TCRAP_Public/060504.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

             Thursday, May 4, 2006, Vol. 9, No. 088


                            Headlines

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

ADVISA HOLDINGS: Faces Liquidation Proceedings
ALEPPO QUALITY: Intends to Declare Dividend to Creditors
ALL SYSTEMS TECHNOLOGY: Inability to Pay Debts Prompts Wind-up
ARTHUR SARROFF: Members Convene to Get Liquidator's Report
AUSTRALIAN & NEW ZEALAND HEALTH: Winds Up Business

AWB LIMITED: To Investigate Quality Complaints on India Import
BEAR ESSENTIALS: Names Official Liquidators
CARMICHAEL TRANSPORT: Liquidation Hearing Set on May 9
COMDEK LIMITED: KordaMentha Reports on Firm's Insolvency
D&D SECURITY: To Declare Dividend on May 10

D&E TUCKER: Members Decide to Shut Down Business
EVANS & TATE: Appoints Chris Malcolm as Exec. General Manager
FEDERATION 2000: Supreme Court Issues Wind-up Order
JAS SALES: Members Opt for Liquidation
KELZAC CONSTRUCTION: Liquidation Petition Hearing Set on May 8

KHL INVESTMENTS: Liquidator to Present Wind-up Report Today
LESSEY INVESTMENTS: Placed Under Voluntary Liquidation
MDH ROOFONG: Discontinues Business Operations
PANEL TECH (AUSTRALIA): Receivers Step Aside
PENINSULAR BAY: Members Opt for Voluntary Liquidation

P.M.A.G. PTY: Downey to Explain Wind-up to Members and Creditors
QANTAS AIRWAYS: Looking at Freight Business, CFO Says
QUALITY DECORATING: Court Set to Hear Liquidation on May 15
SHARK'S SCAFFOLDING: Enters Voluntary Liquidation
SIMPLY INSURANCE: S&P 'B' Rating Remains On CreditWatch Positive

SINGER FIRE SYSTEMS: Court to Hear Liquidation Proceedings
SOLIMAN & SONS: Appoints Official Receivers
STURNI MOTORS: To Pay Dividend to Creditors on May 7
TRIBUNE HOLDINGS: To Distribute Proceeds of Assets Disposal
VACATION CORPORATION: Members Review Wind-up Report


C H I N A   &   H O N G  K O N G

ALBERTO-CULVER LIMITED: Liquidator to Present Wind-up Report
C.B.M. PROPERTIES: To Receive Proofs of Claims Until May 30
CHARTER LANE: Liquidators Cease to Act for the Company
CITISTATE DEVELOPMENT: Court Orders Winding Up
EAGLE ZONE: To Hold Final General Meeting on May 15

ELRA LIMITED: Appoints Official Liquidator
GRAND HIGH: Members' Final Meeting Scheduled on May 15
HOGENT INTERNATIONAL: Final Meetings Slated for June 2
JIANGXI COPPER: Xinhua Revises Rating Outlook to Negative
KA NGAI: Creditors Meeting Fixed on May 17

KWONG YENG: Mee and Yee Cease to Act as Joint Liquidators
MASTER BRIGHT: Liquidator to Report on Wind-up
MOGU INTERNATIONAL: Creditors Must Prove Debts by May 19
MORRISON INVESTMENT: Names Official Liquidator
NIPPON ASIA: Delays FY/2005 Results Announcement

RAMS CITY: Members' Final Meeting Scheduled for May 30
SOUTH AUSTRALIAN FINANCE: Members Final Meeting Set on May 30
TING FUNG: Members to Receive Liquidator's Wind-up Account
TITAN PETROCHEMICALS: S&P Revises Rating Outlook to Negative
UNITED FASHION: Liquidator to Present Wind-up Report

WINSON KNITTING: Winding Up Hearing Set on May 24
WINSWAY REALTY: Liquidator Ceases to Act for Company
WORLDWIDE DREAMS: Members Resolve to Wind Up Firm


I N D I A

DUNLOP INDIA: Unions Lodge Payment Demands to Ruia Group
INDIA CEMENTS: Launches US$75-Million Covertible Bonds


I N D O N E S I A

GARUDA INDONESIA: Imposes Fuel Surcharge To Cover Oil Costs
PERTAMINA: Saudi Aramco Mulls 400,000 Barrels Per Day Refinery


J A P A N

MITSUBISHI MOTORS: U.S. Unit Sales Rises 17.5% in April
NEC ELECTRONICS: To Produce LSI Chips for Nintendo


K O R E A

HYUNDAI MOTOR: April Sales Slip 12.8% to 215,037 Units
HYUNDAI MOTOR: To Build Czech Plant as Planned


M A L A Y S I A

AVANGARDE RESOURCES: Delays 2005 Financial Report Issue
AVANGARDE RESOURCES: To Hold 6th AGM on June 6
CHG INDUSTRIES: To Appeal SC's Rejection of Restructuring Scheme
CYGAL BERHAD: SC Grants More Time to Implement Restructuring
FORMIS MALAYSIA: Acquisition Plan Awaits SC's Approval

KIG GLASS: Has Two Months to Submit Regularization Proposal
KRAMAT TIN: Seeks Regulatory Approval of Proposed Waiver
LITYAN HOLDINGS: Awaits Restructuring Approvals
POLYMATE HOLDINGS: Posts Default Status Update
PROTON HOLDINGS: May Unveil Recovery Plan by Year-end

PROTON HOLDINGS: Bags Reader's Digest Trusted Brand Award
WEMBLEY INDUSTRIES: Updates on Debt Restructuring Progress


P H I L I P P I N E S

NATIONAL POWER: Saves PHP14 Billion in 2005 on Cost Cuts
NATIONAL POWER: To Lessen Use of Oil-Fired Power Plants
PHILIPPINE AIRLINES: To Purchase Additional Aircraft
RADIO PHILIPPINES: Seeks to Restructure PHP5-Billion Debt
* 100,000 Plan Holders May Not Be Able to Enroll This Year


S I N G A P O R E

ASIA BIO SYSTEMS: Court Issues Wind-up Order
CREATIVE TECHNOLOGY: One-time Charges Drive US$114-Mln 3Q Loss
FLEXTRONICS INTERNATIONAL: Books Better Results in FY05-06
GREEN LIFE: Court Declares Bankruptcy
HNR TECHNOLOGY: Falls Into Bankruptcy

WINTEK DISPLAY: Creditors' Proofs of Debts Due on May 29


T H A I L A N D

NAKORNTHAI STRIP: Submits Recapitalization Plan to SET
THAI AIRWAYS: To Implement Fuel Surcharge Increase on June 1

     - - - - - - - -

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

ADVISA HOLDINGS: Faces Liquidation Proceedings
----------------------------------------------
The High Court of Dunedin, on February 28, 2006, received an
application from James Chapman Eide, Anja Klinkert and Francis
Edwin to put Advisa Holdings Ltd into liquidation.

The application will be heard before the Court on May 5, 2006,
at 10:00 a.m.

Contact: Anja Klinkert
         Anja Klinkert Lawyers
         Level 2, 83 Murray Place
         Dunedin, New Zealand


ALEPPO QUALITY: Intends to Declare Dividend to Creditors
--------------------------------------------------------
Aleppo Quality Pty Limited will declare its first and final
dividend on May 10, 2006.

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

Contact: C. P. White
         Liquidator
         HLB Mann Judd Chartered Accountants
         Level 1, 160 Queen Street
         Melbourne 3000, Australia


ALL SYSTEMS TECHNOLOGY: Inability to Pay Debts Prompts Wind-up
--------------------------------------------------------------
At a meeting of the members of All Systems Technology Pty
Limited on March 21, 2006, it was determined that as the Company
is unable to pay its debts as they fall due, a voluntary wind-up
of its business operations is appropriate and necessary.

Contact: Robert Moodie
         Liquidator
         c/o Rodgers Reidy
         Level 8, 333 George Street
         Sydney, New South Wales 2000
         Australia


ARTHUR SARROFF: Members Convene to Get Liquidator's Report
----------------------------------------------------------
A final meeting of the members of Arthur Sarroff Pty Limited
will be held today, May 4, 2006.

At the meeting, members will get an account of the manner of the
Company's wind-up and property disposal from Liquidator R. M.
Sutherland.

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


AUSTRALIAN & NEW ZEALAND HEALTH: Winds Up Business
--------------------------------------------------
The members of Australian & New Zealand Health Management
Network Limited held a general meeting on March 17, 2006, and
decided to wind up the Company's operations voluntarily.

M. C. Smith was consequently appointed as liquidator.

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


AWB LIMITED: To Investigate Quality Complaints on India Import
--------------------------------------------------------------
AWB Limited sent a high-level delegation to India after Indian
authorities complained that the Company's wheat import did not
meet prescribed norms, Reuters reports.

According to Reuters, AWB's 50,000-tonne wheat shipment
allegedly contained high levels of pesticides.

Financial Express recounts that the Indian Government has
awarded a 500,000-tonne wheat import contract to AWB in March
2006 to shore up its buffer stocks.  The wheat shipment in
question is the first delivery under the contract.

Financial Express adds that, as of April 1, 2006, the Indian
Government's buffer stocks were at two million tonnes as against
the four-million-tonne norm.

India's agriculture minister, Sharad Pawar, had said last week
that the country would not compromise on quality parameters for
wheat imports, Financial Express relates.  India has also
decided to import three million tonnes of wheat in addition to
the 500,000 tonnes already contracted.

                           About AWB   

AWB Limited -- http://www.awb.com.au/-- is Australia's leading  
agribusiness and one of the world's largest wheat marketing
companies.  It is also one of Australia's top 100 publicly
listed companies.  The Company is the exclusive manager and
marketer of all Australian bulk wheat exports through what is
known as the Single Desk.  The Company markets wheat, and a
range of other grains, into more than 50 countries, with
Australian wheat exports worth up to $5 billion per year.  AWB's
footprint includes more than 430 outlets through its subsidiary
landmark and has offices across the world.  The company employs
more than 2,700 staff reaching over 100,000 customers.  AWB is
also one of the nation's largest suppliers of rural merchandise,
distributors of fertilizer, marketers of livestock, brokers of
rural real estate and handlers of wool.  

Previously a low profile organization, AWB made headlines in
late 2005 when it was accused of knowingly paying AU$290 million
in kickbacks to the Government of Iraq, under Saddam Hussein's  
administration, through the United Nation's oil-for-food
program.  A UN report then found out that AWB paid the kickbacks
to a Jordanian trucking company linked to Hussein's deposed
regime.  The Australian Government then appointed a commission,
headed by retired judge Terence Cole, to investigate into the
Company's role in and the Government's alleged "knowledge" of
the scandal.  The "Cole Inquiry" is currently underway.  The
scandal is anticipated to create great political repercussions
to the Australian Government, given the country's contribution
to military action against President Hussein in the 2003
invasion of Iraq.


BEAR ESSENTIALS: Names Official Liquidators
-------------------------------------------
Jason Bettles and Susan Carter were, on March 21, 2006,
appointed as liquidators in the winding up of Bear Essentials
Queensland Pty Limited.

Contact: Jason Bettles
         Susan Carter
         Liquidators
         Worrells Solvency & Forensic Accountants
         Level 6, Fifty Cavill Avenue
         Surfers Paradise, Queensland
         Australia


CARMICHAEL TRANSPORT: Liquidation Hearing Set on May 9
------------------------------------------------------
The High Court of Wanganui has, on March 23, 2006, received an
application to have Carmichael Transport 2000 Ltd liquidated.

The application, which was lodged by the Commissioner of Inland
Revenue, will be heard before the Court on May 9, 2006, at 10:00
a.m.

Parties other than the defendant Company who wishes to appear on
the hearing are required to file an appearance on May 5, 2006.

Contact: Ellen-Marie Carpenter
         Solicitor for the Plaintiff
         Technical and Legal Support Group
         Napier Service Centre, Level 4
         Library Bldg, 22 Station St
         Napier, New Zealand
         Telephone: (06) 974 6315
         Facsimile: (06) 974 6212


COMDEK LIMITED: KordaMentha Reports on Firm's Insolvency
--------------------------------------------------------
In August 2005, the Australian Securities and Investments
Commission questioned Comdek Limited's solvency.  The ASIC's
insolvency investigators -- National Insolvency Co-ordination
Unit -- subsequently launched a probe into the Company.

ASIC later questioned the Company about negative net assets, a
AU$2.5 million working capital deficiency at June 30, 2005, and
a build-up of trade creditors.

The West Australian recounts that Comdek fell into difficulties
in the second quarter of 2005 after striking a deal that saw the
backdoor listing of Tasmanian group eSat, which installed
satellite dishes in remote properties under a Federal
Government-funded program to take broadband Internet into rural
Australia.  The backers, creditors and investors who bought into
the Company before its shares were suspended from trading in
July 2005 are facing the loss of most of their investment.

The ASIC probe was put on hold in February 2006 when the Comdek
board of directors called in insolvency firm KordaMentha after a
major secured creditor, Leederville property developer Kim
Morrison, appointed a receiver -- Sheridans insolvency
accountant Jennifer Low -- for the Company.

                    Fending Off Liquidation

The West Australian says that Mr. Morrison was to have been a
white knight, rescuing the group from a financial crisis that
became public in mid-2005 when Comdek had to fend off attempts
by peeved creditors to have it put into liquidation through
Supreme Court winding-up procedures.

Former deputy premier Hendy Cowan, also Comdek's chairman, and a
former National Party leader and deputy premier in Richard
Court's coalition, and his fellow directors are believed to have
attracted significant support from rural West Australia for the
Company's float in 2003.

                 KordaMentha's Creditor Report

According to WestBusiness, Comdek administrator Brian McMaster,
of KordaMentha, has told creditors that there was strong
evidence that the Company traded while insolvent and was under
water from at least March 2005.

WestBusiness cites Mr. McMaster as stating that his views about
the Company's insolvency were based on its financial history,
payment arrangements with creditors, e-mails between directors
highlighting its financial circumstances and cash flow
forecasts.

Mr. McMaster's investigations indicated a potential legal claim
against Comdek within the range of AU$3 million to AU$4 million.

Mr. McMaster sent his report to Comdek creditors last week ahead
of a planned creditors meeting on Friday that will vote on
whether the Company should be put into liquidation or
restructured.

             Directors Can Escape Further Scrutiny

WestBusiness notes that Mr. McMaster's insolvency claims and
Comdek's directors might escape further investigation because
four separate groups, including Perth-based group Monster
Capital and Trident Capital, have tabled restructuring proposals
for the shell of the sharemarket-listed company.

In his creditors report, Mr. McMaster recommended that creditors
back a deed of company arrangement with Trident that would
dilute existing shareholders down to less than 5% of the Company
and give unsecured creditors a return of just AU$0.02 to AU$0.09
in the dollar.

Mr. McMaster had warned creditors that putting Comdek into
liquidation was not likely to produce any significant returns
because there were no assets available and pursuing recovery
actions, which included potential insolvent trading claims
against directors, might be costly and risky.

The ASIC says that it would await a report from KordaMentha on
any potential breaches of the Corporation Act before making a
decision on whether it would mount an investigation of Comdek's
affair.


D&D SECURITY: To Declare Dividend on May 10
-------------------------------------------
D&D Security Pty Limited will declare its first and final
priority dividend on May 10, 2006, to the exclusion of creditors
who were unable to prove their claims.

Contact: John Park
         Liquidator
         KordaMentha (Queensland)
         22 Market Street, Brisbane
         Queensland 4000, Australia
         Telephone: (07) 3225 4000
         Fax: (07) 3225 4999


D&E TUCKER: Members Decide to Shut Down Business
------------------------------------------------
At a general meeting on March 17, 2006, the members of D&E
Tucker Development Pty Limited resolved to close the Company's
business operations and distribute the proceeds of its assets
divestment.

Mark Christopher Hall and Timothy James Clifton were appointed
as joint and several liquidators.

Contact: Timothy J. Clifton
         Mark C. Hall
         Liquidators
         Level 10, 26 Flinders Street
         Adelaide, South Australia
         Australia


EVANS & TATE: Appoints Chris Malcolm as Exec. General Manager
-------------------------------------------------------------
Evans & Tate Limited has appointed Chris Malcolm as its new
Executive General Manager - Operations.

Mr. Malcolm was previously the General Manager Supply Chain
Planning and Improvement for Southcorp Wines Limited, reportedly
Australia's largest premium wine company.  In his previous role,
Mr. Malcolm was responsible for the annual wine production in
Australia, France and New Zealand of over 21 million cases and
sales distribution to approximately 9,000 customers in over 100
countries.

Mr. Malcolm had also worked in logistics and supply chain
management with Southcorp and Mobil Oil.

Evans & Tate believes that Mr. Malcolm's "proven track record
and experience in wine industry logistics will be of enormous
benefit to Evans & Tate as [it] seek[s] to compete successfully
in the premium wine market."

Mr. Malcolm will report directly to Evans & Tate's chief
executive officer, Martin Johnson.

                       About Evans & Tate

Headquartered in Wembley, Western Australia, Evans & Tate
Limited -- http://www.etw.com.au/-- is an Australian wine  
company listed on the Australian Stock Exchange.  The primary
businesses of the Evans & Tate Wine Group are the production,
marketing and distribution of a number of branded, exclusive
labeled and unbranded wines; contract winemaking; wine trading;
viticultural services; and wine tourism through its Visitor
Centers.    

In June 2005, rumors began brewing that the wine maker was
carrying total liabilities of AU$127.5 million, of which
AU$102.5 million was interest-bearing debt.  A few days later,
Evans & Tate admitted that it had been coordinating with
insolvency firm KordaMentha on the recommendation of its major
creditor, ANZ Banking Group Limited.  It had appointed
KordaMentha's 333 Performance Management "to improve its
forecasting, planning and business efficiencies."  Evans & Tate
also admitted that it was cash flow negative and had sought an
AU$8.5-million capital injection from ANZ Bank.  The firm
further said that it would cut the value of its wine inventories
by AU$8 million to AU$10 million, offload stock at a discount,
and cut the carrying value of certain wineries.  In July 2005,
Evans & Tate has secured an additional AU$10 million in short-
term working capital from ANZ.  In January 2006, Evans & Tate
announced that it was selling off its Griffith Winery to boost
capital, but not without borrowing another AU$12 million.  The
Company is still seeking for buyers.  In February 2006, Evans &
Tate shed 20 jobs as part of a restructure that it said was
expected to result in cost savings of about AU$2.5 million a  
year.


FEDERATION 2000: Supreme Court Issues Wind-up Order
---------------------------------------------------
The Supreme Court of New South Wales, on March 20, 2006, ordered
the wind-up of Federation 2000 Pty Limited, and nominated Steven
Nicols as official liquidator.

Contact: Steven Nicols
         Liquidator
         Level 2, 350 Kent Street
         Sydney, New South Wales 2000
         Australia


JAS SALES: Members Opt for Liquidation
--------------------------------------
At a general meeting JAS Sales Pty Limited on March 20, 2006,
members agreed that it is in the Company's best interests to
liquidate its operations.

Contact: Christopher John Vincent
         Liquidator
         Suites 305-7, The Trust Building
         155 King Street, Sydney
         New South Wales 2000, Australia


KELZAC CONSTRUCTION: Liquidation Petition Hearing Set on May 8
---------------------------------------------------------------
The Commissioner of Inland Revenue, on March 31, 2006, filed a
petition before the High Court of Wellington to put Kelzac
Construction Ltd into liquidation.

The Petition will be heard before the Court on May 8, 2006, at
10:00 a.m.

Parties other than the defendant Company who wish to appear on
the hearing are required to file an appearance on or before May
4, 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


KHL INVESTMENTS: Liquidator to Present Wind-up Report Today
-----------------------------------------------------------
Members of KHL Investments Pty Limited will hold a final meeting
today, May 4, 2006.

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

Contact: P. G. Yates
         Liquidator
         c/o Deloitte Touche Tohmatsu
         225 George Street, Sydney
         New South Wales 2000, Australia


LESSEY INVESTMENTS: Placed Under Voluntary Liquidation
------------------------------------------------------
Members of Lessey Investments Pty Limited held a general meeting
on March 17, 2006, and agreed to:

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

  -- appoint Peter Leonard Whiteman as liquidator for the wind-
     up.

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


MDH ROOFONG: Discontinues Business Operations
---------------------------------------------
Members of MDH Roofing Pty Limited, on March 20, 2006, agreed to
voluntarily wind up the Company's operations.

In this regard, Hugh C. Thomas was appointed as liquidator at a
creditors' meeting held later that day.

Contact: Hugh C. Thomas
         Liquidator
         BKR Walker Wayland
         8th Floor, 55 Hunter Street
         Sydney, Australia


PANEL TECH (AUSTRALIA): Receivers Step Aside
--------------------------------------------
Alan Hayes and Neil Geoffrey Singleton ceased to act as
receivers and managers of the property, assets and undertakings
of Panel Tech Industries (Australia) Pty Limited on March 17,
2006.


PENINSULAR BAY: Members Opt for Voluntary Liquidation
-----------------------------------------------------
Members of Peninsular Bay Pty Limited held a general meeting on
March 20, 2006, and agreed to:

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

  -- appoint Kevin J. Perrin as liquidator for the wind-up.

Contact: Kevin J. Perrin
         Liquidator
         Prowse, Perrin & Twomey
         20 Lydiard Street, South Ballarat
         Victoria 3350, Australia
         Telephone: (03) 5331 3711


P.M.A.G. PTY: Downey to Explain Wind-up to Members and Creditors
----------------------------------------------------------------
The members and creditors of P.M.A.G. Pty Limited will convene
today, May 4, 2006, to receive Liquidator James Patrick Downey's
account regarding the Company's completed wind-up and disposal
of the its property.

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


QANTAS AIRWAYS: Looking at Freight Business, CFO Says
-----------------------------------------------------
For the past few weeks, there have been speculations that Qantas
Airways Limited is considering an identity change and is looking
at expanding into road and rail freight.

In an update, the Sydney Morning Herald cites Qantas Chief
Financial Officer Peter Gregg as stating that, "in the current
environment, many things are being looked at -- including
freight."

Mr. Gregg explained that Qantas sees freight logistics as a
natural area for expansion because it already has significant
exposures there.

The Sydney Herald says that the airline is currently into time-
sensitive parcel delivery.

There has been talk that Qantas' first large-scale foray into
land freight could be in partnership with Australia Post, with
which it owns the parcel delivery company Star Track Express.

The Sydney Herald, however, notes that Mr. Gregg and Australia
Post have not confirmed any new alliance.

According to the Sydney Herald, Qantas' interest in freight has
been accelerated by the carrier's desire to reduce its exposure
to soaring fuel prices in the aviation industry.

                      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.


QUALITY DECORATING: Court Set to Hear Liquidation on May 15
-----------------------------------------------------------
On February 20, 2006, the High Court of Invercargill received an
application to liquidate Quality Decorating Services Ltd from
the Commissioner of Inland Revenue.

The Court will hear the application on May 15, 2006, at 10:00
a.m.

Parties other than the defendant Company who wish to appear on
the hearing must file an appearance on May 11, 2006.

Contact: Julia Dykema
         Solicitor for the Plaintiff
         Inland Revenue Department
         Technical and Legal Support Group
         South Island Service Centre
         Ground Floor Reception
         518 Colombo St, Christchurch
         New Zealand
         Telephone: (03) 968 0809
         Facsimile: (03) 977 9853


SHARK'S SCAFFOLDING: Enters Voluntary Liquidation
-------------------------------------------------
Members of Shark's Scaffolding Pty Limited held a meeting on
March 21, 2006, and agreed to close the Company's business.

Creditors consequently appointed P. Ngan as liquidator.

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


SIMPLY INSURANCE: S&P 'B' Rating Remains On CreditWatch Positive
----------------------------------------------------------------
Standard & Poor's Ratings Services said that its 'B' insurer
financial strength rating on Simply Insurance New Zealand Ltd.
remains on CreditWatch with positive implications, where it was
placed on Jan. 31, 2006, when global financial institution GE
Finance and Insurance, majority owned by General Electric
Capital Corp., received requisite regulatory and shareholder
approvals for completing its acquisition of Simply Insurance.

The CreditWatch with positive implications indicates that the
rating on Simply Insurance could increase.  The degree of
potential uplift in Simply Insurance's rating will depend on
Standard & Poor's assessment of management plans, and the degree
of integration with, and explicit and implicit support
from, the new parent.

At this stage, Standard & Poor's believes that Simply
Insurance's integration within GEFI is proceeding well, and is
focused on operational and financial structure and related
growth strategies.  Benefits to Simply Insurance stemming from
GEFI's stronger business and financial profile are likely, given
that the New Zealand insurer's business is complementary to
GEFI's presence in the New Zealand finance and insurance
markets.

Although Standard & Poor's expects Simply Insurance to benefit
from a higher rating, the CreditWatch placement will be resolved
once all remaining aspects of the integration process are
completed to a satisfactory level, and after further discussions
between Standard & Poor's and GEFI.


SINGER FIRE SYSTEMS: Court to Hear Liquidation Proceedings
----------------------------------------------------------
An application for putting Singer fire Systems Ltd into
liquidation was filed by Paramount Trust before the High Court
of Auckland on March 15, 2006.

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

Parties other than the defendant Company who wish to appear on
the hearing are required to file an appearance on May 16, 2006.

Contact: David Mark Grindle
         Solicitor for the Plaintiff
         Webb Ross, Lawyers
         Mansfield House, Mansfield Terrace
         Whangarei, New Zealand


SOLIMAN & SONS: Appoints Official Receivers
-------------------------------------------
Justin Denis Walsh and Keiran William Hutchison were appointed
as joint and several receivers and managers of a certain
property of Soliman & Sons Pty Limited on February 24, 2006.

Contact: Keiran W. Hutchison
         Justin D. Walsh
         Receivers & Managers
         Ernst & Young
         Level 5, 1 Eagle Street
         Brisbane, Australia


STURNI MOTORS: To Pay Dividend to Creditors on May 7
----------------------------------------------------
Sturni Motors Pty Limited will declare its first and final
dividend to creditors on May 7, 2006.

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

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


TRIBUNE HOLDINGS: To Distribute Proceeds of Assets Disposal
-----------------------------------------------------------
At a general meeting on March 24, 2006, the members of Tribune
Holdings Pty Limited resolved to close the Company's business
operations and distribute the proceeds of its assets.

Leslie Ernest Pratt was named as liquidator to manage the
Company's wind-up activities.

Contact: Leslie E. Pratt
         Michael Rice & Associates
         Level 6, 360 Queen Street
         Brisbane, Australia


VACATION CORPORATION: Members Review Wind-up Report
---------------------------------------------------
The final meeting of Vacation Corporation (Australia) Pty
Limited will be held today, May 4, 2006.

At the meeting, Liquidator Wayne Benton will present his
accounts of the manner of the Company's wind-up and property
disposal.

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


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

ALBERTO-CULVER LIMITED: Liquidator to Present Wind-up Report
------------------------------------------------------------
The final meeting of members and creditors of Alberto-Culver
(H.K.) 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 2:30 a.m.

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


C.B.M. PROPERTIES: To Receive Proofs of Claims Until May 30
-----------------------------------------------------------
Creditors of C.B.M. Properties Ltd are required to send their
proofs of claims to Liquidator Shum Lap Chi on or before May 30,
2006.

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

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


CHARTER LANE: Liquidators Cease to Act for the Company
-------------------------------------------------------
Rainier Hok Chung Lam and John James Toohey, former Joint and
Several Liquidators of Charter Lane Development Ltd, ceased to
act in behalf of the Company on April 19, 2006.


CITISTATE DEVELOPMENT: Court Orders Winding Up
------------------------------------------------
Chan Kwai Ping and Wong Kwok Wai were named as liquidators of
Citistate Development Limited on April 22, 2006.

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


EAGLE ZONE: To Hold Final General Meeting on May 15
---------------------------------------------------
A final general meeting of the members of Eagle Zone Limited
will be held on May 15, 2006, at Room 1005 Allied, Kajima
Building, 138 Gloucester Road, in Wanchai, Hong Kong.

At the meeting, members will get an account of the manner of the
Company's wind-up and property disposal from Liquidator Lam Ying
Sui.


ELRA LIMITED: Appoints Official Liquidator
-------------------------------------------
Heng Poi Cher has been appointed liquidator of Elra (H.K.) Ltd
by a special resolution passed by members on April 21, 2006.

Contact: Heng Poi Cher
         4404, 4/F., China Resources Bldg
         26 Harbour Road, Wanchai
         Hong Kong


GRAND HIGH: Members' Final Meeting Scheduled on May 15
------------------------------------------------------
Members of the Grand High Limited will convene for a final
general meeting on May 15, 2006, at Room 1005 Allied, Kajima
Building, 138 Gloucester Road, in Wanchai, Hong Kong.

At the meeting, Liquidator Lam Ying Sui 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.


HOGENT INTERNATIONAL: Final Meetings Slated for June 2
------------------------------------------------------
The final meeting of members and creditors of Hogent
International Holding Ltd will be held at the 32/F., One Pacific
Place, 88 Queensway, Hong Kong on June 2, 2006 at 10:30 a.m. and
10:45 a.m., respectively.

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


JIANGXI COPPER: Xinhua Revises Rating Outlook to Negative
---------------------------------------------------------
Xinhua Far East China Ratings has commented that the likelihood
of downward surprises on the issuer rating for Jiangxi Copper
Co., Ltd. was increasing and changed the Company's rating
outlook to negative from stable.  Its issuer credit rating
remains BB+.  

Xinhua Far East reiterated that its rationale for maintaining a
non-investment grade rating for Jiangxi Copper, initiated in
2003, was primarily a concern over the Company's inadequate
information disclosure and transparency.  As such, it is quite
difficult for general investors to timely assess Jiangxi
Copper's hedging strategies and maximum exposures in the
volatile copper spot and futures market, thereby undermining the
predictability of its volatility in commodity trading and
hedging.  The change in outlook is prompted by Xinhua Far East's
intensified concern that JXCC has become increasingly vulnerable
to trading surprises amid prevailing strong volatilities in
copper spot and futures market.

Xinhua Far East has observed from the Company's public
information that Jiangxi Copper has maintained and managed open
positions in copper futures markets which have resulted in net
hedging gains or losses.  However, there is inadequate disclosed
information about critical aspects in risk management, such as
maximum trading exposures and stop loss limits.  Thus it is
challenging for investors to assess if the company can maintain
a stable financial profile in a timely manner, particularly
during times of high market volatility.  As a result,
uncertainty over an abrupt change in the company's credit
profile has also increased.

Xinhua Far East noted that the gain/loss resulting from the
Company's futures trading has been rising considerably in recent
years, and the figure is subject to further increases as the
market becomes more volatile and the Company expands its
production scale.  In 2005, the Company incurred a net loss of
CNY546 million, or 29.5% of its net profit, from its positions
in the futures market, compared with a 10.3% gain, 12.2% loss,
and 4.3% gain in 2002, 2003, and 2004, respectively.

Xinhua Far East recognizes the Company's leading position in
China's copper industry and its ability to generate positive
operating results and sound financial profile in 2005.  Xinhua
Far East will reconsider the rating in the event that the
Company provides more timely disclosure of its futures trading
strategies and risk management practices to public investors.

                          *     *     *

Jiangxi Copper is China's largest copper producer.  In 2005, it
produced 422 thousand tons of copper, about 16.8% of the total
national output.  The Company also realized a turnover growth
rate of 25.5% and net profit growth rate of 61.9% in 2005.  
Jiangxi Copper is a constituent of the Xinhua/ FTSE China 200
Index.  As of market close on April 28, 2006, its total market
capitalization and investable capitalization were CNY17.5
billion and CNY3.5 billion respectively.


KA NGAI: Creditors Meeting Fixed on May 17
------------------------------------------
The creditors of Ka Ngai Printing & Paper Products Co. Limited
will hold a meeting on May 17, 2006, at 10:00 a.m. pursuant to
Sections 241, 242, 243, 244, 255A and 283 of the Companies
Ordinance.

The meeting will be held at:

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

Creditors may vote either in person or by proxy.  Forms of proxy
must be lodged not later than 4:00 p.m. on the day before the
meeting.


KWONG YENG: Mee and Yee Cease to Act as Joint Liquidators
---------------------------------------------------------
Natalia Seng Sze Ka Mee and Cynthia Wong Tak Yee ceased to act
as joint and several liquidators of Kwong Yeng Company Limited
on April 11, 2006.

Contact: Natalia Seng Sze Ka Mee
         Cynthia Wong Tak Yee
         Level 28, Three
         Pacific Place
         1 Queen's Road East
         Hong Kong


MASTER BRIGHT: Liquidator to Report on Wind-up
----------------------------------------------
Liquidator To Fung Wo will report on the winding up of Master
Bright Investment Ltd to the Company's shareholders on May 30,
2006, at 10:00 a.m.

Members will also be asked:

     -- to approve and adopt the Liquidator's Accounts; and  

     -- to decide whether the Company's books, accounts and  
        documents be retained by the Liquidator and be destroyed
        three months after the dissolution of the Company.


MOGU INTERNATIONAL: Creditors Must Prove Debts by May 19
--------------------------------------------------------
Mogu International Limited is receiving proofs of debts from its
creditors until May 19, 2006.

Creditors are required to send in their full particulars of
their claims and or debts to the Company's Liquidators.  Failure
to do so will exclude any creditors from sharing in the
distribution of assets the Company will make.

Contact: Desmond Chung Seng Chiong
         Joint and Several Liquidator
         Ferrier Hodgson Limited
         14/F Hong Kong Club Building
         3A Chater Road
         Central, Hong Kong


MORRISON INVESTMENT: Names Official Liquidator
----------------------------------------------
Chan Sin Yiu was appointed as liquidator of Morrison Investment
Ltd by virtue of a special resolution passed by the Company's
members on April 20, 2006.

Contact: Chan Sin Yiu
         Room 1506, 15/F., Takshing House
         20 Des Voeux Road Central
         Hong Kong


NIPPON ASIA: Delays FY/2005 Results Announcement
------------------------------------------------
In a disclosure to the Hong Kong Stock Exchange, Nippon Asia
Investment Holdings Limited announced that BDO McCabe Lo Ltd.
resigned as auditors of the company and its subsidiaries with
effect from April 26, 2006, as the company and BDO could not
reach an agreement on the audit fees for the additional audit
works to be conducted in relation to Xiling Natural Gas Ltd, a
subsidiary of the company's jointly-controlled entity in the
PRC.

By its resignation letter dated April 26, 2006, BDO stated that
they still had certain outstanding matters in connection with
their audit on receivables and payables and construction
materials inventories of Xiling Natural Gas and the audit work
necessary for Nippon Asia Investments' disposed subsidiaries.

The outstanding matters include:

  (1) BDO had not yet received sufficient replies to the
      confirmations requested from the debtors and creditors on
      the balances of receipts in advance, prepayments, deposits
      and other receivables, trade receivables and trade
      payables as at the year end date, and unreconciled
      discrepancies were noted in certain replies received;

  (2) BDO had not attended stock take of Xiling Natural Gas; and

  (3) the Nippon Asia Investments group disposed of its entire
      interests in Golite International Ltd after the balance
      sheet date and the management could not arrange access of
      books and records of Golite for audit after its disposal.

Trading in the shares of Nippon Asia Investments remains
suspended until announcement of the annual results and the
interim results.

                          *     *     *

Nippon Asia Investments Holdings Limited manufactures batteries
and silicone rubber products.  Other activity includes
investment in Internet, Internet-related, mobile phone and
mobile phone-related. The Group's operations are carried out in
Hong Kong, People's Republic of China, America, Europe and other
countries.


RAMS CITY: Members' Final Meeting Scheduled for May 30
------------------------------------------------------
Members of Rams City Trustee Limited will convene for a final
general meeting on May 30, 2006.

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

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


SOUTH AUSTRALIAN FINANCE: Members Final Meeting Set on May 30
-------------------------------------------------------------
Members of South Australian Finance (H.K.) Ltd will meet at
3801, Central Plaza, 18 Harbour Road, Wanchai Hong Kong on May
30, 2006, at 10:00 a.m.

At the meeting, Liquidator Kenneth Morriso will present an
account showing how the winding-up has been conducted.


TING FUNG: Members to Receive Liquidator's Wind-up Account
----------------------------------------------------------
Members of Ting Fung Industrial Co Ltd will meet at Room 1004,
Harvest Bldg, 29-37 Wing Kut Street, Central, Hong Kong on
May 29, 2006, at 10:00 a.m.

At the meeting,  Liquidator Lau Suet Meng will present an
account showing how the winding-up has been conducted.


TITAN PETROCHEMICALS: S&P Revises Rating Outlook to Negative  
------------------------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
Titan Petrochemicals Group Ltd. to negative from stable.  At the
same time, it affirmed the "BB-" long-term corporate credit
rating on Titan.  The "B+" issue rating on the company's senior
unsecured notes was also affirmed.

"We've revised the outlook to negative because of Titan's
weaker-than-expected financial performance in 2005, uncertainty
over the outlook for the tanker market, and concerns about the
company's financial strength over the next one to two years,"
said Standard & Poor's credit analyst Jim Ng.

Titan's profitability has fallen as a result of lower-than-
expected realized very large crude carriers rates, increased
operating costs, and higher bunker fuel costs. Its net profit
slumped 24.3% year-on-year to HK$303 million in 2005 from HK$400
million in 2004, despite a 200% year-on-year increase in
revenue.  Accordingly, its ratio of net debt to EBITDA surged to
6.1x in 2005 from 1.5x in 2004, and EBITDA interest coverage
plunged to 2.2x in 2005 from 11.9x in 2004.

Very large crude carrier rates could remain under pressure in
2006 due to an expected increase in tanker capacity.  However,
this is dependent on the growth in oil demand, while tanker
capacity is expected to rise at a slower rate than in 2005.  
Globally, 16 new VLCCs are slated for delivery this year,
compared with 31 in 2005.

Titan expects its financial performance to improve in 2006 as a
result of the full-year effect of expanding its fleet capacity
in 2005 and its plans to reduce operating costs.  While Titan's
three greenfield oil storage projects in China carry execution
risks, they are all on track for completion in the next few
years. As a result, the company's earnings mix should change,
making its revenue stream more diversified and less volatile.

Titan's liquidity is adequate.  As at Dec. 31, 2005, the company
had HK$644 million in cash, which should be sufficient to cover
its long-term debt due in 2006 amounting to HK$442 million and
the majority portion of its planned capital expenditure of about
HK$300 million for 2006.  Covenants in the company's bond
prospectus include limitations on additional indebtedness and
capital expenditure.

                          *     *     *

Titan Petrochemicals Group Ltd, which operates out of Hong Kong
and Singapore, primary engages in the trading, transportation,
and storage of oil and oil products.  As of December 2005, it
operated a fleet of 28 vessels, including 13 Very Large Crude
Carriers and 15 smaller vessels.  Titan is listed on the Hong
Kong Stock Exchange.  


UNITED FASHION: Liquidator to Present Wind-up Report
----------------------------------------------------
The final meeting of members and creditors of United Fashion
Garment Ltd will be held at Room 2503, 25/F., Wing On Centre,
111 Connaught Road Central, Hong Kong on May 30, 2006, at 3:00
p.m. and 3:30 p.m., respectively.

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.

Members will also be asked:

     -- to approve and adopt the Liquidator's Accounts; and  

     -- to decide whether the Company's books, accounts and  
        documents be retained by the Liquidator and be destroyed
        three months after the dissolution of the Company.


WINSON KNITTING: Winding Up Hearing Set on May 24
-------------------------------------------------
On March 27, 2006, Wu Sing Lung filed an application to wind up
Winson Knitting Industrial Company Limited with the High Court
of Hong Kong Special Administrative Region.  
  
The Application will be heard before the High Court on May 24,
2006.  

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


WINSWAY REALTY: Liquidator Ceases to Act for Company
----------------------------------------------------
Cheng Shui Tai, former Liquidator of Winsway Realty Company
Limited, ceased to act as the Company's liquidator on April 28,
2006.

Contact: Cheng Shui Tai
         Former Liquidator
         Room 3203, 32/F.
         COSCO Tower
         183 Queen's Road Central
         Hong Kong


WORLDWIDE DREAMS: Members Resolve to Wind Up Firm
-------------------------------------------------
Members of Worldwide Dreams Trading Limited held a meeting on
April 19, 2006, and agreed that:  

  -- the Company be wound up voluntarily;

  -- the assets of the Company be distributed among the members
     in cash or in kind;

  -- Natalia K.M. Seng and Susan Y.H. Lo be appointed as
     liquidators; and

  -- the audit of the Liquidator's accounts of receipts and
     payments will not be required.

Contact: Natalia K.M. Seng
         Susan Y.H. Lo         
         Liquidators
         Level 28
         Three Pacific Place
         1 Queen's, Road East
         Hong Kong


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

DUNLOP INDIA: Unions Lodge Payment Demands to Ruia Group
--------------------------------------------------------
Members of Dunlop India Limited's workers unions have submitted
their grievances and demands before the Company's new
management, the Ruia Group, New Kerala News reveals.

The group, headed by Dunlop Workers Union leader Dipankar Ray,
lodged their written complaint on May 2, 2006.  The demand
includes a one-time settlement payment of employees'
entitlements.

The Troubled Company reporter - Asia Pacific reported on May 2,
2006, that 4,378 Dunlop workers boycott the Company's partial
payment of previous dues under a one-time settlement of
INR30,000 arrears at the Company's newly opened Sahagunj plant.
The workers claimed that the new management was paying them much
less than what was agreed upon.  They alleged that Ruia had
committed a mistake by paying employees on a pro-rata basis.

TCR-AP said that the management had calculated the payment on
the basis of workers' attendance for the 11 months for which the
dues were supposed to be paid.

However, the unions insist that the pro-rata formula could be
applied only to employees who retired before completing the 11
months for which the arrears was agreed to be paid, New Kerala
relates.

The Ruia Group earlier 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.

                     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.


INDIA CEMENTS: Launches US$75-Million Covertible Bonds
------------------------------------------------------
India Cements Ltd has entered into a subscription agreement for
US$75 million Foreign Currency Convertible Bonds on May 2, 2006.

The bonds, which have a maturity of five years and one day, are
convertible at a conversion price of INR305.57 per share, which
is at a premium of 30% over the closing price of INR235.05 on
the National Stock Exchange on May 2, 2006.  The bonds are zero
coupon bonds with a yield to maturity of 7.95%, calculated on a
semi-annual basis.

The issue was significantly oversubscribed within a few hours of
launch.  The bonds are expected to be listed on the Singapore
Exchange Securities Trading Ltd.

ABN Amro Rothschild and Deutsche Bank AG acted as joint
bookrunners to the transaction.

                      About India Cements

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


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

GARUDA INDONESIA: Imposes Fuel Surcharge To Cover Oil Costs
-----------------------------------------------------------
State-owned carrier PT Garuda Indonesia will enforce fuel
surcharges between US$5 to US$15 for its international flights
this week to cover rising costs due to an increase in global oil
prices, The Jakarta Post relates.

Garuda spokesman Pudjo Broto said that for domestic flights that
are less than two hours, the airline has been imposing
surcharges of IDR10,000, and IDR20,000 for domestic flights of
more than two hours.

Mr. Broto stated that a similar scheme would also be applied to
international flights, but Garuda will not require surcharges on
flights to Hong Kong and Japan, as the two countries had still
not given their approval for this.

                     About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--  
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves another 10 domestic routes.  Garuda
also ships about 200,000 tons of cargo a month and operates a
computerized tracking system.

The carrier has been hard-hit by plunging arrivals on the resort
island of Bali, where tourists have been killed in bomb attacks
in 2002 and 2005.  It has also suffered from soaring global oil
prices, a weakening of the Indonesian rupiah and rising interest
rates.  At present, Garuda is concentrating its efforts on
repaying its debts with foreign creditors under the European
Credit Agency, which were due last December 31, 2005.  Garuda
management hopes to receive IDR520.4 billion in funds, promised
by the Indonesian government, by March 2006.

In March 2006, The Indonesian Government proposed to infuse  
US$250 million for PT Garuda Indonesia's debt restructuring, or
set up a "special-purpose vehicle" in a bid to pay the airline's
debts totaling US$644 million.  Sugiharto, the state-owned
enterprises minister, said that if the second option was agreed,
the special-purpose vehicle would repay debt principal and
interest of US$80 million annually within a 10- year period.  
Mr. Sugiharto added that the financial sources would be from the
airline's leasing revenues of US$30 million a year and
Government's fund of US$50 million a year.  The carrier posted a
SGD46.5 billion net loss in January, versus a net loss of
IDR56.1 billion in the same period last year.  As of the end of
2005, Garuda's debt totaled US$795 million.


PERTAMINA: Saudi Aramco Mulls 400,000 Barrels Per Day Refinery
--------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
April 26, 2006, that PT Pertamina is offering several geothermal
and oil and gas projects to Arab investors, citing PT Pertamina
director for upstream operations Sukusen Soemarinda.

An earlier TCR-AP report stated that Pertamina invited Saudi
Aramco Oil Co. to jointly build a crude oil refinery in
Indonesia, as the Company's current seven refineries cannot
match the rise in domestic fuel demand.  

In an update on May 2, 2006, Dow Jones Newswires revealed that
Saudi Arabian Oil Co. had indicated that it might invest in a
crude oil refinery with a capacity of 400,000 barrels per day.

According to Dow Jones, state-run Saudi Aramco will decide on
the project after the completion of a feasibility study.  
Pertamina Vice President Iin Arifin Takhyan said that Saudi
Aramco would also supply the crude for the proposed refinery.

Mr. Takhyan added that the proposed facility would lessen
Indonesia's dependence on imported oil products for the domestic
market.

Meanwhile, a delegation from Iran is expected to arrive in
Indonesia in May to discuss possible investment in a 300,000
barrels per day oil refinery in the country.

                       About PT Pertamina

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a  
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation No.
31/2003 has changed its legal status from a special state-owned
enterprise into a Limited Liability Company.  In carrying out
its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Pertamina operates seven oil
refineries with a total output capacity of around 1 million
barrels per day.  However, these refineries only cover
about three-quarters of domestic oil demand, with the rest being
met by imports.

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

Despite reporting a net profit of IDR3.03 trillion for the first
six months of 2005, Pertamina's failure to service its financial
obligations was pegged as one of the contributors to Indonesia's
decreased income for the year.

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


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

MITSUBISHI MOTORS: U.S. Unit Sales Rises 17.5% in April
-------------------------------------------------------
The North American unit of Mitsubishi Motors Corporation posted
a 17.5% increase in its April 2006 sales to 10,841 units, from
9,230 units in the same period last year, PR Newswire reports.

According to Mitsubishi Motors North America President Hiroshi
Harunari, this is just the beginning, since they are planning to
launch more exciting products later this year, including its
Outlander vehicle, aside from its Eclipse Spyder convertible.

The total sales of 10,841 units represent the highest monthly
total since August 2005, and the second best sales month in the
past year.  The 17.5% increase is the largest year-over year
monthly sales increase in nearly four years, since July 2002,
and the largest year-over-year monthly increase in 6 years,
since April 2000.

Mr. Harunari adds that Mitsubishi Motors is well positioned to
face the many challenges of the automobile industry; aside from
their new products, the Company also offers competitive and
meaningful programs to its clients.

Mitsubishi Motors North America, Inc., is responsible for all
manufacturing, finance, sales, marketing, research and
development operations of the Mitsubishi Motors Corporation in
the United States.  The company sells coupes, convertibles,
sedans, sport utility vehicles, and light trucks through a
network of approximately 540 dealers.

                      About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp-- is one of the few  
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.  
The Company also operates consumer-financing services and
provides this to its customer base.  
   
Mitsubishi Motors North America, Incorporated --
http://www.mitsubishicars.com/-- oversees all North American  
operations of the Mitsubishi Motors Corporation, including
sales, manufacturing, finance, and research and development
functions.  The Company manufactures and sells Mitsubishi brand
cars and sport utility vehicles through a network of almost 700
dealers in the United States, Canada, Mexico, and the Caribbean.    

The Wall Street Journal reported early in 2005 that deeply
troubled Mitsubishi Motors was seeking a buyer for its North
American operations.  Mitsubishi was quick to deny the report.  
Mitsubishi's problems stem, in part, from the scandal
surrounding years of systematically covering up defects and ill-
advised auto lending policies in the United States


NEC ELECTRONICS: To Produce LSI Chips for Nintendo
--------------------------------------------------
NEC Electronics Corporation is set to produce LSI chips for the
latest game console of Nintendo Corporation, Electronic
Engineering Times reports.

NEC Electronics President Toshi Nakajima said that the Company
plans to increase capacity at its Yamagata 300 millimeter wafer
fabrication plant, from current production of 6,000 wafers per
month to 11,000 wafers per month in the first half of the fiscal
year.  Mr. Nakajima adds that the chips for Nintendo would
become one of the main products of its Yamagata plant.

Nintendo launched the Wii last May 2005, which featured a CPU
named Broadway developed by IBM and a graphics processor code-
named Hollywood developed by ATI Technologies Inc.

NEC Electronics supplied a graphics LSI chip named Flipper for
Nintendo's current-generation console, the GameCube.  The LSI
was based on the company's embedded DRAM technology and has
24Mbit DRAM and 6 million gates were integrated on it.

The Company will apparently produce an embedded DRAM chip that
may integrate the graphics processor developed by ATI, or
produce the embedded DRAM chip and the graphics processor.

                     About NEC Electronics

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

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

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


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

HYUNDAI MOTOR: April Sales Slip 12.8% to 215,037 Units
------------------------------------------------------
In a press statement issued on May 2, 2006, Hyundai Motor Co.
discloses that worldwide sales fell 12.8% in April over the
previous month to 215,037 units.

The carmaker also revealed that its January to April sales has
reached 871,248 units, up 10.9% from a year earlier.

As reported by the Troubled Company Reporter - Asia Pacific on
April 20, 2006, a new plant in China is expected to double the
automaker's production capacity in the mainland to 600,000
vehicles a year.  

Anticipating a surge in China's economic growth precipitated by
the 2008 Beijing Olympics and 2010 Shanghai Expo, the new plant
will include a research and development center and will position
Hyundai to challenge China's automotive leaders, the company
said.

               Domestic Sedans, SUVs and Minivans

Sedan sales in the Korean market slowed by 6.1% month on month
to 26,929 units ash Sonata retained its crown as the nation's
number one selling car with sales of 10,572 units.  Sales of
SUVs and minivans posted a 25.3% decline to 6,090 units as each
model posted negative results, including the all-new Santa Fe.

                  Domestic Commercial Vehicles

Hyundai said that the picture was not any brighter in its
domestic commercial vehicle sales, where sales fell 24.6% to
11,025 units.  

                          *     *     *

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: To Build Czech Plant as Planned
----------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
April 26, 2006, that Hyundai Automotive Group has suspended all
major business plans indefinitely while judicial proceedings
against its chairman, Chung Mong-koo, and his son, Chung Eui-
sun, are in progress.

The TCR-AP recounts that prosecutors suspect Chairman Chung of
embezzling about US$106 million since 2002 to create a slush
fund, as well as of incurring about US$320 million in damages to
the Company.

In an update on May 2, 2006, Digital Chosun Ilbo states that the
Hyundai Motor Co. will push ahead with the construction of a new
plant in the Czech Republic to keep the Company's foreign
credibility.  

The TCR-AP has earlier reported that the groundbreaking ceremony
of its manufacturing facility in the Czech Republic has been
initially set for May 17, 2006.

Digital Chosun Ilbo added that Hyundai would sign a contract
with the Czech Government when an official from the European
country comes to Korea anytime this month.

According to the report, Hyundai will invest EUR0.8 billion to
EUR1 billion into the Czech plant, which is to have an annual
production capability of 300,000 cars by 2008.

                      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.


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

AVANGARDE RESOURCES: Delays 2005 Financial Report Issue
-------------------------------------------------------
Avangarde Resources Berhad has yet to issue its 2005 Annual
Audited Accounts, which is due on April 30, 2006.  The Company
explained that it is still finalizing the report.

As reported by the Troubled Company Reporter - Asia Pacific,
Bursa Malaysia Securities Berhad, on March 10, 2006, decided to
remove Avangarde's securities from the Official List after
failing to submit outstanding financial reports.  On March 17,
2006, Bursa Securities deferred the delisting after Avangarde
submitted its appeal against the Bourse's decision to delist the
Company's securities.

After due consideration of all facts and circumstances of the
case and given that the Company had submitted its Annual Audited
Accounts for the financial years ended December 31, 2003, and
December 31, 2004, on March 31, 2006, and the Company's
representation in its letter dated March 31, 2006, that the
submission of its annual reports for the financial years ended
December 31, 2003, and 2004 would follow immediately after Bursa
Securities decided to defer the delisting of the Company's
securities provided that the annual reports are submitted by
April 30, 2006.  

However, pursuant to Paragraph 8.14C of the Listing Requirements
and Practice Note 17, the Bourse determined that the financial
condition of Avangarde was not adequate to warrant continued
listing on the Official List.  Therefore, the Bourse will remove
Avangarde's securities from the Official List today, May 4,
2006.

                About Avangarde Resources Berhad

Headquartered in Kuala Lumpur, Malaysia, Avangarde Resources
Berhad is involved in the construction and development of
housing projects.  The Group has incurred huge losses due to
provision of doubtful debts and writing off of bad debts.  It
was delisted from the Official List of Bursa Malaysia Securities
Berhad due to its poor financial status and its failure to meet
with the requirements of the Bourse.  The Company is now
preparing the Proposed Scheme of Arrangement pursuant to the
Section 176 of the Companies Act to regularize its financial
condition.  The Company will unveil its Proposed Scheme once it
is finalized.  


AVANGARDE RESOURCES: To Hold 6th AGM on June 6
----------------------------------------------
Avangarde Resources Berhad will hold its Adjourned Sixth Annual
General Meeting on June 6, 2006, at the Langkawi Room, Bukit
Jalil Golf & Country Resort, Jalan 3/155B, in Bukit Jalil, Kuala
Lumpur.

At the meeting, Avangarde members will be asked:

   -- to receive the Audited Financial Statements for the
      financial year ending December 31, 2003, together with
      the Reports of the Directors and Auditors; and

   -- to receive the Audited Financial Statements for the
      financial year ended December 31, 2004, together with
      the Directors' and Auditors' reports.

                About Avangarde Resources Berhad

Headquartered in Kuala Lumpur, Malaysia, Avangarde Resources
Berhad is involved in the construction and development of
housing projects.  The Group has incurred huge losses due to
provision of doubtful debts and writing off of bad debts.  It
was delisted from the Official List of Bursa Malaysia Securities
Berhad due to its poor financial status and its failure to meet
with the requirements of the Bourse.  The Company is now
preparing the Proposed Scheme of Arrangement pursuant to the
Section 176 of the Companies Act to regularize its financial
condition.  The Company will unveil its Proposed Scheme once it
is finalized.  


CHG INDUSTRIES: To Appeal SC's Rejection of Restructuring Scheme
----------------------------------------------------------------
CHG Industries Berhad is currently preparing its appeal of the
Securities Commission's decision rejecting its proposed debt and
corporate restructuring scheme.

The Troubled Company Reporter - Asia Pacific reported that on
April 6, 2006, the Securities Commission disallowed CHG
Industries' application in relation to the proposals under the
Company's Restructuring Scheme.

While considering the application, the SC noted that:

   -- the Proposals do not provide the appropriate benefits  
      to the shareholders of CHG;

   -- the Proposals involve, among others, the acquisition of  
      three companies which are involved in businesses in the
      competitive and unpredictable timber industry; and

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

According to the TCR-AP, CHG Industries, on June 3, 2004,
entered into an agreement with Linmax Group Sdn Bhd to undertake
a corporate and debt restructuring exercise, which involves a
capital reduction, the injection of fresh assets and a transfer
of its listing status.  

                  About CHG Industries Berhad

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


CYGAL BERHAD: SC Grants More Time to Implement Restructuring
------------------------------------------------------------
The Securities Commission has given Cygal Berhad until
August 31, 2006, to start implementing its corporate exercises.

The Troubled Company Reporter - Asia Pacific reported on
January 13, 2006, that Cygal has obtained the consent of the
majority of its financial institution creditors for a further
extension of time within which Cygal is to meet the conditions
precedent as stipulated in the Settlement Agreement, dated
November 19, 2001, between Cygal and its creditors.  The deal
relates to the settlement of Cygal's MYR229,637,109 debt to its
lenders.

The deadline was extended until March 31, 2006.

The Settlement is a part of the Company's proposed corporate and
debt restructuring scheme, which involves:

   -- the exchange of shares on the basis of three new
      company, or Newco, shares for every four shares in Cygal
      and the proposed takeover of Cygal's listed status by
      Newco;

   -- a rights issue raising up to MYR31 million, to be used
      for working capital;

   -- a debt restructuring scheme, which will involve
      Redeemable Convertible Secured Loan Stocks and
      Irredeemable Convertible Unsecured Loan Stocks issued by
      Newco;

   -- the proposed acquisition of shares in Laudable Invention
      Sdn Bhd and Cygal Properties Sdn Bhd to be satisfied by
      cash and shares in Newco;

   -- a proposed employee's share option scheme for all
      eligible employees and Executive Directors of Newco,
      Cygal and its subsidiaries.

                       About Cygal Berhad

Headquartered in Kuala Lumnpur, Malaysia, Cygal Berhad's
principal activity is civil and building construction works.  
Its other activities include housing development; manufacturing
and trading in ready mix concrete; trading in building
materials; leasing of aircraft parts and equipment; provision of
hotel management services; and investment holding.  The Group's
activities are located in Malaysia and Hong Kong.  On November  
19, 2001, Cygal Berhad and its subsidiary companies finalized a
debt restructuring agreement with their lenders on involving
debts outstanding of approximately MYR230 million.


FORMIS MALAYSIA: Acquisition Plan Awaits SC's Approval
------------------------------------------------------
Formis (Malaysia) Berhad's application with the Securities
Commission for a property acquisition pursuant to its financial
regularization plan is still pending decision from the SC.

Formis is seeking the SC's approval to acquire:

   -- units representing 181,544 square feet lettable area in
      the retail podium of Holiday Plaza, Johor Bahru;

   -- units representing 96,937 square feet lettable area in
      the office tower of Holiday Plaza, Johor Bahru; and

   -- 613 basement car park bays with a total area of 187,516
      square feet.

The acquisition, which was proposed to the Securities Commission
on March 20, 2006, involves a total cash consideration of
MYR180,000,000.

                 About Formis (Malaysia) Berhad

Formis Malaysia Berhad -- http://www.formis.net/-- was  
incorporated in Malaysia under the Companies Act, 1965 on March
23, 1992, under the name of Orlando Holdings Berhad.  The
Company was first listed on the Second Board of Bursa Malaysia
Securities Berhad on December 28, 1992, and subsequently, on
March 20, 2000, changed to its present name before being
transferred to Main Board of Bursa Securities on March 30, 2000.

Formis is principally an investment holding company and through
its subsidiaries, is involved in the provision of hardware,
software, maintenance and consultancy services in information
technology business, computer networking solutions and systems
integration as well as the wholesale and retail of full range of
"Orlando" ready-made menswear and related accessories.  Formis
was admitted into Bursa Malaysia Securities Berhad's Practice
Note 17 category on March 10, 2006, due to a deficit in its
adjusted shareholders' equity and the impending cessation of its
major business.  Formis is in the process of completing the
disposal of its IT Business to My-InfoTech (M) Berhad.  
Furthermore, it had also entered into a conditional sale and
purchase agreement dated January 6, 2006, to dispose of Orlando
Corporation Sdn Bhd.  After the disposal of its IT Business and
the proposed disposal of OCSB, Formis will not have any business
operations.


KIG GLASS: Has Two Months to Submit Regularization Proposal
-----------------------------------------------------------
KIG Glass Industrial Berhad has accepted Permintex Holdings Sdn
Bhd's proposal to further extend the expiry date of their
Agreement to Negotiate to May 13, 2006, the Troubled Company
Reporter - Asia Pacific disclosed.

In an update on May 2, 2006, the KIG Glass said that it is still
finalizing the terms of its regularization plans and the
definitive agreement with Permintex.

The Company has approximately two months to submit its
regularization plan to relevant authorities for approval.

               About KIG Glass Industrial Berhad

Headquartered in Johor Darul Ta'zim, Malaysia, KIG Glass
Industrial Berhad -- http://www.kedaung.com/-- manufactured and  
sold glassware, glass blocks and carton boxes.  The firm's other
activities included manufacturing of ceramic roof tiles.  Its
operations were carried out in Malaysia and China.  Due to hefty
losses and inability to pay its mounting debts, the Company
ceased operation in May 2005.


KRAMAT TIN: Seeks Regulatory Approval of Proposed Waiver
--------------------------------------------------------
The Securities Commission, on April 3, 2006, granted its
approval to Kramat Tin Dredging Berhad's proposed waiver from
the need to subject the shareholdings of Putrajaya Holdings Sdn
Bhd to a moratorium, the Troubled Company Reporter - Asia
Pacific revealed on April 7, 2006.

Kramat Tin is now seeking the approval of the remaining
regulatory authorities for the proposal.  The Company is
preparing all necessary documents to obtain the necessary
approvals.

On June 9, 2005, the Securities Commission had approved the
proposals subject to certain conditions.  However, the SC did
not approve the Company's application for a waiver for PJH from
complying with the requirement of Paragraph 12.09 of the
Policies and Guidelines on Issue/Offer of Securities of the SC
relating to the waiver from the requirement to subject 50% of
the securities to be received by PJH under the proposals to a
moratorium.

Headquartered in Kuala Lumpur, Malaysia, Kramat Tin Dredging
Berhad is currently in the process of identifying suitable
business opportunities.  In July 2001, the Company wound down
its tin dredging operations.   


LITYAN HOLDINGS: Awaits Restructuring Approvals
-----------------------------------------------
Lityan Holdings Berhad is waiting for the required approvals
from authorities before it could commence its restructuring
exercise.

The Company's Proposed restructuring Scheme, which was submitted
on Janaury 20, 2006, are pending approval from the Securities
Commission, Foreign Investment Committee and Bank Negara
Malaysia.

                  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.  


POLYMATE HOLDINGS: Posts Default Status Update
----------------------------------------------
Polymate Holdings Berhad has updated the status of the various
credit facilities defaulted by its three subsidiaries.

The Company's three subsidiaries, which defaulted on loans
aggregating MYR224 million are:

     1. ABI Malysia Sdn Bhd;
     2. Polymate Industries (M) Sdn Bhd; and
     3. Polymate Packaging & Factoring Sdn Bhd.

A full-text list of the various credit facilities in default is
available for free at:

   http://bankrupt.com/misc/tcrap_polymateholdings050306.pdf

Meanwhile, Polymate says that it is still negotiating with its
lenders to restructure the Group's credit facilities and is
working on various schemes to regulate its financial position.

                 About Polymate Holdings Berhad

Headquartered in Selangor Malaysia, Polymate Holdings Berhad
-- http://www.polymate.com.my/Hprofile_html.htm-- is engaged in  
the manufacturing and marketing of lead acid batteries for the
automotive and related industries.  It is also engaged in the
manufacturing and dealing of plastic articles and products,
corrugated carton boxes and related products, manufacturing and
trading of door closers and trading of building materials,
investment holding and provision of corporate and financial
support services.  The Group operates in Malaysia, Australia,
New Zealand and Europe.  Polymate Holdings is in the process of
working out possible plans to regularize its condition.  
Operations in its subsidiaries will be revived when a workable
restructuring scheme is formalized with its lenders and when
fresh working capital can be injected into the operations.  On
April 28, 2006, Bursa Malaysia Securities Berhad publicly
reprimanded and imposed a total fine of MYR84,000 on Polymate
Holdings Berhad for breach of the Bourse's Listing Requirements.


PROTON HOLDINGS: May Unveil Recovery Plan by Year-end
-----------------------------------------------------
Proton Holdings expects to finalize its recovery plan and secure
a strategic alliance late this year, Business Times reveals.

The national carmaker is also expected to reveal its new
partners from China, India and Europe by December.  The tie-ups
will complement the Company's business partnerships with Japan's
Mitsubishi Motors, Germany's Volkswagen AG and France's Renault.

Business Times says that Proton is also targeting MYR8.9 billion
revenue with a pre-tax profit margin of 2.5% for the financial
year ending 2007.  Business tie-ups and some mergers and
acquisitions are also expected along the way, anticipating the
first real impact of the initiative to be seen in four to five
months.

Meanwhile, Proton told the Star Online that it hopes to come up
with three or four consolidation models within five months under
its components vendor program.

As reported by the Troubled Company Reporter - Asia Pacific on
April 17, 2006, Proton has encouraged its parts vendors to
consolidate in order to effectively handle growing competition
from other car manufacturers.  The Company said that
consolidation among vendors could reduce wastage and ensure
better utilization of investment.  The Company earlier said that
it wants to focus on 20 to 30 core vendors under four to five
groupings to bring down cost and improve quality and efficiency.

                     About Proton Holdings

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


PROTON HOLDINGS: Bags Reader's Digest Trusted Brand Award
---------------------------------------------------------
Proton Holdings was named as Malaysia's most trusted and
favorite brand in the 2006 Reader's Digest Trusted Brands Awards
- Car Category, The Star Online reports.

The award was based on a survey conducted by Reader's Digest
magazine, which measured a broad spectrum of consumers' brand
preferences in 42 different product categories.

In a statement, Proton Holdings Bhd said that this was the
second consecutive year it received an award from Reader's
Digest.  Last year, it won the Gold Award in the annual
SuperBrands Survey that asked consumers to name the most
outstanding brands in Asia.

                     About Proton Holdings

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


WEMBLEY INDUSTRIES: Updates on Debt Restructuring Progress
----------------------------------------------------------
Wembley Industries Holdings Berhad said that it is taking steps
to secure more time to fulfill the conditions precedent
stipulated in its Debt-Restructuring Agreement and to
subsequently implement its restructuring.  

Furthermore, in relation to the status of default in payment
pursuant to PN1/2001, the Board of Directors of the Company
advised that there is no change to the status of default in
payments of interest and principal sums to its lenders.

On April 24, 2006, the Securities Commission extended the time
by which Wembley Industries Holdings Berhad's subsidiary, Plaza
Rakyat Sdn Bhd, must sign a supplemental agreement with Dewan
Bandaraya Kuala Lumpur in relation to a joint venture agreement
between them, the TCR-AP reported.  The extension is until
July 31, 2006.

The SC's approval is, however, subject to Wembley making an
application for the extension of time to complete the
implementation of the Company's restructuring scheme within 14
days from the date of the signing of the joint venture
agreement.

The Company's restructuring plan involves:

   * a proposed capital reduction and consolidation;

   * a proposed debt-restructuring; and

   * a proposed rights issue.

            About Wembley Industries Holdings Berhad

Headquartered in Sarawak Malaysia, Wembley Industries Holdings
Berhad is a developer of commercial properties and investment
holding.  Its other activities are the development of the inter-
state bus and taxi terminal, the retail podium and the budget
hotel.  The Company has been placed under the Practice Note 4
category due to its tight cash flow position.  On January 7,
2003, Malaysia's Foreign Investment Committee approved the
Company's regularization plan.  Subsequently, on April 7, 2003,
the FIC revised its approval to include the possible
participation of Daewoo Corporation, the former turnkey
contractor of Plaza Rakyat Project in the Company's Proposed
Debt Restructuring.


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

NATIONAL POWER: Saves PHP14 Billion in 2005 on Cost Cuts
--------------------------------------------------------
National Power Corporation incurred savings of PHP14 billion in
2005 after implementing strict cost-cutting measures such as
economic load dispatching and prioritizing capital expenses,
Power Hotline reports.

According to figures released by the Company, economic load
dispatching created the biggest savings at PHP9.88 billion.  In
economic load dispatching, efficient power plants with lower
fuel costs are dispatched first in order to lessen the use of
the more expensive plants.

National Power also saved PHP3.83 billion by focusing on urgent
key capex requirements necessary to maintain operational
capability and efficiency of the Company's power plants.

The rest of the savings generated consists of:

   * PHP199.22 million from the reduction of operating expenses,   
     including strict limitations on foreign travels and
     training, and other controllable expenditures;

   * PHP66 million from the adoption of the electronic bidding
     system, which enabled the Company to secure competitive
     tenders for its fuel and materials or supplies
     requirements; and

   * PHP44.29 million from the maximized use of local coal by
     blending it with imported coal.

The Company has yet to include savings from its reduced contract
obligations with independent power producers and increased
operational efficiency of its power plants, which in 2004
garnered savings of PHP8.06 billion and PHP583 million.

                      About National Power

Headquartered in Quezon City, Philippines, National Power
Corporation -- http://www.napocor.gov.ph/-- is a state-owned  
utility that builds and operates nuclear, hydroelectric,
thermal, and alternative power generating facilities.  It works
with independent producers under a build-operate-transfer
program.  With a generating capacity of more than 11,500
megawatts, Napocor sells electricity to distributors and
industrial companies.  To comply with the privatization bill
approved by the Philippine Congress, the Company has begun
selling off its generation assets to help pay for the utility's
estimated debt of PHP600 billion.  It also separated its
transmission operations into a new subsidiary, the National
Transmission Corporation.

National Power first incurred losses in 1998 after the Asian
financial crisis and expensive contract terms from independent
power producers.  The Company posted a PHP29.9 billion loss in
2004, after a net loss of PHP117 billion in 2003.

The Government absorbed National Power's PHP200 billion debt,
which was incurred when the government-owned-and-controlled
corporation adopted international accounting standards, forcing
the Company to report its foreign exchange losses.

The Troubled Company Reporter - Asia Pacific reported on
April 5, 2006, that for 2005, National Power posted a PHP16
million profit for the first time in seven years, on the Energy
Regulation Commission's approval of a rate increase, the use of
an improved fuel mix and better fuel prices.


NATIONAL POWER: To Lessen Use of Oil-Fired Power Plants
-------------------------------------------------------
The National Power Corporation plans to cut back on the use of
its oil-fired power plants in its Visayas and Mindanao power
grids due to rising fuel costs, the Philippine Inquirer relates.

The Company had also reduced its dependence on oil-powered
plants in its Luzon power grid, comprising 2% of power
generation in the region last year.  

The Inquirer reports that oil-based plants accounted for 14% of
total power generation in the Visayas grid in 2005, compared to
19% the previous year.  Napocor President Cyril del Callar said
this was due to the completion of the Leyte-Cebu transmission
line by Napocor unit National Transmission Corporation.  He
added the Company is relying more on hydropower and geothermal
power plants to source electricity.

National Power, however, was not able to reduce its dependence
on oil-powered plants in Mindanao.  In fact, oil-fired plants
contributed to 32% of total power generation in 2005, compared
to 27% in 2004.  Mr. Del Callar attributed the increase to dry
season in the southern part of the country last year.

National Power expects power generation from oil-powered plants
to go down to 28% this year, on increased rainfall from the La
Nina phenomenon.  In 2007, the operations of a 200-megawatt
coal-fired power plant would further reduce the dependence on
oil-powered generation plants, the Inquirer said.

                      About National Power

Headquartered in Quezon City, Philippines, National Power
Corporation -- http://www.napocor.gov.ph/-- is a state-owned  
utility that builds and operates nuclear, hydroelectric,
thermal, and alternative power generating facilities.  It works
with independent producers under a build-operate-transfer
program.  With a generating capacity of more than 11,500
megawatts, Napocor sells electricity to distributors and
industrial companies.  To comply with the privatization bill
approved by the Philippine Congress, the Company has begun
selling off its generation assets to help pay for the utility's
estimated debt of PHP600 billion.  It also separated its
transmission operations into a new subsidiary, the National
Transmission Corporation.

National Power first incurred losses in 1998 after the Asian
financial crisis and expensive contract terms from independent
power producers.  The Company posted a PHP29.9 billion loss in
2004, after a net loss of PHP117 billion in 2003.

The Government absorbed National Power's PHP200 billion debt,
which was incurred when the government-owned-and-controlled
corporation adopted international accounting standards, forcing
the Company to report its foreign exchange losses.

The Troubled Company Reporter - Asia Pacific reported on
April 5, 2006, that for 2005, National Power posted a PHP16
million profit for the first time in seven years, on the Energy
Regulation Commission's approval of a rate increase, the use of
an improved fuel mix and better fuel prices.


PHILIPPINE AIRLINES: To Purchase Additional Aircraft
----------------------------------------------------
Philippine Airlines Corporation plans to purchase additional
wide-bodied aircraft to service its international flights to the
United States and Canada, ABS-CBN News says.

PAL President Jaime Bautista said that the Company is finalizing
the details on the purchase of four new aircraft within this
quarter.  

A December 9, 2006 report by the Troubled Company Reporter -
Asia Pacific stated that Philippine Airlines placed a PHP43.11
billion order for nine A320 planes from aircraft manufacturer
Airbus, with an option to purchase five more planes.  A later
TCR-AP report in March 2006 indicated that the Company reported
the highest number of passengers for the business year 2005 to
6.8 million, from 6.56 million passengers in 2004.  Mr. Bautista
attributed the increase in load factor to additional flights to
U.S. destinations during peak season, according to the Manila
Times.

At present, the Times adds, Philippine Airlines flies to 31
international and 20 domestic destinations using nine A320s on
its domestic network, eight A330s on regional services across
Asia and four A340-300s on long-range routes to the United
States.

                    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.


RADIO PHILIPPINES: Seeks to Restructure PHP5-Billion Debt
---------------------------------------------------------
State-owned Radio Philippines Network-9 has a total debt of PHP5
billion, which makes it more difficult for the government to
privatize the Company, the Philippine Inquirer reports.

According to BusinessWorld, Privatization and Management Office
chief Jose A. R. Bengzon III said that the Government plans to
compromise with the network's creditors on a restructuring of
its debts, so as to push through with its privatization.  Mr.
Bengzon added that they want the proceeds of the network's sale
to cover its debts and employee retirement benefits.

RPN owes money to the Bureau of Internal Revenue, the National
Telecommunications Commission, and company employees who have
yet to receive their retirement benefits, as well as trade
payables.

The privatization office's financial adviser, CLSA Exchange
Capital, Inc., submitted its valuation report on RPN-9 on
February 10, 2006, the Inquirer adds.  However, the financial
adviser cannot disclose the sale price, as it is yet to be
approved by the privatization council of the Government.

The Government had initially sought to complete the sale of RPN
in the first quarter this year, but later said that the sale
would not be possible within that time period due to the
Company's debt problem.  CLSA advised to put up RPN for sale
once its debts had been settled, so as to attract more
investors.

The privatization office is asking the Bureau of Internal
Revenue to waive penalties on unpaid withholding and franchise
taxes.  RPN owes PHP110 million in withholding taxes and PHP140
million in franchise taxes to BIR, plus interest.  BIR
commissioner Jose Mario C. Bunag said that they would have to
await the formal waiver request, adding it was too early to talk
about RPN's tax liabilities.

The Government has yet to seek shareholder approval for the
proposed sale of RPN.


Radio Philippines Network (RPN 9) -- http://www.rpn9.com/-- is  
a Philippines flagship VHF television network of the Government
Communications Group headed by the Press Secretary.

RPN launched in the late 1960s as Kanlaon Broadcasting System,
under Roberto S. Benedicto.  After the late President Ferdinand
Marcos sequestered the rights of CBN-9 of the late Eugenio
Lopez, Sr., he awarded the Channel 9 frequency through a
Presidential Decree.  After the 1986 EDSA People Power
Revolution, all of the stocks and assets of RPN-9 were
sequestered by the Presidential Commission on Good Government.  
During the time of Former President Corazon Aquino, RPN-9 assets
and equipment were turned over to the Government Communications
Group.


* 100,000 Plan Holders May Not Be Able to Enroll This Year
----------------------------------------------------------
According to the Securities and Exchange Commission, over
100,000 education plan holders may not be able to enroll for
school year 2006-2007, which starts in June, as four pre-need
firms halted their payments to open-ended plan holders, ABS-CBN
News reveals.

SEC chairperson Fe Barin said that College Assurance Plans,
Inc.; Pacific Plans, Inc.; Platinum Plans, Inc.; and The
Professional Group Corporation filed for rehabilitation and
suspension of payments with the local courts.  This means that
the clients of these firms will not be receiving payments for
their tuition fees this June.  Ms. Barin stated that most of the
plan holders were clients of College Assurance Plans.

As reported by the Troubled Company Reporter - Asia Pacific on
March 20, 2006, plan holders of CAP Philippines requested the
Supreme Court on March 16, 2006, to lift a stay order suspending
CAP's payments to plan holders.  The stay order was entered by
the Makati Regional Court in September 2005, allowing CAP to
temporarily suspend payments to its plan holder creditors so
that it could initiate a rehabilitation.  CAP was also
prohibited from paying its outstanding liabilities as of Sept.
8, 2005 -- the date it filed a rehabilitation plan.

SEC advised the parents of open-ended plan holders to consider
enrolling in other schools, instead of the schools listed in
their plans, so that they could ask the pre-need firms to
provide smaller payments to allow the children to continue their
education.

The commission is seeking to file criminal charges of violating
SEC rules against CAP's owners.

The TCR-AP reported on April 28, 2006, that six Pacific Plans
plan holders filed criminal suits against the company's owner,
Ambassador Alfonso T. Yuchengco, and 24 directors and officials
for syndicated estafa.


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

ASIA BIO SYSTEMS: Court Issues Wind-up Order
--------------------------------------------
The High Court of the Republic of Singapore, on April 21, 2006,
released an order to wind up Asia Bio Systems Holdings Pte
Limited.

The wind-up petition was lodged by Solicitors BL Tok and
Company, in behalf of an unnamed petitioner, on March 23, 2006,
the Troubled Company Reporter - Asia Pacific disclosed on
April 10, 2006.

Contact: The Official Receiver
         URA centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118
         

CREATIVE TECHNOLOGY: One-time Charges Drive US$114-Mln 3Q Loss
--------------------------------------------------------------
In a statement submitted to the Singapore Stock Exchange on
May 3, 2006, Creative Technology Limited disclosed that it has
registered losses in the third quarter ended March 31, 2006, due
to one-time charges and a drop in flash memory prices, which led
to an inventory writedown.

The consumer electronics maker reported a net loss of US$114.33
million in the three months to March, reversing the year-ago
profit of US$15.91 million.

The Company said that it took US$41.60 million in goodwill and
restructuring charges for unit 3DLabs during the quarter.  
Excluding the charges as well as a US$2 million investment gain,
net loss for the quarter would have been US$74.7 million,
Creative said.

For the nine months to March, Creative posted a net loss of
US$105.43 million, compared to a profit of US$32.53 million in
the same period a year earlier.

Analysts are forecasting a bleak outlook for the rest of the
year despite Creative's plans to streamline its product line as
it targets a return to profitability in the second half of
calendar 2006, Dow Jones reveals.

Brokerage CIMB-GK noted that the business environment for
Creative will remain tough at least for the next two quarters.  
The agency believes the group will remain in the red.

While Creative Labs Inc president Craig McHugh hinted at some
operational changes ahead, some analysts say Creative will
continue losing money unless there is a fundamental revamp of
its business model.

Kim Eng Securities, which has a "Sell" rating on the stock,
said, "Creative should restructure its products and cut off
those that it doesn't have a chance to achieve category
leadership."

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

http://bankrupt.com/misc/tcrap_creativetechnology050306.pdf  

                    About Creative Technology

Singapore-based Creative Technology Ltd. makes digital
entertainment products, including portable audio players, PC
sound cards, graphics accelerator cards, and digital cameras.  
The Company also makes modems and CD and DVD drives for PCs.
Subsidiaries include Cambridge Soundworks, Creative Labs, and E-
MU/ENSONIQ.  Tough competition in the electronics market has
hurt Creative, causing it to incur recurring losses.  Aside from
its financial issues, the Company is also facing ongoing
disputes with several companies in the United States.  Creative
also periodically receives licensing inquiries and/or threats of
potential future patent claims from a variety of entities,
including, Lucent Technologies, MPEG LA, Dyancore Holdings,
Advanced Audio Devices and Nichia Corporation.


FLEXTRONICS INTERNATIONAL: Books Better Results in FY05-06
----------------------------------------------------------
Flextronics International, on April 27, 2006, unveiled results
for the fourth quarter and fiscal year ended March 31, 2006.

As reported by the Troubled Company Reporter - Asia Pacific on
April 18, 2006, Flextronics entered into a definitive agreement
to sell its software development and solutions business to an
affiliate of Kohlberg Kravis Roberts & Co.  As such, the
software business and the semiconductor division, which was
divested by the Company in September 2005, are being treated as
discontinued operations in its financial statements.  The
network services division that was also divested by Flextronics
in September 2005 does not meet the criteria for discontinued
operations treatment under generally accepted accounting
principles and as such its historical results remain in
continuing operations.

Net sales from continuing operations amounted to US$3.5 billion
in the fourth quarters ended March 31, 2006, and 2005.  
Excluding the net sales from the divested Network Services
division of US$207 million in the fourth quarter ended March 31,
2005, net sales from continuing operations grew 6% on a year-
over-year basis in the fourth quarter ended March 31, 2006.

Net sales from continuing operations amounted to US$15.3 billion
in the year ended March 31, 2006, as compared to US$15.7 billion
in the year ended March 31, 2005.  Excluding the net sales from
the divested Network Services division of US$275 million and
US$766 million in the years ended March 31, 2006, and 2005,
respectively, net sales from continuing operations amounted to
US$15.0 billion in the years ended March 31, 2006, and 2005.

Excluding intangible amortization, restructuring and other
charges, net income for the fourth quarter ended March 31, 2006,
increased 3%to US$98 million, or US$0.16 diluted per share,
compared with US$95 million, or US$0.16 per diluted share, in
the year ago quarter.  After-tax amortization, restructuring and
other charges amounted to US$55 million in the fourth quarter
ended March 31, 2006, compared to US$21 million in the year ago
quarter.  As a result, GAAP net income amounted to US$43
million, or US$0.07 earnings per diluted share, in the fourth
quarter ended March 31, 2006, as compared to US$74 million, or
US$0.12 per diluted share, in the year ago quarter.

Excluding intangible amortization, restructuring and other
charges, net income for the year ended March 31, 2006, increased
7% to US$417 million, or US$0.69 per diluted share, compared
with US$388 million, or US$0.66 per diluted share, for the year
ended March 31, 2005.  After-tax amortization, restructuring and
other charges amounted to US$276 million in the year ended March
31, 2006, compared to US$49 million in the year ended march 31,
2005.  As a result, GAAP net income amounted to US$141 million,
or US$0.24 earnings per diluted share, in the year ended March
31, 2006, as compared to US$340 million, or US$0.58 per diluted
share, in the year ended March 31, 2005.

During the current fiscal year, the Company increased its cash
and certificates of deposit by US$129 million to US$1 billion as
of March 31, 2006, and reduced its net debt by US$270 million to
US$5596 million.  The Company generated cash flow from
operations to US$591 million in the year ended March 31, 2006.

A full-text copy of Flextronics Fourth Quarter and Full-year
Report is available for free at:

   http://bankrupt.com/misc/tcrap_flextronicsinternational050306.pdf  

                       About Flextronics

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

                          *     *     *

As reported in the Troubled Company Reporter on Oct. 31, 2005,
Fitch Ratings revised the Rating Outlook on Flextronics
International, Ltd., to negative from stable.  Flextronics'
'BBB-' issuer default rating and senior unsecured bank credit
facility were affirmed, as well as the 'BB+' senior subordinated
debt.


GREEN LIFE: Court Declares Bankruptcy
-------------------------------------
Green Life Marine has been declared bankrupt by the High Court
of Singapore on March 23, 2006.

The bankruptcy petition was filed on February 14, 2006.

Contact: Audrey Lim
         Senior Assistant Registrar
         Supreme Court, Singapore


HNR TECHNOLOGY: Falls Into Bankruptcy
-------------------------------------
HNR Technology Limited has fallen into bankruptcy following an
order by the High Court of Singapore on March 23, 2006.

The Petition was lodged on February 16, 2006, on grounds of
defaulting statutory demand.

Contact: Audrey Lim
         Senior Assistant Registrar
         Supreme Court, Singapore


WINTEK DISPLAY: Creditors' Proofs of Debts Due on May 29
--------------------------------------------------------
The creditors of Wintek Display (Singapore) Pte Limited are
required to prove their debts 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: Chee Yoh Chuang
         Lim Lee Meng
         Liquidators
         18 Cross Street
         #08-01 Marsh & McLennan Centre
         Singapore 048423


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

NAKORNTHAI STRIP: Submits Recapitalization Plan to SET
------------------------------------------------------
Nakornthai Strip Mill Public Company Limited has announced a
recapitalization plan involving THB4 billion in debt
restructuring to ensure a US$50-75 million credit line for
working capital, the Bangkok Post reports.  

The steelmaker issued a statement to the Stock Exchange of
Thailand saying that it would offer new shares to all existing
shareholders.  The statement was endorsed by the Company's
creditors committee.

Nakornthai Strip will offer its Rights at 10:1 -- 10 existing
shares for one new -- to 10:2, for 40 satang per share.  
Shareholders have no rights to oversubscribe.  

The offering will take place within 60 days of the Central
Bankruptcy Court's approval.

Nakornthai Strip's creditors had restricted the Company's
ability to use assets as collateral against new loans, forcing
it to seek equity instead, the Post explains.  

The Post quotes Sawasdi Horrungruang, Nakornthai Strip's chief
executive officer and restructuring planner, as saying that the
Company needed additional funds to maximize benefits from rising
steel prices.  It has continued to lose business opportunities
due to insufficient working capital.   

Mr. Horrungruang adds that it is better for him to own just 2%
of the company that he founded rather than see it run poorly.  
That explains why he decided for a restructuring of the Company.

Creditors will convert 40% of the principal debt at 45 satang
per share within six months.  Half of the conversion will take
place within 45 days, while the remaining principal will be
converted on an optional basis within 18 months after court
approval.

Furthermore, past-accrued interest -- loans accumulated up to
the date of the last interest payment and not yet paid -- will
be changed into non-cash convertible debt after court approval,
the Post added.

                          *     *     *

Nakornthai Strip Mill Public Company Limited is a Thailand based
manufacturing company.  The Group's principal activities are
manufacturing and selling of hot-rolled coil steel.  These
products can be used in downstream industries such as structural
steel industry, container industry, steel pipe industry and gas
tank industry.


THAI AIRWAYS: To Implement Fuel Surcharge Increase on June 1
------------------------------------------------------------
Thai Airways International Public Company Limited will raise
fuel surcharges on June 1, 2006, for most of its flights by as
much as 33% to reflect increases in fuel prices, the Bangkok
Post reports.

The increase varies from route to route as the national carrier
has decided to take the charges of other main carriers into
account in order to stay competitive.  The Post adds that the
surcharge increase also represent about 60% of the actual rise
in fuel charges so as not to pass the full burden onto
passengers.

The Post cites Vasing Kittikul, Thai Airways' executive vice-
president for commercial affairs, as saying that the airline's
fuel bills jumped 40% from October 2005 to February 2006.   He
noted that oil prices rose steeply in March and April, which had
been a cause for concern for the entire global airline industry.

Surcharge on long-haul international flights will rise to US$60
to US$65, up from the current charge of US$50 dollars, The
Nation relates.  Moreover, the reports indicate that most
regional flights will remain unchanged at US$25, while
surcharges for Middle Eastern services, flights to China and
Taiwan, will go up to US$30 from $25.  Similarly, the rate on
flights to Japan will increase to $35 from $25.

Surcharges for domestic flights, will go up to THB400 from
THB100 per sector.

                          *     *     *
    
Headquartered in Bangkok, Thailand, Thai Airways International
Public Company Limited -- http://www.thaiairways.com/-- is  
engaged in the operation of domestic and international air
transportation service.  This includes support services such as
freight forwarding, warehousing, on-line ticketing, hotel and
restaurant operations, fuel storage and filling for aircraft at
the airport Air catering and fuel pipeline transportation.  The
Group also provides services in other type of transportation in
connection with the information technology services, distributes
computer services, flight reservation and other travel-related
services.  The company underwent a major business restructuring
last year after it plunged to a loss of THB4.78 billion in the
April-June period, canceling or reducing flights to unprofitable
routes, and adding more high-yield routes.  It also implemented
a more proactive marketing strategy with a focus on corporate
customers, in a bid to improve its passenger yield.
  




                            *********


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