TCRAP_Public/060509.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  

              Tuesday, May 9, 2006, Vol. 9, No. 091


                            Headlines

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

191 GOODWOOD ROAD: Members Opt for Voluntary Liquidation
ABLERATE PTY: To Hold Final Meeting on May 10
ADICAN LIMITED: Creditors' Proofs of Claim Due on June 2
AIR NEW ZEALAND: Readies NZ$40 Mln for Qantas in Code-Share Deal
AIR NEW ZEALAND: Concerned About New Transport Minister's Bias

AIR NEW ZEALAND: Increases Fuel Surcharge For Australia Tickets
BAKHOS DEVELOPMENT: Supreme Court Winds Up Firm
BUNYA VIEW: Receivers Step Aside
CANTERBURY DRYWALL: Wind-up Process Initiated
CAROBOOT SERVICE: Set to Pay Dividend to Creditors

CHASE CONSULTING: Court Issues Wind-up Order
CLAXTON HOLDINGS: Appoints Official Liquidator
ELLINGTON EAST: Faces Liquidation Proceedings
ELURA NOMINEES: Members to Review Wind-up Report
EQUITICORP TRUSTEES: Creditors' Proofs of Claim Due on June 15

FIRST SHOT: Court to Hear Liquidation Bid on May 18
FNA SECURITIES: To Declare First and Final Dividend
GILETE G&B: Placed Under Voluntary Liquidation
GO BUILD CONSTRUCTIONS: Appoints Official Liquidators
GREEN AGRO: Official Assignee Named as Liquidator

HSS PTY: Wind-up Proceedings Commenced
INVERARITY NO. 38: Prepares to Distributes Assets
J&H GRIFFITHS: Inability to Pay Debts Prompts Wind-up
KNOCK ON WOOD: Liquidation Proceedings Set on May 15
MEDIA CORPORATION: Names Receivers and Managers

MUSICMART PTY: Schedules Final Meeting on May 10
NATIONAL AUSTRALIA: Lifts Interest Rates
NATIONAL AUSTRALIA: Expects AU$2 Billion Net Profit in 1st Half
PERFECT CONSTRUCTIONS: Enters Voluntary Liquidation
PSP HOTELS: Members Resolve to Wind Up Firm

RANDOM CACTUS: Court to Hear Liquidation on May 18
RESTACO PTY: To Distribute Final Dividend on May 19
SYDNEY GAS: Proxy Voters Approve AU$50-Million Rights Issue
TARBRAX PTY: Liquidator to Present Wind-up Report
TELSTRA CORPORATION: ACCC Says "No Pressure" to Complete Talks

TW1 CONSTRUCTION: Bruce McCullough Named Liquidator
W&R CONCRETE: Members Agree to Liquidate Business


C H I N A   &   H O N G  K O N G

ABSA BANK: Members Appoint Liquidators
ASIA TIME TECHNOLOGIES: Winding-up Hearing Set on May 10
ATOLL EQUITY: Winding Up Process Commenced
BONWIN INDUSTRIES: Faces Winding-up Proceedings
CASINO SERVICES: Yeung and Chung Cease to Act as Liquidators

CHINA URBAN: Chan Man Hin Ceases to Act as Liquidator
EVER FOCUS: Enters Voluntary Liquidation
FORM PASS: Creditors Meet to Discuss Wind-up
GREENLAND MANUFACTURE: Liquidator Ceases to Act for the Company
HONOUR FUTURES: Faces Voluntary Wind-up Proceedings

HOSEN INVESTMENTS: Creditors and Contributors Meeting Set May 16
HUNG FAI: Picks Au Yeung Po Ying as Liquidator
JINTAI COMPANY: Eyles And Wah Cease to Act as Liquidators
LUEN TAI: Mr. Lin Cease to Act as Liquidator
NEW WORLD TRAVEL: Members Opt for Voluntary Liquidation

PUI FAT ENTERPRISES: Liquidatores Step Aside
QUANTUM NETWORKS: Court Fixes Wind-up Petition Hearing Date
RESOUND LIMITED: Appoints Official Liquidators
RUSSET PROPERTY: Enters Voluntary Liquidation
TOMAX TRADING: Winding-up Hearing Slated for June 7

SCHLUMBERGER TELCO: Members OK Liquidators' Appointment
UNION MANAGEMENT: Liquidators Leave Post
UNION RESOURCES: Court Appoints Joint Liquidators
WANTED LIMITED: Winding-up Hearing Set on June 21
YI ALLIANCE: To Hold First Meetings on May 24


I N D I A

BHARAT PETROLEUM: Court Orders Firm to Pay LPG Blast Damages
JIK INDUSTRIES: Names Additional Director
NATIONAL TEXTILE: Court Allows Demolition of Heritage Sites


I N D O N E S I A

PERTAMINA: To Submit Development Plan for Cepu Block Next Week
PERTAMINA: To Up June Gasoline Imports To Boost Reserves


J A P A N

AIFUL CORPORATION: To Delay Release of Report to May 16
JAPAN AIRLINES: Teams with China Eastern in Cargo Business


K O R E A

HYUNDAI MOTOR: Offers 1,250 Vehicles for World Cup in Germany


M A L A Y S I A

APEX EQUITY: Repurchases 17,200 Shares for MYR9,353
AYER HITAM: Unit Averts Wind-Up
BIMB HOLDINGS: Plans to Amend Articles of Association
CHG INDUSTRIES: Fails to Submit Accounts for Public Disclosure
HO WAH: To Hold 13th Annual General Meeting on May 31

MBF HOLDINGS: SC OKs Appointment of Independent Adviser
PANTAI HOLDINGS: Lists and Quotes Additional Shares
PANTAI HOLDINGS: Intends to Pay Dividend on June 15
PARK MAY: Proposes to Renew Shareholders' Mandate
PSC INDUSTRIES: High Court Allows Ambank's Claim

POLYMATE HOLDINGS: Fixes 10th Annual General Meeting on May 30
PROTON HOLDINGS: In Tie-up Talks with Peugeot
SETEGAP BERHAD: Delays Submission of Audited Financial Report


P H I L I P P I N E S

ABS-CBN BROADCASTING: Stampede Victims to Pursue Civil Suit
ATLAS CONSOLIDATED: Reaches PHP2 Bln Financing Deal with CASOP
HACIENDA LUISITA: Farmers Criticize Motives of New FARM Group
LAFAYETTE MINING: Committee Sees Development in Rehabilitation
NATIONAL POWER: Wants to Hike Power Rates to Cover Fuel Costs


S I N G A P O R E

ACCORD CUSTOMER: Provides Proposed Rights Issue Updates
CREATIVE RENO: Falls Into Bankruptcy
DIGILAND INTERNATIONAL: Completes Disposal of Indonesian Unit
FHTK HOLDINGS: Proposed Renounceable Rights Issue Approved
GLOWING LAKES: Creditors' Proofs of Debt Due on June 5

IEG (ASIA PACIFIC): Court Issues Wind-up Order


T H A I L A N D

PAE PUBLIC: Will Not Pay Dividends to Shareholders
SAHAMITR PRESSURE: Submits Report on Company's Progress

BOND PRICING: For the Week 8 May to 12 May 2006

     - - - - - - - -

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

191 GOODWOOD ROAD: Members Opt for Voluntary Liquidation
--------------------------------------------------------
Members of 191 Goodwood Road Pty Limited convened on March 29,
2006, and decided to voluntarily wind up the Company's
operations.

David Herbert Solomon and Margaret Rose Harrington were
subsequently appointed as joint liquidators.

Contact: Margaret R. Harrington
         David H. Solomon
         Liquidators
         c/o 305 Unley Road, Malvern
         Australia


ABLERATE PTY: To Hold Final Meeting on May 10
---------------------------------------------
The members of Ablerate Pty Limited will convene on May 10,
2006, at 3:00 p.m., to receive Liquidator Andrew H. J. Wily's
account regarding the Company's completed wind-up and disposal
of its property.

Contact: Andrew H. J. Wily
         Liquidator
         Armstrong Wily & Co. Chartered Accountants
         Level 5, 75 Castlereagh Street
         Sydney, New South Wales 2000
         Australia


ADICAN LIMITED: Creditors' Proofs of Claim Due on June 2
--------------------------------------------------------
The joint and several liquidators of Adican Limited, trading as
Phoenix Cafe, requires the Company's creditors to submit their
proofs of claims on or before June 2, 2006.

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

Contact: Peri Finnigan
         McDonald Vague
         Wellesley Street, Auckland
         New Zealand
         Telephone: (09) 303 0506
         Facsimile: (09) 303 0508


AIR NEW ZEALAND: Readies NZ$40 Mln for Qantas in Code-Share Deal
----------------------------------------------------------------
Air New Zealand will pay Qantas Airways around NZ$40 million if
their proposed code-sharing deal gets approved, Sunday Star
Times reports.

Under the code-sharing agreement, Air NZ proposes to buy out, at
face value, the 220.76 million redeemable convertible notes it
issued to Qantas in late 2002 for NZ$98.24 million, the Sydney
Morning Herald relates.

According to the Sydney Herald, the notes were the first step in
Qantas' plan to take a 22.5% shareholding in the carrier.  Under
that plan, Qantas would have put $NZ550 million eventually into
Air NZ as part of a strategic alliance.  However, that plan was
blocked by New Zealand's Commerce Commission, which determined
it to be anti-competitive.

Air NZ has also indicated that it would convert to debt the
notes it issued to Qantas three years ago and pay back the
NZ$98.24 million to Qantas over four years, Sunday Star says.

Under normal circumstances, the only way Qantas could get its
cash back would be by redeeming the notes for shares, and
selling those shares on the market.  But since Qantas bought the
notes, the value of Air NZ shares has fallen and Qantas would
have incurred a sizeable loss.

As reported in the Troubled Company Reporter - Asia Pacific on
April 13, 2006, Air NZ and Qantas signed the code-share deal to
cut costs by sharing planes on trans-Tasman routes.  The code-
share deal still need to be authorized by the New Zealand
Minister of Transport and the Australian Competition and
Consumer Commission.

The TCR-AP stated that a code-share deal will allow both
airlines to reduce cost by removing some surplus or duplicated
capacity and utilizing aircraft more efficiently, while
increasing the number of flights available to their customers.  
The proposed code-share will be supported by revenue, pricing
and scheduling arrangements.  Once it becomes effective, all
revenue earned by Air New Zealand and Qantas on Tasman routes
will be allocated on an agreed basis.

Also as a result of the negotiations to achieve benefits for
both airlines, Qantas will cease to be a 4.2% shareholder in Air
NZ, the Sydney Herald notes.

                      About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand is the country's
flag air carrier, with domestic and international passenger and
freight operations, and an aviation engineering business.

As reported in the Troubled Company Reporter - Asia Pacific
reported on September 2, 2005, Moody's Investors Service
affirmed its Ba1 issuer rating on Air New Zealand Limited after
the airline announced its annual results for FY2005.  Air NZ's
rating reflected its dominant position in the New Zealand
domestic market, with around 80% market share, and the
profitability of domestic operations following their
restructuring to a low-cost network model.  Also supporting Air
NZ's rating was its solid liquidity position, with cash balances
of NZ$1,071 million held as at June 30, 2005.  However, while
Air NZ has a solid position in New Zealand and other parts of
the international network are performing well, intense
competition on trans-Tasman routes has resulted in it being
unprofitable for Air NZ.  International competition also limits
Air NZ's ability to expand.  Its management is also aware of the
airline's vulnerability to external shocks and the actions of
key competitors.  

Moody's had expressed concern regarding the airline's limited
track-record since the collapse of Ansett Australia in 2001.  
However, FY2004 and FY2005 results have been in line with
expectations.  Air NZ has signaled that the recent increases in
fuel price will adversely affect profitability in 2006, with the
potential to decrease profit by 40% from 2005.  Moody's believes
that this drop, which would result in EBITDAR/(Interest +Rent)
between 2.0x and 2.4x, and Adjusted Debt/EBITDAR of just under
5x, would not adversely affect the rating of the airline.  
Moody's expected Air NZ to have significant capital expenditure
requirements over the next three years -- which will be funded
from a combination of operating cash flow, debt and operating
leases -- as it acquires additional aircraft.  However, Moody's
considered the increased debt load to be manageable within Air
NZ's rating.  The company is expected to be free cash flow  
positive from 2007.  Moody's said that if fuel prices continued
high for the medium to long term and no rationalization in
trans-Tasman routes were forthcoming, then Air NZ's credit
metrics could be negatively affected.  Operating margin less
than 3%, EBITDAR/(Interest+Rent) less than 2x and Adjusted
Debt/EBITDAR greater than 5.5x would be a trigger for Moody's to
review the rating.


AIR NEW ZEALAND: Concerned About New Transport Minister's Bias
--------------------------------------------------------------
Air New Zealand expressed concerns that newly appointed
transport minister Annette King may not be independent on its
proposed trans-Tasman code-sharing deal with Qantas Airways,
Stuff.co.nz says.

As reported in the Troubled Company Reporter - Asia Pacific on
April 13, 2006, Air NZ and Qantas have signed a code-share
agreement that will allow both airlines to reduce cost by
removing some surplus or duplicated capacity and utilizing
aircraft more efficiently, while increasing the number of
flights available to their customers for the trans-Tasman
routes.  The code-share deal awaits the approval of the New
Zealand Minister of Transport and the Australian Competition and
Consumer Commission.

According to Stuff.co.nz, Ms. King, who was appointed to the
position last week, is the MP for Rongotai, which includes
Wellington International Airport.

The Wellington Airport has been very critical of the Air NZ-
Qantas Deal, expressing fear of a lack of competition in the
trans-Tasman route, higher prices and reduced access to
Australia.  

An April 19, 2006 report by the TCR-AP stated that Wellington
Airport had called on the competition watchdog to check the
proposed trans-Tasman code-share agreement.  Wellington Airport,
which is owned by Wellington City Council and Wellington
investment firm Infratil, has issued a series of papers
outlining the anti-competitive nature of the proposal and
calling for it to be dealt with by the Commerce Commission,
rather than the Government, which owns 80.4% of Air New Zealand.

Air New Zealand Chief Executive Officer Rob Fyfe said that he
was still assessing the implications of Ms. King's appointment
and was concerned that she might have a conflict of interest.

Before her appointment, Stuff.co.nz notes, Ms. King stated that
she would be concerned if the proposal hurt Wellington.

Mr. Fyfe told Stuff.co.nz that Wellington Airport, which was an
integral part of the Rongotai electorate, had shown no desire to
try to deal with the code-share plan constructively.

"So it does cause some concern to say whether the perspectives
emerging from the electorate are consistent with an independent
assessment in the portfolio of the minister of transport,"
Stuff.co.nz quotes Mr. Fyfe as saying.

Mr. Fyfe said that it was clear under the Civil Aviation Act
that there were no grounds for Ms. King to refer Air NZ's
application to the Commerce Commission.  The act required code-
share applications to be made to the Transport Ministry, which
then made a recommendation to the minister for final approval.

                      About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand is the country's
flag air carrier, with domestic and international passenger and
freight operations, and an aviation engineering business.

As reported in the Troubled Company Reporter - Asia Pacific
reported on September 2, 2005, Moody's Investors Service
affirmed its Ba1 issuer rating on Air New Zealand Limited after
the airline announced its annual results for FY2005.  Air NZ's
rating reflected its dominant position in the New Zealand
domestic market, with around 80% market share, and the
profitability of domestic operations following their
restructuring to a low-cost network model.  Also supporting Air
NZ's rating was its solid liquidity position, with cash balances
of NZ$1,071 million held as at June 30, 2005.  However, while
Air NZ has a solid position in New Zealand and other parts of
the international network are performing well, intense
competition on trans-Tasman routes has resulted in it being
unprofitable for Air NZ.  International competition also limits
Air NZ's ability to expand.  Its management is also aware of the
airline's vulnerability to external shocks and the actions of
key competitors.  

Moody's had expressed concern regarding the airline's limited
track-record since the collapse of Ansett Australia in 2001.  
However, FY2004 and FY2005 results have been in line with
expectations.  Air NZ has signaled that the recent increases in
fuel price will adversely affect profitability in 2006, with the
potential to decrease profit by 40% from 2005.  Moody's believes
that this drop, which would result in EBITDAR/(Interest +Rent)
between 2.0x and 2.4x, and Adjusted Debt/EBITDAR of just under
5x, would not adversely affect the rating of the airline.  
Moody's expected Air NZ to have significant capital expenditure
requirements over the next three years -- which will be funded
from a combination of operating cash flow, debt and operating
leases -- as it acquires additional aircraft.  However, Moody's
considered the increased debt load to be manageable within Air
NZ's rating.  The company is expected to be free cash flow  
positive from 2007.  Moody's said that if fuel prices continued
high for the medium to long term and no rationalization in
trans-Tasman routes were forthcoming, then Air NZ's credit
metrics could be negatively affected.  Operating margin less
than 3%, EBITDAR/(Interest+Rent) less than 2x and Adjusted
Debt/EBITDAR greater than 5.5x would be a trigger for Moody's to
review the rating.


AIR NEW ZEALAND: Increases Fuel Surcharge For Australia Tickets
---------------------------------------------------------------
Due to escalating fuel prices, Air New Zealand advised that it
will increase the YQ surcharge -- incorporating both the
airline's current fuel surcharge and insurance levy -- on all
tickets issued within Australia starting May 6, 2006.

The surcharge increase includes:

   * Australia to New Zealand/Pacific Islands, excluding Perth,
     will increase AU$7 to AU$62 per sector;

   * Perth to New Zealand/Pacific Islands will increase AU$14 to
     AU$96 per sector;

   * Australia to U.S.A., excluding Perth, will increase AU$11
     to AU$104 per sector;

   * Perth to U.S.A. will increase AU$16 to AU$138 per sector;

   * Australia to London, excluding Perth, will increase AU$17
     to AU$166 per sector; and

   * Perth to London will increase AU$22 to AU$200 per sector.

Air New Zealand Chief Financial Officer Rob McDonald expressed
regret for having to increase fares.  However, he explained that
fuel is now the airline's number one cost.

Mr. McDonald explains that the price of benchmark Singapore Jet
Fuel has more than doubled from around US$40 in April 2004 to
US$89 a barrel today.  He explained that this meant Air New
Zealand's fuel bill had risen from NZ$480 million in FY04 to
nearly NZ$1 billion in FY06.

"Until now customers have been shielded from much of the effect
of these price rises by the Airline's fuel hedging programme.
The Airline has also borne additional fuel costs over and above
its hedging, avoiding passing those costs on to customers," Mr.
McDonald said.  

Recent falls in the value of the New Zealand dollar against the
US dollar and the fact that Air New Zealand's more favorable
fuel hedges have rolled off compound the situation and mean this
shortfall must now be addressed.

"This is a business that is very sensitive to fuel price rises.
Every US$1 increase in the price of jet fuel forces down our
EBIT by US$8 million per annum before hedging.  In the last
month alone, fuel prices have increased by nearly US$10 per
barrel," Mr. McDonald explained.

                      About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand is the country's
flag air carrier, with domestic and international passenger and
freight operations, and an aviation engineering business.

As reported in the Troubled Company Reporter - Asia Pacific
reported on September 2, 2005, Moody's Investors Service
affirmed its Ba1 issuer rating on Air New Zealand Limited after
the airline announced its annual results for FY2005.  Air NZ's
rating reflected its dominant position in the New Zealand
domestic market, with around 80% market share, and the
profitability of domestic operations following their
restructuring to a low-cost network model.  Also supporting Air
NZ's rating was its solid liquidity position, with cash balances
of NZ$1,071 million held as at June 30, 2005.  However, while
Air NZ has a solid position in New Zealand and other parts of
the international network are performing well, intense
competition on trans-Tasman routes has resulted in it being
unprofitable for Air NZ.  International competition also limits
Air NZ's ability to expand.  Its management is also aware of the
airline's vulnerability to external shocks and the actions of
key competitors.  

Moody's had expressed concern regarding the airline's limited
track-record since the collapse of Ansett Australia in 2001.  
However, FY2004 and FY2005 results have been in line with
expectations.  Air NZ has signaled that the recent increases in
fuel price will adversely affect profitability in 2006, with the
potential to decrease profit by 40% from 2005.  Moody's believes
that this drop, which would result in EBITDAR/(Interest +Rent)
between 2.0x and 2.4x, and Adjusted Debt/EBITDAR of just under
5x, would not adversely affect the rating of the airline.  
Moody's expected Air NZ to have significant capital expenditure
requirements over the next three years -- which will be funded
from a combination of operating cash flow, debt and operating
leases -- as it acquires additional aircraft.  However, Moody's
considered the increased debt load to be manageable within Air
NZ's rating.  The company is expected to be free cash flow  
positive from 2007.  Moody's said that if fuel prices continued
high for the medium to long term and no rationalization in
trans-Tasman routes were forthcoming, then Air NZ's credit
metrics could be negatively affected.  Operating margin less
than 3%, EBITDAR/(Interest+Rent) less than 2x and Adjusted
Debt/EBITDAR greater than 5.5x would be a trigger for Moody's to
review the rating.


BAKHOS DEVELOPMENT: Supreme Court Winds Up Firm
-----------------------------------------------
The Supreme Court of New South Wales had on March 27, 2006,
ordered the winding up of Bakhos Development Pty Limited, and
appointed R. J. Porter to act as liquidator.

Contact: R. J. Porter
         Liquidator
         Moore Stephens Chartered Accountants
         Level 6, 460 Church Street
         Parramatta, New South Wales 2150
         Australia


BUNYA VIEW: Receivers Step Aside
--------------------------------
Messrs Peter Geroff and Will Cowell ceased to act as receivers
and managers of the assets of Bunya View Gardens Pty Limited on
March 24, 2006.


CANTERBURY DRYWALL: Wind-up Process Initiated
---------------------------------------------
Smiths City (Southern) Ltd, on April 7, 2006, filed before the
High Court of Christchurch an application to liquidate
Canterbury Drywall Systems Ltd.

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

Parties wishing to attend the hearing must file an appearance
not later than May 11, 2006.

Contact: Roger Alexander Fraser
         Solicitor for the Plaintiff
         Credit Services NZ Ltd
         Level 6, 138 Victoria Street,
         Christchurch, New Zealand


CAROBOOT SERVICE: Set to Pay Dividend to Creditors
--------------------------------------------------
Caroboot Service Company Pty Limited will declare its first
dividend to creditors on May 17, 2006.

Creditors are required to formally submit their proofs of claims
by May 16, 2006, in order to share in the dividend distribution.

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


CHASE CONSULTING: Court Issues Wind-up Order
--------------------------------------------
The Supreme Court of New South Wales issued a wind-up order
against Chase Consulting Australia Pty Limited on March 23,
2006.

Subsequently, R. J. Porter was named liquidator for the wind-up.

Contact: R. J. Porter
         Liquidator
         Moore Stephens Chartered Accountants
         Level 6, 460 Church Street
         Parramatta, New South Wales 2150
         Australia


CLAXTON HOLDINGS: Appoints Official Liquidator
----------------------------------------------
On April 27, 2006, by virtue of a special resolution by Claxton
Holdings Ltd, Kevin John Gilligan was appointed liquidator of
the Company.

The liquidator requires the Company's creditors to submit their
proofs of claims on or before May 30, 2006.

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

Contact: Kevin J. Gilligan
         P.O. Box 26-022, Epsom
         Auckland, New Zealand
         Telephone: (09) 834 4486
         Facsimile: (09) 834 3345
         e-mail: kgill@ihug.co.nz


ELLINGTON EAST: Faces Liquidation Proceedings
---------------------------------------------
An application to put Ellington East Limited into liquidation
will be heard before the High Court of Christchurch on May 15,
2006, at 10:00 a.m.   

The Court received the application on February 27, 2006, from
Peter Johnston and Deborah Grace.

Parties wishing to appear must file an appearance not later than
two May 11, 2006

Contact: N. F. Ebert
         Malley & Co Lawyers
         10/F., 47 Cathedral Square
         Christchurch, New Zealand


ELURA NOMINEES: Members to Review Wind-up Report
------------------------------------------------
Members of Elura Nominees Pty Limited will hold a final meeting
on May 10, 2006, at 9:30 a.m.

At the meeting, members will receive the final account of
Liquidators T. J. Clifton and M. C. Hall, showing how the
Company was wound up and its property disposed of.

Contact: T. J. Clifton
         M. C. Hall
         Liquidators
         c/o PPB Chartered Accountants
         10th Floor, 26 Flinders Street
         Adelaide, South Australia 5000
         Australia


EQUITICORP TRUSTEES: Creditors' Proofs of Claim Due on June 15
--------------------------------------------------------------
The joint and several liquidators of Equiticorp Trustees Ltd
require the Company's creditors to submit their proofs of claims
on or before June 15, 2006.

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

Contact: William G. Black
         McGrath Nicol + Partners
         Level 2, 18 Viaduct, Harbour Ave
         Auckland, New Zealand
         Telephone: (09) 366 4655
         Facsimile: (09) 366 4656


FIRST SHOT: Court to Hear Liquidation Bid on May 18
---------------------------------------------------
An application to put First Shot Investments Limited into
liquidation will be heard before the High Court of Auckland on
May 18, 2006, at 10:00 a.m.   

The High Court received the application from the Pegasus
Automotive Services on February 14, 2006.

Parties wishing to appear must file an appearance not later than
May 16, 2006.

Contact: Frederick Malcolm Farr
         Solicitor for the Plaintiff
         C & F Legal, Solicitors
         Level 1, 68 Achilles Ave
         Nelson, New Zealand


FNA SECURITIES: To Declare First and Final Dividend
---------------------------------------------------
FNA Securities Pty Limited will declare its first and final
dividend on May 18, 2006, to the exclusion of its creditors who
were not able to prove their claims.

Contact: Paul Burness
         Liquidator
         Worrells Solvency & Forensic Accountants
         Level 5, 15 Queen Street
         Melbourne, Victoria 3000
         Australia
         Telephone: (03) 9613 5514
         Fax: (03) 9614 3233
         Web site: http://www.worrells.net.au/


GILETE G&B: Placed Under Voluntary Liquidation
----------------------------------------------
At an extraordinary general meeting of Gilete G&B Civil Pty
Limited Pty Limited on March 21, 2006, members agreed that it is
in the Company's best interests to wind up its operations.

Martin Jones was appointed as liquidator for the wind-up.

Contact: Martin Jones
         Liquidator
         Ferrier Hodgson Chartered Accountants
         Level 26, 108 St. George's Terrace
         Perth, Western Australia 6000
         Australia


GO BUILD CONSTRUCTIONS: Appoints Official Liquidators
-----------------------------------------------------
Jason Bettles and Susan Carter were, on March 21, 2006,
appointed as liquidators for the winding up of Go Build
Constructions Pty Limited.

Contact: Jason Bettles
         Susan Carter
         Liquidators
         Worrells Solvency & Forensic Accountants
         Level 6, 50 Cavill Avenue
         Surfers Paradise, Queensland 4217
         Australia
         Web site: http://www.worrells.net.au/


GREEN AGRO: Official Assignee Named as Liquidator
-------------------------------------------------
The Official Assignee was appointed as liquidator of Green Agro
Ltd on April 26, 2006.

Contact: Official Assignee
         Insolvency and Trustee Service
         Private Bag 4714, Christchurch
         Telephone: 0508 467 658
         Web site: www.insolvency.govt.nz


HSS PTY: Wind-up Proceedings Commenced
--------------------------------------
At a meeting of the members of H.S.S. Pty Limited on March 24,
2006, it was determined that a voluntary wind-up of the
Company's business operations is appropriate and necessary.

Damien Mark Hodgkinson was nominated as liquidator.

Contact: Damien M. Hodgkinson
         Liquidator
         Pitcher Partners
         Level 3, 60 Castlereagh Street
         Sydney, New South Wales 2000
         Australia


INVERARITY NO. 38: Prepares to Distributes Assets
-------------------------------------------------
The members of Inverarity No. 38 Pty Limited had, at a meeting
on March 24, 2006, resolved to shut down the Company's
operations and distribute the proceeds of its assets.

Contact: Henry Ratajczak
         Partlett, Chave & Rowland (Western) Pty
         Suite 7, 170 George Street
         Liverpool, New South Wales 2170
         Australia


J&H GRIFFITHS: Inability to Pay Debts Prompts Wind-up
-----------------------------------------------------
At an extraordinary general meeting of J&H Griffiths Pty
Limited on March 23, 2006, members agreed to wind up the
Company's operations due to its inability to pay its debts
within 12 months.

Chris Chamberlain was named liquidator for the wind-up.

Contact: Chris Chamberlain
         Liquidator
         Suite 103, 1st Floor, Wollundry Chambers
         Johnston Street, Wagga Wagga 2650
         Australia


KNOCK ON WOOD: Liquidation Proceedings Set on May 15
----------------------------------------------------
The Commissioner of Inland Revenue, on April 4, 2006, lodged
before the High Court of Invercargill an application to have
Knock on Wood Ltd liquidated.

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

Parties wishing to appear at the hearing must file an appearance
not later than May 11, 2006.

Contact: S. N. McKenzie
         Preston Russell Law, Solicitors  
         92 Spey Street, Invercargill
         New Zealand
         Telephone: (03) 211 0080
         Facsimile: (03) 211 0079


MEDIA CORPORATION: Names Receivers and Managers
-----------------------------------------------
Messrs. Christopher John Palmer and Bryan Patrick Collis were,
on March 22, 2006, appointed as receivers and managers of all
assets and undertakings of Media Corporation Australia Limited.

Contact: Bryan P. Collis
         Christopher J. Palmer
         Receivers
         O'Brien Palmer
         Level 4, 23-25 Hunter Street
         Sydney, New South Wales
         Australia


MUSICMART PTY: Schedules Final Meeting on May 10
------------------------------------------------
The final meeting of Musicmart Pty Limited will be held on
May 10, 2006, at 11:00 a.m.

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

Contact: Leonard A. Milner
         Venn Milner & Company Chartered Accountants
         Suite 1, 43 Railway Road
         Blackburn, Victoria 3130
         Australia


NATIONAL AUSTRALIA: Lifts Interest Rates
----------------------------------------
National Australia Bank lifts its variable lending rates by
0.25% starting May 8, 2006, the Australian Associated Press
reports.

AAP says that the rise in NAB interest rates comes after the
Reserve Bank of Australia lifted the official interest rates by
25 basis points.  The Reserve Bank of Australia last week lifted
official interest rates by a quarter of one percentage point to
5.75%, the first move since March 2005.

NAB said that its standard interest rate rises to 7.57%, while
its one-year introductory rate home loan goes up by a quarter of
one percentage point to 6.24%.

Standard variable rates of more banks are expected to rise from
the current level to around 7.32% to 7.57%.

According to AAP, NAB is currently reviewing interest rates on
its other products.

More banks are expected to pass on the interest rate rise in
full to lift standard variable rates from the current level
around 7.32% to about 7.57%.

                        *     *     *  

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.


NATIONAL AUSTRALIA: Expects AU$2 Billion Net Profit in 1st Half
---------------------------------------------------------------
National Australia Bank is expected to post a first half net
profit of nearly AU$2 billion this week, before adjustments for
the new international financial reporting standards, the Sydney
Morning Herald reports.  This result is attributed to
improvements from NAB's massive restructure.

The Age notes, however, that NAB also has some unique
challenges, with a United Kingdom business and a global line of
businesses in investment products for corporate and
institutional customers.  Both have been underperforming and
analysts are keen to see signs of improvement.

According to the Australian Associated Press, the headline
figure will appear lower than that of the 2004 first half, which
was pumped up by the AU$1.1 billion profit the bank received
from the sale of its Irish banks last year.  When that profit
and other one-off items are stripped out, the prior interim
result was AU$1.87 billion.

NAB is now more than half-way through a three-year turnaround
program initiated by NAB Chief Executive Officer John Stewart,
who took the job after the bank's foreign exchange scandal, the
Sydney Herald recounts.  The bank has since been working through
4,700 job losses from its global operations, divesting non-core
businesses as well as trying to improve its image with a new
logo and staff uniforms.

The bank was subjected to downgrades after its annual results
announcement in November 2005 because brokers were disappointed
that the benefits of restructuring were not coming through
quickly enough.

                        *     *     *  

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.


PERFECT CONSTRUCTIONS: Enters Voluntary Liquidation
---------------------------------------------------
The members and creditors of Perfect Constructions and
Renovations Pty Limited decided at a meeting on March 22, 2006,
to wind up the Company voluntarily, as it cannot pay its debts
when they fall due.

Geoffrey McDonald was consequently appointed as liquidator.

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


PSP HOTELS: Members Resolve to Wind Up Firm
-------------------------------------------
The members of PSP Hotels Limited, at a general meeting on
March 25, 2006, decided to close the Company's business
voluntarily.

In this regard, Grant Andrew Slater was appointed as liquidator.

Contact: Grant A. Slater
         Liquidator
         Bentleys MRI Canberra
         Level 1, 13 London Circuit
         Canberra, Australian Capital Territory 2601
         Australia


RANDOM CACTUS: Court to Hear Liquidation on May 18
--------------------------------------------------
The High Court of Auckland will hear an application to liquidate
Random Cactus Ltd on May 18, 2006.

Pegasus Automotive Services Ltd filed the wind-up petition
before the Court on February 14, 2006.

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

Contact: Frederick Malcolm Farr
         Solicitor for the Plaintiff
         C & F Legal, Solicitors
         Level 1, 68 Achilles Ave
         Nelson, New Zealand


RESTACO PTY: To Distribute Final Dividend on May 19
---------------------------------------------------
Restaco Pty Limited will distribute its first and final dividend
on May 19, 2006.

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

Contact: G. T. Hancock
         Liquidator
         Horwath Sydney Partnership
         Level 10, 1 Market Street
         Sydney, New South Wales 2000
         Australia
         

SYDNEY GAS: Proxy Voters Approve AU$50-Million Rights Issue
-----------------------------------------------------------
Majority of proxy voters approved Sydney Gas Limited's proposal
to carry out a rights issue -- underwritten by Babcock & Brown
Securities Pty Ltd -- that underpins the company's
recapitalization plan, the Sydney Morning Herald reports.

As reported by the Troubled Company Reporter - Asia Pacific,
Sydney Gas, on April 7, 2006, unveiled a recapitalization plan
to raise up to AU$50 million through an underwritten  
shareholder rights issue, a June noteholder rights issue and
establishment of a new convertible note facility through Babcock
& Brown.  The capital raising is planned to provide Sydney Gas
with the funding required to pay its existing convertible notes,
fund its commitments under work programs agreed with joint
venture partner The Australian Gas Light Company and enhance its  
institutional shareholder base.  The recapitalization plan is
conditional upon certain matters, including shareholder
approval.

The recapitalization plan is comprised of:

   -- up to AU$34.4 million in a non-renounceable pro-rata  
      rights issue to all Sydney Gas shareholders and existing  
      June noteholders of one new share for every 2.43 shares
      or notes held; and

   -- a facility for Sydney Gas of AU$15.6 million of new
      convertible notes to be issued initially to Babcock &
      Brown.

The Australian Associated Press relates that resolutions
relating to Queensland Gas Company Ltd's failed takeover bid for
Sydney Gas were also voted on at the shareholders meeting, the
Sydney Herald says.  Proxy voters knocked back the proposal to
issue AU$30 million worth of new convertible notes to Queensland
Gas.

Queensland Gas launched a takeover bid of Sydney Gas in January
2006, which also included a financing plan for the payment of
the notes.  However, Queensland Gas' bid was rejected.

                        About Sydney Gas

Sydney Gas Limited -- http://www.sydneygas.com/-- is a major  
coal seam methane producer in New South Wales.  It is the first
CSM producer in New South Wales to be granted a Production
Lease.  Its tenements cover the major energy markets in NSW
extending across the Wollongong, Sydney and Hunter Valley
regions.  The company's key producing asset is located at Camden
and the Company is currently evaluating the upside projects at
Hunter and Merriwa.  

On November 15, 2005, Sydney Gas completed all of the
preconditions to the Joint Venture arrangements with The
Australian Gas Light Company over its development and
exploration assets in NSW, and the consideration of AU$42.25
million has been paid to Sydney Gas by AGL.  The financial close
of the joint venture arrangements with AGL completed a critical
element of the Company's strategy and saved Sydney Gas from
looming insolvency.  The Australian Securities and Investments
Commission later decided not to take further action on
allegations that Sydney Gas had breached the Corporations Act,
unless new information comes to light.  

Sydney Gas's entire board quit in December 2005 after the
Company's shares were suspended to allow it to progress its
inquiries regarding the ownership of and arrangements concerning
the exercise of rights affecting a substantial number of shares
in the Company.  

Sydney Gas has been struggling with the challenge of funding its
redemption of AU$30 million of convertible notes, with the first
tranche due on April 1, 2006, and the other due in June.  
Queensland Gas launched an AU$88-million takeover bid for Sydney
Gas, at AU$0.36 per share, together with an offer to bail the
Company out by funding the redemption of its existing notes and
issuing a new, cheaper set of notes.  Sydney Gas rejected the
Queensland Offer.


TARBRAX PTY: Liquidator to Present Wind-up Report
-------------------------------------------------
The members of Tarbrax Pty Limited will convene at a final
meeting today, May 9, 2006, in order to receive an account of
the manner of the Company's wind-up and property disposal from
Liquidator Salvatore Algeri.

Contact: Salvatore Algeri
         Liquidator
         c/o Deloitte Touche Tohmatsu
         180 Lonsdale Street, Melbourne
         Victoria 3000, Australia


TELSTRA CORPORATION: ACCC Says "No Pressure" to Complete Talks
--------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on May 5,
2006, that Telstra Corporation has warned that its negotiations
with the Australian Competition and Consumer Commission over its
planned AU$3 billion fibre-optic network will not be completed
before a cabinet meeting on May 8.

In an update, The Age relates that ACCC Chairman Graeme Samuel
said that he does not feel any pressure from the Federal
Government to quickly clear hurdles despite the Government's
desire to offload its remaining 51.8% stake in Telstra.

The Australian Associated Press says that the sale of the
Government's remaining stake in Telstra is effectively on hold
until the telco's concerns over regulations applying to its
proposed AU$3 billion "fibre-to-the-node" broadband network are
ironed out.

As reported in the TCR-AP, Telstra is currently in talks with
the ACCC over access, pricing and regulation that will apply to
its proposed broadband network.  While Telstra and the ACCC
believe that their talks on regulation for the proposed "fibre-
to-the-node" broadband investment have been productive, no
agreement had been reached in time to meet the Government's
deadline to have a broad a deal in place.

According to the TCR-AP report, the ACCC still needs to conduct
a public consultation process, which could take six to eight
weeks.  The ACCC must also write its discussion paper on the
issue and draw together the submissions on its proposals before
it made a ruling.  If competitors had serious objections, it
could compromise the sale process, putting Finance Minister Nick
Minchin's preferred October-November sale date at risk.

The AAP says that the Federal Cabinet is expected to discuss
progress on outstanding issues today, but no decision on
Telstra's sale -- expected to reap around AU$24 billion -- will
be announced this week when Treasurer Peter Costello hands down
the budget.

Mr. Samuel said that the Government has not put the ACCC under
any pressure to deal with the Telstra matter "other than in a
rigorous and objective fashion, entirely in accordance with the
legislation."

Telstra's legal action over an ACCC competition notice relating
to one of its wholesale products was also not a factor in the
talks, Mr. Samuel said.

                         About Telstra

Headquartered at Melbourne, in Victoria, Australia, Telstra
Corporation -- http://www.telstra.com.au/-- is an Australian  
telecommunications and information services company.  Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5  
million mobile services.  In September 2005, Telstra suffered an
earnings downgrade and share price fall.  The Company announced
that its earnings before interest and tax in 2005/06 are  
expected to decline by 7-10% compared to that of 2004/05 as a
result of accelerating declines in public switched telephone
network revenues and softening growth in the mobiles market due
to aggressive pricing.  Also, the political furor surrounding
Telstra has strengthened the Government's resolve to dispose of
its remaining 51% majority interest in the Company.  The
Australian Securities and Investment Commission then commenced
an investigation into Telstra in connection with the Company's
compliance with its disclosure obligations following the
earnings downgrade.  This led to a number of Telstra
shareholders and class action claimants showing anger and dismay
over the telco's behavior.  In November 2005, after a four-month
review, Telstra Chief Executive Officer Sol Trujillo announced a
major restructure of the Company, one which involves the loss of
thousands of jobs over the next five years and a massive
investment in new networks which will help deliver bigger profit
margins.


TW1 CONSTRUCTION: Bruce McCullough Named Liquidator
---------------------------------------------------
Bruce Frederick McCullough was named liquidator of TW1
Construction Limited on April 27, 2006.

Contact: B. F. McCullough
         MPower Business Consultancy Ltd
         8/F., 86 Victoria Street,
         Wellington, New Zealand
         Telephone: (04) 569 1020
         Mobile: (027) 448 0417


W&R CONCRETE: Members Agree to Liquidate Business
-------------------------------------------------
The members of W&R Concrete Pumping Pty Limited met on March 22,
2006, and decided to liquidate the Company's operations

Maris Andris Rudaks was also appointed as liquidator for the
wind-up.

Contact: Maris A. Rudaks
         Liquidator
         Maris Rudaks & Associates Chartered Accountants
         Level 2, 99 Frome Street
         Adelaide, South Australia 5000
         Australia
         Telephone: (08) 8236 1500
         Fax: (08) 8236 1555


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

ABSA BANK: Members Appoint Liquidators
--------------------------------------
By the virtue of a Special Resolution passed on April 7, 2006,
by the Absa Bank (Asia) Limited, Thomas Andrew Corkhill and Iain
Ferguson Bruce were appointed as the Company's joint and several
liquidators.

Contact: Thomas Andrew Corkhill
         Iain Ferguson Bruce
         Liquidators
         8th Floor
         Gloucester Tower
         The Landmark
         11 Pedder Street
         Central, Hong Kong


ASIA TIME TECHNOLOGIES: Winding-up Hearing Set on May 10
--------------------------------------------------------
The High Court of Hong Kong, on March 8, 2006, received a
petition from Boris Frederiksen, the Trustee in Bankruptcy of
Solid Tradings, to wind up Asia Time Technologies Ltd.

The Court is set to hear the petition at 9:30 a.m. on May 10,
2006.

Parties wishing to attend must send a notice of intention to the
Liquidator not later than 6:00 p.m. on May 9, 2006.

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


ATOLL EQUITY: Winding Up Process Commenced
------------------------------------------
Atoll Equity Ventures (Asia Pacific) Limited will undergo a
winding-up by virtue of a special resolution passed by
shareholders on April 7, 2006.

Gregg Hugh Hutchison, who was appointed liquidator on the same
day, will oversee the Company's liquidation process.

Contact: Gregg Hugh Hutchison
         Liquidator
         59 Renfield Drive
         Princeton, New Jersey 08540
         United States of America


BONWIN INDUSTRIES: Faces Winding-up Proceedings
-----------------------------------------------
On March 27, 2006, the High Court of Hong Kong received an
application from Ever China Petrochemical Company Ltd to wind up
Bonwin Industries Limited.

The High Court will hear the Petition on June 7, 2006, at
9:30 a.m.   

Any person who wishes to appear on the hearing of the
application must file an appearance not later than June 6, 2006.   

Contact: Henry Wan & Yeung
         Solicitors for the Petitioner
         68 Connaught Road Central
         Hong Kong


CASINO SERVICES: Yeung and Chung Cease to Act as Liquidators
------------------------------------------------------------
Yeung Betty Yuen and Chung Miu Yin ceased to act as joint and
several liquidators of Casino Services Limited on April 20,
2006.

Contact: Yeung Betty Yuen
         Chung Miu Yin, Diana
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


CHINA URBAN: Chan Man Hin Ceases to Act as Liquidator
-----------------------------------------------------
Chan Man Hin, Frederick ceased to act as liquidator of China
Urban Land Institute Limited on April 8, 2006.

Contact: Chan Man Hin, Frederick
         Suite 801, Bank of America Tower
         12 Harcourt Road, Central
         Hong Kong


EVER FOCUS: Enters Voluntary Liquidation
----------------------------------------
On April 10, 2006, the High Court of Hong Kong issued a winding
up order against Ever Focus Development Limited.

Subsequently, Au Yeung Po Ying was appointed as liquidator.

Contact: Au Yeung Po Ying
         Liquidator
         Unit 1602-3, 16th Floor
         Yue Xiu Building
         160-174 Lockhart Road
         Wanchai, Hong Kong
    

FORM PASS: Creditors Meet to Discuss Wind-up
--------------------------------------------
Creditors of Form Pass Sanki Limited scheduled a meeting on
May 3, 2006, to discuss about the Company's wind-up.

The meeting was held at 805 Capitol Centre, 5-19 Jardine's
Bazaar, Causeway Bay, Hong Kong.


GREENLAND MANUFACTURE: Liquidator Ceases to Act for the Company
---------------------------------------------------------------
Lin Lai Har Wendy, former Joint and Several Liquidator of
Greenland Manufacture Limited, stepped aside on April 11, 2006.

Contact: Lin Lai Har Wendy
         Former Liquidator
         1301 Eton Tower
         8 Hysan Avenue
         Causeway Bay
         Hong Kong


HONOUR FUTURES: Faces Voluntary Wind-up Proceedings
---------------------------------------------------
A special resolution was passed at a meeting on April 11, 2006,
to voluntarily wind up Honour Futures Limited's operations.

Bernard Pun Wing Mou was subsequently appointed as official
liquidator.

Contact: Bernard Pun Wing Mou
         45th Floor, Sun Hung Kai Centre
         30 Harbour Road
         Hong Kong


HOSEN INVESTMENTS: Creditors and Contributors Meeting Set May 16
----------------------------------------------------------------
Creditors and contributories to Hosen Investments Limited will
meet separately for its first meeting at 11/F., China Hong Kong
Tower, 8 Hennesy Road, Hong Kong on May 16, 2006.

Creditors will meet at 3:00 p.m. Contributories will meet at
4:00 p.m.


HUNG FAI: Picks Au Yeung Po Ying as Liquidator
----------------------------------------------
On April 10, 2006, Au Yeung Po Ying was appointed to facilitate
the liquidation of Hung Fai Handbag Plastic Products Co.
Limited's assets.

Contact: Au Yeung Po Ying
         Liquidator    
         Unit 1602-3, 16th Floor
         Yue Xiu Building
         160-174 Lockhart Road
         Wanchai, Hong Kong


JINTAI COMPANY: Eyles And Wah Cease to Act as Liquidators
---------------------------------------------------------
Michael Roger Eyles and Fan Winnie Chui Wah ceased to act as
joint and several liquidators of Jintai Company Limited on
April 10, 2006.

Contact: Michael Roger Eyles
         Fan Winnie Chui Wah
         Suite 905, 9th Floor Centre Point
         181-185 Gloucester Road
         Wanchai, Hong Kong


LUEN TAI: Mr. Lin Cease to Act as Liquidator
--------------------------------------------
Lin Lai Har Wendy, former Liquidator of Luen Tai Catering
Enterprises Limited, ceased to act in behalf of the Company from
April 11, 2006.

Contact: Lin Lai Har Wendy
         Former Liquidator
         1301 Eton Tower
         8 Hysan Avenue
         Causeway Bay
         Hong Kong


NEW WORLD TRAVEL: Members Opt for Voluntary Liquidation
-------------------------------------------------------
Members of New World Travel (GSA) Limited convened on March 6,
2006, and decided to voluntarily wind up the Company's
operations.

Subsequently, Cheng Chi Pang was appointed as liquidator.

Contact: Cheng Chi Pang
         Liquidator
         Room 1428
         New World Tower 1
         18 Queen's Road Central
         Hong Kong


PUI FAT ENTERPRISES: Liquidatores Step Aside
--------------------------------------------
Roger Thomas Best and Alan Russel Powrie, former liquidators of
Pui Fat Enterprises Ltd, ceased to act for the Company on
February 22, 2006.


QUANTUM NETWORKS: Court Fixes Wind-up Petition Hearing Date
-----------------------------------------------------------
The High Court of Hong Kong, on March 8, 2006, received a
petition from Boris Frederiksen, the Trustee in Bankruptcy of
Network Tradings, to wind up Quantum Networks Asia Pacific Ltd.

The Court is set to hear the petition at 9:30 a.m. on May 10,
2006.

Parties wishing to attend must send a notice of intention to the
Liquidator not later than 6:00 p.m. on May 9, 2006.

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


RESOUND LIMITED: Appoints Official Liquidators
----------------------------------------------
At Resound Limited's meeting held on April 7, 2006, members
resolved to appoint Jacky Chung Wing Muk and Edward Simon
Middleton as official liquidators.

Contact: Jacky Chung Wing Muk
         Edward Simon Middleton
         Joint and Several Liquidators
         8/F., Prince's Building
         10 Chater Road, Central
         Hong Kong          


RUSSET PROPERTY: Enters Voluntary Liquidation
---------------------------------------------
After a meeting on April 3, 2006, the members of Russet Property
Investment Limited decided to voluntarily wind up the Company's
operations.

Subsequently, Chung Wah Sang, Welson, was named as liquidator to
oversee the wind-up process.

Contact: Chung Wah Sang, Welson
         Liquidator
         Suite 980, Guinness Tower
         1055 West Hastings St.
         Vancouver BC, Canada


TOMAX TRADING: Winding-up Hearing Slated for June 7
---------------------------------------------------
The Uni-Well Holdings Limited, on March 31, 2006, presented a
petition to wind up Tomax Trading Company Limited.

The Petition will be heard before the High Court of Hong Kong
Special Administrative Region on June 7, 2006, at 9:30 a.m.

Parties wishing to attend must send a notice of intention to the
Liquidator not later than 6:00 p.m. on June 6, 2006.

Contact: C.K. Mok & Co.
         Solicitors for the Petitioner
         1/F., O.T.B. Building
         No. 259-265 Des Voeux Road Central
         Hong Kong  


SCHLUMBERGER TELCO: Members OK Liquidators' Appointment
-------------------------------------------------------
Members of Schlumberger Telco Business Continuity Services
Limited convened April 7, 2006, and agreed to wind up the
Company's operations.

Natalia K. M. Seng and Susan Y. H. Lo were appointed as joint
and several liquidators at a creditors' meeting held later that
day.

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


UNION MANAGEMENT: Liquidators Leave Post
----------------------------------------
Union Management Limited released Nicholas Timothy Cornforth
Hill and Cosimo Borrelli as joint liquidators of the Company on
February 22, 2006.


UNION RESOURCES: Court Appoints Joint Liquidators
-------------------------------------------------
The Court of First Instance, on April 25, 2006, ordered the
appointment of Kennic Lai Hang and Lau Wu Kwai King as joint and
several provisional liquidators of Union Resources (Educational
Development) Limited.


WANTED LIMITED: Winding-up Hearing Set on June 21
-------------------------------------------------
The Apparel Manufacturing Group Limited, on April 20, 2006,
presented a petition to wind up Wanted (Far East) Limited.

The Petition will be heard before the High Court of Hong Kong
Special Administrative Region on June 21, 2006, at 9:30 a.m.

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

Contact: Li, Wong & Lam
         Solicitors for the Petitioner
         Suite 908, 9th Floor, One Pacific Place
         88 Queensway, Hong Kong
         Phone: 3181 6600
         Fax: 3181 6633


YI ALLIANCE: To Hold First Meetings on May 24
---------------------------------------------
Creditors and contributories to Yi Alliance Limited will meet
separately for its first meeting at 18/F., Henley's Building, 5
Queen's Road Central, Hong Kong on May 24, 2006.

Creditors will meet at 3:00 p.m. Contributories will meet at
5:00 p.m.


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

BHARAT PETROLEUM: Court Orders Firm to Pay LPG Blast Damages
------------------------------------------------------------
A local court has ruled that Bharat Petroleum Corporation
Limited and its dealer, Bharat Gas Service, are guilty of
negligence for supplying a faulty cooking liquefied petroleum
gas cylinder that exploded at a wedding function, The Telegraph
relates.

In this regard, Bharat Petroleum and Bharat Gas were ordered to
pay INR5.5 lakh for damages caused by the LPG blast that killed
two persons and injured a girl on February 16, 1999.

The order came following three complaints filed by LPG consumer
Dharam Pal, Ashok and a minor girl Preeti, who lost an ear in
the fire, which broke out at Mr. Pal's house.

Holding both companies guilty of supplying the defective
cylinder, the Delhi State Consumer Disputes Redressal Commission
directed Bharat Petroleum to pay a compensation of INR2 lakh
each to Mr. Pal and Mr. Ashok and awarded INR1 lakh to Preeti.  
Bharat Gas was asked to pay INR50,000.

The Commission rejected the contention of the companies that the
incident took place due to the negligence of the victims.

                     About Bharat Petroleum

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

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


JIK INDUSTRIES: Names Additional Director
-----------------------------------------
JIK Industries Limited's board of directors, at a meeting on
April 27, 2006, appointed Shri Kartik K Kodia as additional
director.

At the meeting, the Board approved the Company's Unaudited
Financial Results for the quarter ended March 31, 2006, as well
as the proposed preferential allotment of shares.

                      About JIK Industries

Headquartered in Mumbai, India, JIK Industries Limited
-- http://www.jikindustriesltd.com/-- manufactures handmade  
non-lead crystalware segment and is the only organized player in
the country.  JIK has had over seven years of experience in
manufacturing and marketing crystal.  Its products include
crystal glassware such as, glass tumblers, bowls, stemware,
showpieces, vases, etc, manufactured at Balkum, Thane,
Maharashtra.  The company had collapsed following accidents at
its chemical waste recycling plant and at its crystal-making
unit.  The Company, which had diversified interests -- crystal
making, money changing and chemical waste recycling -- was
forced to exit the money changing business after its net worth
was eroded.  Under the Reserve Bank of India stipulations
companies whose net worth was eroded were not allowed to
continue in the money changing business.    

On April 17, 2006, the Corporate Debt Restructuring Committee
has approved JIK's debt-restructuring package. The CDR package
has entitled the Company to a INR105-million debt waiver, in
addition to the reduction in loan interest rate to 9% and FITL
interest rate to 6%.  The package allowed the Company to
complete the major part of its debt and business restructuring.  
So far, the Company's chemical division is shelved closed and
discontinued as whole.  Post restructuring, the Company will
remove and reduce approximately 48% of outstanding debt and
increase Share Capital and Network.  


NATIONAL TEXTILE: Court Allows Demolition of Heritage Sites
-----------------------------------------------------------
The Bombay High Court has permitted National Textile Corporation
to demolish nine proposed heritage structures in three of its
mills, New Kerala News reports.  The Court, however, restrained
private mills from pulling down any of the 23 listed structures
in their compounds.

Justice HL Gokhale and Justice SR Dongaonkar passed the order at
a hearing on the petition filed by the Indian National Trust for
Art and Heritage Culture and journalist Darel D'Monte,
highlighting the need to preserve heritage structures in mill
lands, New Kerala says.

According to the report, the Court allowed the demolition of the
nine structures as National Textile is bound to hand over these
mills to Mhada and Brihan Mumbai Corporation as per an earlier
development plan.

However, the Court said that the remaining 91 structures -- 68
on National Textile lands and 23 on private mill lands -- must
not be demolished until the State Government decides on their
heritage status.

The list has been published by the Brihanmumbai Municipal
Corporation.  The Court, on May 5, 2006, directed the BMC to
submit its report to the State Government within three months
from May 22, the last date for receiving objections and
suggestions, Daily News and Analysis India reveals.

The State Government has been asked to finalize the list of
heritage structures within two months of receiving the BMC
report, DNA adds.

               About National Textile Corporation

Headquartered in New Delhi, India, National Textile Corporation
Ltd -- http://texmin.nic.in/-- is the single largest textile  
central public sector enterprise under Ministry of Textiles
managing 52 textile mills through its nine subsidiary companies
spread all over India.  The strength of the group is around
22000 employees.  The annual turnover of the Company in the year
2004-05 was approximately INR638 crores.  In 2002, the Board for
Industrial and Financial Reconstruction approved the revival of
53 viable mills and closure of 66 unviable mills.  National
Textile is in the process of a major restructuring.  A new
corporate plan is under formulation for repositioning of the
organization by merging all its nine subsidiaries into one
holding company.


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

PERTAMINA: To Submit Development Plan for Cepu Block Next Week
--------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific has reported on
April 10, 2006, that Exxon Mobil Corporation and PT Pertamina
have signed a Joint Operating Agreement in March 2006 for the
development of the Cepu oil block located in East and Central
Java.  

The TCR-AP stated that the signing of the agreement follows the
execution of the Cepu Cooperation Contract in September  
2005, and enables the parties to begin the activities and make
the investments required to develop the discovered resources and
further explore the block during the contract's 30-year term.

In an update, AFX News relates that Pertamina EP general manager
Estu Bagyo told reporters the parties' subsidiaries, PT
Pertamina EP and Mobil Cepu Ltd., will submit their plan for the
Cepu Block's development to Indonesia's oil and gas upstream
regulator, BP Migas, by next week.

Under the plan, contractors will drill 40 wells, comprising 36
development wells and four exploration wells, at the giant oil
block.

Pertamina is targeting to begin production by end 2008 or early
2009, with peak output seen at 160,000 barrels per day or nearly
16% of Indonesia's current nationwide output.

Located in East and Central Java, Cepu's five oil fields hold
estimated reserves of 600 million barrels of oil and 1.7
trillion cubic feet of gas.

                       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.


PERTAMINA: To Up June Gasoline Imports To Boost Reserves
--------------------------------------------------------
State-owned oil and gas company PT Pertamina will import between
7.4 million and 7.9 million barrels of gasoline next month to
boost its reserves, Dow Jones reports, citing company director
Achmad Faisal.

Last month, Pertamina imported 7.4 million barrels of petroleum
products.

Mr. Faisal added that the increase in gasoline reserves would be
sufficient enough to cover 20 days of consumption compared with
the current 16 days.

Indonesia, the Organization of Petroleum Exporting Countries'
only East Asian member, was a net crude oil importer for several
months in 2004.

                      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
=========

AIFUL CORPORATION: To Delay Release of Report to May 16
-------------------------------------------------------
Aiful Corporation will postpone the release of its financial
earnings report due to a temporary suspension of the operations
of its branches nationwide, Dow Jones reports.

As reported by the Troubled Company Reporter - Asia Pacific on
April 21, 2006, the Financial Services Agency had, on April 14,
ordered the Company to close all of its branches for three to as
much as 25 days starting May 8 as punishment for intimidation
and other unacceptable collection practices.  The agency ordered
five Aiful outlets, where it found illegal practices, to be
barred from operation, such as soliciting new customers and
lending, for 20 to 25 days, whereas all other outlets would be
closed for three days.

According to an unnamed Company spokesman, Aiful was originally
slated to disclose its earnings report on May 9, 2006, but it
decided to postpone the release to May 16, 2006, since Aiful
president Yoshitaka Fukuda will meet with company employees to
direct them to prevent a repeat of the illegal practices, and
hence would be unable to attend the earnings press conference,
Dow Jones says.

Aiful Corporation -- http://www.ir-aiful.com/english/-- is the  
largest Japanese consumer finance company. The Company provides
financial services such as unsecured/non-guaranteed loans and
commerical/real estate collateral loans.  Currently the company
is based in Kyoto and has annual profits of close to JPY100
billion on over JPY2 trillion worth of loans.


JAPAN AIRLINES: Teams with China Eastern in Cargo Business
----------------------------------------------------------
Japan Airlines seeks to partner with China Eastern Airlines in
cargo operations, as the Japanese carrier expects China's
freight business to expand, Agence France Presse reveals.

In the tie-up, JAL will fly its planes to Shanghai, China, where
it would then transfer the cargo onto its domestic cargo
flights.  By teaming up with China Eastern, JAL would be able to
deliver cargo to 10 Chinese cities, such as Chengdu and Fuzhou.  

JAL's partnership with China Eastern is in line with its
business plan to expand its cargo business.

JAL expects its annual sales for Chinese cargo operations to
rise by 70% to JPY75 billion by March 2011, AFP News adds.

                     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: Offers 1,250 Vehicles for World Cup in Germany
-------------------------------------------------------------
Hyundai Motor Co. has provided 1,250 Hyundai vehicles at the
World Cup stadium in Frankfurt, Germany, TMCnet reports.

According to the report, Hyundai has delivered last week a fleet
of cars including the Eguus, Grandeur, Sonata, San Fe and the
Trajet models for the FIFA and German soccer officials.

An unnamed company official said that the media exposure on the
Hyundai brand would help boost the automaker's image and
quality.

Hyundai Motor is the only official automobile sponsor of the
World Cup.  It signed a contract with FIFA in 2005 as one of 14
official partners of the biggest football gala.  Its sponsorship
contract holds until 2014.

                       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
===============

APEX EQUITY: Repurchases 17,200 Shares for MYR9,353
---------------------------------------------------
Apex Equity Holdings Berhad, on May 5, 2006, bought back 17,200
ordinary shares of MYR1.00 each for a total cash consideration
of MYR9,352.87.

The minimum price paid for each share purchased was MYR0.535 and
the maximum was MYR0.545.

After the purchase, the cumulative outstanding treasury shares
have reached 3,179,800.

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, 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: Unit Averts Wind-Up
-------------------------------
The winding up petition against Ayer Hitam Tin Dredging Malaysia
Berhad's wholly owned subsidiary, Pembinaan AHT Sdn Bhd, had
been withdrawn with no order as to costs on April 25, 2006.

The Troubled Company Reporter - Asia Pacific recounts that a
wind-up petition against Pembinaan was presented at the High
Court of Malaya at Kuala Lumpur on July 4, 2005, and was later
served on the Company by Messrs Lim & Yeoh on behalf of
petitioners Kwong Ngai Cheung and Ho Yoke Shih Ho Yoke Har.

The Petitioners asserted a MYR65,453 claim, on account of money
due and owed by Pembinaan as of December 16, 2004.  The claim
was pursuant to the Judgment dated May 17, 2004, obtained
against Pembinaan, which consists of the principal sum of
MYR53,599, and its interest at an 8% rate per annum calculated
from June 26, 2002, until the date of full settlement and costs
-- totaling MYR1,234.

The Claim covers Pembinaa's unpaid sum on the late delivery of
vacant possession and common facilities of two units of
properties -- shop and office -- at Taman Juara Jaya in Balakong
pursuant to Sale and Purchase Agreements dated October 31, 1996,
signed between Pembinaan and the Petitioners.  The debt arose
due to insufficient fund available to Pembinaan.  The
Petitioners had demanded the outstanding debt to be paid
immediately.

Pembinaan has instructed its solicitors to resist the wind-up
petition.

       About Ayer Hitam Tin Dredging Malaysia Berhad

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.  On
August 17, 2005, the Company unveiled a Proposed Restructuring
Scheme to save the business.  Yet, the Securities Commission
rejected the Plan after determining that it is not a
comprehensive proposal capable of resolving all the financial
issues faced by the Company.  The Company's Board is still
deliberating on its next course of action.  


BIMB HOLDINGS: Plans to Amend Articles of Association
-----------------------------------------------------
BIMB Holdings Berhad intends to amend its existing Article 2,
Article 5, Article 21(d) and Article 27 of the Articles of
Association.

The purpose of the amendments is to further increase the
liquidity of BIMB Holdings shares in the market in conjunction
with its proposed rights issue.  The Proposed Amendments will
also facilitate the removal of moratorium endorsement of BIMB
Holdings shares held by certain government agencies and
Bumiputra institution, and will allow the shareholders to deal
in their respective shares held under the restriction, which
will improve the liquidity of BIMB Holdings shares.

Meanwhile, the amendment of Article 27 will enable the potential
strategic investors to subscribe for the Restricted Issue Shares
pursuant to the Proposed Restricted Issue to facilitate the
recapitalization of Bank Islam Malaysia Berhad, a wholly owned
subsidiary of BIMB Holdings.

Bank Negara Malaysia vide its letter dated May 4, 2006, did not
indicate any objection to the Proposed Amendments.

The Proposed Amendments are conditional upon shareholders'
approval.

                  About BIMB Holdings

Headquartered in Kuala Lumpur, Malaysia, BIMB Holdings Berhad
-- http://www.bankislam.com.my/-- is an investment holding  
company, which operates along Islamic principles.  The Company
was incorporated in Malaysia on March 20, 1997, and was listed
on the Main Board of the Kuala Lumpur Stock Exchange on
September 16 in the same year.  Core subsidiaries of the Group
are involved in various Islamic financial service activities
including banking, stock-broking, leasing and other related
services.  The Bank has incurred substantial losses since 2000
due to huge financing costs and high provisions for loss-making
offshore units.


CHG INDUSTRIES: Fails to Submit Accounts for Public Disclosure
--------------------------------------------------------------
CHG Industries Berhad has failed to submit its Annual Audited
Accounts together with the auditors' and directors' report for
the financial year ended December 31, 2005, to Bursa Malaysia
Securities Berhad for public release within a period not
exceeding four months from the close of the financial year,
which was due on April 30, 2006.

The Troubled Company Reporter - Asia Pacific recounts that on
April 6, 2006, the Securities Commission has rejected the
Company's proposed Debt and Corporate Restructuring Scheme.  On
April 10, 2006, the Company disclosed its intention to appeal
the SC's decision on the proposals.  

Pending the outcome of the appeal, CHG would not be able to
conclude its preparation of its 2005 Annual Audited Accounts on
a going concern basis.  The date of submission of the
outstanding accounts, therefore, will hinge on the outcome of
the appeal.

Pursuant to the Bursa Malaysia Securities Listing Requirements,
if a listed issuer fails to issue the outstanding Financial
Statements within six months from the expiry of the relevant
timeframes, in addition to any enforcement action that Bursa
Securities may take, de-listing procedures will be commenced
against that listed issuer.

                  About CHG Industries Berhad

Headquartered in Selangor Darul Ehsan, Malaysia, CHG Industries
Berhad -- http://www.chg.com.my/-- is an investment holding  
company listed on the Main Board of the Kuala Lumpur Stock
Exchange, Malaysia.  It is the parent company of the CHG
Industries Group, whose principal activity is in the
manufacture, distribution and export of plywood, LVL (Laminated
Veneer Lumber) and other veneer products.  The Company's woes
started when it defaulted on loan facilities in 1999.  CHG
Industries, on June 3, 2004, entered into an agreement with
Linmax Group Sdn Bhd to undertake a corporate and debt
restructuring exercise, which involves a capital reduction, the
injection of fresh assets and a transfer of its listing status.   
The plywood and veneer product maker will be transformed into a
mechanical and engineering company through the injection of the
assets of Linmax Group Sdn Bhd.  CHG said the restructuring via
Linmax will enable its existing shareholders to participate in
Linmax, which has income-generating assets, and keep the company
listed on the local bourse.  The proposed restructuring scheme
had been expected to be completed this year.  However, the
Securities Commission on April 6, 2006, rejected the Company's
restructuring scheme because the Proposals do not provide the
appropriate benefits to the shareholders of CHG.  The Company is
currently preparing its appeal of the Securities Commission's
decision rejecting its proposed debt and corporate restructuring
scheme.


HO WAH: To Hold 13th Annual General Meeting on May 31
-----------------------------------------------------
Ho Wah Genting Berhad will hold its 13th Annual General Meeting
at the Banquest Hall, Kuala Lumpur Golf & country Club, No. 10,
Jalan 1/70D, Off Jalan Bukit Kiara, in Kuala Lumpur on May 31,
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 year ended December 31, 2005,
      together with the Directors' and Auditors' reports;

   -- to approve the payment of Directors' Fees of MYR60,000
      for the financial year ended December 31, 2005;

   -- to re-elect retiring directors

      * Goh Sin Huat;
      * Lim Ooi Hong; and
      * Teo Tiew;

   -- to appoint Russel Bedfors LC & Company as the Company's
      auditors in place of retiring auditors KPMG and to
      authorize the Directors to fix their remuneration; and

   -- to transact ay other ordinary business for which due
      notice has been given.

                   About Ho Wah Genting Berhad

Ho Wah Genting Berhad's principal activities are the manufacture
of moulded power supply cord sets and cable assemblies for
electrical and electronic devices and equipment.  Other
activities include operation of hotel, casino, resort,
entertainment and leisure activities, manufacture of wires and
cables, investment holding and provision of management services.   
Operations are carried out in Asia and North America.  In 2004,
the Company was served with a wind-up petition from United
Overseas Bank Limited in connection with the US$2.5-million
balance the Company owed to UOB as of September 17, 2001.  Ho
Wah Genting came out of its first restructuring program in 2000.  
However, continuous losses promoted the Company to propose
another restructuring scheme, which was approved by the
Singapore High Court in July 2004.


MBF HOLDINGS: SC OKs Appointment of Independent Adviser
-------------------------------------------------------
The Securities Commission, on May 4, 2006, approved the
appointment of Public Merchant Bank as an independent adviser to
the independent directors and minority shareholders of MBf
Holdings Berhad.

The appointment is in respect of pre-trial case management of
the Kuala Lumpur High Court suit between MBf Holdings Group and
MBf Leasing Sdn Bhd.

As reported by the Troubled Company Reporter - Asia Pacific on
May 5, 2006, the pre-tial case management between the two
parties has been adjourned to June 12, 2006.  The hearing was
postponed pending the decision on the MBf Holdings group's
appeal against the order of the Court striking out the portion
of the claim in a suit which as also been fixed for hearing on
June 12, 2006.

The TCR-AP earlier reported that the MBF Holdings group has been
granted orders on Oct. 25, 2005, striking out the position of
the claim in the suit that relates to a settlement agreement
between the parties.

The TCR-AP recounts that in October 2004, MBf Holdings, together
with its subsidiaries, lodged with the High Court of Malaya at
Kuala Lumpur, a request for an injunction against MBf Leasing,
restraining it from presenting, advertising or prosecuting a
winding up petition against the MBf Holdings group.

Together with MBf Holdings, the subsidiary-plaintiffs are:
     
     * Alamanda Development Sdn Bhd;
     * MBf Trading Sdn Bhd;
     * MBf Automobile Sdn Bhd; and
     * MBf Printing Industry Sdn Bhd

The injunction application was made following a notice served by
MBf Leasing against MBf Holdings on September 10, 2004, in
respect of a debt owed by Alamanda, MBf Property Services Sdn
Bhd, which was purportedly guaranteed by the Company.  
Subsequently, the MBf Leasing also issued letters of demand to
the Company as principal debtor/guarantor and to its
subsidiaries as principal debtors for facilities granted to its
subsidiaries.  

Without prejudice to MBf Holdings' rights at law, the company
negotiated with MBf Leasing to settle the matter amicably.  

                       About MBf Holdings

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

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


PANTAI HOLDINGS: Lists and Quotes Additional Shares
---------------------------------------------------
Pantai Holdings Berhad's additional 354,600 new ordinary shares
of MYR1.00 each arising from the Exercise of Warrants will be
granted listing and quotation today, May 9, 2006.

The Company will also list 71,700 new ordinary shares of MYR1.00
each issued pursuant to the Company's Employees' Share Option
Scheme.

                  About Pantai Holdings Berhad

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


PANTAI HOLDINGS: Intends to Pay Dividend on June 15
---------------------------------------------------
Pantai Holdings Berhad will be distributing its 20th dividend at
a rate of 2% per share less income tax of 28%.

Creditors are required to lodge their proofs of claims until
June 1, 2006.

                  About Pantai Holdings Berhad

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


PARK MAY: Proposes to Renew Shareholders' Mandate
-------------------------------------------------
Park May Berhad had, at its 32nd Annual General Meeting on
June 28, 2005, obtained its shareholders' mandate for recurrent
related party transactions of a revenue or trading nature.  The
shareholders' mandate will expire at the Company's forthcoming
33rd AGM to be convened no later than June 30, 2006.

In view of the frequent nature of the recurrent transactions,
the Company intends to seek approval for the proposed renewal of
the shareholders' mandate and to seek a proposed new mandate for
additional transactions at the forthcoming AGM.

The Circular to Shareholders containing information on the
transactions is subject to the approval of Bursa Malaysia
Securities Berhad and will be sent to the shareholders of the
Company in due course.

                     About Park May Berhad

Headquartered in Kuala Lumpur, Malaysia, Park May Berhad
-- http://www.parkmayberhad.com/-- provides public bus  
transportation in Peninsular Malaysia, categorized as stage bus
and express bus.  Its other activities include operation and
construction of light rail transit system, trading and property
holding, and investment holding and managing operation.
The Company has defaulted in its payment of monthly interest of
MYR1.1 million on its MYR135.6 million Combined and Converted
Short Term Loan Facility due on April8, 1999.  On December 30,
1999, the Corporate Debt Restructuring Committee successfully
assisted Park May Berhad to finalize a debt restructuring scheme
with its lenders and main suppliers involving debt outstanding
as at even date of MYR146 million.  On April 17, 2000, the
Securities Commission approved Park May's Proposals.  On
February 28, 2003, Park May registered a deficit in
shareholders' equity on a consolidated basis of MYR23.17
million, making it an affected listed issuer under Bursa
Malaysia Securities' Practice Note 4 category. As an Affected
Listed Issuer, the Company is required to regularize its
financial condition.


PSC INDUSTRIES: High Court Allows Ambank's Claim
------------------------------------------------
The Senior Assistant Registrar of Kuala Lumpur High Court had,
on May 4, 2006, allowed Ambank (M) Berhad's application for
summary judgment with costs against PSC Industries Berhad and
Penag Shipbuilding & Construction Sdn Bhd.

The companies will be filing an appeal against the decision
within 14 days.

The Troubled Company Reporter - Asia Pacific recounts that on
April 15, 2005, PSC Industries received a letter of demand from
Ambank Berhad for the repayment of an aggregate amount of
MYR3,157,432.31 as of March 31, 2005, under a term-loan
facility.

                   About PSC Industries Berhad

PSC Industries Berhad's principal activities are shipbuilding
and ship repairing. It is also involved in heavy engineering
construction, provision of shipping management services,
manufacturing of aluminium fast passenger sea ferries, supplies
equipment and machineries, marketing and distributing Exocet
Weapon system, manufacturing of confectioneries, snack food and
related products, general trading, power plant construction and
its support activities, printing, property development, and
property and investment holding.  The Group operates in
Malaysia, Australia and the Republic of Ghana.  The Company is
currently evaluating various issues in formulating a
regularization plan for the Group pursuant to Practice Note
17/2005.  The Company is monitoring its financial and operating
performance closely to improve its financial solvency.


POLYMATE HOLDINGS: Fixes 10th Annual General Meeting on May 30
--------------------------------------------------------------
The Tenth Annual General Meeting of Polymate Holdings Berhad
will be held at Skyroom, 15th Floor, Federal Hotel Kuala Lumpur,
No. 35 Jalan Bukit Bintang, in Kuala Lumpur, on May 30, 2006, at
3:00 p.m.

At the meeting, members will be asked:

   -- to receive the company's Audited Financial Statements
      for the financial year ended September 30, 2005,
      together with the Directors' and Auditors' reports.

   -- to re-elect Directors;

      * Tio Sian Pah @ Teo Siam Pah
      * Sonny Cheah Lai Shin
      * Ei Kim Hock

   -- to re-appoint Ahmad Abdullah & Goh as Auditors of the
      Company and to authorize the Directors to fix their
      remuneration; and

   -- to transact any other business of which due notice will
      be given.

                 About Polymate Holdings Berhad

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


PROTON HOLDINGS: In Tie-up Talks with Peugeot
---------------------------------------------
Proton Holdings Berhad is in talks with French carmaker PSA
Peugeot Citroen to collaborate on the development and
manufacture of new models, The Star Online reveals.

The talks between Proton and PSA are believed to involve the
development of a car for the Southeast Asian market that can be
marketed either as a Proton or a Peugeot/Citroen, the Edge Daily
says.

PSA may eventually take up an equity stake in Proton, it said,
adding that senior management of both companies have met and are
likely to sign a memorandum of understanding in a few months.

According to The Star, Proton's shareholders and the Malaysian
Government had resumed partnership talks with Germany's
Volkswagen AG.  In January 2006, the German firm pulled out of a
joint venture plan with Proton after it failed to win control of
the Malaysian firm.

Volkswagen, the world's fourth-largest car manufacturer, had
been seen as essential to Proton's survival in helping it fend
off foreign competition, analysts told The Star.

Meanwhile, The Edge says that Proton and Volkswagen may be
looking into setting up a new company, which will jointly
develop models that will be branded as Protons and sold in the
domestic, Southeast Asian and Indian markets initially.

Proton will have a 49% equity stake in the new firm and
Volkswagen 51%, with Proton injecting its manufacturing,
engineering and sales divisions into it.

                     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 was among Malaysia's
worst-performing companies in 2005, after competition from
foreign carmakers and a lack of new models lost the firm local
market share and subsequently led it into a loss.  It has since
brought in a new chief, sold its loss-making MV Agusta motorbike
firm and pledged to find a new technology partner.  The Company
has been under increasing pressure, with its share of domestic
sales falling to 44% from 75% over the past decade.

The Troubled Company Reporter - Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner by the end of this
year.


SETEGAP BERHAD: Delays Submission of Audited Financial Report
-------------------------------------------------------------
Setegap Berhad has yet to issue its Audited Financial Statements
for the year ended December 31, 2005, which is due on April 28,
2006.

The Company explained that the delay is due to the fact that the
2005 Audited Financial Statement is still being finalized by the
auditors.

The consequences of non-compliance of the requirement under the
Bursa Securities Listing Requirements may result in the Company
being suspended or delisted by Bursa Malaysia Securities Berhad.

                      About Setegap Berhad

Headquartered in Petaling Jaya, Malaysia, Setegap Berhad's
principal activities consist of the construction and maintenance
of roads, railways and building, including services rendered on
quarrying.  The Company's other activities include manufacturing
and selling offroad construction equipment, asphalt plants,
mixing plants, asphalt emulsions and premix.  The Group also
provides mechanical and electrical services, leases machinery
and investment holding.  

Tight policies implemented by the Government in containing the
effect of the financial crisis in 1997/98 had affected certain
sectors of the economy, including the construction and property
sectors.  As a result, the Setegap's cash flow and profitability
were adversely affected.  In August 1999, Setegap had sought the
assistance of the Corporate Debt Restructuring Committee on the
restructuring of its debts, as well as those of certain of its
subsidiaries' debts, aggregating MYR95.29 million.  The Company
had, in October 2000, entered into a debt restructuring
agreement with its creditors.  

As an integral part of the Company's debt restructuring scheme
at that time, the Company proposed a rights issue of Setegap
Shares, a restricted issue of shares in Setegap and a private
placement to raise fresh equity capital to pay its financial
obligations.  However, in light of the bearish market conditions
that had adversely affected the Company's share price between
2000 and 2001, the fund raising proposals were aborted as the
shares were being traded below par value.  

As an alternative proposal to address the share price problem,
the Company undertook a fund raising exercise that was to
provide the Group with additional working capital, repayment of
bank borrowings and to provide security for the performance bond
facilities necessary for its projects.  In June 2003, the
proposals were aborted as Setegap's management was of the
opinion that a more comprehensive proposal was required due to
the lack of contracts in the market.  In addition, the current
poor financial health of the Company has further compounded the
problem of obtaining new contracts due to the lack of sufficient
working capital.  

Because of the Company's unsuccessful attempts to raise funds to
regularize its debt problems, the October 2000 debt
restructuring agreement was technically in default in 2003.  
Setegap and its subsidiaries had suffered losses for the past
four consecutive financial years since the financial year ended
December 31, 2002, which had consequently led to a negative
unaudited shareholders' fund of MYR98.25 million as of December
31, 2005.  

On November 11, 2005, Bursa Securities had served the Company
with a notice to show cause on the delisting of the securities
of the Company.  Without a scheme to regularize its financial
position, Setegap will risk being delisted.  The current
proposals will therefore be a revitalization scheme for the
Setegap Group.


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

ABS-CBN BROADCASTING: Stampede Victims to Pursue Civil Suit
-----------------------------------------------------------
Victims of a stampede incident on February 4, 2006, vowed to
pursue a lawsuit, with the help of an anti-crime group, against
ABS-CBN Broadcasting Corporation despite a court ruling halting
an investigation on the case, Manila Standard Today says.

As reported in the Troubled Company Reporter - Asia Pacific in
February 2006, the stampede occurred as a crowd of over 25,000
scrambled toward the entrance of the Philsports Arena at the
anniversary special of ABS-CBN's game show "Wowowee."  The
incident killed over 70 people and injured 627.  Victims blamed
the network, saying that it had been negligent.

Volunteers Against Crime and Corruption chief Dante Jimenez met
with the secretary of the Department of Justice, Raul Gonzalez,
to tell him that the stampede victims would continue with the
legal action since they were willing to go through the process,
even as a Court of Appeals had stayed the DoJ's probe into the
incident.

According to Mr. Jimenez, the Standard Today reports, ABS-CBN
acted in "bad faith," when it offered to settle the case with
the stampede victims while using legal technicalities to delay
the lawsuit.

                    About ABS-CBN Broadcasting

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

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


ATLAS CONSOLIDATED: Reaches PHP2 Bln Financing Deal with CASOP
--------------------------------------------------------------
Atlas Consolidated Mining & Development Corporation disclosed to
the Philippine Stock Exchange that it has signed a final
agreement with Crescent Asian Special Opportunities Portfolio
for a PHP2.05 billion financing package.

In the agreement, Crescent Asian will inject PHP1.69 billion
into Atlas unit Carmen Copper Corporation, via a PHP256.66
million convertible bond up front and a PHP1.44 billion share
subscription on the completion of a senior debt instrument and
offtake agreement for the rehabilitation of the Company's mine
in Toledo City, Cebu, to be facilitated by Carmen Copper.  The
proceeds of the convertible bond would go to dewater the
underground mine, to prepare it for rehabilitation.

Crescent Asian would also buy part of Atlas' debts for PHP872.63
million, convertible into Atlas shares at PHP10 per share par
value.  Proceeds of the sale would go toward rehabilitating the
Company's balance sheet and facilitating exploration work.

                     About Atlas Consolidated

Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three Soriano-
controlled pre-war mines, the Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company.  The Company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products.  The
Company's copper mining operations are centered in Toledo City,
Cebu, where two open pit mines, two underground mines and
milling complexes (concentrators) are located.  The Cebu copper
mine ceased operations in 1994.  Activities after the shutdown
were limited to safeguarding and maintaining the property, plant
and equipment at the minesite.  The closure has brought huge
losses to the mining firm.  The Masbate gold mine, meanwhile,
was sold to Base Metal Minerals Resources Corporation in 1996.

In January 2004, Atlas decided to rehabilitate the company and
its assets at the earliest possible time since copper and nickel
prices have recovered.  On February 23, 2006, the TCR-AP
reported that Atlas signed an agreement with Crescent Asian
Special Opportunities Portfolio, which would buy part of the
Company's debts convertible into stock, and would invest PHP1.69
billion into Carmen Copper Corporation in exchange for a 34%
stake.


HACIENDA LUISITA: Farmers Criticize Motives of New FARM Group
-------------------------------------------------------------
Farmers of Hacienda Luisita, Inc., denounced the presence of a
new farmer's group who claimed to be beneficiaries of a
Comprehensive Agrarian Reform program to distribute property,
Manila Standard Today relates.

A report by the Troubled Company Reporter - Asia Pacific on
May 8, 2006, stated that on May 4, the Department of Agrarian
Reform started to distribute portions of Hacienda Luisita's
6,000-hecatre sugar estate to some 4,000 farmers entitled to
receive the property.

Kilusang Magbubukid ng Pilipinas union spokesman Carl Ala said
that they were surprised when a group of 14 persons under the
new Farm Workers Agrarian Reform Movement, led by Noel Mallari,
asked to be included as beneficiaries to the land to be
distributed in the reform program.  According to Mr. Ala, not
one of the 14 persons, who belong to one clan, participated in
the strike against the Company to assert their rights.

Mr. Ala accused the newly formed group of trying to cheat
legitimate farmers and the DAR, and said in an interview with
the Standard Today that it seemed that the group pretended to
represent farmers, but was actually put up by the owners of
Hacienda Luisita, the Aquino Family, to postpone the property
distribution.

The Presidential Agrarian Reform Council dismissed the owners'
16-year stock distribution to its farmers, saying that it
worsened the quality of life for the farmers instead of
improving it.  Land Bank of the Philippines is finishing its
valuation of the first 1,000 hectares of the sugar estate slated
for distribution.


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.


LAFAYETTE MINING: Committee Sees Development in Rehabilitation
--------------------------------------------------------------
A multi-partite monitoring team tasked to study a mine tailings
spill in the Rapu-Rapu mine of Lafayette Philippines, Inc.,
found positive developments in the Company's rehabilitation
process, the Manila Bulletin reports.

According to Mines and Geosciences Bureau Regional Director
Reynulfo Juan, the Mine Rehabilitation Fund Committee is
evaluating Lafayette's degree of compliance with environmental
conditions set in order to resume normal operations, and will
submit its report to the Pollution Adjudication Board, which had
issued the cease-and-desist order to halt the Company's
operations.

The Committee found that Lafayette was able to comply with two
major conditions set by the pollution board, namely the raise in
the Company's tailings pond dam wall to 135 meters, and the
repair of a pump system that caused two cyanide spills in
October 2005.  All that is needed is a test run of the plant to
see if everything is okay.

Despite the positive report, the Philippine Government is still
awaiting the results of a study by a fact-finding committee
created by President Gloria Macapagal-Arroyo to investigate the
spills.  The committee had sought a one-month extension on its
deadline to submit its report, but was given a 15-day extension
of the Department of Environment & Natural Resources.  The
report was due on May 5, 2006, the Bulletin adds.
          
                       About Lafayette

Lafayette Mining Philippines, Incorporated, is a subsidiary of
Australian firm Lafayette Mining, Incorporated --
http://www.lafayettemining.com/-- which has been listed on the  
Australian Stock Exchange since August 1997.  Lafayette
Philippines is currently developing a polymetallic project
involving copper, gold, zinc and silver on the Island of Rapu
Rapu in the Philippines.

The Department of Environment and Natural Resources' former
secretary, Mike Defensor, closed Lafayette Philippines in 2005
when the Company's mine tailings were accidentally spilled into
the Albay Gulf last October, killing thousands of fish and
destroying the livelihood of fishermen in the area.  The Company
was also fined PHP10.7 million for violating the Clean Water Act
and its environmental compliance certificate.

The Troubled Company Reporter - Asia Pacific reported on
April 27, 2006, that a fact-finding body created by President
Gloria Macapagal-Arroyo in March 2006 to investigate the mining
spills at Lafayette Philippines discovered government lapses in
enforcing laws intended to protect the interest of the people,
in relation to Lafayette's mining operations in Rapu-Rapu.


NATIONAL POWER: Wants to Hike Power Rates to Cover Fuel Costs
-------------------------------------------------------------
The National Power Corporation is seeking to increase its power
generation rates in order to cover increasing fuel costs and
foreign exchange costs, BusinessWorld reveals.

The Company filed a proposal on April 18, 2006, to increase its
power rates by PHP0.3979 per kilowatt-hour in Luzon, PHP0.0996
per kilowatt-hour in the Visayas, and PHP0.0396 per kilowatt-
hour in Mindanao.  If the Energy Regulatory Commission approved
the proposed rate hike, it would cover fuel and foreign exchange
costs worth PHP35 billion, BusinessWorld says, citing an unnamed
Company official.

According to BusinessWorld, the ERC approved a rate increase for
National Power in December last year, by PHP0.1223 per kWh in
Luzon, PHP0.0831 per kWh in the Visayas, and PHP0.0658 in
Mindanao, which were implemented in January 2006.  This
increase, said the official, was half of what National Power had
sought to cover its costs from October 2004 to March 2005.  The
latest power hike would account for unrecovered costs and
additional expenses from April to September 2005.

In order to ease the burden on consumers, the new rate recovery
would be spread over several months to almost two years, the
official added.

In a report by the Troubled Company Reporter - Asia Pacific on
May 2006, National Power said that it was aiming to reduce its
use of the more expensive oil-fired power generation plants, in
favor of alternative energy, so as to bring costs down.  The
Company aims to reduce its use of oil-based plants from 9% in
2005 to 6% this year, and its coal-fired plants from 29.56% to
19.58%.

                     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.


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

ACCORD CUSTOMER: Provides Proposed Rights Issue Updates
-------------------------------------------------------
Accord Customer Care Solutions Limited is currently in
negotiations with a number of financial institutions to seek
underwriting for the rights shares, which are not subject to
undertakings.  To date, these negotiations are still at a
preliminary stage and the Company has not reached agreement with
any financial institution on the terms of the proposed
underwriting arrangement.

Accord Customer Care said that there is no assurance that it
will be able to secure underwriting for the Rights Issue on
acceptable terms.  It will make an announcement of the terms of
any underwriting arrangement for the Rights Issue and the
identity of the underwriters via the Singapore Stock Exchange in
the event that the underwriting has been successfully secured
and in any case, before the shares trade ex-rights.

Pending the completion of the Rights Issue, the Company has
entered into separate loan agreements with each of Henry Tan Hor
Thye, Accord Holdings Pte. Ltd. and Poh Tian Peng on May 4,
2006, for an aggregate amount of SGD5.0 million.  The Loans are
personal, unsecured and interest-free and comprise SGD2.54
million from Mr. Thye, SGD1.46 million from Accord Holdings Pte.
Ltd. and SGD1.0 million from Mr. Peng.  The Loans are expected
to be fully drawn down by the end of May 2006 mainly for the
Group's current working capital purposes.  The combined amount
of SGD3.54 million of the Loans is intended as an advance for
the amounts payable by both of them for the Rights Shares to be
taken up by them pursuant to their respective undertakings.

The Company is currently in negotiations with its lenders to
restructure its financial obligations.  As part of the
negotiations with the lenders, repayment of these obligations is
intended to be repaid out of the proceeds from the Company's
recovery of its investments in non-operational assets.  As the
timing of receipt of proceeds from the recovery is dependent on
stock market conditions and conclusion of negotiations, the
Company may be required to use up to SGD5.0 million of the
proceeds from the Rights Issue to repay its lenders, if
necessary.

The Company is also currently in negotiations with Nokia Pte Ltd
for the settlement of in warranty claims and intends to repay
such settlement with proceeds from the recovery of its
investments in non-operational assets.  In the event that the
Company reaches a settlement with Nokia and proceeds from the
recovery of the Company's investments in non-operational assets
are not received in time to be utilized for payment of the
settlement amount, up to SGD2.6 million of the proceeds from the
Rights Issue will be used to pay the settlement amount to Nokia.

Meanwhile, due to the discontinuance of the Group's Nokia
operations in Australia in end-2005, the Group's AMS revenue for
the first quarter of FY2006 will be impacted.  However, the
Acquisition is expected to partially back-fill the revenue
shortfall from the second quarter of FY2006 onwards.

On the AMS business segment, the Group needs to improve its
yields in addition to cost efficiencies in order to achieve a
sustained level of profitability.  The Group's service network
will continue to be reviewed.

As for the DMS business segment -- for which progress is still
hampered by working capital constraints -- the additional funds
from the Rights Issue, if well-subscribed, will provide the
funding to increase its business volume and expand its
dealership base and range of services.  The tight working
capital situation is unlikely to ease till the second half of
2006, upon the successful completion of the Rights Issue.

The Company expects the Group's financial performance to improve
in the second half of FY2006.

The Company's complete media release is available for free at:

  http://bankrupt.com/misc/tcrap_accordcustomer050806.pdf  

               About Accord Customer Care Solutions

Accord Customer Care Solutions -- http://www.accordccs.com/--  
is the leading provider of after market services for consumer
mobile communication and digital electronic devices in Asia
Pacific.  ACCS is a spin-off from supply network solutions
provider Accord Express Holdings Pte Limited.  ACCS provides a
wide spectrum of after market services to both its trade
partners and end consumers.  ACCS provides professional,
efficient and convenient services to its end consumers by
establishing one-stop single brand or multi-brand proximity
centers that are conveniently and strategically located.  ACCS
has been posting consecutive losses since the first quarter of
2005 due to bad investments, when it incurred a net loss of
SGD3.79 million.  Meanwhile, 12 of its former executives are
facing an ongoing case over a cheating scam involving mobile
phone giant Nokia.  The executives were accused of falsifying
phone repair claims to cheat Nokia out of SGD4.3 million.  They
were also charged with falsifying financial documents and
overstating profits.


CREATIVE RENO: Falls Into Bankruptcy
------------------------------------
The Supreme Court of Singapore has, on May 5, 2006, issued a
bankruptcy order against Creative Reno House Pte Limited.

As reported by the Troubled Company Reporter - Asia Pacific, the
bankruptcy petition was lodged with the Court on April 13, 2006,
by Abwin Private Limited, through Sankar Ow & Partners.

Contact: Audrey Lim
         Senior Assistant Registrar
         Supreme Court, Singapore


DIGILAND INTERNATIONAL: Completes Disposal of Indonesian Unit
-------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
December 5, 2006, that Digiland International Pte Limited had
entered into an agreement to sell its entire shareholding --
1.02 million shares -- in its unit, Digiland Indonesia Pte
Limited.

The agreement also included the assignment of book debts owed by
Digiland Indonesia, to its business manager Toto Tanamas for a
consideration of $1.9 million, or SGD3.2 million.

According to the TCR-AP, the sale is required by a scheme of
arrangement entered into by the Company and its scheme creditors
on June 28, 2005, and is part of the disposal of some of its
non-core assets.  The proceeds from the sale would go to paying
part of the Company's non-core loan.

In an update, the Company disclosed that the sale and purchase
of the shares and assignment of Book Receivables were completed
on May 5, 2006.

Following the completion of the sale and purchase of the Sale
Shares, Digiland Indonesia has ceased to be a subsidiary or
associated company of Digiland International Limited.

              About Digiland International Limited

Digiland International Limited -- http://www.digiland.com.sg/--  
is a major distributor of IT products and provider of IT
services in the Asia-Pacific.  The Digiland International group
of Companies was set up initially as the distribution arm of GES
International Limited to handle sales, marketing and
distribution of GES products, specifically the Datamini brand of
Personal Computer, designed and manufactured by GES
International Limited.  It was renamed Digiland International
Private Ltd in 1998 and has since expanded geographically to
cover most countries in Asia-Pacific.  The Company has been
reporting a string of losses in the recent years due to the
negative impact of the highly cyclical nature of the computer
industry.  Sales were adversely affected by the shortening
product cycles of IT products and downward pressure on selling
prices as newer and more technologically advanced products enter
mass production.  Aside from continuous losses, the Company's
subsidiaries have also been bombarded by wind-up petitions filed
by creditors.


FHTK HOLDINGS: Proposed Renounceable Rights Issue Approved
----------------------------------------------------------
All resolutions set out in the notice of meeting dated April 20,
2006, were duly passed at the Company's Extraordinary General
Meeting on May 5, 2006.

At the meeting, the Company's proposed renounceable rights issue
was endorsed by the members.  In this regard, the Register of
Members and Share Transfer Books of the Company will be closed
at 5:00 p.m. on May 23, 2006.

The Book Closure will be implemented for the purpose determining
the provisional allotments of Rights Shares of the shareholders
whose registered addresses with The Central Depository Pte
Limited or the Company, as of the Books Closure Date are in
Singapore, or who have, at least five market days prior to the
Books Closure Date provided to CDP or the Company, addresses in
Singapore for the service of notices and documents.

For practical reasons and in order to avoid any violation of
relevant legislation applicable in countries other than
Singapore, the Rights Shares will not be provisionally allotted
to shareholders with registered addresses outside Singapore.

                   About FHTK Holdings Limited

FHTK Holdings Limited - http://www.fhtk.com.sg/-- distributes  
fruits and agricultural products such as apples, banana,
nectarines, pears and peaches through its own SunMoon brand.  
The Company's agricultural products division distributes fresh
garlic as well as manufactures dehydrated garlic and onion
products.  The Group currently leases and manages 18 plantations
and totaling 1,630 hectares in the Shandong province in China.

The Company currently owes 11 separate trade creditors in China
a total of SGD2.8 million.  The individual debts range from
SGD85,000 to SGD668,000, and were incurred separately over a
period of time.  The creditors have taken separate legal actions
against the Company.


GLOWING LAKES: Creditors' Proofs of Debt Due on June 5
------------------------------------------------------
The creditors of Glowing Lakes Pte Limited are required to prove
their debts on or before June 5, 2006.

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

Contact: Chee Yoh Chuang
         Lim Lee Meng
         Liquidators
         18 Cross Street
         #08-01 Marsh & McLennan Centre
         Singapore 048423


IEG (ASIA PACIFIC): Court Issues Wind-up Order
----------------------------------------------
The High Court of the Republic of Singapore, on April 21, 2006,
entered a wind-up order against IEG (Asia Pacific) Pte Limited.

The Troubled Company Reporter - Asia Pacific recounts that on
March 13, 2006, Yang & Yeo Management Private Limited, trading
as CC Yang & Associates, presented to the Singapore High Court a
petition to wind up IEG.  The Petition was heard before the
Court on April 7, 2006.

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


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

PAE PUBLIC: Will Not Pay Dividends to Shareholders
--------------------------------------------------  
The Board of Directors of PAE Public Company Limited, on
March 28, 2006, proposed that the Company not pay dividends to
its shareholders due to accumulated losses in 2005.

The proposal was part of the agenda that the shareholders would
decide to accept on their annual meeting.

                          *     *     *

PAE Public Company Limited -- http://www.pae.co.th/-- is a  
Thailand-based company currently undergoing business
rehabilitation and is categorized under the Rehabco Sector of
the Stock Exchange of Thailand.


SAHAMITR PRESSURE: Submits Report on Company's Progress
-------------------------------------------------------
On April 12, 2006, Sahamitr Pressure Public Company Ltd
submitted to the Stock Exchange of Thailand a report on the
progress of the Company's operation.

   a. Part of the Company's Debt

      The Company has been paying debts and following all
      conditions stated in its debt-restructuring plan dated
      June 29, 2001.  On June 2005, the Company has arranged a
      new budget plan to consider the need for working capital
      to cope with the significant cost increase of raw
      materials since 2004.  The plan needs the approval of
      creditors, subject to the Company's ability to punctually
      settle debt payment according to the original contract
      condition.

   b. Part of Guaranteed Debt

      As to being guarantor to Sahamitr Steel, the Company and
      its related company have been following all conditions
      stated in the Debt Restructuring Plan, and have been co-
      negotiating the plan with creditors.  At present, the
      negotiation process is almost done, awaiting only the
      approval from the creditors' management committee.  The
      content of the Debt Restructuring Plan still follows the
      same principle, that is to hair-cut debts, transform debts
      to capital and seek new investors, of which the main
      objective is to remove the guarantee liabilities of the
      Company.  The Plan is expected to be completely achieved
      by the end of 2006.

      Balance of Rehabilitation Debts is detailed as:

                        (In Million THB)
                                              
                                 SMPC debts   Guaranteed Debts

   Balance as of Oct. 1, 2005      212.51          1,290.60
   Less Repayment                  (50.39)           (12.91)
   Balance as of Mar. 31, 2006     162.12          1,277.69

   Repayment for guaranteed debts, totaling THB12.91 million, is
   paid by the Company as the guarantor.

                          *     *     *

Sahamitr Pressure Container Public Company Limited  
-- http://www.smpcplc.com/-- produces pressure containers for  
liquefied petroleum gas for local and overseas markets under its
SMPC brand name.  The Company's capital deficit started in 2003
registered at THB1.19 billion.  The trend continued going
downward with 2005's THB1.15 billion in deficit.  Also in 2003,
the Company posted a THB1.29 billion net loss, which it was able
to turn around with a THB20.63 million profit in 2004.

During the years 1998 to 2000, the creditors of a related
company -- Sahamitr Steel -- filed court cases demanding for
loan repayments totaling approximately THB1.80 billion.  The
Company, being a guarantor to the liabilities, was named as a
joint defendant in the lawsuit with a liability of THB1.35
billion.  

Sahamitr Steel entered into a debt restructuring agreement with
creditor banks rescheduling the repayments of loans, from 2002
to 2011.  The Company, as a loan guarantor, is obliged to
provide a cash advance to Sahamitr Steel for loan repayments
should the related company not have enough cash.  The balance of
the obligation totaled THB1.29 billion as of December 31, 2005,
and the Office of the Securities and Exchange Commission ordered
the Company, in a letter dated April 23, 2004, to take up the
possible damage, including the possible loss on non-collection
of advances to directors who jointly guaranteed Sahamitr Steel's
loans for the obligation in the accounts.  

The Company took up the obligation by adjusting its financial
statements for the year ended December 31, 2003.  As a result of
this transaction, as at December 31, 2005, and 2004, the Company
has a deficit of THB1.44 billion and THB1.46 billion,
respectively, with capital deficiency of THB1.15 billion and
THB1.17 billion, respectively.  

                       Going Concern Doubt

Even if the Company and Sahamitr Steel were successful in the
debt restructuring negotiations, the Company's going concern is
still substantially in doubt and is subject to:

   1. Sahamirt Steel's ability to operate successfully in the
      future, to change its capital structure and to find new
      strategic partners, including its ability to comply with
      the conditions throughout the terms of its debt
      restructuring agreement to relieve the Company's guarantee
      obligation, and;

   2. the Company's ability to operate successfully in the
      future and to comply with the conditions throughout the
      terms of the debt restructuring agreement.


BOND PRICING: For the Week 8 May to 12 May 2006
-----------------------------------------------

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

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


MALAYSIA
--------
Aliran Ihsan Resources Bhd            5.000%    11/29/11     1
Artwright Holdings Bhd                5.500%    03/06/07     1
Asian Pac Bhd                         4.000%    12/21/07     1
Berjaya Land Bhd                      5.000%    12/30/09     1
Camerlin Group Bhd                    5.500%    07/15/07     2
Crescendo Corporation Bhd             3.000%    08/25/07     1
Dataprep Holdings Bhd                 4.000%    08/06/07     1
Eden Enterprises (M) Bhd              2.500%    12/02/07     1
EG Industries Bhd                     5.000%    06/16/10     1
Equine Capital Bhd                    3.000%    08/26/08     1
Fountain View Development Sdn Bhd     3.500%    11/03/06     1
Gadang Holdings Bhd                   2.000%    12/24/08     1
Greatpac Holdings Bhd                 2.000%    12/11/08     1
Gula Perak Bhd                        6.000%    04/23/08     1
Hong Leong Industries Bhd             4.000%    06/28/07     1
Huat Lai Resources Bhd                5.000%    03/28/10     1
I-Berhad                              5.000%    04/30/07     1
Insas Bhd                             8.000%    04/19/09     1
Kamdar Group Bhd                      3.000%    11/09/09     1
Killinghall Bhd                       5.000%    04/13/09     2
Kosmo Technology Industrial Bhd       2.000%    06/23/08     7
Kretam Holdings Bhd                   1.000%    08/10/10     1
Kumpulan Jetson                       5.000%    11/27/12     1
LBS Bina Group Bhd                    4.000%    12/29/06     1
LBS Bina Group Bhd                    4.000%    12/31/07     1
LBS Bina Group Bhd                    4.000%    12/31/08     1
LBS Bina Group Bhd                    4.000%    12/31/09     1
Lebar Daun Bhd                        2.000%    01/06/07     4
Lion Diversified Holdings Bhd         2.000%    06/01/09     2
Media Prima Bhd                       2.000%    07/18/08     1
Mid Valley Capital Bhd                6.000%    09/15/12     5
Mithril Bhd                           3.000%    04/05/12     1
Mithril Bhd                           8.000%    04/05/09     1
Mutiara Goodyear Development Bhd      2.500%    01/15/07     1
Naim Indah Corporation Bhd            0.500%    08/24/06     1
Nam Fatt Corporation Bhd              2.000%    06/24/11     1
Pantai Holdings Bhd                   5.000%    03/28/07     2
Pantai Holdings Bhd                   5.000%    07/31/07     2
Pelikan International Corp Bhd        3.000%    04/08/10     1
Poh Kong Holdings Bhd                 3.000%    01/20/07     1
Prinsiptek Corporation Bhd            3.000%    11/20/06     1
Puncak Niaga Holdings Bhd             2.500%    11/18/16     1
Ramunia Holdings                      1.000%    12/20/07     1
Rashid Hussain Bhd                    0.500%    12/24/12     1
Rashid Hussain Bhd                    3.000%    12/24/12     1
Rhythm Consolidated Bhd               5.000%    12/17/08     1
Senai-Desaru Expressway Bhd           3.500%    12/09/16    73
Senai-Desaru Expressway Bhd           3.500%    06/09/17    72
Silver Bird Group Bhd                 1.000%    02/15/09     1
Southern Steel                        5.500%    07/31/08     1
Tanah Emas Corporation Bhd            2.000%    12/09/06     1
Tap Resources Bhd                     2.000%    06/29/06     1
Tenaga Nasional Bhd                   3.050%    05/10/09     1
Titisan Modal Bhd                     4.000%    04/29/19    68
Tradewinds Corporation Bhd            2.000%    02/08/12     1
Tradewinds Plantations Bhd            3.000%    02/28/16     1
VTI Vintage Bhd                       4.000%    08/22/06     1
WCT Land Bhd                          3.000%    08/02/09     1
Wah Seong Corp                        3.000%    05/21/12     4
YTL Cement Bhd                        4.000%    11/10/15     1


SINGAPORE
---------
Rabobank Singapore                    1.000%    11/03/13    73
Sengkang Mall                         8.000%    11/20/12     1
Structural System Singapore          11.000%    06/30/07     1
Tampines Assets Ltd                   5.625%    12/07/06     1
Tampines Assets Ltd                   6.000%    12/07/06     1
Tincel Ltd                            7.400%    06/13/11     1






                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  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
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is $575 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are $25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***