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        T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

              Tuesday, May 2, 2006, Vol. 9, No. 086


                            Headlines

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

ACTION WORKFORCE: Court to Hear Liquidation on May 18
ACUTE JOINERY: Supreme Court Orders Wind-up
BEAUTY EXPERIENCE: Prepares to Pay Dividend to Creditors
BISTRO MANAGEMENT: Inability to Pay Debts Prompts Wind-up
BLIZZARD REFRIGERATED: Creditors Opt for Liquidation

CAPE LEVEQUE: Members to Receive Wind-up Report Today
CLYDE FINANCE: Winds Up Operations
CNC PRODUCTION: Appoints Official Liquidator
DRIVE YOURSELF: Names Peter Whiteman as Liquidator
ELECTRO INTEGRATED: Court to Hear Liquidation Petition on May 8

FIANCHETTO LIMITED: Falls Into Liquidation
FINANCIAL INSTITUTIONS: Liquidators to Present Wind-up Report
GDC COMMUNICATIONS: Directors Initiate Receivership
GONZO FORMWORK: Set to Declare Dividend on May 3
J.INGRAM & COMPANY: Members Resolve to Wind Up Operations

KOTOV INVESTMENTS: Appoints Official Liquidator
LANDBANK LIMITED: Liquidation Petition Hearing Set on May 8
LITERARY HOLDINGS: Creditors OK Appointment of Liquidators
LUCKY COUNTRY: Receivers and Managers Named
MRV CONTRACTING: Creditors Decide to Shut Down Business

MULTIPLEX GROUP: Still Expects to Complete Wembley by June
NPD PROPERTY: Enters Voluntary Liquidation
PETER GISBORNE: Final Meeting Slated for Today
QANTAS AIRWAYS: Exchange Offer Expires

QN PTY: To Declare Dividend to Creditors Today
S.PLASTER SERVICE: Faces Liquidation Proceedings
SEPALPORT PTY: Members Agree to Close Business
SUNCERN PROPERTIES: Creditors' Claims Due on May 26
STROKE LOGGING: Appoints Joint and Several Liquidators

STYROCORE PTY: Receivers Step Aside
VICTORIAN HARDWARE: Members & Creditors Resolve to Wind Up Firm
WAITAKERE RESOURCE: Wind-up Process Initiated
WITBROUGH PTY: Placed Under Voluntary Liquidation


C H I N A   &   H O N G  K O N G

BIOSECURE SYSTEMS: Yan & Haughey Cease to Act as Liquidators
C.B.M. PROPERTIES: Names Official Liquidator
CHINA SOUTHERN: Q1/2006 Net Loss Widens to CNY665 Mln
CHINA-SOUTH SEA: Members' Final Meeting Scheduled on May 30
CITISTATE DEVELOPMENT: Creditors' Proofs of Claims Due on May 22

CROWN PORT: Receiving Creditors' Proofs of Claims Until May 30
IBEX COMPANY: Names Lau Yuen Yee as Liquidator
GS BATTERY: Liquidators Ceased to Act for the Company
GOLDEN SKY: Enters Voluntary Liquidation
GUANGDONG KELON: Delays FY/2005 Results Announcement

GUTHRIE RETAIL: Member's Final Meeting Set on May 29
GROUP STAR: Creditors Meeting Set on May 8
G+H MONTAGE: Members and Creditors Final Meeting Fixed on May 30
HEAPS LIMITED: Creditors' Proofs of Claims Due on May 12
JONESWIN INVESTMENT: Tsui Yeung Ching Named Liquidator

MAD CATZ: Members Appoint Liquidator
PIAS INTERNATIONAL: Members OK Liquidators' Appointment
PIAS INTERNATIONAL: Receives Proofs of Claims Until May 29
RAY'S ENGINEERING: Liquidator to Present Wind-up Report May 30
TEX NET: Yan & Darach Cease to Act as Liquidators

U-LEADER INTERNATIONAL: Liquidators Cease to Act for Company


I N D I A

DUNLOP INDIA: Trouble Brews at Sahagunj Factory
INDIAN OIL: Gains INR3,225 Crore from ONGC Stake Dilution
* State Oil Firms Avert Unfair Trade Practice Suit


I N D O N E S I A

ARPENI PRATAMA: Fitch Assigns "BB-" Rating to Guaranteed Notes


J A P A N

ASHIHARA HOSPITAL: Operator Seeks Debt Write-Off
ASHIHARA HOSPITAL: Uses Up Subsidies to Repay Debts
LIVEDOOR COMPANY: Ex-CEO Has No Plans to Return
PIONEER CORPORATION: 2005 Net Loss Increases Ten Times
SUMITOMO TRUST: Moody's Upgrades Financial Strength Rating to D+


K O R E A

HYUNDAI MOTOR: Chairman Chung Mong-koo Arrested
HYUNDAI MOTOR: Chief's Arrest Has No Impact on Moody's Ratings


M A L A Y S I A

ASIAN PAC: Completes Restructuring Exercise
CHG INDUSTRIES: Fined Over Listing Requirement Breach
CONSOLIDATED FARMS: Securities Commission Junks Appeal
LITYAN HOLDINGS: Credit Default Amount Hits MYR15.5 Million
MALAYSIA AIRLINES: Flies Vietnam-South Africa Routes

MYCOM BERHAD: Aims to Conclude Restructuring This Year
OLYMPIA INDUSTRIES: To Complete Underwriting Deal mid-May
PANTAI HOLDINGS: To List New Ordinary Shares on May 3
POHMAY HOLDINGS: Financial Report Awaits Auditors' Go Signal
POLY GLASS: Pre-tax Loss Balloons to MYR99 Mln in 4Q/FY05-06

TRU-TECH HOLDINGS: Regulator Rejects Restructuring Plan Again


P H I L I P P I N E S

PHILIPPINE AIRLINES: Wants Early Exit from Rehabilitation
PHILIPPINE AIRLINES: Enters Code-Sharing Agreement with Gulf Air
* Plan Holders to Initiate Lawsuit vs. Pre-Need Firms Nationwide


S I N G A P O R E

CHINA AVIATION: Trading Arm Closes Tender for June Deliveries
JIL COMPONENTS: Liquidator to Give Report at Creditors Meeting
LIANG HUAT: Strikes Investment Deal with Ho Lee Group
LIANG HUAT: Unveils Resolutions Passed at AGM
NOVIANT LIMITED: Creditors' Proofs of Debt Due on May 29


T H A I L A N D

ASIA HOTEL: Revises FY05 Financials to Correct Errors
EASTERN PRINTING: Completed Legal Process to Change Par Value

BOND PRICING: For the Week 1 May to 5 May 2006

     - - - - - - - -

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

ACTION WORKFORCE: Court to Hear Liquidation on May 18
-----------------------------------------------------
Adcorp New Zealand Ltd, on March 7, 2006, filed before the High
Court of Auckland an application to liquidate Action Workforce
Ltd.

The application will be heard before the Court on May 18, 2006,
at 10:45 a.m.

Parties wishing to attend the hearing must file an appearance
not later than May 16, 2006.

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

ACUTE JOINERY: Supreme Court Orders Wind-up
-------------------------------------------
The Supreme Court of New South Wales, on March 16, 2006, ordered
the winding up of Acute Joinery Pty Limited, and appointed
Antony de Vries as liquidator.

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


BEAUTY EXPERIENCE: Prepares to Pay Dividend to Creditors
--------------------------------------------------------
The Beauty Experience Pty Limited will declare its first and
final dividend on May 3, 2006.

The Company's creditors who were unable to prove their claims
will be excluded from sharing in the dividend distribution.

Contact: Ross Duus
         Liquidator
         Duus & Company
         Level 4, 31 Sherwood Road
         Toowong, Queensland 4066
         Australia
         Telephone: (07) 3870 7388
         Fax: (07) 3870 4844


BISTRO MANAGEMENT: Inability to Pay Debts Prompts Wind-up
---------------------------------------------------------
At a meeting of the members and creditors of Bistro Management
Group Pty Limited on March 15, 2006, it was determined that as
the Company is unable to pay its debts when they fall due, a
voluntary wind-up of its business operations is appropriate and
necessary.

Richard Albarran and Mitchell Ball were appointed as liquidators
for the wind-up exercise.

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


BLIZZARD REFRIGERATED: Creditors Opt for Liquidation
----------------------------------------------------
At a general meeting of the members and creditors of Blizzard
Refrigerated Transport Service Pty Limited on March 15, 2006,
creditors agreed that it is in the Company's best interests to
liquidate its operations.

Liquidator R. A. Sutcliffe was appointed to oversee the wind-up.

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


CAPE LEVEQUE: Members to Receive Wind-up Report Today
-----------------------------------------------------
Members of Cape Leveque Holdings Pty Limited will hold a final
meeting on May 2, 2006.

At the meeting, members will receive Liquidator P. Vrsecky's
final account showing how the Company was wound up and its
property disposed of.

Contact: P. Vrsecky
         Liquidator
         Draper Dillon
         Level 4, 499 St. Kilda Road
         Melbourne, Victoria 3004
         Australia


CLYDE FINANCE: Winds Up Operations
----------------------------------
Members of Clyde Finance Pty Limited held a general meeting on
March 15, 2006, and agreed to:

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

  -- appoint Ian Richard Hall as liquidator for the wind-up.

Contact: Ian R. Hall
         Liquidator
         Waterfront Place, 1 Eagle Street
         Brisbane, Queensland 4001
         Australia


CNC PRODUCTION: Appoints Official Liquidator
--------------------------------------------
On April 19, 2006, John David Naylor was appointed liquidator of
the CNC Production Ltd pursuant to Section 255 (2)(a) of the
Companies Act 1993.

Contact: John David Naylor
         A.G. Doig, Naylor Lawrence & Assoc
         4/F., NZI House, corner of Mainstreet
         and The Square, Palmerston North
         New Zealand
         Telephone: (06)357 0640
         Facsimile: (06)358 9105  
         

DRIVE YOURSELF: Names Peter Whiteman as Liquidator
--------------------------------------------------
At an extraordinary general meeting of Drive Yourself Lesseys
Pty Limited held on March 17, 2006, Peter Leonard Whiteman was
appointed as liquidator to oversee the Company's wind-up
activities.

Contact: Peter L. Whiteman
         Liquidator
         Thomas Davis & Company
         68 Pitt Street, Sydney
         New South Wales 2000
         Australia


ELECTRO INTEGRATED: Court to Hear Liquidation Petition on May 8
---------------------------------------------------------------
The High Court of Rotorua, on March 21, 2006, received an
application to liquidate Electro Integrated Services Ltd from
Crossman Richards Ltd.

The Court will hear the application on May 8, 2006, at 10:45
a.m.

Parties wishing to attend the hearing must file an appearance
not later than May 6, 2006.

Contact: B.W. Gilmour
         Solicitor for the Plaintiff
         P.O. Box 745, Hastings
         New Zealand


FIANCHETTO LIMITED: Falls Into Liquidation
------------------------------------------
A decision to liquidate Fianchetto Limited was made on April 18,
2006, by virtue of a special resolution.

Christopher John Lynch was appointed as liquidator for the
exercise.

Contact: Christopher John Lynch
         Staples Roadway, Taranaki Ltd
         109-113 Powderham Street,
         New Plymouth, New Zealand
         Telephone: (06)758 0956
         Facsimile: (06)757 5081


FINANCIAL INSTITUTIONS: Liquidators to Present Wind-up Report
-------------------------------------------------------------
The final meeting of Financial Institutions Consulting Group Pty
Limited will be held today, May 2, 2006.

At the meeting, Liquidators B. H. Allen and P. G. Burton will
present their accounts of the manner of the Company's wind-up
and property disposal.

Contact: B. H. Allen
         P. G. Burton
         Liquidators
         Burton Glenn Allen Chartered Accountants
         Level 2, 57 Grosvenor Street
         Neutral Bay, New South Wales 2089
         Australia


GDC COMMUNICATIONS: Directors Initiate Receivership
---------------------------------------------------
On March 20, 2006, the directors of GDC Communications Limited
informed the New Zealand Exchange that they have requested
the Company's financiers to place GDC in receivership.

GDC attributed its "rapid demise," which occurred through the
second half of 2005, to a multitude of factors including the
significant loss of contracting services revenue from May 2005
as the Company moved from contractor to subcontractor, a
substantial reduction in its Voice business revenues in an
environment of aggressive competition, a lack of growth in its
iVASP business revenues, and levels of corporate costs and
funding costs that proved to be unsustainable for the reduced
revenue levels.

The Directors noted that GDC's Voice and iVASP business units
have been sold and settled, both realizing goodwill premiums far
better and more satisfactory than would have been the result
from a cessation of trading and initiation of receivership
ahead of completion of those divestments.

GDC's operating cash flows have been negative in recent months,
but was much closer to breakeven following the divestment of the
Company's Voice business.

The sale of GDC's Voice Sales and Service business to Cogent
Communications was settled on February 21, 2006.  Proceeds of
NZ$1.2 million were received for the business, its goodwill and
its stock, work in progress and fixed assets.  GDC's directors
are satisfied that the consideration, which included a goodwill
premium over book value, is fair and appropriate having regard
to the disappointing performance of the business in recent
months, and to the nature of the sales process.

The Company's iVASP business had been sold to Compass
Communications.  The sale, which was completed on March 16,
2006, generated NZ$850,000 covering the entire business,
including its goodwill and fixed assets.  NZ$53,586 of employee
entitlements was subtracted from the total proceeds.

After the iVASP Sale, the directors indicated that the Company
will not be in a position to make any payment to unsecured
creditors.

The directors also stated after the two sales that they no
longer expect that some combination of the business's operating
performance and the sales proceeds from divesting GDC's
contracting services business will be sufficient to result in
the Company recovering to have positive shareholders' funds, or
for GDC shares to have any intrinsic value.

While the directors and management have worked hard to conclude
a sale of the remaining "Field Services" business unit, they
believe that it was apparent that it would not be possible to
conclude a transaction quickly enough to provide net benefits
for the Company compared to proceeding to receivership.

The directors, however, are hopeful that the majority of Field
Services personnel will be offered employment by the other Field
Services contracting companies, with whom discussions have been
held.

All directors have resigned as directors as a consequence of the
receivership.


GONZO FORMWORK: Set to Declare Dividend on May 3
------------------------------------------------
Gonzo Formwork Pty Limited will declare its first and final
dividend on May 3, 2006, to the exclusion of its creditors who
were not able to prove their claims.

Contact: Ross Duus
         Liquidator
         Duus & Company
         Level 4, 31 Sherwood Road
         Toowong, Queensland 4066
         Australia
         Telephone: (07) 3870 7388
         Fax: (07) 3870 4844


J.INGRAM & COMPANY: Members Resolve to Wind Up Operations
---------------------------------------------------------
At a general meeting on March 17, 2006, the members of J. Ingram
& Company Pty Limited resolved to close the Company's business
operations and distribute the proceeds of its assets.

Mark Crowther was named as liquidator to manage the Company's
wind-up activities.

Contact: Mark Crowther
         Liquidator
         Tait Miller McIntyre & Company Accountants
         53 Junction Street, Nowra
         New South Wales 2541
         Australia


KOTOV INVESTMENTS: Appoints Official Liquidator
------------------------------------------------
Christopher John Lynch was, on April 18,2006, appointed as
official liquidator of Kotov Investments.

Contact: Christopher John Lynch
         Staples Roadway, Taranaki Ltd
         109-113 Powderham Street,
         New Plymouth, New Zealand
         Telephone: (06)758 0956
         Facsimile: (06)757 5081


LANDBANK LIMITED: Liquidation Petition Hearing Set on May 8
-----------------------------------------------------------
The High Court of Wellington received an application to put
Landbank Limited into liquidation.

The Petition, which was lodged by the Commissioner of Inland
Revenue on March 31, 2006, will be heard before the Court on May
8, 2006, at 10:00 a.m.

Parties wishing to attend the hearing are requested to file an
appearance not later than May 6, 2006.

Contact: Philip Hugh Brian Latimer
         Solicitor for the Plaintiff
         Technical and Legal support Group
         Wellington Service Centre
         1/F., New Zealand Post House
         7-27 Waterloo Quay, Wellington
         New Zealand
         Telephone: (04) 890 1028
         Facsimile: (04) 890 0009


LITERARY HOLDINGS: Creditors OK Appointment of Liquidators
----------------------------------------------------------
Members of Literary Holdings Pty Limited convened on March 13,
2006, to voluntarily wind up the Company's operations.

G. A. Lopez, E. R. Verge and C. A. L. Huxtable were appointed as
joint and several liquidators at a creditors' meeting held later
that day.

Contact: C. A. L. Huxtable
         G. A. Lopez
         E. R. Verge
         Liquidators
         c/o Jones Condon Chartered Accountants
         Colmel House, 241 Stirling Street
         Perth, Western Australia 6000
         Australia


LUCKY COUNTRY: Receivers and Managers Named
-------------------------------------------
Ross Andrew Blakeley and Ian Charles Francis were appointed as
receivers and managers of the property of Lucky Country
Investments Pty Limited on February 23, 2006,

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

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


MRV CONTRACTING: Creditors Decide to Shut Down Business
-------------------------------------------------------
The creditors of MRV Contracting Pty Limited resolved on
March 15, 2006, to wind up the Company's operations.

Subsequently, Glenn Anthony Crisp was named as liquidator for
the wind-up.

Contact: Glenn A. Crisp
         Liquidator
         RSM Bird Cameron Partners
         Level 8, 525 Collins Street
         Melbourne, Victoria 3000
         Australia
         Telephone: (02) 9286 1800
         Fax: (03) 9286 1899


MULTIPLEX GROUP: Still Expects to Complete Wembley by June
----------------------------------------------------------
Multiplex Group said that it still expects most of the
contractor's works at the Wembley Stadium in London to be
completed by the end of June 2006.

The Troubled Company Reporter - Asia Pacific reported on
April 03, 2006, that in its March report, Multiplex stated that
it is targeting substantial completion of its Wembley Project by
June 2006, and has left the extension of its contract open until
September.

In its current statement to the Australian Stock Exchange,
Multiplex said that certain works and activities, including
cleaning and commissioning, have not yet been completed.

Dow Jones Newswires notes that, according to the Company, there
would be no adjustments to its earnings forecast from this
regular monthly update, and that it has advised its client on
the project, Wembley National Stadium Ltd., that it is entitled
to "substantial and legitimate extensions of time" on the
contract through until at least September 2006.

A number of critical works and activities that are the
responsibility of WNSL would affect the opening date and the
hosting of the first event for the stadium, which would both be
decided by WNSL, Multiplez said.

Multiplex also noted that a rafter in the northern roof of the
stadium had slipped in March and is undergoing remedial work,
expected to be completed by the end of May to secure it in its
final position.

Dow Jones recounts that the Company was originally expected to
finish the AU$1.12 billion Wembley Project in time for the
English Football Association Cup final to be played at the
stadium on May 13.  However, in February, the English FA
transferred the final to the Millennium Stadium in Cardiff,
Wales, due to the Wembley's delays.

                        About Multiplex  

Headquartered at Miller's Point, in New South Wales, Australia,
Multiplex Group -- http://www.multiplex.biz/-- derives its  
revenue from property funds management, construction, property
development, and facilities management.  The Group employs over
2,000 people and has established operations and offices
throughout Australia, New Zealand, the United Kingdom and the
Middle East.  In December 2003, Multiplex Limited listed on the
Australian Stock Exchange as a part of the Multiplex Group,
raising a total of AU$1.2 billion.  Multiplex Group was formed
by combining the various businesses of Multiplex Limited and the
newly established portfolio of investments held by Multiplex
Property Trust.  Early in 2005, Multiplex began facing cost
pressures on its reconstruction project for the Wembley Stadium
in London, prompting it to conduct its own internal
investigation into the Wembley difficulties.  Its auditor, KPMG,
later conducted its own thorough review of the problems, leading
to an unpredicted write-down.  In February 2005, stunned
investors sold down Multiplex shares after the Company reversed
its stance on two United Kingdom projects, writing off AU$68.3
million from its profits.  This started a series of profit
downgrades throughout 2005.  The Company's troubles continue
with plunging share prices, extortion attempts and threats of
class action from disgruntled shareholders.  The Roberts family,
as founder and controlling shareholder of Multiplex, opted to
offer AU$50 million indemnity in a bid to appease dissatisfied
shareholders.  In May 2005, Multiplex admitted its troubled
Wembley Stadium construction project may end up with a
multimillion loss.  As of February 2006, the Company is faced
with liquidity crisis after posting a massive AU$474 million
loss on Wembley and is currently in talks to bring down possible
delay fees, pegged at AU$138,000 per day beyond the scheduled
March 31, 2006 completion date.


NPD PROPERTY: Enters Voluntary Liquidation
------------------------------------------
The members of NPD Property Ventures Pty Limited held a general
meeting on March 20, 2006, and decided to wind up the Company's
operations voluntarily.

Mark Pearce was consequently appointed as liquidator.

Contact: Mark Pearce
         Liquidator
         c/o Pearce & Heers Insolvency Accountants
         Level 8, 410 Queen Street
         Brisbane, Queensland 4000
         Australia


PETER GISBORNE: Final Meeting Slated for Today
----------------------------------------------
The final meeting of the members and creditors of Peter Gisborne
& Associates Pty Limited will be held today, May 2, 2006.

At the meeting, members will get an account of the manner of the
Company's wind-up and property disposal from Liquidator
Christopher J. Palmer.

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


QANTAS AIRWAYS: Exchange Offer Expires
--------------------------------------
Qantas Airways Limited has confirmed that its offer to exchange
any or all of its outstanding US$350,000,000 7-3/4% Notes due
2009 for its new 6.05% Notes due 2016 expired on April 26, 2006.

As of that time, the US$113,550,000 aggregate principal amount
of the 2009 Notes had been tendered and not validly withdrawn
in the exchange offer.

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

Holders of 2009 Notes who validly tendered and did not validly
withdraw their 2009 Notes during the early participation period
of the exchange offer received on April 13, 2006, the 2016 Notes
and cash to which they were entitled under the terms of the
exchange offer.

Since the expiration of the early participation period on
April 11, 2006, no additional 2009 Notes have been tendered in
the exchange offer.

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

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

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

                      About Qantas Airways

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

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


QN PTY: To Declare Dividend to Creditors Today
----------------------------------------------
QN Pty Limited will declare its first and final dividend to
creditors today, May 2, 2006.

Creditors who were not able to prove their claims are excluded
from sharing in any distribution the Company will make.

Contact: Nick Combis
         Liquidator
         Vincents Chartered Accountants
         Level 27, 239 George Street
         Brisbane, Queensland 4000
         Australia
         Telephone: (07) 3854 4555
         Fax: (07) 3236 2452


S.PLASTER SERVICE: Faces Liquidation Proceedings
------------------------------------------------
The Commissioner of Inland Revenue, on March 31, 2006, filed
before the High Court of Wellington an application to liquidate
S.Plaster Service Ltd.

The application will be heard before the Court on May 8, 2006,
at 10:a.m.

Parties wishing to attend the hearing are asked to file an
appearance not later than May 6, 2006.

Contact: Philip Hugh Brian Latimer
         Solicitor for the Plaintiff
         Technical and Legal support Group
         Wellington Service Centre
         1/F., New Zealand Post House
         7-27 Waterloo Quay, Wellington
         New Zealand
         Telephone: (04) 890 1028
         Facsimile: (04) 890 0009


SEPALPORT PTY: Members Agree to Close Business
----------------------------------------------
At a general meeting of Sepalport Pty Limited on March 16, 2006,
members agreed that it is in the Company's best interests to
wind up its operations.

Contact: Jamieson Louttit
         Liquidator
         Jamieson Louttit & Associates
         Level 15, 88 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone: (02) 9231 0505
         Fax: (02) 9231 0303


SUNCERN PROPERTIES: Creditors' Claims Due on May 26
---------------------------------------------------
Suncern Properties Ltd is receiving creditors' proofs of claims
until May 26, 2006.

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

Contact: D.K. Fisher
         Liquidator
         Private Bag MBE M215
         Auckland, New Zealand
         Telephone: (09) 630 0491
         Facsimile: (09) 638 6283


STROKE LOGGING: Appoints Joint and Several Liquidators
-------------------------------------------------------
Aaron Leslie Heath and Lloyd James Hayward were appointed Joint
and Several Liquidators of Stroke Logging Ltd on April 18, 2006.

Mr. Heath and Mr. Hayward request the Company's creditors to
lodge their proofs of claims by May 19, 2006, or be excluded
from sharing in any distribution the Company will make.

Contact: L.J. Hayward
         Meltzer Mason Heath
         Chartered Accountants
         P.O. Box6302, Wellesley Street
         Auckland, New Zealand
         Telephone: (09) 357 6150
         Facsimile: (09) 357 6152


STYROCORE PTY: Receivers Step Aside
-----------------------------------
Alan Hayes and Neil Geoffrey Singleton ceased to act as the
receivers and managers of the property, assets and undertakings
of Styrocore Pty Limited on March 17, 2006,


VICTORIAN HARDWARE: Members & Creditors Resolve to Wind Up Firm
----------------------------------------------------------------
The members and creditors of Victorian Hardware and Industrial
Limited will convene today, May 2, 2006, to receive Liquidator
Dean R. McVeigh's account regarding the Company's completed
wind-up and disposal of the Company's property.

Contact: Dean R. McVeigh      
         Liquidator
         Foremans Business Advisors (Southern) Pty Limited
         Suite 8, 56-60 Bay Road
         Sandringham, Victoria 3191
         Australia


WAITAKERE RESOURCE: Wind-up Process Initiated
---------------------------------------------
Waitakere City Council, on March 14, 2006, filed an application
to liquidate Waitakere Resource Consents Ltd before the High
Court of Auckland.

The application will be heard before the Court on May 11, 2006,
at 10:45 a.m.

Parties wishing to appear on the hearing must file an appearance
not later than May 9, 2006.

Contact: R.B. Enright
         Solicitor for the Plaintiff
         Kensington Swan, Solicitors,
         18 Viaduct Harbour Avenue,
         Auckland, New Zealand


WITBROUGH PTY: Placed Under Voluntary Liquidation
-------------------------------------------------
At Witbrough Pty Limited's general meeting on March 15, 2006,
members concurred that it is in the Company's best interests to
liquidate its operations.

Kenneth Wayne Lam was then appointed as liquidator of the
Company.

Contact: Kenneth W. Lamb
         Liquidator
         Jones Condon Chartered Accountants
         77 Station Street, Malvern
         Victoria 3144, Australia


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

BIOSECURE SYSTEMS: Yan & Haughey Cease to Act as Liquidators
-------------------------------------------------------------
Lai Kar Yan Derek and Darach E. Haughey, former Joint and
Several Liquidators of Biosecure Systems Limited, ceased to act
as such on April 20, 2006.

Contact: Lai Kar Yan Derek
         Darach E. Haughey
         Former Liquidators
         26th Floor, Wing On Centre
         111 Connaught Road Central
         Hong Kong


C.B.M. PROPERTIES: Names Official Liquidator
---------------------------------------------
Shum Lap Chi was appointed Liquidator of C.B.M. Properties Ltd
by virtue of Special Resolution passed at an Extraordinary
General Meeting held on April 12, 2006.  

Contact: Shum Lap Chi
         Unit A, 19/F., Chun Wo
         Commercial Centre
         23-29 Wing Wo Street, Central
         Hong Kong


CHINA SOUTHERN: Q1/2006 Net Loss Widens to CNY665 Mln
-----------------------------------------------------
China Southern Airlines incurred a net loss of CNY665 million in
the first quarter of 2006, versus a net loss of CNY285 million
for the previous corresponding period, Infocast News reports.

Earnings from principal operations surged 14% to CNY9.429
billion while its profit from principal operations fell 14% to
CNY660 million.  

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

About China Southern Airlines

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

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

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

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

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

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

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


CHINA-SOUTH SEA: Members' Final Meeting Scheduled on May 30
-----------------------------------------------------------
Members of the The China-South Sea Trustee Limited will convene
for a final general meeting on May 30, 2006.

At the meeting, Liquidator Ko Ming Tung Edward will present an
account of the Company's liquidation process.

The members will also decide whether the books, accounts, and
documents of the Company will be retained by the liquidator and
be disposed of after the Company is dissolved.

Contact: Ko Ming Tung Edward
         18th Floor
         Yue Thai Commercial Building
         128 Connaught Road Central
         Hong Kong


CITISTATE DEVELOPMENT: Creditors' Proofs of Claims Due on May 22
----------------------------------------------------------------
Citistate Development Ltd is receiving proofs of claims from its
creditors until May 22, 2006.

Failure to submit the claims by the deadline will exclude any
creditor from sharing in any distribution of assets the Company
will make.

Contact: Chan Kwai Ping
         Wong Kwok Wai
         Suite 2302-7,
         308 Des Voeux Road Central
         Hong Kong


CROWN PORT: Receiving Creditors' Proofs of Claims Until May 30
--------------------------------------------------------------
Crown Port Company Limited is receiving proofs of claims from
its creditors until May 30, 2006.

Creditors are requested to send in their particulars to the
solicitor and liquidator of the Company.

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

Contact: Lau Yuen Yee
         Liquidator
         Room 1702, 17th Floor
         Tung Hip Commercial Building
         248 Des Voeux Road Central
         Hong Kong


IBEX COMPANY: Names Lau Yuen Yee as Liquidator
----------------------------------------------
Members of Ibex Company Limited held a meeting on
April 21, 2006, and agreed on the Company's need to liquidate.

Subsequently, Lau Yuen Yee was appointed as official liquidator.

Contact: Lau Yuen Yee
         Liquidator
         Room 1702, 17th Floor Tung Hip
         Commercial Building, 248 Des Voeux Road
         Central, Hong Kong


GS BATTERY: Liquidators Ceased to Act for the Company  
-----------------------------------------------------
Lai Kar Yan and Darach E. Haughey, former Joint and Several
Liquidator of GS Battery (Asia) Co Ltd, ceased to act as
Liquidators for the Company on March 28, 2006.


GOLDEN SKY: Enters Voluntary Liquidation
----------------------------------------
The members of Golden Sky Enterprises Limited, on April 21,
2006, decided to voluntarily wind up the Company's operations.

Lee Kwok On, Alexander was appointed as liquidator for the wind-
up exercise.

Contact: Lee Kwok On, Alexander
         Liquidator
         Rooms 19012
         Park-In Commercial Centre
         56 Dundas Street
         Kowloon, Hong Kong


GUANGDONG KELON: Delays FY/2005 Results Announcement
----------------------------------------------------
Guangdong Kelon Electrical Holdings will delay the release and
publication of the annual results for the company for the year
ended December 31, 2005, Infocast News relates.

In a company statement, Guangdong Kelon reasoned that there have
been numerous extraordinary events in 2005, which placed the
Company in a complex financial situation.  The auditors of the
Company have encountered difficulties in the audit of the
financial results of the Company for the financial year ended
December 31, 2005.  

The delay in the publication of the Annual Results and the
dispatch of the Annual Report constitutes a breach of Rule
13.46(2)(a) and Rule 13.49 of the Listing Rules of the Hong Kong
Stock Exchange.

According to the Hong Kong Stock Exchange, if the Company is
unable to dispatch the annual report and the quarterly report by
June 30, 2006, trading in the A shares of the company will
resume on July 3, 2006, and the procedures in relation to a
warning of risk of delisting will be implemented in respect of
the A shares of the Company.

About Guangdong Kelon Electrical

Headquartered in Wanchai, Hong Kong, Guangdong Kelon
Elecrical Holdings Company Limited -- http://www.kelon.com/--  
is one of the largest cooling domestic appliance manufacturers
in China, mainly engaging in the development and manufacture, as
well as domestic and overseas sales of refrigerators and air-  
conditioners.  Before the latest scandal involving it's former  
Chairman, the refrigerator maker was saddled with staggering  
2004 net losses, after seeing a CNY197.3 million net profit in  
2003 and a similar substantial profit in 2002.  With the  
outbreak of the scandal, it suspended trading of some of its  
shares and had its assets frozen.  The Company was taken over
by China's Hisense Group in a CNY900 million acquisition in  
September 2005.  

As the Troubled Company Reporter - Asia Pacific reported on
November 1, 2006, that during the financial year of 2005, Mr. Gu
Chu Jun, the former chairman of the Company, was suspected of
having committed economic crime.  This has affected the
confidence in the Company of those financial institutions,
suppliers and distributors, which have business relationships
with the Company, and in turn has a serious impact on the
Company's normal production and operation.  The Company
therefore also failed to participate in this year's high season
for the production and sales of refrigerators and air
conditioners.  As a result of the above adverse factors, it is
expected that the Company will report a loss for the financial
year of 2005.


GUTHRIE RETAIL: Member's Final Meeting Set on May 29
----------------------------------------------------
Members of Guthrie Retail Systems (H.K.) Limited will convene
for a final general meeting on May 29, 2006, at 12/F., 3
Lockhart Road, Wanchai, Hong Kong.

At the meeting, Liquidator Wong Hon Lam will present an account
of the Company's liquidation process.

The members will also decide whether the books, accounts, and
documents of the Company will be retained by the liquidator and
be disposed off after the Company is dissolved.


GROUP STAR: Creditors Meeting Set on May 8
--------------------------------------------
Creditors of Group Star Development Ltd will convene on May 8,
2006 at 12:00 p.m. to discuss matters about the Company's wind-
up.

The meeting will be held at Room 703, Wah Ying Cheong Central
Bldg, 158-164 Queens Road Central, Hong Kong.


G+H MONTAGE: Members and Creditors Final Meeting Fixed on May 30
----------------------------------------------------------------
The final meeting of members and creditors of G+H Montage South
East Asia Ltd will be held at the office of Ferrier Hodgson Ltd,
14/F, Hong Kong Club Bldg, 3A Chater Road, Central, Hong Kong on
May 30, 2006, at 11:00 a.m.

At the meeting, the Company's liquidator report on how the
winding up has been conducted and the property of the Company
was disposed of.


HEAPS LIMITED: Creditors' Proofs of Claims Due on May 12
--------------------------------------------------------
Creditors of Heaps Limited are required to send in their proofs
of claims on or before May 12, 2006.

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

Contact: Au Yeung Tin Wah
         Sie Ki
         2701,27/F., Wing on House
         71 Des Voeux Road Central
         Hong Kong


JONESWIN INVESTMENT: Tsui Yeung Ching Named Liquidator
------------------------------------------------------
A special resolution to dissolve Joneswin Investment Limited was
passed by shareholders on April 19, 2006.

Subsequently, Tsui Yeung Ching was appointed to facilitate
liquidation of the Company's assets.

Contact: Tsui Yeung Ching
         Liquidator
         2310, Hang Lung Centre
         2-20 Paterson Street
         Causeway Bay
         Hong Kong


MAD CATZ: Members Appoint Liquidator
------------------------------------
Nip Kwan Hing was appointed official liquidator of Mad Catz
(Asia) Ltd by virtue of a special resolution passed at the
Extraordinary General Meeting of the Company on April 6, 2006.

Contact: Nip Kwan Hing
         Room 1203, United Chinese Bank Bldg
         31-37 Des Voeux Rd, Central
         Hong Kong


PIAS INTERNATIONAL: Members OK Liquidators' Appointment
-------------------------------------------------------
Pias International Hong Kong Limited has appointed Ho Wai Ip as
official liquidator through special resolution passed by the
members of the Company on March 15, 2006.

Contact: Ho Wai Ip
         Liquidator
         Room 1903
         19/F., World-Wide House
         19 Des Voeux
         Road Central, Hong Kong


PIAS INTERNATIONAL: Receives Proofs of Claims Until May 29
----------------------------------------------------------
Creditors of Pias International (H.K.) Ltd are required to send
their proofs of claims on or before May 29, 2006.

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

Contact: Ho Wai Ip
         C/O Alliance & Assoc, CPA's
         Room 1903, 19/F., World Wide House
         19 Des Voeux Road Central
         Hong Kong


RAY'S ENGINEERING: Liquidator to Present Wind-up Report May 30
--------------------------------------------------------------
Final meetings of members and creditors of Ray's Engineering
Company Ltd will be held at Room 1101, 11/F., Shiu Lam Bldg, 23
Luard Road, Wan Chai Hong Kong on May 30, 2006, at 2:00 p.m. and
2:30 p.m., respectively.

At the meetings, the Company's liquidator will lay an account on
how the Company's winding up was conducted and its property
disposed of.


TEX NET: Yan & Darach Cease to Act as Liquidators
-------------------------------------------------
Lai Kar Yan Derek and Darach E. Haughey, on April 18, 2006,
ceased to act as joint and several liquidators of Tex Net (H.K.)
Limited.

Contact: Lai Kar Yan (Derek)
         Darach E. Haughey
         26th Floor, Wing On Centre
         111 Connaught Road Central
         Hong Kong


U-LEADER INTERNATIONAL: Liquidators Cease to Act for Company
------------------------------------------------------------
Lee Ka Leung and Law Fung Ha, former Joint and Several
Liquidators of U-Leader International Co Ltd, ceased to act in
behalf of the Company on April 21, 2006.


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

DUNLOP INDIA: Trouble Brews at Sahagunj Factory
-----------------------------------------------
Dunlop India Limited's newly opened Sahagunj plant is facing a
roadblock as thousands of workers boycott the Company's partial
payment of previous dues under a one-time settlement scheme, The
Statesman reveals.

Some 4,378 workers passed up on the part-payment of dues,
claiming that the new management was paying them much less than
what was agreed upon.  The workers unions have charged the Ruia
Group, Dunlop's new promoter, with "wrong doing" as regards to
the calculation of dues.

According to The Statesman, the management had calculated the
payment on basis of workers' attendance for the 11 months for
which the dues were supposed to be paid.

Centre of Indian Trade Unions leader Dipankat Ray said that the
management has cheated the employees by paying between INR3,000
and INR4,500 instead of the agreed INR5,000 to each of the
workers.  Thus, everybody had rejected the payment.

Meanwhile, the Ruia Group told The Statesman that the management
is willing to discuss the matter with the unions in order to
iron out the issue that led to the boycott.

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

                       About Dunlop India

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


INDIAN OIL: Gains INR3,225 Crore from ONGC Stake Dilution
---------------------------------------------------------
Indian Oil Corporation has made a net gain of over INR3,225
crore on the sale of 20% of its 9.6% stake in Oil and Natural
Gas Corp Ltd, Business Line reports.

An unnamed company official told Business Line that the sale of
a portion of Indian Oil's interest in ONCG per share has
benefited the Company as it has picked up the stocks in 1999 for
INR162.34 per share.

The Troubled Company Reporter - Asia Pacific reported on
April 28, 2006, that the shares were sold to local and foreign
investors at INR1,340 apiece.

Indian Oil will use the proceeds of the sale to improve its
overall liquidity position and add to its working capital
requirement, the TCR-AP said.  The Company has committed capital
expenditure of INR6,500 crore to INR7,000 crore in the current
fiscal year.

The sale was managed by Morgan Stanley and Citigroup Inc., the
TCR-AP added.

                  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.


* State Oil Firms Avert Unfair Trade Practice Suit
--------------------------------------------------
The Monopolies and Restrictive Trade Practices Commission has
recently withdrawn a case against three state-run oil companies,
which allegedly engaged in unfair trade practices, The Economic
Times says.

Indian Oil Corporation, Hindustan Petroleum Corporation and
Bharat Petroleum Corporation were accused of inequitably
awarding contract for LPG transportation.

Bulk LPG Transportation Federation has approached the Commission
against the terms and conditions of the contract finalized for a
period of three years from 1996-1999.  The Federation had
opposed a clause in the agreement, which required them to pay a
fine in case of delay.

The Commission forwarded the matter for further review by the
Director General of Investigation and Registration, which in
turn supported the Group's claim and moved to void certain
clauses in the contract.

The three oil companies, however, lodged a bid to drop the
proceedings on the grounds that the contract was for the 1996-96
period and had already expired.  They contended that there was
no point for the MRTPC to continue the proceedings because the
contract had lapsed in 1999.

In this regard, the Commission decided to dismiss the case.

                  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.

              About Hindustan Petroleum Corporation

Mumbai-based Hindustan Petroleum Corporation Ltd
-- http://www.hindustanpetroleum.com/-- was formed in 1974 on  
nationalization of ESSO India operations.  The operations of  
Caltex were merged in 1976.  With two refineries at Mumbai and
Vizag, Hindustan Petroleum is currently is the second largest
player in both the Indian oil sector as well as the highly
competitive lubricants market.  However, the Company has lately
been incurring losses due to a government mandate to sell fuel
at subsidized prices.  The Company is counting on a Government
bailout to save it from bankruptcy.

                     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.

For the quarter ended March 31, 2006, Bharat Petroleum clocked a
409% increase in net profit to INR17.883 billion, as against the
INR3.5 billion in the same quarter last year.  However, the
Company still expects to book a full-yeaer net loss in s\fiscal
20065 due primarily to selling cheap fuel and soaring crude oil
costs.


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

ARPENI PRATAMA: Fitch Assigns "BB-" Rating to Guaranteed Notes
--------------------------------------------------------------
Fitch Ratings has assigned a final rating of "BB-" to the USD160
million guaranteed notes due 2013 issued by Arpeni Pratama Ocean
Line Investment B.V. and guaranteed by PT Arpeni Pratama Ocean
Line Tbk -- Arpeni, rated Long-term Foreign and Local Currency
Issuer Default 'BB-'/Stable -- and its subsidiaries.

This follows the completion of the notes issue and receipt of
documents conforming to information already received.  The notes
are secured by first priority pledges of capital stock of
Arpeni's equity interest in most of its subsidiaries.  The
ratings are not constrained by the "BB-" (BB minus) Country
Ceiling of the Republic of Indonesia.

Arpeni's ratings draw support from its long-term contract
oriented business model, which provides earnings visibility and
insulates the company from volatile shipping cycles.  In 2005,
about 70% of Arpeni's revenue and EBITDA were based on long-term
contracts that had either very low or no linkage to the
international freight rates.  Fitch notes that in its dry bulk
business, Arpeni has had long contractual relationships with
coal mining companies to provide domestic sea-borne
transportation of coal to power plants.  These contracts allow
Arpeni to earn a fixed margin as the cost of fuel, the key
variable cost, is passed through to its customers.  Arpeni has
also chartered out three of its liquid carriers to Pertamina,
the state owned oil major, for a ten-year period.

The ratings are also supported by Arpeni's position as the
largest dry bulk operator and the second largest shipping
company in Indonesia.  Arpeni is well positioned to capture
growth prospects arising from the ongoing implementation of the
cabotage principle in Indonesia, which would make it mandatory
for all domestic shipping to be carried out by Indonesian
flagged vessels.  All government-owned entities would also have
to use Indonesian-flagged vessels for international shipping,
particularly on imported cargo.  Moreover, Arpeni is the only
end-to-end solution provider for domestic transportation of
coal.  Arpeni has a range of barges, tugboats and floating
cranes, which are essential in transporting coal since most
ports in Indonesia lack adequate coal handling facilities.  
Arpeni is also the only operator of Indonesian-flagged Panamax
vessels.

Arpeni's financial profile and credit metrics are in line with
other companies in its rating category.  It has maintained a
moderately leveraged balance sheet with net debt/EBITDA ratios
of 2.6x in 2005 and 2.1x in 2004. Though the notes issue is
expected to increase the ratio to 3.3x in 2006, Fitch expects it
to remain below 3.0x thereafter.  Arpeni had an EBITDA margin of
38% and net margin of 14% in 2005, reflecting some level of
cushion should business conditions deteriorate.

Arpeni's ratings are constrained by the aggressive fleet
addition programme since 2005, with the company planning an
additional capital expenditure of IDR1.3 trillion in 2006.  
However, Fitch views that risks associated with such expansions
are somewhat mitigated by the company's policy of acquiring new
vessels only when visibility for new contract orders is high.  
Another constraining factor is Arpeni's high level of customer
concentration, as reflected by the fact that its top 10
customers contributed 57% of revenues in 2005, though customer
concentration is showing a declining trend (top 10 customers
contributed 68% of revenues in 2003) as the company grows.  
Fitch also notes that many of Arpeni's dry bulk contracts expire
in 2006, but management has indicated that these will be
renewed.  Given Arpeni's previous track record, this appears
achievable.

Although Arpeni has a strong operational team in place, its
strategies are driven almost entirely by Oentoro Surya, the
founder and President Director, who is also instrumental in
managing key relationships with regulators and customers.  
Arpeni currently faces key man risk as a succession plan has not
been put in place yet.

The Stable Outlook reflects Fitch's expectation that Arpeni's
business model will continue to be driven by long-term contracts
and Arpeni will maintain a moderate level of leverage with net
debt/EBITDA remaining below 3.0x.  A change in business mix away
from the stable long-term contracts and/or an increase of
leverage with net debt/EBITDA sustained over 3.0x may trigger a
negative rating action.  Any negative rating action on the
sovereign ratings will also result in a similar change to
Arpeni's ratings.  At present, an upward revision of Arpeni's
ratings is unlikely.


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

ASHIHARA HOSPITAL: Operator Seeks Debt Write-Off
------------------------------------------------
Naniwa Medical Cooperative, the operator of Ashihara Hospital in
Naniwa Ward, Osaka, asked the Osaka municipal government to
write off its JPY13.8-billion debt, which was loaned to the
hospital as no-collateral loans and subsidies, the Yomiuri
Shimbun says.

The report relates that the city government will seek approval
for the debt write-off, which is not easy as assembly members
want to hold Osaka Mayor Junichi Seki liable for the Ashihara's
bankruptcy and illegal use of the loans.  

Naniwa Medical Cooperative has a debt of JPY14.2 billion, and
the city government, Ashiwara's largest creditor, asked the
hospital to repay its loans amounting to JPY13 billion and
subsidies worth JPY800 million.  However, Naniwa Medical could
only pay JPY10 million, according to the projected value of
Ashiwars Hospital, and other data.

Ashihara applied for bankruptcy rehabilitation in December 2005.

Naniwa Medical has drawn up a rehabilitation plan, which
includes asking the city government for a debt haircut, and will
present the plan to creditors at a creditors meeting on
June 12, 2006, after which they would seek approval from the
Osaka District Court.  The assembly members of the city
government, however, must first approve the debt write-off.

Mayor Seki apologized for the hospital's bankruptcy, as he was
engaged in the financing and payment of subsidies while he was
chief of the Environment and Public Health Bureau and deputy
mayor, adding he would take action to resolve the problem.  He
said he was not aware that city officials had falsified
Ashihara's financial accounts until he reviewed the report by
the investigation committee.


ASHIHARA HOSPITAL: Uses Up Subsidies to Repay Debts
---------------------------------------------------
Ashihara Hospital, located in Naniwa Ward, Osaka, mishandled
over 50% of city subsidies worth JPY489 million for facility
improvements in order to repay its debts, the Yomiuri Shimbun
reports.

According to a city investigation committee, Osaka city
government officials falsified the hospital's financial
accounts.  

The city had provided Ashihara Hospital with annual subsidies of
JPY97 million for facility improvements and JPY66 million per
year to buy medical equipment, without seeking collateral for
the loans.  Over a three-year period, the hospital received
JPY291 million to improve facilities, but spent JPY72.3 million
on construction projects, whereas it consumed JPY98.25 million
of a total JPY198 million received for equipment purchases.  

The hospital said that the remaining subsidy of JPY318.44
million was set aside to repay its debts and for operating
costs.  The Public Health and Welfare Bureau admitted that its
officials participated in misusing the subsidies to resolve
Ashihara's financial problems, the Shimbun states.

Ashihara applied for bankruptcy rehabilitation in December 2005.


LIVEDOOR COMPANY: Ex-CEO Has No Plans to Return
-----------------------------------------------
Livedoor Company Limited's founder and former president,
Takafumi Horie, said that he has no plans to return to and
manage the Company in the future, Crisscross News relates,
citing sources familiar with the matter.

A May 1, 2006 report by the Troubled Company Reporter - Asia
Pacific stated that Mr. Horie was released on April 27, 2006,
after paying a JPY300 million bail.  He has been detained since
January 23, 2006, on account of fraud and securities law
violations in an accounting scandal where he and other officials
falsified financial accounts and spread false information on a
subsidiary to inflate share prices.

Mr. Horie had time to reflect on his life while in detention,
and after his release was quoted as saying that he might have
"lived his life too fast," the Japan Times reveals.

Mr. Horie is still the largest stockholder of Livedoor with a
17% stake, but Company officials said he would not be returning
any time soon.

                           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.


PIONEER CORPORATION: 2005 Net Loss Increases Ten Times
------------------------------------------------------
Pioneer Corporation disclosed that its net loss for 2005 was 10
times more than its loss for the previous year due to an
increase in restructuring efforts to combat price falls of its
digital appliances, AFX News Limited says.

According to the Company, its net loss for the business year
2005 ended March 31, 2006, reached JPY84.9 billion, whereas its
net loss for 2004 stood at JPY8.8 billion.  Despite a 6.2% rise
in revenue to JPY754.9 billion, Pioneer recorded an operating
loss of JPY16.4 billion.   The Company's restructuring costs
amounted to over JPY13 billion.

Pioneer Corporation senior managing director Hajime Ishizuka
said that market prices fell more than expected.

Mr. Ishizuka also indicated that the Company plans to improve
its home electronics business within two years, Smarthouse News
reports.  Moreover, Pioneer has decided to close its two plasma
display channel production lines for this year so as to reduce
costs and is also looking to suspend other production lines.  
Pioneer has also decided to outsource the development of its DVD
recorders so as to earn operating profits of JPY12 billion for
2006.

The problems started after Pioneer bought the plasma display
panel operations of NEC Corporation for JPY40 billion in 2003.  
NEC Corporation had been supplying its products to Sony
Corporation then.  Yet, after Sony decided to stop production of
plasma display panel televisions, Pioneer was burdened with
overstock and falling prices.

The Company aims to post a net profit of JPY3 billion for 2006.

                    About Pioneer Corporation

Headquartered in Tokyo, Japan, Pioneer Corporation --
http://www.pioneer.co.jp/-- manufactures consumer and  
commercial electronics, about 40% of its sales come from car
electronics, which are sold to retailers and automobile
manufacturers.  Pioneer also makes video equipment and audio
products.  Through Disco Vision Associations, Pioneer also
generates revenue from licensing optical disc technologies.
Pioneer has more than 30 manufacturing facilities worldwide.

In December 2005, Pioneer announced business restructuring plans
that involve improving management efficiency through
organizational restructuring.  The Company dismantled its
current "internal Company" system on Jan. 1, 2006, and
reorganized into a two-department set-up featuring the Home
Entertainment Business Group and the Mobile Entertainment
Business Group.  All operations related to plasma displays, DVD
products and home audio products were integrated into the Home
Entertainment Business Group.  The Home Entertainment Business
Group staff, currently working at three locations, will be
consolidated at one location in Japan by 2007.  As part of
Pioneer's efforts to reduce fixed costs for the entire group, it
is also consolidating its worldwide production sites from 40 to
about 30, and cut 2,000 employees from its overseas workforce.

A report by the Troubled Company Reporter - Asia Pacific on
April 4, 2006, revealed around 777 Pioneer employees applied for
its early retirement plan, surpassing the Company's target to
downsize 600 jobs as part of its restructuring.


SUMITOMO TRUST: Moody's Upgrades Financial Strength Rating to D+
----------------------------------------------------------------
Moody's Investors Service had, on April 28, 2006, upgraded the
bank financial strength rating of Sumitomo Trust and Banking
Co., Ltd. to D+ from D.  This action concludes the upward review
of the bank's BFSR initiated on January 24, 2006, but its credit
ratings are not affected.  The outlook for all the ratings is
stable.

Sumitomo Trust's bank financial strength rating upgrade reflects
the ongoing improvements in its financial fundamentals,
particularly the balance between its capital strength and
balance sheet risks.  While its Tier I capital level has stayed
at the same level due to the bank having made a few sizable
acquisitions over the past few years, its capital impairment
levels -- as measured by its non-performing loans net of loan
loss reserves divided by its adjusted Tier I capital -- showed
steady improvements, despite the remaining concentration
exposures in its loan portfolio.

In Moody's opinion, Sumitomo Trust's increasing exposures toward
market-related credits, such as real-estate non-recourse loans,
will likely remain manageable, given its conservative screening
and monitoring of real estate-related exposures as well as its
focus on high quality investments in its marketable credit
portfolio.  At the same time, the bank's D+ financial strength
rating reflects its limited franchise in the commercial banking
businesses, particularly amid the competitive operating
environment in which other mega/major banks are back in recovery
momentum.  Sumitomo Trust's strategy to differentiate itself
from major Japanese banks emphasizes acquisitions and alliance
with various types of players, as evidenced by its sizable
acquisition of First Credit Corporation, a real estate financing
company, as well as strategic investments in Yachiyo Bank,
Limited, a Tokyo-based regional bank.

Moody's expects that the improving trends in its financial
fundamentals will likely continue, which would enhance its
fundamental credit profile, based on its view that increased
diversification of Sumitomo Trust's revenue sources -- with
higher proportions of fee and commission incomes, backed by
sustainable trust business franchises -- will improve its
earnings stability.

Sumitomo Trust and Banking Co., Ltd. is headquartered in Osaka.  
As of September 30, 2005, its non-consolidated assets were worth
JPY18 trillion.


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

HYUNDAI MOTOR: Chairman Chung Mong-koo Arrested
-----------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
April 28, 2006, that, pursuant to the recommendation of
prosecutors, Prosecutor-General Choung Sang-myoung authorized
the arrest of Hyundai Motor Co. Chairman Chung Mong-koo and the
indictment of his son Eui-sun, who is Kia Motors Corporation's
president.

The Chungs are involved in a slush fund scandal wherein the
Hyundai Automotive Group allegedly embezzled money to bribe
government officials in exchange for business favors.

In an update on April 29, 2006, The Philadelphia Inquirer
disclosed that Chairman Chung was arrested on Friday.  

According to the report, prosecutors suspected the elder Chung
of embezzling about US$106 million since 2002 to create the
slush fund, as well as of incurring about US$320 million in
damages to the Company.

Prosecutors will investigate Mr. Chung before issuing an
indictment order, prosecution spokesman Kang Chan-woo said.  
Under South Korean law, they can detain arrested suspects for 20
days before indictment.

Hyundai Motor Vice Chairman and CEO Kim Dong-jin will assume
full responsibility and operational control of the Company.

                       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.


HYUNDAI MOTOR: Chief's Arrest Has No Impact on Moody's Ratings
--------------------------------------------------------------
Moody's Investors Service announced that it does not expect any
immediate impact on the credit ratings of Hyundai Motor Company
and Kia Motors Corporation, given moves to arrest Mr. Chung
Mong-koo, the Hyundai Motor chairman.

Hyundai Motor Company is rated Baa3 with a stable outlook and
Kia is also rated Baa3 with a stable outlook.

Korea's prosecutor applied on April 27 for an arrest warrant for
Mr. Chung Mong-koo on charges of embezzlement.  A Seoul District
Court judge will decide whether to issue the warrant later on
April 28, 2006.

In Moody's opinion, any arrest is unlikely to rapidly undermine
HMC/Kia's command of over 70% of the Korean market as consumer
perceptions will be materially unaffected.  Similarly, sales
abroad will not be materially impacted, especially in North
America and Europe, where customers tend to decide according to
price and quality.  Daily operations will continue as before,
but delays in long-term projects, such as the construction of
new plants overseas, may appear.

Moody's will keep monitoring the continuity of their management
strategies and how this incident would affect the management's
decision-making process and ability to maintain their market
competitiveness.  Moody's will also continue to closely monitor
corporate governance issues at HMC/Kia in terms of management
transparency as well as their sales in Korea and abroad.

Hyundai Motor Company, headquartered in Seoul, is Korea's
largest manufacturer of passenger cars and commercial vehicles.

Kia Motors Corporation, headquartered in Seoul, is Korea's
second largest auto manufacturer.


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

ASIAN PAC: Completes Restructuring Exercise
-------------------------------------------
Asian Pac Holdings Berhad's MYR30,000,000 nominal value of zero
coupon irredeemable convertible loan stocks 2006/2011, which are
not listed on Bursa Malaysia Securities Berhad, had been issued
on April 28, 2006.

With the issuance of the ICULS 2006/2011, Asian Pac's Corporate
Restructuring Scheme has been duly completed on even date.

As reported by the Troubled Company Reporter - Asia Pacific on
March 16, 2006, Asian Pac entered into a new trust deed
constituting irredeemable convertible unsecured loan stocks
2006/2011, which are to be issued as part consideration to the
vendors of Quality Trend Sdn Bhd and Changkat Fajar Sdn Bhd, the
acquisitions of which form part of Asian Pac's corporate
restructuring scheme.

The TCR-AP also reported that on March 19, 2004, Asian Pac
Holdings Berhad disclosed that the Company will undertake a
Proposed Corporate Restructuring Scheme to address its hefty
losses.

                    About Asian Pac Holdings

Headquartered in Kuala Lumpur, Malaysia, Asian Pac Holdings
Berhad -- http://www.asianpac.com.my/-- is principally engaged  
in the underwriting of general insurance.  Its other activities
include provision of stockbroking and nominee services,
investment and development of properties and investment holding.  
Despite its healthier profits, Asian Pac's balance sheet has
remained burdened by its hefty accumulated losses, which
amounted to MYR506.48 million as of March 1, 2005.  To address
this, Asian Pac is currently undertaking a corporate-
restructuring exercise, which includes several proposed land
acquisitions to improve its high gearing level and to address
the accumulated losses.    


CHG INDUSTRIES: Fined Over Listing Requirement Breach
-----------------------------------------------------
Bursa Malaysia Securities Berhad, on April 28, 2006, publicly
reprimanded and imposed a MYR25,000-fine on CHG Industries
Berhad for breach of the Paragraph 9.23(b) of the Bourse's
Listing Requirements.

Paragraph 9.23(b) of the Listing Requirements states that a
listed issuer must ensure that the annual audited accounts
together with the auditors' and directors' report will, in any
case be given to Bursa Securities for public release, within a
period not exceeding four months from the close of the financial
year of the listed issuer unless the annual report is issued
within a period of four months from the close of the financial
year of the listed issuer.

CHG has breached the rule for failing to furnish to Bursa
Securities for public release its annual audited accounts for
the financial year ended December 31, 2003, on or before
April 30, 2004.  The Company only issued its Annual Report for
financial year ended December 31, 2003, on June 8, 2004.

The public reprimand and fine were imposed pursuant to paragraph
16.17 of the Bursa Securities LR after taking into consideration
various relevant factors.

Bursa Securities views the contravention seriously and has
cautioned the Company on its responsibility to maintain
appropriate standards of corporate responsibility and
accountability in order to achieve greater disclosure and
transparency to its shareholders and the investing public.

                    About CHG Industries Berhad

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


CONSOLIDATED FARMS: Securities Commission Junks Appeal
------------------------------------------------------
The Securities Commission had, on April 27, 2006, rejected
Consolidated Farms Berhad's appeal seeking the Commission's re-
consideration of the Proposed Restructuring Scheme.

On September 16, 2005, the Securities Commission did not approve
ConsFarm's original restructuring scheme, saying that the plan
is not capable of resolving all the financial issues faced by
the Company.

The Original Restructuring Proposal presented by the Company on
October 11, 2004, included:

   -- the acquisition of the Bun Seng Group;

   -- the scheme of arrangement with shareholders;

   -- the settlement of ConsFarm's debts with creditors;

   -- the special issue of up to 12,500,000 new company shares
      to nominated Bumiputera investors at an issue price of
      MYR1.00 per share

   -- the distribution of free new company shares by the
      major ConsFarm shareholders;

   -- the restricted issue up to 7,500,000 new NewCo Shares at
      an issue price of MYRM1.00 each to the Entitled
      Shareholders A and Entitled Shareholders B;

   -- the offer for sale of NewCo Shares by all or certain of
      the Bun Seng Group Shareholders and creditors of ConsFarm
      to eligible investors to be identified at a minimum offer
      price of MYR1.00 per share in order to meet the public
      spread requirement as stipulated under the Listing
      Requirements of Bursa Malaysia Securities Berhad;

   -- the transfer of the listing status of ConsFarm on the
      Second Board of Bursa Securities to NewCo; and

   -- the disposal of the ConsFarm Group to a third party or
      special purpose vehicle.

On October 12, 2005, in conjunction with the Commission's
rejection of the Original Plan, the Company and the Bun Seng
Group Shareholders agreed to revise certain terms of the
Proposed Restructuring Scheme.

The Company then submitted an appeal against the decision
setting out the terms of the Revised Proposed Restructuring
Scheme.

Under the Revised Scheme:

   -- AimReach will acquire the Bun Seng Group for a total
      purchase consideration of MYR108,395,448 to be satisfied
      by the issuance of 108,395,448 new AimReach Shares;

   -- ConsFarm and AimReach, after completion of the Bun Seng
      acquisition, will exchange shares on the basis of one
      new AimReach share with one ConsFarm Share held by the
      shareholders of ConsFarm after the proposed capital
      reduction and the proposed consolidation of shares; and

   -- the proposed restricted offer for sale is removed.

The Appeal was rejected because, according to the Securities
Commission, ConsFarm was unable to satisfactorily address the
issues it highlighted.

The Board of Directors of ConsFarm will deliberate on the next
course of action to be taken and an announcement will be made in
due course.

                 About Consolidated Farms Berhad

Headquartered in Kuala Lumpur, Malaysia, Consolidated Farms Bhd
-- http://www.confarm.com/-- is engaged in poultry farming  
which includes operating of breeder farm, production and
processing of organic fertilizer, feed milling and manufacturing
and sale of egg trays. Other activities include manufacturing
and processing of eggs into pasteurized eggs and de-shelled
hard-boiled eggs.  The Company is a Practice Note 4 concern
currently undergoing a restructuring exercise to address its
debt problem.  The company had appointed Deloitte KassimChan
Business Services Sdn Bhd as advisor for the restructuring
exercise. Oonsolidated Farms was mired with MYR122-million debt
on account of its expansion plan, which included the purchase of
equipment and facilities.    


LITYAN HOLDINGS: Credit Default Amount Hits MYR15.5 Million
-----------------------------------------------------------
Lityan Holdings Berhad provides an update on the details of the
various credit facilities in default by the Company and its
subsidiaries to financial institutions as of April 30, 2006.

Loans defaulted by Company and subsidiaries as of April 30, 2006

Company                     Lender         Principal & Interest
                                                   (MYR)

Imagebase Sdn Bhd        Affin Bank Berhad      1,974,273.67

Lityan Marketing         Affin Bank Berhad      2,960,033.18

Digital Transmission
Systems Sdn Bhd         RHB Bank Berhad          263,678.21

Lityan Systems Sdn Bhd   RHB Bank Berhad          529,881.58

Lityan (L) Inc.          Bank Islam Malaysia
                          Berhad Labuan
                          Offshore Branch        5,306,648.48

Lityan (L) Inc.         Bank Islam Malaysia
                          Berhad Labuan
                          Offshore Branch        3,310,280.53

Lityan Holdings Bhd.   Ambank Berhad        1,171,678.55

Outstanding Amount as of April 30, 2006       15,516,474.20

Due to its current insolvent position, the Company and its
subsidiaries will not be able to pay its debts in the next 12
months.

                  About Lityan Holdings Berhad

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides  
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.  
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.   

The Group incurred hefty losses since the 2001, with its
liabilities exceeding its assets by MYR76 million.  It also
started defaulting on loan facilities.  In 2005, the Company
proposed a restructuring scheme.

Lityan Holdings is currently insolvent.  However, the Company
has submitted its Proposed Restructuring Scheme to the
Securities Commission, Foreign Investment Committee and Bank   
Negara Malaysia for their approval on January 20, 2006.  It had
also commenced discussion and currently is in negotiations with
the lenders on the Creditors Scheme of Arrangement.   

The Company is looking into other business opportunities within
its core activities and also taking steps to dispose of the
Group's non-core investments and non-operating assets to address
its current financial predicament and to generate cash flow for
settlement of defaults and redemption of loans.  


MALAYSIA AIRLINES: Flies Vietnam-South Africa Routes
----------------------------------------------------
Malaysia Airlines is opening new air routes connecting Vietnam's
Ho Chi Minh City to Cape Town and Johannesburg in South Africa,
Enditem reports.

The airlines will operate three flights a week from Ho Chi Minh
to the two South African destinations in cooperation with five
Vietnamese travel companies.

The new route is part of the carrier's plan to expand its global
operations.

As reported by the Toubled Company Reporter - Asia Pacific on
April 6, 2006, Malaysia Airlines will also start flying to
Bahrain in July this year.  The route will be served by a 240-
seater Airbus A330 aircraft, which will fly from Kuala Lumpur
and back every Wednesday and Friday.

                     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 ended 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


MYCOM BERHAD: Aims to Conclude Restructuring This Year
------------------------------------------------------
Mycom Berhad is planning to execute all scheme documents and
underwriting agreements by mid-May 2006.

Completion of the documents and agreements will pave the way for
the Company to conclude its restructuring scheme within a
timeframe, subject to approvals from lenders and the Securities
Commission.

The major outstanding events that Mycom wants to implement in
order to complete its restructuring are:

   Major Outstanding Events             Proposed Timeline

   * Execution of trust deeds                May 2006
     poll and other creditors'
     agreements

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

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

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

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

                       About Mycom Berhad

Headquartered in Kuala Lumpur, Malaysia, Mycom Berhad is engaged
in the provisions of granite quarry services, manufactures and
sells latex rubber thread, tape, plywood, laminated board and
sawn timber, cultivates oil palm fruits, and develops property.  
The Company is also involved in hotel operation, provision of
management and financial services and investment holding.  
Operations of the Group are carried out in Malaysia and South
Africa.

Mycom is in the advanced stage of negotiations to settle its
foreign debts.  The proposed capital reduction and consolidation
by Mycom, as well as the proposed share premium account
reduction will reduce the Company's accumulated losses.  In its
proposal to streamline its operations and focus on property
development activities after restructuring, Mycom had proposed
to undertake a series of acquisitions of property companies and
land, as well as the disposal of certain assets in the future
years.  Mycom believes that both its corporate and debt
restructuring would the group on a stronger financial footing to
continue as a going concern, to return to profitability and to
enhance returns to all the stakeholders.


OLYMPIA INDUSTRIES: To Complete Underwriting Deal mid-May
---------------------------------------------------------
Olympia Industries Berhad is working towards executing all
scheme documents and underwriting agreements by mid-May 2006.

The Board will then work towards completing the restructuring
Scheme within a tentative timeframe, subject to approvals being
obtained from the Securities Commission and the.

Olympia intends to undertake and implement these activities
within a target date:

   Major Outstanding Events             Proposed Timeline

   * Execution of trust deeds               May 2006
     poll and other creditors'
     agreements

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

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

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

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

                 About Olympia Industries Berhad

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

       
PANTAI HOLDINGS: To List New Ordinary Shares on May 3
-----------------------------------------------------
Pantai Holdings Berhad's additional 35,800 new ordinary shares
of MYR1.00 each issued pursuant to the Company's share employee
scheme will be granted listing and quotation on April 28, 2006.  

The Company will also list and quote on the same date some
2,234,900 new ordinary shares of MYR1.00 each arising from the
exercise of warrants.

                  About Pantai Holdings Berhad

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


POHMAY HOLDINGS: Financial Report Awaits Auditors' Go Signal
------------------------------------------------------------
Pohmay Holdings Berhad has yet to issue its Audited Financial
Statements for the year ended December 31, 2005, which was due
on April 28, 2006.

Pohmay's failure to issue the audited financial statements was
due to the fact that the financials have not yet been finalized
by the auditors, pending on the proposed restructuring plan of
the financial position of the Company and the Group.

Pohmay Holdings is required to submit its outstanding financial
reports on time or risk being delisted from the Official List of
Bursa Malaysia Securities Berhad.

As reported by the Troubled Company Reporter - Asia Pacific, the
Bourse on April 7, 2006, decided to delist Pohmay's securities
from the Official List on April 20, 2006.  The delisting,
however, was deferred pending the decision pursuant to the Court
Order obtained on April 18, 2006.

According to TCR-AP, Pohmay was originally scheduled for
delisting on March 22, 2006, after the Bourse found out that the
Company does not have an adequate level of financial condition
to warrant continued listing on the Bourse.  The Company
immediately lodged an appeal against the Bourse's decision.  
Thus, Bursa Securities deferred the removal of Pohmay's
securities from the Bourse pending the decision on the Appeal.  

On April 18, 2006, Pohmay obtained a Court Order for an interim
stay of Bursa Securities' decision to delist its securities from
the official list of Bursa Malaysia Securities pending a
decision on an application made to the Court.

                  About Pohmay Holdings Berhad

Headquartered in Kuala Lumpur, Malaysia, Pohmay Holdings Berhad
manufactures furniture.  Products include laminated bendwood
furniture and furniture components, wood and metal furniture and
general products made of metal and wood.  Its other activities
are cultivation and harvesting of rattan and investment holding.  
Pohmay, a Practice Note 17 company, is a defendant of a wind-up
petition filed by AmBank (M) Berhad.  The legal action is
expected to have a significant financial and operational impact
on the Company.  The Company is negotiating with its lenders to
restructure the Group's loans and is actively working on various
schemes to alleviate the Group from its current financial
predicament.  


POLY GLASS: Pre-tax Loss Balloons to MYR99 Mln in 4Q/FY05-06
------------------------------------------------------------
In the fourth quarter ended February 28, 2006, Poly Glass Fibre
(Malaysia) Berhad registered a loss before taxation of MYR98.61
million, as compared to the MYR0.49 million loss before taxation
in the same quarter of the previous fiscal year.

The loss was due mainly to the recognition of impairment losses
in respect of development properties held by Golden Approach
Sdn. Bhd. equal to MYR102.1 million and investment property held
by Clover Sdn. Bhd. amounting MYR1.1 million.  

The Group turnover for the quarter under review has increased by
25.58% to MYR8.29 million, as compared to the preceding year
quarter's MYR6.60 million.  For the current financial year to-
date February 28, 2006, the Group turnover reduced by 3.98% to
MYR31.36 million as compared to preceding year to-date of
MYR32.66 million.  This was mainly due to the lower sales
performance by its glasswool manufacturing division.

Barring unforeseen circumstances, the Group's manufacturing
division is expected to improve its performance marginally with
higher revenue, mainly due to increase exports demand for its
glasswool products.

The property division is not expected to achieve any positive
results until recommencement of development activities in
Diamond Creeks Country Retreat.  The Board will consider all
opportunities to enhance the value of its development properties
in DCCR.

The Board of Directors does not recommend any dividend for the
period ended February 28, 2006.

              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  

      8,293         6,604          31,362         32,662

* Profit/(loss) before tax  

    -98,607          -493         -97,822          1,157

* Profit/(loss) after tax and minority interest  

    -67,223         2,232         -67,179          2,587

* Net profit/(loss) for the period

    -67,223         2,232         -67,179          2,587

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

     -42.02          1.40          -41.99           1.62

* 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

       0.3983                       0.8183

The Company's Fourth Quarter Report and the financial notes are
available for free at:

   http://bankrupt.com/misc/tcrap_polyglass050106.xls

   http://bankrupt.com/misc/tcrap_polyglassnotes050106.pdf

   http://bankrupt.com/misc/tcrap_polyglassnotes1050106.pdf

            About Poly Glass Fibre (Malaysia) Berhad

Headquartered in Penang, Malaysia, Poly Glass Fibre (Malaysia)
Bhd -- http://www.polyglass.com.my/-- is a leading manufacturer  
and marketer of premium-quality fiber glass wool building
insulation, HVAC insulation, and other specialty products for
thermal and acoustic insulation for commercial, industrial, and
residential applications.  The Company is under Bursa Malaysia
Securities' PN17 category, which requires the Company to
regularize its financial condition or risk possible delisting
from the Exchange.  On March 8, 2006, Bursa Malaysia Securities
Berhad has granted the Company up to June 30, 2006, to implement
and regularize its financial condition pursuant to the Bourse's
Listing Requirements.


TRU-TECH HOLDINGS: Regulator Rejects Restructuring Plan Again
-------------------------------------------------------------
The Securities Commission, on April 27, 2006, dismissed Tru-Tech
Holdings' appeal against the Commission's decision rejecting the
Company's proposed restructuring scheme.

As reported by the Troubled Company Reporter - Asia Pacific, the
Securities Commission, on December 7, 2005 disapproved the
Company's restructuring proposal because the Scheme does not
meet the regulator's requirements.  The Company immediately made
an application for a review of the SC's decision.

With the recent disapproval of the Company's appeal, the Tru-
tech Board will deliberate n the next course of action to be
taken and an announcement will be made in due course.

                 About Tru-Tech Holdings Berhad

Headquartered in Ulu Tiram Johor, Malaysia, Tru-Tech Holdings
Berhad's principal activity is the manufacturing of electronic
components and products.  Its other activities include
development and distribution of switch-mode power supplies and
investment holding.  The Group operates in Malaysia, Singapore,
United States and United Kingdom.  On May 27, 2004, Tru-Tech
announced a series of proposed corporate exercises to address
poor financial performance.  These include the incorporation of
a new entity as Tru-Tech's holding company, and the disposal of
its existing contract-assembly business to a third party.  Much
of Tru-Tech's future performance will hinge on its ability to
restructure its debts and resolve its financial woes.


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

PHILIPPINE AIRLINES: Wants Early Exit from Rehabilitation
---------------------------------------------------------
Philippine Airlines Corporation is seeking to graduate early
from its 10-year rehabilitation plan pending approval of its
creditors, ABS-CBN News reports.

According to PAL President Jaime Bautista, some 20% of the
airline's creditors have yet to formally agree to the proposed
early exit from its rehabilitation plan.

Philippine Airlines had filed for receivership with the
Securities and Exchange Commission in 1999, after it failed to
repay a PHP113.59 billion debt to its creditors.

Mr. Bautista said that the Company has already paid PHP51.63
billion of an outstanding PHP113 billion debt to United States-
based Export Import Bank and its other European creditors.  The
Company also reported the highest number of passengers for the
business year 2005 to 6.8 million, from 6.56 million passengers
in 2004.  Mr. Bautista attributes the increase in load factor to
additional flights to U.S. destinations during peak season, the
Manila Times relates.

                      About Philippine Airlines

Philippine Airlines -- http://www.philippineairlines.com/-- is  
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation.  With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.  As of 2005, it claims
to serve 21 domestic airports and 31 foreign cities.  Its main
hub is the Ninoy Aquino International Airport in the capital
city of Manila.

Following labor problems and its failure to settle debts, PAL
filed for rehabilitation in June 1998, and is slated to complete
its 10-year debt rehabilitation program in 2009.

A March 21, 2006 report by the Troubled Company Reporter - Asia
Pacific says that the airline company will continue a
government-led rehabilitation program even as creditors neither
approved nor rejected the program to leave the protection of the
Securities and Exchange Commission.

As of April 2006, Philippine Airlines has paid PHP51.63 billion
of its total PHP113 billion debt to American and European
creditors.  PAL president Jaime J. Bautista said that they
expect to post a profit for the year ended
March 31, 2006.


PHILIPPINE AIRLINES: Enters Code-Sharing Agreement with Gulf Air
----------------------------------------------------------------
Philippine Airlines Corporation signed a code-sharing agreement
with Middle Eastern firm Gulf Air in respect of various routes
in the Middle East and other destinations, in order to increase
efficiency and cut costs, Gulf Daily News reveals.

PAL President Jaime Bautista and Gulf Air President James Hogan
signed the code-sharing agreement in March 2006.  Under the
code-sharing deal, Philippine Airlines can sell tickets using
the codes or flight numbers to different Middle East
destinations that it does not flight to, but that Gulf Air
serves, Trade Arabia News says.  Gulf Air will allot seats in
its flights for PAL passengers going to Bahrain, Oman and other
countries in the Middle East.

According to Dow Jones Newswires, Mr. Hogan said that even as
Gulf Air does not fly to South Korea and Japan, it could sell
tickets to destinations in these countries, which Philippine
Airlines flies to.

Mr. Hogan hopes that the code-sharing deal would allow both
airlines to enjoy profits in spite of rising aviation fuel
costs.  Mr. Bautista relates oil prices now sell at US$80 per
barrel, which could force airlines to increase fuel surcharges
to passengers, and thus reduce demand.

                   About Philippine Airlines

Philippine Airlines -- http://www.philippineairlines.com/-- is  
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation.  With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.  As of 2005, it claims
to serve 21 domestic airports and 31 foreign cities.  Its main
hub is the Ninoy Aquino International Airport in the capital
city of Manila.

Following labor problems and its failure to settle debts, PAL
filed for rehabilitation in June 1998, and is slated to complete
its 10-year debt rehabilitation program in 2009.

A March 21, 2006 report by the Troubled Company Reporter - Asia
Pacific says that the airline company will continue a
government-led rehabilitation program even as creditors neither
approved nor rejected the program to leave the protection of the
Securities and Exchange Commission.

As of April 2006, Philippine Airlines has paid PHP51.63 billion
of its total PHP113 billion debt to American and European
creditors.  PAL president Jaime J. Bautista said that they
expect to post a profit for the year ended
March 31, 2006.


* Plan Holders to Initiate Lawsuit vs. Pre-Need Firms Nationwide
----------------------------------------------------------------
A group of 4,000 failed education plan holders of pre-need firms
decided to team up to file "syndicated estafa" lawsuits against
these firms, for their failure to pay the tuition and other fees
as stipulated in their plans, the Philippine Inquirer relates.

Parents Enabling Parents Coalition president Philip Piccio said
at the First National Assembly of Preneed Victims that in their
decision to initiate the lawsuits, they wanted to force the pre-
need firms to honor their outstanding obligations in the
education plans.

According to the Manila Times, the 4,000 holders of educational
plans sold by College Assurance Plans Inc., Pacific Plans Inc.,
Platinum Plans Inc. and The Professional Group Corporation
attended the assembly, and plan to merge their legal teams to
file suits against the directors and owners of the pre-need
firms who they believe are liable of fraud, estafa, syndicated
estafa and other criminal acts.

The Troubled Company Reporter - Asia Pacific reported on
April 28, 2006, that Mr. Piccio and five educational plan
holders filed a syndicated estafa lawsuit against Pacific Plans
owner Alfonso T. Yuchengco and 24 company directors and
officials.  Pacific Plans 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.

Mr. Piccio said that the merging of the legal teams would allow
them to collate their findings and file criminal cases in court,
and these teams could also offer free legal aid to plan holders
who seek to file lawsuits against the pre-need firms.  He
forecasted that around 2 million students were affected by these
firms' failure to pay their obligations due to "financial
difficulties."


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

CHINA AVIATION: Trading Arm Closes Tender for June Deliveries
-------------------------------------------------------------
China Aviation Oil (Singapore) Corporation Limited's wholly
owned subsidiary, China Aviation Oil Trading Pte Ltd, has closed
its latest physical Jet Fuel tender for delivery in June 2006.

CAOT's latest tender was highly successful, receiving responses
from 19 physical jet fuel suppliers, including oil majors,
independent refineries and major trading houses.  

For this tender, total volume of 325,000 metric tonnes of A-1
Grade Jet Fuel was awarded and the cover ratio was approximately
6.8 times.  Awards for the tenders were sent to suppliers on
April 28, 2006.

China Aviation's chairman, Lim Jit Poh, said that, "The trend in
Jet Fuel procurement has been quite encouraging lately.  Early
indications for the first half of the year are that deliveries
will be up 69% over the first half of 2005. As many industry
observers know, the supply of Jet Fuel is very tight in China at
the moment, and this situation has resulted in an exceptional
jump in imports, and a welcome benefit to the Company."

CAOT will award the mandates to the most competitive tenderers
and would like to state that the tenders received for this
latest tender exercise complied with CAOT's standard terms and
conditions.

The Troubled Company Reporter - Asia Pacific reported on
April 19, 2006, that CAOT has bought jet fuel cargo via tender
for early May delivery.  The latest purchase by China Aviation
Oil Trading has pushed the firm's total purchases for May to
285,000 tonnes, higher than last year's monthly average of
265,000 tonnes.  

CAOT bought the 30,000-tonne parcel at about US$1.60 per barrel
above Singapore spot quotes on delivered basis.  The trading
firm last bought via tender 255,000 tonnes of jet fuel for
delivery in May at premiums of $0.80-$1.70 a barrel to Singapore
quotes, on a cost-and-freight basis.    

With the May and June deliveries in place, the Company is now
confident that it will be able to supply enough fuel to meet
robust demand.

              About China Aviation Oil (Singapore)

Incorporated in 1983, China Aviation Oil (Singapore) Corp.
Limited -- http://www.caosco.com/-- deals primarily in jet fuel  
procurement, although it is also active in international oil
trading and oil-related investment.  The firm commands a near-
100% market share of the procurement of imported jet fuel for
China's civil aviation industry, and has expanded its market to
include ASEAN countries, the Far East and the United States.

Singapore's Commercial Affairs Department investigated China
Aviation in December 2004 after it was discovered that the
Company had lost up to SGD896.07 million in fuel derivatives
trading, which was not immediately reported to the Singapore
Exchange.  China Aviation avoided bankruptcy when creditors
agreed to write down some of its debt in June 2005, and BP Plc,
Europe's biggest oil company, agreed to take a stake in the
company.

In February 2006, Chief Financial Officer Peter Lim was
sentenced to two years imprisonment and fined SGD150,000 for his
involvement in cheating and releasing false financial statement.  
A Singapore court also fined three other China Aviation
executives for concealing losses at the group, which is subject
to a $130 million restructuring plan.  On March 21, 2006, the
former chief executive officer of China Aviation, Chen Jiulin,
was sentenced to more than four years in jail and made to pay
SGD350,000 in fines.

Shareholders of the Company have subsequently approved a new
restructuring plan for China Aviation.  According to a TCR-AP
report on March 7, 2006, the approved restructuring plan allows
creditors an option to have an upfront cash payment of 45 cents
on every dollar owed, or a higher repayment rate of 58 cents a
dollar spread over five years.

The Company completed its Restructuring Plan on March 28, 2006.


JIL COMPONENTS: Liquidator to Give Report at Creditors Meeting
--------------------------------------------------------------
Creditors of JIL Components Singapore Pte Limited will hold a
meeting on May 11, 2006, at 11:00 a.m.

At the meeting, creditors will be asked:

   -- to receive Liquidator Teh Tatt Wah's report of the
      progress and status of the Company's liquidation;

   -- to consider the formation of a Committee of Inspection
      pursuant to Section 277(1) of the Companies Act, Cap. 50,
      and empower the committee of Inspection if formed, to
      apply for Court's approval in retaining the existing
      designated liquidator's bank account;

   -- to approve the liquidator's fee; and

   -- to consider any other matters in connection with the
      liquidation.

As reported by the Troubled Company Reporter - Asia Pacific, JIL
Components was wound up on October 21, 2005, pursuant to an
order by the Singapore High Court.

Contact: Teh Tatt Wah  
         Liquidator
         Ong Teh & Co.
         89 Short Street
         #10-02 Golden Wall Centre
         Singapore 188216


LIANG HUAT: Strikes Investment Deal with Ho Lee Group
-----------------------------------------------------
Liang Huat Aluminium Limited has provided an update on the
group's financial position, progress of the debt restructuring
plan and negotiations with its creditors.

Liang Huat said that it plans to make modifications to the
schemes under its restructuring program.  Pursuant to the
modified scheme, the Company has requested its investor, Ho Lee
Group Pte Limited, to inject SG$3,000,000 into the Company.

On April 13, 2006, the Liang Huat entered into a conditional
investment agreement with Ho Lee Group Pte Limited for a
subscription of new shares in the Company representing a
controlling stake by the Investor for a cash consideration of
SG$3,000,000.

Upon completion of the Investment Agreement, Ho Lee will own 70%
of all issued ordinary shares of the Company after taking into
account the number of shares that will be issued pursuant to the
Modified Schemes and the Investment Agreement.

Under the Investment Agreement, the cash consideration in
respect of the Investment is SG$3,000,000 and is to be satisfied
in full by the allotment and issuance of 70% of all issued
ordinary shares of the Company on Completion credited as fully
paid up.

The completion of the Investment will take place five business
days after the fulfillment of the conditions precedent in the
Investment Agreement or such other date as the Investor and the
Company may agree in writing.

The Investment will be subject to the Company and the Purchaser
obtaining the necessary requisite regulatory and other
approvals, consents and waivers, which are set out in their
entirety in the Investment Agreement, and which include:

   -- the Modified Schemes having been duly approved by the
      relevant Scheme Creditors and approved and sanctioned by
      the High Court and the respective Orders of Court
      relating to the approval of the respective Modified
      Scheme be lodged with the relevant authorities;

   -- the Company having obtained approval from the High Court
      to sanction the capital reduction of the Company;

   -- all necessary approvals by the Shareholders of the
      respective Modified Schemes, capital reduction, capital
      amalgamation, and the issuance of shares to the
      Investor; and

   -- the Investor not being obliged to make a takeover offer
      to the remaining shareholders of the Company in respect
      of all the remaining shares not already owned by the
      Investor or his concert party or parties, and if
      applicable, the grant of waiver by the Securities
      Industry Council from the requirements to make a general
      takeover offer to the remaining shareholders of the
      Company.

In the event that any of the conditions precedent in the
Investment Agreement cannot be fulfilled and are not waived by
the Investor or if the completion does not occur for any reason
by December 31, 2006, or such other date as the Investor and the
Company may mutually agree other than by reason of a breach by
the Investor of its obligation to complete, the Investor will be
entitled to 29.0% of all the allotted and issued shares of the
Company.

Accordingly, shareholders are advised to exercise caution in
dealing with the shares of the Company.

                     About Liang Huat Group

Liang Huat Group -- http://www.lianghuatgroup.com.sg/-- is a  
vertically integrated, professionally run group of companies
focusing on producing high quality aluminum products and
processed glass for both the industrial and construction
industries.  It also supplies and installs aluminum and
processed glass for major commercial and residential projects
mainly in Singapore.  Liang Huat was the subject of a winding up
petition filed by Lim Ah Siong t/a Lian Siong Aluminium &
Trading on August 26, 2004.  Presently, the Company is
undergoing a financial restructuring exercise.  It is also
working a Scheme of Arrangement with its major creditor banks.


LIANG HUAT: Unveils Resolutions Passed at AGM
---------------------------------------------
At the Annual General Meeting of Liang Huat Aluminium Limited on
April 28, 2006, all resolutions relating to matters set out in
the Notice of Annual General Meeting were duly passed.

Bob Low Siew Sie who was re-elected as a Director at the AGM
will remain as the Chairman of both the Audit and Remuneration
Committee as well as a member of the Nominating Committee.  Mr.
Bob Low is considered to be an independent director for the
purposes of Rule 704(8) of the Listing Manual of the SGX-ST.

Shirley Lee Lai Ngoh who was re-elected as a Director at the AGM
will remain as the Chairman of the Nominating Committee and a
member of both the Audit and Remuneration Committee.  Mdm.
Shirley Lee is considered to be an independent director for the
purposes of Rule 704(8) of the Listing Manual of the SGX-ST.

                     About Liang Huat Group

Liang Huat Group -- http://www.lianghuatgroup.com.sg/-- is a  
vertically integrated, professionally run group of companies
focusing on producing high quality aluminum products and
processed glass for both the industrial and construction
industries.  It also supplies and installs aluminum and
processed glass for major commercial and residential projects
mainly in Singapore.  Liang Huat was the subject of a winding up
petition filed by Lim Ah Siong t/a Lian Siong Aluminium &
Trading on August 26, 2004.  Presently, the Company is
undergoing a financial restructuring exercise.  It is also
working a Scheme of Arrangement with its major creditor banks.


NOVIANT LIMITED: Creditors' Proofs of Debt Due on May 29
--------------------------------------------------------
The members of Noviant (Pte) Limited have decided to voluntarily
wind up the Company's business.

The Company's creditors are thus required to prove their debts
by May 29, 2006, or be excluded from sharing in any distribution
the Company will make.

Contact: Hamish Alexander Christie
         Liquidator
         c/o 16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


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

ASIA HOTEL: Revises FY05 Financials to Correct Errors
-----------------------------------------------------
Asia Hotel Public Company Ltd submitted a revised audited
financial statement to correct and clarify typing errors in the
financial statement it submitted to the Stock Exchange of
Thailand on March 1, 2006.

The Company notes that the corrected figures were only disclosed
in the Notes to Financial Statements.  Asia Hotel assures the
SET, however, that the financial figures stated in the financial
statements have not changed substantively.  Therefore, the
Company's financial position and operation for the year 2005
remain the same.

                         *   *   *   *

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

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

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


EASTERN PRINTING: Completed Legal Process to Change Par Value
-------------------------------------------------------------
Easter Printing Public Company has already completed all legal
processes required by the Stock Exchange of Thailand by changing
the par value of the Company's Stocks from THB4 to THB1.

Effective from April 27, 2006, the par value of the Company's
securities in the trading system will be adjusted to the new
one.  However, as reported in the Troubled Company Reporter -
Asia Pacific on April 21, 2006, the Company's stocks are still
suspended from trading by the SET.

                          *     *     *

Headquartered in Bangkok, Thailand, Eastern Printing Public
Company Limited provides general printing services.  

After suffering a THB1.33 billion capital deficit and a
THB276.25 million, the Company was placed under rehabilitation
since January 17, 2002 with EPCO Management Company Limited as
Plan Administrator.  In a December 27, 2005 company release, the
Company stated that it has met all of its obligations under the
rehabilitation plan, and that the Plan Administrator has
petitioned Thailand's Central Bankruptcy Court seeking to exit
rehabilitation.
   
As of March 29, 2006, the Company remains to be listed under the
REHABCO, or Companies Under Rehabilitation, sector.  


BOND PRICING: For the Week 1 May to 5 May 2006
----------------------------------------------  

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

AUSTRALIA
---------
Ainsworth Game                        8.000%    12/31/09     1
Amcom Telecommunications Ltd         10.000%    10/28/07     2
APN News & Media Ltd                  7.250%    10/31/08     5
A&R Whitcoulls Group                  9.500%    12/15/10     8
Arrow Energy NL                      10.000%    03/31/08     1
Babcock & Brown Pty Ltd               8.500%    12/31/49     8
Becton Property Group                 9.500%    06/30/10     1
BIL Finance Ltd                       8.000%    10/15/07     8
BIL Finance Ltd                       9.250%    10/15/06     9
Capital Properties NZ Ltd             8.500%    04/15/07     8
Capital Properties NZ Ltd             8.500%    04/15/09     8
Capital Properties NZ Ltd             8.000%    04/15/10     8
Cardno Limited                        9.000%    06/30/08     5
CBH Resources                         9.500%    12/16/09     1
Chrome Corporation Ltd               10.000%    02/28/08     1
Clean Seas Tuna Ltd                   9.000%    09/30/08     1
Com BK Australia                      5.750%    06/10/08    69
Djerriwarrh Investments Ltd           6.500%    09/30/09     4
EBet Limited                         10.000%    11/29/06    25
Evans & Tate Ltd                      8.250%    10/29/07     1
Fletcher Building Ltd                 7.550%    03/15/11     8
Fletcher Building Ltd                 7.800%    03/15/09     8
Fletcher Building Ltd                 7.900%    10/31/06     8
Fletcher Building Ltd                 8.300%    10/31/06     8
Fletcher Building Ltd                 8.600%    03/15/08     8
Fletcher Building Ltd                 8.850%    03/15/10     8
Fernz Corp Ltd                        8.560%    10/15/06     9
Futuris Corporation Ltd               7.000%    12/31/07     3
Hy-Fi Securities Ltd                  7.000%    08/15/08     9
Hy-Fi Securities Ltd                  8.750%    08/15/08    10
Hutchison Telecoms Australia          5.500%    07/12/07     1
IMF Australia Ltd                    11.500%    06/30/10     1
Infrastructure & Utilities NZ Ltd     8.500%    09/15/13     8
Infratil Ltd                          8.500%    11/15/15     8
Kagara Zinc Ltd                       9.750%    05/06/07     5
Kiwi Income Properties Ltd            8.000%    06/30/10     1
Longreach Group Ltd                  10.000%    10/31/08     1
Minerals Corporation Ltd             10.500%    09/30/07     1
Nuplex Industries Ltd                 9.300%    09/15/07     8
Pacific Print Group Ltd              10.250%    10/15/09    10
Primelife Corporation                 9.500%    12/08/06     1
Primelife Corporation                10.000%    01/31/08     1
Salomon SB Australia                  4.250%    02/01/09     8
Sapphire Securities Ltd               7.410%    09/20/35     7
Sapphire Securities Ltd               9.160%    09/20/35     9
Silver Chef Ltd                      10.000%    08/31/08     1
Software of Excellence                7.000%    08/09/07     1
Sydney Gas Limited                   12.000%    06/01/06     1
Tower Finance Ltd                     8.650%    10/15/09     8
Tower Finance Ltd                     8.750%    10/15/07     8
TrustPower Ltd                        8.300%    09/15/07     8
TrustPower Ltd                        8.300%    12/15/08     8
TrustPower Ltd                        8.500%    09/15/12     8
TrustPower Ltd                        8.500%    03/15/14     8
Vision Systems Ltd                    9.000%    12/15/08     2
Westpac Banking Corporation           6.250%    08/30/11     6


MALAYSIA
--------
Aliran Ihsan Resources Bhd            5.000%    11/29/11     1
Artwright Holdings Bhd                5.500%    03/06/07     1
Asian Pac Bhd                         4.000%    12/21/07     1
Berjaya Land Bhd                      5.000%    12/30/09     1
Camerlin Group Bhd                    5.500%    07/15/07     2
Crescendo Corporation Bhd             3.000%    08/25/07     1
Dataprep Holdings Bhd                 4.000%    08/06/07     1
Eden Enterprises (M) Bhd              2.500%    12/02/07     1
EG Industries Bhd                     5.000%    06/16/10     1
Equine Capital Bhd                    3.000%    08/26/08     1
Fountain View Development Sdn Bhd     3.500%    11/03/06     1
Gadang Holdings Bhd                   2.000%    12/24/08     1
Greatpac Holdings Bhd                 2.000%    12/11/08     1
Gula Perak Bhd                        6.000%    04/23/08     1
Hong Leong Industries Bhd             4.000%    06/28/07     1
Huat Lai Resources Bhd                5.000%    03/28/10     1
I-Berhad                              5.000%    04/30/07     1
Insas Bhd                             8.000%    04/19/09     1
Kamdar Group Bhd                      3.000%    11/09/09     1
Killinghall Bhd                       5.000%    04/13/09     2
Kosmo Technology Industrial Bhd       2.000%    06/23/08     6
Kretam Holdings Bhd                   1.000%    08/10/10     1
Kumpulan Jetson                       5.000%    11/27/12     1
LBS Bina Group Bhd                    4.000%    12/29/06     1
LBS Bina Group Bhd                    4.000%    12/31/07     1
LBS Bina Group Bhd                    4.000%    12/31/08     1
LBS Bina Group Bhd                    4.000%    12/31/09     1
Lebar Daun Bhd                        2.000%    01/06/07     4
Lion Diversified Holdings Bhd         2.000%    06/01/09     2
Media Prima Bhd                       2.000%    07/18/08     1
Mid Valley Capital Bhd                6.000%    09/15/12     5
Mithril Bhd                           3.000%    04/05/12     1
Mithril Bhd                           8.000%    04/05/09     1
Mutiara Goodyear Development Bhd      2.500%    01/15/07     1
Naim Indah Corporation Bhd            0.500%    08/24/06     1
Nam Fatt Corporation Bhd              2.000%    06/24/11     1
Pantai Holdings Bhd                   5.000%    03/28/07     2
Pantai Holdings Bhd                   5.000%    07/31/07     2
Pelikan International Corp Bhd        3.000%    04/08/10     1
Poh Kong Holdings Bhd                 3.000%    01/20/07     1
Prinsiptek Corporation Bhd            3.000%    11/20/06     1
Puncak Niaga Holdings Bhd             2.500%    11/18/16     1
Ramunia Holdings                      1.000%    12/20/07     1
Rashid Hussain Bhd                    0.500%    12/24/12     1
Rashid Hussain Bhd                    3.000%    12/24/12     1
Rhythm Consolidated Bhd               5.000%    12/17/08     1
Senai-Desaru Expressway Bhd           3.500%    12/09/16    73
Senai-Desaru Expressway Bhd           3.500%    06/09/17    72
Silver Bird Group Bhd                 1.000%    02/15/09     1
Southern Steel                        5.500%    07/31/08     1
Tanah Emas Corporation Bhd            2.000%    12/09/06     1
Tap Resources Bhd                     2.000%    06/29/06     1
Tenaga Nasional Bhd                   3.050%    05/10/09     1
Tradewinds Corporation Bhd            2.000%    02/08/12     1
Tradewinds Plantations Bhd            3.000%    02/28/16     1
VTI Vintage Bhd                       4.000%    08/22/06     1
WCT Land Bhd                          3.000%    08/02/09     1
Wah Seong Corp                        3.000%    05/21/12     3
YTL Cement Bhd                        4.000%    11/10/15     1


SINGAPORE
---------
Rabobank Singapore                    1.000%    11/03/13    73
Sengkang Mall                         4.880%    11/20/12     1
Sengkang Mall                         8.000%    11/20/12     1
Structural System Singapore          11.000%    06/30/07     1
Tampines Assets Ltd                   6.000%    12/07/06     1
Tincel Ltd                            7.400%    06/13/11     1






                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Francis Chicano, Ma. Cristina Pernites-Lao,
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
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are $25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***