/raid1/www/Hosts/bankrupt/TCRAP_Public/060523.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, May 23, 2006, Vol. 9, No. 101
Headlines
A U S T R A L I A & N E W Z E A L A N D
ADVISA HOLDINGS: High Court Orders Liquidation
AH LANDSEER: Prepares to Wind Up Operations
ALASKA PROPERTIES: Creditors' Proofs of Debt Due on June 11
AWB LIMITED: Partners with Fonterra in Dairy Business Venture
AYMJAYNE PTY: To Hold Final Meeting Today
BELLA PTY: Receiver Cease to Act for Company
BEST-BUY PRODUCTS: To Declare Dividend on May 28
BRENCORP INVESTMENTS: Enters Voluntary Liquidation
CHINESE MEDIA: Nellies, Deuchrass Appointed as Joint Liquidators
CONTAINERLINK TRANSPORT: Liquidation Bid Hearing Set on June 22
CROSS ROAD AUSTRALIA: Creditors Opt to Wind Up Firm
E STYLE MARKETING: Appoints Receivers and Managers
GARDNER HOTEL: Court to Hear Liquidation Application on June 8
GEW INVESTMENT: Members to Receive Liquidator's Wind-up Report
GEORGE & KAY: Liquidation Bid Hearing Set on June 7
G&P&M PTY: Creditors' Proofs of Claim Due on May 24
IDA CONSTRUCTIONS: Final Meeting Fixed for Today
INDUSTRIAL DISINFECTANT: Placed Into Liquidation
JAMES HARDIE: Withdraws Fiber Cement Supply Proposal
MELBOURNE 2005: To Distribute Dividend on May 30
MILLENNIUM VEHICLES: Faces Liquidation Proceedings
MULTIFAV ENGINEERING: Court Issues Wind-up Order
MUSCLE CORE: Members Appoint Official Liquidators
PARKVIEW HOMES: Liquidator to Present Wind-up Report
POCKET ROCKET: High Court Names Liquidators
POTAKA SILVICULTURE: Court to Hear Liquidation Bid on June 2
PRYORITY POWER: Wind-up Proceedings Commenced
RONCYN PTY: Federal Court Issued Wind-up Order
SCAN SECURITY: Members Resolve to Wind Up Firm
SEAWU PTY: Liquidator Explains Wind-up to Members
SOUTHERN TANK: High Court Orders Liquidation
TOTALLY DRY: Members Resolve to Cease Operations
C H I N A & H O N G K O N G
ATOLL CHINA: Members to Receive Liquidator's Wind-up Report
BRI FINANCE: Liquidator Set to Discuss Wind-up with Members
CHINESE BUILDING: Members Appoint Liquidator
DAVNET DIGITEL: Liquidator Cease to Act for Company
ELLISTONE LIMITED: Liquidators to Present Wind-up Report
FAI RESTAURANT: Members' Final General Meeting Set on June 19
FORMES LIMITED: Members Opt for Voluntary Wind-up
FULLWAY PROPERTIES: Official Liquidator Named
GROUP STAR: Creditors and Members Resolve to Appoint Liquidator
JACKIN INTERNATIONAL: Resumes Trade After Release of FY05 Report
JADELING ADMINISTRATIVE: Members Final Meeting Fixed on June 13
HONG KONG URBAN: Members' and Creditors' Meetings Set on June 16
KWG TAX SERVICES: Heng Named as Liquidator
LO'S GONDOLA: Falls Into Liquidation
NEW CHINA (HK) REAL ESTATES: Joint Liquidators Step Aside
STARTEC GLOBAL: Enters Voluntary Liquidation
* Bankruptcy Filings Show Downward Trend
I N D I A
ANDHRA CEMENTS: Board to Discuss Fund Infusion on May 23
BRITISH INDIA: Suspended Staff Continue Hunger Strike
LML LIMITED: ICRA Puts Preference Capital Instrument on Watch
I N D O N E S I A
ANTAM FINANCE: Moody's Upgrades Senior Unsecured Rating To B1
INDOFOOD SUKSES: Moody's Upgrades Foreign Currency Rating to B1
PERTAMINA: Seeks IDR5.16 Trillion to Develop Cepu Project
PERUSAHAAN GAS: Moody's Lifts Foreign Currency Rating To Ba3
SAMPOERNA: Moody's Affirms Ba1 Foreign Currency Rating
J A P A N
LIVEDOOR COMPANY: To Hold Stockholders' Meeting on June 14
VODAFONE K.K.: To Change Name to Softbank Mobile Corp in October
K O R E A
DAEWOO ENGINEERING: Creditors to Pick Preferred Bidder by June
DAEWOO ENGINEERING: First Quarter Income Doubles
M A L A Y S I A
DATUK KERAMAT: Court of Appeal Adjourns RO Hearing to May 31
FUTUTECH BERHAD: Dissolves Dormant Subsidiary
LANKHORST BERHAD: Pancabumi Defaults on BCBB Loans
LANKHORST BERHAD: Shareholders Urge Board to Work on Revival
MALAYSIA AIRLINES: CBRE Takes Care of Property Portfolio Revamp
MALAYSIA AIRLINES: To Offer Redundancy Scheme to 6,000 Workers
MALAYSIA AIRLINES: Has Yet to Show Commitment for Boeing 787
METROPLEX BERHAD: Securities Commission Okays Proposed Disposal
POHMAY HOLDINGS: Bourse Removes Securities from Official List
SBBS CONSORTIUM: Wind-up Petition Hearing Adjourned to June 29
P H I L I P P I N E S
LAFAYETTE MINING: Commission Recommends Rapu-Rapu Mine Closure
LAFAYETTE MINING: Attacks Commission Report
NATIONAL POWER: ERC Doles Out PHP128 Million for Watershed Plan
PRYCE CORPORATION: Auditors Raise Going Concern Doubt
PRYCE CORPORATION: Sets ASM on May 24
S I N G A P O R E
DIGILAND INTERNATIONAL: Updates on Renounceable Rights Issue
MAE ENGINEERING: SGX-ST OKs Dealing in; Listing of Rights Shares
MICRO-NET TECHNOLOGY: Pays Dividend to Creditors
STARTECH ELECTRONICS: To Hold EGM on June 13
STORTEBOOM INTERNATIONAL: Creditors' Proofs of Debt Due June 18
X'PRESS LOGISTICS: Faces Wind-up Proceedings
T H A I L A N D
ABICO HOLDINGS: Submits First Quarter Financial Report to SET
* BOND PRICING: For the Week 22 May to 26 May 2006
- - - - - - - -
============================================
A U S T R A L I A & N E W Z E A L A N D
============================================
ADVISA HOLDINGS: High Court Orders Liquidation
----------------------------------------------
The High Court of Dunedin had, on May 5, 2006, ordered the
liquidation of Advisa Holdings Ltd.
Consequently, Iain Andrew Nellies and Paul William Gerard
Jenkins were appointed joint and several liquidators.
Contact: Iain Andrew Nellies
Insolvency Management Ltd
Level 6, Burns House
10 George Street, Dunedin
New Zealand
AH LANDSEER: Prepares to Wind Up Operations
-------------------------------------------
The members of AH Landseer Pty Limited convened on April 3,
2006, and decided to wind up the Company's operations and
distribute the proceeds of its assets disposal.
Contact: G. R. Ashby
Liquidator
200 East Terrace, Adelaide
South Australia 5000
Australia
ALASKA PROPERTIES: Creditors' Proofs of Debt Due on June 11
-----------------------------------------------------------
Liquidators Peri Micaela Finnigan and John Trevor Whitfield of
Alaska Properties Ltd require the creditors of the Company to
submit their proofs of debt 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: Peri Finnigan
McDonald Vague
Wellesley Street Post Office
Auckland, New Zealand
Telephone: (09) 303 0506
Fax: (09) 303 0508
Web site: www.mvp.co.nz
AWB LIMITED: Partners with Fonterra in Dairy Business Venture
-------------------------------------------------------------
AWB Limited will partner with New Zealand-based Fonterra Co-
operative Group Ltd in the expansion of their services to the
dairy industry in the Tasman, the Sydney Morning Herald says.
According to the report, AWB's rural services business,
Landmark, will make a net NZ$35 million (AU$28.5 million) to
NZ$45 million (AU$36.7 million) investment in the deal. Under
the deal, Landmark and Fonterra will form a 50/50 joint venture
in New Zealand.
Landmark and Fonterra will also form a strategic Dairy Alliance
in Australia.
The Sydney Herald cites AWB as stating that the Alliance, which
is subject to the satisfaction of standard conditions, supports
both companies' growth strategies and underlines a commitment to
invest in the dairy sector and serve the needs of dairy farmers.
The Sydney Herald explains that Fonterra currently operates a
network of 51 retail stores in New Zealand through its RD1
business offering supplies to dairy farmers, while Landmark has
430 stores in Australia offering services to agribusinesses.
Through the joint venture in New Zealand, Fonterra's RD1 stores
will introduce new services in finance, insurance, and real
estate, and an expanded livestock sales service, drawing on
Landmark's expertise in these areas.
The RD1 stores will, over time, introduce products and services
catering to the beef, sheep and cropping sectors, the report
adds. Moreover, RD1 will gradually expand its network of
stores, particularly to cater to Fonterra suppliers in the South
Island.
In Australia, the Dairy Alliance between the two companies will
use Fonterra's experience to expand Landmark's products and
services to the dairy sector. Initially the Alliance will
involve 11 Landmark stores in Victoria, which will be co-branded
Landmark Fonterra, with plans to gradually increase the number
of stores across Australia in the future.
The two companies will share profits from growth in the Landmark
Fonterra stores, the Sydney Herald states. The operations in
both countries will be governed by a joint board with
representatives from both Landmark and Fonterra.
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.
AYMJAYNE PTY: To Hold Final Meeting Today
-----------------------------------------
A final meeting of the members of Aymjayne Pty Limited will be
held today, May 23, 2006.
During the meeting, Liquidator J. Sleiman will present an
account of the manner of the Company's wind-up and property
disposal.
Contact: J. Sleiman
Liquidator
Sleiman & Company
Level 8, 65 York Street
Sydney, New South Wales 2000
Australia
BELLA PTY: Receiver Cease to Act for Company
--------------------------------------------
Michael Edward Slaven ceased to act as the receiver and manager
of the property of Bella (Australia) Pty Limited on March 30,
2006.
BEST-BUY PRODUCTS: To Declare Dividend on May 28
------------------------------------------------
Best-Buy Products Pty Limited will declare a first and final
dividend on May 28, 2006.
Creditors who were unable to prove their claims are excluded
from sharing in the dividend distribution.
Contact: Mark Pearce
Liquidator
c/o Pearce & Heers Insolvency Accountants
Level 8, 410 Queen Street
Brisbane, Queensland 4000
Australia
Telephone: 07 3221 0055
BRENCORP INVESTMENTS: Enters Voluntary Liquidation
--------------------------------------------------
The members of Brencorp Investment Pty Limited convened on
March 31, 2006, and opted to liquidate the Company's operations.
Subsequently, Anthony Robert Cant was appointed as liquidator.
Contact: Anthony R. Cant
Liquidator
Romanis Cant Chartered Accountants
106 Hardware Street, Melbourne
Australia
CHINESE MEDIA: Nellies, Deuchrass Appointed as Joint Liquidators
----------------------------------------------------------------
The High Court of Christchurch, on May 1, 2006, ordered the
liquidation of Chinese Media Group Ltd.
Iain Andrew Nellies and Wayne John Deuchrass were consequently
appointed joint and several liquidators.
Contact: Wayne John Deuchrass
Insolvency Management Ltd
Level 4, 728 Colombo Street
Christchurch, New Zealand
CONTAINERLINK TRANSPORT: Liquidation Bid Hearing Set on June 22
---------------------------------------------------------------
The Commissioner of Inland Revenue, on April 18, 2006, filed
before the High Court of Auckland an application to liquidate
Containerlink Transport Ltd.
The High Court will hear the application on June 22, 2006, at
10:45 a.m.
Contact: P.L Windsor-Knaap
Inland Revenue Department
1 Bryce Street, Hamilton
New Zealand
Telephone: (07) 959 0432
CROSS ROAD AUSTRALIA: Creditors Opt to Wind Up Firm
---------------------------------------------------
At a meeting of the creditors of Cross Road Australia Pty
Limited on April 3, 2006, it was decided that a voluntary wind-
up of the Company's operations is appropriate and necessary.
Gideon Rathner was appointed as liquidator.
Contact: Gideon Rathner
Liquidator
Lowe Lippman Chartered Accountants
5 St. Kilda Road, St. Kilda
Victoria 3182, Australia
E STYLE MARKETING: Appoints Receivers and Managers
--------------------------------------------------
Geoffrey McDonald and Blair Pleash were named receivers and
managers of E Style Marketing Pty Limited on March 24, 2006.
Contact: Geoffrey McDonald
Blair Pleash
c/o Hall Chadwick
Level 29, 31 Market Street
Sydney, New South Wales 2000
Australia
GARDNER HOTEL: Court to Hear Liquidation Application on June 8
--------------------------------------------------------------
The High Court of Auckland will hear an application to liquidate
Gardner Hotels Ltd on June 8, 2006, at 10:00 a.m.
The Commissioner of Inland Revenue filed the application on
March 24, 2006.
Contact: P.L Windsor-Knaap
Inland Revenue Department
1 Bryce Street, Hamilton
New Zealand
Telephone: (07) 959 0432
GEW INVESTMENT: Members to Receive Liquidator's Wind-up Report
--------------------------------------------------------------
The members of GEW Investment Pty Limited will hold a final
meeting today, May 23, 2006.
During the meeting, the members will receive Liquidator Michael
C. Bingham's final account showing how the Company was wound up
and its property was disposed of.
Contact: Michael C. Bingham
Liquidator
Suite 11, Lyndhurst
303 Pacific Highway, Lindfield
New South Wales 2070, Australia
GEORGE & KAY: Liquidation Bid Hearing Set on June 7
---------------------------------------------------
An application to liquidate George & Kay Contractors Ltd was
filed before the High Court at Blenheim on April 18, 2006, by
the Accident Compensation Corporation.
The Court will hear the application on June 7, 2006, at 10:00
a.m.
Parties wishing to attend the hearing are required to file an
appearance not later than June 5, 2006.
Contact: Dianne S. Lester
Maude & Miller, 2/F.,
McDonalds Building
Cobham Court, Porirua City
New Zealand
G&P&M PTY: Creditors' Proofs of Claim Due on May 24
---------------------------------------------------
Creditors of G&P&M Pty Limited are required to submit their
proofs of claim on or before May 24, 2006, in order to
participate in the Company's dividend distribution.
Failure to comply with the requirement will exclude creditors
from sharing in any distribution the Company will make.
Contact: Salvatore Algeri
Timothy Bryce Norman
Liquidators
Deloitte Touche Tohmatsu
180 Lonsdale Street, Melbourne
Victoria 3000, Australia
IDA CONSTRUCTIONS: Final Meeting Fixed for Today
------------------------------------------------
A final meeting of the members and creditors of IDA
Constructions Pty Limited will be held today, May 23, 2006.
During the meeting, Liquidator Murray Godfrey will present the
manner of the Company's wind-up and property disposal.
Contact: Murray Godfrey
Liquidator
RMG Partners
Level 12, 88 Pitt Street
Sydney, New South Wales 2000
Australia
Telephone: (02) 9231 0889
INDUSTRIAL DISINFECTANT: Placed Into Liquidation
------------------------------------------------
At a meeting on March 31, 2006, the members of Industrial
Disinfectant Laboratories (Sales) Pty Limited decided to place
the Company into liquidation.
David Bryan Gurney was subsequently appointed as liquidator.
Contact: David B. Gurney
Liquidator
c/o P. F. Fisher & Company Pty Limited
Level 8, 111 Phillip Street
Parramatta, New South Wales 2150
Australia
JAMES HARDIE: Withdraws Fiber Cement Supply Proposal
----------------------------------------------------
James Hardie Industries Limited withdrew an exclusive supply
proposal for the distribution of its fibre cement products, The
Age reports.
According to the Australian Associated Press, James Hardie had
sought the Australian Competition and Consumer Commission's
approval of its plan to have distributors sign exclusive supply
agreements for five of its new building products. Moreover,
James Hardie proposed to restrict the re-supply of its fibre
cement products to rival manufacturers and associated
distributors such as hardware stores and suppliers to the
building industry.
James Hardie's ACCC application related to these five "new
technology differentiated products:"
1. Linea Weatherboard,
2. Trim Products,
3. Aqua Tech Wet Area Flooring,
4. Eclipsa Eaves Lining, and
5. Ezi Grid Tile Underlay.
However, the AAP says, ACCC rejected James Hardie's proposal,
stating that the move would lessen competition in the market.
The ACCC is concerned that reduced competition for the supply
and manufacture of fibre cement products would lead to higher
prices and to a subsequent lack of public benefit.
The AAP relates that James Hardie's withdrawal of plans to
invest money into the development of new products in Australia
is a result of the ACCC's ruling.
The AAP recounts that the Company engaged in further discussions
with the ACCC, but James Hardie's chief executive officer, Louis
Gries, said that the Company has now decided to drop the matter.
He said that James Hardie had been trying to protect itself
against the practices of its rivals.
About James Hardie
James Hardie Industries Limited -- http://www.jameshardie.com/
-- manufactures, markets and distributes fiber cement and gypsum
products, fiberglass reinforced plastic and PVC products,
sanitary ware and bathroom products, insulating materials and
fillers, strippers and adhesives. On July 2, 1998, the then
public company announced a plan of reorganization and capital
restructuring. James Hardie N.V. was incorporated in August
1998 as an intermediary holding company, with all of its common
stock owned by indirect subsidiaries of JHIL. Effective as of
November 1998, JHIL contributed its fibre cement businesses, its
United States gypsum wallboard business, its Australian and New
Zealand building systems businesses and its Australian windows
business to JHNV and its subsidiaries.
On July 24, 2001, JHIL announced a further plan of
reorganization and capital restructuring, which reorganization
was completed on October 19, 2001. In connection with the 2001
Reorganization, James Hardie Industries N.V., formerly RCI
Netherlands Holdings B.V., issued common shares represented by
CHESS Units of Foreign Securities on a one for one basis to
existing JHIL shareholders in exchange for their shares such
that JHINV became the new ultimate holding company for JHIL and
JHNV. Following the 2001 Reorganization, JHINV controls the
same assets and liabilities as JHIL controlled immediately prior
to the 2001 Reorganization.
The Company's troubles began with its "under-funded" allocation
for asbestos claims, which were brought in by people who suffer
or may have diseases caused by exposure to the asbestos-related
products produced by JHIL. In 2001, James Hardie set up an
independent entity, Medical Research and Compensation
Foundation, to handle asbestos claims. The Foundation has
warned that it could run out of money within five years. The
Asbestos Diseases Foundation of Australia and workers unions
called for all the Company's asbestos profits to be immediately
placed in the fund. James Hardie was later accused of topping
up the dwindling asbestos fund it established. By 2004, James
Hardie's former asbestos manufacturing subsidiaries -- Amaca Pty
Ltd, Amaba Pty Ltd, and ABN 60 Pty Ltd -- are three of around
150 defendants in asbestos litigation, and based on the
Foundation's own figures, they account for US$1,000,000,000 of
the predicted US$6,000,000,000 future asbestos liabilities in
Australia. Although James Hardie stopped making asbestos
products in 1987, the average 35-year latency of mesothelioma,
an asbestos-related disease, means asbestos compensation funds
will be needed until mid-century. In a 2005 report by a
company-hired actuary from KPMG, it was predicted that 4,915
Australians would contract mesothelioma from exposure to Hardie
products in the coming decades. When less serious forms of
asbestos-related disease are included, James Hardie should
expect to compensate 8,725 victims.
On December 1, 2005, the Company announced that the NSW
Government and a wholly owned Australian subsidiary of the
Company -- LGTDD Pty Ltd -- had entered into a conditional
agreement to provide long-term funding to a special purpose fund
that will provide compensation for Australian asbestos-related
personal injury claims against certain former James Hardie
asbestos companies. The amount of the asbestos provision of
AU$1 billion, at March 31, 2006, is the Company's best estimate
of the probable outcome, which estimate includes an actuarial
calculation prepared by KPMG Actuaries Pty Ltd of the projected
future cash outflows, undiscounted and uninflated, and the
anticipated tax deduction arising from Australian legislation
which came into force on April 6, 2006. The Company's ability
to obtain this tax deduction under legislation remains the
subject of an ongoing application to the Australian Tax Office.
* * *
For the first time, and as indicated in the Troubled Company
Reporter - Asia Pacific on May 16, 2006, James Hardie brought
the asbestos compensation liability on to its books. The
AU$926.6 million net provision reflected in the Company's fourth
quarter and full year financial report for the period ended
March 31, 2006, is the current actuarial estimate of the AU$1.4
billion Hardie expects to pay future victims of its asbestos
products over the next 40 years, minus a tax deduction of 30%.
The company said it made the provision because it now appeared
more likely that the Australian Taxation Office would provide it
with the tax deduction legislation passed last month. The
provision for compensation meant that James Hardie reported an
operating loss of US$506.7 million for the year to March 31,
2006, compared with a US$127.9 million profit in 2004-05.
MELBOURNE 2005: To Distribute Dividend on May 30
------------------------------------------------
Melbourne 2005 Deaflympics Games Limited will distribute its
first and final dividend on May 30, 2006, to the exclusion of
its creditors who were not able to prove their claims.
Contact: Warren White
Liquidator
c/o PPB Chartered Accountants
Level 10, 90 Collins Street
Melbourne, Victoria 3000
Australia
MILLENNIUM VEHICLES: Faces Liquidation Proceedings
--------------------------------------------------
Halifax Finance Limited, on April 21, 2006, filed before the
High Court of Nelson an application to liquidate Millennium
Vehicles Ltd.
The High court will hear the application on June 8, 2006, at
10:00 a.m.
Contact: R.A. MCL. Fraser
R.A. Fraser & Associates
Level 2, 151 Worcester Street
Christchurch, New Zealand
MULTIFAV ENGINEERING: Court Issues Wind-up Order
------------------------------------------------
The Federal Court of Australia ordered the wind-up of Multifav
Engineering Pty Limited, and appointed Steven Nicols as
liquidator.
Contact: Steven Nicols
Liquidator
Level 2, 350 Kent Street
Sydney, New South Wales 2000
Australia
MUSCLE CORE: Members Appoint Official Liquidators
-------------------------------------------------
The members of Muscle Core Pty Limited had on April 3, 2006,
appointed Riad Tayeh and Antony de Vries as joint and several
liquidators to oversee the Company's wind-up operations.
Contact: Riad Tayeh
Antony de Vries
Liquidators
De Vries Tayeh
c/o Level 3, 95 Macquarie Street
Parramatta, New South Wales 2150
Australia
PARKVIEW HOMES: Liquidator to Present Wind-up Report
----------------------------------------------------
The members and creditors of Parkview Homes Pty Limited will
convene at a final meeting today, May 23, 2006, for them to
receive Liquidator David H. Scott's account on the manner in
which the Company was wound up and its property was disposed of.
Contact: David H. Scott
Liquidator
Jones Condon Chartered Accountants
77 Station Street, Malvern
Victoria 3144, Australia
POCKET ROCKET: High Court Names Liquidators
-------------------------------------------
The High Court of Christchurch appointed Iain Andrew Nellies and
Wayne John Deuchrass as Joint and Several Liquidators for Pocket
Rocket Limited.
The appointment was made after the High Court released an order
for putting the Company into liquidation.
Contact: Wayne John Deuchrass
Insolvency Management Ltd
Level 4, 728 Colombo Street
Christchurch, New Zealand
POTAKA SILVICULTURE: Court to Hear Liquidation Bid on June 2
------------------------------------------------------------
The High Court of Gisborne will hear an application to liquidate
Potaka Silviculture Ltd on June 2, 2006, at 9:00 a.m.
The Commissioner of Inland Revenue filed the application on
March 6, 2006.
Contact: R.J. Collins
Elvidge & Partners
Corner Raffles and Bower Streets
Napier, New Zealand
PRYORITY POWER: Wind-up Proceedings Commenced
---------------------------------------------
At a meeting of Pryority Power Pty Limited held on April 3,
2006, members agreed to voluntarily wind up the Company's
operations.
Creditors appointed Philip Newman and Clyde Peter White as joint
and several liquidators of the Company.
Contact: Philip Newman
Clyde P. White
Liquidators
HLB Mann Judd Chartered Accountants
Level 1, 160 Queen Street
Melbourne 3000, Australia
RONCYN PTY: Federal Court Issued Wind-up Order
----------------------------------------------
The Federal Court of Australia issued a winding up order against
Roncyn Pty Limited on February 28, 2006, and nominated Bryan
Collis as liquidator.
Contact: Bryan Collis
Liquidator
O'Brien Palmer
Level 4, 23 Hunter Street
Sydney, New South Wales 2000
Australia
SCAN SECURITY: Members Resolve to Wind Up Firm
----------------------------------------------
The members of Scan Security Australia Pty Limited held a
meeting on April 7, 2006, and agreed that it is in the Company's
best interests to wind up its business operations.
In this regard, Schon G. Condon was appointed as liquidator.
Contact: Schon G. Condon RFD
Liquidator
c/o Jones Condon Chartered Accountants
Level 1, 34 Charles Street
Parramatta, New South Wales
Australia
Telephone: (02) 9893 9499
SEAWU PTY: Liquidator Explains Wind-up to Members
-------------------------------------------------
The members of SEAWU Pty Limited will hold a final meeting
today, May 23, 2006, to receive Liquidator Peter Kellaway's
account on the manner of the Company's wind-up and property
disposal.
Contact: Peter Kellaway
Liquidator
Kellaway Cridland PTY Limited
Level 4, 48 Hunter Street
Sydney, New South Wales 2000
Australia
SOUTHERN TANK: High Court Orders Liquidation
---------------------------------------------
The High Court of Christchurch, on May 1, 2006, ordered the
liquidation of Southern Tank Ltd.
Subsequently, Iain Andrew Nellies and Wayne John Deuchrass were
appointed joint and several liquidators.
Contact: Wayne John Deuchrass
Insolvency Management Ltd
Level 4, 728 Colombo Street
Christchurch, New Zealand
TOTALLY DRY: Members Resolve to Cease Operations
------------------------------------------------
At a general meeting on April 4, 2006, the members of Totally
Dry Roofing Pty Limited decided to close the Company's
operations.
Creditors appointed R. M. Sutherland as liquidator of the
Company at a creditors' meeting held later that day.
Contact: R. M. Sutherland
Liquidator
Jirsch Sutherland Chartered Accountants
Level 2, 84 Pitt Street
Sydney, New South Wales 2000
Telephone: (02) 9233 2111
Fax: (02) 9233 2144
================================
C H I N A & H O N G K O N G
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ATOLL CHINA: Members to Receive Liquidator's Wind-up Report
-----------------------------------------------------------
A final meeting of Atoll China Ltd will be conducted on June 23,
2006, at 10:00 o'clock in the morning.
During the meeting, Liquidator Natalia K. M. Seng will present
her final accounts regarding the Company's wind-up operations.
Contact: Natalia K. M. Seng
Level 28, Three Pacific Place
1 Queen's Road East
Hong Kong
BRI FINANCE: Liquidator Set to Discuss Wind-up with Members
-----------------------------------------------------------
The final general meeting of the members of BRI Finance Limited
will be held on June 7, 2006, 10:30 a.m. at 27 Floor, Alexandra
House, 16-20 Chater Road Central, Hong Kong.
At the meeting, members will get an account of the manner of the
Company's wind-up and property disposal from Liquidator Gabriel
Tam.
CHINESE BUILDING: Members Appoint Liquidator
--------------------------------------------
Lam Chi Wai was appointed as liquidator for Chinese Building Art
and Craft Research Group Limited through a special resolution
passed by the Company's members April 29, 2006.
Contact: Lam Chi Wai
Units C & D
9F., Neich Tower
128 Gloucester Road
Wanchai, Hong Kong
DAVNET DIGITEL: Liquidator Cease to Act for Company
---------------------------------------------------
Desmund Chung Seng Chiong has ceased to act as liquidator of
Davnet Digitel (HK) Limited on May 12, 2006.
ELLISTONE LIMITED: Liquidators to Present Wind-up Report
--------------------------------------------------------
Joint Liquidators Lai Kar Yan and Darach Haughey will present
their wind-up report to the members of Ellistone Limited on June
13, 2006.
Contact: Lai Kar Yan
Darach Haughey
35 Floor, One Pacific Place
88 Queensway, Hong Kong
FAI RESTAURANT: Members' Final General Meeting Set on June 19
-------------------------------------------------------------
Members of Fai Restaurant (Group) Ltd will convene for their
final meeting on June 19, 2006, at 7:00 o'clock in the evening
at the liquidator's office.
At the meeting, Liquidator Lee Kwok On will present his final
accounts regarding the Company's wind-up operations.
Contact: Lee Kwok On
Liquidator
Rooms 1901-02
Park-In Commercial Centre
56 Dundas Street, Kowloon
Hong Kong
FORMES LIMITED: Members Opt for Voluntary Wind-up
-------------------------------------------------
Members of Formes (Kowloon) Limited, on April 28, 2006, passed a
resolution to voluntarily wind up the Company's operations.
Subsequently, Chu King Hei was appointed to oversee the wind-up
process.
Contact: Chu King Hei
Rooms 905-909
Yu To Sang Building
37 Queens Road Central
Hong Kong
FULLWAY PROPERTIES: Official Liquidator Named
---------------------------------------------
Chok Man Yik was appointed as liquidator for Fullway Properties
Ltd through a special resolution passed by the Company's members
on May 8, 2006.
Contact: Chok Man Yik
15/F., Manulife Tower
169 Electric Road, North Point
Hong Kong
GROUP STAR: Creditors and Members Resolve to Appoint Liquidator
---------------------------------------------------------------
Yau Kim Hung was appointed liquidator of Group Star Development
Ltd through a resolution passed by the members and creditors of
the Company on May 8, 2006.
Contact: Yau Kim Hung
Room 703, Wah Ying Cheong Central Bldg
158-164 Queen's Road Central
Hong Kong
JACKIN INTERNATIONAL: Resumes Trade After Release of FY05 Report
----------------------------------------------------------------
Trading in the shares of Computer accessories producer Jackin
International Holdings resumed on May 22, 2006, after being
suspended since April 28, 2006, the Hong Kong Stock Exchange
reveals.
The suspension followed the Company's failure to announce its
2005 annual financial report by the deadline determined by the
Stock Exchange.
The Company's FY05 financial report showed a loss of HK$135.2
million after posting HK$20.1 million profit in 2004.
The loss was partly attributed to HK$86.8 million impairment
charge for manufacturing equipment, further HK$33 million charge
for bad doubtful debts. Sales of the Company also dropped 9.3%
to HK$ 329.7 million.
* * *
Jackin International Holdings -- http://www.jackin.com--
located in New Territories, Hong Kong is engaged in the
manufacturing and selling blank information storage media
products, manufacturing replicating & selling content-based
information storage media products, distribution of media
products and total fulfillment services.
JADELING ADMINISTRATIVE: Members Final Meeting Fixed on June 13
---------------------------------------------------------------
The final general meeting of the members of Jadeling
Administrative Services (HK) Limited will be held on June 13,
2006, at the liquidator's office.
At the meeting, members will get an account of the manner of the
Company's wind-up and property disposal from Liquidator Lo Wai
Tsun.
Contact: Lo Wai Tsun
Liquidator
22 Floor, Chater House
8 Connaught Road Central
Hong Kong
HONG KONG URBAN: Members' and Creditors' Meetings Set on June 16
----------------------------------------------------------------
The annual meetings of members and creditors of Hong Kong Urban
Railway Engineering Group Ltd Enron will be held for the parties
to receive Liquidator Chow Ming Kuen's final account showing how
the Company was wound up and how its property was disposed of.
The meeting will be held on June 16, 2006, at 4:00 p.m. for
members and at 4:30 p.m. for creditors.
KWG TAX SERVICES: Heng Named as Liquidator
------------------------------------------
Heng Poi Cher was appointed liquidator of KWG Tax Services Ltd
by virtue of a special resolution passed by the members of the
Company on May 3, 2006.
Contact: Heng Poi Cher
4404 China Resources Bldg
26 Harbour Road, Wanchai
Hong Kong
LO'S GONDOLA: Falls Into Liquidation
------------------------------------
Lou Ko Hong was named liquidator of Lo's Gondola Engineering
Services Company Limited on April 28, 2006.
Contact: Lo Kou Hong
3/F., Caltex House
258 Hennessy Road
Wanchai, Hong Kong
NEW CHINA (HK) REAL ESTATES: Joint Liquidators Step Aside
---------------------------------------------------------
James Wardell and Chan Wai Dune ceased to act as joint and
several liquidators for The New China (Hong Kong) Real Estates
Ltd on May 2, 2006.
STARTEC GLOBAL: Enters Voluntary Liquidation
--------------------------------------------
On May 8, 2006, members of Startec Global Communications (H.K.)
Ltd resolved that the Company be wound up voluntarily.
Kwok Lai Ngor was subsequently appointed to liquidate and
distribute the Company's assets.
* Bankruptcy Filings Show Downward Trend
----------------------------------------
The Official Receiver's Office revealed in a press release that
bankruptcy petitions in April 2006 have significantly declined
as compared to month-ago figures.
A total of 810 bankruptcy petitions were presented in April
2006, down 20.3% from the previous month's figure of 1,016, and
down 2.2% compared with last year's average monthly figure of
828, the Office said.
Moreover, the Office added that in April, the High Court of Hong
Kong issued 618 bankruptcy orders. The figure is down 16% from
the previous month's figure of 736, and a drop of 24.5% on the
average monthly figure of 818 last year.
=========
I N D I A
=========
ANDHRA CEMENTS: Board to Discuss Fund Infusion on May 23
--------------------------------------------------------
Andhra Cements Limited's board of directors will hold a meeting
on May 23, 2006, to consider a proposal of fund infusion as part
of the Company's rehabilitation scheme approved by the Appellate
Authority for Industrial and Financial Reconstruction.
The Troubled Company Reporter - Asia Pacific recounts that the
AAIFR, on February 20, 2006, approved Andhra Cements' revival
package, which includes the proposed issue and allotment of new
equity shares to the Company's promoter and financial
institutions on conversion of loans and one-time settlement
dues.
The TCR-AP also reported on March 22, 2006, that Andhra's
promoter, Gouri Prasad Goenka, is looking to sell part of its
stake in Andhra Cements, as part of the Company's turnaround
program. Mr. Goenka said that he is in talks with potential
bidders for his stake. He further clarified that the dilution
of stake would be less than 15% so that it does not attract the
open offer guidelines of the Securities and Exchange Board of
India.
The proceeds from the stake sale will be used to develop the
Company's cement facility, which was only partly operational,
the TCR-AP added.
About Andhra Cements Limited
Cement manufacturer Andhra Cements Limited is part of the
Kolkata-based Duncan Goenka group. It is still sick and is
subject to rehabilitation. The original promoter of the company
handed over the reins to Gouri Prasad Goenka in 1994 when the
company was already under the Board for Industrial and Financial
Reconstruction. The company has been operating under the
sanctioned rehabilitation scheme of the BIFR dated June 16,
1994. The Company is expected to turn around by 2006-07.
BRITISH INDIA: Suspended Staff Continue Hunger Strike
-----------------------------------------------------
Upon completion of three years and three days of uninterrupted
fasting for the restart of British India Corporation's Elgin
Mill (I), the temporary retrenched employees, on May 20, 2006,
observed a 24-hour hunger strike in support of their various
demands, Hindustan Times reveals.
About 1,800 workers were retrenched by the Elgin mill pursuant
to a wind-up order issued by the High Court. They were assured
that the mill would restart soon and they would be taken back,
the Times says.
The general secretary of the Trade Union Council, Md Sami Sami,
said that innocent employees, reposing faith on mill
authorities, did not raise any demand for financial assistance.
Members of the Council have decided to meet the chairman-cum-
managing director of the British India Corporation on May 25 at
Lucknow in support of their demands.
The Troubled Company Reporter - Asia Pacific recounts that the
Kanpur Trade Union also staged a protest on Feb. 28, 2006, at
Panel Chowk and submitted a memorandum to the Uttar Pradesh
Governor in support of the workers' demand to restart the Elgin
Mill.
The union criticized the BIC management for its treatment of the
Elgin Mill employees. The group also claimed that different
statements coming from the management had confused them, the
TCR-AP earlier revealed.
During the administration of the National Democratic Alliance,
the Bharathya Janatha Party had won approval from the Government
to restart Elgin Mill (I) through a special purpose vehicle
route. However, the proposal was transferred to the Board of
Industrial and Financial Reconstruction, which has taken a long
time to act on the Elgin case.
About British India Corporation
The British India Corporation Ltd was taken over by the
Government of India in 1981 through the acquisition of all
private shares. The Company has two woolen mills -- Cawnpore
Woollen Mills Branch (Lalimli) at Kanpur in Uttar Pradesh and
New Egerton Woollen Mills Branch at Dhariwal in Punjab --
underits direct control. It also has two cotton subsidiaries,
Elgin Mills Co. Ltd. and Cawnpore Textiles Ltd., at Kanpur in
Uttar Pradesh. In 1993, the Company was referred to the Board
for Industrial and Financial Reconstruction, which declared it a
Sick Industrial Company. The BIFR passed orders on October 31,
1994, recommending the winding up of the Company. Against this
order of BIFR, the Company filed an appeal before the Appellate
Authority of Industrial and Financial Reconstruction on Dec. 26,
1996. The AAIFR also dismissed BIC's appeal on May 9, 1997, as
the AAIFR felt that no rehabilitation scheme was feasible for
the Company. In 1999, BIC's two cotton subsidiaries were wound
up by the High Court. The Company has been implementing a
INR214 crore rehabilitation scheme since early 2003 as per BIFR
orders.
LML LIMITED: ICRA Puts Preference Capital Instrument on Watch
-------------------------------------------------------------
ICRA Limited has put the LBB rating it assigned to the INR1,250-
million preference share capital programme of LML Limited on
rating watch with developing implications after a lockout at
LML's Kanpur factory, which started on March 7, 2006.
According to a March 9, 2006 report by the Troubled Company
Reporter - Asia Pacific, wage problems prompted LML Limited
employees to stage a strike, which in turn forced the Company's
management to declare a lockout.
The Company acknowledged that the lockout is likely to affect
its normal operations and its liquidity, the TCR-AP had noted.
The Company earlier admitted that it has not achieved full
production capacity due to liquidity issues.
The LBB rating indicates inadequate-credit-quality rating
assigned by ICRA. The rated instrument carries high credit
risk.
ICRA would announce the final rating after evaluating the impact
of developments on the Company's operating and financial risk
profile.
About LML Limited
Headquartered in Uttar Pradesh, India, LML Limited manufactures
two wheeler vehicles particularly scooters and spares and
accessories. The Group's products include geared scooters,
gearless scooters, motorcycles and mopeds. The Company has been
incurring consecutive losses since 2004. As on March 31, 2005
LML had capacity to manufacture 0.45 million scooters and 0.18
million motorcycles per annum. During the 18 month period ended
March 2005, LML reported turnover of INR5.97 billion and a net
loss of INR956.06 million. The Company currently in a
restructuring mode - for the second time in less than a year -
and is struggling to overcome working capital problems. Labor
unrest and a lack of working capital have practically stopped
production and dispatches at its sole Kanpur plant in the past
few weeks.
=================
I N D O N E S I A
=================
ANTAM FINANCE: Moody's Upgrades Senior Unsecured Rating To B1
-------------------------------------------------------------
Moody's Investors Service has upgraded the foreign currency
senior unsecured bond rating of Antam Finance Limited to B1 from
B2. The outlook is positive. The company's bonds are
irrevocably and unconditionally guaranteed by PT Aneka Tambang
(Persero) Tbk.
This rating action follows Moody's decision to upgrade
Indonesia's foreign currency sovereign rating to B1 from B2.
At the same time, Moody's has affirmed Antam's B1 local currency
corporate family rating. The rating outlook remains positive.
Antam, headquartered in Jakarta, is 65% owned by the Indonesian
government. The company is involved in the exploration and
production of nickel ore, smelting of ferronickel, exploration,
and production and refining of gold and silver, bauxite and iron
sands.
INDOFOOD SUKSES: Moody's Upgrades Foreign Currency Rating to B1
---------------------------------------------------------------
Moody's Investors Service has upgraded both the foreign currency
issuer rating of Indofood Sukses Makmur Tbk and the senior
unsecured bond rating of Indofood International Finance Limited
to B1. This rating action follows Moody's decision to upgrade
Indonesia's foreign currency sovereign rating from B2 to B1.
At the same time, Moody's has affirmed Indofood's local currency
issuer rating of B1 with stable outlook.
PT Indofood Sukses Makmur Tbk, headquartered in Jakarta,
Indonesia, and listed on the Jakarta and Surabaya stock
exchanges, is the largest processed foods manufacturer in the
country.
PERTAMINA: Seeks IDR5.16 Trillion to Develop Cepu Project
---------------------------------------------------------
State-owned oil firm PT Pertamina is seeking to borrow IDR5.16
trillion from local and foreign banks in order to fund a
IDR23.95-trillion development project for the Cepu oil & gas
block, Reuters News says.
The Troubled Company Reporter - Asia Pacific reported on
April 10, 2006, that United States oil firm Exxon Mobil
Corporation and PT Pertamina signed a Joint Operating Agreement
in March 2006, to develop the Cepu oil block located in East and
Central Java. The TCR-AP report added that PT Pertamina and
Exxon Mobil obtained 25 proposals from unnamed investors to
finance the Cepu development project. The Cepu oil block is
expected to increase Indonesia's oil output by around 20% when
production starts in 2008.
According Reuters, Pertamina spokesman Mochamad Harun said that
the Company is awaiting downstream oil and gas regulator BP
Migas' approval of its development plan of the Cepu block, which
was submitted on May 5, 2006. Once the plan is approved,
Pertamina would begin to select among the many banks interested
in providing a loan to the Company. BP Migas said it needs
around one month to review the plan. An unnamed BP Migas
official said that Pertamina and Exxon Mobil must implement the
plan as soon as it gets approved.
Pertamina and Exxon Mobil each own a 45% stake in the Cepu gas
block, while the remaining 10% is held by provincial
governments.
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 finance director Alfred Rohimone
disclosed that the Company's financial condition was in critical
condition because its expenses had surpassed its income due to
its obligation to meet domestic demand with fuel oil bought at
higher prices on the 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, Pertamina's debt to United States firm Karaha
Bodas Company rose 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 GAS: Moody's Lifts Foreign Currency Rating To Ba3
------------------------------------------------------------
Moody's Investors Service has upgraded the foreign currency debt
rating of PGN Euro Finance 2003 Ltd. and guaranteed by PT
Perusahaan Gas Negara to Ba3 from B1. This rating action
follows Moody's decision to upgrade Indonesia's foreign currency
sovereign rating for bonds from B2 to B1. At the same time,
Moody's has affirmed the Ba2 corporate family rating of PGN. The
rating outlook is stable.
PT Perusahaan Gas Negara, headquartered in Jakarta, Indonesia
and 61% owned by the Government of Indonesia, is engaged in the
transmission and distribution of natural gas in the country,
with leading domestic market shares.
SAMPOERNA: Moody's Affirms Ba1 Foreign Currency Rating
------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 foreign currency
rating of the USD senior unsecured notes issued by Sampoerna
International Finance Co BV and guaranteed by PT Hanjaya Mandala
Sampoerna, and the Baa2 local currency issuer rating of
Sampoerna. The outlook for the ratings remains stable.
Moody's says the upgrade of Indonesia's foreign currency
sovereign rating to B1 from B2 does not have any impact on
Sampoerna's ratings.
PT Hanjaya Mandala Sampoerna, headquartered in Surabaya,
Indonesia, is one of Indonesia's leading cigarette companies,
manufacturing and marketing premium clove, or kretek, brands in
the country.
=========
J A P A N
=========
LIVEDOOR COMPANY: To Hold Stockholders' Meeting on June 14
----------------------------------------------------------
Livedoor Company Ltd will hold an extraordinary shareholders'
meeting on June 14, 2006, to appoint a new board of directors,
Crisscross News reveals.
The Company would also announce the dissolution of investment
branches that were involved in accounting fraud and market
manipulation at the meeting.
The Troubled Company Reporter - Asia Pacific reported that in
January 2006, Livedoor ex-president and founder Takafumi Horie
and other Livedoor directors were found to have conspired to
cover up the Company's JPY310 million pre-tax loss for the
business year ended September 2004, by doctoring financial
accounts to show an inflated pre-tax profit of JPY5.03 billion
instead. Moreover, Mr. Horie and the Company executives
allegedly relayed false information on a merger, with the intent
to boost the stock price of a Company subsidiary. Mr. Horie was
detained on January 23, 2006, for his involvement in the
accounting scandal, and was released on a JPY300-million bail in
April.
At the meeting, Livedoor directors Noriyuki Yamazaki, Hiroshi
Haneda and Fumito Kumagai are scheduled to resign from their
positions, and would be replaced by current president Kozo
Hiramatsu and other directors, the Japan Times reports. Mr.
Hiramatsu was appointed as Livedoor president in January after
Mr. Horie's arrest, but did not become a board member. Two
Livedoor executive officers and Usen Corp. President Yasuhide
Uno are also slated to be included in the board of directors.
Mr. Uno is the second largest shareholder in the Company, after
Mr. Horie.
Since several shareholders sold their stake in Livedoor after
the accounting scandal, the number of shareholders eligible to
attend the meeting in June has dropped from 220,000 to 155,000,
the Times adds.
Headquartered in Tokyo, Japan, Livedoor Company, Limited --
http://corp.livedoor.com/en/-- is involved in out portal site
"livedoor," financial business, corporate web solutions, data
center and IP telephony business.
VODAFONE K.K.: To Change Name to Softbank Mobile Corp in October
----------------------------------------------------------------
Vodafone K.K., the Japanese unit of British firm Vodafone Group
PLC, will change its name to Softbank Mobile Corp. on Oct. 1,
2006, after it was acquired by Softbank Corp. last month,
Crisscross News says.
The Troubled Company Reporter - Asia Pacific reported on
April 26, 2006, that Softbank had completed a tender offer to
acquire a 97% stake in the Company for JPY1.3 trillion.
Vodafone K. K. became a Softbank unit on April 27, 2006.
The Company is now re-branding its 1,856 shops nationwide and
renaming its products and services to Softbank in time for the
name change in October, in order to be able to maximize its
synergies, JCN News Network relates.
According to Crisscross News, Softbank and Vodafone will set up
a JPY11-billion joint venture firm with four members from each
of the firms to be on its board of directors, to develop
cellular phone handsets and a new service platform.
* * *
According to the Troubled Company Reporter - Asia Pacific on
March 22, 2006, Standard & Poor's Ratings Services had lowered
its long-term corporate credit and debt ratings on Vodafone K.K.
to 'BB+' from 'A+', following the decision of parent Vodafone
Group PLC to sell the unit to Softbank Corporation. Vodafone
K.K.'s ratings remain on CreditWatch with negative implications,
where they were placed on March 3, 2006.
The downgrade reflects the radical weakening of Vodafone K.K.'s
credit profile due to the removal of the support from the
stronger Vodafone Group, the leveraged structure of the
takeover, and the weaker credit quality of its new owner,
Softbank. The resolution of the CreditWatch placement will be
undertaken in tandem with that on Softbank after progress in the
acquisition and details of the LBO funding scheme are confirmed.
=========
K O R E A
=========
DAEWOO ENGINEERING: Creditors to Pick Preferred Bidder by June
--------------------------------------------------------------
Bidders for Daewoo Engineering & Construction Co. have completed
their pre-sale due diligence on the Company on May 19, 2006, The
Korea Times reports. Accordingly, the construction firm's main
creditors are set to pick a preferred bidder by the end of June
2006.
The Korea Times cites Daewoo's largest shareholder, Korea Asset
Management Corp., as stating that it will close formal tender on
June 9, 2006.
The Troubled Company Reporter - Asia Pacific had reported on
March 8, 2006, that Daewoo Engineering's creditors, including
Korea Asset Management, Woori Bank and some local financiers,
currently hold 72.1% of the Company. At least 50% plus one of
their total stake is set to be sold. Yet, as the creditors are
focused on collecting their money quickly, they said they might
allow the bidders to take the entire 72.1% stake.
According to The Korea Times, Daewoo Engineering's creditors
will have to send bidders a request for proposal on May 30,
2006, and select a preferred bidder on June 23, 2006. Expected
top bidders for the Company are Doosan Group, Kumho Asiana
Group, Eugene Group, Prime Group, and Samwhan Corp.
As the TCR-AP subsequently reported, Hanwha Group has decided to
withdraw from the bid because a due diligence carried out on the
builder unveiled a weaker-than-expected overseas performance in
its domestic operations and in the Middle East region.
Each bidder's detailed plans including the amount of stock
buyout, where to raise funds, and management plan will be
examined closely by KAMCO. A spokesman from KAMCO said that the
sale of the Company will be complete by August 2006, The Korea
Times says.
Headquartered in Seoul, South Korea, Daewoo Engineering &
Construction Co. -- http://www.daewooenc.com/-- has become a
world leader in civil engineering, housing construction, power
and industrial plant development, architectural services, and
construction of liquid natural gas facilities. In addition to
large-scale domestic projects, Daewoo has more recently built
gas plants in Nigeria, a hospital in Libya, and the Trump World
Tower in New York, to name a few. Daewoo Engineering is one of
several Daewoo units that initially survived the 1999 collapse
of the conglomerate Daewoo Group under US$80 billion of debts in
South Korea's largest corporate bankruptcy. In early 2004,
Daewoo Engineering's largest shareholder, the Korea Asset
Management Company, announced a proposed auction of the
construction firm. Daewoo Engineering is the latest part of the
bankrupt Daewoo business empire to be sold. KAMCO's 46% stake
in the Company had been estimated to fetch about KRW800 billion
(US$677 million). The Company has since become a potential
acquisition target in 2006.
DAEWOO ENGINEERING: First Quarter Income Doubles
------------------------------------------------
For the first quarter ended March 31, 2006, Daewoo Engineering
and Construction Co. Ltd's balance sheet reflected
KRW3,526,000,000,000 in total current assets available to pay
KRW1,818,000,000,000 in total current liabilities coming due
within the next 12 months.
The Company's first quarter 2006 balance sheet also shows
KRW5,454,000,000,000 in total assets, and KRW2,985,000,000,000
in total liabilities, resulting in KRW2,469,000,000,000 of total
shareholders' equity.
For the first quarter, Daewoo Engineering posted
KRW132,000,000,000 in net income, which is more than double the
KRW65,000,000,000 net income for the first quarter in 2005.
* * *
For the fiscal year ended December 31, 2005, Daewoo
Engineering's balance sheet showed KRW3,720,000,000,000 in total
current assets, available to pay KRW2,030,000,000,000 in total
current liabilities coming due within the next 12 months.
The Company's 2005 total assets is KRW5,602,000,000,000, and its
total liabilities is KRW3,176,000,000,000, resulting in a
KRW2,426,000,000,000 stockholders' equity.
Moreover, for the 2005 fiscal year, the Company posted net
income of KRW406,718,000,000.
Headquartered in Seoul, South Korea, Daewoo Engineering &
Construction Co. -- http://www.daewooenc.com/-- has become a
world leader in civil engineering, housing construction, power
and industrial plant development, architectural services, and
construction of liquid natural gas facilities. In addition to
large-scale domestic projects, Daewoo has more recently built
gas plants in Nigeria, a hospital in Libya, and the Trump World
Tower in New York, to name a few. Daewoo Engineering is one of
several Daewoo units that initially survived the 1999 collapse
of the conglomerate Daewoo Group under US$80 billion of debts in
South Korea's largest corporate bankruptcy. In early 2004,
Daewoo Engineering's largest shareholder, the Korea Asset
Management Company, announced a proposed auction of the
construction firm. Daewoo Engineering is the latest part of the
bankrupt Daewoo business empire to be sold. KAMCO's 46% stake
in the Company had been estimated to fetch about KRW800 billion
(US$677 million). The Company has since become a potential
acquisition target in 2006.
===============
M A L A Y S I A
===============
DATUK KERAMAT: Court of Appeal Adjourns RO Hearing to May 31
------------------------------------------------------------
The Court of Appeal has adjourned to May 31, 2006, the hearing
on Datuk Keramat's request to extend the restraining order
granted by the Kuala Lumpur High Court in favor of the Company
and its 36 subsidiary and associate companies.
The Court of Appeal has further directed that the Retraining
Order be continued until the disposal of the appeal.
The Troubled Company Reporter - Asia Pacific recounts that on
March 9, 2005, the Kuala Lumpur High Court granted a 90-day
restraining order through June 5, 2005, to Datuk Keramat
Holdings and these subsidiaries and associated companies:
1. George Town Holdings Berhad;
2. DKH Management Sdn Bhd;
3. Steady Capital Sdn Bhd;
4. George Town Chemist Sdn Bhd;
5. Super Departmental Stores (George Town) Sdn Bhd;
6. Super Tanjung Department Stores Sdn Bhd;
7. Super Kinta Departmental Stores Sdn Bhd;
8. Usra Iwaki Plastic Technology (M) Sdn Bhd;
9. Batu Road Supermarket Sdn Bhd;
10. DKH Bina Sdn Bhd;
11. Super Clothing Manufacturing (M) Sdn Bhd;
12. DKH Properties Sdn Bhd;
13. UMBC Holdings Sdn Bhd;
14. DKH Mergers and Acquisitions Sdn Bhd;
15. DKH International Sdn Bhd;
16. Profile Vantage Sdn Bhd;
17. Asia Incorporated Businesses Sdn Bhd;
18. Impian Saksama Sdn Bhd;
19. Alpine Sign Sdn Bhd;
20. Arrow- Mega Development Sdn Bhd;
21. Euro Growth Sdn Bhd;
22. GT Design Sdn Bhd;
23. GT Group Management Sdn Bhd;
24. Super Parking Sdn Bhd;
25. Syarikat Great Eastern Clothing Manufacturing (M) Sdn
Bhd;
26. Herald Square Sdn Bhd;
27. Asia Incorporated Publishers Sdn Bhd;
28. Arrow Projects Sdn Bhd;
29. George Town Chemist (Penang) Sdn Bhd;
30. Golden Pharmaceutical Sdn Bhd;
31. Keramat Supermarket Sdn Bhd;
32. Principle Innovation Sdn Bhd;
33. Sky Dynamics Sdn Bhd;
34. The Super Pastry Centre Sdn Bhd;
35. Super Kinta Goldsmith Sdn Bhd; and
36. Alpine Express Sdn Bhd.
The Restraining Order was obtained so the Company could finalize
its restructuring scheme of arrangement with its creditors. The
order restrained and stayed the proceedings in any action or the
institution or commencement of any proceedings against the
companies.
However, since the Group has not yet completed its Proposed
Restructuring Scheme, it needs an extension of the Restraining
Order from the Court of Appeal.
About Datuk Keramat Holdings
Headquartered in Pulau Pinang, Malaysia, Datuk Keramat Holdings
Berhad is engaged in investment and property holding. The
Company is also involved in management services; property
investment services; project management services and
development; credit and financing activities; distribution and
publication of magazines; media design and advertising;
management of supermarket and departmental store; trading and
distribution of pharmaceutical, management of car park, garment
manufacturing and financial services. The Group faced numerous
suits filed by financiers and trade creditors who have alleged
that outstanding debts are owed to them. On January 24, 2005,
the Company was been served with a winding-up petition by Affin
Bank Bhd, who claimed a sum of MYR15.66 million as of May 31,
2002, in respect of revolving credit facilities granted to the
Company. The Company has been suffering tight liquidity and is
facing delisting due to its failure to submit its financial
reports to Bursa Malaysia. In an effort to settle the debts and
come to an agreement with the creditors, the Companies had
prepared an initial scheme for the purposes of a debt
restructuring scheme under Section 176(10) of the Companies Act,
1965.
FUTUTECH BERHAD: Dissolves Dormant Subsidiary
---------------------------------------------
Fututech Berhad's subsidiary, Frontline Display International
(Shenzhen) Company Limited, has been voluntarily dissolved on
May 15, 2006.
Frontline Display was incorporated in the Peoples' Republic of
China and it has not commenced operation since its
incorporation.
The dissolution of Frontline Display is not expected to have any
material effect on the earnings or net tangible assets of
Fututech Group for the financial year ending December 31, 2006.
About Fututech Berhad
Headquartered in Kuala Lumpur, Malaysia, Fututech Berhad
-- http://www.fututech.com.my/nutshell.htm-- was formerly
listed under the name of Ulbon Berhad on the Kuala Lumpur Stock
Exchange (KLSE), Malaysia since 1996. Its main business then
was the production of steel rods. Later in 2000, the Group
shifted its business emphasis to the design and manufacturing of
innovative products for the local and global markets. In line
with its change of business direction, the name Fututech Berhad,
which was inspired by abbreviating the actual words of "future
technology", was chosen to replace Ulbon Berhad in 2000. The
Group has suffered losses in the past fiscal years due to high
operating expenses and other factors. In the quarter ended
December 31, 2005, the Group suffered a loss before tax of
MYR2.5 million as compared to a loss of MYR20,000 for the
corresponding quarter in 2004.
LANKHORST BERHAD: Pancabumi Defaults on BCBB Loans
--------------------------------------------------
Lankhorst Berhad's subsidiary, Lankhorst Pancabumi Contractors
Sdn Bhd, has defaulted on banking facilities offered by
Bumiputra Commerce Bank Berhad.
BCBB, on February 13, 2006, issued a Notice of Demand for the
MYR23,052,316 Short Term Advance Facilities in relation to the
Pembinaan Ibu Pejabat Bridged/Battalion Pasukan Gerakan Am,
Perumahan dan Pusat Latihan PDR Kinarut, Papar, Sabah Fasa I
Project.
By virtue of Kementerian Keselamatan Dalam Negeri's decision to
terminate the main contractor, Nautica Technologies Sdn Bhd in
December 2005, BCBB had, on March 27, 2006, honored KKDN's claim
of MYR3,474,192. The original claim was MYR14,691,385 but this
amount was subsequently reduced via debiting Pancabumi's escrow
account, drawdown on a new STA, and utilizing the banker's
guarantee claimed from Masenang Sdn Bhd of MYR3,367,193,
MYR3,474,192 and MYR7,850,000, respectively.
BCBB had also, on May 5, 2006, issued a Notice of Demand for an
outstanding amount of MYR1,723,719, MYR10,974,496 and
MYR22,797,825 for STA, overdraft facilities and bankers
guarantee facilities, respectively. The MYR1,723,719 STA
granted was in relation to the Usahasama SPNB - LTAT Project of
Perumahan untuk Anggota-Anggota Tentera dan Kakitangan Awam di
Lembah Klang that was completed in December 2005. The OD and
BA/BG was mainly for Pancabumi's working capital.
Pancabumi, however, said it will not be able to settle its
financial obligations to BCBB because the cashflow from its
operations is not sufficient to pay its debts.
Lankhorst is in the process of formulating a corporate
restructuring exercise, which includes Pancabumi's debt
restructuring.
As reported by the Troubled Company Reporter - Asia Pacific, the
Company and its group of companies have been granted a
Restraining Order by the Kuala Lumpur High Court on May 30,
2005, which has been subsequently extended until September 7,
2006.
Meanwhile, BCBB is empowered to appoint a receiver or a receiver
and manager for Lankhorst and Pancabumi.
About Lankhorst Berhad
Headquartered in Selangor, Malaysia, Lankhorst Berhad engages in
civil and geotechnical engineering services, building
construction, trading and application of geosynthetic materials.
Other activities include property development and investment,
water and wastewater treatment, oil and gas contracting and
supply, quarry operations, railway track construction,
mechanical and electrical construction, soil improvement
services and trading of construction supply. The Company has
been incurring a string of losses due to high operating costs
and its units are facing winding up actions. It also defaulted
on several loan facilities. As of December 31, 2005, the
Company's balance sheet showed MYR167,439,000 in total current
assets, MYR171,454,000 in total current liabilities, and
MYR1,781,000 in total stockholders' equity. The Company has a
deficit of MYR4,015,000.
On April 24, 2006, Lankhorst was classified as an affected
listed issuer and is required to comply with the provisions of
the Bourse's Practice Note 17/2005 category. In the event
Lankhorst fails to comply with all the provisions of PN 17/2005,
Bursa Securities may take any action against the Company
including but not limited to delisting proceedings against
Lankhorst. The Company is currently under the protection of a
Restraining Order pursuant to Section 176 of the Companies Act,
1965 and currently formulating a debt and capital restructuring
scheme to improve the Company's financial position to be
announced in due course.
LANKHORST BERHAD: Shareholders Urge Board to Work on Revival
------------------------------------------------------------
Lankhorst Berhad's shareholders have questioned the validity of
the Company's Annual General Meeting held on April 28, 2006, The
Edge Daily reports.
Unhappy with Lankhorst's poor performance, the shareholders
grilled the board of directors regarding the steps they have
taken to rehabilitate the Company. They also questioned the
Board on when the Company's financial results for the year ended
December 31, 2005, would be released.
Newly appointed chairman and managing director Rashidi Aly Abdul
Rais told shareholders that Lankhorst were in talks with the
authorities over its Bursa status. He added that the Company
hopes to release its FY05 results by end June and gave an
assurance that the board would investigate any possibility of
wrongdoing done by the previous management.
For fiscal 2004, Lankhorst posted a net loss of MYR10.17
million, compared to fiscal 2003's net loss of MYR2.92 million.
Revenue fell 45.3% to MYR66.98 million from MYR122.45 million.
Loss per share was 24.6 sen from a loss per in FY03 of 7.3 sen.
Mr. Abdul Rais added that the management will work on relieving
the group of "huge financial burdens through debt and capital
restructuring, looking for new jobs and getting old projects
completed to the highest standards."
About Lankhorst Berhad
Headquartered in Selangor, Malaysia, Lankhorst Berhad engages in
civil and geotechnical engineering services, building
construction, trading and application of geosynthetic materials.
Other activities include property development and investment,
water and wastewater treatment, oil and gas contracting and
supply, quarry operations, railway track construction,
mechanical and electrical construction, soil improvement
services and trading of construction supply. The Company has
been incurring a string of losses due to high operating costs
and its units are facing winding up actions. It also defaulted
on several loan facilities. On April 18, 2006, Bursa Malaysia
Securities Berhad decided that it will not proceed with the
delisting procedures commenced against Lankhorst Berhad on
January 3, 2006.
On April 24, 2006, Lankhorst was classified as an affected
listed issuer and is required to comply with the provisions of
the Bourse's Practice Note 17/2005 category. In the event
Lankhorst fails to comply with all the provisions of PN 17/2005,
Bursa Securities may take any action against the Company
including but not limited to delisting proceedings against
Lankhorst. Lankhorst's Board is currently in the process of
preparing the Regularization Plan. Once completed, the
requisite announcement outlining the Regularization Plan shall
be made to Bursa Securities accordingly.
MALAYSIA AIRLINES: CBRE Takes Care of Property Portfolio Revamp
---------------------------------------------------------------
Among five candidates, CB Richard Ellis was chosen to assist
Malaysia Airlines in a major restructure of the carrier's
property portfolio, Business Times relates.
The appointment was in line with Malaysia Airlines' plan to
streamline its working capital by divesting non-core assets
under its business turnaround program, the report says.
Malaysia Airlines's non-core portfolio consists of mixed
residential and office buildings in Australia, China, Hong Kong,
Malaysia, the Philippines, Singapore, Thailand, the United
Kingdom and Holland, totaling a gross floor area of 924,348
square feet in 26 buildings.
The move is seen as positive as the restructuring will ensure
that the sale of some buildings provides the best returns in the
respective countries' local markets, The Times says.
CBRE, which was selected through a "request for proposal"
process, will complete the project within a specific period
determined by Malaysia Airlines.
Five top international and local companies were invited to
submit their proposals, The Edge Daily says. CBRE came out tops
in the five criteria set by Malaysia Airlines, namely relevant
experience, indicative price, fees, approach to sales process
and strategic thinking and references.
About Malaysia Airlines
Headquartered in Selangor, Malaysia, Malaysia Airlines --
http://www.malaysiaairlines.com/-- services domestic and
international flights. Its global network comprised 32 domestic
and 86 international destinations. Of the 86 international
destinations, 17 were operated in collaboration with our airline
partners.
The carrier made a loss after tax of MYR1.3 billion for fiscal
year 2005, and MYR616 million for the nine-month ended Dec. 31,
2005, due to high fuel and operating costs, and unprofitable
routes. In late February 2006, it unveiled a radical rescue
plan to raise MYR4 billion in order to stay afloat and return to
profitability by 2007. Under the restructuring plan, the
airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
Whistle-blowing and stop corporate sponsorship.
MALAYSIA AIRLINES: To Offer Redundancy Scheme to 6,000 Workers
--------------------------------------------------------------
Malaysia Airlines is planning to launch a MYR600-million mutual
separation scheme to lay off 6,000 workers from its 23,000-
strong workforce, The Star Online reveals.
The Star says that the redundancy scheme would be the biggest
one of its kind in Malaysian history.
As reported by the Troubled Company Reporter - Asia Pacific on
May 1, 2006, the Mutual Separation Scheme being worked out by
Malaysia Airlines' management is likely to see the airline's
workers receiving up to three month's pay for every year of
service. The airline is offering a quantum of between 1.25
months and three months of an employee's last drawn salary for
every year of service.
Malaysia Airlines is expected to announce the scheme within this
week and will decide the MSS candidates in two weeks, sources
told StarBiz. The affected employees will be asked to leave the
Company by July 31, 2006.
Contract workers and foreigners under the carrier's payroll are
not included in the scheme, The Star adds.
About Malaysia Airlines
Headquartered in Selangor, Malaysia, Malaysia Airlines --
http://www.malaysiaairlines.com/-- services domestic and
international flights. Its global network comprised 32 domestic
and 86 international destinations. Of the 86 international
destinations, 17 were operated in collaboration with our airline
partners.
The carrier made a loss after tax of MYR1.3 billion for fiscal
year 2005, and MYR616 million for the nine-month ended Dec. 31,
2005, due to high fuel and operating costs, and unprofitable
routes. In late February 2006, it unveiled a radical rescue
plan to raise MYR4 billion in order to stay afloat and return to
profitability by 2007. Under the restructuring plan, the
airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
Whistle-blowing and stop corporate sponsorship.
MALAYSIA AIRLINES: Has Yet to Show Commitment for Boeing 787
------------------------------------------------------------
Malaysia Airlines is keen in Boeing's 300-seat 787 Dreamliner,
but has not yet shown commitment in acquiring the aircraft,
Bernama reports.
Boeing's regional vice-president for Southeast Asia, Paul T.
Walters, told Bernama that the aircraft maker is still waiting
for Malaysia Airline's decision regarding its interest on the
787.
The Troubled Company Reporter - Asia Pacific recounts that
Malaysia Airlines plans to retire its ageing aircraft next year
and plans to order new aircraft in 2008. Earlier this year,
both Boeing and Airbus had submitted their proposals for a
contract with Malaysia Airlines.
According to TCR-AP, Boeing's proposal to the national carrier
only covers the 737s and not the 777s or 787s.
About Malaysia Airlines
Headquartered in Selangor, Malaysia, Malaysia Airlines --
http://www.malaysiaairlines.com/-- services domestic and
international flights. Its global network comprised 32 domestic
and 86 international destinations. Of the 86 international
destinations, 17 were operated in collaboration with our airline
partners.
The carrier made a loss after tax of MYR1.3 billion for fiscal
year 2005, and MYR616 million for the nine-month ended Dec. 31,
2005, due to high fuel and operating costs, and unprofitable
routes. In late February 2006, it unveiled a radical rescue
plan to raise MYR4 billion in order to stay afloat and return to
profitability by 2007. Under the restructuring plan, the
airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
Whistle-blowing and stop corporate sponsorship.
METROPLEX BERHAD: Securities Commission Okays Proposed Disposal
---------------------------------------------------------------
The Securities Commission, on May 18, 2006, approved the
proposed disposal of properties by Multiplex Berhad's wholly
owned subsidiary, Metroplex Holdings Sdn Bhd, for a total cash
consideration of MYR438,330,000.
The SC's approval is, however, subject to the condition that
Metroplex should disclose these items in the circular to the
shareholders in relation to the Proposed Disposal:
* Identity of the broker involved in the Proposed Disposal;
* Basis for the selection of the broker;
* Basis for the calculation of the brokerage fee;
* The nature and scope of work carried out by the broker;
and
* Agreement entered between the broker and MB in respect of
the brokerage work.
The Proposed Disposal
Metroplex Holdings Berhad, a wholly owned subsidiary of
Metroplex Berhad, on December 30, 2005, entered into a
conditional sale and purchase agreement with Lembaga Kumpulan
Wang Simpanan Pekerja for the proposed disposal of a shopping
complex known as The Mall and an office building together with
1,323 car parking bays for a total cash consideration of
MYR438.33 million.
The sale consideration was arrived at on a "willing buyer
willing seller" basis after taking into consideration a 4.8%
discount -- amounting to approximately MYR22.07 million -- of
the total market value of the Property based on the valuation
appraised by the Independent Valuer on September 22, 2005, of
MYR460.4 million.
As part of a group-wide restructuring exercise to reduce its
bank borrowings, the Proposed Disposal will allow Metroplex and
its subsidiaries to unlock the value of the Property and realize
its investment in the Property. After taking into consideration
the net carrying value of the Property of approximately MYR415
million as of January 31, 2005, as well as the estimated related
expenses of approximately MYR29.5 million for the Proposed
Disposal, the estimated book loss on disposal to the Metroplex
Group is expected to be approximately MYR5.06 million.
The Proposed Disposal would enable the Group to reduce its bank
borrowings by MYR401.76 million. In addition, the Proposed
Disposal will also enable the Group to streamline its investment
holdings and in particular, dispose of non-core assets to focus
on other existing and future operations.
The net cash proceeds is expected to be MYR431.26 million --
after deducting approximately MYR7.07 million of rental deposit
from the total sale consideration of MYR438.33 million -- and is
expected to be utilized for the repayment of the Group's secured
lenders and for estimated expenses in relation to the Proposed
Disposal.
The potential interest savings arising from the repayment to
secured lenders is approximately RM44.7 million per annum. This
will result in a reduction in the Group's gearing ratio from
9.78 times as at January 31, 2005, to 6.43 times as well as
total borrowings from MYR1,076.9 million as at January 31, 2005,
to RM675.1 million.
Barring any unforeseen circumstances and based on the assumption
that the Proposed Disposal will be completed by the first half
of 2006, the Proposed Disposal is expected to result in a book
loss on disposal of MYR5.06 million or 0.56 sen per ordinary
share of MYR0.50 each for the Group for the financial year
ending January 31, 2007.
As its proceeds will mainly be used for repayment of the Group's
secured lenders, the Proposed Disposal will result in interest
savings of MYR44.7 million per annum to the Metroplex Group.
A full-text copy of the Proposed Disposal is available for free
at:
http://bankrupt.com/misc/tcrap_metroplexbhdproposeddisposal052206.pdf
About Metroplex Berhad
Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad's
activities are hotel and casino operations. Other activities
include property investment, property development, provision of
administrative services, general and building construction,
leasing and financing, trading of building materials and
operation of hotel management training school. Operations are
carried out in Malaysia, Hong Kong and Philippines. On April
28, 2005, Morgan Stanley Emerging Markets Inc. had filed a
winding-up petition on the Company to the Kuala Lumpur
High Court. Morgan Stanley also filed for a summons to appoint
a provisional liquidator for the wind up. Until and unless a
provisional liquidator is appointed pursuant to the application
to the Court by the Petitioner to appoint provisional liquidator
for Metroplex, the winding-up petition will not have significant
impact on the Group's operations as MB is currently working out
a debt-restructuring scheme. In the event the winding-up
petition succeeds, the Company will be put into liquidation.
POHMAY HOLDINGS: Bourse Removes Securities from Official List
-------------------------------------------------------------
Bursa Malaysia Securities Berhad had, on May 19, 2006, removed
Pohmay Holdings Berhad's securities from the Official List on
May 19, 2006.
As reported by the Troubled Company Reporter - Asia Pacific,
Bursa Securities had, on April 20, 2006, decided to delist
Pohmay's securities from the List due as the Company does not
have an adequate level of operations to warrant continued
listing on the Bourse.
However, the Company had filed an application with the High
Court pursuant to Section 176 (10) of the Companies Act 1965
seeking for, amongst others, an order that all further
proceedings in any action or proceedings against Pohmay and its
subsidiaries including proceedings by Bursa Securities be
restrained for a period of not more than 90 days from the date
of the Court Order.
However, the High Court, on May 2, 2006, decided that Bursa
Securities is not restrained from taking delisting proceedings
against Pohmay. In the circumstances and in accordance with the
decision of Bursa Securities, as announced on April 7, 2006,
Pohmay's securities were finally delisted from the Official List
of Bursa Securities on May 19, 2006.
About Pohmay Holdings Berhad
Headquartered in Kuala Lumpur, Malaysia, Pohmay Holdings Berhad
manufactures furniture. Products include laminated bendwood
furniture and furniture components, wood and metal furniture and
general products made of metal and wood. Its other activities
are cultivation and harvesting of rattan and investment holding.
Pohmay, a Practice Note 17 company, is a defendant of a wind-up
petition filed by AmBank (M) Berhad. The legal action is
expected to have a significant financial and operational impact
on the Company. The Company is negotiating with its lenders to
restructure the Group's loans and is actively working on various
schemes to alleviate the Group from its current financial
predicament.
SBBS CONSORTIUM: Wind-up Petition Hearing Adjourned to June 29
--------------------------------------------------------------
The application made by Kain Ann and Chua Kien Lam,
contributories of SBBS Consortium Berhad, for a stay of the
wind-up order, which came up for hearing on May 19, 2006, has
been adjourned to June 29, 2006.
The Troubled Company Reporter - Asia Pacific reported that Mr.
Chua, on April 5, 2006, filed an application for a stay and
restraining order on the Court's wind-up ruling dated March 29.
The wind-up petition was filed by Southern Bank Berhad last year
after SBBS defaulted on a loan facility extended by the bank,
the TCR-AP said.
About SBBS Consortium
Headquartered in Kuala Lumpur, Malaysia, SBBS Consortium Berhad
is engaged in the trade, manufacture and sale of molded and sawn
timber and other wood-based products. Its other activity is
investment holding. Due to its inability to service loan
facilities, the Company had entered into various negotiations
with its bank creditors, and in order to ensure that these
creditors are treated on a pari passu basis, the Company had
ceased making repayments to its bank creditors on an ad-hoc
basis. As a consequence of this treatment, its bank creditors
have taken various measures to recover their outstanding loans.
Negotiations between the Company and its bank creditors are
nonetheless, still continuing. The Company is considering
various sources of new business and funds to address its
financial position, and had on June 24, 2005, appointed Covenant
Equity Consulting Sdn Bhd to advise on its options. Currently,
the Company is working to implement corporate rehabilitation
exercises to turn its business around. On May 9, 2006, the SBBS
acknowledged that it belongs to Bursa Malaysia Securities
Berhad's Practice Note 17/2005 category because it is insolvent
by virtue of the wind-up order granted by the Kuala Lumpur High
Court on March 29, 2006.
=====================
P H I L I P P I N E S
=====================
LAFAYETTE MINING: Commission Recommends Rapu-Rapu Mine Closure
--------------------------------------------------------------
The Rapu-Rapu Fact Finding Commission created by President
Gloria Macapagal Arroyo to investigate two cyanide spill
incidents at Lafayette Philippines, Inc.'s mine in Rapu-Rapu,
Albay, has submitted its report on the probe and recommends the
closure of the mine, the Manila Bulletin relates.
The Commission was formed on March 10, 2006, and was tasked to
submit a report on its findings on April 10, 2006. However, it
had asked to delay the deadline by one month, as it had not
finished its investigation. The Government set May 19, 2006, as
the deadline for the report.
According to Reuters, who saw an advanced copy of the report,
the RRFFC asked the Government to "review the Philippine mining
act, specifically the provision on the ownership and management
of mining firms and operations."
Malaya News says that the 169-page report asked the Government
to cancel Lafayette's environmental compliance certificate and
for a moratorium on mining on Rapu-Rapu, since the mine had
violated 11 of the 29 conditions of its certificate.
The Manila Times cites the RRFFC report as stating that
Lafayette Philippines had continued to dispose of its mine waste
into creeks after the spill incidents, despite the order of the
Mine and Geosciences Board to stop the disposal.
RRFFC Chairman and Sorsogon Bishop Arturo Bastes said that the
two tailing spills were "the proximate cause of the health and
environmental hazards in Rapu-Rapu and coastal municipalities of
Sorsogon." The report also blasted the Department of
Environment and Natural Resources, the Environmental Management
Bureau and the Mining and Geosciences Bureau for their
negligence and lack of capacity and will to monitor the
operations of Rapu-Rapu Processing Inc.
According to the RRFFC, there were several irregularities in
Lafayette's local corporate structure and tax incentives, and
recommended that the Government rescind all financial and
economic incentives given to the Company and to Rapu-Rapu
Minerals Inc. and Rapu-Rapu Processing Inc. The report also
asked that the three firms pay back all taxes pertaining to
those waived as a form of incentive, and sought the cancellation
of the Philippine Economic Zone Authority registration for the
two mining projects, Rapu-Rapu Minerals Inc. and Rapu-Rapu
Processing.
The DENR will review the RRFFC report and state its position on
the issue next week, adding that it would not necessarily adopt
the RRFFC's recommendations, the Bulletin relates, citing Mining
undersecretary Demetrio Ignacio.
In contrast to the RRFFC report, an independent study
commissioned by the Chamber of Mines reported on May 18, 2006,
that Lafayette had met the conditions set by the Government to
prevent another spill, and recommended that the Company's
operating permit be restored for a trial period, the Times
writes.
The Troubled Company Reporter - Asia Pacific reported on May 16,
2006, that Lafayette's foreign creditors had given a deadline
until May 19, 2006, for the Company to resume operations, amid
the concerns of its foreign creditors that had provided loans
without seeing a return on investment since its shutdown in
October 2005. Lafayette's debt was estimated at around PHP9.85
billion, including PHP1.82 billion in debt placements, PHP5.56
billion hedged bonds market-to-market exposure, and PHP2.38
billion in metal forward sale contracts.
* * *
Lafayette Mining Philippines, Incorporated, is a subsidiary of
Australian firm Lafayette Mining, Incorporated --
http://www.lafayettemining.com/-- which has been listed on the
Australian Stock Exchange since August 1997. Lafayette
Philippines is currently developing a polymetallic project
involving copper, gold, zinc and silver on the Island of Rapu-
Rapu in the Philippines.
The Department of Environment and Natural Resources' former
secretary, Mike Defensor, ordered the closing of Lafayette
Philippines in 2005 when the Company's mine tailings were
accidentally spilled into the Albay Gulf last October, killing
thousands of fish and destroying the livelihood of fishermen in
the area. The Company was also fined PHP10.7 million for
violating the Clean Water Act and its environmental compliance
certificate.
LAFAYETTE MINING: Attacks Commission Report
-------------------------------------------
Lafayette Philippines, Inc., criticized the report of the Rapu-
Rapu Fact Finding Commission on two cyanide spills that occurred
in October 2005, the Philippine Star reveals.
The Troubled Company Reporter - Asia Pacific reported on
Nov. 14, 2005, that Lafayette Philippines had suspended its
operations due to the spill incidents from its gold, copper and
zinc mine in Rapu-Rapu, Albay, which polluted a nearby river.
The Department of Environment and Natural Resources issued a
cease-and-desist order on the Company, prohibiting it from
discharging wastewater into the environment. The Government
then created a fact-finding commission in March 2006, to
investigate the spills and "evaluate all the facts and
circumstances surrounding the alleged threat to people's health
and environmental safety" and to submit a report before the mine
can be opened again.
Lafayette is ready to resume its Rapu-Rapu operations as it had
already complied with all conditions and remedial measures set
by the Pollution Adjudication Board, and is only waiting for the
fact-finding commission to give its report. The Commission had
earlier asked its deadline for the submission of the report to
be extended, and was tasked to submit the report to President
Gloria Arroyo via the Department of Environment & Natural
Resources on May 19, 2006.
According to the Star, the RRFFC report had recommended the
closure of the mine in Rapu-Rapu for the alleged pollution of
nearby waters, and said that the independent findings of the
different groups needed further study to relate the immediate
effects of the tailings incidents.
The Company released a statement saying that the RRFFC, chaired
by Sorsogon Bishop Arturo Bastes, had ignored the independent
report of the Bureau of Fish and Aquatic Resources and the
University of the Philippines National Science and Research
Institute, which stated their findings that there was no
pollution of Rapu-Rapu Island caused by mercury contamination.
The Company added that it does not use mercury.
Lafayette Philippines said that the RRFFC report stated it was
highly probable that there was a relation to the tailings spills
and the environmental and health problems of the people in Rapu-
Rapu Island and nearby towns of Albay and Sorsogon. The Company
adds that the fact-finding commission should go by facts and not
by probabilities.
* * *
Lafayette Mining Philippines, Incorporated, is a subsidiary of
Australian firm Lafayette Mining, Incorporated --
http://www.lafayettemining.com/-- which has been listed on the
Australian Stock Exchange since August 1997. Lafayette
Philippines is currently developing a polymetallic project
involving copper, gold, zinc and silver on the Island of Rapu-
Rapu in the Philippines.
The Department of Environment and Natural Resources' former
secretary, Mike Defensor, ordered the closing of Lafayette
Philippines in 2005 when the Company's mine tailings were
accidentally spilled into the Albay Gulf last October, killing
thousands of fish and destroying the livelihood of fishermen in
the area. The Company was also fined PHP10.7 million for
violating the Clean Water Act and its environmental compliance
certificate.
NATIONAL POWER: ERC Doles Out PHP128 Million for Watershed Plan
---------------------------------------------------------------
The Energy Regulatory Commission has given the National Power
Corp. permission to draw down PHP128 million from a special
trust fund of the Power Sector Assets and Liabilities Management
Corp. for use in its consolidated watershed management program,
the Philippine Star recounts.
According to the ERC, the amount would cover National Power's
environmental share from the universal charge for 2003-2005.
Republic Act 9136 or the Electric Power Industry Reform Act of
2001 allows the Philippine Government to collect universal
charges from power end-users to cover expenses for environmental
purposes, missionary electrification and stranded contracts.
Last month, National Power had sought to avail of the
environmental share from the universal charge in order to
rehabilitate its watershed areas. The Company had initially
sought PHP471 million, but the ERC allowed the disbursement of
only PHP128 million.
The ERC gave National Power free reign to use the funds for its
watershed management operations. Yet, the Company was asked to
submit a detailed report on the funds disbursement within one
month of the last date of the program's implementation, or when
the total amount would be used up.
The Star reports that since the funds released are smaller than
expected, National Power will identify the more urgent projects
for its revised environmental program under its five-year
watershed management plan, to be implemented from April 2006 to
April 2007.
About National Power
Headquartered in Quezon City, Philippines, National Power Corp.
-- 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,
National Power sells electricity to distributors and industrial
companies. To comply with the privatization bill approved by
the Philippine Congress, the Company started selling off its
generation assets to help pay for the utility's 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, and reported a PHP29.9 billion loss in 2004,
after a PHP117-billion net loss in 2003.
The Government absorbed National Power's PHP200 billion debt,
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 National Power posted a PHP16 million profit
in 2005, 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.
PRYCE CORPORATION: Auditors Raise Going Concern Doubt
-----------------------------------------------------
Sycip Gorres Velayo & Co. raised substantial doubt on Pryce
Corp.'s ability to continue as a going concern.
Drop in Revenue
The Company reported a 38.4% drop in its first-quarter revenue
from PHP465 million in 2005, to PHP286.33 million in 2006, the
Troubled Company Reporter - Asia Pacific learns from the
Company's financial statements.
The Company's gas business, controlled by subsidiary Pryce
Gases, Inc., saw its sales decrease by 38.65% to PHP265 million
quarter on quarter. The Company explains that this was due to
higher prices of liquefied petroleum gas leading to lesser sale
volume.
Hotel operations sales were cut by half because of intensifying
competition while its real estate business saw no significant
growth. Both sectors account for seven per cent of the
consolidated revenues, while Pryce Gases contributes the
remaining 93%.
Net loss from operations was pegged at PHP22.6 million, down
from the PHP26.6 million in the first quarter of 2005. In
addition to diminished sales, higher selling and administrative
costs due to major repairs incurred by PGI during the period and
the appreciable increases in the price of fuel, oil and
lubricants added to the loss.
Pryce Corporation
Key Accounts For the Quarter Ending March 31, 2006
In Million, PHP
2006 2005
---- ----
Total Assets 4,827.74 4,839.63
Total Liabilities 2,992.86 3,002.46
Revenues 286.33 465.08
Net Income (2.29) 12.62
2005 Annual Figures
The Company's balance sheet for the year ended December 31,
2005, showed strained liquidity, with current assets of
PHP77,070,904 available to pay PHP496,234,778 of current
liabilities coming due within the next 12 months.
The Company's total assets for 2005 was PHP2.3 billion while
total liabilities was at PHP496.9 million.
No Dividend Payment
The Company indicated in its financial report that no dividends
have been declared for fiscal 2004 and 2005, as well as for the
first quarter of 2006.
The Company's ability to declare and pay dividends is restricted
by the availability of funds and the provision of existing loan
agreements.
About Pryce Corporation
Pryce Corporation -- http://www.prycegardens.com/-- formerly
Pryce Properties Corporation, was incorporated as a property
holding and real estate development company. It operates
primarily in Mindanao, particularly in cities like Cagayan de
Oro, Davao and Iligan for its real estate development projects.
The Company's real estate undertakings include the development
of memorial parks, residential and commercial properties and
hotel operations.
In the past, property development was the Company's principal
business. However, in 1997, LPG and industrial gases became the
dominant business. Thus, the Company changed its name and its
primary purpose from that of a property company to a
manufacturing company.
PPC, thru its subsidiary Pryce Gases, Inc. manufactures and
distributes oxygen and acetylene in the Visayas and Mindanao and
trades in other gases such as argon, carbon dioxide and
nitrogen.
Financial Rehabilitation Plan of the Parent Company
On July 9, 2004, Pryce Corporation submitted a Rehabilitation
Plan to the Court as an initial step towards restructuring its
outstanding loans. Among the significant provisions of the
Rehabilitation Plan are:
* The bank creditors will be paid by way of dacion en pago
of real estate properties mortgaged to the extent
sufficient to pay off the outstanding obligations.
* The value of the real properties to be ceded to the
creditors by way of dacion en pago will be the average of
two appraisals to be undertaken by firms accredited by the
Bangko Sentral ng Pilipinas and to be nominated by
creditors, except for memorial park lots which would be
given a discounted price.
* Foreign currency denominated loans will be converted to
Philippine Peso on the average exchange rate in 2003 of
PHP54.2033 to USD1.00.
* All other obligations not covered by a mortgage over real
estate properties and not falling under on the
aforementioned categories shall be settled also by way of
dacion of memorial park lots.
The court appointed a rehabilitation receiver who will formulate
a financial rehabilitation plan, examine the books of accounts
and review all disbursements.
On December 1, 2003, the rehabilitation receiver submitted a
revised rehabilitation plan which conform to the scheme of
liquidating all bank loans and long-term commercial papers by
way of dacion en pago of real estate properties with certain
revisions on the settlement of non-banking and trade and other
payables which are PHP500,000 or below.
On January 17, 2005, the court approved the revised
rehabilitation plan submitted by the rehabilitation receiver.
The Parent Company and all of its creditors are enjoined to
pursue and adopt this mode for the settlement of all claims
against the Parent Company:
* Bank loans and long-term commercial papers will be paid by
dacion en pago of developed real estate properties of the
Parent Company.
* Trade creditors holding claims of at least PHP500,000 will
be paid by dacion en pago of memorial park lots of the
Parent Company to be allocated equally except the memorial
park lots in Davao City which is mortgaged to China Bank.
* Trade creditors holding claims of less than PHP500,000
shall be paid in cash over three-year period, without
interest, on a quarterly basis.
Financial Rehabilitation Plan of PGI
On June 7, 2002, PGI presented its financial rehabilitation plan
to its various creditor banks and foreign financing company as
an initial step towards restructuring its outstanding loans.
On August 27, 2002, the International Finance Corporation and
FMO-Netherlands Development Finance Company, two of PGI's
creditors, filed a petition in court placing PGI under
receivership. On September 2, 2002, the court issued a stay
order pursuant to the interim rules of procedures on corporate
rehabilitation. The significant terms of the Stay Order are as
follows:
* PGI is prohibited from selling, encumbering, transferring
or disposing, in any manner, any of its properties except
in the ordinary course of business.
* PGI is further prohibited from making any payment of its
outstanding liabilities as of August 27, 2002.
* PGI's suppliers of goods and services are likewise
prohibited from withholding supply of goods and services in
the ordinary course of business for as long as PGI makes
payments for the services and goods supplied after the
issuance of the Stay Order.
The court appointed a rehabilitation receiver who will formulate
a financial rehabilitation plan, examine the books of accounts
and review all disbursements.
On July 3, 2003, the rehabilitation receiver submitted a revised
rehabilitation plan to the court. The important provisions of
the Rehabilitation Plan are as follows:
* Infusion by the parent company of up to PHP2.03 billion in
assets as additional equity contributions to PGI.
The asset infusion by the parent company consists of
110,000 memorial park lots in various locations in
Mindanao, as well as a number of residential, commercial
and undeveloped properties in the cities of Cagayan de
Oro, Davao and Iligan, which are mortgaged to certain
creditors.
* Payment in kind for all indebtedness in excess of PHP1.25
billion, using the assets contributed by the parent
company. This is subject to certain guidelines detailed in
the financial rehabilitation plan which includes valuation
of memorial park lots at a discount off the retail selling
prices of 62.5 per cent for creditors secured with
operating assets and 50 per cent for all other classes of
creditors.
* Restructuring of not more than PHP1.25 billion of principal
indebtedness to creditors secured with operating assets.
The debt will be divided into Tranche A and Tranche B
debts as follows:
Tranche A - covering PHP1.0 billion out of the PHP1.25
billion debt to be restructured and paid in
cash, payable over 29 quarters from June 2006
to June 2013 or ten years inclusive of a
three-year grace period on principal, with
annual interest at prevailing 91-day treasury
bills rate plus 1% for peso loans and
three-month LIBOR plus 1% for US-dollar
denominated loans, reckoned from date of
approval of the Rehabilitation Plan.
Tranche B - covering the remaining PHP250.0 million,
payable as to interest and principal in 12
equal quarterly installments starting upon full
settlement of Tranche A debt but in no case
later than September 2013, and with annual
interest at prevailing 91-day treasury bills
rate plus 1% for peso loans and three-
month LIBOR plus 1% for US-dollar denominated
loans, reckoned from date of approval of the
Rehabilitation Plan.
Foreign currency denominated loans shall continue to be
denominated in U.S. dollars to be computed at the prevailing
peso exchange rate at the time of payment.
Interest will accrue yearly in their respective foreign currency
denominations and will be reckoned from the approval of the
Rehabilitation Plan but repaid only after Tranche A debt is
retired. Interest accrued on Tranche B debt will not accrue any
additional interest or penalties. Interest accrued on Tranche B
debt accrued up to the date of full repayment of Tranche A debt
will be capitalized then repaid (without further interest) in 12
equal quarterly amortizations to coincide with principal
repayments on Tranche B debt.
Both Tranche A and Tranche B debts will be secured by the
operating assets respectively mortgaged to the creditors
involved. Non-operating assets that will not be ceded by way of
dacion en pago shall be released from the mortgages.
If, during the grace period, PGI is unable to meet payment on
interest falling due, then such interest shall be deferred and
paid when PGI is able to accumulate enough cash. Under no
circumstances will the deferred interest be paid beyond the
maturity of Tranche B debt. No penalty charges will accrue on
such deferred interest.
On October 10, 2003, the court approved the revised
rehabilitation plan submitted by the rehabilitation receiver on
July 3, 2003 with modifications.
In accordance with the rehabilitation plan, the Parent Company
contributed to PGI a total of 116,653 memorial park lots
(76,653 lots in 2004 and 40,000 lots in 2003) and a number of
real estate properties with a total fair value of PHP2.16
billion. As of Dec. 31, 2005, and 2004, PGI transferred a
number of memorial park lots and real estate properties to
certain creditors as full settlement of its obligations totaling
PHP1,659.4 million and PHP1,415.2 million, respectively.
PRYCE CORPORATION: Sets ASM on May 24
-------------------------------------
Pryce Corp. will hold its Annual Stockholders' Meeting on
May 24, 2006, 4:00 p.m. at the Valle Verde Country Club. Only
stockholders of record as of May 4, 2006, will be entitled to
vote at this meeting.
The agenda includes the election of a new set of Board of
Directors and the appointment of external auditors.
* * *
Pryce Corporation -- http://www.prycegardens.com/-- formerly
Pryce Properties Corporation, was incorporated as a property
holding and real estate development company. It operates
primarily in Mindanao, particularly in cities like Cagayan de
Oro, Davao and Iligan for its real estate development projects.
The Company's real estate undertakings include the development
of memorial parks, residential and commercial properties and
hotel operations.
In the past, property development was the Company's principal
business. However, in 1997, LPG and industrial gases became the
dominant business. Thus, the Company changed its name and its
primary purpose from that of a property company to a
manufacturing company.
Pryce Corp., thru its subsidiary Pryce Gases, Inc. manufactures
and distributes oxygen and acetylene in the Visayas and Mindanao
and trades in other gases such as argon, carbon dioxide and
nitrogen.
=================
S I N G A P O R E
=================
DIGILAND INTERNATIONAL: Updates on Renounceable Rights Issue
------------------------------------------------------------
Digiland International Limited, on April 7, 2006, unveiled a
proposed renounceable non-underwritten rights issue of up to
696,296,013 new ordinary shares in the Company, at an issue
price of SGD0.005 for each Rights Share with up to three free
detachable warrants, on the basis of one Rights Share with three
Warrants for every 10 Shares held by Entitled Shareholders as at
a books closure date to be determined by the directors of the
Company, fractional entitlements to be disregarded. Each
Warrant will carry the right to subscribe for one new Share.
The Rights Issue has been proposed to raise funds for the
working capital of the Company.
In the April 7 announcement, the Company stated that it will
apply to the Singapore Exchange Securities Trading Limited for
approval for the list8ing of and quotation for the Rights
Shares, the Warrants and the New Shares on the Official List of
the SGX-ST.
Pursuant to discussions with the SGX-ST on the said application,
the Company has amended the terms of the Rights Issue. It is
now proposing a renounceable non-underwritten rights issue of up
to 696,296,013 Rights Shares with up to 2,785,184,052 Warrants
-- instead of 2,088,888,039 Warrants as originally proposed --
at the issue price on the basis of one Rights Share with four --
instead of three as originally proposed -- Warrants for every 10
Shares held by Entitled Shareholders as at the Books Closure
Date, fractional entitlements to be disregarded.
Accordingly, if all the Warrants are exercised, the estimated
gross proceeds arising from such exercise of Warrants will range
from SGD20,273,240 and SGD27,851,841.
As at the date of this announcement, there are no outstanding
share options or convertible securities issued by the Company.
Assuming that no new Shares are issued before the Books Closure
Date, the number of the issued Shares would be 6,962,960,130
Shares and up to 696,296,013 Rights Shares with 2,785,184,052
Warrants -- instead of 2,088,888,039 Warrants as originally
proposed -- will be issued.
Based on the number of issued Shares of the Company of
6,962,960,130 as of the date of this announcement:
* a maximum of 696,296,013 Rights Shares with up to a
maximum of 2,785,184,052 Warrants will be issued pursuant
to the Rights Issue, if the Rights Issue is fully
subscribed; and
* a minimum of 506,831,000 Rights Shares with a minimum of
2,027,324,000 Warrants if the Rights Issue is subscribed
for only by the undertaking shareholder in accordance
with the term of his undertaking.
Assuming that only the Undertaking Shareholder subscribes to his
entitlement for the Rights Shares, the Undertaking Shareholder's
resultant enlarged shareholding in the Company will be increased
from 72.79% to approximately:
* 74.64% pursuant to the allotment and issue of the Rights
Shares to him but before the exercise of his Warrants;
and
* 80.05% -- and not 78.93% as originally announced --
pursuant to the allotment and issue of the Rights Shares
and New Shares to him after the exercise of his Warrants.
Meanwhile, the SGX-ST has on May 18, 2006 granted its in-
principle approval for the listing of and quotation for the
Rights Shares, Warrants and New Shares subject to:
-- compliance with the SGX-ST's listing requirements;
-- shareholders' approval for the Rights Issue; and
-- submission of these to the SGX-ST:
(i) confirmation(s) from financial(s) institutions
that the Undertaking Shareholder has sufficient
financial resources to irrevocably fulfill his
obligations pursuant to his undertaking; and
(ii) a confirmation that there is sufficient spread of
holdings of the Warrants to provide for an orderly
market for the Warrants, in compliance with Rule
826 of the SGX-ST Listing Manual.
About Digiland International Limited
Digiland International Limited -- http://www.digiland.com.sg/--
is a major distributor of IT products and provider of IT
services in the Asia-Pacific. The Digiland International group
of Companies was set up initially as the distribution arm of GES
International Limited to handle sales, marketing and
distribution of GES products, specifically the Datamini brand of
Personal Computer, designed and manufactured by GES
International Limited. It was renamed Digiland International
Private Ltd in 1998 and has since expanded geographically to
cover most countries in Asia-Pacific. The Company has been
reporting a string of losses in the recent years due to the
negative impact of the highly cyclical nature of the computer
industry. Sales were adversely affected by the shortening
product cycles of IT products and downward pressure on selling
prices as newer and more technologically advanced products enter
mass production. Aside from recurring losses, the Company's
subsidiaries have also been bombarded by wind-up petitions filed
by creditors.
MAE ENGINEERING: SGX-ST OKs Dealing in; Listing of Rights Shares
----------------------------------------------------------------
MAE Engineering Limited will undertake a proposed renounceable
rights issue of up to 415,045,060 new ordinary shares in the
capital of the Company, the Troubled Company Reporter - Asia
Pacific reported on April 6, 2006.
The issue price will be SGD0.03 for each Rights Share, with up
to 207,522,530 free warrants, on the basis of two Rights Shares
with one free Warrant for every two existing ordinary shares in
the capital of the Company, held as at a books closure date to
be determined by the Directors, fractional entitlements to be
disregarded, TCR-AP revealed.
In an update, MAE Engineering disclosed that on May 19, 2006,
the Company obtained in-principle approval from the Singapore
Exchange Securities Trading Limited for the dealing in, listing
of and quotation for the Rights Shares, the Warrant Shares and
the New Shares on SGX-ST Dealing and Automated Quotation System.
The in-principle approval from the SGX-ST is subject to:
-- compliance with the SGX-ST's listing requirements;
-- approval of the Company's shareholders to be obtained
for the Rights Issue at the Company's forthcoming
extraordinary general meeting;
-- submission of an undertaking from the Company to provide
status report on the use of the proceeds from the Rights
Issue in the annual report; and
-- submission of a confirmation that there is a sufficient
spread of holdings on the Warrants to provide for an
orderly market in the Warrants.
The in-principle approval from the SGX-ST is not to be taken as
an indication of the merits of the Rights Issue, the Rights
Shares, the Warrants and the New Shares.
The circular to seek shareholders' approval for the Rights Issue
at the EGM will be dispatched to Shareholders in due course.
About MAE Engineering Limited
Headquartered in Singapore, MAE Engineering Limited is engaged
in the provision of integrated electrical and mechanical
engineering services including designing, planning and
procurement. These services are categorized into electrical
installations, mechanical installations, electrical power supply
installations, instrumentation and building automation as well
as maintaining electrical and mechanical systems. The Group
also offers consulting and specialist services to oceanariums
and aquariums. The Group has disposed off its prawn and fish
farming as well as edutainment businesses, after suffering
accumulated losses of SGD48 million as of September 30, 2005.
The Company also suffered a liquidity crunch as of September 30,
2005, when its total current liabilities of SGD23,695,000
exceeded its total current assets of SGD5,582,000.
MICRO-NET TECHNOLOGY: Pays Dividend to Creditors
------------------------------------------------
Micro-Net Technology Pte Limited has paid its first and final
dividend to creditors on May 19, 2006.
The amount paid were 100% of all admitted preferential claims
and 15.15% of all admitted unsecured claims.
Contact: Kon Yin Tong
Joint Liquidator
47 Hill Street #05-01
Singapore Chinese Chamber of Commerce
& Industry Building
Singapore 179365
STARTECH ELECTRONICS: To Hold EGM on June 13
--------------------------------------------
An Extraordinary General Meeting of Startech Electronics Limited
will be held at SAA City Campus, 1 Raffles Place, 27th Floor,
OUB Centre, Singapore on June 13, 2006, at 10:00 a.m.
At the meeting, members will be asked to consider and, if
thought fit, approve:
-- the renounceable non-underwritten rights issue of
between a minimum of 402,571,922 and a maximum of
595,576,664 new ordinary shares in the Company's share
capital at an issue price of SGD0.01 for each share in
Company's capital held;
-- the issue and allotment of up to 200,000,000 Rights
Shares which remain unsubscribed by shareholders under
the Rights Issue to Rennance Investments Limited;
-- the capitalizat5ion of the aggregate amount of
SGD4,000,000 owed by the Company to Malayan Banking
Berhad into 400,000,000 new ordinary shares in the
Company's share capital at an issue price of SGD0.01
per Maybank Swap Share in accordance with the terms and
subject to conditions of the Subscription Agreement
dated April 20, 2006, and the Credit Agreement between
the Company and Maybank in relation to the New Maybank
Facility;
-- the issuance of Maybank Swap Shares Option by Maybank to
Tan Meng Dong, a director and executive chairman of the
Startech Group for the acquisition of 90,000,000 Maybank
Swap Shares by Mr. Tan at SGD0.01 for each Maybank Swap
Shares;
-- the grant of call options to each of Rennace Investments
Limited, Messrs Chan Fook Meng anf Ong Buek Lee @ Ong
Bink Lee by the Company, for the issuance of up to a
collective aggregate of 200,000,000 new ordinary shares
to the investors at an issue price of SGD0.01 for each
Option Share for cash subject to, and in accordance with
the terms of the Call and Put Options Deeds;
-- the waiver of rights of independent shareholders to
receive a mandatory general offer from Maybank and all
persons acting in concert with it as a result of the
issue and allotment of 400,000,000 new ordinary shares
to Maybank pursuant to the Maybank Debt-Equity Swap; and
-- the cancellation of the issued and paid-up share capital
of the Company which has been lost or unrepresented by
available assets to the extent of SGD22,500,000.
More details on the matters to be taken up at the AGM are
available for free at:
http://bankrupt.com/misc/tcrap_startechelectronics052206.pdf
About Startech Electronics Limited
Startech Electronics Limited -- http://www.startechgrp.com/--
was incorporated as a private company limited by shares on
October 12, 1999, under the name PV Startech Holdings Pte
Limited. It changed its name to Startech Electronics Limited on
February 5, 2001, when it became a public limited company.
Startech Electronics provides electronics manufacturing
services, supplemented by the distribution business and
switchgear design and assembly business which diversifies the
Group's earnings base.
After posting a SGD17-million net loss in 2003, the Company
began restructuring its outstanding loans through a scheme of
arrangement with creditors, who had written off part of its
debt, as well as transforming its core business and a
restructuring of its various operations outside Singapore.
STORTEBOOM INTERNATIONAL: Creditors' Proofs of Debt Due June 18
---------------------------------------------------------------
The creditors of Storteboom International Asia Pte Limited are
required to send in their proofs of claims on or before June 18,
2006.
Failure to comply with the requirement will exclude a creditor
from sharing in any distribution the Company will make.
Contact: Rohan Kamis
Tan Tuan Hock
Liquidators
c/o Rohan Mah & Partners
78 Shenton Way #26-02
Singapore 079120
X'PRESS LOGISTICS: Faces Wind-up Proceedings
--------------------------------------------
Geodis Overseas Pte Limited had, on May 8, 2006, filed before
the High Court of Singapore a wind-up application against
X'Press Logistics (S) Pte Limited.
The Application will be heard before the High Court on June 2,
2006 at 10:00 a.m.
Any creditor desiring to support or oppose the wind-up is
encouraged to appear at the hearing by himself of by his
counsel.
Contact: David Nayar and Varda
Solicitors for the Plaintiffs
24B(2) Temple Street
Singapore 058569
===============
T H A I L A N D
===============
ABICO HOLDINGS: Submits First Quarter Financial Report to SET
-------------------------------------------------------------
On May 15, 2006, Abico Holdings Public Company Ltd submitted its
2006 first quarter financial report to the Stock Exchange of
Thailand.
The report prepared by Sukanya Sutheeprasert, shows that the
consolidated and the Company's financial statements incurred
accumulated deficits for the first quarter of 2006 amounting
THB221.50 million.
Moreover, as of March 31, 2006, current liabilities pursuant to
the consolidated financial statements exceeded current assets by
the amount of THB109.40 million. The Company's financial
statement also shows THB10.62 million in deficit.
A full-text copy of the Company's financial statement is
available for free at:
http://bankrupt.com/misc/ABICO_HOLDINGS_FS_1Q_2006.xls.
* * *
Headquartered in Pathumthani, Thailand, Abico Holdings Public
Company Limited -- http://www.abicogroup.com/-- is into trading
palm oil, real estate development and raw milk producer and
distributor. The Company has been working under a capital
deficit, with a THB226.34 million in 2005 and THB 3.68 billion
in 2004. Abico is one of the companies under Thailand's
"Companies Under Rehabilitation" Sector.
On April 12, 2004, Thailand's Central Bankruptcy Court issued an
order for the rehabilitation of the Company and appointed the
Company as the rehabilitation plan manager. Creditors and the
Central Bankruptcy Court then approved the Company's
rehabilitation plan.
The Company is currently pegging its continued operations on the
success of the financial reorganization outlined in the plan,
which it has successfully followed thus far, and the recovery of
Thailand's general economy.
As of December 31, 2005, the Company has successfully reduced
its liabilities from THB2.07 billion pursuant to its book value,
to THB186.40 million, realizing a THB1.86 billion gain from it's
rehabilitation plan approved debt restructuring. The remaining
debt by December 31, 2005, is THB163.72 million after a tax
payment of THB17.68 million and a THB5 million conversion of
debt to capital.
The Troubled Company Reporter - Asia Pacific reported on
December 28, 2005, that Abico Holdings has notified the Stock
Exchange of Thailand that it has adjusted the capital structure
in accordance with the Restructuring Plan of the Company. The
Company advised that on December 22, 2005, it has completely
adjusted the specified (par) ordinary share value from THB10 per
share to THB1 per share to the Business Development Department
and Ministry of Commerce.
* BOND PRICING: For the Week 22 May to 26 May 2006
--------------------------------------------------
Issuer Coupon Maturity Price
------ ------ -------- -----
AUSTRALIA
---------
Ainsworth Game 8.000% 12/31/09 1
Amcom Telecommunications Ltd 10.000% 10/28/07 2
APN News & Media Ltd 7.250% 10/31/08 5
A&R Whitcoulls Group 9.500% 12/15/10 8
Arrow Energy NL 10.000% 03/31/08 1
Babcock & Brown Pty Ltd 8.500% 12/31/49 8
Becton Property Group 9.500% 06/30/10 1
BIL Finance Ltd 9.250% 10/15/06 9
Capital Properties NZ Ltd 8.500% 04/15/07 8
Capital Properties NZ Ltd 8.500% 04/15/09 8
Capital Properties NZ Ltd 8.000% 04/15/10 8
Cardno Limited 9.000% 06/30/08 5
CBH Resources 9.500% 12/16/09 1
Chrome Corporation Ltd 10.000% 02/28/08 1
Clean Seas Tuna Ltd 9.000% 09/30/08 1
Djerriwarrh Investments Ltd 6.500% 09/30/09 4
EBet Limited 10.000% 11/29/06 23
Evans & Tate Ltd 8.250% 10/29/07 1
Fletcher Building Ltd 7.550% 03/15/11 8
Fletcher Building Ltd 7.800% 03/15/09 8
Fletcher Building Ltd 7.900% 10/31/06 8
Fletcher Building Ltd 8.300% 10/31/06 8
Fletcher Building Ltd 8.600% 03/15/08 8
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Fernz Corp Ltd 8.560% 10/15/06 9
Futuris Corporation Ltd 7.000% 12/31/07 3
Hy-Fi Securities Ltd 7.000% 08/15/08 8
Hy-Fi Securities Ltd 8.750% 08/15/08 10
Hutchison Telecoms Australia 5.500% 07/12/07 1
IMF Australia Ltd 11.500% 06/30/10 1
Infrastructure & Utilities NZ Ltd 8.500% 09/15/13 8
Infratil Ltd 8.500% 11/15/15 8
Kagara Zinc Ltd 9.750% 05/06/07 5
Kiwi Income Properties Ltd 8.000% 06/30/10 1
Minerals Corporation Ltd 10.500% 09/30/07 1
Nuplex Industries Ltd 9.300% 09/15/07 8
Pacific Print Group Ltd 10.250% 10/15/09 10
Primelife Corporation 9.500% 12/08/06 1
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Salomon SB Australia 4.250% 02/01/09 8
Sapphire Securities Ltd 7.410% 09/20/35 7
Silver Chef Ltd 10.000% 08/31/08 1
Software of Excellence 7.000% 08/09/07 1
Sydney Gas Limited 12.000% 06/01/06 1
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TrustPower Ltd 8.300% 09/15/07 7
TrustPower Ltd 8.300% 12/15/08 8
TrustPower Ltd 8.500% 09/15/12 8
TrustPower Ltd 8.500% 03/15/14 8
Vision Systems Ltd 9.000% 12/15/08 2
Westpac Banking Corporation 6.250% 08/30/11 6
KOREA
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Korea Electric Power Corporation 7.950% 04/01/96 53
MALAYSIA
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Aliran Ihsan Resources Bhd 5.000% 11/29/11 1
Artwright Holdings Bhd 5.500% 03/06/07 1
Asian Pac Bhd 4.000% 12/21/07 1
Berjaya Land Bhd 5.000% 12/30/09 1
Camerlin Group Bhd 5.500% 07/15/07 2
Crescendo Corporation Bhd 3.000% 08/25/07 1
Dataprep Holdings Bhd 4.000% 08/06/07 1
Eden Enterprises (M) Bhd 2.500% 12/02/07 1
EG Industries Bhd 5.000% 06/16/10 1
Equine Capital Bhd 3.000% 08/26/08 1
Fountain View Development Sdn Bhd 3.500% 11/03/06 1
Greatpac Holdings Bhd 2.000% 12/11/08 1
Gula Perak Bhd 6.000% 04/23/08 1
Hong Leong Industries Bhd 4.000% 06/28/07 1
Huat Lai Resources Bhd 5.000% 03/28/10 1
I-Berhad 5.000% 04/30/07 1
Insas Bhd 8.000% 04/19/09 1
Kamdar Group Bhd 3.000% 11/09/09 1
Killinghall Bhd 5.000% 04/13/09 2
Kosmo Technology Industrial Bhd 2.000% 06/23/08 6
Kretam Holdings Bhd 1.000% 08/10/10 1
Kumpulan Jetson 5.000% 11/27/12 1
LBS Bina Group Bhd 4.000% 12/29/06 1
LBS Bina Group Bhd 4.000% 12/31/07 1
LBS Bina Group Bhd 4.000% 12/31/08 1
LBS Bina Group Bhd 4.000% 12/31/09 1
Lion Diversified Holdings Bhd 2.000% 06/01/09 2
Media Prima Bhd 2.000% 07/18/08 1
Mid Valley Capital Bhd 6.000% 09/15/12 5
Mithril Bhd 3.000% 04/05/12 1
Mithril Bhd 8.000% 04/05/09 1
Mutiara Goodyear Development Bhd 2.500% 01/15/07 1
Naim Indah Corporation Bhd 0.500% 08/24/06 1
Nam Fatt Corporation Bhd 2.000% 06/24/11 1
Pantai Holdings Bhd 5.000% 03/28/07 2
Pantai Holdings Bhd 5.000% 07/31/07 2
Pelikan International Corp Bhd 3.000% 04/08/10 1
Poh Kong Holdings Bhd 3.000% 01/20/07 1
Prinsiptek Corporation Bhd 3.000% 11/20/06 1
Puncak Niaga Holdings Bhd 2.500% 11/18/16 1
Ramunia Holdings 1.000% 12/20/07 1
Rashid Hussain Bhd 0.500% 12/24/12 1
Rashid Hussain Bhd 3.000% 12/24/12 1
Rhythm Consolidated Bhd 5.000% 12/17/08 1
Senai-Desaru Expressway Bhd 3.500% 12/08/17 72
Silver Bird Group Bhd 1.000% 02/15/09 1
Southern Steel 5.500% 07/31/08 1
Tanah Emas Corporation Bhd 2.000% 12/09/06 1
Tap Resources Bhd 2.000% 06/29/06 1
Tenaga Nasional Bhd 3.050% 05/10/09 1
Titisan Modal Bhd 4.000% 04/29/19 68
Titisan Modal Bhd 5.000% 04/28/20 73
Tradewinds Corporation Bhd 2.000% 02/08/12 1
Tradewinds Plantations Bhd 3.000% 02/28/16 1
VTI Vintage Bhd 4.000% 08/22/06 1
WCT Land Bhd 3.000% 08/02/09 1
Wah Seong Corp 3.000% 05/21/12 3
YTL Cement Bhd 4.000% 11/10/15 1
PHILIPPINES
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Philippine Government 7.500% 03/30/16 75
SINGAPORE
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Rabobank Singapore 1.000% 11/03/13 74
Sengkang Mall 8.000% 11/20/12 1
Structural System Singapore 11.000% 06/30/07 1
Tampines Assets Ltd 6.000% 12/07/06 1
Tincel Ltd 7.400% 06/13/11 1
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter - Asia Pacific is a daily newsletter
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