TCRAP_Public/060418.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

            Tuesday, April 18, 2006, Vol. 9, No. 076


                            Headlines

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

BARWIDGI PTY: Macintosh Ceases to Act as Receiver
BROADVIEW PLUMBING: Members Agree to Wind Up Operations
C.J. STUART: Liquidator to Present Wind-up Report
COPPERLEAF SERVICES: Enters Voluntary Liquidation
CORPORATE NETWORKS: Intends to Declare Dividend on April 19

CSETI DEVELOPMENTS: Members Opt for Voluntary Liquidation
GIOSSERANO CHUA: Members Agree to Liquidate Business
GRAPHIC INTERNATIONAL: Members Meet to Discuss Wind-up
HELLO CLEANING: Appoints Official Liquidators
HERCULES IRON: Receivers and Managers Named

NICHOLSON MANUFACTURING: Prepares to Pay Dividend
NORTHERN RIVERS: Holds Final Meeting Today
QANTAS AIRWAYS: Notes Exchange Offer Expiration
RMW HOLDINGS: Members to Receive Wind-up Details
TONIC CONSTRUCTIONS: Shuts Down Operations

VARITECH PTY: Placed in Voluntary Liquidation
WAVE BUSINESS: Members Resolve to Wind Up Firm
WEST OCEAN: NAB Appoints Receivers and Managers


C H I N A   &   H O N G  K O N G

BETTERWAY DEVELOPMENT: Liquidation Hearing Slated for April 24
CANPOWER TRANSPORTATION: Names Muk & Middleton as Liquidators
EAST SUCCESS: Court Names Joint Liquidators
GRANDFAIR CORPORATION: Members Appoint Liquidators
GREAT FORCE: Members and Creditors' Meeting Set Next Month

GREENYET DEVELOPMENT: Court Appoint Liquidators
JINSHAN (CHINA): Placed Under Liquidation
KAI NGAI: Creditors' First Meeting Slated for Today
KING SHING: Joint and Several Liquidators Named
KONSUN INTERNATIONAL: Members Agree on Liquidation

NEW STAR: Creditors Should Prove Claims by May 12
QUEENLEY FASHION: Creditors OK Liquidator's Appointment


I N D I A

INDIA CEMENTS: To Boost Plant Capacity by 2 Million Tonnes
KOTHARI SUGARS: Shifts Chemical Operations to Primetra
NALANDA CERAMICS: Court Allows Bank to Continue Mortgage Suit
PENNAR INDUSTRIES: Seeks Nod for EGM Resolutions


I N D O N E S I A

BANK PERMATA: Government to Divest Remaining Stake
PERTAMINA: Cancels LPG Price Hike Plan


J A P A N

KANEBO LIMITED: Selling 3 Businesses for JPY43.4 Billion
LIVEDOOR COMPANY: Delisted from TSE Over Accounting Scandal
LIVEDOOR COMPANY: Stockholders to Sue for Compensation
SOFTBANK CORPORATION: BB- Rating Remains on Watch Negative


K O R E A

HYUNDAI MOTOR: Chairman Leaves for China Amid Investigation
SSANGYONG CEMENT: Creditors To Sell Cement Firm by June


M A L A Y S I A

FOUNTAIN VIEW: Discloses Disposal of Director's Shares
MALAYSIA AIRLINES: Goes 'Ticketless' for Domestic Travel
MALAYSIA AIRLINES: Ordered to Pay Overtime Wages
MALAYSIA AIRLINES: May Ask Government to Review Route Revamp
PAN MALAYSIA: Buys Back 90,000 Shares for MYR37,416

PIESIN SDN: Placed in Voluntary Liquidation
PROTON HOLDINGS: In Tie-up Talks with Mahindras
PROTON HOLDINGS: Former Boss Rebuts MV Agusta Sale Rationale
PSC INDUSTRIES: To Appeal Against OCBC's Claim


P H I L I P P I N E S

LAFAYETTE MINING: Wants TRO Lifted to Allow Anti-pollution Tests
MANILA ELECTRIC: Sunpower Deal Wins ERC's Favor
MANILA MINING: Unveils New Corporate Structure
MANILA MINING: 2005 Net Loss Increases by 15%
MAYNILAD WATER: Consumers to Shoulder Part of World Bank Loan

PHILIPPINE AIRLINES: Braces for Summer Travel Frenzy


S I N G A P O R E

ASIA AGROMAS: Faces Wind Up Proceedings
CHARTER ASIA: Creditors Should Prove Debt Next Month
FLEXTRONICS INTERNATIONAL: Board OKs $250-Mln Share Repurchase
FLEXTRONICS INTERNATIONAL: KRR Buys Software Biz for $900 Mln
GREAT CENTRAL: Commences Winding Up Proceedings

HCA HOLDINGS: Court Opts to Wind Up Operations
HUP HIN: Court Orders Winding Up
LOGIC INTERNATIONAL: Faces Wind-Up Proceedings


T H A I L A N D

THAI AIRWAYS: Opts for GP Business Solutions
BOND PRICING: For the Week 17 April to 21 April 2006

     - - - - - - - -

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

BARWIDGI PTY: Macintosh Ceases to Act as Receiver
-------------------------------------------------
Alexander Robert Mackay Macintosh, the former receiver of the
property of Barwidgi Pty Limited appointed under the powers
contained in a Court Order dated March 1, 1989, has ceased to
act as such on February 14, 2006.

Contact: Alexander Robert Mackay Macintosh
         former Court Appointed Receiver
         McGrathNicol+Partners
         Level 9, 10 Shelley Street
         Sydney, New South Wales 2000
         Web site: http://www.mcgrathnicol.com.au


BROADVIEW PLUMBING: Members Agree to Wind Up Operations
-------------------------------------------------------
At a general meeting of Broadview Plumbing Services Pty Limited
held on March 10, 2006, it was decided that the Company be wound
up voluntarily.

Subsequently, Schon Condon and Bruce Gleeson were appointed to
oversee the Company's liquidation.

Contact: Schon Condon
         Bruce Gleeson
         Joint Liquidators
         Jones Condon Chartered Accountants
         Level 34 Charles Street
         Parramatta, New South Wales
         Australia
         Telephone: (02) 9893 9499


C.J. STUART: Liquidator to Present Wind-up Report
-------------------------------------------------
A joint meeting of the members and creditors of C.J. Stuart &
Associates Pty Limited will be held for the parties to receive
Liquidator Bryan Collis's final account showing how the Company
was wound up and how its property was disposed of.

The meeting will be held today, April 18, 2006, at 10:00 a.m.

Contact: Bryan Collis
         Liquidator
         O'Brien Palmer
         Level 4, 23-25 Hunter Street
         Sydney, New South Wales 2000
         Telephone: (02) 9232 3322
         Facsimile: (02) 9232 3388


COPPERLEAF SERVICES: Enters Voluntary Liquidation
-------------------------------------------------
On March 10, 2006, members of Copperleaf Services Pty Limited
resolved that the Company be wound up voluntarily.

Nicholas Craig Malanos was then appointed to liquidate and
distribute the Company's assets.

Contact: Nicholas Craig Malanos
         Liquidator
         Star Dean-Willcocks
         GPO Box 3969, Sydney
         New South Wales 2000, Australia
        Telephone: (02) 9223 2944


CORPORATE NETWORKS: Intends to Declare Dividend on April 19
-----------------------------------------------------------
Corporate Networks International Pty Ltd will declare a final
dividend on April 19, 2006.

The Company's creditors will receive their final dividend except
for those who were not able to formally prove their debts of
claims on March 28, 2006.

Contact: Ginette Muller
         Liquidator
         KordaMentha - Queensland
         22 Market Street, Brisbane
         Queensland 4000, Australia
         Telephone: (07) 3225 4000
         Facsimile: (07) 3225 4999


CSETI DEVELOPMENTS: Members Opt for Voluntary Liquidation
---------------------------------------------------------
Members of Cseti Developments Pty Ltd on March 6, 2006, passed a
resolution to voluntarily wind up the Company's operations.

Subsequently, John Arthur Sawleywere was appointed as
liquidator.

Contact: John Arthur Sawley
         Chartered Accountant
         Level 7, 276 Pitt Street
         Sydney, Australia


GIOSSERANO CHUA: Members Agree to Liquidate Business
----------------------------------------------------
On March 8, 2006, members of Giosserano Chua & Associates Pty
Ltd resolved that the Company be wound up voluntarily.

Subsequently, Wayne Benton was appointed as liquidator at a
creditors meeting held later that day.

Contact: Wayne Benton
         PPB, Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia


GRAPHIC INTERNATIONAL: Members Meet to Discuss Wind-up
------------------------------------------------------
Members and creditors of Graphic International Pty Ltd will hold
a final meeting today, April 18, 2006.

At the meeting, Joint and Several Liquidators Paul Sweeney and
Terry Van Der Velde will talk about the activities that took
place during the wind-up period as well as the manner by which
the Company's property was disposed of.

The Company's members and creditors will also consider
authorizing the Liquidators to destroy the Company's books and
records.

Contact: Paul Sweeney
         Terry Van Der Velde
         Joint and Several Liquidators
         c/- SV Partners
         Insolvency Accountants and Risk Managers
         Web site: http://www.svp.com.au


HELLO CLEANING: Appoints Official Liquidators
---------------------------------------------
Hello Cleaning Services Pty Limited's general meeting on
March 6, 2006, creditors appointed John Vouris to oversee the
Company's liquidation.

Contact: John Vouris
         Liquidator
         Vouris & Bell
         Level 9, 4 O'Connell Street
         Sydney, New South Wales 2000
         Australia
         Telephone: 9232 6800


HERCULES IRON: Receivers and Managers Named
-------------------------------------------
Bibby Financial Services Australia Pty Ltd advised that on
March 8, 2006, it appointed Bruno A. Secatore and Daniel P.
Juratowitch as Receiver and Manager of the property of the
Hercules Iron Pty Limited.

Contact: Daniel P. Juratowitch
         Bentleys MRI, 114 William Street
         Melbourne, Australia


NICHOLSON MANUFACTURING: Prepares to Pay Dividend
-------------------------------------------------
Nicholson Manufacturing Pty Limited will declare its first and
final dividend today, April 18, 2006, to the exclusion of its
creditors who were not able to prove their claims.

Contact: M. J. Chubb
         Liquidator
         Clout & Associates
         Level 1, 144-148 West High Street
         Coffs Harbour, New South Wales 2450
         Australia
         Telephone: (02) 6652 3288
         Facsimile: (02) 6651 9393


NORTHERN RIVERS: Holds Final Meeting Today
------------------------------------------
The members and creditors of Northern Rivers Land Company
Limited will be convened today, April 18, 2006, to receive the
liquidator's accounts regarding the Company's completed wind-up
and disposal of the Company's property.

Contact: H. J. Kazar
         Liquidator
         c/0 Sims Partners
         PO Box 211, Deakin West
         Australian Capital Territory 2600
         Australia


QANTAS AIRWAYS: Notes Exchange Offer Expiration
-----------------------------------------------
Qantas Airways Limited has confirmed that the early
participation period under its offer to exchange any or all of
its outstanding US$350,000,000 73/4% Notes due 2009 for its new
6.05% Notes due 2016 expired on April 11, 2006.

As of that time, US$113,550,000 aggregate principal amount of
2009 Notes had been tendered and not validly withdrawn in the
exchange offer. Qantas has also advised the final pricing terms
for the exchange offer, which were calculated on April 12, 2006:

2009 Notes Pricing Terms          2016 Notes Pricing Terms

  Total Exchange Price per         New Notes Issue Price per
  US$1,000 principal amount        US$1,000 principal amount
  of 2009 Notes: US$1,070.48       of 2016 Notes: US$981.02

  Exchange Offer Yield for         New Notes Yield for 2016
  2009 Notes: 5.303%               Notes: 6.308%

  Accrued and Unpaid               Accrued and Unpaid
  Interest per US$1,000            Interest per US$1,000
  principal amount of 2009         principal amount of 2016
  Notes through April 13,          Notes through April 13,
  2006 (Early Participation        2006 (Early Participation
  Settlement Date): US$25.40       Settlement Date): US$1.51

  Accrued and Unpaid                    Accrued and Unpaid
  Interest per US$1,000                 Interest per US$1,000
  principal amount of 2009              principal amount of 2016
  Notes through April 28,               Notes through April 28,
  2006 (Final Settlement                2006 (Final Settlement
  Date): US$28.63                       Date): US$4.03

The exchange offer is being conducted subject to the terms and
conditions set forth in an offering memorandum dated March 29,
2006 and a related letter of transmittal.

Holders of 2009 Notes who have validly tendered and have not
validly withdrawn their 2009 Notes, will receive in exchange for
such 2009 Notes an equal principal amount of 2016 Notes, plus an
amount in cash calculated based on the final pricing terms set
forth above, as described in the offering memorandum and related
letter of transmittal.  The total exchange price for the 2009
Notes shown above includes an early participation payment of
US$20.00 per US$1,000 principal amount of 2009 Notes.

Holders of 2009 Notes who have not yet tendered their notes but
wish to do so, have until April 26, 2006, to tender such notes
but will not receive the early participation payment nor will
they have the right to withdraw their tender.

The exchange offer is limited to holders of the 2009 Notes that
have certified to Qantas that they are "qualified institutional
buyers"  or that they are not "U.S. Persons" as defined in
Regulation S under the Securities Act.

The information agent for the exchange offer is Global
Bondholder Services Corporation.

The 6.05% Notes due 2016 have not been, and will not be,
registered under the Securities Act or any U.S. state securities
laws and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration
requirements of the Securities Act and any applicable U.S. state
securities laws.

This note is not an offer to sell or a solicitation of an offer
to buy any security. The exchange offer is being made solely in
accordance with the offering memorandum and related letter of
transmittal and only to such persons and in such jurisdictions
as is permitted under applicable law.

                      About Qantas Airways

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.


RMW HOLDINGS: Members to Receive Wind-up Details
------------------------------------------------
A final meeting of the members of RMW Holdings Pty Limited will
be held on April 19, 2006, for Liquidator S. H. K. Shun to
present his account of the manner of the Company's wind-up and
property disposal.

Contact: S. H. K. Shun
         Liquidator
         c/o Stanley & Williamson
         1st Floor, 34 Burton Street
         Kirribilli, New South Wales 2061
         Australia
         Telephone: (02) 9923 2666


TONIC CONSTRUCTIONS: Shuts Down Operations
------------------------------------------
At an extraordinary general meeting on March 9, 2006, the
members of Tonic Constructions Pty Ltd decided to voluntarily
wind up the Company's operations.

Subsequently, James Patrick Downey was appointed as liquidator.

Contact: James Patrick Downey
         Liquidator
         Cole Downey & Co, Chartered Accountants
         Level 1, 22 William Street
         Melbourne, Victoria 3000
         Australia


VARITECH PTY: Placed in Voluntary Liquidation
---------------------------------------------
At Varitech Pty Ltd's general meeting on March 8, 2006, members
concurred that it is in the Company's best interests to
liquidate its operations.

Clyde Peter White and Philip Newman were then appointed as
liquidators.

Contact: Clyde Peter White
         Philip Newman
         HLB Mann Judd, Chartered Accountants
         Level 1, 160 Queen Street
         Melbourne, Australia


WAVE BUSINESS: Members Resolve to Wind Up Firm
----------------------------------------------
On March 8, 2006, members of Wave Business Solutions Pty Ltd
resolved that the Company be wound up voluntarily.

Subsequently, Gregory Stuart Andrews was appointed as
liquidator.

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


WEST OCEAN: NAB Appoints Receivers and Managers
-----------------------------------------------
National Australia Bank Limited on February 15, 2006, appointed
Derrick Vickers and Geoffrey Frank Totterdell as joint and
several receivers and managers of all of the property,
undertaking and interests of West Ocean Fish & Charter Pty Ltd,
which is subject to a registered mortgage debenture granted by
West Ocean in favor of NAB.

Contact: Derrick Vickers
         Geoffrey Frank Totterdell
         Level 19, QVI Building
         250 St Georges Terrace
         Perth, Western Australia 6000
         Australia


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

BETTERWAY DEVELOPMENT: Liquidation Hearing Slated for April 24
--------------------------------------------------------------
On April 10, 2006, an application to wind-up Betterway
Development Limited was filed by The Bank of China (Hong Kong)
Limited before the High Court of Hong Kong.

The Application will be heard before the Court at Wellington on
June 14, 2006, at 9:30 a.m.

An appearance must be filed not later than June 13, 2006, to
enable any person to attend the hearing.

Contact: Chow, Griffiths & Chan
         Solicitors for the Petitioner
         Suites 1902-4, 19th Floor
         Hang Seng Building
         77 Des Voeux Road Central
         Central, Hong Kong


CANPOWER TRANSPORTATION: Names Muk & Middleton as Liquidators
-------------------------------------------------------------
The High Court of Hong Kong has appointed Jacky CW Muk and
Edward S. Middleton as Joint and Several Provisional Liquidators
of Canpower Transportation Limited.

Contact: Jacky CW Muk
         Edward S. Middleton
         Joint and Several Provisional Liquidator
         KPMG
         8th Floor, Prince's Building
         10 Chater Road
         Central, Hong Kong


EAST SUCCESS: Court Names Joint Liquidators
-------------------------------------------
On March 21, 2006, the High Court of Hong Kong appointed
Jacky CW Muk and Edward S. Middleton as Joint and Several
Provisional Liquidators for the wind-up of East Success
Electronics Company Limited.

Contact: Jacky CW Muk
         Edward S Middleton
         Joint and Several Provisional Liquidator
         KPMG
         8th Floor, Prince's Building
         10 Chater Road, Central
         Hong Kong


GRANDFAIR CORPORATION: Members Appoint Liquidators
--------------------------------------------------
Members of Grandfair Corporation Limited appointed Jacky CW Muk
and Edward S. Middleton as the Company's Official Liquidators as
ordered by the High Court of Hong Kong on March 21, 2006.  

Contact: Jacky CW Muk
         Edward S. Middleton
         Joint and Several Provisional Liquidator
         8th Floor, Prince's Building
         10 Chater Road, Central
         Hong Kong


GREAT FORCE: Members and Creditors' Meeting Set Next Month
----------------------------------------------------------
The creditors and members of Great Force Industries Limited will
meet on May 3, 2006, 9:00 a.m. and 9:30 a.m., respectively, at
27th Floor, Alexandra House, 18 Chater Road, in Central, Hong
Kong.

Forms of proxies for the meeting must be lodged not later than
May 2, 2006, at the meeting venue.

Contact: Gabriel CK Tam
         Jacky CW Muk
         Joint and Several Provisional Liquidators
         27th Floor, Alexandra House
         18 Chater Road, Central
         Hong Kong.


GREENYET DEVELOPMENT: Court Appoint Liquidators
-----------------------------------------------
The High Court of Hong Kong has appointed Jacky CW Muk and
Edward S. Middleton as Joint and Several Liquidators for
Greenyet Development Limited.

Contact: Jacky CW Muk
         Edward S Middleton
         Joint and Several Provisional Liquidator         
         KPMG
         8th Floor, Prince's Building
         10 Chater Road, Central
         Hong Kong


JINSHAN (CHINA): Placed Under Liquidation
-----------------------------------------
On March 21, 2006, Jacky CW Muk and Edward S. Middleton were
appointed as liquidators to facilitate the winding up of Jinshan
(China) Handicraft Ceramics Co. Limited's assets.

Contact: Jacky CW Muk
         Edward S. Middleton
         Joint and Several Provisional Liquidator
         8th Floor, Prince's Building
         10 Chater Road, Central
         Hong Kong


KAI NGAI: Creditors' First Meeting Slated for Today
---------------------------------------------------
Creditors of Kai Ngai Printing & Paper Products Co. Limited will
meet on May 17, 2006, at 10:00 a.m. for the purposes of
considering matters in relation to Sections 242 of the Companies
Ordinance.

Creditors may vote either in person or by proxy.  Proxies must
be lodged not later than May 16, 2006, at:

     Units 3309-3311, 33/F
     West Tower
     Shun Tak Centre
     168-200 Connaught Road Central
     Sheung Wan
     Hong Kong


KING SHING: Joint and Several Liquidators Named
-----------------------------------------------
Jacky CW Muk and Edward Middleton were appointed as liquidators
to act jointly and severally for King Shing Enterprises Limited.  

Contact: Jacky CW Muk
         Edward S Middleton
         Joint and Several Provisional Liquidator
         KPMG
         8th Floor, Prince's Building
         10 Chater Road, Central
         Hong Kong


KONSUN INTERNATIONAL: Members Agree on Liquidation
--------------------------------------------------
At Konsun International Limited's general meeting on March 21,
2006, members concurred that it is in the Company's best
interests to liquidate its operations.

Jacky CW Muk and Edward S. Middleton were appointed to oversee
the wind-up.

Contact: Jacky CW Muk
         Edward S Middleton
         Joint and Several Provisional Liquidator         
         KPMG
         8th Floor, Prince's Building
         10 Chater Road, Central
         Hong Kong


NEW STAR: Creditors Should Prove Claims by May 12
-------------------------------------------------
Creditors of New Star System Formwork Co. Limited are required
to prove their debt or claims not later than May 12, 2006.

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

Contact: Lee Yat Wah Walter
         Leung Fung Yee Alice
         Joint and Several Liquidators
         of the abovenamed Companies
         5/F., Jardine House
         1 Connaught Place
         Central, Hong Kong


QUEENLEY FASHION: Creditors OK Liquidator's Appointment
-------------------------------------------------------
Members of Queenley Fashion Limited convened on March 21, 2006,
to wind up the Company's operations.

Jacky CW Muk and Edward Middleton, both of KPMG, were appointed
as Joint and Several Liquidators of the Company.  

Contact: Jacky CW Muk
         Edward S Middleton
         Joint and Several Provisional Liquidator
         KPMG
         8th Floor, Prince's Building
         10 Chater Road, Central
         Hong Kong


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

INDIA CEMENTS: To Boost Plant Capacity by 2 Million Tonnes
----------------------------------------------------------
India Cements Ltd will expand the annual capacity of its
existing plants from nine million tonnes to 11 mt by 2007-2008,
Sify News reports.

To achieve this target, the Company will convert the wet process
grinding unit at Sankaridurg in Tamil Nadu into a dry process
one.  Capacities will be increased at the plant of Raasi Cement
Ltd in Andhra Pradesh, and facilities at Chilamkur and
Sankarinagar.

India Cements hopes to get mining rights for limestone in
Rajasthan and Himachal Pradesh.  However, it does not intend to
put up any greenfield plants in these states right now.  
Instead, India Cements believes that it will make more sense for
it to get an additional 2 mt capacity at the existing plants at
a cost of US$30 a tonne (INR1,350), against a greenfield plant
at US$100 (INR4,500) a tonne.

Aside from the planned increase in production, India Cements is
also considering raising cement prices up to INR20 per bag next
month, the Troubled Company Reporter - Asia Pacific stated on
April 10, 2006.  With the southern states expecting a
construction boom and most cement producers having huge
capacities, the hike in prices seems to be imminent.

                      About India Cements

Headquartered in Chennai, India, India Cements Limited
-- http://www.indiacements.co.in/-- manufactures and markets  
cement under the brand name Coromandel cement.  The Company was
established in 1946 and the first plant was setup at Sankarnagar
in Tamilnadu in 1949.  Since then it has grown in stature to
seven plants spread over Tamilnadu and Andhra Pradesh.  In 2002,
he Company fell into a deep financial crisis, which prompted it
to undertake debt restructuring plans in 2003.  Faced with the
huge challenges, the company addressed its problems proactively.
It reduced interest costs, improved the capacity utilization,  
implemented voluntary retirement schemes and raised equity.  All
these initiatives helped the firm bring down its debt under
corporate debt restructuring program from a hefty INR1,700 crore
to INR400 crore.  


KOTHARI SUGARS: Shifts Chemical Operations to Primetra
------------------------------------------------------
Kothari Sugars and Chemicals Limited has transferred its
chemical business to Primetra Technologies Pvt Limited, Business
Line reveals.

The move is part of the Company's plan to exit its chemical
business so it could concentrate on its sugar-related
operations.

Kothari Sugars' chemical business includes a polybutene plant
that depends on Chennai Petroleum Corporation Ltd for its
feedstock.  The Company has admitted that the market for the
product has been volatile and imports have been a major concern.

The transfer of its chemical operations has paved the way for
the Company to focus on its sugar mill, which has a capacity to
crush 2,900 tonnes sugarcane a day, a 9,000-kilolitre distillery
with facility to produce ethanol and a cogeneration plant.

           About Kothari Sugars and Chemicals Limited

Kothari Sugars and Chemicals Limited operates a sugar mill
complex at Lalgudi, which includes the sugar mill, an 11-MW
cogeneration plant and a 45-kl-a-day distillery.  It also
operates a polybutene plant at Manali, Chennai.  It was declared
a sick company in 1999-2000 and following an appeal against the
Board for Industrial and Financial Reconstruction, which ordered
winding up of the company in 2002, the Appellate Authority for
Industrial and Financial Reconstruction sanctioned a
rehabilitation scheme in June 2004.  The rehabilitation package
involved a relief of about INR150-160 crore to bring down
accumulated losses of INR233 crore to INR50-60 crore.  Over the
last two years, the Company sold off its businesses in
nitroaromatics and nitric acid.  The nitroaromatics plant at
Karaikal, Pondicherry, was sold to Chemplast Sanmar and the
nitric acid plant at Sangareddy, Andhra Pradesh, to EMMENNAR
Biotech Pvt Ltd, Hyderabad.  Kothari has brought down its losses
considerably and is expected to post a turnaround in the near
future, as it has been performing to its maximum capacity both
in its sugar and chemicals division.   


NALANDA CERAMICS: Court Allows Bank to Continue Mortgage Suit
-------------------------------------------------------------
The Supreme Court has allowed recovery proceedings initiated by
the State Bank of India against state-owned Nalanda Ceramics &
Industries and three of its directors, Economic Times reveals.

The suit relates to State Bank of India's INR6-crore claim
against the Company as repayment for an outstanding loan.  The
three directors involved in the case stood guarantee for the
borrowing.

The Bank's mortgage suit was reportedly stalled by winding up
proceedings commissioned by the Board for Industrial and
Financial Reconstruction in 2003.
  
The Company's board has told the Court that since there was
inordinate delay, the suit must be dismissed under the
Limitation Act.  The Supreme Court, however, ruled that the
delay was caused by the directors' legal action.  
  

PENNAR INDUSTRIES: Seeks Nod for EGM Resolutions
------------------------------------------------
Pennar Industries Limited has sought the approval of the Board
for Industrial and Financial Reconstruction for the
implementation of resolutions passed by the shareholders at the
extraordinary general meeting held on March 27, 2006.

The EGM has approved a resolution to increase the Company's
authorized share capital to INR100 crore from INR80 crore.  The
shareholders authorized the board to offer to eight Capital and
Associates not more than 50,32,000 convertible debentures of
INR100 each carrying an annual interest of 7%, compounded and
payable quarterly, which would be compulsorily and automatically
converted within 18 months from the date of allotment into
3,41,20,000 equity shares of INR5 each at a premium of INR9.75.

The Board was also authorized to offer eight Capital and
Associates not more than 72,07,300 rupee denominated optionally
convertible debentures of INR100 each for cash carrying interest
of 10% per annum compounded and payable quarterly convertible at
the option of the OCD holder within an aggregate time period of
18 months from the date of allotment of the OCDs into
1,44,14,600 equity shares of INR5 each at a premium of INR45 per
share.

                    About Industries Limited

Incorporated in 1975 in Andhra Pradesh, India, Pennar Industries
was promoted by the Pennar group.  The Company is into
manufacturing of cold rolled steel strips and cold formed metal
profiles and engineering components.  The Company's plants are
located in Tarapur in Maharashtra, Patancheru in Medak, Andra
Pradesh, and Sangareddy in Medak, Andra Pradesh.  In 2002,
Pennar Industries' Board decided to make a reference to the
Board for Industrial and Financial Reconstruction as sick
industrial company, even as its corporate debt restructuring
scheme has received in principle approval from the lenders.  The
reference became necessary under the provisions of Sick
Industrial Companies (Special Provisions) Act, as its net worth
has been totally eroded at the end of June 2002 and there is
some delay in giving effect to the Corporate Debt Restructuring.


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

BANK PERMATA: Government to Divest Remaining Stake
--------------------------------------------------
Indonesian Finance Minister Sri Mulyani has approved the sale of
the remaining state-owned shares of Bank Permata this year,
Antara News relates.

The Indonesian Government has yet to appoint a financial advisor
to divest its stake in Bank Permata, as well as in another
privately run lender, Bank International Indonesia.

Earlier, the deputy director of state-owned asset management
company PT Perusahaan Pengelola Aset, Raden Pardede, said that
the divestment would take the form of market placement rather
than strategic sales.

AFX News relates that the proceeds from the sale will be used to
help cover the state budget deficit.

                       About Bank Permata

Bank Permata's principal activities are providing general
banking services including activities based on Syariah
principles.  The Group's retail banking products includes
various types of deposits and loans, credit cards, bancassurance
and electronic banking.  The Group's commercial banking offers a
variety of products including investment loans, working capital
loans, letters of credit, trade related financing and dealer
financing.  In November 2004, the Group commenced its Sharia
Banking Group operations.  The Group also carries out treasury
and international banking activities.  As of December 31, 2004,
the Group had 306 domestic branches, sub-branches and cash
offices.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported in June
2005, that Moody's Investors Service raised Bank Permata's bank
financial strength rating (BFSR) to E+ from E.  The revised
rating carries a positive outlook.  The higher BFSR considers
Permata's much improved, albeit still weak financial
fundamentals since the 1997 Asian financial crisis.  In
particular, the bank's economic solvency as turned positive and
is positioned at the high end of the E rating range.  Moreover,
the ratings agency expects upward pressure on the BFSR to
continue.  Moody's believes that Bank Permata faces brighter
prospects under the ownership of its new shareholder and expect
its franchise and financial fundamentals to become significantly
enhanced.  Given the reputation of its shareholder consortium,
Standard Chartered Bank (rated A2) and Astra International, any
support -- financial and technical -- should be strong.


PERTAMINA: Cancels LPG Price Hike Plan
--------------------------------------
As reported by the Troubled Company Reporter - Asia Pacific on
January 27, 2006, PT Pertamina said that it would implement a
drastic 64% price increase in liquefied petroleum gas for
industrial users amid rising global oil prices.

In an update on April 13, 2006, Bisnis Indonesia disclosed that
Pertamina has decided to defer the plan to increase domestic
prices of LPG indefinitely because the Indonesian Government
rejected the proposal.

                         About Pertamina

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 the Company's 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 contributors to Indonesia's
decreased income for the year.  Indonesia's 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.


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

KANEBO LIMITED: Selling 3 Businesses for JPY43.4 Billion
--------------------------------------------------------
Kanebo Limited is set to sell its home products, pharmaceutical
and foodstuffs division to Kanebo Trinity Holdings Co. for
JPY43.4 billion in aggregate on May 1, 2006, Kyodo News relates.

Kanebo Trinity, which is managed by three domestic investment
funds -- Advantage Partners Inc., MKS Partners Ltd. and Unison
Capital Inc. -- is supporting Kanebo's management
rehabilitation.

                      About Kanebo Limited

Headquartered in Tokyo, Japan, Kanebo Limited Company --
http://www.kanebo.co.jp/-- makes cosmetics, toiletries, men's   
and women's fashions and accessories, pharmaceuticals, and food.
Kanebo's products vary from T'estimo, a smudge-proof lipstick,
and Coccoapo A, an over-the-counter drug for the treatment of
constipation and obesity, to such wonders as Bellabeton,
intended to stop blurred vision and frequent urination.  Kanebo,
formed in 1887, operates in Asia, Europe, North America, and
South America.  Industrial Revitalization Corporation of Japan
is the Company's largest shareholder, and holds more than half
of voting shares.

Kanebo Limited is undergoing a rehabilitation program with the
aid of the Industrial Revitalization Corporation of Japan, and
it spun off its cosmetics business in May 2004.  The TCR-AP
reported on March 28, 2006, that the Tokyo District Court
sentenced former Kanebo president Takahashi Hoashi to a
suspended jail term of two years, while former vice president
Takahashi Miyahara was sentenced to 18 months' in prison, for
their roles in falsifying the Company's fiscal 2001 and 2002
financial statements.


LIVEDOOR COMPANY: Delisted from TSE Over Accounting Scandal
-----------------------------------------------------------
Livedoor Company Limited was delisted from the Tokyo Stock
Exchange on April 14, 2006, as the Company is suspected of
disclosing inflated group financial figures in the business year
through September 2004, Kyodo News reports.

The Troubled Company Reporter - Asia Pacific stated on Feb. 27,
2006, that the TSE had been set to decide in March 2006 whether
to delist Livedoor stock.  The development came after former
Livedoor President Horie and other former executives were served
fresh arrest warrants on February 22, for alleged accounting
fraud.

According to Kyodo News, the delisting will make it difficult
for the Internet Company to raise funds.

                         About Livedoor

Headquartered in Tokyo, Japan, Livedoor Company Limited --
http://corp.livedoor.com/en/-- is engaged in 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.  In 2005, 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.


LIVEDOOR COMPANY: Stockholders to Sue for Compensation
------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported in March
2006 that more than 500 shareholders of Livedoor Company Limited
met in Tokyo to file a civil suit and seek damages for losses
incurred when the Company's stock price plunged as a result of
an accounting scandal.

In an update on April 14, 2006, Jiji Press relates that about
1,000 shareholders are expected to demand a total of JPY4
billion to JPY5 billion in damages from Livedoor, Livedoor
Marketing Co. and five former Livedoor executives, including
founder and former president Takafumi Horie.  The shareholders
may also demand compensation from auditing firm Koyo & Co. and
certified public accountants that were responsible for auditing
Livedoor.

Japan Times reports that about 740 Livedoor shareholders have
reported an average loss of about JPY4 million, including 60 to
70 people who estimated losses of at least JPY20 million each.
The largest individual loss came to JPY600 million.

According to Jiji Press, Fuji Television Network Inc., a former
major Livedoor shareholder, has also demanded compensation for
its loss of some JPY34.5 billion from its investment in Livedoor
shares.

                         About Livedoor

Headquartered in Tokyo, Japan, Livedoor Company, Limited --
http://corp.livedoor.com/en/-- is engaged in 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.  In 2005, 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.


SOFTBANK CORPORATION: BB- Rating Remains on Watch Negative
----------------------------------------------------------
Standard & Poor's Ratings Services has revised to positive from
negative the CreditWatch implications on its 'BB-' rating on
Softbank Corp.'s EUR400 million euro-denominated senior
unsecured notes due March 15, 2011, following the company's
announcement that it implemented legal defeasance on the notes.  
The 'BB-' long-term corporate credit and other senior unsecured
debt ratings remain on CreditWatch with negative implications.

As part of the implementation of the defeasance, announced
April 3, 2006, Softbank deposited cash and cash equivalents
sufficient for the payment of principal and interest on the
notes with a trustee.  Under the terms of the indenture, the
company will continue to be responsible for the payments on the
notes until maturity or redemption.  The notes will continue to
be recorded as corporate bonds in Softbank's financial
statements.  The cash and cash equivalents deposited with the
trustee are expected to be invested in high-rated bonds such as
uro-denominated government bonds.  As a result of the
defeasance, the likelihood of repayment of the notes may
increase considerably.

To resolve the CreditWatch listing of the rating on the notes,
Standard & Poor's will confirm the effectiveness of the legal
structuring of the defeasance and conduct a thorough analysis of
the credit quality of the trust asset and its cash flow.  If
Standard & Poor's determines that the likelihood of full and
timely payments on the notes would not be negatively affected by
Softbank's credit quality, and deems that the rating on the
notes will not be linked to that on the company, the rating on
the notes may be raised considerably.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
March 9, 2006, that Standard & Poor's had put the A-plus long-
term debt rating of Vodafone K.K., the Japanese unit of British
mobile phone firm Vodaphone Group Plc, on its CreditWatch with
negative implications because its financial standing might
weaken if Vodafone Group Plc does decide to sell the firm to
Softbank Corp.

According to Standard & Poor's, Vodafone K.K.'s long-term credit
rating might be downgraded to BB or lower if the sale pushes
through.

The rating agency noted that Softbank's credit standing is
poorer than that of Vodafone Group, from which the Japanese
subsidiary will cease to receive financial and other support
once it has been sold off to Softbank.  On the other hand, the
British parent might benefit from the proceeds of the sale, as
it might use such proceeds to reduce its debt.


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

HYUNDAI MOTOR: Chairman Leaves for China Amid Investigation
-----------------------------------------------------------
Hyundai Motor Chairman Chung Mong-koo left for China on
April 17, 2006, to attend a groundbreaking ceremony for the
second factory in the mainland, amid a widening probe into the
automaker's slush fund scandal, Xinhua News reports.

Company officials said Mr. Chung would be returning to South
Korea on Wednesday, April 19, 2006.

Yonhap News relates that the new plant is expected to double the
automaker's production capacity in the mainland to 600,000
vehicles a year.

The Troubled Company Reporter - Asia Pacific reported on
March 31, 2006, that prosecutors raided the headquarters of
Hyundai Motor Co., and three of its subsidiaries -- Glovis Co.,
Kia Motors Corporation and Hyundai Autonet Co. -- on March 26,
2006, as part of their investigation into the Hyundai Motor
Group's alleged involvement in a slush fund scandal and in
illegal political lobbying.

So far, more than 10 Hyundai Motor officials, including Mr.
Chung's son, Eui-sun, have been banned from leaving the country
related to the growing investigation.  Eui-sun, the president of
Kia Motors, is in line to succeed his father.

                       About Hyundai Motor

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

In September 2005, Standard & Poor's Rating Services maintained
its long-term BB+ ratings on Hyundai Motor Co. and Kia Motors
Corp. on CreditWatch with positive implications following recent
reports that the Hyundai Group may buy Mando Corp. a Korean auto
parts maker.  Mando has been put up for sale for KRW2 trillion
by JP Morgan Partners and Affinity Capital, which together own
over 70% of the Company.  Despite Hyundai and Kia's continued
improvement of their global market positions, the group
continues to make overly aggressive expansion and acquisition
plans.  These include a Kia factory in the U.S. and, of more
concern, the KRW5 trillion-KRW7 trillion blast furnaces planned
by group Company INI Steel Co.


SSANGYONG CEMENT: Creditors To Sell Cement Firm by June
-------------------------------------------------------
Creditor banks of Ssangyong Cement Industrial plans to complete
the sale of their stake in the struggling cement maker by June
2006, Korea Times says.

Creditor banks, including Korea Development Bank and Shinhan
Bank, have been seeking to sell their stakes since the cement
maker ended its debt workout programs in November 2005, but the
plan has been delayed.

According to The Korea Times, the Financial Supervisory Service
is expected to complete its assessment of Ssangyong's debts and
assets as early as this week.  

Ssangyong Cement is now 46% owned by banks and Japan's Taiheiyo
Cement Corporation and its business partners have a 30.5% stake.  
Its management is virtually controlled by Taiheiyo Cement.

Korea Development Bank, which has a 13.8% stake in Ssangyong, is
likely to manage the sale.  Shinhan Bank has 12.45% stake, Seoul
Guarantee Insurance has 10.5% and Korea Asset Management Corp.
owns 9.3%.

                      About Ssangyong Cement

Ssangyong Cement Industrial Co., Ltd. --
http://www.ssangyongcement.co.kr/-- was established in May 1962  
and is now South Korea's largest cement manufacturer.  Ssangyong
Cement operates the Donghae Plant, the world's largest single
production plant, Yeongwol and Munkyong Plants for a combined
annual production of 15 million tons or 25% of Korea's total
annual production.  Ssangyong Cement supplies high-quality
products through its 28 outlets operating throughout the nation.  
Ssangyong Cement exports 50% of Korea's total cement production
and produces ready-mixed concrete (Remicon) for domestic use.

The Troubled Company Reporter - Asia Pacific reported on
August 12, 2005, that Ssangyong Cement began its debt workout
program in October 2001.  Creditor banks, including Korea
Development Bank and Chohung Bank have controlled the company.  
Under the rehabilitation plan, the company was supposed to
regain control from banks by the end of 2005.


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

FOUNTAIN VIEW: Discloses Disposal of Director's Shares
------------------------------------------------------
Fountain View Development Berhad has received a notification
pursuant to Paragraph 14.09 of the Listing Requirements of Bursa
Malaysia Securities Berhad from Datin Yam Yuet Chew, an
Executive Director of the Company of her spouse Dato' Chin Chan
Leong's dealings in the securities of the Company outside the
closed period.

The Director's shareholding after the disposal are:

   -- 17,623,300 direct and 4,484,596 indirect ordinary shares
      of MYR1.00 each representing 4.32% and 1.10,
      respectively; and

   -- 80,800 indirect units of ICULS of MYR1.00 each
      representing 0.22%.

Headquartered in Selangor Darul Ehsan, Malaysia, Fountain View
Development Berhad's principal activity is property development.  
The Company's other activities include plantation and production
of crude palm oil and palm kernel and investment holding.  The
group principally operates in Malaysia.


MALAYSIA AIRLINES: Goes 'Ticketless' for Domestic Travel
--------------------------------------------------------
Malaysia Airlines will implement e-ticket services on domestic
routes at all its offices in Malaysia starting May 1, 2006,
Bernama reports.

To ensure the "ticketless" capability is fully functional and
ready for operation, various user-testing and fault
rectifications have been conducted, while MAS' staff are
currently being trained to handle and process the various
transaction processes which include booking, payment and check-
in.

With the full expansion to e-ticket or ticketless services, the
airlines will cease all conventional ticketing at its offices
for domestic travel.

Customers now have the option of booking and payment via its
corporate website, its 24-hours call center and at both airport
and city ticketing offices throughout the country.

Customers could book their tickets through a telephone call or
online, and then make the payment at any of Malaysia's Maybank
ATMs or by credit cards online.  Then they can board a Malaysia
Airlines flight to take their journey within the country with an
ATM transaction slip or email confirmation page as well as their
photo identification cards.

Malaysia Airlines first introduced the paperless ticketing
service in 1997 for travel within Malaysia and between Malaysia
and Singapore. The carrier believed that the measure could help
it save about 15% of the distribution cost each year.

Headquartered in Selangor, Malaysia, Malaysia Airlines
-- http://www.malaysiaairlines.com/-- services domestic and  
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with our airline
partners.  The carrier is currently facing financial
difficulties.  It made a loss after tax of MYR1.3 billion for
MYR2005 and MYR616 million for the nine-month to December 31,
2005, due to high fuel and operating costs, and unprofitable
routes.  In late February 2006, it unveiled a radical rescue
plan to raise MYR4 billion in order to stay afloat and return to
profitability by next year.  Under the restructuring plan, the
airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
Whistle-blowing and stop corporate sponsorship.


MALAYSIA AIRLINES: Ordered to Pay Overtime Wages
------------------------------------------------
The Industrial Court of Malaysia has ordered Malaysia Airlines
to pay a total of US$548,840 to 110 workers as compensation for
overtime work rendered, NDTVProfit.com reports.

The decision followed Malaysia Airlines' failure to slash
working hours as required by an agreement.

According to The Malay Mail, the Industrial Court found Malaysia
Airlines responsible for not amending working hours of staff at
the Avionics and Mechanical Workshop under a 1995 agreement
between the airline workers.

Malaysia Airlines spokeswoman Rahel Thomas confirmed the report,
but said she had no details.  She would not say whether the
company would appeal against the decision.

The Mail quoted court chairman Yussof Ahmad as saying that the
Company had acknowledged making a mistake, but did not make
arrangements for the staff to work only 39 hours per week
instead of the 42 hours prior to the agreement.

                    About Malaysia Airlines

Headquartered in Selangor, Malaysia, Malaysia Airlines
-- http://www.malaysiaairlines.com/-- services domestic and  
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with our airline
partners.  The carrier is currently facing financial
difficulties.  It made a loss after tax of MYR1.3 billion for
MYR2005 and MYR616 million for the nine-month to December 31,
2005, due to high fuel and operating costs, and unprofitable
routes.  In late February 2006, it unveiled a radical rescue
plan to raise MYR4 billion in order to stay afloat and return to
profitability by next year.  Under the restructuring plan, the
airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
Whistle-blowing and stop corporate sponsorship.  As cost-cutting
measures the airline gave up its near-monopoly on money-losing
domestic routes, and plans to sell its headquarters and lay off
6,500 employees from its current 23,000.


MALAYSIA AIRLINES: May Ask Government to Review Route Revamp
------------------------------------------------------------
Malaysia Airlines is expected to ask the Government to carefully
re-examine the domestic route rationalization between the
carrier and AirAsia, which is set for implementation on Aug. 1,
2006, The Edge Daily relates.

Industry observers believe Malaysia Airline wants the Government
to reconsider specific details of the route revamp decision,
including the airline's inability to lower prices during off-
peak periods.

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

OSK Investment Research senior manager Chris Eng said that
Malaysia Airlines should not have been locked out of certain
routes.

"Malaysia Airlines should have been allowed to take the profit
and loss and absorb it, if there are losses.  However, the
question is, why should it be excluded from certain routes?" he
said.  Mr. Eng said the best option would be to give the carrier
a freer rein of its operations.

Analysts agree with Mr. Eng, saying Malaysia Airlines ought to
be given a freer hand to decide on its domestic operations given
the huge investment that had been put into them.

                    About Malaysia Airlines

Headquartered in Selangor, Malaysia, Malaysia Airlines
-- http://www.malaysiaairlines.com/-- services domestic and  
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with our airline
partners.  The carrier is currently facing financial
difficulties.  It made a loss after tax of MYR1.3 billion for
MYR2005 and MYR616 million for the nine-month to December 31,
2005, due to high fuel and operating costs, and unprofitable
routes.  In late February 2006, it unveiled a radical rescue
plan to raise MYR4 billion in order to stay afloat and return to
profitability by next year.  Under the restructuring plan, the
airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
Whistle-blowing and stop corporate sponsorship.  As cost-cutting
measures the airline gave up its near-monopoly on money-losing
domestic routes, and plans to sell its headquarters and lay off
6,500 employees from its current 23,000.


PAN MALAYSIA: Buys Back 90,000 Shares for MYR37,416
---------------------------------------------------
Pan Malaysia Corporation Berhad bought back 90,000 ordinary
shares of MYR0.50 each for a total cash consideration of
MYR37,416.00 on April 14, 2006.

The minimum price paid for each share purchased was MYR0.410 and
the maximum was MYR0.420.

After the purchase, the cumulative outstanding treasury shares
have reached 57,781,400.

Pan Malaysia Corporation on April 7, 2006, bought back 20,000
ordinary shares of MYR0.50 each for a total cash consideration
of MYR8,430.16, the Troubled Company Reporter - Asia Pacific
reported.

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.


PIESIN SDN: Placed in Voluntary Liquidation
-------------------------------------------
Piesin Sdn Bhd, a wholly owed Malaysian subsidiary of
Singapore's Primary Industries Pte Ltd, has been voluntarily
liquidated effective on March 1, 2006.

The Company was liquidated since it had remained dormant for
many years.


PROTON HOLDINGS: In Tie-up Talks with Mahindras
-----------------------------------------------
Proton Holdings Berhad and India's Mahindra & Mahindra are in
talks about a possible manufacturing and marketing alliance,
Business Standard reports.

The proposed tie-up may see the Indian firm snapping a strategic
stake in state-owned Proton.
  
Sources told The Standard that the proposed alliance would work
towards the assembly of Mahindra & Mahindra models like the
Scorpio and the Bolero in the Malaysian market.  
  
Proton has been losing market share due to limited market
penetration, competition in the domestic and global markets, and
a lack of new models.  
  
In a recent interview with Financial Times, Proton Chairman
Azlan Hashim said that the Company was looking for partners in
multiple areas such as new products, components, and market
access or other activities.  
  
In another interview, the Company's Managing Director, Syed
Zainal Abidin Syed Mohamed Tahir, said Proton was considering
selling stake to a strategic foreign partner.  
  
Following substantial reduction in import duty to 20% in 2005,
the Malaysian car market is seeing a flood of new models from
its Japanese, Chinese and South Korean rivals.

                      About Proton Holdings

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


PROTON HOLDINGS: Former Boss Rebuts MV Agusta Sale Rationale
-------------------------------------------------------------
Former Proton Holdings Bhd Chief Executive Officer Tengku
Mahaleel Tengku Ariff crititicized Proton Holding's rationale
for selling the firm's stake in ailing Italian bike maker MV
Augusta for EUR1, or MYR 4.44, The Business Times reveals.

Mr. Tengku Mahaleel challenged the Proton board to explain the
rationale behind the sale.  He also questioned the Board's
position that it was not fully aware of MV Agusta's dealings
when it invested in the Italian firm and did not know that some
MYR176 million in cash advances was needed to keep the Company
afloat.

Mr. Tengku Mahaleel argued that eight board members were well
versed in the areas of finance and accounting.  He also argued
that the extra working capital was required because MV Agusta
was increasing its production from 19,000 to between 30,000 and
35,000 units per year.

The former Proton CEO rejected the Board's explanation that it
sold its MV Agusta shares for a meager price because Agusta was
losing money and that Proton had spent MYR500 million on the
premium bike maker.  The Board had stated that a price higher
than EUR1 could not be negotiated as banks had rejected loan
applications using Agusta shares as collateral because they
viewed them as worthless.

Mr. Tengku Mahaleel thought otherwise, saying maintaining the
stake would have been good for the national carmaker and agreed
an independent inquiry should be established to settle the
matter once-and-for-all.

According to The Star Online, Mr. Tengku Mahaleel believed that
Agusta would have contributed positively to Proton, saying the
national carmaker would have benefited from the planned
MYR10,000-car project and sales of motorbikes to Asia, where
most of the world's motorcycles were bought but where Agusta did
not really sell its bikes in big numbers.

On whether Agusta was a risky investment, he said there were
never any guarantees in corporate life but believed Augusta
could have made an impact, given that the market for the type of
motorcycles Agusta made was about one million.

According to Mr. Tengku Mahaleel, Agusta was bankrupt when
Proton bought the company and that conditions in Agusta worsened
after credit lines to it were pulled in September 2005.

He said Proton was advised in a meeting on Oct 11, 2005, that it
should continue to support Agusta but the board decided against
it.

"With these actions by Proton, Augusta would find it difficult
to repay loans spread over five years," he said.

Mr. Tengku Mahaleel also strongly defended the track record and
competency of the previous management of Proton, saying that it
was responsible for building Proton's profits, sales, cash
reserves and developing the domestic car industry.

                      About Proton Holdings

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


PSC INDUSTRIES: To Appeal Against OCBC's Claim
----------------------------------------------
The Deputy Registrar of Kuala Lumpur High Court has, on
April 13, 2006 allowed OCBC Bank (M) Bhd's application for
summary judgment with costs against PSC Industries Berhad and
Penang Shipbuilding & Construction Sdn Bhd.

The defendants will be filing an appeal against the Court's
decision within 14 days from the release of the Order.

As reported by the Troubled Company Reporter - Asia Pacific on
April 5, 2006, PSC Industries Berhad also received a Writ of
Summons and Statement of Claim from Alliance Bank Berhad.  
Alliance Bank is claiming some MYR274,854,796.60, plus interests
and costs, owed by PSC Industries and its former subsidiary,
PSC-Naval Dockyard Sdn Bhd.

                      About PSC Industries

PSC Industries Berhad's principal activities are shipbuilding
and ship repairing. It is also involved in heavy engineering
construction, provision of shipping management services,
manufacturing of aluminium fast passenger sea ferries, supplies
equipment and machineries, marketing and distributing Exocet
Weapon system, manufacturing of confectioneries, snack food and
related products, general trading, power plant construction and
its support activities, printing, property development, and
property and investment holding.  The Group operates in
Malaysia, Australia and the Republic of Ghana.  The Company is
currently evaluating various issues in formulating a
regularization plan for the Group pursuant to Practice Note
17/2005.  The Company is monitoring its financial and operating
performance closely to improve its financial solvency.


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

LAFAYETTE MINING: Wants TRO Lifted to Allow Anti-pollution Tests
----------------------------------------------------------------
Lafayette Mining Incorporated is urging the Pollution
Adjudication Board of the Department of Environment and Natural
Resources to lift its temporary retraining order on the
Company's Philippine arm to allow testing of the Company's anti-
pollution remedial measures, The Philippine Star says.

Lafayette Philippines Chief Executive Officer Carlos G.
Dominguez explained that the Company's mining plant in Rapu-
Rapu, Albay, which was shut down following two tailing dam
spills in October 2005, should be allowed to operate temporarily
so that the Company could verify the effectiveness of its
remedial measures.

As reported by the Troubled Company Reporter - Asia Pacific, the
DENR's Mines and Geosciences Bureau has required Lafayette to
formulate remedial measures as part of the six requirements
needed to re-open its polymettalic plant.

Since its suspension, Lafayette said it has taken various
measures such as keeping the events pond or tailings pond at no
more than 30% full, leaving 70% freeboard capacity at all times
to accommodate any possible spillage.

Moreover, the Company improved the efficiency of the plant's
detoxification process.  In the past two months, all processed
water and tailings that passed through the processing plant are
completely detoxified.

The Company is now confident that in the remote possibility
there is any spill in the future, any water effluents that would
be discharged into the sea water will contain cyanide in any
level beyond the DENR safe standard.

               About Lafayette Mining Incorporated

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

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

Troubled Company Reporter reported on April 7, 2006, that a
fact-finding body created by President Gloria Macapagal Arroyo
last month to investigate the recent mining spills at Lafayette
Mining Philippines, Incorporated, has sought a one-month
extension on the deadline given to conclude its investigation
and report its findings.


MANILA ELECTRIC: Sunpower Deal Wins ERC's Favor
-----------------------------------------------
Manila Electric Company's proposed power supply agreement with
Sunpower Philippines Manufacturing has finally obtained the
Energy Regulatory Commission's approval, The Philippine Star
reports.

Sunpower is a wholly owned company of Cypress Semiconductor of
the United States.

Under the ERC-approved deal, Meralco will supply electricity to
Sunpower's solar wafer fabrication plant for 15 years or until
2019 at 53.27% discount on its existing retail rate.  The ERC-
approved effective will be US$0.0533 per kilowatthour after
considering the 1.5% distribution loss charge.  The rates will
be changed depending on the maximum annual energy offtake.

For its part, Meralco, will source 60% of its power requirements
from Mirant Philippines Corp. and the remaining 40% from state-
owned National Power Corporation.

Under the agreed deal, Mirant will supply electricity to Meralco
for Sunpower from the 198 MW excess capacity of its Sual plant
in Pangasinan at a generation rate of about US$0.035 per kwh.

The deal said that while Napocor can supply in full the power
requirements of Meralco for Sunpower, it could not offer the
preferential rate to make Sunpower viable in the country.  
Napocor will supply electricity at a generation rate of
US$0.04539 per kWh.

The ERC also approved the transmission service agreement
covering the power generated by Napocor and Mirant purchased by
Meralco for Sunpower.

Meralco agrees to pay the National Transmission Corporation
about US$0.08 per kwh depending on the consumption level.  ERC,
in its decision, considered the rate offered by TransCo as
reasonable enough to cover the cost of transmission service
considering that no additional investment is required on its
part.

The ERC, however, did not approve the exemption of Sunpower from
the lifeline rate and interclass subsidies, saying "the
exemption may be construed as discriminatory against the other
end users required to provide subsidies."

In September 2004, Mirant and Napocor have forged a deal with
Meralco to provide at least 15 MW power supply requirement of
SunPower.

The US$330-million SunPower project is one of the newest and
biggest investments in the Laguna TechnoPark, which is located
within the Meralco's franchise area.
About Manila Electric   

                  About Manila Electric Company

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

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


MANILA MINING: Unveils New Corporate Structure
----------------------------------------------
At Manila Mining Corporation's Annual Stockholders' Meeting on
April 17, 2006, the members elected a new set of directors for
the year 2006-2007.

     Executive Directors:

          * Felipe U. Yap
          * Jose G. Cervantes
          * Rene F. Chanyungco
          * Ethelwood Woldo E. Fernandez
          * Augusto C. Villaluna
          * Patrick K. Yap
          * Bryan U. Yap

     Independent Directors:

          * Eduardo B. Bangayan
          * Patricio L. Lim

Meanwhile, at the Organization Meeting of the Board of Directors
held immediately after the ASM, the members re-appointed the
Officer/Committee Members for 2006-2007:

        Felipe U. Yap           - Chairman of the Board and
                                  Chief Executive Officer
        Rene F. Chanyungco      - Senior Vice President and
                                  Treasurer
        Patrick K. Yap          - Senior Vice President
        Bryan U. Yap            - Vice President
        Ma. Lourdes B. Tuason   - Assistant Treasurer
        Ethelwoldo E. Fernandez - Corporate Secretary
        Odette A. Javier        - Assistant Corporate Secretary
   
        Complinace Officer-
        Good Governance         : Rene F. Chanyungco

        Audit Commitee          : Eduardo A. Bangayan - Chair
                                  Augusto C. Villaluna
                                  Patricio L. Lim

        Nomination Commitee     : Jose G. Cervantes - Chairman
                                  Eduardo A. Bangayan
                                  Ehthelwoldo E. Fernandez

        Remunueration/
        Compensation Commitee   : Ethelwoldo Fernandex - Chair
                                  Jose G. Cervantes
                                  Eduardo A. Bangayan

The Board also re-appointed the Assistant Corporate Secretay as
Reporting Officer under the Manual on Anti-Money Laundering.

                   About Manila Mining Corporation

Manila Mining Corporation was incorporated primarily to carry on
the business of mining, milling, concentrating, converting,
smelting, treating, preparing for market, manufacturing, buying,
selling, exchanging and otherwise producing and dealing in
precious and semi-precious metals, ores, minerals and their by-
products.  On April 16, 1999, the Securities and Exchange
Commission approved the extension of the company's corporate
term for another 50 years after the expiration of its original
term on May 30, 1999.

The Company is an affiliate of Lepanto Consolidated Mining
Company. It started its mining operations in Placer, Surigao del
Norte in 1981.  Until 2001, it was producing gold bullion
through a Carbon-In-Pulp Plant.  It was producing copper
concentrates from its copper flotation plant until July, 2001
when it suspended mining and milling operations due to the
effects of low foreign investment owing to political
instability, low international metal prices accompanied by high
operating and production costs, labor problems, and natural
disasters.


MANILA MINING: 2005 Net Loss Increases by 15%
---------------------------------------------
Embattled Manila Mining Corporation 2005 results plunged deeper
into the red with a net loss of Php154.42 million from last
year's Php133.87 million as mining operations remain suspended,
Business World reports.

The Company posted an operating loss of Php140.4 million, which
it blames on administration, overhead and other charges.  The
Company, however, realized an operating income of Php375,000
from the sale of marketable securities.

In a regulatory filing, Manila Mining explained that there was
no other source of revenue during the year due to non-operation.  
Significant losses were actually due to depreciation and
amortization of non-operational assets.

Total current assets went down by 29.28% to Php59.8 million from
Php84.56 million as it reclassified marketable securities and
additional provision for inventory losses.  It recognized Php45
million for impairment losses for assets.

Marketable securities fell to Php7.88 million from Php15.75
million due to disposal while the balance was reclassified to
available financial assets as a result of the firm's transition
to Philippine Financial Reporting Standards.

Meanwhile, the Company said that its ability to continue
operations, and recover its mine and mining properties is
dependent upon the successful completion of the restructuring
negotiations with the creditor banks, ability to obtain the
necessary financing, conduct of successful exploration or
drilling work and ability to achieve profitable operations

The Company is seeking to finalize an agreement with a foreign
partner this year as soon as the renewal of the exploration
permit for its Kalayaan property in Surigao del Norte is
released by the Department of Environment and Natural Resources.

Last February, Manila Mining disclosed that it has received the
certification from the Mines and Geosciences Bureau for the
existing mining claims within Surigao del Norte.  The
exploration permit renewal is "indispensable" for the purpose of
advancing negotiations with future partners.

The Company's Kalayaan project has been identified as among the
mineral exploration projects under the 10-point legacy of the
current administration for year 2004 to 2010.  It has been in
partnership venture discussions with Ivanhoe Mines Ltd., Anglo
American Plc and East Asia Minerals Corp. for its Kalayaan
property in Surigao del Norte.

The Company hopes to resume mining operations as soon as
possible especially that the Supreme Court's decision last
December 2004 reversing the ban on foreign ownership of large-
scale mining operations has revived interest in the mining
sector.

                 About Manila Mining Corporation

Manila Mining Corporation was incorporated primarily to carry on
the business of mining, milling, concentrating, converting,
smelting, treating, preparing for market, manufacturing, buying,
selling, exchanging and otherwise producing and dealing in
precious and semi-precious metals, ores, minerals and their by-
products.  On April 16, 1999, the Securities and Exchange
Commission approved the extension of the company's corporate
term for another 50 years after the expiration of its original
term on May 30, 1999.

The Company is an affiliate of Lepanto Consolidated Mining
Company. It started its mining operations in Placer, Surigao del
Norte in 1981.  Until 2001, it was producing gold bullion
through a Carbon-In-Pulp Plant.  It was producing copper
concentrates from its copper flotation plant until July, 2001
when it suspended mining and milling operations due to the
effects of low foreign investment owing to political
instability, low international metal prices accompanied by high
operating and production costs, labor problems, and natural
disasters.


MAYNILAD WATER: Consumers to Shoulder Part of World Bank Loan
-------------------------------------------------------------
Maynilad Water Services Inc.'s customers are expected to
shoulder a position of a proposed loan that the Company plans to
secure from the World Bank, Business World reveals.

The utility firm said it will pass on to clients the cost of the
borrowing.  However, it assured that the impact of the loan on
the water bills will be minimal.

Maynilad is looking at a total credit line of US$150 million,
with US$125 million coming from the World Bank through the
Metropolitan Waterworks and Sewerage System, since private
entities do not have access to concessional funding from the
multilateral agency.

The balance of US$25 million will be raised by Maynilad as
counterpart funds which the Company will be obtaining from its
capital expenditures program.

The loan, which will be spread over five years with the first
tranche to be released in 2007, will be utilized for overall
capital expenditure support.

           About Maynilad Water Services Incorporated

Headquartered in Quezon City, Philippines, Maynilad Water
Services Incorporated distributes water to the western part of
Metro Manila.  The Company went under court rehabilitation in  
2005 after it suffered financial difficulties due to heavy debt
burden and operational woes.

Maynilad used to be majority controlled by Lopez-owned Benpres
Holdings Corp. but ownership reverted to the MWSS early this
year after the former exited from the company.  The Company,
which expected to see a turnaround in its finances last 2005, is
in the process of being reprivatized.  The Government is working
with financial adviser ABN Amro and Maynilad's creditors for the
completion of the terms of the reference for the bidding.


PHILIPPINE AIRLINES: Braces for Summer Travel Frenzy
----------------------------------------------------
Philippine Airlines has advised passengers of its domestic and
international flights to check-in at least three hours before
flight to avoid the inconvenience long lines for the peak travel
period during the summer season.

The national flag carrier said it will open its check-in
counters at the Ninoy Aquino International Airport Terminal as
early as 1 a.m. to accommodate passengers for domestic flights
and 3 a.m. for international services until May 31.

Passengers are normally required to check-in at least two hours
ahead of their flight but PAL said the extraordinary volume of
passengers for the summer, along with strict security checks
have resulted to "kilometric" lines at the airport.

                    About Philippine Airlines

Philippine Airlines -- http://www.philippineairlines.com/-- is  
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation.  With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.  As of 2005, it claims
to serve 21 domestic airports and 31 foreign cities.  Its main
hub is the Ninoy Aquino International Airport in the capital
city of Manila.  Following labor problems and its failure to
settle debts, PAL filed for rehabilitation in June 1998, and is
slated to complete its 10-year debt rehabilitation program in
2009.


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

ASIA AGROMAS: Faces Wind Up Proceedings
---------------------------------------
A wind-up petition was served on Asia Agromas Pte Limited on
March 28, 2006.

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

Any creditor or contributory of the company desiring to support
or oppose the making of an order on the petition may appear at
the hearing.

Contact: M/S Mohan Das Naidu & Partners
         Solicitors for the Petitioner
         No. 151 Chin
         Swee Road, #10-09 Manhattan House
         Singapore, 169876


CHARTER ASIA: Creditors Should Prove Debt Next Month
----------------------------------------------------
Creditors of Charter Asia Behavioural Health Services Pte Ltd
are required to prove their debt or claims not later than
May 13, 2006, to benefit from any distribution the Company will
make.

Contact: Low Sok Lee Mona
         Teo Chai Choo
         Liquidators
         c/o Low, Yap & Associates
         4 Shenton Way
         No. 4-01 SGX Centre 2
         Singapore 068807


FLEXTRONICS INTERNATIONAL: Board OKs $250-Mln Share Repurchase
--------------------------------------------------------------
Flextronics International Ltd. disclosed that its Board of
Directors has authorized the repurchase of up to $250 million of
its outstanding ordinary shares.

Stock repurchases, if any, will be made in the open market at
the times and amounts management deems as appropriate.  The
repurchases will be made pursuant to the Share Purchase Mandate
approved by the shareholders at the Company's 2005 Annual
General Meeting, which remains in effect until the Company's
2006 Annual General Meeting.

The stock repurchase program does not obligate the Company to
repurchase any specific number of shares and may be suspended or
terminated at any time without prior notice.  Shares repurchased
under the program will be canceled.

As of March 31, 2006, Flextronics had approximately 578.0
million ordinary shares outstanding.

                        About Flextronics

Headquartered in Singapore, Flextronics International Ltd.
-- http://www.flextronics.com/-- is a leading Electronics  
Manufacturing Services provider focused on delivering innovative
design and manufacturing services to technology companies.
Flextronics is a major global operating company that helps
customers design, build, ship, and service electronics products
through a network of facilities in 32 countries on five
continents.

                            *   *   *

As reported in the Troubled Company Reporter on Oct. 31, 2005,
Fitch Ratings revised the Rating Outlook on Flextronics
International, Ltd. to Negative from Stable.  Flextronics'
"BBB-" issuer default rating and senior unsecured bank credit
facility were affirmed, as well as the 'BB+' senior subordinated
debt. Fitch's action affected approximately $1.6 billion of
debt.  The Negative Outlook reflected:

     -- Flextronics' expectations for lower organic revenue
        growth;

     -- Fitch's belief that the company will be challenged to
        meet near-term operating margin targets; and

     -- the potential use of high cash balances for shareholder-
        friendly transactions or acquisitions.


FLEXTRONICS INTERNATIONAL: KRR Buys Software Biz for $900 Mln
-------------------------------------------------------------
Flextronics International Limited signed a definitive agreement
to sell its software development and solutions business to an
affiliate of Kohlberg Kravis Roberts & Co., in a transaction
valued at approximately $900 million.

Upon closing, Flextronics expects to receive in excess of $600
million in cash consideration and will hold a $250 million face
value note with a 10.5% paid-in-kind interest coupon which
matures in eight years.  Flextronics will also retain a 15%
equity stake in the business, which will operate as an
independent software development and solutions company.

The purchase price is subject to customary working capital and
certain other post-closing adjustments.  Flextronics expects the
after tax gain on the sale transaction to be approximately $175
million.

"This transaction is the continuation of our previously
announced strategy of focusing our efforts and resources on the
reacceleration of significant growth opportunities in our core
EMS business, which includes design, vertically-integrated
manufacturing services, components and logistics" said Michael
McNamara, Chief Executive Officer of Flextronics.  

"By monetizing non-core assets at substantial gains over
carrying values, Flextronics will have generated cash proceeds
in excess of $1 billion through the divestitures of our
software, network services and semiconductor businesses,
assuming this transaction is consummated.  In addition, we will
have retained ownership interests in both the software and
network services businesses, which should provide additional
cash and potential future upside when monetized."

Thomas J. Smach, Chief Financial Officer of Flextronics, stated,
"We expect this transaction to be slightly accretive to our
fiscal 2007 GAAP earnings per diluted share.  There are a number
of attractive opportunities to deploy the cash proceeds from
this transaction in a manner that maximizes earnings and long-
term shareholder returns.  We expect to invest in working
capital to support the rapid increase in growth we expect in our
core EMS business.  Other attractive opportunities include
paying down debt or repurchasing stock, or a combination of
both."

McNamara concluded, "We believe this transaction benefits all
parties involved, and we expect continued success for the
software team moving forward. As an independent software
development and solutions company, its customers will benefit
from enhanced service capabilities and its employees will be
better positioned to capitalize on business opportunities as a
result of a singular focus.  In addition, with Flextronics
retaining an equity stake in the software development and
solutions business, both companies will continue to capitalize
on the synergies they have to offer one another."

Merrill Lynch & Co. acted as financial advisor to Flextronics in
connection with the transaction and rendered a fairness opinion
to the Independent Committee of the Board of Directors of
Flextronics.  Banc of America Securities LLC also rendered a
fairness opinion to the Independent Committee of the Board of
Directors of Flextronics.  Curtis, Mallet-Prevost, Colt & Mosle
LLP acted as legal advisor to Flextronics.

                        About Flextronics

Headquartered in Singapore, Flextronics International Ltd.
-- http://www.flextronics.com/-- is a leading Electronics  
Manufacturing Services provider focused on delivering innovative
design and manufacturing services to technology companies.
Flextronics is a major global operating company that helps
customers design, build, ship, and service electronics products
through a network of facilities in 32 countries on five
continents.

                            *   *   *

As reported in the Troubled Company Reporter on Oct. 31, 2005,
Fitch Ratings revised the Rating Outlook on Flextronics
International, Ltd. to Negative from Stable.  Flextronics'
"BBB-" issuer default rating and senior unsecured bank credit
facility were affirmed, as well as the 'BB+' senior subordinated
debt. Fitch's action affected approximately $1.6 billion of
debt.  The Negative Outlook reflected:

     -- Flextronics' expectations for lower organic revenue
        growth;

     -- Fitch's belief that the company will be challenged to
        meet near-term operating margin targets; and

     -- the potential use of high cash balances for shareholder-
        friendly transactions or acquisitions.


GREAT CENTRAL: Commences Winding Up Proceedings
-----------------------------------------------
On March 31, 2006, the Singapore High Court has ordered to wind
up Great Central International Pte Ltd.

Contact: The Official Receiver
         Liquidator
         Insolvency & Public Trustee's Office
         45 Maxwell Road #06-11
         The URA Centre (East Wing)
         Singapore 069118


HCA HOLDINGS: Court Opts to Wind Up Operations
----------------------------------------------
The High Court of Singapore issued an order on April 7, 2006, to
wind up HCA Holdings Pte Ltd.

Creditors of the Company should file their debt or claim to the
liquidator.

Contact: Timothy James Reid
         M/s Ferrier Hodgson
         Liquidator         
         50 Raffles Place #16-06
         Singapore Land Tower
         Singapore 048623


HUP HIN: Court Orders Winding Up
--------------------------------
The High Court of Singapore on April 7, 2006, issued an order to
wind up Hup Hin Realty Pte Ltd.

The Court also directed the appointment of Timothy James Reid of
Ferrier Hodgson as official liquidator.

All creditors of the company should file their proof of debt
with the Liquidator who will be administering all affairs of the
Company.

All debts due to the Company should be forwarded to the
Liquidator.

Contact: Timothy James Reid
         Official Liquidator
         50 Raffles Place #16-06
         Singapore Land Tower
         Singapore 048623


LOGIC INTERNATIONAL: Faces Wind-Up Proceedings
----------------------------------------------
The High Court of Singapore received from Lim Swee Cheang a
petition to wind-up Logic International Holding Pte Ltd.

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

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

Contact: Tan Kok Quan Partnership
         Solicitors for the Petitioner
         No. 5 Shenton Way
         Level 29
         UIC Building
         Singapore 068808
      

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

THAI AIRWAYS: Opts for GP Business Solutions
--------------------------------------------
GrameenPhone Ltd has recently signed an agreement with the Thai
Airways International Public Company Limited to provide complete
communication facilities in Bangladesh under its Business
Solutions package.

Thai Airways in Bangladesh General Manager Nivat Chantarachoti
and GrameenPhone Deputy Head of Corporate Sales Mir Rashedul
Hossain signed the agreement on behalf of their respective
organizations.

The GP Business Solutions is an integrated telecommunications
service specially designed for the business entities of
Bangladesh, providing customized telecommunications solutions
through a consultative approach, tailored to the needs of
individual businesses.

Comprising modern mobile telecommunications services for any
business needs, the GP Business Solutions provides voice, text
messaging and mobile data and Internet services.  Also on offer
will be a complete Mobile-Office solution, including mobile
email, mobile high-speed data access, internet access, mobile
fax and more, providing the freedom to work from anywhere within
GrameenPhone's wide coverage area.

                       About 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.  



BOND PRICING: For the Week 17 April to 21 April 2006
----------------------------------------------------  

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

AUSTRALIA
---------
Ainsworth Game                        8.000%    12/31/09     1
Amcom Telecommunications Ltd         10.000%    10/28/07     2
APN News & Media Ltd                  7.250%    10/31/08     5
A&R Whitcoulls Group                  9.500%    12/15/10     9
Arrow Energy NL                      10.000%    03/31/08     1
Babcock & Brown Pty Ltd               8.500%    12/31/49     8
Becton Property Group                 9.500%    06/30/10     1
BIL Finance Ltd                       8.000%    10/15/07     8
Bremer Park Ltd                       7.000%    12/23/10     1
Capital Properties NZ Ltd             8.500%    04/15/07     9
Capital Properties NZ Ltd             8.500%    04/15/09     8
Capital Properties NZ Ltd             8.000%    04/15/10     8
Cardno Limited                        9.000%    06/30/08     4
Carter Holt Harvey                    8.375%    12/16/09    75
CBH Resources                         9.500%    12/16/09     1
Chrome Corporation Ltd               10.000%    02/28/08     1
Clean Seas Tuna Ltd                   9.000%    09/30/08     1
Djerriwarrh Investments Ltd           6.500%    09/30/09     4
EBet Limited                         10.000%    11/29/06    25
Evans & Tate Ltd                      8.250%    10/29/07     1
Fletcher Building Ltd                 7.550%    03/15/11     8
Fletcher Building Ltd                 7.800%    03/15/09     8
Fletcher Building Ltd                 7.900%    10/31/06     8
Fletcher Building Ltd                 8.300%    10/31/06     8
Fletcher Building Ltd                 8.600%    03/15/08     8
Fletcher Building Ltd                 8.850%    03/15/10     8
Fernz Corp Ltd                        8.560%    10/15/06     9
Futuris Corporation Ltd               7.000%    12/31/07     3
Gympie Gold Ltd                       8.500%    09/30/07     1
Hy-Fi Securities Ltd                  7.000%    08/15/08     8
Hy-Fi Securities Ltd                  8.750%    08/15/08    10
Hutchison Telecoms Australia          5.500%    07/12/07     1
IMF Australia Ltd                    11.500%    06/30/10     1
Infrastructure & Utilities NZ Ltd     8.500%    09/15/13     8
Infratil Ltd                          8.500%    11/15/15     8
Kagara Zinc Ltd                       9.750%    05/06/07     4
Kiwi Income Properties Ltd            8.000%    06/30/10     1
Longreach Group Ltd                  10.000%    10/31/08     1
Minerals Corporation Ltd             10.500%    09/30/07     1
Nuplex Industries Ltd                 9.300%    09/15/07     8
Pacific Print Group Ltd              10.250%    10/15/09    10
Primelife Corporation                 9.500%    12/08/06     1
Primelife Corporation                10.000%    01/31/08     1
Salomon SB Australia                  4.250%    02/01/09     8
Sapphire Securities Ltd               7.410%    09/20/35     7
Sapphire Securities Ltd               9.160%    09/20/35     9
Silver Chef Ltd                      10.000%    08/31/08     1
Software of Excellence                7.000%    08/09/07     1
Sydney Gas Limited                   12.000%    06/01/06     1
Tower Finance Ltd                     8.650%    10/15/09     8
Tower Finance Ltd                     8.750%    10/15/07     8
TrustPower Ltd                        8.300%    09/15/07     8
TrustPower Ltd                        8.300%    12/15/08     8
TrustPower Ltd                        8.500%    09/15/12     8
TrustPower Ltd                        8.500%    03/15/14     8
Vision Systems Ltd                    9.000%    12/15/08     2
Westpac Banking Corporation           6.250%    08/30/11     6


MALAYSIA
--------
Aliran Ihsan Resources Bhd            5.000%    11/29/11     1
Artwright Holdings Bhd                5.500%    03/06/07     1
Asian Pac Bhd                         4.000%    12/21/07     1
Berjaya Land Bhd                      5.000%    12/30/09     1
Camerlin Group Bhd                    5.500%    07/15/07     2
Crescendo Corporation Bhd             3.000%    08/25/07     1
Dataprep Holdings Bhd                 4.000%    08/06/07     1
Eden Enterprises (M) Bhd              2.500%    12/02/07     1
EG Industries Bhd                     5.000%    06/16/10     1
Equine Capital Bhd                    3.000%    08/26/08     1
Fountain View Development Sdn Bhd     3.500%    11/03/06     1
Gadang Holdings Bhd                   2.000%    12/24/08     1
Greatpac Holdings Bhd                 2.000%    12/11/08     1
Gula Perak Bhd                        6.000%    04/23/08     1
Hong Leong Industries Bhd             4.000%    06/28/07     1
Huat Lai Resources Bhd                5.000%    03/28/10     1
I-Berhad                              5.000%    04/30/07     1
Insas Bhd                             8.000%    04/19/09     1
Kamdar Group Bhd                      3.000%    11/09/09     1
Killinghall Bhd                       5.000%    04/13/09     2
Kosmo Technology Industrial Bhd       2.000%    06/23/08     5
Kretam Holdings Bhd                   1.000%    08/10/10     1
Kumpulan Jetson                       5.000%    11/27/12     1
LBS Bina Group Bhd                    4.000%    12/29/06     1
LBS Bina Group Bhd                    4.000%    12/31/07     1
LBS Bina Group Bhd                    4.000%    12/31/08     1
LBS Bina Group Bhd                    4.000%    12/31/09     1
Lebar Daun Bhd                        2.000%    01/06/07     3
Lion Diversified Holdings Bhd         2.000%    06/01/09     3
Media Prima Bhd                       2.000%    07/18/08     1
Mithril Bhd                           3.000%    04/05/12     1
Mithril Bhd                           8.000%    04/05/09     1
Mutiara Goodyear Development Bhd      2.500%    01/15/07     1
Naim Indah Corporation Bhd            0.500%    08/24/06     1
Nam Fatt Corporation Bhd              2.000%    06/24/11     1
Pantai Holdings Bhd                   5.000%    03/28/07     2
Pantai Holdings Bhd                   5.000%    07/31/07     2
Pelikan International Corp Bhd        3.000%    04/08/10     1
Poh Kong Holdings Bhd                 3.000%    01/20/07     1
Prinsiptek Corporation Bhd            3.000%    11/20/06     1
Puncak Niaga Holdings Bhd             2.500%    11/18/16     1
Ramunia Holdings                      1.000%    12/20/07     1
Rashid Hussain Bhd                    0.500%    12/24/12     1
Rashid Hussain Bhd                    3.000%    12/24/12     1
Rhythm Consolidated Bhd               5.000%    12/17/08     1
Senai-Desaru Expressway Bhd           3.500%    12/09/16    73
Senai-Desaru Expressway Bhd           3.500%    06/09/17    72
Senai-Desaru Expressway Bhd           3.500%    12/08/17    74
Silver Bird Group Bhd                 1.000%    02/15/09     1
Southern Steel                        5.500%    07/31/08     1
Talam Corporation Bhd                 7.000%    04/19/06     1
Tanah Emas Corporation Bhd            2.000%    12/09/06     1
Tap Resources Bhd                     2.000%    06/29/06     1
Tenaga Nasional Bhd                   3.050%    05/10/09     1
Tradewinds Plantations Bhd            3.000%    02/28/16     1
VTI Vintage Bhd                       4.000%    08/22/06     1
WCT Land Bhd                          3.000%    08/02/09     1
Wah Seong Corp                        3.000%    05/21/12     4
YTL Cement Bhd                        4.000%    11/10/15     1


SINGAPORE
---------
Rabobank Singapore                    1.000%    11/03/13    73
Sengkang Mall                         8.000%    11/20/12     1
Structural System Singapore          11.000%    06/30/07     1
Tampines Assets Ltd                   5.625%    12/07/06     1
Tampines Assets Ltd                   6.000%    12/07/06     1
Tincel Ltd                            7.400%    06/13/11     1



                            *********

  
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., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Francis Chicano, 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  
publication in any form (including e-mail forwarding, electronic  
re-mailing and photocopying) is strictly prohibited without  
prior written permission of the publishers.  Information  
contained herein is obtained from sources believed to be  
reliable, but is not guaranteed.  
  
TCR-AP subscription rate is $575 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same  
firm for the term of the initial subscription or balance thereof  
are $25 each.  For subscription information, contact Christopher  
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                 *** End of Transmission ***