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
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Maryland, USA.  Erickson Torrevillas, Francis Chicano, Ma.
Cristina Pernites-Lao, Erica Fernando, Reiza Dejito, Freya
Natasha Fernandez, and Peter A. Chapman, Editors.

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.
   
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