TCRAP_Public/060515.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

              Monday, May 15, 2006, Vol. 9, No. 095


                            Headlines

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

2 DAYZ KITCHEN: Court to Hear Liquidation Bid on May 15
AUCKLAND OCCUPATIONAL: Liquidation Bid Hearing Set on May 18
A&D WALKER: Final Meeting Fixed for Today
APG APARTMENTS: Creditors Agree on Liquidation
AWB LIMITED: AU$90-Million Indian Wheat Shipment Put on Hold

BINBIAN PASTORAL: Members Resolve to Cease Operations
BROOKVALE CAR: Intends to Declare Dividend on May 17
CONDITIONED AIR: Creditors Resolve to Wind Up Firm
DALCOM ASSET: Supreme Court Orders Wind-up
DATAFLOW HOLDINGS: Receiver Steps Aside

EMBASSY 3 PROPERTIES: Appoints Official Liquidator
FASTOW PTY: Members to Receive Wind-up Report Today
FULL BOAR EARTHMOVING: Winds Up Business
GREEN AGRO: Official Assignee Named as Liquidator
HADDOW DRAFTING: Set to Distribute Dividend on May 23

HAWKSLEY HOLDINGS: Placed Under Voluntary Liquidation
HIH INSURANCE: Liquidator To Commence Damages Action vs. FAI
IMAGELINE PTY: Decides to Close Operations
MA & PM WRIGHT: Parsons and Kenealy Appointed as Liquidators
MILLER PROPERTY: To Pay Dividend to Creditors on May 21

MILOSHA HOLDINGS: Liquidator Presents Wind-up Report Today
NATIONAL 1 AUSTRALIA: Appoints Joint Liquidators
OLD MP LIMITED: To Receive Proofs of Claim until May 25
OLD MV LIMITED: Creditors Required to Prove Debts by May 25
PROQUALIX PTY: Names Receivers and Managers

SEKULOVSKI HOLDINGS: Begins Wind-up Proceedings
SINCLAIR HALVORSEN: Member Opts for Voluntary Liquidation
SUPSCAF LIMITED: Creditors' Proofs of Debt Due on May 31
TELSTRA CORPORATION: Government Can Cut Value of Telstra Stake
UNITED ELECTRIC: Liquidator to Present Wind-up Report Today

VA TELECOMMUNICATION: Enters Voluntary Liquidation
WATTYL LIMITED: Barloworld Says It Has 9.3% in Wattyl


C H I N A   &   H O N G  K O N G

BANK OF CHINA: IPO Share Priced at 1.9-2.2X Price/Book
CENTALIC PCB: Placed Under Voluntary Liquidation
CHINESE BUILDING: Creditors' Proofs of Claim Due on June 16
CYBER RESOURCES: Intends to Declare Second Dividend
DRANSFIELD HOLDINGS: Decides to Wind Up Operations

ENRON (CHINA): Members' and Creditors' Meetings Set May 22
ENRON (HONG KONG): Creditors and Members to Convene on May 22
FAVOURITE LIMITED: Members Appoint Liquidators
FORTUNE JOINT: Winding Up Hearing Fixed on May 24
GIA INDUSTRIAL: Wind-up Process Initiated

GUANGDONG KELON: Extraordinary General Meeting Fixed on June 26
HANAL LIMITED: Members Resolve to Wind Up Firm
HANG SENG CREDIT: Given Until May 26 to Prove Debts
HERACO (CHINA): Chu, Named as Company's Liquidator
GROUP LEADER: Creditors Opt for Voluntary Liquidation

KIN SING: Winding Up Hearing Set on May 17
KOREA LEASING: Joint and Several Liquidators Step Aside
KUNQU SOCIETY: Creditors Must Prove Debts by June 16
KWUNG TONG: Schedules Final Meeting on May 21
LAM TAK: Liquidator to Issue Wind-up Report

LANE PROFIT: Names Joint and Several Liquidators
ONBEST ENTERPRISES: Shareholders Final Meeting Fixed on June 12
REGAL SKY: Appoints Official Liquidator
WAVERLEY ENTERPRISES: Enters Winding Up Proceedings


I N D I A

FERTILISERS AND CHEMICALS: Sells Land at Cheap Price
INDIAN DRUGS: Joint Proposal Paves Way for Revival
INDIA CEMENTS: To Set up INR7.5-Bilion Plant in Northern India
INDIA CEMENTS: Closes US$75-Million FCCBs Issue


I N D O N E S I A

MATAHARI PUTRA: S&P Lifts Corporate Credit Rating to "B+"
PERTAMINA: Gets World Oil Cartel's Help With More Refineries


J A P A N

KONICA MINOLTA: Camera Pullout Prompts JPY54.32 Billion Loss
LIVEDOOR COMPANY: Used Car Unit to Sue Ex-CEO & 2 Ex-Directors
SANYO ELECTRIC: IBM Japan to Manage Human Resources
* Earthquake Insurance Scheme a Significant Back-up, Fitch Says


K O R E A

DAEWOO SHIPBUILDING: Wins US$730 Million Orders from Europe
HYUNDAI ENGINEERING: Secured $279-Million Arabian Power Deal
TRIGEM COMPUTER: Representative Files 1st Section 1518(1) Report
TRIGEM COMPUTER: Posts KRW831 Billion Net in 2005


M A L A Y S I A

ANTAH HOLDINGS: Inks Restructuring Deals
ARTWRIGHT HOLDINGS: To Consider Name Change at June 7 EGM
CHG INDUSTRIES: Seeks Revision of Restructuring Proposals
KIG GLASS: Finalizes Plan to Address Default
LITYAN HOLDINGS: Provides Default Update

MANGIUM INDUSTRIES: Furnishes Declaration of Solvency
METROPLEX BERHAD: Unable to Pay Debts on Due Dates
POLYMATE HOLDINGS: Declares Insolvency
SBBS CONSORTIUM: Falls Under PN17 Category Due to Insolvency
SBBS CONSORTIUM: Wind-up Hearing Adjourned to May 19

TENGGARA OIL: Defaults on Bank Loan Facilities


P H I L I P P I N E S

LAFAYETTE MINING: Seeks Government Approval on Plant Test Run
NATIONAL FOOD: To Import Rice from Vietnam
* Massive Power Blackout Leads to PHP100 Million in Losses


S I N G A P O R E

ACCORD CUSTOMER: Books SGD2.46-Million Net Loss in 1Q/FY06
KIM KOON: Creditors' Meeting Slated for May 31
LAU'S FOOD: Creditors' Proofs of Claim Due on May 25
LINDETEVES-JACOBERG: Improved Earnings not Enough for Recovery
TEOW KEE: Pays First and Final Dividend to Creditors


T H A I L A N D

NEW PLUS: Unable to Pay Dividends for 2005
TANAYONG: Inks Agreement with NHA Worth THB8.4 Billion

     - - - - - - - -

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

2 DAYZ KITCHEN: Court to Hear Liquidation Bid on May 15
-------------------------------------------------------
An application to put 2 Dayz Kitchen Ltd into liquidation will
be heard before the High Court of Invercargill on May 15, 2006,
at 10:00 a.m.   

The High Court received the application from the Commissioner of
Inland Revenue on April 4, 2006.

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


AUCKLAND OCCUPATIONAL: Liquidation Bid Hearing Set on May 18
------------------------------------------------------------
An application to put Auckland Occupational Safety & Health Ltd
into liquidation will be heard before the High Court of Auckland
on May 18, 2006, at 10:45 a.m.

The High Court received the application from the Commissioner of
Inland Revenue on March 7, 2006.

Contact: S.J. Eisdell Moore
         Meredith Connell, Level 17
         Forsyth Barr Tower,
         55-65 Shortland Street, Auckland
         New Zealand
         Telephone: (09) 336 7556
         

A&D WALKER: Final Meeting Fixed for Today
-----------------------------------------
Members of A&D Walker Plumbing Services Pty Limited will hold a
final meeting today, May 15, 2006.

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

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


APG APARTMENTS: Creditors Agree on Liquidation
----------------------------------------------
At a general meeting of the creditors of APG Apartments Pty
Limited on March 28, 2006, creditors agreed that it is in the
Company's best interests to liquidate its operations.

Liquidators R. J. Porter and D. I. Mansfield were appointed to
oversee the wind-up.

Contact: D. I. Mansfield
         R. J. Porter
         Liquidators
         c/o Moore Stephens Chartered Accountants
         Level 6, 460 Church Street
         Parramatta, New South Wales 2150
         Australia


AWB LIMITED: AU$90-Million Indian Wheat Shipment Put on Hold
------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
May 4, 2006, the Indian Government has awarded a 500,000-tonne
wheat import contract to AWB Limited in March 2006 to shore up
its buffer stocks.

The TCR-AP recounts that Indian authorities complained that AWB
Limited's 50,000-tonne wheat shipment, which was the first
delivery under the AU$90 million contract, did not meet
prescribed norms and contained high levels of pesticides.  The
complaint led AWB to send a high-level delegation to India.

The shipment was later cleared after authorities backtracked and
said that the reading was within permissible levels.

In an update, The Age relates that AWB hit another hitch with
the contract as several shipments -- worth AU$90 million -- that
are due to leave ports in Victoria, Western Australia and South
Australia are on hold because of concerns about grain quality.  
The shipments

According to The Age, the delay, caused by more quarantine
concerns in India, as well as stringent quality specifications
in the contract, is a blow for the monopoly wheat exporter as it
tries to rebuild its international reputation amid the Iraqi
kickback scandal.

The Age cites industry sources as saying that the AWB shipments
were not meeting India's tough laws on plant contamination of
grain.  AWB appears to be expecting a long delay because it is
looking for other markets for much of the grain.

                           About AWB   

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

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


BINBIAN PASTORAL: Members Resolve to Cease Operations
-----------------------------------------------------
The members of Binbian Pastoral Company Pty Limited resolved on
March 21, 2006, to close the Company's business operations and
distribute the proceeds of its assets disposal.

Contact: Ross Weier
         Carrick Ashmead Pty Limited
         27 New Street, Dalby
         Queensland 4405, Australia


BROOKVALE CAR: Intends to Declare Dividend on May 17
----------------------------------------------------
Brookvale Car World Pty Limited will declare a first and final
dividend to its employee creditors on May 17, 2006.

Creditors who were not able to prove their claims are excluded
from sharing in the dividend distribution.

Contact: Brian Silvia
         Liquidator
         Ferrier Hodgson
         Level 17, 2 Market Street
         Sydney, New South Wales 2000
         Australia


CONDITIONED AIR: Creditors Resolve to Wind Up Firm
--------------------------------------------------
The creditors of Conditioned Air (Australia) Pty Limited
convened on March 29, 2006, and decided to wind up the Company's
operations voluntarily.

Bruno A. Secatore and Daniel P. Juratowich were subsequently
appointed as liquidators.

Contact: Daniel P. Juratowich
         Bruno A. Secatore
         Liquidators
         Level 7, 114 William Street
         Melbourne, Victoria 3000
         Australia


DALCOM ASSET: Supreme Court Orders Wind-up
------------------------------------------
The Supreme Court of New South Wales issued a wind-up order
against Dalcom Asset Management Pty Limited, and named Michael
G. Jones as liquidator.

Contact: Michael G. Jones
         Liquidator
         c/o Jones Condon Chartered Accountants
         Australia
         Telephone: (02) 9251 5222


DATAFLOW HOLDINGS: Receiver Steps Aside
---------------------------------------
Martin Madden ceased to act as receiver and manager of the
property of Dataflow Holdings Pty Limited.

Mr. Madden was appointed as Company receiver on September 13,
2000.


EMBASSY 3 PROPERTIES: Appoints Official Liquidator
--------------------------------------------------
Alison Ann Turner was appointed liquidator of Embassy 3
Properties Limited by virtue of a special resolution passed by
members of the Company on April 28, 2006.

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


FASTOW PTY: Members to Receive Wind-up Report Today
---------------------------------------------------
A final meeting of the members and creditors of Fastow Pty
Limited will be held today, May 15, 2006.

During the meeting, members will get an account of the manner of
the Company's wind-up and property disposal from Liquidator
Stephen Jay.

Contact: Stephen Jay
         Liquidator
         c/o Nicholls & Company Chartered Accountants
         Suite 103, 1st Floor, Wollundry Chambers
         Johnston Street, Wagga Wagga
         New South Wales 2650, Australia


FULL BOAR EARTHMOVING: Winds Up Business
----------------------------------------
The members of Full Boar Earthmoving Pty Limited resolved on
March 29, 2006, to wind up the Company's operations.

Subsequently, Jeffrey Ian O'Mullane was named as liquidator for
the wind-up.

Contact: Jeffrey I. O'Mullane
         Liquidator
         c/o Frank Lo Pilato
         RSM Bird Cameron Partners Chartered Accountants
         Level 1, 103-105 Northbourne Avenue
         Canberra, Australian Capital Territory 2601
         Australia
         Telephone: (02) 6247 5988
         Fax: (02) 6262 8633


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

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


HADDOW DRAFTING: Set to Distribute Dividend on May 23
-----------------------------------------------------
Haddow Drafting Pty Limited will distribute its first and final
dividend to ordinary unsecured creditors on May 23, 2006.

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

Contact: David H. Scott
         Liquidator
         Jones Condon Chartered Accountants
         Ground Floor, 77 Station Street
         Malvern 3144, Australia


HAWKSLEY HOLDINGS: Placed Under Voluntary Liquidation
-----------------------------------------------------
At a general meeting of Hawksley Holdings Limited on March 29,
2006, members agreed that it is in the Company's best interests
to wind up its operations.

Contact: Nicholas Brooke
         Liquidator
         115 Kalinda Road, Ringwood North
         Victoria 3134, Australia


HIH INSURANCE: Liquidator To Commence Damages Action vs. FAI
------------------------------------------------------------
HIH Insurance Group's liquidator, Tony McGrath, McGrath Nicol
Partners, is planning to sue FAI Insurances Limited and FAI
General Insurance Company for hundreds of millions of dollars in
damages, The Australian reports.  The lawsuit is believed to be
a move to recover cash for HIH creditors.

According to The Australian, Mr. McGrath's decision to commence
a damages action follows the NSW Supreme Court's appointment of
a special purpose liquidator -- Stephen Parbery from PPB -- to
FAI Insurances and FAI General.  Mr. Parbery's appointment on
May 4, 2006, came after Mr. McGrath, who was then liquidator to
both HIH and FAI, expressed his concern about a potential
conflict of interest.

The Australian recounts that HIH took over FAI for AU$300
million in 1998.  The takeover has been partly blamed for HIH's
collapse in March 2001.

Mr. McGrath had earlier initiated suits against reinsurers, from
which he has recovered around AU$2 billion.  He has also
previously named Federal MP and parliamentary secretary Malcolm
Turnbull as defendants in a legal action on behalf of HIH
creditors.  Mr. Turnbull was the chairman of Goldman Sachs
Australia, who was FAI's adviser at the time of HIH's takeover.

                      About HIH Insurance  

HIH Insurance Limited -- the holding company of the HIH Group --
was a publicly listed company in Australia.  Prior to its
failure, the HIH Group was known as the second largest general
insurer in Australia, and had operations in many other
countries.  

On March 15, 2001, the HIH Group failed, with a deficiency now
believed to be between AU$3.6 billion and AU$5.3 billion.  
Provisional liquidators were appointed to HIH Insurance Limited
and many of its subsidiaries.  Other insolvency practitioners
were appointed to various group companies incorporated in other
parts of the world.  In August 2001, the major Australian
companies in the HIH Group were placed into liquidation.

In November 2005, the Australian Liquidators received a court
order granting permission to convene meetings of creditors of
the eight HIH companies that formerly held Australian insurance
licenses to consider and vote on the proposed Schemes of
Arrangement.  On November 25, 2005, the English Provisional
Liquidators received a similar court order from the High Court
in England.  These meetings were held on March 29, 2006.

HIH's collapse os known to be the nation's biggest corporate
failure.  


IMAGELINE PTY: Decides to Close Operations
------------------------------------------
The members of Imageline Pty Limited held a general meeting on
March 24, 2006, and determined that a voluntary wind-up of the
Company's business operations is appropriate and necessary.

Consequently, Ginette Muller and Lachlan McIntosh were appointed
as liquidators.

Contact: Lachlan McIntosh
         Ginette Muller
         Liquidators
         KordaMentha (Queensland)
         22 Market Street, Brisbane
         Australia


MA & PM WRIGHT: Parsons and Kenealy Appointed as Liquidators
------------------------------------------------------------
MA & PM Wright Ltd appointed Dennis Clifford Parsons and
Katherine Louise Kenealy as joint and several liquidators for
the Company on April 10, 2006.

Any creditors with claims on security interest from the Company
are asked to contact the Liquidators immediately.

Contact: D.C. Parsons
         Indepth Forensic Limited,
         Insolvency Practitioners  
         PO Box 278, Hamilton
         New Zealand
         Telephone: (07) 957 8674
         Facsimile: (07) 957 8677


MILLER PROPERTY: To Pay Dividend to Creditors on May 21
-------------------------------------------------------
Miller Property Group Pty Limited will declare its final
dividend on May 21, 2006, to the exclusion of its creditors who
were unable to prove their claims.

Contact: Tony Jonsson
         Liquidator
         c/o KPMG
         Level 13, Cairns Corporate Tower
         15 Lake Street, Cairns
         Queensland 4870, Australia
         

MILOSHA HOLDINGS: Liquidator Presents Wind-up Report Today
----------------------------------------------------------
The members of Milosha Holdings Pty Limited will convene today,
May 15, 2006, to receive Liquidator Geoffrey McDonald's account
regarding the Company's completed wind-up and disposal of the
Company's property.

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


NATIONAL 1 AUSTRALIA: Appoints Joint Liquidators
------------------------------------------------
Brian McMaster and Oren Zohar were, on March 27, 2006, appointed
as joint and several liquidators for the winding up of National
1 Australia Limited.

Contact: Brian McMaster
         Oren Zohar
         Liquidators
         KordaMentha
         Level 11, 37 St. Georges Terrace
         Perth, Western Australia
         Telephone: (08) 9221 6999


OLD MP LIMITED: To Receive Proofs of Claim until May 25
-------------------------------------------------------
Creditors of Old MP Limited -- formerly Magic Proportions -- are
required to send in their proofs of claim on or before May 25,
2006.

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

Contact: J.M. Gilbert
         C/O C & C Strategic Ltd
         Private Bag 47-927, Ponsonby
         Auckland, New Zealand
         Telephone: (09) 376 7506
         Facsimile: (09) 376 6441


OLD MV LIMITED: Creditors Required to Prove Debts by May 25
-----------------------------------------------------------
Creditors of Old MV Ltd -- formerly Magic Ventures -- are
required to send in their proofs of claims on or before May 25,
2006.

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

Contact: J.M. Gilbert
         C/O C & C Strategic Ltd
         Private Bag 47-927, Ponsonby
         Auckland, New Zealand
         Telephone: (09) 376 7506
         Facsimile: (09) 376 6441


PROQUALIX PTY: Names Receivers and Managers
-------------------------------------------
Murray Campbell Smith and Joseph David Hayes were appointed as
receivers and managers of the property of Proqualix Pty Limited
on March 8, 2006.

Contact: Joseph D. Hayes
         Murray C. Smith
         Receivers
         McGrath Nicol & Partners
         Level 9, 10 Shelley Street
         Sydney, Australia


SEKULOVSKI HOLDINGS: Begins Wind-up Proceedings
-----------------------------------------------
The members of Sekulovski Holdings Pty Limited decided on March
29, 2006, to close the Company's business operations, and name
Riad Tayeh and Antony de Vries as joint and several liquidators.

Contact: Riad Tayeh
         Antony de Vries
         Liquidators
         de Vries Tayeh
         c/o Level 3, 95 Macquarie Street
         Parramatta, New South Wales 2150
         Australia


SINCLAIR HALVORSEN: Member Opts for Voluntary Liquidation
---------------------------------------------------------
The sole member of Sinclair Halvorsen Pty Limited held a general
meeting on March 15, 2006, and agreed to:

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

  -- appoint Brian McMaster and Oren Zohar as liquidators for
     the wind-up.

Contact: Brian McMaster
         Oren Zohar
         Liquidators
         KordaMentha
         Level 11, 37 St. Georges Terrace
         Perth, Western Australia
         Australia
         Telephone: (08) 9221 6999


SUPSCAF LIMITED: Creditors' Proofs of Debt Due on May 31
--------------------------------------------------------
Boris Van Delden and John Trevor Whitfield, joint and several
liquidators of Supscaf Limited, require the Company's creditors
to submit their proofs of debt on or before May 31, 2006.

Contact:  Boris Van Delden
          Mcdonald Vague, PO Box 6092
          Wellesley Street Post Office
          Auckland, New Zealand
          Telephone: (09) 303 0506
          Facsimile: (09) 3603 0508


TELSTRA CORPORATION: Government Can Cut Value of Telstra Stake
--------------------------------------------------------------
The Federal Government could slice the value of its stake in
Telstra Corporation, depending on the results of the telco's
discussions with the Australian Competition and Consumer
Commission, the Australian Associated Press relates.

The AAP notes that the Government's 51.8% stake in Telstra is
calculated at AU$3.85 a share, according to a 90-day trading
average share price.  This calculation is already a 6% or about
AU$1.5 billion drop from the previous AU$4.13-per-share
estimate, which was itself a downgrade from the original AU$5.25
per share price.

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
access pricing and regulations applying to its proposed "fibre-
to-the-node" broadband network are ironed out with the ACCC.

According to the TCR-AP, 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.

AAP cites Deutsche Bank analyst Richard Long as saying that the
value of the Government's stake in Telstra would be determined
by the ACCC's decision on access terms.

                         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.


UNITED ELECTRIC: Liquidator to Present Wind-up Report Today
-----------------------------------------------------------
The final meeting of the members of United Electric Controls
(Australia) Pty Limited will be held today, May 15, 2006, where
Liquidator Mark Peter Barson will present his accounts of the
manner of the Company's wind-up and property disposal.

Contact: Mark P. Barson
         Liquidator
         Charman Partners
         Suite 4, 10-12 Chapel Street
         Blackburn, Victoria 3130
         Australia


VA TELECOMMUNICATION: Enters Voluntary Liquidation
--------------------------------------------------
The members of VA Telecommunication Pty Limited met on March 31,
2006, and decided to liquidate the Company's operations

M. F. Cooper was subsequently appointed as liquidator for the
wind-up.

Contact: M. F. Cooper
         Liquidator
         Frasers Insolvency Advisory
         Level 9, 99 Elizabeth Street
         Sydney, New South Wales 2000
         Australia


WATTYL LIMITED: Barloworld Says It Has 9.3% in Wattyl
-----------------------------------------------------
Barloworld Ltd. said that it had a 9.3% stake in Wattyl Limited,
Reuters reports.

Barloworld's statement came as it awaits the Australian
Competition and Consumer Commission's approval of its AU$321
million takeover bid for Wattyl.  Barloworld has offered AU$3.80
per share in cash or AU$3.72 adjusted for a dividend.

The Troubled Company Reporter - Asia Pacific reported in March
2006 that Barloworld is in discussions with the ACCC to address
the regulator's concerns that a Barloworld takeover of Wattyl,
which would merge the number two and number three paintmakers,
would substantially reduce competition.  Barloworld is firm in
its belief that a merger with Wattyl would be beneficial to the
industry and the consumers.

Discussions between the South African paint maker and the ACCC
are still ongoing.  The TCR-AP said on May 1, 2006, that
Barloworld has given the ACCC a list of assets that it will
divest if its takeover of Wattyl materializes.

According to Reuters, Barloworld had extended its bid to close
on June 16, 2006.

                      About Wattyl Limited

Headquartered in New South Wales, Australia, Wattyl Limited --
http://www.wattyl.com.au/-- is engaged in the manufacture and  
marketing of paints, resins and related products.  In June 2005,
Wattyl commenced its business and finance restructuring program,
which includes the re-allocation of its marketing budget, cost
reduction and increased expenditure on strengthening Wattyl's
brands and positioning the business or future growth.  In
December 2005, Allco Equity Partners made a AU$285-million
hostile takeover bid for Wattyl.  This was later rejected.  
South Africa's Baroloworld Limited made a friendly counter-offer
of AU$321 million, which won the support of Wattyl's Board.


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

BANK OF CHINA: IPO Share Priced at 1.9-2.2X Price/Book
------------------------------------------------------
The Bank of China will set an indicative price range of its
initial public offering in Hong Kong on May 11, 2006, The
Troubled Company Reporter - Asia Pacific reported on May 11,
2006.

In an update on May 12, 2006, Infocast News reports that the
price range was expected at 1.9-2.2X price/book ratio due to the
abundance of liquidity in the market.

According to the report, analysts disclosed that the price for
one lot of the shares would be HK$2,500-3,000, basing on the
price of HK$2.5-3.0 per share.

Meanwhile, a majority of analysts are concerned about the
exchange risks of the Bank of China.  Some of them say the
bank's exchange losses this year may hopefully fall from CNY4.2
billion to CNY1.2 billion.

According to the preliminary IPO prospectus, the Chinese lender
will offer approximately 25.57 billion H shares, representing
10.5% of the enlarged issued share capital, at HK$2.5-3.0 per
share.  The net proceeds, assuming a median offer price of
HK$2.75 per share, will be HK$68.07 billion and will be used for
improving the capital adequacy ratio, in preparation of future
development.

The IPO is expected to be launched between May 18 and 23, 2006,
before the offer price is decided on May 24 and listing on June
1.

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.  


CENTALIC PCB: Placed Under Voluntary Liquidation
------------------------------------------------
At an extraordinary general meeting of Centalic PCB Services
Limited on April 8, 2006, members agreed that it is in the
Company's best interests to wind up its operations.

Lee Pak Yin Lawrence was appointed as liquidator for the wind-
up.

Contact: Lee Pak Yin Lawrence
         Liquidator
         6B, Cameron Plaza
         23 Cameron Road
         Tsimshatsui Kowloon
         Hong Kong


CHINESE BUILDING: Creditors' Proofs of Claim Due on June 16
-----------------------------------------------------------
The creditors of Chinese Building Art and Craft Research Group
Ltd are required to submit their proofs of claim on or before
June 16, 2006.

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

Contact: Lam Chi Wai
         Units C&D. 9/F., Neich Tower
         128 Gloucester Road, Wanchai
         Hong Kong


CYBER RESOURCES: Intends to Declare Second Dividend
---------------------------------------------------
Cyber Resources and Technology Limited issued a notice of
intended second dividend in the High Court of the Hong Kong
Special Administrative Region Court of First Instance on
April 21, 2006.  

Contact: Kelvin Edward Flynn
         Joint and Several Liquidator
         5th Floor, Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


DRANSFIELD HOLDINGS: Decides to Wind Up Operations
--------------------------------------------------
Members of Dransfield Holdings Limited held a meeting on
Marh 9, 2006, and agreed to close the Company's business.

Kenny King Ching Tam and Mat Ng of Messrs. Kenny Tam & Co. were
subsequently appointed as joint liquidators.

Contact: Kenny King Ching Tam
         Mat Ng
         Mrssrs. Kenny Tam & Co.
         Joint Liquidators
         17/F Chun Wo
         Commercial Centre
         23 Wing Wo Street
         Central Hong Kong


ENRON (CHINA): Members' and Creditors' Meetings Set May 22
----------------------------------------------------------
The annual meetings of members and creditors of Enron (China)
Ltd will be held for the parties to receive Liquidators Heng Kwo
Seng and Tse Tam Kam's final account showing how the Company was
wound up and how its property was disposed of.

The meeting will be held on May 22, 2006, at 2:30 a.m. for
members and at 3:00 a.m. for creditors.


ENRON (HONG KONG): Creditors and Members to Convene on May 22
-------------------------------------------------------------  
The annual meeting of members and creditors of Enron (Hong Kong)
Ltd will be held for the parties to receive Liquidators Heng Kwo
Seng and Tse Tam Kam's final account showing how the Company was
wound up and how its property was disposed of.

The meeting will be held on May 22, 2006, at 10:00 a.m. for
members and at 10:30 a.m. for creditors.


FAVOURITE LIMITED: Members Appoint Liquidators
----------------------------------------------
James Wardell and Charles Chan Wai Dune were appointed official
liquidators of Favourite Limited as ordered by the High Court of
Hong Kong on February 13, 2006.

Contact: James Wardell
         Charles Chan Wai
         Joint Liquidators
         Room 1602 16/F
         Hysan Avenue
         Causeway Bay
         Hong Kong


FORTUNE JOINT: Winding Up Hearing Fixed on May 24
-------------------------------------------------
On March 27, 2006, Leung Kam Hoi filed an application to wind up
Fortune Joint Engineering Limited with the High Court of Special
Administrative Region.

The Application will be heard before the High Court on May 24,
2006, at 9:30 a.m.

Contact: Betty Chan
         for Director of Legal Aid
         34/F, Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong
         Telephone: (852) 2126 6731
         e-mail: ladinfo@lad.gov.hk


GIA INDUSTRIAL: Wind-up Process Initiated
-----------------------------------------
The members of Gia Industrial Limited convened at a meeting on
April 24, 2006, and agreed to wind up the Company's operations.  

Sung Yuen Lam was subsequently appointed as liquidator.

Contact: Sung Yuen Lam
         Liquidator  
         Room 601
         Far East Consortium Building
         121 Des Voeux Road Central
         Hong Kong


GUANGDONG KELON: Extraordinary General Meeting Fixed on June 26
---------------------------------------------------------------
The extraordinary general meeting of Guangdong Kelon Electrical
Holdings Company Limited will be held at the Company's
conference room at Shunde District, Foshan City, Guangdong
Province, the People's Republic of China on June 26, 2006, at
10:30 a.m.

During the meeting, members will be asked:

  -- to approve, ratify and confirm the transactions conducted
     by the Company pursuant to the sales agency agreement
     entered into by the Company and (Qingdao Hisense Marketing
     Company Limited) on September 6, 2005, -- the Sales Agency
     Agreement -- as amended by the first supplemental agreement
     and the second supplemental agreement to the Sales Agency
     Agreement entered into between the Company and Hisense
     Agent on September 26, 2005, and April 1, 2006,
     respectively;

  -- to approve, ratify and confirm that any executive directors
     of the Company are hereby authorized to take all actions
     and carry out execution of all documents in accordance
     with their personal opinions under necessary, required and
     appropriate conditions, in order to implement and validate
     anything related to the Sales Agency Agreement, the First
     Supplemental Agency Agreement and the Second Supplemental
     Agency Agreement;

  -- to consider and approve the removal of Gu Chu Jun as an
     executive director of the Company;

  -- to consider and approve the removal of Yan You Song as
     an executive director of the Company;

  -- to consider and approve the removal of Zhang Hong as an
     executive director of the Company;

  -- to consider and approve the appointment of Yu Shu Min
     as an executive director of the Sixth board of directors of
     the Company and the level of emoluments to be received by
     Ms. Yu;

  -- to consider and approve the appointment of Tang Ye Guo
     as an executive director of the Sixth board of directors of
     the Company and the level of emoluments to be received by
     Mr. Tang;

  -- to consider and approve the appointment of Xiao Jian
     Lin as an executive director of the Sixth board of
     directors of the Company and the level of emoluments to be
     received by Mr. Xiao;

  -- to consider and approve the appointment of Zhang Ming
     as an executive director of the Sixth board of directors of
     the Company and the level of emoluments to be
     received by Mr. Zhang;

  -- to consider and approve the appointment of Su Yu Tao
     as an executive director of the Sixth board of directors
     of the Company and the level of emoluments to be received
     by Mr. Su;

  -- to consider and approve the appointment of Lin Lan11 as   
     an executive director of the Sixth board of directors of
     the Company and the level of emoluments to be received
     by Mr. Lin;

  -- to consider and approve the appointment of Zhang Rui
     Jia as an independent non-executive director of the Sixth
     board of directors of the Company and the level of
     emoluments to be received by Mr. Zhang;

  -- to consider and approve the appointment of Zhang Sheng
     Ping as an independent non-executive director of the Sixth
     board of directors of the Company and the level of
     emoluments to be received by Mr. Zhang; and

  -- to consider and approve the appointment of Lu Qing as
     an independent non-executive director of the Sixth board of
     directors of the Company and the level of emoluments to be
     received by Mr. Lu.

About Guangdong Kelon Electrical

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

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


HANAL LIMITED: Members Resolve to Wind Up Firm
----------------------------------------------
Members of Hanal Limited held a meeting on April 12, 2006, and
agreed that:

   -- the Company be wound up voluntarily;

   -- Lam Ying Sui be appointed as liquidator for the
      purpose of such winding up; and

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

Contact: Lam Ying Sui
         Liquidator         
         Room 1005 Allied
         Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


HANG SENG CREDIT: Given Until May 26 to Prove Debts
---------------------------------------------------
Liquidators Chan Shet Hung and Li Chi Chung require the
creditors of Hang Seng Credit Card Ltd to submit their proofs of
claim on or before May 26, 2006.

Contact: Chan Shet Hung
         Li Chi Chung
         83 Des Voeux Road Central
         Hong Kong


HERACO (CHINA): Chu, Named as Company's Liquidator
---------------------------------------------------
Chu King Hei was appointed liquidator of Heraco (China)
Investments Ltd on April 20, 2006.

Contact: Chu King Hei
         Rooms 905-909, Yu To Sang Bldg
         37 Queen's Road Central
         Hong Kong


GROUP LEADER: Creditors Opt for Voluntary Liquidation
-----------------------------------------------------
Creditors of Group Leader Limited resolved on April 26, 2006,
that the Company's operations be wound up voluntarily.

The Liquidators are authorized to divide any part of the
company's assets in their own discretion.

In this regard, the Liquidators require the Company's creditors
to send in their proofs of claim until June 5, 2006.  Failure to
comply with the requirement will exclude any creditor from
sharing in any distribution the Company will make.

Contact: Lee Kwok On, Alexander
         Liquidator
         Rooms 1901-2
         Park-In Commercial Centre
         56 Dundas Street
         Kowloon, Hong Kong


KIN SING: Winding Up Hearing Set on May 17
------------------------------------------
On March 15, 2006, Wong Wai Hung filed an application to wind up
Kin Sing Engineering (China - Hong Kong) Co. Limited with the
High Court of Hong Kong Special Administrative Region.  
  
The Application will be heard before the High Court on
May 17, 2006.  

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


KOREA LEASING: Joint and Several Liquidators Step Aside
-------------------------------------------------------
Lai Kar Yan and Darach E. Haughey ceased to act as joint and
several liquidators for Korea Leasing (H.K.) Ltd on April 26,
2006.


KUNQU SOCIETY: Creditors Must Prove Debts by June 16
----------------------------------------------------
Liquidator Lam Chi Wai fixed June 16, 2006 as the last day for
the creditors of The Kunqu Society (H.K.) Ltd to submit their
proofs of debt.

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

Contact: Lam Chi Wai
         Units C&D. 9/F., Neich Tower
         128 Gloucester Road, Wanchai
         Hong Kong


KWUNG TONG: Schedules Final Meeting on May 21
---------------------------------------------
A final meeting of Kwung Tong Mansion Owners' Committee Limited
will be held on May 21, 2006.

At the meeting, Liquidator Leung Chi Wing will report the
activities that took place during the wind-up period as well as
the manner by which the Company's property was disposed of.

Contact: Leung Chi Wing
         Liquidator
         F., Kwun Tong Mansion
         36 Yuet Wah Street
         Kwun Tong, Kowloon
         Hong Kong


LAM TAK: Liquidator to Issue Wind-up Report
-------------------------------------------
A final meeting of the members of Lam Tak Cheung Foundation
Limited will be held for the parties to receive Liquidator Lam
Tak Keung's final account showing how the Company was wound up
and how its property was disposed of.

The meeting will be held on May 25, 2006, at 1st Floor, Cheung
Hing Mansion, 2 Chik Sau Lane, Tai Wai, Shatin, New Territories,
Hong Kong.


LANE PROFIT: Names Joint and Several Liquidators
------------------------------------------------
Members of Lane Profit Ltd resolved to appoint Lui Wan Ho and
Lui Yee Lin as joint and several liquidators on May 8, 2006.


ONBEST ENTERPRISES: Shareholders Final Meeting Fixed on June 12
---------------------------------------------------------------
Shareholders of Onbest Enterprises Limited will meet on June 12,
2006, at 4/F., East Ocean Centre, 98 Granville Road, Tsimshatsui
East, Kowloon.

At the meeting, Liquidator Chan Hon Chung will present his final
account showing how the Company was wound up and how its
property was disposed of.


REGAL SKY: Appoints Official Liquidator
---------------------------------------
By virtue of a special resolution passed by members of Regal Sky
Knitters Ltd, Chan Chun Chung was named liquidator of the
Company on April 29, 2006.

Contact: Chan Chun Chung
         Units C&D. 9/F., Neich Tower
         128 Gloucester Road, Wanchai
         Hong Kong


WAVERLEY ENTERPRISES: Enters Winding Up Proceedings
---------------------------------------------------
At a meeting on April 3, 2006, the members of Waverley
Enterprises Limited resolved to close the Company's operations
and distribute the proceeds of its assets divestment.

Wong Man Chung, Francis and Wong Wai Man, were consequently
appointed as joint and several liquidators for the wind-up.

Contact: Wong Man Chung, Francis
         Wong Wai Man, Cliff
         Floor, No. 3 Lockhart Road
         Wanchai, Hong Kong




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

FERTILISERS AND CHEMICALS: Sells Land at Cheap Price
----------------------------------------------------
Fertilisers and Chemicals Travancore has sold 50 acres of land
to the Kerala Government at a "very low rate," compared to the
property's true value, The Financial Express relates.

State-owned FACT generated INR3.12 crore from the sale, or 50%
of the land's market value.  The remainder will be paid in the
form of FACT's equity participation in the Company to be set up
for waste disposal.

The land will be used for the establishment of a common
industrial waste treatment and disposal facility.
  
The decision to set up the plant was suggested by the Supreme
Court monitoring committee, as the lack of a common facility for
treatment and disposal of industrial waste was leading to
pollution of the environment.

With a host of chemical factories already facing the wrath of
the committee, it was proper that FACT, despite having a modern
pollution control facility and waste disposal arrangement,
decided to support the venture, the Court said.

FACT hoped that the handing over of the land would help speedy
implementation of the facility.

       About Fertilisers & Chemicals Travancore Limited

Headquartered in Kochi, Kerala, India, Fertilisers & Chemicals
Travancore Limited is principally engaged in the manufacturing
and distribution of fertilizers and chemicals.  Its products
include ammonium sulphate, factomfos, urea and caprolactam.  The
Company operates solely in the domestic market.  The Company,
which had been making profits for over a decade, started
reporting losses from 1998-99 onwards due to the steep rise in
cost of raw materials like naphtha, benzene, sulphur and rock
phosphate.  There were also uneconomic realization from sales
and the company had to stop production because of a liquidity
crunch.  In 2004, the Company was referred to the Board for
Industrial and Financial Reconstruction as a potentially sick
unit.  But FACT is on its way to recovery after the Government
approved its revamp program.


INDIAN DRUGS: Joint Proposal Paves Way for Revival
--------------------------------------------------
The Government and the pharmaceutical industry have drafted a
joint proposal that would see the revival of Indian Drugs and
Pharmaceuticals Limited, Business Line reports.

The Department of Chemicals and Petrochemicals, and
representatives of pharmaceutical associations have, on May 10,
2006, formed a society, involving:

     * IDPL;
     * the National Institute of Pharmaceutical Education and
        Research; and
     * Nizam's Institute of Medical Sciences.

The society decided to establish a center of excellence to train
human resources required for the pharma industry, Business Line
relates.

The report adds that the facility would also carry out clinical
research.

         About Indian Drugs and Pharmaceuticals Limited

Indian Drugs and Pharmaceuticals Limited used to be the largest
Government-owned company incorporated in April 1961 for
achieving India's march towards self-sufficiency and self-
reliance in the field of drugs and pharmaceuticals.  It had
originally five units located at Gurgaon, Hyderabad, Rishikesh,
Chennai and Muzaffarpur.  IDPL was declared a sick company under
the provisions of the Sick Industrial Companies (Special
Provisions) Act on August 12, 1992.  A revival package was
approved by the Board for Industrial and Financial
Reconstruction on February 10, 1994 and was allowed to be
implemented from the year 1994-95.  In accordance with this
package, the units at Muzaffarpur and Chennai were hived off as
two wholly owned subsidiaries of IDPL effective April 1, 1994.  
The Company originally had three joint sector undertakings
promoted in collaboration with respective states, Uttar Pradesh
Drugs & Pharmaceuticals Ltd., Rajasthan Drugs & Pharmaceuticals
Ltd., and Orissa Drug & Chemicals Ltd.  Out of these units,
UPDPL has been converted into wholly owned unit of the
Government of Uttar Pradesh consequent upon transferring of
equity share holding of IDPL to Government of UP as per orders
of BIFR.  However, after taking into account the negative
performance of the Company, the BIFR on, January 23, 1996,
treated the sanctioned package as a failure.

IDPL has been incurring losses since its inception, except for a
brief period of five years from 1974-75 to 1978-79.  In November
2001, the Government communicated to the BIFR that it intends to
provide concessions and facilities for cleaning up of the
balance sheet of IDPL to facilitate its privatization.  However,
the BIFR, on September 12, 2003, came to prima facie conclusion
that IDPL was not likely to make its net worth exceed the
accumulated losses within the reasonable time while meeting all
its financial obligations and was not likely to become viable on
a long-term basis.  Thereafter, a reference was made by BIFR to
Punjab & Haryana High Court, Chandigarh, on December 29, 2003,
for initiating the appointment of a liquidator.  However
Department of Chemicals & Petrochemicals filed an appeal against
the BIFR's opinion with the Appellate Authority of Industrial
and Financial Reconstruction, on February 10, 2004, after
consulting with the Law Ministry.  Subsequently, the Honorable
High Court of Punjab & Haryana at Chandigarh issued a notice for
its hearing on April 9, 2004, for the appointment of a
liquidator, where it adjourned the proceedings in view of the
appeal filed by the Administrative Ministry in AAIFR.

Subsequently, the Department has appointed an Expert Committee
to study the techno-financial feasibility for rehabilitating
IDPL.  As such, the further course of action on IDPL would
depend upon the findings of the Expert Committee.


INDIA CEMENTS: To Set up INR7.5-Bilion Plant in Northern India
--------------------------------------------------------------
India Cements Limited has signed a deal with the Himachal
Pradesh government to set up a INR7.5-billion cement facility in
the region, reports Business Standard.

The Chennai-based company will execute the Gumma-Rohana cement
mines in the Chopal region some 100 kilometers from Himachal
Pradesh.

The proposed cement plant involves an investment of INR7.5
billion and is expected to start production within four years.

Gumma limestone mines have over 200 million tonnes of reserves
of high quality limestone.  Due to this, the biggest cement
companies in the country were in the fray for this plant,
including:

     * Lafarge, a French multinational,
     * Gujarat Ambuja,
     * ACC,
     * Grasim,
     * Madras Cement,
     * Jay Kay and Peuma, and
     * Shree Cement.

India Cements has seven plants in Tamil Nadu and Andhra Pradesh
and has forayed into northern India for the first time.

                      About India Cements

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


INDIA CEMENTS: Closes US$75-Million FCCBs Issue
-----------------------------------------------
India Cements Limited has closed the issue of the Foreign
Currency Convertible Bonds offer on May 12, 2006.

The Company's Board Committee has allotted Zero Coupon
Convertible bonds due 2011, for a total sum of US$75 Million.

                      About India Cements

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


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

MATAHARI PUTRA: S&P Lifts Corporate Credit Rating to "B+"
---------------------------------------------------------
Standard & Poor's Ratings Services has raised its corporate
credit rating on Indonesia's PT Matahari Putra Prima Tbk to "B+"
from "B-".  The outlook is stable.

"The rating upgrade reflects Matahari's strengthening business
profile due largely to its expansion into hypermarkets, which is
driving a gradual turnaround in its supermarket division.  At
the same time, better operating efficiency and sales
productivity, and lower shrinkage have improved the company's
margins," said Standard & Poor's credit analyst Royston Quek.

"Further, Indonesia's large untapped market provides significant
opportunities for Matahari to grow its market share."

Matahari is Indonesia's largest retailer.  It is the market
leader in the department store segment, and has a growing
presence in supermarkets and hypermarkets.  A large base of
retail outlets provides earnings diversity and allows the
company to benefit from economies of scale in logistics and
inventory management.

Matahari's retail strategy is to offer a combined department
store and supermarket, which are complemented by its specialty
stores for children's clothes, discount shops, pharmacies, and
entertainment centers.  Matahari reported sales of IDR6.9
trillion -- US$768 million -- and net income of IDR222.7 billion
in 2005.  Total assets were IDR4.6 trillion as of December 31,
2005.

Indonesia's retail market is relatively untapped by modern
retail shopping concepts and relies on traditional retail
outlets.  In 2005, supermarkets and hypermarkets accounted for
about 30% of total sales of fast moving consumer goods (FMCG),
while department store sales accounted for only 3% of total
retail sales.  There are attractive growth opportunities for
existing players like Matahari to grow their market shares amid
Indonesia's gradual economic recovery.

"The rating on Matahari is, however, partly constrained by its
highly leveraged financial profile, which is expected to remain
weak in the medium term due to its sizable IDR6.6 trillion
capital expenditure program over the next six years," said Mr.
Quek.  "The company also faces challenging operating conditions
due to the economic and political climate in Indonesia, and
execution and earnings risks from its store location
rejuvenation program."

Matahari has adequate liquidity as at Dec. 31, 2005, with cash
and cash equivalents of Rp498.3 billion.  Standard & Poor's
forecasts that Matahari should be able to generate funds from
operations of Rp400 billion to Rp600 billion per year.
Therefore, the company should not have any difficulty in
repaying its short-term debt of Rp137.9 billion and yearly
rental expense of about Rp400 billion.  Matahari's domestic bond
documents carry various financial covenants and a rating
trigger, which thus far, have been complied with.

"The stable outlook reflects our expectations that Matahari will
maintain its leading position in the domestic retail market in
the medium term.  The company's cash flow generating ability
should remain steady in view of improving economic conditions,
which are lifting employment rates, disposable income, and
consumer confidence," said Mr. Quek.


PERTAMINA: Gets World Oil Cartel's Help With More Refineries
------------------------------------------------------------
As PT Pertamina's current seven refineries in Indonesia cannot
match the rise in domestic fuel demand, the Company is speeding
up efforts to build additional refineries with the help of other
oil firms.  Thus, certain members of the Organization of
Petroleum Exporting Countries have pledged support in
Pertamina's plan to build two new refineries and upgrade several
others, United Press International relates.

According to UPI, Saudi Arabia will supply crude to a refinery
in East Java, and production would be for domestic consumption,
although some may be exported.  UPI notes that Kuwait will also
aid Pertamina in building the refineries in an undisclosed
location, while the United Arab Emirates agreed to help increase
capacity of existing refineries in Cilacap, Cirebon, and East
Kalimantan.

The Troubled Company Reporter - Asia Pacific reported on
April 26, 2006, that Pertamina invited Saudi Aramco Oil Co. to
jointly build a crude oil refinery in Indonesia.  Saudi Arabian
Oil Co., on the other hand, had indicated that it might invest
in a crude oil refinery with a capacity of 400,000 barrels per
day.

Another TCR-AP report stated that Pertamina's unit, PT Elnusa,
has signed a joint operation agreement with National Iranian Oil
Refining and Distribution Company to build a US$3-billion oil
refinery in Tuban, East Java.  Elnusa's advisor, Global Union
Energy Ventures Ltd, plans to invite Middle East crude
producers, as well as fuel buyers in the Southeast Asian region,
Japan, Korea and China to complete the Tuban Oil Refinery
project.

Indonesia used to be an OPEC member until its crude oil output
fell to the point where it became an importer of the commodity.

                       About PT Pertamina

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

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

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

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


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

KONICA MINOLTA: Camera Pullout Prompts JPY54.32 Billion Loss
------------------------------------------------------------
Konica Minolta Holdings, Inc., reported a JPY54.32 billion net
loss for the business year 2005 ended March 31, 2006, on a
write-off of its fixed assets after withdrawing its camera and
film business, Crisscross News says.

Specifically, in its earnings report, Konica Minolta attributed
the loss to a fixed asset write-down of JPY96.63 billion and
retirement payments worth JPY6.48 billion, as a result of the
decision to halt its camera operations.  The Company had posted
a JPY7.52 billion net income in 2004.

Bloomberg News reports that Konica Minolta decided to pull out
of the camera and film business in January 2006 in order to
focus on office equipment, whereas its competitors slashed their
prices to increase market share.  Konica Minolta shares dropped
to a record low of 9.1% since 2001, to JPY1,342 per share, and
its stock rating was cut to "reduce 1," from "neutral 1," by UBS
Securities Japan Limited analyst Yoshitsugu Yamamoto.  

Despite the net loss, Konica Minolta reported a 23.4% increase
in operating profit to JPY83.42 billion, while pre-tax profit
rose 43.3% to JPY76.84 billion, on revenues of JPY1.07 trillion,
according to the Japan Times.  Cost cuts and new product
releases prompted the rise in revenues.

The Times adds that Konica Minolta will not pay dividends for
the fiscal year 2005.

Headquartered in Tokyo, Japan, Konica Minolta Group's --
http://konicaminolta.com/-- business domain spans "from imaging  
input to output."  The Group offers diverse products and
services for new digital imaging environments in a wide range of
fields.  In November 2005, Konica Minolta implemented a
withdrawal program for its camera and photo businesses and
aggressively shifted its management resources to other Konica
Minolta Group companies, as part of a restructuring plan.  The
Company also said that it would slash its global workforce by
3,700 from the current 33,000 through an early retirement
offering by September 30, 2007.


LIVEDOOR COMPANY: Used Car Unit to Sue Ex-CEO & 2 Ex-Directors
--------------------------------------------------------------
Livedoor Auto Company, a used car unit of Internet firm Livedoor
Company Limited, plans to sue former founder and president
Takafumi Horie and two former Livedoor directors for damages
amounting JPY1.67 billion, Crisscross News relates.

According to Livedoor Auto, it would file a lawsuit with the
Tokyo District Court because its corporate image was tainted
when officials discovered that Livedoor was involved in
accounting fraud.

AFP News says that the company became a subsidiary of Livedoor
in 2005, and changed its name from Jac Holdings Company to
Livedoor Auto Company in January 2006, at the time when
prosecutors raided Livedoor's offices on suspicion of falsifying
financial statements to cover up losses.

The Troubled Company Reporter - Asia Pacific reported that in
January 2006, Livedoor directors were found to have conspired to
cover up the Company's JPY310 million pre-tax loss for the
business year ended September 2004, by doctoring financial
accounts to show an inflated pre-tax profit of JPY5.03 billion
instead.  Moreover, Mr. Horie and other Livedoor executives
allegedly relayed false information on a merger, with the intent
to boost the stock price of a Company subsidiary.

In a statement, according to Telecom Asia Daily, Livedoor Auto
said that its reputation was tarnished with the arrests and
indictment of its parent firm's president and directors, and led
to its weak financial performance and reduced shareholder value.  
Livedoor Auto is the first subsidiary to sue Livedoor after the
accounting scandal, which caused the Internet company's share
prices to drop from JPY300 per share in January to JPY97 per
share in March, and its eventual delisting from the Tokyo Stock
Exchange.

Headquartered in Tokyo, Japan, Livedoor Company, Limited --
http://corp.livedoor.com/en/-- is involved in out portal site  
"livedoor", financial business, corporate web solutions, data
center and IP telephony business.


SANYO ELECTRIC: IBM Japan to Manage Human Resources
---------------------------------------------------
Sanyo Electric Company Limited entered into a business
transformation outsourcing agreement with IBM Japan on May 9,
2006, in support of its corporate reform project.

In the agreement, around 60 Sanyo Electric and Sanyo Associate
Support human resources and payroll employees will be
transferred to IBM Japan, which will standardize and centralize
the Company's human resources and payroll operations.

The contract is in relation to a skills development contract
signed by both firms in December 2005 that entailed the transfer
of 40 company employees to IBM Japan for training.  Sanyo
Electric is making use of IBM's skills development expertise in
response to the changing business environment.  

                          *     *     *

Incorporated in Japan in 1947, Sanyo Electric Company, Limited
-- http://www.global-sanyo.com/-- manufactures a broad range of  
electronic products grouped into six categories: video
equipment, audio equipment, home appliances, industrial and
commercial equipment, information systems and electronic
devices, and batteries and other products.

The Troubled Company Reporter - Asia Pacific stated on Feb. 27,
2006, that Sanyo Electric shareholders approved a JPY300-billion
bailout plan that will give banks management control of the
Company to help it recover its losses.

The Company posted a JPY171.5 billion loss for the business year
2005, due to a decline in its digital-camera profits and a
strong earthquake that hit a company factory in Niigata
Prefecture's Chuestsu area in 2004.   

In its business restructuring plan, Sanyo would concentrate on
developing environment-friendly products and technologies.  The
Company also plans to downsize its global workforce of 96,000 by
15% to 14,400 over a three-year period, and sell 20% of a 2-
million square meter property occupied by its factories in
Japan.

The TCR-AP reported on Mar. 22, 2006, that Standard & Poor's
Ratings Services said that its 'BB' long-term corporate credit
and 'BB+' long-term senior unsecured debt ratings on Sanyo
Electric remain on CreditWatch with negative implications, after
the Company disclosed its plan to form a joint venture with
Taiwan's Quanta Computer, Inc., in the flat panel TV business.  
Sanyo's ratings were first placed on CreditWatch with negative
implications on Sept. 28, 2005, and remain on CreditWatch after
ratings went down twice in November 2005.

According to S&P, Sanyo's TV business suffered from poor
performance due to its inefficient production and marketing
system, as well as weak brand recognition.  Although the details
for the joint venture company have yet to be announced, S&P
believes that the path to stable earnings in Sanyo's TV business
remains uncertain.  While the joint venture focuses solely on
the flat panel business, the Company needs to make drastic
improvements to its production and marketing system, including
its core cathode-ray tube TV business, in order to turn around
the overall TV business.


* Earthquake Insurance Scheme a Significant Back-up, Fitch Says
---------------------------------------------------------------
Fitch Ratings says that the Japanese earthquake insurance scheme
will play a role in providing economic and social stability in
the country should a major earthquake occur.  Fitch also states
that the system will significantly reduce private non-life
insurers' obligations in the event of a very large earthquake
and mitigate downward pressure on the Japanese non-life
insurance sector's capital position.

"Japan is located in an area that has a high propensity for
earthquakes.  Historically, the country has suffered greatly
from earthquakes, both in terms of loss of life and economic
loss," said Ms. Megumi Usui, an analyst in Fitch's Financial
Institutions group in Tokyo, in a special report published on
May 12, 2006.  A Japanese earthquake insurance system was
introduced in 1966, following the official announcement of the
Law Concerning Earthquake Insurance, Enforcement Order,
Regulation for Enforcing Thereof, added Ms. Usui.  The
earthquake insurance system is jointly managed by the private
non-life insurance sector and the Japanese government, with the
latter providing reinsurance for the risks underwritten by the
private sector.

The objective of the earthquake reinsurance scheme is to offer
economic support to victims of earthquakes and provide insurance
cover for damage to buildings used for residential use and their
contents.  Since its inception, some revisions have been made to
the law to overcome shortcomings that were identified following
a number of subsequent earthquakes.  These revisions have given
policyholders options whether or not to purchase earthquake
insurance and more flexibility over the amount insured.  Also,
the system's coverage has been extended and the maximum
liability accepted by the scheme has been increased.  As a
result, the system is now considered to be better equipped to
respond to a disaster.

The allocation of liability between the private sector and the
government is stipulated in the law.  Currently, the private
sector is responsible for all insured losses of up to JPY75
billion.  The government will be proportionally responsible for
payments when total losses exceed that amount.  To ensure that
insurance levels are sufficient, the maximum reinsurance
liability and policy premium rates have been calculated so that
the system could withstand a very large earthquake -- i.e. on
the same scale as the Great Kanto Earthquake of 1923.  It should
be noted that since businesses are not covered by this insurance
scheme, primary non-life insurers of commercial premises seek
reinsurance in the private sector, both domestically and
internationally.

People's awareness of earthquake risks has increased in recent
years, thanks to the industry's advertising campaigns and media
coverage.  As a major earthquake could take place at any time,
the government and the non-life insurance industry are keen to
promote further penetration of earthquake insurance.

The special report, "Earthquake Insurance in Japan" is available
on the agency's Web site at http://www.fitchratings.com/  


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

DAEWOO SHIPBUILDING: Wins US$730 Million Orders from Europe
-----------------------------------------------------------
Daewoo Shipbuilding & Marine Engineering Co. has won US$730
million in orders from companies in Belgium and Greece.

According to AFX News, Exmar Marine NV of Belgium ordered two
liquefied natural gas regasification vessels from Dewoo
Shipbuilding.  In addition, the Company won a contract with
Greece's Gulf Marine Management SA to build two gas carriers.

AFX News notes that the deals take Daewoo Shipbuilding's order
book to US$5.22 billion or 25 ships, including nine LNG
carriers.  The Company has set a full-year target of US$10
billion for overseas orders.

              About Daewoo Shipbuilding and Marine

Headquartered in Seoul, South Korea, Daewoo Shipbuilding and  
Marine Engineering Co. -- http://www.dsme.co.kr/-- has  
developed into one of the world's premium specialized
shipbuilding and offshore contractor that builds various
vessels, offshore platforms, drilling rigs, floating oil
production units, submarines, and destroyers.  The shipbuilder
has been under a creditors-led corporate restructuring program
since 1999 along with some other affiliates after its parent,
Daewoo Group, collapsed under heavy debt exposure.  Daewoo
Shipbuilding is up for sale and the Korea Development Bank and
Korea Asset Management Corporation plan to start the sale
process of their remaining stakes in the second half of 2006.  


HYUNDAI ENGINEERING: Secured $279-Million Arabian Power Deal
------------------------------------------------------------
Hyundai Engineering & Construction Co. has entered an agreement
with Saudi Electricity Co. to build three power transmission
lines and a transformer substation in Saudi Arabia, The Korea
Herald relates.

In a statement, Hyundai Engineering said that it will build
power transmission lines extending at 450 kilometers by 2008,
and a substation by August 2009.

The Company is also expecting another power transmission line
order worth US$30 million in Kuwait and a large-scale
construction order in Libya.

An unnamed Hyundai official said that they expect 2006 to record
the highest amount of orders.

                    About Hyundai Engineering  

Headquartered in Seoul, South Korea, Hyundai Engineering &  
Construction Company Limited's -- http://www.hdec.co.kr/-- is    
involved in civil engineering, housing development projects and
other contracted construction works in South Korea and
internationally.  Its operations fall into the following key
areas: building, civil works, plant and power works.  Within the
building and housing section, HDEC is involved in construction
and architecture, and has been involved in residential,
commercial and institutional building projects.

The Troubled Company Reporter - Asia Pacific reported on
December 17, 2003, that the creditor banks of Hyundai
Engineering agreed to roll over its debts, which amount to
KRW6 trillion, starting 2004.  The debt extension is valid until
2006 and applies to KRW1.72 trillion in loans that come due
beginning 2004 and about KRW4 trillion in loan guarantees
related to construction activities.

The TCR-AP reported that Hyundai Engineering ran into a
liquidity problem in 2000 after extending massive subsidies to
prop up its weak subsidiaries and loss-making businesses.  Huge
outstanding debts in Iraq further strained the contractor's
finances.


TRIGEM COMPUTER: Representative Files 1st Section 1518(1) Report
----------------------------------------------------------------
Pursuant to Section 1518(1) of Chapter 15 of the United States
Bankruptcy Code, Il-Hwan Park, foreign representative for Trigem
Computer, Inc., filed a report with the U.S. Bankruptcy Court
for the Central District of California.

Section 1518(1) provides that, from the time of filing the
petition for recognition of a foreign proceeding, the foreign
representative will file with the court promptly a notice
concerning any substantial change in the status of the foreign
proceeding or the status of the foreign representative's
appointment.

Mr. Park notes that he filed the report over an abundance of
caution since he believes the pending foreign proceeding in the
Suwon District Court, Bankruptcy Division, in the Republic of
Korea, has merely progressed rather than experienced a change in
status.

                Korean Court Confirms TriGem Plan

According to Mr. Park, after the U.S. Bankruptcy Court granted
recognition of Trigem's Foreign Proceeding on December 7, 2005,
the Korean Proceeding voted to accept a plan of reorganization.

Subsequently, the Korean Bankruptcy Court confirmed the Plan, as
accepted by creditors.  No appeal was taken from the
confirmation decision and the deadline to take an appeal has
expired.  

Accordingly, Mr. Park points out, the confirmation decision is
now conclusive and final.

Mr. Park tells the U.S. Bankruptcy Court that the confirmed plan
must now be implemented.

If the plan cannot be implemented in any material respect, Mr.
Park, as the Foreign Representative, must submit a revised plan
to creditors for their approval and then to the Korea Bankruptcy
Court for confirmation.  If the revised plan is not approved,
nor confirmed, Trigem would automatically be put into a
liquidation case.

"Implementation of the plan may involve merger and acquisition
type transactions and it is highly likely that such will be
employed in the instant case," Mr. Park says.  

Because of the replacement of the head bankruptcy judge in
Korea, the implementation process has however been somewhat
delayed.

The Foreign Representative did not file a copy of the TriGem
plan with the U.S. Court.

                     About TriGem Computer

Headquartered in Ansan City, Kyunggi-Do, Korea, TriGem Computer
Inc. -- http://www.trigem.com/--  manufactures desktop PCs,
notebook PCs, LCD monitors, printers, scanners, other computer
peripherals, and PIDs and supplies over four million PCs a year
to clients all over the world.  Il-Hwan Park, the Foreign
Representative, filed a chapter 15 petition on Nov. 3, 2005
(Bankr. C.D. Calif. Case No. 05-50052).  Charles D. Axelrod,
Esq., at Stutman Treister & Glatt, P.C., represents the Foreign
Representative in the United States.

TriGem America Corporation, an affiliate of the Debtor, filed
for Chapter 11 protection on June 3, 2005 (Bankr. C.D. Calif.
Case No. 05-13972).  TriGem Texas, Inc., another affiliate of
the Debtor, also filed for  chapter 11 protection on June 8,
2005 (Bankr. C.D. Calif. Case No. 05-14047). (TriGem Bankruptcy
News, Issue No. 3 Bankruptcy Creditors' Service, Inc., 215/945-
7000).


TRIGEM COMPUTER: Posts KRW831 Billion Net in 2005
-------------------------------------------------
TriGem Computer, Inc., posted KRW831,551,120,000 net loss for
the year ended December 31, 2005, Sung Tae Park at Bloomberg
News in Hong Kong, reports.

For the year ended December 31, 2004, the company had a
KRW34,470,740,000 net loss.

TriGem also reported KRW831,551,120,000 in net sales for 2005,
much lower compared to KRW2,399,805,000,000 in 2004.

Headquartered in Ansan City, Kyunggi-Do, Korea, TriGem Computer
Inc. -- http://www.trigem.com/--  manufactures desktop PCs,
notebook PCs, LCD monitors, printers, scanners, other computer
peripherals, and PIDs and supplies over four million PCs a year
to clients all over the world.  Il-Hwan Park, the Foreign
Representative, filed a chapter 15 petition on Nov. 3, 2005
(Bankr. C.D. Calif. Case No. 05-50052).  Charles D. Axelrod,
Esq., at Stutman Treister & Glatt, P.C., represents the Foreign
Representative in the United States.

TriGem America Corporation, an affiliate of the Debtor, filed
for chapter 11 protection on June 3, 2005 (Bankr. C.D. Calif.
Case No. 05-13972).  TriGem Texas, Inc., another affiliate of
the Debtor, also filed for  chapter 11 protection on June 8,
2005 (Bankr. C.D. Calif. Case No. 05-14047). (TriGem Bankruptcy
News, Issue No. 3 Bankruptcy Creditors' Service, Inc., 215/945-
7000)


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

ANTAH HOLDINGS: Inks Restructuring Deals
----------------------------------------
Antah Holdins Berhad, on February 6, 2006, entered into a
conditional restructuring agreement with:

   * Liu Guodong;
   * Rise Business Inc.;
   * Rock Point Alliance Pte. Ltd., a wholly owned subsidiary of
     Rock Point Alliance Sdn Bhd; and
   * Zhu Qinghua.

Under the Restructuring Agreement, the parties have agreed in-
principle to undertake a restructuring scheme with the intention
of restoring Antah and giving it a stronger financial footing
via an injection of new viable businesses.

Antah decided to formulate a restructuring scheme since it has
defaulted on certain of its credit facilities to various
financial institutions.  Based on Antah's consolidated audited
financial statement for the financial year ended June 30, 2005,
the total bank borrowings of the Antah Group amounted to
approximately MYR442.71 million and the Antah Group is in a net
current liabilities position of approximately MYR547.93 million.  
Antah's Board of Directors believes that the Antah Group would
not be able to generate sufficient cashflow to repay and service
these borrowings in its current state.

The Antah's proposed restructuring scheme provides for:

     * the acquisition of PIPO Group;
     * a scheme of arrangement with shareholders;
     * the acquisition of Lekas;
     * the acquisition of certain other properties;
     * a scheme of arrangement with creditors;
     * the issuance of NewCo shares;
     * the offer for sale of NewCo shares;
     * the transfer of listing status; and
     * the disposal of the Company.

The Proposed Restructuring Scheme will result in a merger
between the Antah Group's property and highway concession
businesses and the PIPO Group's metallurgical coke business,
which is expected to provide Antah -- via the NewCo Group -- a
platform from which to expand into heavy industries sector in
Asia.

On May 8, 2006, Antah entered into several other agreements with
the Restructuring Agreement Parties in relation to its
restructuring scheme.  Specifically, the Parties entered into a
supplemental restructuring deal:

     -- to include CIMVI as a new vendor for the Proposed
        Acquisition of PIPO Group resulting from the emergence
        of CIMVI as a new shareholder of PIPO Overseas Limited;
        and

     -- to modify certain terms of the restructuring scheme as
        disclosed in the Restructuring Agreement.

Moreover, a conditional share purchase agreement was entered
into between LGD, RBI, RPA Subsidiary and CIMVI as the vendors
and Sino Hua-An International Sdn Bhd as the purchaser for the
proposed acquisition of the entire equity interest in PIPO.

Kaseh Lebuhraya Sdn Bhd, a wholly owned subsidiary of Antah, as
the vendor, and Fancy Celebrations Sdn Bhd, a wholly owned
subsidiary of NewCo, as the purchaser, also inked a conditional
share purchase agreement for the proposed acquisition of its
entire 50% equity interest in Lebuhraya Kajang-Seremban Sdn Bhd
upon completion of the Kaseh Corporate Exercise.

A conditional sale and purchase agreement was also entered into
between Antah as the vendor and Extra Charm Sdn Bhd, a wholly
owned subsidiary of NewCo, as the purchaser for the proposed
acquisition of the Property.

Lastly, a conditional share purchase agreement was inked by the
NewCo as the vendor and Vital Meridian Sdn Bhd as the purchaser
for the disposal of the entire issued and paid-up share capital
of Antah.

Full-text copies of Antah's media release and the details of the
Restructuring Plan are available for free at:

   http://bankrupt.com/misc/tcrap_antah051206.pdf
  
   http://bankrupt.com/misc/tcrap_antahholdings051206.doc  

                   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 consecutive losses, Antah is also unable to
meet its debt obligations and is currently finalizing its
restructuring scheme pursuant to a scheme of arrangement under
Section 176 of the Companies Act, 1965.


ARTWRIGHT HOLDINGS: To Consider Name Change at June 7 EGM
---------------------------------------------------------
Artwright Holdings Berhad will hold an Extraordinary General
Meeting at Room Windows on KL2, Crowne Plaza Mutiara Kuala
Lumpur, in Jalan Sultan Ismail, Kuala Lumpur, on June 7, 2006,
at 3:00 p.m.

At the meeting, members will be asked:

     -- to approve the proposed change of the Company's name
        from Artwright Holdings Berhad to AHB Holdings Berhad;
        and

     -- to authorize the Company's directors to carry out all
        the necessary formalities in effecting the change of
        name.

                 About Artwright Holdings Berhad

Headquartered in Kuala Lumpur, Malaysia, Artwright Holdings
Berhad -- http://www.artwright.com/-- is involved in the  
trading of drafting equipment, office furniture and specialized
computer furniture.  Its other activities include research and
development of office interior markets and products and
investment holding.  The Company floundered after the 1997/98
Asian financial crisis.  Over-gearing and concentration on high-
end products severely affected the company's fortunes as the
high-end furniture business was considered a highly cyclical
industry.  It subsequently became a Practice Note 4 (PN4) stock
under the Kuala Lumpur Stock Exchange Listing Requirements.  The
company, though, has since restructured its financial position
and was taken out of PN4 in June 2004.  However, Artwright and
some of its subsidiaries needed to undergo a voluntary debt-
restructuring scheme to all termed-out lender in order to fully
wipe out its debts.  The Company said that it will continue to
work with its financial advisor, KPMG Financial Services Sdn
Bhd, to arrive at a settlement with all termed-out lenders.


CHG INDUSTRIES: Seeks Revision of Restructuring Proposals
---------------------------------------------------------
CHG Industries Berhad has proposed certain revisions to its
corporate rehabilitation proposal and has submitted its appeal
on the proposal to the Securities Commission after incorporating
the amendments.

The original rehabilitation proposal presented by the Company on
September 2, 2004, encompasses:

   1. the proposed acquisitions of the entire equity interest in
      Sarawak Forest Products Sdn Bhd, Perpuluhan Jaya Sdn
      Bhd, and Rejang Logging Co. Sdn Bhd;

   2. the proposed acquisition of the entire equity interest
      in CHG for a total purchase consideration of MYR4,785,000
      to be settled via Sinar Tiasa Sdn Bhd issuing 4,785,000
      new ordinary shares of RM1.00 each in Sinar Tiasa credited
      as fully paid-up at an issue price of RM1.00 per Sinar
      Tiasa Share to the shareholders of CHG, on the basis of
      one new Sinar Tiasa Share for every 10 existing ordinary
      shares of MYR1.00 each in CHG held by the CHG shareholders
      at a date to be determined;

   3. the proposed debt restructuring of CHG;

   4. the proposed restricted issue of NEwCo shares;

   5. the proposed placement of NewCo shares;

   6. the proposed disposal of CHG; and

   7. the proposed transfer of listing status.

The Company is seeking to revise No. 2 of the original proposals
since the promoter of Sinar Tiasa has agreed to provide a profit
guarantee of MYR12.0 million for the first financial year of
operations of Sinar Tiasa and its subsidiaries after which the
Proposals is completed.  In this respect, the Promoter will
provide an undertaking that it will make good any shortfall in
the audited net profits of the Sinar Tiasa Group of up to
MYR12.0 million.

The shortfall will be computed as the difference between the
Guaranteed Amount and the audited profit/loss after taxation
earned over the Guarantee Period.  Upon determination of the
amount of the Shortfall, the Promoter will pay Sinar Tiasa the
amount of the Shortfall on the basis of MYR1.00 cash payment for
every MYR1.00 of shortfall.  This amount will be payable within
two months from the date of the audited financial statements of
the Guarantee Period.

The rationale for the Proposed Revision is to, among others,
address certain concerns of the Securities Commission.

The Proposed Share Exchange will increase the shareholdings of
the existing shareholders of CHG in Sinar Tiasa from 6.72% to
10.07% equity interest in Sinar Tiasa upon completion of the
Proposals.  Based on the increase in equity interest, both CHG
and the Promoter believe that the Proposed Share Exchange will
accord the appropriate benefits to the existing minority
shareholders of CHG.  The Proposed Profit Guarantee Arrangement
will provide a certain level of comfort to the minority
shareholders of CHG as the Promoter will have to make good any
shortfall in the audited net profits of the Sinar Tiasa Group.

In respect of the other concerns of the SC, the Promoter wishes
to reiterate that they think there are sufficient logs available
for the current operations of the Sinar Tiasa Group and that
there are also sources of logs supply which will be made
available to the Sinar Tiasa Group as and when the need arises.

Based on the Proposed Revision and other matters, the
shareholders of CHG are expected to be better off with the
implementation of the Proposals.

                  About CHG Industries Berhad

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


KIG GLASS: Finalizes Plan to Address Default
--------------------------------------------
KIG Glass Industrial Berhad provided an update in relation to
its default of all principals and interests as of March 31,
2006.

KIG and its subsidiaries are unable to repay their loans to the
banks and financial institutions because the Company and one of
its subsidiaries had ceased operations, as announced on May 27,
2005, and on February 15, 2006.

KIG is still negotiating with the lenders to address and resolve
the default issue.  The Company and the Group, as a whole, are
in the process of finalizing its restructuring exercise, which
would address all the defaults it faced.  

A full-text copy of KIG's default report as of March 31, 2006,
is available for free at:

   http://bankrupt.com/misc/tcrap_kigglass051206.pdf  

               About KIG Glass Industrial Berhad

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


LITYAN HOLDINGS: Provides Default Update
----------------------------------------
Lityan Holdings Berhad disclosed that all its five subsidiaries,
which have defaulted in various credit facilities to financial
institutions, are not major subsidiaries of the Company.

The loans defaulted by Company and subsidiaries as of April 30,
2006, are:

  Company               Lender             Principal & Interest
  -------               ------             --------------------
  Imagebase Sdn Bhd     Affin Bank Berhad          MYR1,974,274
  Lityan Marketing      Affin Bank Berhad             2,960,033
  Digital Transmission
    Systems Sdn Bhd     RHB Bank Berhad                 263,678
  Lityan Systems
    Sdn Bhd             RHB Bank Berhad                 529,882
  Lityan (L) Inc.       Bank Islam Malaysia           5,306,648
                          Berhad Labuan
                          Offshore Branch
  Lityan (L) Inc.       Bank Islam Malaysia           3,310,281
  Lityan Holdings Bhd.  Ambank Berhad                 1,171,679

  Outstanding Amount as of April 30, 2006            15,516,474

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

                  About Lityan Holdings Berhad

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

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

Lityan Holdings is currently insolvent.  However, the Company
has submitted its Proposed Restructuring Scheme to the
Securities Commission, Foreign Investment Committee and Bank   
Negara Malaysia for their approval on January 20, 2006.  It had
also commenced discussion and currently is in negotiations with
the lenders on the Creditors Scheme of Arrangement.
  
The Company is looking into other business opportunities within
its core activities and also taking steps to dispose of the
Group's non-core investments and non-operating assets to address
its current financial predicament and to generate cash flow for
settlement of defaults and redemption of loans.  


MANGIUM INDUSTRIES: Furnishes Declaration of Solvency
-----------------------------------------------------
Mangium Industries Berhad's wholly owned subsidiary, Mangium
Sawmill Sdn Bhd, has defaulted on a total of MYR15-million
unsecured loans granted by Standard Chartered Bank Malaysia
Berhad and Southern Bank Berhad, the Troubled Company Reporter -
Asia Pacific disclosed on March 29, 2006.

Both Standard Chartered Bank and Southern Bank have agreed to
the Proposed Debt Settlement and Restructuring Scheme announced
by Mangium Industries on December 22, 2003, the TCR-AP said.

The TCR-AP had noted that since Mangium Industries is the
guarantor for the loans, it is liable for the full amount and
any further interest and financial cost levied there or until
the debts are settled.

On May 8, 2006, Mangium Industries declared that it is solvent
and will be able to pay all its debts in full within the next 12
moths.

The Company had, on April 20, 2006, furnished to Bursa Malaysia
Securities Berhad a confirmation that it should be able to pay
its debts in full provided that its existing debt restructuring
exercise will be completed within the same 12-month period.

A copy of the Solvency Declaration dated April 14, 2006, duly
signed by the majority of the Directors of the Company, had been
forwarded to Bursa Securities on the same day.

                About Mangium Industries Berhad

Headquartered in Kuala Lumpur, Malaysia, Mangium Industries
Berhad Formerly known as Serisar Industries Berhad manufactures
and trades timber and timber related products.  The Company   
also provides printing services, publisher, printer consultants
and advertisers, trading of alcoholic beverages, general trading
of office furniture and investment holding.  Due to the
unfavorable timber market and depressed prices for timber and
timber related products throughout Asia since the financial
crisis in the year 1997, many of the MIB Group's buyers were
adversely affected and are facing financial difficulties leading
to their inability to settle their outstanding balances.  As a
result, the cash flow generated from operations was not
sufficient to service the interest and principal obligations to
the lenders as and when they fell due.


METROPLEX BERHAD: Unable to Pay Debts on Due Dates
--------------------------------------------------
Metroplex Berhad disclosed that its estimated amount of default
as of April 30, 2006, is MYR1,743,826,296.

Currently, the Company is in negotiations with its lenders on
the Proposed Composite Schemes of Arrangement, which will
essentially address the default in payment.  Upon the
finalization of the Proposed Scheme, an announcement will be
made to Bursa Securities.

The Metroplex Board says that the Company will not be able to
settle all its debts in full when they fall due within a period
of 12 months and, therefore, the Company is unable to provide a
solvency declaration.

                     About Metroplex Berhad

Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad's
activities are hotel and casino operations.  Other activities
include property investment, property development, provision of
administrative services, general and building construction,
leasing and financing, trading of building materials and
operation of hotel management training school.  Operations are
carried out in Malaysia, Hong Kong and Philippines.

The Troubled Company Reporter - Asia Pacific reported on
March 16, 2005, that Metroplex, as of February 28, 2005,
revealed that it is in default of payment of various loan
facilities for MYR1,650,148,197.

On April 28, 2005, Morgan Stanley Emerging Markets Inc. filed a
wind-up petition against the Company with the Kuala Lumpur High
Court, due to the Company's non-payment of its MYR27 million
debt to Morgan Stanley.  Morgan Stanley also filed for a summons
to appoint a provisional liquidator for the wind up.  Until and
unless a provisional liquidator is appointed, the wind-up
petition will not have significant impact on the Group's
operations as MB is currently working out a debt-restructuring
scheme.  In the event the wind-up petition succeeds, the Company
will be put into liquidation.  


POLYMATE HOLDINGS: Declares Insolvency
--------------------------------------
Pursuant to Bursa Malaysia Securities Berhad's Listing
Requirements, Polymate Holdings Berhad disclosed that it is
insolvent and is currently an affected listed issuer under
Practice Note 1 and Practice Note 17 categories.

As an affected listed issuer, Polymate Holdings is required to
formulate a plan to regularize its financial condition and
address its loan payment defaults.

                 About Polymate Holdings Berhad

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


SBBS CONSORTIUM: Falls Under PN17 Category Due to Insolvency
------------------------------------------------------------
SBBS Consortium acknowledged that it belongs to Bursa Malaysia
Securities Berhad's Practice Note 17/2005 category because it is
insolvent by virtue of the wind-up order granted by the Kuala
Lumpur High Court on March 29, 2006.

But since Kain Ann @ Chua Kien Lam, a contributory of the
Company -- has filed an application for a stay of the Order, the
Company believes that the triggering of the Enhanced PN17
Criteria is merely temporary and will be remedied by the
granting of the Stay Order.  

On May 8, 2006, SBBS filed a request with the Bourse not to
classify it as an "Affected Listed Issuer" under the
"Transitional Provisions" of the Amended PN17.  However, Bursa
Malaysia Securities had, on May 9, 2006, notified the Company of
its decision to categorize the Company under PN17.

As an affected listed issuer, the Company is required to:

   -- submit a Regularization Plan to the Securities Commission
      within eight months from May 9, 2006;

   -- implement the Plan within the timeframe stipulated by the
      relevant approving authority;

   -- announce the status of the Plan on a monthly basis until
      further notice from the SC;

   -- announce its compliance or non-compliance with a
      particular obligation imposed pursuant to Amended PN17 on
      an immediate basis; and

   -- disclose details of the Plan pursuant to the Bourse's
      Listing Requirements.

In the event that the Company fails to comply with its
obligations, it will have all its listed securities suspended
from trading and delisting procedures will be commenced against
it.

SBBS is in the process of preparing the Regularization Plan.  
Once completed, a Requisite Announcement outlining the Plan will
be made to Bursa Malysia.

                     About SBBS Consortium

Headquartered in Kuala Lumpur, Malaysia, SBBS Consortium Berhad
is engaged in the trade, manufacture and sale of molded and sawn
timber and other wood-based products.  Its other activity is
investment holding.  Due to its inability to service loan
facilities, the Company had entered into various negotiations
with its bank creditors, and in order to ensure that these
creditors are treated on a pari passu basis, the Company had
ceased making repayments to its bank creditors on an ad-hoc
basis.  As a consequence of this treatment, its bank creditors
have taken various measures to recover their outstanding loans.   
Negotiations between the Company and its bank creditors are
nonetheless, still continuing.  The Company is considering
various sources of new business and funds to address its
financial position, and had on June 24, 2005, appointed Covenant
Equity Consulting Sdn Bhd to advise on its options.  Currently,
the Company is working to implement corporate rehabilitation
exercises to turn its business around.  


SBBS CONSORTIUM: Wind-up Hearing Adjourned to May 19
----------------------------------------------------
The application made by Kain Ann @ Chua Kien Lam -- a
contributory of the Company -- for a stay of the Wind-Up Order
entered by the Kuala Lumpur High Court, which came up for
hearing on May 10, 2006, has been adjourned to May 19, 2006.

The Troubled Company Reporter - Asia Pacific reported that Mr.
Chua, on April 5, 2006, filed an application for a stay and
restraining order on the Court's wind-up ruling dated March 29.  

The wind-up petition was filed by Southern Bank Berhad last year
after SBBS defaulted on a loan facility extended by the bank,
the TCR-AP said.

                   About SBBS Consortium

Headquartered in Kuala Lumpur, Malaysia, SBBS Consortium Berhad
is engaged in the trade, manufacture and sale of molded and sawn
timber and other wood-based products.  Its other activity is
investment holding.  Due to its inability to service loan
facilities, the Company had entered into various negotiations
with its bank creditors, and in order to ensure that these
creditors are treated on a pari passu basis, the Company had
ceased making repayments to its bank creditors on an ad-hoc
basis.  As a consequence of this treatment, its bank creditors
have taken various measures to recover their outstanding loans.   
Negotiations between the Company and its bank creditors are
nonetheless, still continuing.  The Company is considering
various sources of new business and funds to address its
financial position, and had on June 24, 2005, appointed Covenant
Equity Consulting Sdn Bhd to advise on its options.  Currently,
the Company is working to implement corporate rehabilitation
exercises to turn its business around.  


TENGGARA OIL: Defaults on Bank Loan Facilities
----------------------------------------------
Tenggara Oil Berhad and its subsidiaries -- Tenggara Lubricant
Sdn Bhd and Tenggara Concrete (M) Sdn Bhd -- have defaulted on
some baking facilities repayments to their lenders.

On May 4, 2006, Southern Bank Berhad claimed payment of an
overdrawn overdraft facility for MYR170,250.  This is in respect
of a MYR5 million OD facility granted to Tenggara Oil such that
its lender proposed a MYR50,000 monthly reduction in limit
effective March 17, 2006.

On April 21, 2006, Bank Bumiputra Commerce Berhad claimed
payment of the outstanding balance overdrawn OD of
MYR318,138.68.  This is in respect of a MYR1 million OD facility
granted to Tenggara Oil such that the bank proposed a MYR100,000
monthly reduction in limit effective February 15, 2006.

On May 8, 2006, Tenggara Lubricant has overdrawn OD facility
with Malayan Banking Berhad of MYR162,097.33.  As of April 30,
2006, there is outstanding repayment of Term Loan amounting to
MYR1,095,855.99 and the term loan interest of MYR204,644.37,
making a total outstanding sum of MYR1,300,500.36 owed to
Malayan Banking.

On May 8, 2006, Tenggara Concrete has overdrawn OD facility of
MYR1,572,179.49 with Malayan Banking.

The default occurred because Tenggara Group is experiencing
financial difficulties.  The cash flow of the operating
subsidiaries is not sufficient to meet working capital
requirements due to lower volume of business operation in recent
months.

Tenggara is in the process of formulating a restructuring scheme
with relevant parties.

                    About Tenggra Oil Berhad

Tenggara Oil Berhad is undertaking a divestment and
restructuring exercise, which will reposition it as a service-
oriented and trading group from its current resource-based
businesses.  Current businesses include investment holding,
supply of ready mixed concrete, property holding, management and
construction.  The Group intends to dispose of its property and
construction operations and had ceased its general timber
merchant activities by the end of year 2000.  As part of a
corporate revamp exercise, the Company has repositioned itself
in the oil and gas business, which will be its core business.  
The Group will accelerate its involvement in this industry,
through investment in joint ventures and through acquisitions.
The Company is headquartered in Kuala Lumpur, Malaysia.  

Tenggara Oil incurred a lower pre-tax loss of MYR3.9 million for
the fourth quarter of the fiscal year ended January 31, 2006, as
against a loss of MYR8.3 million in the corresponding quarter
last fiscal year due to the lower operating losses in the
lubricant division, investment holding and other divisions.  The
Company's current pre-tax loss is, however, higher compared to
the MYR1.9-million loss in the preceding quarter.  The pre-tax
loss for the quarter under review was largely attributable to
the higher operating loss of investment holding, as well as the
ready mix concrete division.  Higher losses in these divisions
were primarily due to provision for doubtful debts.

In view of the current high oil prices, especially as it impacts
on the Group's lubricant business, Tenggara Oil is planning to
reactivate its construction activities and is actively
negotiating for a number of projects to sustain its operations.  
The Group is negotiating with interested parties for acquisition
of appropriate assets to strengthen the foundation and future
earnings stream of the Group.


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

LAFAYETTE MINING: Seeks Government Approval on Plant Test Run
-------------------------------------------------------------
Lafayette Philippines, Inc., sought the Philippine Government's
approval of a test run of its processing plant in Rapu-Rapu,
Albay, before resuming operations, Manila Standard Today writes.

The Troubled Company Reporter - Asia Pacific 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 then created a
fact-finding commission in March 2006, to investigate the spills
and "evaluate all the facts and circumstances surrounding the
alleged threat to people's health and environmental safety" and
to submit a report before the mine can be opened again.

Lafayette is ready to resume its Rapu-Rapu operations as it had
already complied with 21 conditions and remedial measures set by
the Pollution Adjudication Board, and is only waiting for the
fact-finding commission to give its report.  The Commission had
earlier asked its deadline for the submission of the report to
be extended.

According to Lafayette Philippines president Carlos Dominquez,
the Company has spent around PHP150 million per month to
maintain its Rapu-Rapu operations since its temporary shutdown
six months ago, the Philippine Daily Inquirer reveals.

The Philippine Inquirer states that Lafayette's foreign
investors want to see the Rapu-Rapu processing plant restart
operations as soon as possible, as it is costly to maintain the
non-income generating plant.  Mr. Dominguez said that a test run
would ease investors' anxieties.

Mr. Dominguez assures that the Company will just be using water
and non-chemical-bearing load to see where else it needs to
fine-tune the system.  He said that Lafayette welcomes all
parties that would want to observe the test run.

Mr. Dominguez told The Inquirer that timing is important because
the project's processing plant is brand-new and would have to
undergo a commissioning phase, which takes longer than if it
already had been in operation before.  He added that delays will
cost the Company in terms of daily maintenance costs and lost
opportunities, and at the same time, host communities will not
be able to feel the full benefits from the project, which is the
biggest investor in the region to date.

                    About Lafayette Mining

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.


NATIONAL FOOD: To Import Rice from Vietnam
------------------------------------------
The Philippine National Food Authority will import 425,000 tons
of 25% broken rice from Vietnam at PHP14,732.31 per ton cost,
insurance and freight, VietnamNet News reports.

The rice delivery is scheduled from June to August.  Aside from
that, National Food would also import 60,000 tons of rice from
Thailand and 15,000 tons from Pakistan, according to NFA
President Domingo Panganiban, in order to meet national demand.  

Out of its expectations to import 1.87 million tons of rice for
2006, the Philippines has already imported 1.43 million tons,
with 875,000 tons coming from Thailand and Vietnam.

                     About National Food

Headquartered in Quezon City, Philippines, National Food
Authority -- http://www.nfa.gov.ph/-- is a government  
organization regulating the rice and corn industry by
stabilizing grain supply and prices and maintaining food
security in cereals.  NFA is among the state-owned firms, which
push up the country's outstanding public sector debt.      

In 2005, the agency incurred a PHP6-billion debt to bankroll
cost of rice and corn importation, as well as payment of import
duties.  The Company is seeking a private sector takeover of its
importation role so it could gradually make a turnaround from
its PHP22-billion aggregate loss in 2005.   

On March 13, 2006, the Troubled Company Reporter - Asia Pacific
reported that the Company is slated to post a loss of PHP8
billion in 2006.   


* Massive Power Blackout Leads to PHP100 Million in Losses
----------------------------------------------------------
A mild earthquake in the island of Leyte on May 10, 2006, caused
an eight-hour power blackout in Cebu, which is expected to cost
businesses PHP60 million to PHP100 million in losses on the
shutdown of several factories, the Philippine Inquirer relates.

According to Cebu Power Core Group chairman Carlos Co, the
massive power outage has made it necessary for Cebu City's
government and private sector to team up and look for an
alternative power source, since Cebu is dependent on power
plants in Leyte.

Several businesses had to suspend their operations that day due
to the lack of generators, or since generator capacity was good
only for blackouts that lasted one or more hours, not eight
hours or an entire working day, Mr. Co added.  Mandaue City
Chamber of Commerce and Industry President Eric Mendoza said
that about 30% of the city's businesses closed operations that
day due to lack of power.

Cebu relies on the Leyte-Cebu Interconnection Project for its
power needs.  When the tremor caused an emergency shutdown in
the power plants of Ormoc City, Leyte, power supply was cut off
to the rest of Leyte and Cebu, as well as to Samar in the
Eastern Visayas region, Negros Oriental and Bohol in Central
Visayas, and Negros Occidental and Panay Island in Western
Visayas.  These islands are interconnected via submarine cables,
the Inquirer says, with a geothermal power plant in Tongonan,
Leyte as its main power source.

Philippine Chamber of Commerce and Industry regional governor
Robert Go said that Cebu should have its own land-based power
plants so as to avoid future blackouts detrimental to business
operations.  He added that the Leyte-Cebu Interconnection
Project had solved Cebu's power crisis, but the island became
too dependent on the connection.

Corporate staff specialist for the National Power Corporation,
Mosses Red, said that Cebu consumes 450 megawatts of power on a
daily basis, 360 megawatts of which is provided by Leyte, while
a Napocor power plant in Naga, Cebu, and independent power
producers Cebu Private Power Corporation and Mirant Philippines
provides the remaining 90 megawatts.   


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

ACCORD CUSTOMER: Books SGD2.46-Million Net Loss in 1Q/FY06
----------------------------------------------------------
Accord Customer Care Solution Limited has incurred a net loss
after tax of SGD2.46 million in the first quarter ended
March 31, 2006.

While the loss for this period was lower than the corresponding
period in fiscal 2005, the Group's margins were impacted due to
the intense competition faced by its DMS business and the low
yield rates for its AMS operations.

The decrease in revenue for the three months period ended
March 31, 2006, as compared to the three months period ended
March 31, 2005, was mainly attributable to the cessation of the
Company's contract with Nokia in May 2005.

Meanwhile, the Group continued to operate under working capital
constraints.  The Group revealed that a net decrease in cash and
cash equivalents for the first quarter 2006 was due mainly to
loan repayments and the net operating loss incurred in the
quarter.

The Company's First Quarter 2006 Report is available for free
at:

  http://bankrupt.com/misc/tcrap_accordcustomer051206.pdf  

              About Accord Customer Care Solutions

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

The Company is currently in negotiations with its lenders to
restructure its financial obligations.  As part of the
negotiations with the lenders, repayment of these obligations is
intended to be repaid out of the proceeds from the Company's
recovery of its investments in non-operational assets.  The
timing of receipt of proceeds from the recovery is dependent on
stock market conditions and conclusion of negotiations.


KIM KOON: Creditors' Meeting Slated for May 31
----------------------------------------------
A meeting of the creditors of Kim Koon Garment Industries Pte
Limited will be held on May 31, 2006, at 2:30 p.m.

During the meeting, the creditors will be asked to appoint a
Committee of Inspection of up to but no more than five members.

As reported by the Troubled Company Reporter - Asia Pacific, the
High Court of Singapore, on March 17, 2006, entered an order to
wind up Kim Koon Garment Industries Private Limited.

Oversea-Chinese Banking Corporation Limited filed the wind-up
petition before the High court of Singapore on January 24, 2006.

Contact: Bob Yap Cheng Ghee
         Joint and Several Liquidator
         KPMG, 16 Raffles Quay
         #40-01B, Hong Leong Building
         Singapore 048581


LAU'S FOOD: Creditors' Proofs of Claim Due on May 25
----------------------------------------------------
The creditors of Lau's Food (Singapore) Pte Limited are required
to submit their proofs of claim on or before May 25, 2006, in
order to benefit from the dividend distribution that the Company
intends to make.

Contact: Karen Loh
         Assistant Official Receiver
         Office of the Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118.


LINDETEVES-JACOBERG: Improved Earnings not Enough for Recovery
--------------------------------------------------------------
For the first quarter ended March 31, 2006, Lindeteves-Jacoberg
Limited registered a profit after tax of SGD61,094,000 as
against a post-tax loss of SGD12,448,000 in the corresponding
period last fiscal year.

Group sales amounted to SGD69.1 million in the quarter under
review, an increase of SGD9.9 million from the fourth quarter of
fiscal 2005 but a decrease of 12.4% or SGD9.8 million compared
to the corresponding period in 2005.  Group profit before tax
was SGD60.9 million compared to losses of SGD75.5 million in
4Q/FY05 and SGD12.6 million recorded in 1Q/FY05.

The Group benefited during the quarter from cash receipts in
December 2005 from ATB Austria Antriebstechnik AG and the
proceeds raised from the US$25 million floating rate note issued
by one of our subsidiaries.  Gross profit improved to SGD11.3
million in 1Q/FY06 from a gross loss of SGD6.3 million incurred
in the fourth quarter of fiscal year 2005.  This was also an
improvement of 4.3% compared to the gross profit of SGD10.8
million achieved in the first quarter of fiscal 2005.

Selling and distribution expenses as well as Administrative
expenses were lower in 1Q/FY06 compared to 1Q/FY05, a result of
rationalization undertaken in 2005.

Finance costs decreased to SGD2.1 million or 36% in 1Q/FY06
compared to the corresponding period in 2005.  This was due
mainly to lower interest rates as well as reduced principal
amounts under the Scheme of Arrangement, which took effect on
December 22, 2005.  The Company and its subsidiaries in the
United Kingdom and Hong Kong entered into the Scheme of
Arrangement with their respective creditor banks in 2005 as
announced on October 27, 2005, October 28, 2005, and Dec. 23,
2005.

Exceptional income included the debts written off by creditor
banks under the Scheme of Arrangement.

On March 13, 2006, the Company issued 148,781,725 new shares to
ATB and 59,533,511 new shares to the creditor banks.  In
consideration for the shares issued to the banks, an amount of
SGD68.4 million comprising part of the debts written off by the
Company and its respective subsidiaries was recognized as
exceptional income.  Charged against the exceptional income was
an amount of SGD0.7 million provided for cessation payment to
employees whose services were terminated during the quarter.

The substantial reduction of SGD7.8 million in other creditors
and accruals resulted from the conversion of the advances from
ATB amounting to SGD24.7 million to equity with the issue of new
shares to ATB on March 13, 2006.

Factoring liabilities declined by SGD3.7 million due mainly to
the reclassification of SGD5.1 million of the liabilities to
bank borrowings under Non-Current Liabilities as the liability
was restructured into a five-year term loan with the lender.  
Bank borrowings under Current Liabilities declined by a
substantial SGD203.5 million to SGD27.7 million due to the
amount of debts written off and the reclassification of the
balance into an eight-year term loan under the Scheme of
Arrangement.  Overall bank borrowings decreased by SGD79.4
million, SGD75.0 million of which were debts written off.

Share capital increased by SGD33.3 million comprising SG$9.9
million arising from shares issued to the creditor banks and
SGD23.4 million arising from shares issued to ATB (net of issue
expenses).

Although the Group's operations have shown some improvement in
the quarter under review compared to the previous quarter, the
recovery is still some way ahead.  

The Group's liquidity is still tight and additional working
capital would be required to take advantage of the order book in
high voltage motors and to ramp up production for low voltage
motors. The Group would also need to recapitalize to strengthen
its weak balance sheet. Towards this end, the Group is in
discussions with banks to seek new financing and the Company is
actively seeking the support of creditor banks for its various
funding initiatives.

The general offer by ATB, which closed on May 3, 2006, had
resulted in the Company becoming a subsidiary of ATB.  The new
management team will progressively review the operations in the
various locations to make improvements to plant productivity and
increase the overall efficiency in the management of the working
capital cycle. In the course of the review, further
rationalization and restructuring could be necessary.

A full-text copy of the Company's First Quarter Report for the
Fiscal Year 2006 is available for free at:

http://bankrupt.com/misc/tcrap_lindetevesjacoberg051206.pdf  

                About Lindeteves-Jacoberg Limited

Lindeteves-Jacoberg Limited - http://www.linjacob.com/-- was  
incorporated in Singapore on December 11, 1947 as part of a
Dutch international trading group.  Its principal activities
consist of investment holding, provision of warehousing and
rental services and acting as specialist mechanical and
electrical contractor for environmental engineering projects.
The Company is undergoing a debt restructuring exercise by way
of a Scheme of Arrangement with its creditors.


TEOW KEE: Pays First and Final Dividend to Creditors
----------------------------------------------------
Teow Kee Construction Pte Limited has paid its first and final
dividend at 8.3137% to creditors on May 4, 2006.

The dividend distribution was pursuant to an order released by
the Supreme Court of Singapore on October 21, 2005.

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


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

NEW PLUS: Unable to Pay Dividends for 2005
------------------------------------------
On April 7, 2005, the board of directors of New Plus Knitting
Public Company Limited submitted a report to the Stock Exchange
of Thailand showing the Company's financial status for the third
and fourth quarter of 2005.  

The TCR-AP recounts that, as of June 30, 2005, the Company
posted THB403,409,316 in assets, versus a THB386,316,625 in
liabilities.  As of December 31, 2005, New Plus reported total
assets of THB373,293,764 and total liabilities of
THB387,552,595.

The report was subsequently approved by the shareholders of the
Company at a general meeting on April 25, 2006.  It was also
resolved at the meeting that the Company will not be able to pay
the dividends for the year 2005.

Shareholders also agreed on a new set of directors:

   * Re-Appointed Directors:

     -- Chamnean Chokvathana
     -- Suwanna Sunhajariya
     -- Prakob Boonruang

   * Directors of the Company for 2006:

     -- Chamnean Chokvathana
     -- Akardej Angsusingha
     -- Songsang Sudhom
     -- On-Uma Funkfon
     -- Marut Changamporn
     -- Suwanna Sunhajariya
     -- Montri Loasethakul
     -- Prakob Boonruang
     -- Orasa Kruthakool

   * Members of the Audit Committee

     -- Montri Loasethakul, Chairman of the Audit Committee
     -- Akardej Angsusingha, Committee Member
     -- Suwanna Sunhajariya, Committee Member
     -- Mathuroscharee Phokhasomboon, Committee Secretary

The Shareholders agreed to pay the executive board member not
over THB1 million per year.

Moreover, the Shareholders appointed Pornchai Kittipanya-ngam
and Sanit Hirunpanupong of Bunchikit Company Limited to be the
auditor for the year 2006, and to pay them THB495,000.

                          About the Company

New Plus Knitting Public Company Limited's principal activity is
the manufacturing and distribution of textiles and clothing for
domestic and export sale.  Products include stockings, socks,
ladies underwear, ladies pajamas, shorts, pants, skirt, shirts
and dolls.  The Group markets its products in Thailand and other
countries in Asia, as well as in Europe, such as Ireland,
England and Germany.  It operates solely in the domestic market.

The Company has been saddled by a series of net losses since
2002, the highest of which is a THB79.25 million net loss in
2004.  In the same year, the Company fell into a capital
deficit.  The Company is currently classified under the REHABCO,
or Companies Under Rehabilitation, Sector.


TANAYONG: Inks Agreement with NHA Worth THB8.4 Billion
------------------------------------------------------  
Tanayong Public Company Limited and the National Housing
Authority entered into an agreement allowing Tanayong to
participate in the Baan Eua-Arthorn Project.

Tanayong would be responsible for land and capital acquisition,
as well as construction under conditions set forth by the NHA.

The Baan Eua-Arthorn Project, with 20,000 units at THB420,000,
costs around THB8.4 billion.   

The Central Bankruptcy Court approved the project agreement on
April 18, 2006.

                          *    *    *

Headquartered in Bangkok, Thailand, Tanayong Public Company
Limited -- http://www.tanayong.co.th/-- manages, develops and  
invests in property for both residential and commercial
purposes; investment in various infrastructure projects such as
investment in Electric Train Bangkok Mass Transit System;
ownership and operation of hotels, apartments, restaurants and
clubs; and provision of financial services and investment
holding.   

Tanayong is currently under rehabilitation.  It is categorized
under Rehabco Sector of the Stock Exchange of Thailand.  The
Company is planning to focus on all kinds of property
development, including hotels right after the completion of its
debt-restructuring.

As reported by the Troubled Company Reporter - Asia Pacific on
April 25, 2006, Tanayong posted a THB186,105,000 net loss for
the quarter ended December 31, 2006, compared with a
THB877,350,000 net profit for the same period in 2005.





                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Erickson Torrevillas, Francis Chicano, Ma.
Cristina Pernites-Lao, Erica Fernando, Reiza Dejito, Freya
Natasha Fernandez, and Peter A. Chapman, Editors.

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are $25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***