TCRAP_Public/060406.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Thursday, April 6, 2006, Vol. 9, No. 069


                            Headlines

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

A.C.N. 062 299 469 PTY: Members Agree to Wind Up Firm
AIMS-ACCOUNT INFORMATION: To Hold Final Meeting on April 7
AIR NEW ZEALAND: To Launch Second Daily Flight to London
ARISTOCRAT LEISURE: Eyes United States for Growth
ARISTOCRAT SPA: ASIC Acts to Protect Creditors

AWB LIMITED: S&P Affirms BBB Credit Rating with Negative Outlook
AWB LIMITED: Board Heads to Roll Due to Oversight
BIOVEND PTY: Appoints Gideon Rathner to Wind Up Firm
BROUWER PTY: Prepares to Distribute Assets
BRUNOL INVESTMENTS: To Declare Final Dividend Today

CABLE CONSULTING: Proofs of Debt and Claims Due on April 13
CHARLIE GEORGE: Applies for Removal from Register
CHEAP DISPLAY BROKERS: Decides to Close Operations
CONGRATULATIONS LIMITED: Taps Liquidator from BDO Spicers
CORALTREE INVESTMENTS: Members to Receive Wind-up Details

EMT CORPORATION: Receivers Step Aside
EUROPEAN WHOLESALE: Joint Receivers and Managers Appointed
FORTESCUE METALS: Cost Estimates Pushed Higher by AU$90 Million
FUTURESAFE BUILDING: Liquidation Hearing Slated for April 28
GRACO TRANSPORT PTY: Prepares to Pay Dividend

JAG INVESTMENT: Wind-up Process Initiated
MARTEN YACHTS: Liquidator Wants Firm Removed from Registrar
MASTER AUTO REPAIRS: Members Agree on Liquidation
MUSTARA HOLDINGS: Set to Hold Final Meeting on April 7
NATIONAL AUSTRALIA: Retail Arm Stabilizes & Starts Rebuilding

NEW MILLENIUM: Declares Dividend Today
PANDORA PRODUCE: CIR Files Petition to Liquidate Firm
QANTAS AIRWAYS: Jetstar Asia Seeks More Funds for Operations
RADWELL PTY: Supreme Court Issues Wind-up Order
REALTY WORLD: Enters Voluntary Liquidation

SEAMART WHOLESALE: Names Receivers and Managers
SITL FLEET: Receivers and Managers Appointed
STANDELL PTY: Liquidator to Present Wind-up Report
STEVENS OFFICER: Members Opt for Liquidation
TWO-O-TWO PROPRIETARY: Inability to Pay Debts Prompts Wind-up

WESTPOINT GROUP: IMF May Withdraw Litigation Funding Plans
WESTPOINT GROUP: ASIC Freezes Directors' Assets Until April 7
WYLKIAN PTY: Court Names Company liquidator


C H I N A   &   H O N G  K O N G

ALLIANCE VICTORY: Receives Liquidator's Report at Final Meeting
BOLDFRONT LIMITED: Court to Hear Wind-up Petition on April 12
CHARTER ELECTRONICS: Holds Final General Meeting March 17
DARIAGA COMPANY: Liquidators Present Wind-up Report
HINSWIN ELECTRONICS: Creditors Meeting Fixed on April 19

KECHIL LIMITED: Liquidators Discuss Winding Up Details.
TDK MANUFACTURING: Final Meeting Slated for April 10
WAH-CHANG INTERNATIONAL (CHINA): Members Meet to Discuss Wind-up
WAH-CHANG INTERNATIONAL (HONG KONG): Members Meeting Set April 7
YIU FUNG: Creditors Final Meeting Set on April 7

SINO-FOREST: Moody's Affirms Ba2 Rating After Fy2005 Results
* China Hits 600 Institutions for Anti-money Laundering Breaches


I N D I A

BHARAT PETROLEUM: To Gain from Drop in Freight Charges
FERTILISERS AND CHEMICALS: Revival Package Wins Cabinet's Favor
GENERAL MOTORS INDIA: Parent Sells 51% GMAC Stake for US$14 Bln


I N D O N E S I A

GAJAH TUNGGAL: Places B2 Unsecured Bond Ratings on Review
LIPPO KARAWACI: Considers Stock Split Proposal
PERTAMINA: Seeks More Fuel Imports This Month


J A P A N

JAPAN AIRLINES: Expands Hainan Code Sharing Pact to Add Flights
LIVEDOOR COMPANY: Court to Release Director Kumagai on Bail
NEC CORPORATION: Strengthens Business Alliance with EMC Corp.


K O R E A

SAMSUNG GROUP: Chair Sued Over Mismanagement In Everland Case


M A L A Y S I A

AVANGARDE RESOURCES: Fails to Submit Accounts on Due Date
KIG GLASS: Stills Finalizing Terms of Regularization Plan
MALAYSIA AIRLINES: To Fly to Bahrain Beginning July 2006
METROPLEX BERHAD: Incurs MYR290-Mln Pre-tax Loss in FY2005-06
MYCOM BERHAD: Lenders Allow More Time to Complete Scheme

OLYMPIA INDUSTRIES: Obtains Scheme Completion Extension
PAN MALAYSIA: Repurchases 150,000 Shares for MYR63,819
PANTAI HOLDINGS: Lists 6,556,000 New Ordinary Shares
POLY GLASS: Prepares Statements for Submission to Bourse
ROCON-ORTEGO SDN: Receives Winding-up Notice

SETEGAP BERHAD: Bourse Defers April 7 Delisting
SUGAR BUN: Net Loss Widens in 4Q/FY205-06
TELEKOM MALAYSIA: To List 56,000 New Shares Today


P H I L I P P I N E S

ABS-CBN BROADCASTING: Shares Upgraded to "Hold" from "Sell"
ABS-CBN BROADCASTING: Stockholders to Meet on April 27
COMMUNITY RURAL BANK: Court OKs Assets Distribution
FASTECH SYNERGY: Outlines Agenda of Annual General Meeting
NATIONAL FOOD: Grain Retailers Want to Retain NFA


S I N G A P O R E

ACCORD CUSTOMER: Gets SGX-ST's Nod to List and Quote New Shares
CITIRAYA INDUSTRIES: To Hold Creditors Meeting on April 26
MAE ENGINEERING: To Issue 415,045,060 New Ordinary Shares
SONICBLUE SINGAPORE: Court Opts to Wind Up Firm
UNITED FIBER: Repayment to Cornell on its Eighth Installment


T H A I L A N D

ADVANCE PAINT: Issues Warrants for Rights Offering
ASIA HOTEL: Schedules Ordinary General Meeting on April 20
PICNIC CORPORATION: SET Seeks Answers on FY2005 Results Details
THAI AIRWAYS: Union to Continue Protests Despite Resignations
THAI PETROCHEMICAL: Keen to Hold Shareholders Meeting

     - - - - - - - -

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

A.C.N. 062 299 469 PTY: Members Agree to Wind Up Firm
-----------------------------------------------------
At a general meeting of A.C.N. 062 299 469 Pty Limited held on
February 24, 2006, members resolved to wind up the Company's
affairs, and appointed Neil Wickenden as liquidator.

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


AIMS-ACCOUNT INFORMATION: To Hold Final Meeting on April 7
----------------------------------------------------------
A final meeting of the members and creditors of Aims-Account
Information Management Systems Pty Limited will be held for the
parties to receive Liquidator Mark Pearce's final account
showing how the Company was wound up and how its property was
disposed of.

The meeting will be held on April 7, 2006, at 10:00 a.m.

Contact: Mark Pearce
         Liquidator
         Pearce & Heers
         Level 8, 410 Queen Street
         Brisbane, Australia
         Telephone: 07 3221 0055
         Fax: 07 3221 8885


AIR NEW ZEALAND: To Launch Second Daily Flight to London
--------------------------------------------------------
Air New Zealand plans to launch a second daily service between
Auckland and London flying via Hong Kong to London Heathrow
Airport.

Commencing on October 28, 2006, the second service doubles Air
New Zealand's current capacity between New Zealand and the
United Kingdom.

"Demand for travel between the United Kingdom and New Zealand
has grown significantly since we first launched a daily service
in 1998, with annual arrivals to New Zealand increasing by more
than 10 percent on average," Air New Zealand Group General
Manager International Airlines, Ed Sims, said.

"Over this time we have invested heavily to promote New Zealand
as a destination, and this year, we will be increasing our
current advertising and promotional spend by 50 percent in the
United Kingdom and Europe markets to ensure we drive further
growth," he said.

"The additional capacity will leave us better placed to take
advantage of the demand we have created, especially during peak
seasons when our flights are 90 to 100 percent full.  More
excitingly, we can stimulate new demand with higher frequency
and new routing options, including the world's only current
round-the-world service on one airline.

"We will also be the only Star Alliance carrier to operate
between Hong Kong and London, which is fantastic news for our
Star partners and customers," Mr. Sims added.

Air New Zealand will operate the route utilizing newly
refurbished Boeing 747-400 aircraft.  The 393-seat aircraft
includes 46 lie-flat Business Premier seats, 23 Pacific Premium
Economy seats and 324 seats in Pacific Economy.

Mr. Sims said Air New Zealand's research has found that New
Zealanders prefer to fly their national carrier to and from
United Kingdom.

"Kiwis have recognized that one of the world's longest journeys
is more enjoyable on our new long-haul service featuring lie-
flat beds in Business Premier, extra comfort and legroom in
Pacific Premium Economy, and on-demand digital video
entertainment and more personal space in every seat," he said.

                      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.


ARISTOCRAT LEISURE: Eyes United States for Growth
-------------------------------------------------
Aristocrat Leisure Limited's chief financial officer, Simon
Kelly, said that the United States, particularly Pennsylvania,
is the main growth engine for the world's second-largest slot
machine maker, Dow Jones Newswire reports.

The U.S. has become Aristocrat's largest market over the last
four years after weak Australian sales forced it to operate
overseas, the report says.

The Troubled Company Reporter - Asia Pacific reported on March
7, 2006, that the Company posted a net profit increase of 71.8%
to AU$244.3 million for the full year ending December 31, 2005,
compared with a net profit of AU$142.2 million in 2004, with
revenues rising 15.3% to AU$1.32 billion.  This result included
a AU$498.9 million North American sales garnering a 78.2% to
profits in that segment.  With this, the U.S. has overtaken
Japan as Aristocrat's biggest market.

Aristocrat expects that Pennsylvania will boost earnings this
year and beyond, Mr. Kelly told Dow Jones Newswires in an
interview.  Mr. Kelly said that there is still a lot of growth
potential in the U.S. market, and the Company hopes that it will
be its largest market in five years.

"The Australian market is a mature one and relies on the
replacement cycle to generate sales," Mr. Kelly said.

According Mr. Kelly, Australian sales have been subdued for a
few years because of uncertainty about gaming licenses in
Victoria state and taxation in New South Wales state.  Smoking
bans have pushed down revenue as much as 15% at some venues, he
noted.

"When you are making an investment in a gaming machine, you are
making a five-to-seven year investment and while a few of these
remaining uncertainties are around, the market will remain
difficult," Mr. Kelly added.

Headquartered in New South Wales, Australia, Aristocrat Leisure
Limited -- http://www.aristocratgaming.com/-- is mainly
involved in the design, development, manufacture and marketing
of gaming machines, software, systems and other related
equipment and services.  The Group also provides consulting
services such as venue analysis, commercialized project
management, specialized gaming training and Aristocrat gaming
analysis.  The Group operates in Australia, North America, South
America, Japan, New Zealand, Europe, and in the Asia Pacific
region.  The Company is plagued by a group action over the
timing of a profit warning back in November 2003 launched by
legal firm Maurice Blackburn Cashman and litigation company IMF
Australia Limited.  The lawsuit alleges that the Company misled
shareholders by not keeping them fully informed before
disclosing earnings downgrades that wiped US$1.5 billion (AU$2
billion) from the Company's value in 2003.  The lawsuit claims
damages of US$86.37 million (AU$115 million) for losses when
shareholders sold their stock.


ARISTOCRAT SPA: ASIC Acts to Protect Creditors
----------------------------------------------
Voluntary administrators have been appointed to a Sydney spa
pool company, previously known as Aristocrat Spa Pools Australia
Pty Limited following an investigation by the Australian
Securities and Investments Commission.

Messrs. Ivor Worrell and Morgan Gerard Lane of Worrells Solvency
and Forensic Accountants were appointed to oversee the Company's
administration.  The Company's managing director, Ramses
Awadallah, took steps to appoint a voluntary administrator after
ASIC had identified solvency concerns about the Company.

ASIC commenced an investigation after a surveillance review,
undertaken as part of ASIC's National Insolvent Trading Program,
identified concerns that Aristocrat Spa Pools was continuing to
trade and incur debts when there were reasonable grounds to
suspect that it was insolvent.

Aristocrat Spa Pools is a manufacturer and seller of spa pools,
operating from premises at Prestons, Sydney. It also has a
retail shop located at Blakehurst.

"ASIC will continue to take steps to protect creditors and
investors and to remind directors of their responsibilities to
prevent insolvent trading. In this case, we believe the director
has taken the appropriate course of action, however, ASIC will
consider action in the future to wind-up companies to ensure
that they do not continue to operate when they are insolvent,"
Deputy Executive Director of Enforcement Allen Turton said.

ASIC's National Insolvent Trading Program is a focused approach
to dealing with possible insolvent trading before it occurs. It
involves a review of a company for the purposes of ensuring
compliance by directors of their duties as set out in section
180 of the Corporations Act 2001 and directors' duties to
prevent insolvent trading under section 588G of the Act.


AWB LIMITED: S&P Affirms BBB Credit Rating with Negative Outlook
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BBB' long-term
corporate credit rating on AWB Ltd. and revised the outlook to
negative from stable.  At the same time, Standard & Poor's
affirmed its 'AA-/Stable/A-1+' credit ratings on AWB Harvest
Finance Ltd.

The outlook revision follows an extension of the federal
government's inquiry into AWB's role in the United Nations Oil-
for-Food Programme and the government's decision to allow the
limited export of bulk wheat by a group of grain companies,
Wheat Australia Ltd.

"The protracted OFF program inquiry and the ability for Wheat
Australia Ltd. to undertake the export of bulk wheat have
heightened the risk of a possible deterioration in AWB's credit
quality," said credit analyst Craig Parker, Corporate &
Infrastructure Finance Ratings Group.

When released, Standard & Poor's will consider the inquiry's
recommendations and any impact they may have on the rating.  "If
these recommendations diminish AWB's role as operator of the
single desk, the rating could be lowered.  Likewise, if the OFF
program inquiry's findings are critical of AWB management, this
could have a detrimental effect on the company's ability to
continue to expand its integrated agribusiness," Mr. Parker
said.

If the OFF program inquiry recommends legal proceedings that
could impose financial penalties on AWB, the credit impact would
have to be assessed at that point in time.  Standard & Poor's
would also seek to determine the medium to long-term
implications of the potential ability of other parties being
able to supply bulk wheat shipments from the pool.


AWB LIMITED: Board Heads to Roll Due to Oversight
-------------------------------------------------
The former chairman of South Australia's bulk grain handler has
called for wholesale changes to Australian Wheat Board Limited's
board of directors because of its failure to uncover kickback
payments to Saddam Hussein's regime, The Australian reports.

Kevin O'Driscoll, chairman of AusBulk from 1996 until its merger
with the Australian Barley Board in 2004, and an AWB shareholder
said that the AWB Board had failed in overseeing the company,
saying that ignorance of what was going on is not an excuse.
Mr. Driscoll has raised the issue of holding a special general
meeting to discuss the issue, and seek the removal of several
board members.

A special general meeting can be called by 100 shareholders, or
holders of at least 5% AWB equity.

Mr. O'Driscoll and other wheat farmers had earlier met Foreign
Affairs and Trade spokesman Kevin Rudd, who was on a national
tour to gauge opinions on the single marketing desk enjoyed by
AWB, which both major parties support.

Mr. Rudd said that if restructuring is needed, he will make sure
it will happen.

The Cole inquiry began hearings in mid-January and AWB managing
director Andrew Lindberg resigned on the eve of the general
meeting on February 23, 2006.  The development was followed by a
spate of calls for board resignations from groups as diverse as
the Australian Shareholders Association, to Growers.

                           About AWB

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

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

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


BIOVEND PTY: Appoints Gideon Rathner to Wind Up Firm
----------------------------------------------------
The creditors of Biovend Pty Limited held a meeting on Feb. 24,
2006, and decided to wind up the Company's operations
voluntarily.

Gideon Rathner was then appointed as liquidator.

Contact: Gideon Rathner
         Liquidator
         Lowe Lippmann Chartered Accountants
         5 St. Kilda Road, St. Kilda
         Victoria 3182, Australia


BROUWER PTY: Prepares to Distribute Assets
------------------------------------------
At an extraordinary general meeting on March 1, 2006, members of
Brouwer Pty Limited resolved to wind up the Company's business
operations and distribute the proceeds of its assets disposal.

G. J. Waterland was named liquidator for the wind-up.

Contact: G. J. Waterland
         Liquidator
         JCW Consulting Pty Limited
         Level 1, 405 Nepean Highway
         Frankston, Victoria 3199
         Australia


BRUNOL INVESTMENTS: To Declare Final Dividend Today
---------------------------------------------------
Brunol Investments will distribute its final dividend today,
April 6, 2006.

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

Contact: G. S. Andrews
         Liquidator
         G. S. Andrews & Associates
         22 Drummond Street, Carlton
         Victoria 3053, Australia


CABLE CONSULTING: Proofs of Debt and Claims Due on April 13
-----------------------------------------------------------
On March 27, 2006, shareholders of Cable Consulting Limited
resolved to liquidate the assets of the Company.

Subsequently, William Gavin Johnston was appointed as liquidator
to facilitate the liquidation process.

Creditors are given until April 13, 2006, to prove their debt or
claims, or establish any priority their claims may have.
Failure to do so may exclude any creditor 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


CHARLIE GEORGE: Applies for Removal from Register
-------------------------------------------------
The liquidator of Charlie George Limited has applied for the
removal of the Company from the New Zealand Register on grounds
that the Company has:

-- ceased to carry on business;

-- discharged in full its liabilities to all its known
   creditors; and

-- distributed its assets in accordance with its constitution.

The Registrar will remove the Company from the Register unless a
written submission to object the removal is received.


CHEAP DISPLAY BROKERS: Decides to Close Operations
--------------------------------------------------
Members of Cheap Display Brokers Pty Limited held an
extraordinary general meeting on March 1, 2006, and agreed to
shut down the Company's business operations.

At a creditors' meeting held that same day, Victor Raymond Dye
and Nicholas Giasoumi were chosen to act as joint and several
liquidators.

Contact: Victor R. Dye
         Nicholas Giasoumi
         Joint Liquidators
         Dye & Rennie Chartered Accountants
         Suite 8, 260 Auburn Road
         Hawthorn 3122, Australia


CONGRATULATIONS LIMITED: Taps Liquidator from BDO Spicers
---------------------------------------------------------
Shareholders of Congratulations Limited have on March 24, 2006,
appointed Liquidator Robert Foster of BDO Spicers to facilitate
the liquidation of the Company's assets.

The Liquidator hereby gives creditors until May 3, 2006, to
prove their debt or claims, in order to benefit from any
distribution the Company will make.

Contact: Robert Foster
         Liquidator
         BDO Spicers, Chartered Accountants
         29 Northcroft Street
         Takapuna, Auckland
         New Zealand
         Telephone: (09) 486 2125
         Facsimile: (09) 486 4026


CORALTREE INVESTMENTS: Members to Receive Wind-up Details
---------------------------------------------------------
The members of Coraltree Investments Pty Limited will convene
today, April 6, 2006, to receive the liquidator's account
regarding the Company's completed wind-up and disposal of
property.

Contact: Douglas John Farram
         Liquidator
         Carruthers Farram & Co. Services Pty Limited
         Suite 4, Level 4, 105 Pitt Street
         Sydney, New South Wales 2000
         Australia


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


EUROPEAN WHOLESALE: Joint Receivers and Managers Appointed
----------------------------------------------------------
On March 22, 2006, Stephen John Tubbs and Malcolm Grant Hollis
were appointed as joint receivers and managers of European
Wholesale Limited.

Contact: Stephen John Tubbs
         Malcolm Grant Hollis
         Joint Receivers and Managers
         BDO Spicers, Levels Six and Seven
         Spicer House, 148 Victoria Street
         Christchurch
         New Zealand
         Telephone: (03) 379 5155
         Facsimile: (03) 353 5526
         e-mail: wendy.somerville@chc.bdospicers.com


FORTESCUE METALS: Cost Estimates Pushed Higher by AU$90 Million
---------------------------------------------------------------
Fortescue Metals Group Ltd revealed that developing its iron ore
project in the Pilbara region in Western Australia will now cost
AU$1.92 billion, which is AU$90 million higher than the earlier
cost estimate.

The Company had last year calculated infrastructure costs at
AU$1.83 billion.  Yet, the original estimate, as part of the
Project's definitive feasibility study, was based on January
2005 prices, The Age relates.

The Australian Associated Press says that the estimated amount
for the infrastructure aspect of the Pilbara Project does not
include the cost of mining the iron ore.  A separate study on
the operational side of the project is still being finalized.

Fortescue, along with contractor Worley Parsons Ltd, pointed out
that a control estimate for the infrastructure side is necessary
for the awarding of construction contracts.  The Company
explained that the control estimates signal the start the
Project's execution phase and "represents a much more developed
quantification of the capital cost and associated schedule of
the port and rail infrastructure."

As reported in the Troubled Company Reporter - Asia Pacific on
March 29, 2006, Fortescue is targeting first production at the
Pilbara iron ore mine in the first quarter of 2008, with an
initial production rate of 45 million tonnes a year.

The Australian says that a study on the Company's plans to
increase output to 60 million tonnes per year is underway.

The TCR-AP also reported that Fortescue had already started
considering a range of funding initiatives for the Project,
understood to include a AU$835 million-plus bond issue in the
United States and the sale of equity in both the mining and
infrastructure operations of the project.

                        About Fortescue

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

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


FUTURESAFE BUILDING: Liquidation Hearing Slated for April 28
------------------------------------------------------------
On February 24, 2006, the High Court of Auckland has received an
application to liquidate Futuresafe Building Inspections (2004)
Limited.

The Application will be heard before the High Court on
April 28, 2006 at 10:45 a.m.

An appearance must be filed not later than April 26, 2006, to
enable any person to appear at the hearing.

Contact: Vega Consultants Limited
         Plaintiff
         M. J. Tingey
         Solicitor for the Plaintiff
         Bell Gully, Level Twenty-two
         Vero Centre, 48 Shortland Street
         Auckland
         New Zealand


GRACO TRANSPORT PTY: Prepares to Pay Dividend
---------------------------------------------
Graco Transport Pty Limited will distribute its first and final
dividend today, April 6, 2006, to the exclusion of creditors who
were not able to prove their claims.

Contact: Ian Charles Francis
         Liquidator
         c/o Taylor Woodings
         Level 6, 30 The Esplanade
         Perth, Western Australia 6000
         Australia
         Telephone: (08) 9231 8533
         Fax: (08) 9321 8544


JAG INVESTMENT: Wind-up Process Initiated
-----------------------------------------
Members of Jag Investment Group Pty Limited convened on March 1,
2006, to commence the wind-up of the Company's operations.

Gregory Stuart Andrews was tapped to manage the Company's wind-
up activities.

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


MARTEN YACHTS: Liquidator Wants Firm Removed from Registrar
-----------------------------------------------------------
Liquidator Kevin David Pitfield has completed the liquidation of
the assets of Marten Yachts Limited.

MR. Pitfield then applied for the removal of the Company from
the New Zealand Register.

Objections to the removal must be delivered to the Registrar
within 20 working days starting March 20, 2006.

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


MASTER AUTO REPAIRS: Members Agree on Liquidation
-------------------------------------------------
Members of Master Auto Repairs Pty Limited held a meeting on
February 28, 2006, and agreed on the Company's need to
liquidate.

At the meeting, the members appointed Sule Arnautovic to manage
the Company's wind-up activities.

Contact: Sule Arnautovic
         Liquidator
         Jirsch Sutherland Chartered Accountants
         Level 2, 84 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone: (02) 9233 2111
         Fax: (02) 9233 2144


MUSTARA HOLDINGS: Set to Hold Final Meeting on April 7
------------------------------------------------------
A final meeting of the members and creditors of Mustara Holdings
Pty Limited will be held on April 7, 2006, at 10:00 a.m.

At the meeting, Liquidator Roderick Mackay Sutherland 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: Roderick M. Sutherland
         Liquidator
         Jirsch Sutherland Chartered Accountants
         Level 2, 84 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone: 02 9233 2111
         Fax: 02 9233 2144


NATIONAL AUSTRALIA: Retail Arm Stabilizes & Starts Rebuilding
-------------------------------------------------------------
National Australia Bank's retail bank division has now been
stabilized, The Australian reports, citing NAB's retail banking
general manager, Andrew Thorburn.

According to the report, NAB's retail business, which shed
customers and revenue amid the turmoil and boardroom upheaval of
2004, lagged its stablemates, MLC and the business and private
banking operations, in the turnaround program for NAB's
Australian operations.

The Troubled Company Reporter - Asia Pacific reported on
September 29, 2005, that NAB Australia's chief executive
officer, Ahmed Fahour, presented a comprehensive plan to
stabilize and rebuild the bank's Australian business.  Mr.
Fahour had said that NAB was already half-way through a three-
year turnaround.  Particularly, while the other two NAB
divisions were well into the rebuilding phase, the retail bank
had yet to be stabilized.

Mr. Thorburn, however, told The Australian in an interview that
the retail division's restructure into 70 local business units,
each under the control of a regional executive, was now
complete, and it is already starting with its rebuilding phase.
He said that profit growth is already beginning to pick up and
customer satisfaction ratings are on the increase.

The Australian notes that over the next three years, the retail
bank will absorb its share of AU$1.8 billion in capital
expenditure earmarked for NAB's domestic business.  Spending
programs this year include replacement of a 20-year-old bank
teller system, now complete, refurbishment of around 200
branches, opening a further eight branches, a new corporate
uniform, creation of the new regional business model, a complete
overhaul of recruitment processes, and staff retraining and new
product launches.

                        *     *     *

National Australia Bank is undertaking a three-year revival
program after its 2004 foreign exchange trading scandal and
several profit downgrades in 2005 that hammered its share price.
The Bank is working to recover from a tumultuous two years
marked by a boardroom upheaval and disintegration, executive
departures and huge job cuts.  As of February 2006, NAB said
that it was moving ahead and that its crises were over.  NAB
further stated that planning for its post-recovery phase was
under way.

As reported in TCR Europe on Jan. 12, NAB is cutting the number
of Clydesdale banks from 217 to 153 as people abandon
traditional banking to Internet and telephone method of
transacting business.  It is closing 30 branches in Scotland,
and 17 in England.


NEW MILLENIUM: Declares Dividend Today
--------------------------------------
New Millenium Publications Limited will declare a first and
final dividend to its priority creditors today, April 6, 2006.

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

Contact: Samuel Richwol
         Liquidator
         O'Keeffe Walton Richwol
         Suite 3, 431 Burke Road
         Glen Iris, Australia


PANDORA PRODUCE: CIR Files Petition to Liquidate Firm
-----------------------------------------------------
The Commissioner of Inland Revenue has filed with the High Court
of Napier a petition to liquidate Pandora Produce Limited.

The Court will hear the application on April 26, 2006 at 10:00
a.m.

Any person wishing to appear at the hearing of the application
must file an appearance not later than April 24, 2006.

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


QANTAS AIRWAYS: Jetstar Asia Seeks More Funds for Operations
------------------------------------------------------------
Qantas Airways' low-cost carrier, Jetstar Asia, is seeking a
fresh AU$31.2 million capital injection, the Sydney Morning
Herald relates.

The Singapore-based budget airline, which is 44.5% owned by
Qantas, is also looking to cut back its fleet of eight A320s to
six by the end of 2006 in order to rein in its ballooning
losses.

Singapore's Straits Times newspaper reported that Jetstar Asia's
holding company, Orangestar Investment Holdings, sent a note to
its shareholders proposing the capital-raising.  The airline's
other key shareholder includes the Singapore Government's
investment arm, Temasek Holdings.

Orangestar's note cited Jetstar's inability to gain landing
rights into key markets and the "aggressive competitive
landscape with new entrants and capacity growth."

Jetstar Asia has been bleeding cash since it was launched in
December 2004.  Its merger with rival budget carrier Valuair
last year has failed to steady its losses.  The budget airline
reported a AU$27.4 million loss in the six months to Dec. 31,
2005.

Last year, Jetstar Asia was forced to sub-lease four of its
A320s to a Turkish airline.  There is also speculation that the
low-cost carrier is considering ditching Valuair.

It is understood the Qantas-backed airline will only look to
build up its fleet of A320s when it gains access to key markets,
such as China.

The Sydney Herald says that despite there being no end in sight
to Jetstar Asia's losses, Qantas hopes its plans to foster
greater co-operation with the Singapore airline and its
Australian Jetstar will soon bear fruit.  Aside from drafting
plans to link the routes of its Jetstar International offshoot
with Jetstar Asia, both Jetstars airlines are looking to share
other services.

                          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.


RADWELL PTY: Supreme Court Issues Wind-up Order
-----------------------------------------------
On March 3, 2006, the Supreme Court of New South Wales ordered
the winding up of Radwell 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


REALTY WORLD: Enters Voluntary Liquidation
------------------------------------------
After their general meeting on March 3, 2006, the members of
Realty World Pty Limited decided to voluntarily wind up the
Company's operations.

Frank Lo Pilato was then appointed as liquidator.

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


SEAMART WHOLESALE: Names Receivers and Managers
-----------------------------------------------
Receivers and managers have been appointed for Seamart
(Wholesale) Limited on March 21, 2006.

The appointment was under the terms of general security
agreements giving the secured party a secured interest over the
entire property of the Company.

Contact: Brian Mayo-Smith
         Robert John Knox
         Joint Receivers and Managers
         BDO Spicers, Level Eight
         120 Albert Street, Auckland
         P.O. Box 2219, Auckland
         New Zealand


SITL FLEET: 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 the assets and undertakings of SITL Fleet 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


STANDELL PTY: Liquidator to Present Wind-up Report
--------------------------------------------------
The members and creditors of Standell Pty Limited will hold a
final meeting on April 7, 2006, at 10:00 a.m., for them to get
an account of the manner of the Company's wind-up and property
disposal from Liquidator Frank Lo Pilato.

Contact: Frank Lo Pilato
         Liquidator
         RSM Bird Cameron Partners
         Level 1, 103-105 Northbourne Avenue
         Turner, Australian Capital Territory 2612
         Australia


STEVENS OFFICER: Members Opt for Liquidation
--------------------------------------------
At a meeting of Stevens Officer & Smith Pty Limited on March 3,
2006, members concurred that it is in the Company's best
interests to liquidate its operations.

K. L. Sutherland was then appointed as liquidator for the wind-
up.

Contact: K. L. Sutherland
         Liquidator
         Bent & Cougle Pty Limited Chartered Accountants
         332 St. Kilda Road, Melbourne
         Victoria 3004, Australia


TWO-O-TWO PROPRIETARY: Inability to Pay Debts Prompts Wind-up
-------------------------------------------------------------
At a general meeting of Two-O-Two Proprietary Limited on
February 28, 2006, it was determined that due to its inability
to pay its debts, the Company must be wound up voluntarily.

K. G. Inns was appointed to supervise the Company's wind-up
activities.


WESTPOINT GROUP: IMF May Withdraw Litigation Funding Plans
----------------------------------------------------------
Litigation funding group IMF (Australia) is considering
abandoning its plan to bankroll a class action by investors
ensnared in the Westpoint Group's AU$500 million collapse, The
West Australian Business News says.

The Troubled Company Reporter - Asia Pacific reported on
March 14, 2006, that a planned class action by investors against
Westpoint Corporation will be given a AU$15 million funding by
IMF.  This after Slater and Gordon has joined forces with the
litigation funder to conduct the class action on behalf of at
least 150 people who invested in Westpoint Group's mezzanine
companies.

The TCR-AP noted that the planned lawsuit is targeting financial
planners since there is little chance that anything can be
recovered from Westpoint.  An estimated 100 financial planning
firms received up to 10% commissions for putting their clients'
savings and superannuation funds into Westpoint's schemes.
Recovery actions against the financial planners are considered
the only way for the investors to get at least some of their
money back.

The West Australian relates that IMF's withdrawal could close
one of the major potential avenues for up to 4,000 Australian
investors to recover their money from Westpoint's high-risk,
high-interest mezzanine schemes.

According to The West Australian, IMF director Hugh McLernon
said that his group had found significant loopholes in a
professional indemnity policy issued by major Australian
professional indemnity insurer QBE.

Mr. McLernon explained that the QBE policy, which was obtained
from one of the financial planning groups that put its clients
into the Westpoint schemes, contained a bevy of exclusion
clauses that QBE could use to avoid payouts to investors.
Specifically, he said that the QBE policy he obtained had an
aggregate limit of AU$200,000 for all claims heard by the
Financial Industry Complaints Service against Westpoint, and
that this would be two cases at most.  Mr. McLernon doubted
whether the insurer would be bound by a FICS ruling.

The West Australian recounts that the Australian Securities and
Investments Commission had asked the court for orders that
receivers from KordaMentha be put in charge of all of
Westpoint's assets and preserve them for the benefit of
potential creditors.  The ASIC also told investors last month to
first make claims through the FICS before signing up with IMF,
which could take up to 40% of any winnings.

Mr. McLernon said that IMF had no powers to demand that other
financial planners give details of their professional indemnity
policies.

An ASIC spokesperson, on the other hand, said that currently,
there is no regulatory requirement for financial planners to
have professional indemnity policies.

Mr. McLernon said that it would risky to proceed with litigation
before making a serious attempt to understand whether insurance
companies were taking a hard line on exclusion clauses.
However, he urged all Westpoint investors to lodge a written
claim with their planner and the firm that holds the planner's
ASIC license as soon as possible because the QBE policy would
not pay out if there had not been a written claim during the
life of the policy.

QBE's chief operating officer, Terry Ibbotson, would not comment
on the policy or the exclusion clauses in its policies
generally, but confirmed that his organization insured some of
the planners who had recommended Westpoint investments, The West
Australian adds.

                         About Westpoint

Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property
development and owns or manages retail and commercial properties
with a total value of over AU$300 million.  The Group's troubles
began in 2005 when the Australian Securities and Investments
Commission commenced a series of legal proceedings in relation
to a number of companies within the Westpoint Group.  ASIC
contends that Westpoint projects are suffering from significant
shortfall of assets over liabilities so that hundreds of
investors are at serious risk of not receiving repayment of
their investments.  These investigations were then followed by
the winding up of a number of Westpoint's mezzanine companies.
ASIC also sought wind-up orders after the Westpoint companies
failed to comply with ASIC's requirement to lodge accounts for
certain financial years.

The most recent development in the Westpoint battle is the wind-
up order issued by the Federal Court in Perth against Westpoint
Corporation Pty Ltd.  ASIC applied to wind up the company on
grounds of insolvency.  ASIC believes that Westpoint Corporation
is responsible for arranging, managing and coordinating
Westpoint Group's property projects as well as holding money for
other group companies.  ASIC was concerned that Westpoint
Corporation was unable to pay its debts, including its
obligations under the guarantees given to the mezzanine
companies to make good expected shortfalls in the repayment of
amounts owed to investors.  The Westpoint Group's collapse is
considered by many as the largest of its type in recent years,
with small investors being the biggest group affected.

Investors are currently joining forces to commence a class
action against Westpoint and its advisors.


WESTPOINT GROUP: ASIC Freezes Directors' Assets Until April 7
-------------------------------------------------------------
The Australian Securities and Investments Commission sought and
obtained an order from the Federal Court freezing the assets of
four Westpoint Group directors, ABC reports.

Under the order these four directors, have been prevented from
disposing of any assets they hold legally or beneficially until
April 7, 2006, at 5:00 p.m.:

   1. Norman Carey,
   2. Graeme Rundle,
   3. John Dixon, and
   4. Cedric Beck.

According to MoneyManagement.com, the four directors have also
been prohibited from leaving Australia or even venturing within
100 meters of an overseas departure point in the country until
that date.  Furthermore, a cap has been placed on the amount of
money each director can spend on ordinary operating and living
expenses for the same period.

The Court also granted interim asset freezing orders against
Richstar Enterprises, Westpoint Realty, Bowesco, and Redchime,
all of which are companies associated with Norman Carey.

The matter will return to the Federal Court next month.

                         About Westpoint

Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property
development and owns or manages retail and commercial properties
with a total value of over AU$300 million.  The Group's troubles
began in 2005 when the Australian Securities and Investments
Commission commenced a series of legal proceedings in relation
to a number of companies within the Westpoint Group.  ASIC
contends that Westpoint projects are suffering from significant
shortfall of assets over liabilities so that hundreds of
investors are at serious risk of not receiving repayment of
their investments.  These investigations were then followed by
the winding up of a number of Westpoint's mezzanine companies.
ASIC also sought wind-up orders after the Westpoint companies
failed to comply with ASIC's requirement to lodge accounts for
certain financial years.

The most recent development in the Westpoint battle is the wind-
up order issued by the Federal Court in Perth against Westpoint
Corporation Pty Ltd.  ASIC applied to wind up the company on
grounds of insolvency.  ASIC believes that Westpoint Corporation
is responsible for arranging, managing and coordinating
Westpoint Group's property projects as well as holding money for
other group companies.  ASIC was concerned that Westpoint
Corporation was unable to pay its debts, including its
obligations under the guarantees given to the mezzanine
companies to make good expected shortfalls in the repayment of
amounts owed to investors.  The Westpoint Group's collapse is
considered by many as the largest of its type in recent years,
with small investors being the biggest group affected.

Investors are currently joining forces to commence a class
action against Westpoint and its advisors.


WYLKIAN PTY: Court Names Company liquidator
-------------------------------------------
On February 24, 2006, the Federal Court of Australia appointed
Christopher J. Palmer as the Official Liquidator for the winding
up of Wylkian Pty Limited.

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


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

ALLIANCE VICTORY: Receives Liquidator's Report at Final Meeting
---------------------------------------------------------------
The members of Alliance Victory International Limited on
April 4, 2005, held a final meeting to receive the accounts of
Joint and Several Liquidators Andrew C.C. Ma and Felix K. L. Lee
on the Company's winding up.

Contact: Andrew C. C. Ma
         Felix K. L. Lee
         Joint and Several Liquidators
         19th Floor, Seaview Commercial Building
         21-24 Connaught Road West
         Hong Kong


BOLDFRONT LIMITED: Court to Hear Wind-up Petition on April 12
-------------------------------------------------------------
Hui Tak Cheong of Room 404, Hin Hing House, Hin King Estate,
Shatin, New Territories on February 8, 2006, filed a petition to
wind up Boldfront Limited.

The Petition will be heard before the High court of Hong Kong at
9:30 am 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 by his counsel.

Contact: Betty Chan
         Director of Legal Aid
         34/F., Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong


CHARTER ELECTRONICS: Holds Final General Meeting March 17
---------------------------------------------------------
The final general meeting of the members of Charter Electronics
Limited was held on March 17, 2006.

At the meeting, the members received an account of the manner of
the Company's wind-up and property disposal from Liquidator
Kenny King Ching Tam.

Contact: Kenny King Ching Tam
         Liquidator
         17th Floor, Chun Wo Commercial Center
         23 Wing Wo Street
         Central, Hong Kong


DARIAGA COMPANY: Liquidators Present Wind-up Report
---------------------------------------------------
At a final meeting on April 4, 2006, members of Dariaga Company
Limited received a winding up report from the Company's joint
and several liquidators.

Contact: Andrew C. C. Ma
         Felix K. L. Lee
         Joint and Several Liquidators
         19th Floor, Seaview Commercial Building
         21-24 Connaught Road West
         Hong Kong


HINSWIN ELECTRONICS: Creditors Meeting Fixed on April 19
--------------------------------------------------------
The creditors of Hinswin Electronics Limited will meet on
April 19, 2006, at 10:30 a.m. to discuss about the possible
liquidation of the Company's business.

The meeting will be held at:

          Room 1101, 11/F Shiu Lam Building
          23 Luard Road, Wan Chai
          Hong Kong

Creditors are asked to vote wither in person or by proxy.  Forms
of proxy must be lodged not later than 4:00 p.m. on April 18,
2006.


KECHIL LIMITED: Liquidators Discuss Winding Up Details.
-----------------------------------------------------------
Joint and Several Liquidators Andrew C. C. Ma and Felix K. L.
Lee on April 4, 2006, discussed details of Kechil Limited's
winding up.

The Liquidators explained to members how the Company was
liquidated and its properties disposed of.

Contact: Andrew C. C. Ma
         Felix K. L. Lee
         Joint and Several Liquidators
         19th Floor, Seaview Commercial Building
         21-24 Connaught Road West
         Hong Kong


TDK MANUFACTURING: Final Meeting Slated for April 10
----------------------------------------------------
A final meeting of the members of TDK Manufacturing Company
(Hong Kong) Limited will be held for the parties to receive
Liquidator Masahiko Sato's final account showing how the Company
was wound up and how its property was disposed of.

The meeting will be held on April 10, 2006, at 10:00 a.m., at
10/F, South Tower, World Finance Center, Harbour City, 17-19
Canton Road, Kowloon, Hong Kong.


WAH-CHANG INTERNATIONAL (CHINA): Members Meet to Discuss Wind-up
----------------------------------------------------------------
Members of Wah-Chang International (China) Company Limited will
convene for a final general meeting on April 7, 2006, at 10:00
a.m.

At the meeting, Liquidator Ng Che Sang will present an account
on the Company's liquidation process.

The members will also decide whether the books, accounts and
documents of the Company will be retained by the Liquidator and
be destroyed three months after the Company is dissolved.

Contact: Ng Che Sang
         Liquidator
         211 Upper Bukit Timah Road
         Singapore 588182


WAH-CHANG INTERNATIONAL (HONG KONG): Members Meeting Set April 7
----------------------------------------------------------------
Wah-Chang International (Hong Kong) Corporation Limited's
members will hold a final general meeting on April 7, 2006, at
10:30 a.m. to hear Liquidator Ng Che Sang's account on the
Company's winding up.

At the meeting, the members will also decide whether the books,
accounts and documents of the Company will be retained by the
Liquidator and be destroyed three months after the Company is
dissolved.

Contact: Ng Che Sang
         Liquidator
         211 Upper Bukit Timah Road
         Singapore 588182


YIU FUNG: Creditors Final Meeting Set on April 7
------------------------------------------------
A final general meeting of the members and creditors of Yiu Fung
Oil Trading and Transportation Limited will be held at the
liquidator's on April 7, 2006 at 3:00 p.m. and 3:05 p.m.,
respectively.

At the meeting, the members and creditors will receive the
Liquidator Sze Sau Wan's accounts on how the winding up was
conducted and the property of the Company disposed of.

They will also consider and pass a resolution for the Liquidator
to destroy the Company's books, accounts and documents after six
years following the Company's dissolution.

Contact:  Sze Sau Wan
          Liquidator
          Room 602, 447 Lockhart Road
          Hong Kong


SINO-FOREST: Moody's Affirms Ba2 Rating After Fy2005 Results
------------------------------------------------------------
Moody's Investors Service has affirmed the Ba2 senior unsecured
debt rating and Ba2 corporate family rating of Sino-Forest
Corporation following the recent FY05 results announcement.
The ratings outlook remains stable.

"The rating affirmation reflects the company's strong financial
performance, which well positioned the company at the current
rating level," says Ken Chan, Assistant Vice President/Analyst,
adding, "its credit metrics also continue to improve, and
include strong sales and EBITDA growth supported by robust
domestic demand for wood fiber."

"On the other hand, the rating is constrained by Sino-Forest's
continual need to incur acquisition capex -- thus generating
negative free cash flow -- in order to sustain its business
model.  Moreover, the company needs to demonstrate a proven
long-term success of its business strategy given its relatively
short track record in plantation acquisition," Chan says.

However, Moody's believes Sino-Forest's plans of gradually
moving away from Guangdong and acquiring plantations in
neighboring provinces reflects the management's implementation
of a proactive acquisition strategy.  Moreover, in the near
term, it could benefit from a first-mover advantage in these new
provinces.

Moody's continues to say that the Ba2 ratings continue to
reflect the five core credit strengths of Sino-Forest:

   1. its first-mover advantage and competitive position in
      China's forestry plantation industry;

   2. the favorable trend evident in wood products demand and
      supportive government policies;

   3. the company's proven scalability through acquisitions
      spearheaded by an experienced management team with a
      proven track record in managing and expanding commercial
      plantations in China;

   4. its systematic application of advanced planting management
      practices and strong R&D capabilities to raise plantation
      yields and returns; and

   5. the strategic locations of its plantations together with
      its sound relationships with local forestry bureaus and
      plantation service providers, which enhance its
      competitive advantages.

At the same time, the ratings reflect three credit challenges:

   (a) the cyclical and commodity nature of forestry products,
       characteristics which increase cash flow volatility;

   (b) exposure to China's evolving regulatory framework for
       forestry plantations, but which are partially mitigated
       by the government's intention to promote commercial
       plantations to meet growing domestic demand for wood
       products; and

   (c) Sino-Forest's position as a fast-growing company with a
       relatively short operating history in standing timber
       sales.

Upward ratings pressure may arise if the company:

   * continues to build on its track record for delivering on
     its business plan, especially if it shows an ability to
     secure enough wood fiber flow outside its Heyuan pine site,
     and at the same time grow its plantation base to produce
     recurring cash flow; and

   * demonstrates an ability to maintain key credit metrics -
     RCF/Adj. Debt above 30-40% and EBIT/Int greater than 4.0 -
     4.5x - and generate positive free cash flow throughout the
     industry cycle.

On the other hand, the ratings will come under pressure if:

  * the company fails to achieve its business plan and cash flow
    declines due to an inability to secure enough plantations
    outside Heyuan;

  * overall business risk rises substantially due to potential
    acquisitions; or

  * changes occur in the regulatory regime which fundamentally
    alter operating conditions with a consequent reduction in
    profitability.  The credit metrics that Moody's would
    consider for a downgrade include RCF/Adj. Debt below 15-20%
    and EBIT/Int less than 2.0 -2.5x.

Sino-Forest Corporation is a holding company listed in Toronto,
Canada.  The company is engaged in forestry plantation
activities in China as well as the sale of timber, woodchips and
other wood products in that country.  Sino-Wood Partners, its
principal subsidiary, contributes to over 90% of the group's
total revenue and profit.


* China Hits 600 Institutions for Anti-money Laundering Breaches
----------------------------------------------------------------
Some 600 financial institutions in China were penalized for
violating anti-money laundering laws, China Business News
relates.

China imposed a total of CNY56.29 million or about US$7 million
U.S. dollars in fines on the financial institutions, who were
reportedly involved in money-laundering scams in 2005.

The central bank's anti-money laundering monitoring and
analyzing center received suspect transactions involving CNY80
billion and US$800 million, the report says.

It is estimated that the size of money laundering in China falls
between CNY300 billion to CNY400 billion each year.

The central bank issued China's first rules on anti-money
laundering in 2003, which demanded financial institutions to
report suspicious transactions to the central bank.

The central bank has finalized the anti-money laundering law
draft and will submit the document to the legislative body for
approval this month.


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

BHARAT PETROLEUM: To Gain from Drop in Freight Charges
------------------------------------------------------
Bharat Petroleum Corporation Limited is expected to benefit from
a proposed 8% reduction in freight charges for petrol and
diesel, Business Line reveals.

The Company, which depends on railways for carrying at least 50%
of its products from its Mahul facility, sees a gain of INR40
crore on its balance sheet.  That translates to big savings for
Bharat Petroleum, which currently pays roughly INR500 crore
annually on rail freight charges.

According to some available estimates, Bharat Petroleum and its
subsidiaries will reap INR150 crore in annual savings due to the
proposed reduction in freight charges.

Meanwhile, the Bharat will evacuate a larger part of its
production through pipelines by the end of this fiscal or early
next fiscal.  The Company has a product pipeline up to Indore in
Madhya Pradesh, and is now extending the same to Delhi.  The
pipeline will offer an additional margin of INR1,200-1,400 per
tonne to the Company.

                     About Bharat Petroleum

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

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


FERTILISERS AND CHEMICALS: Revival Package Wins Cabinet's Favor
---------------------------------------------------------------
The Cabinet Committee on Economic Affairs reportedly handed down
a favorable decision regarding the revival package of ailing
state firm Fertilizers and Chemicals Travancore Limited,
Business Line says.

The Committee is understood to have approved FACT's revamp
program and is expected to announce its decision this week, the
report says.

As reported by the Troubled Company Reporter - Asia Pacific,
FACT's revival package was expected to be finalized by March 31,
2006, as the Committee of Secretaries and the Board for
Reconstruction of Public Sector Enterprises had earlier endorsed
the Company's rehabilitation program.

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

According Business Line, FACT is also likely to be merged with a
profit-making company, in a bid to expedite the Company's
turnaround after the revival plan is implemented.

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


GENERAL MOTORS INDIA: Parent Sells 51% GMAC Stake for US$14 Bln
---------------------------------------------------------------
General Motors Corporation entered into a definitive agreement
to sell a 51% controlling interest in General Motors Acceptance
Corp. to a consortium of investors led by Cerberus
Capital Management, LP, the Troubled Company Reporter reported
on April 4, 2006.  The investor group also includes Citigroup
Inc., and Aozora Bank Ltd.

GM expects to receive approximately US$14 billion in cash from
this transaction over three years, including distributions from
GMAC, with an estimated US$10 billion by closing.

The transaction strengthens GMAC's ability to support GM's
automotive operations, improves GMAC's access to cost-effective
funding, provides significant liquidity to GM and allows GM to
continue to participate in the profitability of GMAC over the
long term through its 49% ownership stake.

"We look forward to working with Cerberus to maintain and grow
GMAC's traditional strong performance and contribution to the GM
family," said GM Chairman and Chief Executive Officer Rick
Wagoner.

"This agreement is another important milestone in the turnaround
of General Motors.  It creates a stronger GMAC while preserving
the mutually beneficial relationship between GM and
GMAC.  At the same time, it provides significant liquidity to
support our North American turnaround plan, finance future GM
growth initiatives, strengthen our balance sheet and fund other
corporate priorities."

The GM Board of Directors approved the sale in a special meeting
on Sunday that followed extensive consideration of this
transaction and alternative strategies over the past several
months.

Speaking for the GM Board, Presiding Director George Fisher
stated, "This transaction along with the other progress GM has
been making on its turnaround plan, is an important milestone.
While there is still much work to be done, the GM Board has
great confidence in Rick Wagoner, his management team and the
plan they are implementing to restore the company to
profitability".

The transaction is subject to a number of U.S. and international
regulatory and other approvals.  The companies expect to close
the transaction in the fourth quarter of 2006.

As part of the transaction, GM and GMAC will enter into a number
of 10-year agreements under which GMAC will continue to support
GM's automotive operations and provide GM and its dealers and
customers with the same broad range of financial products and
services it does today.  Customers and dealers should continue
to expect the world-class service that GMAC currently provides,
and GMAC will continue to be the preferred and exclusive
provider of various financial products involving GM-sponsored
consumer and wholesale marketing incentives around the world.
Additionally, employment levels are not expected to change as a
result of this transaction.  Under the agreements, GM will have
an option to acquire GMAC's global automotive finance
operations, under certain conditions, including an investment-
grade rating at GM.  This option is exercisable for 10 years
after the closing of the transaction.

The US$14 billion in cash that GM is to receive as part of the
transaction includes US$7.4 billion from the Cerberus-led
consortium at closing and an estimated US$2.7 billion cash
distribution from GMAC related to the conversion of most of GMAC
and its U.S. subsidiaries to limited liability companies.  In
addition, GM will retain about US$20 billion of GMAC automotive
lease and retail assets and associated funding with an estimated
net book value of US$4 billion that will monetize over three
years.

GM also will receive dividends from GMAC equivalent to its
earnings prior to closing, which largely will be used to fund
the repayment of various intercompany loans from GMAC.  As a
result of these reductions, GMAC's unsecured exposure to GM is
expected to be reduced to approximately US$400 million and will
be capped at US$1.5 billion on an ongoing basis.

GM and the consortium will invest US$1.9 billion of cash in new
GMAC preferred equity -- US$1.4 billion to be issued to GM and
US$500 million to the Cerberus consortium.  GM also will
continue to receive its 49% share of common dividends and other
value generated by GMAC.

GM will take a non-cash pre-tax charge to earnings of
approximately US$1.1 billion to US$1.3 billion in the second
quarter of 2006 associated with the sale of 51% of GMAC.

Meanwhile, Citigroup will arrange two syndicated asset-based
funding facilities that total US$25 billion which will support
GMAC's ongoing business and enhance GMAC's already strong
liquidity position.  Citigroup has committed US$12.5 billion in
the aggregate to these two facilities.  The funding facilities
are in addition to Citigroup's initial equity investment in
GMAC.

The GMAC board of directors will have 13 members - six appointed
by the consortium; four appointed by GM; and three independent
members.  GMAC will continue to be managed by its existing
executive management.

GM expects that the introduction of a new controlling investor
for GMAC, new equity capital at GMAC, and significantly reduced
inter-company exposures to GM will provide GMAC with a solid
foundation to improve its current credit rating.  GM and GMAC
expect that these actions will de-link the GMAC credit ratings
from those of GM.

General Motors India -- http://www.gm.co.in/-- was formed in
1994 as a 50:50 joint venture between General Motors Corporation
and the C.K. Birla Group of Companies.  Its manufacturing plant
is located at Halol in Gujarat.  The Halol plant has received
ISO 9002 certification in 1998, ISO 14001 in environment
management systems in 1999, ISO -9000 2000 in January 2002.  In
1999, GM bought out its partner's shareholding and GM India
became a fully owned subsidiary of GM Corporation. GM India
currently has a total workforce of 1,200 personnel excluding
contract workers.  GM India offers products under the Chevrolet
and Opel brands in the country.  The Company has been affected
by issues of its United States-based parent, which is suffering
from massive product recalls, hefty losses, and low credit
ratings, among others.  General Motors made losses of around
US$7.6 billion in its North American automotive operations in
2005.  This included the costs of decision to close down as many
as 12 North American plants and cut 30,000 jobs by the end of
2008.  The losses were also due to charges related to factory
job losses, its finance arm GMAC and the bankruptcy of former
subsidiary Delphi Corp.  GM had to make these big restructuring
announcements to cut costs and return to profitability as soon
as possible.


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

GAJAH TUNGGAL: Places B2 Unsecured Bond Ratings on Review
---------------------------------------------------------
Moody's Investors Service has placed the B2 corporate family and
senior unsecured bond ratings of PT Gajah Tunggal Tbk on review
for possible downgrade.

"The review is in response to the weaker-than-anticipated
financial results reported by the company for the year ending 31
December 2005," says lead analyst Peter Fullerton, adding "key
metrics including EBITDA to interest are expected to come close
to previously stated levels that would place downward pressure
on the rating."

In particular, the review will focus on the earnings profile of
the Company and the corresponding margins.  The Company's
ongoing exposure to increases in raw material prices and ability
to pass through such price rises to consumers will also be
reviewed.

Moody's notes that the Company's cash flow from operations was
below expectations, together with lower-than-anticipated cash
reserves, creating uncertainty as to the strength of the
Company's liquidity profile.

The review will also focus on the Company's capital expenditure
program, incorporating implementation risk and associated
expected increases in earnings and associated cash flows over
the short to medium term.

                          *     *     *

Headquartered in Jakarta, Indonesia, PT Gajah Tunggal TBK is a
manufacturer of motorcycle and motor vehicle tires for both the
domestic and export markets. The now-defunct The Indonesian Bank
Restructuring Agency, or IBRA, took control of the holding
Company of the Gajah Tunggal Group due to its large debt to the
state totaling US$550 million in 2003. Creditors also agreed to
restructure its debt by rolling over the repayment for six years
to 2009.


LIPPO KARAWACI: Considers Stock Split Proposal
----------------------------------------------
Property developer PT Lippo Karawaci will ask its shareholders
to approve a stock split plan at a shareholders meeting on
April 17, 2006, The Jakarta Post reports.

The publicly listed firm is looking to split its stock so it
could take up a bigger stock volume and will benefit from more
liquidity in the market.

The Company is confident the stock split will be advantageous to
the business especially with the increasing appetite among
investors for shares in Indonesian firms and the increase in the
Company's share price on the Jakarta Stock Exchange.

PT Lippo Karawaci Tbk -- http://www.lippokarawaci.co.id/-- is
one of the largest property developers in Indonesia with a
market capitalization of over USD550 million.  As of end-2005,
it possessed a huge land bank reserve of 2,079 hectares.  The
Company also operates four hospitals and four hotels in
Indonesia.  Moody's Investors Service assigned in February 2006
its (P) B2 foreign currency senior unsecured rating to Lippo
Karawaci Finance B.V.'s proposed USD180 million bond issuance,
which is guaranteed by PT Lippo Karawaci Tbk (LK).  The rating
outlook is positive, reflecting the positive outlook for
Indonesia's sovereign rating.  Moody's also assigned its (P)B1
local currency corporate family rating to LK with a stable
outlook, for the first time.  Moody's expects that LK will
continue to expand its core businesses and benefit from medium-
term growth prospects, such that its financial profile will
improve and generate positive operating cash flow.


PERTAMINA: Seeks More Fuel Imports This Month
---------------------------------------------
PT Pertamina plans to import more fuel products this month in
anticipation of higher domestic consumption for the rest of the
year, Forbes relates.

The state oil and gas firm said it will import around 7.4
million barrels of fuel products this month, up from last
month's 6.5 million barrels.

Currently nationwide fuel consumption amounts to 140,000
kiloliters per day, which is still 15.6% below Pertamina's daily
sales target.  However, being the only agency in charge of
importing and distribution of fuel in the country, Pertamina
prepares to meet higher fuel demand for the second quarter when
some factories are scheduled to operate at full speed.

Fuel consumption had declined earlier since the Government
raised fuel prices by an average of 126% in October last year.
Fuel imports, on the other hand, amounted to 17 million barrels
in September before gradually falling to a low of 6.4 million in
February.

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


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

JAPAN AIRLINES: Expands Hainan Code Sharing Pact to Add Flights
---------------------------------------------------------------
Japan Airlines has expanded an existing code sharing agreement
with China's Hainan Airlines in order to ply two additional
domestic routes in the country, JCN Network relates.

Both airlines started code sharing on the daily flights of
Hainan Airlines from Beijing to Chengdu on June 1, 2005.  Now,
with the proposed expansion that has yet to be approved by the
Japanese Government, JAL can put its JL flight number on daily
round trip flights from Beijing to Kunming and Xian, to
facilitate easy access for passengers traveling to these cities
from Japan.  According to noticias.info, Japan Airlines
currently offers 240 weekly flights from Japan to 12
destinations in China to its passengers.

                     About Japan Airlines

Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  JAL's international passenger operations incurred
losses in recent years due to negative factors such as the
severe acute respiratory distress syndrome epidemic and
terrorism fears.  Due to a series of safety-related incidents,
the JAL Group was subjected to a business improvement order and
administrative warnings relating to assurances on air
transportation safety issued by the Ministry of Land,
Infrastructure and Transport in March 2005.  In the fiscal year
2005-2007, the Company's Medium Term Business Plan stated that
in order to implement the reform of the corporate structure and
the cost structure swiftly, the holding Company and operating
companies are to be integrated. Specifically, in fiscal 2005,
the corporate planning and marketing functions will be
integrated and further steps to eliminate overlapping jobs and
streamline the organization will be taken with a view to
achieving substantial integration to merge the holding company
and the operating company.  In addition, the number of full-time
officers was cut by 30%, and this reform was completed on
April 1, 2005.


LIVEDOOR COMPANY: Court to Release Director Kumagai on Bail
-----------------------------------------------------------
The Tokyo District Court issued an order on April 5, 2006,
authorizing the release of former Livedoor Company Limited
director Fumito Kumagai on bail, Crisscross News reports.

The Troubled Company Reporter - Asia Pacific said on March 16,
2006, that lawyers had filed the bail request for Mr. Kumagai,
who had been arrested on securities violation charges.  The
Tokyo District Court initially rejected their request.  The
lawyers then filed a complaint against the ruling, which the
court again dismissed on March 17, 2006.

A subsequent TCR-AP report stated that lawyers for Mr. Kumagai
resumed their request to seek bail for the former director,
which request was approved this time.

                         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.

The TCR-AP reported on April 4, 2006, that the Company was
planning to move its headquarters out of a complex in Roppongi
Hills, Tokyo, due to high rental fees, but sources familiar with
the matter said that the Company wanted to improve its image.


NEC CORPORATION: Strengthens Business Alliance with EMC Corp.
-------------------------------------------------------------
NEC Corporation and EMC Corporation plan to expand their
strategic business and technology alliance, Business Wire
states.

According to NEC president Kaoru Yano and EMC chairman Joe
Tucci, their expansion agreements involve new technology
development, distribution, joint marketing, customer service and
support, and increased collaboration and integration of the two
companies' information management and infrastructure solutions.

The expanded alliance will center on:

   -- a collaboration on the development, manufacturing,
      distribution and support of certain future storage
      technologies and entry-level products.

      EMC and NEC have agreed to leverage their respective
      strengths and resources to market the next generation of
      information management solutions and entry-level storage
      products.

   -- the license of various technologies from their respective
      resource management products (EMC Smarts and NEC WebSAM)
      and their incorporation into future releases from each
      company.

      The companies will further ensure tight integration of the
      WebSAM framework and the EMC Smarts model-based
      architecture.

   -- the collaboration on the development of content management
      solutions for emerging customer requirements.

      EMC and NEC intend to jointly develop and resell these
      solutions globally, with a focus on Japan, to help
      customers better address certain business issues such as
      regulatory compliance, security and collaboration.

Within Japan, EMC and NEC intend to deepen their longstanding
relationship by further aligning sales and marketing, solution
development, consulting, customer support and service functions.
The two companies intend to provide best-of-breed, end-to-end
information management solutions to Japanese enterprise
customers by:

   * aligning capabilities and methodologies from NEC's Platform
     Optimization Solutions, EMC Proven Solutions and EMC's ILM
     Consulting Services;

   * dedicating resources to a joint center of excellence to
     develop and design information management solutions; and

   * significantly increasing EMC and NEC sales and marketing
     resources dedicated to the joint-selling of information
     management solutions in Japan.

"EMC and NEC are strengthening their alliance to take better
advantage of each company's innovation and market strengths.
Together, we will deliver more comprehensive information
management, utilization, protection and a flexible, highly
optimized information infrastructure to our customers," Mr. Yano
added.

The EMC and NEC alliance began in 1997 to give NEC customers in
Japan broader access to EMC's portfolio of industry-leading
information management and storage solutions.  NEC also markets
EMC's family of networked storage systems and EMC NetWorker
backup and recovery software.

                     About NEC Corporation

Headquartered in Kanagawa, Japan, NEC Electronics Corporation --
http://www.necel.com/-- specializes in semiconductor products
encompassing advanced technology solutions for the high-end
computing and broadband networking markets, system solutions for
mobile handsets, PC peripherals, automotive and digital consumer
markets, and multi-market solutions for a wide range of customer
applications.  NEC Electronics Corporation has 26 subsidiaries
worldwide, including NEC Electronics America, Inc. and NEC
Electronics (Europe) GmbH.

The Troubled Company Reporter - Asia Pacific reported on
March 27, 2006, that NEC Corporation plans to restate its 2002-
2005 financial statements after discovering that an employee at
one of its units had faked business deals in order to inflate
income.  The Company posted a 47% plunge in its fourth quarter
2005 net income to JPY20.78 billion, due to increased
competition in the chip and mobile phone industry.


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

SAMSUNG GROUP: Chair Sued Over Mismanagement In Everland Case
-------------------------------------------------------------
Samsung Group Chairman Lee Kun-hee and 14 former and incumbent
board members of the group's apparel unit have been sued by
minority shareholders over allegations that they helped hand
over Samsung's control from Chairman Lee to his only son, Lee
Jay-yong, Asia Pulse Business wire says, citing civic group
People's Solidarity for Participatory Democracy.

According to the report, three shareholders of Samsung's apparel
unit, Cheil Industries Inc., filed the suit on April 2, 2006,
accusing Chairman Lee and the 14 directors of causing losses to
the Company by "intentionally" losing its right to buy the
corporate bonds of Samsung Everland Inc., the group's amusement
park affiliate.

As reported by the Troubled Company Reporter - Asia Pacific in
February 2006, Samsung is suspected of trying to bribe a
presidential candidate in 1997 and attempts at wealth transfers
from Chairman Lee to his children through illegal bond dealings.
Aside from the bribery scandal, Samsung is also currently under
investigation over the 1996 purchase of corporate bonds of
Samsung Everland by Chairman Lee's children at below market
price.

The Everland bond sale is the largest transaction involving the
younger Lee, who is now the vice-president of Samsung
Electronics Co.

Asia Pulse recounts that at that time, Cheil Industries gave up
its right to buy 182,806 million shares of Everland, which move,
according to PSPD, is aimed at supporting the bond sale for Jay-
yong.  The civic group is the one helping the shareholders file
the lawsuit.

Asia Pulse cites PSPD as saying in its Web site that the
defendants, who were all board members of Cheil Industries at
the time of the bond sale, prompted the apparel maker to lose
about KRW39.5 billion.

The lawsuit, filed with a district court in Daegu sought damages
worth KRW39.5 billion, which is equivalent to the expected loss.

PSPD also expressed hopes that "in the wake of the lawsuit,
chaebol owners will stop their habit of management control
transfer at the expense of minority shareholders."  Chaebol are
South Korea's family-run business conglomerates.

                         *      *      *

The Troubled Company Reporter - Asia Pacific reported on
December 14, 2005, that Samsung Group is facing a lawsuit filed
by creditors of Samsung Motors, seeking KRW4.73 trillion in
damages.  Creditors including Woori Bank and the Seoul Guarantee
Insurance Corp. wanted to recoup losses stemming from the
carmaker's insolvency in 1999 as its efforts to sell its stake
in Samsung Life Insurance Inc. was unsuccessful.  The Group
contributed 3.52 million unlisted shares of Samsung Life as
collateral, but the insurer failed to list as it could not meet
regulatory rules, involving distribution of dividends to
policyholders.  The claims filed by Samsung Motors creditors
include the Company's debts worth KRW2.45 trillion and overdue
loan interest of KRW2.28 trillion, which has been accumulated
over the past few years.


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

AVANGARDE RESOURCES: Fails to Submit Accounts on Due Date
---------------------------------------------------------
Avangarde Resources Berhad disclosed that it has failed to issue
all its outstanding financial statements on the due dates as
required under the Bursa Malaysia Securities Berhad Listing
Requirements.

However, the Company said that it has submitted the Annual
Audited Accounts for 2003 and 2004 on March 31, 2006, and the
Annual Report for 2003 and 2004 will follow immediately.

The Bourse has warned that it may take action against Avangarde
Resources if the Company fails to comply with the provisions of
the Listing Requirements.

The Troubled Company Reporter - Asia Pacific reported on
March 20, 2006, that Avangarde Resources Berhad has submitted
its appeal to Bursa Malaysia Securities Berhad in the hopes of
maintaining its listing status on the stock exchange.  On
March 15, 2006, the Bourse said it will delist Avangarde's
securities from the Official List due to the Company's
inadequate level of financial condition, and failure to issue
its annual audited accounts and annual reports for the financial
years 2003 and 2004 after more than six months from the expiry
of the timeframes.

Headquartered in Kuala Lumpur, Malaysia, Avangarde Resources
Berhad is involved in the construction and development of
housing projects.  The Group has incurred huge losses due to
provision of doubtful debts and writing off of bad debts.  It is
also facing the possibility of being delisted for failing to
meet with the requirements of Bursa Malaysia.


KIG GLASS: Stills Finalizing Terms of Regularization Plan
---------------------------------------------------------
As reported by the Troubled Company Reporter - Asia Pacific, KIG
Glass Industrial Berhad agreed with Permintex Holdings Sdn Bhd's
suggestion to extend their restructuring negotiations through
April 13, 2006.  A stay of the Order was subsequently granted by
the Johor Bahru High Court for three months effective March 24,
2006.

On April 3, 2006, Bursa Malaysia Securities Berhad required the
Company to submit its Regularization Plan approximately three
months from the date of the Order.

KIG Glass, a Practice Note 17/2005 company, disclosed that it is
still in the midst of finalizing the terms of the regularization
plans and the definitive agreement with Permintex.

Headquartered in Johor Darul Ta'zim, Malaysia, KIG Glass
Industrial Berhad -- http://www.kedaung.com/-- manufactured and
sold glassware, glass blocks and carton boxes.  The firm's other
activities included manufacturing of ceramic roof tiles.  Its
operations were carried out in Malaysia and China.  Due to hefty
losses and inability to pay its mounting debts, the Company
ceased operation in May 2005.


MALAYSIA AIRLINES: To Fly to Bahrain Beginning July 2006
--------------------------------------------------------
Malaysia Airlines will start flying to Bahrain in July, Bahrain
Tribune reports, citing Bahrain Deputy Prime Minister and
Minister of Transportation Shaikh Ali bin Khalifa Al Khalifa.

The route will be served by a 240-seater Airbus A330 aircraft,
which will fly from Kuala Lumpur and back every Wednesday and
Friday.

Mr. Al Khalifa is confident that the tie-up with MAS will
further strengthen tourism links between Malaysia and Bahrain.

Headquartered in Selangor, Malaysia, Malaysia Airlines
-- http://www.malaysiaairlines.com/-- services domestic and
international flights.   The carrier is currently facing
financial difficulties.  It made a loss after tax of MYR1.3
billion for MYR2005 and MYR616 million for the nine-month to
December 31, 2005, due to high fuel and operating costs, and
unprofitable routes.  In late February 2006, it unveiled a
radical rescue plan to raise MYR4 billion in order to stay
afloat and return to profitability by next year.  Under the
restructuring plan, the airline pledged to cut its budget by 20%
across the board, terminate many unprofitable routes, freeze
recruitment except for front-line staff, crack down on
corruption by encouraging Whistle-blowing and stop corporate
sponsorship.


METROPLEX BERHAD: Incurs MYR290-Mln Pre-tax Loss in FY2005-06
-------------------------------------------------------------
For the year ended January 31, 2006, Metroplex Berhad reported
an operational profit of MYR19.5 million before finance costs of
MYR91.8 million and before provision and impairment charges of
MYR218.0 million which resulted in the Group reporting a pre-tax
loss of MYR290.4 million.

The Group's revenue for the current financial year was MYR125.4
million compared to MYR265.3 million in the previous financial
year.  The financial performance of the Group and of the hotel
and leisure division for the current financial year and the
previous financial year were not comparable because the results
of the previous financial year include:

   -- the financial results of Legend International Resorts
      Limited and its subsidiaries;

   -- the write-back of accumulated losses totaling MYR24.2
      million as a result of the involuntary dissolution of an
      indirect subsidiary, Eastern Sun Shipping Limited on
      April 1, 2004; and

   -- credit arising from the deconsolidation of the financial
      results of Legend International Resorts totaling
      MYR268.8 million.

The financial results of Legend International Resorts and its
subsidiaries were excluded from the consolidation of the Group's
results effective December 21, 2004.

The Metroplex Group reported a revenue of MYR28.4 million for
the current quarter compared to MYR33.8 million in the immediate
preceding quarter.  Due to impairment in value of assets and
provision for doubtful debts, the Group reported a pre-tax loss
of MYR238.3 million for the current quarter as compared to
MYR16.9 million in the immediate preceding quarter.

The hotel and leisure division recorded a revenue and pre-tax
loss of MYr16.4 million and MYR3.3 million respectively for the
current quarter compared to revenue of MYR20.4 million and pre-
tax profit of MYR1.1 million respectively in the immediate
preceding quarter.

The Group's property investment division booked a revenue of
MYR8.8 million for the current quarter compared to MYR9.8
million for the immediate preceding quarter. Pre-tax profit for
the current quarter stood at MYR1.7 million compared to MYR2.4
million in the immediate preceding quarter mainly due to
deferred tax provision.

The property development division reported a pre-tax loss of
MYR124.1 million in the current quarter compared to MYR7.9
million in the immediate preceding quarter mainly due to the
impairment in value of the property development expenditure
account totaling MYR109.1 million in the current quarter.

For the construction, quarrying, trading and others division,
revenue for the current quarter was MYR7.1 million compared to
MYR3.5 in the immediate preceding quarter. This division
recorded a pre-tax loss of MYR112.6 million in the current
quarter compared to MYR12.5 million in the immediate preceding
quarter.

Meanwhile, Metroplex entered into a Sale and Purchase Agreement
for the disposal of The Mall and Office Tower to Kumpulan Wang
Simpanan Pekerja on December 30, 2005.  Proceeds from sale of
the Property shall be utilized to repay the secured lenders of
the Property, which will help to reduce the Group's secured
borrowings.  The Group's restructuring plan is now being
mobilized by this sale and steps are taken to continuously
negotiate with lenders to restructure the Group's borrowing to
put the Group's financial position in a stronger footing again.
Meanwhile, the Group is currently taking steps to aggressively
market its completed stocks and mobilize its development
projects with a view to move forward as a property development
company and hotel operator.

The Company did not issue any profit forecast and profit
guarantee for this reporting quarter.

              Summary of Key Financial Information

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

* Revenue

     28,415        59,844         125,420        265,290

* Profit/(loss) before tax

   -238,327       182,138        -290,355        134,484

* Profit/(loss) after tax and minority interest

   -254,142       176,491        -309,068        127,929

* Net profit/(loss) for the period

   -254,142       176,491        -309,068        127,929

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

     -28.18         19.57          -34.27          14.19

* 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

       -0.2000                      0.1400

The Company's financial report for the year ended January 31,
2006, is available for free at:

   http://bankrupt.com/misc/tcrap_metroplexbhd040506.xls

Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad's
activities are hotel and casino operations.  Other activities
include property investment, property development, provision of
administrative services, general and building construction,
leasing and financing, trading of building materials and
operation of hotel management training school.  Operations are
carried out in Malaysia, Hong Kong and Philippines.  On April
28, 2005, Morgan Stanley Emerging Markets Inc. had filed a
winding-up petition on the Company to the Kuala Lumpur High
Court.  Morgan Stanley also filed for a summons to appoint a
provisional liquidator for the wind up.  Until and unless a
provisional liquidator is appointed pursuant to the application
to the Court by the Petitioner to appoint provisional liquidator
for Metroplex, the winding-up petition will not have significant
impact on the Group's operations as MB is currently working out
a debt-restructuring scheme.  In the event the winding-up
petition succeeds, the Company will be put into liquidation.


MYCOM BERHAD: Lenders Allow More Time to Complete Scheme
--------------------------------------------------------
Mycom Berhad's lenders have issued a written confirmation to
extend the implementation and completion of the Company's
Restructuring Scheme to June 30, 2006, subject to certain terms
and conditions.

Any further extension of time is also subject to prior approval
being obtained from the relevant authorities and unanimous
approval of all scheme lenders.

The tentative date for executing all the scheme documents is
targeted for April 30, 2006.

The Mycom Board said it will work towards completing the
Restructuring Scheme within the tentative timeframe, subject to
approvals from the Securities Commission and the lenders.

  Major Outstanding          Proposed         Status of
       Events                Timeline       Implementation

  * Execution of
    trust deeds/deed
    poll and other
    creditors'
    agreements              April 2006         To be met

  * Execution of
    the Underwriting
    Agreement in
    connection with
    the Rights Issue
    with Warrants            May 2006          To be met

  * Books Closing
    Date for the
    Capital Reduction,
    Capital Consolidation
    and Rights Issue
    with Warrants            June 2006         To be met

  * Dispatch of
    Abridged Prospectus,
    Rights Subscription
    Forms and Notice
    of Provisional
    Allotment                July 2006         To be met

  * Listing of the
    new Mycom shares,
    warrants, Irredeemable
    Convertible Unsecured
    Loan Stocks, Redeemable
    Unsecured Loan Stocks
    and Irredeemable
    Convertible Bonds on
    the Bursa Malaysia
    Securities Berhad       August 2006        To be met

Headquartered in Kuala Lumpur, Malaysia, Mycom Berhad is engaged
in the provisions of granite quarry services, manufactures and
sells latex rubber thread, tape, plywood, laminated board and
sawn timber, cultivates oil palm fruits, and develops property.
The Company is also involved in hotel operation, provision of
management and financial services and investment holding.
Operations of the Group are carried out in Malaysia and South
Africa.   Mycom is in the advanced stage of negotiations to
settle its foreign debts. The proposed capital reduction and
consolidation by Mycom, as well as the proposed share premium
account reduction will reduce the Company's accumulated losses.
In its proposal to streamline its operations and focus on
property development activities after restructuring, Mycom had
proposed to undertake a series of acquisitions of property
companies and land, as well as the disposal of certain assets in
the future years.  Both the corporate and debt restructuring
would put Mycom Group on a stronger financial footing to
continue as a going concern, to return to profitability and to
enhance returns to all the stakeholders.


OLYMPIA INDUSTRIES: Obtains Scheme Completion Extension
-------------------------------------------------------
Olympia Industries Berhad has obtained a written confirmation
from its lenders, extending the implementation and completion of
the Company's Restructuring Scheme until June 30, 2006.

The Company aims to execute scheme documents by April 30, 2006.

The Company's Board will work towards completing the
Restructuring Scheme within this tentative timeframe:

  Major Outstanding          Proposed         Status of
       Events                Timeline       Implementation

  * Execution of
    trust deeds/deed
    poll and other
    creditors'
    agreements              April 2006         To be met

  * Execution of
    the Underwriting
    Agreement in
    connection with
    the Rights Issue
    with Warrants            May 2006          To be met

  * Books Closing
    Date for the
    Capital Reduction,
    Capital Consolidation
    and Rights Issue
    with Warrants            June 2006         To be met

  * Dispatch of
    Abridged Prospectus,
    Rights Subscription
    Forms and Notice
    of Provisional
    Allotment                July 2006         To be met

  * Listing of the
    new Mycom shares,
    warrants, Irredeemable
    Convertible Unsecured
    Loan Stocks, Redeemable
    Unsecured Loan Stocks
    and Irredeemable
    Convertible Bonds on
    the Bursa Malaysia
    Securities Berhad       August 2006        To be met

Headquartered in Kuala Lumpur, Malaysia, Olympia Industries
Berhad organizing and managing numbers forecast pools and public
lotteries, operation of recreation clubs, investment holding and
property development.  Other activities include trading in
securities, paint spraying of aluminium, other metal products
and architectural products, letting of properties, maintaining
and operating internet based transaction facilities and
services, food and beverage business, events organiser and
project management, travel and tours agency, servicing of oil
and gas pipeline, asset management, money lending and
stockbroking.  Operations are carried out in Malaysia, Papua New
Guinea and Singapore.  The Company has incurred continuous
losses in the past and has also been fined many times by Bursa
Malaysia Securities for failing to maintain appropriate
standards of corporate responsibility and accountability to the
investing public.  The Company has unveiled a proposed
restructuring scheme in July 2001, which include capital
reductions, disposals, debt novation and debt restructuring.


PAN MALAYSIA: Repurchases 150,000 Shares for MYR63,819
------------------------------------------------------
Pan Malaysia Corporation Berhad bought back 150,000 ordinary
shares of MYR0.50 each for a total cash consideration of
MYR63,818.94 on March 31, 2006.

The minimum price paid for each share purchased was MYR0.410 and
the maximum was MYR0.430.

After the purchase, the cumulative outstanding treasury shares
have reached 57,461,400.

Pan Malaysia Corporation on March 28, 2006, bought back 75,000
ordinary shares of MYR0.50 each for a total cash consideration
of MYR32,018.92, the Troubled Company Reporter - Asia Pacific
reports.

Headquartered in Kuala Lumpur, Malaysia, Pan Malaysia
Corporation Berhad provides management services and the
manufacturing, marketing and distribution of confectionery and
cocoa-based and other food products.  The Company also operates
departmental and specialty stores, construction and property
investment and investment holding.  The Group operates in
Malaysia, Australia and the rest of Asia-Pacific.  Pan Malaysia
has suffered consecutive losses in the past.  In the fourth
quarter of the fiscal year ending December 31, 2005, the Company
booked a net loss of MYR6.8 million.


PANTAI HOLDINGS: Lists 6,556,000 New Ordinary Shares
----------------------------------------------------
Pantai Holdings Berhad's additional 6,556,000 new ordinary
shares of RM1.00 were granted listing and quotation on
April 5, 2006.

The new shares were issued from the exercise of 6,556,000
warrants 2002/2007.

Headquartered in Kuala Lumpur, Malaysia, Pantai Holdings Berhad
-- http://www.pantai.com.my/-- provides medical, surgical and
hospital services.  The firms other activities include provision
of cleaning and maintenance services for hospitals, cardiac
cauterization, medical diagnostic, radiotherapy, oncology,
nurses training courses, medical laboratory, homecare,
rehabilitation, healthcare support, supervision of medical
examination of foreign workers, money lending, laundry and dry
cleaning and investment holding.  Operations are carried out in
Malaysia, Cayman Islands and the British Virgin Islands.  The
Company has defaulted on several loan facilities and is working
out plans to address them.


POLY GLASS: Prepares Statements for Submission to Bourse
--------------------------------------------------------
Poly Glass Fibre (M) Berhad disclosed that the Company's
financial statements for the year ended February 28, 2006, are
being audited for submission to the Bursa Malaysia Securities
Berhad.

The submission is pursuant to the requirements of Paragraph
3.1(b) of Practice Note 17/2005.

As reported by the Troubled Company Reporter - Asia Pacific on
March 13, 2006, the Bourse extended the Company's time to
implement and regularize its financial condition pursuant to
PN17 until June 30, 2006.

Headquartered in Penang, Malaysia, Poly Glass Fibre (Malaysia)
Bhd -- http://www.polyglass.com.my/-- is a leading manufacturer
and marketer of premium-quality fiber glass wool building
insulation, HVAC insulation, and other specialty products for
thermal and acoustic insulation for commercial, industrial, and
residential applications.  The Company is under Bursa Malaysia
Securities' PN17 category, which requires the Company to
regularize its financial condition or risk possible delisting
from the Exchange.


ROCON-ORTEGO SDN: Receives Winding-up Notice
--------------------------------------------
Rocon Equipment Sdn Bhd on March 31, 2006, presented a winding-
up petition against Rocon-Ortego Sdn Bhd.

Under the Petition, Rocon Equipment is claiming a sum of MYR2
million being part pf advances made by Rocon-Equipment Sdn Bhd
to Rocon-Ortego.  No interest is claimes.

The Petition is fixed for hearing on July 4, 2006 at the Shah
Alam High Court.

Rocon-Ortego Sdn Bhd is a joint-venture company between Rocon
Equipment Sdn Bhd and Ortego (Malaysia) Sdn Bhd.  Rocon
Equipment holds 51% of the issued and paid-up capital of Rocon-
Ortego while Ortego (Malaysia) Sdn Bhd holds 49%.  Due to
differences between the shareholders of Rocon-Ortego, Rocon
Equipment is of the view that it is in the best interests that
Rocon-Ortego be wound-up by the Court and a Court appointed
liquidator independently wind-up the Company's affairs.


SETEGAP BERHAD: Bourse Defers April 7 Delisting
-----------------------------------------------
Bursa Malaysia Securities disclosed that it will delist and
remove the securities of Practice Note 17 company, Setegap
Berhad, on April 7, 2006, as the Company's regularization
proposal announced on January 11, 2006, was terminated on
March 24, 2006.

Setegap, however, had appealed against Bursa Securities'
decision since it has already formulated a new regularization
proposal to be submitted to relevant authorities by April 11,
2006.

In this regard, Bursa Securities has decided to defer the
delisting of the Setegap's securities and allow the Company to
submit the New Regularization Proposal to the relevant
authorities by the deadline.

Bursa Securities, however, warned that it will proceed with the
delisting in the event:

   -- Setegap fails to submit the said New Regularization
      Proposal to the relevant authorities by the Deadline;

   -- Setegap fails to obtain the approval from any of the
      relevant authorities necessary for the implementation of
      the New Regularization Proposal;

   -- Setegap fails to implement the New Regularization
      Proposal within the time frame or extended time frames
      stipulated by the relevant authorities.

                      About Setegap Berhad

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

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

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

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

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

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


SUGAR BUN: Net Loss Widens in 4Q/FY205-06
-----------------------------------------
Sugar Bun Corporation Berhad has incurred a fourth quarter net
loss of MYR9.38 million for the financial year ended January 31,
2006, as against a net loss of MYR4.58 million in the
corresponding quarter of the previous fiscal year.

The loss before taxation for the quarter under review if MYR9.32
million, as against a pre-tax loss of MYR4.6 million in the same
quarter last fiscal year.

Despite the improved performance in the current quarter, the
loss before taxation is comparatively much higher than the
previous quarters.  These was mainly due to various expenses
incurred associated in the implementation of policies, higher
finance charges, necessary adjustments effected that are
expected of year end closing and other miscellaneous expenses.

There is no tax charge for the current quarter due to current
period loss and utilization of brought forward unabsorbed tax
losses and unutilized capital allowances.

There is no dividend paid in the current quarter ended
January 31, 2006.

No interim dividend is recommended for the current quarter and
financial period to-date.

              Summary of Key Financial Information

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

* Revenue

      6,168         7,440          23,317         36,573

* Profit/(loss) before tax

     -9,316        -4,604         -17,292        -17,051

* Profit/(loss) after tax and minority interest

     -9,347        -4,582         -17,229        -16,989

* Net profit/(loss) for the period

     -9,347        -4,582         -17,229        -16,989

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

     -10.37         -5.08          -19.12         -18.90

* 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

       0.5460                       0.7308

The Company's latest financial report is available for free at:

  http://bankrupt.com/misc/tcrap_sugarbun040506.doc

Sugar Bun Corporation Bhd -- http://www.sugarbun.com/-- is
engaged in the operation and franchising of restaurants,
bakeries and confectioneries. Other activities include general
trading of machinery, spare parts and phone cards, investment
holding and provision of administrative, management and
marketing services. Operations of the Group are carried out
mainly in Malaysia.  The Company is currently reorganizing the
Group's overall structure in a bid to curb losses it accumulated
in the past.  The Company is employing various policies
formulated to streamline the Group's operations including cost
cutting measures.  With the corporate exercises in place, Sugar
Bun Corporation is expected to recover this year.


TELEKOM MALAYSIA: To List 56,000 New Shares Today
-------------------------------------------------
Telekom Malaysia Berhad's additional 56,000 new ordinary shares
of MYR1.00 each issued pursuant to the Company's Employees'
Share Option Scheme will be granted listing and quotation today,
April 6, 2006.

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


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

ABS-CBN BROADCASTING: Shares Upgraded to "Hold" from "Sell"
-----------------------------------------------------------
ATR-Kim Eng Securities, Inc., has upgraded its rating on the
shares of ABS-CBN Broadcasting Corporation to "hold" from
"sell," on possible improved earnings, the Philippine Inquirer
relates.

According to ATR-Kim Eng analyst Laura Dy-Liacco, the Company's
downsizing last year reduced salaries by PHP350 million, and is
expected to contribute to a PHP228 million increase in earnings.
She added that new primetime shows were also slated to boost
airtime revenues.

Rising operating costs and weak revenues from advertisements led
to a 61.3% drop in ABS-CBN's 2005 profit to PHP294.5 million,
the Inquirer says.  Company shares fell 4.08% to PHP11.75 per
share on April 3, 2006, slightly higher than ATM-Kim Eng's
targeted PHP11.50 per share.

                       About ABS-CBN Corp.

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

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


ABS-CBN BROADCASTING: Stockholders to Meet on April 27
------------------------------------------------------
In a disclosure statement to the Philippine Stock Exchange, Abs-
CBN Broadcasting Corporation said that it would hold its annual
stockholders' meeting on April 27, 2006, at 8:00 a.m., at ABS-
CBN Broadcast Center Complex, Mother Ignacia cor. Sgt. Esguerra
Avenue, in Quezon City.

Shareholders are slated to discuss:

   * the approval of the minutes of May 19, 2005 Annual
     Stockholders' Meeting;

   * the management's report;

   * the approval of Audited Financial Statements;

   * the election of Directors for Ensuing Year;

   * the ratification of all acts of the Board of Directors,
     Executive Committee and Management for the period covering
     January 1, 2005, through December 31, 2005, adopted in the
     ordinary course of business;

   * the amendment of by-laws (i) to provide disqualification of
     directors if engaged in competing business and to provide
     qualification and procedures for nomination of directors
     and (ii) to change the annual date of the annual
     stockholders meeting to the last Thursday of May of each
     calendar year; and

   * the appointment of external auditors.

                       About ABS-CBN Corp.

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

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


COMMUNITY RURAL BANK: Court OKs Assets Distribution
---------------------------------------------------
On February 2, 2006, the Liquidation Court for the 7th Judicial
Region, Branch 11 of Cebu City, approved the distribution of the
assets of the Community Rural Bank of Dalaguete (Cebu), Inc.

Creditors whose claims were approved may get their check
payments on May 2, 2006, at the Claims Settlement Department,
6th Floor, SSS Bldg., corner Herrera and Ayala Avenue, in Makati
City, from Monday to Friday, 8:00 a.m. to 5:00 p.m.

Contact: Imelda A. Barro
         Ruben S. Castro
         Telephone: 841-4000 local 4773/4776


FASTECH SYNERGY: Outlines Agenda of Annual General Meeting
----------------------------------------------------------
Fastech Synergy Limited will hold its annual general meeting on
April 27, 2006, at 3:30 p.m. to:

   * receive, consider and adopt the Directors' Report and
     Accounts for the financial year ended Dec. 31, 2005, and
     the accompanying auditor's report;

   * approve Directors' Fees for 2005;

   * re-elect directors Cesar P. Manalaysay and John R.
     Payne, who are being rotated under by-law 105 of the
     Company by-laws;

   * elect KPMG Laya Mananghaya & Co., as Auditors of the
     Company and to authorize the Directors to fix their
     Remuneration; and

   * authorize directors to issue Company shares and
     convertible securities.

                     About Fastech Synergy

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.


NATIONAL FOOD: Grain Retailers Want to Retain NFA
-------------------------------------------------
The Grain Retailers Confederation of the Philippines seeks to
oppose a proposal by Senator Manuel Villar to abolish the
National Food Authority, the Philippine Star reports, citing The
Freeman.

Senator Villar said that the National Food Authority is not
generating any income for the Philippine Government, while the
Grain Retailers Confederation says that the agency has a major
role in maintaining price stability.  According to Grecon
national president Teresa Alegado, it was understood that the
NFA was not put up to generate income for the Government.

Grecon has created a grain exchange program with farmers, where
retailers would buy "palay" from farmers of other provinces
without having to pay shipping costs, since they would just have
to go to the National Food Authority outlet in the nearest city
to buy rice.  Farmers, on the other hand, would deposit rice at
the NFA outlet in their area, equivalent to the amount of rice
purchased by the retailers.  The National Food Authority is
slated to facilitate payment to farmers in exchange for the rice
deposits, Ms. Alegado said.

                 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 PHP8 billion loss
for the business year 2006.


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

ACCORD CUSTOMER: Gets SGX-ST's Nod to List and Quote New Shares
---------------------------------------------------------------
The Singapore Exchange Securities Trading Limited has approved
the listing and quotation on the Official List of the SGX-ST of
65,331,010 new ordinary shares in the capital of the Company, to
be allotted and issued to Semitech Electronics Limited.

Accord Customer Care Solutions -- http://www.accordccs.com/--  
is the leading provider of after market services for consumer
mobile communication and digital electronic devices in Asia
Pacific.  ACCS is a spin-off from supply network solutions
provider Accord Express Holdings Pte Limited.  ACCS provides a
wide spectrum of after market services to both its trade
partners and end consumers.  ACCS provides professional,
efficient and convenient services to its end consumers by
establishing one-stop single brand or multi-brand proximity
centres that are conveniently and strategically located.

ACCS has been posting consecutive losses since the first quarter
of 2005, when it incurred a net loss of SGD3.79 million.


CITIRAYA INDUSTRIES: To Hold Creditors Meeting on April 26
----------------------------------------------------------
Citiraya (Singapore) Industries Limited will hold a First
Meeting for Creditors on April 26, 2006, at 10:30 a.m., at the
auditorium of Singapore Chinese Chamber of Commerce & Industry
Building, in 47 Hill Street, Singapore 179365.

At the meeting, creditors will discuss the Statement of
Proposals to the Judicial Managers.

On March 20, 2006, the High Court had agreed for the First
Meeting of Creditors to be extended to no later than May 3,
2006.

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


MAE ENGINEERING: To Issue 415,045,060 New Ordinary Shares
---------------------------------------------------------
MAE Engineering Limited will undertake a proposed renounceable
rights issue of up to 415,045,060 new ordinary shares in the
capital of the Company.

The issue price will be SGD0.03 for each Rights Share, with up
to 207,522,530 free warrants, on the basis of two Rights Shares
with one free Warrant for every two existing ordinary shares in
the capital of the Company, held as at a books closure date to
be determined by the Directors, fractional entitlements to be
disregarded.

Each Warrant will carry the right to subscribe for one new Share
at an exercise price of SGD0.05 for each New Share.

A full-text copy of the details of the Rights Issue is available
for free at:

http://bankrupt.com/misc/MAEEngineeringAnnouncementRightsIssue31Mar06.pdf

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


SONICBLUE SINGAPORE: Court Opts to Wind Up Firm
-----------------------------------------------
On March 17, 2006, the Singapore High Court has ordered to wind
up Sonicblue Singapore Private Limited.

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

         Ang & Partners
         Solicitors for the Petitioners
         150 Beach Road #32-00
         The Gateway West
         Singapore 189720


UNITED FIBER: Repayment to Cornell on its Eighth Installment
------------------------------------------------------------
United Fiber System Limited said that it has issued an Advance
Notice for SGD2,000,000 to Cornell Capital Partners Offshore LP,
pursuant to the Expanded Equity Line as eighth partial repayment
of the SGD50,000,000 Series Three Loan Note.

Following the three-day pricing period, the exercise price for
the Advance has been determined to be SGD0.2890, which is not
lower than 94% of the volume weighted average price of the
Company's shares traded on March 28, 2006, of SGD0.2972.

To expedite the settlement of shares under the Advance, the
Company will borrow 6,920,415 shares from its controlling
shareholder, Tektronix Industries Limited, to deliver to
Cornell.  The shares delivered will comprise 0.35% of the
Company's enlarged issued and paid-up share capital after the
issue of 34,936,677 new shares to return to Tektronix.

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


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

ADVANCE PAINT: Issues Warrants for Rights Offering
--------------------------------------------------
In a Company release to the Stock Exchange of Thailand, Advance
Paint & Chemical (Thailand) Public Company Limited said that it
has issued 83,726,504 APC-W1 warrants and 167,453,025 APC-W2
warrants for right offering to existing shareholders whose names
appeared in the Shareholders Registered Book as of December 27,
2002.  The warrants can be exercised every quarter starting from
December 31st, 2003 at the exercise ratio 1 warrant : 1 common
share.

Headquartered in Bangkok, Thailand, Advance Paint & Chemicals
Public Company Limited manufactures and distributes decorative
paint, heavy-duty coating, and industrial painting under Dutch
boy, and Seven Stars brand names.  It has assets of THB124.83
million in December 2005.  The Company signed a 30-year contract
with Sherwin-Williams Company starting from June 1, 1987, for
the use of brand names and technology.

Advance Paint is currently undergoing business rehabilitation
and is categorized under the Rehabco Sector of the Stock
Exchange of Thailand.  It is working with a capital deficit with
current liabilities pegged at THB57.66 million in 2005 against a
current asset standing of THB35.01 million.


ASIA HOTEL: Schedules Ordinary General Meeting on April 20
----------------------------------------------------------
The board of directors of Asia Hotel Public Company Limited had
set the Company's Ordinary General Meeting on April 20, 2006, at
3:00 p.m., at King Petch Room, Asia Hotel, 296 Phayathai Road,
in Ratchatevi, Bangkok, the Company said in a release to the
Stock Exchange of Thailand.

At the meeting, the board will:

   * certify the minutes of the AGM no. 43;

   * certify the Company's annual report and the board of
     directors' report for the year 2005;

   * approve the balance sheets, statements of income,
     statements of changes in shareholders' equity, statements
     of cash flow for the year 2005 and the auditor's report of
     the Company and its subsidiaries;

   * consider not to allocate net profit for legal reserves and
     dividend omissions for the year 2005's operating results;

   * appoint directors to succeed those completing their terms;

   * approve directors' remuneration fees;

   * appoint an auditor and fix the auditing fee for the year
     2006; and

   * consider other issues, if any.

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

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

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


PICNIC CORPORATION: SET Seeks Answers on FY2005 Results Details
---------------------------------------------------------------
The Stock Exchange of Thailand, after reviewing
Picnic Corporation Public Company Limited's financial statements
for the year ending December 31, 2005, asked the company to
provide additional information concerning related-party
transactions that involve past-due trade account receivables and
significant connected transactions.

Clarification on these matters is required to provide the
Company's shareholders with sufficient information for
consideration before subscribing to an increase in share
holdings available on April 24-28, 2006.

The Exchange has, therefore, required Picnic to provide these
additional information to shareholders and the Exchange by
April 11, 2006:

   (1) Trade Accounts Receivable -- from J.J. Land Development
       Company Limited amounting to THB254 Million

       In accordance with the clarification provided by Picnic
       Corporation on September 7, 2005:

                                             Sun City Golf and
                                J.J. Land       Country Club

       Total project value    THB810 Million   THB369 Million

       Project Progress
       as of September 2005        100%              94%

       Completion Date          08/31/2005       12/30/2005

       Payment terms   --30 days as percentage of completion--

       As stated in the Notes to the Financial Statements for
       the year ended December 31, 2005, during Q4/2005, the
       Company entered into memorandums to construction
       agreements with J.J. Land and Sun City to cancel
       outstanding jobs with the resulting contract value
       reduced by THB260 Million.

       Picnic is required to explain the reasons for the
       cancellations on the remaining portions and the resulting
       effects this had on Installation and Service Income in
       2005 as well as the collection progress for these
       receivables.

   (2) Trade Accounts Receivable from the 18 members of gas-
       filling group amounting to THB719 million.

       The auditor's report expressed the view that Picnic had
       sold gas to the group with unit prices set at 16% to 19%
       higher than with normal customers, and with credit terms
       set at 90 days.

       As stated in the Notes, the 18 gas-filling companies had
       discontinued their distribution business and Picnic and a
       subsidiary had entered into agreements to lease all 18
       plants.

       Picnics is required to explain the reasons for its
       business expansion into gas-filling, as well as provide
       details of the lease agreements, and the collection of
       such receivables.

   (3) Deposit for the purchase of large gas cylinders by the
       Company and its subsidiaries, amounting to THB1.024
       billion.

       Picnic has entered into four agreements to purchase large
       gas cylinders from a supplier for approximately THB830
       Million.  In 2005, many events transpired, such as:

       -- the cancellation of agreements by Picnic;

       -- the supplier delays in the delivery of gas cylinders;
          and

       -- the supplier's inability to deliver, or the delivery
          of substandard gas cylinders.

       Picnic is required to report on the progress of the
       cylinder delivery and related deposit claims, provide
       reasons why the Company cancelled some purchasing
       agreements and explain the procedures taken to reclaim
       deposits.

   (4) Management fees and revenue from the sale of petroleum
       oil with VSP Marine Shipping Company Limited amounting to
       THB59 million.

       Information posted on http://www.bol.co.th/shows that
       Waravoot Lapvisutisin, a Picnic director, holds a 100%
       share in VSP Marine Shipping Company Limited and,
       therefore management fees and oil transactions between
       these two firms may be connected transactions.

       Picnic is required to clarify VSP's shareholder
       structure, relationships between Picnic and VSP, details
       of the above two related transactions, pricing policies,
       and the method of payment.

   (5) Negotiation progress with creditors to convert short-term
       loans into long-term ones, amounting to THB838 Million.

       Picnic is required to clarify the progress of
       negotiations to convert debt with three banks, the
       results of these negotiations and other conditions such
       as the expanded payment period, any other important
       conditions and the effects on the Company's financial
       status and interest burden.

The Exchange recommends that the Company's shareholders and
other investors follow the additional Picnic information, which
will be disseminated via the Exchange's disclosure system.

Headquartered in Bangkok, Thailand, Picnic Corporation Public
Company Limited -- http://www.picniccorp.com/-- is engaged in
liquefied petroleum gas trading business under "Picnic Gas"
trademark transferred from Union Gas and Chemicals Company Ltd.
The Company became listed when it took over B Grimm Engineering
Plc, a company that had languished in the Stock Exchange of
Thailand's rehabilitation sector since the financial crisis.
At present, Picnic is undergoing business rehabilitation.  Its
securities are placed under the Rehabco Sector of the Stock
Exchange of Thailand.


THAI AIRWAYS: Union to Continue Protests Despite Resignations
-------------------------------------------------------------
Two directors have tendered their resignation from the board of
Thai Airways International Public Company Limited, Bangkok Post
reports.

Olarn Chaipravat and Vichit Suraphongchai will step down amid
plans of the Company's staff to ouster the pair from the board
over conflict-of-interest claims.

However, Thai Airways' labor union intends to prolong the
protests and shifted its focus to the airlines' director and
acting president, Somchainuk Engtrakul.  The union leader told
the Post that Mr. Somchainuk's presence on the board would not
solve conflicts, and only his resignation could eliminate them.

"Given their status in society and business circles, we did not
really want to shame them in public," Bangkok Post quotes the
airline's union vice-chairman Krishanaratn Puranasamriddhi as
saying.

Mr. Olarn is involved in a controversy at Egat Plc. or the
Electricity Generating Authority of Thailand.  The Court
recently ruled out the privatization of Egat, and part of the
ruling was based on the appropriateness of Mr. Olarn's
appointment to the panel that worked on Egat's listing.

Moreover, Mr. Olarn is a director at Shin Corporation, the
telecom giant that was, until January, controlled by Prime
Minister Thaksin Shinawatra's family.

Shin Corporation is a state-run investment arm whose 49% stake
was sold to Temasek Holdings for THB73.3 billion, a deal that
sparked widespread protests.

Union executives at Thai Airways pointed out that Mr. Vichit
also served as director of Shin Corporation.  Shin is believed
to hold a majority stake in Thai AirAsia, the fledgling low-cost
carrier that competes with Thai Airways.

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


THAI PETROCHEMICAL: Keen to Hold Shareholders Meeting
-----------------------------------------------------
Thai Petrochemical Industry Public Company Limited is hopeful
that the Central Bankruptcy Court would grant its request to
exit rehabilitation on April 26, 2006, in order for the Company
to hold a shareholders' meeting the next day, Dow Jones reports.

Under the Company's rules, it is required to hold the
shareholders' meeting to elect new board members shortly after
the court's ruling.

The meeting will enable the Company's new partners, which
include oil and gas conglomerate PTT Public Company Limited to
put their representatives forward for shareholder approval to
take control of the board.

Thai Petrochemical's creditors include Bangkok Bank Public
Company Limited, Germany's KFW, the U.S. Export-Import Bank and
the World Bank's International Finance Corporation.

Headquartered in Bangkok, Thailand, Thai Petrochemical Industry
(TPI) -- http://www.tpigroup.co.th/-- is the leading integrated
petrochemical company in the country, producing naphtha,
liquefied petroleum gas, and lubricant oils.  The bankrupt
company, which had defaulted on $2.7 billion in loans, was being
reorganized by the Thai Government until PTT Plc, Thailand's
largest oil and gas group, and Thailand's biggest company,
purchased a 31.5% stake in Thai Petrochemical late in 2005.
In December 2005, PTT and three other state agencies completed
payment for a 61.5% stake on in Thai Petrochemical.  The money
was used to pay for a bulk of the Company's defaulted loans.
The Company has since been trying to get out of restructuring.






                            *********


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.

This material is copyrighted and any commercial use, resale or
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                 *** End of Transmission ***