TCRAP_Public/060424.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

             Monday, April 24, 2006, Vol. 9, No. 080


                            Headlines

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

ACAJOU DESIGN: Creditors to Prove Debts on May 19
A.C.N. 077 837 855: Winds Up Business
AFD INVESTMENTS: To Declare Dividend Today
AIR NEW ZEALAND: To Increase Fares by 10%
AQUATECH PACIFIC: Members & Creditors to Receive Wind-up Report

AUSTFISH INTERNATIONAL: Names Receivers and Managers
AUTOMOTIVE ENGINEERS: Decides to Close Operations
BESTKNIT HOLDINGS: Liquidator to Distribute Assets
BLUEWAVE SEAFOOD: Receiver Steps Aside
CORAL TREES: Enters Voluntary Liquidation

DILMON HOLDINGS: Court to Hear Liquidation Petition on April 28
ELLBARB PTY: Members Agree to Wind Up Firm
F. & E. INTERIOR: Supreme Court Issues Wind-up Order
FELTEX CARPETS: To Pay NZ$150,000 For Breaching Disclosure Rules
HEACOOKS PTY: To Hold Final Meeting Today

INSTANT GARDENS: Creditors' Proofs of Claims Due on May 16
JADAN FRANCHISING: To Pay Dividend to Creditors
KEA INVESTMENTS: Faces Liquidation Proceedings
KEN OSGOOD PTY: Opts to Shut Down Operations
NATIONAL AUSTRALIA: Prosecutors Say ForEx Traders Doctored Books

NILANDE PTY: Inability to Pay Debts Prompts Wind-up
OCTUPUS INVESTMENTS: To Receive Proofs of Debts by May 16
PANEL TECH: Names Scott Turner as Liquidator
PIRITA LODGE: Schedules Final Meeting Today
PTV MANAGEMENT: Creditors OK Liquidators' Appointment

QANTAS AIRWAYS: Asks Gov't to Replace Foreign Ownership Cap
SOUVAS PTY: Court Winds Up Firm
TELSTRA CORPORATION: Other Telcos Offer Aid in Broadband Upgrade
TREWIN TRANSPORT PTY: Liquidator to Present Wind-up Report
VAYSMAN PTY: To Declare Dividend on April 25

WESTPOINT GROUP: Court Appoints KordaMentha as Receivers


C H I N A   &   H O N G  K O N G

BANK OF CHINA: To Auction CNY3.4 Billion Worth of Assets
CHEERGOLD INVESTMENT: Appoints Joint and Several Liquidators
CHINA SOUTHERN: Books CNY1.85 Billion Loss in 2005
CHIUCHOW LIMITED: Resolves to Undertake Voluntary Wind-up
DIYON DEVELOPMENT: Court to Hear Winding Up Petition on June 14

FIS CHINA: Appoints Official Liquidator
IMT LIMITED: Appoints Joint and Several Liquidators
LONG PROGRESS: Members Pass EGM Resolutions
LUEN SHING: Winding Up Hearing Slated for May 10
OAKWOOD INVESTMENTS: Members Approve EGM Resolutions

PACIFIC NATIONAL: Chung Ceases to Act as Liquidator
PWC WATERHOUSE: Approves Special Resolution
REMY FINE WINES: Members Allows Liquidators to Distribute Assets
SELCO SALVAGE: Creditors Meeting Set for May 12
STAR PACIFIC: To Receive Creditors' Proofs of Debts Until May 8

SUPER DELIGHT: Creditors' Meeting Slated for April 26
SUPER FINE: Chan and Chow Cease to Act as Joint Liquidators
TIGER TRADING: Creditors' Proofs of Debt Due on May 8
TM COMMUNICATIONS: Appoints Official Liquidator
WINSPOWER LIMITED: Creditors Must Submit Claims by May 9


I N D I A

IBP COMPANY: Gains INR130 Crore From Oil Bonds Sale
INDIA CEMENTS: Members Approve Enhancement of Share Capital
INDIAN OIL: Joins Petro Hub Tie-up
JIK INDUSTRIES: Board to Consider Preferential Shares Issue


I N D O N E S I A

PERTAMINA: Targets Higher Average Oil Refinery Capacity by 2010
PERTAMINA: Saudi Aramco Eyes Partnership
ARPENI PRATAMA: S&P Assigns "B+" Corporate Rating


J A P A N

AIFUL CORPORATION: Banks Halt Loans on Illegal Practices
NEC ELECTRONICS: Lowers Profit Estimate on Expected Unit Losses


K O R E A

DAEGU BANK: Fitch Upgrades Rating to "B/C"
HYUNDAI MOTOR: Analysts Expect 17% Fall in Profits
LG CARD: Three Prime Bidders Vie for Credit Card Issuer


M A L A Y S I A

AYER HITAM: Defaulted Amount Hits MYR40 Million
INTAN UTILITIES: Seeks Shareholders' OK of Proposed Mandate
LANKHORST BERHAD: Unit Defaults on Loan Facilities
NALURI CORPORATION: SC Grants More Time to Meet Conditions
PAN MALAYSIA: Buys Back 75,000 Shares for MYR29,905

PAN MALAYSIA: To Hold EGM on May 15
PROMTO BERHAD: Securities Delisted from Bourse
SELANGOR DREDGING: Subsidiary Revaluates Property
SOON YANG: Placed in Voluntary Liquidation
SUREMAX GROUP: Petareka Withdraws Suit Against Unit


P H I L I P P I N E S

ATLAS CONSOLIDATED: Delays Meeting to Await Audit Results
EXPORT AND INDUSTRY: To Hold Stockholders' Meeting on May 26
LAFAYETTE MINING: Env't Groups to Protest Planned Reopening
MANILA ELECTRIC: Must Pay Debts Before Seeking Expansion Loan


S I N G A P O R E

CHANNEL GROUP: Court Issues Winding Up Order
LINDETEVES-JACOBERG: Unveils Mandatory Cash Offer Details
MICRO-NET TECHNOLOGY: To Receive Proofs of Claim Until May 5
ONG TRADING: Creditors' Proofs of Claim Due on May 22
RUBBER BAND: Intends to Pay Dividend to Creditors


T H A I L A N D

CIRCUIT ELECTRONICS: SET Excludes Stocks from Index Calculation
HANTEX LIMITED: SET Index Adjustments Excludes Company's Stocks
THAI HEAT EXCHANGE: Securities Listing Granted by SET
TOTAL ACCESS: Fitch Upgrades Default Ratings from BB to BB+

     - - - - - - - -

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

ACAJOU DESIGN: Creditors to Prove Debts on May 19
-------------------------------------------------
Acajou Design Limited will receive proofs of debts from
Creditors of the Company on or before May 19, 2006.

Failure of creditors to establish proofs the due date will
exclude them from the benefits of any distribution the Company
will make.

Contact:  John T. Whittfield
          McDonald Vague, P.O. Box 6092
          Wellesley Street Post Office
          Auckland, New Zealand
          Telephone: (09)303 0506
          Facsimile: (09)303 0508


A.C.N. 077 837 855: Winds Up Business
-------------------------------------
Members of A.C.N. 077 837 855 Pty Limited held a general meeting
on March 8, 2006, and agreed to:

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

  -- appoint Stephen Graham Longley and David Laurence McEvoy as
     liquidators for the wind-up.

Contact: Stephen G. Longley
         David L. McEvoy
         Liquidators
         Freshwater Place, 2 Southbank Boulevard,
         Southbank, Victoria 3006
         Australia


AFD INVESTMENTS: To Declare Dividend Today
------------------------------------------
AFD Investments Pty Limited will declare its first and final
dividend today, April 24, 2006, to the exclusion of creditors
who were not able to prove their claims.

Contact: John Park
         Liquidator
         KordaMentha (Queensland)
         Level 2, Corporate Centre One
         2 Corporate Court, Bundall
         Queensland 4217, Australia
         Telephone: (07) 5574 1322
         Fax: (07) 5574 1433


AIR NEW ZEALAND: To Increase Fares by 10%
-----------------------------------------
Air New Zealand revealed that all domestic and international
airfares will rise by 10% from May 1, 2006, due to spiraling
fuel costs.  Air New Zealand's chief financial officer, Rob
McDonald, said that fuel was now the airline's number one cost.

According to ShareChat News, the price of benchmark Singapore
jet fuel has risen from around US$40 ($NZ64.60) a barrel to
US$89 a barrel in the past two years.  That has seen Air NZ's
fuel bill more than double from NZ$480 million in 2004 to almost
NZ$1 billion in 2006.

Mr. McDonald said that until now, "customers have been shielded
from much of the effect of these price rises by the airline's
fuel hedging programme."

"The airline has also borne additional fuel costs over and above
its hedging, avoiding passing those costs on to customers," Mr.
McDonald added.

However, recent falls in the value of the New Zealand dollar
against the United States dollar and the fact that Air NZ's more
favorable fuel hedges have rolled off meant that the shortfall
needed to be addressed.

ShareChat recounts that Air NZ had made efforts to reduce costs,
restructuring its wide body maintenance, reviewing head office
staff levels, combining Freedom and Air NZ flights across the
Tasman, and, most recently, announcing a proposed trans-Tasman
alliance with Australian Qantas Airways.

Since 2003, Air NZ has made NZ$293 million in cumulative cost
savings.  ShareChat says that despite the recent fare increase
and cost reduction measures, the airline would still not fully
recover the increased cost of jet fuel.

                      About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand is the country's
flag air carrier, with domestic and international passenger and
freight operations, and an aviation engineering business.

As reported in the Troubled Company Reporter - Asia Pacific
reported on September 2, 2005, Moody's Investors Service
affirmed its Ba1 issuer rating on Air New Zealand Limited after
the airline announced its annual results for FY2005.  Air NZ's
rating reflected its dominant position in the New Zealand
domestic market, with around 80% market share, and the
profitability of domestic operations following their
restructuring to a low-cost network model.  Also supporting Air
NZ's rating was its solid liquidity position, with cash balances
of NZ$1,071 million held as at June 30, 2005.  However, while
Air NZ has a solid position in New Zealand and other parts of
the international network are performing well, intense
competition on trans-Tasman routes has resulted in it being
unprofitable for Air NZ.  International competition also limits
Air NZ's ability to expand.  Its management is also aware of the
airline's vulnerability to external shocks and the actions of
key competitors.  

Moody's had expressed concern regarding the airline's limited
track-record since the collapse of Ansett Australia in 2001.  
However, FY2004 and FY2005 results have been in line with
expectations.  Air NZ has signaled that the recent increases in
fuel price will adversely affect profitability in 2006, with the
potential to decrease profit by 40% from 2005.  Moody's believes
that this drop, which would result in EBITDAR/(Interest +Rent)
between 2.0x and 2.4x, and Adjusted Debt/EBITDAR of just under
5x, would not adversely affect the rating of the airline.  
Moody's expected Air NZ to have significant capital expenditure
requirements over the next three years -- which will be funded
from a combination of operating cash flow, debt and operating  
leases -- as it acquires additional aircraft.  However, Moody's
considered the increased debt load to be manageable within Air
NZ's rating.  The company is expected to be free cash flow  
positive from 2007.  Moody's said that if fuel prices continued
high for the medium to long term and no rationalization in
trans-Tasman routes were forthcoming, then Air NZ's credit
metrics could be negatively affected.  Operating margin less
than 3%, EBITDAR/(Interest+Rent) less than 2x and Adjusted
Debt/EBITDAR greater than 5.5x would be a trigger for Moody's to
review the rating.


AQUATECH PACIFIC: Members & Creditors to Receive Wind-up Report
---------------------------------------------------------------
A final meeting of the members and creditors of Aquatech Pacific
Pty Limited will be held today, April 24, 2006, for the parties
to receive Liquidator Christopher J. Palmer's final account
showing how the Company was wound up and how its property was
disposed of.

Contact: Christopher J. Palmer
         Liquidator
         Level 4, 23-25 Hunter Street
         Sydney, New South Wales 2000
         Australia


AUSTFISH INTERNATIONAL: Names Receivers and Managers
----------------------------------------------------
On February 15, 2006, Derrick Vickers and Geoffrey Frank
Totterdell were named as receivers and managers of the property,
undertaking and interests of Austfish International Pty Limited.

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


AUTOMOTIVE ENGINEERS: Decides to Close Operations
-------------------------------------------------
Members of Automotive Engineers Nominees Pty Limited convened on
March 9, 2006, to voluntarily wind up the Company's operations.

William Bernard Abeyratne and Loke Ching were appointed as joint
and several liquidators at a creditors' meeting held later that
day.

Contact: William B. Abeyratne
         Loke Ching Wong
         Joint and Several Liquidators
         c/o Harrisons Insolvency
         Level 5, 150 Albert Road
         South Melbourne, Victoria 3205
         Australia
         Telephone: 9696 2885


BESTKNIT HOLDINGS: Liquidator to Distribute Assets
--------------------------------------------------
At a general meeting on March 9, 2006, the members of Bestknit
Holdings Pty Limited resolved to cease the Company's business
operations and distribute the proceeds of its assets disposal.

They named Solomon Goldman and Morris Kaplan as joint
liquidators.

Contact: Solomon Goldman
         Morris Kaplan
         Liquidators
         PO Box 961, Bondi Junction
         New South Wales 2022, Australia
         Telephone: (02) 9387 4744


BLUEWAVE SEAFOOD: Receiver Steps Aside
--------------------------------------
On March 7, 2006, Jeffrey Laurence Herbert ceased to act as the
receiver and manager of the assets of Bluewave Seafood Limited.


CORAL TREES: Enters Voluntary Liquidation
-----------------------------------------
At a general meeting of Coral Trees Pty Limited held on
March 10, 2006, members concurred that it is in the Company's
best interests to liquidate its operations.

Paul William Gidley was then appointed as liquidator.

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


DILMON HOLDINGS: Court to Hear Liquidation Petition on April 28
---------------------------------------------------------------
On March 13,2006, the High Court of Auckland received an
application to liquidate Dilmon Holdings Ltd.

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

Contact: M F Astley Limited
         Martelli McKegg Wells & Cormack
         20/F., Pricewaterhouse Coopers Tower
         188 Quay Street, Auckland


ELLBARB PTY: Members Agree to Wind Up Firm
------------------------------------------
At a general meeting on March 10, 2006, members of Ellbarb Pty
Limited agreed that the Company must voluntarily commence a
wind-up of its operations.

Members have appointed George Lawrence as liquidator.

Contact: George Lawrence
         Liquidator
         48-50 Station Street, Bowral
         New South Wales, Australia


F. & E. INTERIOR: Supreme Court Issues Wind-up Order
----------------------------------------------------
On March 9, 2006, the Supreme Court of New South Wales ordered
the winding up of F. & E. Interior Linings Pty Limited, and
appointed Antony de Vries as Official Liquidator.

Contact: Antony de Vries
         Liquidator
         de Vries Tayeh
         Level 3, 95 Macquarie Street
         Parramatta, New South Wales 2125
         Australia


FELTEX CARPETS: To Pay NZ$150,000 For Breaching Disclosure Rules
----------------------------------------------------------------
Feltex Carpets Limited has agreed to pay the New Zealand Stock
Exchange over NZ$150,000 for a major "out-of-the-blue" profit
downgrade on investors last year, ShareChat News relates.

According to the report, the NZX's regulatory arm sifted through
the Company's management reports, sales data, and board papers,
as well as interviewed Feltex managers, and found that Feltex
breached continuous disclosure rules by not revealing material
information on the state of its books and records before warning
that its June year profit would be "significantly below"
prospectus forecasts.

Feltex delivered the profit warning on April 1, 2005, shaving a
third off its projection, with no mention or hints at a briefing
to analysts in March 2005.

ShareChat says that the settlement amount included a one-off
payment to the NZX Discipline Fund and should cover the
regulator's legal costs.  The total amount could be higher if
legal costs exceeded NZ$85,000.

Feltex clarified that its settlement with the NZX is for
purposes of ending the inquiry and does not mean admittance of a
fault on their part.  The Company believes that the settlement
will allow its board of directors to close the file and remain
focused on restoring value to the Company and its shareholders.

NZX's acting head of regulation, Simon McArley, said that the
regulator planned to give companies more guidelines about the
timing of profit warnings as a result of the Feltex inquiry.

                          About Feltex  

Established over 50 years ago, Feltex Carpets Limited --
http://www.feltex.com/-- has built a reputation for being one  
of the world's leading manufacturers of superior-quality carpet.  
The Feltex operation includes a wool scouring plant, six
spinning mills, three tufted carpet mills, a woven carpet mill
and offices in New Zealand, Australia and the United States.  
The Company also leads the way in exports, with customers
throughout South East Asia, Japan, the United States, the Middle
East and other key world markets.  Feltex listed on the local
stock exchange in mid-2004 in a NZ$254-million initial public
offering -- the year's largest in New Zealand.  However, the
Company fell well short of its prospectus earnings projections,
reporting a net profit of NZ$11.8 million in the fiscal year to
June 30, 2005, about half the forecast NZ$23.9 million.  The
Company has struggled with losses and earnings downgrades,
flogging sales, and a dipping share price.  Feltex closed plants
and fired 235 workers in the past year, and is now in merger
talks with rival Godfrey Hirst.


HEACOOKS PTY: To Hold Final Meeting Today
-----------------------------------------
The members and creditors of Heacooks Pty Limited will convene
today, April 24, 2006, to receive Liquidator K. L. Sutherland's
account regarding the Company's completed wind-up and disposal
of the Company's property.

Contact: K. L. Sutherland
         Liquidator
         Bent & Cougle Pty Limited Chartered Accountants
         Level 5, 332 St. Kilda Road
         Melbourne, Victoria 3004
         Australia


INSTANT GARDENS: Creditors' Proofs of Claims Due on May 16
----------------------------------------------------------
Creditors of Instant Gardens Limited are requested to show
proofs and establish priority of their claims on or before May
16, 2006.

Contact: Peri M. Finnigan
         McDonald Vague, Chartered Accountants
         P.O. Box 6092, Wellesley Street Post
         Auckland, New Zealand
         Telephone: (09)303 0506
         Facsimile: (09)303 0508


JADAN FRANCHISING: To Pay Dividend to Creditors
-----------------------------------------------
Jadan Franchising Pty Limited will declare a first and final
dividend today, April 24, 2006.

The Company's creditors who were unable to prove their claims
are excluded from the benefit of the dividend.

Contact: Dougal McLay
         Liquidator
         PO Box 1595, Booragoon
         Western Australia 6954
         Australia
         Telephone: (08) 9330 4658
         Fax: (08) 9330 9028


KEA INVESTMENTS: Faces Liquidation Proceedings
----------------------------------------------
On December 23, 2006, the High Court of Wellington received an
application to liquidate Kea Investments Ltd.

The Court will hear the Petition on May 1, 2006, at 10:00 a.m.

Parties wishing to appear at the hearing are required to file
an appearance not later than April 27, 2006.  

Contact: Brookfields Lawyers
         Plaintiff
         11th Floor, 19 Victoria Street West
         Auckland, New Zealand


KEN OSGOOD PTY: Opts to Shut Down Operations
--------------------------------------------
At a general meeting on March 14, 2006, members of Ken Osgood
Pty Limited resolved to close the Company's business operations.

Anthony John Berkman was appointed as liquidator for the winding
up.

Contact: Anthony J. Berkman
         Liquidator
         Berkmans Management Services Pty Limited
         Suite 1A, 14 Pacific Highway
         Wyong 2259, Australia


NATIONAL AUSTRALIA: Prosecutors Say ForEx Traders Doctored Books
----------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
March 24, 2006, that two former foreign exchange options traders
at National Australia Bank -- Vincent Ficarra and David Bullen
-- were charged by the Australian Securities and Investments
Commission after investigations into an unauthorized foreign
exchange trading that cost NAB AU$326 million.  Messrs. Ficarra
and Bullen, however, pleaded not guilty to allegations that they  
placed false information into NAB's accounting systems to  
falsely inflate the profit results of the forex options desk  
between September 2003 and January 2004.

In an update, the Australian Associated Press relates that crown
prosecutor Greg Lyon, SC, told Judge Geoff Chettle of the
Victorian County Court that Messrs. Ficarra and Bullen
manipulated the books to hide losses from their senior managers.

Mr. Lyon said that as NAB's financial year came to a close on
September 30, 2004, Mr. Ficarra made four false entries into the
bank's Horizon trading platform system, resulting in fictitious
profits totaling AU$42.1 million.  This figure erased the actual
AU$5 million loss incurred over the 12 months as well as
allowing the desk to achieve its AU$37 million budget.

AAP said that in his address to the jury on the first day of the
trial, which is expected to last at least four weeks, Mr. Lyon
alleged that Mr. Ficarra made the false entries, aided and
abetted by Mr. Bullen.

Mr. Lyon explained that members of the NAB trading desk
discovered in May 2003 that they could enter false trades into
Horizon to register false profits and later surrender the trades
without scrutiny from the back office.

                        *     *     *

National Australia Bank is undertaking a three-year revival
program after a foreign exchange trading scandal in 2004, which
cost it AU$326 million, and several profit downgrades in 2005
that hammered its share price.  The Bank is working to recover
from a tumultuous two years marked by a boardroom upheaval and
disintegration, executive departures and huge job cuts.  As of
February 2006, NAB said that it was moving ahead and that its
crises were over.  NAB further stated that planning for its
post-recovery phase was under way.


NILANDE PTY: Inability to Pay Debts Prompts Wind-up
---------------------------------------------------
On March 17, 2006, the members and creditors of Nilande Pty
Limited agreed to seek voluntary liquidation for the Company,
due to its inability to pay its debts as and when they mature.

Contact: Mitchell Ball
         Geoffrey McDonald
         Liquidators
         c/o Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia


OCTUPUS INVESTMENTS: To Receive Proofs of Debts by May 16
---------------------------------------------------------
Creditors of Octupus Investments are required to lodge their
proofs of debts on or before May 16, 2006.

Failure to comply with this requirement will exclude any
creditor from sharing in the Company's assets distribution.

Contact: Peri M. Finnigan
         McDonald Vague, Chartered Accountants
         P.O. Box 6092, Wellesley Street Post
         Auckland, New Zealand
         Telephone: (09)303 0506
         Facsimile: (09)303 0508


PANEL TECH: Names Scott Turner as Liquidator
--------------------------------------------
At a general meeting on March 13, 2006, the members of Panel
Tech Industries (Victoria) Pty Limited agreed that the Company
must voluntarily commence a wind-up of its operations.

Scott Cameron Turner was nominated as the Company's Official
Liquidator.

Contact: Scott C. Turner
         Liquidator
         Level 27, 363 George Street
         Sydney, New South Wales 2000
         Australia


PIRITA LODGE: Schedules Final Meeting Today
-------------------------------------------
A final meeting of the members and creditors of Pirita Lodge Pty
Limited will be held today, April 24, 2006, for the parties to
receive Liquidator Richard J. Cauchi's final account showing how
the Company was wound up and how its property was disposed of.


Contact: Richard J. Cauchi
         Liquidator
         CJL Partners
         Level 3, 180 Flinders Lane
         Melbourne, Victoria 3000
         Australia
         Telephone: 9639 4779
         Fax: 9639 4773


PTV MANAGEMENT: Creditors OK Liquidators' Appointment
-----------------------------------------------------
Members of PTV Management Services Pty Limited convened on
March 14, 2006, and resolved to voluntarily wind up the Company.

Sule Arnautovic was appointed as official liquidator at a
creditors' meeting held that same day.

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


QANTAS AIRWAYS: Asks Gov't to Replace Foreign Ownership Cap
-----------------------------------------------------------
Qantas Airways Chief Executive Officer Geoff Dixon disclosed
that the airline had brought up a proposal for the Federal
Government to replace the current 49% foreign ownership ceiling
with a "golden share" that would give the Government a decisive
vote on any significant issue, the Sydney Morning Herald
reports.  The existing general foreign ownership regime would be
sufficient to prevent control passing to foreign entities.

The Sydney Herald relates that the restriction is in place
pursuant to the provisions of the Qantas Sale Act, under which
it was privatized.  The Sale Act requires that two-thirds of the
Qantas board be made up of Australians, including the chairman;
that its incorporation and headquarters remain in Australia; and
that Australia remains its main international operations center.
These provisions were put up to protect the economic activity
that flows from Qantas being directed locally, as well as its
international presence.

Since the privatization, and since mechanisms for ensuring that
the cap is not breached have been put up, Qantas' level of
foreign ownership has been at or near the ceiling, restricting
the level of trading by foreign investors.

Currently, the level of foreign ownership is back at more than
46%.

According to the Sydney Herald, Mr. Dixon indicated that the
airline's strategy was to return to a position where it
generates a positive spread to its cost of capital.  However,
the report says that Qantas' less than 12% return on equity does
not cover its cost of capital and that Qantas has not been
creating shareholder value.

Qantas is in the position wherein it generates so much money it
does not have to ask shareholders for new capital.  If it did,
the negative spread on its cost of capital could be
embarrassing.

Liberalizing foreign ownership levels would presumably lead to a
Qantas share price higher than it might otherwise have been and
therefore a cost of capital lower than otherwise.

With the global industry recovering quite strongly despite the
high oil prices, Qantas' appeal to international investors could
be leveraged if they could obtain a bigger exposure to one of
the best players in a rapidly improving sector, the report says.

Rights to international routes are negotiated on a government-
to-government basis, the Sydney Herald explains.  Qantas, to
protect its access to international routes, needs to demonstrate
that it is effectively controlled and largely owned in
Australia.  The golden share concept, with the other
requirements, would appear sufficient to protect international
routes and aspirations.

                      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.  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.


SOUVAS PTY: Court Winds Up Firm
-------------------------------
On March 10, 2006, the Federal Court of Australia issued a wind-
up order against Souvas Pty Limited, and appointed Stephen James
Parbery as liquidator for the wind-up.

Contact: Stephen James Parbery
         c/o PPB Chartered Accountants and Business
         Reconstruction Specialists
         15th Floor, 25 Bligh Street
         Sydney, New South Wales 2000
         Australia
         Telephone: (02) 9233 4955
         Fax: (02) 9221 1310


TELSTRA CORPORATION: Other Telcos Offer Aid in Broadband Upgrade
----------------------------------------------------------------
Seven of Australia's biggest telecommunications companies
offered to help Telstra Corporation in a AU$3 billion upgrade of
the country's broadband network.

According to ZDNet Australia, Optus, Macquarie Telecom,
PowerTel, Primus, Internode, Soul and TransACT, outlined a joint
proposal to fund the building of a new national high-speed
fibre-optic telecommunications network that all telcos could
access and use to sell broadband services.

However, the Australian Associated Press relates, Telstra
rejected the offer, preferring instead to fund and build the new
cables on its own, with the hopes of being granted certain
competition protections.

The AAP relates that the rival telcos are scared that they may
only have limited access to these new cables if Telstra builds
the network on its own.  They believe that having the industry
as a whole funding for the upgrade would be less time-consuming
and be more efficient.

The AAP cites Optus' chief executive officer, Paul O'Sullivan,
as saying that the collaboration was a "historic" one for the
industry.  He said that it would still cost about AU$3 billion,
but would reach up to 50% more people than the four million
covered under Telstra's proposal and extend the faster broadband
speeds outside the capital cities.

A Telstra spokesperson, according to ZDNet, described the plan
as "a pick-pocket plan to rip-off Telstra shareholders and
taxpayers."

The Troubled Company Reporter - Asia Pacific reported in March
2006 that Telstra had earlier revealed plans to build the so-
called higher-speed "fibre-to-the-node" network, yet urged the
Government to give it a guaranteed regulatory "safe harbor" and
a competitive protection in its wholesale business before it
pushes through with the plan.  However, as reported by the TCR-
AP on March 9, 2006, Communications Minister Helen Coonan had
stressed out that the project would not be exempt from key
regulations.

The TCR-AP said that Senator Coonan called on other
telecommunications companies to provide expressions of interest
for a government package to extend broadband Internet connection
services.  She said that funding for the package includes AU$878
million for connection services and AU$113 million for a "clever
network," as part of a broader AU$3 billion "Connect Australia"
program.  The funding, she added, would be provided by mid-2006
to help outer metropolitan areas receive a good quality
broadband product.

The telcos will present their proposal to the Federal Government
and the Australian Competition and Consumer Commission for
consideration.

                         About Telstra   

Headquartered at Melbourne, in Victoria, Australia, Telstra
Corporation -- http://www.telstra.com.au/-- is an Australian  
telecommunications and information services company.  Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5
million mobile services.  In September 2005, Telstra suffered an
earnings downgrade and share price fall.  The Company announced
that its earnings before interest and tax in 2005/06 are
expected to decline by 7-10% compared to that of 2004/05 as a
result of accelerating declines in public switched telephone
network revenues and softening growth in the mobiles market due
to aggressive pricing.  Also, the political furor surrounding
Telstra has strengthened the Government's resolve to dispose of
its remaining 51% majority interest in the Company.  The
Australian Securities and Investment Commission then commenced
an investigation into Telstra in connection with the Company's
compliance with its disclosure obligations following the
earnings downgrade.  This led to a number of Telstra
shareholders and class action claimants showing anger and dismay
over the telco's behavior.  In November 2005, after a four-month
review, Telstra Chief Executive Officer Sol Trujillo announced a
major restructure of the Company, one which involves the loss of
thousands of jobs over the next five years and a massive
investment in new networks which will help deliver bigger profit
margins.


TREWIN TRANSPORT PTY: Liquidator to Present Wind-up Report
----------------------------------------------------------
A final meeting of Trewin Transport Pty Limited will be
conducted today, April 24, 2006.

At the meeting, Liquidator K. L. Sutherland will present the
final account regarding the Company's wind-up operations.

Contact: K. L. Sutherland
         Liquidator
         Bent & Cougle Pty Limited Chartered Accountants
         Level 5, 332 St. Kilda Road
         Melbourne, Victoria 3004
         Australia


VAYSMAN PTY: To Declare Dividend on April 25
--------------------------------------------
Vaysman Pty Limited will declare its first and final dividend on
April 25, 2006.

Creditors who were unable to prove their claims will not share
in the Company's dividend distribution.

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


WESTPOINT GROUP: Court Appoints KordaMentha as Receivers
--------------------------------------------------------
Federal Court Judge Robert French appointed KordaMentha as
receivers of six Westpoint defendants and three associated
companies, including founder Norman Carey, financial officer
Graeme Rundle, and associated company directors John Dixon and
Cedric Palmer Beck.

According to the Sydney Morning Herald, the appointment is
favorable to the Australian Securities and Investments
Commission, to Westpoint creditors and to more than 3,000
investors who lost more than AU$300 million when the group
collapsed earlier this year.

Judge French said that he believes Westpoint's management had a
"ruthless disregard" for the interests of investors and other
creditors.  He had previously received evidence from the ASIC
suggesting a "widespread and serious misconduct in the conduct
of the affairs of the group up until quite recently."

"Other aspects of the evidence, particularly emerging from
examination of the former directors of the mezzanine companies,
are indicative of a degree of carelessness and indifference on
their part to their duties as directors," Judge French added.

The ASIC also told the court two weeks ago that tracing funds
and assets would be extremely difficult and complex without the
skills of a receiver.

Moreover, the Court entered a freezing order against a seventh
defendant, which is a Westpoint company already in receivership.

                         About Westpoint  

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

In February 2006, a wind-up order was issued by the Federal
Court in Perth against Westpoint Corporation Pty Ltd.  ASIC had
applied to wind up the company on grounds of insolvency.  ASIC
believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.  
ASIC was concerned that Westpoint Corporation was unable to pay
its debts, including its obligations under the guarantees given
to the mezzanine companies to make good expected shortfalls in
the repayment of amounts owed to investors.  The Westpoint
Group's collapse is considered by many as the largest of its
type in recent years, with small investors being the biggest
group affected.

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


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

BANK OF CHINA: To Auction CNY3.4 Billion Worth of Assets
--------------------------------------------------------
The Bank of China plans to sell assets worth CNY3.4 billion
through an auction in the third quarter of this year, ahead of
its initial public offering in Hong Kong, Infocast relates.

The sale will involve assets such as stock holdings and real
estate and will be open to domestic and overseas investors.  The
sale will help the lender improve its recovery rate from bad
loans.  

Ernst & Young Hua Ming was appointed as the financial adviser
for the sale.  

About The Bank of China

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


CHEERGOLD INVESTMENT: Appoints Joint and Several Liquidators
------------------------------------------------------------
Ma Ching Nam and Tam Tak Hing were appointed Joint and Several
Liquidators of Cheergold Investments Ltd by virtue of a Special
Resolution passed on March 31, 2006.


CHINA SOUTHERN: Books CNY1.85 Billion Loss in 2005
--------------------------------------------------
As reported by the Troubled Company Reporter - Asia Pacific on
January 23, 2006, China Southern Airlines Company Limited
expected to record a loss for 2005 due to high jet fuel prices
and increased competition on domestic routes.

In an update on April 21, 2006, AFX News reports that the
carrier posted a net loss of CNY1.85 billion for 2005 versus a
net loss of CNY48 million a year earlier.  However, the
Company's operating expenses increased 72% to CNY39.6 billion in
2005 from CNY23 billion in 2004.  

Company Chairman Liu Shaoyong said jet fuel costs nearly doubled
to CNY11.9 billion last year from CNY6 billion in 2004.  
Mr. Yong said operating conditions in the company remained
difficult, especially the price of jet fuel in the global
market, which has been on the rise.  He added that the company's
interest expenses also grew 133.9% in 2005 to CNY1.6 billion
from CNY691 million a year earlier, due to an increase in loans
and lease obligations.

Meanwhile, The Standard relates that the carrier plans to make a
major shift in its business strategy from focusing on volume
growth and expansion to improving assets quality.

The airline also plans to slash the number of old aircraft in
order to lessen maintenance costs, said China Southern director
and vice president Xu Jiebo.

About China Southern Airlines

Headquartered in Guangzhou, China, China Southern Airlines Co.
Ltd. -- http://www.cs-air.com-- engages in the operation of  
airlines, as well as in aircraft maintenance and air catering
operations in the People's Republic of China and
internationally.  It provides commercial airlines, cargo
services, logistics operations, air catering, utility service,
hotel operation, travel services, aircraft leasing, and Internet
services.  As of June 30, 2005, the company operated 498 routes,
of which 399 were domestic, 73 were international, and 26 were
Hong Kong routes.  It operated a fleet of 242 aircraft
comprising 136 Boeing aircraft and 56 Airbus aircraft with an
average of 7,929 scheduled flights per week serving 134 cities,
as of the above date. The company was founded in 1995 and is
headquartered in Guangzhou, the People's Republic of China.  
China Southern Airlines Company Limited is a subsidiary of China
Southern Air Holding Company.

In July 2005, Xinhua Far East China Credit Ratings downgraded
the domestic currency issuer credit rating of China Southern
Airlines Ltd from BBB to BB+.  The downgrade is prompted by
Xinhua Far East's concerns that it will be very challenging for
CSA to turn around its operations and significantly reduce its
high financial gearing amid soaring jet fuel costs (see chart 1)
and intensifying competition in China's aviation market.  As
such, it will be difficult for the Company to restore its credit
profile that is commensurate with the requirements of an
investment grade rating.

The Company has reported after tax net loss since financial year
2003 and it has recently announced an earning warning that it
expected to continue to report a net loss for the first half of
2005.  At the same time its peers Air China Ltd and China
Eastern Airlines Ltd managed to rebound from setbacks by SARS in
2003 and became profitable in 2004.

While CSA's acquisitions of regional airlines in 2004 reinforced
its position as the largest airline in China with the most
extensive domestic routing network, the acquisitions brought
about substantial rise in debts and financial leverage, and
dragged down its operating efficiency.  Including the
liabilities under financial leases, the Company's total debt
increased from RMB 18.9 billion in 2003 to RMB 35.3 billion in
2004, and further up to RMB 40.5 billion as at end of first
quarter of 2005.  Correspondingly, its total debt to total
capital ratio exhibited a rising trend, from 58.2% in 2003, to
71.8% in 2004 and to 74.5% as at March 31, 2005.

Despite the sharp rise in revenues by organic growth and
acquisitions, soaring jet fuel costs have considerably eroded
CSA's profitability.  It is noteworthy that prevailing
regulatory framework hinders CSA from fully and immediately
transferring the hikes in fuel costs to the passengers in
domestic routes.  Furthermore, the progressive liberalization of
China's domestic air transportation fuels increasing competition
among domestic airlines and consequently constrains airlines'
flexibility to increase airfares.  Thus, even though CSA's
extensive domestic network enables it to enjoy the burgeoning
growth potentials in domestic aviation, its large exposures to
domestic routes makes it more vulnerable to increases in fuel
price.

Under the backdrop of above operating challenges and a RMB 11.8
billion capital commitment to procure 33 new aircrafts and
equipment during 2005 - 2007, it will be difficult for CSA to
generate adequate cash flow to reduce its large debt burdens in
next few years.

Xinhua Far East acknowledged that the Company's strategic
importance to China's aviation industry and economic development
would warrant government support, which has been proven during
the SARS crisis in 2003.  In Xinhua Far East's opinion, such
support against contingency mitigates the liquidity pressure on
the Company and is already factored into Company's ratings.

As previously reported in the Troubled Company Reporter - Asia
Pacific, the Chinese carrier incurred a net loss of CNY843
million in the first half of 2005, versus a net profit of CNY103
million in the same period a year earlier.


CHIUCHOW LIMITED: Resolves to Undertake Voluntary Wind-up
---------------------------------------------------------
Members of Chiuchow Limited on March 30, 2006, passed a
resolution to voluntarily wind up the Company's operations.

Subsequently, Wong Lung Tak was appointed official liquidator.

Mr. Wong will be receiving proofs of claims from the Company's
creditors on or before April 28, 2006.

Mr. Wong was also authorized to retain the Company's books
accounts and documents for three months after dissolution of the
Association.

Contact: Wong Lung Tak
         Room 1101, 11/F.,
         China Group Insurance Bldg
         Des Voeux Road Central
         Hong Kong


DIYON DEVELOPMENT: Court to Hear Winding Up Petition on June 14
---------------------------------------------------------------
Man Tat Manufactory Company on April 10, 2006, filed with the
High Court of Hong Kong a petition to wind up Diyon Development
Limited.

The High Court will hear the application on June 14, 2006, at
9:30 a.m.

Interested parties wishing to appear at the hearing may file an
appearance not later than June 13, 2006.

Contact: Chow, Griffiths & Chan
         Solicitors for the Petitioner
         Rooms 1902-4, 19/F.
         Hang Seng Building
         No. 77 Des Voeux Road Central
         Central, Hong Kong


FIS CHINA: Appoints Official Liquidator
---------------------------------------
David John Lawrence was appointed Liquidator to act in behalf of
FIS China Ltd by virtue of a Special Resolution passed on March
29, 2006.

Contact: David John Lawrence
         7/F., Alexandra House
         18 Chater Road Central,
         Hong Kong


IMT LIMITED: Appoints Joint and Several Liquidators
---------------------------------------------------
Chung Miu Yin and Chan Mi Har were appointed as Joint and
Several Liquidators for IMT Ltd by virtue of a Special
Resolution passed on March 18, 2006.


LONG PROGRESS: Members Pass EGM Resolutions
-------------------------------------------
Members of Long Progress Timber Development at an Extraordinary
General Meeting held on April 7, 2006, approved:

     -- that the Company be wound up voluntarily;

     -- that Ng Kam Wan be appointed liquidator of the
        Company;

     -- that the Liquidator be authorized to divide the  
        Company's assets in his own discretion;

     -- that the Liquidator be empowered to charge for his
        professional services at his scale rate of charges; and

     -- that the Liquidator's account of receipts and payments
        need not be audited.

Contact: Ng Kam Wan
         Liquidator  
         21/F., Fee Tat Commercial Centre    
         Nathan Road, Kowloon  
         Hong Kong  


LUEN SHING: Winding Up Hearing Slated for May 10
------------------------------------------------
On March 10, 2006, the High Court of Hong Kong received an
application from Mok Fui Fan of Cable & Wireless-Caritas
Temporary Shelter to wind up Luen Shing Engineering (Hong Kong)
Limited.

The High Court will hear the Petition on May 10, 2006, at 9:30
a.m.  

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

Contact: Betty Chan
         For Director of Legal Aid
         34th Floor, Hopewell Centre
         183 Queen's Road East, Wanchai
         Hong Kong


OAKWOOD INVESTMENTS: Members Approve EGM Resolutions
----------------------------------------------------
Members of Oakwood Investments Limited at an Extraordinary
General Meeting held on March 28, 2006, approved:

     -- that the Company be wound up voluntarily;

     -- that Ng Wing Hang is hereby appointed Liquidator of the
        Company; and

     -- that the Liquidator is authorized to divide Company's
        assets in his own discretion; and

     -- that the Liquidator's account of receipts and payments
        need not be audited.


PACIFIC NATIONAL: Chung Ceases to Act as Liquidator
---------------------------------------------------
Wong Man Chung, Francis, on November 14, 2005, ceased to act
liquidator of Pacific National Development Limited.

Contact: Wong Man Chung, Francis
         Former Liquidator
         19th Floor, No. 3 Lockhart Road
         Wanchai, Hong Kong
         Baker Tilly Hong Kong
         12th Floor, China Merchants Tower
         Shun Tak Centre, 168-200 Connaught Road
         Central, Hong Kong


PWC WATERHOUSE: Approves Special Resolution
--------------------------------------------
The sole shareholder of PWC Waterhouse passed a special
resolution pursuant to 116B of the Companies Ordinance on March
28, 2006 to:

     -- voluntarily wind up the Company; and

     -- appoint Ying Hing Chiu and Chung Miu Yin as Joint and
        Several Liquidators for the purpose of such winding up.


REMY FINE WINES: Members Allows Liquidators to Distribute Assets
----------------------------------------------------------------
Joint Liquidators Natalia K M Sing and Susan Y H Lo were
authorized by the members of Remy Fine Wines to divide the
assets of the Company after conclusion of the winding up.

The Troubled Company Reporter - Asia Pacific reported on April
13, 2006, that members of Remy Fine Wines on March 30, 2006,
passed a resolution to voluntarily wind up the Company's
operations.


SELCO SALVAGE: Creditors Meeting Set for May 12
-----------------------------------------------
The creditors meeting of Selco Salvage Limited will be held at
the office of Pricewaterhouse Coopers, 20th Floor, Prince's
Building, 10 Chater Road, Central, Hong Kong, on May 12, 2006,
at 11:00 a.m.

At the meeting the creditors will decide whether to accept the
resignation of Liquidator Graeme Allan Jack and appoint Lam Hok
Chung, Rainer as his replacement.

Proxies to be used at the meeting must be lodged at 20th Floor,
Prince's Building, Central, Hong Kong, not later than May 11,
2006.


STAR PACIFIC: To Receive Creditors' Proofs of Debts Until May 8
---------------------------------------------------------------
Creditors of Star Pacific Holdings Ltd are asked to lodge their
proof of debts on or before May 8, 2006.  

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

The Troubled Company Reporter - Asia Pacific on April 13, 2006,
reported that shareholders of Star Pacific Holdings on March 31,
2006, signed a resolution to wind up the Company voluntarily and
appoint Kong Chi How as the Company's official liquidator.  

Contact: Kong Chi How
         25/F Wing on Centre
         111 Connaught Road Central
         Hong Kong


SUPER DELIGHT: Creditors' Meeting Slated for April 26
-----------------------------------------------------
A meeting of the creditors of Super Delight Enterprises Limited
will be held at 26/F., Wing On Centre, 111 Connaught Road, in
Central, Hong Kong on April 26, 2006, at 3:00 p.m.

At the meeting, creditors will be asked to:

     -- consider whether to appoint a creditors' committee;

     -- approve the appointment of the Messrs. Mark Chapman and
        Lai Kar Yan Derek of Deloitte as the Company's Joint and
        Several Liquidators; or

     -- appoint an alternative liquidator or liquidators in
        place of Messrs. Mark Chapman and Lai Kar Yan Derek.

A member or creditor may appoint a proxy to attend and vote at
the meeting.  

Proxies to be used at the meetings must be duly completed and
lodged at 26/F., Wing On Centre, 111 Connaught Road Central,
Hong Kong, not later than 4:00 p.m. on April 25, 2006.


SUPER FINE: Chan and Chow Cease to Act as Joint Liquidators
-----------------------------------------------------------
Chan Shu Kin and Chow Chi Tong ceased to act as joint and
several liquidators of Super Fine Limited on January 16, 2006.

Contact: Chan Shu Kin
         Chow Chi Tong
         9th Floor, Tung Ning Building
         249-253 Des Voeux Road Central
         Hong Kong


TIGER TRADING: Creditors' Proofs of Debt Due on May 8
-----------------------------------------------------
Creditors of Tiger Trading (H.K.) Company Ltd are requested to
submit their proofs of debt on or before May 8, 2006, or risk
being excluded from sharing in the Company's dividend
distribution.

Contact: Lam Wing Cheong
         Unit 301-02, 3/F
         New East Ocean Centre
         No. 9 science Museum Road
         Tsimshatsui, Kowloon


TM COMMUNICATIONS: Appoints Official Liquidator
-----------------------------------------------  
Members of TM Communications Limited on March 30, 2006,
appointed Chan Kim Chee and Chiu Fan Wa as Joint and Several
Liquidators to oversee the Company's winding up.

The Liquidators now requests the Company's creditors to lodge
their proofs of claims on or before May 8, 2006, or be excluded
from sharing in the Company's dividend distribution.

In addition, the Liquidators were authorized to divide the
assets of the Company among the members upon completion of the
winding up process.

Contact: Chan Kim Chee
         Chiu Fan Wa
         1001 Admiralty Centre
         Tower 1, 18 Hardcourt Road
         Hong Kong


WINSPOWER LIMITED: Creditors Must Submit Claims by May 9
--------------------------------------------------------
Creditors of Winspower Limited are required to submit
particulars of their debts on or before May 9, 2006, to Joint
Liquidators Richard Michael Healy and Stephen John Peaker.

Failure to do so will exclude them from sharing in any
distribution that the Company will make.

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


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

IBP COMPANY: Gains INR130 Crore From Oil Bonds Sale
---------------------------------------------------
Indian Oil Corporation subsidiary IBP Company Limited has reaped
INR130 crore from the sale of oil bonds in the market, Zee News
reveals.

The oil bonds recently divested are part of the INR400-crore oil
bonds that the Government issued to the oil firm as bailout.

As reported by the Troubled Company Reporter - Asia Pacific, the
Government, on March 23, 2006, issued Indian Oil Corporation,
Bharat Petroleum, Hindustan Petroleum and IBP Company oil bonds
worth INR57.5 billion to compensate them for not raising LPG and
kerosene prices.  The move was expected to improve their balance
sheets and the bonds could be cashed to meet liquidity needs.  
The oil firms can even raise cheaper loans with the bonds.

But aside from the oil bonds, the Government may also offer
compensation under the loss-sharing formula, New Kerala News
says.

IBP Chairman Sarthak Behuria has been urging the Government to
provide more compensation to avoid loss for the first time since
the Company's establishment.

According to New Kerala News, the Company is likely to post an
operational loss of INR670 crore during the financial year 2005-
06.  In the first nine months, the company posted a loss of
INR500 crore.

                   About IBP Company Limited

Headquartered in West Bengal, India, IBP Company Limited
-- http://www.ibpoil.com/-- is engaged in the storage,   
distribution and marketing of petroleum, chemicals and aluminum
cryogenic containers.  The Company operates in three segments:
Petroleum, Chemicals and Engineering.  The Company has been
suffering from a string of losses since last year due to a
Government mandate to sell fuel to the public at subsidized
prices.  In September 2005, IBP warned the Government that it
would go bankrupt if it will not raise petrol, diesel, liquefied
petroleum gas and kerosene prices.  The Government then issued
INR400 crore in oil bonds for the Company to recover losses.


INDIA CEMENTS: Members Approve Enhancement of Share Capital
-----------------------------------------------------------
At an Extra Ordinary General Meeting on April 13, 2006, the
members of India Cements Limited approved:

   -- the enhancement of Authorized Share Capital from INR3250
      million to INR3350 million;

   -- the alteration of Capital clause of the Articles of
      Association of the Company;

   -- the enhancement of holding limit of all Foreign
      Institutional Investors, including sub-accounts of FIIs
      put together from the present level of 24% to 40% of
      paid-up equity share capital of the Company; and

   -- the issuance of Foreign Currency Convertible Bonds and
      other securities for an amount not exceeding US$75
      million, including premium.

                      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.


INDIAN OIL: Joins Petro Hub Tie-up
----------------------------------
Indian Oil Corporation and Haryana State Industrial Development
Corporation have signed a Memorandum of Understanding for
setting up a petrochemical hub with an investment of INR25,000
crore in Panipat District.

The two companies would jointly build a Special Purpose Vehicle
for that purpose and it will have equity from Indian Oil,
Haryana and private developers.

The petrochemical hub, to be set up at a cost of INR25,000
crore, would generate employment opportunities for 25,000 to
30,000 people.

The plant would be built on a cost-sharing basis between Indian
Oil, Haryana, and other ancillary units.

Indian Oil Director, Planning and Business Development B M
Bansal and Haryana Managing Director Rajeev Arora signed the
MoU.  Mr. Arora said that the Government would immediately start
the process of acquiring about 1,000 acre of land and work on
the project would commence after 2009.

The Naptha petrochemical hub would cater to the requirements of
the northern region.

Mr. Behuria said that a special cell has been created in IOC for
speedy completion of the petrochemical hub, which would be
comparable to the Zurang Hub in Singapore.  The total investment
of the IOC in the project would be around INR20,000 crore.

                About Indian Oil Corporation

Indian Oil was established as Indian Oil Company Limited in
1959.  Indian Oil Corporation was formed in 1964 with the merger
of Indian Refineries Limited with the Indian Oil Company Ltd.  
Indian Oil's countrywide network of over 22,000 sales points is
backed for supplies by its extensive, well spread out marketing
infrastructure comprising 167 bulk storage terminals,
installations and depots, 94 aviation fuelling stations and 87
LPG bottling plants.  Its subsidiary, IBP Co. Ltd, is a stand-
alone marketing company with a nationwide network of over 3,000
retail sales points.  

In spite of its large production capacity and smooth operations,
Indian Oil incurred huge losses as a result of a Government
mandate, which prohibits public sector oil marketing firms from
raising fuel prices despite skyrocketing global prices.  For
years, Indian Oil has been selling fuel at subsidized prices,
which is way below the costs it pays for importing fuel from
overseas markets.  The Company has not been able to pass on the
high prices leading to large under-recoveries and losses.  

Early this year, the Government has offered a bailout package to
help rescue oil companies, including Indian Oil, from going
bankrupt.  Under the package, the Government issued Indian Oil,
Bharat Petroleum, Hindustan Petroleum and IBP oil bonds worth
INR10,000 crore to INR12,000 crore to compensate them for not
raising LPG and kerosene prices.  The move was expected to
improve their balance sheets.


JIK INDUSTRIES: Board to Consider Preferential Shares Issue
-----------------------------------------------------------
The Board of Directors of JIK Industries Limited will hold a
meeting on April 27, 2006, to consider and approve the Company's
Unaudited Financial Results for the quarter ended March 31,
2006, and Preferential Allotment of Shares.

                      About JIK Industries

Headquartered in Mumbai, India, JIK Industries Limited
-- http://www.jikindustriesltd.com/- manufactures handmade non-
lead crystalware segment and is the only organized player in the
country.  JIK has had over seven years of experience in
manufacturing and marketing crystal.  Its products include
crystal glassware such as, glass tumblers, bowls, stemware,
showpieces, vases, etc, manufactured at Balkum, Thane,
Maharashtra.  The company had collapsed following accidents at
its chemical waste recycling plant and at its crystal-making
unit.  The Company, which had diversified interests -- crystal
making, money changing and chemical waste recycling -- was
forced to exit the money changing business after its net worth
was eroded.  Under the Reserve Bank of India stipulations
companies whose net worth was eroded were not allowed to
continue in the money changing business.   

On April 17, 2006, the Corporate Debt Restructuring Committee
has approved JIK's debt-restructuring package. The CDR package
has entitled the Company to a INR105-million debt waiver, in
addition to the reduction in loan interest rate to 9% and FITL
interest rate to 6%.  The package allowed the Company to
complete the major part of its debt and business restructuring.  
So far, the Company's chemical division is shelved closed and
discontinued as whole.  Post restructuring, the Company will
remove and reduce approximately 48% of outstanding debt and
increase Share Capital and Network.


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

PERTAMINA: Targets Higher Average Oil Refinery Capacity by 2010
---------------------------------------------------------------
State-owned oil company PT Pertamina intends to raise the
average production capacity of its seven oil refineries to
250,000-400,000 barrels a day by 2010, Dow Jones relates, citing
the Company's President Ari Sumarno.

The target plan was designed to boost production to an "economic
scale" for local consumption and also aimed to reduce the cost
of importing processed oil products at a time of record-high
crude oil prices.

Pertamina will fund the planned expansion through a possible
bond issuance, equity investment or via bank loans, Mr. Sumarno
said, without specifying the estimated total investment
required.

Dow Jones relates that the Company will approach investors from
Saudi Arabia, Kuwait, Qatar and the United Arab Emirates to
build a 250,000-barrel-per-day oil refinery in Tuban, East Java.

Indonesia has seven oil refineries with varying daily output
capacities.  The refineries include Dumai, Balikpapan and Plaju
refineries have output capacity of 170,00 barrels per day,
260,000 barrels per day and 133,000 barrels per day,
respectively.  Balongan, Pangkalan Brandan, Sungai Pakning and
Cilacap refineries have capacity of 125,000 barrels per day,
5,000 barrels per day, 46,000 barrels per day and 348,000
barrels per day, respectively.  

                       About PT 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 its legal status from a special state-owned
enterprise into a Limited Liability Company.  In carrying out
its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day.  However, these refineries only cover about
three-quarters of domestic oil demand, with the rest being met
by imports.  

In 2003, PT Pertamina director of finance Alfred Rohimone
disclosed that the state-owned oil company's financial condition
was in critical condition because its expenditure was surpassing
its income due to its obligation to meet domestic demand with
fuel oil bought at higher prices on he international market.  
Mr. Rohimo stated that with a liquidity position below IDR2
trillion, the company was already bleeding.

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.

In August 2005, a debt owed by state oil and gas firm PT
Pertamina to U.S. firm Karaha Bodas Company has risen from
IDR2.54 trillion to IDR2.99 trillion.  The debt increased when,
in 2003, a U.S. court ordered the Company to pay compensation to
KBC, relating to an international arbitration decision, when the
Indonesian government halted a geothermal project in Karaha
Bodas, East Java.  Since that time, the debt has steadily risen
due to the Company's failure to pay the compensation
immediately.  

On March 8, 2006, the Indonesian Government has appointed  
Pertamina marketing director Ari Soemarno as Pertamina's new
chief executive officer replacing former President Widya
Purnama.


PERTAMINA: Saudi Aramco Eyes Partnership
----------------------------------------
As reported by the Troubled Company Reporter - Asia Pacific on
April 13, 2006, PT Pertamina had planned to team up with Saudi
Aramco to build a new refinery plant in Indonesia as the
company's current seven refineries cannot match the rise in
domestic fuel demand.

In an update on April 20, 2006, AFX News relates that
Saudi Aramco is considering an alliance with PT Pertamina.  
Pertamina's vice president, Iin Arifin Takhyan, said that Saudi
Aramco has agreed in principle to cooperate in building a
refinery, subject to a feasibility study on the project.

AFX recounts that Indonesia's existing refineries lack
sufficient capacity to meet the domestic fuel demand, forcing
Pertamina to cover the gap with imports.

                       About PT 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 its legal status from a special state-owned
enterprise into a Limited Liability Company.  In carrying out
its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day.  However, these refineries only cover about
three-quarters of domestic oil demand, with the rest being met
by imports.  

In 2003, PT Pertamina director of finance Alfred Rohimone
disclosed that the state-owned oil company's financial condition
was in critical condition because its expenditure was surpassing
its income due to its obligation to meet domestic demand with
fuel oil bought at higher prices on he international market.  
Mr. Rohimo stated that with a liquidity position below IDR2
trillion, the company was already bleeding.

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.

In August 2005, a debt owed by state oil and gas firm PT
Pertamina to U.S. firm Karaha Bodas Company has risen from
IDR2.54 trillion to IDR2.99 trillion.  The debt increased when,
in 2003, a U.S. court ordered the Company to pay compensation to
KBC, relating to an international arbitration decision, when the
Indonesian government halted a geothermal project in Karaha
Bodas, East Java.  Since that time, the debt has steadily risen
due to the Company's failure to pay the compensation
immediately.  

On March 8, 2006, the Indonesian Government has appointed  
Pertamina marketing director Ari Soemarno as Pertamina's new
chief executive officer replacing former President Widya
Purnama.


ARPENI PRATAMA: S&P Assigns "B+" Corporate Rating
-------------------------------------------------
Standard & Poor's Ratings Services has assigned its "B+"
corporate credit rating to PT Arpeni Pratama Ocean Line Tbk, a
dry-bulk shipping company in Indonesia.  The outlook is stable.  
At the same time, Standard & Poor's assigned its 'B+' rating to
the proposed US$160 million seven-year senior unsecured notes to
be issued by the company.

The Company intends to use a part of the net proceeds -- about
US$93 million -- for refinancing existing debt, and the balance
for capital expenditure and vessel financing.  PT Arpeni is
engaged in domestic and international shipment of commodities
such as coal, pulp, forest products, crude oil, and gas.

"The rating reflects PT Arpeni's prominent position in the
intra-Indonesian coal shipment market, favorable demand
conditions and positive developments anticipated with the
implementation of cabotage regulations," said Standard & Poor's
credit analyst Anshukant Taneja.  The company's ability to offer
integrated cargo handling solutions, maintain high fleet-
utilization levels, and the stability associated with its
contract-based earnings also support the rating.

However, PT Arpeni's aggressive expansion plans, involving an
outlay of about IDR1,287 billion in 2006, weakened its credit-
protection measures.  The effect is further amplified, given
prospects of oversupply in global dry-bulk shipping and
expectations of downward pressure on freight rates in the near
future.

"The high levels of product and client concentration and
operating risks associated with APOL's small and aged fleet also
adversely impact the rating," said Mr. Taneja.  The impact of
these trends could be partially mitigated by the regulatory
benefits available to APOL, as the largest Indonesian fleet
owner and the historically strong operating track record of the
company.

For the year ended December 31, 2005, PT Arpeni reported total
revenues of IDR1,167 billion and net profit of IDR168 billion.
PT Arpeni owned 43 vessels and chartered six others as of end
2005.  The fleet has a total capacity of 664,000 deadweight tons
and a weighted average age of 17 years.

The outlook on the rating is stable.  Significant improvement in
credit protection parameters, accompanied by higher business
diversity and reduction in operating risks may improve the
outlook or the rating.  Conversely, deviations from current
expansion and refinancing plans, higher-than-anticipated usage
of debt, diminished liquidity, and a sharper downturn in the
shipping cycle could weigh on the outlook and rating.


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

AIFUL CORPORATION: Banks Halt Loans on Illegal Practices
--------------------------------------------------------
After Japan's Financial Services Agency admonished consumer loan
firm Aiful Corporation for its illegal collection practices last
week, local banks are now shying away from a lending
collaboration with the Company, Crisscross News reveals.

Several banks such as Hokuriku Bank and Resona Bank have stopped
dealing with the Company for fear that any transactions would
hurt their reputations as reputable financial institutions.  
According to the Japan Times, Chugoku Bank, Fukuoka Bank and
Tohoku Bank suspended their collaborations with Aiful earlier
this week.

On April 14, 2006, the Financial Services Agency had ordered
Aiful to suspend its operations at all nationwide outlets for
three to 25 days, as punishment for shady collection practices
that the Company had engaged in.

Aiful Corporation -- http://www.ir-aiful.com/english/-- is the  
largest Japanese consumer finance company.  The Company provides
financial services such as unsecured/non-guaranteed loans and
commerical/real estate collateral loans.  Currently, the Company
is based in Kyoto and has annual profits of close to JPY100
billion on over JPY2 trillion worth of loans.


NEC ELECTRONICS: Lowers Profit Estimate on Expected Unit Losses
---------------------------------------------------------------
NEC Electronics Corporation, the microchip unit of electronics
firm NEC Corporation, has increased its expected net loss
forecast for the business year 2005, due to appraisal losses and
possible compensation claims, Reuters News reports.

Parent firm NEC Corporation was expecting to post a JPY60
billion net profit for the business year ended March 31, 2006,
while Reuters estimated that the Company would post JPY56.7
billion profit.  That forecast has now been trimmed down to
JPY13 billion.  NEC Electronics now expects to post a net loss
of JPY98 billion, instead of an earlier estimated JPY20 billion
net loss, according to AFX News.

Dow Jones says NEC Electronics' bigger net loss forecast is
partly due to additional asset valuation-related costs, as well
as a lawsuit in the United States.  Weak sales from its
broadband and information technology solutions businesses also
forced the unit to reduce its sales forecast to JPY4.8 trillion
from a previous JPY4.93 trillion.

NEC is expected to release its financial results on April 26,
2006.

                      About NEC Electronics

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

The Troubled Company Reporter - Asia Pacific reported on
October 27, 2005, that NEC president Kaoru Tosaka, decided to
resign on November 1 after reporting a net loss of JPY1.55
billion in the second quarter of 2005 and forecasting a deficit
for that fiscal year because of slumping chip sales.  Executive
Vice President Toshio Nakajima was appointed to replace Mr.
Tosaka.

NEC has been strengthening cost-cutting measures to improve its
finances.


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

DAEGU BANK: Fitch Upgrades Rating to "B/C"
------------------------------------------
Fitch Ratings has upgraded Korea-based Daegu Bank's Individual
rating to "B/C" from "C".  At the same time, the agency also
affirmed the bank's Support rating of "2".

The upgrade reflects DB's sustained improvement in its loans
quality, satisfactory underlying profitability and adequate
balance sheet strength.

The bank's operations are concentrated in the province of
Kyongbuk and its main city of Daegu where the main industries
are textiles, electric goods, automobile parts and steel.  In
the past four years, the bank reported a stable and favourable
operating performance with a continued improvement in asset
quality.  In 2005, the bank posted KRW175 billion of net income
for an 18% ROE and a 0.9% ROA, up from KRW124bn in 2004 for a
14.4% ROE and a 0.7% ROA - thanks to a lower and satisfactory
level of provisioning charges.

The bank's strong franchise in its home province provides it
with a solid base of low-cost deposits (39% of total deposits at
end-2005), supporting its good and stable net interest margin
(3.42% in 2005).  The bank is expected to benefit from the
central government's policy of boosting regional economies with
some 25 public institutions to be relocated to the province of
Kyongbuk and Daegu.

At end-2005, the bank's loan book sectoral breakdown was: SMEs
65%, large corporates 4%, households 29%, and others 2%.
Reflecting its conservative approach, c.65% of business loans
and c.55% of household loans were secured by collateral (mostly
real estate and guarantee insurance).  The average loan-to-value
ratio for its mortgage loans stood at a low 53% at end-2005.  
The bank's asset quality indicators have steadily improved. At
end-2005, its non-performing loan ratio further improved to
0.97% (with a 173% loan loss reserve coverage ratio) from 1.46%
at end-2004.  Precautionary loans declined to 2.13% from 3.29%
at end-04.

Despite concerns regarding SMEs, DB's SME delinquency ratio
before charge-offs declined to just 1.31% in 2005 vs. 1.81% in
2004.  The bank's credit card related losses during 2003 and
2004 were modest compared to the major card companies, thanks to
less exposure.  After the downsizing and book cleaning efforts,
card receivables at end-2005 only amounted to 2.8% of loans with
much improved asset quality as per a 2.24% one-month-plus
deliquency ratio.  Through its robust profitability, DB's
capital growth outstripped a 6% growth in the risk-weighted
assets and the bank's total CAR rose to 11.33% at end-2005 (Tier
1: 8.5%) from 10.66% at end-2004 (Tier 1: 8.65%).

                          *     *     *

Incorporated in 1967 and headquartered in Daegu Bank is one of
the three regional banks in Korea that remained independent
after the 97/98 financial crisis.  It has successfully built a
strong local franchise in its home market (with a high 41% of
deposits in Daegu).  At end-2005, the bank maintained 251
branches and a staff of 1,900 servicing 3.2 million customers.  
The major shareholder is Samsung Life Insurance owning a 7.4%
stake in DB, while foreign portfolio investors hold 58%.


HYUNDAI MOTOR: Analysts Expect 17% Fall in Profits
--------------------------------------------------
Hyundai Motor Co. sees a net profit of KRW422.2 billion for the
three months ended March 31, 2006, down 17% from KRW509.8
billion in the same period in 2005, MarketWatch relates, citing
analysts.

The report cites Cho Young-Joon, an analyst at Shinyoung
Securities, as stating that a recovery in domestic demand helped
boost overall sales, but the won's appreciation against the
dollar was the key factor that pressured Hyundai's net and
operating income in the first quarter.

Mr. Cho explained that a stronger local currency reduces the
value of dollar-denominated earnings repatriated to Korea, and
also hurts price competitiveness abroad by making Hyundai's
vehicles more expensive in dollar terms.  The carmaker relies on
exports for about 60% of overall revenue.

Meanwhile, Hyundai Motor sold 141,759 vehicles at home during
the January-March period, up 19% from a year ago, helped by hot
sales of its Sonata mid-sized sedan and Grandeur premium sedan.  
Exports, however, fell 1.8% to 276,679 units as the company's
added production in its key U.S. market reduced the need for
shipments from Korean plants.

Analysts forecast that management's bargaining power will be
weaker this year as it is facing an investigation into
allegations that it created a slush fund to pay for influence.

                      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%.  The Company also manufactures machine tools for factory
automation and material- handling equipment.

The Troubled Company Reporter - Asia Pacific reported that the
Hyundai Automotive Group is facing its deepest crisis since
chairman Chung Mong-koo took over in 1999, with problems like
the falling United States dollar, high oil prices and union
demands aggravated by a sweeping criminal investigation
regarding the carmaker's alleged creation of slush funds that
were used by at least two lobbyists to bribe government
officials for business favors, including having KRW55 billion
worth of Hyundai's bad debts written off.

Some of the group's official business has been on hold since the
probe on the slush fund started and several top executives were
summoned for questioning.  The automaker has to delay the
launching of its new Santa Fe SUV, which was scheduled to start
production in the United States this month.
   
Kia Motor President Chung Eui-sun, the group chairman's son, is
currently under a travel ban.  Other affiliates are also feeling
the pinch.  Amid all this, Hyundai Motor's labor union is
demanding a wage increase of 9.1% or KRW125,524 (US $125),
significantly more than 2005's 6.9% or KRW89,000.  The union is
expected to capitalize on the slush fund allegations in support
of its case and make matters worse for management.

The United States dollar's falling value against the won is
dealing a severe blow to the group's exports.  The greenback
plunged from KRW1,013 on January 2, 2006, to KRW954.1 on April
12, down KRW58.9 in just 100 days.  Hyundai and Kia say that for
every KRW100 drop in the United States dollar, operating profits
fall some KRW1.05 trillion.  Song Sang-hun, an analyst with
Hyundai Securities, says a 10% rise in domestic oil prices from
KRW1,500 to KRW1,650 per liter has caused auto sales here to
decline by 110,000 units.


LG CARD: Three Prime Bidders Vie for Credit Card Issuer
-------------------------------------------------------
On April 18, 2006, Shinhan Financial Group, Hana Financial
Holdings, and National Agricultural Cooperative Federation, each
submitted letters of intent to acquire LG Card Co. Ltd.,
MarketWatch relates.

The Troubled Company Reporter - Asia Pacific reported that
interested bidders for LG Card had until April 19, 2006, to
submit their preliminary proposals.

Several widely expected potential bidders, such as Woori Finance
Holdings and Citigroup, did not participate in the bidding.

The TCR-AP recounts that the LG Card stake up for sale would be
between 51% and 72%, and is expected to cost around KRW3.4
trillion and KRW4.8 trillion at current market prices.  LG Card
has a market value of KRW6.64 trillion at current share prices.

According to MarketWatch, Shinhan Financial may spend up to
about KRW2.8 trillion on its own for the LG Card acquisition and
is planning to raise the remaining amount by forming a
consortium.  NACF, on the other hand, said that it can finance
up to KRW1.3 trillion on its own and will get financial
investors to join the bid.

                         About LG Card

Headquartered in Seoul Korea, LG Card Co. --  
http://www.lgcard.com/-- provides installment finance services  
and credit card, as well as leasing services to credit worthy
companies while acquiring valuable assets from merchant banks
and leasing firms.  LG Card also finances families wishing to
purchase big ticket items such as automobiles, appliances and
computers.  At the end of October 2003, LG Card had KRW3.24
trillion more debt than assets and had faced threats of
liquidity crisis and court receivership.  LG Card has been in
the hands of creditors since it was rescued from bankruptcy
through a KRW5 trillion (US$4.78 billion) debt-for-equity swap
and a further KRW1 trillion bailout in late 2004.

The Troubled Company Reporter - Asia Pacific reported earlier
that LG Card swung to a net profit of KRW1.36 trillion in 2005,
turning around from a net loss of KRW81.6 billion in 2004,
bolstered by improved asset quality and decreased loss
provisions.


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

AYER HITAM: Defaulted Amount Hits MYR40 Million
-----------------------------------------------
Ayer Hitam Tin Dredging Malaysia Berhad's total default in
principal sums plus interest as of March 31, 2006, aggregated to
MYR39,718,815.

As reported by the Troubled Company Reporter - Asia Pacific on
March 31, 2006, the defaulted payments are in respect of the
MYR20-milion Term Loan and MYR63-million Syndicated Term Loan
granted to two of Ayer Hitam's wholly owned subsidiaries,
Pembinaan AHT Sdn Bhd and Motif Harta Sdn Bhd.

The Term Loan was granted by AmBank Berhad pursuant to a
Facilities Agreement dated September 18, 1996, and was converted
to Term Loan by a Supplementary Facility Agreement on Dec. 19,
2002.

The Syndicated Term Loan, on the other hand, was granted
pursuant to a separate Facilities Agreement dated July 24, 1997,
with:

     * Alliance Bank Malaysia Berhad as the Lead Arranger;
     * Mayban Finance Bhd;
     * EON Finance Bhd; and
     * Kewangan Bersatu Bhd.

The default may lead to winding up proceedings or legal actions
against Ayer Hitam, Pembinaan AHT and Motif Harta.

Save as disclosed, there has been no material development in the
Company's default status.

        About Ayer Hitam Tin Dredging Malaysia Berhad

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


INTAN UTILITIES: Seeks Shareholders' OK of Proposed Mandate
-----------------------------------------------------------
Intan Utilities Berhad intends to seek the approval of its
shareholders for the proposed renewal and new shareholders'
mandate for recurrent related party transactions of a revenue or
trading nature at the Company's forthcoming 10th Annual General
Meeting.

At the previous AGM held on January 19, 2005, Intan Utilities'
shareholders had granted a mandate for the Company and its
subsidiaries to enter into a recurrent related party
transaction.  In accordance with paragraph 4.1.4 of Practice
Note 12/2001 of the Listing Requirements, the said mandate will
lapse at the forthcoming AGM unless it is renewed at the said
AGM.

A circular setting out the details of the Proposed Mandate will
be dispatched to the shareholders of the Company in due course.

                  About Intan Utilities Berhad

Headquartered in Kuala Lumpur, Malaysia, Intan Utilities Berhad
-- http://www.intan.com.my-- engages in manufacturing,  
warehousing and trading of all semiconductor components.  Its
other activities include sourcing, treating and supplying of
treated water and investment holding.  Operations are carried
out in Malaysia, the United States of America and Japan. The
Company has defaulted on several loan facilities due to its
tight cash flow.  It is currently formulating plans to address
the issue.


LANKHORST BERHAD: Unit Defaults on Loan Facilities
--------------------------------------------------
Lankhorst Berhad's subsidiary, Lankhorst Pancabumi Contractors
Sdn Bhd, has defaulted on some banking facilities repayments to
its lenders.

On October 7, 2004, Malayan Banking Berhad issued a demand
letter for Lankhorst Pancabumi's payment of MYR13,397,250 in
aggregate outstanding balances -- of which MYR7,125,746 is on
account of Term Loan 1 and MYR6,271,504 on account of Term Loan
2.  Subsequently, a writ of summon was served on Lankhorst
Pancabumi on March 16, 2005, for being unable to meet the
demand.

In addition, on June 23, 2005, Southern Bank Berhad issued a
demand letter for payment of a MYR2,580,170 outstanding balance
in respect of another Term Loan Facility granted to Lankhorst
Pancabumi, which is secured by six Deeds of Assignment dated
December 20, 2000, over six lots at Phase 3JB, in Section 13,
Shah Alam.

Lankhorst Pancabumi failed to pay its outstanding debts due to
financial difficulties.  Its cash flow from operations is
sufficient to meet its capital requirements only.

Lankhorst, meanwhile, is in the process of formulating a
corporate restructuring exercise, which includes Lankhorst
Pancabumi's debt restructuring.

                     About Lankhorst Berhad

Headquartered in Selangor, Malaysia, Lankhorst Berhad engages in
civil and geotechnical engineering services, building
construction, trading and application of geosynthetic materials.  
Other activities include property development and investment,
water and wastewater treatment, oil and gas contracting and
supply, quarry operations, railway track construction,
mechanical and electrical construction, soil improvement
services and trading of construction supply.  The Company has
been incurring a string of losses due to high operating costs
and its units are facing winding up actions.  On April 18, 2006,
Bursa Malaysia Securities Berhad decided that it will not
proceed with the delisting procedures commenced against
Lankhorst Berhad on January 3, 2006.


NALURI CORPORATION: SC Grants More Time to Meet Conditions
----------------------------------------------------------
Naluri Corporation Berhad wants to extend the time within which
it will comply with the conditions imposed by the Securities
Commission in relation to the Company's acquisition of these
equity interests:

   -- 100% equity interest in United Industries Sdn Bhd,

   -- 10% equity interest in United Vehicles Industries Sdn Bhd,

   -- 92.772% equity interest in United Filter Sdn Bhd, and

   -- 70% equity interest in United Sanoh Industries Sdn Bhd.

Subsequently, the Securities Commission approved the extension
of time for another 12 months to April 6, 2007, for the Company
to comply with the conditions previously imposed by the SC vis-
a-vis the United group's application for Certificate of Fitness
for Occupation for certain of its landed properties.

                 About Naluri Corporation Berhad

Headquartered in Kuala Lumpur, Malaysia, Naluri Corporation
Berhad -- formerly known as Naluri Berhad -- is an investment
holding company.  Other activities include property investment,
construction, resort development, hotel services, wholesaler and
retailer of duty free and non-dutiable merchandise,
manufacturing and distribution of automotive parts and hardware
products, tour and travel services, letting of properties, hire
and drive services and advertising and promotion services.  The
Company has suffered financial difficulties due to its
substantial bank borrows and huge losses.  In 2001, the firm
shifted its investment in ailing Malaysian Airlines for its
20.09% stake to fast-growing industries, in a bid to improve its
financial performance.


PAN MALAYSIA: Buys Back 75,000 Shares for MYR29,905
---------------------------------------------------
On April 19, 2006, Pan Malaysia Corporation Berhad bought back
75,000 ordinary shares of MYR0.50 each for a total cash
consideration of MYR29,904.99.

The minimum price paid for each share purchased was MYR0.395 and
the maximum was MYR0.400.

After the purchase, the cumulative outstanding treasury shares
have reached 58,081,400.   

Pan Malaysia Corporation Berhad on April 18, 2006, bought back
105,000 ordinary shares of MYR0.50 each for a total cash
consideration of MYR42,553.79., the Troubled Company Reporter -
Asia Pacific reported.   

                 About Pan Malaysia Corporation

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 due to skyroceting
opewrating expenses.  The group has been selling assets to plug
holes in its balance sheet.  In the fourth quarter of the fiscal
year ending December 31, 2005, the Company booked a net loss of
MYR6.8 million.   


PAN MALAYSIA: To Hold EGM on May 15
-----------------------------------
An Extraordinary General Meeting of Pan Malaysia Holdings Berhad
will be held at the Crystal Ballroom, Corus Hotel Kuala Lumpur,
in Jalan Ampang, Kuala Lumpur on May 15, 2006, at 4:00 p.m.

At the meeting, members will be asked to consider, and if
thought fit, pass these three ordinary resolutions:

   (1) That, subject to the order of the High Court of Malaya,
       approval be given to reduce the  Company's issued and
       paid-up share capital of MYR928,867,411 comprising
       928,867,411 ordinary shares of MYR1.00 each to
       MYR92,886,741 comprising 928,867,411 ordinary shares of
       MYR0.10 each by way of cancellation of MYR0.90 of the
       par value of each existing ordinary share of the
       Company in issue; and

   (2) That, upon the reduction of the par value taking effect,
       the share premium account of the Company be reduced by an
       amount of up to MYR34,734,007 and that the credit arising
       from there be utilized towards setting off against the
       accumulated losses of the Company as of December 31,
       2005.

               About Pan Malaysia Holdings Berhad

Headquartered in Kuala Lumpur, Malaysia, Pan Malaysia Holdings
Berhad engaged in the provision of financial services, property
and leisure, investment holding and dealing and manufacturing
and selling of self-adhesive sticker labels.  The Group also
manufactures carton boxes and general packaging products.  Other
activities relating to financial services are stockbroking,
options and financial futures broker, research fund management
services and money lending.  In 2001, the Group has disposed
Focusprint Sdn Bhd, Labels Specialist Industries Sdn Bhd and
Pengkalen Concrete Sdn Bhd wherein the manufacturing and trading
activities were discontinued.  The Company has proposed to
reduce capital to erase its accumulated losses after discovering
that its revenue is not more than 5% of its paid-up share
capital.   


PROMTO BERHAD: Securities Delisted from Bourse
----------------------------------------------
The securities of Promto Berhad were removed from the Official
List of Bursa Malaysia Securities Berhad on April 20, 2006.

The Troubled Company Reporter - Asia Pacific has reported that
on March 10, 2006, the Bourse announced its decision to delist
Promto's securities as:

   -- Promto has failed to issue its Annual Audited Accounts
      and Annual Reports for the financial years ended
      December 31, 2002, 2003 and 2004, all the quarterly
      reports for 2003 and 2004 and the quarterly report for
      the period ended March 31, 2005 within the specific
      timeframes; and

   -- more than six months have lapsed from the expiry of the
      relevant timeframes and the prescribed financial
      statements have still not been issued.

Bursa Securities reported on March 15, 2006, that given the
Company had submitted its appeal against the decision of Bursa
Securities to de-list its securities from the Official List of
Bursa Securities, the removal of the securities will be deferred
pending the decision on the appeal by Bursa Securities.

However, after thorough review of the matter, the Bourse has
decided to proceed with the delisting of the Company's
securities.

The Company's securities will continue to remain deposited with
Bursa Depository notwithstanding the de-listing of the
securities of the Company from the Official List of Bursa
Securities.  It is not mandatory for the securities of the
Company to be withdrawn from Bursa Depository.

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

                     About Promto Berhad

Headquartered in Kuala Lumpur, Malaysia, Pohmay Holdings Berhad
manufactures furniture.  Products include laminated bendwood
furniture and furniture components, wood and metal furniture and
general products made of metal and wood.  Its other activities
are cultivation and harvesting of rattan and investment holding.
Pohmay is a defendant of a wind-up petition filed by AmBank (M)
Berhad.  The legal action is expected to have a significant
financial and operational impact on the Company.  The Company is
negotiating with its lenders to restructure the Group's loans
and is actively working on various schemes to alleviate the
Group from its current financial predicament.


SELANGOR DREDGING: Subsidiary Revaluates Property
-------------------------------------------------
Selangor Dredging Berhad's wholly owned subsidiary SDB
Properties Sdn Bhd had, on February 27, 2006, undertaken a
revaluation exercise on Hotel Maya Kuala Lumpur, located at 138
Jalan Ampang, in Kuala Lumpur.

The purpose of the revaluation exercise is to assess the current
market value of the Property after an extensive refurbishment
amounting to MYR40 million in year 2005 and has been rebranded
as Kuala Lumpur's first Malaysian owned and managed boutique
urban resort hotel.

The Board confirmed that the above revaluation was not, to the
best of its knowledge, subject to the approval of Securities
Commission.

The revaluation amount of MYR125 million will result in the
reduction of Revaluation Reserve of approximately MYR25 million
after taking into consideration of the estimated refurbishment
cost of MYR40 million and will be incorporated in the Fourth
Quarter Financial Result of SDB Group for the financial year
ended March 31, 2006.  The reduction of revaluation reserve will
result in a decrease of MYR0.06 in net assets per share of SDB
Group.

                 About Selangor Dredging Berhad

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


SOON YANG: Placed in Voluntary Liquidation
------------------------------------------
Soon Yang Construction Sdn Bhd has held an Extraordinary General
Meeting on April 20, 2006, to wind up the Company voluntarily.

The Company's shareholders approved the appointment of Khoo Lay
Tatt and Angelina Cheah Gaik Suan of Hicks-Woode Corporate
Services (Penang) Adn Bhd as liquidators.

The Liquidators will take care of the Company's winding-up
affairs and distribution of assets, where necessary.

Soon Yang is a dormant company since its incorporation.


SUREMAX GROUP: Petareka Withdraws Suit Against Unit
---------------------------------------------------
As reported by the Troubled Company Reporter - Asia Pacific on
March 9, 2006, Suremax Group Berhad's subsidiary, Suremax Land
Sdn Bhd, has received a Summon and Statement of Claim from
Petareka Perunding (M) Sdn Bhd.

Petareka asserted a total of MYR245,429, with an 8% annual
interest from September 30, 2005, until the date of full
settlement.  Petareka also sought compensation for other costs
that the Court deems fit and reasonable.   

However in an update on April 20, 2006, Petareka said it will
withdraw the suit against Suremax Land on April 26, 2006.

Petareka did not disclose its reason for the move.

                       About Suremax Group

Headquartered in Kuala Lumpur, Malaysia, Suremax Group Berhad is
engaged in property development, construction, trading in
construction materials and sub-contracting works.  The firm's
other activities include the provision of property management
services and building construction.  The Group is also involved
in the manufacture and sale of ready mixed concrete.  Suremax
Group has suffered substantial losses since 2004.  The Company
is also trying to avert a series of winding up actions against
its subsidiaries.


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

ATLAS CONSOLIDATED: Delays Meeting to Await Audit Results
---------------------------------------------------------
Atlas Consolidated Mining and Development Corporation issued a
statement to the Philippine Stock Exchange indicating that its
annual stockholders' meeting, which is scheduled every last
Wednesday of April and is slated to be held on April 26, 2006,
will be postponed, as the audit of its 2005 financial statements
has yet to be completed.

                    About Atlas Consolidated

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

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


EXPORT AND INDUSTRY: To Hold Stockholders' Meeting on May 26
------------------------------------------------------------
In a statement furnished to the Philippine Stock Exchange,
Export and Industry Bank said that it would be conducting its
annual stockholders' meeting on May 26, 2006, 8:00 a.m.

At the meeting, stockholders will receive the Management Report
of the Company and will agree on the ratification of the Acts of
the Board of Directors and Management during the previous year.
They will also elect a new set of directors and appoint an
external auditor.

The bank's stock and transfer book will be closed as of May 5,
2006, until after the annual meeting to determine the
stockholders entitled to notice of, and to vote at, said
meeting.

Headquartered in Makati City, Manila, Exportbank --
http://exportbank.com.ph/-- has 50 branches and has revived  
former Urban Bank unit under new names.  Its principal activity
is the provision of commercial banking services such as deposit
taking, loans and trade finance, domestic and foreign fund
transfers, treasury, foreign exchange and trust services.  The
Bank is saddled with the Php10 billion non-performing assets it
inherited from Urban Bank when the two banks merged in 2002.  
Under an agreement dated December 29, 2005, the Philippine
Deposit Insurance Corp. will extend a yearly financial aid of
Php600 million to Exportbank.


LAFAYETTE MINING: Env't Groups to Protest Planned Reopening
-----------------------------------------------------------
Environmentalist groups across the Bicol Region have teamed up
to protest the planned reopening of the Lafayette Philippines,
Inc., mine in Rapu-Rapu, Albay, the Manila Times reports.

The multi-sectoral groups plan to bring their protest to the
offices of the Department of Environmental and Natural Resources
in order to "save the people and environment of Rapu-Rapu,"
Legazpi City's Santa Florentina parish priest Fr. Fedelino
Bogaoisan said.

ABS-CBN News, citing Lafayette director Joselito Sarmiento, says
the Company reassures the Philippine Government and the
residents of Albay that it will use the latest and most modern
technology to ensure the environmental safety of the island, and
the safety of the people.

Albay Provincial Board members plan to visit the Lafayette Mine
this week to determine if the Company should be allowed to
resume operations or not.

                   About Lafayette Mining

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, Incorporated.

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.   

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


MANILA ELECTRIC: Must Pay Debts Before Seeking Expansion Loan
-------------------------------------------------------------
Manila Electric Company cannot seek a loan to expand its
facilities unless it repays outstanding short-term debts
amounting to around PHP4.7 billion, BusinessWorld relates.

According to the Company's president, Jesus P. Francisco, they
had a loan restructuring agreement with creditors Banco de Oro,
Citibank NA, and Equitable PCI Bank to extend loan payments
until 2011.  Manila Electric's short-term debts matured in 2004,
but the Company sought to extend its repayments as the Supreme
Court had ordered it to refund about PHP30 billion in taxes to
its clients.

Mr. Francisco added that Manila Electric must rely on revenues
and a rate hike to implement its expansion plans.  The Company
applied for a rate increase of PHP0.13 per kilowatt-hour with
the Energy Regulatory Commission in 2005 in order to post
profits, but the Commission has yet to approve the increase.

                     About Manila Electric

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

A March 31, 2006 report by the Troubled Company Reporter - Asia
Pacific stated 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.


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

CHANNEL GROUP: Court Issues Winding Up Order
--------------------------------------------
The High Court of the Republic of Singapore has, on March 24,
2006, ordered the wind-up of Channel Group Pte Limited.

All creditors of the Company are requested to file their proofs
of debt with Liquidator Tam Chee Chong, who will be
administering all the affairs of the Company.

Contact: Tam Chee Chong
         M/s Deloitte & Touche Financial Advisory
         Services Pte Ltd
         6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


LINDETEVES-JACOBERG: Unveils Mandatory Cash Offer Details
---------------------------------------------------------
On March 15, 2006, CIMB-GK Securities Pte Limited launched a
mandatory conditional cash offer for and on behalf of ATB Austia
Antriebstechnik AG for all the remaining ordinary shares in the
capital of Lindeteves-Jacoberg Limited in issue not already
owned, controlled or agreed to be acquired by the Offeror and
parties acting in concert with it.

Pursuant to Rule 12.1 of the Singapore Code on Takeovers and
Mergers, CIMB-GK disclosed the dealings in the Shares made on
April 20, 2006, on behalf of ATB.

   Total number of Shares acquired by ATB       576,000

   Approximate percentage of the enlarged
   issued and paid up share capital of
   the Company                                    0.12%

   Price paid per Share (excluding brokerage
   commission, clearing fees and GST)          SG$0.165

Taking into account the acquisition and the valid acceptances
received by ATB up to April 10, 2006, of 34,000 Shares, the
Offeror and the parties acting or deemed to be acting in concert
with the Offeror owned, controlled or had agreed to acquire an
aggregate of 229,989,831 Shares, representing approximately
46.36% of the enlarged issued and paid-up share capital of the
Company.

               About Lindeteves-Jacoberg Limited

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


MICRO-NET TECHNOLOGY: To Receive Proofs of Claim Until May 5
------------------------------------------------------------
Micro-net Technology Pte Limited asks its creditors to lodge
their formal proofs of claim against the Company by May 5, 2006,
in order to share from any distribution.

Contact: Kon Yin Tong
         Wong Kian Kok
         Foo Kon Tan Grant Thorton
         47 Hill Street #05-01
         Chinese Chamber of Commerce & Industry Building
         Singapore 179365
   

ONG TRADING: Creditors' Proofs of Claim Due on May 22
-----------------------------------------------------
The creditors of Ong Trading Private Limited are required to
send in particulars of their claims to the Company's solicitors
and liquidators by May 22, 2006.

Failure to comply with the requirement will exclude any creditor
from the sharing in any distribution the Company will make.

Contact: Low Sok Lee Mona
         Teo Chai Choo
         Liquidators
         c/o Low, Yap & Associates
         4 Shenton Way
         #04-01 SGX Centre 2
         Singapore 068807


RUBBER BAND: Intends to Pay Dividend to Creditors
-------------------------------------------------
Liquidators Chee Yoh Chuang and Lim Lee Meng will be receiving
proofs of debts from the creditors of Rubber Band Enterprise Pte
Limited ahead of a planned dividend distribution.

The debt particulars must be lodged on or before May 5, 2006.

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


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

CIRCUIT ELECTRONICS: SET Excludes Stocks from Index Calculation
---------------------------------------------------------------
The Stock Exchange of Thailand will exclude the stocks of
Circuit Electronics Industries Public Company Ltd from the SET
Index calculation.

The SET annually adjusts its Index calculations and excludes
stocks that have been suspended for over one year from the
Index.   

The Stocks will be excluded effective as of May 9, 2006, and
would remain so until the Company's stocks are permitted to
resume trading.

Headquartered in Amphoe Uthai Ayutthya, Thailand, Circuit
Electronics Public Co. Limited -- http://www.cei.co.th/--
manufactures and exports various integrated circuit and
chip on board for many kinds of electronic equipment such as
mobile phone, computer, automobile assembly, household
electronic equipment and others.  The Group operates in the
United States of America, Europe and Asia.  The Company reported
assets totaling THB2,384.41 million in 2004, versus liabilities
of THB3,391.39.  The Company is currently in rehabilitation.  
Its securities are placed under the Rehabco Sector of the Stock
Exchange of Thailand.


HANTEX LIMITED: SET Index Adjustments Excludes Company's Stocks
---------------------------------------------------------------
The Stock Exchange Commission of Thailand posted Suspension --
SP -- signs on the securities of Hantex Public Company Ltd
effective from the first trading session of March 2, 2006, due
to the Company's failure to submit its financial statements for
the period ending December 31, 2005, by the deadline specified
by SET.

The SET will also exclude the stocks of Hantex from the Index
Calculation starting May 9, 2006, until the Company's stocks to
resume trading.  

                          *     *     *

Headquartered in Bangkok, Thailand, Hantex Public Company Ltd,
reported liabilities aggregating THB552 million in 2004, versus  
lesser assets totaling THB480.64 million.  The company drifted
further to being insolvent in 2005, with THB608 million in
liabilities -- almost double the THB319.86 million in assets
reported.

The Troubled Company Reporter - Asia Pacific reported on
September 8, 2005, that the Central Bankruptcy Court approved
the Company's rehabilitation plan on September 6.  The court
also appointed Hantex as the planner for its own rehabilitation.


THAI HEAT EXCHANGE: Securities Listing Granted by SET
------------------------------------------------------
The Stock Exchange of Thailand allows the securities of Thai
Heat Exchange Public Company Ltd. to be traded on the SET
starting April 24, 2006.  The SET's decision came after Thai
Heat finished its capital increase procedures.

Details of the Company's capital are:

   Issued and Paid-Up Capital
      Old: THB 170,990,795
      Number of common Shares: 170,990,795 shares
      New: THB 717,655,608
      Number of common Shares: 717,655,608 shares

   Par value: THB1 per share

   Allocate to: Existing Shareholders warrants 33,664,813 units
                exercise to 33,664,813 common shares.

   Exercise Ratio: 1 warrant: 1 ordinary share

   Exercise Price: THB1 per share

   Exercise Date: March 31, 2006

                         About Thai Heat

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

The Troubled Company Reporter - Asia Pacific reported on
April 17, 2006, that according to Thai Heat Revival Company
Limited, as the plan administrator of Thai Heat Exchange Public
Company Limited, the Company has implemented its court-approved
reorganization plan.  


TOTAL ACCESS: Fitch Upgrades Default Ratings from BB to BB+
-----------------------------------------------------------
Fitch Ratings has upgraded Thailand-based Total Access
Communication Plc's Long-term Foreign Currency Issuer Default
Rating to 'BB+' from 'BB' and National Long-term rating to
'A(tha)' from 'A-(tha)'.  Both ratings have been removed from
Rating Watch Positive.

The Outlook on the ratings is Stable.  The agency has also
upgraded Total Access' National Short-term rating to 'F1(tha)'
from 'F2(tha)'.  Total Access' ratings were placed on RWP on
October 25, 2005, following an announcement by Telenor ASA of
Norway that it would acquire a majority stake and control in
DTAC.

Telenor became one of Total Access' major shareholders in mid-
2000 through the purchase of stakes in Total Access and Total
Access' largest shareholder, United Communication Industry Plc.
With its recent purchase in late 2005 of a 39.9% interest in
UCOM from the founding family and its subsequent tender offers
for UCOM and Total Access' shares, Telenor lifted its aggregate
economic interest in Total Access to 69.3% from 40.3%.

The ratings upgrade is supported by Telenor's higher level of
commitment to Total Access, which is expected to result in an
improvement in Total Access' financial flexibility and
maintenance of a more conservative financial profile going
forward.  The agency notes that Telenor now has more flexibility
in terms of providing financial support to Total Access either
in the form of equity injection or winding back dividend
payments.

Nonetheless, Total Access is expected to remain self-funded for
the foreseeable future due to its improved financial position.
Total Access is Telenor's largest acquisition in Asia and it
ranks second in terms of EBITDA contribution outside Norway.
Full management and ownership control should result in a clearer
strategy and reinforce Telenor's long-term commitment.  The
backing by a stronger foreign operator mitigates the risks
associated with intensified competition and technological
changes.

The ratings upgrade is further supported by Total Access'
ability to maintain its relatively strong financial profile with
a policy to further reduce its financial leverage in the medium
term.

Despite aggressive price cutting in 2005, Total Access was able
to defend its market share and report strong operating
performance.  In 2005, the company reported 11% and 8% yoy
increases in service revenue and EBITDA, respectively.  Its
stronger operating performance was underpinned by higher prepaid
and value-added service revenues.  Meanwhile, large capex and
working capital requirements consumed most of its funds from
operations, which caused its free cash flow to turn negative in
2005.  At end-2005 Total Access' net debt/EBITDA ratio was
almost unchanged at 2.4x.

Total Access is the second-largest cellular operator in Thailand
with a 28.5% market share and a strong brand recognition as well
as healthy earnings performance.  The company, however, is
facing intensifying competition and has been disadvantaged by
its higher regulatory cost structure.  Other credit concerns
include uncertainties of the regulatory environment of
Thailand's telecom industry, particularly the recent draft
regulation on foreign-domination.







                            *********


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
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Copyright 2006.  All rights reserved.  ISSN: 1520-9482.
   
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