TCRAP_Public/060511.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

              Thursday, May 11, 2006, Vol. 9, No. 093


                            Headlines

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

ACAL AUSTRALIA: Members Opt for Voluntary Liquidation
ACMIL INDUSTRIES: Members to Receive Wind-up Details
ASPIRING PROJECTS: Court to Hear Liquidation Bid on May 15
AUSTRAL CUSTODIANS: Prepares to Declare Dividend
BEST REAL ESTATE: Members Resolve to Shut Down Business

BLUE EDGE: Members Agree on Liquidation
BUCKLE CONSTRUCTION: Creditors Proofs of Claim Due on May 22
CLEAN AIR: Fatupaito and Agnew Named Official Liquidators
COMMERCIAL LITIGATION: Supreme Court Orders Winding Up
EMA SEWING: Names James Downey as Liquidator

GALLERIA VELOCE: Appoints Receivers and Managers
GOLDEN THREADS: Federal Court Orders Wind-up
GOLDENFIELDS QUALITY: Decides to Close Operations
INDOOR SPORTS: Court to Hear Liquidation Petition on May 15
I.R. EDWARDS HORTICULTURAL: Faces Liquidation Proceedings

MAGENTA VASSE: Receivers Cease to Act for Company
MEDICAL INSTALL: Enters Voluntary Liquidation
NATIONAL AUSTRALIA: Ex Trader Split Losses, Witness Tells Court
OX MARKETING: Members and Creditors Convene in Final Meeting
QUINNS JEWELLERS: Members Resolve to Discontinue Operations

RICHCARP PTY: Placed Under Voluntary Liquidation
ROSEDALE PARK: Appoints Joint Liquidators
SOUTHROCK CORPORATION: Schedules Final Meeting on May 11
S&T AMOROSO: Winds Up Business
SYDNEY GAS: Shareholders OK AU$50 Million Recapitalization Plan

TELSTRA CORPORATION: Ministers Want Sale to Proceed This Year
WENHAM CONTRACTORS: Reynolds Named Official Liquidator
WILLIAM GEORGE: Initiates Wind-up Process


C H I N A   &   H O N G  K O N G

BANK OF CHINA: To Set IPO Indicative Price Range Tomorrow
BIOSINO BIO-TECHNOLOGY: H.K. Bourse Suspends Shares Trading
BSR INTERNATIONAL: Annual and Final Meetings Slated for May 23
BULGARI ASIA: Appoints Joint Liquidators
COLLECTLY INDUSTRIES: Joint Liquidators Step Aside

FAMILY INTERIOR: Appoints Liquidators and Inspectors
FAIRFIELD DEVICES: Members Resolve to Wind Up Firm
GREAT WILL: Receive Winding-up Order from the Court
KGE INVESTMENT: Enters Winding-up Process
LEE SUN LAN: Court Orders Winding Up

MAVALE ENTERPRISES: Faces Winding-up Proceedings
OCEAN PETROLEUM: Liquidator Presents Wind-up Report
ORIENT POWER: Creditors Place Firm Under Receivership
QUOMARK LIMITED: To Hold Final Meeting on May 22
SCHLUMBERGER TELCO: Enters Voluntary Wind-up Proceedings

SHANGRI LA LIMITED: Court to Hear Wind-up Petition on May 24
TREASURE SHELL: Names Joint and Several Liquidators
WIN VICTORY: Court Decides to Wind-up Firm
YICKO FUTURES: Court Favors Wind-up Petition


I N D I A

ARTSON ENGINEERING: INR60-crore Order Sparks Hope for Revival
INCAB INDUSTRIES: RR Kables Keen to Support Revival


I N D O N E S I A

PERUSAHAAN GAS: Merrill Lynch Downgrades Rating to Neutral


J A P A N

CHUOAOYAMA PwC: To Suspend Operations Due to Accounting Fraud
LIVEDOOR COMPANY: USEN Corporation to Delay Planned Takeover


K O R E A

ASIANA AIRLINES: To Share Flights With Qatar Airways


M A L A Y S I A

ANTAH HOLDINGS: Total Default Loan Amount Hits MYR286 Million
ASIAN PAC: Lists and Quotes Additional Converted Shares
GOLD BRIDGE: Declares Solvency; May Settle Default in One Year
HARVEST COURT: Shareholders' Equity Falls Short of Requirement
LIEN HOE: Makes Declaration of Solvency

MALAYSIA AIRLINES: Court to Hear Appeal in Overtime Pay Dispute
MALAYSIA AIRLINES: Cargo Arm Hikes Fuel Surcharges
MECHMAR CORPORATION: Says it Didn't Trigger One PN17 Criterion
MYCOM BERHAD: Buys More Time to Fulfill Purchase Deal Conditions
SETRON MALAYSIA: Falls Into Amended PN17 Category

SYARIKAT KAYU: Fulfills One PN17 Criterion


P H I L I P P I N E S

APEX MINING: Postpones Annual Stockholders' Meeting to Sept. 27
LAFAYETTE MINING: May Be Forced to Close on Reopening Delays
MAYNILAD WATER: Investment Firm Forms Group to Bid for Firm
QUEZON POWER: Moody's Affirms B3 Stable Foreign Currency Rating


S I N G A P O R E

EXPANDSHIP HOLDINGS: Faces Winding-up Proceedings
JEFF-OCEAN MARINE: Court Issues Bankruptcy Order
PTS ENGINEERING: Court Orders Winding-up
SS PTE: Declares First and Final Dividend
TEO PENG SIONG: Court Enters Bankruptcy Order


T H A I L A N D

ADVANCE PAINT: No Payment of Dividends Due to Losses on 2005
SINO-THAI RESOURCES: Present Updates on Rehabilitation Progress

     - - - - - - - -

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

ACAL AUSTRALIA: Members Opt for Voluntary Liquidation
-----------------------------------------------------
The members of ACAL Australia Pty Limited convened on March 30,
2006, and decided to wind up the Company's business operations
voluntarily.

Jennifer Margaret Hamley was appointed as liquidator.

Contact: Jennifer M. Hamley
         Liquidator
         Castle Corporate Services Pty Limited
         26 Ellingsworth Parade, Box Hill
         Australia
         Telephone: (03) 9898 6666


ACMIL INDUSTRIES: Members to Receive Wind-up Details
----------------------------------------------------
A final meeting of the members and creditors of ACMIL Industries
Pty Limited was held on May 10, 2006, for the parties to receive
an account of the manner of the Company's wind-up and property
disposal from Liquidator Andrew H. J. Wily.

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


ASPIRING PROJECTS: Court to Hear Liquidation Bid on May 15
----------------------------------------------------------
An application to put Aspiring Projects Ltd into liquidation
will be heard before the High Court of Christchurch on May 15,
2006, at 10:00 a.m.   

The High Court received the application from Custom Joinery and
Appliances Limited on April 13, 2006.

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

Contact: R. A. Osborne
         Solicitor for the Plaintiff
         Duncan Cotterill, Solicitors
         Level 9, Clarendon Tower,
         Christchurch, New Zealand


AUSTRAL CUSTODIANS: Prepares to Declare Dividend
------------------------------------------------
Austral Custodians will declare a dividend on May 12, 2006.

Creditors who were unable to prove their claims will be excluded
from sharing in the dividend distribution.

Contact: S. Nicols
         Liquidator
         Nicols + Brien
         Level 2, 350 Kent Street
         Sydney, New South Wales 2000
         Australia
         Telephone: (02) 9299 2289
         Web site: http://www.bankrupt.com.au/


BEST REAL ESTATE: Members Resolve to Shut Down Business
-------------------------------------------------------
At a general meeting on March 27, 2006, the members of Best Real
Estate Pty Limited resolved to close the Company's operations
and distribute the proceeds of its assets divestment.

Pasquale Dichiera and Kenneth David Law were consequently
appointed as joint and several liquidators for the wind-up.

Contact: Pasquale Dichiera
         Kenneth D. Law
         Joint Liquidators
         Mack & Company Chartered Accountants
         2nd Floor, 35 Havelock Street
         West Perth, Western Australia 6005
         Australia


BLUE EDGE: Members Agree on Liquidation
---------------------------------------
The members of Blue Edge International Pty Limited held a
meeting on March 20, 2006, and agreed on the Company's need to
liquidate.  

Subsequently, they named Christopher John Vincent as liquidator
to manage the Company's wind-up activities.

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


BUCKLE CONSTRUCTION: Creditors Proofs of Claim Due on May 22
------------------------------------------------------------
Bryan Edward Williams, the liquidator for Buckle Construction
Ltd, requires the Company's creditors to submit their proofs of
claim on or before May 22, 2006.

Contact: Bryan Williams
         C/o Bryan Williams & Assoc
         Insolvency Practitioners,
         131 Taupaki Rd., Taupaki
         Auckland 1232, New Zealand
         Telephone: (09) 412 9762
         Facsimile: (09) 412 9763


CLEAN AIR: Fatupaito and Agnew Named Official Liquidators
---------------------------------------------------------
Vivian Judith Fatupaito and Richard Dale Agnew were appointed
joint and several liquidators of Clean Air Solutions on
April 20, 2006.

The Liquidators require the Company's creditors to submit their
proofs of claim on or before July 20, 2006.

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

Contact: Vivian Judith Fatupaito
         PricewaterhouseCoopers, Level 8
         PricewaterhouseCoopers Tower
         188 Quay Street, Auckland
         New Zealand
         Telephone: (09) 355 8000
         Facsimile: (09) 355 8013


COMMERCIAL LITIGATION: Supreme Court Orders Winding Up
------------------------------------------------------
The Supreme Court ordered the wind-up of Commercial Litigation
Funding Pty Limited, and nominated Peter William Marsden as
liquidator.

Contact: Peter W. Marsden
         Liquidator
         RSM Bird Cameron Partners Chartered Accountants
         Level 12, 60 Castlereagh Street
         Sydney, New South Wales 2000
         Australia
         Telephone: (02) 9233 8933
         Fax: (02) 9233 8521


EMA SEWING: Names James Downey as Liquidator
--------------------------------------------
James Patrick Downey was nominated as liquidator for the wind-up
of EMA Sewing Contractor Pty Limited, at a meeting of the
Company's creditors on March 27, 2006.

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


GALLERIA VELOCE: Appoints Receivers and Managers
------------------------------------------------
David John Kerr and Peter William Marsden were, on March 22,
2006, appointed as joint receivers and managers of Galleria
Veloce Pty Limited.

Contact: David J. Kerr
         Peter W. Marsden
         Receivers
         RSM Bird Cameron
         Level 12, 60 Castlereagh Street
         Sydney, New South Wales
         Australia


GOLDEN THREADS: Federal Court Orders Wind-up
--------------------------------------------
The Federal Court of Australia issued a wind-up order against
Golden Threads Care Services Pty Limited on March 24, 2006.

The Court also appointed Antony de Vries as liquidator.

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


GOLDENFIELDS QUALITY: Decides to Close Operations
-------------------------------------------------
The members of Goldenfields Quality Bread Supplies convened on
March 28, 2006, and concurred that it is in the Company's best
interests to wind up its operations.

Creditors appointed Kimberley Andrew Strickland and Christopher
Michael Williamson as liquidators.

Contact: Kimberley A. Strickland
         Christopher M. Williamson
         Luquidators
         SimsPartners
         Level 12, 40 St. George's Terrace
         Perth, Western Australia 6000
         Australia


INDOOR SPORTS: Court to Hear Liquidation Petition on May 15
-----------------------------------------------------------
The Commissioner of Inland Revenue, on March 30, 2006, lodged
before the High Court of Christchurch an application to have
Indoor Sports Marketing Limited liquidated.

The High Court will hear the application on May 15, 2006, at
9:00 a.m.

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


I.R. EDWARDS HORTICULTURAL: Faces Liquidation Proceedings
---------------------------------------------------------
An application to put I.R. Edwards Horticultural Services
Limited into liquidation will be heard before the High Court of
Gisborne on June 2, 2006, at 10:00 a.m.   

The High Court received the application from the Commissioner of
Inland Revenue on March 20, 2006.

Parties wishing to appear at the hearing must file an appearance
not later than May 28, 2006.

Contact: R. J. Collins
         Solicitor for the Plaintiff
         Elvidge & Partners, Solicitors
         Corner Raffles and Bower Streets
         Napier, New Zealand


MAGENTA VASSE: Receivers Cease to Act for Company
-------------------------------------------------
Messrs. Clifford Stuart Rocke and Norman Mel Ashton ceased to
act as the joint and several receivers and managers of the
assets of Magenta Vasse Loams Pty Limited on March 23, 2006.


MEDICAL INSTALL: Enters Voluntary Liquidation
---------------------------------------------
Members of Medical Install Services Pty Limited held a general
meeting on March 29, 2006, and agreed to:

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

  -- appoint Michael John Morris Smith as liquidator for the
     wind-up.

Contact: Michael J. M. Smith
         Liquidator
         Smith Hancock Chartered Accountants
         Level 4, 88 Phillip Street
         Parramatta, New South Wales 2150
         Australia


NATIONAL AUSTRALIA: Ex Trader Split Losses, Witness Tells Court
---------------------------------------------------------------
During a court hearing on the unauthorized foreign exchange
trading that cost National Australia Bank AU$326 million, it was
found out that the former head trader on the NAB forex options
desk, Luke Duffy, split his losses between himself and two other
senior traders, The Australian relates.

Former senior trader Gianni Gray testified before Judge Geoff
Chettle of the Victorian County Court that Mr. Duffy split his
US$26 million loss with himself and another forex trader, David
Bullen to help hide the losses at the end of the 2002-03
financial year.

As reported by the Troubled Company Reporter - Asia Pacific on
April 7, 2006, Mr. Gray was sentenced to 16 months in prison
after pleading guilty to three counts of dishonestly using his  
position as a NAB employee for personal gain.

A March 24, 2006 TCR-AP report stated that Mr. Gray, Mr. Bullen,
as well as former trader Vincent Ficarra, were charged by the
Australian Securities and Investment Commission after
investigations into the foreign exchange trading scandal.  
Messrs. Ficarra and Bullen, however, pleaded not guilty to
allegations that they placed false information into NAB's
accounting systems to falsely inflate the profit results of the
forex options desk between September 2003 and January 2004.

Mr. Gray told the Court that if there was a loss on the trading
books that they did not want to report, they had various methods
to come up with a fictitious profit to hide the losses.  He
explained that the main reason the manipulation was done was to
buy themselves more time so that Mr. Duffy could make back the
losses he was having in his books.

Mr. Gray also told Judge Chettle that Mr. Duffy was not the only
trader who was carrying a loss.

                        *     *     *  

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.  As of February 2006, NAB said
that it was moving ahead and that planning for its post-recovery
phase was under way.


OX MARKETING: Members and Creditors Convene in Final Meeting
------------------------------------------------------------
The members and creditors of OX Marketing Pty Limited have
convened on May 10, 2006, to receive Liquidator Laurence A.
Fitzgerald's account regarding the Company's completed wind-up
and disposal of its property.

Contact: Laurence A. Fitzgerald
         Liquidator
         c/o Horwath BRI (Victoria) Pty Limited
         Level 30, 525 Collins Street
         Melbourne, Victoria 3000
         Australia


QUINNS JEWELLERS: Members Resolve to Discontinue Operations
-----------------------------------------------------------
The members of Quinns Jewellers Pty Limited convened on
March 27, 2006, and decided to shut down the Company's business
operations.

Contact: D. J. Pilcher
         Liquidator
         27 Sale Street, Orange
         New South Wales, Australia


RICHCARP PTY: Placed Under Voluntary Liquidation
------------------------------------------------
At a meeting on March 27, 2006, the members and creditors of
Richcarp Pty Limited agreed that a voluntary wind-up of the
Company's business operations is appropriate and necessary, as
it is unable to pay its debts when they fall due.

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


ROSEDALE PARK: Appoints Joint Liquidators
-----------------------------------------
On April 26, 2006, John Trevor Whittfield and Peri Micaela
Finnigan were appointed joint and several liquidators of
Rosedale Park Ltd by virtue of a special resolution passed by
the Company's shareholders.

The Liquidators require the Company's creditors to submit their
proofs of claim on or before May 31, 2006.

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

Contact: John Whittfield
         McDonald Vague
         Wellesley Street, Auckland
         New Zealand
         Telephone: (09) 303 0506
         Facsimile: (09) 303 0508
         Web site: www.mvp.co.nz


SOUTHROCK CORPORATION: Schedules Final Meeting on May 11
--------------------------------------------------------
The final meeting of the members of Southrock Corporation Pty
Limited will be held today, May 11, 2006, at 11:00 a.m., for
them to get an account of the manner of the Company's wind-up
and property disposal from Liquidator Daniel Civil.

Contact: Daniel Civil
         Liquidator
         Rodgers Reidy
         Level 8, 333 George Street
         Sydney, New South Wales 2000
         Australia


S&T AMOROSO: Winds Up Business
------------------------------
The members of S&T Amoroso Auto Center Pty Limited convened at
an extraordinary general meeting on March 29, 2006, and decided
to voluntarily wind the Company's operations.

At a creditors' meeting held later that day, Philip Newman and
Clyde Peter White were appointed as joint and several
liquidators.

Contact: Philip Newman
         Clyde P. White
         Liquidators
         HLB Mann Judd Chartered Accountants
         Level 1, 160 Queen Street
         Melbourne 3000, Australia


SYDNEY GAS: Shareholders OK AU$50 Million Recapitalization Plan
---------------------------------------------------------------
Sydney Gas Limited's AU$50 million recapitalization plan won
82.7% shareholders' approval on May 8, 2006.

According to The Australian, the recapitalization is in the form
of a AU$34 million rights issue to existing shareholders
underwritten by Babcock & Brown Securities Pty Ltd, and the
issue of AU$16 million in convertible notes at more favorable
interest rates than the current notes.

The approval comes a month before Sydney Gas will have to pay
off the balance from the AU$30 million in convertible notes
issued in 2003.  The Company had dipped into its own reserves to
pay off AU$10 million of the debt, with the remaining AU$20
million due on June 9, 2006.

The capital raising had been initially designed to fend off a
hostile takeover bid by Queensland Gas Limited.  Queensland Gas
launched its AU$88 million offer for Sydney Gas, which also
included a financing plan for the payment of the notes, in
January 2006.  However, the takeover bid was rejected, and
Queensland Gas has already abandoned its offer, stating that it
will allow the bid to lapse.

                        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.


TELSTRA CORPORATION: Ministers Want Sale to Proceed This Year
-------------------------------------------------------------
Senior ministers have agreed to proceed with preparations for
the sale of the Federal Government's 51.8% stake in Telstra
Corporation this year, The Age says, citing Finance Minister
Nick Minchin.

Mr. Minchin, according to the report, informed a meeting of
senior ministers in Canberra on May 8, 2006, that the talks
between Telstra and the Australian Competition and Consumer
Commission regarding the telco's planned AU$3 billion fibre-
optic network are going well.  Telstra and the ACCC are
currently in discussions over access, pricing and regulation
that will apply to the proposed broadband network.

As reported in the Troubled Company Reporter - Asia Pacific on
May 9, 2006, 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 "fibre-to-the-node"
broadband network are ironed out.

According to The Age, the Government is trying to end regulatory
uncertainty that is threatening the sale, which had been planned
for October or November 2006, and is expected to generate around
AU$26.6 billion.

The Government hopes to hand out by July a formal decision on
whether the sale will proceed this year.

                         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.


WENHAM CONTRACTORS: Reynolds Named Official Liquidator
------------------------------------------------------
Grant Bruce Reynolds was named liquidator of Wenham Contractors
Limited on April 26, 2006.

Contact: Grant Bruce Reynolds
         Reynolds & Associates Ltd
         PO Box 259 059, Burswood
         East Tamaki, Auckland
         New Zealand
         Telephone: (09) 577 0162
         Facsimile: (09) 576 5503


WILLIAM GEORGE: Initiates Wind-up Process
-----------------------------------------
At a general meeting of William George Ashman & Sons Pty Limited
on March 28, 2006, members agreed that it is in the Company's
best interests to wind up its operations.

In that regard, David Christopher Huntings was appointed as
liquidator.

Contact: David C. Hutchings
         Liquidator
         AFS & Associates Pty Limited Chartered Accountants
         61-65 Bull Street, Bendigo
         Victoria 3552, Australia


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

BANK OF CHINA: To Set IPO Indicative Price Range Tomorrow
---------------------------------------------------------
The Bank of China has secured key approval from the State
Council to launch a HK$60 billion, or US$7.7 billion, Hong Kong
initial public offering in the first half of 2006, the Troubled
Company Reporter - Asia Pacific reported on January 10, 2006.  
The offering would value the bank at CNY400 billion, or US$49.6
billion.

In an update on May 8, 2006, AFX News relates that the bank will
set the indicative price range of its initial public offering in
Hong Kong on May 11, citing sources familiar with the IPO.

According to the report, the lender will start its initial
public offering timetable in Hong Kong, followed next by one in
Singapore.  

The road show, which will cover up to 20 cities, will then move
to select cities in Europe and then to North America.

Xinhua News reports that the Chinese lender is expected to reap
up to US$8 billion through the IPO.

The Wall Street Journal reported last week that the bank might
price its initial public offering at a discount to its mainland
peers.

                    About The Bank of China

Headquartered in Beijing, China, the Bank of China    
-- http://www.bank-of-china.com/-- provides corporate banking,  
retail banking and investment banking.  Other activities include
provision of corporate deposits, corporate loans, foreign
exchange business, savings deposits, consumer credit and
bankcards.  It has 12,967 domestic branches and 559 overseas
branches.  The bank received a US$22.5 billion capital injection
from the Government in 2003 to restructure state-owned banks.  
The state-owned lender has been offloading bad loans and
increasing capital since 2003 in preparation for an overseas
share sale, part of government plans to prepare the industry for
increased foreign competition, starting at the end of this year.  


BIOSINO BIO-TECHNOLOGY: H.K. Bourse Suspends Shares Trading
-----------------------------------------------------------
Trading in H shares of Biosino Bio-Technology and Science
Incorporation has been suspended effective May 9, 2006, the
Company says in a disclosure to the Hong Kong Stock Exchange.

The trading halt was imposed pending the release of an
announcement in relation to a winding up petition filed against
the Company.

                          *     *     *

Headquartered in Wanchai, Hong Kong, Biosino Bio-Technology and
Science Inc. -- http://www.zhongsheng.com.cn/-- is a pioneering  
biotechnology company that researches, develops, manufactures
and markets protein-based in-vitro diagnostic reagents and
biochemical drugs, which are products of the pharmaceutical
industry subject to the regulation of the SFDA.


BSR INTERNATIONAL: Annual and Final Meetings Slated for May 23
--------------------------------------------------------------
The annual and final meeting of members and creditors of BSR
International Travel Limited will be held at the 17/F, 23 Wing
Wo Street, Central, Hong Kong on May 23, 2006, at 9:30 a.m. and
10:00 a.m., respectively.

At the meetings, the Company's liquidator Kenny King Ching Tam
will report on how the Company's winding up has been conducted
and its property disposed of.


BULGARI ASIA: Appoints Joint Liquidators
----------------------------------------
Ma Ching Nam and Tam Tak Hing were appointed as joint and
several liquidators of Bulgari Asia Limited on April 13, 2006.  

Contact: Ma Ching Nam
         Tam Tak Hing
         12th Floor
         New World Tower II
         18 Queen's Road Central
         Hong Kong


COLLECTLY INDUSTRIES: Joint Liquidators Step Aside
--------------------------------------------------
Dermot Agnew and Joseph Kin Cheng Lo ceased to act as joint and
several liquidators of Collectly Industries Limited on Feb. 23,
2006.


FAMILY INTERIOR: Appoints Liquidators and Inspectors
-----------------------------------------------------
Ip Kwun Ting and Cho Yim Kan were appointed liquidators of
Family Interior & Furniture Limited on March 8, 2006.

Subsequently, Cheung Kee, Leung Pui and Tong Ka Lai were named
Inspection Committee members.


FAIRFIELD DEVICES: Members Resolve to Wind Up Firm
--------------------------------------------------
Members of Fairfield Devices Limited held a meeting on April 7,
2006, and agreed that:

   -- the Company be wound up voluntarily;

   -- Lionel Mervyn Butcher be appointed as liquidator for the
      purpose of such winding up;

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

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

Contact: Lionel Mervyn Butcher
         Apartment 17B
         Century Tower One
         1 Tregunter Path
         Hong Kong


GREAT WILL: Receive Winding-up Order from the Court
---------------------------------------------------
On April 3, 2006, the High Court of Hong Kong ordered the
winding up of Great Will Interprise Limited.

Contact: Ng Kwok Wai & David Nip
         Joint and Several Liquidators
         Unit A, 14/F., JCG Building
         16 Mong Kok Road, Mong Kok
         Kowloon, Hong Kong


KGE INVESTMENT: Enters Winding-up Process
-----------------------------------------
At an Extraordinary General Meeting of KGE Investment (Hong
Kong) Limited on April 11, 2006, a special resolution to wind up
the Company was passed.

Subsequently, Chan Sek Kwan Rays was appointed as liquidator and
was authorized to distribute the assets of the Company.

At the meeting, it was also resolved that the audit of the
Liquidator's accounts of receipts and payments will not be
required.

Contact: Chan Sek Kwan Rays
         Liquidator
         Unit G, 12/F.
         Seabright Plaza
         9-23 Shell Street
         Hong Kong


LEE SUN LAN: Court Orders Winding Up
------------------------------------
The Court of First Instance of Hong Kong, on April 21, 2006,
ordered the winding-up of Lee Sun Lan Tobacco Company Limited.


MAVALE ENTERPRISES: Faces Winding-up Proceedings
------------------------------------------------
Chan Sheung Lai presented a petition to wind up Mavale
Enterprises Company Limited on April 7, 2006.

The Petition will be heard before the High Court of Hong Kong
Special Administrative Region on June 7, 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: Betty Chan
         34/F., Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong


OCEAN PETROLEUM: Liquidator Presents Wind-up Report
---------------------------------------------------
A joint meeting of the members and creditors of Ocean Petroleum
Company Limited was held on April 29, 2006.

At the meeting, parties received Liquidator Cheung Chi Yu and
Yeung Wing Yee's final account showing how the Company was wound
up and how its property was disposed of.

Contact: Cheung Chi Yu
         Yeung Wing Yee
         Joint and Several Liquidators
         Room 908, 9th Floor
         One Pacific Place
         88 Queensway, Hong Kong


ORIENT POWER: Creditors Place Firm Under Receivership
-----------------------------------------------------
Creditors of electronics goods maker Orient Power Holdings
Limited has rejected the Company's request to extend its
restructuring exercise and have placed the company under
receivership, The South China Morning Post reports.

Thirty-two banks and financial institutions, led by HSBC,
Standard Chartered, Bank of China and UFJ, are owed HK$1.13
billion by Orient Power, which two weeks ago announced losses of
HK$1.25 billion for last year, including HK$903 million in
provisions.

Philips is also suing the firm for US$60 million for allegedly
infringing the Dutch electronics giant's CD and DVD patents.

The creditors have picked Roderick Sutton and Desmond Chung Seng
Chiong, of Ferrier Hodgson, as joint receivers.  

Orient Power's debt problems started in the first half of 2006
when it failed to repay some short-term loans.  This led to a
standstill agreement that has lasted 11 months.

Auditor Ernst & Young qualified Orient Power's results for last
year.  The auditor said the Philips suit posed significant
contingent liabilities, pending a High Court ruling.  Contesting
the claims, Orient Power said it had valid defense and had made
sufficient provision for the legal expenses.

Orient Power Holdings Limited is engaged in the investment
holding, provision of corporate management services, the
development, manufacture, sale and distribution of information
and entertainment products for home and automobiles, the
development and provision of networking.   

Contact: Roderick Sutton
         Desmond Chung Seng Chiong
         Joint Liquidators
         Ferrier Hodgson
         14th Floor
         The Hong Kong Club Building
         3A Chater Road Central
         Hong Kong
         Telephone: 2820 5600
         Fax: 2521 7632


QUOMARK LIMITED: To Hold Final Meeting on May 22
------------------------------------------------
A final meeting of the members of Quomark Limited will be held
on May 22, 2006.

At the meeting, Liquidator Christopher Harvey Hall will report
the activities that took place during the wind-up exercise as
well as the manner by which the Company's property was disposed
of.

Contact: Christopher Harvey Hall
         Liquidator
         31/F., The Center
         99 Queen's Road Central
         Hong Kong


SCHLUMBERGER TELCO: Enters Voluntary Wind-up Proceedings
--------------------------------------------------------
A special resolution was passed at an Extraordinary General
Meeting of Schlumberger Telco Business Continuity Services
Limited on April 7, 2006, to voluntarily wind up the Company's
operations.

Natalia K. M. Seng and Susan Y. H. Lo were subsequently
appointed as official liquidators.

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


SHANGRI LA LIMITED: Court to Hear Wind-up Petition on May 24
------------------------------------------------------------
Ip Lim Fat presented a petition to wind up Shangri La Limited on
March 27, 2006.

The Petition will be heard before the High Court of Hong Kong
Special Administrative Region on May 24, 2006, at 9:30 a.m.

Any person who wishes to appear on the hearing must file an
appearance not later than May 23, 2006.   

Contact: Betty Chan
         34/F., Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong


TREASURE SHELL: Names Joint and Several Liquidators
---------------------------------------------------
Lyn Yee Chen and Chan Hon Piu were named Joint and Several
Liquidators of Treasure Shell Limited on March 22, 2006.

Contact: Lyn Yee Chen
         Unit F, 23/F.,
         157 Prince Edward Road West
         Kowloon, Hong Kong


WIN VICTORY: Court Decides to Wind-up Firm
------------------------------------------
On April 24, 2006, the High Court of Hong Kong ordered the
winding up of Win Victory Holdings Limited.


YICKO FUTURES: Court Favors Wind-up Petition
--------------------------------------------
Yicko Futures Limited was, on April 24, 2006, ordered by the
Court of First Instance of Hong Kong to wind up its operations.


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

ARTSON ENGINEERING: INR60-crore Order Sparks Hope for Revival
-------------------------------------------------------------
News that Artson Engineering Limited is in advanced stage of
negotiations with a large domestic petrochemicals firm for an
order worth INR60 crore has brought a glimmer of hope for the
Company, Sify reveals.

Speculations are rife that the INR60-crore contract would be
formalized by the end of the month, Sify says.

The order is considered significant for Artson, which is
registered under the Board for Industrial and Financial
Reconstruction.  Market sources told Sify that if the order
actually comes through, it would pave the way for Artson to come
out of the BIFR's control.

Headquartered in Mumbai, India, Artson Engineering Limited
-- http://www.artson.net/-- is a niche engineering company,  
active in specialized area of refineries, ports and airports.  
The Company was referred to the Board for Industrial and
Financial Reconstruction as a sick company.  It is currently
awaiting approval of its restructuring program.


INCAB INDUSTRIES: RR Kables Keen to Support Revival
---------------------------------------------------
Mumbai-based private firm RR Kables Limited has signed a
memorandum of understanding with various recognized unions to
take over Incab Industries Limited for its revival, The Calcutta
Telegraph relates.

The MoU was signed following a meeting between top officials of
the RR Kables Limited and the union functionaries at a city
hotel on April 29, 2006.

The office-bearers of different unions -- including Incab
Industries Employees' Association, Jamshedpur Mazdoor Union,
Cable Bachao Sangharsh Samiti and the first registered union led
by Ramanand Singh -- were present on the occasion.

The Calcutta Telegraph says that details of the MoU were not
immediately disclosed.

                 About Incab Industries Limited

Headquartered in Chennai, India, Incab Industries Limited was
involved in the manufacture and export of electrical wires and
cables.  Incab Industries was declared sick in April 2000.  The
State Bank of India was appointed as the operating agency to
examine the viability of the company and formulate a
rehabilitation scheme based on the company's proposal for its
revival, if found viable.  In April 2004, the Board for
Industrial and Financial Reconstruction considered winding up
the Company since there was no concrete rehabilitation proposal
for consideration.


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

PERUSAHAAN GAS: Merrill Lynch Downgrades Rating to Neutral
----------------------------------------------------------
United States investment bank Merrill Lynch downgraded
Perusahaan Gas Negara's stock rating to neutral from buy due to
share valuation concerns, Dow Jones Newswires reports.

Merrill Lynch added that in relation to the Jakarta Composite
Index, the Company's stock increased 13% and 26% over one month
and three months, respectively.  

According to Dow Jones, the Company's stock closed at IDR13,100
on May 3, 2006.

                 About PT Perusahaan Gas Negara

State-owned PT Perusahaan Gas Negara (Persero) Tbk --  
http://www.pgn.co.id/-- was incorporated in 1965, and manages  
and adds value to Indonesia's gas resources.  Its current
business is focused on the downstream sector, gas transmission
and distribution pipeline operation, as well as marketing of gas
products, trading and gas storing.  Since its privatization in
2003, PGN continues to expand its business both in Indonesia and
overseas.

For the first six months of 2005, the Company generated total
revenue of IDR2.5 trillion and EBITDA of IDR1 trillion.  The
Company's total assets as of June 30, 2005, amount to IDR11.8
trillion.  Standard & Poor's Rating Services had, on Nov. 24,
2005, affirmed its 'B+' rating on Perusahaan Gas Negara, with a
stable outlook.  S&P expected PGN's financial profile to weaken
in the next few years, since it assumed new debts to finance its
network expansion.  In addition, the Company is rapidly
expanding its operations to support the government in executing
the Integrated Indonesia Gas Pipeline projects.  Given its
important role in the IIGP projects, S&P expects the Government
to support PGN financially, in the event of financial
difficulty.

In March 2006, Moody's Investors Service placed the B1 foreign
currency debt rating of PGN Euro Finance 2003 Ltd., which was
guaranteed by Perusahaan Gas Negara, on review for possible
upgrade.  The rating action followed Moody's decision to place
Indonesia's B2 foreign currency sovereign rating for bonds on
review for possible upgrade.  At the same time, Moody's has
affirmed the Ba2 corporate family rating of PGN.  The rating
outlook is stable.  


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

CHUOAOYAMA PwC: To Suspend Operations Due to Accounting Fraud
-------------------------------------------------------------
The Financial Services Agency will order major auditing firm
ChuoAoyama PricewaterhouseCoopers to partially suspend
operations after its auditors pled guilty to falsifying
financial accounts, the Asahi Shimbun reports.

According to sources, the FSA would prohibit the Company from
auditing its current clients or accepting new clients from July
to August or September this year, as it had not put up an
internal system to prevent illegal practices by its auditors.

In March 2006, three certified public accountants with
ChuoAoyama pled guilty to falsifying the financial statements of
cosmetics firm Kanebo Limited.

FSA minister Kaoru Yosano said that the governmental Certified
Public Accountants and Auditing Oversight Board planned to hold
a meeting on May 9, 2006, to discuss the punishment proposed by
the FSA, which includes prohibiting ChuoAoyama from auditing the
accounts of major firms, Mainich Daily News relates.

The FSA decided to implement the punitive measures in July, so
as not to affect the Company's clients, which normally prepare
financial reports and stockholders' meetings until the end of
June.  

Asahi Shimbun says that the business suspension may adversely
affect ChuoAoyama's operations, since it would have to cancel
its auditing contracts during the suspension.  If they want to
continue doing business with the Company, they need shareholder
approval, which may not be easy due to the negative image
arising from the actions of its auditors and the suspension.


LIVEDOOR COMPANY: USEN Corporation to Delay Planned Takeover
------------------------------------------------------------
Cable broadcasting firm Usen Corporation is looking to delay its
acquisition of Internet firm Livedoor Company Limited from the
end of 2006 to next year or even later, Mainichi Daily News
reveals.

The Troubled Company Reporter - Asia Pacific stated on April 19,
2006, that Usen, according to a company official, was planning
to acquire Livedoor and turn it into a wholly owned subsidiary,
but decided to postpone the takeover since it needed shareholder
approval for the acquisition and its evaluation of the Company's
assets was delayed, although the delay will not affect the plan
itself.

Usen had planned to finish assessing Livedoor's assets by the
end of April and seek shareholder approval at an upcoming
meeting in June.  However, a prolonged investigation into the
alleged securities laws violation by Livedoor executives meant
that the Company's financial statements were confiscated, thus
Usen had no access to the documents.

Usen Corporation needs the approval of two-thirds of its
shareholders to execute a takeover of Livedoor, as required by
law.

                         About Livedoor

Headquartered in Tokyo, Japan, Livedoor Company Limited --
http://corp.livedoor.com/en/-- is engaged in Internet-related  
business.  It is involved in many sectors, including out portal
site "livedoor", financial business, corporate web solutions,
data center and IP telephony business.  In 2005, prosecutors
raided Livedoor's office on suspicions of accounting fraud.  
Company executives were alleged to have relayed false
information on a merger, with the intent to boost the stock
price of a Company subsidiary.  Livedoor's stock price plunged
on allegations that the Company concealed a huge JPY1 billion
loss for the financial year ended September 2004.   


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

ASIANA AIRLINES: To Share Flights With Qatar Airways
----------------------------------------------------
Asiana Airlines has launched a code-sharing agreement with Qatar
Airways to offer flights to the Middle East starting this week,
JoongAng Daily relates.

Under the agreement, Asiana will provide three weekly flights
from Seoul to the Middle Eastern city of Doha, the capital city
of Qatar, starting from May 8, 2006.

The two airlines also agreed to sell tickets on each other's
flights, allowing the carriers to increase revenue by mounting
the scope of their flights and destination networks.

Asiana said that it now has code-sharing agreements with 14
airlines including Japan's All Nippon Airways Co.  

                          *     *     *

Headquartered in Osoe-Dong Kangseo-Gu, South Korea, Asiana
Airlines Incorporated -- http://www.asiana.co.kr/-- is engaged  
in air transportation, engineering, construction, facilities,
electricity, ground handling, catering, communication, logo
products and e-business.  Asiana Airlines is a unit of the Kumho
Asiana Group, a South Korean conglomerate whose business
portfolio includes tire manufacturing and chemical production.

The Troubled Company Reporter - Asia Pacific reported that
Asiana Airlines has incurred a net loss of KRW52.1 billion in
the July to September period of 2005, attributed to decreased
sales and high fuel costs, compared to the KRW60.6 billion net
profit in the same period in 2004.  In June 2005, Asiana's
losses surpassed the US$30 million mark as its unionized pilots
staged a strike on demands for more rest days, the raising of
the retirement age from 55 to 58 and a greater say in personnel
management decisions.  The pilots' strike caused third-quarter
sales to drop by KRW66 billion in 2005 from a year earlier,
while fuel costs surged 46.3%.


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

ANTAH HOLDINGS: Total Default Loan Amount Hits MYR286 Million
-------------------------------------------------------------
Antah Holdings Berhad has provided Bursa Malaysia Securities
Berhad with updates on its various credit facilities in default
as of April 30, 2006.

According to the report, financial institutions extended a total
loan facility of MYR281,401,000 to the Company.  To date, Antah
only paid MYR48,247,000.  As of April 30, 2006, Antah's total
loan default plus interest has reached MYR286,442,000.

Antah is currently unable to settle its debts in full within a
period of 12 months from May 5, 2006.
     
A full-text copy of the Default Update is available for free at:

    http://bankrupt.com/misc/tcrap_antahholdings050906.pdf  

Accordingly, Antah is proposing to undertake a restructuring
exercise and had, on February 6, 2006, entered into a
conditional restructuring agreement with Liu Guo Dong, Rise
Business Inc., Rock Point Alliance Pte Ltd, and Zhu Qing Hua.  
Under the restructuring agreement, the parties have agreed in
principle to undertake a Proposed Restructuring Scheme with the
intention to restore Antah onto stronger financial footing and
to regularize its condition.

The Proposed Restructuring Scheme provides for:

   -- the injection of new viable businesses - PIPO Group;

   -- a capital restructuring exercise;

   -- a debt restructuring exercise; and

   -- the acquisitions of core assets of Antah.

                   About Antah Holdings Berhad

Headquartered in Petaling Jaya, Selangor Darul Ehsan, Malaysia,
Antah Holdings Berhad -- http://www.antah.com.my/--  
manufactures and trades pharmaceutical products and fluid
engineering and manufacturing.  The Company's other activities
include retailing of houseware and kitchenware, property
development, insurance broking, provision of management services
and investment holding.  The Group discontinued its beverage and
security services operations.  The Group operates in Malaysia,
Australia, United Kingdom and Singapore.  Aside from reporting
losses, Antah is also unable to meet its debt obligations due to
its tight cashflow.  On November 27, 2004, the Company had
obtained the approval of its scheme creditors for a proposed
debt restructuring.  On February 8, 2005, the Proposed Debt
Restructuring was sanctioned by the High Court.  On February 7,
2006, the Company announced that it is undertaking a Proposed
Restructuring Scheme pursuant to a scheme of arrangement under
Section 176 of the Companies Act, 1965.

    
ASIAN PAC: Lists and Quotes Additional Converted Shares
-------------------------------------------------------
Asian Pac Holdings Berhad's additional 4,795,848 new ordinary
shares of MYR0.20 will be granted listing and quotation today,
May 10, 2006.

The shares were issued pursuant to the conversion of
MYR1,198,962 redeemable convertible secured loan stocks
2000/2007 into 4,795,848 new ordinary shares.

                     About Asian Pac Holdings

Headquartered in Kuala Lumpur, Malaysia, Asian Pac Holdings
Berhad -- http://www.asianpac.com.my/-- is principally engaged  
in the underwriting of general insurance.  Its other activities
include provision of stockbroking and nominee services,
investment and development of properties and investment holding.  
Despite its profits, Asian Pac's balance sheet as of March 1,
2005, reflects MYR506.48 million in accumulated losses.  To
address this, Asian Pac undertook a corporate-restructuring
exercise, which includes several proposed land acquisitions to
improve its high gearing level and to address the accumulated
losses.  On April 28, 2006, the Company completed its Corporate
Restructuring Scheme following the issuance of irredeemable
convertible loan stocks 2006/2011.


GOLD BRIDGE: Declares Solvency; May Settle Default in One Year
--------------------------------------------------------------
Gold Bridge Engineering & Construction Berhad has, on April 19,
2006, issued a Declaration of Solvency.

Based on the declaration, the Board of Directors opined that the
company will be able to pay all its debts in full within a
period not exceeding 12 months from April 19.

        About Gold Bridge Engineering & Construction Berhad

Headquartered in Kuala Lumpur, Malaysia, Gold Bridge Engineering
& Construction Berhad develops residential and commercial
properties and provision of civil engineering and general
construction services.  The Company's other activities include
boat building and repairing of ships, manufacturing and
supplying of ready-mixed concrete and provision of related
services, management of golf and beach resort and investment
holding.  Operations are carried out principally in Malaysia.
The Company has incurred losses in the past.  It also defaulted
on several loan facilities, which caused it to fall under Bursa
Malaysia Securities Berhad's Practice Note 1/2001 category.


HARVEST COURT: Shareholders' Equity Falls Short of Requirement
--------------------------------------------------------------
Harvest Court Industries Berhad is considered an "affected
listed issuer" in accordance with the amended Bursa Malaysia
Securities Berhad Listing Requirements as its shareholders'
equity on a consolidated basis is less than 25% of the Company's
issued and paid-up share capital, which equity is less than the
minimum issued and paid-up capital as required under the Listing
Requirements.

As of December 31, 2005, Harvest Court's consolidated
shareholders' funds was MYR2,807,913, which represented only
approximately 12.4% of its issued and paid-up capital.

As an affected listed issuer, Harvest Court is required:

   -- to make an immediate announcement upon failing under one
      or more of the prescribed criteria under Practice Note 17;
      and

   -- to announce the status and details of its regularization
      plan.

Harvest Court is required to submit a Regularization Plan to the
Securities Commission and other relevant authorities for
approval, within eight months.

The Troubled Company Reporter - Asia Pacific recounts that the
Company's appeal on its previous corporate restructuring
exercise was rejected by the SC on February 22, 2006.  In
accordance to paragraph 17.06 of the SC's Policies and
Guidelines on Issue/Offer of Securities, any proposal that has
been rejected by the SC may be re-submitted only after a lapse
of at least one year from the date the application for the
proposal or for a review of decision, as the case may be, is
rejected.  Hence, Harvest Court will only be able to submit its
Regularization Plan to the SC on February 23, 2007.  The
Company, therefore, intends to make an application to Bursa
Securities for an extension of time in respect of the eight-
month timeframe.

Furthermore, Harvest Court must also implement its
Regularization Plan within the timeframe stipulated by the
Approving Authorities.

             About Harvest Court Industries Berhad

Headquartered in Selangor, Malaysia, Harvest Court Industries
Berhad -- http://www.harvestcourt.com/-- is engaged in kiln  
drying, saw milling and manufacturing of timber doors and
related products. Other activities include development of
residential and commercial properties and jetty services and
provision of construction works and related maintenance
services.  The Group is also involved in the provision of
marketing and management services and investment in shares and
securities.  The Group operates in Malaysia and Australia.  Due
to its financial position, Harvest Court had, on April 27, 2005,
appointed Hwang-DBS to advise the Company on a corporate
exercise to restructure the Company.  The corporate exercise had
provided for:

     -- capital reduction;
     -- capital raising;
     -- debt restructuring and settlement; and
     -- acquisition of suitable assets or businesses which are
        currently being identified.

The Company's proposed corporate exercise was rejected by the
Securities Commission in August 2005.  Its appeal to reconsider
the rejection was also junked by the Commission in February
2006.  The Harvest Court Board is now in talks with lenders and
major creditors for its next course of action.


LIEN HOE: Makes Declaration of Solvency
---------------------------------------
Lien Hoe Corporation disclosed that it is now solvent and will
issue its solvency declaration today, May 11, 2006, with the
Bursa Malaysia Securities Berhad pursuant to the amended
Practice Note 1/2001 of the Bursa's listing requirements.

PN1 requires an affected listed issuer to make periodic
announcements on the current status of the default and the steps
taken to address the default until that time when the default is
remedied.

                   About Lien Hoe Corporation

Headquartered in Petaling Jaya, Selangor, Malaysia, Lien Hoe
Corporation Berhad -- http://www.lienhoe.com.my/home.htm-- is  
engaged in building and civil works, property investment,
operation of hotel operations and property development.  The
Company is also engaged in the management of food court, car
park operations and property and investment holding.  The Group
principally operates in Malaysia.  Lien Hoe Corporation Berhad
and its lenders have successfully entered into a debt
restructuring agreement on September 10, 1999.  The proposed
debt restructuring involves the restructuring of debts, totaling
MYR212.062 million, owed by Lien Hoe and one of its
subsidiaries, Lien Hoe Resort Sdn Bhd, to creditors.  Lien Hoe
also implemented a capital reduction exercise as part of its
restructuring proposal.  In addition, Lien Hoe has signed two
supplementary agreements to complete acquisitions of two land
banks.  These supplementary agreements as well as another
proposed acquisition are intended by the Company to strengthen
its financial standing.


MALAYSIA AIRLINES: Court to Hear Appeal in Overtime Pay Dispute
---------------------------------------------------------------
Malaysia Airlines has obtained leave from the High Court to
apply to quash an Industrial Court order, demanding the airline
to pay its workers MYR2 million as overtime compensation, The
Star Online reveals.

Justice Md Raus Sharif will hear the application to stay the
execution of the award on June 26, 2006, the Star says.

As reported by the Troubled Company Reporter - Asia Pacific on
April 18, 2006, the Industrial Court of Malaysia has ordered
Malaysia Airlines to pay a total of US$548,840 to 110 workers as
compensation for overtime work rendered.

According to The Malay Mail, the Industrial Court found Malaysia
Airlines responsible for not amending working hours of staff at
the Avionics and Mechanical Workshop under a 1995 agreement
between the airline workers.

The Court has ordered the carrier to pay MYR2,013,853.61 for the
extra three hours of work by each of the 110 employees per week
for the period between Sept 1, 1996, and Dec 31, 2001.  

The 110 employees involved in the dispute are from the airline's
avionics and mechanical workshop.

                     About Malaysia Airlines

Headquartered in Selangor, Malaysia, Malaysia Airlines
-- http://www.malaysiaairlines.com/-- services domestic and  
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with our airline
partners.

The carrier made a loss after tax of MYR1.3 billion for fiscal
year 2005, and MYR616 million for the nine-month ended Dec. 31,
2005, due to high fuel and operating costs, and unprofitable
routes.  In late February 2006, it unveiled a radical rescue
plan to raise MYR4 billion in order to stay afloat and return to
profitability by 2007.  Under the restructuring plan, the
airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
Whistle-blowing and stop corporate sponsorship.


MALAYSIA AIRLINES: Cargo Arm Hikes Fuel Surcharges
--------------------------------------------------
Malaysia Airlines' freight unit, MASKargo, is preparing to raise
fuel surcharges for internal flights by as much as 8% starting
May 19, 2006, Business Times reveals.

MASKArgo was prompted to hike its surcharges after its fuel
index exceeded 380 points, The Times says.  In April this year,
the freight carrier raised its fuel surcharge when its fuel
index stood at 355 points.

MASkargo will be charging MYR2.28 per kilogram for cargoes from
Malaysia to the International Air Transport Association's Area 1
and Area 2 routes, information obtained from the circular
showed.  The IATA Area 1 and Area 2 covers Europe and the United
States.

Previously, the rate charges were MYR2.09 per kg.  MASKargo will
also impose a fuel surcharge of RM1.40 per kg for cargoes from
Malaysia to Australia, New Zealand and the Indian sub-continent.  
The previous charge was MYR1.20 per kg.

                     About Malaysia Airlines

Headquartered in Selangor, Malaysia, Malaysia Airlines
-- http://www.malaysiaairlines.com/-- services domestic and  
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with our airline
partners.

The carrier made a loss after tax of MYR1.3 billion for fiscal
year 2005, and MYR616 million for the nine-month ended Dec. 31,
2005, due to high fuel and operating costs, and unprofitable
routes.  In late February 2006, it unveiled a radical rescue
plan to raise MYR4 billion in order to stay afloat and return to
profitability by 2007.  Under the restructuring plan, the
airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
Whistle-blowing and stop corporate sponsorship.


MECHMAR CORPORATION: Says it Didn't Trigger One PN17 Criterion
--------------------------------------------------------------
Mechmar Corporation informed Bursa Malaysia Securities Berhad
that it has not triggered the criteria as prescribed by
Paragraph 2.1 of the Amended Practice Note 17 of the Bursa's
Listing Requirements.

The Company pointed out that it has only triggered criteria PN
17 (e), where the auditors have expressed a modified opinion
with emphasis on the going concern of the Company in its latest
audited accounts.

The Bursa, on May 5, 2006, announced several amendments to its
Listing Requirements in relation to financial condition and
level of operations of listed companies.  The key changes are
made to paragraphs 8.14B and 8.14C of the LR and Practice Notes
No 16/2005 and No 17/2005.

With these amendments, the criteria for classification as a PN17
company have been made more stringent.  Several new criteria
have been introduced.  Accordingly, the stricter triggering
criteria are expected to result in several additional listed
issuers being classified as PN17 companies.  The classification
as a PN17 company means that they will have to submit a
restructuring plan to the Securities Commission within a period
of eight months and implement their restructuring plans within
the timeframe stipulated by the relevant authority.  

In addition, to ensure quality of the restructuring, the Amended
PN17 and Amended PN16 now require all restructuring plans
undertaken by the PN17 companies and the cash companies to fall
within Section 32 of the Securities Commission Act 1993, which
requires SC approval to be procured.

An Affected Listed Issuer Under 2.1(a) that is in implementation
stage of its regularization plans and whose proforma figures
upon completion of the relevant stage of implementation show
that it will not trigger any of the Enhanced PN17 Criteria.  In
this regard, Bursa Securities will consider a listed issuer as
being eligible for this condition if the books closing date for
determining entitlement to participate in the regularization
plans has been fixed or the approval-in-principle by Bursa
Securities for the quotation of its new shares has been
obtained, or in such other circumstances as may be determined by
Bursa Securities, in its absolute discretion.

                  About Mechmar Corporation

Headquartered in Shah Alam Selangor, Malaysia, Mechmar
Corporation (Malaysia) Berhad is involved in power distribution
via the operations of an independent power plant and the
manufacture, installation and services of industrial boilers and
related products.  Its other activities include retail of
insulation materials, valves, solar heaters and ice machines;
property development; investment holding and leasing and hire-
purchase and share financing activities.  The Group operates in
Malaysia, Tanzania, Great Britain and other Asian countries.  
MechMar had encountered problems in its major investment of a
power plant in Tanzania for many years, but that plant is
playing an even more vital role in that country now.  MechMar
had to restructure its banks debts in earlier years but it
managed to reduce some of the debts, and reported a net profit
of MYR11 million or earnings per share of 7 sen in 2005.  
MechMar's financial position is expected to improve this year.


MYCOM BERHAD: Buys More Time to Fulfill Purchase Deal Conditions
----------------------------------------------------------------
On May 5, 2006, Mycom Berhad entered into two separate
agreements for a six-month extension of time to fulfill
conditions of two sale and purchase agreements.

The first agreement is a conditional assets acquisition deal and
supplemental agreement between Mycom, Olympia Industries Berhad
and its subsidiaries.  Under the first agreement, Mycom will
acquire:

   * 100% equity interest in Olympia Land Berhad;

   * 100% equity interest in City Properties Development Sdn
     Bhd;

   * 100% equity interest in Olympia Plaza Sdn Bhd;

   * 100% equity interest in Rambai Realty Sdn Bhd;

   * 70% equity interest in Maswarna Colour Coatings Sdn Bhd;

   * 100% equity interest in Salhalfa Sdn Berhad;

   * 100% equity interest in Mascon Construction Sdn Bhd;
     together with

   * a four-storey shop office situated at Taman Shamelin
     Perkasa, Kuala Lumpur;

   * a factory unit situated at Beranang Industrial Estate,
     Selangor; and

   * a five-acre land situated at District of Kota Kinabalu,
     Sabah.  

Mycom has agreed to pay a total of MYR56,377,660 for the Olympia
assets.

The second agreement pertains to a conditional land acquisition
agreement and a supplemental agreement between Mycom and Kenny
Height Developments Sdn Bhd for Mycom's acquisition of
approximately 41.14 acres of land situated at Mukim Batu,
Wilayah Persekutuan, for MYR261,000,000.

The date for the fulfillment of the conditions precedent to the
two conditional sale and purchase agreements has been extended
for a further period of six months from March 12, 2006, to
September 12, 2006, or to any later date as the parties may
agree.

                       About Mycom Berhad

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

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


SETRON MALAYSIA: Falls Into Amended PN17 Category
--------------------------------------------------
Setron (Malaysia) Berhad has become an affected listed issuer
pursuant to the Amended Practice Note 17/2005 of the Bursa
Malaysia Securities Berhad Listing Requirements.

Setron fell into the PN17 category as its shareholders' equity
on consolidated basis is less than 25% of its issued and paid-up
share capital and that shareholders' equity is less than the
minimum issued and paid up share capital as required under the
Listing Requirements.

As an affected listed issuer, Setron is required:

   -- to regularize its financial condition and submit within
      eight months a restructuring plan to the Securities
      Commission and other relevant authorities for approval
      of implementation within such timeframe as stipulated by
      Bursa Securities;

   -- to implement the regularization plan within the
      timeframe stipulated by the Approving Authorities; and

   -- to make periodic announcements on the current status of
      the default and the steps taken to address the default
      until such time when the default is remedied.

Setron is taking the necessary actions to appoint a merchant
banker or a participating organization that may act as a
principal adviser under the Securities Commission's Policies and
Guidelines on Issue of Securities and to formulate its
regularization plan.

                 About Setron (Malaysia) Berhad

Headquartered in Kuala Lumpur, Malaysia, Setron (Malaysia)
Berhad is principally involved on the assembly and sale of
television receivers, video and audio products, the distribution
of household electrical appliances and the provision of
investment holding in Malaysia.


SYARIKAT KAYU: Fulfills One PN17 Criterion
------------------------------------------
Based on the Amended Practice Note No. 17/ 2005, Syarikat Kayu
Wangi fulfilled one of the prescribed criteria of the Enhanced
PN17 Criteria which came into effect on May 5, 2006.  That is,
Syarikat Kayu has a shareholders' equity of less than 25% of its
issued and paid up capital and such shareholders' equity is less
than the minimum requirement of the Bursa Malaysia Securities
Berhad.

Based on its latest audited financial statements for the year
ended November 30, 2005, Syarikat Kayu's shareholders' equity is
MYR7,189,000.  The Company's shareholders' equity has decreased
to less than its minimum issued and paid up capital due to the
provision of asset impairment of MYR17.8 million made at the end
of the last financial year.

As an affected listed issuer, Syarikat Kayu is required to
submit a plan to regularize its financial condition and disclose
details of the plan and its implementation.

In the event Syarikat Kayu fails to comply with all the
provisions of PN17/2005, Bursa Securities may commence delisting
proceedings against the Company.

                About Syarikat Kayu Wangi Berhad

Headquartered in Johor, Malaysia, Syarikat Kayu Wangi Berhad is
principally involved in the development of residential and
commercial projects.  Its other activities include housing
construction, production of sawn timber, manufacture of
prefabricated timber rooftrusses and timber trading.  The
Company first made a loss in 1999 when it defaulted on its first
bond payment.  The Company has failed to turn its finances
around and has been suffering continuous losses since then.  
Syarikat Kayu is currently in the process of preparing the
Regularization Plan.  Once completed, the Requisite Announcement
outlining the Regularization Plan will be made to Bursa
Securities.


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

APEX MINING: Postpones Annual Stockholders' Meeting to Sept. 27
---------------------------------------------------------------
In a disclosure to the Philippine Stock Exchange, Apex Mining
Company, Inc., said that it would move its annual stockholders'
meeting, initially scheduled on June 28, 2006, to September 27,
2006, at 8:00 a.m., for these reasons:

   * to enable the Company to complete its ongoing
     reorganization, pursuant to the acquisition of a major
     stake by Crew Gold Corporation and Mapula Creek Gold
     Corporation last year;

   * to give the Company enough time to prepare and distribute
     the necessary printed material relating to the meeting.

Apex Mining Company, Inc., is majority owned by Norwegian firm
Crew Gold Corporation, which is based in the United Kingdom.  It
owns the Masara gold mine in Compostela Valley on the island of
Mindanao.  Apex Mining is a corporation that is principally
engaged in the business of mining gold, silver, copper, lead and
other precious metals.  The Company was initially involved in
copper mining and shifted to gold mining in the late 70s when
copper prices started to plummet.

After almost a decade of profitable operations, Apex shut down
in March 1991 due to adverse conditions brought about by an
illegal strike of its workforce.  As peaceful and stable
conditions were restored, Apex restored to a Mines Operating
Agreement with a foreign-backed outfit.

In the hope of getting back on track, the Company launched
"Project 200" by the last quarter of 1997.  This is to resume
operations in the Masara mines using the company's own
resources.  The new system marked the use of "Corpo" or "Balbag"
system, a viable alternative in the area of work relationships
wherein the owner and the mines exist in a partner and
industrial partner relationship.

The Company's Operations were suspended on March 16, 2000, up to
the present.  However, a mine rehabilitation program was
implemented starting July 2000 to re-access the measured ore
blocks located at level 850 and level 930.  There is a pending
negotiation for a joint venture with Argonuat Mining Co., Inc.,
at 3780 Kilroy Airport Way, Suite 200, in Long Beach,
California.  The transaction is being delayed by the current
peace and order situation in Mindanao.


LAFAYETTE MINING: May Be Forced to Close on Reopening Delays
------------------------------------------------------------
A further delay in the restart of operations in the Rapu-Rapu
project of Lafayette Philippines, Inc., may force the mine to
shut down completely, Manila Standard Today writes.

Rapu-Rapu Processing, Inc.'s president, Manuel A. Agcaoili,
submitted a letter to the Board of Investments, warning that the
possible closure of the Rapu-Rapu Polymetallic Project in Albay
could cost the Philippine Government PHP13.31 billion in
investment losses should Lafayette Philippines' Australian
parent, Lafayette Mining, Inc., pull out of the country.  

The Troubled Company Reporter - Asia Pacific had reported on
November 14, 2005, that Lafayette Philippines had suspended
operations in October 2005 due to two cyanide spills from its
gold, copper and zinc mine, which polluted a nearby river.  The
Department of Environment and Natural Resources issued a cease-
and-desist order on the Company, prohibiting it from discharging
wastewater into the environment.  The Government also created a
fact-finding commission on March 10, 2006, to investigate the
spills and "evaluate all the facts and circumstances surrounding
the alleged threat to people's health and environmental safety."

The Manila Times states that the commission was tasked to submit
a report on its findings by April 10, 2006, but it asked for a
one-month extension on the deadline, and reiterated that the
Government could not allow the Company to resume its Rapu-Rapu
operations until its report was completed.  

According to Mr. Agcaoili, Lafayette's foreign investors are
anxious for the Company to resume operations, as the Pollution
Adjudication Board had set 21 conditions and remedial measures
necessary prior to restarting operations.  The Manila Times says
Rapu-Rapu Processing has already completed the compliance with
all conditions, and yet it cannot resume operations since it has
to wait for the fact-finding commission to submit its report on
the project.  The delay in the report submission has already
caused much uncertainty among investors, he added.

If the project would be shut down, the PHP13.31 billion
investment losses would come from PHP2.23 billion in bank loans,
PHP2.03 billion in shareholder advances, and PHP9.04 billion in
bank hedging exposures, BusinessWorld reports.  Aside from that,
the possible shutdown would put around 1,000 employees out of
work, and lose another PHP320 million spent for food, salaries
and supplies.

NM Rothschild & Sons (Australia) Limited, Australia and New
Zealand Banking Group Ltd., ABN AMRO Bank NV (Australia),
Investec Bank (Mauritius) Limited and Standard Chartered First
Bank Korea Limited are among the project's investors.

Monthly overhead costs to maintain the project during shutdown
were estimated at PHP138.65 million, whereas foregone revenues
due to the shutdown stood at PHP667.55 million.  ABS-CBN News
relates that Lafayette Philippines, Incorporated has invested
over PHP3.08 billion in the Rapu-Rapu mine, and wants to resume
operations as soon as possible to recover the PHP667.55 million
in foregone revenues, according to LPI country manager Rod Watt.  
Lafayette Philippines holds a 40% stake in Rapu-Rapu Processing.

                         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.


MAYNILAD WATER: Investment Firm Forms Group to Bid for Firm
-----------------------------------------------------------
Investment holdings firm DMCI Holdings, Inc., is negotiating
with an investor group to form a consortium and bid to acquire
Maynilad Water Services, Inc., the Philippine Star says.

DMCI Chief Finance Officer Herbert Consunji said that they are
expected to finalize arrangements with the investor group, which
he declined to name, BusinessWorld reports.  They sought a
partner with the financial and technological muscle in order to
outbid an Ayala consortium and other firms interested in taking
over the Company.  DMCI Holdings is seeking to garner a 100%
stake in the Company.

Formerly owned by the Lopez Group and French firm Lyonnaise Des
Eaux, Maynilad Water filed for court rehabilitation in 2004 due
to unsettled foreign debts, which was assumed by the
Metropolitan Waterworks Sewerage System, in exchange for an 84%
stake in the franchise to the Philippine Government.

According to BusinessWorld, Maynilad Water asked the Quezon City
Regional Trial Court, which was handling its rehabilitation, for
an extension of up to June 30, 2006, to get approval from the
Securities and Exchange Commission to amend its articles of
incorporation on capital stock.  Court-appointed receiver
Rosalinda S. Bernaldo said that the Company was slated to
acquire SEC approval by March 30, 2006, but "they are not yet
ready since there are no bidding documents."

In Maynilad's court-approved rehabilitation plan, MWSS had to
subscribe to increase its stake holding in the Company, before
the Commission would approve the capital reorganization.  
However, MWSS decided not to increase its stake, since a new
investor was expected to come in.

The Star adds that MWSS has approved the conditions to be used
in selecting investors for the re-privatization of Manila's west
water concession area, held by Maynilad Water; up for grabs is
the 84% stakeholding of Manila Waterworks in the Company.  The
conditions, drawn up by Maynilad financial adviser ABN-AMRO,
have yet to be approved by the Company's creditors.

A re-bidding of the west concession area is expected in June or
July instead of its original schedule in the first quarter of
this year, and the winning bidder will acquire and resume
operations of the west zone for the remainder of the 25-year
concession.

                      About Maynilad Water

Headquartered in Quezon City, Philippines, Maynilad Water  
Services Incorporated distributes water to the western part of  
Metro Manila.  The Company went under court rehabilitation in   
2005 after it suffered financial difficulties due to heavy debt  
burden and operational woes.  

Maynilad used to be majority controlled by Lopez-owned Benpres  
Holdings Corp. but ownership reverted to the MWSS early this  
year after the former exited from the company.  The Company,  
which expected to see a turnaround in its finances last 2005, is  
in the process of being reprivatized.  The Government is working  
with financial adviser ABN Amro and Maynilad's creditors for the  
completion of the terms of the reference for the bidding.  

Reduced interest rates and production costs led the Company to
post a PHP2.2 billion net income in 2005.


QUEZON POWER: Moody's Affirms B3 Stable Foreign Currency Rating
---------------------------------------------------------------
Moody's Investors Service has, on May 8, 2006, affirmed its B3
foreign currency debt rating for Quezon Power (Philippines)
Limited Company, following the release of its 2005 audited
financial accounts.  In this regard, Moody's says Quezon Power
is operating as expected, including a debt service coverage
ratio of around 1.5x.

Moody's lead analyst for Quezon Power Jennifer Wong said that
the B3 rating for is consistent with Moody's two other
Philippines power project ratings of B1/negative for Bauang
Prvate Power Corporation B2/stable for CE Casecnan Water &
Energy Company, Incorporated, which are also exposed to
regulatory uncertainties in the Philippine power sector.  
However, despite uncertainties caused by a power purchase
agreement renegotiation, contract renegotiations were completed
for Bauang and CE Casecnan with no material impact.  Quezon
Power's projected debt-service coverage ratio is expected to be
weakened after the tax holidays expire in 2006, which places it
at a notch lower than the B2/stable rating for CE Casecnan."

Ms. Wong said Moody's will continue to monitor the progress of
the ongoing discussion between the Company and Manila Electric
Company on adjustments to the power purchase agreement
amendments.  The rating service is concerned about Manila
Electric's weak financial position, which could adversely affect
Quezon Power, however it is believed that the power firm would
honor its obligation to the Company, which have never been
delayed.

A stronger financial position for Manila Electric would
translate into an upward rating for Quezon Power; but if Meralco
fails on its payments to the Company, this would lower its
current rating.

Quezon Power (Philippines) Limited, Incorporated, is the first
privately built, owned and operated power-generating facility in
the Philippines and the first power station in the country to be
financed without government or sovereign guarantees.  The
Company was built to help address a major power crisis that was
hitting the Philippines in the late 1990's.

Quezon Power has a 25-year power purchase agreement with Manila
Electric Company, the country's largest power distribution
company, and will provide additional load stability for the
Luzon power grid.


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

EXPANDSHIP HOLDINGS: Faces Winding-up Proceedings
-------------------------------------------------
A wind-up petition against Expandship Holdings (Pte) Limited was
filed by James Logan Swanson before the High Court of Singapore
on April 19, 2006.

The application will be heard before the Court on May 19, 2006,
at 10:00 a.m.

Any creditor who wishes to support or show opposition to the
Petition may attend the hearing.

Contact: Ang & Partners
         Solicitors for the Plaintiff
         150 Beach Road
         #32-00, The Gateway West
         Singapore 189720


JEFF-OCEAN MARINE: Court Issues Bankruptcy Order
------------------------------------------------
The High Court of Singapore has, on April 7, 2006, entered a
bankruptcy order for Jeff Ocean Marine Engineering Pte Limited.

Contact: Audrey Lim
         Senior Assistant Registrar
         Supreme Court, Singapore


PTS ENGINEERING: Court Orders Winding-up
----------------------------------------
The High Court of the Republic of Singapore, on April 21, 2006,
entered a wind-up order against PTS Engineering Pte Limited.

The Troubled Company Reporter - Asia Pacific recounts that the
Petition was filed with the Court on March 30, 2006.

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


SS PTE: Declares First and Final Dividend
-----------------------------------------
SS Pte Limited intends to distribute its 2.2012% first and final
dividend to creditors on May 17, 2006.

The Company was wound up by way of a creditors' voluntary
liquidation on March 19, 2004, the Troubled Company Reporter -
Asia Pacific recounts.

Contact: Chia Soo Hien
         Ng Geok Mui
         Liquidators
         5 Shenton Way
         #07-01 UIC Building
         Singapore 068808


TEO PENG SIONG: Court Enters Bankruptcy Order
---------------------------------------------
At Teo Peng Siong Construction's request, the High Court of
Singapore entered a bankruptcy order pertaining to the Company
on April 7, 2006.

Contact: Audrey Lim
         Senior Assistant Registrar
         Supreme Court, Singapore


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

ADVANCE PAINT: No Payment of Dividends Due to Losses on 2005
-------------------------------------------------------------
On April 7, 2006, the shareholders of Advance Paint & Chemical
Public Company Limited had their ordinary general meeting and
passed several resolutions, including the resolution not to pay
dividends in respect to the Company's performance on the fiscal
year 2005.

The other matters discussed and approved by the shareholders
are:

   -- the approval and ratification of the performance results
      of the Board of Directors for fiscal year 2005 and the
      Annual Report for fiscal year 2005;

   -- the approval of the Balance Sheet and the Profit and Loss
      Accounts of the Company for the fiscal year ended Dec. 31,
      2005;

   -- the re-election of Natee Panichcheeva and Sompakdee
      Vejvilai, who retired by rotation, as new directors;

   -- the appointment of Atipong Atipongsakun, Certified Public
      Accountant Registration No. 3500, of ANS Audit Company
      Limited, as auditor of the Company for fiscal year 2006
      and the fixing of the remuneration of the auditor in the
      amount not exceeding THB350,000 per year;

   -- the approval of the plan for the remedy of the cause for
      the delisting of the Company's securities according to the
      Operating Procedure to remedy the Company's financial
      condition and operational results; and

   -- the remuneration for meeting attendance for the directors
      equal to THB20,000 per director per meeting.

                          *     *     *

Headquartered in Bangkok, Thailand, Advance Paint & Chemicals
Public Company Limited manufactures and distributes decorative
paint, heavy-duty coating, and industrial painting under Dutch
boy, and Seven Stars brand names.  It has assets of THB124.83
million in December 2005.  The Company signed a 30-year contract
with Sherwin-Williams Company starting from June 1, 1987, for
the use of brand names and technology.

Advance Paint is currently undergoing business rehabilitation
and is categorized under the Rehabco Sector of the Stock
Exchange of Thailand.  It is working with a capital deficit,
with current liabilities pegged at THB57.66 million in 2005
against current assets standing at THB35.01 million.


SINO-THAI RESOURCES: Present Updates on Rehabilitation Progress
----------------------------------------------------------------
On April 25, 2006, Sino-Thai Resources Public Company Ltd
submitted a report with the Stock Exchange of Thailand providing
updates on the Company's rehabilitation progress.

                           Oil Trading

Sino-Thai has diversified its business by engaging and acting as
oil trader.  It purchases high speed diesel oil, ULR 91 and ULG
95, from local refineries and jobbers, and resell it to gas
stations.  The Company purchases petroleum products from local
and diversified jobbers so as to mitigate delivery risk and
enjoy good bargaining power.

Sino-Thai says that the competition in oil markets is quite
challenging and profit margin is quite thin.  However, oil-
trading business accounts for 90% of the Company's total
revenue, the volume of trade is huge that it enables the Company
to make three consecutive quarterly profits, as previously
reported to the SET.

At present, Sino-Thai is planning to capture customers in the
industrial sector, the agro-industry sector, the transportation
sector, and the fishery sector as they have purchasing powers
and continuous demand throughout the year.  

                    Construction Stone Quarry
         
Sino-Thai temporarily stops its operation of the construction
stone quarry since the business requires two licenses to
operate:

   1. Mining Lease: The Company has two mining leases to operate
      from the Department of Fundamental Industrial and Mining:

      * Mining Lease No. 27951/14713, licensed for 25 years,
        starting from November 26, 1993; and

      * Mining Lease No. 27952/14724, for a 25-year period
        starting from January 17, 1994.
  
   2. The license of Siam Dimension Stone Company Limited, which
      Sino-Thai has leased for its construction stone mining
      operations, and which expired in November 2004.  Siam
      Dimension is currently in the process of requesting an
      extension to the license from the Department of Forest.
      The Company expects that it will receive the permission
      within the year.

For the meantime, Sino-Thai leased its assets in the
construction stone mining operations, such as building, factory
and crushing plant, to Sira Processing and Trading Company Ltd.  
The lease period has started on September 1, 2005, for a period
of one year.  Sira Processing paid THB600,000 for front end fee
of the lease and THB300,000 as monthly payment.  In addition,
the Company sold stocks to Sira.  After obtaining the permission
to exploit the forest reserve area, Sino-Thai will resume its
operation.

                     Oil Lubricant Products

The Company's oil lubricant business is a supporting business,
as it has the same retail customers as the Company's fuel
trading operations.  The Company considers doing both businesses
together.  The Company is planning to expand and strengthen its
position in the energy industry, which is its core business.  
The oil lubrication plant's location is at 33 Moo 5 Suksawas
Road, Bang Kru Sub-district, in Phra-Pradaeng District, Samut
Prakarn.

                           Tin Mining

The Company made a decision not to continue its tin mining
operations due to foreseen high uncertainties.

                     Coal-Fired Power Plant

Sino-Thai, in partnership with K-Max Consultancy, studied the
feasibility of a coal-fired power plant project to be located in
Koh Kong Province, Cambodia.

Pursuant to the Company's memorandum of understanding with K-
Max, K-Max represented Sino-Thai in negotiating with The Royal
Government of Cambodia, especially in relation to the Company's
selling of electricity.

K-Max was also tasked to select qualified firms to be equity
partners in the project.

K-Max's study of the project was scheduled for a six-month
period, ending December 2005.  However, due to certain
constraints, the duration of the study is foreseen to finish at
the end of the year 2006.

Under the MoU, K-Max will receive an advisory fee, consisting
of:

   -- a success fee of THB20 million to be paid when Sino-Thai
      reaches an agreement with the Government of Cambodia and
      the agreements with the Government of Thailand;

   -- a success fee of THB5 million to be paid when the project
      gets the potential sponsors; and

   -- actual costs.

The total Advisory Fee in order for K-Max to complete the study
on the project is estimated to be approximately THB80 million.

The project site is suitable for two units of 860 MW Coal-fired
power plant and for further expansion of another two units.  
Sin-Thai allotted an investment budget of US$2,044.3 million for
the project.

Equity Partners are under selection and negotiation process with
potential local and overseas equity partners are ongoing.

It was resolved on April 20, 2006, at the shareholders general
meeting, to approve and acknowledge and to consider official the
binding agreement with K-Max to provide consultancy services for
the project.
        
                          *     *     *

Sino-Thai Resources Development Public Company Limited is a
Thailand-based company principally engaged in tin ore mining,
construction stone mining and fuel trading.  Headquartered in
Bangkok, the Company has a branch office in Saraburi.  It is
currently undergoing business rehabilitation and is categorized
under the Rehabco Sector of the Stock Exchange of Thailand.






                            *********


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.
   
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