TCRAP_Public/060428.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  

             Friday, April 28, 2006, Vol. 9, No. 084


                            Headlines

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

ABATIS AUSTRALIA: Members to Review Wind-up Report
A.C.N. 103 673 061: Prepares to Pay Dividend to Creditors
ANGLISS ESTATE: Names Mark Poulsen as Liquidator
AUTOWORLD LIMITED: Faces Liquidation Proceedings
AVENUES TANNERY: Enters Voluntary Liquidation

CORPORATE EDUCATORS: Creditors' Proofs of Debts Due on May 12
COTTER BUILDING: Creditors OK Liquidators' Appointment
DATATREE COMPUTING: To Hold Final Meeting Today
ESIBUILT PTY: Supreme Court Orders Wind-up
FAULKNER ENTERPRISES: Court to Hear Wind-up Petition on May 4

FORTESCUE METALS: ASX Questions Firm on Share Price Increase
FORTESCUE METALS: Cloud Break Mine Gets Environmental Approval
FOX-CARLEY PROPERTIES: To Declare Dividend Today
GLOBAL SPORTS: Members Opt for Liquidation
HALEN HOLDINGS: Faces Liquidation Proceedings

HIGHLAND OAKS: Liquidator Set to Present Wind-up Report
MIKAR INVESTMENTS: Receivers Step Aside
MOBILE BLAST: Court to Hear Liquidation Petition on May 5
MOTOR REPAIRING: Decides to Wind Up Business
NATIONAL AUSTRALIA: Ex Traders' Case Hearing Adjourned To May 1

NKM LOGISTICS: Placed Under Voluntary Liquidation
PETALUNA PTY: Supreme Court Issues Wind-up Order
QANTAS AIRWAYS: Fuel Surcharge Rises Due to High Oil Prices
RDR MANUFACTURING: Prepares to Shut Down Operations
RUGS GALORE: Member and Creditors to Receive Wind-up Report

SHERSONS PHARMACY: Enters Wind-up Proceedings
SKY MEDIA: Appoints Official Liquidator
TOSK PTY: Members Resolve to Wind Up Firm
WATSON STEEL: To Pay Final Dividend on May 1
WESTLEE CLOTHING: Appoints Official Receivers

WILLIAM NAIRN: Liquidator Prepares to Distribute Assets


C H I N A   &   H O N G  K O N G

ASIA PIONEER: Faces Winding-up Proceedings
BANK OF CHINA: To Issue Domestic Shares This Year After H.K. IPO
BRUMMEN LIMITED: Appoints Official Liquidator
CHINA SOUTHERN: Resumes Flights to North Korea, Moscow & Macau
DEEPER LIMITED: Enters Voluntary Wind-up Proceedings

DHL CARGO: Liquidators Ceased to Act for the Company
KING-SING ENGINEERING: Court to Hear Wind-up Petition on May 17
LUOYANG GLASS: 2005 Loss Widens to CNY969 Mln
MAPICS HONG KONG: Members Agree on Wind-up
MILLION GRAND: Creditors' Proofs of Claims Due on May 15

OLIVER'S SUPER: Creditors Must Prove Debts by May 4
OPALVISION LIMITED: Appoints Joint Liquidators
PERFECT RIVER: Appoints Official Liquidator
SHARELAND LIMITED: Holds Final Meeting on May 15
SWEETMART GARMENT: Enters Compulsory Liquidation

TRADE-LINK E-COMMERCE: Final Meeting Set on May 12
WORLD GRADE: To Receive Proofs of Claims Until May 15
XS SOLUTIONS: Creditors' Proofs of Debts Due on May 8


I N D I A

BHARAT PETROLEUM: Earmarks US$1 Billion for E&P Activity
FERTILISERS AND CHEMICALS: Revival Plan Gets Green Light
INDIAN OIL: Sells Part of ONGC Stake for US$815 Million


I N D O N E S I A

LIPPO KARAWACI: Moody's Confirms B1 Ratings With Stable Outlook


J A P A N

LIVEDOOR COMPANY: Ex-CEO Pays Bail But is Not Released on Appeal
LIVEDOOR COMPANY: Shareholders File Suit to Claim Damages
MITSUBISHI MOTORS: Posts Third Annual Loss on Restructuring


K O R E A

HYUNDAI MOTOR: Postpones First Quarter 2006 Earnings Results
LG CARD: Posts 21% Rise in First Quarter 2006 Profit


M A L A Y S I A

AFFIN HOLDINGS: New Ordinary Shares Set for Listing & Quotation
AKTIF LIFESTYLE: Appeal on SC Decision Still Pending Approval
AKTIF LIFESTYLE: Books MYR0.024-Mln Pre-tax Loss in 4Q/FY05-06
MALAYSIA AIRLINES: 3,500 Staff May Go Voluntarily
PAN MALAYSIA: Repurchases 60,000 Shares for MYR24,908

POLYMATE HOLDINGS: Submits Outstanding Financial Statements
PROTON HOLDINGS: Vendors Left Tie-up Decision on Market
SELANGOR DREDGING: Unit's Proposed Acquisition
TELEKOM MALAYSIA: Unit Commences Wind-up Exercise
TONG GIAP: Faces Winding up Proceedings


P H I L I P P I N E S

ABS-CBN BROADCASTING: Turns Around With PHP121-Million Profit
MANILA ELECTRIC: Expects Sales to Grow by 2.8%
MANILA ELECTRIC: Scraps NAPOCOR Settlement Talks on Contract
PACIFIC PLANS: Planholders File Suit for Syndicated Estafa


S I N G A P O R E

CITIRAYA INDUSTRIES: Creditors Back SOA Meeting
MAC CARPENTRY: Faces Bankruptcy Proceedings
NAMITA INDUSTRIAL: Pays Preferential Dividend
SAPPHIRE CORPORATION: Lists Best Efforts Debt Conversion Shares
TOMEX CONSTRUCTION: Bankruptcy Action Initiated

TRI-M TECHNOLOGIES: Adds Details to 2005 Financial Results
YANG CONSTRUCTION: Creditors Must Prove Debts by May 5


T H A I L A N D

THAI PETROCHEMICAL: Exit from Rehabilitation Approved by Court

* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

ABATIS AUSTRALIA: Members to Review Wind-up Report
--------------------------------------------------
The members of Abatis Australia Pty Limited will convene today,
April 28, 2006, to receive Liquidator Stephen Baker's account
regarding the Company's completed wind-up and disposal of its
property.

Contact: Stephen Baker
         Liquidator
         Stephen Baker & Company
         Suite 2, 98 Woolwich Road
         Woolwich, New South Wales 2110
         Australia


A.C.N. 103 673 061: Prepares to Pay Dividend to Creditors
---------------------------------------------------------
A.C.N. 103 673 061 Pty Limited will declare a first and final
dividend today, April 28, 2006.

Creditors who were unable to prove their claims will be excluded
from the benefit of the dividend.

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


ANGLISS ESTATE: Names Mark Poulsen as Liquidator
------------------------------------------------
Members of The Angliss Estate (Laverton) Pty Limited held a
meeting on March 14, 2006, and agreed on the Company's need to
liquidate.

Subsequently, Mark Geoffrey Poulsen was appointed as official
liquidator.

Contact: Mark G. Poulsen
         Liquidator
         Poulsen Partners Pty Limited
         4th Floor, 457 Upper Edward Street
         Brisbane, Australia


AUTOWORLD LIMITED: Faces Liquidation Proceedings
------------------------------------------------
The High Court of Auckland, on January 16, 2006, received an
application to liquidate Autoworld Limited.

The Court is set to hear the Application today, April 28, 2006.

Contact: A.W. Johnson
         Martelli McKegg Wells & Cormack
         Level 20, PricewaterhouseCoopers Tower
         188 Quay Street, Auckland
         New Zealand


AVENUES TANNERY: Enters Voluntary Liquidation
---------------------------------------------
The members of Avenues Tannery Pty Limited decided to
voluntarily wind up the Company's operations at a meeting on
March 14, 2006.

Robert Colin Parker was appointed as liquidator for the wind-up.

Contact: Robert C. Parker
         Liquidator
         Freer Parker & Associates
         40 Sturt Street, Adelaide
         South Australia
         Australia


CORPORATE EDUCATORS: Creditors' Proofs of Debts Due on May 12
-------------------------------------------------------------
The shareholders of Corporate Educators Limited, on April 7,
2006, appointed Boris van Delden and Dennis John Wood as the
Company's Joint and Several Liquidators.

Mr. Delden and Mr. Wood now request the Company's creditors to
prove their debts by May 12, 2006.  Failure to comply with the
requirement will exclude any creditor from sharing in or
objecting to any distribution the Company will make.

Contact: Boris Van Delden
         Liquidator
         McDonald Vague
         P.O. Box 6092, Wellesley Street Post Office
         Auckland, New Zealand
         Telephone: (09) 303 0506
         Facsimile: (09) 303 0508
         Web site: http://www.mvp.co.nz/


COTTER BUILDING: Creditors OK Liquidators' Appointment
------------------------------------------------------
Members of Cotter Building Pty Limited convened on March 16,
2006, and agreed to wind up the Company's operations.

P. Ngan and G. Parker were appointed as joint & several
liquidators at a creditors' meeting held later that day.

Contact: P. Ngan
         G. Parker
         Liquidators
         Ngan & Company Chartered Accountants
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia


DATATREE COMPUTING: To Hold Final Meeting Today
-----------------------------------------------
A final meeting of the members and creditors of Datatree
Computing Systems Pty Limited will be held for the parties to
receive the Liquidator P. Ngan's final account showing how the
Company was wound up and how its property was disposed of.

The meeting will be held today, April 28, 2006.

Contact: P. Ngan
         Liquidator
         Ngan & Company Chartered Accountants
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia


ESIBUILT PTY: Supreme Court Orders Wind-up
------------------------------------------
On March 10, 2006, the Supreme Court of New South Wales ordered
the wind-up of Esibuilt Pty Limited, and nominated David Lewis
Clout to act as liquidator.

Contact: David L. Clout
         Liquidator
         Woodgate & Company
         Telephone: (02) 9233 6088
         Fax: (02) 9233 1616


FAULKNER ENTERPRISES: Court to Hear Wind-up Petition on May 4
-------------------------------------------------------------
An application to place Faulkner Enterprises Ltd into
liquidation was lodged before the High Court of Auckland on
March 6, 2006.

The Court will hear the Application on May 4, 2006, at 10:45
a.m.

Parties wishing to appear at the hearing are required to file
an appearance not later than May 2, 2006.

Contact: D.J. Kleine
         Daniel Overton & Goulding
         33, Selwyn Street, Onehunga
         Auckland, New Zealand


FORTESCUE METALS: ASX Questions Firm on Share Price Increase
------------------------------------------------------------
The Australian Stock Exchange asked Fortescue Metals Group
Limited to explain the Company's increased share price.

The WA Business News says that Fortescue's share price has risen
from AU$6.75 on April 19, 2006, to AU$8.15 on April 26.

According to Business News, the ASX has also questioned the
Company over the volume of Fortescue shares trade in this
period, which has also increased.

The ASX asked Fortescue if it was aware of any information
concerning the share price movement that had not been announced
to the market.  Fortescue responded by saying that it had
provided all required information to the market in accordance
with listing rules.

The Company also said that it had no knowledge of any specific
reasons for the recent share price rise, or the increase in
volume of stock traded.

                        About Fortescue  

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

Fortescue's troubles began when its Chief Executive Officer,
Andrew Forrest, admitted to a AU$500-million blowout on the cost
of port and rail infrastructure in the Pilbara Project because
of price hikes for steel, fuel, construction materials and
contract labor.  The Company also disclosed that the hampered
progress brings in the possibility that the Company may not meet
its ore delivery schedule and pushes up costs at resource
developments across Western Australia. In May 2005, the
Australian Stock Exchange pressured Fortescue to explain matters
about the troubled project and to explain how the Company would
be able to dispose of its lower grade order for 95% of the price
obtained by rivals BHP Billiton and Rio Tinto for their top-
quality products.  The ASX referred the Fortescue matter to the
Australian Securities and Investments Commission, which recently
commenced a legal action against the Company.

ASIC alleges that Fortescue is engaged in misleading and
deceptive conduct and has failed to comply with its continuous
disclosure obligations when it announced various contracts with
Chinese entities on Aug. 23 and November 5, 2004.  In
particular, Fortescue did not disclose that the Chinese parties
had not reached a concluded agreement on fundamental aspects of
the projects and they had merely agreed that they would in the
future jointly develop and agree on the "agreed" matters.  ASIC
is seeking civil penalties of up to AU$3 million against
Fortescue.


FORTESCUE METALS: Cloud Break Mine Gets Environmental Approval
--------------------------------------------------------------
Fortescue Metals Group Limited has obtained State Environment
Minister Mark McGowan's final environmental approval for the
Company's Cloud Break iron ore mine, subject to a comprehensive
package of environmental conditions, the WA Business News
reports.

The Cloud Break site is located in Western Australia's Pilbara
region.  Minister McGowan said that the Cloud Break Proposal was
designed to integrate with the previously approved Stages A and
B of Fortsecue's Pilbara operations.

According to Minister McGowan, the approval follows the
consideration of an appeal against the mine proposal.  He said
that the appeal emphasized the potential direct and indirect
impacts of the mining operations on the nearby Fortescue Marsh
and the loss of vegetation under-represented in conservation
reserves.

Minister McGowan said that he had given the Cloud Break proposal
his seal of approval after assessing the Environmental
Protection Authority's report and the recommendations made by
the Appeals Convenor.

The Minister noted, however, that the concerns raised have led
him to impose strict environmental conditions on the Cloud Break
project, which require additional research and investigations
and the development of management plans for the high value
conservation features in the area.

Minister McGowan further acknowledged Fortsecue's need to put in
place an overall package of biodiversity offsets and develop a
broad-scale feral animal control program.  He specifically said
that the development of a specific management plan for the Night
Parrot -- possibly sighted in the area in 2003 -- was central to
the conditions.

"Subsequent targeted surveys have been unable to locate any
individuals, but due to the highly endangered status of this
creature it is essential that we do what we can to protect it,"
the Minister stated.  "I have requested that a very
comprehensive management plan be drawn up to ensure that FMG's
activities during mining and transport do not impact on the
potential habitat of the parrot."

Moreover, the Minister said that Fortescue "has agreed to
provide funding to CALM for the acquisition of about 200,000 to
300,000ha of land surrounding Fortescue marsh for conservation,
which is significantly greater than the 18,075ha that will be
impacted by mining."

Other offsets proposed by the Company for its Stage B and Cloud
Break proposals include:

   * research projects into Mulga and other poorly known taxa,
     the Night Parrot, Bilby and other threatened fauna;

   * research projects into improving the understanding of local
     conservation values;

   * development of a broad-scale feral animal control program;

   * development of a weed management program;

   * working with CALM in the development of a Fortescue Marsh
     management plan;

   * fencing of conservation areas; and

   * funding of a position within CALM

                        About Fortescue  

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

Fortescue's troubles began when its Chief Executive Officer,
Andrew Forrest, admitted to a AU$500-million blowout on the cost
of port and rail infrastructure in the Pilbara Project because
of price hikes for steel, fuel, construction materials and
contract labor.  The Company also disclosed that the hampered
progress brings in the possibility that the Company may not meet
its ore delivery schedule and pushes up costs at resource
developments across Western Australia.  In May 2005, the
Australian Stock Exchange pressured Fortescue to explain matters
about the troubled project and to explain how the Company would
be able to dispose of its lower grade order for 95% of the price
obtained by rivals BHP Billiton and Rio Tinto for their top-
quality products.  The ASX referred the Fortescue matter to the
Australian Securities and Investments Commission, which recently
commenced a legal action against the Company.

ASIC alleges that Fortescue is engaged in misleading and
deceptive conduct and has failed to comply with its continuous
disclosure obligations when it announced various contracts with
Chinese entities on Aug. 23 and November 5, 2004.  In
particular, Fortescue did not disclose that the Chinese parties
had not reached a concluded agreement on fundamental aspects of
the projects and they had merely agreed that they would in the
future jointly develop and agree on the "agreed" matters.  ASIC
is seeking civil penalties of up to AU$3 million against
Fortescue.


FOX-CARLEY PROPERTIES: To Declare Dividend Today
------------------------------------------------
Fox-Carley Properties Pty Limited will declare its first and
final dividend today, April 28, 2006, to the exclusion of its
creditors who were unable to prove their claims.

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


GLOBAL SPORTS: Members Opt for Liquidation
------------------------------------------
At a general meeting of Global Sports Interactive Pty Limited on
March 14, 2006, members concurred that it is in the Company's
best interests to liquidate its operations.

James Patrick Downey was appointed to oversee the wind-up.

Contact: James P. Downey
         Liquidator
         Cole Downey & Company Chartered Accountants
         Level 1, 22 William Street
         Melbourne, Victoria 3000
         Australia


HALEN HOLDINGS: Faces Liquidation Proceedings  
----------------------------------------------
The High Court of Hamilton, on March 10, 2006, received an
application to liquidate Halen Holdings Ltd.

The Application will be heard before the High Court on May 1,
2006, at 10:45 a.m.

Contact: Contact: P.L. Windsor-Knaap
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand


HIGHLAND OAKS: Liquidator Set to Present Wind-up Report
-------------------------------------------------------
The members and creditors of Highland Oaks Pty Limited will hold
a final meeting today, April 28, 2006, for them to get an
account of the manner of the Company's wind-up and property
disposal from Liquidator Philip McGibbon.

Contact: Philip McGibbon
         Liquidator
         Jenkins Peake & Co. Chartered Accountants
         PO Box 1570, Geelong 3220
         Australia
         Telephone: (03) 5223 1000
         Fax: (03) 5221 4938


MIKAR INVESTMENTS: Receivers Step Aside
---------------------------------------
On March 15, 2006, George Divitkos and Russell H. Heywood-Smith
ceased to act as receivers and managers of all the property of
Mikar Investments Pty Limited.


MOBILE BLAST: Court to Hear Liquidation Petition on May 5
---------------------------------------------------------
On March 28, 2006, The High Court of New Plymouth received an
application to have Mobile Blast and Pain Ltd liquidated.

The Court will hear the Application on May 5, 2006, at 10:00
a.m.

Any person wishing to appear on the hearing must file an
appearance not later than May 3, 2006.

Contact: P.L. Windsor-Knaap
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand


MOTOR REPAIRING: Decides to Wind Up Business
--------------------------------------------
The members of Motor Repairing & Engineering Pty Limited held a
meeting on March 13, 2006, and agreed on the Company's need to
liquidate.  

Subsequently, Antony de Vries and Riad Tayeh were named Joint
and Several Liquidators.

Contact: Riad Tayeh
         Antony de Vries
         Liquidators
         de Vries Tayeh
         Level 3, 95 Macquarie Street
         Parramatta, New South Wales 2150
         Australia


NATIONAL AUSTRALIA: Ex Traders' Case Hearing Adjourned To May 1
---------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
March 24, 2006, that two former foreign exchange options traders
at National Australia Bank -- Vincent Ficarra and David Bullen
-- were charged by the Australian Securities and Investments
Commission after investigations into an unauthorized foreign
exchange trading that cost NAB AU$326 million.  Messrs. Ficarra
and Bullen, however, pleaded not guilty to allegations that they
placed false information into NAB's accounting systems to
falsely inflate the profit results of the forex options desk
between September 2003 and January 2004.

In an update, the Sydney Morning Herald relates that the trial
against the former forex traders has been adjourned until May 1,
2006, because Mr. Ficarra has a viral infection.

According to the Sydney Herald, Mr. Ficarra produced a doctor's
certificate and Judge Geoff Chettle of the Victorian County
Court allowed him time to recover from his illness.

Judge Chettle told the jury that it was important for defendants
of criminal offences to have the full capacity to concentrate on
what was going on in court.

The Australian Associated Press recounts that Mr. Ficarra faces
13 charges of gaining financial advantage by deception, while
Mr. Bullen faces 19 similar charges.

                        *     *     *  

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


NKM LOGISTICS: Placed Under Voluntary Liquidation
-------------------------------------------------
The members and creditors of NKM Logistics Pty Limited agreed at
a meeting on March 15, 2006, that a voluntary wind-up of the
Company is necessary and in its best interests.

R. A. Sutcliffe was named as liquidator for the wind-up.

Contact: R. A. Sutcliffe
         Liquidator
         Ground Floor, 192-198 High Street
         Northcote, Victoria 3070
         Australia
         Telephone: (03) 9482 6277


PETALUNA PTY: Supreme Court Issues Wind-up Order
------------------------------------------------
The Supreme Court of New South WaLes had, on March 13, 2006,
issued a winding up order to Petaluna Pty Limited, and appointed
Sule Arnautovic as liquidator.

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


QANTAS AIRWAYS: Fuel Surcharge Rises Due to High Oil Prices
-----------------------------------------------------------
Qantas Airways Ltd. will increase its international and domestic
fuel surcharges on all tickets issued in Australia from May 5,
2006, due to continuing record crude oil and jet fuel prices.

In a press statement, Qantas disclosed that the increases vary
from an additional AU$5 on domestic flights to AU$23 on Qantas
and Australian Airlines International flights.  Surcharges apply
to each flight or sector shown on a ticket.

According to The Age, the new AU$5 impost for both Qantas
domestic and Jetstar flights brings the surcharge to a total of
AU$31.

Qantas Executive General Manager John Borghetti recounts that
the airlines introduced its first fuel surcharges in May 2004,
when crude oil was trading at US$40 a barrel.  He said that
since then, oil prices have nearly doubled and the benchmark
Singapore jet fuel price has increased from US$44 a barrel to
more than US$88 a barrel.

The Courier Mail says that Qantas expects its fuel bill to be
about AU$2.9 billion in 2005-06, after hedging, and to rise to
about AU$3.9 billion in 2006-07.

Mr. Borghetti said that while Qantas has hedged the crude oil
component of its 2005/06 fuel cost at around US$56 a barrel, the
unprecedented increase in the price of jet fuel means that the
airline group's fuel bill will have risen by around AU$1 billion
after hedging, compared to 2004/05.  "Our fuel surcharges,
including this latest increase, will only partially offset some
of this very significant additional cost," he added.

Qantas assures that it will closely monitor the surcharges and
their impact on demand.

                      About Qantas Airways   

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

Qantas started having problems in 2003 with the ill effects of
the Iraq War and the SARS outbreak, on top of the already
difficult period following the events of the 9/11 terrorist
attacks, the Afghanistan war and the terror threats, which lead
to a downturn in bookings to other Asian countries, and
affecting most of European routes as well.  The adverse effects
also affected other areas of the business including Qantas
Flight Catering, Qantas Holidays and Australian Airlines.  
Qantas started reviewing, and widened, the range of initiatives
it had put in place following the triggering events.  These
initiatives included the reduction of staffing numbers through
the use of accumulated leave to the equivalent of 2,500 full-
time employees by June 2003 and by the equivalent of 1,000
employees between July and September 2003; a restructuring
program involving 1,000 redundancies, 400 permanent positions
eliminated through attrition and 300 permanent positions
converted from full time to part time; a freeze on capital and
discretionary expenditure; expansion of the leave without pay
program; increased use of part time workers; significant
restructuring of work practices and activities; and reduction of
capital expenditure, including retirement of some aircraft and
deferral of delivery of new aircraft.  In December 2003, Qantas
unveiled its new low cost-carrier airline, Jetstar Asia, which
later proved to be a headache after failing to gain access to
crucial markets such as Indonesia and China.  In June 2005,
Qantas admitted it is still struggling to recover its investment
in Jetstar, despite having managed to lease out four of its
unused Airbus 320s.  Qantas went into another round of job cuts
in late June 2005, a move that was punctuated with more than 600
jobs slashed in the first half of its financial year.  The
latest round of job cuts announced in February 2006 came amidst
uncertainty of outsourcing the airline's heavy maintenance works
overseas.


RDR MANUFACTURING: Prepares to Shut Down Operations
---------------------------------------------------
The members of RDR Manufacturing Pty Limited have on March 21,
2006, agreed to seek voluntary liquidation for the Company due
to its inability to pay its debts as and when they mature.

Geoffrey McDonald was then appointed as liquidator.

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


RUGS GALORE: Member and Creditors to Receive Wind-up Report
-----------------------------------------------------------
The members and creditors of Rugs Galore Pty Limited will
convene in a final meeting today, April 28, 2006.

At the meeting, Liquidator David J. Lofthouse will present his
final accounts regarding the Company's wind-up operation.

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


SHERSONS PHARMACY: Enters Wind-up Proceedings
---------------------------------------------
The High Court of Hamilton, on March 21, 2006, received an
application to liquidate Shersons Pharmacy Ltd.

The Petition will be heard before the Court on May 1, 2006.

Contact: P.L. Windsor-Knaap
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand


SKY MEDIA: Appoints Official Liquidator
---------------------------------------
Stephen Mark Lawrence and Anthony John McCullagh were appointed
as Joint and Several Liquidators of Sky Media Limited on April
6, 2006, by an order of the High Court of Auckland.

The Liquidators have 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 or objecting
to any distribution the Company will make.

Contact: Stephen Mark Lawrence
         Anthony John Mccullagh
         Joint and Several Liquidators
         Horwath Corporate (Auckland) Limited
         P.O. Box 3678, Shortland Street
         Auckland 1015, New Zealand
         Telephone: (09) 303 5478
         Facsimile: (09) 302 0536.


TOSK PTY: Members Resolve to Wind Up Firm
-----------------------------------------
The members of TOSK Pty Limited held a general meeting on
March 17, 2006, and resolved to wind up the Company's
operations.

They also named Ivor Worrell and Morgan Lane as liquidators.

Contact: Morgan Lane
         Ivor Worrell
         Worrell Solvency & Forensic Accountants
         Level 3, 333 George Street
         Sydney, New South Wales 2000
         Australia


WATSON STEEL: To Pay Final Dividend on May 1
--------------------------------------------
Watson Steel Fabrications Pty Limited will declare its first and
final dividend on May 1, 2006.

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

Contact: D. A. Turner
         Liquidator
         PKF Chartered Accountants
         11th Floor, 485 Latrobe Street
         Melbourne, Victoria 3000
         Australia


WESTLEE CLOTHING: Appoints Official Receivers
---------------------------------------------
Bruno A. Secatore and Daniel P. Juratowich were appointed as the
receivers and managers of the property of Westlee Clothing Pty
Limited on February 21, 2006.

Contact: Daniel P. Juratowich
         Bruno A. Secatore
         Liquidator
         Bentleys MRI
         114 William Street, Melbourne
         Australia


WILLIAM NAIRN: Liquidator Prepares to Distribute Assets
-------------------------------------------------------
At a general meeting on March 15, 2006, the members of William
Nairn Pty Limited resolved to close the Company's business
operations and distribute the proceeds of its assets.

Gary Buswell was named as liquidator to manage the Company's
wind-up activities.

Contact: Gary Buswell
         Liquidator
         Royal Cornell & Company
         4th Floor, 14-16 Victoria Avenue
         Perth, Western Australia 6000
         Australia


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

ASIA PIONEER: Faces Winding-up Proceedings
------------------------------------------
The High Court of Hong Kong, on March 17, 2006, received a
petition from Leung Wing Fui to wind-up Asia Pioneer Enterprises
Ltd.

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

Parties wishing to appear at the hearing may report at the time
of the hearing either by himself or by proxy, prior to
submission of notice of appearance not later than May 16, 2006.

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


BANK OF CHINA: To Issue Domestic Shares This Year After H.K. IPO
----------------------------------------------------------------
The Bank of China will issue A-shares on the domestic market
this year following its planned initial public offering in Hong
Hong Kong, AFX News relates.

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).

The lender was scheduled to attend a formal hearing on April 26,
2006, after receiving approval in a preliminary hearing by the
Hong Kong Stock Exchange last week.

Since last year, the lender has sold a combined 20% stake to
Royal Bank of Scotland, Temasek Holdings, UBS, the Asian
Development Bank and the mainland's national pension fund.

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.  


BRUMMEN LIMITED: Appoints Official Liquidator
---------------------------------------------
Leung Fung Yee was appointed official liquidator of Brummen
Limited on April 3, 2006, by the virtue of a special resolution.


CHINA SOUTHERN: Resumes Flights to North Korea, Moscow & Macau
--------------------------------------------------------------
China Southern Airlines Co. Ltd. announced further expansion of
its International route network with new service to Pyongyang,
North Korea.

In a press statement, the Chinese carrier said it would operate
these new services on Monday, Wednesday and Friday using either
a Boeing 737-300 or Boeing 737-800 aircraft.  

The carrier will also resume its service to Moscow.  The
airlines' branch in Xinjiang Uygur Autonomous Region in
Northwest China announced that it will use a Boeing 737 or 757
aircraft from Urumqi, capital of Xinjiang, to Moscow every
Monday, Wednesday, Friday and Sunday.  Return flights will be on
Mondays, Tuesdays, Thursdays and Saturdays.  

The five-hour flight between Urumqi and Moscow was suspended in
2003 amid the Asian financial crisis and affected by the
epidemic of severe acute respiratory syndrome -- SARS -- that
hit China.

Li Jian, General Manager of China Southern Airlines' Xinjiang
Branch, said that the company would operate four two-way flights
on the route every week, making Urumqi one of the best choices
of transferring stations on international air traffic from
Europe to East and Southeast Asian region.  

Currently, China Southern Airlines operates four air routes
between China and Russia, namely:

     * Urumqi-Moscow;
     * Urumqi-Novosibirsk;
     * Harbin-Khabarovsk; and
     * Harbin-Valdivostok.

Meanwhile, China Southern Airlines' Guangxi Branch will formally
launch a new service between Guilin and Macau, using its newly
delivered Boeing 737-800, with daily service except Sunday.

About China Southern Airlines

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

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

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

While CSA's acquisitions of regional airlines in 2004 reinforced
its position as the largest airline in China with the most
extensive domestic routing network, the acquisitions brought
about substantial rise in debts and financial leverage, and
dragged down its operating efficiency.  Including the
liabilities under financial leases, the Company's total debt
increased from CNY18.9 billion in 2003 to CNY35.3 billion in
2004, and further up to CNY40.5 billion as at end of first
quarter of 2005.  Correspondingly, its total debt to total
capital ratio exhibited a rising trend, from 58.2% in 2003, to
71.8% in 2004 and to 74.5% as at March 31, 2005.  

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

Under the backdrop of above operating challenges and a CNY11.8
billion capital commitment to procure 33 new aircrafts and
equipment during 2005 - 2007, it will be difficult for CSA to
generate adequate cash flow to reduce its large debt burdens in
next few years.  

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

As previously reported in the Troubled Company Reporter - Asia  
Pacific, the Chinese carrier posted a net loss of CNY1.85
billion for 2005 versus a net loss of CNY48 million a year
earlier.  However, the Company's operating expenses increased
72% to CNY39.6 billion in 2005 from CNY23 billion in 2004.   


DEEPER LIMITED: Enters Voluntary Wind-up Proceedings
----------------------------------------------------
A special resolution was passed at an Extraordinary General
Meeting of Deeper Limited on April 3, 2006, to voluntarily wind
up the Company's operations.

Ng Kim Ming was subsequently appointed as official liquidator.

Contact: Ng Kim Ming
         Unit A, 14/F., Shun On Bldg
         112-114 Des Voeux Road Central,
         Hong Kong


DHL CARGO: Liquidators Ceased to Act for the Company
----------------------------------------------------
Ying Hing Chiu and Chung Miu Yin, former Joint and Several
Liquidators of DHL Cargo Limited, ceased to act as the Company's
liquidators on March 27, 2006.


KING-SING ENGINEERING: Court to Hear Wind-up Petition on May 17
---------------------------------------------------------------
On March 15, 2006, Wong Wai Hum lodged before the High Court of
Hong Kong a wind-up petition against King-Sing Engineering
(China-Hong Kong) Co Ltd.

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

Parties wishing to appear at the hearing may report at the time
of the hearing either by himself or by proxy, prior to
submission of notice of appearance not later than May 16, 2006.

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


LUOYANG GLASS: 2005 Loss Widens to CNY969 Mln
---------------------------------------------
Luoyang Glass Company Limited incurred losses of CNY969 million
and net current liabilities of CNY498 million in 2005, caused by
a 34% rise in the production costs of glass, The South China
Morning Post reports.

The Company also stressed that its losses were part of an
overall decline in the industry which has recorded falls of more
than 90% on high oil, coal, water and electricity costs.

Auditor KPMG said there was now a fundamental uncertainty about
the future of the group which has posted losses for at least 10
years after listing on the Hong Kong stock exchange in 1994.

Meanwhile, the glass manufacturer has gained permission from an
unnamed financial institution to delay repayment of a loan of
CNY861 million, due to be cleared this year.

In a statement, the group said that it was aiming to expand its
export business to boost sales and profits this year.

The Company added that the glass industry has been through a
difficult period over the past two years following the
implementation of macroeconomic policies in 2004 by the central
government aimed at curbing over-investment in the sector.

*     *     *

Headquartered in Henan Province, People's Republic of China,
Luoyang Glass Company Limited's -- http://www.clfg.com--  
principal activities are the production and sale of float sheet
and flat glass and reprocessing of automobile glass. Other
activity includes the exploration of minerals.  The Group owns
six production lines of float glass and is able to produce float
flat glass of various thickness, size and color.  The thickness
of flat glass ranges from 1.1mm to 25mm, the maximum size is
3,000mm x 6,000mm and the color includes primary, dark brown,
blue and green.  These products are widely used in construction
industry.  The Group also owns glass processing line.  The flat,
curve steel glass produced can be used as window glass for all
kinds of automobiles, glass screen wall of buildings and for
arts and furniture.  Product of the Group is known as 'Luoyang
Float Glass Technology'.  The Group operates in China, Asia,
America, Oceania and other countries.


MAPICS HONG KONG: Members Agree on Wind-up
------------------------------------------
At an extraordinary general meeting on April 3, 2006, the
members of Mapics Hong Kong Limited decided to voluntarily wind
up the Company's operations.

Subsequently, Cheng Chung Por Gordon and Ngan Lin Chun Ester
were appointed as joint and several liquidators at a creditors'
meeting held on the same day.

Contact: Cheng Chun Por Gordon
         Ngan Lin Chun Esther
         Joint Liquidators
         1902 Mass Mutual Tower
         38 Gloucester Road
         Wanchai, Hong Kong


MILLION GRAND: Creditors' Proofs of Claims Due on May 15
--------------------------------------------------------
Million Grand Industrial Limited is receiving proofs of claims
from its creditors until May 15, 2006.

Creditors are required to send in their full particulars
regarding their debts and claims to the Liquidator of the
Company.

Failure to do so will exclude any creditors from sharing in the
distribution of assets the Company will make.

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


OLIVER'S SUPER: Creditors Must Prove Debts by May 4
---------------------------------------------------
Oliver's Super Sandwiches Management Ltd is receiving proofs of
debts from the creditors of the Company until May 4, 2006.

Creditors are required to send in their full particulars of
their claims and or debts to the Company's Liquidators.

Failure to do so will exclude any creditors from sharing in the
distribution of assets the Company will make.

Contact: Ying Hing Chiu
         Cung Miu Yin
         Level 28, Three Pacific Place
         1 Queens Road East
         Hong Kong


OPALVISION LIMITED: Appoints Joint Liquidators
----------------------------------------------
Bruno Arboit and Simon Richard Blade were appointed as Joint and
Several Liquidators of Opalvision Limited.

The Appointment was made official on a resolution passed on
March 31, 2006.

Contact: Bruno Arboit
         Simon Richard Blade
         Baker Tilly Hong Kong
         12th Floor, China Merchants Tower
         Shun Tak Centre
         168-200 Connaught Road Central
         Hong Kong


PERFECT RIVER: Appoints Official Liquidator
--------------------------------------------
On April 10, 2006, Lo Wa Kei was appointed as the official
Liquidator of the Perfect River International by the virtue of a
Special Resolution passed at an Extraordinary General Meeting of
the Company held at Units G&H, 12F., Universal Industrial
Centre, 19-21 shan Mei Street, Fotan, Shatin, NT., Hong Kong.


SHARELAND LIMITED: Holds Final Meeting on May 15
------------------------------------------------
The creditors of Shareland Limited will convene at a final
meeting on May 15, 2006, to receive Joint Liquidator Chan Kam
Kei's accounts regarding the Company's completed wind-up and
disposal of the its property.

The meeting will be held at Room 703, Wah Ying Cheong Central
Building, 158-164 Queen's Road Central, Hong Kong.


SWEETMART GARMENT: Enters Compulsory Liquidation
------------------------------------------------
Sweetmart Garment Works Limited, a company under compulsory
liquidation, held its creditors meeting on April 20, 2006.

As reported by the Troubled Company Reporter - Asia Pacific the
High Court of the Hong Kong Special Administrative Region Court
of First Instance issued a winding up order against Sweetmart
Garment Works Limited on November 30, 2005.

Contact: Kong Tak Wing
         Joint and Several Provisional Liquidator
         41/F., Bank of China Tower
         1 Garden Road, Central
         Hong Kong


TRADE-LINK E-COMMERCE: Final Meeting Set on May 12
--------------------------------------------------
A final meeting of the members of Trade-link E-Commerce
(Holding) Company Limited will be held at 8/F., Shum Tower, 268
Dex Voeux Road Central, Hong Kong, on May 12, 2006.

At the meeting, the parties will receive Liquidator Au Yeung
Huen Ying's final account showing how the Company was wound up
and how its property was disposed of.


WORLD GRADE: To Receive Proofs of Claims Until May 15
-----------------------------------------------------
World Grade Trading Ltd is receiving creditors' proofs of claims
until May 15, 2006.

Creditors are required to send in their full particulars
regarding their claims or debts.

Failure to do so will exclude any creditors from sharing in the
distribution of assets the Company will make.

Contact: Chan Cheuk Ying
         Lee Cho Yiu
         Suite 1, 8/F.,
         New Henhry House
         10 Ice House Street
         Central, Hong Kong


XS SOLUTIONS: Creditors' Proofs of Debts Due on May 8
-----------------------------------------------------
XS Solutions Limited will be receiving proofs of debts on or
before May 8, 2006.

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

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

Contact: Leong Ting Kwok, David
         Joint & Several Liquidator
         26th Floor, Citicorp Centre
         18 Whitfield Road
         Causeway Bay
         Hong Kong


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

BHARAT PETROLEUM: Earmarks US$1 Billion for E&P Activity
--------------------------------------------------------
Bharat Petroleum Corporation Limited will set aside around US$1
billion for its crude oil and gas exploration and production
plans, The Financial Express reveals.  A portion of the
allocation will be used for the establishment of a new
exploration and production subsidiary, which will manage the
existing E&P assets of the state oil firm.  

According to the Financial Express, the new entity will have an
initial issued and paid-up capital of INR200 crore.  And since
Bharat Petroleum has already committed investments of about
INR200 crore in its ongoing E&P projects and is further expected
to spend around INR300 crore over the next three years, the
authorized share capital of the unit has been fixed at INR500
crore.

Bharat Petroleum is confident that the new subsidiary will add
around INR50 crore to INR500 crore to profits in 10 years.

While the proposal for a fully owned E&P subsidiary has been
firmed up by the Company, it has yet to get the board's
approval.

                     About Bharat Petroleum

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

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


FERTILISERS AND CHEMICALS: Revival Plan Gets Green Light
--------------------------------------------------------
The Union Cabinet has finally given its final nod to Fertilisers
and Chemicals Tranvancore's revival plan, NewIndpress relates.

FACT, which has been incurring huge losses since the late
nineties, will receive a INR650-crore rescue package from the
Government.  The Government, however, is not in favor of
indiscriminately bringing workers under any voluntary retirement
scheme.

According to NewIndpress, details of the revival plan were not
yet disclosed.

The Troubled Company reporter - Asia Pacific reported on
April 6, 2006, that the Cabinet Committee on Economic Affairs
reportedly handed down a favorable decision regarding FACT's
revival package.

FACT's revival package was expected to be finalized by March 31,
2006, as the Committee of Secretaries and the Board for
Reconstruction of Public Sector Enterprises had earlier endorsed
the Company's rehabilitation program, TCR-AP said.

According to NewIndpress, the Union Government is keen on
turning around sick state chemical and fertilizer firms, which
the previous government had proposed to disinvest.

        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 steep rise in
cost of raw materials like naphtha, benzene, sulphur and rock
phosphate.  There were also uneconomic realization from sales
and the company had to stop production because of a liquidity
crunch.  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 Government
approved its revamp program.


INDIAN OIL: Sells Part of ONGC Stake for US$815 Million
-------------------------------------------------------
State-run Indian Oil Corp Ltd. sold 27.4 million shares in Oil
and Natural Gas Corp Ltd for INR36.72 billion or US$814 million,
Bloomberg reports.

The shares were sold at INR1,340 to Indian and foreign
institutional investors.

Investment banking sources had earlier told Reuters that Indian
Oil would sell one fifth of its 9.2% stake in ONGC at INR1,330
to INR1,399 a share to Indian and foreign institutional
investors in a block deal.

Analysts said that the sale, which is managed by Citigroup
Incorporated and Morgan Stanley, would help Indian Oil raise
funds for its business expansion plans.

Indian Oil, GAIL (India) Ltd. and Oil & Natural Gas -- the
nation's biggest explorer -- acquired shares in each other in
1999 as the Government wanted to boost proceeds from the sale of
shares in state companies.  On November 24, 2005, the Government
allowed the three companies to sell the holdings to pay debt and
raise cash for expansion.

Indian Oil had, on March 2, 2006, sold half of its 4.8% stake in
gas utility GAIL for INR561 crore to repay part of its debt and
fund expansion, Business Line says.

Oil & Natural Gas holds 9.6% of Indian Oil, while the refiner
held an equal amount in the oil explorer before the recent sale.  
Indian Oil held 4.8% of GAIL before the March sale.  GAIL,
meanwhile, has a 2.4% stake in Oil & Natural Gas.  

The Government owns 82% of Indian Oil, 74% of Oil & Natural Gas
and 57.34% of GAIL, according to the Mumbai stock exchange's Web
site.

                  About Indian Oil Corporation

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

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

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


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

LIPPO KARAWACI: Moody's Confirms B1 Ratings With Stable Outlook
---------------------------------------------------------------
Moody's Investors Service has confirmed the (P)B1 provisional
local currency corporate family rating of PT Lippo Karawaci Tbk
(LK) following the company's announcement that it has entered
into an agreement to sell its entire interest in the property
development project at Kim Seng Road, Singapore, and which the
company had acquired for around IDR2 trillion in mid April.  The
outlook is stable.  This concludes the review initiated on
April 19, 2006.

At the same time, Moody's has placed the (P)B2 provisional
foreign currency senior unsecured bond rating of Lippo Karawaci
Finance B.V. and guaranteed by LK on review for possible
upgrade.  This reflects the review for possible upgrade status
of Indonesia's sovereign rating.

"The sale of the Singapore project has alleviated our earlier
concern that this project may materially weaken LK's financial
profile, given that part of it is expected to be debt-funded,"
says Moody's lead analyst Kaven Tsang.

"The confirmation also reflects our expectation that LK will
continue to focus on developing its core businesses in Indonesia
and its future capex will not go beyond the original plan,"
Tsang adds.

The (P)B1 local currency rating continues to reflect that the
Company's key challenges including:

   1. its domestic market focus has led to concentration risk
      and exposure to the uncertainties associated with
      Indonesia;  

   2. its core property development business exposes it to
      cyclicality and development risk;

   3. the relatively short history of its diversified business
      strategy indicates uncertainties over its ability to
      weather a down-cycle;

   4. its modest liquidity -- including the reliance on
      short-term debt -- and improvement is expected with the
      refinancing by the bond proceeds; and

   5. the material exposure to foreign currency risk after the
      bond issuance.

At the same time, the (P)B1 rating considers the core credit
strengths of the company, including:

   -- moderate business diversification, and the stable
      recurring income from its healthcare and hospitality
      operations, and which partly smooth cyclical developments
      in cash flows;

   -- its long operating track record and established brand name
      in township development;

   -- its huge land bank reserves -- acquired at low cost --
      that contain development costs and support ongoing cash
      flow generation; and

   -- the favorable growth prospects and supply-demand dynamics
      in its key industry sectors and which support prospects
      for medium-term growth.

PT Lippo Karawaci Tbk is one of the largest property developers
in Indonesia, with a market capitalization of over US$550
million.  As of end-2005, it possessed a land bank reserve of
2,079 hectares.  It also operates 4 hospitals and 4 hotels in
Indonesia.


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

LIVEDOOR COMPANY: Ex-CEO Pays Bail But is Not Released on Appeal
----------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific, on
April 26, 2006, the Tokyo District Court granted the release of
Livedoor Company Limited's former president, Takafumi Horie, on
JPY300 million bail.

However, Crisscross News relates that the Tokyo Public
Prosecutors Office filed an appeal that same day, delaying Mr.
Horie's release.

A February 21, 2006 report by the TCR-AP stated that Mr. Horie
was arrested in January 2006 together with four other former
Livedoor directors on charges of spreading false data about a
unit's earnings, and manipulating stocks to inflate share
prices.  Prosecutors later indicted Mr. Horie and his colleagues
for falsifying financial reports to cover up a JPY313 million
net loss by posting a JPY5 billion net profit.

According to the Japan Times, Mr. Horie immediately put up the
bail when the decision to release him was handed down, but that
same day the district court stopped him from leaving, pending
the hearing of the prosecutors' appeal.  New judges will examine
the appeal and decide whether to release Mr. Horie or not.

Mr. Horie had already applied for bail twice since his arrest,
but the requests were denied.

The court will hold a meeting on May 10, 2006, to set a trial
date for Mr. Horie.

                         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.


LIVEDOOR COMPANY: Shareholders File Suit to Claim Damages
---------------------------------------------------------
A group of around 100 shareholders of Livedoor Company Limited
filed a damages lawsuit against the Internet firm on April 26,
2006, seeking compensation for losses caused by an accounting
scandal it is involved in, Crisscross News says.

According to the report, unnamed sources say that the
shareholder group is seeking to recover up to JPY2 billion in
damages.

Crisscross says that a separate group of 1,000 shareholders is
planning to file another damages lawsuit against Livedoor next
month.

Livedoor has about 220,000 shareholders as of September 2005,
TMC News relates.

                         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.


MITSUBISHI MOTORS: Posts Third Annual Loss on Restructuring
-----------------------------------------------------------
Mitsubishi Motors Corporation posted a net loss for the third
straight year due to restructuring costs, WLNS News reveals.

For the fiscal year 2005 ended March 31, 2006, the Company
posted an 81% decrease in its net loss to JPY92.2 billion, from
a JPY474.8 billion last year.

According to the Associated Press, the loss was bigger than what
Mitsubishi had earlier expected, as it forecasted to post a
JPY64 billion loss for the business year.

Mitsubishi attributes the higher loss to special restructuring
costs it paid, including a re-evaluation of its property.  

Sales also fell slightly to JPY2.12 trillion last year, from
JPY2.122 trillion in 2004.  However, the Company expects to
return to profit this year on an increase in worldwide
shipments, with sales expected to reach JPT2.23 trillion.

Mitsubishi said it expects to reach its goal to increase global
sales by 5% on the introduction of new models this year.

The Company's Full-Year 2005 Results, which also contain its
report on the progress of the Mitsubishi Revitalization Plan,
can be accessed at the Company's Web site.

                    About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --  
http://www.mitsubishi-motors.co.jp/-- is one of the few  
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.   
The Company also operates consumer financing services and
provides this to its customer base.

Mitsubishi's problems stem, in part, from the scandal
surrounding years of systematically covering up auto defects and
ill-advised auto lending policies in the United States.

Mitsubishi Motors appeared to be turning around for a few years
under an alliance with DaimlerChrysler AG, but the German
automaker withdrew additional financing in 2004. Since then,
Mitsubishi Motors has received massive cash infusions from the
Mitsubishi group of companies, including a bank, machinery maker
and trading company, to support revival efforts.

Mitsubishi adopted the 'Mitsubishi Motors Revitalization Plan'
on January 28, 2005, as its 3-year business plan covering fiscal
2005 through 2007.  The main objectives of the plan are
'Regaining Trust' and 'Business Revitalization.'

                          *     *     *

According to a March 31, 2006 report by the Troubled Company
Reporter - Asia Pacific, Moody's Investors Service changed the
outlook of Mitsubishi's Ba3 long-term debt rating to stable from
negative, which reflects Moody's expectation that the Company's
credit profile may continue improving profitability recovering
due to improved cost structures and an increased market position
due to global introductions of new models.


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

HYUNDAI MOTOR: Postpones First Quarter 2006 Earnings Results
------------------------------------------------------------
Hyundai Motor Co. was scheduled to announce its first-quarter
2006 financial results on April 27, 2006.  However, according to
Reuters, the Company has yet to compile its earnings data, and
thus postponed the release of its financials.

Reuters says that the Company announced the postponement shortly
before prosecutors were expected to say whether top officials of
the Hyundai Automotive Group will be arrested in a corruption
scandal that they are involved in.

The Troubled Company Reporter - Asia Pacific recounts that
prosecutors have evidence proving that Hyundai Motor and five
affiliates created slush funds worth some KRW110 billion, which
were used to bribe government officials in exchange for business
favors.

The TCR-AP reported on April 25, 2006, that Hyunda Chairman
Chung Mong-koo had faced prosecutors and answered questions
regarding his involvement in the slush fund case.  On
April 20, 2006, Chairman Chung's son, Kia Motors Corporation
President Chung Eui-sun, had also appeared before prosecutors
and went under 18 hours of questioning.

The TCR-AP added that the Supreme Prosecutor's Office will
recommend to Prosecutor General Choung Sang-myoung that Chairman
Chung be arrested, while the younger Chung be indicted without
arrest.

                      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.


LG CARD: Posts 21% Rise in First Quarter 2006 Profit
----------------------------------------------------
LG Card Co. reported a net profit of KRW353.6 billion in the
three months ended March 31, 2006.  The first quarter 2006
figure is a 21% increase from the KRW291.8-billion net profit
for the same period in 2005.  

Reuters recounts that LG Card creditors are selling a combined
82% stake in the credit card firm.  The Troubled Company
Reporter - Asia Pacific has reported in March 2006 that the
stake up for sale would be between 51% and 72%, and is expected
to cost around KRW3.4 trillion and KRW4.8 trillion at current
market prices.

Shinhan Financial Group, Woori Finance Holdings, Citigroup Inc.,
and Hana Financial Group Inc. are among the bidders.

                        About LG Card Co.

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


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

AFFIN HOLDINGS: New Ordinary Shares Set for Listing & Quotation
---------------------------------------------------------------
Affin Holdings Berhad'd additional 1,679,000 new ordinary shares
of MYR1.00 each will be granted listing and quotation today,
April 28, 2006.

The additional shares were issued pursuant to the Company's
Employees' Share Option Scheme.

                   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.


AKTIF LIFESTYLE: Appeal on SC Decision Still Pending Approval
-------------------------------------------------------------
Aktif Lifestyle Corporation's appeal with the Securities
Commission, requesting a review of the SC's prior decision on
the Company's proposed restructuring scheme, is still pending
approval.

On May 31, 2005, Aktif entered into a conditional restructuring
agreement with Integrated M&G Industries Berhad and:

   * Dato' Mohamed Bin Jamrah;
   * Teh Li Li;
   * Amarjit Singh A/L Kartar Singh;
   * Balveer Kaur A/P Tahil Singh; and
   * Kiranjit Singh A/L Amarjit Singh.

The Proposed Restructuring Scheme, which seeks to regularize the
financial condition of Aktif and its subsidiaries, includes:

   -- the proposed acquisitions of 100% equity interest in
      Mahawira Sdn Bhd and 54% equity interest in Citatah AMS
      Marble Sdn Bhd;

   -- a proposed exemption from undertaking a mandatory offer;

   -- the proposed scheme of arrangement with the Aktif
      shareholders;

   -- a proposed restricted offer for sale;

   -- a proposed private placement;

   -- a proposed private debt securities issuance;

   -- the proposed transfer of listing status; and

   -- the proposed disposal of the Company.

The Securities Commission, on December 28, 2005, rejected the
Company's Proposed Restructuring Scheme because:

   * an integral component of the Proposed Restructuring
     Scheme is the proposed acquisition of Mahiwara Sdn Bhd.  
     When compared against previous proposals involving the
     acquisition of Mahawira, the Commission asserted that the
     true valuation of Mahawira cannot be determined with
     certainty; and

   * of corporate governance issues relating to the previous
     proposed corporate exercises involving Mahawira and
     Mahawira's shareholders.

On January 27, 2006, Aktif submitted an appeal to the Securities
Commission on its decision to reject the Proposed Restructuring
Scheme.

            About Aktif Lifestyle Corporation Berhad

Headquartered in Kuala Lumpur, Malaysia, Aktif Lifestyle
Corporation Berhad's principal activities is the operation of
specialty retail stores.  Other activity includes investment
holding.  The Company has defaulted on several loan facilities
and incurred continuouis losses.  It embarked on various
corporate exercises aimed at regularizing its financial
condition.  Last year, the Company presented a proposed
restructuring scheme, which did not win the Securities
Commission's favor due to uncertainty in assets valuation and
concerns on corporate governance issues. An appeal to SC to
review its decision on the Proposed Restructuring Scheme was
already submitted.  The Proposed Restructuring Scheme, if
successfully implemented will have the new listed Group be
involved in the business of quarrying, manufacturing, trading of
granite products as well as the supply and installation of
marble and granite related products.


AKTIF LIFESTYLE: Books MYR0.024-Mln Pre-tax Loss in 4Q/FY05-06
--------------------------------------------------------------
Aktif Lifestyle Corporation has reported a turnover of MYR0.018
million and pre-tax loss of MYR0.024 million for the fourth
quarter of the financial year ending February 28, 2006.  The
current quarter's turnover was mainly in respect of dividend
received.  There was a decrease in the impairment of investment
on quoted securities amounting to MYR0.06 million during the
quarter.

There is no significant change in the quarterly results compared
to the results of the preceding quarter as the Group has no core
business since the disposal of ALS Group on October 31, 2003.   
The date of disposal was recognized in the books on June 18,
2004.  The Group recorded a small loss of MYR0.024 million for
the current quarter and compared with the preceding year
corresponding quarter loss amounting to MYR0.104 million.  The
profit for the quarter under review was due to the dividends
received on investment and the write back on the impairment of
investments.

The disposal of the ALS Group improved the financial position
considerably but left the Group without core business.  No
significant change on the Shareholders' fund of the Group was
recorded since the date of disposal.  The Shareholders' fund of
the Group as of February 28, 2005, was positive MYR2.28 million.  
The Shareholder's fund as of February 28, 2006, stood at MYR2.13
million.  The change during the current financial year was
mainly due to the expenses incurred in the preparation of the
comprehensive Proposed Restructuring Scheme that was submitted
to Securities Commission on August 16, 2005.

There are no significant changes expected for the Group in the
next quarter for the financial year ending February 28, 2007.  
The closing down of the specialty store in August 2004 had left
the Group without a core business.
  
There is no dividend declared for the current financial period
to date.

              Summary of Key Financial Information

        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    28-02-2006    28-02-2005      28-02-2006     28-02-2005
    MYR'000       MYR'000         MYR'000        MYR'000

* Revenue  

         18             7             103         36,639

* Profit/(loss) before tax  

        -24          -104            -151         54,634

* Profit/(loss) after tax and minority interest  

        -24          -104            -151         54,691

* Net profit/(loss) for the period

        -24          -104            -151         54,691

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

      -0.12         -0.51           -0.74         267.06

* Dividend per share (sen)  

       0.00          0.00            0.00          0.00

* Net assets per share (MYR)

     As at end of               As at Preceding
    Current Quarter            Financial Year End

       0.1000                       0.1100

A full-text copy of the Company's Fourth Quarter Report is
available for free at:

   http://bankrupt.com/misc/tcrap_aktiflifestyle042706.pdf

   http://bankrupt.com/misc/tcrap_aktiflifestylenotes042706.pdf

            About Aktif Lifestyle Corporation Berhad

Headquartered in Kuala Lumpur, Malaysia, Aktif Lifestyle
Corporation Berhad's principal activities is the operation of
specialty retail stores.  Other activity includes investment
holding.  The Company has defaulted on several loan facilities
and incurred continuous losses.  It embarked on various
corporate exercises aimed at regularizing its financial
condition.  Last year, the Company presented a proposed
restructuring scheme, which did not win the Securities
Commission's favor due to uncertainty in assets valuation and
concerns on corporate governance issues.  An appeal to SC to
review its decision on the Proposed Restructuring Scheme was
already submitted.  The Proposed Restructuring Scheme, if
successfully implemented will have the new listed Group be
involved in the business of quarrying, manufacturing, trading of
granite products as well as the supply and installation of
marble and granite related products.


MALAYSIA AIRLINES: 3,500 Staff May Go Voluntarily
-------------------------------------------------
Some 3,500 of Malaysia Airline's 13,000-strong workforce may
take up the firm's mutual separation scheme under its business
turnaround program, Agence France Presse reports.

The anticipated high take up rate is due to the perception of
"windfall" payments under the scheme, Malaysian Airline System
Employees Union Secretary-General Ab Malek Ariff said.

As reported by the Troubled Company Reporter - Asia Pacific on
March 29, 2006, the carrier will cut back its domestic routes to
19, and reduce its staff strength of 23,000 by about 6,500 under
the government-initiated rationalization exercise.

Separately, the Star newspaper reports that over 1,000 employees
have already been offered jobs by other international airlines
and local companies.

The union's president, Alias Aziz, said Middle Eastern airlines
such as Qatar Airways and Emirate Airlines had approached
Malaysia Air management to offer staff the jobs.

The carrier, meanwhile, has earmarked MYR700 million for the
6,500 employees who might take up the separation scheme, the
Star says.

                     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


PAN MALAYSIA: Repurchases 60,000 Shares for MYR24,908
-----------------------------------------------------
On April 26, 2006, Pan Malaysia Corporation Berhad bought back
30,000 ordinary shares of MYR0.50 each for a total cash
consideration of MYR12,391.72.

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 58,441,400.   

Pan Malaysia Corporation Berhad, on April 25, 2006, bought back
60,000 ordinary shares of MYR0.50 each for a total cash
consideration of MYR24,908.04, 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.


POLYMATE HOLDINGS: Submits Outstanding Financial Statements
-----------------------------------------------------------
On April 25, 2006, Polymate Holdings Berhad has submitted its
Outstanding Annual Audited Accounts for the financial year ended
September 30, 2005, to Bursa Malaysia Securities Berhad for
public release.  The said financial statement was due to be
submitted to Bursa Securities for public release on January 31,
2006.

The Troubled Company Reporter - Asia Pacific reported on
April 25, 2006, that since Polymate failed to issue the
outstanding Financial Statements within the due date, Bursa
Securities may commence delisting procedures against the Company
in addition to any enforcement action the Bourse may take.

                About Polymate Holdings Berhad

Headquartered in Selangor Malaysia, Polymate Holdings Berhad
-- http://www.polymate.com.my/Hprofile_html.htm-- is engaged in  
the manufacturing and marketing of lead acid batteries for the
automotive and related industries.  It is also engaged in the
manufacturing and dealing of plastic articles and products,
corrugated carton boxes and related products, manufacturing and
trading of door closers and trading of building materials,
investment holding and provision of corporate and financial
support services.  The Group operates in Malaysia, Australia,
New Zealand and Europe.  Polymate Holdings is in the process of
working out possible plans to regularize its condition.
Operations in its ailing subsidiaries will be revived when a
workable restructuring scheme is formalized with its lenders and
when fresh working capital can be injected into the operations.


PROTON HOLDINGS: Vendors Left Tie-up Decision on Market
-------------------------------------------------------
The Proton Vendors Association welcomes Proton Holdings' plan to
consolidate its vendor program in order to enhance the
carmaker's efficiency and improve the quality of its cars, The
Star Online reports.

PVA President Wan Mohamed Wan Embong told the Edge Daily that
under the consolidation, the vendors would be able to take on
greater responsibilities as they will be working under one
strong entity.

As reported by the Troubled Company Reporter - Asia Pacific on
April 17, 2006, Proton has encouraged its parts vendors to
consolidate in order to effectively handle growing competition
from other car manufacturers.  The Company said that
consolidation among vendors could reduce wastage and ensure
better utilization of investment.

But although the 300-member strong PVA agrees to the
rationalization exercise, the group stressed that the market
would decide upon any tie-ups or mergers, The Star says.

Mr. Wan Mohamed said that the number of vendors will not be
reduced until they are willing to work together.

Meanwhile, the Troubled Company Reporter - Asia Pacific reported
on April 27, 2006, that Proton aims to reduce the number of
vendors it directly dealt with to between 20 and 30 from the
current 60.  Proton will also reduce the 1,700 third party
suppliers of raw materials and other non-automotive components
and go directly to the source.

                      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.


SELANGOR DREDGING: Unit's Proposed Acquisition
----------------------------------------------
The Foreign Investment Committee has, on April 26, 2006,
approved an acquisition proposal by SDB SS2 Development --
formerly Vision Map (M) Sdn Bhd), a wholly owned subsidiary of
Selangor Dredging Berhad's unit SDB Properties Sdn Bhd.

As reported by the Troubled Company Reporter - Asia Pacific, SDB
SS2 entered into three separate conditional Sale and Purchase
Agreements on April 3, 2006, to acquire three parcels of land in
Mukim Sungai Buluh, Daerah Petaling, Selangor for a total
consideration of MYR35 million from:

   * West Oasis Adn Bhd;
   * Jadelane Development Sdn Bhd; and
   * Andaman Utama Sdn Bhd.

The FIC's approval is, however, subject to certain terms and
conditions.

Under the conditions:

   -- SDB SS2 is required to increase its paid-up capital to
      at least MYR100,000 within six months from the date of
      the FIC's approval;

   -- should the Properties be developed as a housing or
      commercial project, at least 75% of the total value of
      building materials and equipments utilized in the
      development project must be locally sourced; and

   -- SDB SS2 is required to submit a confirmation letter from
      a certified consultant in respect of the total value of
      local building materials and equipments utilized in the
      development project within six months from the
      commencement of the project or upon completion of the
      project.

                 About Selangor Dredging Berhad

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


TELEKOM MALAYSIA: Unit Commences Wind-up Exercise
-------------------------------------------------
Celcom Academy Sdn Bhd, a subsidiary of Telekom Malaysia -- held
via Celcom (Malaysia) Berhad -- had commenced members' voluntary
winding-up on April 25, 2006.

Encik Mohd Afrizan bin Husain and Encik Khairul Azahar bin
Arrifin of Messrs Tarmili Khairul Azhar were subsequently
appointed as liquidators.

The Liquidators may be reached at:

          Encik Mohd Afrizan bin Husain, and
          Encik Khairul Azahar bin Arrifin
          Messrs Tarmili Khairul Azhar
          10th Floor Bangunan Yayasan Selangor
          74 Jalan Raja Muda Abdul Aziz
          50300 Kuala Lumpur,
          Malaysia

The winding-up is expected to be completed by August 2007, about
16 months from the date of the liquidators' appointment.

The Exercise is part of the rationalization and streamlining
exercise of the Telekom Malaysia Group.

                  About Celcom Academy Sdn Bhd

Celcom Academy was incorporated in Malaysia on May 21, 1992.  
Its present authorized capital is MYR25,000 comprising 25,000
ordinary shares of MYR1.00 each.  Its issued and paid-up
capital, on the other hand, is MYR3 comprising three ordinary
shares of MYR1.00 each.  The Company, which was principally
involved in the provision of training-related services, has
ceased operations since 2004.

                     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.


TONG GIAP: Faces Winding up Proceedings
---------------------------------------
Seberang Distributors Sdn Bhd has, on March 10, 2006, filed a
winding up petition against Tong Giap Feesmills Sdn Bhd before
the High Court of Pulua Pinang.

The Petition, which was served on Tong Giap on April 24, 2006,
will be heard before the High Court on May 5.

Under the Petition, Seberang asserts a MYR104,515.62 claim
against Tong Giap on account of animal feed component materials,
which Tong Giap purportedly obtained from the petitioner.

Aside from the recent legal action, Tong Giap has already been a
subject of a wind up petition by another creditor, Sin Heng Chan
Pte Ltd, filed on March 24, 2006.

Tong Giap Feeedmills is a 50% plus 1 share-owned subsidiary of
Axasupreme Sdn Bhd, which is 51%-owned subsidiary of Foremost
Holdings Berhad.  Foremost had not given any Corporate
Guarantees for Tong Giap's debts and will not face any financial
liabilities.  It has also written down its investment in Tong
Giap via its holding company, Axasupreme Sdn Bhd.


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

ABS-CBN BROADCASTING: Turns Around With PHP121-Million Profit
-------------------------------------------------------------
After controlling costs, ABS-CBN Broadcasting Corporation was
able to turn around on a PHP121 million net profit for the first
quarter this year, Dow Jones says.

At an annual stockholders' meeting, ABS-CBN Chairman Eugenio
Lopez said that they were able to turn around from a PHP114
million net loss last year due to prudent spending and a lower
cost base.  He added that revenues were stable, and it was
rebuilding its audience for its primetime shows.  ABS-CBN will
release its financial results on May 15, 2006.

The Manila Bulletin, however, cited Mr. Lopez as saying that
ABS-CBN does not expect its revenues to rise this year due to
weak advertising.

ABS-CBN's executive vice-president, Charo Santos-Concio, said
that the introduction of new programs has led the Company to
regain its audience.

                          *     *     *

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

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


MANILA ELECTRIC: Expects Sales to Grow by 2.8%
----------------------------------------------
Manila Electric Company forecasts a 2.8% growth in sales in 2006
due to an increased demand for power from light rail transit
operations, new malls and call centers, the Philippine Star
reveals.

According to Manila Electric President Jesus Francisco, they are
expecting demand to rise, as power-generating firms would source
their electricity from the Company on higher fuel prices.  

The Troubled Company Reporter - Asia Pacific stated on April 27,
2006, that 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 in 2005, on increased demand.

The Star adds that Manila Electric increased its pension
provisions from PHP268 million to PHP484 million this year,
whereas power purchases reached PHP36.84 billion, and operations
and maintenance costs reached PHP2.35 billion.

                     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.


MANILA ELECTRIC: Scraps NAPOCOR Settlement Talks on Contract
------------------------------------------------------------
Manila Electric Company and the National Power Corporation have
stopped efforts to reach a settlement of Manila Electric's
alleged failure to comply with the terms of a 10-year supply
contract, ABS-CBN News relates.

Manila Electric President Jesus Francisco said that they have
stopped settlement talks with National Power as the matter is
now up for final decision by the Energy Regulation Commission.

The Company supposedly violated its contract when it decided to
reduce its power purchases from National Power, so as to source
energy from First Gas Philippines Corporation, a sister firm of
National Power.

The Manila Times said that in initial negotiation talks, both
firms were looking to settle for PHP27 billion, which was later
reduced to PHP20 billion.  However, Manila Electric said that it
only owed PHP14.3 billion to National Power, since it had bought
more power from the government-owned company in the last year of
the contract.

Mr. Francisco said that Manila Electric and National Power are
now going to prioritize on their current open access scheme,
where large clients that consume more than 1 megawatt of power
can choose where to buy electricity.

                         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.


PACIFIC PLANS: Planholders File Suit for Syndicated Estafa  
----------------------------------------------------------
Six planholders of Pacific Plans, Inc., filed criminal suits
against the Company's owner, Ambassador Alfonso T. Yuchengco,
and 24 directors and officials for syndicated estafa, the Manila
Times reports.

The six planholders, led by Philip Piccio under the Parents
Enabling Parents Coalition, are just the first group who has
filed lawsuits against the pre-need firm.  In an interview with
the Manila Times, Mr. Piccio said that the other planholders
intend to file individual and group petitions with the Manila
Regional Trial Court.

In his 17-page complaint, Mr. Piccio said that he was persuaded
by Pacific Plans to sign a contract to buy the Company's open-
ended Traditional Educational Plans, based on "fraudulent
misrepresentation" that the Company will assume the risks that
come with the plans.

ABS-CBN News says Pacific Plans has yet to receive a copy of the
complaint, but the Company's president, Alfredo J. Non, denied
the fraud allegations, saying that they are having financial
difficulties due to skyrocketing tuition fees, which in turn
increases the burden of the open-ended education plans' trust
funds.

                          *     *     *

According to an April 15, 2005 report by the Troubled Company
Reporter - Asia Pacific, Pacific Plans filed for suspension of
plan payments and rehabilitation before the Makati Regional
Trial Court as it predicted it would not be able to meet the
future claims of its 34,000 planholders on ever-increasing
tuition fees, ever since the Philippine Government removed a 10%
cap on tuition hikes in 1990.  A later TCR-AP report on
December 5, 2005, stated that the Makati City Regional Court had
approved Pacific Plans, Inc.'s rehabilitation plan, and
appointed receiver Mamerto Marcelo to review the plan and figure
out the best way to rehabilitate the firm.


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

CITIRAYA INDUSTRIES: Creditors Back SOA Meeting
-----------------------------------------------
Citiraya Industries (Singapore) Pte Limited's first meeting of
creditors was held on April 26, 2006.

At the meeting, the unnamed Judicial Managers proposed that
Citiraya apply to the High Court of the Republic of Singapore
for an order to convene a meeting of creditors to seek their
approval on Citiraya's scheme of arrangement or SOA.  The
proposal was approved by creditors by a resolution passed at the
meeting.

                    About Citiraya Industries

Headquartered in Tech Park Crescent, Singapore, Citiraya
Industries -- http://www.citiraya.com/-- is in the business of  
providing a one-stop recycling and processing service for the
electronics industry.  It has also commenced the provision of
treatment processing services for toxic chemical waste, which
contain precious metals.  Citiraya was placed under judicial
management in November 25, 2005.  Since then, the Company has
been plagued with problems including a bribery scandal, which
sent former employees to jail.  Citiraya Industries has also
received claims from suppliers Infineon Technologies (Malaysia)
Sdn Bhd and Infineon Technologies Asia Pacific Pte Ltd for
alleged wrongful dealings with quantities of non-compliant
integrated circuits.  Last month, four more Ctiraya workers were
charged by the Commercial Affairs Department in Singapore's  
Subordinate Court for allowing their securities accounts to
trade Citiraya Industries Limited shares to benefit former chief
executive Ng Teck Lee.  About 15 people have been charged over
the Citiraya allegations, and nine of them have been sentenced
to jail.  These individuals allegedly received million in bribes
from ex-chief Ng Teck.  In return, they helped the Company
clinch multinational contracts, divert electronic chips meant
for destruction to overseas resale markets, and falsely declared
the content of precious metal extracted from electronic waste.

Citiraya's creditors stand to get SG$29.7 million from the
Company through a sale of assets.


MAC CARPENTRY: Faces Bankruptcy Proceedings
-------------------------------------------
Oversea-Chinese Banking Corporation Pte Limited has on,
April 21, 2006, filed an application for bankruptcy order
against Mac Carpentry Pte Limited.

The application was lodged before the Assistant Registrar Chung
Yoon Joo in Registrar Chamber 4 at the High Court of the
Republic of Singapore.

Contact: Koh Juat Jong
         Registrar  
         Supreme Court, Singapore


NAMITA INDUSTRIAL: Pays Preferential Dividend
---------------------------------------------
Namita Industrial and Trading Concepts Pte Limited had paid a
preferential dividend of 63.5% to its creditors on April 13,
2006, as ordered by the Supreme Court of Singapore.

The Company also distributed preferential dividends to creditors
on March 24, 2006, as reported by the Troubled Company Reporter
- Asia Pacific.

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


SAPPHIRE CORPORATION: Lists Best Efforts Debt Conversion Shares
---------------------------------------------------------------
Sapphire Corporation Limited's 68,111,374 new ordinary shares in
the Company's capital were listed and quoted on the Singapore
Stock Exchange - Dealing and Automated Quotation System, or SGX-
SESDAQ on April 26, 2006.   

The shares arose from a debt conversion exercise which the
Company successfully negotiated with Caravelle Construction &
Development Pte Limited and certain trade creditors on April 24,
2006.

As reported by the Troubled Company Reporter - Asia Pacific on
April 26, 2006, the Company had entered into bilateral debt
conversion agreements with the parties for the conversion of an
aggregate of SG$595,613.74 and SG$85,500 of liabilities owed to
them by Company and Caravelle, respectively, into an aggregate
of 59,561,374 amd 8,550,000 new shares at a conversion price of
SG$0.01 per share.  The conversion price is equivalent to the
weighted average trading price of the Shares on the Singapore
Stock Exchange - Dealing and Automated Quotation System, or SGX-
SESDAQ, prior to the execution of the relevant debt conversion
agreements with such creditors.

According to TCRAP, the approval-in-principle has been granted
by the Singapore Exchange Securities Trading Limited for the
issue of, admission to and the listing and quotation of the Best
efforts Conversion Shares on the SGX-SESDAQ.  The approval
granted and the listing and quotation of the Best Efforts
conversion Shares are in no way reflective of the merits of the
Company and its subsidiaries, the Best Efforts Debt Conversion
Exercise, the Best Efforts Debt Conversion Shares or the shares
of the Company.

An aggregate of 68,111,374 new Shares were allotted and issued
pursuant to the bilateral debt conversion agreements entered
into out of the share issue mandate approved by shareholders in
the Company's Annual General Meeting held on April 18, 2005,
TCRAP said.

               About Sapphire Corporation Limited

Incorporated in Singapore on November 26, 1985, Sapphire
Corporation Limited, formerly IRE Corporation Limited
-- http://www.ire.com.sg/-- is engaged in building maintenance  
and upgrading; the supply and application of architectural
finishing products and related services; and building
construction and formwork design engineering.  Sapphire has
engaged in various debt and equity restructuring exercises in
order to improve its cash flow and repay its loans.


TOMEX CONSTRUCTION: Bankruptcy Action Initiated
-----------------------------------------------
Hong Leong Finance Limited, on April 21, 2006, filed an
application for bankruptcy order against Tomex Construction Pte
Limited.

The application was lodged before the Assistant Registrar Chung
Yoon Joo in Registrar Chamber 4 at the High Court of the
Republic of Singapore.

Contact: Koh Juat Jong
         Registrar  
         Supreme Court, Singapore


TRI-M TECHNOLOGIES: Adds Details to 2005 Financial Results
----------------------------------------------------------
Further to the Group's full-year results announced on March 1,
2006, Tri-M Technologies (S) Limited disclosed that in the
Company's audited financial statements for the period ended
December 31, 2005, the taxation charge was reduced by SG$389,000
due to a reversal of the over-provision of deferred tax
liability at Group level.  The reversal was reclassified as
provision for inventory obsolescence, which was in line with the
Board's prudent financial policy.  The increase in the inventory
provision was discussed with, and agreed by, the external
auditors.

The Board continues to closely monitor slow-moving inventories
and Management is following up with the customers to obtain
sales orders to reduce such inventories. Loss before tax has
changed from SG$3,971,000 to SG$4,360,000, while loss after tax
remains the same at SG$4,925,000. Net inventory after the
increase in the provision for inventory obsolescence is
SG$9,348,000.

The Board also revealed that the 2005 Financial Statements
contain a qualification not amounting to an emphasis of matter
in the Auditors' Report.

Full-text copies of the Auditors' Report and Notes 1(b) and 10
to the 2005 Financial Statements are available for free at:

  http://bankrupt.com/misc/tcrap_trimtechnologies042706.pdf

  http://bankrupt.com/misc/tcrap_trimtechnologiesnotes042706.pdf

          About Tri-M Technologies (Singapore) Limited

Tri-M Technologies (Singapore) Limited --
http://www.tri-m.com.sg/-- is a diversified Electronics  
Manufacturing Services provider with facilities in Singapore,
Malaysia, Philippines and China.  In addition, Tri-M has forged
strategic alliances in SJ, United States for prototyping and
small quantity run to support U.S.-based customers.  Tri-M
provides services in product design & development, prototyping,
full turnkey manufacturing & total supply chain management.

TRI-M has been posting financial losses since 2004, when
reported a SGD931,000 net loss for the six months ended
September 30, 2004.  The Company earlier reported that it had
overstated its losses for the first-half of 2005, overstating an
amount of SGD795,000 in sales from January to September 2005.  
Tri-M's internal auditors are currently conducting a review of
its financial statements.


YANG CONSTRUCTION: Creditors Must Prove Debts by May 5
------------------------------------------------------
Assistant Official Receiver Kamala Ponnampalam is receiving
proofs of claims from the creditors of Yang Construction Pte
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's Office
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


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

THAI PETROCHEMICAL: Exit from Rehabilitation Approved by Court
---------------------------------------------------------------
On April 26, 2006, the Central Bankruptcy Court of Thailand
approved Thai Petrochemical Industry Plc's exit from business
rehabilitation, The Nation reports.

The Court's ruling ends a chapter to the country's largest
corporate debt case.

Along with the Court's ruling was the rejection of Prachai
Leophairatana's petitions for a resumed chairmanship in the
Company.

Mr. Leophairatana, the Thai Petrochemical founder, was able to
call a board meeting shortly before the Court ruling in a final
effort to gain control of his Company.  The meeting appointed 10
new directors, including him as the Company Chairman, and agreed
on an increase of authorized signatories to 12 persons from 6.

However, The Bangkok Post relates, shareholders of the Company
are also expected to conduct a meeting, in which they are
expected to appoint new directors and authorized signatories
including representatives from the PTT Plc, a state owned oil
and gas company.

Mr. Leophairatana is also expected to attend the meeting to
fight for the chairmanship against new shareholders led by PTT.

Thai Petrochemical entered rehabilitation six years ago with
debts totaling US$3.7 billion.  As reported in The Troubled
Company Reporter - Asia Pacific, the share restructuring of Thai
Petrochemical last year made PTT the largest single shareholder
with a 30% stake.

In an interview with The Nation, a lawyer who represented the
rehabilitation plan's administrator said that "Prachai could
attend the meeting as a shareholder and a director, but whether
he will remain on the board will be determined right after the
meeting."

Mr. Leophairatana had filed a petition to postpone the
Bankruptcy Court's entry of a ruling.  He asserted that a delay
is reasonable since there are over 10 pending related cases
filed with the Supreme Court.  However, the request was rejected
by the Bankruptcy Court, arguing that since the Supreme Court
had not yet ruled on the cases, its ruling remains valid.

The Court ruled that the business rehabilitation plan of Thai
Petrochemical and its six subsidiaries -- Thai ABS Co; TPI
Aromatics Plc; TPI Oil Co; TPI Polyol Co; Thai Polyurethane
Industry Plc; and TPI Energy Co. -- be terminated.

The court reasoned that aside from Thai Petrochemical's sound
financial status and steady revenue and profits, the plan
administrator also met the outlined requirements in the
rehabilitation plan, including capital restructuring, board
restructuring, debt repayment and the sale of shares to
employees and creditors.

Apichart Phankeasorn, legal advisor to Thai Petrochemical's
creditors, said talks would be held with PTT to refinance the
Company's THB37.89 billion outstanding debt.

                      About the Company

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


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                         Total
                                         Shareholders   Total
                                         Equity         Assets
Company                        Ticker    ($MM)           ($MM)
------                         ------    ------------   ------

CHINA & HONG KONG

Guangdong Meiya Group Co. Ltd. 000529        27.43      178.19
Guangdong Sunrise
   Group Co. Ltd-A             000030     (-182.94)      35.98
Guangdong Sunrise
   Group Co. Ltd-B             200030     (-182.94)      35.98
Hainan Dadong-A                000613       (-6.63)      17.81
Hainan Dadong-B                200613       (-6.63)      17.81
Heilongjiang Black Dragon
   Co. Ltd.                    600187      (-29.45)     153.92
Shenz China Bi-A               000017     (-206.90)      50.08
Shenz China Bi-B               200017     (-206.90)      50.08
Xinjiang Tunhe Investment
   Co. Ltd.                    600737        47.57      476.47


JAPAN

Sakurada Co. Ltd.               005917       44.10      215.62
Yakinikuya Sakai Co. Ltd        007622       21.24      135.44


MALAYSIA

Kemayan Corp Bhd                KOP       (-428.54)      62.72
Metroplex Bhd                   MEX          32.17     372.87
Mycom Bhd                      MYC       (-114.64)     227.68
Lityan Holdings Bhd             IT          (-8.43)      28.86
Olympia Industries Bhd          OLYM      (-227.85)     255.84
Panglobal Bhd                   PGL        (-50.36)     189.92
Park May Bhd                    PMY        (-12.26)      14.45
Polymate Holdings Bhd           PYMT         34.75      102.11
PSC Industries Bhd              PSC          51.63      639.35


SINGAPORE

China Aviation Oil (Singapore)
   Corporation                  AO          -406.29     190.24
Informatics Holdings Ltd        INFO        (-6.73)      27.59
Lindeteves-Jacoberg Limited     LG           39.61      332.07
Pacific Century Regional        PAC       (-145.53)    1289.71


THAILAND

Asia Hotel PCL                  ASIA       (-30.12)     101.17
Asia Hotel PCL                  ASIA/F     (-30.12)     101.17
Bangkok Rubber PCL              BRC        (-57.11)      78.78
Bangkok Rubber PCL              BRC/F      (-57.11)      78.78
Central Paper Industry PCL      CPICO      (-37.02)      40.41
Central Paper Industry PCL      CPICO/F    (-37.02)      40.41
Circuit Elect PCL               CIRKIT     (-25.89)      61.30
Circuit Elect PCL               CIRKIT/F   (-25.89)      61.30
Datamat PCL                     DTM         (-1.72)      17.55
Datamat PCL                     DTM/F       (-1.72)      17.55
National Fertilizer PCL         NFC          70.66      142.61
National Fertilizer PCL         NFC/F        70.66      142.61
Siam Agro-Industry Pineapple
   And Others PCL               SAICO      (-14.71)      13.38
Siam Agro-Industry Pineapple
   And Others PCL               SAIC0/F    (-14.71)      13.38
Thai Wah Public
Company Limited-F               TWC        (-47.01)     158.87
Thai Wah Public
Company Limited-F               TWC/F      (-47.01)     158.87






                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Francis Chicano, Ma. Cristina Pernites-Lao,
Erica Fernando, Reiza Dejito, Freya Natasha Fernandez, and Peter
A. Chapman, Editors.

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
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                 *** End of Transmission ***