/raid1/www/Hosts/bankrupt/TCRAP_Public/060516.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, May 16, 2006, Vol. 9, No. 096
Headlines
A U S T R A L I A & N E W Z E A L A N D
BICEY'S HOLDINGS: Members Agree on Liquidation
BLENHEIM FINANCE: Court to Hear CIR's Liquidation Bid
BOODJERA WINES: Receivers Cease to Act as Company
BRESLORE PTY: Winds Up Business
BVP NO 1: Liquidator to Receive Proofs of Debt Until June 9
CANTERBURY DRYWALL: Faces Liquidation Proceedings
CHRISMA INVEST: Members Resolve to Wind Up Operations
CITIE CENTER: Members Convene in Final Meeting Today
EVANS'S TEXTILE: Creditors' Proofs of Claim Due on May 25
FLIMAC HOLDINGS: Creditors Must Prove Debts by June 8
FS AUSTRALIA: Supreme Court Orders Wind-up
FUTURE SOFTWARE: Creditors Opt for Winding Up
HOMEZONE MIRANDA: Names Evan Groombridge as Receiver
INDEPENDENT STORAGE: To Declare Dividend on May 24
INVESTOR PROJECT: Court to Hear Liquidation Bid on May 18
ITW POLYMERS: Members to Receive Wind-up Report
JAMES HARDIE: Profit Increases 68% Excluding Asbestos Provision
JAMES HARDIE: Considers Moving Base from Netherlands to U.S.
LA & BP HULBERT: To Pay Dividend to Creditors on May 18
LAMERRE INVESTMENTS: Appoints Liquidators
LYRECO PTY: Decides to Close Operations
NATIONAL AUSTRALIA: CEO Mulls Expansion into General Insurance
NORMANBY CORPORATION: Liquidator to Present Wind-up Report
NORTH STAR: Shephard and Dunphy Named Joint Liquidators
P.T.MARU: Hearing of Liquidation Bid on May 22
QUALITY CARPENTRY: Court Winds Up Firm
R.W. HOUSTON: Members Opt for Liquidation
SALT INTERACTIVE: Liquidator Set June 1 as Last Day for Claims
VERTEX (VICTORIA): Enters Voluntary Liquidation
WATTYL LIMITED: Haymes Eyes Barloworld's "Divested" Assets
WESTPORK OUTDOOR: Creditors' Claims Due on May 18
WESTRA CONTRACTORS: Liquidation Proceedings Set on May 22
WILD TIGERS: To Hold Final Meeting Today
Z.E.S. INTERNATIONAL: To Declare Dividend Today
C H I N A & H O N G K O N G
ART'S PUBLISHING: Winding Up Hearing Set on June 14
CB RICHARD: Appoints Official Liquidators
DIAMOND TERM: Liquidation Petition Hearing Set on May 24
ELCAP ELECTRONICS: Goes Through Wind-Up Proceedings
FLK LIMITED: Winding Up Hearing Slated for June 14
FLOW CHART: Declares First and Final Dividend
HSBASED INDUSTRIES: Winding Up Hearing Set on June 7
HUNG HING: Court to Hear Winding Up Petition on June 14
INTEGER HONG KONG: Liquidator to Present Wind-up Report
JIH SUN: Fitch Places Rating on Watch Positive
JINXI ENTERPRISES: Winding-up Hearing Slated for July 5
LO'S GONDOLA: Falls Into Liquidation
LO'S PEST: Members Agree to Wind Up Operations
NANO SUPERLATTICE: Simon & Edward Raises Going Concern Doubt
PROSTICKS INTERNATIONAL: Net Loss Widens to HKD1.767 in 1Q
ROYAL FOOD: Faces Wind-up Proceedings
SAANEN INVESTMENTS: Falls Into Liquidation
SHIN MUN: Names Tsai Shu-keng as Liquidator
SOUTEC HOLDINGS: Winding Up Hearing Set on June 7
UNIQUE RAINBOW: Court to Hear Winding Up Petition on June 14
VITELIC (HONG KONG): Fixes Winding up Hearing on May 24
WAYFORD DEVELOPMENT: Receiving Proofs of Claim Until June 7
WIN HING: Court Orders Winding Up
I N D I A
HINDUSTAN PETROLEUM: Board to Consider FY06 Results on May 25
INDIAN OIL: Board Meeting Slated for May 26
KILBURN ENGINEERING: Beats BIFR Deadline
* State Oil Firms Ordered to Automate Facilities by 2007
I N D O N E S I A
INDOFOOD SUKSES: To Redeem $143.7 Million Bonds
PUTRA SUMBER: Pefindo Affirms "idBB+" Rating
J A P A N
CHUOAOYAMA PwC: Shiseido Plans to Drop Auditing Firm
JAPAN AIRLINES: Has No Plans to Buy Jumbo Airbus A380
K O R E A
DAEWOO SHIPBUILDING: Net Loss Widens by 43% on Low Ship Prices
HYUNDAI MOTOR: Prosecutors to Indict Chairman Today
HYUNDAI MOTOR: Put Brakes on Czech Plant
LG CARD: KDB Will Not Sell Stake Under "Fair Value"
M A L A Y S I A
CHG INDUSTRIES: Defaults on Credit Facilities
DATUK KERAMAT: Enters into Asset Purchase Deal with Golden Sun
FURQAN BUSINESS: Vendor Offers Settlement of Profit Shortfall
GEORGE TOWN: Shareholders' Equity Falls Short of Requirement
KIA LIM: Triggers Two Criteria of PN17 Category
METROPLEX BERHAD: Unit Receives Wind-up Petition
PILECON ENGINEERING: Avails of Transitional Provision
PILECON ENGINEERING: Buys More Time to Implement Restructuring
PROTON HOLDINGS: Names Acting CEO for Group Lotus
SETEGAP BERHAD: Period to Obtain Assets Sale Approval Extended
SUREMAX GROUP: Ordered to Regularize Financial Condition
SUREMAX GROUP: Alliance Merchant Bank Makes MYR2.8-Million Claim
P H I L I P P I N E S
ATLAS CONSOLIDATED: Finalizes Details of Financing Deal
LAFAYETTE MINING: Creditors Threaten to Pull Out of Project
MANILA ELECTRIC: Tropical Storm Causes Power Outage
PHILCOMSAT HOLDINGS: SEC Extends Corporate Life by 50 Years
S I N G A P O R E
ACCORD CUSTOMER: Fifth Annual General Meeting Set on May 31
CPG HEALTHCARE: Receives Proofs of Debt Until June 12
C & P HOLDINGS: Faces Winding-up Proceedings
CURRIE & BROWN: Creditors' Proofs of Claim Due on June 2006
D & B STEEL: Court to Hear Wind-up Petition on May 19
ELSNER ASIA: Wind-up Process Commenced
T H A I L A N D
TOT PLC: To Cancel THB1.2 Billion Contract with Telemetics
BOND PRICING: For the Week 15 May to 19 May 2006
- - - - - - - -
============================================
A U S T R A L I A & N E W Z E A L A N D
============================================
BICEY'S HOLDINGS: Members Agree on Liquidation
----------------------------------------------
At a general meeting on March 31, 2006, the members of Bicey's
Holdings Pty Limited decided to liquidate the Company's
operations.
They subsequently appointed Ian Thomas as liquidator.
Contact: Ian T. Stephenson
Liquidator
Ian Stephenson & Partners Chartered Accountants
200 Pacific Highway, Crows Nest
New South Wales 2065, Australia
Telephone: (02) 9922 2833
BLENHEIM FINANCE: Court to Hear CIR's Liquidation Bid
-----------------------------------------------------
The High Court at Hamilton will hear an application to liquidate
Blenheim Finance Ltd on June 6, 2006, at 10:45 a.m.
The Commissioner of Inland Revenue filed the application on
March 22, 2006.
Parties wishing to appear at the hearing are required to file an
appearance not later than June 2, 2006.
Contact: Helen Rose Sumner
Technical and Legal Support Group
South Island Service Centre
Ground Floor Reception, 518 Colombo St
Christchurch, New Zealand
Telephone: (03) 968 0875
Facsimile: (03) 977 9853
BOODJERA WINES: Receivers Cease to Act as Company
-------------------------------------------------
Clifford Stuart Rocke and Norman Mel Ashton ceased to act as
joint and several receivers and managers of Boodjera Wines Pty
Limited on March 23, 2006.
BRESLORE PTY: Winds Up Business
-------------------------------
The members of Breslore Pty Limited, at a general meeting on
March 24, 2006, decided to close the Company's business
voluntarily and distribute its assets.
Bruce Elliott Rowntree was appointed as liquidator for the wind-
up.
Contact: Bruce E. Rowntree
Level 2, 2 Barrack Street
Sydney, New South Wales 2000
Australia
BVP NO 1: Liquidator to Receive Proofs of Debt Until June 9
-----------------------------------------------------------
Liquidator Robert John Knox fixed June 9, 2006, the last day for
BVP No. 1 Limited's creditors to submit their proofs of debt.
Failure to comply with the requirement will exclude a creditor
from sharing in any distribution the Company will make.
Contact: Robert John Knox
BDO Spicers Chartered Accountants
PO Box 2219, Auckland
New Zealand
Telephone: (09) 379 2950
Fax: (09) 303 2830
CANTERBURY DRYWALL: Faces Liquidation Proceedings
-------------------------------------------------
Accident Compensation Corporation, on April 24, 2006, filed
before the High Court of Christchurch an application to
liquidate Canterbury Drywall Systems Ltd.
The Court will hear the application on May 29, 2006 at 10:00
a.m.
Parties wishing to appear at the hearing are required to file an
appearance not later than May 25, 2006.
CHRISMA INVEST: Members Resolve to Wind Up Operations
-----------------------------------------------------
At a general meeting on March 28, 2006, the members of Chrisma
Invest Australia Pty Limited resolved to close the Company's
business operations and distribute the proceeds of its assets
disposal.
Contact: Bruce Leonard Bailey
Liquidator
Saccasan Bailey Partners Chartered Accountants
Level 15, 1 York Street
Sydney, New South Wales
Australia
CITIE CENTER: Members Convene in Final Meeting Today
----------------------------------------------------
A final meeting of the members of Citie Center 3 Pty Limited
will be held today, May 16, 2006, for the parties to receive an
account of the manner of the Company's wind-up and property
disposal from Liquidator P. G. Downie.
Contact: P. G. Downie
Liquidator
Worrells Solvency & Forensic Accountants
Level 6, 50 Cavill Avenue
Surfers Paradise, Queensland 4217
Australia
Web site: http://www.worrells.net.au/
EVANS'S TEXTILE: Creditors' Proofs of Claim Due on May 25
---------------------------------------------------------
Evans's Textile Warehouse Ltd requires its creditors to submit
their proofs of claim to Liquidator T.C.W. Bastion 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: T.C.W. Bastion
KBC House, 272 Karori Road
Wellington, New Zealand
Telephone: (04) 476 5775
Fax: (04) 476 5778
FLIMAC HOLDINGS: Creditors Must Prove Debts by June 8
-----------------------------------------------------
The joint and several liquidators of Flimac Holdings Ltd require
the Company's creditors to submit their proofs of claims on or
before June 8, 2006.
Failure to comply with the requirement will exclude any creditor
from sharing in any distribution the Company will make.
Contact: K.A. Horne
C/O Nelson Gardiner
Crichton Horne & Associates Ltd
Old Library Chambers
109 Cambridge Terrace
Christchurch, New Zealand
Telephone: (03) 379 7929
Web site: www.cha.co.nz
FS AUSTRALIA: Supreme Court Orders Wind-up
------------------------------------------
The Supreme Court of New South Wales had on March 31, 2006,
ordered the wind-up of FS Australia Pty Limited, and appointed
R. J. Porter as liquidator.
Contact: R. J. Porter
Liquidator
Moore Stephens Chartered Accountants
Level 6, 460 Church Street
Parramatta, New South Wales 2150
Australia
FUTURE SOFTWARE: Creditors Opt for Winding Up
---------------------------------------------
The creditors of Future Software Development Pty Limited met on
March 10, 2006, and agreed that it is in the Company's best
interests to wind up its operations.
In this regard, Antony de Vries and Riad Tayeh were appointed as
joint and several liquidators.
Contact: Riad Tayeh
Antony de Vries
Liquidators
de Vries Tayeh
Level 3, 95 Macquarie Street
Parramatta, New South Wales 2125
Australia
HOMEZONE MIRANDA: Names Evan Groombridge as Receiver
----------------------------------------------------
Evan Philip Groombridge was appointed as receiver and manager of
the assets and undertaking of Homezone Miranda Pty Limited on
March 22, 2006.
Contact: Evan P. Groombridge
Level 10, South Tower
1 Railway Street, Chatswood
New South Wales, Australia
INDEPENDENT STORAGE: To Declare Dividend on May 24
--------------------------------------------------
Independent Storage Systems Pty Limited will declare its first
and final dividend on May 24, 2006.
Creditors who were not able to prove their claims are excluded
from sharing in the dividend distribution.
Contact: Peter Vince
Liquidator
Ferrier Hodgson
Level 29, 600 Burke Street
Melbourne, Victoria 3000
Australia
INVESTOR PROJECT: Court to Hear Liquidation Bid on May 18
---------------------------------------------------------
An application to put Investor Project Management Ltd into
liquidation will be heard before the High Court of Auckland on
May 18, 2006, at 10:00 a.m.
The High Court received the application from the Bank of New
Zealand on April 27, 2006.
Contact: Christopher Calder Hamilton Allan
Grove Darlow & Partners, Solicitors
Level 10, Tower One, The Shortland Centre
51-53 Shortland Street, Auckland
New Zealand
ITW POLYMERS: Members to Receive Wind-up Report
-----------------------------------------------
Members of ITW Polymers & Fluids Pty Limited will hold a meeting
today, May 16, 2006, for them to get an account of the manner of
the Company's wind-up and property disposal from Liquidator Mark
F. Mentha.
Contact: Mark F. Mentha
Liquidator
KordaMentha
Level 24, 333 Collins Street
Melbourne, Australia
JAMES HARDIE: Profit Increases 68% Excluding Asbestos Provision
---------------------------------------------------------------
James Hardie Industries Limited disclosed that its 4th quarter
and full year results have been substantially affected by the
recording of a net provision for estimated future asbestos-
related compensation payments of US$715.6 million at March 31,
2006. The asbestos provision contributed to a decrease in
operating profit from continuing operations for the three months
ended March 31, 2006, down from US$46.3 million in fiscal year
2005 to a loss of US$650.9 million.
For the full year, the operating profit from continuing
operations fell from US$127.9 million in fiscal year 2005 to a
loss of US$506.7 million.
For the 4th quarter, operating profit from continuing
operations, excluding the asbestos provision of US$715.6
million, increased 40% compared to the same quarter last year,
to US$64.7 million. The strong 4th quarter operating
performance lifted the full year operating profit from
continuing operations, excluding the asbestos provision, by 63%
to US$208.9 million.
According to James Hardie, the recording of the asbestos
provision is in accordance with United States accounting
standards because it is probable that the Company will make
payments to fund asbestos-related claims on a long-term basis.
The amount of the asbestos provision of US$715.6 million (AU$1.0
billion) at March 31, 2006, is the Company's best estimate of
the probable outcome. This estimate is based on the terms of
the Final Funding Agreement, which includes an actuarial
estimate prepared by KPMG Actuaries Pty Ltd, as of March 31,
2006, of the projected future cash outflows, undiscounted and
uninflated, and the anticipated tax deduction arising from
Australian legislation which came into force on April 6, 2006.
The Company's ability to obtain this tax deduction under
legislation remains the subject of an ongoing application to the
Australian Tax Office.
If the conditions precedent to the FFA, such as the tax
deductibility of payments, are not met, James Hardie may seek to
enter into an alternative arrangement under which it would make
payments for the benefit of asbestos claimants. Under
alternative arrangements, the estimate may change.
The 4th quarter and full year results also include Special
Commission of Inquiry and other related expenses of US$2.7
million and US$17.4 million, respectively; a US$20.7 million
benefit from the reversal of tax reserves relating to the
resolution of certain tax audits; and a US$13.4 million (US$8.0
million after tax) impairment charge associated with the write-
off of a pilot roofing plant.
The Company has announced a final dividend of US$0.04 cents a
share, which brings the total dividend for the year to US$0.08,
an increase of US$0.02 cents over last year's dividend. The
dividend was declared in United States currency and will be paid
on July 6, 2006, with a record date of June 14, 2006. The
Company's ability to make distributions to shareholders from
retained earnings is unaffected by the booking of the asbestos
provision.
The Company's 4th Quarter and Full-Year Results for the 2005-06
business year is available at the Company's Web site.
About James Hardie
James Hardie Industries Limited -- http://www.jameshardie.com/
-- manufactures, markets and distributes fiber cement and gypsum
products, fiberglass reinforced plastic and PVC products,
sanitary ware and bathroom products, insulating materials and
fillers, strippers and adhesives. After beginning Australian
operations in 1888, it reincorporated into a Netherlands-based
company in 2001 to focus on its American growth businesses.
Nearly 80% of its sales are in North America. The Company's
troubles began with its "under-funded" allocation for asbestos
claims, which were brought in by people who suffer or may have
diseases caused by exposure to the asbestos-related products
produced by James Hardie. In 2001, James Hardie set up an
independent entity, Medical Research and Compensation
Foundation, to handle asbestos claims. The Foundation has
warned that it could run out of money within five years. The
Asbestos Diseases Foundation of Australia and workers unions
called for all the Company's asbestos profits to be immediately
placed in the fund. James Hardie was later accused of topping
up the dwindling asbestos fund it established. By 2004, James
Hardie's former asbestos manufacturing subsidiaries, Amaca and
Amaba, are two of around 150 defendants in asbestos litigation,
and based on the Foundation's own figures, they account for
US$1,000,000,000 of the predicted US$6,000,000,000 future
liabilities in Australia. Although James Hardie stopped making
asbestos products in 1987, the average 35-year latency of
mesothelioma, an asbestos-related disease, means asbestos
compensation funds will be needed until mid-century. In a 2005
report by a Company-hired actuary from KPMG, it was predicted
that 4,915 Australians would contract mesothelioma from exposure
to Hardie products in the coming decades. When less serious
forms of asbestos-related disease are included, James Hardie
should expect to compensate 8,725 victims.
JAMES HARDIE: Considers Moving Base from Netherlands to U.S.
------------------------------------------------------------
James Hardie Industries Limited is considering moving its
headquarters in the Netherlands as the tax benefits of being
domiciled there diminish, the Sydney Morning Herald relates.
According to the report, James Hardie's income tax expense
increased to US$71.6 million -- AU$92.97 million -- in the
fiscal year ended March 31, 2006, from US$9.7 million --
AU$12.59 million -- due to an increase in profits and the
geographic mix of earnings.
The Sydney Herald cites James Hardie Chief Executive Officer
Louis Gries as saying that the more the Company's operations in
the United States expands, the less benefits it receives from
the Netherlands. Currently, more than 80% of sales of James
Hardie's fiber cement home cladding and other building products
are derived from the U.S.
However, Mr. Gries said that any decision on whether to keep its
headquarters in Europe would take a while.
The Sydney Herald recounts that James Hardie faced intense
criticism for shifting its domicile from Australia to the
Netherlands in 2001 after speculations that the move was for the
Company to avoid its asbestos responsibilities. James Hardie
has denied those allegations and maintained that the transfer
was based on the tax benefits it could achieve from moving to
the European country.
About James Hardie
James Hardie Industries Limited -- http://www.jameshardie.com/
-- manufactures, markets and distributes fiber cement and gypsum
products, fiberglass reinforced plastic and PVC products,
sanitary ware and bathroom products, insulating materials and
fillers, strippers and adhesives. After beginning Australian
operations in 1888, it reincorporated into a Netherlands-based
company in 2001 to focus on its American growth businesses.
Nearly 80% of its sales are in North America. The Company's
troubles began with its "under-funded" allocation for asbestos
claims, which were brought in by people who suffer or may have
diseases caused by exposure to the asbestos-related products
produced by James Hardie. In 2001, James Hardie set up an
independent entity, Medical Research and Compensation
Foundation, to handle asbestos claims. The Foundation has
warned that it could run out of money within five years. The
Asbestos Diseases Foundation of Australia and workers unions
called for all the Company's asbestos profits to be immediately
placed in the fund. James Hardie was later accused of topping
up the dwindling asbestos fund it established. By 2004, James
Hardie's former asbestos manufacturing subsidiaries, Amaca and
Amaba, are two of around 150 defendants in asbestos litigation,
and based on the Foundation's own figures, they account for
US$1,000,000,000 of the predicted US$6,000,000,000 future
liabilities in Australia. Although James Hardie stopped making
asbestos products in 1987, the average 35-year latency of
mesothelioma, an asbestos-related disease, means asbestos
compensation funds will be needed until mid-century. In a 2005
report by a Company-hired actuary from KPMG, it was predicted
that 4,915 Australians would contract mesothelioma from exposure
to Hardie products in the coming decades. When less serious
forms of asbestos-related disease are included, James Hardie
should expect to compensate 8,725 victims.
LA & BP HULBERT: To Pay Dividend to Creditors on May 18
-------------------------------------------------------
LA & BP Hulbert Pty Limited will declare a final dividend on
May 18, 2006, to the exclusion of its creditors who were unable
to prove their claims.
The Company's members will convene in a final meeting on May 18,
2006, to receive an account of the manner of the Company's wind-
up and property disposal from Liquidator V. R. Gould.
Contact: V. R. Gould
Liquidator
Level 42, AAP Center,
259 George Street, Sydney
New South Wales 2000, Australia
LAMERRE INVESTMENTS: Appoints Liquidators
-----------------------------------------
At a general meeting of the members of Lamerre Investments Pty
Limited on March 29, 2006, Oren Zohar and Brian McMaster were
appointed as liquidators for the Company's wind-up.
Contact: Brian McMaster
Oren Zohar
Liquidators
KordaMentha
Level 11, 37 St. Georges Terrace
Perth, Western Australia
Australia
LYRECO PTY: Decides to Close Operations
---------------------------------------
The sole member of Lyreco (Australia) Pty Limited decided on
March 27, 2006, to liquidate the Company's operations.
Brian McMaster and Oren Zohar were named liquidators for the
wind-up.
Contact: Brian McMaster
Oren Zohar
KordaMentha
Level 11, 37 St. Georges Terrace
Perth, Western Australia
Australia
Telephone: (08) 9221 6999
NATIONAL AUSTRALIA: CEO Mulls Expansion into General Insurance
--------------------------------------------------------------
National Australia Bank Chief Executive Officer John Stewart has
indicated an interest in expanding to general insurance
operations, the Sydney Morning Herald reports.
According to the Australian Associated Press, Mr. Stewart
considered NAB making acquisitions again after the bank reported
a net profit of AU$1.99 billion for the six months ended
March 31, 2006.
Mr. Stewart has hinted that general insurance -- which includes
insurance for home and contents, cars, public liability and
businesses -- "could be" something that NAB would pursue, the
AAP notes.
Moreover, Mr. Stewart admitted that NAB had missed out on a
bargain when it failed to acquire AMP in 1999. NAB put an
unsuccessful bid to AMP when the financial services group was
dealing with the massive reinsurance losses of its then
subsidiary GIO.
The Sydney Herald says that AMP has now shaken off the ghosts of
its past and is enjoying solid growth from its position as
Australia's largest superannuation provider. Like NAB's wealth
management business MLC, AMP has received a big boost from
changes to superannuation in last week's federal budget.
* * *
National Australia Bank Limited -- http://wwww.national.com.au/
-- is an international banking group, which operates in
Australia, New Zealand, Europe, Asia, and the United States.
The Group offers banking services; credit and access card
facilities; leasing, housing and general finance; international
and investment banking; wealth and funds management; life
insurance; and custodian, trustee and nominee services.
In January 2004, NAB announced that it had identified AU$326
million in losses relating to unauthorized trading in foreign
currency options. In the investigation of those losses, NAB
found out that there were significant issues in relation to risk
systems, procedures and organizational culture.
NAB is undertaking a three-year revival program after the
foreign exchange trading scandal, which cost it several profit
downgrades in 2005 that hammered its share price. Part of its
revival scheme is to cut costs by slashing 11% of its total
workforce in the next two years. As of May 2006, NAB disclosed
that it is "half-way" through eliminating 4,662 jobs worldwide.
In February 2006, NAB said that it has turned around, was
"moving ahead," and its post-recovery phase was under way.
NORMANBY CORPORATION: Liquidator to Present Wind-up Report
----------------------------------------------------------
The members of Normanby Corporation Pty Limited will convene
today, May 16, 2006, to get an account of the manner of the
Company's wind-up and property disposal from Liquidator Stephen
Hawke.
Contact: Stephen Hawke
Liquidator
KPMG
147 Collins Street, Melbourne
Victoria 3000, Australia
NORTH STAR: Shephard and Dunphy Named Joint Liquidators
-------------------------------------------------------
North Star Technical Services Ltd appointed Iain Bruce Shephard
and Christine Maragaret Dunphy as joint and several liquidators
on May 1, 2006.
Contact: Chris Dunphy
Shephard Dunphy
Level 2, Citibank Centre
23 Customs Street, Auckland
New Zealand
Telephone: (09) 309 3264
Fax: (09) 309 3265
P.T.MARU: Hearing of Liquidation Bid on May 22
----------------------------------------------
On April 6, 2006, the Commissioner of Inland Revenue filed an
application to liquidate P.T. Maru Ltd in the High Court of
Whangarei.
The Court will hear the application on May 22, 2006, at 10:45
a.m.
Parties wishing to appear on the hearing are required to file an
appearance not later than May 18, 2006.
QUALITY CARPENTRY: Court Winds Up Firm
--------------------------------------
The Supreme Court of New South Wales issued a winding up order
against Quality Carpentry Solutions Pty Limited on March 30,
2006.
The Court also named Stephen Brennan as liquidator.
Contact: Stephen Brennan
Liquidator
RoyalSBR
Level 25, Chifley Tower
2 Chifley Square, Sydney
New South Wales 2000, Australia
R.W. HOUSTON: Members Opt for Liquidation
-----------------------------------------
The members of R.W. Houston & Company (Rural) Pty Limited held a
meeting on March 30, 2006, and agreed on the Company's need to
liquidate.
They appointed D. A. Turner to manage the Company's wind-up
operations.
Contact: D. A. Turner
Liquidator
PKF Chartered Accountants
Level 11, 485 La Trobe Street
Melbourne, Victoria 3000
Australia
SALT INTERACTIVE: Liquidator Set June 1 as Last Day for Claims
--------------------------------------------------------------
John Michael Gilbert, liquidator of Salt Interactive Ltd,
require the Company's creditors to submit their proofs of claim
on or before June 1, 2006.
Contact: J.M. Gilbert
C/O C&C Strategic Limited
Private Bag 47-927, Ponsonby
Auckland, New Zealand
Telephone: (09) 376 7506
Fax: (09) 376 6441
VERTEX (VICTORIA): Enters Voluntary Liquidation
-----------------------------------------------
The creditors of Vertex (Victoria) Pty Limited resolved to wind
up the Company's operations on February 17, 2006.
D. A. Hurst was subsequently appointed as liquidator.
Contact: D. A. Hurst
Liquidator
Armstrong Wily Chartered Accountants
Level 5, 75 Castlereagh Street
Sydney, New South Wales 2000
Australia
WATTYL LIMITED: Haymes Eyes Barloworld's "Divested" Assets
----------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on May 1,
2006, that Barloworld Limited had given the Australian
Competition and Consumer Commission a list of assets that it
will divest if it took over Wattyl Limited.
The TCR-AP said that Barloworld -- the owner of Taubmans and
Bristols Paints -- increased its chances of winning the
regulator's approval for its AU$321 million takeover bid for
Wattyl when it agreed to divest certain assets. The divestment
is speculated to include Barloworld's 80-store Bristol retail
paint chain, which the South African paintmaker did not confirm.
In an update, The Age relates that Victorian paint manufacturer
Haymes Paint has confirmed its interest in buying operations
that Barloworld will need to divest. Haymes sent an expression
of interest to Barloworld last week, but has yet to receive a
response.
According to The Age, speculation has been rife that United
States-based PPG and New Zealand's Resene might also be
interested in the Barloworld assets.
Barloworld believes that the divestment addresses the ACCC's
concerns that a Barloworld takeover of Wattyl, which would merge
the number two and number three paintmakers, would substantially
reduce competition.
On May 12, 2006, Barloworld extended its AU$3.80-per-share offer
to June 16, 2006, and said that it expected to update investors
shortly about its talks with the ACCC.
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.
WESTPORK OUTDOOR: Creditors' Claims Due on May 18
-------------------------------------------------
Creditors of Westpork Outdoor Pty Limited are required to prove
their claims by May 18, 2006, in order to share in the Company's
dividend distribution.
Contact: Derick Schroder
Liquidator
16 Firwood Trail, Woodvale
Western Australia 6026
Australia
WESTRA CONTRACTORS: Liquidation Proceedings Set on May 22
---------------------------------------------------------
The High Court of Wellington will hear an application to
liquidate Westra Contractors 2000 Ltd on May 22, 2006, at 10:00
a.m.
The Commissioner of Inland Revenue filed the application on
April 3, 2006.
Parties wishing to appear at the hearing are required to file an
appearance not later than May 18, 2006.
Contact: Julia Marie Snelson
Technical and Legal Support Group
Wellington Service Centre, 1/F.,
New Zealand Post House
7-27 Waterloo Quay, Wellington
New Zealand
Telephone: (04) 890 1127
Facsimile: (04) 890 0009
WILD TIGERS: To Hold Final Meeting Today
----------------------------------------
The final meeting of Wild Tigers Pty Limited will be held today,
May 16, 2006, for members and creditors to receive Liquidator
Geoffrey Rediy's final account showing how the Company was wound
up and how its property was disposed of.
Contact: Geoffrey Reidy
Liquidator
Rodgers Reidy
Level 8, 333 George Street
Sydney, New South Wales 2000
Australia
Z.E.S. INTERNATIONAL: To Declare Dividend Today
-----------------------------------------------
Z.E.S. International Trading Pty Limited will declare a dividend
today, May 16, 2006.
Creditors who were unable to prove their claims are excluded
from sharing in any distribution the Company will make.
Contact: Susan Carter
Liquidator
Worrells Solvency & Forensic Accountants
Web site: http://www.worrells.net.au/
================================
C H I N A & H O N G K O N G
================================
ART'S PUBLISHING: Winding Up Hearing Set on June 14
---------------------------------------------------
Yuen Ping filed an application to wind up Art's Publishing
Company Limited with the High Court of Hong Kong on
April 19, 2006.
The Application will be heard before the High Court on June 14,
2006.
Contact: Betty Chan
Fsor Director of Legal Aid
34/F, Hopewell Centre
183 Queen's Road East
Wanchai, Hong Kong
CB RICHARD: Appoints Official Liquidators
-----------------------------------------
John James Toohey and Rainier Hok Chung Laim were appointed
joint and several liquidators of CB Richard Ellis Property
Management (China) Limited on March 2, 2006.
Contact: John James Toohey
Rainier Hok Chung Lam
Joint and Several Liquidators
22nd Floor, Prince's Building
Central, Hong Kong
DIAMOND TERM: Liquidation Petition Hearing Set on May 24
--------------------------------------------------------
The High Court of Hong Kong received an application to put
Diamond Term Limited into liquidation.
The Petition, which was lodged by the Choi Ka Wing on
April 12, 2006, will be heard before the Court on May 24, 2006,
at 9:30 a.m.
Parties wishing to attend the hearing are requested to file an
appearance not later than May 23, 2006.
Contact: Fung Wong Ng & Lam
Solicitors for the Petitioner
Room 8, 4th Floor
New Henry House
10 Ice House Street
Central, Hong Kong
ELCAP ELECTRONICS: Goes Through Wind-Up Proceedings
---------------------------------------------------
A petition for the winding up of Elcap Electronics Limited was,
on March 13, 2006, presented before the High Court of Hong Kong.
The Petition, which was lodged by Advanced EPI Technology
Corporation, is fixed for hearing before the Court on
May 24, 2006, at 10:00 a.m.
Any creditor or contributory of the company desiring to support
or oppose the Application is allowed to appear at the hearing.
Contact: Liau, Ho & Chan
Solicitors for the Petitioner
6th Floor, United Chinese Bank Building
31-37 Des Voeux Road Central
Hong Kong
FLK LIMITED: Winding Up Hearing Slated for June 14
--------------------------------------------------
On April 12, 2006, the High Court of Hong Kong received an
application from Cheung Pui Yin to wind up FLK Limited.
The High Court will hear the Petition on June 14, 2006, at
9:30 a.m.
Any person who wishes to appear on the hearing must file an
appearance not later than June 13, 2006.
Contact: Betty Chan
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong
FLOW CHART: Declares First and Final Dividend
---------------------------------------------
A first and final dividend of 0.428% has been declared by Flow
Chart Chin Industrial Limited and is payable on or after
May 15, 2006.
Contact: E.T. O'Connell
Official Receiver & Liquidator
HKSAR-Official Receiver's Office
10th Floor, Queensway Government Offices,
66 Queensway, Hong Kong
Telephone: 2867 2426
Fax: 3105 1814
e-mail: eamonn@oro.gov.hk
HSBASED INDUSTRIES: Winding Up Hearing Set on June 7
----------------------------------------------------
A petition for the winding up of HKBased Industries Limited by
the High Court of Hong Kong was, on March 28, 2006, presented by
Richard Roberts Lanka (Pvt.) Limited.
The winding up hearing is scheduled for June 7, 2006.
Parties wishing to attend the hearing are requested to file an
appearance not later than June 6, 2006.
Contact: Robertsons
Solicitors for the Petitioner
57th Floor, The Center
99 Queen's Road
Central, Hong Kong
Telephone: 2521 7341
Fax: 2868 5820
HUNG HING: Court to Hear Winding Up Petition on June 14
-------------------------------------------------------
Choi Ka Wing on April 10, 2006, filed with the High Court of
Hong Kong a petition to wind up Hung Hing Construction and
Building Limited.
The High Court will hear the application on June 14, 2006, at
9:30 a.m.
Parties wishing to appear at the hearing may file an appearance
not later than June 13, 2006.
Contact: Betty Chan
For Director of Legal Aid
34/F, Hopewell Centre
183 Queen's Road East
Wanchai, Hong Kong
INTEGER HONG KONG: Liquidator to Present Wind-up Report
-------------------------------------------------------
A final meeting of the members and creditors of Integer Hong
Kong Pavilion Limited will be held on June 5, 2006 at Level 28,
Three Pacific Place, 1 Queen's Road, in East, Hong Kong.
At the meeting, Liquidators Ying Hing Chiu and Chung Miu Yin
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.
JIH SUN: Fitch Places Rating on Watch Positive
----------------------------------------------
Fitch Ratings has, on May 15, 2006, placed the issuer default,
short-term, national long-term, national short-term and
individual ratings of the Jih Sun Group -- namely Jih Sun
Financial Holding Co. and Jih Sun Securities -- on rating watch
positive.
This is in response to an announcement that Shinsei Bank --
"Shinsei" rated Long-term Issuer Default rating "BBB+"
-- of Japan and Integral Investment, an international private
equity fund, agreed to invest a total of TWD12 billion in JSH's
share offering. The transactions are expected to be completed
in July 2006.
JSH: issuer default rating - "BB"
short-term - "B"
national long-term - "BBB+ (twn)"
national short-term - "F2(twn)"
individual - "D" on Rating Watch Positive and support "5"
affirmed
JSIB: issuer default rating - "BB"
short-term - "B"
national Long-term - "BBB+ (twn)"
national short-term - "F2 (twn)"
individual - "D/E" on Rating Watch Positive and support
"3" affirmed
JSS: issuer default rating - "BB+"
short-term - "B"
national long-term - "A- (twn)" (A minus(twn))
national Short-term - "F2(twn)"
individual - "C/D" on Rating Watch Positive and support "5"
affirmed
Fitch expects to resolve the Rating Watch Positive once the
share transactions and the recapitalization of JSIB are
completed.
The new capital will be used to recapitalize JSIB, which is
still carrying substantial unreserved non-performing loans and
unamortized losses. After the share transactions, Shinsei will
become JSH's biggest institutional owner with a 31.8% stake, not
including potential conversion of preferred shares. Fitch
considers the capital raising vital to prop up the sagging
financial strength of JSIB and a relief to JSH and JSS, which
are obliged to support JSIB. The Jih Sun Group, particularly
JSIB, can benefit from its partnership with Shinsei as the
latter could provide its expertise in non-performing loan
disposal and systems technology. Shinsei will have three board
seats -- out of a total of 11 -- of JSH and appoint key chief
risk executives in the group.
The Rating Watch Positive on JSIB reflects Fitch's view that the
bank will have satisfactory capitalization ratios with capital
adequacy and Tier 1 ratios at around 9% and 6%, respectively,
and a cleaned-up asset portfolio post the planned
recapitalization programme.
The Rating Watch Positive on JSH's and JSS's ratings reflects
the reduced risk of an urgent capital demand by JSIB. JSH has
an acceptable double-leverage ratio (equity investments in
subsidiaries-to-parent company equity) of 122% and that would
improve to 115% after the capital injection.
JSH's share offerings include TWD8 billion in common shares and
TWD4 billion in preferred shares. Shinsei will invest a total
TWD11.34 billion (TWD7.56 billion in common shares and TWD3.78
billion in preferred shares) and Integral will invest TWD660
million (TWD440 million in common shares and TWD220 million in
preferred shares). The preferred shares are perpetual and non-
cumulative, and optionally convertible after five years,
carrying a 5.5% coupon.
* * *
Jih Sun Securities Ltd. underwrites and trades securities, sells
or acts as middle agent for trading of financial securities.
JIH Sun Financial Holding Company Limited's principal activity
is providing financial services. Services includes investment
banking, bill financing, credit cards, insurance, securities,
future venture capital and other related financing services. The
Group's securities activity includes trades securities for its
own account, underwriting securities, margin trading, transfer
agency business, futures proprietary trading, futures
facilitator and others. The Group's banking activity includes
general deposits, loans, discounts, collection and investment of
government bonds, stocks, short term bills, finance bonds and
other agency services related to business license and approved
by the central government authority and commission trading of
international and domestic securities of trust fund investment.
JINXI ENTERPRISES: Winding-up Hearing Slated for July 5
-------------------------------------------------------
Jinxi Enterprises Limited, on April 12, 2006, presented a
petition to wind up Jinxi Enterprises Limited.
The Petition will be heard before the High Court of Hong Kong
Special Administrative Region on July 5, 2006, at 9:30 a.m.
Parties wishing to attend the hearing must send a notice of
intention to the Liquidator not later than 6:00 p.m. on July 4,
2006.
Contact: Fred Kan & Co.
Solicitors for the Petitioner
31st Floor, Central Plaza
18 Harbour Road
Wanchai, Hong Kong
Telephone: 2598 1318
Fax: 2588 1318
LO'S GONDOLA: Falls Into Liquidation
------------------------------------
The members of Lo's Gondola Engineering Services Company Limited
convened on April 28, 2006, and concurred that it is in the
Company's best interests to wind up its operations.
Subsequently, Lo Kou Hong was appointed as liquidator.
Contact: Lo Kou Hong
Liquidator
3/F, Caltex House
258 Hennessy Road
Wanchai, Hong Kong
LO'S PEST: Members Agree to Wind Up Operations
----------------------------------------------
At a meeting held on April 28, 2006, the members of
Lo's Pest Control & Disinfection Services Limited agreed that
the Company be wound up voluntarily.
Lo Kou was subsequently appointed to oversee the Company's
liquidation.
Contact: Lo Kou
Liquidator
3/F, Caltex House
258 Hennessy Road
Wanchai, Hong Kong
NANO SUPERLATTICE: Simon & Edward Raises Going Concern Doubt
------------------------------------------------------------
Simon & Edward, LLP, in the City of Industry, California, raised
substantial doubt about Nano Superlattice Technology, Inc. --
formerly known as -- Wigwam Development, Inc.'s ability to
continue as a going concern after auditing the consolidated
financial statements for the year ended Dec. 31, 2005. The
auditor pointed to the Company's recurring losses from
operations and inability to meet its maturing obligations
without selling operating assets and restructuring debts.
Nano Superlattice Technology, Inc., filed its consolidated
financial statements for the year ended Dec. 31, 2005, with the
Securities and Exchang Commission on April 17, 2006.
The Company reported a $864,147 net loss on $9,141,782 of net
sales for the year ended Dec. 31, 2005.
At Dec. 31, 2005, the Company's balance sheet showed $11,361,941
in total assets, $6,340,587 in total liabilities, and $4,919,747
in total stockholders' equity.
A full-text copy of the Company's 2005 Annual Report is
available for free at http://ResearchArchives.com/t/s?923
Nano Superlattice Technology, Inc. (OTCB: NSLT) through its
wholly owned subsidiary, Nano Superlattice Technology Inc.
(BVI), a British Virgin Islands company, with operations in
Taiwan, develops and produces nano-scale coating technology to
be applied to various mechanical tools and metal surfaces for
sale to manufacturers in the computer, mechanical and molding
industries in Taiwan. Nanotechnology, or molecular
manufacturing, is a technological process used in manufacturing
products to be lighter, stronger, smarter, cheaper, cleaner and
more precise.
PROSTICKS INTERNATIONAL: Net Loss Widens to HKD1.767 in 1Q
----------------------------------------------------------
Prosticks International posted a net loss of HKD1.767 million
for the first three months of 2006, compared with a net loss of
HKD632,000 a year ago.
The Company did not declare a first quarter dividend.
* * *
Located in Hong Kong, Prosticks International's
-- http://www.ckh.com.hk-- principal activities are investment
holding, property development and investment, hotel and serviced
suite operation, property and project management and investments
in securities.
The Company's total assets and liabilities as of December 31,
2004 was registered at HK$3.94 million compared to the Company's
total liabilities of HK$9.61 million. Its Total Equity is
negative 5.67.
ROYAL FOOD: Faces Wind-up Proceedings
-------------------------------------
Chan Wun Man, on March 30, 2006, filed an application for the
wind-up of Royal Food Marketing Limited by the High Court of
Hong Kong.
The Petition is fixed for hearing before the Court on
June 7, 2006, at 9:30 a.m.
Any creditor or contributory of the Company desiring to support
or oppose the Application is allowed to attend the hearing.
Contact: Messrs. Hau, Lau, Li & Yeung
Solicitors for the Petitioner
Units 1702-7, 17th Floor
Far East Finance Centre
No.16 Harcourt Road
Admiralty, Hong Kong
Telephone: 2586 1881
Fax: 2596 0909
SAANEN INVESTMENTS: Falls Into Liquidation
------------------------------------------
The members of Saanen Investments Limited convened on
April 28, 2006, and concurred that it is in the Company's best
interests to wind up its operations.
Subsequently, Chu King Hei, Victor was appointed as liquidator.
Contact: Chu King Hei, Victor
Liquidator
Rooms 905-909
Yu To Sang Building
37 Queen's Road Central
Hong Kong
SHIN MUN: Names Tsai Shu-keng as Liquidator
-------------------------------------------
At an extraordinary general meeting of Shin Mun Company Limited
held on May 6, 2006, Sze Lin Tang was appointed as liquidator to
oversee the Company's wind-up activities.
Contact: Sze Lin Tang
Liquidator
Unit D, 21/F.
Max Share Centre
373 King's Road
North Point, Hong Kong
SOUTEC HOLDINGS: Winding Up Hearing Set on June 7
-------------------------------------------------
On April 4, 2006, Orix Asia Limited filed an application to wind
up Soutec Holdings Limited with the High Court of Special
Administrative Region.
The Application will be heard before the High Court of Hong Kong
on June 7, 2006.
Contact: Fairbairn Catley Low & Kong
Solicitors for the Petitioner
43rd Floor, Gloucester Tower
The Landmark
11 Pedder Street
Central, Hong Kong
UNIQUE RAINBOW: Court to Hear Winding Up Petition on June 14
------------------------------------------------------------
The High Court of Hong Kong, on April 19, 2006, received an
application from the Li Keung to wind up Unique Rainbow Limited.
The application will be heard before the Court on June 14, 2006,
at 9:30 a.m.
Parties wishing to appear on the hearing are required to file an
appearance on June 14, 2006.
Contact: Betty Chan
For Director of Legal Aid
34/F, Hopewell Centre
183 Queen's Road East
Wanchai, Hong Kong
VITELIC (HONG KONG): Fixes Winding up Hearing on May 24
-------------------------------------------------------
The Advanced EPI Technology Corporation, on March 13, 2006,
presented before the High Court of Hong Kong a petition to wind
up Vitelic (Hong Kong) Limited.
The application will be heard before the Court on May 24, 2006,
at 9:30 a.m.
Parties wishing to attend the hearing must send a notice of
intention address to the liquidator not later than 6:00 p.m. on
May 23, 2006.
WAYFORD DEVELOPMENT: Receiving Proofs of Claim Until June 7
-----------------------------------------------------------
Wayford Development Limited will be receiving creditors' proofs
of debt until June 7, 2006.
Creditors may send in their particulars to Cheng Wing Tao, the
Company's joint liquidators at A4, 2/F., San Francisco Tower 'A'
29-35 Ventris Road, in Happy Valley, Hong Kong.
Creditors who fail to comply with such requirements will be
excluded from the benefit of any distribution the Company will
make.
WIN HING: Court Orders Winding Up
---------------------------------
The High Court of Hong Kong, on May 4, 2006, issued an order to
wind up Win Hing Civil Engineering Limited.
The Court also directed the appointment of Kennic Lai Hang Lui
and Lau Wu Kwai King Lauren as joint and several provisional
liquidators.
All creditors of the company should file their proofs of debt
with the Liquidator who will be administering all affairs of the
Company.
All debts due to the Company should be forwarded to the
Liquidator.
Contact: Lau Wu Kwai King Lauren
Kennic Lai Hang Lui
Joint and Several Provisional Liquidators
5th Floor, Ho Lee Commercial Building
38-44 D'Aguilar Street
Central, Hong Kong
=========
I N D I A
=========
HINDUSTAN PETROLEUM: Board to Consider FY06 Results on May 25
-------------------------------------------------------------
Members of Hindustan Petroleum Corporation Ltd. will meet on
May 25, 2006, to consider the Company's audited financial
results for the year ended March 31, 2006, and equity Dividend,
if any, for the financial year
2005-06.
About Hindustan Petroleum Corporation
Mumbai-based Hindustan Petroleum Corporation Ltd
-- http://www.hindustanpetroleum.com/-- was formed in 1974 on
nationalization of ESSO India operations. The operations of
Caltex were merged in 1976. With two refineries at Mumbai and
Vizag, Hindustan Petroleum is currently is the second largest
player in both the Indian oil sector as well as the highly
competitive lubricants market. However, the Company has lately
been incurring losses due to a government mandate to sell fuel
at subsidized prices. The Company is counting on a Government
bailout to save it from bankruptcy.
INDIAN OIL: Board Meeting Slated for May 26
-------------------------------------------
Indian Oil Corporation's board of directors will convene on
May 26, 2006, to consider and take into record the Company's
audited financial results for the year ended March 31, 2006, and
also to consider recommendation of dividend.
About Indian Oil Corporation
Indian Oil was established as Indian Oil Company Limited in
1959. Indian Oil Corporation was formed in 1964 with the merger
of Indian Refineries Limited with the Indian Oil Company Ltd.
Indian Oil's countrywide network of over 22,000 sales points is
backed for supplies by its extensive, well spread out marketing
infrastructure comprising 167 bulk storage terminals,
installations and depots, 94 aviation fuelling stations and 87
LPG bottling plants. Its subsidiary, IBP Co. Ltd, is a stand-
alone marketing company with a nationwide network of over 3,000
retail sales points.
In spite of its large production capacity and smooth operations,
Indian Oil incurred huge losses as a result of a Government
mandate, which prohibits public sector oil marketing firms from
raising fuel prices despite skyrocketing global prices. For
years, Indian Oil has been selling fuel at subsidized prices,
which is way below the costs it pays for importing fuel from
overseas markets. The Company has not been able to pass on the
high prices leading to large under-recoveries and losses.
Early this year, the Government has offered a bailout package to
help rescue oil companies, including Indian Oil, from going
bankrupt. Under the package, the Government issued Indian Oil,
Bharat Petroleum, Hindustan Petroleum and IBP oil bonds worth
INR10,000 crore to INR12,000 crore to compensate them for not
raising LPG and kerosene prices. The move was expected to
improve their balance sheets.
KILBURN ENGINEERING: Beats BIFR Deadline
----------------------------------------
Kilburn Engineering Limited has fully recovered two years ahead
of the target set by the Board for Industrial and Financial
Reconstruction, The Calcutta Telegraph reports.
Kilburn Engineering's chairman, Deepak Khaitan, told The
Telegraph that the Company will immediately apply for
deregistration from the BIFR since it has made its net worth
positive ahead of the 2008 deadline imposed by the BIFR.
On May 11, 2006, Kilburn Engineering said it registered a net
profit of INR19.27 crore on a total income of INR67.23 crore for
the 18 months ended March 31, 2006, The Hindu Business Line
reveals. The Company is working to become a INR200-crore
company by 2009-10.
Looking ahead, Kilburn Engineering is considering relocating its
existing plant in Bhandup in Maharashtra to expand its capacity
and boost output, Mr. Khaitan told The Telegraph.
The Company would also look at joint ventures and acquisition of
overseas technology, among others, Mr. Khaitan added.
About Kilburn Engineering Limited
Headquartered in Mumbai, India, Kilburn Engineering Limited
-- http://www.kilburnengg.com/-- specializes in design,
engineering, manufacture, supply and installation of various
types of drying systems for chemical, petrochemicals, food, oil,
gas and other industries. The company was reported to the Board
for Industrial and Financial Reconstruction in 2000 after
becoming sick. Based on a revival package, which was approved
in 2004, it has now turned around. It would soon seek
deregistration from the BIFR.
* State Oil Firms Ordered to Automate Facilities by 2007
--------------------------------------------------------
The Petroleum Ministry has directed state oil refineries to
automate their services by March 2007, The Navhind Times
reveals.
The new order was released to ensure that the consumers get the
correct amount of gas by curbing adulteration of figures.
Faced with increasing adulteration as well as competition from
private players like Reliance Industries Limited and Essar Oil &
Gas, state-owned companies like Indian Oil Corporation Ltd,
Hindustan Petroleum Corporation Ltd and Bharat Petroleum
Corporation Ltd are already upgrading facilities at their retail
outlets. This is particularly aimed at proper stocktaking and
monitoring the inflow and outflow of petroleum products.
The Petroleum Ministry is confident that its mandate will
eventually help state-run oil marketing companies increase their
market share against increasing competition from private
companies by boosting consumer confidence.
According to New Kerala News, the new guidelines provide for
more punitive action against erring dealers, including
termination of licenses and higher financial penalties.
The Petroleum Ministry has also decided to begin mandatory
marking of potential adulterants like kerosene, naphtha, and
solvents from July 1, 2007, New Kerala adds.
About Indian Oil Corporation
Indian Oil was established as Indian Oil Company Limited in
1959. Indian Oil Corporation was formed in 1964 with the merger
of Indian Refineries Limited with the Indian Oil Company Ltd.
Indian Oil's countrywide network of over 22,000 sales points is
backed for supplies by its extensive, well spread out marketing
infrastructure comprising 167 bulk storage terminals,
installations and depots, 94 aviation fuelling stations and 87
LPG bottling plants. Its subsidiary, IBP Co. Ltd, is a stand-
alone marketing company with a nationwide network of over 3,000
retail sales points.
In spite of its large production capacity and smooth operations,
Indian Oil incurred huge losses as a result of a Government
mandate, which prohibits public sector oil marketing firms from
raising fuel prices despite skyrocketing global prices. For
years, Indian Oil has been selling fuel at subsidized prices,
which is way below the costs it pays for importing fuel from
overseas markets. The Company has not been able to pass on the
high prices leading to large under-recoveries and losses.
Early this year, the Government has offered a bailout package to
help rescue oil companies, including Indian Oil, from going
bankrupt. Under the package, the Government issued Indian Oil,
Bharat Petroleum, Hindustan Petroleum and IBP oil bonds worth
INR10,000 crore to INR12,000 crore to compensate them for not
raising LPG and kerosene prices. The move was expected to
improve their balance sheets.
About Hindustan Petroleum Corporation
Mumbai-based Hindustan Petroleum Corporation Ltd --
http://www.hindustanpetroleum.com/-- was formed in 1974 on
nationalization of ESSO India operations. The operations of
Caltex were merged in 1976. With two refineries at Mumbai and
Vizag, Hindustan Petroleum is currently is the second largest
player in both the Indian oil sector as well as the highly
competitive lubricants market. However, the Company has lately
been incurring losses due to a government mandate to sell fuel
at subsidized prices. The Company is counting on a Government
bailout to save it from bankruptcy.
About Bharat Petroleum
Headquartered in Maharashtra, India, Bharat Petroleum
Corporation Limited -- http://www.bharatpetroleum.com/-- is
engaged in refining and marketing petroleum, liquefied petroleum
gas and petrochemical products including middle distillates,
light distillate, lubricants, benzene and toluene. During the
year 2002, the Group introduced Petro Card and SmartFleet Card
and had around 700,000 customers enrolled in 28 cities. There
are 4,711 retail outlets and 1,729 LPG distributors that operate
in the country. The plants of the Group are located in Mahul
and Mallet Road in Mumbai and in Budge.
Bharat Petroleum is currently working to reverse its losses
resulting from the Government's mandate to sell kerosene,
liquefied petroleum gas, petrol and diesel way below market
rates. On September 23, 2005, the Company delisted its shares
from Madras Stock Exchange Ltd, Calcutta Stock Exchange
Association Ltd and Delhi Stock Exchange Association Ltd. In
November 2005, Bharat Petroleum's November 2004 profits
dissipated and the Company registered a INR203-crore (US$45.7
million) net loss. By the end of the third quarter ending
December 31, 2005, the Company posted a US$231 million net loss.
In January 2006, Bharat Petroleum entered into a merger with
Koichi Refineries Ltd, which shareholders for both companies
accepted, after an initial merger bid was disapproved in
September 2005. Even with its aggressive expansion moves,
Bharat Petroleum has decided to put aside a US$1.4 million
dollar expansion project due to losses brought about by oil
subsidies, as the Company -- and the entire industry -- suffered
huge losses and has difficulty implementing expansion activities
due to the Government's refusal to allow oil companies to raise
fuel prices despite global crude oil price crossing US$70 a
barrel. On February 20, 2006, the Petroleum Ministry, however,
has proposed an increase of INR3 per liter each in petrol and
diesel prices and INR20 per cylinder increase in liquefied
petroleum gas price to save the oil companies from going
bankrupt.
For the quarter ended March 31, 2006, Bharat Petroleum clocked a
409% increase in net profit to INR17.883 billion, as against the
INR3.5 billion in the same quarter last year. However, the
Company still expects to book a full-year net loss in fiscal
20065 due primarily to selling cheap fuel and soaring crude oil
costs.
=================
I N D O N E S I A
=================
INDOFOOD SUKSES: To Redeem $143.7 Million Bonds
-----------------------------------------------
The board of directors of PT Indofood Sukses and its trustee
have reached a mutual agreement that Indofood could redeem at
par value its Eurobonds prior to its due date in 2007.
In a press statement, Indofood has submitted a notice of
redemption to the trustee on May 11, 2006.
According to the Company, the redemption will be effective on
June 12, 2006, covering the outstanding principal amount of
US$143,702,000, together with the interest accrued up to and
including June 12, 2006, which will be financed by bridging
loans and internal cash generation.
* * *
PT Indofood Sukses Makmur Tbk (Indofood) --
http://www.indofood.co.id/-- is Indonesia's premier processed
foods company. Its products, including instant noodles, wheat
flour, branded edible oils and fats, baby foods, snack foods,
food seasoning, lead domestic market shares. Indofood is
currently the largest instant noodles manufacturer and the
largest flour miller in the world, with installed capacities of
approximately 13 billion packs and 3.6 million tons per annum,
respectively. Indofood's products are distributed mainly
through its subsidiaries, including Indomarco, independent
distributors, as well as some cooperatives, that bring
thecompany's products to more than 150,000 retail outlets in the
country. Total employees as of December 1999 was 42,172. A
combination of shrinking profits, escalating costs, losses,
competition and a declining rupiah prompted the Company to cut
around 2,000 or 4.4% of its workforce and slash 40 products from
its range in 2005.
In 2005, PT Indofood's total outstanding debt fell to IDR6.8
trillion from IDR7.9 trillion in 2004. The United States dollar
denominated debts also fell to US$190.6 million in the same
period from US$317.4 million in 2004.
PT Indofood has bought back US$166.3 million of its US$280
million Eurobonds due in 2007. The Company also plans to redeem
all the outstanding balance of the Eurobonds this year.
On March 1, 2006, Moody's Investors Service placed on review for
possible upgrade the B2 foreign currency issuer rating of
Indofood Sukses and the senior unsecured bond rating of Indofood
International Finance Limited.
PUTRA SUMBER: Pefindo Affirms "idBB+" Rating
--------------------------------------------
Pefindo has, on May 1, 2006, affirmed its ratings of "idBB+" for
PT Putra Sumber Utama Timber and the Company's Bond I/2003 of
IDR200 billion. The ratings strongly reflect the Group
commitment to repay the Company's Bond I/B of IDR100 billion due
May 2006. As agreed on April 11, 2006, the Group is scheduled
to transfer US$10 million into trustee account on May 1, 2006 at
the latest to repay the maturing debt.
The ratings also reflect lack of raw material (logs)
availability and the Company's decreased profitability and
limited cash flow protections.
* * *
Putra Sumber Utama Timber is one of the leading manufacturing
company in plywood and Laminated Veneer Lumber in Indonesia. It
is a subsidiary of the HASKO Group, a group of companies
focusing on timber related products.
=========
J A P A N
=========
CHUOAOYAMA PwC: Shiseido Plans to Drop Auditing Firm
----------------------------------------------------
Cosmetics maker Shiseido Company plans to change its auditing
firm after its current auditor, Chuoayama
PricewaterhouseCoopers, was directed to suspend its operations
beginning July 2006, Bloomberg News reports.
According to Shiseido, it is important for its auditor to
maintain impartiality and independence, thus, it would propose
to change its auditing firm at its shareholders' meeting next
month.
As reported by the Troubled Company Reporter - Asia Pacific on
May 11, 2006, the Financial Services Agency ordered ChuoAoyama
to suspend its operations from July to August this year as
punishment, since three Company accountants admitted in March
2006 to falsifying the financial accounts of another cosmetics
firm, Kanebo Limited, which had to restate its profits up to
March 2004 as losses. A report from unnamed sources stated that
the FSA also prohibited the Company from accepting new clients
during the suspension period, as it had not put up an internal
system to prevent illegal practices by its auditors.
The Sankei newspaper relates that Shiseido is the first major
client to drop ChuoAoyama PwC since the suspension announcement.
Parent firm PricewaterhouseCoopers said on May 10, 2006, that it
plans to put up a new Japanese auditing unit to retain its major
Japanese clients such as Sony Corp. and Toyota Motor Corp.
JAPAN AIRLINES: Has No Plans to Buy Jumbo Airbus A380
-----------------------------------------------------
Japan Airlines Corp. has no plans to buy the Airbus A380, the
world's largest passenger jet, since global trends are falling,
Crisscross News says.
According to JAL President-designate Haruka Nishimatsu, global
trends are downward due to recent terrorist attacks and the SARS
pandemic in 2003, creating a negative impact on the travel
industry. In order to combat the falling trends, airlines have
resorted to using smaller aircraft to transport passengers.
Liverpool Daily Post says that Japan Airlines would observe its
competitors who will avail of the A380 aircraft, and it would
consider purchasing the plane if its rivals increase profits
with the jumbo jet.
Japan Airlines aims to return to profit this year on earnings of
JPY3 billion with the use of new and fuel-efficient aircraft, as
well as scrapping non-profit routes and reducing employee
salaries, Bloomberg News relates. The Company plans to
concentrate its use of the Boeing 737, 777 and 787 aircraft,
slated to cut maintenance and training costs.
The Troubled Company Reporter - Asia Pacific stated on May 12,
2006, that Japan Airlines posted a consolidated net loss of
JPY47.24 billion for the business year 2005 ended March 31,
2006, due to safety-related incidents and rising aviation fuel
costs.
About Japan Airlines
Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger
of Japan Airlines and Japan Air Systems to boost domestic
coverage. JAL's international passenger operations incurred
losses in recent years due to negative factors such as the
severe acute respiratory distress syndrome epidemic and
terrorism fears. Due to a series of safety related incidents,
the JAL Group was subjected to a business improvement order and
administrative warnings relating to assurances on air
transportation safety issued by the Ministry of Land,
Infrastructure and Transport in March 2005. For the JAL Group,
there was a year-on-year decline in passenger demand on
international routes, due mainly to a delay in the recovery of
demand on routes to China and Southeast Asia. Domestic
passenger demand also fell below its year-earlier level,
particularly among individual passengers, as a result of factors
such as the series of safety problems that occurred. Demand for
international cargo services also fell year-on-year, due to weak
demand on routes from Japan to East Asian countries and the
United States. Rising aviation fuel prices compounded JAL's
situation.
Japan Airlines currently need to refinance a JPY100 billion debt
in order to graduate from rehabilitation by its March 2007
deadline.
=========
K O R E A
=========
DAEWOO SHIPBUILDING: Net Loss Widens by 43% on Low Ship Prices
--------------------------------------------------------------
Daewoo Shipbuilding & Marine Engineering Co. posted a net loss
of KRW45 billion -- US$47.7 million -- for the first quarter
ended March 31, 2006, as compared to the KRW31.4 billion net
loss for the corresponding period in 2005, Yonhap News relates.
Daewoo, according to a regulatory filing, blames the result on
low ship prices.
The Troubled Company Reporter - Asia Pacific reported on
April 27, 2005, that Hyundai Shipbuilding attributes its net
loss for the first quarter of 2005 to the adverse affects of the
increasing value of the Korean won, and the rising costs of
steel products.
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 MOTOR: Prosecutors to Indict Chairman Today
---------------------------------------------------
Prosecutors are expected to indict Hyundai Motor Co. Chairman
Chung Mong-koo and 10 other Hyundai officials today, May 16,
2006, on charges of embezzlement and breach of trust, Yonhap
News reports.
The Troubled Company Reporter - Asia Pacific reported on May 2,
2006, that Mr. Chung was arrested pursuant to the recommendation
of prosecutors. Mr. Chung was suspected of embezzling about
US$106 million since 2002 to create a slush fund, as well as of
incurring about US$320 million in damages to Hyundai.
The prosecution has earlier planned to indict about 20 Hyundai
officials but decided to reduce the number, to lessen the
negative impact on the national economy, an unnamed prosecution
source told Yonhap News.
The Chairman's son, Chung Eui-sun, who is the president of Kia
Motors Corporation, will not be on the list of today's
indictments, but is expected to be indicted this month after
being summoned for further investigation, prosecutors said.
About Hyundai Motor
Headquartered in Seoul, South Korea, Hyundai Motor Company --
http://www.hyundai-motor.com/-- has been selling cars in the
United States since 1986, but it only started selling its heavy
trucks stateside in 1998. Hyundai produces 14 models of cars
and minivans, as well as trucks, buses, and other commercial
vehicles. The Company reestablished itself as Korea's leading
carmaker in 1998 by acquiring a 51% stake in Kia Motors -- since
reduced to about 45%. The Company also manufactures machine
tools for factory automation and material- handling equipment.
The Troubled Company Reporter - Asia Pacific reported that the
Hyundai Automotive Group is facing its deepest crisis since
chairman Chung Mong-koo took over in 1999, with problems like
the falling United States dollar, high oil prices and union
demands aggravated by a sweeping criminal investigation
regarding the carmaker's alleged creation of slush funds that
were used by at least two lobbyists to bribe government
officials for business favors, including having KRW55 billion
worth of Hyundai's bad debts written off.
Some of the group's official business has been on hold since the
probe on the slush fund started and several top executives were
summoned for questioning.
Kia Motor President Chung Eui-sun, the group chairman's son, is
currently under a travel ban. Other affiliates are also feeling
the pinch. Amid all this, Hyundai Motor's labor union is
demanding a wage increase of 9.1% or KRW125,524 (US $125),
significantly more than 2005's 6.9% or KRW89,000. The union is
expected to capitalize on the slush fund allegations in support
of its case and make matters worse for management.
HYUNDAI MOTOR: Put Brakes on Czech Plant
----------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
May 2, 2006, that Hyundai Motor Co. will push ahead with the
construction of a new plant in the Czech Republic to keep the
Company's foreign credibility.
In an update on May 15, 2006, Yonhap News relates that
Hyundai Motor will "indefinitely" delay the initial construction
work on its planned Czech automotive plant.
According to the report, the decision follows a series of
setbacks to the automaker's global expansion plans after its
chairman, Chung Mong-koo, was arrested last month on allegations
of embezzling company funds worth more than KRW100 billion.
However, Hyundai Motor will sign a formal contract on May 18,
2006, with high-ranking officials from the Czech Government to
set up the EUR1 billion plant.
About Hyundai Motor
Headquartered in Seoul, South Korea, Hyundai Motor Company --
http://www.hyundai-motor.com/-- has been selling cars in the
United States since 1986, but it only started selling its heavy
trucks stateside in 1998. Hyundai produces 14 models of cars
and minivans, as well as trucks, buses, and other commercial
vehicles. The Company reestablished itself as Korea's leading
carmaker in 1998 by acquiring a 51% stake in Kia Motors -- since
reduced to about 45%. The Company also manufactures machine
tools for factory automation and material- handling equipment.
The Troubled Company Reporter - Asia Pacific reported that the
Hyundai Automotive Group is facing its deepest crisis since
chairman Chung Mong-koo took over in 1999, with problems like
the falling United States dollar, high oil prices and union
demands aggravated by a sweeping criminal investigation
regarding the carmaker's alleged creation of slush funds that
were used by at least two lobbyists to bribe government
officials for business favors, including having KRW55 billion
worth of Hyundai's bad debts written off.
Some of the group's official business has been on hold since the
probe on the slush fund started and several top executives were
summoned for questioning.
Kia Motor President Chung Eui-sun, the group chairman's son, is
currently under a travel ban. Other affiliates are also feeling
the pinch. Amid all this, Hyundai Motor's labor union is
demanding a wage increase of 9.1% or KRW125,524 (US $125),
significantly more than 2005's 6.9% or KRW89,000. The union is
expected to capitalize on the slush fund allegations in support
of its case and make matters worse for management.
LG CARD: KDB Will Not Sell Stake Under "Fair Value"
---------------------------------------------------
Korea Development Bank said that it would not sell its shares in
LG Card Co. Ltd. if the bidding prices fall short of a "fair
value," The Wall Street Journal reports, citing KDB deputy
governor Kim Jong Bae.
Mr. Kim was responding to claims by some bidders that the credit
card issuer is overvalued based on its stock price. They added
that it now includes a potential takeover premium.
The Troubled Company Reporter - Asia Pacific has reported that
Shinhan Financial Group Co., Hana Financial Holdings, and
National Agricultural Cooperative Federation, submitted letters
of intent to acquire LG Card on April 18, 2006. The TCR-AP then
reported on April 25, 2006, that United Kingdom-based HSBC,
Standard Chartered and Barclays will compete with the three
South Korean firms for LG Card after submitting their
preliminary bids on April 19, 2006.
According to The Journal, Shinhan Financial Group is currently
conducting a due diligence on LG Card, and said that the
Company's shares are trading higher than their fundamental value
and buying at this level could hurt shareholder value.
Korea Development Bank holds 22.9% of LG Card. The Troubled
Company Reporter - Asia Pacific reported in March 2006 that the
stake up for sale would be between 51% and 72%. The sale is
expected to generate around KRW6 trillion.
LG Card creditors, including Kookmin Bank and the Woori Bank
unit of Woori Finance Holdings Co., are hoping that the sale
will succeed so they could recover around KRW5 trillion spent in
bailing out LG Card in 2004.
About LG Card Co.
Headquartered in Seoul Korea, LG Card Co. --
http://www.lgcard.com/-- provides installment finance services
and credit card, as well as leasing services to credit worthy
companies while acquiring valuable assets from merchant banks
and leasing firms. LG Card also finances families wishing to
purchase big ticket items such as automobiles, appliances and
computers. At the end of October 2003, LG Card had KRW3.24
trillion more debt than assets and had faced threats of
liquidity crisis and court receivership. LG Card has been in
the hands of creditors since it was rescued from bankruptcy
through a KRW5 trillion (US$4.78 billion) debt-for-equity swap
and a further KRW1 trillion bailout in late 2004. Creditors are
hoping to recover the bailout amount through a sale of the
credit card issuer.
===============
M A L A Y S I A
===============
CHG INDUSTRIES: Defaults on Credit Facilities
---------------------------------------------
CHG Industries Berhad and two unnamed major subsidiaries have
defaulted on credit facilities.
The Company told Bursa Malaysia Securities Berhad that it is
currently illiquid as it is not able to settle in full all its
current liabilities within a period of 12 months from May 10,
2006.
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
financial problems started when it defaulted on loan facilities
in 1999. CHG Industries, on June 3, 2004, entered into an
agreement with Linmax Group Sdn Bhd to undertake a corporate and
debt restructuring exercise, which involves a capital reduction,
the injection of fresh assets and a transfer of its listing
status. The plywood and veneer product maker will be
transformed into a mechanical and engineering company through
the injection of the assets of Linmax Group Sdn Bhd. CHG said
the restructuring via Linmax will enable its existing
shareholders to participate in Linmax, which has income-
generating assets, and keep the company listed on the local
bourse. The proposed restructuring scheme had been expected to
be completed this year. However, the Securities Commission on
April 6, 2006, rejected the Company's restructuring proposal
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 plan.
DATUK KERAMAT: Enters into Asset Purchase Deal with Golden Sun
--------------------------------------------------------------
Datuk Keramat Holdings Berhad and its listed subsidiary George
Town Holdigs Berhad have, on May 11, 2006, entered into a
memorandum of understanding with Golden Sun Group Company
Limited in relation to the proposed acquisition of assets
pursuant to the proposed restructuring of Datuk Keramat and its
group of companies and the proposed scheme of arrangement with
its creditors.
Golden Sun directly and indirectly owns the majority stakes of
the acquisition assets located in Dubai.
Datuk and George Town agree to and invite the participation of
Golden Sun in a proposed restructuring scheme, which involves:
-- a capital reduction exercise;
-- the proposed sale or liquidation of assets currently
owned by the Group and transfer of the said assets to a
Special Purpose Vehicle for the financial institutions
and creditors ;
-- a proposed partial waiver of debts due to financial
institution creditors; and
-- the proposed acquisitions of the Dubai Assets.
The parties agreed that a new company will be established.
The shareholders of the Companies after the capital reduction
and debt restructuring exercise will sell their shareholdings in
the Companies to Newco via a share swap. The merger party will
then dispose of their entire shareholdings and interest in Dubai
Assets to Newco at a price to be agreed on and subject to
approval by various authorities and results of valuation and due
diligence exercise.
Golden Sun agree in principle to the proposed restructuring
scheme and the manner in which it is to be effected and agree to
undertake the obligations imposed upon the merger party pursuant
to the proposed restructuring scheme subject to the execution
and acceptable agreement with the financial institution
creditors, other creditors and such other parties as may be
necessary.
An acquisition agreement will be executed between the Companies,
the Newco and the merger party for the acquisition of the Dubai
Assets. The parties agree to negotiate and execute the
Acquisition Agreement on or prior to the expiry of the MOU. The
Acquisition Agreement will be conditional upon:
* the satisfactory results of the due diligence on Dubai
Assets;
* the satisfactory results of the due diligence on the Group;
* the approval of the Securities Commission;
* the approval of the Foreign Investment Committee;
* the approval of the Board of Directors and shareholders of
the Companies at an Extraordinary General Meeting;
* the approval of the Board of Directors of Golden Sun and
all other relevant authorities; and
* all other requisite approvals including, but not limited
to, any approval of regulatory bodies being obtained in
connection with the proposed acquisition in the proposed
restructuring scheme.
During the period between the date of the execution of the MOU
until its expiry, the merger party and the Companies will
refrain from transferring or negotiating or selling their shares
or any part to any parties other than the parties concerned.
The MOU will automatically expire at the end of three months
from the date of the MOU unless mutually extended by the
Parties. Notwithstanding this, either party may terminate the
agreement at the end of 60 days if an acceptable scheme or
arrangement has not been negotiated and agreed in principle with
the financial institution creditors.
About Datuk Keramat Holdings
Headquartered in Pulau Pinang, Malaysia, Datuk Keramat Holdings
Berhad is engaged in investment and property holding. The
Company is also involved in management services; property
investment services; project management services and
development; credit and financing activities; distribution and
publication of magazines; media design and advertising;
management of supermarket and departmental store; trading and
distribution of pharmaceutical, management of car park, garment
manufacturing and financial services. On January 24, 2005, the
Company was been served with a winding-up petition by Affin Bank
Bhd, who claimed a sum of MYR15.66 million as of May 31, 2002,
in respect of revolving credit facilities granted to the
Company. The Company has been suffering tight liquidity and is
facing delisting due to its failure to submit its financial
reports to Bursa Malaysia. The Company explained that the
issuance of its financial statements was delayed because it is
still working on the proposed restructuring scheme.
FURQAN BUSINESS: Vendor Offers Settlement of Profit Shortfall
-------------------------------------------------------------
Pursuant to the restructuring exercise of Austral Amalgamated
Berhad, Eastern Biscuit Factory Sdn Bhd was injected to Furqan
Business Organisation Berhad, which assumed the listing status
of AAB.
The Vendors of EBFSB -- Dato' Tan Kok Hwa, Teong Hoe Holding Sdn
Bhd and Forad Management Sdn Bhd -- provided profit guarantees
which were approved by the shareholders on June 26, 2003. The
profit guarantee agreements provided that EBFSB's profits before
tax would not be less than:
-- MYR6.235 million for the financial ended December 31,
2003;
-- MYR14.78 million for the financial year ended Dec. 31,
2004; and
-- MYR18.31 million for the financial year ended Dec. 31,
2005.
The Profit Guarantee for the financial year ended December 31,
2003, had been met. However, the profit before tax of EBFSB for
the financial year ended December 31, 2004, was MYR8.387
million, thus having a shortfall of MYR6,392,562.
The Company had, on October 21, 2005, made an announcement that
Letters of Demand had been sent to each of the Vendors of EBFSB,
to recover the profit guarantee shortfall.
In an update, Furqan Business told the Bursa Malaysia Securities
Berhad that the Company's board of directors had, on May 4,
2006, received a settlement proposal dated March 8, 2006, from
Teong Hoe Holding Sdn Bhd for the profit guarantee shortfall of
MYR6,392,562 for the financial year ended December 2004.
In this respect, the Board had sought and obtained a legal
opinion on the Proposed Settlement Proposal and is currently
deliberating the next course of action.
About Furqan Business Organization Berhad
Headquartered in Kuala Lumpur, Malaysia, Furqan Business
Organization Berhad formerly known as Austral Amalgamated Berhad
is engaged in property development and investment, tour and
travel services, and financial services. Other activities
include contractor, leasing and hire purchase financing
facilities. The Group's operations are substantially carried
out in Malaysia. The Company's weak business prospects have
taken their toll on Furqan Business' financial position as its
operating cash flow has persistently remained in negative since
December 31, 2002. Rating Agency Malaysia has downgraded the
rating of the Company's MYR37.66 million Redeemable Convertible
Loan Stocks, from BB3 to B1, with a negative outlook. At the
same time, the rating agency is maintaining the Rating Watch on
the Company, pending further clarification on its recent
corporate exercise to acquire a 7%-stake in the Cepatwawasan
Group. The downgrade is premised on the deterioration in
Furqan's business profile, especially in its leasing business,
which is currently the main revenue contributor to the Group.
GEORGE TOWN: Shareholders' Equity Falls Short of Requirement
------------------------------------------------------------
Based on the unaudited financial statement as of December 31,
2004 as submitted to Bursa Securities on February 28, 2005,
George Town Holdings Berhad had shareholders equity on a
consolidated basis amounting to MYR28.7 million representing
23.4% of the issued and paid-up share capital, which is less
than the minimum of 25% required under the Listing Requirements.
As such, the Company is an affected listed issuer of Practice
Note 17/2005.
As an affected listed issuer, the Company is required to:
-- submit a regularization plan to relevant authorities for
approval for the implementation of the Plan within eight
months from May 9, 2006;
-- implement the Plan within the timeframe stipulated by the
authorities or where no timeframe has been stipulated or
allowed by relevant authorities, within the timeframe
stipulate by Bursa Securities;
-- announce the status of the Company's plan to regularize
its condition on a monthly basis until further notice from
the Bursa Securities; and
-- announce its compliance or non-compliance with a
particular obligation pursuant to PN17/2005 on an
immediate basis.
In the event the Company fails to comply with all the provisions
of PN17/2005, Bursa Securities may take any action against the
Company including, but not limited to, delisting proceedings.
George Town Holdings is currently in the process of preparing
the Regularization Plan, which is dependent on the Company's
proposed restructuring scheme as previously announced. Once
completed, the requisite announcement outlining the
Regularization Plan will be made to Bursa Securities
accordingly.
About George Town Holdings Berhad
Headquartered at Petaling Jaya, in Selangor Darul Ehsan,
Malaysia, George Town Holdings Berhad operates supermarkets,
department stores and convenience stores. Its other activities
include property development, trading in pharmaceutical
products, media design and advertising, management services,
goldsmith and jewelers, management of car parks, bakery, pastry
and fast food center, financial services, hotel management and
investment holding. The Group operates in Malaysia, Continental
Europe/Offshore Islands and other countries. The Company has
been suffering losses since 1999 due to stiff competition. It
has closed over 10 outlets in the past four years. The Company
expects cutthroat competition among retailers to put continuous
pressure on its margins. The Company is also facing a possible
delisting from the official list of the Bursa Malaysia
Securities for failing to submit its financial reports on time.
The Company is classified under the
KIA LIM: Triggers Two Criteria of PN17 Category
-----------------------------------------------
Kia Lim Berhad was classified as an affected listed issuer under
Bursa Malaysia Securities Berhad's Practice Note 17 category
since:
-- Kia Lim's consolidated shareholders' equity is 21.22% or
less than 25% of the issued paid up capital based on its
audited financial statements for the year ended Dec. 31,
2005, and its shareholders' equity as of December 31,
2005, of MYR9.46 million is less than the minimum issued
and paid up capital of MYR60 million under the Listing
Requirements; and
-- the Company's auditors have expressed a modified opinion
with emphasis on Kia Lim's going concern in its latest
audited accounts as of December 31, 2005.
As an affected listed issuer, Kia Lim is required to:
* undertake a substantive restructuring plan subject to the
Securities Commission's approval;
* make a requisite announcement on the regularization plan
that complies with the conditions prescribed under Amended
PN17; and
* advise Bursa Malaysia Securities Berhad that its has
regularized its financial condition, once the Plan has been
completely implemented.
The Troubled Company Reporter - Asia Pacific recounts that on
May 3, 2006, Kia Lim has successfully implemented and completed
its Rights Issue with Warrants and Debt Restructuring Scheme.
Therefore, an application has been made to Bursa Securities for
it not to be classified as a PN17 Company.
The Application has been made on the basis that, after
accounting for the Rights Issue with Warrants and the Debt
Restructuring Scheme:
-- the shareholders' equity of Kia Lim as of December 31,
2005, on a consolidated pro forma basis is 49.98%; and
-- the auditors' modified opinion with emphasis on Kia
Lim's going concern was subject to the successful
implementation of the DRS. As the DRS has been
successfully implemented on April 28, 2006, the
auditors' modified opinion on Kia Lim's going concern is
no longer applicable.
About Kia Lim Berhad
Headquartered in Johor Darul Takzim, Malaysia, Kia Lim Berhad
-- http://www.roof-tiles.com/index.html-- manufactures and
exports roofing tiles, bricks and pavers. Its subsidiary
companies are principally involved in the manufacturing of clay
common bricks, facing bricks, block bricks, M211 bricks, brick
tiles, chamfered paving bricks, and H-shape pavers, as well as
roofing tiles. The Company proposed a debt restructuring scheme
involving the settlement of outstanding principal as of Dec. 31,
2002, and outstanding interest as of December 31, 2003, with a
combined total of MYR44,667,924 owed by Kia Lim's subsidiaries
to participating bankers. However, the Securities Commission
rejected the Company's initial proposal on September 10, 2004,
because it was not comprehensive and was unable to solve the
Company's financial problem considering. The Proposed DRS
involves essentially an extension of the repayment period and
exchange of debt to Redeemable Convertible Secured Loan Stocks
with a tenure of ten years, while its equity remains unchanged.
Hence, the SC believed that the Company will continue to bear an
interest burden on the restructured debt and on the RCSLS. Its
existing business activities are not likely to able to support
the enlarged share capital -- upon the conversion of RCSLS to
equity and the exercise of warrants -- in the future. But the
SC eventually approved the Company's debt restructuring
exercises, which the Company completed on April 28, 2006.
However, Kia Lim is ordered to formualte another scheme tp
regularize its financial considtion as it trigerred two criteria
of the Bursa Malaysia Securities Berhad Amended Practice Note 17
category.
METROPLEX BERHAD: Unit Receives Wind-up Petition
------------------------------------------------
A wind-up petition has been served on Metroplex Berhad's 75%
wholly owned subsidiary, Peninsular Park Sdn Bhd, on Feb. 24,
2006, by solicitors of Hong Leong Bank Berhad.
The winding-up petition was presented at the Shah Alam High
Court on January 26, 2006. The hearing date for the Petition is
fixed for May 24, 2006.
Hong Leong Bank had claimed for a sum of MYR4,990,744 as of
September 16, 2005, under a judgment dated December 15, 2000.
Peninsular Park had instructed its solicitors to oppose the
wind-up petition.
The TCR-AP recounts that Peninsular Park had entered into a
contract with Nikmat Unik Sdn Bhd for earthworks or for the
building of roads and drainage in respect of a project in Batang
Kali. On September 23, 1996, Nikmat entered into a Factoring
Agreement with Hong Leong Leasing Berhad whereby Nikmat assigned
all proceeds from the said contract to Hong Leong Leasing.
Nikmat and Hong Leong Leasing had informed Peninsular Park that
all outstanding debts payable by the Company to Nikmat be paid
directly to Hong Leong Leasing.
On October 14, 2005, the Petitioner, through its solicitors, had
demanded from Peninsular Park to pay the Debt. Peninsular Park,
however, was unable to pay the Debt.
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. On April
28, 2005, Morgan Stanley Emerging Markets Inc. had filed a
winding-up petition on the Company to the Kuala Lumpur High
Court. Morgan Stanley also filed for a summons to appoint a
provisional liquidator for the wind up. Until and unless a
provisional liquidator is appointed pursuant to the application
to the Court by the Petitioner to appoint provisional liquidator
for Metroplex, the winding-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 winding-up
petition succeeds, the Company will be put into liquidation.
PILECON ENGINEERING: Avails of Transitional Provision
-----------------------------------------------------
Pilecon Engineering Berhad, on May 10, 2006, received Bursa
Malaysia Securities Berhad's decision to allow its application
to avail of the transitional provision, which would prevent the
Company from being classified under the Practice Note 17
category.
As reported by the Troubled Company Reporter - Asia Pacific on
May 12, 2006, Pilecon is classified as an affected listed issuer
because:
-- its shareholders' equity on a consolidated basis of
approximately MYR10.916 million is less than 25% of the
issued and paid up capital of the Company of about
MYR199.821 million and is less than the minimum MYR60
million issued and paid up capital required of companies
listed on the Main Board of the Securities Exchange;
-- the auditors have expressed a modified opinion with
emphasis on Pilecon's going concern in the Company's
latest audited consolidated financial statements and the
shareholders' equity of Pilecon on a consolidated basis
is less than 50% of its issued and paid up capital; and
-- the Company is in default of payment and is unable to
provide a solvency declaration, as it is currently in
the midst of implementing a debt-restructuring scheme.
However, in a transitional provision, the Securities Exchange
will not classify a listed issuer that has triggered the amended
PN17/2005 as an Affected Listed Issuer within three months from
the Effective Date, if that listed issuer fulfills certain
conditions prescribed by the Securities Exchange. The
determination as to whether an affected listed issuer fulfils
all the conditions set out under category A or B provided under
the Transitional Provision will be at the absolute discretion of
the Securities Exchange.
Of the two Transitional Provision categories provided, Pilecon
falls under category B, involving an affected listed issuer that
is in implementation stage of its regularization plans and whose
proforma figures upon completion of the relevant stage of
implementation show that it will not trigger any of the Enhanced
PN17 Criteria. In this regard, the Securities Exchange will
consider a listed issuer as being eligible for this condition if
the books closing date for determining the entitlement to
participate in the regularization plans has been fixed or the
approval-in-principle by the Securities Exchange for the
quotation of its new shares has been obtained, or in such other
circumstances as may be determined by the Securities Exchange,
in its absolute discretion.
As Pilecon had, on March 3, 2006, obtained the approval-in-
principle by the Securities Exchange for the listing of and
quotation for its new securities pursuant to its debt-
restructuring scheme, Pilecon sought to avail itself of the
Transitional Provision.
About Pilecon Engineering Berhad
Headquartered in Selangor Darul Ehsan, Pilecon Engineering
Berhad is engaged in building construction and civil engineering
works. The Company is also involved in trading and hiring of
plant and equipment for foundation engineering and civil
engineering works. It also undertakes resort operation and
complex management services. The Group operates in Malaysia,
Hong Kong and Singapore. The Company is currently undergoing a
MYR354-million debt-restructuring exercise. The scheme,
however, was placed in jeopardy following the Securities
Commission's rejection of an inter-conditional proposal to
acquire a piece of land in Johor at a cost of MYR75 million.
The Commission also rejected the Company's scheme of arrangement
with certain secured creditors.
PILECON ENGINEERING: Buys More Time to Implement Restructuring
--------------------------------------------------------------
The Securities Commission, on May 13, 2005, approved Pilecon
Engineering Berhad's revised restructuring proposals, the
Troubled Company Reporter - Asia Pacific recounts.
Pursuant to the Securities Commission guidelines, Pilecon is
required to complete the implementation of the Approved Revised
Proposals by May 12, 2006.
In an update, Pilecon disclosed that the Securities Commission
had extended Pilecon's deadline to complete the implementation
process of the revised proposals through November 12, 2006.
Pilecon's revised proposals include:
-- a capital reduction;
-- a share consolidation;
-- a rights issue;
-- a debt-restructuring scheme comprising:
* a cash settlement;
* a debt-to-equity conversion;
* the issue of Redeemable Convertible Secured Loan
Stocks; and
* the issue of Irredeemable Convertible Unsecured Loan
Stocks.
About Pilecon Engineering Berhad
Headquartered in Selangor Darul Ehsan, Pilecon Engineering
Berhad is engaged in building construction and civil engineering
works. The Company is also involved in trading and hiring of
plant and equipment for foundation engineering and civil
engineering works. It also undertakes resort operation and
complex management services. The Group operates in Malaysia,
Hong Kong and Singapore. The Company is currently undergoing a
MYR354-million debt-restructuring exercise. The scheme,
however, was placed in jeopardy following the Securities
Commission's rejection of an inter-conditional proposal to
acquire a piece of land in Johor at a cost of MYR75 million.
The Commission also rejected the Company's scheme of arrangement
with certain secured creditors
PROTON HOLDINGS: Names Acting CEO for Group Lotus
-------------------------------------------------
Proton Holdings Berhad has appointed Michael J. Kimberley as
acting chief executive officer of Group Lotus Plc, The Star
Online reports.
Group Lotus is a wholly owned subsidiary of Lotus Group
International Ltd, a corporation within the Proton Group.
Mr. Kimberley replaces Kim Ogaard-Nielsen, who stepped down to
pursue his other entrepreneurial interests, Proton said in a
statement yesterday.
Mr. Kimberley is currently a member of the executive committee
of Lotus Group International, together with Proton's managing
director Syed Zainal Abidin Syed Mohd Tahir and Proton's
executive director Badrul Feisal. His role will include
improving the overall performance of Lotus as well as preparing
and strengthening the firm to compete in a wider market segment.
Proton will continue to support Lotus and its group of companies
as it believes that Lotus has a critical role to play in the
group to enable it to become a successful automotive group.
Proton had set up a special task force to provide close and
specialised support to Mr. Kimberley and the management team at
Group Lotus to address the key opportunities for Lotus.
About Proton Holdings
Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad
-- http://www.proton-edar.com.my/-- is engaged in
manufacturing, assembling, trading and provision of engineering
and other services in respect of motor vehicles and related
products. Its other activities include property development,
trading of steel and related products, engine and technologies
research, development of automotive related technologies,
investment holding, importation and distribution of motor
vehicles, related spare parts and accessories, holds
intellectual property, provides engineering consultancy,
operates single make race series and carries out specific
engineering contracts. The Group's operations are carried out
in Malaysia, England, Australia, Socialist Republic of Vietnam
and the United States of America. Proton was among Malaysia's
worst-performing companies in 2005, after competition from
foreign carmakers and a lack of new models lost the firm local
market share and subsequently led it into a loss. It has since
brought in a new chief, sold its loss-making MV Agusta motorbike
firm and pledged to find a new technology partner. The Company
has been under increasing pressure, with its share of domestic
sales falling to 44% from 75% over the past decade.
The Troubled Company Reporter - Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner by the end of this
year.
SETEGAP BERHAD: Period to Obtain Assets Sale Approval Extended
--------------------------------------------------------------
Setegap Berhad, on January 26, 2006, proposed to dispose of:
-- approximately 62.09% equity interests in Paving Plant and
Processes (M) Sdn Bhd;
-- 100% equity interests in Asphalt Industries Sdn Bhd; and
-- landed properties in Damansara and Serdang.
In an update, the Setegap disclosed that Alpha Positive Sdn Bhd
-- the purchase of Paving Plant -- and Setegap, on May 9, 2006,
mutually agreed in writing to extend the period to obtain
approval from its secured lenders of the proposed disposal of
Paving Plant through July 31, 2006.
Meanwhile, Loong Chee Meng -- the purchaser of Asphalt
Industries -- and Setegap, on May 9, 2006, mutually agreed in
writing to extend the period to fulfill the conditions precedent
up to August 7, 2006, for the proposed disposal of Asphalt
Industries.
About Setegap Berhad
Headquartered in Petaling Jaya, Malaysia, Setegap Berhad's
principal activities consist of the construction and maintenance
of roads, railways and building, including services rendered on
quarrying. The Company's other activities include manufacturing
and selling offroad construction equipment, asphalt plants,
mixing plants, asphalt emulsions and premix. The Group also
provides mechanical and electrical services, leases machinery
and investment holding.
Tight policies implemented by the Government in containing the
effect of the financial crisis in 1997/98 had affected certain
sectors of the economy, including the construction and property
sectors. As a result, the Setegap's cash flow and profitability
were adversely affected. In August 1999, Setegap had sought the
assistance of the Corporate Debt Restructuring Committee on the
restructuring of its debts, as well as those of certain of its
subsidiaries' debts, aggregating MYR95.29 million. The Company
had, in October 2000, entered into a debt restructuring
agreement with its creditors.
As an integral part of the Company's debt restructuring scheme
at that time, the Company proposed a rights issue of Setegap
Shares, a restricted issue of shares in Setegap and a private
placement to raise fresh equity capital to pay its financial
obligations. However, in light of the bearish market conditions
that had adversely affected the Company's share price between
2000 and 2001, the fund raising proposals were aborted as the
shares were being traded below par value.
As an alternative proposal to address the share price problem,
the Company undertook a fund raising exercise that was to
provide the Group with additional working capital, repayment of
bank borrowings and to provide security for the performance bond
facilities necessary for its projects. In June 2003, the
proposals were aborted as Setegap's management believed that a
more comprehensive proposal was required due to the lack of
contracts in the market. In addition, the financial condition
of the Company has further compounded the problem of obtaining
new contracts due to the lack of sufficient working capital.
Because of the Company's unsuccessful attempts to raise funds to
regularize its debt problems, the October 2000 debt
restructuring agreement was technically in default in 2003.
Setegap and its subsidiaries suffered losses for the past four
consecutive financial years since the financial year ended
December 31, 2002, which had led to a negative unaudited
shareholders' fund of MYR98.25 million as of Dec. 31, 2005.
On November 11, 2005, Bursa Securities had served the Company
with a notice to show cause on the delisting of the securities
of the Company. Without a scheme to regularize its financial
position, Setegap will risk being delisted.
SUREMAX GROUP: Ordered to Regularize Financial Condition
--------------------------------------------------------
Based on the Audited Financial Statements of Suremax Group for
the financial year ended August 31, 2005, the Auditors of
Suremax Group Berhad have expressed a modified opinion with
emphasis on Suremax's going concern. Furthermore, based on the
six months accounts to February 28, 2006, Suremax's
shareholders' equity on a consolidated basis is less than 50% of
its issued and paid-up capital. As such, Suremax is an affected
listed issuer of the Bursa Malaysia Securities Berhad's Amended
Practice Note 17 category.
In accordance with PN17, Suremax is required to:
-- submit a Regularization Plan to the Securities Commission
for approval within eight months from May 9, 2006;
-- implement the Plan within the timeframe stipulated by the
Commission;
-- announce the status of the Plan on a monthly basis until
further notice from Bursa Securities;
-- announce its compliance or non-compliance with a
particular obligation pursuant to PN17 on an immediate
basis; and
-- announce details of the Plan.
Should Suremax fails to comply with the obligation to regularize
its financial condition, all of its listed securities will be
suspended from trading and delisting procedures will be taken
against the Company.
Suremax is currently formulating a Regularization Plan to be
submitted to the Securities Commission for approval in due
course.
About Suremax Group
Headquartered in Kuala Lumpur, Malaysia, Suremax Group Berhad is
engaged in property development, construction, trading in
construction materials and sub-contracting works. The firm's
other activities include the provision of property management
services and building construction. The Group is also involved
in the manufacture and sale of ready mixed concrete. Suremax
Group has suffered losses since 2004 due to sluggish market
demand. For the second quarter of the financial year ended
August 31, 2006, Suremax booked a pre-tax loss of MYR1.32
million. Meanwhile, the Company is also trying to avert a
series of winding up actions against its subsidiaries.
SUREMAX GROUP: Alliance Merchant Bank Makes MYR2.8-Million Claim
----------------------------------------------------------------
Suremax Group, on May 10, 2006, received a Writ of Summons and
Statement of Claim -- both dated April 21, 2006, by Alliance
Merchant Bank Berhad.
Alliance Merchant Bank claims MYR2.8 million from Suremax, which
amount is due as of January 31, 2006, together with interest
from February 1, 2006, on the Revolving Credit Facility at the
rate of 3.0% per annum above Alliance Merchant Bank's cost of
funds on a daily basis and additional interest payable on any
outstanding sums at the rate of 1.0% per annum over and above
the interest to date of full payment. Alliance also claims
payment of other costs.
Suremax said it will seek legal advice from its solicitors on
the next course of action.
About Suremax Group
Headquartered in Kuala Lumpur, Malaysia, Suremax Group Berhad is
engaged in property development, construction, trading in
construction materials and sub-contracting works. The firm's
other activities include the provision of property management
services and building construction. The Group is also involved
in the manufacture and sale of ready mixed concrete. Suremax
Group has suffered losses since 2004 due to sluggish market
demand. For the second quarter of the financial year ended
August 31, 2006, Suremax booked a pre-tax loss of MYR1.32
million. Meanwhile, the Company is also trying to avert a
series of winding up actions against its subsidiaries.
=====================
P H I L I P P I N E S
=====================
ATLAS CONSOLIDATED: Finalizes Details of Financing Deal
-------------------------------------------------------
In a disclosure to the Philippine Stock Exchange, Atlas
Consolidated Mining & Development Corporation said that it has
completed the closing requirements of a financing agreement with
Crescent Asian Special Opportunities Portfolio.
The Troubled Company Reporter - Asia Pacific reported on May 9,
2006, that the Company had entered into a PHP2.05 billion
financing agreement with Crescent Asian, which would inject
PHP1.69 billion into Atlas unit Carmen Copper Corporation, via a
PHP256.66 million convertible bond up front and a PHP1.44
billion share subscription on the completion of a senior debt
instrument and offtake agreement for the rehabilitation of the
Company's mine in Toledo City, Cebu, to be facilitated by Carmen
Copper. The proceeds of the convertible bond would go to
dewater the underground mine, to prepare it for rehabilitation.
Under the agreement, Crescent Asian would also buy part of
Atlas' debts for PHP872.63 million, convertible into Atlas
shares at PHP10 per share par value. The Company states that
since it has satisfied the requirements of the deal, the
convertible bond may now be drawn down.
Atlas Consolidated plans to reopen its copper mine in Toledo
City, Cebu, via its unit Carmen Copper Corporation, with a daily
ore output of 42,000 tons. This way, the Company can start its
rehabilitation and attract more investors for additional
finances.
About Atlas Consolidated
Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three Soriano-
controlled pre-war mines, the Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company. The Company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products. The
Company's copper mining operations are centered in Toledo City,
Cebu, where two open pit mines, two underground mines and
milling complexes (concentrators) are located. The Cebu copper
mine ceased operations in 1994. Activities after the shutdown
were limited to safeguarding and maintaining the property, plant
and equipment at the minesite. The closure has brought huge
losses to the mining firm. The Masbate gold mine, meanwhile,
was sold to Base Metal Minerals Resources Corporation in 1996.
In January 2004, Atlas decided to rehabilitate the company and
its assets at the earliest possible time since copper and nickel
prices have recovered. On February 23, 2006, the TCR-AP
reported that Atlas signed an agreement with Crescent Asian
Special Opportunities Portfolio, which would buy part of the
Company's debts convertible into stock, and would invest PHP1.69
billion into Carmen Copper Corporation in exchange for a 34%
stake.
LAFAYETTE MINING: Creditors Threaten to Pull Out of Project
-----------------------------------------------------------
Creditors of Lafayette Philippines, Inc., a unit of Australian
mining firm Australia Mining Limited, have given the Company
until this week to reopen its Rapu-Rapu mining project in Albay,
the Manila Bulletin reveals.
If Rapu-Rapu Processing Inc. would not be reopened by next week,
creditor banks have threatened to take "drastic action," which
could entail a permanent closure of the mine and seizure of the
Company's assets, the Bulletin says, citing an unnamed high-
profile government official.
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, and is therefore expected to submit its report to
President Gloria Macapagal Arroyo via the Department of
Environment & Natural Resources on May 19, 2006.
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.
These banks have provided loans to finance the Rapu-Rapu mining
project:
-- NM Rothschild & Sons (Australia) Limited;
-- Australia and New Zealand Banking Group Limited;
-- ABN AMRO Bank NV (Australia);
-- Investec Bank (Mauritius) Limited; and
-- Standard Chartered First Bank Korea Limited.
In a report by Reuters News, a Company source said Lafayette's
debt was estimated at around PHP9.85 billion, including PHP1.82
billion in debt placements, PHP5.56 billion hedged bonds market-
to-market exposure, and PHP2.38 billion in metal forward sale
contracts.
Manila Standard Today says that the foreclosure of the Rapu-Rapu
mine could cost the Philippine Government PHP13.5 million in
investment losses, as well as the displacement of around 1,000
mine workers.
The Philippine Inquirer reports that Lafayette wants to conduct
a test run to determine that all the remedial measures
implemented on the mine are working before it resumes
operations.
About Lafayette
Lafayette Mining Philippines, Incorporated, is a subsidiary of
Australian firm Lafayette Mining, Incorporated --
http://www.lafayettemining.com/-- which has been listed on the
Australian Stock Exchange since August 1997. Lafayette
Philippines is currently developing a polymetallic project
involving copper, gold, zinc and silver on the Island of Rapu-
Rapu in the Philippines.
The Department of Environment and Natural Resources' former
secretary, Mike Defensor, closed Lafayette Philippines in 2005
when the Company's mine tailings were accidentally spilled into
the Albay Gulf last October, killing thousands of fish and
destroying the livelihood of fishermen in the area. The Company
was also fined PHP10.7 million for violating the Clean Water Act
and its environmental compliance certificate.
MANILA ELECTRIC: Tropical Storm Causes Power Outage
---------------------------------------------------
Typhoon Caloy, internationally known as Chanchu, hit the
Philippines in the weekend, starting out as a weak tropical
storm that intensified and left over 30 people dead and
thousands homeless, as well as causing power blackouts in
several regions, Manila Standard Today reports.
The storm hit the Central and Eastern Visayas region, and the
strong winds caused billboards and untrimmed tree branched to
fall in the Metro Manila, Luzon region, the Manila Electric
Company stated. Meralco corporate communications vice-president
Elpi Cuna Jr. said that the southern part of Metro Manila
experienced multiple power outages beginning 12:00 a.m. on
May 12, 2006, the Philippine Star writes.
Manila Electric emergency crews were then sent to affected areas
to restore power. As of 3:00 p.m. on May 14, 2006, 11.82% of
the Company's total circuits were without power.
Mr. Cuna said the Company could not keep up with the complaints
that kept coming in over the weekend, and advised the public to
listen to public service radio updates to know when power would
be restored in their areas.
According to the Star, Manila Electric plans to seek government
aid to prevent future interruptions, and Mr. Cuna implored
customers to ask the Company to trim tree branches in their
areas, identified as the major cause of power interruptions.
The Company would also team up with local government units to
monitor the putting up of billboards near its power transmission
lines.
About Manila Electric
Headquartered in Ortigas, Pasig City, the Manila Electric
Company -- http://www.meralco.com.ph/-- is the largest utility
in the Philippines, providing power to 4.1 million customers in
metropolitan Manila and more than 100 surrounding communities.
As deregulation takes effect, Meralco is reducing its dependence
on state-owned National Power Corp. by increasing the amount of
power it purchases from independent power producers. Meralco is
also preparing for competition by moving into non-regulated
activities, including energy consulting, independent power
production, engineering, fiber optics, e-commerce, and real
estate.
A March 31, 2006 report by the Troubled Company Reporter - Asia
Pacific stated that the Company posted a 79.7% decrease in its
2005 net losses to PHP411 million from PHP2.03 billion in 2004,
due to provisions for probable losses while awaiting a Supreme
Court final decision on a pending unbundling rate case, and the
adoption of new accounting standards.
The Troubled Company Reporter - Asia Pacific further stated on
April 27, 2006, that the Company filed a report with the
Philippine Stock Exchange, indicating a 66.1% decline in its net
loss from January to March 2006 to PHP748 million, against a
PHP2.2 billion loss for the same period last year.
PHILCOMSAT HOLDINGS: SEC Extends Corporate Life by 50 Years
-----------------------------------------------------------
The Philippine Stock Exchange, on May 11, 2006, lifted the
suspension on the trading of shares in Philcomsat Holdings
Corp., after the Securities & Exchange Commission had extended
Philcomsat's corporate life for 50 additional years, the Manila
Times relates.
The SEC had approved the Company's amended articles of
incorporation on May 8, 2006, allowing the Company to continue
operations under its current management.
The Troubled Company Reporter - Asia Pacific reported on
May 10, 2006, that Philcomsat Holdings may be up for liquidation
or dissolution proceedings as its "corporate life" expired on
May 9, due to its failure to validate its proxies. The SEC
disallowed the use of proxies and instead required the original
owners of Philcomsat to vote.
The TCR-AP then stated that majority shareholders had voted to
prolong the corporate life of Philcomsat Holdings for 50 years
under the current management of Manuel Nieto Jr., winning over
minority shareholders who had opted to liquidate the Company
while alleging that Mr. Nieto had misappropriated Company funds
leading to losses in recent years.
* * *
Philcomsat Holdings Corporation -- formerly Liberty Mines, Inc.
-- was incorporated on May 10, 1956. During the 70s and early
80s when the country experienced a boom in geophysical and
drilling activities both offshore and onshore, Philcomsat
Holdings was one of the active participants in search of oil.
The Company has since withdrawn from oil exploration because
there was no commercial discovery of oil.
On January 10, 1997, the Company approved amendments to its
Articles of Incorporation, changing its primary purpose from
embarking in the discovery, exploitation, development and
exploration of mineral oils, petroleum in its natural state,
rock or carbon oils, natural oils and other volatile mineral
substances to a holding company.
=================
S I N G A P O R E
=================
ACCORD CUSTOMER: Fifth Annual General Meeting Set on May 31
-----------------------------------------------------------
The Fifth Annual General Meeting of Accord Customer Care
Solutions Limited will be held at The Chevrons, in 48 Boon Lay
Way, Singapore, on Wednesday, May 31, 2006 at 3:30 p.m.
During the meeting, members will be asked:
-- to receive and adopt the Directors' Report and the
Audited Accounts of the Company for the financial year
ended December 31, 2005, together with the Auditors'
Report thereon;
-- to note the retirement of Henry Tan Hor Thye, who is
retiring by rotation in accordance with Article 91 of
the Company's Articles of Association and who has
decided not to seek re-election;
-- to re-elect Philip Eng Heng Nee who is retiring by
rotation in accordance with Article 91 of the Company's
Articles of Association;
-- to re-elect David Ding Yew Mui and Mah Kah On, who
are retiring pursuant to Article 97 of the Company's
Articles of Association;
-- to approve the payment of Directors' fees of SGD334,000
for the financial year ended December 31, 2005;
-- to re-appoint Deloitte and Touche as the Company's
Auditors and to authorize the Directors to fix their
remuneration;
-- to transact any other ordinary business which may
properly be transacted at an Annual General Meeting.
The members will also consider as special business:
* authorizing the Company 's directors to allot and issue
shares up to 50% of the Company's issued share capital;
and
* giving the directors authority to allot and issue shares
under the Company's Share Option Scheme 2003.
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.
CPG HEALTHCARE: Receives Proofs of Debt Until June 12
-----------------------------------------------------
Liquidators Sok Lee Mona nad Teo Chai Choo are receiving proofs
of debt from creditors of CPG Healthcare Facilities Management
Pte Limited until June 12, 2006.
Creditors who are unable to lodge their claims on the due date
will not be entitled to share in any distribution the Company
will make.
Contact: Low Sok Lee Mona
Teo Chai Choo
Liquidators
c/o Low, yap & Associates
4 Shenton Way
#04-01 SGX Centre 2
Singapore 068807
C & P HOLDINGS: Faces Winding-up Proceedings
--------------------------------------------
A petition to wind up C & P Holdings Pet Limited will be heard
before the High Court of Singapore on May 19, 2006.
The Petition was lodged against the Company by Witco Industries.
CURRIE & BROWN: Creditors' Proofs of Claim Due on June 2006
-----------------------------------------------------------
The creditors of Currie & Brown (Singapore) Pte Limited are
required to prove their debts on or before June 11, 2006.
Failure to comply with this requirement will exclude a creditor
from sharing in any distribution the Company will make.
Contact: Kon Yin Tong
Wong Kian Kok
Aw Eng Hai
Joint Liquidators
c/o 47 Hill Street #05-01
Chinese Chamber of Commerce & Industry Building
Singapore 179365
D & B STEEL: Court to Hear Wind-up Petition on May 19
-----------------------------------------------------
The winding-up petition against D & B Steel Pte Limited will be
heard before the Hon. Justice Judith Prakash in the Singapore
High Court on May 19, 2006.
As reported by the Troubled Company Reporter - Asia Pacific on
April 4, 2006, the wind-up petition was presented by Shi Ca
Company on March 20, 2006.
The Petition was initially herd before the High Court on
April 21, 2006.
Contact: Jing Quee & Chin Joo
Solicitors for the Petitioner
No. 111 North Bridge Road #27-03
Peninsula Plaza, Singapore 179098
ELSNER ASIA: Wind-up Process Commenced
--------------------------------------
Hon. Justice Judith Prakash of the Singapore High Court will
hear the winding-up petition against Elsner Asia Pte Ltd on
May 19, 2006.
F.J.Elsner & Co. and Gesellschaft MBH filed the wind-up petition
before the High Court.
Contact: Tan Kok Quan Partnership
Solicitors for the Petitioner
No. 5 Shenton Way
29th Level, UIC Building
Singapore 068808
===============
T H A I L A N D
===============
TOT PLC: To Cancel THB1.2 Billion Contract with Telemetics
----------------------------------------------------------
TOT Plc -- formerly known as The Telephone Organisation of
Thailand -- discloses that it will cancel its billing system
contract with Telemetics, the Bangkok Post reports.
The Troubled Company Reporter - Asia Pacific reported on May 3,
2006, that problems in TOT billing system, which was
developed by Telemetics for THB1.2 billion under a five-year
contract, led the Auditor-General's Office to reject the
telecom's 2005 financial statements pending a review.
According to the TCR-AP report, TOT's billing system has been
plagued with problems resulting to delays and complaints from
customers and staff of the Company. The Telemetics billing
system failed to track seven million calls where large corporate
customers held most of the numbers.
TOT stated that the cancellation of the Telemetics contract
ahead of the expiration of its five-year term is to prevent the
Company to incur further damage, The Post says.
Supreme Attorney General Khemchai Shutwong, a TOT board member,
has been assigned to study the cancellation. Mr. Khemchai,
according to The Post, had been in negotiations with Telemetics
and the result of the negotiation is expected soon.
* * *
The Telephone Organisation of Thailand Plc was established on
July 31, 2002. Providing telecommunications and other related
services through sole operations and joint-ventures with other
entities. In addition, operating businesses by being a
shareholder in other companies.
The Company has been renamed "TOT Public Company Limited" as of
July 1, 2005, with an initial registered capital of THB6
billion. The Ministry of Finance wholly and solely owns the
Company equity of 600 million common stocks at a par value of
THB10 per share.
BOND PRICING: For the Week 15 May to 19 May 2006
------------------------------------------------
Issuer Coupon Maturity Price
------ ------ -------- -----
AUSTRALIA
---------
Ainsworth Game 8.000% 12/31/09 1
Amcom Telecommunications Ltd 10.000% 10/28/07 2
APN News & Media Ltd 7.250% 10/31/08 5
A&R Whitcoulls Group 9.500% 12/15/10 8
Arrow Energy NL 10.000% 03/31/08 1
Babcock & Brown Pty Ltd 8.500% 12/31/49 8
Becton Property Group 9.500% 06/30/10 1
BIL Finance Ltd 9.250% 10/15/06 9
Capital Properties NZ Ltd 8.500% 04/15/07 8
Capital Properties NZ Ltd 8.500% 04/15/09 8
Capital Properties NZ Ltd 8.000% 04/15/10 8
Cardno Limited 9.000% 06/30/08 4
CBH Resources 9.500% 12/16/09 1
Chrome Corporation Ltd 10.000% 02/28/08 1
Clean Seas Tuna Ltd 9.000% 09/30/08 1
Djerriwarrh Investments Ltd 6.500% 09/30/09 4
EBet Limited 10.000% 11/29/06 25
Evans & Tate Ltd 8.250% 10/29/07 1
Fletcher Building Ltd 7.550% 03/15/11 8
Fletcher Building Ltd 7.800% 03/15/09 8
Fletcher Building Ltd 7.900% 10/31/06 8
Fletcher Building Ltd 8.300% 10/31/06 8
Fletcher Building Ltd 8.600% 03/15/08 8
Fletcher Building Ltd 8.850% 03/15/10 8
Fernz Corp Ltd 8.560% 10/15/06 9
Futuris Corporation Ltd 7.000% 12/31/07 2
Hy-Fi Securities Ltd 7.000% 08/15/08 9
Hy-Fi Securities Ltd 8.750% 08/15/08 10
Hutchison Telecoms Australia 5.500% 07/12/07 1
IMF Australia Ltd 11.500% 06/30/10 1
Infrastructure & Utilities NZ Ltd 8.500% 09/15/13 8
Infratil Ltd 8.500% 11/15/15 8
Kagara Zinc Ltd 9.750% 05/06/07 5
Kiwi Income Properties Ltd 8.000% 06/30/10 1
Longreach Group Ltd 10.000% 10/31/08 1
Minerals Corporation Ltd 10.500% 09/30/07 1
New Zealand I/L 4.500% 02/15/16 3
Nuplex Industries Ltd 9.300% 09/15/07 8
Pacific Print Group Ltd 10.250% 10/15/09 10
Primelife Corporation 9.500% 12/08/06 1
Primelife Corporation 10.000% 01/31/08 1
Salomon SB Australia 4.250% 02/01/09 8
Sapphire Securities Ltd 7.410% 09/20/35 7
Sapphire Securities Ltd 9.160% 09/20/35 9
Silver Chef Ltd 10.000% 08/31/08 1
Software of Excellence 7.000% 08/09/07 1
Sydney Gas Limited 12.000% 06/01/06 1
Tower Finance Ltd 8.650% 10/15/09 8
Tower Finance Ltd 8.750% 10/15/07 8
TrustPower Ltd 8.300% 09/15/07 8
TrustPower Ltd 8.300% 12/15/08 8
TrustPower Ltd 8.500% 09/15/12 8
TrustPower Ltd 8.500% 03/15/14 8
Vision Systems Ltd 9.000% 12/15/08 2
Westpac Banking Corporation 6.250% 08/30/11 6
MALAYSIA
--------
Aliran Ihsan Resources Bhd 5.000% 11/29/11 1
Artwright Holdings Bhd 5.500% 03/06/07 1
Asian Pac Bhd 4.000% 12/21/07 1
Berjaya Land Bhd 5.000% 12/30/09 1
Camerlin Group Bhd 5.500% 07/15/07 2
Crescendo Corporation Bhd 3.000% 08/25/07 1
Dataprep Holdings Bhd 4.000% 08/06/07 1
Eden Enterprises (M) Bhd 2.500% 12/02/07 1
EG Industries Bhd 5.000% 06/16/10 1
Equine Capital Bhd 3.000% 08/26/08 1
Fountain View Development Sdn Bhd 3.500% 11/03/06 1
Greatpac Holdings Bhd 2.000% 12/11/08 1
Gula Perak Bhd 6.000% 04/23/08 1
Hong Leong Industries Bhd 4.000% 06/28/07 1
Huat Lai Resources Bhd 5.000% 03/28/10 1
I-Berhad 5.000% 04/30/07 1
Insas Bhd 8.000% 04/19/09 1
Kamdar Group Bhd 3.000% 11/09/09 1
Killinghall Bhd 5.000% 04/13/09 2
Kosmo Technology Industrial Bhd 2.000% 06/23/08 6
Kretam Holdings Bhd 1.000% 08/10/10 1
Kumpulan Jetson 5.000% 11/27/12 1
LBS Bina Group Bhd 4.000% 12/29/06 1
LBS Bina Group Bhd 4.000% 12/31/07 1
LBS Bina Group Bhd 4.000% 12/31/08 1
LBS Bina Group Bhd 4.000% 12/31/09 1
Lebar Daun Bhd 2.000% 01/06/07 4
Lion Diversified Holdings Bhd 2.000% 06/01/09 2
Media Prima Bhd 2.000% 07/18/08 1
Mid Valley Capital Bhd 6.000% 09/15/12 5
Mithril Bhd 3.000% 04/05/12 1
Mithril Bhd 8.000% 04/05/09 1
Mutiara Goodyear Development Bhd 2.500% 01/15/07 1
Naim Indah Corporation Bhd 0.500% 08/24/06 1
Nam Fatt Corporation Bhd 2.000% 06/24/11 1
Pantai Holdings Bhd 5.000% 03/28/07 2
Pantai Holdings Bhd 5.000% 07/31/07 2
Pelikan International Corp Bhd 3.000% 04/08/10 1
Poh Kong Holdings Bhd 3.000% 01/20/07 1
Prinsiptek Corporation Bhd 3.000% 11/20/06 1
Puncak Niaga Holdings Bhd 2.500% 11/18/16 1
Ramunia Holdings 1.000% 12/20/07 1
Rashid Hussain Bhd 0.500% 12/24/12 1
Rashid Hussain Bhd 3.000% 12/24/12 1
Rhythm Consolidated Bhd 5.000% 12/17/08 1
Senai-Desaru Expressway Bhd 3.500% 12/09/16 73
Senai-Desaru Expressway Bhd 3.500% 06/09/17 72
Senai-Desaru Expressway Bhd 3.500% 12/08/17 72
Silver Bird Group Bhd 1.000% 02/15/09 1
Southern Steel 5.500% 07/31/08 1
Tanah Emas Corporation Bhd 2.000% 12/09/06 1
Tap Resources Bhd 2.000% 06/29/06 1
Tenaga Nasional Bhd 3.050% 05/10/09 1
Titisan Modal Bhd 4.000% 04/29/19 68
Tradewinds Corporation Bhd 2.000% 02/08/12 1
Tradewinds Plantations Bhd 3.000% 02/28/16 1
VTI Vintage Bhd 4.000% 08/22/06 1
WCT Land Bhd 3.000% 08/02/09 1
Wah Seong Corp 3.000% 05/21/12 4
YTL Cement Bhd 4.000% 11/10/15 1
SINGAPORE
---------
Housing & Development 4.250% 05/13/06 1
Rabobank Singapore 1.000% 11/03/13 73
Sengkang Mall 4.880% 11/20/12 1
Sengkang Mall 8.000% 11/20/12 1
Structural System Singapore 11.000% 06/30/07 1
Tampines Assets Ltd 6.000% 12/07/06 1
Tincel Ltd 7.400% 06/13/11 1
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA. Erickson Torrevillas, Francis Chicano, Ma.
Cristina Pernites-Lao, Erica Fernando, Reiza Dejito, Freya
Natasha Fernandez, and Peter A. Chapman, Editors.
Copyright 2006. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is $575 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are $25 each. For subscription information, contact
Christopher Beard at 240/629-3300.
*** End of Transmission ***