Prima
Bhd's -- http://www.mediaprima.com.my/-- is the largest media  
corporation in Malaysia.  Through its subsidiaries, it controls
several television networks, newspapers and a radio station.  
The company was established and launched on September 23, 2003.
Media Prima intends to continue and complete the existing
corporate and debt restructuring exercise currently being
undertaken by Channel-9 Media, which it acquired on June 10,
2005, before re-commencing the station operations in April 22,
2006.  The Malaysian Communications and Multimedia Commission
had earlier granted approval effective February 2005 for Channel
9 to temporary cease operations for a period of one year to
enable it to secure new financial investors and undertake its
corporate and debt restructuring exercise.


OMEGA HOLDINGS: Securities Commission Junks Restructuring Scheme
----------------------------------------------------------------
On March 23, 2006, the Securities Commission rejected Omega
Holdings Berhad's proposed restructuring scheme.

The decision was arrived at after considering the level of
corporate governance of Omega's substantial shareholders, who
directly or indirectly own the Omega shares.

Omega's Board of Directors will deliberate on the next course of
action to be taken and an announcement will be made in due
course.  Pursuant to Paragraph 17.04 of the SC's Policies and
Guidelines on Issue/Offer of Securities, Omega may make an
application for a review of the SC's decision within 30 days
from March 23.

                   The 2004 Restructuring Pact

On October 28, 2004, Omega entered into a conditional
restructuring agreement with Dato' Yap Suan Chee and Alpine
Equity (M) Sdn Bhd, or collectively the "Melati Principal
Shareholders," pursuant to which Omega and the Melati Principal
Shareholders agreed to undertake the Proposed New Restructuring
Scheme to regularize Omega's financial condition and that of its
subsidiaries.

On December 24, 2004, Zejora Ehsan Sdn Bhd -- a company
incorporated to facilitate the implementation of the Proposed
New Restructuring Scheme -- and the Vendors of the Melati Group
entered into three conditional share sale agreements for the
proposed acquisition of Melati Ehsan (M) Sdn Bhd, Bayu Melati
Sdn Bhd and Pembinaan Kery Sdn Bhd.  In addition, on the same
date, Omega, the Melati Principal Shareholders and ZESB entered
into the supplemental restructuring agreement to finalize
certain terms and conditions of the Proposed New Restructuring
Scheme.

             The Proposed New Restructuring Scheme

Pursuant to the Proposed New Restructuring Scheme, an
application by way of originating summons to the High Court of
Malaya was made on November 27, 2004, to rectify the Register of
Shareholders of Energro Berhad which, if granted by the Court,
will result in the consequential rectification of the Register
of Shareholders of Omega.  The Proposed Rectification of
Register will result in the reversal of the shareholdings of
certain shareholders of Energro and Omega to their original
position prior to the implementation of the previous
restructuring scheme involving Omega with Milan Auto (M) Sdn Bhd
and Energro Berhad to regularize the financial condition of
Omega Group which was announced by Affin Merchant Bank Berhad on
December 31, 2002.

Subsequent to the implementation of the Proposed Rectification
of Register, Omega proposes to undertake a New Restructuring
Scheme, which entails:

   -- the Proposed Scheme of Arrangement with the Previous Omega
      Shareholders;

   -- the Proposed Scheme of Arrangement with the Previous Omega
      Creditors;

   -- the Proposed Acquisition of the Melati Group;

   -- the Proposed Exemption;

   -- the Proposed Offer for Sale;

   -- the Proposed Transfer of Listing Status; and

   -- the Proposed Disposal of Omega.

                          *     *     *

Headquartered in Selangor Darul Ehsan, Malaysia, Omega Holdings
Berhad is engaged in investment holding and provision of
management services.  Omega has been classified as an affected
listed issuer pursuant to Practice Note 4/2001 of the Listing
Requirements of Bursa Securities since 26 February 2001.  On
December 31, 2002, Omega undertook the previous Omega scheme to
regularize its financial condition, which was approved by the
Securities Commission on August 28, 2003, and was at an advanced
stage of implementation when it was aborted due to the
revocation of SC's approval on August 2, 2004.  In view of this,
Omega intends to undertake the Proposed New Restructuring Scheme
to regularize its financial condition in order to ensure the
interests of its shareholders are protected.


OMEGA HOLDINGS: Net Loss Narrows to MYR198,000 in 2Q/FY05
---------------------------------------------------------
Omega Holdings Berhad saw a net loss after taxation of
MYR198,000 for the second quarter of the fiscal year ended
June 30, 2006, as compared to a loss after taxation of
MYR337,000 in the preceding year quarter.

The current quarter included Annual General Meeting expenses of
MYR64,000 but there were no consultants fees, in the preceding
year quarter.  The preceding year quarter included consultant
fees of MYR191,000.

As a result of the revocation by the Securities Commission of
their approval for the restructuring scheme on August 2, 2004,
the Company was directed to take the appropriate measures to
revert to the "status quo" position prior to the approval of the
scheme.  Although the revocation of the approval had taken place
during the financial year end and the process in reverting to
the 'status quo' position is pending, the financial statements
as at June 30, 2005, have been prepared on a status quo
position.  On November 27, 2004, the Company has made an
application to the High Court of Malaya to rectify the register
of shareholdings for Energro Berhad and on May 24, 2005, the
Application was granted by the High Court.  To date, the
rectification remains pending.

The Company has provided corporate guarantees to financial
institutions for facilities granted to a subsidiary under
liquidation amounting to approximately MYR160,135,000 as of June
30, 2005, for which no amounts have been provided for in the
financial statements of the Company.  As disclosed in the
proposed new restructuring scheme, it has been proposed that all
creditors of the Company which include trade, non-trade and
liabilities arising under corporate guarantees will be settled
via the issuance of 20 million new Melati EhsanHoldings Sdn Bhd.
Shares at an issue price of MYR1.00 per share.  However, the
directors are unable to ascertain with certainty the extent such
guarantees will crystallize, if any, as it is dependent on the
outcome of the proposed restructuring scheme.  Accordingly, no
amount has been provided for the corporate guarantees in the
financial statements of the Company.

As of June 30, 2005, the Group and the Company have net
shareholders' deficits and net current liabilities of
MYR2,888,000 and MYR2,391,000 respectively and have no
profitable operations.  

The future prospect of Omega Holdings Berhad is now dependent on
the successful completion and implementation of a restructuring
scheme.

The Group did not issue any profit forecast for the year.

              Summary of Key Financial Information

        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    12-30-2005    12-31-2004     12-31-2005     12-31-2004
    MYR'000       MYR'000         MYR'000        MYR'000

* Revenue

          0             0               0              0

* Profit/(loss) before tax

       -199          -337            -340           -470

* Profit/(loss) after tax and minority interest  

       -199          -337            -340           -475

* Net profit/(loss) for the period

       -199          -337            -340           -475

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

      -0.07         -0.11           -0.11          -0.16

* 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

       -0.0110                       -0.0097

Omega's latest financial report is available for free at:

   http://bankrupt.com/misc/tcrap_omegaoldingsReport040306.pdf

   http://bankrupt.com/misc/tcrap_omegaholdings040306.doc  

Headquartered in Selangor Darul Ehsan, Malaysia, Omega Holdings
Berhad is engaged in investment holding and provision of
management services.  Omega has been classified as an affected
listed issuer pursuant to Practice Note 4/2001 of the Listing
Requirements of Bursa Securities since 26 February 2001.  On
December 31, 2002, Omega undertook the previous Omega scheme to
regularize its financial condition, which was approved by the
Securities Commission on August 28, 2003, and was at an advanced
stage of implementation when it was aborted due to the
revocation of SC's approval on August 2, 2004.  In view of this,
Omega intends to undertake the Proposed New Restructuring Scheme
to regularize its financial condition in order to ensure the
interests of its shareholders are protected.


OMEGA HOLDINGS: Court Extends Restraining Order
-----------------------------------------------
The High Court of Malaya has granted Omega Holdings a 187-day
extension of the restraining order for the Company to hold the
court convened meetings for its shareholders and scheme
creditors.

The extension will run from March 27, 2006, to September 10,
2006.

The Restraining Order was obtained in relation to the Company's
applications to regularize the financial condition, which were
submitted to the Securities Commission and Foreign Investment
Committee on February 28, 2005.

Headquartered in Selangor Darul Ehsan, Malaysia, Omega Holdings
Berhad is engaged in investment holding and provision of
management services.  Omega has been classified as an affected
listed issuer pursuant to Practice Note 4/2001 of the Listing
Requirements of Bursa Securities since 26 February 2001.  On
December 31, 2002, Omega undertook the previous Omega scheme to
regularize its financial condition, which was approved by the
Securities Commission on August 28, 2003, and was at an advanced
stage of implementation when it was aborted due to the
revocation of SC's approval on August 2, 2004.  In view of this,
Omega intends to undertake the Proposed New Restructuring Scheme
to regularize its financial condition in order to ensure the
interests of its shareholders are protected.


SBBS CONSORTIUM: Sees No Development in Default Status
------------------------------------------------------
SBBS Consortium Berhad advised that there are no significant
changes to the status of default in the payment to its creditors
since February 28, 2006.

In connection with the legal proceedings instituted by its
lenders in respect of the defaults, the Company has filed an
application for a Restraining and Stay Order under Section
176(10) of the Companies Act, 1965 at the Kuala Lumpur High
Court on March 21, 2006. The application is now pending affixing
of a Hearing date by the High Court.

The Board of Directors will make available to the Bursa Malaysia
Securities Berhad on the status of the said application from
time to time.

The Troubled Company Reporter - Asia Pacific reported on
April 3, 2006, that SBBS Consortium 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.

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.  


SETRON MALAYSIA: Obtains MYR10 Million Credit from Affin Bank
-------------------------------------------------------------
Setron (Malaysia) Berhad had, on March 30, 2006, accepted a
Revolving Credit Facility of up to MYR9.75 million from Affin
Merchant Bank Berhad.

The Facility is obtained to finance existing working capital
needs, to settle outstanding loans with Pengurusan Danaharta
Nasional Bhd, and to finance the new businesses to be injected
into the Company.

The Board of Directors of Setron believes that the Facility is
in the best interest of the Company.

             Setron's Debt to Pengurusan Danaharta

On March 25, 2005, Setron was served with a Writ of Summons and
Statement of Claim issued by the High Court of Malaya at Kuala
Lumpur in respect of outstanding borrowings owed to Securita ABS
One Bhd, a subsidiary of Pengurusan Danaharta.  Danaharta had
asserted a MYR1,465,289 claim as of December 31, 2004, with
further interest at 2% per annum above the base lending rate
from January 1, 2005, until full settlement.

The Company has filed a Memorandum of Appearance and a Statement
of Defence on March 31, 2005, and April 26, 2005, respectively,
with the High Court of Malaya at Kuala Lumpur.

The Company had made part repayment to Danaharta in October
2005.

On January 12, 2006, the High Court has granted Danaharta
Judgment against Setron for MYR1,279,399.31 together with
interest 2% above Malayan Banking Berhad BLR per annum at
monthly rest from December 23, 2005, until full payment and
costs.  In response to this, Seteron has on January 16, 2006,
filed an appeal to Judge in Chambers against the said decision.

                          *     *     *

Headquartered in Kuala Lumpur, Malaysia, Setron (Malaysia)
Berhad's principal activities are the assembly and sale of
television receivers, video and audio products, the distribution
of household electrical appliances and the provision of
investment holding in Malaysia.  Due to tight competition in the
assembly industry, the Company incurred losses in the past
years.  Several Judgments against the Company, requiring it to
pay huge amounts to creditors, have also contributed to its
present predicament.  


SETRON MALAYSIA: Board Wants to Change Name to Halifax Capital
--------------------------------------------------------------
The Board of Directors of Setron Malaysia Berhad has unanimously
resolved that, subject to the shareholders' approval, the name
of the Company be changed to Halifax Capital Berhad.

The application to use the new name, "Halifax Capital Berhad"
had been approved by the Companies Commission of Malaysia.

Headquartered in Kuala Lumpur, Malaysia, Setron (Malaysia)
Berhad's principal activities are the assembly and sale of
television receivers, video and audio products, the distribution
of household electrical appliances and the provision of
investment holding in Malaysia.  Due to tight competition in the
assembly industry, the Company incurred losses in the past
years.  Several Judgments against the Company, requiring it to
pay huge amounts to creditors, have also contributed to its
present predicament.  


WEMBLEY INDUSTRIES: Seeks More Time to Fulfill DRA Conditions
-------------------------------------------------------------
Wembley Industries Holdings Berhad said that it is taking steps
to secure more time to fulfill the conditions precedent
stipulated in the Company's Debt-Restructuring Agreement and to
subsequently implement the restructuring.

Furthermore, in relation to the status of default in payment
pursuant to PN1/2001, the Board of Directors of the Company
advised that there is no change to the status of default in
payments of interest and principal sums to its lenders.

As reported by the Troubled Company Reporter - Asia Pacific on
March 21, 2006, Wembley Industries is awaiting the Securities
Commission's decision to extend the time within which the
Company may implement its regularization plan.

Headquartered in Sarawak Malaysia, Wembley Industries Holdings
Berhad is a developer of commercial properties and investment
holding.  Other activities are the development of the inter-
state bus and taxi terminal, the retail podium and the budget
hotel.  The Company has been placed under the Practice Note 4
category due to its cash flow woes.  On January 7, 2003,
Malaysia's Foreign Investment Committee approved the Company's
regularization plan.  Subsequently, on April 7, 2003, the FIC
revised its approval to include the possible participation of
Daewoo Corporation, the former turnkey contractor of Plaza
Rakyat Project in the Company's Proposed Debt Restructuring.  


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

ABS-CBN BROADCASTING: Stampede Victims Want DOJ to Resume Probe
---------------------------------------------------------------
Victims of a stampede that occurred at the anniversary special
of ABS-CBN Broadcasting Network's game show "Wowowee" on
February 4, 2006, will go to the Court of Appeals to seek the
lifting of a stay order on an investigation into the incident,
the Philippine Inquirer says.

According to the victims' counsel Jose Calida, they would file a
motion to intervene with the Court of Appeals 13th Division,
asking it to reverse an earlier ruling preventing the Department
of Justice from conducting a preliminary investigation into the
stampede.

The Troubled Company Reporter - Asia Pacific reported on
March 22, 2006, that ABS-CBN had requested the DoJ probe to be
halted due a perceived bias of the department's prosecution
panel against the Company.  ABS-CBN officials noted that
Justice Secretary Raul Gonzales "prejudged" the case when he
said that the Company was responsible for the February 4
incident.  Thus, ABS-CBN feared that it would not get a fair
trial in the stampede case.

Pursuant to ABS-CBN's request, the Appellate Court issued a
temporary restraining order against DoJ on March 28, 2006.

                         About ABS-CBN

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

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


FASTECH SYNERGY: Five Creditor Banks Agree to Restructure Loan
--------------------------------------------------------------
Fastech Synergy Limited reveals that it has reached an agreement
with five out of eight creditor banks for a long-term
restructuring of its principal loans aggregating PHP168.94
million, out of the total PHP348.11 million outstanding bank
loans.

The Group is continuing talks with its remaining creditor banks
for a similar long-term loan restructuring.

As of March 31, 2006, the Group is still in a net current
liability position.

Fastech Synergy, Limited -- http://www.fastechsynergy.com/-- is  
a Philippine-based company that provides one-stop manufacturing
services for semiconductor and RF/Microwave companies in Europe,
USA and Asia.  Listed in the Singapore Stock Exchange, Fastech
offers a wide range of services including assembly, test and
packaging of discrete components, RF/microwave components and
module assemblies on a consigned materials or complete turnkey
basis.

For the third quarter ended September 30, 2005, the Company
posted a net loss of PHP71.67 million after taxes, higher than
its PHP48.12 million loss for the same period in 2004.


MANILA ELECTRIC: Large Clients Can Choose Own Power Suppliers
-------------------------------------------------------------
Manila Electric Company allowed its large customers that need at
least one megawatt of power to choose their own power suppliers
aside from the Company, the Manila Bulletin relates.

At present, Meralco has the sole franchise to distribute power
that it purchases from independent power producers to its
commercial, industrial and residential clients, ABS-CBN News
says.

The Bulletin cites Energy Secretary Raphael Lotilla as saying
that the Philippine Government has approved the plan, which is
now awaiting the approval of the Energy Regulatory Commission.  

It is still uncertain how Meralco's revenues would be affected
by the move.  Yet, ABS-CBN News states that with companies now
free to choose their own suppliers, manufacturers could save up
to PHP0.20 per kilowatt-hour, meaning lower business costs.

Mr. Lotilla added that the plan is not expected to affect the
Company's power purchase contracts with its independent power
producers since they cannot supply enough power to all of
Meralco's clients.  Rather, the plan is expected to promote
investments, reduce jobs and hasten privatization.

ABS-CBN News says that President Gloria Macapagal Arroyo gave
the Company two weeks to finalize the plan details and then
submit the plan to the ERC for approval.  According to Mr.
Lotilla, if there are no delays in the finalization of the plan,
it could be executed this June.

                     About Manila Electric

Headquartered in Ortigas, Pasig City, the Manila Electric
Company -- http://www.meralco.com.ph/-- is the largest utility  
in the Philippines, providing power to 4.1 million customers in
metropolitan Manila and more than 100 surrounding communities.  
As deregulation takes effect, Meralco is reducing its dependence
on state-owned National Power Corp. by increasing the amount of
power it purchases from independent power producers.  Meralco is
also preparing for competition by moving into non-regulated
activities, including energy consulting, independent power
production, engineering, fiber optics, e-commerce, and real
estate.

TCR-AP reported on March 31, 2006, that the Company posted a
79.7% decrease in its 2005 net losses to PHP411 million from
PHP2.03 billion in 2004, due to provisions for probable losses
while awaiting a Supreme Court final decision on a pending
unbundling rate case, and the adoption of new accounting
standards.


NATIONAL FOOD: Plans to Import 500,000 Tons of Rice in May
----------------------------------------------------------
The National Food Authority plans to hold a tender on May 3,
2006, to purchase around 500,000 tons of rice from other
countries for the June-August delivery, ABS-CBN News reports.

In an interview with Reuters News, NFA administrator Gregorio
Tan said that with the expected import, the total amount of rice
imported by the country would now reach 1.43 million tons.  He
added that they would seek either a 15% or 25% broken rice
variety, depending on the offer price.

ABS-CBN News adds that the rice will come from Australia, China,
Pakistan, Thailand, the United States, or Vietnam.

                  About National Food Authority

Headquartered in Quezon City, Philippines, National Food
Authority -- http://www.nfa.gov.ph/-- is a government  
organization regulating the rice and corn industry by
stabilizing grain supply and prices and maintaining food
security in cereals.  NFA is among the state-owned firms, which
push up the country's outstanding public sector debt.   

In 2005, the agency incurred an additional PHP6-billion debt to
bankroll cost of rice and corn importation, as well as payment
of import duties.   The Company is seeking a private sector
takeover of its importation role so it could gradually make a
turnaround from its PHP22-billion loss in 2005.

On March 13, 2006, the Troubled Company Reporter - Asia Pacific
reported that the Company is slated to post a loss of PHP8
billion in 2006.


NATIONAL POWER: Cooperative Official Concerned About Debts
----------------------------------------------------------
Zamboanga City Electric Cooperative director Noel Tarrazona
expressed fears that customers may have to shoulder the burden
of the recent foreign debts of the National Power Corporation,
MindaNews discloses.

Mr. Tarrazona said that he obtained a document showing that
Napocor plans to borrow PHP35.74 billion from foreign creditors
this year, on top of its PHP40.85 billion debt incurred last
year.  Mr. Tarrazona is concerned that the Company may pass this
debt to consumers via electric cooperatives, and he wants to ask
the Company how it plans to pay the debts.

MindaNews relates that consumers protested Napocor's inclusion
of power purchased adjustment charges on their monthly bills,
and foreign debts inducing another rise in power rates.

Mr. Tarrazona brought up the matter with the Cooperative's
president, Gilber Alvarez, for board action, fearing that
Napocor might use cooperatives to collect higher rates from
customers in order to pay its debts.

                        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 a
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
=================

CTC CONTRACTORS: Creditors to Meet on April 18
----------------------------------------------
Creditors of CTC Contractors Private Limited will convene on
April 18, 2006, at 3:00 p.m., at:

          18 Cross Street #08-01
          Marsh & McLennan Centre
          Singapore 048423

At the meeting, the creditors will provide an update on the
status of liquidation, approve the liquidator's fees and propose
dividends in their favor.

Proxies and proofs of claim must be lodged with the liquidators
not later than April 17, 2006.

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


D & B STEEL: Faces Wind-Up Petition by Shi Ca
---------------------------------------------
On March 20, 2006, Shi Ca Company presented a wind-up petition
with the High Court of Singapore against D & B Steel Private
Limited.

The Petition will be heard before the High Court at 10:00 a.m.
on April 21, 2006.

Any creditor or contributory of the company desiring to support
or oppose the Petition may appear at the hearing.

Contact: Jing Quee & Chin Joo
         Solicitors for the Petitioner
         No. 111 North Bridge Road #27-03
         Peninsula Plaza, Singapore 179098


FRESH LUSH: Creditors Required to Prove Debt by May 2
-----------------------------------------------------
Creditors of Fresh Lush Handmade Cosmetics Private Limited are
required to prove their debt or claim not later than May 2,
2006.

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

Contact: Lai Seng Kwoon
         Liquidator
         c/o 16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


GRAFFITI ARTIST: Proofs of Claim Due Next Month
-----------------------------------------------
Creditors of Graffiti Artist Studio Private Limited are given
until May 2, 2006, to prove their debt or claim to benefit from
the dividend that the Company is set to distribute.

Contact: Goh Ngiap Suan
         Liquidator
         c/o Goh Ngiap Suan & Company
         336 Smith Street
         #06-308 New Bridge Centre
         Singapore 050336


HONG INVESTMENT: Court Decides to Wind Up Firm
----------------------------------------------
On March 17, 2006, the Singapore High Court has issued an order
to wind up Hong Investment Private Limited.

Contact: Kung Seah Lim
         Kung Seah Lim Consultancy Pte Ltd
         Tanlim Partnership
         Solicitors for the Petitioner
         336 Smith Street #05-309
         New Bridge Centre
         Singapore 050336


MISHA TRADING (S): Wind-Up Petition Set for Hearing April 21
------------------------------------------------------------
A petition to wind up Misha Trading (S) Private Limited was
presented by Epson Singapore Private Limited to the High Court
of Singapore on March 27, 2006.

The Petition will be heard on April 21, 2006, at 10:00 a.m.

Creditors or contributories who wish to show opposition or
support to the Petition may appear at the hearing.

Contact: Epson Singapore Private Limited
         Petitioner
         1 HarbourFront Place #03-02
         HarbourFront Tower One
         Singapore 098633

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


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


CIRCUIT ELECTRONIC: Seeks SEC Nod to Extend Submission of FS
------------------------------------------------------------
Circuit Electronic Industries Public Company Limited submitted
to the Securities and Exchange Commission a request to postpone
the submission of its 2005 financial statement to April 30,
2006.

The Company issued the request following the auditor's opinion
that it cannot complete the audit process within the specified
date which was March 31, 2006.

On March 2, 2006, the Stock Exchange of Thailand suspended
trading in the securities of the Company for failure to submit
its 2005 financial statement.  The suspension came after the
Company requested for a postponement of the submission of its
2005 financial statement.

Headquartered in Amphoe Uthai Ayutthya, Thailand, Circuit
Electronics Public Co. Limited -- http://www.cei.co.th/--
manufactures and exports various integrated circuit (IC) and
chip on board for many kinds of electronic equipment such as
mobile phone, computer, automobile assembly, household
electronic equipment and others.  The Group operates in the
United States of America, Europe and Asia.  The Company is
currently in rehabilitation.  Its Securities are placed under
the Rehabco Sector of the Stock Exchange of Thailand.


KUANG PEI SAN: AGM Slated for April 24
--------------------------------------
Kuang Pei San Food Products Public Company has set its Annual
General Meeting of Shareholders on April 24, 2006, at its
Bangkok office.

At the meeting, the shareholders will:

   * acceptance the report of the 2005 AGM;

   * look into the report on the company's progress;

   * approve the Company's balance sheet and financial
     statements for the year ending December 31, 2005;

   * appoint new auditors for the year 2006 -- Ampol
     Chamnongwat, CPA no.4663 or Wanraya Puttasatien,
     CPA no.4387, from S.K. Accountant Services Company Limited;

   * approve the Shareholder Committee's remuneration amounting
     to THB4.20 million for 2006;

   * vote for election of the three new replacements for
     retiring directors;

   * approve the omission of the dividend payment for the year
     2005 because of the operation's net loss;
  
Kuang Pei San Food Products Public Company Limited manufactures
and distributes tinned foods and canned sardine fish under its
Pompui, Pla Yim and Lap brand names.

The Company's securities is currently classified under REHABCO,
or Companies Under Rehabilitation sector by the Stock Exchange
of Thailand.

The Company has reported a THB90.48 million net loss and a
capital deficit of THB404.64 million in 2005, which puts
substantial doubt on the continuity of a going concern for the
Company.  The Company depends largely on its capability to pay
short-term loans and long-term loans and bank overdraft.

The Company also has defaulted debt amounting to THB638.54
million in 2005.


NFC FERTILIZER: Wipes Out 2004 Net Profit & Registers Net Loss
--------------------------------------------------------------
NFC Fertilizer Public Company Limited has posted a THB570.24
million net loss for the year ending December 31, 2005, compared
to the THB6.61 billion net profit for the previous corresponding
period, the Troubled Company Reporter - Asia Pacific discovered
from the Company's financials.

The Company's consolidated revenue, however, has increased
82.71% -- from 2004's THB2.31 billion to THB4.22 billion in
2005.  The Company has attributed this increase to changes in
selling strategies by increasing distribution channels, and a
one-off gain from debt restructuring totaling THB133 million.

The cost of fertilizer and intermediate products sold for the
year was pegged at THB3.71 billion and THB316 million
respectively.  Comparing with THB1.69 billion and THB282
million of 2004, an increase of 120.02 per cent and 12.06 per
cent respectively.  A THB24 million increase in sales expense
was also recorded for the year.

The subsidiary company has incurred net loss from operations for
the year ended December 31, 2005 amounting to THB264.9 million,
and has capital deficiency amounting to THB324 million.

             NFC Fertilizer Public Company Limited
    Financial Highlights for the Year Ending Dec. 31, 2005
                     In Millions of THB

                                 2005               2004

      Assets                 4,977.83           5,547.47
      Liabilities            2,880.87           2,798.97
      Equity                 2,096.96           2,748.50
      Paid-up Capital        2,486.62           2,486.62
      Revenue                4,220.77           2,310.08
      Net Profit              -570.24           6,607.99
      EPS(Baht)                 -0.23               0.99

                      No Dividend Payout

The Board of Directors of NFC Fertilizer Public Company Limited
convened on March 22, 2006, and agreed on the non-issuance of a
dividend for 2005.  They plan to propose the same non-issuance
to the Annual General Meeting of Shareholders for approval.

          About NFC Fertilizer Public Company Limited   

Headquartered in Bangkok, NFC Fertilizer Public Company
Limited -- http://www.nfc.co.th/-- produces chemical fertilizer
containing nitrogen, phosphate, and potash, under its Nation
Fertilizer brand name.  Additionally, it imports and distributes
urea, ammonium sulfate, and potassium chloride fertilizers.  The
Company also distributes phosphoric acid and gypsum, which are
by-products of its fertilizer production.

In the third quarter of 2004, the Company had entered into a
debt restructuring in accordance to the business rehabilitation
plan with a gain on debt restructuring of THB11.29 billion,
which was presented as an extraordinary item in the statement of
income for the year ended December 31, 2004.  Subsequently, on
August 24, 2004, the Plan Administrator made a request to
Thailand's Central Bankruptcy Court to cancel its business
rehabilitation, which the Court approved on September 13, 2004.

The Company's Rehabilitation Plan provides that:

   * On May 11, 2004, the Company registered a reduction in the
     unissued amount of the share capital of 180,509,260 shares,
     thereby leaving a registered share capital balance of
     1,313,946,879 shares (at THB10 par value).

   * On May 21, 2004, the Company issued unsecured debentures
     with name bearers for the purpose of converting debts of
     other long-term loans under debts restructuring agreement,
     amounting to THB200 million (200,000 units of debentures at
     face value of THB1,000 each), with a 3-year redemption
     without interest.

   * On May 24, 2004, the Company registered another capital
     reduction, by reducing the registered paid up capital from
     1,313,946,879 shares to 6,486,197 shares (at THB10 par
     value), and it transferred the premium on common shares of
     THB240 million, the discount on common shares of THB4.57
     billion, and the decrease in the share capital of THB13.07
     billion to offset against deficit of THB8.74 billion.

   * On May 26, 2004, the Company registered the increase in
     ordinary share capital of 293,513,803 shares at THB10 par
     value, and called up for the share capital increase of
     58,375,775 shares by converting the other long-term loan
     creditors under the debt restructuring agreement.  The
     Company then has a total registered capital of 300,000,000
     shares at THB10 par value (or THB3.00 billion), and paid up
     capital of 64,861,972 shares at THB10 par value (or
     THB648.6 million).

   * On June 8, 2004, the Company issued the increased portion   
     of the ordinary shares of 183,800,000 shares at THB10 par
     value, by offering to the joint investors, and used the
     contribution from such shares of THB1.59 billion to settle
     the other long-term loan creditors under the debt
     restructuring agreement and THB250 million for the
     Company's other working capital.

   * On June 18, 2004, the Company repaid the other long-term
     loan creditors under the debt restructuring agreement from
     savings account used as collateral amounting to THB78
     million.

Currently, the management considers that the Company is facing
high risks both in business and environmental matters.  The
Company's factory is greatly deteriorated and suffers from a
lack of maintenance from the past as a result of insufficient
working capital for a long time. Consequently, the Company needs
significant investment funds to repair the factory.  This
results in increasing high costs whereas the sale of fertilizer
is subject to seasonal factors, especially weather.  Also,
government policy is to decrease the use of chemical
fertilizers, which directly impacts the Company's revenues and
consequently further investment is not worthwhile.  Therefore,
the management proposed to change the Company's business plan
toward providing logistic services including all warehouses and
related services.


THAI HEAT: Unveils Warrant Exercise Results
-------------------------------------------
On July 4 to 8, 2005, Thai Heat Exchange Public Company Limited
issued a five-year warrant of 61,985,800 units to shareholders
with an exercise ratio of one common share for THB1 a share.

The exercise period is quarterly, which started on the third
quarter of 2005 and will end on May 17, 2010.  

During the third warrant exercise on March 31, 2006, 194 warrant
holders exercised their rights, and all of them were allotted
with common shares.  The total number of warrant exercised was
33,664,813 units.  

As of March 31, 2006, total outstanding Theco-WA warrants stand
at 27,612,087 units.

Following the exercised rights on March 31, 2006, total number
of the Company's paid-up capital will be 204,655,608 shares, at
par value of THB1 each, totaling THB204,655,608.

The Company will subsequently process the capital increase
registration with the Ministry of Commerce and list the new
shares.

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


BOND PRICING: For the Week 3 April to 7 April 2006
--------------------------------------------------

Issuer                               Coupon     Maturity  Price
------                               ------     --------  -----

AUSTRALIA
---------
Ainsworth Game                        8.000%    12/31/09     1
Amcom Telecommunications Ltd         10.000%    10/28/07     2
APN News & Media Ltd                  7.250%    10/31/08     5
A&R Whitcoulls Group                  9.500%    12/15/10     9
Arrow Energy NL                      10.000%    03/31/08     1
Babcock & Brown Pty Ltd               8.500%    12/31/49     8
Becton Property Group                 9.500%    06/30/10     1
BIL Finance Ltd                       8.000%    10/15/07     8
Bremer Park Ltd                       7.000%    12/23/10     1
Capital Properties NZ Ltd             8.500%    04/15/07     8
Capital Properties NZ Ltd             8.500%    04/15/09     8
Capital Properties NZ Ltd             8.000%    04/15/10     8
Cardno Limited                        9.000%    06/30/08     4
CBH Resources                         9.500%    12/16/09     1
Chrome Corporation Ltd               10.000%    02/28/08     1
Clean Seas Tuna Ltd                   9.000%    09/30/08     1
Djerriwarrh Investments Ltd           6.500%    09/30/09     4
EBet Limited                         10.000%    11/29/06    25
Evans & Tate Ltd                      8.250%    10/29/07     1
Fletcher Building Ltd                 7.550%    03/15/11     8
Fletcher Building Ltd                 7.800%    03/15/09     8
Fletcher Building Ltd                 7.900%    10/31/06     8
Fletcher Building Ltd                 8.300%    10/31/06     8
Fletcher Building Ltd                 8.600%    03/15/08     8
Fletcher Building Ltd                 8.850%    03/15/10     8
Fernz Corp Ltd                        8.560%    10/15/06     9
Futuris Corporation Ltd               7.000%    12/31/07     3
Gympie Gold Ltd                       8.500%    09/30/07     1
Hy-Fi Securities Ltd                  7.000%    08/15/08     8
Hy-Fi Securities Ltd                  8.750%    08/15/08    10
Hutchison Telecoms Australia          5.500%    07/12/07     1
IMF Australia Ltd                    11.500%    06/30/10     1
Infrastructure & Utilities NZ Ltd     8.500%    09/15/13     8
Infratil Ltd                          8.500%    11/15/15     8
Investa Property Group Ltd            6.000%    05/28/08     6
Kagara Zinc Ltd                       9.750%    05/06/07     4
Kiwi Income Properties Ltd            8.000%    06/30/10     1
Longreach Group Ltd                  10.000%    10/31/08     1
Minerals Corporation Ltd             10.500%    09/30/07     1
Nuplex Industries Ltd                 9.300%    09/15/07     8
Pacific Print Group Ltd              10.250%    10/15/09    10
Primelife Corporation                 9.500%    12/08/06     1
Primelife Corporation                10.000%    01/31/08     1
Salomon SB Australia                  4.250%    02/01/09     9
Sapphire Securities Ltd               7.410%    09/20/35     7
Sapphire Securities Ltd               9.160%    09/20/35     9
Silver Chef Ltd                      10.000%    08/31/08     1
Software of Excellence                7.000%    08/09/07     1
Sydney Gas Company                   12.000%    04/01/06     1
Sydney Gas Limited                   12.000%    06/01/06     1
Tower Finance Ltd                     8.650%    10/15/09     8
Tower Finance Ltd                     8.750%    10/15/07     8
TrustPower Ltd                        8.300%    09/15/07     8
TrustPower Ltd                        8.300%    12/15/08     8
TrustPower Ltd                        8.500%    09/15/12     8
TrustPower Ltd                        8.500%    03/15/14     8
Vision Systems Ltd                    9.000%    12/15/08     2
Westpac Banking Corporation           6.250%    08/30/11     6


MALAYSIA
--------
Aliran Ihsan Resources Bhd            5.000%    11/29/11     1
Artwright Holdings Bhd                5.500%    03/06/07     1
Asian Pac Bhd                         4.000%    12/21/07     1
Berjaya Land Bhd                      5.000%    12/30/09     1
Camerlin Group Bhd                    5.500%    07/15/07     2
Crescendo Corporation Bhd             3.000%    08/25/07     1
Dataprep Holdings Bhd                 4.000%    08/06/07     1
Eden Enterprises (M) Bhd              2.500%    12/02/07     1
EG Industries Bhd                     5.000%    06/16/10     1
Equine Capital Bhd                    3.000%    08/26/08     1
Fountain View Development Sdn Bhd     3.500%    11/03/06     1
Greatpac Holdings Bhd                 2.000%    12/11/08     1
Gula Perak Bhd                        6.000%    04/23/08     1
Hong Leong Industries Bhd             4.000%    06/28/07     1
Huat Lai Resources Bhd                5.000%    03/28/10     1
I-Berhad                              5.000%    04/30/07     1
Insas Bhd                             8.000%    04/19/09     1
Kamdar Group Bhd                      3.000%    11/09/09     1
Killinghall Bhd                       5.000%    04/13/09     2
Kosmo Technology Industrial Bhd       2.000%    06/23/08     5
Kretam Holdings Bhd                   1.000%    08/10/10     1
Kumpulan Jetson                       5.000%    11/27/12     1
LBS Bina Group Bhd                    4.000%    12/29/06     1
LBS Bina Group Bhd                    4.000%    12/31/07     1
LBS Bina Group Bhd                    4.000%    12/31/08     1
LBS Bina Group Bhd                    4.000%    12/31/09     1
Lebar Daun Bhd                        2.000%    01/06/07     3
Lion Diversified Holdings Bhd         2.000%    06/01/09     3
Media Prima Bhd                       2.000%    07/18/08     1
Mithril Bhd                           3.000%    04/05/12     1
Mithril Bhd                           8.000%    04/05/09     1
Mutiara Goodyear Development Bhd      2.500%    01/15/07     1
Naim Indah Corporation Bhd            0.500%    08/24/06     1
Nam Fatt Corporation Bhd              2.000%    06/24/11     1
Pantai Holdings Bhd                   5.000%    03/28/07     2
Pantai Holdings Bhd                   5.000%    07/31/07     2
Pelikan International Corp Bhd        3.000%    04/08/10     1
Poh Kong Holdings Bhd                 3.000%    01/20/07     1
Prinsiptek Corporation Bhd            3.000%    11/20/06     1
Puncak Niaga Holdings Bhd             2.500%    11/18/16     1
Ramunia Holdings                      1.000%    12/20/07     1
Rashid Hussain Bhd                    0.500%    12/24/12     1
Rashid Hussain Bhd                    3.000%    12/24/12     1
Rhythm Consolidated Bhd               5.000%    12/17/08     1
Senai-Desaru Expressway Bhd           3.500%    12/08/17    74
Silver Bird Group Bhd                 1.000%    02/15/09     1
Southern Steel                        5.500%    07/31/08     1
Talam Corporation Bhd                 7.000%    04/19/06     1
Tanah Emas Corporation Bhd            2.000%    12/09/06     1
Tap Resources Bhd                     2.000%    06/29/06     1
Tenaga Nasional Bhd                   3.050%    05/10/09     1
Tradewinds Plantations Bhd            3.000%    02/28/16     1
VTI Vintage Bhd                       4.000%    08/22/06     1
WCT Land Bhd                          3.000%    08/02/09     1
Wah Seong Corp                        3.000%    05/21/12     4
YTL Cement Bhd                        4.000%    11/10/15     1


SINGAPORE
---------
Rabobank Singapore                    1.000%    11/03/13    74
Sengkang Mall                         8.000%    11/20/12     1
Structural System Singapore          11.000%    06/30/07     1
Tampines Assets Ltd                   6.000%    12/07/06     1
Tincel Ltd                            7.400%    06/13/11     1






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