/raid1/www/Hosts/bankrupt/TCRAP_Public/060508.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Monday, May 8, 2006, Vol. 9, No. 090
Headlines
A U S T R A L I A & N E W Z E A L A N D
AVENAL INVESTMENTS: Appoints Joint Liquidators
AUSTRALIAN ENVIRONMENTAL: Winds Up Business
AVONORAC PTY: To Declare Dividend on May 9
BLUEGUM CORPORATION: Members to Review Wind-up Report
BORGO INVESTMENTS: Prepares to Distribute Assets
BUSINESS BRAND: Receives Creditors' Claims until May 15
CORDIAL PTY: Supreme Court Orders Wind-up
CP DEVELOPMENTS: Joint Receivers and Managers Named
CUSACK & ASSOCIATES: Schedules Final Meeting on May 10
EAGLEREACH PTY: Names Receivers and Managers
HANKY PTY: Opts to Shut Down Operations
IWATANI INTERNATIONAL: Enters Voluntary Liquidation
JAFA CAFE: Creditors' Proofs of Claims Due on May 11
J.A. REFRIGERATION: Winds Up Over Inability to Pay Debts
LIFESTYLE PRODUCTS: Falls into Liquidation
MINIFIE PTY: Members Agree on Liquidation
MONSLING PTY: Members & Creditors Meet to get Wind-up Accounts
NATIONAL AUSTRALIA: Sells Custom Fleet Business to GECF
PERGAN PTY: Set to Declare Dividend on May 15
PLAYHOUSE LIMITED: Names Joint Receivers and Managers
PRIDE PUMPS: Members Opt for Voluntary Liquidation
PSP HOTELS: Wind-up Proceedings Initiated
RETAIL ON MAIN: Goes Into Receivership
SCIFLEET QUEENSLAND: To Hold Final Meeting Today
SUN MICROSYSTEMS: Placed Under Voluntary Liquidation
TIAN QIAO ENTERPRISES: Court Winds Up Firm
TIMEJOY PTY: Appoints Evan Groombridge as Receiver
TOP-PAVE CONCRETE: J. Whitfield and P. Finnigan Named Receivers
WELLMART AUSTRALIA: To Pay Final Dividend on May 26
C H I N A & H O N G K O N G
BANK OF CHINA: May Lose US$537 Mln on Stronger Yuan
BONIFIELD LIMITED: Creditors' Proofs of Claims Due on May 19
CRESVALE FAR EAST: Annual Meeting Set on June 8
EZCOM ELECTRONICS: Appoints Liquidators and Inspection Committee
FU SHING: Creditors Must Prove Debts by May 19
GLOBAL NET GARMENT: Members Opt for Voluntary Liquidation
HINTONS PROPERTIES: Creditors Given Until June 5 to Prove Claims
HONG KONG ENGINEERING: Liquidator Steps Aside
HONG KONG LEADER: Winding-up Hearing Set on May 17
INSIGNIA CAPITAL: Toohey and Lam Cease to Act as Liquidators
JOLLY TARGET: Creditors to Prove Debts by May 19
KAM KIU: Members Appoint Liquidator
KINGFIELD DESIGN: Names New Liquidators for the Company
MARCHI LIMITED: Appoints New Liquidators
RUBY MATE INVESTMENTS: Joint Liquidators Appointed by Court
SOUND SPARK: Members Resolve to Wind Up Firm
SMARTAC INVESTMENT: Court Picks New Liquidator
STRONG BRIGHT: Court Orders Appointment of New Liquidators
SUCCESS BASE: Court Fixes Date to Hear Winding up Petition
VANTAGE CONSTRUCTION: New Liquidators Named
WENLOY LIMITED: Faces Winding-up Charges
I N D I A
BRITISH INDIA: CMD Unlikely to Rejoin Company
DUNLOP INDIA: Management and Unions Wrangle Over MoU Clauses
HINDUSTAN PETROLEUM: Sells Q3 Term and May Spot
I N D O N E S I A
BANK MANDIRI: Shares Jump 9.9% to IDR2,275 on May 3
PERTAMINA: Yet to Schedule Plaju Refinery Maintenance
J A P A N
JAPAN AIRLINES: Sued for Cargo Shipment Price Fixing
K O R E A
HYUNDAI MOTOR: Jailed Chairman Meets With Key Executives
M A L A Y S I A
ANTAH HOLDINGS: Posts Financial Regularization Updates
APEX EQUITY: Repurchases 60,000 Shares for MYR32,298
AYER HITAM: Court to Hear KIY's Application on May 17
AYER MOLEK: Faces Delisting Over Wind-up Order
COMSA FARMS: To Table Shareholders' Mandate Renewal Plan
INTAN UTILITIES: 10th AGM Slated for May 29
KAMDAR GROUP: Profit Forecast Deviates from Audited Accounts
MALAYSIA AIRLINES: Offers International Supersaver Fares
PAN MALAYSIA: Buys Back 30,000 Shares
POHMAY HOLDINGS: Court Grants 90-day Restraining Order
PROTON HOLDINGS: Seeks Good Vendors to Improve Car Quality
SBBS CONSORTIUM: Court to Hear Stay Order Application on June 5
SYARIKAT KAYU: Unit's Revaluation Exercise Brings Losses
TELEKOM MALAYSIA: Lists 135,000 New Ordinary Shares
P H I L I P P I N E S
BENPRES HOLDINGS: Returns to Profit on Foreign Exchange Earnings
HACIENDA LUISITA: DAR Set to Distribute Land to Farmers
NATIONAL POWER: Leyte-Cebu Project Cuts Use of Oil-Fired Plants
PACIFIC PLANS: Local Court OKS Rehabilitation Plan
PHILIPPINE AIRLINES: CAB Approves Fuel Surcharge Implementation
S I N G A P O R E
AEROFLEX COMMUNICATIONS: Court Issues Bankruptcy Order
EXXON AROMATICS: Receiving Claims Until June 5
KOATEC PTE: Creditors' Proofs of Claims Due on June 7
L&M GROUP: Court Extends Judicial Management Period
MERITUS RESOURCES: Declared Bankrupt by Court
SPRINT PRINT: Default Leads to Bankruptcy
STEPHEN & COMPANY: Falls Into Bankruptcy
T H A I L A N D
ASIA HOTEL: Unveils Restructuring Plan's Progress
THAI PETROCHEMICALS: Commerce Ministry Recognizes PTT-led Board
* S&P Says AP Sovereign Credit Quality Robust So Far In 2006
- - - - - - - -
============================================
A U S T R A L I A & N E W Z E A L A N D
============================================
AVENAL INVESTMENTS: Appoints Joint Liquidators
----------------------------------------------
Philip Roth and Stephen Alan Dunbar were appointed joint
liquidators for Avenal Investments Limited on March 24, 2006.
The Liquidators require the creditors of the Company to submit
their proofs of claims on or before May 22, 2006.
Failure to comply with the requirement will exclude any creditor
from sharing in any distribution the Company will make.
Contact: Philip Roth & Stephen Dunbar
C/O Polson Higgs, Chartered Accountants
Level 6, Clarendon Tower
Christchurch, New Zealand
Telephone: (03) 366 5282
Facsimile: (03) 366 4254
AUSTRALIAN ENVIRONMENTAL: Winds Up Business
-------------------------------------------
Members of Australian Environmental Health Services Pty Limited
held a general meeting on March 23, 2006, and agreed to:
-- voluntarily wind up the Company's business operations; and
-- appoint Albert J. Cachia as liquidator for the wind-up.
Contact: Albert J. Cachia
Liquidator
c/o Bartlett & Cachia Chartered Accountants
Level 1, 13 Victoria Street
Wollongong, New South Wales 2500
Australia
AVONORAC PTY: To Declare Dividend on May 9
------------------------------------------
Avonorac Pty Limited will declare its first and final dividend
on May 9, 2006.
Creditors who were not able to prove their claims are excluded
from sharing in any distribution the Company will make.
Contact: R. A. Sutcliffe
Liquidator
Ground Floor, 192-198 High Street
Northcote, Victoria 3070
Australia
Telephone: (03) 9482 6277
BLUEGUM CORPORATION: Members to Review Wind-up Report
-----------------------------------------------------
The final meeting of Bluegum Corporation Pty Limited is
scheduled on May 9, 2006, at 11:00 a.m.
At the meeting, members will receive Liquidator S. R. Coad's
final account showing how the Company was wound up and its
property disposed of.
BORGO INVESTMENTS: Prepares to Distribute Assets
------------------------------------------------
At a general meeting on March 24, 2006, the members of Borgo
Investments Pty Limited resolved to close the Company's
operations and distribute the proceeds of its assets divestment.
Mark Christopher Hall and Timothy James Clifton were
subsequently appointed as joint and several liquidators.
Contact: Timothy J. Clifton
Mark C. Hall
Joint & Several Liquidators
Level 10, 26 Flinders Street
Adelaide, South Australia
BUSINESS BRAND: Receives Creditors' Claims until May 15
-------------------------------------------------------
The Joint and Several Liquidators of Business Brand Services Ltd
require the Company's creditors to submit their proofs of claims
on or before May 15, 2006.
Failure to comply with the requirement will exclude any creditor
from sharing in any distribution the Company will make.
Contact: Carl Shadrow
Grant Thornton Auckland Ltd
97-101 Hobson Street
Auckland, New Zealand
Telephone: (09) 308 2570
CORDIAL PTY: Supreme Court Orders Wind-up
-----------------------------------------
The Supreme Court of New South Wales had, on March 16, 2006,
issued a wind-up order against Cordial Pty Limited, and
appointed Ezio Senatore as liquidator.
Contact: Ezio Senatore
Liquidator
Senatore Brennan Rashid
Level 7, 131 York Street
Sydney, New South Wales 2000
Australia
CP DEVELOPMENTS: Joint Receivers and Managers Named
---------------------------------------------------
CP Developments Limited, on April 10, 2006, appointed Grant
Robert Graham and Brendon James Gibson as joint and several
receivers to manage its assets and undertakings.
Contact: Andrew Bull
Ferrier Hodgson & Co
Level 16, Tower Centre
45 Queen Street, Auckland
New Zealand
CUSACK & ASSOCIATES: Schedules Final Meeting on May 10
------------------------------------------------------
The final meeting of Cusack & Associates Pty Limited will be
held on May 10, 2006, at 10:30 a.m.
At the meeting, Liquidators Peter G. Burton and Brian H. Allen
will present their accounts of the manner of the Company's wind-
up and property disposal.
Contact: Brian H. Allen
Peter G. Burton
Liquidators
c/o Burton Glenn Allen Chartered Accountants
Level 2, 57 Grosvenor Street
Neutral Bay, New South Wales 2089
Australia
Telephone: (02) 9904 4644
Fax: (02) 9904 9644
EAGLEREACH PTY: Names Receivers and Managers
--------------------------------------------
Lachlan McIntosh and Ginette Muller were appointed as joint and
several receivers of the property of Eaglereach Pty Limited on
March 7, 2006.
Contact: Lachlan McIntosh
Ginette Muller
Receivers
KordaMentha (Queensland)
22 Market Street, Brisbane
Queensland 4000, Australia
Telephone: (07) 3225 4900
Fax: (07) 3225 4999
HANKY PTY: Opts to Shut Down Operations
---------------------------------------
The members of Hanky Pty Limited, at a general meeting on March
17, 2006, decided to close the Company's business voluntarily.
In that regard, Peter Ngan was appointed as liquidator.
Contact: Peter Ngan
Liquidator
Ngan & Company Chartered Accountants
Level 5, 49 Market Street
Sydney, New South Wales 2000
Australia
IWATANI INTERNATIONAL: Enters Voluntary Liquidation
---------------------------------------------------
The members of Iwatani International Corporation (Australia) Pty
Limited convened on March 21, 2006, and decided to shut down the
Company's business operations.
Contact: Timothy James Cuming
David Clement Pratt
Liquidators
Level 15, 201 Sussex Street
Sydney, New South Wales 1171
Australia
JAFA CAFE: Creditors' Proofs of Claims Due on May 11
----------------------------------------------------
Joint and Several Liquidators Henry David Levin and Barry
Phillip Jordan will be receiving proofs of claims from creditors
of Jaf Cafe Ltd until May 11, 2006.
Failure to prove debts on the due date will exclude a creditor
from sharing in any distribution the Company will make.
Contact: Gavin Harold
Mc Callum Petterson, Level 11
Forsyth Barr Tower
55-65 Shortland Street,
Auckland, New Zealand
Telephone: (09) 336 0000
Facsimile: (09) 336 0010
J.A. REFRIGERATION: Winds Up Over Inability to Pay Debts
--------------------------------------------------------
The members of J.A. Refrigeration Service & Ventilation Pty
Limited held a meeting on March 29, 2006, and agreed that as the
Company is unable to pay its debts when they fall due, a
voluntary wind-up of its business operations is appropriate and
necessary.
Contact: Daniel Civil
Liquidator
c/o Rodgers Reidy
Level 8, 333 George Street
Sydney, New South Wales 2000
Australia
LIFESTYLE PRODUCTS: Falls into Liquidation
-------------------------------------------
Shareholders resolved to liquidate Lifestyle Products & Services
Ltd on March 30, 2006, after the Company faced difficult trading
conditions and incurred losses.
MINIFIE PTY: Members Agree on Liquidation
-----------------------------------------
At a general meeting of Minifie Pty Limited on March 24, 2006,
members agreed that it is in the Company's best interests to
liquidate its operations.
Contact: Frank Lo Pilato
Liquidator
RSM Bird Cameron Partners Chartered Accountants
Level 1, 103-105 Northbourne Avenue
Canberra, Australian Capital Territory 2601
Australia
Telephone: (02) 6247 5988
Fax: (02) 6262 8633
MONSLING PTY: Members & Creditors Meet to get Wind-up Accounts
--------------------------------------------------------------
The members and creditors of Monsling Pty Limited will convene
today, May 8, 2006, to receive Liquidator Stan Knysh's account
regarding the Company's completed wind-up and disposal of the
its property.
Contact: Stan Knysh
Liquidator
Knysh & Associates
Level 2, 20 Smith Street
Parramatta, New South Wales
Australia
NATIONAL AUSTRALIA: Sells Custom Fleet Business to GECF
-------------------------------------------------------
National Australia Bank Ltd will sell its global fleet
management and leasing business to United States-based General
Electric Commercial Finance for AU$550 million, the Australian
Associated Press reports.
According to AAP, NAB is offloading Custom Fleet, which has
operations in Australia, New Zealand and the United Kingdom, to
General Electric's commercial finance arm because it is a non-
core asset.
NAB Chief Executive Officer John Stewart said that while Custom
Fleet has been a profitable part of the National Australia Group
since 1984, it is not part of its core business. NAB believes
that GE's expertise and activities in fleet finance and
management make it an ideal home for Custom Fleet, which, in
turn, would allow the bank to concentrate on its core operations
and create sustainable growth in shareholder value.
Out of the sale proceeds, NAB will use AU$230 million to acquire
certain net assets.
GE Australia and New Zealand's chief executive officer, Steve
Sargent said that Custom Fleet would be combined with GE's
existing fleet services businesses in Australia, New Zealand and
the UK. He said that the acquisition, which is expected to be
completed by the third quarter of this year, would increase GE's
presence in the Australia and New Zealand market and will enable
it to grow its portfolio of management and finance products, and
enhance its service levels for existing and new customers.
GECF, which describes itself as one of the largest of General
Electric's growth engines, operates in 35 countries and has
assets of more than US$232 billion -- AU$301.16 billion.
* * *
National Australia Bank is undertaking a three-year revival
program after a foreign exchange trading scandal in 2004, which
cost it AU$326 million, and several profit downgrades in 2005
that hammered its share price. The Bank is working to recover
from a tumultuous two years marked by a boardroom upheaval and
disintegration, executive departures and huge job cuts. As of
February 2006, NAB said that it was moving ahead and that its
crises were over. NAB further stated that planning for its
post-recovery phase was under way.
PERGAN PTY: Set to Declare Dividend on May 15
---------------------------------------------
Pergan Pty Limited will declare a first and final dividend to
its priority creditors on May 15, 2006.
Creditors who were not able to prove their claims are excluded
from sharing in any distribution the Company will make.
Contact: Michael G. Jones
Liquidator
c/o Jones Condon Chartered Accountants
Telephone: (02) 9251 5222
PLAYHOUSE LIMITED: Names Joint Receivers and Managers
------------------------------------------------------
William Guy Black and Kerryn Mark Downey were appointed jointly
and severally as receivers and managers of Playhouse Limited on
April 21, 2006.
Contact: William Guy Black
McGrath Nicol + Partners
Level 2, 18 Viaduct Harbour Ave.
Auckland, New Zealand
Facsimile: (09) 366 4656
PRIDE PUMPS: Members Opt for Voluntary Liquidation
--------------------------------------------------
The members of Pride Pumps & Pool Equipment Pty Limited convened
on March 24, 2006, and concurred that the Company should wind up
its operations voluntarily.
Oren Zohar and Brian McMaster were appointed as liquidators.
Contact: Brian McMaster
Oren Zohar
Liquidators
KordaMentha
Level 11, 37 St. Georges Terrace
Western Australia
PSP HOTELS: Wind-up Proceedings Initiated
-----------------------------------------
Members of PSP Hotels Pty Limited held a general meeting on
March 25, 2006, and agreed to close the Company's business.
Grant Andrew Slater was nominated to act as liquidator for the
wind-up.
Contact: Grant A. Slater
Liquidator
Bentleys MRI Canberra
Level 1, 13 London Circuit
Canberra, Australian Capital Territory 2601
Australia
RETAIL ON MAIN: Goes Into Receivership
--------------------------------------
Grant Robert Graham and Brendon James Gibson were appointed
joint and several receivers and managers of Retail on Main Ltd
on April 10, 2006.
The appointment was in pursuant to a debenture dated February
15, 2006.
Contact: Pravin Bhana
Ferrier Hodgson & Co
Level 16, Tower Centre
45 Queen Street, Auckland
New Zealand
SCIFLEET QUEENSLAND: To Hold Final Meeting Today
------------------------------------------------
A final meeting of the members of Scifleet Queesland Pty Limited
will be held today, May 8, 2006.
At the meeting, members will get an account of the manner of the
Company's wind-up and property disposal from Liquidator A. J.
Ranck.
Contact: A. J. Ranck
Liquidator
c/o Cameron Kirk Rose Chartered Accountants
109 Jessie Street, Armidale
New South Wales 2350
Australia
SUN MICROSYSTEMS: Placed Under Voluntary Liquidation
----------------------------------------------------
The members of Sun Microsystems Technology Pty Limited held a
general meeting on March 24, 2006, and decided to wind up the
Company's operations voluntarily.
Antony Gregory McGrath and M. C. Smith were consequently
appointed as liquidators.
Contact: Andrew G. McGrath
M. C. Smith
Liquidators
c/- McGrathNicol+Partners
Level 9, 10 Shelley Street
Sydney, New South Wales 2000
Australia
Telephone: (02) 9338 2666
Web site: http://www.mcgrathnicol.com.au/
TIAN QIAO ENTERPRISES: Court Winds Up Firm
------------------------------------------
The Federal Court of Australia ordered the winding up of Tian
Qiao Enterprises Pty Limited on March 10, 2006, and appointed
Steven Nicols as liquidator.
Contact: Steven Nicols
Liquidator
Level 2, 350 Kent Street
Sydney, New South Wales 2000
Australia
TIMEJOY PTY: Appoints Evan Groombridge as Receiver
--------------------------------------------------
Evan Philip Groombridge was appointed as the receiver and
manager of the assets and undertaking of Timejoy Pty Limited on
March 22, 2006.
Contact: Evan P. Groombridge
Receiver
Level 10, South Tower
1 Railway Street, Chatswood
New South Wales, Australia
TOP-PAVE CONCRETE: J. Whitfield and P. Finnigan Named Receivers
---------------------------------------------------------------
On April 18, 2006, Top-Pave Concrete Products Ltd appointed John
Trevor Whitfield and Peri Micaela Finnigan as joint and several
receivers of the Company.
Contact: John T. Whitfield
C/O McDonald Vague,
5/F., 80 Greys Ave
Auckland, New Zealand
Telephone: (09) 303 0506
Facsimile: (09) 303 0508
WELLMART AUSTRALIA: To Pay Final Dividend on May 26
---------------------------------------------------
Wellmart Australia Pty Limited will declare its final dividend
on May 26, 2006, to the exclusion of its creditors who were not
able to prove their claims.
Contact: Adam Shepard
Liquidator
Star Dean-Willcocks
Level 1, 32 Martin Place
Sydney, New South Wales 2000
Australia
================================
C H I N A & H O N G K O N G
================================
BANK OF CHINA: May Lose US$537 Mln on Stronger Yuan
---------------------------------------------------
The Bank of China may post a CNY4.3 billion, or US$537 million,
exchange-rate loss this year due to a rising yuan, Bloomberg
News reports, citing UBS, one of the bank's book runners for its
expected initial public offering.
As reported by Troubled Company Reporter - Asia Pacific on
January 10, 2006, the Bank of China has secured key approval
from the State Council to launch a HK$60 billion, or US$7.7
billion, Hong Kong initial public offering in the first half of
2006. The offering would value the bank at CNY400 billion , or
US$49.6 billion.
According to Bloomberg News, UBS disclosed that the Chinese
lender had a foreign-exchange loss of CNY5.1 billion in 2005
after the government allowed the currency to appreciate. While
a further gain in the yuan will weigh on the bank's earnings,
net income is expected increase 40% this year on higher and more
profitable lending.
UBS also added that the Chinese bank has a net foreign currency
position of US$39 billion as of December 31, 2005, which was
distributed to investors as part of the marketing for the share
sale. The Bank of China plans to complete its initial public
offering this month, with the stock due to begin trading in Hong
Kong on June 1, 2006.
About The Bank of China
Headquartered in Beijing, China, the Bank of China
-- http://www.bank-of-china.com/-- provides corporate banking,
retail banking and investment banking. Other activities include
provision of corporate deposits, corporate loans, foreign
exchange business, savings deposits, consumer credit and
bankcards. It has 12,967 domestic branches and 559 overseas
branches. The bank received a US$22.5 billion capital injection
from the Government in 2003 to restructure state-owned banks.
The state-owned lender has been offloading bad loans and
increasing capital since 2003 in preparation for an overseas
share sale, part of government plans to prepare the industry for
increased foreign competition, starting at the end of this year.
BONIFIELD LIMITED: Creditors' Proofs of Claims Due on May 19
------------------------------------------------------------
Bonifield Limited will be receiving creditors' proofs of claims
on or before May 19, 2006.
Creditors are requested to send in their particulars to the
solicitors and liquidators of the Company.
Failure to comply with the requirement will exclude any creditor
from sharing in any distribution the Company will make.
Contact: Stephen Briscoe
Joint and Several Liquidator
Alvarez & Marsal Asia Limited
5/F., Allied Kajima Building
138 Gloucester Road
Wanchai, Hong Kong
CRESVALE FAR EAST: Annual Meeting Set on June 8
-----------------------------------------------
Members of Cresvale Far East Nominees Limited will convene in an
annual meeting on June 8, 2006, at 5:00 p.m.
At the meeting, members will get an account of the manner of the
Company's wind-up and property disposal from Joint and Several
Liquidator Joanne Oswin.
EZCOM ELECTRONICS: Appoints Liquidators and Inspection Committee
----------------------------------------------------------------
Kelvin Edward Flynn and Cosimo Borrelli were named Joint and
Several Liquidators for Ezcom Electronics Ltd on April 11, 2006.
Euro RSCG Advertising Pvt Ltd, Silverkey Development Ltd and
CEIEC (H.K.) Ltd, were subsequently appointed as members of the
Inspection Committee.
FU SHING: Creditors Must Prove Debts by May 19
----------------------------------------------
Fu Shing Realty Development Company Limited will be receiving
creditors' proofs of debts until May 19, 2006.
Creditors are requested to send in their particulars to the
solicitors and liquidators of the Company.
Failure to comply with the requirements will exclude any
creditor from the benefit of any distribution of the Company
will make.
Contact: Stephen Briscoe
Joint and Several Liquidator
Alvarez & Marsal Asia Limited
5/F., Allied Kajima Building
138 Gloucester Road
Wanchai, Hong Kong
GLOBAL NET GARMENT: Members Opt for Voluntary Liquidation
---------------------------------------------------------
After their general meeting on April 24, 2006, the members of
Global Net Garment Manufacturing Limited decided to appoint Chan
Wah Kei Brian as liquidator.
Contact: Chan Wah Kei, Brian
Liquidator
Room 1105
Eastern Commercial Centre
393-407 Hennessy Road
Hong Kong
HINTONS PROPERTIES: Creditors Given Until June 5 to Prove Claims
----------------------------------------------------------------
Hintons Properties Limited will be receiving creditors' proofs
of debt or claim before June 5, 2006.
Creditors are requested to send in their particulars to the
solicitors and liquidators of the Company.
Failure to comply with the requirement will exclude any creditor
from sharing in any distribution the Company will make.
Contact: Kam Chi Kan Elson
Yu Shi Kuen
Joint and Several Liquidators
Room 801, The Centre Mark
287-C299 Queen's Road Central
Hong Kong
HONG KONG ENGINEERING: Liquidator Steps Aside
---------------------------------------------
Chan Sek Kwan Rays has ceased to act as liquidator of Hong Kong
Engineering Holding Limited on April 22, 2006.
Contact: Chan Sek Kwan
Liquidator
Unit G, 12/F., Seabright Plaza
9-23 Shell Street
North Point, Hong Kong
HONG KONG LEADER: Winding-up Hearing Set on May 17
--------------------------------------------------
The High Court of Hong Kong, on February 20, 2006, received a
petition from the Registrar of the District Court of the Hong
Kong Special Administrative Region to wind up Hong Kong Leader
Ltd.
The Court is set to hear the petition at 9:30 a.m. on May 17,
2006.
Parties wishing to attend must send a notice of intention
address to the Liquidator not later than 6:00 p.m. on May 16,
2006.
INSIGNIA CAPITAL: Toohey and Lam Cease to Act as Liquidators
------------------------------------------------------------
John James Toohey and Rainier Hok Chung Lam ceased to act as
joint and several liquidators of Insignia Capital Investments
(Hong Kong) Limited on April 25, 2006.
Contact: John James Toohey
Rainier Hok Chung Lam
Former Joint and Several Liquidators
22nd Floor, Prince's Building
Central, Hong Kong
JOLLY TARGET: Creditors to Prove Debts by May 19
------------------------------------------------
Creditors of Jolly Target Limited are asked to submit their
proofs of debt on or before May 19, 2006, to the Company's
liquidator and solicitors.
Failure to comply with the requirement will exclude any creditor
from the benefit of any distribution of the Company will make.
Contact: Stephen Briscoe
Joint and Several Liquidator
Alvarez & Marsal Asia Limited
5/F., Allied Kajima Building
138 Gloucester Road
Wanchai, Hong Kong
KAM KIU: Members Appoint Liquidator
-----------------------------------
Members of Kam Kiu Real Estate (China) Company Limited appointed
Chu Chi Wah as official liquidator by virtue of a Special
Resolution of the Company passed on April 24, 2006.
Contact: Chu Chi Wa
Liquidator
Flat B, 16/F, Kwong
On Bank (Mongkok Branch) Building
728-730 Nathan Road
Mongkok, Hong Kong
KINGFIELD DESIGN: Names New Liquidators for the Company
-------------------------------------------------------
Following the resignation of its former liquidators on April 12,
2006, Kingfield Design Ltd appointed James Wardell and Chan Wai
Dune as its new Joint and Several Liquidator to act in behalf of
the Company.
Contact: James Wardell
Chan Wai Dune
Room 1601-02, 16/F.,
One Hysan Ave, Causeway Bay
Hong Kong
MARCHI LIMITED: Appoints New Liquidators
------------------------------------------
James Wardell and Chan Wai Dune were appointed Joint and several
Liquidators of Marchi Limited following the resignation of the
Company's former liquidators.
Contact: James Wardell
Chan Wai Dune
Room 1601-02, 16/F.,
One Hysan Ave, Causeway Bay
Hong Kong
RUBY MATE INVESTMENTS: Joint Liquidators Appointed by Court
-----------------------------------------------------------
James Wardell and Chan Wai Dune were appointed liquidators to
act jointly and severally for Ruby Mate Investments Ltd by the
High Court of Hong Kong on April 12, 2006.
Contact: James Wardell
Chan Wai Dune
Room 1601-02, 16/F.,
One Hysan Ave, Causeway Bay
Hong Kong
SOUND SPARK: Members Resolve to Wind Up Firm
--------------------------------------------
Members of Sound Spark Limited held a meeting on April 24, 2006,
and agreed that:
-- the Company be wound up voluntarily;
-- Chu Chi Wa be appointed as liquidator for the
purpose of such winding up; and
-- the audit of the Liquidator's accounts of receipts and
payments will not be required.
Contact: Chu Chi Wa
Flat B, 16/F
Kwong On Bank (Mongkok Branch)
Building, 728-730 Nathan Road
Mongkok, Hong Kong
SMARTAC INVESTMENT: Court Picks New Liquidator
----------------------------------------------
James Wardell and Chan Wai Dune were appointed Liquidators to
act Jointly and Severally for Vantage Construction Engineering
Ltd by the High Court of Hong Kong on April 12, 2006.
Contact: James Wardell
Chan Wai Dune
Room 1601-02, 16/F.,
One Hysan Ave, Causeway Bay
Hong Kong
STRONG BRIGHT: Court Orders Appointment of New Liquidators
----------------------------------------------------------
The High Court of Hong Kong, on April 12, 2006, ordered the
appointment of James Wardell and Chan Wai Dune as Joing and
Several Liquidators for Vantage Construction Engineering Ltd
Contact: James Wardell
Chan Wai Dune
Room 1601-02, 16/F.,
One Hysan Ave, Causeway Bay
Hong Kong
SUCCESS BASE: Court Fixes Date to Hear Winding up Petition
----------------------------------------------------------
The Secretary for Justice, on February 20, 2006, presented
before the High Court of Hong Kong a petition to wind up Success
Base Investments Ltd.
The application will be heard before the Court on May 17, 2006,
at 9:30 a.m.
Parties wishing to attend must send a notice of intention
address to the liquidator not later than 6:00 p.m. on May 16,
2006.
VANTAGE CONSTRUCTION: New Liquidators Named
-------------------------------------------
On April 12, 2006, the High Court of Hong Kong ordered the
appointment of James Wardell and Chan Wai Dune as Joing t and
Several Liquidators for Vantage Construction Engineering Ltd.
Contact: James Wardell
Chan Wai Dune
Room 1601-02, 16/F.,
One Hysan Ave, Causeway Bay
Hong Kong
WENLOY LIMITED: Faces Winding-up Charges
-----------------------------------------
The Director of Legal Aid of the Government presented a petition
to wind up Wenloy Limited before the High Court of Hong Kong on
March 24, 2006.
The Court will hear the petition on May 24, 2006, at 9:30 a.m.
=========
I N D I A
=========
BRITISH INDIA: CMD Unlikely to Rejoin Company
---------------------------------------------
British India Corporation is reportedly re-instating suspended
top management officials except its chairman-cum-managing
director, RR Kanojia, Hindustan Times reports.
Sources told The Times that newly appointed chief vigilance
officer, DIG Raghwendra Awashthi, might replace Mr. Kamojia as
CMD.
The Times earlier revealed that Mr. Kanojia was sent on forced
leave in August 2005 after he assaulted a watchman at his
official residence. Since then, BIC employees started calling
for Mr. Kanojia's resignation.
The workers said that if Mr. Kanojia continued as the Company's
CMD, they might not get their grade pending since 1979. They
also alleged that Mr. Kanojia's rude behavior had demoralized a
large number of employees. They said their peaceful protest
against Mr. Kanojia's reinstatement would continue.
BIC's revival program has suffered due to the actions of its top
officials, The Times says. At the April 19, 2006, hearing of
BIC's modified revival scheme, the Board for Industrial and
Financial Reconstruction sent signals to authorities concerned
for providing proper management so that all policies being
proposed for the Company's revival should proceed according to
norms.
About British India Corporation
The British India Corporation Ltd was taken over by the
Government of India in 1981 through the acquisition of all
private shares. The Company has two woolen mills -- Cawnpore
Woollen Mills Branch (Lalimli) at Kanpur in Uttar Pradesh and
New Egerton Woollen Mills Branch at Dhariwal in Punjab -- under
its direct control. It also has two cotton subsidiaries, Elgin
Mills Co. Ltd. and Cawnpore Textiles Ltd., at Kanpur in Uttar
Pradesh. In 1993, the Company was referred to the Board for
Industrial and Financial Reconstruction, which declared it a
Sick Industrial Company. The BIFR passed orders on October 31,
1994, recommending the winding up of the Company. Against this
order of BIFR, the Company filed an appeal before the Appellate
Authority of Industrial and Financial Reconstruction on Dec. 26,
1996. The AAIFR also dismissed BIC's appeal on May 9, 1997, as
the AAIFR felt that no rehabilitation scheme was feasible for
the Company. In 1999, BIC's two cotton subsidiaries were wound
up by the High Court. The Company has been implementing a
INR214 crore rehabilitation scheme since early 2003 as per BIFR
orders.
DUNLOP INDIA: Management and Unions Wrangle Over MoU Clauses
------------------------------------------------------------
The one-time-settlement agreement between management and trade
unions of Dunlop India Limited's Sahagunj plant continues to
hang in balance, as the unions object to the terms of the deal,
The Financial Express relates.
The face-off is over two different clauses in the memorandum of
understanding signed by the parties. The unions contend that
Clause 5, which the management is using as a guide in
determining the OTS payout, applies only to those employees who
resigned during the relevant 11 months.
In this regard, the unions demand that the management honor
Clause 11 of the MoU, which is meant for current employees and
does not talk about the OTS being pro-rated to attendance.
As reported by the Troubled Company Reporter - Asia Pacific on
May 2, 2006, 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 were expecting a paycheck of INR5,000. Only they
were greeted by a pay-out ranging between INR3,000 and INR4,500
on the basis of the payment being pro-rated to their attendance.
The workers claimed that the new management was paying them much
less than what was agreed on.
On the same day, the workers unions submitted their grievances
and demands before the Company's new management. After receipt
of the complaint, the management was forced to suspend the
disbursement that just refused to take off.
This marked the break-up of an agreement that was perceived to
have been a pre-election gimmick, even before the election
process in the state is completed, The Financial Express
reveals.
The unions are now raising questions about the new chairman,
Pawan Ruia's, intentions. For his part, Mr. Ruia is hoping that
the goodwill he created by turning around another sick company
-- Jessop & Co -- will stand him in good stead in fixing things
at Dunlop.
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.
HINDUSTAN PETROLEUM: Sells Q3 Term and May Spot
-----------------------------------------------
Hindustan Petroleum Corporation Limited has awarded a tender to
export three 30,000-tonne naphtha lots for July-September at a
higher premium than its current term supply, India Times says.
The state oil firm also sold one 30,000-tonne cargo for May via
a separate tender.
For the third-quarter term supplies, the Indian refiner has sold
one 30,000-tonne parcel per month loading from Vizag to a
Western or major trading house at a premium of more than US$22 a
tonne to Middle East quotes, on a free-on-board basis.
In March, the Company awarded its semi-term export tender for a
total of 90,000 tonnes of April-to-June naphtha supplies to
Projector at a premium of US$20.82 a tonne to benchmark Middle
East quotes, on a FOB basis.
Hindustan Petroleum, which usually offers at least three cargoes
a month, sold the spot parcel to Japanese trading house Itochu
at a premium of less than US$20 a tonne to Middle East spot
quotes, on an FOB basis, for loading during May 29-31 from
Vizag.
The Company also sold the other lot for loading on May 20-22
from Vizag to an unnamed term buyer, The India Times adds.
About Hindustan Petroleum Corporation
Mumbai-based Hindustan Petroleum Corporation Ltd
-- http://www.hindustanpetroleum.com/-- was formed in 1974 on
nationalization of ESSO India operations. The operations of
Caltex were merged in 1976. With two refineries at Mumbai and
Vizag, Hindustan Petroleum is currently is the second largest
player in both the Indian oil sector as well as the highly
competitive lubricants market. However, the Company has lately
been incurring losses due to a government mandate to sell fuel
at subsidized prices. The Company is counting on a Government
bailout to save it from bankruptcy.
=================
I N D O N E S I A
=================
BANK MANDIRI: Shares Jump 9.9% to IDR2,275 on May 3
---------------------------------------------------
Bank Mandiri shares surged 9.9% to IDR2,275 on May 3, 2006, amid
hopes that the Government will soon approve a new law that will
allow the bank to write off its bad debts, Dow Jones Newswires
reports.
According to Dow Jones Newswires, the new law will aim to cut
the bank's non-performing loan ratio, which stood at 26% at the
end of 2005.
The Troubled Company Reporter - Asia Pacific has reported on
August 3, 2005, that Bank Mandiri was aiming to lessen the level
of its non-performing loans to 5% by 2006. In August 2005, the
bank's current loan ratio was very high at 17.8%.
About Bank Mandiri
Bank Mandiri -- http://www.bankmandiri.co.id/-- Indonesia's
largest and best capitalized bank in terms of assets, loans and
deposits, provides comprehensive financial services to more than
six million corporate and individual consumers, as well as small
and medium-sized enterprises in Indonesia. Its total assets as
of March 31, 2002 were IDR261.9 trillion, roughly 24% of the
assets in the banking system, and its capital adequacy ratio of
27% is far higher than the minimum required level of 8% by the
Bank of International Settlements.
Bank Mandiri's troubles began in December 1999, when the state
bank, which combined four other state banks, posted losses
totaling IDR6.8 trillion (US$942 million) during the first two
months of operation. In September 2003, Bank Mandiri asked the
approval of shareholders to hold a quasi-reorganization so that
it can pay dividends to shareholders in 2004. Before the quasi-
reorganization, there had been loss accumulation worth IDR163
trillion. As of September 2005, Bank Mandiri's non-performing
loans comprised 24.57% of its total loans. Accumulated
unresolved debts and higher interest rates led to the 7.49%
increase in the bank's non-performing loans. Subsequently, Bank
Mandiri is subjected to a special monitoring by the central bank
due to its high level of non-performing loans, although it can
still extend credit to borrowers. In December 2005, Bank
Mandiri reported that its third-quarter net profits plummeted
56.7% to IDR610.7 billion (US$60.86 million) from IDR1.41
trillion in the same period in 2004. In February 2006, the Bank
sought the government's help to resolve its non-performing loan
problems and to approve its plan to set up a debt management
agency together with Bank Negara Indonesia, as a state finance
law and a finance ministry regulation prohibit state banks from
writing off debts without permission from the Finance Minister.
PERTAMINA: Yet to Schedule Plaju Refinery Maintenance
-----------------------------------------------------
PT Pertamina may further delay the maintenance of its Plaju
refinery due to high global oil prices, Antara News reports,
citing processing director Suroso Atmomartoyo.
According to the report, the maintenance of the plant was
originally set for June 2006.
Last month, the oil and gas firm had to import more fuel
products due to the shutdown of a unit at its Dumai refinery for
repairs.
Accordingly, realized imports of fuel products increased to 7.6
million barrels in April 2006 from 6.4 million in March.
Pertamina again plans to import 7.4 million barrels of fuel
products this month and 7.9 million in June.
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. Rohimone 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
=========
JAPAN AIRLINES: Sued for Cargo Shipment Price Fixing
----------------------------------------------------
Several lawsuits have been filed against Japan Airlines and
other international carriers, claiming that the airline
companies conspired with each other to fix prices on cargo
shipments, Knight Ridder News reports.
The lawsuits were filed by different firms, which paid airlines
to deliver cargo, after an initial investigation was launched
into the airline cargo pricing of different countries.
Knight Ridder reveals that on several occasions, airline
carriers increased the rates of cargo shipments to cope with the
burden of increasing jet fuel prices. The report adds that
Japan Airlines, as well as American Airlines and British
Airways, among others, hiked up their cargo rates via a fuel
surcharge.
About Japan Airlines
Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage. JAL's international passenger operations incurred
losses in recent years due to negative factors such as the
severe acute respiratory distress syndrome epidemic and
terrorism fears. Due to a series of safety related incidents,
the JAL Group was subjected to a business improvement order and
administrative warnings relating to assurances on air
transportation safety issued by the Ministry of Land,
Infrastructure and Transport in March 2005. In the fiscal year
2005-2007, the Company's Medium Term Business Plan stated that
in order to implement the reform of the corporate structure and
the cost structure swiftly, the holding Company and operating
companies are to be integrated. Specifically, in fiscal 2005,
the corporate planning and marketing functions will be
integrated and further steps to eliminate overlapping jobs and
streamline the organization will be taken with a view to
achieving substantial integration to merge the holding company
and the operating company. In addition, the number of full-time
officers was cut by 30%, and this reform was completed on
April 1, 2005.
=========
K O R E A
=========
HYUNDAI MOTOR: Jailed Chairman Meets With Key Executives
--------------------------------------------------------
Chung Mong-koo, the detained chairman of the Hyundai Motor
Group, was permitted to have extended meetings with group
executives for discussion on key management affairs, Yonhap News
reports.
The Troubled Company Reporter - Asia Pacific reported on May 2,
2006, that Mr. Chung was arrested pursuant to the recommendation
of prosecutors. Mr. Chung was suspected 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 Hyundai.
According to Yonhap News, Mr. Chung's arrest has raised fears
that the Company's overseas expansion plans could be halted.
Prosecutor-general Choung Sang-myoung, meanwhile, reportedly
asked senior prosecutors to help minimize economic fallout from
the tycoon's arrest.
"He's doing well and admitted to parts of the charges," Senior
Prosecutor Chae Dong-wook said, confirming that the chairman
will be indicted around the middle of this month.
About Hyundai Motor
Headquartered in Seoul, South Korea, Hyundai Motor Company --
http://www.hyundai-motor.com/-- has been selling cars in the
United States since 1986, but it only started selling its heavy
trucks stateside in 1998. Hyundai produces 14 models of cars
and minivans, as well as trucks, buses, and other commercial
vehicles. The Company reestablished itself as Korea's leading
carmaker in 1998 by acquiring a 51% stake in Kia Motors -- since
reduced to about 45%. The Company also manufactures machine
tools for factory automation and material- handling equipment.
The Troubled Company Reporter - Asia Pacific reported that the
Hyundai Automotive Group is facing its deepest crisis since
chairman Chung Mong-koo took over in 1999, with problems like
the falling United States dollar, high oil prices and union
demands aggravated by a sweeping criminal investigation
regarding the carmaker's alleged creation of slush funds that
were used by at least two lobbyists to bribe government
officials for business favors, including having KRW55 billion
worth of Hyundai's bad debts written off.
Some of the group's official business has been on hold since the
probe on the slush fund started and several top executives were
summoned for questioning.
Kia Motor President Chung Eui-sun, the group chairman's son, is
currently under a travel ban. Other affiliates are also feeling
the pinch. Amid all this, Hyundai Motor's labor union is
demanding a wage increase of 9.1% or KRW125,524 (US $125),
significantly more than 2005's 6.9% or KRW89,000. The union is
expected to capitalize on the slush fund allegations in support
of its case and make matters worse for management.
===============
M A L A Y S I A
===============
ANTAH HOLDINGS: Posts Financial Regularization Updates
------------------------------------------------------
Antah Holdings Berhad has provided updates on the status of its
plan to regularize its financial condition pursuant to Practice
Note 17/2005 of Bursa Malaysia Securities Berhad.
Pursuant to PN17, the Company was required to submit its
Regularization Plan to the relevant authorities for approval, or
where the relevant authorities' approvals are not required,
obtain all other approvals necessary for the implementation of
the Plan within eight months from the date of the First
Announcement. The First Announcement was made on January 9,
2006.
On February 6, 2006, the Company entered into a conditional
restructuring agreement with Liu Guo Dong; Rise Business Inc.;
Rock Point Alliance Pte Ltd, a wholly owned subsidiary of Rock
Point Alliance Sdn Bhd; and Zhu Qing Hua wherein the parties
agreed in principle to undertake the Proposed Restructuring
Scheme.
On February 7, 2006, The Company unveiled its proposed
restructuring scheme aimed at restoring Antah onto stronger
financial footing and to regularize its condition.
The Proposed Restructuring Scheme, includes:
-- the injection of new viable businesses by PIPO Group;
-- a capital restructuring exercise;
-- a debt restructuring exercise; and
-- the acquisitions of the Company's core assets.
Antah has appointed various consultants in respect of the
Proposed Restructuring Scheme who have commenced their
respective consultancy and professional works. These works
include financial and legal due diligence exercises, independent
market research report, independent valuation on assets to be
acquired, and most of these reports have been completed.
The Company is now at the advanced stage of finalizing and
submitting its Plan to the relevant authorities for approval.
The Company expects to submit its Plan to the relevant
authorities for approval within this month.
About Antah Holdings Berhad
Headquartered in Petaling Jaya, Selangor Darul Ehsan, Malaysia,
Antah Holdings Berhad -- http://www.antah.com.my/--
manufactures and trades pharmaceutical products and fluid
engineering and manufacturing. The Company's other activities
include retailing of housewares and kitchenware, property
development, insurance broking, provision of management services
and investment holding. The Group discontinued its beverage and
security services operations. The Group operates in Malaysia,
Australia, United Kingdom and Singapore. Aside from reporting
huge losses, Antah is also unable to meet its debt obligations
and is currently finalizing its restructuring scheme pursuant to
a scheme of arrangement under Section 176 of the Companies Act,
1965.
APEX EQUITY: Repurchases 60,000 Shares for MYR32,298
----------------------------------------------------
Apex Equity Holdings Berhad, on May 4, 2006, bought back 60,000
ordinary shares of MYR1.00 each for a total cash consideration
of MYR32,298.
The minimum price paid for each share purchased was MYR0.525 and
the maximum was MYR0.545.
After the purchase, the cumulative outstanding treasury shares
have reached 3,162,600.
On April 25, 2006, Apex Equity Holdings Berhad bought back 6,400
ordinary shares of MYR1.00 each for a total cash consideration
of MYR3,292.16, according to an earlier report by the Troubled
Company Reporter - Asia Pacific.
About Apex Equity Holdings Berhad
Apex Equity Holdings Bhd -- http://www.apexequity.com.my/-- is
principally engaged in stock and share broking, securities
dealing, property holding, provision of portfolio management,
investment advisory and nominee services, establishment and
management of unit trust and property and investment holding.
Operations of the Group are principally carried out in Malaysia.
The Company has suffered five consecutive years of losses
beginning 2001. It has incurred a net loss of MYR32,932,000 in
the fourth quarter of the fiscal year ending December 31, 2005,
which is an improvement from the fourth quarter 2004 net loss of
MYR76,596,000
AYER HITAM: Court to Hear KIY's Application on May 17
-----------------------------------------------------
KIY Design & Interior (M) Sdn Bhd's application to intervene in
the proceedings against Ayer Hitam Tin Dredging Malaysia Berhad
and to set aside the restraining order and the Proposed
Restructuring Scheme is now fixed for hearing on May 17, 2006.
As reported by the Troubled Company Reporter - Asia Pacific on
March 9, 2006, Ayer Hitam intended to apply for an extension of
the restraining order granted by the High court of Malaysia.
The Order expired on March 4, 2006.
The Company has applied for the Restraining Order so as to
facilitate its proposed Restructuring Scheme, which was
announced on August 17, 2005, the TCR-AP said.
About Ayer Hitam
Headquartered in Kuala Lumpur, Malaysia, Ayer Hitam Tin Dredging
Malaysia Berhad -- http://www.ahtin.com.my/-- is involved in
property development and the trading of promotional products and
services in Malaysia. The Company is also engaged in the
trading of uninterrupted power supply equipment and magnetic
fuel treatment systems and the provision of investment holding,
nominee services, hotel development and management and
renovation services. The Company has been incurring huge losses
in the past years and has defaulted on several loan facilities.
As of January 31, 2006, Ayer Hitam Tin Dredging Malaysia
Berhad's payment defaults have reached MYR39,624,453.59. The
Company has presented a restructuring proposal, which was
rejected by the Securities Commission after determining that the
Scheme is not a comprehensive proposal capable of resolving all
the financial issues faced by the Company.
The Proposed Restructuring Scheme includes provisions on:
* capital reduction;
* amendments to the company's Memorandum of Association;
* rights issue;
* private placement;
* debt settlement; and
* disposal of Motif Harta Sdn Bhd.
AYER MOLEK: Faces Delisting Over Wind-up Order
----------------------------------------------
Bursa Malaysia Securities Berhad has commenced delisting
procedures against The Ayer Molek Rubber Company in view of the
wind-up order made against the company by the Kuala Lumpur High
Court on April 13, 2006.
Bursa Securities has, on May 5, 2006, served a notice to show
cause on the Company to make representations to Bursa
Securities, within a period of five market days from the date of
the receipt of the notice, as to why its securities should not
be delisted from the Official List of Bursa Securities.
Upon due consideration of the matter and the conclusion of the
relevant due process accorded, Bursa Securities will decide
whether to delist Ayer Molek. Where a decision is made to de-
list Ayer Molek, the Company's securities will be removed from
the Official List of Bursa Securities on a date specified by
Bursa Securities.
Through its Petition, Mirra asserts a MYR3,224,690 claim against
Ayer Molek, as at December 8, 2005. The claim relates to a
Judgment in Default dated November 22, 2005, obtained by Mirra
for work done but as yet not completed. The interest paid under
the statement of claim is at 8% per annum on the judgment sum of
MYR2,097,316 from March 24, 1999, up to full settlement.
Since 1999, the Company was in constant negotiation with Mirra
to pay the amount it allegedly owed Mirra, but taking into
account the fact that the development plans by the Company,
which involved the conversion of land, was aborted. Hence,
Mirra should not claim the contracted sum but rather abortive
fees. In August 2005, the parties had reached a settlement
amount of MYR300,000 on account of Mirra's work for Ayer Molek.
Yet, due to several conditions, which were not fulfilled by
Mirra, the settlement arrangement came to a standstill.
Following the breakdown of negotiations, the wind-up petition
was presented against Ayer Molek.
About Ayer Molek Rubber Company
Headquartered in Kuala Lumpur, Malaysia, Ayer Molek Rubber
Company Berhad is principally engaged in the leasing of its
entire plantation land to a third party. It operates solely in
the domestic market. Ayer Molek has incurred substantial losses
since the early 90s, which prompted the Company to propose a
rescue and restructuring scheme to fully redeem and settle
outstanding debts.
COMSA FARMS: To Table Shareholders' Mandate Renewal Plan
--------------------------------------------------------
Comsa Farms Berhad proposes to table the resolution of the
Proposed Shareholders' Ratification and Renewal of Shareholders'
Mandate for Recurrent Related Party Transactions of a Revenue or
Trading Nature.
The General Mandate of the Proposal had been obtained at the
Company's Extraordinary General Meeting held on December 23,
2004.
The Company now plans to present the Proposal to shareholders at
the Company's forthcoming EGM on May 23, 2006, at 10:00 a.m. or
immediately after the conclusion or adjournment of its Eighth
Annual General Meeting, which will be held on the same day at
9.30 a.m.
About Comsa Farms Berhad
Headquartered in Sabah, Malaysia, Comsa Farms Berhad engages in
the wholesale and retail of fresh and frozen chicken products,
meat and foodstuff. Its other activities include livestock,
aqua feedmilling, poultry feeding, hatchery operations, and
layer farming. The Company is currently embroiled in crisis due
to its inability to meet its sinking fund payment, weak
operational cash flow vis-a-vis its debt level and poor showing
in terms of returns on investment since the commencement of the
modernization and expansion of its farms in 2000. Furthermore,
the poultry industry is presently confronted by the outbreak of
the avian influenza and rising raw material prices, which could
hurt Comsa's earnings and cash flow in the immediate term. On
April 10, 2006, the Company was declared a Practice Note 17
company by Bursa Malaysia due to its deficits in shareholders
equity totaling MYR89,412,000. As an affected listed issuer,
Comsa Farms is required to submit a plan to regularize its
financial condition.
INTAN UTILITIES: 10th AGM Slated for May 29
-------------------------------------------
The Tenth Annual General Meeting of Intan Utilities Berhad will
be held at Dewan Berjaya, Bukit Kiara Equestrian & County
Resort, Jalan Bukit Kiara, Off Jalan Damansara, in Kuala Lumpur,
on May 29, 2006, at 10:00 a.m.
At the meeting, members will be asked:
-- to receive and adopt the Company's audited financial
statements for the period ended December 31, 2005, and
the Directors' and Auditors' Reports;
-- to approve the payment of Directors' Fees amounting to
MYR152,247 in respect of the period ended December 31,
2005;
-- to re-elect Directors Kamarul Zaman Bin Mohd Ali and Ho
Yik pursuant to the company's Articles of Association;
and
-- to re-appoint Messrs KPMG as Auditors and to authorize
the Directors to fix their remuneration.
The members will also consider as special business:
-- authorizing the Company's Directors to allot and issue
shares, with the aggregate number of shares not
exceeding 10% of the issued share capital of the Company
for the time being and that such authority will continue
in force until the conclusion of the company's next
Annual General Meeting; and
-- allowing the Company and its subsidiaries to enter into
recurrent related party transactions of a revenue or
trading nature from time to time, which are necessary
for day-to-day operations.
About Intan Utilities Berhad
Headquartered in Kuala Lumpur, Malaysia, Intan Utilities Berhad
-- http://www.intan.com.my/-- engages in manufacturing,
warehousing and trading of all semiconductor components. Its
other activities include sourcing, treating and supplying of
treated water and investment holding. Operations are carried
out in Malaysia, the United States of America and Japan. The
Company has defaulted on several loan facilities due to its
tight cash flow. It is currently formulating plans to address
the issue.
KAMDAR GROUP: Profit Forecast Deviates from Audited Accounts
------------------------------------------------------------
Kamdar Group's MYR6.090 million unaudited consolidated net
profit after tax and minority interests, or LATMI, for the
cumulative 12 months ended December 31, 2005, as announced on
February 28, 2006, has deviated by more than 10% from the
audited consolidated LATMI for financial year ended December 31,
2005, of MYR4.623 million, as approved by the Board of Directors
on April 25, 2006. The deviation is mainly due to the
underaccrual of taxation.
The forecast LATMI for the financial year ended December 31,
2005, of MYR8.870 million as published in the Prospectus dated
February 28, 2005, has deviated by more than 10% from the
audited consolidated LATMI for the financial year ended Dec. 31,
2005, of MYR4.623 approved by the Board on April 25, 2006.
The deviation is due to the underaccrual of taxation, shortfall
on profit and revenue and underprovision of depreciation.
A full-text copy of the Company's Financial Report for the year
ended December 31, 2005, is available for free at:
http://bankrupt.com/misc/tcrap_kamdargroup050506.pdf
About Kamdar Group (Malaysia) Berhad
Malaysia-based Kamdar Group (Malaysia) Berhad is principally
involved in retailing of textile and textile-based products.
Its other activities include letting out of properties and
investment holding. The Group has been suffering rating
downgrades due to its declining comparable store sales, less-
than-favorable results, escalated debt level and weaker
prospects for future cashflow. In 2005, Kamdar barely broke
even at the operating level -- before depreciation, interest and
tax -- as listing expenses and loss on the disposal of a
subsidiary swamped its operating profits. As such, the Group
suffered a pre-tax loss of about MYR4 million. The Group's net
gearing ratio tipped over one time following the huge losses and
a heavier debt burden of MYR142.56 million. Overall, KGMB's
debts are about 30% higher than the expected RM110 million. The
Group's current debt level is deemed high vis-a-vis its
relatively weak operating performance.
MALAYSIA AIRLINES: Offers International Supersaver Fares
--------------------------------------------------------
Malaysia Airlines is offering return travel "International
Supersaver fares" through its Web site from May 5, 2006, until
May 10, 2006, on 24 routes from Kuala Lumpur to selected
destinations in the Asean, China and the Indian sub-continent,
Bernama reports.
The airline is giving out these special offers to commemorate
the "Economy Class Onboard Service Excellence Award 2006" that
it received from Skytrax, United Kingdom.
It added that the supersaver fares only cover journeys between
Kuala Lumpur and 13 Asean destinations, five destinations in
China and six in the Indian sub-continent.
Touching on the rates, Malaysia Airlines said that the travel to
Asean destinations were offered in two-tiers, with lower rates
applicable for journeys from May 10 to May 25, 2006, and from
June 10 to August 15, 2006.
The airline said special rates for destinations in the Indian
sub-continent were applicable for departures from May 10 to
August 15, 2006, while those for destinations in China are valid
for departures from June 12 to August 15, 2006.
Children below 12 years are charged 75% of the adult rates.
Malaysia Airlines' commercial director Datuk Abdul Rashid Khan
called on passengers to take advantage of these value-for-money
airfares and plan their journeys also for the forthcoming school
holidays from May 26 to June 9, 2006.
About Malaysia Airlines
Headquartered in Selangor, Malaysia, Malaysia Airlines
-- http://www.malaysiaairlines.com/-- services domestic and
international flights. Its global network comprised 32 domestic
and 86 international destinations. Of the 86 international
destinations, 17 were operated in collaboration with our airline
partners. The carrier is currently facing financial
difficulties. It made a loss after tax of MYR1.3 billion for
MYR2005 and MYR616 million for the nine-month ended December 31,
2005, due to high fuel and operating costs, and unprofitable
routes. In late February 2006, it unveiled a radical rescue
plan to raise MYR4 billion in order to stay afloat and return to
profitability by next year. Under the restructuring plan, the
airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
Whistle-blowing and stop corporate sponsorship.
PAN MALAYSIA: Buys Back 30,000 Shares
-------------------------------------
On May 4, 2006, Pan Malaysia Corporation Berhad bought back
30,000 ordinary shares of MYR0.50 each for a total cash
consideration of MYR12,522.
The minimum price paid for each share purchased was MYR0.410 and
the maximum was MYR0.420.
After the purchase, the cumulative outstanding treasury shares
have reached 58,876,400.
Pan Malaysia Corporation Berhad, on May 2, 2006, bought back
100,000 ordinary shares of MYR0.50 each for a total cash
consideration of MYR41,712, the Troubled Company Reporter -
Asia Pacific reported.
About Pan Malaysia Corporation
Headquartered in Kuala Lumpur, Malaysia, Pan Malaysia
Corporation Berhad provides management services and the
manufacturing, marketing and distribution of confectionery and
cocoa-based and other food products. The Company also operates
departmental and specialty stores, construction and property
investment and investment holding. The Group operates in
Malaysia, Australia and the rest of Asia-Pacific. Pan Malaysia
has suffered consecutive losses in the past due to skyrocketing
operating expenses. The group has been selling assets to plug
holes in its balance sheet. In the fourth quarter of the fiscal
year ending December 31, 2005, the Company booked a net loss of
MYR6.8 million.
POHMAY HOLDINGS: Court Grants 90-day Restraining Order
------------------------------------------------------
The Kuala Lumpur High Court, on May 2, 2006, granted a 90-day
restraining order that will expire on July 29, 2006, to:
1. Pohmay Holdings Berhad;
2. Pohmay Craft Sdn Bhd (In Receivership);
3. Steamer Furniture Industries Sdn Bhd;
4. Pohmay Resources Sdn Bhd;
5. Pohmay Furniture Industries Sdn Bhd;
6. Denverange Sdn Bhd;
7. Naturest Industries Sdn Bhd;
8. Pohmay Contract Furnishing Sdn Bhd;
9. Pohmay Development Sdn Bhd;
10. Calamus Plantation Sdn Bhd; and
11. Calamus Bukit Kuamas Sdn Bhd.
The Court ordered that all further proceedings in any action or
proceedings, or the institution or commencement of any
proceedings against the companies, including, but not limited
to:
* proceeding or continuing to proceed with any court action
including wind-up proceedings already commenced against
any of the companies or any one of them;
* instituting or commencing any court action including
wind-up proceedings against any of the companies;
* taking any action or proceedings whatsoever or howsoever
under any form of security granted or given by the
Applicants or any one of them;
* instituting or continuing with the enforcement, attachment
or any form of execution of any judgment or order against
any of the companies;
* taking of any action or proceedings by way of the exercise
of rights or remedies -- including but not limited to the
appointment of any receiver or manager -- under any
debenture, the sale of any assets the subject of any
security interest created by the Applicants or any of them,
the repossession of any plant, equipment or machinery on
lease or hire purchase, the making of all demands on
guarantees issued by, on behalf of or for the benefit of
any of the companies; and
* instituting or continuing with any arbitration proceedings.
be restrained for a period of not more than 90 days from the
date of the Order, subject to such terms as the Court imposes.
The Court further ordered that the companies' application to
restrain proceedings with or commencing any proceedings,
including without limitation, actions, application, motions,
suits, any extra-judicial proceedings or remedies, taken or that
may be taken by any creditor or other entity exercising its
regulatory or administrative functions be dismissed with costs.
About Pohmay Holdings Berhad
Headquartered in Kuala Lumpur, Malaysia, Pohmay Holdings Berhad
manufactures furniture. Products include laminated bendwood
furniture and furniture components, wood and metal furniture and
general products made of metal and wood. Its other activities
are cultivation and harvesting of rattan and investment holding.
Pohmay, a Practice Note 17 company, is a defendant of a wind-up
petition filed by AmBank (M) Berhad. The legal action is
expected to have a significant financial and operational impact
on the Company. The Company is negotiating with its lenders to
restructure the Group's loans and is actively working on various
schemes to alleviate the Group from its current financial
predicament.
PROTON HOLDINGS: Seeks Good Vendors to Improve Car Quality
----------------------------------------------------------
Proton Holdings wants all of its vendors to have the same
international certification system in order to retain their
vendor status, The Star Online reports.
The Company told The Star that it wants to utilize vendors with
certification of at least the ISO9001.
The Edge Daily reveals that only a third of Proton's vendors are
on par with international standards. They are the vendors who
comply with the ISO/TS 16949 automotive quality standard that is
the internationally recognized quality standard for automotive-
specific suppliers.
Of Proton's 270 vendors, 30 to 40 do not possess any "recognized
standards". The national car project's setback in having sub-
standard vendors has always been seen as an obstacle to getting
the critically needed strategic partnership with a foreign
party.
Proton director of manufacturing Datuk Kamaruzaman Darus told
The Edge that the certification was critical to enhance the
quality processes of not just the vendors but Proton itself. He
added that Proton's vendors must improve quality, cost, delivery
and engineering competitiveness if they wanted to remain in its
programme.
Proton's vendors, said to have delivered low-quality parts, have
been partly blamed for the national car company's declining
competitiveness, The Star says.
Meanwhile, the Troubled Company Reporter - Asia Pacific reported
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.
SBBS CONSORTIUM: Court to Hear Stay Order Application on June 5
---------------------------------------------------------------
SBBS Consortium Berhad's application for restraining and stay
order, which came up for hearing on May 4, 2006, has been
adjourned to June 5, 2006.
As reported by Troubled Company Reporter - Asia Pacific, SBBS,
on March 21, 2006, filed an application for a Restraining and
Stay Order so it could:
-- review and consider the feasibility of the proposals for
the corporate and debt restructuring scheme;
-- initiate consultation with SBBS's major creditors in
relation to a proposed debt settlement; and
-- engage and seek consultation from appointed consultants
on the best possible structure to restructure SBBS.
On March 20, 2006, SBBS entered into a 60-day Memorandum of
Understanding with PC Capital Sdn Bhd. The signing of the MOU
is aimed at setting the intentions of both parties to undertake
a corporate and debt restructuring scheme in order to revive
SBBS' financial and operational performance, the TCR-AP said.
During the 60-day negotiation period, SBBS and PC Capital will
embark on exercises in order to facilitate the implementation of
the Scheme.
The TCR-AP said that upon finalization of the negotiation and if
the parties are agreeable to all the final terms of the
proposals and the fulfillment of the Condition Precedent and
other conditions, the parties will enter into a definitive
restructuring agreement before the MOU expires.
About SBBS Consortium
Headquartered in Kuala Lumpur, Malaysia, SBBS Consortium Berhad
is engaged in the trade, manufacture and sale of molded and sawn
timber and other wood-based products. Its other activity is
investment holding. Due to its inability to service loan
facilities, the Company had entered into various negotiations
with its bank creditors, and in order to ensure that these
creditors are treated on a pari passu basis, the Company had
ceased making repayments to its bank creditors on an ad-hoc
basis. As a consequence of this treatment, its bank creditors
have taken various measures to recover their outstanding loans.
Negotiations between the Company and its bank creditors are
nonetheless, still continuing. The Company is considering
various sources of new business and funds to address its
financial position, and had on June 24, 2005, appointed Covenant
Equity Consulting Sdn Bhd to advise on its options. Currently,
the Company is working to implement corporate rehabilitation
exercises to turn its business around.
SYARIKAT KAYU: Unit's Revaluation Exercise Brings Losses
--------------------------------------------------------
Syarikat Kayu Wangi Berhad's subsidiary, Wangi KMB Berhad, had
undertaken a revaluation exercise on the land held for future
development located in Mukim of Batu Berendam, District of
Melaka Tengah, State of Melaka.
The purpose of the revaluation exercise was to ascertain the
current market value of the Property for accounting purposes in
line with MASB 23 on Impairment of Assets as the last
revaluation update was done in February 2000. This Property is
stated in the Balance Sheet as "Land Held for Future
Development" and "Property Development Costs".
The revalued amount of MYR34 million had resulted an impairment
loss and reduction in net assets of MYR17.8 million in the
Fourth Quarter Financial Result of the Syarikat Kayu Wangi Group
for the financial year ended November 30, 2005. The reduction
had resulted in a decrease of MYR0.41 in net assets per share of
the Group.
The revaluation exercise was conducted by Param & Associates
Sdn. Bhd.
About Syarikat Kayu Wangi Berhad
Headquartered in Johor, Malaysia, Syarikat Kayu Wangi Berhad is
principally involved in the development of residential and
commercial projects. Its other activities include housing
construction, production of sawn timber, manufacture of
prefabricated timber rooftrusses and timber trading. The
Company first made a loss in 1999 when it defaulted on its first
bond payment. The Company has failed to turn its finances
around and has been suffering continuous losses since then.
TELEKOM MALAYSIA: Lists 135,000 New Ordinary Shares
---------------------------------------------------
Telekom Malaysia Berhad's additional 135,000 new ordinary shares
of MYR1.00 each issued pursuant to its Employees' Share Option
Scheme will be granted listing anf quoattion today, May 8, 2006.
About Telekom Malaysia
Headquartered in Kuala Lumpur, Malaysia, Telekom Malaysia
-- http://www.telekom.com.my/-- which once owned Malaysia's
telecommunications landscape, now faces growing competition.
Telekom Malaysia provides voice and data services through three
primary operating units: TelCo, its core telecom business;
Telekom Multimedia, which develops new media businesses; and
ServiceCo, which oversees operational activities such as fleet
and property management. The company is also a leading Internet
Service Provider. Among Telekom Malaysia's subsidiaries are
units that publish phone directories and operate fiber optic
networks. It sold its cellular unit in 2002 but gained control
of Celcom (Malaysia) in 2003. The company also owns stakes in
businesses in nine countries in Asia and Africa. The Company
had been locked up in disputes with different companies in the
past, which brought heavy losses to the firm. Some of its units
are also facing the possibility of being wound up by creditors.
=====================
P H I L I P P I N E S
=====================
BENPRES HOLDINGS: Returns to Profit on Foreign Exchange Earnings
----------------------------------------------------------------
BENPRES Holdings Corporation posted a net profit of PHP1.39
billion for 2005 against a PHP1.8 billion net loss in 2004, ABS-
CBN News reports. The Company attributes this result to
interest income and foreign exchange revenues.
According to the Company, stronger interest rates led to a 50%
increase in interest income to PHP297 million, whereas the
appreciation of the local peso against the dollar contributed to
PHP840 million in foreign exchange income. BENPRES Holdings'
unit First Philippine Holdings Holdings Corporation's strong
performance also increased equity on net earnings by 63%.
However, the net income of the Company's media unit, ABS-CBN
Broadcasting Corporation, slid 62% to PHP288 million in 2005,
the Manila Times relates. BENPRES' assets were also reduced by
27% or PHP13.89 billion, as it exited from Maynilad Water
Services, Inc.
HACIENDA LUISITA: DAR Set to Distribute Land to Farmers
-------------------------------------------------------
The Department of Agrarian Reform had, on May 4, 2006, begun to
distribute parts of a 6,000-hectare agricultural property owned
by Hacienda Luisita, Inc., according to the Comprehensive
Agrarian Reform Law, the Manila Times reveals.
An April 3, 2006 report by the Troubled Company Reporter - Asia
Pacific stated that the Department said on March 30, 2006, that
it has named around 4,000 farmers who are entitled to receive
property to be distributed by Hacienda Luisita.
The Company was adversely affected by a strike in 2004 that led
to the death of seven persons. The Government-created group
Task Force Luisita was assigned to investigate alleged
violations by Hacienda Luisita of its stock distribution deal
with farmers, and based on its findings, the DAR decided to
acquire the Company's sugar estate and distribute it to the
farmers. According to DAR Secretary Nasser Pangandaman, the
decision to distribute is not a political decision, and could be
appealed by the Company with the Supreme Court.
Hacienda Luisita's lawyer, Vigor Mendoza, said that the Company
will seek a temporary restraining order on the land
distribution, due to a motion that the Company had filed two
months earlier, ABS-CBN News relates. Mr. Mendoza said that
they have yet to receive a copy of the resolution and a list of
the farmer-beneficiaries, since the Company still has to prepare
the distribution process, such as which farmer would get the
land along the road.
Headquartered in Tarlac City, Philippines, Hacienda Luisita
Incorporated is a sprawling farm owned by the family of former
Philippine President Corazon Cojuangco Aquino. Its woes started
when workers staged protests over the displacement of Hacienda
workers affected by the closure of sugar mill Central Azucarera
de Tarlac. The decision to shut down Central Azucarera was due
to heavy losses incurred from falling sugar prices both locally
and abroad. Tension in the sugar estate escalated after a
reported violent dispersal of striking workers at the Hacienda
on November 16, 2004, that resulted to the death of seven
persons. In an effort to resolve the dispute, Hacienda Luisita
proposed a stock distribution option, which was later junked by
the Government due to violations of the provisions of the
Comprehensive Agrarian Reform Law. The land title distribution
to around 5,000 farmer beneficiaries is expected on the first
half of 2006.
NATIONAL POWER: Leyte-Cebu Project Cuts Use of Oil-Fired Plants
---------------------------------------------------------------
The National Power Corporation said that with the full use of
its newly completed Leyte-Cebu Interconnection Uprating Project
eased the burden of oil price increases by lowering the
dependence on oil-fired power plants in the Visayas, the Manila
Bulletin says.
Napocor Vice President for the Visayas Eduardo Aroy said that
maximizing geothermal power in Leyte and Negros Oriental
amounted to monthly savings of around PHP200 million for the
Company, whereas project head Alan Ortiz noted that the
completion of the Leyte-Cebu interconnection project last year
led to some PHP500 million in savings for the Philippine
Government.
The Bulletin adds that, according to the two officials, more
oil-fired plants in the Visayas were closed with the full use of
the Leyte-Cebu interconnection. In Cebu, two gas turbine plants
in Naga were shut down, whereas some diesel units were operated
as back-up supply to the project.
Dr. Ortiz relates that Napocor unit National Transmission
Corporation is focusing on projects that would make use of
geothermal energy, especially in Panay Island, where power
demand is high. Recently, the unit completed the Panay-Boracay
interconnection project to provide extra power to Boracay, a
popular tourist destination.
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.
PACIFIC PLANS: Local Court OKS Rehabilitation Plan
--------------------------------------------------
A Makati City court has approved the rehabilitation plan of
Pacific Plans, Inc., allowing the company to continue operations
in order to meet its obligations to plan holders, the Philippine
Star reports.
Judge Romeo Barza of the Makati Regional Trial Court Branch 61
ordered Pacific Plans to strictly follow the rehabilitation
plan, and to submit monthly reports showing the Company's
progress, adding that failure to comply would lead to its
eventual liquidation. The rehabilitation plan will enable the
Company to return to financial health and continue servicing its
plan holders, numbering more than 400,000.
Pacific Plans came up with the rehabilitation plan based on this
school year's average fees, plus tuition support upon enrollment
until the school year 2009-2010, the Star reveals. The benefits
of the Company's traditional education plans will become fixed-
value benefits as at Dec. 31, 2004, to be termed base year-end
2004 entitlement.
The Company's original rehabilitation plan was looked down on
due to the need for cash in every enrollment period, despite its
being considered a model for other pre-need firms in exchanging
traditional plans for fixed-value plans plus interest. Instead,
rehabilitation receiver Mamerto Marcelo suggested an alternative
plan, segregating traditional plan holders into these three
groups to facilitate an equitable distribution to plan holders:
a. those that are currently availing their plans;
b. those who expect to receive education benefits from 2005
to 2009; and
c. those who expect to receive education benefits after 2010.
The proposed tuition support for every enrollment period from
2005 to 2009 is slated to provide financial aid to plan holders
who need cash upon enrollment.
The effect of foreign exchange fluctuations on the approved
rehabilitation plan would be tempered by a proposed Non-
Deliverable Forward arrangement, which would hedge the exposure
of petitioners to such fluctuations, Mr. Marcelo added. Since
most of the traditional trust fund is in National Power
Corporation bonds, they are guaranteed by the Government, and
can be traded in the secondary market.
On May 4, 2006, the Company said that it would comply with the
court-approved plan, so that it could meet its obligations to
its availing open-ended plan holders while retaining funds for
some 18,000 plan holders who have yet to receive their education
benefits.
According to an April 15, 2005 report by the Troubled Company
Reporter - Asia Pacific, Pacific Plans filed for suspension of
plan payments and rehabilitation before the Makati Regional
Trial Court as it predicted it would not be able to meet the
future claims of its 34,000 planholders on ever-increasing
tuition fees, ever since the Philippine Government removed a 10%
cap on tuition hikes in 1990.
On April 28, 2006, the TCR-AP reported that six open-ended plan
holders of the Company filed criminal suits against owner
Ambassador Alfonso T. Yuchengco, and 24 directors and officials
for syndicated estafa, based on "fraudulent misrepresentation"
that the Company would assume the risks that come with the
plans.
PHILIPPINE AIRLINES: CAB Approves Fuel Surcharge Implementation
---------------------------------------------------------------
The Civil Aeronautics Board approved Philippine Airlines
Corporation's proposed increase in fuel surcharge rates due to
the continued rise of global oil prices, ABS-CBN News reports.
CAB hearing division head Frederick Villarin said that the Board
approved the Company's request to raise its fuel surcharge rates
for flights to these local and international destinations:
-- an increase to US$69 from US$49 on one-way flights to the
United States and Canada;
-- a US$24 fuel surcharge on flights to China, Thailand, and
Vietnam, from the present US$15 fee;
-- a US$17 tax for flights to Japan, Korea and Taiwan, from
US$15, and a US$30 tax for flights to Indonesia, from
US$15;
-- a PHP100 increase for Luzon flights, PHP200 increase for
flights to the Visayas, and PHP300 for flights to
Mindanao.
The Philippine benchmark for fuel, Dubai crude oil, reached a
high of US$64.7 per barrel in April, from US$57.82 in March this
year, whereas aviation fuel is set at around US$70 to US$80 per
barrel, the Manila Times relates.
About Philippine Airlines
Philippine Airlines -- http://www.philippineairlines.com/-- is
the Philippines' national airline. It was the first airline in
Asia and the oldest of those currently in operation. With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights. As of 2005, it claims
to serve 21 domestic airports and 31 foreign cities. Its main
hub is the Ninoy Aquino International Airport in the capital
city of Manila.
Following labor problems and its failure to settle debts, PAL
filed for rehabilitation in June 1998, and is slated to complete
its 10-year debt rehabilitation program in 2009.
A March 21, 2006 report by the Troubled Company Reporter - Asia
Pacific says that the airline company will continue a
government-led rehabilitation program even as creditors neither
approved nor rejected the program to leave the protection of the
Securities and Exchange Commission.
As of April 2006, Philippine Airlines has paid PHP51.63 billion
of its total PHP113 billion debt to American and European
creditors. PAL president Jaime J. Bautista said that they
expect to post a profit for the year ended March 31, 2006.
=================
S I N G A P O R E
=================
AEROFLEX COMMUNICATIONS: Court Issues Bankruptcy Order
------------------------------------------------------
The High Court of Singapore has, on March 31, 2006, released a
bankruptcy order for Aeroflex Communications Pte Limited.
The Bankruptcy Petition was lodged on February 23, 2006, after
the Company defaulted on a statutory demand.
Contact: Audrey Lim
Senior Assistant Registrar
Supreme Court, Singapore
EXXON AROMATICS: Receiving Claims Until June 5
----------------------------------------------
Liquidators Neo Ban Chuan and Yeap Lam Kheng are receiving
proofs of claims from creditors of Exxon Aromatics Private
Limited until June 5, 2006.
Failure of creditors to prove their debts on the due date will
exclude them from sharing in any distribution the Company will
make.
Contact: Neo Ban Chuan
Yeap Lam Kheng
Liquidators
c/o 16 Raffles Quay
#22-00 Hong Leong Building
Singapore 048581
KOATEC PTE: Creditors' Proofs of Claims Due on June 7
-----------------------------------------------------
The creditors of Koatec Pte Limited are required to prove their
claims on or before June 7, 2006, or be excluded from sharing in
any distribution the Company will make.
Contact: Wee Hui Pheng
c/o M/s Wee Seng Tiong & Co.
1 Coleman Street
#06-10 The Adelphi
Singapore 179803
L&M GROUP: Court Extends Judicial Management Period
---------------------------------------------------
The High Court of the Republic of Singapore, on April 4, 2006,
ruled that the Judicial Management Order for L&M Group
Investments Limited remain in force for a further period of 180
days from July 9, 2006.
As reported by the Troubled Company Reporter - Asia Pacific, the
Singapore High Court, on January 11, 2006, appointed Bob Low Sie
of Messrs. Bob Low Sie & Co. to act as the Judicial Manager for
the Company.
The Judicial Manager will, on or before July 30, 2006, send to
all creditors a statement of his proposals for achieving one or
more of the purposes of the Judicial Management.
MERITUS RESOURCES: Declared Bankrupt by Court
---------------------------------------------
Meritus Resources has been declared bankrupt by the High Court
of Singapore on March 31, 2006.
The bankruptcy petition was filed on February 20, 2006, due to
the Company's failure to pay a statutory demand.
Contact: Audrey Lim
Senior Assistant Registrar
Supreme Court, Singapore
SPRINT PRINT: Default Leads to Bankruptcy
-----------------------------------------
The High Court of Singapore declared Sprint Print Pte Limited
bankrupt on March 31, 2006, due to its default on a statutory
demand.
The Company lodged it Bankruptcy Petition before the High Court
on January 12, 2006.
Contact: Audrey Lim
Senior Assistant Registrar
Supreme Court, Singapore
STEPHEN & COMPANY: Falls Into Bankruptcy
----------------------------------------
At Stephen & Company Advocates & Solicitors' request, the High
Court of Singapore entered a bankruptcy order pertaining to the
Company on March 31, 2006.
The Bankruptcy Petition was lodged on February 21, 2006, on
grounds of defaulting statutory demand.
Contact: Audrey Lim
Senior Assistant Registrar
Supreme Court, Singapore
===============
T H A I L A N D
===============
ASIA HOTEL: Unveils Restructuring Plan's Progress
--------------------------------------------------
On April 27, 2006, Asia Hotel Public Company Limited submitted
to the Stock Exchange of Thailand its report on the progress of
its subsidiaries and corporate rehabilitation.
Asia Hotel's Progress Report states that:
* Asia Hotel Public Company Limited
As a result of Asia Hotel's good performance with the debt
restructuring agreement made on August 1999, the Company
reduced its loan balance by December 31, 2006, to THB1,324.05
million. Furthermore, on December 2005, Asia Hotel managed
to restructure its short-term loan, THB165 million, and
accrued interest expenses, THB364.19 million, a total of
THB529.19 million, resulting to THB130.28 million reduction
of loans and total accrued interest expense.
* Asia Pattaya Hotel Company Limited
Asia Pattaya's repayment of loan in accordance with the debt
restructuring agreement made on January 2003, decreased the
loan balance of the company to THB270 million on December 31,
2005. Moreover, Asia Pattaya renovated its hotel building,
landscape and hotel facilities to boost business potential
and to satisfy customers' needs.
* Asia Airport Hotel Company Limited
Asia Airport had an initial outstanding loan and interest of
THB1,201.89 million before signing the agreement to
restructure debt on December 24, 2004. On June 20, 2005, the
Company repaid the bank THB261 million to settle its debt by
borrowing THB200 million from a financial institution. The
remaining loan balance as of December 31, 2005, was reduced
to THB196.50 million, which resulted to great gain on debt
restructuring of THB940.89 million.
* Zeer Property Company Limited
On January 2000 and December 2003, Zeer Property signed debt-
restructuring agreements with two different unnamed financial
institutions. After debt repayment, the loan balances left
on December 31, 2005, were reduced to THB277.95 million.
Zeer Property restructured its short term loan, THB25.0
million, and accrued interest expense, THB62 million, a total
of THB87.0 million resulting in the reduction of the loan to
THB19.74 million and total accrued interest expense.
Operating Results
On December 31, 2005, based on Asia Hotel and its subsidiaries'
audited financial statements, the consolidated shareholders'
equity was positive at THB841.33 million. Asia Hotel and its
subsidiaries also have consecutive operating net profits from
its core business in the first, second, third and fourth
quarters and at year-end of December 31, 2005:
Consolidated Profit from Normal Activities as of
December 31, 2005
(in Million THB)
Q1 Q2 Q3 Q4 Yearly
------ ------ ------ ------ --------
Total operating
Revenue 253.08 223.88 256.49 316.78 1,050.23
Total operating
Expenses 193.84 187.71 207.78 225.92 815.25
Profit before
Interest 59.24 36.17 48.71 90.86 234.98
Interest
Expenses 33.89 34.53 41.35 41.81 151.58
]
Profit from Normal
Activities 25.35 1.64 7.36 49.05 83.40
Asia Hotel is still on the process of transferring its security
from the SET's REHABCO Sector to its former sector.
* * *
Headquartered in Bangkok, Thailand, Asia Hotel Public Company
Limited was incorporated on March 24, 1964, and has been
publicly listed since 1989. The Company and its two
subsidiaries, Asia Pattaya Hotel Company Limited and Asia
Airport Hotel Company Limited are involved in the hotel
business, with its principal activities consisting of room
service and operating restaurants. Another subsidiary, Zeer
Property Company Limited is primarily involved in the
construction and the building of shopping complexes. During
2004, the Company has invested in Zeer Property Company Limited
thru a subsidiary, B.K. Ratchathevi Enterprise Company Limited a
holding company. This holding structure was changed on December
22, 2005.
The Troubled Company Reporter - Asia Pacific reported on
March 28, 2006, that Asia Hotel is operating under a capital
deficit in the amount of THB1.21 billion, and the total current
liabilities exceeded its total current assets in the amount of
THB311 million. As a result, the Company declared no dividends,
a subsequent filing to the Thai Stock Exchange on March 14,
2006, indicated.
The Company is undergoing a debt and shareholding restructuring
and is under Thailand's REHABCO -- or Companies Ender
Rehabilitation -- Sector.
THAI PETROCHEMICALS: Commerce Ministry Recognizes PTT-led Board
----------------------------------------------------------------
Thai Petrochemical Industry Plc's founder, Prachai
Leophairatana, has been dismissed from his executive position in
the Company after the Business Development Department of
Commerce Ministry endorsed the set of directors representing the
new shareholders led by PTT Plc over Mr. Leophairatana's board,
the Bangkok Post reports.
The Troubled Company Reporter - Asia Pacific reported on May 3,
2006, that both boards -- the one drawn up by Mr. Leophairatana
and the one assigned by the major shareholders of the Company
led by PTT -- were claiming legal control of the Company.
The Nation relates that the approval from the Commerce Ministry
paved the way for the activation of several resolutions reached
by the new board of directors on April 28, 2006. The
resolutions sought to cancel the positions of the incumbent
chief executive officer, president for production, t president
for marketing and senior executive vice presidents.
The new board also cancelled the employment of Mr.
Leophairatana, his brothers Pramuan and Prateep, as well as his
wife, Orapin, with the Company, with due compensation, the
Nation added.
Also effective is the new board's appointment of General Mongkol
Ampornpisit as the Company's chairman, which superseded the old
board's appointment of Mr. Leophairatana as its chairman. The
TCR-AP also mentioned on May 3, 2006, the new board's
appointment of PTT president Prasert Bunsumpun and Pakorn
Malakul na Ayudhya as the Company's vice chairmen. Piti
Yimprasert, former Thai Oil Plc president, was named new
president of the Company.
* * *
Headquartered in Bangkok, Thailand, Thai Petrochemical Industry
Plc -- http://www.tpigroup.co.th/-- is the leading integrated
petrochemical company in the country, producing naphtha,
liquefied petroleum gas, and lubricant oils. The Thai
Government was reorganizing the bankrupt company, which had
defaulted on $2.7 billion in loans, until PTT Plc, Thailand's
largest oil and gas group, and Thailand's biggest company,
purchased a 31.5% stake in Thai Petrochemical late in 2005. In
December 2005, PTT and three other state agencies completed
payment for a 61.5% stake on in Thai Petrochemical. The money
was used to pay for a bulk of the Company's defaulted loans. The
Company has since been trying to get out of restructuring.
Troubled Company Reporter-Asia Pacific reported on April
28,2006, that the Central Bankruptcy Court of Thailand approved
Thai Petrochemical's exit from business rehabilitation. The
Court ruled that the business rehabilitation plan of Thai
Petrochemical and its six subsidiaries -- Thai ABS Co; TPI
Aromatics Plc; TPI Oil Co; TPI Polyol Co; Thai Polyurethane
Industry Plc; and TPI Energy Co. -- be terminated.
* S&P Says AP Sovereign Credit Quality Robust So Far In 2006
------------------------------------------------------------
According to a new report released by Standard & Poor's Ratings
Services on May 5, 2006, credit quality among Asia's sovereign
governments is continuing its favorable trajectory, despite high
oil prices, rising interest rates globally, and the return of
inflation as a concern in the United State. Of the 19
sovereigns in Asia-Pacific rated by Standard & Poor's, eight
have a positive outlook and two a negative outlook.
Back in February, Standard & Poor's forecast that Asia's rated
sovereigns would fare well this year, and so far rating actions
have been generally positive. Since that last roundup, the
outlooks on Hong Kong and India have been revised to positive
from stable because of fiscal improvement. This follows the
revision of the outlook on Indonesia to positive from stable,
and The Philippines to stable from negative. The only negative
rating action has been on Sri Lanka, the outlook on which was
revised to negative because of the escalating military conflict.
The major economies of the Asia-Pacific region are forecast to
achieve good growth for 2006 despite the threat of rising oil
prices and interest rates. Indeed, it seems likely that oil
prices and interest rates are being driven higher in large part
by strong global economic growth. So long as this is the case,
the risks to global economic growth will be low. This general
assessment applies to Asia because of its ties to the U.S.
business cycle through exports.
"The buoyant world economy has benefited the finances of many
regional governments, and external positions are particularly
strong, with foreign reserves at historic highs. Foreign
investment for the region as a whole also remains strong, and
there is ample liquidity despite generally tightening monetary
conditions," said rating analyst Ping Chew, Sovereign &
International Public Finance Ratings group.
In the full report titled "Credit Quality Of Asia-Pacific
Sovereigns Proves Robust So Far In 2006" Standard & Poor's
Ratings Services' Sovereign & International Public Finance
Ratings team in Asia -- Team leaders Ping Chew and
Takahira Ogawa, Agost Benard, Sani Hamid, and Kim Eng Tan --
fields question on some of the key issues for credit quality in
the region and sketches out the dynamics of the ratings on some
of the region's major sovereign borrowers.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA. Erickson Torrevillas, Francis Chicano, Ma.
Cristina Pernites-Lao, Erica Fernando, Reiza Dejito, Freya
Natasha Fernandez, and Peter A. Chapman, Editors.
Copyright 2006. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
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*** End of Transmission ***