/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/060517.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 Wednesday, May 17, 2006, Vol. 9, No. 097 Headlines A U S T R A L I A & N E W Z E A L A N D AUCKLAND AUTOMATICS: Shareholders Appoint Liquidator AUSTRALIANS AIDING CHILDREN: To Receive Wind-Up Results AWB LIMITED: Reallocates Indian Shipment to Other Customers BUY & SELL: Members Resolve to Wind Up Firm CELLHIRE PTY LTD: Enters Voluntary Liquidation CLAYBONES PTY LIMITED: Liquidator to Present Wind-Up Report DACHSY PTY. LTD.: To Declare Dividend on May 25 DELUXE HOMES: Members opt for Wind up ELLEX PAUL: CIR Files Liquidation Petition ERS INVESTMENTS: To Voluntarily Liquidate Assets GAMING & ENTERTAINMENT: Auditor Raises Going Concern Doubt HAVEN GARAGES: Official Assignee Named as Liquidator HENABAIT PTY: Members to Hold Final Meeting Today HOMEZONE MOORE: Appoints Official Receiver IFTRANS SALES: To Declare Dividend on May 24 IISM GROUP: Creditors Agree to Wind up Firm JT STAPLETON: Resolves to Discontinue Operations LOGOS CONSULTING: Levin, Jordan Named Joint Liquidators MORCOM PTY: Decides to Wind Up Business NRCT PTY: Members and Creditors Set to Receive Wind-up Report P. & W. GRAHAM: Enters Voluntary Liquidation PROFILE RECRUITMENT: Liquidation Bid Hearing Set on June 1 PRIMELIFE CORPORATION: Sacked CEO Reveals Taped Board Meetings QUEENSLAND MORTGAGE: Members Opt for Voluntary Liquidation RJE HOLDINGS: Court Issues Wind-up Order ROBSON'S CARTAGE: Court to Hear Liquidation Application May 22 ROSERVE PTY: Names Graeme Lean as Liquidator SEVEN SEASONS: Creditors Must Prove Debts by June 1 SN& J NICHOLLS: Faces Liquidation Proceedings TERRY BENNETT: Shareholders Agree on Wind-up WAGES & SUPERANNUATION: Prepares to Distribute Dividend WAIPARA INVESTMENTS: Creditors' Proofs of Claim Due on June 1 WESTPOINT GROUP: IMF Will Fund Lawsuits Only If Payout is Sure WISHART APPLIANCE: Court to Hear CIR's Application on May 22 C H I N A & H O N G K O N G BEN KING: Creditors Must Prove Debts by June 11 BETAKE MARKETING: Appoints Official Liquidator CHINA HONG KONG DECORATION: Placed in Voluntary Liquidation CONIC CARPET: Creditors Must File Proofs of Claim by July 15 COSMO VISION: Members and Creditors Meeting Fixed on May 24 HERALCO (CHINA) INVESTMENTS: Appoints Official Liquidator HONG KONG FILMAKERS: Final General Meeting Fixed June 12 JAQUE ENTERPRISE: Members Meet to Discuss Wind-up KENFORD HOLDINGS: Members Appoint Liquidator KOWATEX LIMITED: Winding Up Hearing Fixed on June 14 KUNQU SOCIETY: Names Lam Chi Wai as Liquidator LANE PROFIT: Members Resolve to Wind Up Firm NANJING PANDA: Recovers CNY500-Million Debt PACIFIC WELL: Members Appoint Liquidator PARK FINANCE: Fixes Final Meeting on June 16 PARK MANAGEMENT: Liquidator to Present Wind-up Report on June 16 PIHANA PACIFIC: Creditors' Proofs of Debt Due on May 30 PROFESSIONAL HAN: Receiving Proofs of Claim Until June 16 SHIN MUN: Creditors' Proofs of Claims Due on June 17 SHOWER ASSOCIATION: Members Agree to Liquidate Business SUNSWAY LIMITED: Undertakes Liquidation Process TACHAN SECURITIES: Fitch Upgrades Long-Term IDR to BB From BB- * Fitch Says Taiwan's Bills Finance Firms Face Challenges in '06 I N D I A NATIONAL TEXTILE: Initiates INR530-crore Modernization Exercise ONAKE OBAVVA: Loses License Due to Insolvency I N D O N E S I A PERTAMINA: Gets 25 Financing Proposals for Cepu Project PERUSAHAAN LISTRIK: Picks Marubeni to Build Cerebon Power Plant J A P A N JAPAN AIRLINES: Expands Code Share Agreement with FinnAir K O R E A HYUNDAI MOTOR: Prosecutors Indict Chairman Chung HYUNDAI MOTOR: Gov't Official Commits Suicide Over Slush Fund M A L A Y S I A ANTAH HOLDINGS: Updates on Defaults and Proposes Restructuring AYER HITAM: Application for Stay Taken Off from Hearing List COMSA FARMS: Bourse Rejects Application for Deadline Extension CONSOLIDATED FARMS: Unable to Provide Solvency Declaration KEMAYAN CORPORATION: Bourse Removes Securities from List KIG GLASS: Executes Restructuring Deal with Permintex Holdings MBF CORPORATION: Shareholders' Equity Falls Short of Requirement MBF CORPORATION: Disposes of Shares for MYR12,515,000 PAN MALAYSIA: Buys Back 60,000 Ordinary Shares for MYR24,959 SYARIKAT KAYU: To Hold Extraordinary General Meeting in May 26 TPC PLUS: Bird Flu Outbreak Hurts Profits P H I L I P P I N E S BANCO FILIPINO: Central Bank Okays PHP190-Million Bailout Loan NATIONAL POWER: To Relocate Power Barge to Iloilo PHILIPPINE AIRLINES: Ready to Operate Local E-ticketing Network PHILCOMSAT HOLDINGS: SEC Delays Decision on Stockholder Meeting S I N G A P O R E CAR-MEC 2001: Faces Bankruptcy Proceedings CREATIVE TECHNOLOGY: Seeks Injunction Against Apple Computer HOLLAND LEEDON: Metalform Wants Court to Hasten Wind-Up LINDETEVES-JACOBERG: Transfer of FCO Shares Completed U TEAM CONTRACT: Court to Hear Wind-up Petition on June 2 T H A I L A N D THAI PETROCHEMICAL: Profit Up by 14% After Rehabilitation Exit - - - - - - - - ============================================ A U S T R A L I A & N E W Z E A L A N D ============================================ AUCKLAND AUTOMATICS: Shareholders Appoint Liquidator ---------------------------------------------------- Sharlene Marie Bryant was appointed as liquidator of Auckland Automatics Ltd by virtue of a resolution passed by the Company's shareholders on May 1, 2006. Contact: S.M. Bryant Staples Rodway Hawkes Bay Ltd 205 Hastings Street South Hastings, New Zealand Telephone: (06) 878 7004 AUSTRALIANS AIDING CHILDREN: To Receive Wind-Up Results ------------------------------------------------------- Members of Australians Aiding Children Adopting Agency Inc. will hold a final meeting today, May 17, 2006, at 11:00 a.m., at the liquidator's office. At the meeting, members will receive Liquidator Alan Geoffrey Scott's final account showing how the Company was wound up and how its property was disposed of. Contact: Alan Geoffrey Scott Liquidator SimsPartners, Level 4, 12 Pirie Street, Adelaide SA 5000 Australia AWB LIMITED: Reallocates Indian Shipment to Other Customers ----------------------------------------------------------- AWB Limited confirmed that it had re-allocated a wheat shipment, originally intended for India, to other markets, and that two vessels were now loading for other customers, The Age says. The Troubled Company Reporter - Asia Pacific reported on May 15, 2006, that the shipments, worth AU$90 million, which were due to leave ports in Victoria, Western Australia and South Australia, had been put on hold because of India's concerns about grain quality. Industry sources have said that the AWB shipments were not meeting India's stringent laws on plant contamination of grain. AWB said that the other ships, which have been delayed, had not yet been diverted to other markets. A May 4, 2006 TCR-AP report stated that the Indian Government awarded a 500,000-tonne wheat import contract to AWB Limited in March 2006 to shore up its buffer stocks. The TCR-AP recounts that Indian authorities complained that AWB's first shipment under the AU$90-million contract, did not meet prescribed norms and contained high levels of pesticides. The complaint had led AWB to send a high-level delegation to India. The 50,000-tonne shipment was later cleared after authorities backtracked and said that the reading was within permissible levels. AWB spokesman Christian Sealey told The West Australian that the wheat exporter was still working with the Indian Government and local and Indian quarantine authorities to try to resolve the problems with the wheat deal. The Age relates that it is understood the new delays stem from the contract's zero tolerance for several contaminants, including ergot, a fungal disease, and other plant material. Grain trading sources said it would be impossible for Australia to guarantee that its wheat was totally free of ergot and some weed seeds, requiring some flexibility on the definition of zero tolerance. Mr. Sealey said he understood a new 3-million tonne wheat tender just issued by India had more relaxed tolerance levels amid concerns that few exporters would be able to meet its requirements. About AWB AWB Limited -- http://www.awb.com.au/-- is Australia's leading agribusiness and one of the world's largest wheat marketing companies. It is also one of Australia's top 100 publicly listed companies. The Company is the exclusive manager and marketer of all Australian bulk wheat exports through what is known as the Single Desk. The Company markets wheat, and a range of other grains, into more than 50 countries, with Australian wheat exports worth up to $5 billion per year. AWB's footprint includes more than 430 outlets through its subsidiary landmark and has offices across the world. The company employs more than 2,700 staff reaching over 100,000 customers. AWB is also one of the nation's largest suppliers of rural merchandise, distributors of fertilizer, marketers of livestock, brokers of rural real estate and handlers of wool. Previously a low profile organization, AWB made headlines in late 2005 when it was accused of knowingly paying AU$290 million in kickbacks to the Government of Iraq, under Saddam Hussein's administration, through the United Nation's oil-for-food program. A UN report then found out that AWB paid the kickbacks to a Jordanian trucking company linked to Hussein's deposed regime. The Australian Government then appointed a commission, headed by retired judge Terence Cole, to investigate into the Company's role in and the Government's alleged "knowledge" of the scandal. The "Cole Inquiry" is currently underway. The scandal is anticipated to create great political repercussions to the Australian Government, given the country's contribution to military action against President Hussein in the 2003 invasion of Iraq. BUY & SELL: Members Resolve to Wind Up Firm ------------------------------------------- At Buy & Sell Pty Limited's extraordinary general meeting on March 30, 2006, members agreed to wind up the Company. The creditors of the Company convened on the same day and appointed Peter Paul Krejci as liquidator. Contact: Peter P. Krejci Liquidator GHK Green Krejci Level 9, 179 Elizabeth Street, Sydney NSW 2000 Australia CELLHIRE PTY LTD: Enters Voluntary Liquidation ---------------------------------------------- Members of Cellhire Pty Limited convened on March 30, 2006, and resolved to wind up the Company voluntarily. Gregory J. Parker was then named liquidator. Contact: Gregory J. Parker Liquidator Parker Insolvency Level 5, 49 Market Street, Sydney, Australia CLAYBONES PTY LIMITED: Liquidator to Present Wind-Up Report ----------------------------------------------------------- A final meeting will be held on May 17, 2006, for members and creditors of Claybones Pty Limited. At the meeting, Claybones' liquidator, F. Carbone, will report on the manner in which the Company's wind-up has been conducted and its property disposed of. Contact: F. Carbone Liquidator Suite 11, 46-48 Urunga Parade, Miranda NSW 2228, Australia DACHSY PTY. LTD.: To Declare Dividend on May 25 ----------------------------------------------- Dachsy Pty. Ltd. will declare its first and final dividend on May 25, 2006. Creditors are required to submit proofs of claim to the liquidator by May 16, 2006. Any creditor who fails to do so will be excluded from the benefit of the dividend. Contact: Anthony R. Cant Liquidator Romanis Cant Chartered Accountants 2nd Floor, 106 Hardware Street, Melbourne, Victoria, Australia 3000 DELUXE HOMES: Members opt for Wind up --------------------------------------------------- Members of Deluxe Homes Pty Ltd. met on March 30, 2006, and decided to voluntarily wind up the Company. Robyne Erskine and Peter Goodin, of Brooke Bird & Co, Chartered Accountants, were appointed liquidators. Contact: Andrew Careri Director Brooke Bird & Co. Insolvency Practitioners 471 Riversdale Road, Hawthorn East 3123 Australia Telephone: (03) 9882 6666 ELLEX PAUL: CIR Files Liquidation Petition ------------------------------------------ On April 6, 2006, the Commissioner of Inland Revenue filed before the High Court of Christchurch an application to liquidate Ellex Paul Haulage Ltd. The application will be heard by the High Court on May 8, 2006, at 10:45 a.m. Contact: Julia Dykema Technical and Legal Support Group South Island Service Centre Ground Floor Reception, 518 Colombo St Christchurch, New Zealand Telephone: (03) 968 0809 Fax: (03) 977 9853 ERS INVESTMENTS: To Voluntarily Liquidate Assets ------------------------------------------------ After a general meeting on March 3, 2006, members of ERS Investments Pty Ltd decided to voluntarily wind up the Company and distribute the proceeds of its assets. Stuart Alfred Edwards and Colin John Gair, of Wheeler Grenfell Pty Limited, Chartered Accountants, were appointed joint liquidators. Creditors are given 21 days to prove their claims in order to benefit from any distribution. Contact: Stuart Alfred Edwards Colin John Gair Wheeler Grenfell Pty Limited Chartered Accountants Level 2. 77 Pacific Highway, North Sydney, New South Wales, Australia, 2060 GAMING & ENTERTAINMENT: Auditor Raises Going Concern Doubt ---------------------------------------------------------- J. H. Cohn LLP in Roseland, New Jersey, raised substantial doubt about Gaming & Entertainment Group, Inc.'s ability to continue as a going concern after auditing the Company's consolidated financial statements for the year ended Dec. 31, 2005. The auditor pointed to the Company's recurring losses, negative working capital, and accumulated and stockholders' deficiencies. The Company reported a $1,472,609 net loss on $1,274,819 of total revenues for the year ended Dec. 31, 2005. At Dec. 31, 2005, the Company's balance sheet showed $637,507 in total assets and $1,833,328 in total liabilities, resulting in a $1,195,821 in stockholders' deficit. The Company's Dec. 31 balance sheet also showed strained liquidity with $212,460 in total current assets available to pay $669,683 in total current liabilities coming due within the next 12 months. A full-text copy of the Company's 2005 Annual Report is available for free at http://ResearchArchives.com/t/s?937 Gaming & Entertainment Group, Inc., has two wholly owned operating subsidiaries, Gaming & Entertainment Technology Pty Ltd., a company formed under the laws of Australia, and Gaming & Entertainment Group, Ltd., a company formed under the laws of the United Kingdom. The Company supplies government-regulated networked gaming technology. The Company built a comprehensive networked gaming platform that has passed multiple government prescribed validations in Australia (Tasmania and Queensland), Republic of Vanuatu and Great Britain (Alderney and the Isle of Man). HAVEN GARAGES: Official Assignee Named as Liquidator ---------------------------------------------------- Haven Garages Chch Limited appointed the Official Assignee as the Company's liquidator on May 1, 2006. Contact: Official Assignee Insolvency and Trustee Service Private Bag 4714, Christchurch New Zealand Telephone: 0508 467 658 Web site: http://www.insolvency.govt.nz/ HENABAIT PTY: Members to Hold Final Meeting Today ------------------------------------------------- The members of Henabait Pty Limited will convene today, May 17, 2006, to receive Liquidator F. Carbone's account regarding the Company's completed wind-up and disposal of its property. Contact: F. Carbone Liquidator Suite 11, 46-48 Urunga Parade Miranda, New South Wales 2228 Australia HOMEZONE MOORE: Appoints Official Receiver ------------------------------------------ Evan Philip Groombridge was appointed as receiver and manager of the assets and undertaking of Homezone Moore Park Pty Limited on March 22, 2006. Contact: Evan P. Groombridge Receiver Level 10, South Tower 1 Railway Street, Chatswood New South Wales, Australia IFTRANS SALES: To Declare Dividend on May 24 -------------------------------------------- IFTRANS Sales Company Pty Limited will declare its first dividend on May 24, 2006, to the exclusion of creditors who were not able to prove their claims. Contact: G. S. Andrews Liquidator G. S. Andrews & Associates 22 Drummond Street, Carlton Victoria 3053, Australia Telephone: (03) 9662 2666 Fax: (03) 9662 9544 IISM GROUP: Creditors Agree to Wind up Firm ------------------------------------------- The creditors of IISM Group Pty Limited met on March 31, 2006, and decided that a voluntary wind-up of the Company's operations is appropriate and necessary. Henry Kazar was subsequently appointed as liquidator. Contact: Henry Kazar Liquidator SimsPartners Chartered Accountants PO Box 211, Deakin West Australian Capital Territory 2600 Australia Telephone: 02 6285 1310 JT STAPLETON: Resolves to Discontinue Operations ------------------------------------------------ The members of JT Stapleton Pty Limited held a general meeting on March 30, 2006, and decided to wind up the Company's operations voluntarily. Frank Lo Pilato was subsequently appointed as liquidator. Contact: Frank Lo. Pilato Liquidator RSM Bird Cameron Partners Level 1, 103-105 Northbourne Avenue Turner, Australian Capital Territory 2612 Australia Telephone: (02) 6247 5988 LOGOS CONSULTING: Levin, Jordan Named Joint Liquidators ------------------------------------------------------- Henry David Levin and Barry Phillip Jordan were appointed joint and several liquidators of Logos Consulting Limited on May 4, 2006. The newly appointed liquidators fixed June 1, 2006, as the last day for the Company's creditors to submit their proofs of claim. Failure to comply with the requirement will exclude any creditor from sharing in any distribution the Company will make. Contact: Lisa Lee McCallum Petterson, Level 11 Forsyth Barr Tower 55-65 Shortland Street, Auckland New Zealand Telephone: (09) 336 0000 Fax: (09) 336 0010 MORCOM PTY: Decides to Wind Up Business --------------------------------------- The members of Morcom Pty Limited held a general meeting on March 29, 2006, and agreed to: -- voluntarily wind up the Company's business operations; and -- nominate Peter Anthony Lucas as liquidator. Contact: Peter A. Lucas Liquidator P. A. Lucas & Company Level 8, ING Building 100 Edward Street, Brisbane Queensland 4000, Australia NRCT PTY: Members and Creditors Set to Receive Wind-up Report ------------------------------------------------------------- A final meeting of the members and creditors of NRCT Pty Limited will be held today, May 17, 2006. During the meeting, members will get an account of the manner of the Company's wind-up and property disposal from Liquidator Simon Read. Contact: Simon Read Liquidator PPB Chartered Accountants Level 1, 5 Mill Street Perth, Western Australia Australia P. & W. GRAHAM: Enters Voluntary Liquidation -------------------------------------------- The members of P. & W. Graham & Company Pty Limited convened on March 31, 2006, and resolved to close the Company's business operations. Richard Herbert Judson was appointed as liquidator at a creditors' meeting held on the same day. Contact: Richard H. Judson Liquidator Judson & Company Chartered Accountants Suite 4, Level 1, 10 Park Road Cheltenham, Victoria 3192 Australia Telephone: 9585 4155 PROFILE RECRUITMENT: Liquidation Bid Hearing Set on June 1 ---------------------------------------------------------- The High Court of Auckland will hear an application to liquidate Profile Recruitment Services Ltd on June 1, 2006. Li Liu filed the liquidation bid before the High Court on February 20, 2006. Parties interested to attend the hearing are required to file their appearances not later than May 29, 2006. PRIMELIFE CORPORATION: Sacked CEO Reveals Taped Board Meetings -------------------------------------------------------------- A legal case commenced by Ted Sent with the Victorian Supreme Court against Primelife Corporation reveals that board meetings among the Company's directors have been secretly taped. The Age recounts that Mr. Sent, who was Primelife's former chief executive officer, sued the Company, along with directors Robert Champion de Crespigny and Ron Walker, for wrongful dismissal. Mr. Sent was sacked in December 2003 after an independent review into his conduct was initiated and he wants AU$5 million in compensation. According to the report, the Dismissal Case is set to feature transcripts from Primelife board meetings that were obtained from a video footage taken from a surveillance camera without the knowledge and permission of the Company's directors. The Court heard that both Mr. de Crespigny and Mr. Walker, who joined the Primelife board following a decision to invest in the Company, wanted Mr. Sent removed from his position because they believed that his "chequered background," including a bankruptcy, spoiled the Company's credibility. Mr. Sent cited the transcript, taken from a board meeting held in July 2003, as revealing that Mr. de Crespigny told fellow directors of a conversation with a South Australian senator, who described Mr. Sent as "the biggest crook in Australia." The Age adds that the board meeting, which took place without Mr. Sent's presence, also tackled the issue of removing Mr. Sent's then deputy Sandi Porter, who the directors described a "an absolute disaster" and "a bitch." The Age says that Ms. Porter is also suing Primelife for wrongful dismissal. Ms. Porter was terminated for her alleged role in the payments made to underworld figure Mick Gatto, for union negotiations relating to Primelife building sites. Ms. Porter was allegedly responsible for administrative functions, while her boss provided entrepreneurial flair. Peter Bick, QC, who represents Mr. Sent, told the Court that the board's decision to sideline his client and appoint an acting chief executive officer in his place was in contrast to Mr. de Crespigny's and Mr. Walker's previous statements that they wished for Mr. Sent to continue in his role as CEO. Mr. Bick said that the board had hired Arnold Bloch Leibler to devise a strategy for Mr. Sent's dismissal and the law firm was later directed conduct an "independent review" into Mr. Sent's conduct. Mr. Bick said that Primelife ultimately dismissed Mr. Sent when he refused to cooperate in the review. Mr. Sent was supposedly contracted to the Company until 2008. The Age says that Mr. Walker has since resigned from the Primelife board, while Mr. de Crespigny is Primelife's current chairman. The trial on the Dismissal Case, before Justice Philip Mandie, still continues. About Primelife Headquartered in Melbourne, Australia, Primelife Corporation -- http://www.primelife.com.au-- develops and manages properties catering to a wide range of senior living needs, including independent retirement living, serviced apartments, aged care or low care hostels and high care nursing homes, and in-home care. Primelife almost skidded into insolvency when on September 23, 2004, the Australian Securities and Investments Commission filed 37 proceedings in the Federal Court of Australia seeking, among other things, orders that an investigating accountant be appointed over managed investment schemes under Primelife to report to the Federal Court to ascertain the position of each of the schemes. ASIC also applied for the schemes to be wound up. ASIC alleged that the schemes are not registered, as required under the Corporations Act. ASIC brought the Federal Court proceedings against Primelife and a number of other defendants including parties who, ASIC alleges, have been involved in promoting and managing the schemes to a large number of investors since 1997. The unregistered schemes were completely wound up in October 2005. The Company had currently resolved most of the legal issues and was turning the corner after a tough couple of years. QUEENSLAND MORTGAGE: Members Opt for Voluntary Liquidation ---------------------------------------------------------- The members of Queensland Mortgage Services Pty Limited met on March 29, 2006, and concurred that the Company should wind up its operations voluntarily. Subsequently, Peter Anthony Lucas was nominated as liquidator. Contact: Peter A. Lucas Liquidator P. A. Lucas & Company Level 8, ING Building 100 Edward Street, Brisbane Queensland 4000, Australia RJE HOLDINGS: Court Issues Wind-up Order ---------------------------------------- The Federal Court of Australia ordered the wind-up of RJE Holdings Pty Limited on March 31, 2006, and nominated Antony de Vries to act as liquidator. Contact: Antony de Vries Liquidator de Vries Tayeh Level 3, 95 Macquarie Street Parramatta, New South Wales 2150 Australia ROBSON'S CARTAGE: Court to Hear Liquidation Application May 22 -------------------------------------------------------------- An application to place Robson's Cartage Ltd into liquidation will be heard before the High Court of Whangarie on May 22, 2006, at 10:45 a.m. The High Court received the application from the Accident Compensation Corporation on April 5, 2006. Parties wishing to appear at the hearing must file an appearance not later than May 18, 2006. ROSERVE PTY: Names Graeme Lean as Liquidator -------------------------------------------- At a meeting on March 30, 2006, members of Roserve Pty Limited agreed that the Company must voluntarily commence a wind-up of its operations. Subsequently, Graeme Trevor Lean was appointed as liquidator. Contact: Graeme T. Lean Liquidator G. T. Lean & Associates 424 Fitzgerald Street, North Perth Western Australia 6006 Australia SEVEN SEASONS: Creditors Must Prove Debts by June 1 --------------------------------------------------- Liquidator Henry David Levin requires Seven Seasons Limited's creditors to submit their proofs of debt on or before June 1, 2006. Failure to comply with the requirement will exclude any creditor from sharing in any distribution the Company will make. Contact: Henry David Levin McCallum Petterson, Level 11 Forsyth Barr Tower 55-65 Shortland Street, Auckland New Zealand Telephone: (09) 336 0000 Fax: (09) 336 0010 SN& J NICHOLLS: Faces Liquidation Proceedings --------------------------------------------- The High Court of Auckland will hear an application to liquidate SN & J Nicholls Limited on June 1, 2006. Twin Pines (1994) Ltd filed the wind-up petition before the Court on March 30, 2006. Parties wishing to appear at the hearing must file an appearance not later than May 29, 2006. Contact: Murray David Branch Harkness Henry & Co, Solicitors Private Bag 3077, Hamilton Auckland Fax: (07) 839 4043 TERRY BENNETT: Shareholders Agree on Wind-up -------------------------------------------- The shareholders of Terry Bennett Real Estate Pty Limited convened at a meeting on March 30, 2006, and decided to wind up the Company. Alan Grevler was consequently named liquidator. Contact: Alan Grevler Liquidator 2nd Floor, 2 Northcote Street St. Leonards, New South Wales 2065 Australia Telephone: (02) 9439 3138 WAGES & SUPERANNUATION: Prepares to Distribute Dividend ------------------------------------------------------- Wages and Superannuation Only Quality Concrete Pty Limited will distribute its first and final dividend on May 24, 2006. Creditors who were unable to prove their claims are excluded from sharing in the distribution. Contact: Richard William Buckby Liquidator KordaMentha (NQ) Level 1, 150 Walker Street Townsville, Queensland 4810 Australia Telephone: (07) 4724 5455 Fax: (07) 4724 5405 WAIPARA INVESTMENTS: Creditors' Proofs of Claim Due on June 1 ------------------------------------------------------------- Liquidator Michael Soutar requires the creditors of Waipara Investments to submit their proofs of claim on or before June 1, 2006. Contact: Michael Soutar Soutar & Associates Level 9, BNZ Bldg 137 Armagh Street Christchurch, New Zealand Telephone: (03) 366 0829 Fax: (03) 379 3876 WESTPOINT GROUP: IMF Will Fund Lawsuits Only If Payout is Sure -------------------------------------------------------------- As reported in the Troubled Company Reporter - Asia Pacific on March 14, 2006, investors in Westpoint Group's high-risk, high- interest mezzanine schemes have been gearing up for a class action against about 100 financial planning groups for the way they put investor savings and superannuation into the Westpoint projects. IMF Australia -- which is a sharemarket-listed litigation funder that assesses all potential litigation on whether there will be any money at the end to recover its costs and potentially deliver a profit to its shareholders -- had teamed up with Slater & Gordon and proposed to give the class action a AU$15 million funding. However, a subsequent TCR-AP report dated April 6, 2006, stated that IMF is considering abandoning its plan to bankroll the class action after IMF found significant loopholes in certain professional indemnity policies issued by certain insurers. In an update, Courier Mail relates that IMF had written to investors saying that it is unlikely to fund any claim unless there is insurance to support a payout. IMF Chief Executive Officer Hugh McLernon said that he had examined major insurance policies from several groups, including major Australian professional indemnity insurers QBE and Macquarie, and had serious concerns about whether they would adequately cover the claims against Westpoint. Mr. McLernon said that after IMF's examination of the policies, it found out that "the grounds that exclude liability are large and we think there is going to be a serious problem with most, if not all, of these policies." According to Courier Mail, Mr. McLernon said that IMF's task now is to identify where it can be shown groups have a decent case, which is self-evident in most cases, and whether they are likely to get a payout, because unless there is a sensible insurance company behind the financial planner, then it is going to be a "pyrrhic victory." He said that many planners had no assets and investors could be putting themselves through a two-year court battle for nothing. The Courier Mail explains that most planners have a claims-made insurance policy, which dictates that any claim must be made within the 12-month term of the policy. Claimants must notify the company through a writ. The claims also exclude liability if the Westpoint promissory note was not on the approved list of the planning firm, which did occur in some cases. Mr. McLernon added that a bigger issue was that the policies were limited in terms of how much they could pay out. According to the report, Mr. McLernon's comments follow the announcement that Gold Coast-based firm Professional Investment Services will investigate settling claims with its clients. It had 256 clients invested in Westpoint, but only about 20 have contacted the company. About Westpoint Headquartered in Perth, Western Australia, the Westpoint Group - - http://westpoint.com.au/-- is engaged in property development and owns or manages retail and commercial properties with a total value of over AU$300 million. The Group's troubles began in 2005 when the Australian Securities and Investments Commission commenced a series of legal proceedings in relation to a number of companies within the Westpoint Group. ASIC contends that Westpoint projects are suffering from significant shortfall of assets over liabilities so that hundreds of investors are at serious risk of not receiving repayment of their investments. These investigations were then followed by the winding up of a number of Westpoint's mezzanine companies. ASIC also sought wind-up orders after the Westpoint companies failed to comply with ASIC's requirement to lodge accounts for certain financial years. These wind-up actions are still continuing. In February 2006, a wind-up order was issued by the Federal Court in Perth against Westpoint Corporation Pty Ltd. ASIC had applied to wind up the company on grounds of insolvency. ASIC believes that Westpoint Corporation is responsible for arranging, managing and coordinating Westpoint Group's property projects as well as holding money for other group companies. ASIC was concerned that Westpoint Corporation was unable to pay its debts, including its obligations under the guarantees given to the mezzanine companies to make good expected shortfalls in the repayment of amounts owed to investors. The Westpoint Group's collapse is considered by many as the largest of its type in recent years, with small investors being the biggest group affected. Investors are currently joining forces to commence a class action against Westpoint and its advisors. WISHART APPLIANCE: Court to Hear CIR's Application on May 22 ------------------------------------------------------------ The Commissioner of Inland Revenue, on April 3, 2006, filed an application to liquidate Wishart Appliance Repair Ltd before the High Court of Wellington. The application will be heard before the Court on May 22, 2006, at 10:00 a.m. Parties wishing to appear at the hearing must file an appearance not later than May 18, 2006. Contact: Andrew Hamer Instone Technical & Legal Support Group Wellington Service Centre 1/F., New Zealand Post House 7-27 Waterloo Quay, Wellington New Zealand Telephone: (04) 890 1133 Fax: (04) 890 0009 ================================ C H I N A & H O N G K O N G ================================ BEN KING: Creditors Must Prove Debts by June 11 ----------------------------------------------- The liquidators of Ben King Limited require the Company's creditors to submit their proofs of claims on or before June 11, 2006. Failure to comply with the requirement will exclude any creditor from sharing in any distribution the Company will make. Contact: Chan Siu Cheung Joint and Several Liquidators 7A, Royal Garden 27 Repulse Bay Road Hong Kong BETAKE MARKETING: Appoints Official Liquidator ---------------------------------------------- Betake Marketing Limited has, on May 4, 2006, appointed Lee Kwok On, as its official liquidator. Contact: Lee Kwok On, Alexander Liquidator Rooms 1901-2 Park-In Commercial Centre 56 Dundas Street Kowloon CHINA HONG KONG DECORATION: Placed in Voluntary Liquidation ----------------------------------------------------------- The creditors of China Hong Kong Decoration Limited held an extraordinary general meeting on May 4, 2006, and agreed to: -- voluntarily wind up the Company's business operations; and -- appoint Huen Ho Yin as liquidator for the wind-up. Contact: Huen Ho Yin Liquidator Rooms 3309-3311 33/F., West Tower Shun TakCentre, 168-200 Connaught Road Central Sheung Wan, Hong Kong CONIC CARPET: Creditors Must File Proofs of Claim by July 15 ------------------------------------------------------------ Creditors of Conic Carpet Limited are required to present their proofs of claim on or before July 15, 2006, to Liquidator Yeung Chi Wai. Failure to present claims on the due date would mean exclusion from the benefit of any distribution that the company will make. Contact: Yeung Chi Wai Liquidator Rooms 301-2, Lucky Building 39 Wellington Street, Central Hong Kong COSMO VISION: Members and Creditors Meeting Fixed on May 24 ----------------------------------------------------------- The contributories and creditors Cosmo Vision Technology Company Limited scheduled a final meeting on May 24, 2006. At the meeting, they will be asked to consider the resignation of a liquidator and the appointment of a replacement. Contact: Lee Sik Wai Benjamin Luk Wai Yin Alice Joint and Several Liquidators Lee Sik Wai & Co. Rooms 2005-7, Bank Centre 636 Nathan Road, Kowloon HERALCO (CHINA) INVESTMENTS: Appoints Official Liquidator --------------------------------------------------------- Heralco (China) Investments Limited was placed in liquidation on April 20, 2006, by a special resolution passed by the creditors. In this regard, Chu King Hei, Victor, was appointed to oversee the wind-up process. Contact: Chu King Hei, Victor Rooms 905-909, Yu To Sang Building 37 Queen's Road Central, Hong Kong HONG KONG FILMAKERS: Final General Meeting Fixed June 12 -------------------------------------------------------- The final general meeting of the members of the Federation of Hong Kong Filmmakers Charity Fund Limited will be held on June 12, 2006, at Room 1005, Wanchai, Hong Kong. At the meeting, Liquidator Lam Ying Sui will discuss the activities that took place during the wind-up period as well as the manner by which the Company's property was disposed of. JAQUE ENTERPRISE: Members Meet to Discuss Wind-up ------------------------------------------------- Members of Jaque Enterprise Company Limited will gather on June 14, 2006, for a final general meeting at: 3-2 J Akasaka Building 6-3-15 Akasaka Minato-ku, Japan At the meeting, Liquidator Yiu Kwong Man will discuss the activities that took place during the wind-up period as well as the manner by which the Company's property was disposed of. The Company's members and creditors will also consider authorizing the Liquidators to destroy the Company's books and records. Contact: Yiu Kwong Man Liquidator Joint and Several Liquidators c/- SV Partners Insolvency Accountants and Risk Managers Web site: http://www.svp.com.au/ KENFORD HOLDINGS: Members Appoint Liquidator -------------------------------------------- Members of Kenford Holdings Limited appointed Chow Cheuk Lap as official liquidator by virtue of a special resolution passed by the Company's members on April 20, 2006. Contact: Chow Cheuk Lap Rooms 501-503 5th Floor, Hang Seng Building 77 Des Voeux Road Central Hong Kong KOWATEX LIMITED: Winding Up Hearing Fixed on June 14 ---------------------------------------------------- On April 19, 2006, Tse Sze Ting filed an application to wind up Kowatex Limited with the High Court of Special Administrative Region. The Application will be heard before the High Court on June 14, 2006, at 9:30 a.m. Contact: Betty Chan for Director of Legal Aid 34/F, Hopewell Centre 183 Queen's Road East Wanchai, Hong Kong Telephone: (852) 2126 6731 e-mail: ladinfo@lad.gov.hk KUNQU SOCIETY: Names Lam Chi Wai as Liquidator ---------------------------------------------- At a meeting of the creditors of Kunqu Society of Hong Kong Limited on April 29, 2006, it was agreed that a voluntary wind- up of the Company is appropriate and necessary. Lam Chi Wai was named as liquidator to manage the wind-up. Contact: Lam Chi Wai Liquidator Units C & D, 9/F. Neich Tower 128 Gloucester Road Wanchai, Hong Kong LANE PROFIT: Members Resolve to Wind Up Firm -------------------------------------------- Members of Lane Profit Limited held a meeting on May 8, 2006, and agreed that: -- the Company be wound up voluntarily; and -- Lui Wan Ho and Lui Yee Lin be appointed as joint liquidators to divide and distribute any part of the Company's assets. Contact: Lui Wan Ho Lui Yee Lin Room 1701 Olympia Plaza 255 King's Road North Point Hong Kong NANJING PANDA: Recovers CNY500-Million Debt ------------------------------------------- Nanjing Panda Electronics Company acquired CNY500 million in shares to Hua Fei Colour Display Systems Company as payment for debt owed by the former's subsidiary, Nanjing Panda Mobile Communication Equipment Co., Bloomberg reports. The payment is equivalent to a 25 percent stake in Hua Fei Group. Nanjing Panda Mobile was at risk of defaulting until Jiangsu Province Investment took over the debt on March 2005. The debt was then transferred to Jiangsu International Trust & Investment Corp -- an investment arm of the Jiangsu provincial government. The trust will pay the debt back, plus CNY22.5 million in interest, in shares of Hua Fei Colour Display Systems, Bloomberg adds. Details of the debt transfer from Nanjing Panda Mobile to Jiangsu Province Investment and to Jiangsu International Trust were not disclosed, Bloomberg reveals. * * * Nanjing Panda Electronics Company Limited's -- http://www.chinapanda.com.cn-- principal activities are the development, production and sale of mobile telecommunication system, satellite communication system, Information Technology and electromechanical products. The company's sole brand is PANDA. Jiangsu International Trust and Jiangsu Province Investment are both units of Guo Xin Group. Guo Xin is the third-biggest shareholder in Panda Electronics Group Ltd., which owns 54.2 percent of Nanjing Panda Electronics, a partner of Ericsson AB and Sony-Ericsson Mobile Communications Ltd. Nanjing Panda Electronics sold its 51 percent stake in Nanjing Panda Mobile in March 2005 to pay a CNY120 million loan from Nanjing Wei Te Investment Management Company Limited. It also sold its 95 percent stake in Panda Communication Development Co. to pay back the loan. PACIFIC WELL: Members Appoint Liquidator ---------------------------------------- Members of Pacific Well Development appointed Chow Cheuk Lap as the Company's Official Liquidator as ordered by the High Court of Hong Kong on April 20, 2006. Contact: Chow Cheuk Lap Liquidator Rooms 501-503 5th Floor, Hang Seng Building 77 Des Voeux Road Central Hong Kong PARK FINANCE: Fixes Final Meeting on June 16 -------------------------------------------- A final meeting will be convened for Park Finance (Hong Kong) Limited on June 16, 2006, to receive Liquidator Hui Yiu Kwan's account on the Company's winding up and disposal of properties. The meeting will be held at Room 1406 Hang Shing Building, 363- 373 Nathan Road, in Kowloon, Hong Kong. PARK MANAGEMENT: Liquidator to Present Wind-up Report on June 16 ---------------------------------------------------------------- Members of the Park Management Limited will convene for a final general meeting on June 16, 2006, at 1406 Hang Shing Building, 363-373 Nathan Road, Kowloon, Hong Kong. At the meeting, Liquidator Hui Yiu Kwan Dennis will present an account of the Company's liquidation process. The members will also decide whether the books, accounts, and documents of the Company will be retained by its liquidator Hui Yiu Kwan and be disposed of after the Company is dissolved. PIHANA PACIFIC: Creditors' Proofs of Debt Due on May 30 ------------------------------------------------------- Creditors of Pihana Pacific Business Recovery Hong Kong Limited are required to send in their proofs of debt to Liquidator Tan Tuan Hong on or before May 30, 2006. Failure to meet the requirement will exclude any creditor from sharing in any distribution the Company will make. Contact: Tan Tuan Hong Liquidator Apt Blk 543, Jelapang Road #16-60, Singapore 670543 PROFESSIONAL HAN: Receiving Proofs of Claim Until June 16 --------------------------------------------------------- Professional Han Tang Language Institute Limited will be receiving proofs of debt or claim until June 16, 2006. Creditors may send in their particulars to Lam Chi Wai, the Company's joint liquidators at Units C & D, 9/F., Neich Tower, 128 Gloucester Road Wanchai, Hong Kong. Creditors who fail to comply with such requirements will be excluded from the benefit of any distribution the Company will make. SHIN MUN: Creditors' Proofs of Claims Due on June 17 ---------------------------------------------------- Creditors of Shin Mun Company Limited are requested to show proofs and establish priority of their claims on or before June 17, 2006. The Company's creditors who were unable to prove their claims are excluded from sharing in the Company's dividend distribution. SHOWER ASSOCIATION: Members Agree to Liquidate Business ------------------------------------------------------- On May 6, 2006, members of Shower Association Limited resolved that the Company be wound up voluntarily. Subsequently, Ho Kwok Cheong was appointed as liquidator at a creditor's meeting held later that day. SUNSWAY LIMITED: Undertakes Liquidation Process ----------------------------------------------- A special resolution to appoint a liquidator for Sunsway Limited was passed by shareholders on May 3, 2006. Thus, Tse Wai Hing was hired to facilitate the liquidation of the Company's assets. Contact: Tse Wai Hing Liquidator Suites 1403-4 14/F, Nan Fung Tower 173 Des Voeux Road Central, Hong Kong TACHAN SECURITIES: Fitch Upgrades Long-Term IDR to BB From BB- -------------------------------------------------------------- Fitch Ratings has today upgraded the Long-term Foreign Currency Issuer Default Rating, and National Long- and Short-term ratings of Taiwan's Tachan Securities Co., Ltd. At the same time, the agency affirmed Tachan's Short-term foreign currency, Individual and Support ratings. The Outlook on the ratings remains Stable. Long-term Foreign Currency IDR upgraded to 'BB' from 'BB-'; National Long-term rating upgraded to 'BBB+(twn)' from 'BBB-(twn)'; National Short-term rating upgraded to 'F2(twn)' from 'F3(twn)'; Short-term foreign currency rating affirmed at 'B'; Individual affirmed at 'D' and Support affirmed at '5'. The upgrades reflect Tachan's consistent profitability, strong liquidity, high capital adequacy and low leverage. However, it also takes into account Tachan's weaknesses, such as its small size and the volatile nature of its profits. Tachan has achieved consistent profitability since its inception 18 years ago despite a decline in the stock exchange trading volumes in recent years and volatile market conditions. The company considers proprietary trading as one of its core competences. Electronic trading accounted for 52% of the brokerage business in 2005, and Tachan expects to shift more of its customers to electronic trading going forward. Fitch notes that Tachan's risk management is relatively unsophisticated compared with that of its larger peers. However, risk control measures are effective and strict and management is relatively conservative in terms of the amount of risks it undertakes. Tachan is one of the smaller securities companies in Taiwan. It was established in 1988 by its current chairman, Marlon Chu, who, together with associated investment companies, owns over 80% of the company. It is a fully-licensed integrated securities company. Tachan currently operates four branches with a 0.26% market share in the total brokerage trading volume of the Taiwan Stock Exchange. * Fitch Says Taiwan's Bills Finance Firms Face Challenges in '06 ---------------------------------------------------------------- Fitch Ratings comments that Taiwan's bills finance industry faces more challenges this year as bills finance companies continue to operate in the difficult part of the interest rate cycle, where short-term interest rates is expected to continue to rise faster than long-term interest rates. This poses a threat to the profitability of BFCs, and the agency, in its recently released report on the country's bills finance industry, points out that the earnings outlook for BFCs this year remains grim. However, despite an inclement operating environment, Fitch sees the outlook of Taiwan's bills finance industry as Stable due to its good capitalization, improving asset quality and a gradually deregulated market enabling further revenue diversification. Last year, the bills finance sector reported a 9% decline in aggregate pre-tax profits due to a combination of interest margin compression, lackluster demand for money market funding services and strong cross-sector competition by commercial banks awash with liquidity. On average, the sector's pre-tax ROE fell to 9.4% from 11.4% in 2004. In 2005, BFCs traded in bonds and bills more aggressively in the hope of offsetting the decreased margins in gapping by building up trading volume: the industry reported an increased income of 52% from trading bills and bonds in 2005. The sector's asset quality continued to show further improvements, thanks to the positive corporate earning cycle between 2003 and 2005. The industry's average problem credit ratio, excluding restructured loans, decreased to 1.22% at end- 2005 from 2.24% at end-2004. In Fitch's view, 2006 holds more challenges for the bills finance industry. The gapping spread will likely remain tight as the Central Bank of China is likely to tighten monetary policy and the demand for funding remains weak due to slow corporate capital investments. Taiwan's 10-year government bond yield has started to rise, and the upward trend of long-term interest rate posts a major threat to BFCs' profitability in 2006 as capital losses from existing bond portfolio are likely to occur. In a scenario analysis, Fitch calculates that the sector would suffer a one-off TWD16 billion investment loss on a 100 basis point rise in long bond yields. The estimated loss appears large but is manageable in the agency's view, as it amounts to about 11% of the sector's aggregate net worth that Fitch estimated for end-2006. Despite an inclement operating environment, the report notes that BFCs still have room to maneuver by adding new investments to average down their holding cost because their bond holdings are generally not high. At end-2005, bond holdings by BFCs totaled TWD641 billion and amounted to 4.7x of their aggregate equity; regulations permit BFCs to leverage up to 14x equity. Overall, Fitch believes BFCs are mostly well capitalized and able to withstand the adverse impact of a substantial rise of the long bond yield. The bills finance industry reported 15.5% of average capital adequacy ratio at end-2005, a level well above regulatory benchmark of 8%. The report, "Taiwan's Bills Finance Industry Performance Review and Outlook," details the agency's view of the industry's 2006 outlook and 2005 performance, and the major changes of the regulatory regime governing the sector. I t is available on the agency's Web site at http://www.fitchratings.com/ ========= I N D I A ========= NATIONAL TEXTILE: Initiates INR530-crore Modernization Exercise --------------------------------------------------------------- The National Textile Corporation has initiated a INR530-crore exercise to modernize its mills, New Kerala News reports. Union Textiles Minister Shankersinh Vaghela told Kerala News that National Textile had earmarked INR530 crore for the modernization of 22 mills and had already placed the initial purchase order for machinery. The Minister said that the Board for Industrial and Financial Reconstruction had approved a scheme for the revival of the textile mills under National Textile. Out of a total of 119 mills, 65 had been identified as unviable and have been closed, while two mills located in Pondicherry have been transferred to the state government, the report says. The Government has decided to modernize 22 mills out of the remaining 52, through sale of surplus assets. Mr. Vagehla added that 29 mills would be revived through a joint venture with private partnership besides construction of an Indian International Trade Tower on the land of one mill. About National Textile Corporation Headquartered in New Delhi, India, National Textile Corporation Ltd -- http://texmin.nic.in/-- is the single largest textile central public sector enterprise under Ministry of Textiles managing 52 textile mills through its nine subsidiary companies spread all over India. The strength of the group is around 22000 employees. The annual turnover of the Company in the year 2004-05 was approximately INR638 crores. In 2002, the Board for Industrial and Financial Reconstruction approved the revival of 53 viable mills and closure of 66 unviable mills. National Textile is in the process of a major restructuring. A new corporate plan is under formulation for repositioning of the organization by merging all its nine subsidiaries into one holding company. ONAKE OBAVVA: Loses License Due to Insolvency --------------------------------------------- The Reserve Bank of India has canceled the license of The Onake Obavva Mahila Co-operative Bank Ltd. - Chitradurga on May 12, 2006, after all efforts to revive the bank failed. The Reserve Bank also stated that the Onake Obavva has ceased to be solvent and that its depositors were being inconvenienced by continued uncertainty. The Registrar of Co-operative Societies, Karnataka, has also been requested to issue an order for the winding up of the bank and to appoint a liquidator. As of March 31, 2003, Onake Obavva was facing a liquidity crunch. The realizable value of capital and reserves was in the negative and the deposits were eroded up to 27.82% of the total deposits. Considering its financial position, the bank was placed under directions under Section 35A of the Banking Regulation Act, 1949, on September 11, 2003, which restricted withdrawal of deposits to INR1,000 per depositor. Furthermore, the inspection of the bank with reference to its financial position as on June 30, 2004, revealed further deterioration in the realizable value of capital and reserves leading to erosion of deposits of up to 39.5% of its total deposits. The Reserve Bank then issued a notice to the bank on January 12, 2005, asking it to show cause as to why the license granted to it to conduct banking business should not be cancelled. As Onake Obavva did not have a viable plan of action for revival and the chances of its revival were remote, the Reserve Bank decided to cancel Onake Obavva's license in the interest of the bank's depositors. With the cancellation of its license and after commencement of liquidation proceedings, the process of paying the depositors of Onake Obavva will be set in motion. Contact: Shri R.G.K.Pillai General Manager - Urban Banks Department Reserve Bank of India 10/3/8, Nrupathunga Road Bangalore 560 001, India Telephone: (080) 22275020 Fax: (080) 22293668/22210185 e-mail address : ubdbangalore@rbi.org.in ================= I N D O N E S I A ================= PERTAMINA: Gets 25 Financing Proposals for Cepu Project ------------------------------------------------------- The Troubled Company Reporter - Asia Pacific reported on April 10, 2006, that Exxon Mobil Corporation and PT Pertamina have signed a Joint Operating Agreement in March 2006, for the development of the Cepu oil block located in East and Central Java. The TCR-AP stated that the signing of the agreement follows the execution of the Cepu Cooperation Contract in September 2005, and enables the parties to begin the activities and make the investments required to develop the discovered resources and further explore the oil block during the contract's 30-year term. In an update, AFX News cites Pertamina Finance Director Fredrik Siahaan as saying that Pertamina has obtained 25 proposals from unnamed investors to finance the development of the Cepu oil block. The joint operators are expected to submit their plan for the block's development to oil and gas upstream regulator BP Migas later in May. The TCR-AP recounts that under the plan, contractors will drill 40 wells, comprising 36 development wells and four exploration wells, at the giant oil block. Pertamina is targeting to begin production by end 2008 or early 2009, with peak output seen at 160,000 barrels per day or nearly 16% of Indonesia's current nationwide output. Located in East and Central Java, Cepu's five oil fields hold estimated reserves of 600 million barrels of oil and 1.7 trillion cubic feet of gas. About PT Pertamina PT Pertamina (Persero) -- http://www.pertamina.com/-- is a wholly state-owned enterprise. The enactment of Oil and Gas Law No. 22/2001 in November 2001 and Government Regulation No. 31/2003 has changed its legal status from a special state-owned enterprise into a Limited Liability Company. In carrying out its activities, PT Pertamina implements an integrated system from upstream to downstream. Pertamina operates seven oil refineries with a total output capacity of around 1 million barrels per day. However, these refineries only cover about three-quarters of domestic oil demand, with the rest being met by imports. In 2003, PT Pertamina director of finance Alfred Rohimone disclosed that the state-owned oil company's financial condition was in critical condition because its expenditure was surpassing its income due to its obligation to meet domestic demand with fuel oil bought at higher prices on he international market. Mr. Rohimone stated that with a liquidity position below IDR2 trillion, the Company was already bleeding. Despite reporting a net profit of IDR3.03 trillion for the first six months of 2005, Pertamina's failure to service its financial obligations was pegged as one of the contributors to Indonesia's decreased income for the year. In August 2005, a debt owed by Pertamina to United States firm Karaha Bodas Company has risen from IDR2.54 trillion to IDR2.99 trillion. The debt had increased when, in 2003, a U.S. court ordered the Company to pay compensation to KBC, relating to an international arbitration decision, when the Indonesian Government halted a geothermal project in Karaha Bodas, East Java. Since that time, the debt has steadily risen due to the company's failure to pay the compensation immediately. PERUSAHAAN LISTRIK: Picks Marubeni to Build Cerebon Power Plant --------------------------------------------------------------- State-owned PT Perusahaan Listrik Negara has picked a consortium led by Japan's Marubeni Corporation to build a 600-megawatt coal-fired power plant in Cerebon, West Java, Reuters reports. According to the report, Marubeni submitted a cheaper price, thus was chosen as the frontrunner of the bidding race. AFX News relates that other bidders included India's Essar group, Malaysia's YTL and a consortium comprising Bakrie Power, Indonesian Power and Barcock. Reuters reports that Jakarta plans to float tenders for eight power projects, including the West Java project. The power projects, with a combined capacity of 3,670 megawatts, stirred some interest among foreign investors and banks. Reuters says that earlier, government officials had said that the tariff, which has been set at about US$4.5 cents per kilowatt-hour, was much lower than what investors hoped for to make attractive returns on the project. * * * Headquartered in Jakarta, Indonesia, PT Perusahaan Listrik Negara -- http://www.pln.co.id/-- is Indonesia's state-owned utility company. The Company transmits and distributes electricity to approximately 30 million customers, or about 60% of Indonesia's population. The Indonesian Government decided to end PLN's power supply monopoly to spark interest for independents to build more capacity for sale directly to consumers, as many areas of the country are experiencing power shortages. PLN posted a IDR4.92 trillion net loss in 2005, versus a net loss of IDR2.02 trillion in 2004. The Company received IDR12.51 trillion in subsidies from the Government last year, almost four times the IDR3.47 trillion in 2004. The Troubled Company Reporter - Asia Pacific reported on April 5, 2006, that Perusahaan Listrik is once again the subject of a corruption investigation by the Indonesian National Police, connected to equipment price mark-ups and irregular contract tendering procedures at a gas-fired power plant in Bekasi. This after being subjected to a probe on an alleged price mark-up of three generators purchased in 2004. ========= J A P A N ========= JAPAN AIRLINES: Expands Code Share Agreement with FinnAir --------------------------------------------------------- Japan Airlines will seek government approval for the proposed expansion of its 2005 code sharing agreement with Finnish airline Finnair by increasing the number of JAL domestic flights that the European carrier can place its flight codes on, Noticias.info relates. The code-sharing agreement seeks to include flights between Centrair Airport, Nagoya, and Sapporo, and flights between Centrair Airport and Fukuoka. Last year, the code-sharing deal between the two airline carriers focused on specific daily flights by Finnair between Helsinki, Amsterdam and Frankfurt, as well as one-way flights by JAL to Fukuoka, Osaka, Sapporo and Tokyo. 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. * * * 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 to JPY88.2 billion, compared to an operating profit of JPY56.15 billion in 2004. A subsequent report by the TCR-AP on May 16, 2006, stated that the number of domestic passengers fell 1.9% on operating difficulties, causing domestic ticket sales to drop 2.2% to JPY659.9 billion. Japan Airlines had also spent JPY33 billion on retirement benefit changes, whereas currency fluctuations adversely affected the Company and prompted JPY6 billion in losses. For 2006, the Company hedged some 75% of its jet fuel needs to cushion the impact of further fuel price increases. ========= K O R E A ========= HYUNDAI MOTOR: Prosecutors Indict Chairman Chung ------------------------------------------------ After a month-old probe into a slush fund scandal, prosecutors indicted Hyundai Motor Co. Chairman Chung Mong-koo on charges of embezzlement and breach of trust, The Standard 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 Korea Herald relates that senior prosecutor Chae Dong-wook said that the Supreme Prosecutor's Office changed its previous plan of indicting Mr. Chung along with 10 other Hyundai officials due to difficulties in determining where Hyundai spent its slush funds. However, Mr. Chae denied that the change has nothing to do with reports of the indictment having an impact in the local elections scheduled on May 31, 2006, saying that the indictments were delayed to allow more time to investigate where the secret funds were spent. The TCR-AP subsequently stated on May 16, 2006, that Chairman Chung's son, Eui-sun, who is the president of Kia Motors Corporation, was not on the list of indictments, but is expected to be indicted this month after being summoned for further investigation. Speculations have arisen that prosecutors are deliberately delaying the indictment of Eui-sun and the other Hyundai executives to put pressure on Chairman Chung, the Chosun accounts. 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: Gov't Official Commits Suicide Over Slush Fund ------------------------------------------------------------- Park Seok-an, a former official of Seoul City Hall, committed suicide amidst prosecutors widening their probe on the slush fund scandal involving Hyundai Motor Group, The Korea Herald relates. According to the report, prosecutors were investigating suspicions that part of Hyundai's secret fund was used to bribe the Seoul city government officials in return for special business favors. The Herald recounts that Mr. Park has been summoned by prosecutors five times over the past two weeks and was most recently questioned on May 12, 2006, if he received kickbacks from Hyundai to influence the approval of the Company's R&D center in Yangjae-dong in Seoul, where any construction work has been banned. Mr. Park reportedly drowned himself on May 16, 2006, in a lake north of Seoul. About Hyundai Motor Headquartered in Seoul, South Korea, Hyundai Motor Company -- http://www.hyundai-motor.com/-- has been selling cars in the United States since 1986, but it only started selling its heavy trucks stateside in 1998. Hyundai produces 14 models of cars and minivans, as well as trucks, buses, and other commercial vehicles. The Company reestablished itself as Korea's leading carmaker in 1998 by acquiring a 51% stake in Kia Motors -- since reduced to about 45%. The Company also manufactures machine tools for factory automation and material- handling equipment. The Troubled Company Reporter - Asia Pacific reported that the Hyundai Automotive Group is facing its deepest crisis since chairman Chung Mong-koo took over in 1999, with problems like the falling United States dollar, high oil prices and union demands aggravated by a sweeping criminal investigation regarding the carmaker's alleged creation of slush funds that were used by at least two lobbyists to bribe government officials for business favors, including having KRW55 billion worth of Hyundai's bad debts written off. Some of the group's official business has been on hold since the probe on the slush fund started and several top executives were summoned for questioning. Kia Motor President Chung Eui-sun, the group chairman's son, is currently under a travel ban. Other affiliates are also feeling the pinch. Amid all this, Hyundai Motor's labor union is demanding a wage increase of 9.1% or KRW125,524 (US $125), significantly more than 2005's 6.9% or KRW89,000. The union is expected to capitalize on the slush fund allegations in support of its case and make matters worse for management. =============== M A L A Y S I A =============== ANTAH HOLDINGS: Updates on Defaults and Proposes Restructuring -------------------------------------------------------------- Antah Holdings Berhad advised that its subsidiaries, Antah Holdings Services Sdn Bhd and Pacific Asia Fishing Sdn Bhd, which have defaulted in various credit facilities to financial institutions, are neither major subsidiaries nor associate companies to Antah. Antah confirmed that Kaseh Lebuhraya Sdn Bhd, which has also defaulted on debts to financial institutions, is Antah's major subsidiary. Furthermore, Antah disclosed that it will not be able to settle its debts in full when they fall due within the next 12 months. Thus, it is unable to provide a solvency declaration. Meanwhile, Antah is proposing to undertake a Proposed Restructuring Scheme with the intention of restoring itself onto stronger financial footing and to regularize its condition, via: * the acquisition of PIPO Group; * a scheme of arrangement with shareholders; * the acquisition of Lekas; * the acquisition of certain other properties; * a scheme of arrangement with creditors; * the issuance of NewCo shares; * the offer for sale of NewCo shares; * the transfer of listing status; and * the disposal of the Company. Accordingly, the Company had, on May 9, 2006, submitted the applications for a Proposed Restructuring Scheme to the Securities Commission and the Foreign Investment Committee. About Antah Holdings Berhad Headquartered in Petaling Jaya, Selangor Darul Ehsan, Malaysia, Antah Holdings Berhad -- http://www.antah.com.my/-- manufactures and trades pharmaceutical products and fluid engineering and manufacturing. The Company's other activities include retailing of houseware and kitchenware, property development, insurance broking, provision of management services and investment holding. The Group discontinued its beverage and security services operations. The Group operates in Malaysia, Australia, United Kingdom and Singapore. Aside from reporting consecutive losses, Antah is also unable to meet its debt obligations and is currently awaiting the approval of relevant authorities for the implementation of its restructuring scheme pursuant to a scheme of arrangement under Section 176 of the Companies Act, 1965. According to the Troubled Company Reporter - Asia Pacific on May 11, 2006, financial institutions extended a total loan facility of MYR281,401,000 to the Company. To date, Antah paid MYR48,247,000. As of April 30, 2006, Antah's total loan default plus interest has reached MYR286,442,000. AYER HITAM: Application for Stay Taken Off from Hearing List ------------------------------------------------------------ Ayer Hitam Tin Dredging Berhad's application for a stay of execution of the judgment against its wholly owned unit, Motif Harta Sdn Bhd, has been taken off from the Hearing List of the Kuala Lumpur High Court. A new date will be set by the Court. As reported by the Troubled Company Reporter - Asia Pacific on March 9, 2006, Ayer Hitam intended to apply for an extension of the restraining order granted by the High court of Malaysia. The Order expired on March 4, 2006. The Company has applied for the Restraining Order so as to facilitate its proposed Restructuring Scheme, which was announced on August 17, 2005. A statutory demand dated October 7, 2005, has been served on Ayer Hitam's 100%-owned subsidiary, Motif Harta, by the solicitors for KIY Design and Interior Sdn Bhd. The demand states that Motif Harta owed KIY MYR260,953 for the procurement of supply of goods and services for the hotel-in-progress. The Company has appealed against the Judgment and had instructed its solicitors to file for a request to enter a stay of execution of the Judgment. About Ayer Hitam Tin Dredging Malaysia Berhad Headquartered in Kuala Lumpur, Malaysia, Ayer Hitam Tin Dredging Malaysia Berhad -- http://www.ahtin.com.my/-- is involved in property development and the trading of promotional products and services in Malaysia. The Company is also engaged in the trading of uninterrupted power supply equipment and magnetic fuel treatment systems and the provision of investment holding, nominee services, hotel development and management and renovation services. The Company has been incurring huge losses in the past years and has defaulted on several loan facilities. As of January 31, 2006, Ayer Hitam Tin Dredging Malaysia Berhad's payment defaults have reached MYR39,624,454. On August 17, 2005, the Company unveiled a Proposed Restructuring Scheme to save the business. Yet, the Securities Commission rejected the Plan after determining that it is not a comprehensive proposal capable of resolving all the financial issues faced by the Company. The Company's Board is still deliberating on its next course of action. COMSA FARMS: Bourse Rejects Application for Deadline Extension -------------------------------------------------------------- Comsa Farms Berhad had obtained shareholders' approval at an Extraordinary General Meeting held on December 23, 2004, of a shareholders' Mandate for the Recurrent Related Party Transactions, the Troubled Company Reporter - Asia Pacific recounts. The Company was unable to convene its Annual General Meeting of shareholders in 2005 and, as such, had not obtained shareholders' approval for the renewal of the general mandate for the RRPTS. On April 12, 2006, Comsa had applied to Bursa Malaysia Securities Berhad for an extension of time to seek the Shareholders' Ratification and Shareholders' Mandate for Recurrent Related Party Transactions of Revenue or Trading Nature for the period January 1, 2006, to May 23, 2006. However, the Bourse has, on May 11, 2006, resolved to reject the application after taking into consideration the relevant facts and circumstances. About Comsa Farms Berhad Headquartered in Sabah, Malaysia, Comsa Farms Berhad engages in the wholesale and retail of fresh and frozen chicken products, meat and foodstuff. Its other activities include livestock, aqua feedmilling, poultry feeding, hatchery operations, and layer farming. The Company is currently embroiled in crisis due to its inability to meet its sinking fund payment, weak operational cash flow vis-a-vis its debt level and poor showing in terms of returns on investment since the commencement of the modernization and expansion of its farms in 2000. Furthermore, the poultry industry is presently confronted by the outbreak of the avian influenza and rising raw material prices, which could hurt Comsa's earnings and cash flow in the immediate term. On April 10, 2006, the Company was declared a Practice Note 17 company by Bursa Malaysia due to its deficits in shareholders equity totaling MYR89,412,000. As an affected listed issuer, Comsa Farms is required to submit a plan to regularize its financial condition. CONSOLIDATED FARMS: Unable to Provide Solvency Declaration ---------------------------------------------------------- Consolidated Farms Berhad confirmed that all its four subsidiaries, which have defaulted on various credit facilities to the financial institutions, are not its major subsidiaries: 1. Consolidated Breeder Farms Sdn Bhd; 2. Consolidated Feedmill Sdn Bhd; 3. Consolidated Organic Fertiliser Sdn Bhd; and 4. Consolidated Liquid Eggs Sdn Bhd. Meanwhile, Confarm said that it will not be able to settle all its debts in full when they fall due within the next 12 months and hence, the Company is unable to provide a solvency declaration. Confarm is in the midst of deciding the way forward for the Company in light of its appeal to the Securities Commission seeking a re-consideration to approve the Proposed Restructuring Scheme that had been rejected by the SC. As reported by the Troubled Company Reporter - Asia Pacific, the Securities Commission junked ConFarm's original restructuring scheme on September 16, 2005, because the plan is not capable of resolving all the financial issues faced by the Company. About Consolidated Farms Berhad Headquartered in Kuala Lumpur, Malaysia, Consolidated Farms Bhd -- http://www.confarm.com/-- is engaged in poultry farming which includes operating of breeder farm, production and processing of organic fertilizer, feed milling and manufacturing and sale of egg trays. Other activities include manufacturing and processing of eggs into pasteurized eggs and de-shelled hard-boiled eggs. The Company is a Practice Note 4 concern currently undergoing a restructuring exercise to address its debt problem. The company had appointed Deloitte KassimChan Business Services Sdn Bhd as advisor for the restructuring exercise. Consolidated Farms was mired with MYR122-million debt on account of its expansion plan, which included the purchase of equipment and facilities. KEMAYAN CORPORATION: Bourse Removes Securities from List -------------------------------------------------------- After having considered all facts and circumstances, Bursa Malaysia Securities Berhad had decided to delist Kemayan Corporation Berhad from the Official List of Bursa Securities as the Company does not have an adequate level of financial condition to warrant continued listing on the Official List of Bursa Securities, the Troubled Company Reporter - Asia Pacific recounts. Accordingly, Kemayan's securities were removed from the Official List of Bursa Securities on May 11, 2006. The securities of the Company will continue to remain deposited with Bursa Depository notwithstanding the delisting of the securities of the Company. It is not mandatory for the Company's securities to be withdrawn from Bursa Depository. Shareholders who intend to hold their securities in the form of physical certificate can withdraw these securities from their Central Depository System accounts with Bursa Depository, at anytime after the securities of the Company are delisted by submitting the application form for withdrawal in accordance with the procedures prescribed by Bursa Depository. About Kemayan Corporation Headquartered in Johor Darul Takzim, Malaysia, Kemayan Corporation Berhad -- http://www.kemayan.com/-- develops, constructs and manages properties. The firms' other activities include the operation of resorts, cultivation of palm oil, trading of office equipment and supplies and the provision of management, engineering and investment holding services. Kemayan has incurred recurring losses in the past due to stalled development projects and lack of cash flow. These prompted the Company to propose a restructuring scheme on June 29, 1999. The Company believes that the significant interest savings arising from the Proposed Restructuring Scheme would provide the Kemayan Group with the financial ability to continue its operations on a going concern basis and, in the long term, to regain profit. Bursa Malaysia Securities Berhad delisted Kemayan Corporation's securities from the Official List on May 11, 2006, as the Company does not have an adequate level of financial condition to warrant continued listing on the Bourse. KIG GLASS: Executes Restructuring Deal with Permintex Holdings -------------------------------------------------------------- KIG Glass Industrial Berhad, on May 11, 2006, entered into a restructuring agreement with Permintex Holdings Sdn Bhd and Permintex Berhad in respect of the reverse takeover of KIG Glass by Permintex Holdings through Permintex. The restructuring agreement will involve: * acquisitions; * a shareholders' scheme; * a debt settlement; * a placement of the Company's shares; * a transfer of listing status; and * disposal of the company. Possible Delisting Due to Deficit KIG Glass agreed to the restructuring proposals since it has been unable to repay its debts due to its "poor financial position" and "loss-making businesses" since 2002. In addition, both the subsidiaries of KIG Glass -- Zibo Jiali Royalex Glass Co. Ltd and Zibo Jiali Glass Industry Co. Ltd -- have ceased operations in 2004 and 2005, and are in the process of being struck off and in voluntary bankruptcy. As of December 31, 2005, the KIG Group's accumulated losses stood at MYR285.8 million. The shareholders' funds of the KIG Group was in deficit of approximately MYR93 million while its total borrowings amounted to approximately MYR103.5 million. To this end, KIG Glass had, on November 2, 2004, and November 8, 2005, announced its status as an affected listed issuer pursuant to Practice Note 1/2001 and Practice Note 17/2005 of the Listing Requirements, respectively. In the absence of a plan to regularize its financial condition, KIG Glass would likely face the prospects of delisting. In this respect, the Board has decided to embark on the Proposals formulated to provide a better recovery to the Company's shareholders and creditors. White Knight Company In order to isolate the white knights from any known and unknown liabilities of KIG Group, a new company -- Permintex -- was incorporated as a new holding company to assume the listing status of KIG Glass. The Proposed Acquisitions will allow the white knight, with proven track record and better prospects, to generate immediate and stable source of revenue, profit and cash flow to Permintex. The Proposed Shareholders' Scheme will enable the existing shareholders of KIG Glass to recover some shareholders' value instead of zero value in the event of liquidation and participate in the future profitability of Permintex upon injection of the White Knight Companies. Similarly, the Proposed Debt Settlement will enable the Scheme Creditors to receive better returns than they would have, under a liquidation scenario. As part of the listing of Permintex, Permintex will place up to 26,798,153 Shares to identified investors in order to meet the public shareholding spread requirement for the listing of its Shares on the Bursa Securities. The Proposed Disposal is to enable Permintex to dispose KIG Glass and its subsidiaries in order to facilitate the restructuring process and also for Permintex to focus on its new business without the burden of KIG Group's remaining debt. Details of the Permintex Agreement are available for free at: http://bankrupt.com/misc/tcrap_KIGglass051606.pdf http://bankrupt.com/misc/tcrap_Kigglasstabel051606.pdf About KIG Glass Industrial Berhad Headquartered in Johor Darul Ta'zim, Malaysia, KIG Glass Industrial Berhad -- http://www.kedaung.com/-- manufactured and sold glassware, glass blocks and carton boxes. The firm's other activities included manufacturing of ceramic roof tiles. Its operations were carried out in Malaysia and China. Due its inability to pay its debts, the Company ceased operation in May 2005. As of December 31, 2005, the KIG Group's accumulated losses stood at almost MYR300 million. The shareholders' funds of the KIG Group was in deficit of approximately MYR93 million while its total borrowings amounted to approximately MYR104 million. To this end, KIG Glass announced its status as an affected listed issuer pursuant to Practice Note 1/2001 and Practice Note 17/2005 of the Listing Requirements. MBF CORPORATION: Shareholders' Equity Falls Short of Requirement ---------------------------------------------------------------- MBf Corporation is an affected listed issuer pursuant to the Amended Practice Note 17 of Bursa Malaysia Securities Berhad's Listing Requirements. Based on the audited consolidated results of MBf Corp for the financial year ended December 31, 2005, MBf Corp's shareholders' equity on a consolidated basis of approximately MYR18.480 million is less than 25% of the issued and paid up capital of the Company of approximately MYR281.819 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. As an affected listed issuer, MBf Corp is required to: -- submit a plan to regularize the Company's condition to the Securities Commission and other relevant authorities for approval within eight months from May 9, 2006; -- implement the Regularization Plan within the timeframe stipulated by the SC; -- announce the status of the Plan on a monthly basis until further notice from Bursa Malaysia Securities Berhad; -- announce the Company's compliance or non-compliance with a particular obligation impose pursuant to Amended PN17 on an immediate basis; and -- disclose the details of the Plan to Bursa Malaysia. If the Company fails to comply with the obligation to regularize its condition, all of its listed securities will be suspended from trading and delisting procedures will be taken against the Company. The Board of Directors of MBf Corp is currently in the process of preparing the Regularization Plan. Once completed, the requisite announcement outlining the Regularisation Plan will be made to Bursa Malaysia accordingly. About MBf Corporation Berhad Headquartered in Kuala Lumpur, Malaysia, MBF Corporation Berhad is principally involved in promoting and selling property, club and timeshare memberships; leasing factoring facilities, credit cards, consumer financing and related products and property development. Other activity include investment holding. The Group operates in three main areas, namely, Malaysia, Indonesia and Hong Kong and Taiwan collectively. The Group's principal activities are mainly operated in Malaysia except for the credit card business, which is carried out in Indonesia. The Group has no significant operations in Hong Kong and Taiwan other than certain residual assets from a subsidiary that has since been liquidated in Taiwan. The Company is classified under Bursa Malaysia Securities Berhad's Practice Note 17 category and is required to formulate a plan to regularize its financial condition. MBF CORPORATION: Disposes of Shares for MYR12,515,000 ----------------------------------------------------- MBf Corporation Berhad has, on May 8, 2006, entered into: -- a conditional share sale agreement with Hasrat Mulia (M) Sdn Bhd for the disposal of 3,000,001 ordinary shares of MYR1.00 each in Nation Holdings Sdn Bhd representing 50% for a cash consideration of MYR9.0 million; -- a conditional share sale agreement with SJ Molek Sdn Bhd for the disposal of 100,000 ordinary shares of MYR1.00 each in KIP Land Sdn Bhd representing 40% therein for a cash consideration of MYR3.5 million; and -- a conditional share sale agreement with Permai Mas Sdn Bhd for the disposal of 1,500,002 ordinary shares of MYR1.00 each in MIFC Credit & Leasing Sdn Bhd representing the entire equity interest therein for a cash consideration of MYR15,000. The disposal considerations for the proposed disposal of Nation Holdings and KIP Land for MYR9.0 million and MYR3.5 million, respectively, was arrived at on a willing buyer-willing seller basis after taking into consideration the net fair value of the projected development profits of the respective companies. The disposal consideration for the proposed disposal of MIFC of MYR15,000 was arrived at on a willing buyer-willing seller basis after taking into consideration the net liabilities of MIFC. The rationale for the Proposed Disposals are to enable MBf Corp to realize its investments, improve the net assets position of the MBf Corp group, to dispose of non-core companies in the group, to reduce its gearing as well as to raise cash for working capital requirements. The proposed disposals are not expected to have any material effects on the earnings of the MBf Corp group for the financial year ending December 31, 2006, except for the gain on disposal of approximately MYR58.3 million and interest savings of approximately MYR14.4 million per annum calculated at the interest rate of 8.5% due to the decrease in bank borrowings of the MBf Corp group. Barring unforeseen circumstances, the proposed disposals are expected to be completed by the fourth quarter of 2006. About MBf Corporation Berhad Headquartered in Kuala Lumpur, Malaysia, MBF Corporation Berhad is principally involved in promoting and selling property, club and timeshare memberships; leasing factoring facilities, credit cards, consumer financing and related products and property development. Other activity include investment holding. The Group operates in three main areas, namely, Malaysia, Indonesia and Hong Kong and Taiwan collectively. The Group's principal activities are mainly operated in Malaysia except for the credit card business, which is carried out in Indonesia. The Group has no significant operations in Hong Kong and Taiwan other than certain residual assets from a subsidiary that has since been liquidated in Taiwan. The Company is classified under Bursa Malaysia Securities Berhad's Practice Note 17 category and is required to formulate a plan to regularize its financial condition. PAN MALAYSIA: Buys Back 60,000 Ordinary Shares for MYR24,959 ------------------------------------------------------------ Pan Malaysia Corporation Berhad, on May 11, 2006, bought back 60,000 ordinary shares of MYR0.50 each for a total cash consideration of MYR24,958.77. The minimum price paid for each share purchased was MYR0.410 and the maximum was MYR0.415. After the purchase, the cumulative outstanding treasury shares have reached 59,026,400. Pan Malaysia Corporation Berhad, on May 4, 2006, bought back 30,000 ordinary shares of MYR0.50 each for a total cash consideration of MYR12,522, the Troubled Company Reporter - Asia Pacific reported. About Pan Malaysia Corporation Headquartered in Kuala Lumpur, Malaysia, Pan Malaysia Corporation Berhad provides management services and the manufacturing, marketing and distribution of confectionery and cocoa-based and other food products. The Company also operates departmental and specialty stores, construction and property investment and investment holding. The Group operates in Malaysia, Australia and the rest of Asia-Pacific. Pan Malaysia has suffered consecutive losses in the past due to skyrocketing operating expenses. The Company has proposed to reduce capital to erase its accumulated losses. Pan Malaysia Capital was categorized by Bursa Malaysia Securities Berhad as a Practice Note 17/2005 company due to its insignificant business operations for the financial year ended December 31, 2005. The Company's 2005 revenue, computed on the basis stated in PN17, represented not more than 5% of its issued share capital. As reported by Troubled Company Reporter - Asia Pacific on March 14, 2006, Pan Malaysia Holdings has drafted a capital reorganization plan following its admission to Bursa Malaysia's Practice Note 17. Pan Malaysia Holdings proposed to cancel 90 sen of the par value of each existing share of MYR1.00 each. On completion of the capital reconstruction, it is expected that the Company's accumulated losses of MYR872.5 million at end-2005 would be reduced to MYR1.8 million. SYARIKAT KAYU: To Hold Extraordinary General Meeting in May 26 -------------------------------------------------------------- An Extraordinary General Meeting of Syarikat kayu Wangi Berhad will be held at Melati Room 123, Sheraton Subang Hotel & Towers, Jalan SS12/1, in Subang Jaya, on May 26, 2006, at 10:20 a.m., or immediately after the conclusion or adjournment of the Company's 25th Annual General Meeting, which will be held at the same venue and date. At the meeting, members will be asked to: -- consider the proposed disposal by the Company's wholly owned subsidiary, Syarikat Subari Pembinaan Perniagaan Sdn Bhd, representing approximately 9% equity interest, to Ng Chin and Foo Chai Siang for a cash consideration of MYR2,113,844; and -- authorize the Company's directors to take all steps necessary to implement, finalize and to complete the proposed disposal with full powers to assent to any conditions, modifications, variations and amendments as may be imposed or permitted by the relevant authorities. About Syarikat Kayu Wangi Berhad Headquartered in Johor, Malaysia, Syarikat Kayu Wangi Berhad is principally involved in the development of residential and commercial projects. Its other activities include housing construction, production of sawn timber, manufacture of prefabricated timber rooftrusses and timber trading. The Company first made a loss in 1999 when it defaulted on its first bond payment. The Company has failed to turn its finances around and has been suffering continuous losses since then. The Troubled Company Reporter - Asia Pacific reported on May 3, 2006, that Syarikat Kayu recorded a lower turnover of MYR4.0 million for the first quarter of the fiscal year ended Nov. 30, 2006, as compared to MYR6.2 million for the corresponding quarter in the previous fiscal year. Syarikat Kayu is currently in the process of preparing the Regularization Plan. Once completed, the Requisite Announcement outlining the Regularization Plan will be made to Bursa Securities. TPC PLUS: Bird Flu Outbreak Hurts Profits ----------------------------------------- TPC Plus Berhad registered a decline in performance for the first quarter ended March 31, 2006, compared to the preceding quarter due to the decline in the consumption and prices of eggs in the beginning of the year as a result of the recent isolated Avian Influenza outbreak. The Group recorded a turnover of MYR10.173 million and loss of MYR1.512 million for the quarter under review. The Group has achieved a turnover of MYR12.229 million and loss of MYR0.371 million in the same corresponding quarter for March 31, 2005. The decline in performance is due to the recent isolated cases of the Avian Influenza outbreak, which hit the states of Selangor, Perak and Penang in West Malaysia. The Group's first quarter revenue is also lower compared to the immediate preceding quarter's MYR12.097 million. The Group recorded a loss of MYR1.512 million in the current quarter compared to a profit after taxation of MYR0.067 million in the preceding quarter. The Group's borrowings, which were all denominated in Ringgit Malaysia as of March 31, 2006, have reached MYR26 million. There was no interim dividend recommendation for the quarter under review. Summary of Key Financial Information Individual Period Cumulative Period Current Year Preceding Year Current Year Preceding Year Quarter Corresponding to Date Corresponding Quarter Period 31-03-2006 31-03-2005 31-03-2006 31-03-2005 MYR'000 MYR'000 MYR'000 MYR'000 * Revenue 10,173 12,229 10,173 12,229 * Profit/(loss) before tax -1,517 -371 -1,517 -371 * Profit/(loss) after tax and minority interest -1,512 -371 -1,512 -371 * Net profit/(loss) for the period -1,512 -371 -1,512 -371 * Basic earnings/(loss) per shares (sen) -1.89 -0.46 -1.89 -0.46 * Dividend per share (sen) 0.00 0.00 0.00 0.00 * As at end of As at Preceding Current Quarter Financial Year End 0.6300 0.6300 A full-text copy of the Explanatory Notes on the Company's First Quarter Report is available for free at: http://bankrupt.com/misc/tcrap_tpcplus051606.pdf About TPC Plus Berhad Based in Malaysia, TPC Plus Berhad is princiapply engaged in the manufature and marketing of table eggs. The table eggs consist of ordinary eggs and Branded Premium Cholesterol Eggs, Body Eggs enriched with Omega and Organic Selenium Eggs. It also sells end-of-lay hens for slaughter and chicken manure. Eggs are being sold across Peninsular Malaysia both through retail and wholesale egg dealers and directly to customers. Due to the outbreak of the Avian Influenza, the Company had a registered lower revenues and higher losses. For the first quarter ended March 31, 2006, the Company booked a net loss of MYR1.512 million and a turnover of MYR10.173 million. ===================== P H I L I P P I N E S ===================== BANCO FILIPINO: Central Bank Okays PHP190-Million Bailout Loan -------------------------------------------------------------- The Bangko Sentral ng Pilipinas approved an emergency loan of PHP190 million to Banco Filipino Savings & Mortgage Bank in order for it to remain liquid, after certain branches experienced heavy withdrawals, Malaya News reports. The state central bank had ordered Banco Filipino's closure in 1985 due to insolvency. However, the Supreme Court overturned Bangko Sentral's decision and ordered the bank to reopen in 1994. The Philippine Star relates that the emergency loan was approved for around PHP190 million after much debate at a Monetary Board meeting held two weeks ago. The Star says that, according to a high-profile bank official, the loan, which would be used to finance a loan release or maturing unit investment trust funds, did not imply a liquidity problem for Banco Filipino, otherwise they would have gone to the Philippine Deposit Insurance Corp. The PHP190-million loan is just the first tranche in the bailout package, Malaya News adds, citing BSP sources who did not disclose the full amount Banco Filipino had sought to borrow. The Bangko Sentral provides emergency loans to banks facing liquidity problems but are still solvent. As of March 2004, Banco Filipino's total assets amounted to PHP11 billion, whereas its total liabilities were pegged at PHP9 billion. If the bank's liabilities exceed its assets, then it would go to the Philippine Deposit & Insurance Corp. to seek out a loan. The bank's shares were suspended from trading on Oct. 10, 2002, with a closing price of PHP90 per share on the last trading day. Banco Filipino's shareholders are composed of: -- Metropolis Development Corp., with 19.5% stake; -- Apex Mortgage & Loans, with an 18.7% stake; -- LBH Inc., which holds 7% stake in the bank; -- Juan Tiu, who has 4% equity; -- C. Anthony Tiu, with 3.3% stake; and -- Anthony Aguirre, with a 2.5% stake. * * * Banco Filipino Savings & Mortgage Bank -- http://www.bancofilipino.com/-- was organized in 1964, principally to engage in the general business of savings and mortgage banking and of a trust company and to perform such acts as may be incidental thereto. It started operations on July 9, 1964. The Company re-opened on July 1, 1994, after it was ordered to close by the Central Bank on January 25, 1985, and resumed business as a full service savings bank with trust operations. On the same date, the bank re-opened 15 branches. As of year- end 2001, the Bank has placed in operation 62 branches all over the country, 33 in Metro Manila and 29 in the provinces. The Bank has installed 70 automated teller machines in its on-line branches and shopping malls. Banco Filipino offers to the public full domestic banking services, which are five main types, namely: cash services; commercial services; loans; money market services; and trust services. NATIONAL POWER: To Relocate Power Barge to Iloilo ------------------------------------------------- The National Power Corp. will transfer Napocor Power Barge 101 to Iloilo from Cebu by June or July, in order to provide additional power to Iloilo City, the Philippine Inquirer says. According to Napocor Visayas chief Eduardo Eroy, Cebu does not need the barge anymore, since the Cebu-Mactan power transmission line is already complete. The power barge is in Mactan Island for cleaning until the first week of June, when it would be towed to Subic for dry-docking. The Visayan Daily Star writes that in an agreement signed on May 5, 2006, National Power would supply electricity to Panay Electric Company, which distributes power to 180 local communities in Western Visayas. At present, PECO gets its power from Panay Power Corp., owned by Mirant Philippines, while National Power provides power to the rest of Panay Island, the Inquirer reports. However, the Panay Power Corp. said last year that it could not continue to supply more power to PECO until it could settle a PHP250 million debt. Iloilo City Mayor Jerry Trenas had said that Panay Power cannot keep up with an increase in peak demand from 72 megawatts to 75 megawatts, thus power outages would ensue beginning this month. The Visayan Daily Star adds that National Power can provide the estimated 3-megawatt deficit from its surplus, according to Panay Power diesel plant manager Nelson Homena, without the need for the power barge, but Napocor Visayas chief Eduardo Eroy said they must also look at a possible interconnection between the Company and Panay Electric Company. PECO is in talks with power distributor Mirant Philippines and Napocor unit National Transmission Corp. to set up the necessary transmission lines for an interconnection project. If the interconnection would push through, National Power would charge PHP4.51 per kilowatt-hour, which includes Transco fee of PHP1.15 per kwh. Headquartered in Quezon City, Philippines, National Power Corporation -- http://www.napocor.gov.ph/-- is a state-owned utility that builds and operates nuclear, hydroelectric, thermal, and alternative power generating facilities. It works with independent producers under a build-operate-transfer program. With a generating capacity of more than 11,500 megawatts, Napocor sells electricity to distributors and industrial companies. To comply with the privatization bill approved by the Philippine Congress, the Company has begun selling off its generation assets to help pay for its estimated debt of PHP600 billion. It also separated its transmission operations into a new subsidiary, the National Transmission Corporation. National Power first incurred losses in 1998 after the Asian financial crisis and expensive contract terms from independent power producers. The Company much later posted a PHP29.9 billion loss in 2004, after a net loss of PHP117 billion in 2003. The Government absorbed National Power's PHP200 billion debt, which was incurred when the government-owned-and-controlled corporation adopted international accounting standards, forcing the Company to report its foreign exchange losses. The Troubled Company Reporter - Asia Pacific reported on April 5, 2006, that for 2005, National Power posted a PHP16 million profit for the first time in seven years, on the Energy Regulation Commission's approval of a rate increase, the use of an improved fuel mix and better fuel prices. PHILIPPINE AIRLINES: Ready to Operate Local E-ticketing Network --------------------------------------------------------------- Philippine Airlines has almost completed its local electronic ticketing system, adding four domestic routes to its list of routes where the system is available, Noticias.info reports. The Company added Dipolog, Kalibo, Roxas and Tagbilaran to its list of 11 current domestic stations offering the electronic service to customers, a project begun on May 1, 2004. The new additions makes 82% of all PAL routes and 94% of its local flights available via electronic ticketing. Aside from local destinations, Philippine Airlines passengers can also avail of electronic ticketing to these international destinations: Busan, Guam, Hong Kong, Honolulu, Las Vegas, Los Angeles, Seoul and Vancouver. The Airline's e-ticketing system is slated to be fully operational by next month. * * * Philippine Airlines -- http://www.philippineairlines.com/-- is the Philippines' national airline. It was the first airline in Asia and the oldest of those currently in operation. With its corporate headquarters in Makati City, Philippine Airlines flies both domestic and international flights. As of 2005, it claims to serve 21 domestic airports and 31 foreign cities. Its main hub is the Ninoy Aquino International Airport in the capital city of Manila. Following labor problems and its failure to settle debts, PAL filed for rehabilitation in June 1998, and is slated to complete its 10-year debt rehabilitation program in 2009. A March 21, 2006 report by the Troubled Company Reporter - Asia Pacific says that the airline company will continue a government-led rehabilitation program even as creditors neither approved nor rejected the program to leave the protection of the Securities and Exchange Commission. As of April 2006, Philippine Airlines has paid PHP51.63 billion of its total PHP113 billion debt to American and European creditors. PAL president Jaime J. Bautista said that they expect to post a profit for the year ended March 31, 2006. PHILCOMSAT HOLDINGS: SEC Delays Decision on Stockholder Meeting --------------------------------------------------------------- The Securities and Exchange Commission has opted to delay its decision on when Philcomsat Holdings Corp. should hold its annual stockholders' meeting, as it has been ordered to submit a report of the Supreme Court decision on the Company's confiscated shares, the Manila Times reveals. SEC Commissioner Jose Enrique Martinez said that the commission had already met to discuss when Philcomsat Holdings should hold its annual meeting, if at all, but that the first meeting was to get an opinion on the matter. He said that the SEC might come up with a decision as they would meet again today, May 17, 2006. The Times says that the SEC must address the issue on the validation of proxies at the annual stockholders' meeting, which was a bone of contention between the Company and minority shareholders led by Victor Africa. Mr. Martinez suggested that the SEC ask the Office of the Solicitor-General on who should vote on the seized shares, but the proposal did not gain much support. The Troubled Company Reporter - Asia Pacific reported on May 10, 2006, that Philcomsat may be up for liquidation or dissolution proceedings as its "corporate life" expired on May 9, 2006, since it had not validated its proxies. This as the SEC disallowed the use of proxies and instead required the original owners of Philcomsat to vote. Subsequently, the TCR-AP stated, 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 ================= CAR-MEC 2001: Faces Bankruptcy Proceedings ------------------------------------------ The High Court of Singapore will hear an application for a bankruptcy order against Car-mec 2001 Professional Mobile Workshop on May 19, 2006, at 3:00 p.m. The bankruptcy petition was filed by Hong Leong Finance Limited. Contact: Teo Guan Siew Registrar Supreme Court Singapore CREATIVE TECHNOLOGY: Seeks Injunction Against Apple Computer ------------------------------------------------------------ Creative Technology Limited has, on May 15, 2006, filed a complaint with the United States International Trade Commission seeking an investigation on whether Apple Computer Inc. has violated Section 337 of the Tariff Act of 1930 through its importation and sale after importation into the United States of iPods and iPod Nanos that infringe U.S. Patent 6,928,433, which Creative refers to as the "Zen Patent." Creative is seeking an exclusion order and cease and desist order against Apple Computer Inc. The orders sought would prohibit Apple Computer from engaging in sales, marketing, importation or sale after importation into the United States, or other infringing activities in the United States with regard to the infringing iPod and iPod Nano products. Creative also filed a lawsuit against Apple Computer with the United States District Court for the Northern District of California that seeks an injunction and increased damages for Apple Computer's willful infringement of the Zen Patent. The United States Patent Office issued the Zen Patent to Creative on August 9, 2005, for its invention of the user interface used by most portable digital media players, including many of the Creative Zen and NOMAD Jukebox MP3 players and competing players such as the iPod, iPod Nano and iPod mini. Working at Creative's Scotts Valley, California facility, Creative's engineers invented the user interface covered by the Zen Patent to address the challenges of convenient organization and access of songs on high-capacity portable digital media players. Creative subsequently implemented its now-patented interface on its NOMAD Jukebox player, which was announced and presented as a functioning prototype at the Consumer Electronics Show in January 2000. The user interface covered by the Zen Patent has since been implemented in a variety of Creative players, the most recent being the award-winning Zen Vision:M. Filings with the U.S. International Trade Commission are available at http://www.usitc.gov/ Filings with the U.S. District Court for the Northern District of California are available at http://www.cand.uscourts.gov/ About Creative Technology Singapore-based Creative Technology Ltd. makes digital entertainment products, including portable audio players, PC sound cards, graphics accelerator cards, and digital cameras. The Company also makes modems and CD and DVD drives for PCs. Subsidiaries include Cambridge Soundworks, Creative Labs, and E- MU/ENSONIQ. Tough competition in the electronics market has hurt Creative, causing it to incur recurring losses. The Company reported a net loss of US$114.33 million in the three months to March 2006, reversing the year-ago profit of US$15.91 million due to one-time charges and a drop in flash memory prices, which led to an inventory writedown. The Company is also facing ongoing disputes with several companies in the United States. Creative also periodically receives licensing inquiries and threats of potential future patent claims from a variety of entities, including, Lucent Technologies, MPEG LA, Dyancore Holdings, Advanced Audio Devices and Nichia Corporation. HOLLAND LEEDON: Metalform Wants Court to Hasten Wind-Up ------------------------------------------------------- Metalform Asia Pte Limited has requested the High Court of Singapore to expedite the winding up of Holland Leedon Pte Limited. The matter will be heard before the Hon. Justice Judith Prakash on May 19, 2006, at 10:00 a.m. Contact: Neo Ban Chuan Yeap Lam Kheng Liquidators C/o 16 Raffles Quay #22-00 Hong Leong Building Singapore 048581 LINDETEVES-JACOBERG: Transfer of FCO Shares Completed ----------------------------------------------------- On March 15, 2006, CIMB-GK Securities Pte Limited launched a mandatory conditional cash offer for and on behalf of ATB Austia Antriebstechnik AG for all the remaining ordinary shares in the capital of Lindeteves-Jacoberg Limited in issue not already owned, controlled or agreed to be acquired by ATB and parties acting in concert with it. The Troubled Company Reporter - Asia Pacific reported on May 5, 2006, that ATB has closed the offer on May 3, 2006. ATB had received acceptances in respect of an aggregate of 12,867,145 Shares, which was inclusive of 432,499 Offer Shares tendered in acceptance of the Offer which were accompanied by contract statements but which had not been earmarked by CDP at the Closing Date. On May 11, 2006, CDP confirmed to CIMB-GK that a total of 411,499 Outstanding Shares had been earmarked by CDP. In this regard, the ATB has received pursuant to the Offer, valid acceptances of an aggregate of 12,846,145 Shares, representing approximately 2.5% of the issued and paid-up share capital of the Company. As announced by CIMB-GK for and on behalf of ATB on April 25, 2006, the First Creditors Call Option was exercised in respect of 19,399,147 Initial First Creditors Call Option Shares. As disclosed in the Offer Document, a determination was to have been made after the close of the Offer as to the actual number of the First Creditors Call Option Shares, having regard to the actual number of acceptances as at the close of the Offer. Based on the Final Acceptance Shares and following such determination, 9,985,095 Saleback First Creditors Call Option Shares have been sold back to DBS at the same price of SGD0.15 for each Saleback First Creditors Call Option Share on May 15, 2006. Completion in respect of the sale and purchase of the Initial First Creditors Call Option Shares took place simultaneously with the completion of the sale and purchase of the Saleback First Creditors Call Option Shares on May 15, 2006. In this connection, the First Creditors Call Option Shares and the Saleback First Creditors Call Option Shares were netted off such that only the First Creditors Call Option Shares were transferred and only the purchase price of the First Creditors Call Option Shares was paid. Following the completion, ATB held, as at the close of business on May 15, 2006, 253,017,421 Shares which, when aggregated with the Offer Shares represented by valid acceptances of the Offer, represent 51% of the issued and paid up capital of the Company. About Lindeteves-Jacoberg Limited Lindeteves-Jacoberg Limited - http://www.linjacob.com/-- was incorporated in Singapore on December 11, 1947 as part of a Dutch international trading group. Its principal activities consist of investment holding, provision of warehousing and rental services and acting as specialist mechanical and electrical contractor for environmental engineering projects. The Company is undergoing a debt restructuring exercise by way of a Scheme of Arrangement with its creditors. U TEAM CONTRACT: Court to Hear Wind-up Petition on June 2 --------------------------------------------------------- Tanakasa Pte Limited filed an application for the winding-up of U Team Contract Pte Limited on May 8, 2006. The petition will be heard before the High Court of Singapore on June 2, 2006, at 10:00 a.m. Any creditor wishing to support or oppose the wind-up petition is encouraged to attend the hearing by himself or his counsel. Contact: T H Tan Raymond & Co Solicitors for the Plaintiffs T H Tan Raymond & Co. No. 133 New Bridge Road #11-03 Chinatown Point, Singapore 059413 =============== T H A I L A N D =============== THAI PETROCHEMICAL: Profit Up by 14% After Rehabilitation Exit -------------------------------------------------------------- After going through serious legal battles over the control of the Thai Petrochemical Industry Pcl, the Company posted net profit up by 14% in the quarter ended March 31, 2006, due to higher sales and gains in foreign-currency transactions, Bloomberg News reports. According to Thai Petrochem's financial report submitted to the Stock Exchange of Thailand, the Company's net income rose to THB2.48 billion, or THB0.13 a share in the first quarter, from THB2.17 billion or THB0.03 a share in the same quarter a year earlier. The Troubled Company Reporter - Asia Pacific reported on April 28, 2006, that the Central Bankruptcy Court of Thailand approved Thai Petrochemical's exit from business rehabilitation. Legal battles ensued after Prachai Leophairatana, founder and former chairman of the Company, on one hand, and the majority shareholders of the Company led by the PTT Plc, on the other hand, formed separate board of directors. The Commerce Ministry ended the debacle by recognizing the PTT Plc-led shareholders' board on April 28, 2006. The submitted financial report also showed that the Company cut interest expenses by 17% to THB580.2 million, from the previous THB700 million after it repaid some high cost loan. It reported THB1.09 billion in foreign currency gains in the quarter, compared with a THB172.4 million gains in the first quarter of 2005. However, the president of the SET said that Thai Petrochem would remain listed on the SET's Rehabco sector as long as Mr. Leophairatana remains director of the Company. Mr. Leophairatana remains as a director of the Company despite being blacklisted by the SET. * * * Headquartered in Bangkok, Thailand, Thai Petrochemical Industry Plc -- http://www.tpigroup.co.th/-- is the leading integrated petrochemical company in the country, producing naphtha, liquefied petroleum gas, and lubricant oils. The Thai Government was reorganizing the bankrupt company, which had defaulted on $2.7 billion in loans, until PTT Plc, Thailand's largest oil and gas group, and Thailand's biggest company, purchased a 31.5% stake in Thai Petrochemical late in 2005. In December 2005, PTT and three other state agencies completed payment for a 61.5% stake on in Thai Petrochemical. The money was used to pay for a bulk of the Company's defaulted loans. The Company has since been trying to get out of restructuring. Troubled Company Reporter-Asia Pacific reported on April 28, 2006, that the Central Bankruptcy Court of Thailand approved Thai Petrochemical's exit from business rehabilitation. The Court ruled that the business rehabilitation plan of Thai Petrochemical and its six subsidiaries -- Thai ABS Co; TPI Aromatics Plc; TPI Oil Co; TPI Polyol Co; Thai Polyurethane Industry Plc; and TPI Energy Co. -- be terminated. ********* S 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 ***