TCRAP_Public/060427.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

            Thursday, April 27, 2006, Vol. 9, No. 083


                             Headlines

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

A.C.N. 107 424 788: Supreme Court Appoints Liquidator
ASKNA PTY: To Declare Dividend Today
AUCKLAND WEST: CIR Files Liquidation Petition
AUSTRALIAN MARINE: Decides to Close Operations
CORSA CORPORATION: Members to Receive Wind-up Report

DIRECT COLOUR: Enters Voluntary Liquidation
GENEJAM LIMITED: Placed Under Liquidation
HAWKES BAY: Appoints Official Liquidator
HIRE COMPANY: Names Receivers and Managers
INSPIRATION IMMAGINATION: To Hold Final Meeting Today

INTER-PACIFIC HOLDINGS: Court to Hear Wind-up Petition on May 4
JASMIN REEF: Members Resolve to Wind Up Business
KOURTIS PTY: Court Issues Wind-up Order
LONGNOSE CREEK: Wind-up Process Commenced
MEDIAPIRI PTY: To Distribute Final Dividend Today

MILLAROO MINES: Members Agree to Liquidate Business
NORTON-RAM PTY: Receivers Step Aside
PILMINT PTY: Court Releases Wind-up Order
PRYTON PTY: Liquidator to Present Wind-up Report
RANGEVILLE PROPERTIES: Members Opt for Voluntary Liquidation

SECURE-ALL SECURITY: Liquidator Set to Present Wind-up Report
SKANZ PTY: Placed Under Voluntary Liquidation
TAVELA PTY: Prepares to Pay Dividend to Creditors
TIME-MOTION ANALYSIS: Faces Wind-up Proceedings
TM STEELFIXING: Falls Under Voluntary Liquidation

TRAVELGATE TECHNOLOGY: Falls Into Liquidation


C H I N A   &   H O N G  K O N G

AGRO PRODUCTS: Creditors' Proofs of Debt Due on May 14
AMASS VISION: Wind-Up Hearing Set on June 14
ASSON COMPUTING: Wind-up Petition Hearing Fixed on May 17
BANK OF CHINA: Forced To Raise HK IPO Float
BRIDGELEY LIMITED: Court Appoints Liquidator

CASPER (H.K.) HI-TECH: Appoints Soong Ching-Wah as Liquidator
CODEBANK LIMITED: Winding Up Process Commenced
DYNAMIC CREATIONS: Court to Hear Wind-up Petition on May 10
INTERNATIONAL PRECAST: Chiu & Yin Ceases to Act as Liquidators
MILLION GRAND: Appoints Official Liquidators

PRELUDE SHIPPING: Postpones Wind-Up Hearing to May 17
SPEEDTEX GARMENT: Liabilities Prompt Firm to Wind Up
QUANTUM NETWORKS: Winding Up Hearing Set on May 10
SHINY LUCK: Court to Hear Wind-up Petition on May 24
SINO LOGIC: Winding Up Process Commenced

VASTECH DEVELOPMENT: Wind-up Hearing Slated for May 24
WIN CAPITAL: Creditors' Proofs of Claims Due on May 14
YAMAHA MOTOR CHINA: Court Appoints Joint Liquidator


I N D I A

DUNLOP INDIA: Fire Breaks Out at Shahaganj Plant
FERTLISERS AND CHEMICALS: Registers Higher Sales Revenue


I N D O N E S I A

PERUSAHAAN LISTRIK: Plans to Issue $2.5 Billion Islamic Bonds


J A P A N

EHOMES INCORPORATED: President Arrested for Law Violations
EHOMES INCORPORATED: Finance Firm to Cut Equity Ties
LIVEDOOR COMPANY: Ex-CEO To Be Released on Bail


K O R E A

ASIANA AIRLINES: Posts KRW41.26 Billion Profit in First Quarter
HYUNDAI MOTOR: Chairman Faces Arrest for Corruption
KOREA EXCHANGE: Kookmin's Takeover May be Delayed


M A L A Y S I A

AFFIN HOLDINGS: Finance Ministry Backs Banking Group Plan
APEX EQUITY: Pays MYR3,292 for 6,400 Own Shares
BUKIT KATIL: Unable to Pay Loans Due to Insolvency
CHG INDUSTRIES: Seeks More Time to Implement Rehabilitation Plan
INTAN UTILITIES: Takes Remaining Stake in Premier

MALAYSIA AIRLINES: Says Cost Cuts will not Affect Service
MBF HOLDINGS: Tor and Variouf Participates in Impact Offer
METROPLEX BERHAD: Court Adjourns Wind-up Hearing to May 11
PAN MALAYSIA: Repurchases 60,000 Shares for MYR24,908
PROTON HOLDINGS: To Embark on Major Revamp

SYARIKAT KAYU: Proposed Share Sale to Boost Group's Net Assets
TELEKOM MALAYSIA: Lists and Quotes Additional Shares


P H I L I P P I N E S

LAFAYETTE MINING: Probe Finds Loopholes in Enforcement of Laws
MANILA ELECTRIC: Rising Demand Contributes to Narrowed Losses
PHILIPPINE NATIONAL BANK: S&P Assigns B- Credit Rating


S I N G A P O R E

LINDETEVES-JACOBERG: Passes All AGM Resolutions
LION CITY: New York Bankruptcy Court Grants Chapter 15 Petition
LION CITY: Chapter 15 Petition Summary
SOI YONG: Creditors' Proofs of Claims Due on May 5
STEADY PILING: Creditors Must Prove Debts by May 5

TRI-MAG FOOD: Faces Bankruptcy Proceedings


T H A I L A N D

TANAYONG: Court Approves Reorganization Plan Amendments
TANAYONG: Disposes Changklanway Common Shares for THB300 Million
THAI-DENMARK SWINE: Stocks Excluded from Index Calculations

     - - - - - - - -

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

A.C.N. 107 424 788: Supreme Court Appoints Liquidator
-----------------------------------------------------
The Supreme Court of Victoria on March 15, 2006, appointed A.
D'Aloia as provisional liquidator for the winding up of A.C.N.
107 424 788 Pty Limited.

Contact: A. D'Aloia
         Liquidator
         D'Aloia Handberg Chartered Accountants
         Level 10, 200 Queen Street
         Melbourne, Victoria 3000
         Australia


ASKNA PTY: To Declare Dividend Today
------------------------------------
Askna Pty Limited will declare its final dividend on April 28,
2006.

In this regard, creditors are required to submit their formal
proofs of claim today, April 27, 2006, in order to participate
in the dividend distribution.

As reported by the Troubled Company Reporter - Asia Pacific
members of Askna Pty Limited resolved on February 28, 2006, to
wind up the Company's operations.  They named Ezio Marco
Senatore and Stephen Brennan as liquidators for the wind-up.

Contact: Stephen Brennan
         Liquidator
         Senatore Brennan Rashid DFK
         Level 7, 28 University Avenue
         Canberra, Australian Capital Territory 2601
         Australia
         Telephone: (02) 6214 6700
         Fax: (02) 6214 6799


AUCKLAND WEST: CIR Files Liquidation Petition
---------------------------------------------
The Commissioner of Inland Revenue, on February 10, 2006, filed
an application before the High Court of Auckland to put Auckland
West Construction Limited into liquidation.

The Application will be heard before the Court on May 4, 2006,
at 10:00 a.m.

Any person wishing to appear at the hearing is requested to file
an appearance not later than May 2, 2006.

Contact: David Weaver
         Solicitor for the Plaintiff
         Technical and Legal Support Group
         Auckland North Service Centre
         Inland Revenue Department, 5-7 Byron Avenue
         Takapuna, Auckland
         New Zealand
         Telephone: (09) 984 1595
         Fax: (09) 984 3116)


AUSTRALIAN MARINE: Decides to Close Operations
----------------------------------------------
Members of Australian Marine Bi Products Pty Limited held a
general meeting on March 16, 2006, and agreed to voluntarily
wind up the Company's operations.

Contact: Des Benjamin
         Director
         c/o Norman K. Jones
         Pattisons Business Advisors and Insolvency Specialists
         Level 14, 461 Bourke Street
         Melbourne 3000, Australia
         Telephone: (03) 9600 4611


CORSA CORPORATION: Members to Receive Wind-up Report
----------------------------------------------------
The members of Corsa Corporation Pty Limited will convene today,
April 27, 2006, to receive Liquidator David H. Scott's account
regarding the Company's completed wind-up and disposal of the
Company's property.

As reported by the Troubled Company Reporter - Asia Pacific,
members of Corsa Corporation resolved to voluntarily wind up the
Company on August 17, 2005.

Contact: David H. Scott
         Liquidator
         Scott Partners Chartered Accountants
         77 Station Street, Malvern
         Victoria 3144, Australia


DIRECT COLOUR: Enters Voluntary Liquidation
-------------------------------------------
The members of Direct Colour Digital Service (Australia) Pty
Limited resolved to close the Company's business operations at a
general meeting on March 14, 2006.

Subsequently, Anthony Robert Cant was appointed as liquidator.

Contact: Anthony Robert Cant
         Liquidator
         Romanis Cant Chartered Accountants
         106 Hardware Street, Melbourne
         Australia


GENEJAM LIMITED: Placed Under Liquidation
-----------------------------------------
On March 31, 2006, it was resolved by special resolution that
Genejam Limited be liquidated for restructuring purposes and
that Brian Spooner be appointed liquidator.

All known creditors have been paid on the due dates and the
Company's business is now with the restructured City Car
Groomers Limited.

The Company's creditors are requested to prove their claims and
to establish any priority their claims may have on or before May
5, 2006.

Contact: Brian Spooner
         Liquidator
         Level Seven, West Plaza
         Auckland 1030, New Zealand
         Telephone: (09) 303 4507


HAWKES BAY: Appoints Official Liquidator
----------------------------------------
Ewan Richard Gardiner was appointed as liquidator of Hawkes Bay
Model A Club Incorporated on March 31, 2006.

Mr. Gardiner has fixed May 8, 2006, as the date on or before
which the Company's creditors are to make their claims.  Failure
to do so will exclude any creditor from sharing in any
distribution the Company will make.

Contact: Ewan richard Gardiner
         Gardiner Knobloch Limited
         Chartered Accountants
         Wilket House, Shakespeare Road
         Napier, New Zealand
         Telephone: (06) 835 5018


HIRE COMPANY: Names Receivers and Managers
------------------------------------------
Ross Andrew Blakeley and Ian Charles Francis Taylor were
appointed as the joint and several receivers and managers of the
property of The Hire Company (Australia) Pty Limited on February
21, 2006.

Contact: Ross A. Blakeley
         Receiver
         Taylor Woodings, Exchange Tower
         Suite 612, 530 Little Collins Street
         Melbourne, Australia

         Ian C. F. Taylor
         Receiver
         Level 6, 30 The Esplanade
         Perth, Western Australia


INSPIRATION IMMAGINATION: To Hold Final Meeting Today
-----------------------------------------------------
A final meeting of Inspiration Imagination Innovation (31) Pty
Limited will be conducted today, April 27, 2006.

At the meeting, Liquidator Ashton Brailey will present his final
accounts regarding the Company's wind-up operations.

Contact: Ashton Brailey
         Liquidator
         Ashton Brailey & Company
         Suite 8, 14 Frenchs Forest Road
         Frenchs Forest, New South Wales
         Australia


INTER-PACIFIC HOLDINGS: Court to Hear Wind-up Petition on May 4
---------------------------------------------------------------
An application to wind up Inter-Pacific Holdings Limited was
filed by Teamtalk Limited on February 10, 2006.

The High Court of Auckland will hear the application on May 4,
2006, at 10:00 a.m.

Any person wishing to appear at the hearing is requested to file
an appearance not later than May 2, 2006.

Contact: Dianne S. Lester
         Solicitor for the Plaintiff
         Credit Consultants Debt Services NZ Limited
         Level Three, 3-9 Church Street
         Wellington, New Zealand
         Telephone: (04) 470 5972


JASMIN REEF: Members Resolve to Wind Up Business
------------------------------------------------
After their extraordinary general meeting on March 15, 2006, the
members of Jasmine Reef Pty Limited agreed to shut down the
Company's operations.

Wayne Benton was appointed as liquidator at a creditors' meeting
held on the same day.

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


KOURTIS PTY: Court Issues Wind-up Order
---------------------------------------
On March 10, 2006, the Federal Court of Australia ordered the
wind-up of Kourtis Pty Limited, and nominated Stephen James
Parbery as liquidator for the wind-up.

Contact: Stephen J. Parbery
         Liquidator
         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


LONGNOSE CREEK: Wind-up Process Commenced
-----------------------------------------
At a general meeting on March 14, 2006, the members of Longnose
Creek Pty Limited resolved to close the Company's business
operations and distribute the proceeds of its assets.

Anthony M. Long was named as liquidator to manage the Company's
wind-up activities.

Contact: Anthony M. Long
         Liquidator
         c/o Boyce Chartered Accountants
         19 Montague Street, Goulburn
         New South Wales 2580, Australia


MEDIAPIRI PTY: To Distribute Final Dividend Today
-------------------------------------------------
Medapiri Pty Limited will distribute its final dividend today,
April 27, 2006, to the exclusion of its creditors who were not
able to prove their claims.

Contact: Robert Michael Scales
         Liquidator
         Ernst & Young
         8 Exhibition Street, Melbourne
         Victoria 3000, Australia
         Telephone: 03 9288 8272


MILLAROO MINES: Members Agree to Liquidate Business
---------------------------------------------------
At a general meeting on March 13, 2006, members of Millaroo
Mines N L concurred that it is in the Company's best interests
to liquidate its operations.

M. C. Smith was appointed as liquidator to oversee the wind-up.

Contact: M. C. Smith
         Liquidator
         c/o McGrathNicol+Partners
         Level 9, 10 Shelley Street
         Sydney, New South Wales 2000
         Australia
         Telephone: (02) 9338 2666
         Web site: http://www.mcgrathnicol.com.au/


NORTON-RAM PTY: Receivers Step Aside
------------------------------------
Neil Geoffrey Singleton and Anthony Milton Sims ceased to act as
the receivers and managers of the property of Norton-Ram Pty
Limited on March 16, 2006.


PILMINT PTY: Court Releases Wind-up Order
-----------------------------------------
The Supreme Court of New South Wales issued a wind-up order
against Pilmint Pty Limited on March 9, 2006, and appointed Mark
Julian Robinson to act as liquidator.

Contact: Mark J. Robinson
         Liquidator
         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


PRYTON PTY: Liquidator to Present Wind-up Report
------------------------------------------------
A final meeting of the members and creditors of Pryton Pty
Limited will be held for the parties to receive Liquidator H. J.
Kazar's final account showing how the Company was wound up and
how its property was disposed of.

The meeting will be held today, April 27, 2006.

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


RANGEVILLE PROPERTIES: Members Opt for Voluntary Liquidation
------------------------------------------------------------
At a general meeting of the members of Rangeville Properties Pty
Limited on March 16, 2006, it was agreed that a voluntary wind-
up of the Company is appropriate and necessary.

Gregory Stuart Andrews was then appointed as liquidator for the
wind-up.

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


SECURE-ALL SECURITY: Liquidator Set to Present Wind-up Report
-------------------------------------------------------------
The final meeting of the members and creditors of Secure-All
Security Services Pty Limited is scheduled today, April 27,
2006, for them to get an account of the manner of the Company's
wind-up and property disposal from liquidator Paul Burness.

Contact: Paul Burness
         Liquidator
         Worrells Solvency & Forensic Accountants
         Level 5, 15 Queen Street
         Melbourne, Victoria 3000
         Australia
         Telephone: (03) 9613 5500
         Fax: (03) 9614 3233
         Web site: http://www.worrells.net.au/


SKANZ PTY: Placed Under Voluntary Liquidation
---------------------------------------------
Members of Skanz Pty Limited agreed at an extraordinary general
meeting on March 10, 2006, that a voluntary wind-up of the
Company is necessary and in its best interests.

Anthony Matthews and Tarquin Raoul Koch were appointed as
official liquidators of the Company.

Contact: Tarquin R. Koch
         Anthony Matthews
         Liquidators
         Anthony Matthews & Associates
         Ground Floor, 91 Hutt Street
         Adelaide, South Australia 5000
         Australia
         Telephone: (08) 8232 8885
         Fax: (08) 8232 8886
         e-mail: info@matthewsassociates.com.au


TAVELA PTY: Prepares to Pay Dividend to Creditors
-------------------------------------------------
Tavela Pty Limited will declare its final dividend today, April
27, 2006.

Creditors who were not able to prove their debts are excluded
from the benefit of the dividend.

Contact: Robert Michael Scales
         Liquidator
         Ernst & Young
         8 Exhibition Street, Melbourne
         Victoria 3000, Australia
         Telephone: 03 9288 8272


TIME-MOTION ANALYSIS: Faces Wind-up Proceedings
-----------------------------------------------
The Commissioner of Inland Revenue, on March 15, 2006, filed an
application before the High Court of Invercargill to put Time-
Motion Analysis & Solutions Limited into liquidation.

The Application will be heard before the Court on May 15, 2006,
at 10:00 a.m.

Any person wishing to appear at the hearing is requested to file
an appearance not later than May 11, 2006.

Contact: S. N. McKenzie
         Solicitor for the Plaintiff
         Preston Russell Law, Solicitors
         92 Spey Street, (P.O. Box 355)
         Invercargill, New Zealand
         Telephone: (03) 211 0080
         Facsimile: (03) 211 0079


TM STEELFIXING: Falls Under Voluntary Liquidation
-------------------------------------------------
At a meeting on March 14, 2006, the members of creditors of TM
Steelfixing Pty Limited had determined that, due to the
Company's inability to pay its debts, a voluntary wind-up of its
business operations is appropriate and necessary.

Geoffrey McDonald was appointed as liquidator.

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


TRAVELGATE TECHNOLOGY: Falls Into Liquidation
---------------------------------------------
The liquidation of Travelgate Technology Limited was commenced
on April 6, 2006, after the appointment of Joint and Several
Liquidators Peter Reginald Jollands and Catherine Jane Jollands.

The Liquidators now requests the Company's creditors to prove
their claims on or before May 31, 2006, or be excluded from
sharing in any distribution the Company will make.

The Troubled Company Reporter - Asia Pacific reported that the
High Court of Auckland on January 25, 2006, received an
application from Telecom New Zealand Limited to liquidate
Travelgate Technology.

Contact: Peter R. Jollands
         Liquidator
         Jollands Callander
         Accountants and Insolvency Practitioner
         Level Four, 3-13 Shortland Street
         Auckland, New Zealand
         Web site: http://www.jollandscallander.co.nz/


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

AGRO PRODUCTS: Creditors' Proofs of Debt Due on May 14
------------------------------------------------------
Agro Products Trading Limited will be receiving creditors'
proofs of debts on or before May 14, 2006.

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

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

Contact: Yuen Shu Tong
         Liquidator
         3/F., Malaysia Building
         50 Gloucester Road
         Wanchai, Hong Kong


AMASS VISION: Wind-Up Hearing Set on June 14
--------------------------------------------
The High Court of Hong Kong received on April 11, 2006, a
petition to wind up Amass Vision Company Limited.

Music Nation Records Company Limited -- of 15th Floor, East
Exchange Tower, 38 Leighton Road, Causeway Bay, Hong Kong --
presented the petition.  

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

Any creditor or contributory planning to support or oppose the  
Petition may appear personally or by proxy at the time of
hearing.  

Contact: Messrs. OR, Ng & Chan
         Solicitors for the Petitioner
         15th Floor, The Bank of East Asia Building
         10 Des Voeux Road Central
         Central, Hong Kong


ASSON COMPUTING: Wind-up Petition Hearing Fixed on May 17
---------------------------------------------------------
Lam Wai Yan on March 17, 2006, filed a petition to wind up Asson
Computing Education Center Limited.

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

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

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


BANK OF CHINA: Forced To Raise HK IPO Float
-------------------------------------------
As reported by Troubled Company Reporter - Asia Pacific on
January 10, 2006, the Bank of China has secured key approval
from the State Council to launch a HK$60 billion (US$7.7
billion) Hong Kong initial public offering in the first half of
2006.  The offering would value the bank at CNY400 billion
(US$49.6 billion).

In an updated on April 26, 2006, The Standard reports that the
Hong Kong Exchanges & Clearing Ltd. has forced the Chinese
lender to increase the size of its initial public offering to
20% of its share capital.  The deal is likely to raise US$7
billion, or HK$54.6 billion.

The Standard relates that the Bank of China was originally
planned a float of 16% of its enlarged share capital.  Investors
including Swiss bank UBS AG, Temasek Holdings and the mainland's
National Social Security Fund, have taken up a 10% stake.

The original share sale structure would have left less than half
the number of shares to be sold to institutional and retail
investors, which was rejected by the Hong Kong regulator.

The Standard relates that in order to comply with the
requirements of the listing committee, the Bank of China should
sell more Hong Kong-listed H-shares and reduce the number of
shares made available in a potential listing on the mainland at
a later date.

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.


BRIDGELEY LIMITED: Court Appoints Liquidator
--------------------------------------------
On March 31, 2006, the High Court of Hong Kong Special
Administrative Region appointed Wong Po Weng and Bruce William
Dunlop as Joint Liquidators for Bridgeley Limited.

Contact: Wong Poh Weng
         Bruce William Dunlop
         Joint and Several Liquidators
         7th Floor, Allied Kajima Building
         138 Gloucester Road
         Hong Kong


CASPER (H.K.) HI-TECH: Appoints Soong Ching-Wah as Liquidator
-------------------------------------------------------------
Soong Ching-Wah was appointed as the liquidator of Casper (H.K.)
Hi-Tech Limited on March 31, 2006.

Contact: Soong Ching-Wah
         Liquidator
         Flat A, 21st Floor
         Block 8, Ka Wai Chuen
         5 Fat Kwong Street
         Hunghom, Kowloon
         Hong Kong


CODEBANK LIMITED: Winding Up Process Commenced
----------------------------------------------
Codebank Limited has received a wind-up order from the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on March 29, 2006.

The Troubled Company Reporter - Asia Pacific has reported on
March 17, 2006, that Fong China Fai Simon presented a petition
for the winding up of the Company on January 6, 2006.

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


DYNAMIC CREATIONS: Court to Hear Wind-up Petition on May 10
-----------------------------------------------------------
Smart Developments Limited on January 18, 2006, lodged with the
High Court of Hong Kong a winding-up petition against Dynamic
Creations Limited.

The High Court will hear the Petition on May 10, 2006, at 10:00
a.m.   
  
At the hearing, members will consider:

     -- that the shares of the Company be valued by an
        independent auditor appointed by the Court;

     -- that Abbeycrest Plc shall purchase the 25
        shares held by Smart Developments Limited in the issued
        capital of the Company at such value as assessed in
        accordance with paragraph 1 (a) hereinabove or otherwise
        as assessed or directed by the Court; and

     -- that Abbeycrest Plc, through itself or through its
        agents and/or nominated directors of the Company, be
        restrained from acting or conducting business of
        the Company in a manner unfairly prejudicial to the
        interest of the Petitioner.

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

Contact: Messrs. Kenneth C.C. Man & Co.
         Solicitors for the Petitioner
         7th Floor, New Henry House
         10 Ice House Street
         Central, Hong Kong


INTERNATIONAL PRECAST: Chiu & Yin Ceases to Act as Liquidators
--------------------------------------------------------------
Ying Hing Chiu and Chung Miu Yin, Diana, on March 27, 2006,
ceased to act as Joint and Several Liquidators of International
Precast Systems Limited.
  
Contact: Ying Hing Chiu
         Chung Miu Yin Diana
         Former Joint and Several Liquidators
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


MILLION GRAND: Appoints Official Liquidators
--------------------------------------------
The High Court of the Hong Kong Special Administrative Region on
April 6, 2006, released an order to appoint James T. Fulton and
Cordelia Tang as Joint and Several Liquidators of Million Grand
Industrial Limited.

Contact: James T. Fulton
         Cordelia Tang
         905 Silvercord, Tower 2
         30 Canton Road, Tsimshatsui
         Kowloon, Hong Kong


PRELUDE SHIPPING: Postpones Wind-Up Hearing to May 17
-----------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
March 14, 2006, that Alpha-Marine Company Limited has filed a
petition to wind up Prelude Shipping Company Limited on
January 4, 2006.  

The petition was fixed for hearing before the High Court of Hong
Kong Special Administrative Region on March 22, 2006, at 9:30
a.m.

In an update on April 21, 2006, Alpha-Marine amended the winding
up petition and rescheduled the hearing on May 17, 2006, at 9:30
a.m.

Creditors or contributories of the Company who wish to support
or oppose the Petition may appear in Court at the time of the
hearing.  

Contact: Messrs. Elsa Law & Co.
         Solicitors for the Petitioner
         Room 1602, 16th Floor
         Workingbond Commercial Centre
         162 Prince Edward Road West
         Kowloon, Hong Kong


SPEEDTEX GARMENT: Liabilities Prompt Firm to Wind Up
----------------------------------------------------
The members of Speedtex Garment Factory Limited on
April 4, 2006, placed the Company in liquidation.

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

Subsequently, the members appointed Chiu Ming Chung Joe and So
Kai Tong Stanley as Joint and Several Liquidators.


QUANTUM NETWORKS: Winding Up Hearing Set on May 10
--------------------------------------------------
On March 8, 2006, Boris Frederiksen filed an application to wind
up Quantum Networks Asia Pacific Limited with the High Court of
Special Administrative Region.  
  
The Application will be heard before the High Court of Hong Kong
on May 10, 2006.  

Contact: Allens Arthur Robinson
         Solicitors for the Petitioner
         49/F., One Exchange Square
         8 Connaught Place
         Central, Hong Kong
         Telephone: 2840 1202   
         Fax: 2840 0686
  

SHINY LUCK: Court to Hear Wind-up Petition on May 24
----------------------------------------------------
Lee Tsz Kwan presented to the High Court of Hong Kong a winding-
up petition against Shiny Luck Investment Limited on March 22,
2006.   

The High Court will hear the petition on May 24, 2006, at
9:30 a.m.  

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

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


SINO LOGIC: Winding Up Process Commenced
----------------------------------------
On March 3, 2006, Woo Ho Kei filed an application to wind up
Sino Logic Trading Limited with the High Court of Special
Administrative Region.   

The Application will be heard before the High Court on May 10,
2006, at 9:30 a.m.

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


VASTECH DEVELOPMENT: Wind-up Hearing Slated for May 24
------------------------------------------------------
On March 9, 2006, the Bank of China (Hong Kong) Limited filed a
petition to wind up Vastech Development Limited.  

The Petition will be heard before the High Court of Hong Kong
Special Administrative Region on May 24, 2006, at 9:30 a.m.   

Creditors or contributories of the Company who wish to support
or oppose the Petition may appear in Court at the time of the
hearing.  
   
Contact: Messrs. Liu, Chan and Lam
         Solicitors for the Petitioner
         Suites 1710-1718, 17th Floor
         Hutchison House
         10 Harcourt Road
         Central, Hong Kong


WIN CAPITAL: Creditors' Proofs of Claims Due on May 14
------------------------------------------------------
Win Capital Trading Limited will be receiving creditors' proof
of debts or claims on or before May 14, 2006.

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

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

Contact: Yuen Shu Tong
         Liquidator
         3/F., Malaysia Building
         50 Gloucester Road
         Wanchai, Hong Kong


YAMAHA MOTOR CHINA: Court Appoints Joint Liquidator
---------------------------------------------------
On March 31, 2006, the High Court of Hong Kong appointed Rainier
Hok Chung Lam and John James Toohey as Joint and Several
Liquidators for Yamaha Motor China Limited.

Contact: Rainier Hok Chung Lam
         John James Toohey
         22nd Floor
         Prince's Building
         Central, Hong Kong


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

DUNLOP INDIA: Fire Breaks Out at Shahaganj Plant
------------------------------------------------
A fire hit Dunlop India's Shahaganj facility on April 22, 2006,
a day after the plant's reopening, Express News Service reveals.

A witness told the New Kerala News that scrap tires and old
stuff dumped into a room near the plant's West Gate caught fire,
which apparently resulted from a short circuit in the card-
punching office.  It took three tankers to put out the fire, the
witness said.

Meanwhile, Dunlop India's new owner, Pawan Ruia, said that he is
waiting for an assessment report on the damage.  But he is
confident that the loss will not be substantial enough to affect
the Company's finances.  Mr. Ruia also told Express News that he
does not see any foul play behind the incident.

The Sahagunj factory in West Bengal was reopened on April 21,
2006, after a five-year closure, the Troubled Company Reporter -
Asia Pacific reported on April 25, 2006.  The plant was reopened
for maintenance work to pave the way for full operations on
August 31, 2006.

As reported by the TCR-AP, Dunlop India's Ambattur factory in
Tamil Nadu had also reopened on April 10, 2006, after almost
five years of closure.

The TCR-AP reported that the Ambattur and Sahagunj plants closed
down in 2001 when Dunlop India became sick under the Manu
Chabria led management.  Dunlop India's revival prospects
brightened when Ruia bought the entire tire business of the
Chhabria family controlled Jumbo Group of Dubai in December last
year for INR200 crores.  The Ruia Group had proposed to re-open
both plants with 1,000 workers in each and offering voluntary
retirement packages to others.  

Dunlop India's Sahagunj factory produces giant truck and
aviation tires while its plant in Ambattur in Tamil Nadu
produces cars and smaller vehicle tires.  

                       About Dunlop India

Headquartered in Kolkota, India, Dunlop India Limited is
involved principally in manufacturing and distributing
automotive tires and tubes.  The firm's other activities include
manufacturing high-pressure hoses, steelcord belting and
vibration isolators.  The company had reported profit until
March 1997.  In January 1998, the Board of Directors decided
that the Company had become sick due to the necessity of
reversing the earlier decision for sale of some real estate
property of the company through a subsidiary, Dunlop Investment
Limited.  This decision required a reversal of corresponding
entry of INR1,700 million and its reflection in the accounts of
the financial year 1997-98.  After taking this into account, the
Board of Directors decided to refer the Company to Board of
Industrial and Financial Reconstruction and abruptly announced
suspension of Dunlop's operations in both Sahaganj and Ambattur
in February 1998.  The Ministry for Law, Justice and Company
Affairs had also come to the conclusion after inspection of the
Books of Accounts of Dunlop India that there were serious
irregularities and had moved the Company Law Board for
appointment of Government Directors.  In January 2006, the Ruia
Group took over the Company and voted to re-open its plants in
within this year.


FERTLISERS AND CHEMICALS: Registers Higher Sales Revenue
--------------------------------------------------------
Fertilisers and Chemicals Travancore Limited clocked better
sales results for fiscal 2005-06 with a total sales revenue of
INR1,400 crore, as compared INR1,215 in 2004-05, Sify reports.

The sales revenue from fertilizers has witnessed a steep rise
touching INR1,045 crore during 2005-06 from INR728.27 crore the
previous fiscal, the Company said on a press release.

The Company, however, failed to achieve its target sales for
captrolactam due to fluctuations in the international market.  
Otherwise rise in overall sales revenue would have been much
higher.

In the year under review, FACT sold around eight lakh tonnes of
factamfos as against 5.30 lakh tonnes in 2004-05, registering a
50% increase.  This quantum jump in the sale of factamfos on
percentage basis is an all time high record.

The total sale of fertilizers during the last fiscal stood at
9.82 lakh tonnes, which showed an increase of 1.97 lakh tonnes
over the previous year.

Due to strong demand for ammonium sulfate in the domestic
market, export of the product to foreign markers could not be
taken up in a big way.

Meanwhile, the Troubled Company Reporter - Asia Pacific reported
on April 7, 2006, that FACT managed to produce a total output of
9,18,888 tonnes against 7,61,352 tonnes the previous year,
registering an increase of 21%.

        About Fertilisers & Chemicals Travancore Limited

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


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

PERUSAHAAN LISTRIK: Plans to Issue $2.5 Billion Islamic Bonds
-------------------------------------------------------------
State-owned electricity company PT Perusahaan Listrik Negara
plans to issue between US$2 billion and US$2.5 billion in
Islamic bonds in the first half of 2006, Dow Jones reports.

"The proceeds from the bond issue will be used to finance the
development of coal power plants," its newly appointed president
commissioner Alhilal Hamdi said.

The bonds, which will be marketed in the Middle East, will be
guaranteed by the Company's assets, valued at US$4.5 billion,
Mr. Alhilal added.  

The Company has received offers from HSBC Shariah, Citicorp and
Dubai Islamic Bank to arrange the bonds issue.  It has also
picked state-owned investment bank PT Danareksa as financial
adviser for the proposed issue.

Meanwhile, PLN expects its planned power plants to commence
operations by 2009 with a total capacity of 2,000 megawatts per
day.  The report did not disclose how many power plants PLN
plans to build.

                          *     *     *

Headquartered in Jakarta, Indonesia, PT Perusahaan Listrik
Negara -- http://www.pln.co.id/-- is Indonesia's state-owned  
utility company.  The Company transmits and distributes
electricity to approximately 30 million customers, or about 60%
of Indonesia's population.  The Indonesian Government decided to
end PLN's power supply monopoly to spark interest for
independents to build more capacity for sale directly to
consumers, as many areas of the country are experiencing power
shortages.

After suffering heavy losses since 2004, PLN posted a IDR4.92
trillion net loss in 2005, compared with the IDR23-trillion net
loss it had expected.

The Troubled Company Reporter - Asia Pacific reported that as
part of its cost-cutting efforts, PT Perusahaan Listrik Negara
is planning to substitute the use of high-speed diesel in some
of its power plants with fuel oil, the Jakarta Post says.  PLN
primary energy director Tonny Agus Mulyantono said that the
Company has identified 45 diesel-power plants that could be
converted to use the cheaper fuel oil.  The Company expects some
IDR1.34-trillion savings if the conversion pushes through since
fuel oil only costs IDR3,600 per liter, which is much cheaper
that the IDR5,043 per liter diesel fuel.  PLN would need six to
eight months to install new equipment to handle fuel oil, which
is thicker than high-speed diesel fuel.


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

EHOMES INCORPORATED: President Arrested for Law Violations
----------------------------------------------------------
Local police arrested eHomes Incorporated president Togo Fujita
and seven other individuals on April 26, 2006, for alleged
violations of construction industry laws in building structures
with falsified earthquake-safety data, Kyodo News reports.

Crisscross News says that disqualified architect Hidetsugu Aneha
provided substandard earthquake-resistance data to property
developers, one of which is eHomes.

The Ministry of Land, Infrastructure and Transport discovered in
November 2005 that several buildings designed by Mr. Aneha and
inspected by eHomes were built using structural data that did
not pass government standards, TMC News reveals.

Mr. Aneha said that he fabricated the data because he was
pressured by clients to cut costs.

The charges against Mr. Fujita and Mr. Aneha are not directly
related to the building scandal, but police hope their arrests
and the continuing investigation would help build a strong case
against them.

Mr. Fujita was arrested mainly for his role in falsifying the
Company's financial accounts to show an inflated capital of
JPY50 million, when it actually had JPY23 million in capital,
according to an April 25, 2006 report by the Troubled Company
Reporter - Asia Pacific.


EHOMES INCORPORATED: Finance Firm to Cut Equity Ties
----------------------------------------------------
Financial services firm SBI Holdings Inc. plans to dissolve its
equity ties with building developer eHomes Incorporated in the
wake of a construction scandal involving fabricated structural
data, Crisscross News says.

According to SBI Holdings chief executive officer Yoshitaka
Kitao, they will return their 49% stake to the Company in
exchange for JPY60 million, which was used to purchase eHomes
shares.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
April 27, 2006, that local police arrested the president of  
building inspector eHomes Incorporated, which is suspected of  
falsifying its financial statements.


LIVEDOOR COMPANY: Ex-CEO To Be Released on Bail
-----------------------------------------------
Livedoor Company Limited's former president, Takafumi Horie, is
expected to be released on bail this week after having been
detained in an accounting scandal earlier this year, Bloomberg
News reveals, citing Tokyo prosecutors.

Police arrested Mr. Horie on January 23, 2006, for violating
securities laws that ultimately led to the demise of the
Internet Company.  Mr. Horie had sought to be released on bail
twice, without success.

A January 18, 2006 report by the Troubled Company Reporter -
Asia Pacific stated that prosecutors had raided the Company's
offices in Tokyo on suspicions that it violated securities laws.
Livedoor was accused of spreading false information about a
subsidiary in an alleged effort to improperly boost stock
prices.

Since then, Livedoor's stock plunged, inducing a massive stock
selling and causing shareholders to lose their investments as
its share price dropped from over JPY300 per share to JPY94 per
share within a three-month period.  The Company was also accused
of doctoring a 2004 financial report to hide a JPY313 million
loss, by posting a JPY5 billion profit for the period.

                         About Livedoor

Headquartered in Tokyo, Japan, Livedoor Company Limited --
http://corp.livedoor.com/en/-- is engaged in Internet-related  
business.  It is involved in many sectors, including out portal
site "livedoor", financial business, corporate web solutions,
data center and IP telephony business.

In 2005, prosecutors raided Livedoor's office on suspicions of
accounting fraud.  Company executives were alleged to have
relayed false information on a merger, with the intent to boost
the stock price of a Company subsidiary.  Livedoor's stock price
plunged on allegations that the Company concealed a JPY1 billion
loss for the financial year ended September 2004.

The Troubled Company Reporter - Asia Pacific reported on
April 18, 2006, that Livedoor's shares were delisted from the
Tokyo Stock Exchange on April 14.


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

ASIANA AIRLINES: Posts KRW41.26 Billion Profit in First Quarter
---------------------------------------------------------------
Asiana Airlines Inc. booked a net profit of KRW41.26 billion in
the first quarter of fiscal year 2006, versus a net profit of
KRW32.01 billion in the same period last year, the Korea Times
reports.

Meanwhile, sales gained 9.1% from a year ago to KRW796 billion,
while operating profit plunged 4.1% to KRW16.64 billion.

Brisk sales and fuel surcharges offset extra costs stemming from
a 37.6% increase in the unit price of fuel oil, the Company
said.

                          *     *     *

Headquartered in Osoe-Dong Kangseo-Gu, South Korea, Asiana  
Airlines Incorporated -- http://www.asiana.co.kr/-- is engaged  
in air transportation, engineering, construction, facilities,
electricity, ground handling, catering, communication, logo
products and e-business.  Asiana Airlines is a unit of the Kumho
Asiana Group, a South Korean conglomerate whose business
portfolio includes tire manufacturing and chemical production.

The Troubled Company Reporter - Asia Pacific has reported that
Asiana Airlines has incurred a net loss of KRW52.1 billion in
the July to September period of 2005, attributed to decreased
sales and high fuel costs, compared to the KRW60.6 billion net
profit in the same period in 2004.  

In June 2005, Asiana's losses surpassed the US$30 million mark
as the strike of its unionized pilots staged a strike on demands
for more rest days, the raising of the retirement age from 55 to
58 and a greater say in personnel management decisions.  The
pilots' strike caused third-quarter sales to drop by KRW66
billion in 2005 from a year earlier, while fuel costs surged
46.3%.  


HYUNDAI MOTOR: Chairman Faces Arrest for Corruption
---------------------------------------------------
The Supreme Prosecutor's Office will recommend to Prosecutor
General Choung Sang-myoung that Hyundai Motor Chairman Chung
Mong-koo be arrested in a massive corruption scandal, while
Chairman Chung's son, Eui-sun, who is Kia Motors Corporation's
president, be indicted without arrest, Digital Chosun relates.

The Troubled Company Reporter - Asia Pacific reported on
April 25, 2006, that Chairman Chung faced prosecutors and
answered questions regarding his involvement in a slush fund
case wherein the Hyundai Automotive Group allegedly embezzled
millions of dollars to bribe government officials.  On April 20,
2006, Eui-sun appeared before prosecutors and went under 18
hours of questioning.

Digital Chosun states that investigators have decided that at
least one of the Chung's and three or four other executives in
the group should be detained for their part in the scandal.  The
executives include Hyundai Automotive Group Vice-Chairman Kim
Dong-jin and President for Planning Chae Yang-ki.  

Prosecutors say that they have evidence proving that Hyundai
Motor and five affiliates created slush funds worth some KRW110
billion, misappropriated hundreds of billions of won and bribed
officials to the tune of several billion.

Hyundai Automotive Group -- which includes Hyundai Motor Co.,
Kia Motors Corporation and Hyundai Mobis Co. -- is the nation's
second largest conglomerate after Samsung.

Chosun notes that prosecutors will apply for arrest warrants
before the end of this month.

                       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.  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.

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.


KOREA EXCHANGE: Kookmin's Takeover May be Delayed
-------------------------------------------------
The Troubled Company Reporter - Asia Pacific has reported on
March 24, 2006, that the United States-based Lone Star has
agreed to sell its 64.62% stake in Korea Exchange Bank to
Kookmin Bank.  Kookmin Bank will have to pay KRW6.4 trillion for
the takeover.

A subsequent TCR-AP report stated on April 12, 2006, that the
Board of Audit and Inspection unveiled that Korea Exchange
Bank's former president, Lee Kang-won, has admitted there was a
mistake in calculating the Bank's capital adequacy ratio before
it was sold to Lone Star in 2003.  Mr. Lee later denied that the
financial data was fabricated, but the audit committee is
seeking to investigate whether the data was manipulated for the
benefit of Lone Star.  

In an update on April 24, 2006, The Korea Herald states that
Kookmin Bank has extended the four-week due diligence process by
three weeks until May 12.  Kookmin said it will not make a
payment until prosecutors and the auditors finish the
investigation.

                      About Korea Exchange

Korea Exchange Bank -- http://www.keb.co.kr/english/index.htm--  
was established in January 1967 by the Government originally as
a specialist foreign exchange bank.  It retains its strength in
trade finance and foreign exchange.  In terms of assets, it
ranks sixth among Korea's nationwide commercial banks with 7% of
system assets.  It operates a branch network of 317 domestic and
28 overseas offices.  During the economic crisis, significant
exposures to troubled corporate borrowers led to a deterioration
in the bank's financial health.  However, since then, its
operating performance stabilized, and the bank has reported
eight consecutive quarterly profits since the end of 2003.

As reported by the Troubled Company Reporter - Asia Pacific,
South Korean politicians -- led by the main opposition Grand
National Party -- have alleged that the Korea Exchange shares
were sold cheap to United States-based Lone Star Funds after the
Bank's financial status was incorrectly reported.  Korea
Exchange denied the allegations in March 2006.  The results of
the Board of Audit and Inspection's probe are expected to come
out in June of this year.


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

AFFIN HOLDINGS: Finance Ministry Backs Banking Group Plan
---------------------------------------------------------
The Minister of Finance, through a letter dated April 20, 2006,
issued by Bank Negara Malaysia and the Securities Commission,
has approved Affin Holdings Berhad's establishment of the Affin
investment banking group pursuant to the Banking and Financial
Institutions Act, 1989, and the Securities Commission Act, 1993,
subject to certain conditions.

The establishment of the Affin Investment Banking Group would
involve Affin's three wholly owned subsidiaries:

     * Affin Merchant Bank Berhad;

     * Affin Securities Sdn Bhd; and

     * Affin Discount Berhad.

Bank Negara also approved Affin Merchant Bank Berhad's
acquisition from Affin Holdings of the 100% equity interest in
Affin Fund Management Sdn Bhd and its subsidiary Affin Trust
Management Berhad.

The approval of the Securities Commission, on behalf of the
Foreign Investment Committee, was also obtained for the
Proposal, under the FIC's Guidelines on Acquisition of
Interests, Mergers and Take-overs by Local and Foreign
Interests.

                  About Affin Holdings Berhad

Affin Holdings Berhad -- http://www.affin.com.my/-- was  
incorporated on May 31, 1975, as a private limited company under
the name of I.M.A. Sdn Bhd.  On September 15, 1978, it changed
its name to Affin Motor and Credit Finance (Malaysia) Sdn Bhd.  
Subsequently, it changed its name again to Affin Credit
(Malaysia) Sdn Bhd on January 16, 1979, and thereafter to Affin
Holdings Sdn Bhd on March 2, 1991.  It was converted into a
public company under its present name on May 6, 1991.

Headquartered in Kuala Lumpur, Malaysia, Affin Holdings is
engaged in commercial banking, merchant banking, finance company
business, stock broking and asset management business.  The
Company's other activities include the provision of insurance
services, lease and hire purchase financing, nominee services
and investment holding.  Operations are carried out principally
in Malaysia.  Affin Holdings had experienced consecutive losses
because of huge loan provisions and impairment of assets.  
However, the Affin Group is starting to recover as a result of
the hard work and professionalism displayed by management at all
levels of the organization.


APEX EQUITY: Pays MYR3,292 for 6,400 Own Shares
-----------------------------------------------
On April 25, 2006, Apex Equity Holdings Berhad bought back 6,400
ordinary shares of MYR1.00 each for a total cash consideration
of MYR3,292.16.

The minimum price paid for each share purchased was MYR0.510 and
the maximum was MYR0.510.

After the purchase, the cumulative outstanding treasury shares
have reached 3,102,600.

On April 24, 2006, Apex Equity Holdings Berhad bought back
27,400 ordinary shares of MYR1.00 each for a total cash
consideration of MYR13,836.94, according to an earlier report by
the Troubled Company Reporter - Asia Pacific.     

               About Apex Equity Holdings Berhad

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


BUKIT KATIL: Unable to Pay Loans Due to Insolvency
--------------------------------------------------
The Board of Directors of Bukit Katil Resources Berhad are of
the opinion that the Company is insolvent, as it is unable to
pay its debts in full within 12 months from April 25, 2006.

In relation to this, the Company provided an update on its loan
facilities.

   * Bumiputra Commerce Bank Berhad  

     The application by the bank to enter summary judgment
     against the company was allowed by the Learned Senior
     Assistant Registrar on July 16, 2004.

   * OCBC Bank (Malaysia) Berhad

     OCBC Bank (Malaysia) Berhad has obtained an order for sale
     on November 14, 2003, on Omega Bricks Sdn Bhd's land
     held under Grant Reg No.31, Lot No 5058 Mukim Gunung
     Semanggol, Daerah Krian, Negeri Perak.

     On October 6, 2003, OCBC Bank (Malaysia) Berhad has also
     obtained a winding-up petition and was served on the
     Company on November 14, 2003.  The High Court on
     September 8, 2003, allowed the Bank's application for the
     winding-up petition.  The Company has already filed a
     Notice of Appeal to the Court of Appeal against the
     decision of the High Court.  The High Court on October 6,
     2005, granted a stay of the Winding-up Order for a period
     until August 18, 2006.

   * Alliance Merchant Bank Berhad

     No date has been set to consider the Bank's application
     for summary judgment.

   * Perbadanan Kemajuan Negeri Pahang

     Bukit Katil is a defendant in suit being initiated by
     Perbadanan Kemajuan Negeri Pahang for breach of a Call
     Option Contract.  On April 19, 2004, a final judgment was
     granted by the High Court for MYR14.0 million against the
     Company, inclusive of interest until the date of full
     settlement.

     An application in relation to a proposed debt restructuring
     scheme has been submitted to the Securities Commission on
     December 16, 2005, for all liabilities.

                    About Bukit Katil Berhad

Headquartered in Kuala Lumpur, Malaysia, Bukit Katil Resources
Berhad is engaged in money lending and oil palm and rubber
production.  Other activities include investment holding,
software development, property investment and development and
manufacturing of bricks and ceramic products.  Operations are
carried out in Malaysia and India.  The Company has defaulted on
several loan facilities and admits it does not have sufficient
cash to pay its debts.  On December 16, 2005, the Company
presented an application to regularize its financial condition,
which is currently pending approval of the Securities
Commission.


CHG INDUSTRIES: Seeks More Time to Implement Rehabilitation Plan
----------------------------------------------------------------
The 90-day restraining order granted in favor of CHG Industries
Berhad on January 24, 2006, has lapsed on April 23.

In this regard, on April 25, 2006, CHG made the necessary
application to the Kuala Lumpur High Court to seek further
extension of the Restraining Order.

Through an extension of the Order, CHG has more time to
facilitate the implementation of its proposed debt and corporate
restructuring scheme.

Meanwhile, the Troubled Company Reporter - Asia Pacific reported
that on April 6, 2006, the Securities Commission rejected CHG's
application in relation to the proposals under the Company's
Debt and Corporate Restructuring Scheme.

While considering the CHG Application, the SC noted that:

   -- the Proposals do not provide the appropriate benefits
      to the shareholders of CHG whereby upon completion of
      the Proposals, the shareholders of CHG will only hold
      6.72% equity interest in Sinar Tiasa Sdn Bhd;

   -- the Proposals involve among others, the acquisition of
      three companies which are involved in businesses in the
      timber industry.  In the competitive timber industry,
      Sinar Tiasa has no certainty of supply of logs due to,
      among others, Sinar Tiasa and its proposed subsidiaries
      not owning a timber concession.  Furthermore, one of the
      companies that will be acquired by Sinar Tiasa, that is,
      Rejang Logging Co. Sdn Bhd which is the largest profit
      contributor to the Sinar Tiasa Group, is dependent on
      income derived from one customer, that is Bornion Timber
      (Sarawak) Sdn Bhd; and

   -- there are conflicting interests with the businesses of
      the Sinar Tiasa Group as the promoters are also involved
      in the upstream and downstream businesses in the timber
      industry in other companies that are both listed and
      unlisted on Bursa Malaysia Securities Berhad.

The Company said that it will deliberate on the SC's decision
and an appropriate announcement will be made in due course.  

As reported by the Troubled Company Reporter - Asia Pacific, CHG
Industries entered into an agreement with Linmax Group Sdn Bhd
on June 3, 2004, to undertake a corporate and debt restructuring
exercise, which involves a capital reduction, the injection of
fresh assets and a transfer of its listing status.  

                  About CHG Industries Berhad

Headquartered in Selangor Darul Ehsan, Malaysia, CHG Industries
Berhad -- http://www.chg.com.my/-- is an investment holding  
company listed on the Main Board of the Kuala Lumpur Stock
Exchange, Malaysia.  It is the parent company of the CHG
Industries Group, whose principal activity is in the
manufacture, distribution and export of plywood, LVL (Laminated
Veneer Lumber) and other veneer products.  The Company's woes
started when it defaulted on loan facilities in 1999.  In 2004,
the Company has proposed a restructuring exercise, which
involves a capital reduction, the injection of fresh assets and
a transfer of its listing status.  The plywood and veneer
product maker will be transformed into a mechanical and
engineering company through the injection of the assets of  
Linmax Group Sdn Bhd.  CHG said the restructuring via Linmax
will enable its existing shareholders to participate in Linmax,
which has income-generating assets, and keep the company listed
on the local bourse.  The proposed restructuring scheme is
expected to be completed this year.


INTAN UTILITIES: Takes Remaining Stake in Premier
-------------------------------------------------
Intan Utilities Berhad has acquired the remaining two ordinary
shares of MYR1.00 each in Premier Merchandise Sdn Bhd from
Global Empires Sdn Bhd for a total cash consideration of
MYR2.00.  The Acquisition has resulted in Intan owning Premier's
entire issued ordinary share capital of MYR100,000 comprising
100,000 ordinary shares.

The cash consideration of the Acquisition Shares, which was
acquired free from all claims and charges, was based on the par
value of Premier share.

The Acquisition does not have any effect on the share capital
and shareholdings of the substantial shareholders of Intan.  The
Acquisition does not have any material effect on Intan's
consolidated earnings and net assets.

Intan's Board of Directors is of the opinion that Acquisition is
in the best interests of the Intan Group.

                  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.


MALAYSIA AIRLINES: Says Cost Cuts will not Affect Service
---------------------------------------------------------
Malaysia Airlines assured customers that it will not skimp on
its services despite the cost-cutting measures it is
implementing under its business turnaround plan, Business Times
relates.

The carrier admitted that there will be a major streamlining to
ensure that all changes will not in any way affect customers.

The Troubled Company Reporter - Asia Pacific reported on
April 20, 2006, that Malaysia Airlines denied speculations that
it incurs high costs for the supply of its in-flight meals.  The
carrier insisted that it is serving in-flight meals at
reasonable costs, adding that it is keeping meal costs low
compared to top hotels and restaurants.  It also reassured its
customers that while it is prudent in its expenditure for
frontline service, it does not compromise on the quality of its
products and services, both in-flight and on ground.

The TCR-AP also reported on April 25, 2006, that Malaysia
Airlines recently bagged the "Economy Class Onboard Service
Excellence 2006" award in an international airline survey done
by United Kingdom-based Skytrax Research.

MAS economy class service came out tops when it was assessed
through a product and service agenda covering up to 800
different rating items.

"(Winning this award) serves as an endorsement that in spite of
All the airline's problems we do not cut back on products, we do
not cut back on the service," the carrier's general manager of
flight operations Hayati Ali said.

"It is good to know that we are cost-conscious, without
affecting the quality of product," he added.

                     About Malaysia Airlines

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


MBF HOLDINGS: Tor and Variouf Participates in Impact Offer
----------------------------------------------------------
On April 24, 2006, two companies said that they will act in
concert with Impact Action Sdn Bhd in the acquisition of MBf
Holdings Berhad's Shares and Convertible Securities.

The two firms, which have expressed their interest in Impact's
offer to MBf Holdings, are:

   * Tor Private Limited, a company incorporated in Singapore
     and jointly controlled by Datuk NML and Datin Matrona D'
     Cruz A/P Tharsis D' Cruz; and

   * Variouf Limited, a company incorporated in Guernsey and
     controlled by Datin Matrona D'Cruz A/P Tharsis D'Cruz.

Currently, Tor and Variouf do not hold any voting shares in MBf
Holdings.

As reported by the Troubled Company Reporter - Asia Pacific,
Impact Action, on April 10, 2006, made a mandatory offer to
acquire:

   -- the remaining 304,125,253 ordinary shares of MYR1.00
      each in MBf Holdings representing 53.35% of the issued
      and paid-up share capital of MBf Holdings as of April 10,
      2006;

   -- any new MBf Holdings Share that may be allotted and
      issued by MBf Holdings up to the close of the Offer
      following the exercise/conversion of any outstanding
      convertible securities in the Company;

   -- all outstanding warrants in MBf Holdings;

   -- all outstanding class A guaranteed floating rate
      redeemable convertible secured loan stocks; and

   -- all outstanding class B guaranteed floating rate RCSLS,
      not owned by Impact Action and persons acting in concert
      with Impact Action as of April 10, 2006.

The TCR-AP also reported that on April 21, 2006, MBf Holdings
appointed Public Merchant Bank Berhad as an independent adviser
to the independent directors and minority shareholders of the
Company as required by the Malaysian Code on Takeovers and
Mergers 1998.  The appointment is subject to the approval of the
Securities Commission.
    
                       About MBf Holdings

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

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


METROPLEX BERHAD: Court Adjourns Wind-up Hearing to May 11
----------------------------------------------------------
The Kuala Lumpur High Court adjourned the hearing of Morgan
Stanley Emerging Markets Incorporated's application to appoint a
provisional liquidator for Metroplex Berhad to May 11, 2006.

The Court also adjourned Morgan Stanley's application for an
interlocutory injunction to restrain Metroplex Holdings Sdn Bhd,
a wholly owned subsidiary of Metroplex Berhad, from selling
Putra Place to Lembaga Kumpulan Wang Simpanan Pekerja.

The Court will, likewise, consider the appointment of Commerce
International Merchant Bankers Berhad as intervener to resist
Morgan Stanley's application.

The Troubled Company Reporter - Asia Pacific reported on
March 28, 2006, that the Kuala Lumpur High Court has adjourned
to April 21 the hearing on Metroplex Berhad's application to
strike out a winding up petition filed by Morgan Stanley
Emerging Markets Incorporated.

                     About Metroplex Berhad

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


PAN MALAYSIA: Repurchases 60,000 Shares for MYR24,908
-----------------------------------------------------
On April 25, 2006, Pan Malaysia Corporation Berhad bought back
60,000 ordinary shares of MYR0.50 each for a total cash
consideration of MYR24,908.04.

The minimum price paid for each share purchased was MYR0.405 and
the maximum was MYR0.415.

After the purchase, the cumulative outstanding treasury shares
have reached 58,411,400.   

Pan Malaysia Corporation Berhad, on April 21, 2006, bought back
75,000 ordinary shares of MYR0.50 each for a total cash
consideration of MYR31,002.71., 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 skyrocketing
operating 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.


PROTON HOLDINGS: To Embark on Major Revamp
------------------------------------------
Proton Holdings Berhad's business operations are set to undergo
a major overhaul in order to boost sales and make the Company
more competitive, The Star Online reports, citing managing
Director Syed Zainal Abidin Syed Mohamed Tahir.

In his first 100 days as Proton's top executive, Mr. Syed Zainal
Abidin stressed the need for a revamp aimed at winning back
consumers' trust, enhancing productivity, cutting costs and
ultimately increase sales.

Mr. Syed Zainal Abidin's top priority is to improve the quality
of Proton cars.  He will send a team of 50 technical staff to
various dealers and service centers to get feedback from
customers about Proton vehicles.

To cut costs and improve productivity, Mr. Syed Zainal Abidin
said the appointment of vendors would be done via a committee
and purchasing by Proton would also be streamlined.  Proton will
also reduce the 1,700 third party suppliers of raw materials and
other non-automotive components and go directly to the source.

Proton would organize more customer get-togethers, car clinics,
sales carnivals, the best modified car competition and other
programs that would engage itself with its customers, Mr. Syed
Zainal Abidin said.

Lastly, he said Proton would now refocus on its export strategy
and would balance between volume and profitability when pursuing
its export markets.  

The Troubled Company Reporter - Asia Pacific reported on
April 18, 2006, that Proton has been losing market share due to
limited market penetration, competition in the domestic and
global markets, and a lack of new models.   
   
Proton Chairman Azlan Hashim said that the Company was looking
for partners in multiple areas such as new products, components,
and market access or other activities, the TCRAP said.
   
TCRAP also disclosed that Proton was considering selling stake
to a strategic foreign partner.   

                     About Proton Holdings

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

SYARIKAT KAYU: Proposed Share Sale to Boost Group's Net Assets
--------------------------------------------------------------
Syarikat Kayu Wangi Berhad's wholly owned subsidiary, Syarikat
Subari Pembinaan Perniagaan Sdn Bhd, had on April 25, 2006
entered into a conditional share sale agreement with Ng Chin and
Foo Chai Siang to dispose of its entire shareholdings of 797,677
ordinary shares of MYR1.00 each in Ban Dung Palm Oil Industries
Sdn Bhd.  The shares to be disposed of represents approximately
9% equity interest, for a cash consideration of MYR2,113,844.05
or MYR2.65 per Ban Dung Share.

The sale consideration was arrived at on a willing buyer-willing
seller basis after taking into consideration the audited net
assets of Bandung as of December 31, 2004, of MYR18,153,088.  
The audited net assets per share of Ban Dung as of December 31,
2004, based on its total issued and paid-up share capital of
8,849,511 Ban Dung Shares was MYR2.05.

The 797,677 Ban Dung Shares shall be disposed of free from all
liens, charges, encumbrances and claims from any third party of
any nature whatsoever and with all rights, dividends, interest,
bonus, accretions and accruals attaching thereto.

The completion of the shares sale agreement is conditional upon
the following conditions being fulfilled or complied with within
one month from the date of the SSA.

The Proposed Disposal will raise gross proceeds of
MYR2,113,844.05, which is proposed to be utilized as working
capital for Syarikat Kayu's timber operations.  It is expected
to result in a gain of approximately MYR1,653,030.42, which is
expected to increase the net earnings per share of Syarikat Kayu
and its subsidiaries by MYR0.039 for the financial year ending
November 30, 2006.

Based on the audited consolidated financial statements of the
Syarikat Kayu Group as of November 30, 2005, the Proposed
Disposal will increase the Group's het assets from MYR7,208,000
to MYR8,861,000 and the net assets per share of the Syarikat
Kayu Group from MYR0.169 to MYR0.208.

Headquartered in Johor, Malaysia, Syarikat Kayu Wangi Berhad
first made a loss in 1999 when it defaulted on its first bond
payment.  The Company has failed to turn its finances around and
has been suffering continuous losses since then.


TELEKOM MALAYSIA: Lists and Quotes Additional Shares
----------------------------------------------------
Telekom Malaysia Berhad's additional 158,500 new ordinary shares
of MYR1.00 each will be granted listing and quotation today,
April 27, 2006.

The Shares were issued pursuant to the Company's Employee Share
Option Scheme.

                     About Telekom Malaysia

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


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

LAFAYETTE MINING: Probe Finds Loopholes in Enforcement of Laws
--------------------------------------------------------------
A fact-finding commission created by a Presidential Order to
investigate the toxic spills in a Lafayette Philippines Inc.
mine located in Rapu-Rapu said that it has so far found
government lapses in enforcing laws intended to protect the
interest of the people, the Philippine Inquirer says.

According to Mr. Charles Avila, vice chairman of the commission,
the Philippine Government failed to make Lafayette comply with
laws protecting public interest.  He did not elaborate, however,
saying only that from the information they found, they
discovered that the state was unable to regulate the operations
of the mining firm.

                    About Lafayette Philippines

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: Rising Demand Contributes to Narrowed Losses
-------------------------------------------------------------
Manila Electric Company was able to reduce its first-quarter
losses 2006 by more than 50% on higher earnings from increased
demand, ABS-CBN News says.

In a report filed with the Philippine Stock Exchange, the
Company indicated a 66.1% decline in its net loss from January
to March 2006 to PHP748 million, against a PHP2.2 billion loss
for the same period last year, the Philippine Star relates.

According to The Manila Times, Manila Electric adopted current
financial standards in creating its report; the figures also
included provisions for expected losses pending a final decision
by the Supreme Court on a rate unbundling case.  A 6% increase
in commercial electricity sales and a 5.4% rise in industrial
power sales led to a 14.2% increase in revenues for the first
quarter of the year, to PHP41.6 billion.

The Company said that the recent weather may have attributed to
high power deliveries to customers for the March period, the
Manila Bulletin adds.  Manila Electric also noted a 12.8%
increase in generation charges due to higher procurement costs
from the National Power Corporation, where it sources its
energy, and independent power producers.

A full-text copy of Manila Electric's first-quarter financial
statement is available for free at:

   http://bankrupt.com/misc/tcrap_meralco042606.pdf

                     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.


PHILIPPINE NATIONAL BANK: S&P Assigns B- Credit Rating
------------------------------------------------------
Standard & Poor's Ratings Services, on April 26, 2006, assigned
its 'B-/B' counterparty credit rating on Philippine National
Bank with a positive outlook and at the same time withdrew its
'CCCpi' rating.  Standard & Poor's also assigned a Bank
Fundamental Strength Rating of 'E+' on the bank.
     
The credit rating reflects the bank's strong franchise and
network, improving financial profile, particularly its loan
quality and underlying profitability.  Despite the significant
improvements, Philippine National Bank's operating and financial
profile continues to be comparatively weaker by domestic and
global standards.  PNB's capitalization is weak, given its asset
quality problems and, in turn, its high loan-loss provisioning
needs.

According to Standard & Poor's credit analyst Nandini
Vijayaraghavan, Philippine National Bank's asset quality has
greatly improved over the past five years, as its ratio of
nonperforming assets to loans has fallen to 45% in 2005 from 73%
in 2003, due to a loan workout and restructuring initiatives and
disposal of foreclosed assets.  The bank also posted a 44%
decline in its absolute non-performing loans to PHP27.9 billion
last year, although its gross NPA ratio is still higher than the
domestic average.  Philippine National Bank has weak liquidity
due to significant loan quality problems; as of Dec. 31, 2005,
the bank's ratio of its adjusted common equity to assets dropped
to 5.42%, from 8.31% as at Dec. 31, 2001.
     
The positive outlook reflects Standard & Poor's expectation that
the bank will continue to improve its operating and financial
profile.  Standard & Poor's expects Philippine National cannot
sustain such improvement of its operating profile, Ms.
Vijayaraghavan said.

                     About Philippine National Bank

Headquartered in Pasay City, Philippines, Philippine National
Bank -- http://www.pnb.com.ph/-- is the country's first  
universal bank, established on July 22, 1916.  Its primary
mandate was to provide financial services to the agricultural
and industrial sector, and support the government's economic
development efforts.  The privatization of PNB began when it
offered 30% of its stocks to the public on June 21, 1989.  The
Lucio Tan Group is the single biggest stockholder of the Bank,
acquiring a controlling 79% stake after winning a competitive
bidding process for a 34% stake from the Government.  The Bank's
core business consists of lending and deposit-taking activities
from corporate, middle market and retail customers, as well as
various government units.  It also engages in bill discounting,
fund transfers, remittance servicing, foreign exchange dealings,
retail banking, trust services, treasury operations and trade
finance.

The Troubled Company Reporter - Asia Pacific reported on
August 25, 2005, that Moody's Investors Service has affirmed
Philippine National Bank's Ba2/Ba3 local currency long-term
deposit/subordinated debt ratings and constrained B1/B1 foreign
currency senior debt/long-term deposit ratings with negative
outlooks.  The negative outlooks for its local- and foreign
currency debt/deposit ratings are in line with the negative
outlook for the Philippines' sovereign ratings.

The TCR-AP also reported on August 23, 2005, that Fitch Ratings
affirmed Philippine National Bank's ratings at Individual 'E'
and Support '3' following the announcement that the Lucio Tan
group had raised its ownership of PNB.  Fitch's Individual
rating on PNB reflects the bank's weak balance sheet with its
high level of non-performing assets, which are in turn a legacy
of the Government's direction of the bank's lending during the
1980s and 1990s and the subsequent Asian economic crisis.  PNB's
balance sheet notably became stronger, after a deposit run in
late-2000 led to a bailout of the bank by the government and the
Lucio Tan group which as a result, together came to jointly own
and manage the bank.  

The Bank is undergoing a five-year rehabilitation exercise until
2007.  In line with a restructuring agreement executed in 2002,
the Government and Lucio Tan agreed to jointly sell at least 67%
of the bank's equity.  Mr. Tan acquired some of the Government's
shares in PNB, in exchange for emergency aid to PNB after the
Bank suffered huge losses.  PNB is considered to be well ahead
of its rehabilitation as it booked net profits for four straight
years, due to its strong overseas remittance business and the
sale of non-performing assets.  In 2005, the Bank's net profit
rose to PHP610 million, about 73% more than the PHP353.2 million
profit it reported for 2004.


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

LINDETEVES-JACOBERG: Passes All AGM Resolutions
-----------------------------------------------
Lindeteves-Jacoberg Limited's members have passed all
resolutions of their 58th Annual General Meeting on April 26,
2006.

At the meeting, members resolved:

   -- to receive and adopt the Company's Audited Accounts for
      the financial year ended December 31, 2005 and the
      Reports of Directors and Auditors thereon;

   -- to approve the Directors' fees of SG$171,000 for the
      financial year ended December 31, 2005;

   -- to re-elect

         * Lim Say Hui
         * Soong Tuck Cheong
         * Heinz Grossmann
         * Neil Stewardson
         * Herman Hofhuis;

   -- to re-appoint Messrs PricewaterhouseCoopers as Auditors
      of the Company and to authorize the Directors to fix
      their remuneration; and

   -- to authorize the Company's Directors to allot and issue
      shares in 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.


LION CITY: New York Bankruptcy Court Grants Chapter 15 Petition
---------------------------------------------------------------
The Hon. Stuart M. Bernstein of the United States Bankruptcy
Court for the Southern District of New York, on April 13, 2006,
approved Lion City Run-Off Pte. Ltd.'s petition for protection
under Chapter 15 of the United States Bankruptcy Code.

The Petition was lodged by Lion City before the U.S. Court on
March 15, 2006.

Chapter 15, which became effective on October 17, 2005, broadens
the mechanism through which representatives of non-U.S.
proceedings might obtain relief, including injunctive relief, in
the United States; expands the powers of US Bankruptcy Courts;
and enhances the rights of both U.S. and non-U.S. creditors.

David Elman at The Deal reports that with the Bankruptcy Court's
approval, Lion City can now implement a scheme of arrangement
designed to speed up the insurer's wind down.

The Scheme provides for the restructuring of the Company's
contractual rights and the orderly wind-up of its business.  Mr.
Elman reports that the Lion City plans to pay all of its
creditors in full.

Omni Whittington Insurance Markets Limited acquired Lion City on
Nov. 18, 2004.  The transfer was effected by a scheme of
transfer, sanctioned by the Singapore courts.  Lion City is a
special purpose vehicle set-up to receive the Overseas Insurance
Fund business of the Insurance Company of Singapore.

Omni Whittington disclosed that Scheme Creditors approved Lion
City's proposed Scheme of Arrangement, dated June 3, 2005, as
supplemented by the Supplemental Scheme, dated Jan. 27, 2006.  
Omni Whittington also reported that the English Court sanctioned
the Scheme on March 23, 2006 and the Singapore Court sanctioned
the Scheme on March 30, 2006.


LION CITY: Chapter 15 Petition Summary
--------------------------------------
Petitioner: Lion City Run-Off Private Limited
            80 Raffles Place
            #33-00 UOB Plaza 1
            Singapore 048624

Debtor: Lion City Run-Off Private Limited
        80 Raffles Place
        #33-00 UOB Plaza 1
        Singapore 048624

Case No.: 06-10461

Type of Business: The Debtor is an insurance company that is
                  currently in run-off.  In a run-off, insurance
                  companies cease writing new business and seek
                  to determine, settle and pay all liquidated
                  claims of their insureds as they arise.

                  To shorten the company's run-off period and
                  reduce administrative costs, the Company
                  proposed a scheme of arrangement under English
                  and Singaporean law.  The Scheme provides for
                  the restructuring of the Company's contractual
                  rights and the orderly wind-up of the
                  Company's business.  The Company says that
                  It is solvent and the anticipates that all
                  claims addressed by the Scheme will be paid in
                  full.

                  On Feb. 23, 2006, the requisite majorities of
                  Scheme Creditors voted in favor of the Scheme.
                  The Petitioner says that it will submit the
                  Scheme to the High Court of Justice of England
                  and Wales and to the High Court of Singapore
                  for their approval.

                  If the Scheme is sanctioned by the High
                  Courts, it would be binding on all Scheme
                  Creditors wherever located.

Chapter 15 Petition Date: March 15, 2006

Court: Southern District of New York (Manhattan)

Judge: Stuart M. Bernstein

Petitioner's Counsel: Howard Seife, Esq.
                      Chadbourne & Parke LLP
                      30 Rockefeller Plaza
                      New York, New York 10112
                      Phone: (212) 408-5361
                      Fax: (212) 541-5369

Estimated Assets: US$1 Million to US$10 Million

Estimated Debts:  US$1 Million to US$10 Million

More information on the Company's proceeding under Chapter 15 of
the United States Bankruptcy Code is available at
http://www.chapter15.com/.


SOI YONG: Creditors' Proofs of Claims Due on May 5
--------------------------------------------------
The creditors of Soi Yong Industrial Pte Limited are required to
send in particulars of their claims on or before May 5, 2006,
pursuant to an order by the Supreme Court of Singapore.

Creditors must lodge their proofs of claims on the said date or
risk being excluded from sharing in any dividend distribution
the Company will make.

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


STEADY PILING: Creditors Must Prove Debts by May 5
--------------------------------------------------
Assistant Official Receiver Kamala Ponnampalam is receiving
proofs of claims from the creditors of Steady Piling Engineering
Pre Limited until May 5, 2006.

Creditors are asked to comply with the requirement or else be
excluded from sharing in any dividend distribution the Company
will make.

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


TRI-MAG FOOD: Faces Bankruptcy Proceedings
------------------------------------------
Kibun Foods Singapore Pte Limited has on, April 13, 2006, filed
an application for bankruptcy order against Tri-mag food
Enterprise.

The application was lodged before the Assistant Registrar David
Lee in Registrar Chamber 4 at the High Court of the Republic of
Singapore.

Contact: Hoh Juat Jong
         Registrar  
         Supreme Court, Singapore


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

TANAYONG: Court Approves Reorganization Plan Amendments
-------------------------------------------------------
The Central Bankruptcy Court approved Tanayong Public Company
Limited's reorganization plan on May 30, 2005.  On February 28,
2006, the plan administrator sought the Court's authority to
amend the Reorganization Plan.

Subsequently, on April 24, 2006, the Court issued an order
approving Tanayong's Amended Reorganization Plan, whose
modifications provide for:

   1. Capital increase allocation of 533,333,333 shares will be
      issued to creditors as debt to equity conversion, and
      4,266,666,667 shares will be issued to a new investor.

      The new investor will become a major shareholder of the
      Company, with an aggregated holding of 80% while the
      creditors will hold 10% and the existing shareholders will
      hold another 10% of total Restructured Capital;

   2. amendment to the treatment of creditor group 1, providing
      for the transfer of collateral to the creditors within 60
      days after the Capital Increase Date;

   3. amendment to the treatment of creditor group 1, providing
      for the transfer of collateral to be made to all creditors
      within 60 days after the Capital Increase Date;

   4. amendment to the treatment of creditor group 1, providing
      for Tanayong to act as representative within eight months
      after the Capital Increase Date at the price agreed by
      majority of the creditors;

   5. amendment to the treatment of creditor group 2, providing
      for the transfer of collateral to the creditors within  60
      days after the Capital Increase Date;

   6. amendment to the treatment of creditor group 2, providing
      that, in case similar collaterals are held by many
      creditors, creditors will vote on whether:

      * the trustee will enforce the collateral according to an
        Appeal Court's order; or

      * transfer of the collateral to all creditors within 60
        days after the Capital Increase Date.

      Failure to come up with a majority vote will entitle
      Tanayong the right to sell the assets by auction within
      two months after the Capital Increase Date;

   7. amendment to the treatment of creditor group 2, providing
      that the transfer of assets, the repayment by net proceed
      from the disposal of assets, or the enforcement of the
      collateral will be considered by creditors as settlement;

   8. amendment to the treatment of creditor group 3, 6 and 13,
      which provides for the cash payment of 10.05% of the
      ordered claims within 60 days after the Capital Increase
      Date;

   9. amendment to the treatment of creditor group 4, 15 and 16,
      which provides for the cash payment equivalent to 100% of
      the ordered principal claims within 60 days after the
      Capital Increase Date;

  10. amendment to the treatment of creditor group 5, which
      provides for the cash payment of 10.05% of debt owed by
      Tanayong within the later of:

      -- 60 days after the Capital Increase Date;
      -- the completion date of the Debtor's liquidation;
      -- the successful date of the implementation of the
         Debtor's business reorganization plan; or
      -- the date that the creditors agree on, whichever is
         later;

  11. amendment of the treatment of creditor group 7 and 12,
      which provides for the cash payment of 12.25% of the
      ordered claims within 60 days after the Capital Increase
      Date;

  12. amendment of the treatment of creditor group 8 and 17,
      which provides for the cash payment of to 12.25% of the
      ordered claims in not more than five yearly installments
      starting within 60 days after the Capital Increase Date;

  13. amendment of the treatment of creditor group 9, which
      provides for the cash payment equivalent to 14.70% of the
      ordered claims within 60 days after the Capital Increase
      Date;

  14. amendment of the treatment of creditor group 10, which
      provides for the cash payment of 10.05% of the ordered
      claims not exceeding the debt after repayment within the
      later of the liquidation of the concession company within
      60 days after the Capital Increase Date, or the
      completion date of the liquidation of the concession
      company;

  15. amendment to the treatment of creditor group 11, to
      provide for the cash payment of THB539,832,475 in not more
      than five yearly installments starting within 60 days
      after the Capital Increase Date;

  16. amendment to the treatment of creditor group 18, providing
      for the cash payment of 10.05% of debts that were claimed
      on behalf of Tanayong within the later of 60 days after
      the Capital Increase Date, or the date that the creditors
      agree on;

  17. amendment to the treatment of creditor group 19, providing
      for the cash payment of 100% of the ordered claims within
      60 days after the Capital Increase Date; and

  18. amendment to the treatment of creditor group 21, providing
      that the creditors will be treated according to the
      original contracts within 60 days after the Capital
      Increase Date.  In the case that any creditor has the
      right on any collateral, the plan administrator will
      transfer the collateral to that creditor within 60 days
      after the Capital Increase Date.

               Latest Progress in Reorganization

Tanayong informs the Stock Exchange of Thailand that its
progress in terms of its business reorganization from October
2005 to March 2006 includes:

   * Tanayong's payment of THB8,699 to creditor Nouvelle
     Juristic Condominium; and

   * the new investors' preparation of due diligence, whose
     outcome is expected to be known at the beginning of May.

Tanayong says that its next step are cash payment and assets
transfer as debt repayment within 60 days after Capital Increase
Date.

                    The Reorganization Plan

Tanayong informs the SET that its financial statements for the
three-month and nine-month periods ended December 31, 2005, do
not yet include adjustments to reflect the debt restructuring
transactions stipulated under the Company's Reorganization
Plan.

Indebtedness per repayment claims made under the Company's
Reorganization Plan are grouped as:

                Indebtedness per repayment claims
                      (in THB millions)

                                Principal  Interests    Total

   1. Secured creditors/
      Unsecured creditors
      for which other parties'
      assets are placed as
      security                    4,717.7      231.9    4,949.6

   2. Unsecured creditors        30,993.9   20,052.3   51,046.2

   3. Creditors receiving
      settlement in
      accordance with original
      contracts                   6,609.2      287.3    6,896.5

      Total                                            62,892.3

The Company's original Reorganization Plan provides for:

A. Capital Restructuring

   Tanayong will reduce registered capital by canceling the
   unpaid portion and reduce paid-in capital by reducing the par
   value of the shares from THB10 to THB1 per share, and reduce
   capital by cutting the number of shares in a ratio of 6.8953
   original shares to 1 new share.  Share capital remaining will
   equal THB533,333,333.

   The Company will also increase registered capital by
   THB4,800,000,000 -- 4,800,000,000 ordinary shares of THB1
   each -- with the new capital to be allotted as:

   a) 800,000,000 ordinary shares to be allocated to creditors
      for conversion of debt to equity; and

   b) 4,000,000,000 ordinary shares to be issued to new
      investors, with the cash capital injected to be sufficient
      to repay debt.

   Following the increase in share capital and debt to equity
   conversion, the Company's registered and paid-in capital will
   be THB5,333,333,333.  The new investors will become the major
   shareholders of the Company, with an aggregate holding of
   75%, while the creditors will hold 15% and the existing
   shareholders hold another 10% of total restructured capital.
   The additional capital injection by new investors is to be
   completed within 180 days of the later of the date the Court
   approves the plan or the date the final judgment is delivered
   on disputes or appeals, with the period able to be extended
   to another 180 days.

B. Debt Restructuring

   The Company's debt restructuring provides:

   a) for the transfer of collateral to the creditors for the
      settlement of debt in an amount equal to the assessed
      value of the Company's assets, within 180 days of the
      later of the date the Court approves the plan or the date
      the final judgment is delivered on disputes or appeals;

   b) that, after the transfer of the collateral, claims in this
      group will be considered to have been fully settled.

   Unsecured creditors:

   1. The creditors' debts are mainly to be repaid in cash at
      rates of 10.05% to 14.70% of the approved claims, although
      some creditors are to receive 100% of principal and some
      creditors' debts to be repaid in full plus interest.  Some
      creditors will receive debt repayment within 180 days of
      the later of the date the Court approves the plan or the
      date of a final judgment on disputes or appeals, while
      another group of creditors are to be paid in eight annual
      installments, commencing within 18 months of the later of
      the date the Court approves the plan or the date of any
      final judgment on disputes or appeals, and the
      remaining creditors are to receive payment according to
      other conditions stipulated in the plan.

   2. For certain groups of creditors, following payment of
      indebtedness according to the remaining indebtedness per
      the rehabilitation plan is to be converted to equity.  The
      800 million ordinary shares are to be allocated to each
      creditor proportionately, based on the ratio of each
      creditor's remaining debt to total remaining debts.

   3. When the creditors' debts have been paid at the proposed
      rates and the remaining indebtedness is converted to
      equity, the creditors in this group will be considered to
      have been fully settled.

   Creditors receiving settlement in accordance with original
   Contracts:

   1. These creditors are to receive settlement in accordance
      with the original contracts.

   2. Upon completion of performance in accordance with the
      original contracts, the creditors in this group will be
      considered to have been fully settled.

                          *     *     *

Headquartered in Bangkok, Thailand, Tanayong Public Company
Limited -- http://www.tanayong.co.th/-- manages, develops and  
invests in property for both residential and commercial
purposes; investment in various infrastructure projects such as
investment in Electric Train Bangkok Mass Transit System;
ownership and operation of hotels, apartments, restaurants and
clubs; and provision of financial services and investment
holding.   

Tanayong is currently under rehabilitation.  It is categorized
under Rehabco at the Stock Exchange of Thailand.  The Company is
planning to focus on all kinds of property development,  
including hotels right after the completion of its debt-
restructuring.

As reported by the Troubled Company Reporter - Asia Pacific on
April 25, 2006, Tanayong posted a THB186,105,000 net loss for
the quarter ended December 31, 2006, compared with a
THB877,350,000 net profit for the same period in 2004.


TANAYONG: Disposes Changklanway Common Shares for THB300 Million
----------------------------------------------------------------
In a regulatory filing with the Stock Exchange of Thailand,
Tanayong Public Company Limited disclosed that it had disposed
2,000 common shares in Changklanway Company Limited, at
THB150,000 per share, to various individual investors.  The
total amount gained in the disposal is THB300,000,000.

                          *     *     *

Headquartered in Bangkok, Thailand, Tanayong Public Company
Limited -- http://www.tanayong.co.th/-- manages, develops and  
invests in property for both residential and commercial
purposes; investment in various infrastructure projects such as
investment in Electric Train Bangkok Mass Transit System;
ownership and operation of hotels, apartments, restaurants and
clubs; and provision of financial services and investment
holding.   

Tanayong is currently under rehabilitation.  It is categorized
under Rehabco at the Stock Exchange of Thailand.  The Company is
planning to focus on all kinds of property development,  
including hotels right after the completion of its debt-
restructuring.

As reported by the Troubled Company Reporter - Asia Pacific on
April 25, 2006, Tanayong posted a THB186,105,000 net loss for
the quarter ended December 31, 2006, compared with a
THB877,350,000 net profit for the same period in 2004.


THAI-DENMARK SWINE: Stocks Excluded from Index Calculations
-----------------------------------------------------------  
The Stock Exchange of Thailand will exclude the stocks of Thai-
Denmark Swine Breeder Public Co 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.  

                     About the Company

Headquartered in Bangkok, Thai-Denmark Swine Breeder Public
Company Limited is a producer and breeder of swine and piglets.  
The Company imports all of its parent stocks from Denmark.  
   
The Company and its subsidiary, Srithai Feedmill Company
Limited, have been troubled with a bludgeoning net loss and
capital deficits, which raised significant on its continuing
operations as a going concern.

On June 2, 2005, the Company filed a petition with the Central
Bankruptcy Court to rehabilitate its business.  On July 26,
2005, the Court gave the go signal for the Company to
rehabilitate and appointed the Company as the Plan
Administrator.  The first creditor meeting was held on March 2,
2006.  However, plan amendments and some other issues had forced
its resolution to be postponed to April 11, 2006.  At present,
the rehabilitation plan is on the process.  

On April 4, 2005, the Company's subsidiary, Srithai Feedmill
Company Limited, filed a petition with Thailand's Central
Bankruptcy Court to rehabilitate its business.  On April 11,
2005, the Court authorized Srithai's rehabilitation and
appointed the company as its own plan administrator.  At a
creditors meeting on February 10, 2006, creditors approved
Srithai Feedmill's reorganization plan and selected five
creditors to be its creditors' committee.  At present, the
rehabilitation plan is under the Court's consideration.






                            *********


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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A. Chapman, Editors.

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