TCRAP_Public/060525.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  

             Thursday, May 25, 2006, Vol. 9, No. 103


                            Headlines

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

ABITH ENTERPRISES: Appoints Official Liquidators
ACCELERATOR BUSINESS: Members Opt for Liquidation
AUSTRALIAN SAW: To Distribute Dividend on May 29
AWB LIMITED: Half-Year Underlying Profit Rises by 5%
AWB LIMITED: U.S. Calls for Probe On Kickback Scandal

BJ'S PLUMBING: Members Resolve to Wind Up Firm
CAMLA DEVELOPMENTS: High Court Orders Liquidation
CANPIN PTY: Liquidator Presents Wind-up Report
CLULEE CARTAGE: Enters Voluntary Liquidation
COLLAREEN PASTORAL: Begins Winding Up Proceedings

DAISY CHAIN: Nellies and Deuchrass Named Joint Liquidators
EFTPOS SPECIALISTS: Court Orders Liquidation & Names Liquidators
ENTERTAINMENT SERVICES: Receiver Ceases to Act for Company
HARRO CONSULTANTS: Members Opt for Voluntary Liquidation
J.D. BELL CALOOL: Prepares to Halt Operations

KATEALE PTY: Final Meeting Fixed for Today
LEGAL ADMINISTRATION: Federal Court Winds Up Firm
LINTON PARK: Court to Hear Liquidation Petition on June 12
LITTLE DIGGER: Creditors Agree on Wind-up
LOVELL EARTHMOVING: To Declare Dividend on May 30

ONE STOP BOX: Gerald Collins and Matthew Joiner Named Receivers
ORAFTI AUSTRALIA: Winds Up Business
PDB TECHNICAL SERVICES: Enters Voluntary Liquidation
PITCHKU MATERNO: Members and Creditors to Review Wind-up Report
PJ METAL: Court Orders Wind-up

PRESTIGE LUMBER: Court to Hear Liquidation Bid on June 6
SANDWAY BARS: Faces Liquidation Proceedings
SMS ADVISING: ASIC Revokes AFS License Over Poor Compliance
SPARTACUS CONSULTING: CIR Files Liquidation Petition
SPIRAX MARFORD: Placed Under Voluntary Liquidation

SYDNEY SUNTANNING: Liquidator to Present Wind-up Report Today
TELSTRA CORPORATION: Technical Issues Further Delay ACCC Talks
TURNING COMPANIES: ASIC Initiates Wind-Up Action
VOICE LIMITED: Court to Hear CIR's Liquidation Bid on June 29
WINCHESTERIAN ENTERPRISES: Members Decide to Cease Operations


C H I N A   &   H O N G  K O N G

CHUBB CARELINE: Falls into Liquidation
COOKIE COMPANY: Faces Liquidation Proceedings
FIS CHINA: Creditors' Proofs of Claim Due on June 20
GUARDAIR LIMITED: Enters into Voluntary Wind-up
HERITAGE INVESTMENT: S&P Assigns CCC+ to $518-Million Debenture

INTERNATIONAL ART: Wardell and Chan Named as Joint Liquidators
KAM-TRONIC CYBER: Joint Liquidators Cease to Act for Company
KONG WING: Liquidator to Receive Proofs of Debt until June 23
LUEN WON: Liquidator Steps Aside
MBF INTERNATIONAL: Creditors' Proofs of Debt Due on June 23

PEREGRINE CAPITAL: Creditors and Shareholders to Meet on June 16
SHEENSTAR LIMITED: Appoints Joint Liquidators
TINY COMPUTERS: Liquidators to Present Wind-up Report
THOUSAND BRIGHT: High Court to Hear Liquidation Bid on June 7
UNAXIS HONG KONG: Members' Final General Meeting Set June 19

WELLICK PLASTIC: Members Final Meeting Fixed on June 19


I N D I A

BPL LIMITED: Keen on Divesting Majority Stakes
JESSOP & COMPANY: Appellate Authority Stays BIFR Order
OK PLAY: Board to Consider Allotment of Shares to Promoters


I N D O N E S I A

PERUSAHAAN LISTRIK: Cuts Power on Reduced Gas Supply


J A P A N

BANK OF FUKUOKA: Moody's D+ Rating Remains Unchanged
MITSUBISHI MOTORS: Reports Global Production & Sales for 2006
SANYO ELECTRIC: S&P Affirms BB Corporate Credit Rating


K O R E A

HYUNDAI MOTOR: U.S. and Europe Auto Sales Decline
YOUNG CHANG: Hyundai-led Consortium Buys Firm for KRW70 Billion


M A L A Y S I A

AYER HITAM: Default Amount Hits MYR39.9 Million
DAI HWA: Net Loss Jumps on Higher Operating Expenses
JOHAN CERAMICS: Low Output and High Costs Drive MYR1.24-Mln Loss
LANKHORST BERHAD: Updates Litigations Against Unit
MALAYSIA AIRLINES: Government Vows to Assist Axed Staff

MALAYSIA PACKAGING: Net Loss Jumps to MYR618,000 in 1Q
MERCES HOLDINGS: Provides Default Status Update
MOL.COM BERHAD: 1st-Q Pre-tax Loss Balloons to MYR1.86 Million
PSC INDUSTRIES: 34th AGM Slated for June 15
PROTON HOLDINGS: Mulls Entry Into MPVs/SUVs Business

PROTON HOLDINGS: Ties up with China Firms for Viability Studies


P H I L I P P I N E S

ATLAS CONSOLIDATED: Hopes to Earn PHP158 Bln from Copper Mine
BAYANTEL: Going Concern Depends on Success of Restructuring Plan
FILSYN CORP: Non-commercial Expenses Prompts PHP4.59-Mln Loss
GLOBAL EQUITIES: Debt Continues to Increase Net Losses in Q1


S I N G A P O R E

ASIA PACIFIC PORT: Liquidators Set June 2 Deadline for PoC
HSZ (SINGAPORE): Creditors' Proofs of Claims Due on June 18
INFORMATICS HOLDINGS: Tribunal Dismisses Computerage's Claims
LOGIC INTERNATIONAL: Court Releases Wind-up Order
RDC WOODLANDS: Enters Voluntary Liquidation

SLRC INVESTMENTS: Members Opt for Liquidation


T H A I L A N D

ADVANCE PAINT: Continued Operation at Loss Concerns Auditor
NEW PLUS: First Quarter Report Shows THB2.53 Net Loss

     - - - - - - - -

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

ABITH ENTERPRISES: Appoints Official Liquidators
------------------------------------------------
At a general meeting of Abith Enterprises Pty Limited held on
April 5, 2006, members resolved to wind up the Company's
operations.

Antony de Vries and Riad Tayeh of de Vries Tayeh were
subsequently appointed as liquidators.

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


ACCELERATOR BUSINESS: Members Opt for Liquidation
-------------------------------------------------
Members of Accelerator Business Solutions Pty Limited decided to
liquidate the Company at a general meeting held on April 4,
2006.

Creditors named Dennis A. Turner as liquidator at a meeting held
that same day.

Contact: D. A. Turner
         Liquidator
    PKF Chartered Accountants
    Level 11, 485 La Trobe Street
    Melbourne, Victoria 3000
    Australia


AUSTRALIAN SAW: To Distribute Dividend on May 29
------------------------------------------------
Australian Saw Company Pty Limited will distribute its first and
final dividend on May 29, 2006.

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

Contact: John Lindholm
    Liquidator
    Ferrier Hodgson
    Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
    Australia


AWB LIMITED: Half-Year Underlying Profit Rises by 5%
----------------------------------------------------
AWB Limited disclosed an underlying profit before tax and
amortization of AU$85.6 million for the half-year ended
March 31, 2006, up by 5% on the previous corresponding period.

The Chairman of the Board of AWB, Brendan Stewart, said that the
interim profit was a good result, given the "difficult operating
environment which included the Cole inquiry."  He said that AWB
is resilient.

The underlying net profit after tax for the first half of 2006
was AU$60.3 million, down AU$3 million from the previous
corresponding period due to an increased income tax expense.

The reported NPAT was AU$46 million compared with the AU$105
million in the first-half of 2005.  The Company attributes the
decline to the sale of its stake in Futuris during the previous
financial year, and significant one-off costs and adjustments in
this half.

Underlying earnings per share was 17.4 cents per share, down
from the 18.5 cents per share of the previous corresponding
period.

AWB's balance sheet shows that the wheat exporter's net assets
increased by AU$33.0 million to AU$1.13 billion in the current
period.  Net tangible assets per share at March 31, 2006, were
AU$1.73, compared with the AU$1.64 at September 30, 2005.

Moreover, AWB's working capital increased by AU$142.9 million.  
The Company explains that the increase in working capital on the
previous corresponding period is mainly due to the build-up of
merchandise inventory in its rural services business, Landmark,
in anticipation of the planting of winter crops and increased
grain stock held by Australia trading following the 2005-06
harvest.

Mr. Stewart said that AWB's National Pool had continued to
perform well with Pool Management Services contributing an
EBIT of AU$19.8 million for the first-half.  This result is
largely due to the strong management out-performance for the
2004/05 National Pool, which created significant additional
value for the Pool and wheat growers.

Mr. Stewart also reaffirmed AWB's diversification strategy,
highlighting the recently announced 50/50 joint venture and
strategic Dairy Alliance between Landmark and the New Zealand-
based dairy co-operative Fonterra, following identification of
significant growth opportunities in the dairy sector in both
countries.

The AWB Board declared a fully franked dividend of 16 cents per
share, the same as with the first half of 2005.  Mr. Stewart
said that the dividend will be distributed to eligible
shareholders on July 6, 2006, for shareholders registered as at
June 16, 2006.

                           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.


AWB LIMITED: U.S. Calls for Probe On Kickback Scandal
-----------------------------------------------------
Senator Tom Harkin of the United States Senate Agriculture
Committee has called for a probe into AWB Limited's violations
of the United Nation's oil-for-food program, Reuters says.

Senator Harkin wrote to the U.S. Agriculture Department
Inspector General seeking an independent review after letters to
U.S. Agriculture Secretary Mike Johanns and U.S. Trade
Representative Rob Portman earlier this year failed to produce
any action, Reuters says, citing a spokesman for Senator
Harkin's office.

Senator Harkin stated that "AWB's kickbacks lined the pockets"
of then-Iraqi President Saddam Hussein and "continued after the
fall of his government."  He said that the money should have
"gone to feed hungry Iraqis" through the UN's oil-for-food
program.

Reuters relates that Senator Harkin wants to know who benefited
from the kickback payments and whether there is a way to recover
the funds and return them to the Iraqi people.

                           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.


BJ'S PLUMBING: Members Resolve to Wind Up Firm
----------------------------------------------
The members of BJ's Plumbing Services (New South Wales) Pty
Limited convened at a meeting on April 7, 2006, and agreed to
close the Company's business operations.

Richard James Porter and David Ian Mansfield of Moore Stephens
were appointed as joint liquidators.

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


CAMLA DEVELOPMENTS: High Court Orders Liquidation
-------------------------------------------------
The High Court at Christchurch on May 1, 2006, ordered that
Camla Developments be put into liquidation.

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


CANPIN PTY: Liquidator Presents Wind-up Report
----------------------------------------------
Members of Canpin Pty Limited will hold a final meeting today,
May 25, 2006, where Liquidator R. M. Sutherland will present the
manner in which the Company was wound up and its property was
disposed of.

Contact: R. M. Sutherland
    Liquidator
         Jirsch Sutherland Chartered Accountants
         Level 2, 84 Pitt Street
         Sydney, New South Wales 2000   
         Australia
         Telephone: (02) 9233 2111
         Fax: (02) 9233 2144


CLULEE CARTAGE: Enters Voluntary Liquidation
--------------------------------------------
Members of Clulee Cartage Ltd on April 27, 2006, resolved to put
the Company into voluntary liquidation.

Iain Andrew Nellies and Paul William Gerrard Jenkins were
appointed joint and several liquidators.

Contact: P.W.G. Jenkins
         Insolvency Management Ltd
         Level 6, Burns House
         10 George Street, Dunedin
         New Zealand



COLLAREEN PASTORAL: Begins Winding Up Proceedings
-------------------------------------------------
At a meeting of Collareen Pastoral Co Pty Limited held on
April 4, 2006, members agreed to voluntarily wind up the
Company's operations.

Anthony M. Long of Boyce Chartered Accountants was appointed as
liquidator.

Contact: Anthony M. Long
         Liquidator
         c/o Boyce Chartered Accountants
         19 Montague Street, Goulburn
         New South Wales 2580, Australia


DAISY CHAIN: Nellies and Deuchrass Named Joint Liquidators
----------------------------------------------------------
On May 4, 2006, members of the Daisy Chain Florist Ltd resolved
to put the Company into voluntary liquidation.

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


EFTPOS SPECIALISTS: Court Orders Liquidation & Names Liquidators
----------------------------------------------------------------
The High Court at Christchurch on May 1, 2006, ordered that
Eftpos Specialists (Canterbury) Ltd be put into liquidation.

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


ENTERTAINMENT SERVICES: Receiver Ceases to Act for Company
----------------------------------------------------------
John David Adams ceased to act as the receiver and manager of
the assets and undertakings of Entertainment Services
International Pty Limited on March 30, 2006.


HARRO CONSULTANTS: Members Opt for Voluntary Liquidation
----------------------------------------------------------
Members of Harro Consultants Ltd, on April 24, 2006, resolved to
put the Company into voluntary liquidation.

Consequently, Iain Andrew Nellies and Wayne John Deuchrass were
named joint and several liquidators.

Contact: Wayne John Deuchrass
         Insolvency Management Ltd
         Level 4, 728 Colombo Street
         Christchurch, New Zealand


J.D. BELL CALOOL: Prepares to Halt Operations
---------------------------------------------
At a general meeting held on April 4, 2006, the members of J.D.
Bell Calool Pty Limited resolved to shut down the Company's
operations.

They also named Ken Wittingham of BDO Chartered Accountants &
Advisers as liquidator.

Contact: Ken Wittingham
         Liquidator
    BDO Chartered Accountants & Advisers   
    Level 19, 2 Market Street
    Sydney, New South Wales 2000
         Australia


KATEALE PTY: Final Meeting Fixed for Today
------------------------------------------
A final meeting of the members and creditors of Kateale Pty
Limited will be held today, May 25, 2006, where Liquidator Schon
G. Condon will present an account on the manner in which the
Company's wind-up was conducted and its property was disposed
of.

Contact: Schon G. Condon
         c/o Jones Condon Chartered Accountants
         Level 1, 34 Charles Street, Parramatta
         New South Wales, Australia
         Telephone: (02) 9893 9499


LEGAL ADMINISTRATION: Federal Court Winds Up Firm
-------------------------------------------------
The Federal Court of Australia ordered the winding up of Legal
Administration Services Pty Limited on April 7, 2006, and
appointed Antony de Vries as liquidator.

Contact: Antony de Vries
         Liquidator
         de Vries Tayeh
    Level 3, Macquarie Street
    Parramatta, New South Wales 2125
    Australia


LINTON PARK: Court to Hear Liquidation Petition on June 12
----------------------------------------------------------
The High Court at Palmerston will, on June 12, 2006, hear an
application to liquidate Linton Park Ltd.

The Commissioner of Inland Revenue filed the application on
March 27, 2006.

Contact: Julia Dykema
         Inland Revenue Department
         Technical and Legal Support Group
         South Island Service Centre
         Ground Floor Reception
         518 Colombo Street, Christchurch
         New Zealand
         Telephone: (03) 968 0809
         Fax: (03) 977 9853


LITTLE DIGGER: Creditors Agree on Wind-up
-----------------------------------------
The creditors of Little Digger Mining Limited met on April 7,
2006, and agreed that a voluntary wind-up is in the Company's
best interests.

In this regard, Justin Denis Walsh and Richard John Dennis of
Ernst & Young were appointed as liquidators.

Contact: Richard J. Dennis
         Justin D. Walsh
         Liquidators
         Ernst & Young
         Level 5, 1 Eagle Street
         Brisbane, Australia
   

LOVELL EARTHMOVING: To Declare Dividend on May 30
-------------------------------------------------
Lovell Earthmoving Contractors Pty Limited will declare a first
and final dividend on May 30, 2006, to the exclusion of
creditors who were not able to prove their claims.

Contact: A. S. R. Hewitt
         Liquidator
         Grant Thornton
         Rialto Towers, Level 35, South Tower
         525 Collins Street, Melbourne
         Victoria 3000, Australia


ONE STOP BOX: Gerald Collins and Matthew Joiner Named Receivers
---------------------------------------------------------------
Gerald T. Collins and Matthew L. Joiner were appointed as joint
and several receivers and managers of the assets of The One Stop
Box Shop Pty Limited on March 29, 2006.

Contact: Gerald T. Collins
         Matthew L. Joiner
         Receivers
         Horwath BRI Brisbane
         Level 4, 370 Queen Street
         Brisbane, Australia


ORAFTI AUSTRALIA: Winds Up Business
-----------------------------------
At a general meeting on April 3, 2006, members of Orafti
Australia Pty Limited resolved to wind up the Company's
operations voluntarily.

Contact: Ian Richard Hall
    David Pratt
         Joint and Several Liquidators
         Level 17, Waterfront Place
         1 Eagle Street, Brisbane
         Queensland 4001, Australia
   

PDB TECHNICAL SERVICES: Enters Voluntary Liquidation
----------------------------------------------------
At an extraordinary general meeting on April 7, 2006, the
members of PDB Technical Services Pty Limited agreed to place
the Company under liquidation.

On the same day, creditors named Peter Paul Krejci of GHK Green
Krejci as liquidator.

Contact: Peter P. Krejci
         Liquidator
    GHK Green Krejci
         Level 9, 179 Elizabeth Street
         Sydney, New South Wales 2000
         Australia


PITCHKU MATERNO: Members and Creditors to Review Wind-up Report
---------------------------------------------------------------
The members and creditors of Pitchku Materno Pty Limited will
convene in a final meeting today, May 25, 2006, to receive
details of the Company's wind-up and property disposal from
Liquidator J. Sleiman.

Contact: J. Sleiman
         Liquidator
         Sleiman & Co. Certified Practicing Accountants
         Level 8, 65 York Street
         Sydney, New South Wales 2000
         Australia


PJ METAL: Court Orders Wind-up
------------------------------
The Federal Court of Australia issued a wind-up order against PJ
Metal Fixing Pty Limited on April 7, 2006.

Subsequently, Stephen James Parbery was nominated to act as
liquidator.

Contact: Stephen Parbery
         PPB Chartered Accountants and Business Reconstruction
         Specialists
         15th Floor, 25 Bligh Street
         Sydney, New South Wales 2000   
         Australia
         Telephone: (02) 9233 4955
         Fax: (02) 9221 1310


PRESTIGE LUMBER: Court to Hear Liquidation Bid on June 6
--------------------------------------------------------
An application to liquidate Prestige Lumber Ltd will be heard
before the High Court at Hamilton on June 6, 2006, at 10:45 a.m.  

The Commissioner of Inland Revenue filed the application on
March 28, 2006.

Contact: P.L. Windsor-Knaap
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone: (07) 959 0432


SANDWAY BARS: Faces Liquidation Proceedings
-------------------------------------------
An application to put Sandway Bars Ltd into liquidation will be
heard before the High Court at New Plymouth on August 4, 2006,
at 9:30 a.m.   

The High Court received the application from the Commissioner of
Inland Revenue on April 12, 2006.

Contact: P.L. Windsor-Knaap
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone: (07) 959 0432


SMS ADVISING: ASIC Revokes AFS License Over Poor Compliance
-----------------------------------------------------------
The Australian Securities and Investments Commission has revoked
the Australian financial services license of SMS Advising Group
Pty Ltd due to the firm's failure to comply with its obligations
under its AFSL.

SMS Advising Group, which is based in Surry Hills, New South
Wales, specializes in providing financial services advice about
superannuation.

The ASIC found that SMS Advising Group:

   * failed to provide statements of advice to its clients when
     providing financial services advice;

   * had inadequate compliance procedures;

   * had inadequate complaints handling procedures;

   * failed to properly deal with conflicts of interest; and

   * failed to lodge financial records with the ASIC.

ASIC first developed concerns about SMS Advising Group when they
were reviewed as part of the ASIC's 'Super Switching' campaign.

The 'Super Switching' review was conducted in late 2004 and
early 2005.  The super switching surveillance sought to test the
readiness of advisers to give compliant super switching advice
ahead of the implementation of the choice of superannuation fund
legislation on July 1, 2005.

ASIC issued its report on super switching in August 2005, and
also published the ASIC guide, "Super switching advice:
Questions and answers."

ASIC also took action banning SMS Advising Group's director,
Barbara Cavanough, from providing financial services advice for
10 years.

ASIC was also concerned about Ms. Cavanough's association with
two unregistered managed investment schemes, both based in
Tasmania, known as the Maypole Secured Income Fund and Willow
Court.  Several SMS clients invested in these unregistered
managed investment schemes after receiving advice from Ms.
Cavanough.

Ms. Cavanough was involved in the operation and promotion of
both the Maypole Secure Income Fund and Willow Court.  The
Maypole Secure Income Fund purchased shares in Maypole Bakery
Pty Ltd, which is the owner of the Maypole Bakery.  At the same
time Ms. Cavanough's husband became a director of Maypole
Bakery.

ASIC was concerned that these relationships were not properly
disclosed to SMS clients.

"ASIC will take action against financial services providers that
do not properly manage conflicts of interest to ensure that they
put the interests of their clients above their own," Jan
Redfern, ASIC's Executive Director of Enforcement said.

"To make an informed and considered decision about any financial
matter, including switching super funds, people need to be
provided with the right information and licensees have an
obligation to ensure all of the implications of a decision are
disclosed," Ms. Redfern added.

Both SMS Advising Group and Ms. Cavanough have the right to
appeal to the Administrative Appeals Tribunal or other bodies
for a review of ASIC's decision.


SPARTACUS CONSULTING: CIR Files Liquidation Petition
----------------------------------------------------
The Commissioner of Inland Revenue filed an application to
liquidate Spartacus Consulting Ltd on April 18, 2006.

The application will be heard before the High Court at Auckland
on June 1, 2006, at 10:00 a.m.  

Contact: Geraldine Ann Ryan
         Auckland Service Centre
         17 Putney Way, Manukau City
         New Zealand
         Telephone: (09) 984 2002


SPIRAX MARFORD: Placed Under Voluntary Liquidation
--------------------------------------------------
The members of Spirax Marford Pty Limited had, at a meeting on
April 4, 2006, determined that a voluntary wind-up of the
Company's operations is appropriate and necessary.

Contact: Justin O'Dowd
         Director
         c/o Moore Stephens PMN
         Level 6, 460 Church Street
         Parramatta, New South Wales 2150
         Australia


SYDNEY SUNTANNING: Liquidator to Present Wind-up Report Today
-------------------------------------------------------------
The members and creditors of Sydney Suntanning Studios Pty
Limited will hold a final meeting today, May 25, 2006.

Liquidator Geoffrey McDonald will present an account on the
manner in which the Company was wound up and its property was
disposed of.

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


TELSTRA CORPORATION: Technical Issues Further Delay ACCC Talks
--------------------------------------------------------------
Negotiations between Telstra Corporation and the Australian
Competition and Consumer Commission have been further stalled by
technical and financial issues that need to be resolved, The
Australian reports.

Citing people familiar with the talks, The Australian notes that
these issues are "more complex than first suspected," without
elaborating on the matter.  Thus, discussions over the Telstra
competitors' access to its planned AU$3.4 billion residential
fibre-optic network show no close deal, contrary to recent media
reports.

As reported in the Troubled Company Reporter - Asia Pacific on
May 9, 2006, the sale of the Government's 51% stake in Telstra
is effectively on hold until the telco's concerns over access
pricing and regulations applying to its proposed "fibre-to-the-
node" broadband network are ironed out with the ACCC.

The TCR-AP had said that the Government is trying to end
regulatory uncertainty that is threatening the sale, which had
been planned for October or November 2006, and expected to
generate AU$26.6 billion.  The Government hopes to hand out a
formal decision on whether the sale will proceed this year in
July.

The Australian explains that, even if Telstra produces a
proposal for access to its network by its competitors that meets
the ACCC's approval in the coming weeks, a process of public
consultation and review would still see any final deal delayed
for four to five months.  Any move to postpone the Telstra sale
would dash the hopes of Finance Minister Nick Minchin and
certain investment banks for a wide-scale retail sale by at
least two years.

                         About Telstra

Headquartered at Melbourne, in Victoria, Australia, Telstra
Corporation -- http://www.telstra.com.au/-- is an Australian  
telecommunications and information services company.  Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5  
million mobile services.  In September 2005, Telstra suffered an
earnings downgrade and share price fall.  The Company announced
that its earnings before interest and tax in 2005/06 are  
expected to decline by 7-10% compared to that of 2004/05 as a
result of accelerating declines in public switched telephone
network revenues and softening growth in the mobiles market due
to aggressive pricing.  Also, the political furor surrounding
Telstra has strengthened the Government's resolve to dispose of
its remaining 51% majority interest in the Company.  The
Australian Securities and Investment Commission then commenced
an investigation into Telstra in connection with the Company's
compliance with its disclosure obligations following the
earnings downgrade.  This led to a number of Telstra
shareholders and class action claimants showing anger and dismay
over the telco's behavior.  In November 2005, after a four-month
review, Telstra Chief Executive Officer Sol Trujillo announced a
major restructure of the Company, one which involves the loss of
thousands of jobs over the next five years and a massive
investment in new networks which will help deliver bigger profit
margins.


TURNING COMPANIES: ASIC Initiates Wind-Up Action
------------------------------------------------
On May 5, 2006, the Australian Securities and Investments
Commission has obtained orders in the Supreme Court of New South
Wales to appoint a provisional liquidator to three companies
founded by Derek Guise Turner:

   1. Turning Investments Pty Limited;
   2. Turning Properties Pty Limited; and
   3. Turning Holdings Pty Limited.

The orders appoint John Melluish of Ferrier Hodgson as
provisional liquidator of the Turning Companies.

ASIC recounts that in 2000, it commenced an investigation into
the affairs of Turning Investments.  In May 2000, ASIC commenced
court proceedings against Turning Investments and Mr. Turner.

In Novemberthat same year, the Court found that Mr. Turner and
Turning Investments had breached the fundraising provisions of
the Corporations Law by carrying on a securities business
without a dealers license issued by ASIC.

Mr. Turner and Turning Investments were then restrained from
dealing in securities, carrying on a futures broking business,
and operating an investment advice business and unregistered
managed investment scheme.  The Court also ordered Mr. Turner
and Turning Investments to repay any outstanding investments, if
requested to do so by investors.

In June 2002, Mr. Turner relocated to the Bahamas.  In April
2005, agents of the United States Federal Bureau of
Investigations arrested Mr. Turner in the United States.
Subsequently, in August 2005, ASIC recommenced its investigation
after receipt of a number of complaints from Australian
investors.

In February 2006, Mr. Turner was sentenced in the U.S. to 20
years imprisonment after being found guilty of wire fraud.

ASIC's Executive Director of Enforcement, Jan Redfern, said that
the appointment would seek to ensure that the true financial
state of the Turning Companies is revealed and to assist
investors to take the most appropriate course of action.

The matter returns to the Supreme Court of New South Wales on
June 5, 2006.


VOICE LIMITED: Court to Hear CIR's Liquidation Bid on June 29
-------------------------------------------------------------
An application to put The Voice Ltd into liquidation will be
heard before the High Court at Auckland on June 29, 2006, at
10:00 a.m.   

The High Court received the application from the Commissioner of
Inland Revenue on April 19, 2006.

Contact: P.L. Windsor-Knaap
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone: (07) 959 0432


WINCHESTERIAN ENTERPRISES: Members Decide to Cease Operations
-------------------------------------------------------------
At a general meeting of Winchesterian Enterprises Pty Limited
held on April 4, 2006, members opted to wind up the Company's
business operations voluntarily.

Contact: Gerard Gooden
         Director
         c/o Moore Stephens
         Level 6, 460 Church Street
         Parramatta, New South Wales 2150
         Australia


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

CHUBB CARELINE: Falls into Liquidation
--------------------------------------
Members of Chubb Careline Ltd had resolved to wind up the
Company voluntarily.

Subsequently, Ying Hing Chiu and Chung Miu Yin were appointed as
liquidators to act jointly and severally for the Company.

Contact: Ying Hing Chiu
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


COOKIE COMPANY: Faces Liquidation Proceedings
---------------------------------------------
The High Court of Hong Kong, on April 24, 2006, received an
application to liquidate Cookie Company Ltd.

The petition, which was filed by Lai Kwai Chuen, will be heard
before the Court on June 21, 2006, at 9:30 a.m.

Contact: Betty Chan
         34/F., Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong


FIS CHINA: Creditors' Proofs of Claim Due on June 20
----------------------------------------------------
Liquidator David John Lawrence requires the creditors of FIS
China Ltd to submit their proofs of claim on or before June 20,
2006.

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

Contact: David John Lawrence
         7/F., Alexandra House
         18 Chater Road Central
         Hong Kong


GUARDAIR LIMITED: Enters into Voluntary Wind-up
-----------------------------------------------
Members of Guardair Limited decided to voluntarily wind up the
Company's operations and appoint Ying Hing Chiu and Chung Miu
Yin as joint and several liquidators.

Contact: Ying Hing Chiu
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


HERITAGE INVESTMENT: S&P Assigns CCC+ to $518-Million Debenture
---------------------------------------------------------------
Standard & Poor's Ratings Services had assigned a preliminary
'CCC+' issue rating to a proposed US$518 million debenture issue
to be placed privately by Heritage Investment Capital I Ltd.  
The outlook is stable.

The preliminary ratings are based on information as of May 24,
2006.  Subsequent information may result in the assignment of
final ratings that differ from the preliminary ratings.

The proposed issue is intended to provide financing in the form
of a US$513 million construction loan to fund a property
development -- Xi'an Silk Road Scenery Garden -- in Xi'an,
China.  The borrower, Santokh Singh & Associates Ltd., is an 80%
partner in a joint-venture company, Xi'an Silk Road
Scenery Garden Development Co. Ltd.  The other partner is Xi'an
Qujiang Culture Industry Group Investment Co. Ltd., which has
agreed to provide guarantees to Heritage and SSA on project
construction completion, cost overruns, and sales.

Debt service capacity for the debenture issue entirely depends
on SSA's ability to service its debt obligations under the
construction loan, which in turn depends on the project's
ability to generate presale cash flow, expected in 2008.

"The preliminary rating reflects the highly leveraged structure
of the transaction, land acquisition risks, and significant
construction, market, and funding risks associated with the
transaction.  It also reflects risks associated with legal
documentation and contract enforceability, particularly
under Chinese jurisdiction," said Standard & Poor's credit
analyst Xiaoming Song.

These risks are partially offset by an interest reserve account
of US$129 million, which covers interest expenses in the first
three years of construction and the joint-venture partners' good
working relationship with the local government in Xi'an.
Consideration is also given to the strong economic growth
potential in the region and the mechanism that Heritage aims
to put in place to ensure the return of the entire US$518
million offering proceeds, if the land cannot be acquired at the
budgeted price and the land valuation is unsatisfactory.


INTERNATIONAL ART: Wardell and Chan Named as Joint Liquidators
--------------------------------------------------------------
James Wardell and Chan Wai Dune were, on April 12, 2006,
appointed as joint and several liquidators for International Art
Studios Ltd.

Contact: James Wardell
         Room 1601-02, 16/F.,
         One Hysan Ave, Causeway Bay
         Hong Kong


KAM-TRONIC CYBER: Joint Liquidators Cease to Act for Company
------------------------------------------------------------
Lai Kar Yan and Darach Haughey ceased to act as joint and
several liquidators for Kam-Tronic Cyber Tech Ltd since May 9,
2006.


KONG WING: Liquidator to Receive Proofs of Debt until June 23
-------------------------------------------------------------
Liquidator Ha Man Kit requires the creditors of Kong Wing
Trading & Transportation Ltd to submit their proofs of claim on
or before June 23, 2006.

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

Contact: Ha Man Kit
         Room 2302, 99 Hennessy Road
         Wan Chai, Hong Kong


LUEN WON: Liquidator Steps Aside
--------------------------------
Lo Tak Kin ceased to act as liquidator for Luen Won Catering
Enterprises on May 17, 2006.


MBF INTERNATIONAL: Creditors' Proofs of Debt Due on June 23
-----------------------------------------------------------
MBF International Limited requires its creditors to submit their
proofs of claim on or before June 23, 2006 to Liquidator Ha Man
Kit.

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

Contact: Ha Man Kit
         Room 2302, 99 Hennessy Road
         Wan Chai, Hong Kong


PEREGRINE CAPITAL: Creditors and Shareholders to Meet on June 16
----------------------------------------------------------------
Shareholders and creditors of Peregrine Capital Ltd will convene
for their annual meeting on June 16, 2006, at 9:30 a.m. and
10:00 a.m., respectively.

During the meeting, Liquidator David Richard Hague will present
his final accounts regarding the Company's wind-up operations.

Contact: David Richard Hague
         20/F., Prince's Building
         10 Chater Road, Central
         Hong Kong


SHEENSTAR LIMITED: Appoints Joint Liquidators
---------------------------------------------
Lui Wan Ho and Lui Yee Lin were appointed as joint and several
liquidators for Sheenstar (H.K.) Ltd on May 15, 2006.

Contact: Lui Wan Ho & Lui Yee Lin
         Room 1701, Olympia Plaza
         255 King's Road, North Point
         Hong Kong


TINY COMPUTERS: Liquidators to Present Wind-up Report
-----------------------------------------------------
The members and creditors of Tiny Computers Pacific Ltd will
convene on June 6, 2006, for them to receive Liquidators Liu
Kwok Fai Alvan and Fan Sai Yan's account on the manner in which
the Company was wound up and its property was disposed of.


THOUSAND BRIGHT: High Court to Hear Liquidation Bid on June 7
-------------------------------------------------------------
An application to liquidate Thousand Bright Ltd will be heard
before the Court of First Instance on June 7, 2006, at 9:30 a.m.

The High Court received the application from Constella Limited
on April 8, 2006.  


UNAXIS HONG KONG: Members' Final General Meeting Set June 19
------------------------------------------------------------
Members of Unaxis Hong Kong Ltd will convene for their final
meeting on June 19, 2006, at 10:00 a.m. at the liquidator's
office.

During the meeting, Liquidator Ian Ferguson Bruce will present
his final account regarding the Company's wind-up process.

Contact: Ian Ferguson Bruce
         8/F., Gloucester Tower
         The Landmark
         11 Pedder Street Central
         Hong Kong


WELLICK PLASTIC: Members Final Meeting Fixed on June 19
-------------------------------------------------------
Members of Wellick Plastic Ltd will convene for their final
meeting on June 19, 2006, at 11:00 o'clock in the morning at the
liquidator's office.

At the meeting, Liquidator Luk Wing Hay will present his final
account regarding the Company's wind-up operations.

Contact: Luk Wing Hay
         9/F., Surson Commercial Bldg
         140-142 Austin Road
         Tsimshatsui, Kowloon


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

BPL LIMITED: Keen on Divesting Majority Stakes
----------------------------------------------
BPL Limited is again looking for partners who are willing to
take a big portion of its stake, The Economic Times reveals.  
This after the Company hived off its color television business
into a 50:50 joint venture with Sanyo Electric.

According to The Times, BPL was considering spinning off its
healthcare equipment and automotive parts divisions into joint
ventures with foreign partners in hopes that the small
businesses could grow in the medium term.

The Company's mobile handset arm, BPL Telecom, is also seen
taking the joint venture route and exploring prospects in
original equipment manufacturing.

The Times says that BPL could also settle for a 749% stake in a
specialized business like medical equipment since it already
makes ECG machines, fetal monitors, ultra-scanners, oxygenators,
spirometer and homecare medical devices.

With a dominant market share in ECG machines and a growth rate
of 20-25%, the medical equipment business was poised for a big
leap when the group slipped into the mire in the past few years.

Except for its power generation and home appliances operations,
BPL is expected to keep its other businesses.  It has no plans
to re-open its home appliances units, and is looking at ways to
pull out of power, adds The Times.

                      About BPL Limited

Headquartered in Bangalore, India, BPL Limited manufactures and
distributes consumer electronic products such as televisions,
video tape recorder, audio systems, emergency lanterns,
electrocardiographs and monitors.  The Group also manufactures
home appliances like washing machines, refrigerators, vacuum
cleaners, microwave ovens, gas tables, soft energy and consumer
telecom products.  Its plants are located at Kerala, Karnataka
and Uttar Pradesh.  The Group operates only in India.  Last
year, the Company obtained approval from the Kerala High Court
for its financial restructuring scheme and the launch of the
50:50 joint venture with Sanyo for the CTV business.  The
restructuring has allowed BPL to focus and strategize on its
core businesses like mobile phones, entertainment electronics,
medical electronics, engineering plastics and tooling for
automotive and consumer electronics industry.  As a part of the
restructuring exercise, BPL had recently sold off its dry cell
business- which operated through its subsidiary BPL Soft Energy
Systems- in a INR67 crore deal including liabilities to the
Khaitans of Eveready Industries.


JESSOP & COMPANY: Appellate Authority Stays BIFR Order
------------------------------------------------------
The Appellate Authority of Industrial and Finance
Reconstruction, on May 24, 2006, stayed a Board of Industrial
and Financial Reconstruction's order declaring that Jessop &
Company Limited was no longer a sick company, Sify News reports.

The BIFR Order was entered on April 28, 2006, after Jessop
posted profit for the quarter ended December 31, 2005.

The Jessop Staff Association had complained to the AAIFR that
the BIFR Order was one-sided.  The union had made Bharat Bhari
Udyog Nigam and the Securities and Exchange Board of India party
to the case.

When contacted by Sify, a Jessop spokesperson said: "We are yet
to receive the order.  We will react after receiving it."

Business Line says that the AAIFR Order would now stop the
proposed rights issue of Jessop.  With the rights issue,
Jessop's new promoter, P K Ruia, was close to wresting 100%
control of the erstwhile public sector rail coach maker.

                About Jessop & Company Limited

Jessop & Company Limited was nationalized in 1973 due to its
mounting losses.  Subsequent to nationalization, the company
continued to incur losses except in a few years it earned
profit.  From 1986, the Government made several attempts to
revive the Company through restructuring.  Jessop was eventually
referred to the Board ofr Industrial and Financial
Reconstruction in 1995.   Since Jessop is a sick company, BIFR
tried to revive the Company until it declared the revival scheme
a failure in August 2000.  The BIFR asked the Operating Agency
to explore the possibility of changing Jessop's management. The
Operating Agency issued an advertisement in September 2000 that
did not yield any revival proposals.  The Company turned around
soon after Ruia Group took over in September 2003. It continues
to make profits from 2004-05 up to the present.


OK PLAY: Board to Consider Allotment of Shares to Promoters
-----------------------------------------------------------
OK Play India Limited's board of directors will hold a meeting
on May 29, 2006.

During the meeting, the directors will consider and allot equity
shares to its promoters and associates according to the
rehabilitation scheme sanctioned by the Board for Industrial and
Financial Reconstruction.

                 About OK Play India Limited

Headquartered in New Delhi, India, OK Play India Limited
-- http://www.okplayindia.com/-- was one of the leading plastic  
molding companies in India.  It was booking nominal profits
until its registered a INR748 lakh-loss in the nine months ended
March 31, 1998.  In August 1999, the Board for Industrial and
Financial Reconstruction appointed Canara Bank as operating
agency for OK Play India Limited.  The Bank's role was to
ascertain the extent of OK Play's sickness.  The Company was
referred to the BIFR after it shortened its financial year to
nine months and revealed deviations in its balance sheet.  The
Company eventually drafted a rehabilitation scheme, which was
approved by the BIFR in December 2005.


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

PERUSAHAAN LISTRIK: Cuts Power on Reduced Gas Supply
----------------------------------------------------
PT Perusahaan Listrik Negara began cutting power from its Java-
Bali power grid after a lack in gas supply forced the Company to
shut down power in certain other areas to avoid massive
blackouts, the Jakarta Post reports.

A report by the Troubled Company Reporter - Asia Pacific on
May 24, 2006, states that British oil giant BP Plc's local unit,
BP West Java, had reduced its gas supplies to Perusahaan
Listrik's two power plants in North Jakarta by half to 130
million metric cubic feet of gas instead of 260 million metric
cubic feet, due to a leak in its gas transmission line since
last week.  Repairs are expected to last two weeks.

PLN's general manager of power supply and control, Mulyo Adji,
said that they had to cut power supply by 240 megawatts in the
morning, and by 250 megawatts in the afternoon of May 24, 2006,
in order to provide power to other areas.

The Post states that the reduced gas supply lowered production
capacity for two plants in North Jakarta, whereas a coal-fired
power plant suffered malfunctions.  At the same time, three
other coal-fired power plants are shut down temporarily for
maintenance reasons.

The Company has urged businesses and households in affected
areas to reduce consumption during peak hours from 5:00 p.m. to
10:00 p.m.  

Indonesian Employers Association chairman Sofjan Wanandi said
that the recent power rotation would affect production
capacities of businesses, especially textile producers, iron and
steelmakers, and petrochemical and synthetic fiber plants that
are heavily dependent on power to operate machines.  He added
that the power rotation would create a multiplier effect on
production.

                          *     *     *

Indonesian state utility firm PT Perusahaan Listrik Negara --  
http://www.pln.co.id/-- transmits and distributes electricity  
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.  PLN posted a IDR4.92
trillion net loss in 2005, against a net loss of IDR2.02
trillion in 2004.

The Company received IDR12.51 trillion in subsidies from the  
Government last year, almost four times the IDR3.47 trillion in  
2004.

The Troubled Company Reporter - Asia Pacific reported on  
April 5, 2006, that Perusahaan Listrik is once again under
investigation by the Indonesian National Police for corruption,
connected to equipment price mark-ups and irregular contract
tendering procedures at a gas-fired power plant in Bekasi.  This
after being subjected to a probe on an alleged price mark-up of
three generators purchased in 2004.  A further report on May 5,
2006, stated that PLN president Eddie Widiono was arrested on
allegations that he had marked up the funds used to buy a
MD2500 generator for an electricity project in Borang regency in
South Sumatra in 2004, which made the state suffer a IDR122
billion loss.


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

BANK OF FUKUOKA: Moody's D+ Rating Remains Unchanged
----------------------------------------------------
Moody's Investors Service affirmed The Bank of Fukuoka Limited's
D+ bank financial strength rating on May 23, 2006, after its
purchase of government-owned preferred shares of Kumamoto Family
Bank Limited on May 17, 2006.

Bank of Fukuoka also announced a plan to establish a holding
company in 2007, which it would operate together with Kumamoto
Family Bank.

Moody's assesses that the Bank's purchase of government-owned
shres totaling JPY30 billion will exert a minimal impact on its
credit fundamentals.  In Moody's view, the capital adequacy
ratio of the two banks combined will return to the current level
of Bank of Fukuoka after a temporary decline as a result of this
integration.

Moody's notes that if the business integration plan were to be
carried out, the lower asset quality of Kumamoto Family Bank
would affect Bank of Fukuoka's credit profile, even if each bank
operated separately under the holding company.  However, Moody's
thinks that the potential negative impact from additional credit
costs at Kumamoto Family Bank can be absorbed by Bank of
Fukuoka's stable and favorable profit generation -- in turn
supported by a stabilizing operating environment.

Moody's will continue to monitor the Banks' business
integration.  If asset deterioration at Kumamoto Family Bank
would occur to a point that it became unmanageable for Bank of
Fukuoka and resulted in substantial deterioration of the
latter's capital ratios, the rating could be downgraded.

Headquartered in Fukuoka, Japan, The Bank of Fukuoka Limited's
consolidated total assets stood at approximately JPY7.7
trillion, as of September 2005.


MITSUBISHI MOTORS: Reports Global Production & Sales for 2006
-------------------------------------------------------------
Mitsubishi Motors Corporation announced last month's global
production, domestic sales and export results on May 24, 2006.

For April 2006, the Company produced 97,061 units worldwide, or
96.2% of the production for the same period last year.  Japanese
production reached 56,357 units, a 29.2% increase year-on-year.

Total sales in Japan rose 8.2% from April 2005 to 15,067 units.  
Despite a 8.1% drop in the registered car category year-on-year
that affected Japan's automobile industry, continued strong
sales of new models such as the "i" minicar have increased
overall sales.  Sales for passenger cars also rose 19% to 10,
048 units, whereas commercial vehicle sales dropped to 5,019
units, or 91.5% of its April 2005 sales.

Overseas production fell to 40,704 units, against 57,375 units
in April last year:

   -- European production: 6,428 units (12.8% increase);
   -- Asian production: 24,539 units (43.1% decrease);
   -- North America production: 6,125 units (40.4% increase).

Sales of the Company's new Eclipse Spyder model increased by
89.7% from last year.

Mitsubishi Motors' total exports for April 2006 stood at 22,321
units, or 80.8% of total exports for the same period last year:

   -- Exports to Europe: 7,150 units (25.1% decrease);
   -- Exports to Asia: 1,765 units (53.3% decrease); and
   -- Exports to North America: 2,180 units (17% decrease).

                     About Mitsubishi Motors

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp/-- is one of the few  
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.  
The Company also operates consumer-financing services and
provides this to its customer base.  Mitsubishi's problems stem,
in part, from the scandal surrounding years of systematically
covering up auto defects and ill-advised auto lending policies
in the United States.

Mitsubishi Motors appeared to be turning around for a few years
under an alliance with DaimlerChrysler AG, but the German
automaker withdrew additional financing in 2004. Since then,
Mitsubishi Motors has received massive cash infusions from the
Mitsubishi group of companies, including a bank, machinery maker
and trading company, to support revival efforts.

Mitsubishi adopted the 'Mitsubishi Motors Revitalization Plan'
on January 28, 2005, as its 3-year business plan covering fiscal
2005 through 2007.  The main objectives of the plan are
'Regaining Trust' and 'Business Revitalization.'

                          *     *     *

According to an April 28, 2006, report by the Troubled Company
Reporter - Asia Pacific, Mitsubishi Motors reported an 81%
decrease in its net loss for the fiscal year 2005 ended
March 31, 2006, to JPY92.2 billion, from a JPY474.8 billion loss
the previous year.

The report states that according to Mitsubishi, the loss was
attributed to special restructuring costs, including a re-
evaluation of its property.  

Sales also fell slightly to JPY2.12 trillion last year, from
JPY2.122 trillion in 2004.  However, the Company expects to
return to profit this year on an increase in worldwide
shipments, with sales expected to reach JPY2.23 trillion.


SANYO ELECTRIC: S&P Affirms BB Corporate Credit Rating
------------------------------------------------------
TOKYO (Standard & Poor's) May 23, 2006--Standard & Poor's
Ratings Services had on May 23, 2006, affirmed its negative 'BB'
long-term corporate credit and 'BB+' senior unsecured debt
ratings on Sanyo Electric Co. Limited.  At the same time, the
ratings were removed from CreditWatch where they were first
placed with negative implications on Sept. 28, 2005.

According to Standard & Poor's credit analyst Katsuyuki Nakai,
Sanyo Electric made progress in restructuring its
underperforming segments, and its cash flow generation is
improving.  But the rating has a negative outlook on
uncertainties in the Company's restructuring plans, which
include business alliances in the white goods segment, and its
ability to recover fully in its financial performance.   
  
Sanyo Electric was downgraded twice in November 2005.  The
Company raised its capital by JPY300 billion this month, but the
ratings remained on CreditWatch as it did not provide a clear
description of the concrete measures it intends to take to
turnaround the performance of its unprofitable businesses.
Concerns over further deterioration in its financial performance
and additional losses were also not alleviated.
     
Whether the audio-visual equipment, semiconductors, and white
goods segments can generate profits consistently in the medium
to long term is still unclear, but cash flows from these
segments have been improving thanks to downsizing and closing
unprofitable factories.  Moreover, Standard & Poor's has
determined that the risk of further deterioration in its
operating cash flow has been reduced due to stable contributions
from its battery business and an expected JPY38 billion
operating profit for the fiscal year 2006.  Sanyo Electric is
not expected to suffer from large non-operating expenses as in
the past due to its proactive recording of impairment losses on
fixed assets and the limited likelihood of large restructuring
costs.
     
If Sanyo Electric does not announce concrete measures to recover
its underperforming segments soon, and its business performance
fails to raise its financial profile as stated in its medium-
term plan, the Company would likely be downgraded.  Management
stability is also critical to the credit quality of the company.
    
                          *     *     *

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

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

In its business restructuring plan, Sanyo planned to downsize
its global workforce of 96,000 by 15% to 14, 400 over a three-
year period, and to concentrate on developing environment-
friendly products and technologies and sell 20% of a 2-million
square meter property occupied by its factories in Japan.  The
Company states that it had completed its downsizing last March
2006, two years ahead of schedule.


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

HYUNDAI MOTOR: U.S. and Europe Auto Sales Decline
-------------------------------------------------
The sales of Hyundai Motor Co.'s core exported car models, such
as Sonata, Elantra, Santa Fe, and Tucson, in the United States
have declined, owing largely to the recent Hyundai incident in
April 2006, Inew reports.

Moreover, Inews cites the European Automobile Manufacturers
Association as stating that Hyundai's sales in Europe has been
going downhill for the last three months.

According to the report, the change in sales points that
Hyundai's involvement in a slush fund scandal has affected the
automakers' image in the U.S.  Hyundai sales for April 2005
stayed at 41,025, compared to the total of 41,766 in March.
Hyundai subsidiary Kia Motors reported April sales of 27,158,
down from the 27,807 units sold in April 2005.

In Europe, Hyundai Motor sold 23,491 cars in 18 markets, which
sales figure indicates a 16% decrease from the 27,952 units sold
during the same period in 2005.  Hyundai recorded a sales
decline of 4.9% in February 2006, and 0.8% in March, compared to
their corresponding periods last year.

However, in terms of 27 European markets, including eight new EU
countries, the total number of Hyundai cars sold was 25,199 in
April 2006 -- a 15.3% decrease from the 29,767 units sold in
April 2005.

Kia Motors sold 17,958 cars in April 2006 in 18 European
markets, compared to the 23,484 cars sold in March.  In terms of
all 27 European markets, Kia Motors recorded a sales increase
from 8,857 units in April 2005 to 19,013 united in April 2006.

                      About Hyundai Motor

Headquartered in Seoul, South Korea, Hyundai Motor Company --
http://www.hyundai-motor.com/-- has been selling cars in the  
United States since 1986, but it only started selling its heavy
trucks stateside in 1998. Hyundai produces 14 models of cars
and minivans, as well as trucks, buses, and other commercial
vehicles. The Company reestablished itself as Korea's leading
carmaker in 1998 by acquiring a 51% stake in Kia Motors -- since
reduced to about 45%. The Company also manufactures machine
tools for factory automation and material- handling equipment.

The Troubled Company Reporter - Asia Pacific reported that the
Hyundai Automotive Group is facing its deepest crisis since
chairman Chung Mong-koo took over in 1999, with problems like
the falling United States dollar, high oil prices and union
demands aggravated by a sweeping criminal investigation
regarding the carmaker's alleged creation of slush funds that
were used by at least two lobbyists to bribe government
officials for business favors, including having KRW55 billion
of Hyundai's bad debts written off.

Some of the group's official business has been on hold since the
probe on the slush fund started and several top executives were
summoned for questioning.

Meanwhile, Hyundai Motor's labor union is demanding a wage
increase of 9.1% or KRW125,524 (US$125), significantly more than
2005's 6.9% or KRW89,000.  The union is expected to capitalize
on the slush fund allegations in support of its case and make
matters worse for management.


YOUNG CHANG: Hyundai-led Consortium Buys Firm for KRW70 Billion
---------------------------------------------------------------
A consortium made up of Hyundai Development Co., Woori Bank and
Leading Investment & Securities Co. acquired an 87% stake in
Young Chang Co. Ltd. for KRW70.6 billion (US$74.3 million), The
Korea Times reports.

Asia Pulse recounts that the Consortium was chosen as the
preferred bidder to buy the piano maker in March 2006.

Hyundai Development bought a 57.3% stake in the musical
instrument maker for KRW56.3 billion, The Times says.

                          *     *     *

Headquartered in Incheon, Korea, Young Chang Co. Ltd. --
http://www.youngchang.com/-- manufactures several brands of  
pianos, including Bergmann, Young Chang, and Pramberger
Signature Series, which are sold in more than 45 countries
throughout the world.  The company, which has won numerous
awards for its manufacturing excellence.

The Troubled Company Reporter - Asia Pacific reported on
March 1, 2006, that in early 2004, Samick Korea -- the parent of
Samsong Manufacturing Co., Ltd. -- acquired 26.5% of Young
Chang's stock, while Samsong acquired a 22.08% stake, giving
Samick control over Young Chang.  

In September 2004, however, the Korean Fair Trade Commission,
citing violation of Korea's antitrust laws, unwound Samick's
takeover of Young Chang.  Young Chang then filed for bankruptcy
under Korea's Company Reorganization Act at the Incheon District
Court, Department of Bankruptcy, Republic of Korea, and was
declared insolvent.  The Company also defaulted on a KW460
million (US$400,000) debt.

On Jan. 13, 2006, Ho Seok Lee, Young Chang's court-appointed
manager, filed a petition under Chapter 15 of the United States
Bankruptcy Code with the U.S. Bankruptcy Court for the Western
District of Washington.  Mr. Lee wanted to have Young Chang's
bankruptcy proceedings in Korea recognized in order to prevent
Samsong Manufacturing from pursuing a civil action in the Pierce
County Superior Court.  Through its civil action, Samsong sought
to seize United States-based accounts receivable owed to Young
Chang as payment for Young Chang's KW2.1 billion debt to
Samsong.

More information on the Young Chang's Chapter 15 proceeding is
available at http://www.chapter15.com/


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

AYER HITAM: Default Amount Hits MYR39.9 Million
-----------------------------------------------
The total default by Ayer Hitam Tin Dredging Malaysia Berhad in
principal sums plus interest as of April 30, 2006, amounted to
MYR39,945,005.

The default in payments are in respect of the terms loan and
syndicated term loan that the Company obtained from:

     * Alliance Bank Malaysia Berhad;
     * EON bank Berhad;
     * Kewangan Bersatu Berhad;
     * Malayan Banking Berhad; and
     * Ambank Berhad.

                        About Ayer Hitam

Headquartered in Kuala Lumpur, Malaysia, Ayer Hitam Tin Dredging
Malaysia Berhad -- http://www.ahtin.com.my/-- is involved in  
property development and the trading of promotional products and
services in Malaysia.  The Company is also engaged in the
trading of uninterrupted power supply equipment and magnetic
fuel treatment systems and the provision of investment holding,
nominee services, hotel development and management and
renovation services.  The Company has been incurring huge losses
in the past years and has defaulted on several loan facilities.  
As of April 2006, Ayer Hitam's payment defaults have reached
MYR39,945,005.  The Company has presented a restructuring
proposal, which was rejected by the Securities Commission after
determining that the Scheme is not a comprehensive proposal
capable of resolving all the financial issues faced by the
Company.   

The Proposed Restructuring Scheme includes provisions on:

     * capital reduction;
     * amendments to the company's Memorandum of Association;
     * rights issue;
     * private placement;
     * debt settlement; and
     * disposal of Motif Harta Sdn Bhd.


DAI HWA: Net Loss Jumps on Higher Operating Expenses
----------------------------------------------------
The Bursa Malaysia Securities Berhad, on May 23, 2006, received
Dai Hwa Holdings Berhad's financial report for the first quarter
ended March 31, 2006.

For the quarter under review, the Group reported higher
operating loss of MYR0.377 million as compared to the MYR0.264
million of the preceding year corresponding quarter, mainly due
to the higher other operating expenses in the current period.

The MYR0.377 million operating loss for the current quarter is
higher than the immediate preceding quarter's MYR0.267 million,
mainly due to higher other operating income in the preceding
quarter.

Net loss for the first quarter jumped to MYR368,000 from the
MYR258,000 net loss in the same quarter of the previous year.

Basic loss per share for the reporting quarter is 0.33 sen.  The
Board did not recommend any dividend for the quarter under
review.

               Summary of Key Financial Information

        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    31-03-2006    31-03-2005      31-03-2006     31-03-2005
    MYR'000       MYR'000         MYR'000        MYR'000

* Revenue  

          0             0               0              0

* Profit/(loss) before tax

       -368          -258            -368           -258

* Profit/(loss) after tax and minority interest

       -368          -258            -368           -258

* Net profit/(loss) for the period

       -368          -258            -368           -258

* Basic earnings/(loss) per shares (sen)  

      -0.33         -0.23           -0.33          -0.23

* Dividend per share (sen)  

       0.00          0.00            0.00           0.00

* As at end of               As at Preceding
Current Quarter            Financial Year End

     0.3900                      0.3900

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

     http://bankrupt.com/misc/tcrap_daihwa052406.pdf  

               About Dai Hwa Holdings (M) Berhad

Headquartered in Johor, Malaysia, Dai Hwa Holdings (M) Berhad's
principal activity is investment holding.  The Company ceased
its entire operations on August 15, 2003, and remained dormant
since then.  The Company was subsequently classified under the
Bursa Malaysia Securities Berhad's Practice Note 10 category.  
On November 18, 2006, Bursa Malaysia Securities Bhd delisted Dai
Hwa Holdings (M) Bhd since it failed to ensure its level of
operations is adequate.  On January 27, 2006, the Company
submitted its revised restructuring proposal to the Securities
Commission for approval.  In this regard, on February 10, 2006,
the Bourse decided not to commence the listing procedures
against the Company pending the outcome of the decision from the
relevant authorities on the Company's application of its
regularization plan.


JOHAN CERAMICS: Low Output and High Costs Drive MYR1.24-Mln Loss
----------------------------------------------------------------
Johan Ceramics Berhad, on May 23, 2006, filed its first quarter
report ended March 31, 2006, with the Bursa Malaysia Securities
Berhad.

For the quarter under review, the Company recorded a revenue of
MYR12.58 million, which was 3.1% or MYR0.38-million higher than
the preceding quarter's revenue of MYR12.20 million.  The higher
revenue was mainly due to higher demand for value added products
and higher yield.
   
The Company recorded a loss after tax of MYR1.24 million as
compared to the preceding quarter's loss after tax of MYR0.66
million.  The higher loss was mainly attributable to lower
production output resulting from the Company's annual
maintenance shutdown and higher cost of materials.

The Company did not declare a dividend for the current quarter.

              Summary of Key Financial Information

        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    31-03-2006    31-03-2005      31-03-2006     31-03-2005
    MYR'000       MYR'000         MYR'000        MYR'000

* Revenue

     12,580         9,887          12,580          9,887

* Profit/(loss) before tax  

     -1,243        -1,560          -1,243         -1,560

* Profit/(loss) after tax and minority interest

     -1,243        -1,560          -1,243         -1,560

* Net profit/(loss) for the period

     -1,243        -1,560          -1,243         -1,560

* Basic earnings/(loss) per shares (sen)

      -1.91         -2.40           -1.91          -2.40

* Dividend per share (sen)

       0.00          0.00            0.00           0.00

* As at end of               As at Preceding
Current Quarter            Financial Year End

      0.4890                      0.5081

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

   http://bankrupt.com/misc/tcrap_johanceramics052406.pdf  

                  About Johan Ceramics Berhad

Headquartered in Malaysia, Johan Ceramics Berhad principally
engages in the manufcature and sale of glazed ceramic wall and
floor tiles.  The Company's balance sheet as of March 31, 2006,
showed accumulated losses of MYR35.5 million in shareholders
equity.  The balance sheet also revealed strained liquidity as
the Company has current assets of MYR32.1 million available to
pay MYR33.9 million of liabilities in the next 12 months.


LANKHORST BERHAD: Updates Litigations Against Unit
--------------------------------------------------
Lembaga Kumpulan Simpanan Pekerja, Lembaga Hasil Dalam Negeri
and other trade creditors have commenced litigations against
Lankhorst Berhad's subsidiary, Lankhorst Pancabumi Contractors
Sdn Bhd, a regulatory filing with the Bursa Malaysia Securities
Berhad reveals.

Lembaga Kumpulan had served summons for a MYR1,327,550 claim
against Pancabumi, the mention date of which has been fixed for
September 11, 2006.

Lembaga Hasil, on the other hand, is claiming MYR1,582,976 from
Pancabumi.  Judgment was entered against Pancabumi on Jan. 13,
2003.  However, an appeal was filed against the Court's decision
and was last heard on January 12, 2004.  Settlement was reached
with progressive payments of MYR55,000 per month.

The solicitors of Ansah Sdn Bhd, on September 24, 2002, issued a
Notice of Demand for a claim of MYR405,0006 against Pancabumi.  
Hearing date of the petition was fixed on August 10, 2005, but
due to the restarting order granted by the Court, a new hearing
date has yet to be determined.

Mudajaya Corporation Berhad is also claiming for MYR3,080,032
from Pancabumi.  However, the petition is still pending because
of a restraining order issued by the Court.  The same goes for
Bauer (M) Sdn Bhd, which has a MYR1,376,145-claim against
Pancabumi.

The solicitors of Castmet Sdn Bhd, on May 24, 2005, issued a
Notice of Demand for a claim of MYR10,845,527 against Pancabumi.  
Writ of Summons were served on Pancabumi on September 19, 2005,
but there has been no development since due to a restraining
order granted by the Court.

A Writ of Summons was also served on Pancabumi on September 28,
2004, by the solicitors of Public Online Services Sdn Bhd, which
has a MYR6,280,000 claim against the former.  A restraining
order also prevented the Court from hearing the case.

The solicitors of R&W Management Sdn Bhd issued a Notice of
Demand for MYR5,216,118 against Pancabumi on August 17, 2004.  
The matter was last heard on December 13, 2005, but due to the
restraining order, there has been no further development in the
case.

                     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.


MALAYSIA AIRLINES: Government Vows to Assist Axed Staff
-------------------------------------------------------
The Malaysian Government promised to help uplift the morale of
the staff affected by Malaysia Airlines Mutual Separation
Scheme, Bernama relates.

The Government said it will ensure that Malaysia airlines
follows the set conditions when implementing the VSS.  It added
that it will help the redundant staff find other jobs in other
areas like entrepreneurship, insurance and other services
industry.

Human Resources Minister Datuk Seri Dr Fong Chan Onn told
Bernama that the Government is also asking AirAsia and other
international airlines to absorb some Malaysia Airlines staff.

Malaysia Airlines is offering the VSS to eligible workers as
part of the Company's business turnaround plan, the Troubled
Company Reporter - Asia Pacific recounts.  The exercise is
expected to be completed by July 31, 2006.

According to the TCR-AP, the carrier has allocated MYR850
million for compensation payouts under the redundancy package,
which is being offered to more than 5,000 staff.

Some 18,027 invitations were sent to eligible employees who have
until June 7, 2006, to make a decision, the TCR-AP reported.

                 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 PACKAGING: Net Loss Jumps to MYR618,000 in 1Q
------------------------------------------------------
Malaysia Packaging Industry Berhad has lodged its first quarter
report ended March 31, 2006, with the Bursa Malaysia Securities
Berhad.

Turnover for the quarter under review was MYR15.9 million as
against MYR18.4 million of the previous corresponding quarter,
representing a decrease of MYR2.5 million or 14%.  

The Company registered a pre-tax loss of MYR618,000 during the
quarter as against a pre-tax loss of RM569,000 in the
corresponding quarter.  Higher loss incurred in current quarter
was mainly due to interest expense in respect of the term loan.

The turnover for the quarter under review was slightly lower at
MYR15.9 million as against MYR16.0 million in the last quarter.  
The Company registered a pre-tax loss of MYR618,000 for the
quarter under review as compared to a pre-tax loss of
MYR2,132,000 in the immediate preceding quarter.  High loss
incurred in the last quarter was mainly due to provision for
doubtful debts.

The Company's basic loss per share for the first quarter is
1.47.  There was no dividend declared for the period.

The Malaysian economy is expected to strengthen to 6% and the
manufacturing sector is anticipated to grow by 4.9% in 2006.  
However, in view of the current high crude oil price, the
directors are of the opinion that the Company's performance will
not be very much improved as compared to the current quarter.

               Summary of Key Financial Information

        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    31-03-2006    31-03-2005      31-03-2006     31-03-2005
    MYR'000       MYR'000         MYR'000        MYR'000

* Revenue  

     15,872        18,437          15,872         18,437

* Profit/(loss) before tax  

       -618          -569            -618           -569

* Profit/(loss) after tax and minority interest  

       -618          -569            -618           -569

* Net profit/(loss) for the period

       -618          -569            -618           -569

* Basic earnings/(loss) per shares (sen)  

      -1.47         -1.35           -1.47          -1.35

* Dividend per share (sen)  

       0.00          0.00            0.00           0.00

* As at end of               As at Preceding
Current Quarter            Financial Year End

     0.8700                      0.8900

Details of Company's First Quarter Report are available for free
at:

   http://bankrupt.com/misc/tcrap_malaysianpackagingbs052406.pdf

   http://bankrupt.com/misc/tcrap_malaysianpackagingcfs052406.pdf

   http://bankrupt.com/misc/tcrap_malaysianpackagingIS052406.pdf

   http://bankrupt.com/misc/tcrap_malaysianpckagingequity052406.pdf

   http://bankrupt.com/misc/tcrap_malaysiapackagingnotes052406.pdf


            About Malaysia Packaging Industry Berhad

Headquartered in Malaysia, Malaysia Packaging Industry Berhad
-- http://www.maypak.com/-- is principally engaged in the  
manufacture of printed and laminated flexible light packaging
materials such as vacuum packing, liquid packaging, sachets,
snack foods, retort pouches, doypacks and capseals.  The Company
has been making continuous net losses since 2003, as it is
unable to increase revenue due to cutthroat competition in the
market.  For the first time since its listing in 1990, the
Company was not able to declare a dividend from 2004 up to the
present.


MERCES HOLDINGS: Provides Default Status Update
-----------------------------------------------
Merces Holdings Berhad disclosed that there is no change in the
status of default payment of interests and principal sum due to
Southern Bank Berhad since the date of last announcement on
April 21, 2006.

Southern Bank Berhad had, on March 11, 2003, filed claims
against Merces Holdings equal to MYR3,684,441 and MYR5,168,496,
being the recalled amounts due pursuant to a revolving credit of
MYR3,500,000 and an overdraft of MYR5,000,000 granted to Merces
on May 10, 2001.

Southern Bank obtained summary judgment on December 3, 2003,
ordering Merces to pay the amounts due to the lender.

Merces, however, is unable to settle its financial obligation to
Southern Bank because of its strained liquidity.

                 About Merces Holdings Berhad

Merces Holdings Berhad's principal activities are the provision
of property development and building construction works.  The
Company's other activity include investment holding.  Operations
of the Group are predominantly carried out in Malaysia.  Merces
Holdings has defaulted on several loan facilities and had faced
winding-up petitions due to unsettled financial obligations.


MOL.COM BERHAD: 1st-Q Pre-tax Loss Balloons to MYR1.86 Million
--------------------------------------------------------------
MOL.Com Berhad, on May 23, 2005, filed its financial report for
the third quarter ended March 31, 2006, with Bursa Malaysia
Securities Berhad.

The Group registered a pre-tax loss of MYR1.86 million on a
turnover of MYR11.29 million for the quarter under review as
compared to a pre-tax loss of MYR341,990 on a turnover of
MYR7.42 million in the preceding year corresponding quarter.  
Both the industrial products division and ICT division recorded
a higher turnover compared with the previous year corresponding
period.  The higher pre-tax loss was mainly attributable to a
significant reduction in profits from associated companies.

For the nine months ended March 31, 2006, the Group recorded a
turnover of MYR30.54 million as compared with MYR29.65 million
for the same period last year.  The Group registered a pre-tax
loss of MYR4.62 million compared to a pre-tax loss of MYR1.05
million in the preceding year.  A gain on the disposal of a
property of MYR1.27 million in the preceding year corresponding
period and a significant reduction in profits from associated
companies in the current nine months contributed to this
substantial difference.

The Group recorded a pre-tax loss of MYR1.86 million on a
turnover of MYR11.29 million compared to a pretax loss of
MYR1.85 million on a turnover of MYR9.12 million in the
preceding quarter.  Despite the increase in turnover, an
increase in losses in an ICT subsidiary has resulted in the same
level of pre-tax loss.

The Board of Directors did not recommend the payment of any
dividend for the current quarter under review.

               Summary of Key Financial Information

        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    31-03-2006    31-03-2005      31-03-2006     31-03-2005
    MYR'000       MYR'000         MYR'000        MYR'000

* Revenue  

     11,294         7,422          30,540         29,654

* Profit/(loss) before tax  

     -1,862          -342          -4,615         -1,048

* Profit/(loss) after tax and minority interest  

     -1,953          -338          -4,859         -1,050

* Net profit/(loss) for the period

     -1,953          -338          -4,859         -1,050

* Basic earnings/(loss) per shares (sen)

      -0.87         -0.15           -2.15          -0.47

* Dividend per share (sen)  

       0.00          0.00            0.00           0.00

* As at end of               As at Preceding
Current Quarter            Financial Year End

     0.0775                      0.0992

A full-text copy of the Company's financial report is available
for free at:

     http://bankrupt.com/misc/tcrap_molcom052406.pdf  

                     About MOL.com Berhad

Headquartered in Selangor Darul Ehsan, Malaysia, MOL.com Berhad
-- http://www.mol.cc/-- is an investment holding company  
focused in Internet and Internet related companies in Malaysia.
The company is listed on the Malaysia Exchange.  The Group's
principal activities are manufacturing and selling of electrical
components, equipment, apparatus, audio visual, security systems
and related products.  It also imports electrical and theatrical
machinery and apparatus for lighting; provides Internet related
services, interactive learning portal; Internet media and e-
commerce; sells lamps, bulbs and electrical appliances.  MOL has
been hit hard by the downturn in the Internet sector,
particularly since many of its investments were in Web
properties.  Its shares are listed on the Kuala Lumpur Stock
Exchange, but due to very low liquidity, a sale to the public
market is very difficult.  In March 1, 2002, the Company was
categorized under Bursa Practice Note 4 and was ordered to
immediately regularize its financial condition.  The Company was
able to come out of the PN4 Category on May 5, 2003, after
implementing a rights issue exercise.  On May 8, 2006, the
Company was again ordered to formulate a financial
regularization plan pursuant to its recent admission to the
Bursa Malaysia Securities Berhad's Practice Note 17 category.


PSC INDUSTRIES: 34th AGM Slated for June 15
-------------------------------------------
The 34th Annual General Meeting of PSC Industries Berhad will be
held at 4th Floor, Menara Boustead, in 69 Jalan Raja Chulan,
Kuala Lumpur, on June 15, 2006, at 10.30 a.m.

At the meeting, members will be asked:

   -- to receive the audited financial statements of the
      Company for the financial year ended December 31, 2005,
      and the Report of the Directors and Auditors thereon;

   -- to approve the Directors' fees for the year ended
      December 31, 2005;

   -- to re-elect as directors

      * En. Ishak Bin Osman;

      * Y. Bhg. Laksamana Madya (Rtd) Dato' Seri Ahmad Ramli
        Bin Haji Mohd Nor;

      * Y. Bhg. Datuk Azzat Bin Kamaludin; and

      * David William Berry;

   -- to appoint Messrs Ernst & Young as auditors of the
      Company and authorize the Directors to determine the
      remuneration;

   -- to empower the Company's directors to issue shares and
      obtain approval from the Bursa Malaysia Securities
      Berhad for the listing and quotation of additional
      shares so issued; and

   -- to approve the proposed shareholders' mandate for
      recurrent related party transactions.

                   About PSC Industries Berhad

PSC Industries Berhad's principal activities are shipbuilding
and ship repairing. It is also involved in heavy engineering
construction, provision of shipping management services,
manufacturing of aluminium fast passenger sea ferries, supplies
equipment and machineries, marketing and distributing Exocet
Weapon system, manufacturing of confectioneries, snack food and
related products, general trading, power plant construction and
its support activities, printing, property development, and
property and investment holding.  The Group operates in
Malaysia, Australia and the Republic of Ghana.  The Company is
currently evaluating various issues in formulating a
regularization plan for the Group pursuant to Practice Note
17/2005.  The Company is monitoring its financial and operating
performance closely to improve its financial solvency.


PROTON HOLDINGS: Mulls Entry Into MPVs/SUVs Business
----------------------------------------------------
Proton Holdings has signified its strong interest in the multi-
purpose vehicles and sport-utility vehicles market, The Edge
Daily relates.

The Company is optimistic its entry into the MPVs and SUVs
market will help boost its financial performance and eventually
regain customer confidence.

Proton's manufacturing director, Kamarulzaman Darus, told The
Edge that the Company is conducting a feasibility study for its
potential new venture.

The carmaker is seriously studying the plan, as the development
of MPVs and SUVs cpuld take longer periods even up to 24 months.

When asked whether Proton was developing the SUV and MPV because
it has been losing market share in the smaller car segment, Mr.
Kamarulzaman said that "losing market share is part and parcel
of doing business", Bernama reveals.

However, he declined to say whether the SUV and MPV were the
kind of products that Proton was going to develop with parties
from China, Bernama says.

                    About Proton Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad
-- http://www.proton-edar.com.my/-- is engaged in  
manufacturing, assembling, trading and provision of engineering
and other services in respect of motor vehicles and related
products.  Its other activities include property development,
trading of steel and related products, engine and technologies
research, development of automotive related technologies,
investment holding, importation and distribution of motor
vehicles, related spare parts and accessories, holds
intellectual property, provides engineering consultancy,
operates single make race series and carries out specific
engineering contracts.  The Group's operations are carried out
in Malaysia, England, Australia, Socialist Republic of Vietnam
and the United States of America.

Proton was reported to be among Malaysia's worst-performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter - Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner by the end of this
year.


PROTON HOLDINGS: Ties up with China Firms for Viability Studies
---------------------------------------------------------------
Proton Holdings Bhd has teamed up with two China-based companies
to explore the possibility of assembling and distributing cars
in China and the Asean region, The Star Online reports.

The Company entered into an understanding with Chery Automobile
Co Ltd and Alado Corporation Sdn Bhd for a feasibility study,
which would be on until August 28, 2006.

Proton's subsidiary, Lotus Engineering (Malaysia) Sdn Bhd, also
entered into an understanding with Jinhua Youngman Automobile
Group Co Ltd to undertake a joint feasibility study.  The study,
which will take 120 days, will evaluate the possibilities for
cooperation in designing, developing and selling complete
knocked down vehicles in China.

Proton told The Star that the rationale for entry into China via
a joint venture was to strike a relationship with growing and
ambitious Chinese car companies.  Doing so would allow it to
grow along with its Chinese counterparts as the latter companies
extend their reach in the country and globally.

Analysts also said any agreement that would lead to more Proton
cars being sold would also mean an increase in the utilization
rate of excess capacity at its Tanjung Malim plant and
substantially increase its exports over the next few years, The
Star adds.

                  About Proton Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad
-- http://www.proton-edar.com.my/-- is engaged in  
manufacturing, assembling, trading and provision of engineering
and other services in respect of motor vehicles and related
products.  Its other activities include property development,
trading of steel and related products, engine and technologies
research, development of automotive related technologies,
investment holding, importation and distribution of motor
vehicles, related spare parts and accessories, holds
intellectual property, provides engineering consultancy,
operates single make race series and carries out specific
engineering contracts.  The Group's operations are carried out
in Malaysia, England, Australia, Socialist Republic of Vietnam
and the United States of America.

Proton was reported to be among Malaysia's worst-performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter - Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner by the end of this
year.


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

ATLAS CONSOLIDATED: Hopes to Earn PHP158 Bln from Copper Mine
-------------------------------------------------------------
Atlas Consolidated Development Corp. expects to gain PHP158.4
billion within 12 years when its copper mine in Toledo City,
Cebu, will reopen next year, ABS-CBN News relates, citing
Reuters News.

The Company plans to reopen its copper mine Carmen Copper Corp.
this year, after it was shut down in 1994 due to a typhoon and
falling metal prices, Atlas president Alfredo Ramos said.  He
added that the mine would provide some 3,000 jobs and tax
revenues for the national and local governments.

In a phone interview to the Philippine Star, Mr. Ramos stated
that they would begin dewatering the mine this year, which would
take six months, and then spend two months to repair the
necessary infrastructures that were destroyed in a flood 10
years ago.  

The Philippine Star reveals that Company's chief finance
officer, Martin Buckingham, said that they plan to set up a
reforestation program and encourage planting of jathropha for
biodiesel that could be a source of fuel for electricity and
transportation systems.  The Company is also teaming up with the
local government to establish livelihood projects for host
communities.

As stated in a report by the Troubled Company Reporter on May 9,
2006, Atlas Consolidated finalized a PHP2.05-billion financing
deal with investment fund firm Crescent Asian Special
Opportunities Portfolio to fund its mine rehabilitation project.  
In the agreement, Crescent Asian will inject PHP1.69 billion
into Atlas unit Carmen Copper, via a PHP256.66-million
convertible bond up front and a PHP1.44 billion share
subscription on the completion of a senior debt instrument and
offtake agreement for the rehabilitation of Carmen Copper.  The
proceeds of the convertible bond would go to dewater the
underground mine to prepare it for rehabilitation.

Crescent Asian would also buy part of Atlas' debts for PHP872.63
million, convertible into Atlas shares at PHP10 per share par
value.  Proceeds of the sale would go toward rehabilitating the
Company's balance sheet and facilitating exploration work.

ABS-CBN News says that the mine is slated to produce around
50,000 tons of copper annually.

                     About Atlas Consolidated

Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three Soriano-
controlled pre-war mines, the Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company.  The Company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products.  The
Company's copper mining operations are centered in Toledo City,
Cebu, where two open pit mines, two underground mines and
milling complexes (concentrators) are located.  The Cebu copper
mine ceased operations in 1994.  Activities after the shutdown
were limited to safeguarding and maintaining the property, plant
and equipment at the minesite.  The closure has brought huge
losses to the mining firm.  The Masbate gold mine, meanwhile,
was sold to Base Metal Minerals Resources Corporation in 1996.

In January 2004, Atlas decided to rehabilitate the company and
its assets at the earliest possible time since copper and nickel
prices have recovered.  On February 23, 2006, the TCR-AP
reported that Atlas signed an agreement with Crescent Asian
Special Opportunities Portfolio, which would buy part of the
Company's debts convertible into stock, and would invest PHP1.69
billion into Carmen Copper Corporation in exchange for a 34%
stake.


BAYANTEL: Going Concern Depends on Success of Restructuring Plan
----------------------------------------------------------------
In a disclosure statement to the Philippine Stock Exchange,
Bayan Telecommunications Holdings Corp., a subsidiary of Benpres
Holdings Corp., reported a net loss of PHP540 million for the
fiscal year 2005, against a PHP14.9 billion loss in 2004, on
revenues of PHP5.22 billion.  The Company's EBITDA for 2005
stood at PHP2.17 billion, 1% higher than in 2004.

For the fiscal year 2005, BayanTel's net capital deficiency
stood at PHP17.33 billion.

                  Benpres Comes to the Rescue

As of December 31, 2005, and 2004, Benpres Holdings' total
investments, deposits in and advances to BayanTel -- before any
valuation allowance and accumulated equity in net losses --
amounted to PHP11.68 billion and PHP11.42 billion, respectively.  
It has commitments to acquire PHP2.66 million BayanTel shares
from certain shareholders, and has guaranteed the redemption of
the convertible preferred shares issued by BayanTel with a
redemption value of PHP8.93 billion based on original terms at
redemption date.  In relation to the guarantee, Benpres Holdings
agreed to advance to each holder, on behalf of BayanTel, such
amount that the holder is entitled to receive with respect to
dividend payments.  These advances amounted to PHP706 million as
of Dec. 31, 2005.  Pursuant to this guarantee, Benpres Holdings
and BayanTel entered into an Indemnity Agreement where BayanTel
agreed to indemnify the Parent Company in the event that it is
required to pay the guaranteed obligations, by paying the
guaranteed obligations actually paid within 45 days from the
date of such payment.  BayanTel will also indemnify the Parent
Company for all costs, liabilities, losses and expenses that it
may incur by reason of, in connection with, or in relation to
the guarantee.

Benpres Holdings' advances effective November 2002 bear interest
at LIBOR + 1% on the value of the convertible preferred shares
as of May 30, 2003.  The convertible preferred shares were
subject to mandatory redemption on January 8, 2003 at US$50 per
share plus accrued and unpaid dividends and a final dividend
that will provide holders with an effective annual yield of 6.5%
compounded annually from issue date to the date of redemption.  
Pursuant to the guarantee, Benpres Holdings likewise guaranteed
full payment in full of the convertible preferred shares at its
accreted value at maturity date.

On January 8, 2003, Bayantel and Benpres Holdings were unable to
redeem the shares.  Benpres Holdings is presently negotiating
with the preferred shareholders on the settlement of
the mandatory redemption price.  As of Dec. 31, 2005, no actual
redemption has been made.

                       Debt Restructuring

To address the debt problem, Bayantel's main operating
subsidiaries, Bayan Telecommunications, Inc., and Radio
Communications of the Philippines, Inc., asked their creditors
for the restructuring of their short-term and long-term bank
loans and bonds payable.  On June 28, 2004, the Pasig Regional
Trial Court Branch 158 approved the Company's financial
rehabilitation based on sustainable debt level of PHP17.13
billion, payable over 19 years.  According to RTC Judge Rodolfo
R. Bonifacio, the remainder of BayanTel's debt may be converted
to another appropriate instrument that shall not be a financial
burden to Benpres Holdings.  It also mandated BayanTel to treat
all creditors equally.  Some of BayanTel's creditors including
the petitioner and majority of its secured creditors have
appealed the lower court decision.

As of Dec. 31, 2005, and 2004, BTI accumulated a deficit of
PHP17.17 billion and PHP16.53 billion, respectively, which in
turn affected BayanTel's ability to service its maturing
obligations on a timely basis.  On September 30, 2004, BTI
commenced implementation and paid interest based on the Court
decision.  On January 13, 2005, the Receiver filed his
Implementing Term Sheet, which the Court approved on March 15,
2005.

Within the period to appeal, certain creditors, including the
Bank of New York and majority of the secured creditors, filed
the required petitions for the review of the Decision approving
the Plan, which are currently pending with the Court of Appeals.
The unsecured creditors are seeking for the increase in the
level of sustainable debt from US$325 million to US$471 million
to be repaid in 12 years.  The secured creditors, on the other
hand, are appealing the pari-passu decision of the Court.  The
creditors, however, did not seek an order restraining the
implementation of the Decision.  Consequently, BTI continues to
implement the rehabilitation plan as approved by the Court.

          Condensed Consolidated Financial Information
                      (in PHP Millions)

                                         2005         2004
                                         ----         ----
      Current assets                     2,476       2,591
      Noncurrent assets                 15,784      16,808
      Current liabilities              (19,003)     (9,161)
      Noncurrent liabilities           (16,592)    (17,622)
      Net capital deficiency           (17,335)     (7,385)
      Revenues                           5,102       5,376
      Costs and expenses                (5,642)     (9,807)
      Effect of restructuring of debts       -      18,621
      Net income (loss)                   (540)     14,190

                      Going Concern Doubt

After auditing the Company's 2005 financials, Maria Vivian Ruiz
of Sycip Gorres Velayo & Co., stated that the ability of
BayanTel and BTI to continue operating as a going concern
depends largely on the successful implementation of BTI's Plan
and BTI's ability to sustain revenue growth.

As of December 31, 2005, and 2004, the carrying value of the
Benpres' investments and deposits in and advances to BayanTel
have been reduced to zero with the remaining possible claims
against the Parent Company credited to "Estimated liabilities
from guarantees and commitments" account in Benpres'
consolidated balance sheets.

Ms. Ruiz said that all of the factors related to Benpres'
general financial condition indicate the existence of material
uncertainties which raise substantial doubt about the ability of
the Company to continue operating as a going concern.

A full-text copy of BayanTel's financial results can be viewed
for free at:

http://bankrupt.com/misc/Benpres_Audited_Financials_2005.pdf

                           *     *     *

Bayan Telecommunications Holdings Corporation, which is 85.4%
owned by Benpres Holdings Corp. and the Lopez Group, was
incorporated on October 15, 1993.

Bayan Telecommunications Inc. -- http://www.bayantel.com.ph/--  
the operating arm of BTHC and formerly known as International
Communications Corporation, was incorporated on April 18, 1961.

BayanTel is a telecommunications company offering an extensive
breadth of traditional links and circuitry as well as cutting-
edge data and voice applications.  BayanTel's existing service
areas in Metro Manila and Bicol and local exchange service areas
in the Visayas and Mindanao regions combined cover a population
of over 25 million, nearly 33% of the population of the
Philippines.

BayanTel is duly enfranchised to provide these major
telecommunications services:

   * Local Exchange Carrier service;
   * International Gateway Facility service;
   * Leased Line service, domestic and international;
   * Public Trunk Radio service; and
   * Public Calling Office service


FILSYN CORP: Non-commercial Expenses Prompts PHP4.59-Mln Loss
-------------------------------------------------------------
Filsyn Corp. posted a PHP4.59 million loss for the first quarter
ended March 31, 2006, which figure is slightly up from the
almost PHP4-million net loss of previous corresponding quarter,
despite having no commercial operations, the Troubled Company
Reporter - Asia Pacific learns from the Company's latest
financial results disclosure to the Philippine Stock Exchange.

The Company, which ceased manufacturing operations in the
mid-90s, has no plans yet to resume commercial operations.

                       Filsyn Corporation
   Financial Highlights for the Quarter Ended March 31, 2006
                       (in PHP millions)

                              03/31/2006     12/31/2005
                              ----------     ----------     
      Current Assets               33.69          34.78
      Current Liabilities       1,386.95       1,383.44
      Capital Deficiency          471.83         467.24
      Net Loss                      4.59           4.00

The Company's financial report for the quarter ended March 31,
2006, is available for free at:

   http://bankrupt.com/misc/FYN_17Q_Mar2006.pdf

                    About Filsyn Corporation

Filsyn Corporation -- organized in 1968 as Filipinas Synthetic
Fiber Corporation -- was engaged in the manufacture of polyester
in the country, supplying polyester fiber and yarn, a major raw
material requirement of the textile industry.  The Company also
ventured into PET bottle production, which is being supplied to
mineral water, softdrinks and condiment industries.  The PET
bottle manufacturing uses Filsyn's polyester chips, which are
converted to Polyester Terephthalate resin.

In August 1989, Filsyn concluded an Investment Agreement with
Far Eastern Textile Limited, a leading polyester manufacturer in
Taiwan, which deal was not only limited to equity investment but
also included technical assistance, cooperation and marketing
support.  The Company undertook various modernization programs
and product development over the years.  However, development
related to domestic textile industry was not encouraging.

With the implementation of the import liberalization program of
the Government in 1995, the textile industry experienced excess
capacity coupled with high production costs and financing costs.  
Filsyn suffered great financial turmoil aggravated by a labor
strike in October 1996.  Even after the settlement of the strike
in September 1997, production had not resumed.  The Company's
operations since then were limited to the disposal of old
inventories, machineries and equipment, as well as sale of scrap
materials and parts, plus acting as sales agent for FETL and
other entities in the support of textiles in the Philippines.

At present, the Company's sources of funds still consist mainly
of proceeds from sale of old machinery, equipment and parts and
warehouse rental lease income.

In an agreement at a Board of Directors' meeting on Dec. 14,
2000, management would study the proposal to change the
Company's principal activity to that of real estate development,
in view of its proposed joint venture with Fil-Estate
Properties, Inc., and the Manila Banking Corporation.  While
awaiting results of the study, the Board agreed to maintain the
Company's status quo, i.e. engage in minimal trading activities
and continue with the asset disposal programs.

                       Debt Restructuring

On December 14, 1998, Filsyn Corp. entered into an agreement
with its bank creditors and a supplier, wherein the Company
agreed to execute a second MTI to secure the payment of its
overdue and outstanding drafts and acceptances payable,
liabilities under trust receipts and loans (reclassified to
debts secured by second MTI) to avoid impending litigations and
in consideration of the creditors' agreeing to cease accruing
interest on those debts after April 30, 1998.  The second MTI
covers some of the properties included in the first MTI and
certain property and equipment and machinery and equipment held
for disposal.

The Agreement provides that the creditors have the option to
sell the land in a private sale (without the need of prior
consent of the Company but with the prior consent of the first
mortgagees) within three years from the date of the Agreement at
a price not less than the amount indicated in the Agreement.  
The Agreement further provides that during its effectivity, the
first mortgagees will continue to enjoy their right to foreclose
the said properties.  The proceeds of the private sale or
foreclosure will first be applied to the payment of debts
secured by the first MTI and thereafter to the payment of debts
secured by the second MTI.  The Company shall be liable for any
deficiency in the event that the debts are not fully paid after
the private sale or foreclosure of the properties.  Should the
private sale not take place within the stipulated three-year
period, the creditors and the Company will appoint an
independent appraiser to determine the price at which the land
may be sold.

The Agreement also provides that the Company assign in favor of
the creditors its shares of stock in a subsidiary as additional
security for the payment of the debts secured by the second MTI.

The first and second MTI provide, among other things, that the
Company:

   a. at all times maintain the sound value of the collateral at
      a level at least equal to the aggregate of the specified
      collateral values for the various loan accounts;

   b. not make any alterations upon, sell, assign, transfer,       
      encumber, lease or otherwise dispose of any collateral    
      without the prior consent in writing of the trustee acting
      upon the written direction of the majority creditors; and

   c. at all times keep the collateral in good condition.

The agreements covering the debts secured by the first and
second MTI contain, among others, some or all of these
restrictions:

   -- payment of cash dividends,
   -- incurrence of any major expenditures,
   -- incurrence of additional indebtedness or obligations,
   -- acquisition by the Company of its own capital stock, and
   -- merger or consolidation with any corporation.

Negotiations are ongoing with the MTI creditors in efforts to
either finally settle the Company's debt or to have the MTI
extended for a renewed term.  The first alternative will see the
Company paying off the loans with an amount significantly lower
than the total outstanding obligation, but acceptable to all
parties concerned as the final payments.  Should negotiations in
this direction fail, management intends to pursue its request
for extension of the MTI to stave off foreclosure of the
mortgage.

In August 2005, Chinatrust took over the trusteeship on the
first and second MTI from Hong Kong Shanghai Bank Corporation.  
Also in 2005, Chinatrust bought out the other creditors of the
first and second MTI and became the majority holder of the
mortgage participation contracts.

As of April 25, 2006, there has been no significant development
on the status of negotiations with the creditors of the first
and second MTI. The Company has no formal communication with the
creditors through the trustee.

                       Going Concern Doubt

In the Company's 2005 annual report, Jaime Del Rosario of Sycip
Gorres Velayo & Co. -- the Company's independent auditors --
noted the existence of material uncertainty which may cast
significant doubt on the Company's ability to continue as a
going concern, citing the Company's cessation of manufacturing
operations in 1996, as well as deficits of PHP1.65 billion and
PHP1.62 billion as of Dec. 31, 2005 and 2004, respectively,
which resulted in capital deficiency of PHP468.7 million in 2005
and PHP433.3 million in 2004.

Filsyn's annual report for the year ended December 31, 2005, is
available for free at:

   http://bankrupt.com/misc/FYN_17A_Dec2005.pdf


GLOBAL EQUITIES: Debt Continues to Increase Net Losses in Q1
------------------------------------------------------------
Accrued interest led Global Equities, Inc.'s net losses to drop
10.33% to PHP10.76 million in the first quarter ended March 31,
2006, the Troubled Company Reporter - Asia Pacific learns from
the Company's financial results.

Revenues came solely from the operations of its subsidiary
Adamson & Adamson, Inc.  Gross revenues fell 89.36% to
PHP102,000.

Global Equities suffered a PHP166.89 million loss for the year
2005.

                      Global Equities, Inc.
       Financial Highlights for the Quarter Ended March 31
                        (in PHP millions)

                                     2006          2005
                                     ----          ----
         Current Assets             13.22         11.13
         Current Liabilities       867.17        889.68
         Total Assets              871.04        872.00
         Total Liabilities       1,117.18      1,085.84
         Capital Deficiency        242.28        231.52
         Revenues                    0.10          0.94
         Expenses                   10.86         12.94
         Net Loss                   10.76         12.00

Global Equities' financial report for the quarter ended
March 31, 2006, is available for free at:

   http://bankrupt.com/misc/GEI_17Q_Mar2006.pdf

                      About Global Equities

Global Equities, Inc. was originally incorporated as La Suerte
Gold Mining Corporation on April 20, 1970, primarily to engage
in the exploration, exploitation, and development of mineral
resources; to purchase, lease and otherwise acquire mining
claims and concessions anywhere in the Philippines; and to carry
on the business of mining, extracting, smelting, treating, and
otherwise producing and dealing in metals and minerals of all
kinds including all its products and by-products.

On May 16, 1995, stockholders approved the realignment of the
Company's main business activities from that of a mining company
to that of an investment holding company.  In line with this,
the stockholders approved the change in the Company's name from
La Suerte Gold Mining Corporation to Global Equities, Inc.

On September 8, 2000, the Board of Directors authorized the
quasi-reorganization of the company by shifting investments in
real property and manufacturing of health care products to
information technology-related ventures and has approved the
quasi-reorganization of the Company, to enable it to focus
purely on IT related business ventures.

As a holding company, Global Equities invests in and manages
companies engaged in the manufacture of absorbent cotton, and
personal care products and in the provision of specialized
corporate facilities for end-users.  Main operating subsidiary
Adamson & Adamson, Inc. has one of the oldest and most
established absorbent cotton brands in the country.

                 Subsidiaries Under Liquidation

Global Equities has seven wholly owned subsidiaries that are
under liquidation:

   1. Global Airport Business Park, Inc.;
   2. GEI Assets Corp. formerly Global Airport Container
      Yard, Inc.;
   3. Global Airport Facilities, Inc.;
   4. Global Airport Storage Co., Inc.;
   5. Global Business Park Ventures, Inc.;
   6. Clark Field Medical Services, Inc.; and
   7. The Villages of Mt. Ridge, Inc.

                      Going Concern Doubts

After auditing the Company's 2005 annual report, Jose Joel M.
Sebastian of Sycip Gorres Velayo & Co. noted the existence of a
material uncertainty, which may cast doubt about the Company's
ability to continue as a going concern.  Mr. Sebastian cited the
Company's operations that were affected by the downturn in the
real estate industry, resulting in the suspension of development
activities on the land; capital deficiency amounting to PHP231.5
million and PHP64.6 million, as of December 31, 2005 and
December 31, 2004, respectively; the Company's illiquid balance
sheet; and its inability to settle maturing obligations as the
conditions for the material uncertainty.

To address these difficulties, the Company is now:

   (a) negotiating with the creditor banks for loan
       restructuring or settlement through dacion en pago
       arrangements;

   (b) disposing of saleable assets;

   (c) implementing cost-cutting programs; and

   (d) negotiating with prospective investors to jointly develop
       real estate properties.

Also, on March 1, 2004, the Board of Directors agreed to
undertake these measures:

   a. Assumption by a principal stockholder of the Parent
      Company, who issued a personal surety as security for the
      loans obtained from Equitable PCI Bank and United Overseas
      Bank of the loans, exclusive of interest and penalties,
      subject to the approval by the Creditor Banks;

   b. Transfer of all the Parent Company's interest in and
      advances to Adamson and Adamson, and the parcel of land
      located at Paranaque City with an area of 50,481 square
      meters to the principal stockholder;

   c. Conditional dacion en pago of Batangas City shoreline
      properties with Creditor Banks subject to the submission
      of transfer certificate of titles; and

   d. Condensation of interest on the advances made by a
      principal stockholder to the Parent Company.

                       Debt Restructuring

As of March 31, 2006, the Parent Company and a subsidiary are in
default in the payment of principal and interest due amounting
to PHP417.50 million.

On February 23, 2004, the Parent Company, AAI and Equitable PCI
Bank agreed on a dacion en pago arrangement of AAI's
manufacturing facility and equipment under installation with
carrying value of PHP195.5 million as of December 31, 2003, for
settlement of the Parent Company's long-term debt amounting to
PHP169.3 million and AAI's bank loans amounting to PHP26.2
million.

The remaining loan with EPCIB has been considered for settlement
through a dacion en pago arrangement under a Memorandum of
Agreement entered into between the Parent Company and EPCIB on
April 23, 2002.  In the agreement, the Parent Company's loan
will be settled in exchange for land and development with
carrying value of PHP108.9 million as of March 31, 2006, and
December 31, 2005.  The MOA also included the waiver of accrued
interest expense.  Also, as agreed with EPCIB, interest expense
on the loan has not been recognized starting 2002.  As of
April 30, 2006, the dacion en pago arrangement has yet to be
finalized pending the transfer of land titles to the Parent
Company of the land and development that are subject of dacion
en pago arrangement.

The remaining other loan of the Parent Company is secured by a
mortgage on land and development with a carrying value of
PHP334.2 million as of March 31, 2006, and December 31, 2005.
Shares of stock owned by the Parent Company and Parent Company's
shares of stock owned by a principal stockholder are also
pledged to secure the loan.  Also, the loan is covered by a
continuing guarantee from a principal stockholder.

The PHP70.0 million-loan is collateralized by a mortgage of the
subsidiary's land and development with a carrying value of
PHP208.10 million as of March 31, 2006, and December 31, 2005.

Global Equities' financial report for the fiscal year ended
December 31, 2005, is available for free at:

   http://bankrupt.com/misc/GEI_17A_Dec2005.pdf


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

ASIA PACIFIC PORT: Liquidators Set June 2 Deadline for PoC
----------------------------------------------------------
Asia Pacific Port Pte Limited notifies parties-in-interest of
its intention to declare dividend in relation to its compulsory
liquidation.

Liquidators Ramasamy Subramaniam Iyer, Goh Thien Phong and Chan
Kheng Tek request the Company's creditors to submit proofs of
claim on or before June 2, 2006, in order to share in the
dividend distribution.

Contact: The Liquidators
         c/o PricewaterhouseCoopers
         8 Cross Street #17-00
         PWC Building
         Singapore 048424


HSZ (SINGAPORE): Creditors' Proofs of Claims Due on June 18
-----------------------------------------------------------
The creditors of HSZ (Singapore) Pte Limited are required to
submit their proofs of claim to the Company's liquidator 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: Teh Kwang Hwee
         Liquidator
         2 Mistri Road
         #12-01 HMC Building
         Singapore 079624


INFORMATICS HOLDINGS: Tribunal Dismisses Computerage's Claims
-------------------------------------------------------------
The US$3.5 million legal claims brought by Computerage Nigeria
Limited against Informatics Holdings Limited has been released
by the Singapore Arbitration Tribunal on May 16, 2006.

The Tribunal issued an award in favor of Informatics and
ordered:

   -- that all Computerage claims be dismissed;

   -- that the Informatics Holdings be awarded the sum of
      US$279,000 for its counterclaim of sub-franchise fees
      with interest at 10% per annum from March 1, 2003, to
      May 16;

   -- that Computerage give an account and to pay Informatics
      the amount of the Operation Franchise Fees and Operation
      Sub-Franchise Fees found due and owed to the Company with
      interests at 10% per annum from March 1, 2003, to May 16;

   -- that the legal costs on an indemnity basis and costs of
      the arbitration be paid by Computerage.

Computerage is given 30 days from the date of the award to
appeal.

               About Informatics Holdings Limited

Informatics Holdings Ltd -- http://www.informatics.edu.sg/--  
was established in 1983, in response to Asia's economic growth
fostering tremendous demands for skilled Information
Technology manpower and knowledge-based workers to build and
sustain the rapid economic development in the region.  
Informatics' core business activities are training and
education, IT-related services and franchise operations.  
Informatics was at the center of a scandal that began in mid-
April 2004 when it admitted that it has overstated profits and
understated costs for the nine months ended December 2003 in its
quarterly financial statement.  The scandal started a string of
losses for the education services provider.  Informatics
Holdings, however, managed to cut its losses for the fourth
successive quarter in its third-quarter financial results for
the fiscal year 2006.

Savings in staff costs and other operating expenses, which was
due to a group consolidation exercise, led to a 36% decrease in
net loss from a SGD12.2 million net loss in 2004 to a SGD7.8
million net loss in 2005.  Despite a decline in revenue from
SGD21. 7 million to the current SGD14.5 million, it has
continued to improve in its quarterly performance through lower
staff costs and substantial savings in operating costs.

Due to continued financial support from majority shareholder
Berjaya and efforts to sell non-core assets, Informatics
holdings hopes to get back to black by continuing to increase
revenue and control costs.  The Company is currently looking
into agreements with underwriters on an earlier proposed rights
issue, in order to raise working capital.


LOGIC INTERNATIONAL: Court Releases Wind-up Order
-------------------------------------------------
The High Court of Singapore issued a winding up order against
Logic International Holding Pte Limited on May 5, 2006.

Ramasamy Subramaniam Iyer @ Rajendran, Goh Thien Pong and Chan
Kheng Tek were subsequently appointed as liquidators to oversee
the Company's winding up.

The wind-up petition, which was filed by Lim Swee Cheang, was
initially heard before the High Court on April 21, 2006, the
Troubled Company Reporter - Asia Pacific recounts.

Contact: The Liquidators
         PricewaterhouseCoopers
         8 Cross Street
         #17-00 PWC Building
         Singapore 048424


RDC WOODLANDS: Enters Voluntary Liquidation
-------------------------------------------
RDC Woodlands Development Pte Limited has been placed under
members' voluntary liquidation on May 22, 2006.

Teo Ban Seng Kelvin has been appointed as liquidator for the
Company.


SLRC INVESTMENTS: Members Opt for Liquidation
---------------------------------------------
Members of SLRC Investments Pte Limited, on May 22, 2006,
decided to put the Company under voluntary liquidation.

Subsequently, Teo Ban Seng Kelvin was appointed to oversee the
liquidation process.


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

ADVANCE PAINT: Continued Operation at Loss Concerns Auditor
-----------------------------------------------------------
Advance Paint & Chemical Plc, on May 15, 2006, submitted to the
Stock Exchange of Thailand its first quarter financial report
for the fiscal year 2006.

The Company's revenue for the first quarter in 2006 decreased by
23.77% or THB2.99 million, from its revenue for the same period
in 2005, because of higher price competition and higher oil
prices.

The THB6.60 million net loss in the current first quarter shows
a 52.59% decrease from the THB12.55 million net loss of the
first quarter in 2005.

Advance Paint's balance sheets for the first quarter of 2006, as
compared to first quarter of the previous year reflects these
figures:

                                         2006             2005
                                         ----             ----
     Total current assets       THB32,471,036    THB35,007,796
     Total assets                 121,467,334      124,828,850
     Total current liabilities     60,896,565       57,660,947
     Total liabilities and
        shareholders' equity      121,467,334     124,828,850

After auditing the Company's financial report for the period
ended March 31, 2006, Atipong AtipongSakul, of ANS Audit Company
Ltd., stressed out that "the Company continuously operates at an
increased loss and has current liabilities substantially in
excess of current assets."  He said that the Company's ability
to continue operations as a going concern is dependent on its
ability to generate sufficient profit and cash flows to serve
its debts.

A full-text copy of the Company's financial statement for the
quarter ended March 31, 2006, is available for free at:

   http://bankrupt.com/misc/ADVANCE_PAINT_FS_1Q_2006.xls

                          *     *     *

Headquartered in Bangkok, Thailand, Advance Paint & Chemicals
Public Company Limited manufactures and distributes decorative
paint, heavy-duty coating, and industrial painting under Dutch
boy, and Seven Stars brand names.  It has assets of THB124.83
million in December 2005.  The Company signed a 30-year contract
with Sherwin-Williams Company starting from June 1, 1987, for
the use of brand names and technology.

Advance Paint is currently undergoing business rehabilitation
and is categorized under the Rehabco Sector of the Stock
Exchange of Thailand.  It is working with a capital deficit,
with current liabilities pegged at THB57.66 million in 2005
against current assets standing at THB35.01 million.


NEW PLUS: First Quarter Report Shows THB2.53 Net Loss
-------------------------------------------------
New Plus Knitting Public Company Ltd on May 15, 2006, submitted
to the Stock Exchange of Thailand its first quarter financial
report for the fiscal year 2006.  

On a letter accompanying the financial report, Orasa Kruthakool
and Prakob Boonruang, directors of the Company, said that in the
quarter ended March 31, 2006, New Plus' sales income increased
by 1.32% or THB890,000 million as compared to the sales income
reported in the first quarter of 2005.  They added that cost of
sales for the Company increased by THB3.17 million or 5.15%, as
compared to that of the same quarter in 2005.

The Company's consolidated operation result shows a THB2.53
million net loss in the first quarter 2006, a rise from the
THB1.94 million net loss reported for the first quarter in 2005.

New Plus' consolidated balance sheet for the quarter ending
March 31, 2006, reflects these figures:  

                                         2006             2005
                                         ----             ----
     Total current assets      THB179,283,225   THB168,953,005
     Total assets                 379,414,604      373,293,764
     Total current liabilities    195,059,826      191,015,364
     Total liabilities            396,111,868      387,552,595
     Total liabilities and
       shareholders' equity       379,414,604      373,293,764

The auditor of the Company pointed out that from the operation
results, losses have decreased the financial liquidity of the
Company and its subsidiary companies, which factor gives
material uncertainty to the Company's ability to continue as a
going concern.

A full-text copy of the Company's financial statement for the
quarter ended March 31, 2006, is available for free at:

   http://bankrupt.com/misc/NEW_PLUS_FS_1Q_2006.xls  
                      
                          *     *     *

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

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





                            *********


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

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is $575 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are $25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***