TCRAP_Public/060526.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  

              Friday, May 26, 2006, Vol. 9, No. 104


                            Headlines

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

24HR CRANE: Liquidator Presents Wind-up Report
ALLCATER NZ: Court to Hear Liquidation Petition on July 20
ALL CHERRY: Prepares to Distribute Assets
ANNEAL ENTERPRISES: Winds Up Business
ARMAND PROPERTIES: Creditors' Proofs of Claim Due on June 12

BLACK VELVET: To Declare Dividend on May 31
BUCHAN VALLEY: Receiver Steps Aside
CADSOURCE DESIGN: Members and Creditors Review Wind-up Report
CULLINANE & MCCARON: Placed Under Voluntary Liquidation
DOLCISSIMO CAFE: Names Paul Vartelas as Liquidator

E&J PACKAGING: Court to Hear CIR's Liquidation Bid on June 22
EVANS & TATE: Faces Wind-Up Threat Over Inability to Pay Debts
FASCIALE FUTURES: Federal Court Winds Up Firm Due to Insolvency
FLOWERS DIRECT: Enters Voluntary Liquidation
HOMES 4 LIFE: Creditors' Proofs of Claim Due on June 12

HYDRO PACIFIC: To Distribute Final Dividend on May 31
LABESTKA PTY: Set to Halt Operations
LBF ELECTRONICS: Court Issues Wind-up Order
LIVESTOCK SOLUTIONS: Faces Liquidation Proceedings
MCGILVERY & ASSOCIATES: Enters Voluntary Liquidation

MELA ENTERPRISES: Creditors Must Prove Debts by June 12
NAPOLI LIMITED: Liquidation Petition Hearing Slated for June 1
OXBARA PTY: Final Meeting Fixed for Today
PACIFIC TIMBER: Court Set to Hear Liquidation Petition July 6
PALACENT PTY: Members Agree on Liquidation

PRIME EQUIPMENT: To Pay Dividend to Creditors
PRINS AUSTRALIA: Enters Winding Up Proceedings
SCAPE INTERIORS: Members Opt for Voluntary Liquidation
SILKCHIME PTY: Names Receivers and Managers
SINO HOLDINGS: Federal Court Issues Wind-up Order

STEAD CONSULTING: Members Resolve to Wind Up Firm
WWCP PTY: To Hold Final Meeting Today


C H I N A   &   H O N G  K O N G

AGRICULTURAL BANK: Denies Break up Rumors
CTS TELECOM: Zeng Cease to Act as Liquidator
FAVOUR ART: Members and Creditors to Meet on May 30
HHK INTERNATIONAL: Liquidator to Present Wind-up Report
LAW'S NIKSON: Final General Meeting Set June 26

LONG PROGRESS: Members to Receive Liquidator's Report on June 20
OASIS-J LTD: Joint Liquidators Step Aside
NAM FONG: Court to Hear Wind-up Petition on June 28
STANDARD CHARTERED FINANCE: Suen to Present Wind-up Report
STANDARD CHARTERED INTERNATIONAL: Members to Meet on June 19

STAR CRUISES: Moody's Revises Outlook from Stable to Negative
TMT FINANCIAL: Members' Final General Meeting Set June 21
WELL PEACE: Faces Winding-up Proceedings
WINDSOR HOTELS: Liquidator Ceases to Act for Company
* Fitch Analysts Discuss China's Growth and Industry Concerns


I N D I A

HINDUSTAN PETROLEUM: Partners with Malbro for LPG Stove Business
NATIONAL TEXTILE: Seeks to Wipe Out Losses by Reaping Cash Gains


J A P A N
EHOMES INCORPORATED: 11 Inspectors Punished in Building Scandal
KUBOTA CORP: To Pay JPY3.2 Billion to Asbestos Victims


K O R E A

HYUNDAI MOTOR: Rumors of Firm Shut Down in China Affect Sales
LG CARD: Barclays Backs Out From Bidding Race


M A L A Y S I A

AMALGAMATED CONTAINERS: First Quarter Loss Hits MYR18 Million
CHASE PERDANA: Books MYR2-Million Net Loss in First Quarter
COMSA FARMS: Shareholders Okay Mandate for Trading Transactions
FOREMOST HOLDINGS: Proposes to Seek Shareholders' Mandate
GEORGE TOWN: Fails to Submit Outstanding Reports Again

HARVEST COURT: First Quarter Results Reveal Strained Liquidity
MALAYSIA AIRLINES: AirAsia Wants Johor Bahru-Kuching Route
PAN MALAYSIA CAPITAL: First Quarter Revenue Drops 7.69%
PAN MALAYSIA HOLDINGS: Reaps Profits; Exits PN17 Category
TENAGA NASIONAL: Welcomes New Tariff Structure


P H I L I P P I N E S

APC GROUP: Postpones ASM and Elects New Director
MANILA ELECTRIC: Allowed to Provide Power to Quezon and Laguna
PRYCE CORP: Posts May 24 ASM Results
UNIWIDE HOLDINGS: May File for Liquidation on Losses


S I N G A P O R E

ASIA-PACIFIC BULK: Creditors' Proofs of Debt Due on June 2
LIFETIME OF HOLIDAYS: Creditors Set to Meet Today
PDC CORPORATION: Releases 2005 Financial Results
PDC CORPORATION: Ernst & Young Expresses Going Concern Doubts
PDC CORPORATION: Exits Acquisition and Joint Venture Deals

PDC CORPORATION: To Hold 7th Annual General Meeting on June 9
SINTEK TRADING: Declares First and Final Dividend


T H A I L A N D

KUANG PEI SAN: Suffer First Quarter Net Loss of THB32.96 Million

* Moody's Raises Foreign-Currency Ceilings For Asian Countries
* Moody's Shows Impact of Revised Policy on Asian Fin'l Groups

     - - - - - - - -

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

24HR CRANE: Liquidator Presents Wind-up Report
----------------------------------------------
The members and creditors of 24Hr Crane Hire (New South Wales)
Pty Limited will hold a final meeting today, May 26, 2006.

J. Sleiman of Sleiman & Co. will exhibit the manner in which the
Company's wind-up process was conducted and its property
disposed of.

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


ALLCATER NZ: Court to Hear Liquidation Petition on July 20
----------------------------------------------------------
An application to put Allcater NZ Ltd into liquidation will be
heard before the High Court of Auckland on June 15, 2006, at
10:00 a.m.    

The High Court received the application from Tu's Brothers Pty
Ltd on March 21, 2006.  

Contact: G.M. Sandelin
         Minter Ellison Watts, Solicitors
         20/F., Lumley Centre
         88 Shortland Street
         Auckland, New Zealand


ALL CHERRY: Prepares to Distribute Assets
-----------------------------------------
At a meeting of All Cherry Pty Limited held on April 4, 2006,
members agreed to voluntarily wind up the Company's operations
and distribute its assets.

John Vouris was appointed as liquidator.

Contact: John Vouris
         Liquidator
         Vouris & Bell Chartered Accountants
         Level 9, 4 O'Connell Street
         Sydney, New South Wales 2000
         Australia
         Telephone: 9232 6800


ANNEAL ENTERPRISES: Winds Up Business
-------------------------------------
Creditors of Anneal Enterprises Pty Limited, at a meeting held
on April 6, 2006, resolved to wind up the Company's business
operations.

K.L. Sutherland was subsequently named liquidator.

Contact: K.L. Sutherland
         Level 5, 332 St. Kilda Road
    Melbourne, Victoria 3004
         Australia


ARMAND PROPERTIES: Creditors' Proofs of Claim Due on June 12
------------------------------------------------------------
Liquidator Douglas Kim Fisher require the creditors of Armand
Properties Ltd to submit their proofs of claim on or before
June 12, 2006.

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

Contact: D.K. Fisher
         Private Bag MBE M215
         Auckland, New Zealand
         Telephone: (09) 630 0491
         Fax: (09) 638 6283


BLACK VELVET: To Declare Dividend on May 31
-------------------------------------------
Black Velvet Furniture Pty Limited will declare a first and
final dividend on May 31, 2006, to the exclusion of creditors
who were unable to prove their claims.

Contact: Christopher J. Palmer
    Liquidator
    O'Brien Palmer
         Level 4, Currency House, 23-25 Hunter Street
         Sydney, New South Wales 2000
         Telephone: (02) 9232 3322
         Fax: (02) 9232 3388
    

BUCHAN VALLEY: Receiver Steps Aside
-----------------------------------
Wayne Benton ceased to act as the receiver and manager of the
property of Buchan Valley Sawmilling Co Pty Limited on April 3,
2006.


CADSOURCE DESIGN: Members and Creditors Review Wind-up Report
-------------------------------------------------------------
The members and creditors of Cadsource Design Pty Limited will
convene at a final meeting today, May 26, 2006, where Liquidator
Daniel Civil will present an account on the manner of the
Company's wind-up and property disposal.

Contact: Daniel Civil
    Liquidator
         Rodgers Reidy
         Level 8, 333 George Street
         Sydney, New South Wales 2000
      Australia


CULLINANE & MCCARON: Placed Under Voluntary Liquidation
-------------------------------------------------------
At a general meeting of Cullinane & Maccaron Investments Pty
Limited held on April 4, 2006, members decided to place the
Company under liquidation.

In this regard, Mark Stafford Byrnes was appointed liquidator.

Contact: Mark Stafford Byrnes
     Summerhill, Mitchell Highway
    Orange, New South Wales 2800
    Australia


DOLCISSIMO CAFE: Names Paul Vartelas as Liquidator
--------------------------------------------------
The members of Dolcissimo Cafe met on April 4, 2006, and agreed
to shut down the Company's operations voluntarily.

Creditors convened on the same day and appointed Paul Vartelas
of B.K. Taylor & Co. as liquidator.

Contact: Paul Vartelas
    B.K. Taylor & Co.
    8th Floor, 608 St. Kilda Road
    Melbourne, Australia


E&J PACKAGING: Court to Hear CIR's Liquidation Bid on June 22
-------------------------------------------------------------
The Commissioner of Inland Revenue, on March 30, 2006, filed an
application to liquidate E&J Packaging Ltd before the High Court
at Auckland.

The Court will hear the petition on June 22, 2006, at 10:45 a.m.

Parties wishing to attend the hearing must file an appearance
not later than June 20, 2006.

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


EVANS & TATE: Faces Wind-Up Threat Over Inability to Pay Debts
--------------------------------------------------------------
Australian Beverage Distributors launched wind-up proceedings
against Evans & Tate Limited and its subsidiary, Evans & Tate
Premium Wines Pty Ltd., with the New South Wales Supreme Court
on May 24, 2006, The West Australian reports.

WestBusiness notes that in its application, the Sydney-based
wine distributor asserted that Evans & Tate was insolvent and
had been unable to pay its debts as and when they fell due.  ABD
contended that Evans & Tate should be wound up "to prevent the
further dissipation in the value of assets available to
unsecured creditors."

According to the Australian Associated Press, Evans & Tate
intends to seek dismissal of ABD's application, and argue that
ABD's petition is not in accordance with the Corporations Act,
is not supportable, is misconceived and without foundation.

Evans & Tate says that its ongoing commercial dispute with ABD
should be in "the proper forum," which is the NSW District Court
in Newcastle.  The dispute relates to the payment for more than
AU$240,000 of wine that ABD received from Cranswick Premium
Wines before Evans & Tate took over Cranswick three years ago.
AAP recounts that the two companies have been involved in
litigation on the dispute in the Newcastle District Court for
more than two years now.  

Furthermore, ABD sought a declaration from the Supreme Court
that the notice of meeting of holders of Evans & Tate's
unsecured convertible notes, scheduled for June 14, 2006, is
false and misleading.

AAP explains that the meeting would take place to allow the
noteholders to vote on changing a clause in their notes to
overcome an accounting issue caused by the transition to
international financial reporting standards.  Under that current
clause, total liabilities of the company must not exceed 80% of
total assets, but the transition to IFRS is expected to see an
increase in this ratio to 89%.

WestBusiness says that during the meeting, noteholders will
decide whether to waive a financial breach of the note trust
deed or demand repayment of their AU$20 million loan.

A previous WestBusiness report stated that an independent
expert's report by Ernst & Young sent to the convertible
noteholders had warned that Evans & Tate would be unable to pay
a call for the AU$20 million without another lifeline from ANZ
Bank, which was already owed AU$107 million as at December 31,
2006.

Ernst & Young also said that the winemaker's ability to "source
the funding required for the redemption of notes is not certain
and cannot be guaranteed."  And even after asset sales are
already announced, Evans & Tate was unlikely to "be able to
generate sufficient surplus cash to enable it to retire any
material amount of debt in the short term."

WestBusiness relates that ABD wants Evans & Tate's payment of
AU$80,000 covering court costs arising from their dispute.

                       About Evans & Tate

Headquartered in Wembley, Western Australia, Evans & Tate
Limited -- http://www.etw.com.au/-- is an Australian wine  
company listed on the Australian Stock Exchange.  The primary
businesses of the Evans & Tate Wine Group are the production,
marketing and distribution of a number of branded, exclusive
labeled and unbranded wines; contract winemaking; wine trading;
viticultural services; and wine tourism through its Visitor
Centers.    

In June 2005, rumors began brewing that the wine maker was
carrying total liabilities of AU$127.5 million, of which
AU$102.5 million was interest-bearing debt.  A few days later,
Evans & Tate admitted that it had been coordinating with
insolvency firm KordaMentha on the recommendation of its major
creditor, ANZ Banking Group Limited.  It had appointed
KordaMentha's 333 Performance Management "to improve its
forecasting, planning and business efficiencies."  Evans & Tate
also admitted that it was cash flow negative and had sought an
AU$8.5-million capital injection from ANZ Bank.  The firm
further said that it would cut the value of its wine inventories
by AU$8 million to AU$10 million, offload stock at a discount,
and cut the carrying value of certain wineries.  In July 2005,
Evans & Tate has secured an additional AU$10 million in short-
term working capital from ANZ.  In January 2006, Evans & Tate
announced that it was selling off its Griffith Winery to boost
capital, but not without borrowing another AU$12 million.  The
Company is still seeking for buyers.  In February 2006, Evans &
Tate shed 20 jobs as part of a restructure that it said was
expected to result in cost savings of about AU$2.5 million a
year.


FASCIALE FUTURES: Federal Court Winds Up Firm Due to Insolvency
---------------------------------------------------------------
At the Australian Securities and Investments Commission's
request, the Federal Court in Melbourne entered an order on
May 25, 2006, winding up Fasciale Futures Trading Pty Ltd on
grounds of insolvency.

The Court appointed Michael Scales and Guy Alexander Edwards, of
PKF Chartered Accountants, as official liquidators for the
Company.

Moreover, the Court restrained Fasciale Futures' sole director,
Spartaco Fasciale, from dealing with or disposing of any of his
assets and from leaving Australia.  Mr. Fasciale consented to
the Court's directives.

                      Ex-Parte Proceedings

On May 10, 2006, the ASIC commenced urgent ex-parte proceedings
against Fasciale Futures.  These proceedings followed concerns
raised by individuals that returns due from their investments
with the Company and Mr. Fasciale had not been paid, and that
Mr. Fasciale was a flight risk.  ASIC said that it has reason to
believe that AU$955,000 has been invested but expects that the
total amount invested may reach AU$2 million.

According to the ASIC, it has been alleged that Fasciale Futures
offered investors a 3% per month return on their investments to
be generated from the Company's trading in securities and
derivatives.

ASIC was concerned that Mr. Fasciale and Fasciale Futures may
have dealt in financial products without the required Australian
financial services license.  ASIC has a number of other concerns
including the possibility that Mr. Fasciale may have breached
his duties as a director.

Specifically, ASIC had successfully obtained orders that:

   -- required Mr. Fasciale to hand over all the passports he
      held and any airline tickets concerning any international
      travel arrangements made for the next 12 months.  This
      action followed statements alleged to have been made by
      Mr. Fasciale concerning property owned in Italy and his
      intentions to travel there this year; and

   -- restrained Fasciale Futures and Mr. Fasciale from
      removing, or selling or otherwise dealing with or
      disposing or causing or permitting to be sold, all or any
      of the assets they hold.  Mr. Fasciale and Fasciale
      Futures provided a detailed list of assets they hold to
      the Federal Court.


FLOWERS DIRECT: Enters Voluntary Liquidation
--------------------------------------------
Members of Flowers Direct Ltd, on April 24, 2006, resolved to
put the Company into voluntary liquidation.

Iain Andrew Nellies and Wayne John Deuchrass were appointed as
joint and several liquidators.

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


HOMES 4 LIFE: Creditors' Proofs of Claim Due on June 12
-------------------------------------------------------
Liquidator Douglas Kim Fisher require the creditors of Homes 4
Life Ltd to submit their proofs of claim on or before
June 12, 2006.

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

Contact: D.K. Fisher
         Private Bag MBE M215
         Auckland, New Zealand
         Telephone: (09) 630 0491
         Facsimile: (09) 638 6283


HYDRO PACIFIC: To Distribute Final Dividend on May 31
-----------------------------------------------------
Hydro Pacific Pty Limited will distribute its first and final
dividend on May 31, 2006.

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

Contact: Christopher J. Palmer
    Liquidator
    O'Brien Palmer
    Level 4, Currency House, 23-25 Hunter Street
         Sydney, New South Wales 2000
         Australia
    Telephone: (02) 9232 3322
    Fax: (02) 9232 3388


LABESTKA PTY: Set to Halt Operations
------------------------------------
Members of Labestka Pty Limited resolved, at a general meeting
on April 7, 2006, that the Company's operations be closed.

Paul William Gidley of Lawler Partners was subsequently
appointed liquidator.

Contact: Paul William Gidley
         Liquidator
         Lawler Partners Chartered Accountants
     763 Hunter Street, Newcastle West
         New South Wales 2302, Australia


LBF ELECTRONICS: Court Issues Wind-up Order
-------------------------------------------
The Supreme Court of New South Wales, on March 31, 2006, ordered
the wind-up of LBF Electronics Pty Limited and appointed R. J.
Porter as liquidator.

Contact: R. J. Porter
         Liquidator
         Moore Stephens Chartered Accountants
         Level 6, 460 Church Street
         Parramatta, New South Wales 2150
         Australia


LIVESTOCK SOLUTIONS: Faces Liquidation Proceedings
--------------------------------------------------
An application to put Livestock Solutions Ltd into liquidation
will be heard before the High Court of Auckland on June 1, 2006,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the application on
March 22, 2006.

Contact: S.J. Eisdell Moore
         Meredith Connell's Office
         Level 17, Forsyth Barr Tower
         55-65 Shortland Street
         Auckland, New Zealand


MCGILVERY & ASSOCIATES: Enters Voluntary Liquidation
----------------------------------------------------
At a meeting of McGilvery & Associates Pty Limited on April 5,
2006, members agreed that it is in the Company's best interests
to wind up its operations voluntarily.

John William Cunningham and John Richard Park were appointed as
joint and several liquidators.

Contact: John W. Cunningham
         John R. Park
         Liquidators
         Ramsay Clout
         Suite 2, 63 The Esplanade
         Cotton Tree, Australia


MELA ENTERPRISES: Creditors Must Prove Debts by June 12
-------------------------------------------------------
Creditors of Mela Enterprises Limited are requested to submit
their proofs of claim on or before June 12, 2006, to Liquidator
Douglas Kim Fisher.

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

Contact: D.K. Fisher
         Private Bag MBE M215
         Auckland, New Zealand
         Telephone: (09) 630 0491
         Facsimile: (09) 638 6283


NAPOLI LIMITED: Liquidation Petition Hearing Slated for June 1
--------------------------------------------------------------
An application to put Napoli Limited into liquidation will be
heard before the High Court of Auckland on June 1, 2006, at
10:00 a.m.

The Commissioner of Inland Revenue filed the application with
the High Court on March 21, 2006.

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


OXBARA PTY: Final Meeting Fixed for Today
-----------------------------------------
The members and creditors of Oxbara Pty Limited will hold a
final meeting today, May 26, 2006.

Liquidator Brent Kijurina of Smith Hancock will present an
account on the manner of the Company's wind-up and property
disposal.

Contact: Brent Kijurina
   Liquidator
   Smith Hancock Chartered Accountants
   Level 4, 88 Phillip Street
   Parramatta, New South Wales 2124
   Australia


PACIFIC TIMBER: Court Set to Hear Liquidation Petition July 6
-------------------------------------------------------------
An application to liquidate Pacific Timber & Hardware Co Ltd was
filed by Mamaku Sawmilling Co Ltd before the High Court of
Auckland on April 24, 2006.  

The Court will hear the application on July 6, 2006, at 10:00
a.m.  

Contact: A.J. Sherlock
         Hesketh Henry, Lawyers
         Level 11, 41 Shortland Street
         Auckland, New Zealand


PALACENT PTY: Members Agree on Liquidation
------------------------------------------
Members of Palacent Pty Limited convened at a general meeting on
April 7, 2006, and decided to liquidate the Company.

Gregory Stuart Andrews of G.S. Andrews & Associates was
appointed liquidator.

Contact: Gregory S. Andrews
    G. S. Andrews & Associates
         22 Drummond Street, Carlton
         Victoria 3053, Australia
         Telephone: (03) 9662 2666
         Fax: (03) 9662 9544


PRIME EQUIPMENT: To Pay Dividend to Creditors
---------------------------------------------
Prime Equipment Agencies Pty Limited will declare a first and
final dividend to creditors on May 31, 2006.

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

Contact: R. G. Mansell
         Liquidator
         Level 3, 118 Queen Street
         Melbourne, Victoria 3000
         Australia


PRINS AUSTRALIA: Enters Winding Up Proceedings
----------------------------------------------
At a meeting of Prins Australia Pty Limited held on April 5,
2006, creditors decided that a voluntary wind-up of the
Company's business is appropriate and necessary.

Martin Jones and Darren Weaver of Ferrier Hodgson were
subsequently appointed joint and several liquidators.

Contact: Martin Jones
         Darren Weaver
         Liquidators
         Ferrier Hodgson Chartered Accountants
         Level 26, 108 St. George's Terrace
         Perth, West Australia 6000
         Australia


SCAPE INTERIORS: Members Opt for Voluntary Liquidation
------------------------------------------------------
Members of Scape Interiors International Ltd on April 28, 2006,
resolved to put the Company into voluntary liquidation.

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

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


SILKCHIME PTY: Names Receivers and Managers
-------------------------------------------
Mark A. Korda, David J. Winterbottom and Oren Zohar were
appointed as joint receivers and managers of the property of
Silkchime Pty Limited on March 29, 2006.


SINO HOLDINGS: Federal Court Issues Wind-up Order
-------------------------------------------------
The Federal Court of Australia had, on April 7, 2006, issued a
winding up order against Sino Holdings Pty Limited.

Steven Nicols was also appointed as liquidator.

Contact: Steven Nicols
         Liquidator
         Level 2, 350 Kent Street
         Sydney, New South Wales 2000
         Australia


STEAD CONSULTING: Members Resolve to Wind Up Firm
-------------------------------------------------
At a general meeting of Stead Consulting Pty Limited held on
April 7, 2006, members agreed to wind up the Company's
operations voluntarily.

Schon G. Condon and Bruce Gleeson of James Condon Chartered
Accountants were appointed as joint liquidators.

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


WWCP PTY: To Hold Final Meeting Today
-------------------------------------
At a final meeting of the members and creditors of WWCP Pty
Limited today, May 26, 2006, Liquidators E.A. Lewis and J.A.
Shaw will present the manner in which the Company was wound up
and its property was disposed of.

Contact: A. E. Lewis
         J. A. Shaw
         Liquidators
         Ferrier Hodgson Chartered Accountants
         PO Box 840, Newcastle
         New South Wales 2300, Australia
         Telephone: (02) 4908 4444
         Fax: (02) 4908 4499


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

AGRICULTURAL BANK: Denies Break up Rumors
-----------------------------------------
China's central bank has recommended breaking up the financially
troubled Agricultural Bank, the country's fourth biggest bank,
China Daily reports.

The Central Bank reportedly said that a breakup was preferred
among several proposal submitted to the Cabinet by central bank
Gov. Zhou Xiaochuan.

However, the Central Bank and the Agricultural Bank denied the
report, saying there are several reform options, but "offering
shares in the entire bank is the most rational choice and the
most pragmatic."

According to Business Post, the Central Bank would turn
Agricultural Bank into a group of provincial-level banks, which
could enable Beijing force provinces to share in the cost of
shoring up its balance sheet.

The Post adds that other proposals on the list resemble the
treatment given to China's other big banks, which are preparing
to raise money with stock offerings in Hong Kong.

The Agricultural Bank has lagged behind other major Chinese
commercial banks, which have received government injections of
new capital and been allowed to link up with foreign partners in
preparation for raising money on foreign stock exchanges.  

Three other state banks have either converted to joint-stock
companies or sold shares to public investors as a way to
strengthen corporate governance and upgrade their business, but
the ABC reform package remains unclear, the People's Daily
relates.

People's Daily revealed Monday that Agricultural Bank posted
operating profits of over CNY42.4 billion in 2005, CNY10.5
billion more than the previous year.

Despite the surge, the Bank's non-performing loan ratio remained
a whopping 26.17 percent, edging down a mere 0.56 percentage
points from a year earlier, People's Daily said.

Many established foreign banks report a one to two percent NPL
ratio.  Analysts say the Bank piled up a mountain of bad debts
after reckless -- usually government-ordered -- lending to the
rural sector and state-owned firms over the last 20 years or so,
People's Daily added.

Moreover, the bank is still carrying billions of dollars in
unpaid loans to state companies, which it says accounted for 26
percent of its lending at the end of last year.

                          *     *     *  

The state-owned Agricultural Bank of China --
http://www.abocn.com/is the mainland's fourth largest bank.   

The Agricultural Bank has lagged behind other major Chinese
commercial banks, which have received government injections of
new capital and been allowed to link up with foreign partners in
preparation for raising money on foreign stock exchanges.  It
posted operating profits of over CNY42.4 billion in 2005,
CNY10.5 billion more than the previous year.

The ABC said it held nearly a third of the national market for
savings deposits, and its total assets rose 18.87 percent to
CNY4.77 trillion by the end of last year.  The bank employs
479,000 people, a much higher figure compared with its foreign
rivals.

However, the Bank is still carrying billions of dollars in
unpaid loans to state companies, which it says accounted for 26
percent of its lending at the end of last year.


CTS TELECOM: Zeng Cease to Act as Liquidator
--------------------------------------------
Zeng Xianggao has ceased to act as liquidator of CTS
Telecommunications Ltd since May 4, 2006.


FAVOUR ART: Members and Creditors to Meet on May 30
---------------------------------------------------
Members and creditors of Favour Art Development Ltd will convene
for their annual meeting on May 30, 2006, at 3:30 p.m and 4:00
p.m. respectively.

During the meeting, Liquidator Victor Chiu will present his
final account on the Company's wind-up operations.


HHK INTERNATIONAL: Liquidator to Present Wind-up Report
-------------------------------------------------------
Members of HHK International Ltd will convene for their final
meeting on June 22, 2006, at 2:00 p.m. at the liquidator's
office.

At the meeting, Liquidator Daniel Chun-Chiu Ng will present his
final account regarding the Company's wind-up operations.

Contact: Daniel Chun-Chiu Ng
         Enson CPA Limited
         18/F., West Wing
         Sincere Insurance Bldg
         4-6 Hennessy Road, Admiralty
         Hong Kong


LAW'S NIKSON: Final General Meeting Set June 26
-----------------------------------------------
Members and creditors of Law's Nikson Company Ltd will convene
for their annual meeting on June 26, 2006, at 10:30 a.m and
11:00 a.m. respectively.

At the meeting, Liquidator Sze Sau Wan will present his final
account regarding the Company's wind-up operations.


LONG PROGRESS: Members to Receive Liquidator's Report on June 20
----------------------------------------------------------------
Members of Long Progress Timber Development Ltd will hold a
final meeting on June 20, 2006, at 10:00 a.m. at the
liquidator's office.

During the meeting, members will receive an account on the
Company's winding-up from Liquidator Ng Kam Wan.

Contact: Ng Kam Wan
         21/F., Fee Tat Commercial Centre
         No. 613 Nathan Road, Kowloon
         Hong Kong


OASIS-J LTD: Joint Liquidators Step Aside
-----------------------------------------
Chan Kam Che and Ting Chi Kwong ceased to act as joint and
several liquidator of Oasis-J Ltd on May 9, 2006.


NAM FONG: Court to Hear Wind-up Petition on June 28
---------------------------------------------------
A petition to have Nam Fong International Holdings Ltd's
operations wound up will be heard before the Court of First
Instance on June 28, 2006, at 9:30 a.m.

Nanyang Commercial Bank filed the petition with the High Court
on April 26, 2006.


STANDARD CHARTERED FINANCE: Suen to Present Wind-up Report
----------------------------------------------------------
Liquidator Suen Pui Yee will present his final account regarding
the Company's wind-up operations to members of Standard
Chartered Finance Ltd on June 19, 2006, at 12:00 p.m.

Contact: Suen Pui Yee
         8/F., Gloucester Tower
         The Landmark, 11 Pedder Street
         Central, Hong Kong


STANDARD CHARTERED INTERNATIONAL: Members to Meet on June 19
------------------------------------------------------------
Members of Standard Chartered International Trade Products Ltd
will convene for their final meeting on June 19, 2006, at 12:30
p.m. at the liquidator's office.

At the meeting, Liquidator Suen Pui Yee will present his final
account on the Company's wind-up operations.

Contact: Suen Pui Yee
         8/F., Gloucester Tower
         The Landmark, 11 Pedder Street
         Central, Hong Kong


STAR CRUISES: Moody's Revises Outlook from Stable to Negative
-------------------------------------------------------------
Moody's Investors Service has, on May 25, 2006, changed to
negative from stable its outlook for the Ba3 corporate family
rating of Star Cruises Limited.

At the same time, Moody's likewise revised to negative from
stable its outlook for the Ba3 corporate family rating and B2
senior unsecured bond rating of NCL Corporation Limited, a
wholly owned subsidiary of Star Cruises.

"The outlook change is in response to the overall weakening
financial performance of both NCL and Star Cruises, with EBITDA
interest coverage falling below 2x and adjusted debt/EBITDA
remaining at a high level of around 10x. Such weakening trends
raise concerns about the two companies' abilities to achieve
projected EBITDA growth -- which is mostly reflective of NCL's
expansion -- such that their financial metrics are sustained at
levels appropriate for their current ratings," lead analyst
Kaven Tsang said.

Downgrade pressure would evolve in both cases if EBITDA interest
coverage consistently falls below 2x and adjusted debt/EBITDA
remains high at around 10x.  

Such an outcome could occur due to:

     1) the two companies failing to achieve projected EBITDA
        growth because NCL's Hawaiian route proves weaker than
        expected; or

     2) debt rises and appropriate remedies to reduce the
        resultant higher leverage are absent.


The ratings are unlikely to be upgraded, given the negative
outlook.  However, for the outlook, in both cases, to return to
stable, Moody's would need to see improvements in their
financial profiles, such that EBITDA interest coverage is
sustained above 2x and adjusted debt/EBITDA trends towards 7x
over the next 2-3 years.  

Such trends could be a result of

     1) NCL's successful execution of its Hawaiian expansion
strategy, such that EBITDA grows as projected; or

     2) efforts to lower its leverage.

                          *     *     *
Star Crusies Limited -- www.starcruises.com/ -- is a Company
publicly listed in Hong Kong and is a core member of the Genting
Group and 36.1% owned by Resorts World, which is, in turn, 57.7%
owned by Genting Berhad.  Star Cruises operates 22 ships with
35,000 lower berths under five main brands:  Star Cruises and
Cruise Ferries, which service Asia Pacific, and three brands
under NCL.

NCL Corporation Ltd, headquartered in Miami, is a wholly owned
subsidiary of Star Cruises Ltd.  It operates 13 ships with
24,240 berths.  It offers itineraries in North and South America
as well as Europe under 3 brands: Norwegian Cruise Line, mainly
in North America, Orient Lines, a destination-oriented premium
market, and NCL America which operates in Hawaii.


TMT FINANCIAL: Members' Final General Meeting Set June 21
---------------------------------------------------------
Members of TMT Financial Services Ltd will meet on June 21,
2006, at 10:00 a.m. at the office of Liquidator Liu Chi Lai.

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

Contact: Liu Chi Lai
         13/F., Wah Kit Commercial Centre
         302 Des Voeux Road, Central
         Hong Kong


WELL PEACE: Faces Winding-up Proceedings
------------------------------------------
A petition have Well Peace Transportation Ltd Livestock
Solutions Ltd's operations wound up will be heard before the
Court of First Instance on June 7, 2006, at 9:30 a.m.

Constella Limited filed the petition with the High Court on
April 8, 2006.


WINDSOR HOTELS: Liquidator Ceases to Act for Company
----------------------------------------------------
Zeng Xianggao ceased to act as liquidator of Windsor Hotels
International Co Ltd on May 4, 2006.


* Fitch Analysts Discuss China's Growth and Industry Concerns  
-------------------------------------------------------------
Fitch Ratings, on its inaugural corporate conference in Beijing,
said among many others that strong investment spending and
growth in bank lending could prompt China to further tighten its
monetary policy.  However, the rating agency also warned that
China's steel sector could face further pressure on earnings due
to over-capacity and intensified competition in the industry.

At the conference, Fitch's analysts also discussed China's
corporate governance reforms, the burgeoning auto sector,
uncertainties in the telco sector as well as the impact of
reforms on China's oil and gas sector.

James McCormack, head of Asia Sovereigns, revealed that China's
2006 GDP is expected to grow by a still robust 9.5%, marginally
slower than last year.   

"The country continues to show strong growth momentum. Not only
did fixed asset investment growth show no signs of slowing in
the first quarter, it may actually be accelerating," he said.

Bank lending has also picked up in the first quarter of this
year and China's money supply growth is above target, implying
that there is ample liquidity in the banking system.  Mr.
McCormack expressed that the increase in interest rates
announced by the People's Bank of China last month might be
followed by additional measures to curtail lending.

The continued growth is consistent with China's expanding role
as a regional manufacturing center, but the agency warned that
there is a risk of increased protectionist pressures in the US,
particularly if its economy slows later this year.

On China's steel sector, Fitch pointed out that the country's
steel producers may be forced to accelerate the consolidation
process as earnings remain under pressure this year.  Danny
Chen, associate director of Fitch's Corporate ratings team
revealed that the steel industry is facing surging cost of raw
materials, over-capacity, intensifying competition, and a
fragmented structure.  Mr. Chen added that consolidation is
necessary for China's steel makers to improve capacity
utilization and efficiency.  

Also speaking at the conference, Tony Stringer, head of Fitch's
Asia-Pacific Corporate ratings group, stressed that Chinese
companies still face a number of major obstacles in reforming
their corporate governance practices despite ongoing regulatory
reforms.  

"The larger, more internationally-focused corporate have shown
progress, but the mismatch between rapid GDP growth and dismal
stock market performance over recent years partly reflects
investor concerns over transparency and governance practices,"
said Mr. Stringer.  

Many large companies in China are still under majority state
ownership, and corporate decision-making may not necessarily
benefit individual shareholders.  Mr. Stringer believes that
there is a need to find an effective governance structure that
works for its own business culture, while also attracting the
level of investment necessary to fuel continuing strong economic
growth.

Meanwhile, China's oil and gas sector continues to be
fundamentally strong, said Ma Shang, associate director in
Fitch's Asia-Pacific Energy and Utilities team.  Mr. Ma said
that China's domestic demand remains robust and the country's
low self-sufficiencies in crude oil, refined products and
chemicals have forced the Chinese government to financially and
politically support the development of the sector.  He also
added that the current reforms - windfall taxation and corporate
tax reduction - and potential reforms, are also net positive for
the industry.

Further, Fitch noted that China's auto sector continues to show
signs of ongoing growth following a slowdown in the last two
years.  

Although threatened by oversupply and eroding profitability, the
stronger purchasing power of Chinese consumers and the improved
product portfolio of automakers is expected to lift the market
into upward trend, said Matthew Kong, associate director in
Fitch's Asia Pacific corporate team.  

He added that the ongoing drive by the Chinese government and
foreign companies to restructure the sector will lead to
industry consolidation and changes in the competitive structure.

Finally, Eliza Liu, associate director in Fitch's Telecom, Media
& Technology team, speaking on China's telecom sector, said that
the sector continues to expand at one of the fastest rates in
the Asia-Pacific region even after many years of stellar growth.  
However, she warns that the industry is full of uncertainties.  

Ms. Liu explained that while relatively low fixed-line and
mobile penetration underpins the potential for growth over the
next five years, it is still not clear how this growth will be
cultivated or which operators will benefit most.  She further
added that regulatory changes and industry liberalization could
pose a challenge to the industry's competitive landscape, and
possible investment in 3G networks could cause Chinese operators
to expand capital expenditures over the medium term.


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

HINDUSTAN PETROLEUM: Partners with Malbro for LPG Stove Business
----------------------------------------------------------------
Hindustan Petroleum Corporation Limited has teamed up with
Malbro Appliances for the manufacture and supply of fuel saving
liquefied petroleum gas stoves, The Economic Times reports.

In the agreement, the state oil refiner will sell fuel efficient
cooking gas stoves manufactured by Malbro appliances under the
Advanta brand, the report says.

Hindustan Petroleum will ask the Bureau of Indian Standards to
certify the stoves in a bid to attract customers.

"With this stove, the customer will be saving 68% of the fuel as
compared to ordinary gas stove," Rajiv Malhotra, managing
director of Malbro Appliances, said.

The products will be available in variants of single burner to
five burners in the price band of INR600 to INR4,000, The Times
says.

              About Hindustan Petroleum Corporation

Mumbai-based Hindustan Petroleum Corporation Ltd
-- http://www.hindustanpetroleum.com/-- was formed in 1974 on  
nationalization of ESSO India operations.  The operations of  
Caltex were merged in 1976.  With two refineries at Mumbai and
Vizag, Hindustan Petroleum is currently is the second largest
player in both the Indian oil sector as well as the highly
competitive lubricants market.  However, the Company has lately
been incurring losses due to a government mandate to sell fuel
at subsidized prices.  The Company is counting on a Government
bailout to save it from bankruptcy.


NATIONAL TEXTILE: Seeks to Wipe Out Losses by Reaping Cash Gains
----------------------------------------------------------------
National Textile Corporation expects to wipe out INR9,829 crore
in losses this year by reaping cash profits, Sify News reports.

The state-run firm, which is implementing a turnaround strategy
focused on reviving and modernizing 22 mills and the sale of
most other defunct assets, is taking on board a consultant for
its modernization programme, the report says.

The entire INR530-crore modernization drive will be funded
internally mainly through sale of assets, Business Line reveals.

National Textile plans to revamp the 22 viable mills in two
phases through the installation of high technology textile
machinery and by streamlining operations.  The Company has
already placed an order for machinery for five mills with China
Texmatech Company and is in talks with both domestic and
international machinery manufacturers, Sify relates.

Aside from the modernization exercise, National Textile is also
looking at reviving another 29 mills through private
participation under the joint venture route, Business Line
recounts.  However, not much headway has been made in this
direction yet.

The Company hopes to raise its annual production of yarn and
cloth to 600 lakh kilograms and 250 lakh meters, respectively,
with expected annual turn over of over INR900 crore.

According to Business Line, National Textile hopes to do away
with the dependence on budgetary support for paying out employee
wages by this year-end and is confident of paying wages from
internal resource generation.

The Company had trimmed down its workforce from three lakh prior
to the restructuring exercise to around 21,000 at present,
Business Line adds.

               About National Textile Corporation

Headquartered in New Delhi, India, National Textile Corporation
Ltd -- http://texmin.nic.in/-- is the single largest textile  
central public sector enterprise under Ministry of Textiles
managing 52 textile mills through its nine subsidiary companies
spread all over India.  The strength of the group is around
22000 employees.  The annual turnover of the Company in the year
2004-05 was approximately INR638 crores.  In 2002, the Board for
Industrial and Financial Reconstruction approved the revival of
53 viable mills and closure of 66 unviable mills.  National
Textile is in the process of a major restructuring.  A new
corporate plan is under formulation for repositioning of the
organization by merging all its nine subsidiaries into one
holding company.


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

EHOMES INCORPORATED: 11 Inspectors Punished in Building Scandal
---------------------------------------------------------------
Japan's Construction and Transport Ministry punished 11
inspectors of state-designated building inspection firm eHomes,
Inc., on May 24, 2006, for failure to detect the fabricated
earthquake-resistance structural data of 98 buildings, the
Yomiuri Shimbun relates.

Two inspectors were disqualified, whereas the rest were banned
from practicing from between one to eleven months.

A report by the Troubled Company Reporter - Asia Pacific on
April 27, 2006, recounted that the Ministry of Land,
Infrastructure and Transport discovered in November 2005 that
several buildings designed by now-disqualified architect
Hidetsugu Aneha and inspected by eHomes were built using
structural data that did not pass government standards.  Mr.
Aneha said that he fabricated the data because he was pressured
by clients to cut costs.

The punishments for the inspectors were meted out based on the
fabrication methods that they failed to check, and the gravity
of the results, Yomiuri Shimbun says.

According to the TCR-AP report, eHomes President Togo Fujita was
arrested on April 26, 2006, with seven others, for alleged
violations of construction industry laws in building structures
with falsified earthquake-safety data.  Mr. Fujita has since
been released on bail, and hearings will begin anew for the
Company.


KUBOTA CORP: To Pay JPY3.2 Billion to Asbestos Victims
------------------------------------------------------
Kubota Corp. is slated to pay an aggregate of JPY3.2 billion in
compensation to asbestos victims near its Kanzaki Plant in
Amagasaki, Hyogo Prefecture, Bloomberg reports, citing Kyodo
News.

The Troubled Company Reporter - Asia Pacific recounts that
Kubota had previously manufactured and sold asbestos-containing
products such as asbestos-pipes and building materials (roofing
and siding materials) from 1954 to 2001.  The Company had been
advised in April 2005 that some residents who lived near its
Kanzaki Plant suffered from mesothelioma, a form of lung cancer
mainly caused by asbestos inhalation.   Though it did not face a
lawsuit, the Company had, in June 2005, voluntarily decided to
make consolation payments of JPY2 billion to asbestos patients
and bereaved families as condolence money.

However, in a new compensation scheme, Kubota will pay out
between JPY25 million to JPY46 million each to residents who
lost relatives to asbestos-related diseases or who suffered from
the asbestos-linked illness.  The Company identified those who
lived within a 1-kilometer radius of its Kanzaki Plant in
Amagasaki, or who worked or studied in the area between 1954 to
1995, as eligible for compensation.  As of March 2006, 88
persons were eligible to receive a total of JPY3.2 billion.

Osaka-based Kubota Corp. --
http://www.kubota.co.jp/english/index.html-- which dates to  
1890, is Japan's top maker of tractors and farm equipment such
as rice transplanters and combine harvesters.  It also leads the
nation in the production of iron ductile pipe used in water-
supply systems.  Kubota, a diversified enterprise, makes
industrial castings (ductile tunnel segments), PVC pipe,
building materials (siding, cement roofing, and prefabricated
houses), waste-recycling plants, and agricultural and industrial
engines.  In addition, the company builds water- and sewage-
treatment plants, and it makes vending machines for cigarettes
and beverages.


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

HYUNDAI MOTOR: Rumors of Firm Shut Down in China Affect Sales
-------------------------------------------------------------
Sales in Hyundai Motor Co. in China dropped after a slush fund
scandal involving the automaker broke out and its chairman,
Chung Mong-koo, got indicted, Inews says.

As reported in the Troubled Company Reporter - Asia Pacific on
May 17, 2006, Chairman Chung was indicted after a month-old
probe into the scandal.  He was suspected of embezzling about
US$106 million since 2002 to create a slush fund, as well as of
incurring about US$320 million in damages to Hyundai.

Citing Zhang Wei, a dealer of Hyundai Motor vehicles at
Hyundai's branch office in Sheng-hungdu, Chayang-gu, Inews says
that the slush fund scandal has affected the psychology of
Chinese auto consumers.

The Sheng-hungdu office, which had been one of the most
successful branch offices of Beijing Hyundai Motors Co. in
China, had sold 200 vehicles each month on average from January
through April 2006.  However, Inews notes, the sales record
dropped to 70 vehicles so far this month, while it is not likely
to reach 100, at most, even at the end of May.

According to Inews, there have been speculations going around
the Chinese auto market that Hyundai Motor may shut down.
Competitors are aggressively grabbing up the Chinese auto market
largely due to the negative impact the scandal has bought about.

                      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.

Kia Motor President Chung Eui-sun, the group chairman's son, is
currently under a travel ban. Other affiliates are also feeling
the pinch.  Amid all this, Hyundai Motor's labor union is
demanding a wage increase of 9.1% or KRW125,524 (US $125),
significantly more than 2005's 6.9% or KRW89,000.  The union is
expected to capitalize on the slush fund allegations in support
of its case and make matters worse for management.


LG CARD: Barclays Backs Out From Bidding Race
---------------------------------------------
Barclays PLC will no longer participate in the bidding for LG
Card Co. Ltd., the Financial Times reports.

According to Dow Jones Newswires, Barclays ended negotiations
with the management of the credit card issuer and left without
participating in the last part of the due diligence.

The Troubled Company Reporter - Asia Pacific reported on May 24,
2006, that Shinhan Financial Group Co. and National Agricultural  
Cooperative Federation have emerged as the most likely winners  
in the bid for LG Card, while Hana Financial Group Inc. has
craned for a last minute turnaround.

In a recent interview with the Financial Times, Barclays Chief
Executive Officer John Varley indicated that there is no need
for the company to make large acquisitions as of the moment
since it is not competitively constrained.

Barclay's withdrawal from the bidding process leaves United
Kingdom-based HSBC and Standard Chartered First Bank as the only
foreign bidders in the race to acquire the credit card issuer.

As reported by the TCR-AP in March 2006, LG Card's shareholders
-- including Korea Development Bank, who holds 22.9% of LG Card
-- will be selling between 51% and 72% stake in the Company.  
The sale is expected to generate around KRW6 trillion.

LG Card creditors, including Kookmin Bank and the Woori Bank  
unit of Woori Finance Holdings Co., are hoping that the sale  
will succeed so they could recover around KRW5 trillion spent in  
bailing out LG Card in 2004 after its brush with bankruptcy.

                        About LG Card Co.

Headquartered in Seoul Korea, LG Card Co. --  
http://www.lgcard.com/-- provides installment finance services    
and credit card, as well as leasing services to credit worthy  
companies while acquiring valuable assets from merchant banks  
and leasing firms.  LG Card also finances families wishing to  
purchase big ticket items such as automobiles, appliances and  
computers.  At the end of October 2003, LG Card had KRW3.24  
trillion more debt than assets and had faced threats of  
liquidity crisis and court receivership.  LG Card has been in  
the hands of creditors since it was rescued from bankruptcy  
through a KRW5 trillion (US$4.78 billion) debt-for-equity swap  
and a further KRW1 trillion bailout in late 2004.  Creditors are  
hoping to recover the bailout amount through a sale of the  
credit card issuer.

LG Card made a recovery last year after posting a net profit of
KRW1.36 trillion.


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

AMALGAMATED CONTAINERS: First Quarter Loss Hits MYR18 Million
-------------------------------------------------------------
Amalgamated Containers Berhad, on May 23, 2006, filed with Bursa
Malaysia Securities Berhad its financial report for the third
quarter ended March 31, 2006.

For the quarter under review, the Company registered a pre-tax
loss of MYR18,217,000, as against a MYR7,672,000 pre-tax loss in
the same quarter of the preceding year.

Net loss for the third quarter hit MYR18,669,000, a turnaround
from the previous year's MYR5,111,000 net profit.

The Company also reported a basic loss per share of 24.99 sen
for the quarter under review, as against a basic profit per
share of 6.84 sen in the corresponding quarter last year.

As of March 31, 2006, the Company's balance sheet showed
strained liquidity with MYR154,350,000 in total current assets
available to pay MYR186,607,000 in total current liabilities
coming due within the next 12 months.

There was no dividend recommended for the quarter under review.

The outlook for the Group remains cautious in view of the
current downtrend in the volatile international steel prices.  
Coupled with the continued escalation of crude oil prices,
demand is expected to moderate and further cost-down exercises
will be implemented to mitigate the effects of lower margins.

              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  

     63,749        83,859         175,912        229,599

* Profit/(loss) before tax  

    -18,217        -7,672         -17,851         20,008

* Profit/(loss) after tax and minority interest

    -18,669         5,111         -20,790         11,640

* Net profit/(loss) for the period

    -18,669         5,111         -20,790         11,640

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

     -24.99          6.84          -27.83          15.58

* Dividend per share (sen)  

       0.00          0.00            0.00           0.00

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

      0.9200                      1.1700

A full-text copy of the Company's Third Quarter Report for the
period ended March 31, 2006, is available for free at:

  http://bankrupt.com/misc/tcrap_amalgamatedcontainers052506.xls

Headquartered in Kuala Lumpur, Malaysia, Amalgamated Containers
Berhad is an investment holding company engaged in steel
services, sale and export of electronic components, and the
manufacture and distribution of motorcycles and components.  The
Company is facing a liquidity crunch with its current
liabilities of MYR186.6 million exceeding its current assets of
MYR154.3 million as of March 31, 2006.  The Company also
suffered a net loss of MYR18.7 million, as demand for steel
began to soften on concerns of oversupply and lower demand
arising from the escalation of crude oil prices.


CHASE PERDANA: Books MYR2-Million Net Loss in First Quarter
-----------------------------------------------------------
Chase Perdana Berhad's first quarter report for the period ended
March 31, 2006, was lodged with the Bursa Malaysia Securities
Berhad on May 23, 2006.

Group revenue increased by 8% or MYR2.4 million for the current
quarter to MYR33.5 million as compared to the preceding year
corresponding quarter of MYR31.1 million.  However, the Group
recorded a loss of MYR1.7 million in the current quarter as
compared to a profit of MYR0.2 million in the preceding
corresponding quarter.  The profit reflected in the preceding
corresponding quarter includes the reversal of provision and
waiver of debts.

The Group registered a turnover of MYR33.5 million for the first
quarter of year 2006, representing an increase of 34.4% or
MYR8.7 million as compared to MYR25.3 million for the fourth
quarter of year 2005, which is mainly due to increase in
construction billings.

The Group registered a profit from operating activities of
MYR3.01 million in the first quarter of year 2006 as compared to
a loss from operating activities of MYR0.7 million in the fourth
quarter of year 2005.  This is mainly due to impairment loss,
loss on disposal of fixed assets and provision for diminution in
value of unquoted shares, which were absorbed during the fourth
quarter of year 2005.

There were no dividends paid or declared during the reporting
quarter as well as for the financial year-to-date.

Meanwhile, the Company's balance sheet as of March 31, 2006,
showed strained liquidity since its current assets of
MYR208,884,000 are insufficient to pay its current liabilities
of MYR266,974,000 within 12 months.

              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

     33,486        31,141          33,486         31,141

* Profit/(loss) before tax

     -1,674           227          -1,674            227

* Profit/(loss) after tax and minority interest

     -2,068            82          -2,068             82

* Net profit/(loss) for the period

     -2,068            82          -2,068             82

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

      -1.76          0.07           -1.76           0.07

* Dividend per share (sen)

       0.00          0.00            0.00           0.00

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

     0.4700                      0.4900

The Company's First Quarter Report and its accompanying notes
are available for free at:

   http://bankrupt.com/misc/tcrap_chaseperdanareport052506.pdf

   http://bankrupt.com/misc/tcrap_chaseperdananotes052506.pdf

                  About Chase Perdana Berhad

Headquartered in Kuala Lumpur, Malaysia, Chase Perdana Berhad
-- http://www.chaseperdana.com.my/-- is engaged in  
construction, property management, property development and
investment holding.  Its other activities include oil palm
processing.   Operations are carried out in Malaysia, India and
British Virgin Islands.  In 2000, the Corporate Debt
Restructuring Committee assisted Chase Perdana Berhad and its
subsidiary companies to finalize a debt restructuring agreement
with their lenders involving debt outstanding of MYR279.91
million.  The exercise was undertaken beginning year 2002.  The
Company's proposed debt restructuring of is expected to address
the difficulties experienced by the Chase Perdana Berhad Group
in meeting its immediate debt obligations.  Both the corporate
and debt restructuring would put the Chase Perdana Group on a
stronger financial footing to continue as a going concern, to
return to profitability and to enhance returns to all the
stakeholders.


COMSA FARMS: Shareholders Okay Mandate for Trading Transactions
---------------------------------------------------------------
The resolution on the Proposed Shareholders' Ratification and
Proposed Shareholders' Mandate for Recurrent Related Party
Transactions of a Revenue or Trading Nature has been duly
approved by the shareholders at the Company's Extraordinary
General Meeting held on May 23, 2006.

Comsa Farms Berhad had obtained shareholders' approval at an
Extraordinary General Meeting held on December 23, 2004, of a
shareholders' Mandate for the Recurrent Related Party
Transactions, the Troubled Company Reporter - Asia Pacific
recounts.  The Company was unable to convene its Annual General
Meeting of shareholders in 2005 and, as such, had not obtained
shareholders' approval for the renewal of the general mandate
for the RRPTS.

On April 12, 2006, Comsa had applied to Bursa Malaysia
Securities Berhad for an extension of time to seek the
Shareholders' Ratification and Shareholders' Mandate for
Recurrent Related Party Transactions of Revenue or Trading
Nature for the period January 1, 2006, to May 23, 2006.

                  About Comsa Farms Berhad

Headquartered in Sabah, Malaysia, Comsa Farms Berhad engages in
the wholesale and retail of fresh and frozen chicken products,
meat and foodstuff.  Its other activities include livestock,
aqua feedmilling, poultry feeding, hatchery operations, and
layer farming.  The Company is currently embroiled in crisis due
to its inability to meet its sinking fund payment, weak
operational cash flow vis-a-vis its debt level and poor showing
in terms of returns on investment since the commencement of the
modernization and expansion of its farms in 2000.  Furthermore,
the poultry industry is presently confronted by the outbreak of
the avian influenza and rising raw material prices, which could
hurt Comsa's earnings and cash flow in the immediate term.  On
April 10, 2006, the Company was declared a Practice Note 17
company by Bursa Malaysia due to its deficits in shareholders
equity totaling MYR89,412,000.  As an affected listed issuer,
Comsa Farms is required to submit a plan to regularize its
financial condition.


FOREMOST HOLDINGS: Proposes to Seek Shareholders' Mandate
---------------------------------------------------------
Foremost Holdings Berhad proposed to seek its shareholders'
mandate for Recurrent Related Party Transactions of the Revenue
and Trading Nature at the forthcoming Annual General Meeting
scheduled to be convened in June 2006.

The Proposed Shareholders' Mandate will take effect from the
date of passing of the resolutions at the forthcoming 8th AGM
and the approval will continue to be in force until:

   -- the conclusion of the next AGM following the 8th AGM at
      which the Proposed Shareholders' Mandate will lapse,
      unless by a resolution passed at such AGM wherein the
      authority is renewed; or

   -- the expiration of the period within which the next AGM
      after that date is required to be held pursuant to
      Section 143(1) of the Companies Act, 1965; or

   -- revoked or varied by a resolution passed by the
      shareholders in a general meeting, whichever is the
      earlier.

A circular on the details of the proposal will be sent to the
Company's shareholders in due course.

                About Foremost Holdings Berhad

Foremost Holdings Berhad manufactures and sells automobile
speakers, home audio speakers, general-purpose speakers and
speaker wooden cabinets.  The Company is also engaged in the
trading of auto accessories, investment holdings and the
provision of management services.  Products are distributed in
Malaysia, Singapore, United Kingdom, Italy, Taiwan, the United   
States, other Asian countries, other European countries and
other countries.  Foremost was classified as an affected listed
issuer under Bursa Malaysia Securities Berhad's Practice Note 17
and is required to draft a plan to regularize its financial
condition.


GEORGE TOWN: Fails to Submit Outstanding Reports Again
------------------------------------------------------
George Town Holdings Berhad has failed to submit its quarterly
report for the period ended December 31, 2005, to Bursa Malaysia
Securities Berhad for public release on February 28, 2006.

Pursuant to the listing requirements, if a listed issuer fails
to issue the outstanding financial statements within three
months from the expiry of the given timeframe, the Bursa
Securities will suspend trading in the securities of the listed
issuer in addition to any enforcement action that the Bursa
Securities may take.  

The Company's securities have already been suspended since
August 1, 2005, due to the fact that the Company has not issued
the Annual Audited Accounts and Annual Report for the 15-month
period ended December 31, 2004, Quarterly Reports for the
periods ended March 31, 2005, June 30, 2005, and September 30,
2005, by the given due dates.

               About George Town Holdings Berhad

Headquartered at Petaling Jaya, in Selangor Darul Ehsan,
Malaysia, George Town Holdings Berhad operates supermarkets,
department stores and convenience stores.  Its other activities
include property development, trading in pharmaceutical
products, media design and advertising, management services,
goldsmith and jewelers, management of car parks, bakery, pastry
and fast food center, financial services, hotel management and
investment holding.  The Group operates in Malaysia, Continental
Europe/Offshore Islands and other countries.  The Company has
been suffering losses since 1999 due to stiff competition.  It
has closed over 10 outlets in the past four years.   The Company
expects cutthroat competition among retailers to put continuous
pressure on its margins.  The Company is also facing a possible
delisting from the official list of the Bursa Malaysia
Securities for failing to submit its financial reports on time.  
The Company is classified under the Bursa Malaysia Securities
Berhad's Practice Note 17 category, where it is required to
submit a plan to regularize its financial condition.


HARVEST COURT: First Quarter Results Reveal Strained Liquidity
--------------------------------------------------------------
The Bursa Malaysia Securities Berhad, on May 23, 2006, received
Harvest Court Industries Berhad's first quarter financial report
ended March 31, 2006.

The Group's revenue for the current financial period ended
March 31, 2006, decreased to MYR5,767,966 from MYR8,375,756 in
the prior financial period ended March 31, 2005, while the Group
generated profit before tax of MYR203,886 as compared to the
previous corresponding period's loss before tax of MYR875,265.  
This was mainly due to the delay in its development project,
improved productivity and cost saving exercise.

The Group's profit before taxation for the quarter under review
was MYR203,886 compared with a loss before tax of MYR1,368,076
in the preceding quarter.

There were no dividends proposed, recommended or declared for
the financial period ended March 31, 2006.

The Company's March 31, 2006, balance sheet revealed strained
liquidity with MYR18,934,859 in current assets available to pay
MYR51,890,884 of current liabilities coming due within the next
12 months.  The Company has current deficit of MYR32,956,025.

              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  

      5,768        8,376            5,768          8,376

* Profit/(loss) before tax

        204         -875              204           -875

* Profit/(loss) after tax and minority interest

        204         -876              204           -876

* Net profit/(loss) for the period

        204         -875              204           -875

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

       0.90        -3.94             0.90          -3.94

* Dividend per share (sen)

       0.00         0.00             0.00           0.00

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

     0.9200                      1.1700

The Company's First Quarter Report and its accompanying notes
are available for free at:

  http://bankrupt.com/misc/tcrap_harvestcourt052506.pdf

  http://bankrupt.com/misc/tcrap_harvestcourtreport052506.pdf

              About Harvest Court Industries Berhad

Headquartered in Selangor, Malaysia, Harvest Court Industries
Berhad -- http://www.harvestcourt.com/-- is engaged in kiln  
drying, saw milling and manufacturing of timber doors and
related products. Other activities include development of
residential and commercial properties and jetty services and
provision of construction works and related maintenance
services.  The Group is also involved in the provision of
marketing and management services and investment in shares and
securities.  The Group operates in Malaysia and Australia. The
Group has defaulted on several loan facilities because of a
reduction in sales from 2002 onwards due to a weak global market
as a result of the Iraqi and the severe acute respiratory
syndrome, or SARS, as well as its inability to raise funds via
the equity market due to weak market sentiment.  Due to its
financial position, Harvest Court had embarked on an exercise to
restructure the Company, including a debt restructuring and
capital reduction.  The Company's proposed corporate exercise
was rejected by the Securities Commission in November 2005, on
grounds that the proposals are not comprehensive and are not
capable of resolving all financial problems of the COmpany.  Its
appeal to reconsider the rejection was also junked by the
Commission on February 24, 2006.  The Harvest Court Board is now
in talks with lenders and major creditors for its next course of
action.


MALAYSIA AIRLINES: AirAsia Wants Johor Bahru-Kuching Route
----------------------------------------------------------
Low-cost carrier AirAsia insists that Malaysia Airlines should
stick to their agreement regarding the distribution of routes
under the domestic route rationalization exercise, The Edge
Daily reports.

Malaysia Airlines is scheduled to hand over routes to AirAsia on
August 1, 2006, but the budget carrier wants to ensure that the
Johor Bahru-Kuching route is among them.

The Troubled Company Reporter - Asia Pacific recounts that
Malaysia Airlines, on May 22, 2006, has written the Government
about its intention to fly the Johor Bahru-Kuching route in
response to a request from the Johor Government.

However, AirAsia group deputy chief executive officer Kamarudin
Meranun said that Malaysia Airlines should follow the parameters
that the parties have agreed on, The Edge relates.

"If Malaysia Airlines want changes, we'll go back to the drawing
board and make changes.  I don't think it is fair, the idea is
not to pick and choose," Mr. Kamarudin said.

Mr. Kamarudin stressed that AirAsia was on track to fly the 99
routes, which Malaysia Airlines was to relinquish to AirAsia.

As reported by the TCR-AP, the domestic route rationalization
was to enable the two airlines to co-exist in a free and fair
operating environment, and allow AirAsia to compete on equal
ground with Malaysia Airlines.

                   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.


PAN MALAYSIA CAPITAL: First Quarter Revenue Drops 7.69%
-------------------------------------------------------
On May 23, 2006, Pan Malaysia Capital Berhad submitted its
financial report for the first quarter ended March 31, 2006, to
the Bursa Malaysia Securities Berhad.

For the quarter under review, the Company's revenue decreased by
7.69% to MYR12.73 million for from MYR13.79 million for the
preceding year corresponding quarter mainly due to the decrease
in brokerage income which was attributed to the decline in value
of market transactions on Bursa Securities for the same period.

The Company recorded a profit before tax of MYR2.30 million for
the current quarter as compared to a profit before tax of
MYR8.05 million for the preceding year corresponding quarter.  
The higher profit before tax for the preceding year
corresponding quarter was mainly due to the recognition of the
gain arising on valuation of Bursa Malaysia Berhad shares and
the write back of provision for diminution in value of
marketable securities.

The Company's revenue increased by 29.11% to MYR12.73 million
for the current quarter ended March 31, 2006, from MYR9.86
million for the preceding quarter mainly due to the increase in
brokerage income for the current quarter which was attributed to
the increase in value of market transactions on Bursa Securities
for the same period.

The Group recorded a profit before tax of MYR2.30 million for
the current quarter as compared to a loss before tax of MYR3.60
million in the preceding quarter.  This was mainly due to the
higher revenue and the writeback of provision for diminution in
value of other investments in the current quarter.

The Board of Directors do not recommend any dividend for the
current quarter ended March 31, 2006.

              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  

     12,732        13,793          12,732         13,793

* Profit/(loss) before tax  

      2,303         8,053           2,303          8,053

* Profit/(loss) after tax and minority interest  

      2,267         8,018           2,267          8,018

* Net profit/(loss) for the period

      2,267         8,018           2,267          8,018

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

       0.28          0.98            0.28           0.98

* Dividend per share (sen)  

       0.00          0.00            0.00           0.00

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

     0.1600                      1.1500

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

  http://bankrupt.com/misc/tcrap_panmalaysia052506.pdf  

               About Pan Malaysia Capital Berhad

Pan Malaysia Capital Berhad is involved in stock and share
broking.  Its other activities include provision of corporate
advisory, research and fund management and nominee and custodian
services, options and financial futures broking, property and
investment holding and share registration.  Operations of the
Group are principally carried out in Malaysia.  The Company's
existing ordinary shares of MYR1.00 each have been trading on
the stock exchange substantially below par for a long period of
time.  The last traded price of PM Cap shares on March 1, 2006,
was MYR0.095 per share.  The Company has proposed to reduce
capital to erase its accumulated losses. Pan Malaysia Capital
was categorized by Bursa Malaysia Securities Berhad as a
Practice Note 17/2005 company due to its insignificant business
operations for the financial year ended December 31, 2005.


PAN MALAYSIA HOLDINGS: Reaps Profits; Exits PN17 Category
---------------------------------------------------------
The Bursa Malaysia Securities Berhad, on May 23, 2006, received
Pan Malaysia Holdings' Berhad's financial report for the first
quarter ended March 31, 2006.

The Company's revenue increased by 46.54% to MYR9.32 million for
the current quarter ended March 31, 2006, from the MYR6.36
million revenue in the corresponding quarter in 2005, mainly due
to the increase in sales in the Company's travel business and
the rental income in respect of Menara PMI.  Menara PMI has been
tenanted out since November 2005.

The Company recorded a profit before tax of MYR1.37 million for
the current quarter ended March 31, 2006, compared to a profit
before tax of MYR4.42 million for the preceding year
corresponding quarter.  The lower profit before tax for the
current quarter ended March 31, 2006, was mainly due to the
share of lower profit of associated companies in the current
quarter and also a gain on disposal of a leasehold apartment in
the preceding year corresponding quarter.

Revenue increased by 8.88% to MYR9.32 million for the current
quarter ended March 31, 2006, from MYR8.56 million for the
quarter ended December 31, 2005, mainly due to the increase in
sales in the Company's travel business.

The Company recorded a profit before tax of MYR1.37 million for
the current quarter as compared to a loss before tax of MYR1.24
million in the preceding quarter.  The profit in the current
quarter was mainly due to the share of profit of associated
companies in the current quarter as compared to share of loss of
associated companies in the preceding quarter.

There was no dividend recommended for the quarter under review.

The Company has already achieved the Requisite Revenue of
MYR4.66 million in the current quarter as its revenue on a
consolidated basis for the current quarter is MYR13.75 million.
Thus, upon the completion of the Proposed Capital
Reconstruction, the Company would have regularized its level of
operations and cease to be an Affected Listed Issuer under Bursa
Malaysia's Practice Note 17.  Barring unforeseen circumstances,
the Proposed Capital Reconstruction is expected to be completed
within six months from the date of announcement on March 2,
2006.

At the Extraordinary General Meeting of the Company held on May
15, 2006, the shareholders approved the above proposals.  The
Proposed Capital Reconstruction is pending the sanction of the
High Court.

              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  

     9,316          6,358           9,316          6,358

* Profit/(loss) before tax  

     1,374          4,423           1,374          4,423

* Profit/(loss) after tax and minority interest

     1,327          4,424           1,327          4,424

* Net profit/(loss) for the period

     1,327          4,424           1,327          4,424

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

     0.14            0.48            0.14           0.48

* Dividend per share (sen)

     0.00            0.00           0.00            0.00

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

      0.1000                      1.1000

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

     
http://bankrupt.com/misc/tcrap_panmalaysiaholdings052506.pdf

               About Pan Malaysia Holdings Berhad

Headquartered in Kuala Lumpur, Malaysia, Pan Malaysia Holdings
Berhad engaged in the provision of financial services, property
and leisure, investment holding and dealing and manufacturing
and selling of self-adhesive sticker labels.  The Group also
manufactures carton boxes and general packaging products.  Other
activities relating to financial services are stockbroking,
options and financial futures broker, research fund management
services and money lending.

As reported by Troubled Company Reporter - Asia Pacific on March
14, 2006, Pan Malaysia Holdings has drafted a capital
reorganization plan following its admission to Bursa Malaysia's
Practice Note 17.  Pan Malaysia Holdings proposed to cancel 90
sen of the par value of each existing share of MYR1.00 each.  On
completion of the capital reconstruction, it is expected that
the Company's accumulated losses of MYR872.5 million at end-2005
would be reduced to MYR1.8 million.


TENAGA NASIONAL: Welcomes New Tariff Structure
----------------------------------------------
Tenaga Nasional Bhd won government approval to raise electricity
prices for the first time in nine years after fuel costs
increased, Bursa Malaysia Securities Berhad reveals.

The new tariff will be effective on June 1, 2006.  The last
tariff review approved by the Government was in 1997, and was
meant as an interim measure.

Key characteristics of the new tariff structure include:

   -- no increase for the first 200kWh monthly consumption for
      all households to ensure that the lower income group or
      lifeline consumers is not affected by the tariff review;

   -- graduated tariff structure to encourage domestic
      consumers to use energy efficiently;

   -- specific Agriculture Tariff is introduced to encourage
      the development of agro-based industry;

   -- 10% discount is maintained for welfare homes, government
      schools, government institutions of higher learning and
      places of worship; and

   -- Special Industrial Tariff is also maintained for those
      who qualify.

With this tariff review, Tenaga is in a better position to carry
out the necessary maintenance and upgrading of the existing
electricity supply infrastructure as well as undertaking new
supply project to continuously provide consumers with a reliable
and high quality electricity supply, the Bourse relates.

Meanwhile, Bernama reports that Tenaga Nasional Bhd's share
prices opened sharply higher on May 25, 2006, following
announcement of a hike in electricity tariff by an average of
12%, Bernama says.

With the higher tariff, Tenaga would post potential earnings
upgrade of around 30% for the financial year ending August 31,
2007, Bernama adds.

                     About Tenaga Nasional

Headquartered in Kuala Lumpur, Malaysia, Tenaga Nasional Berhad
-- http://www.tnb.com.my/-- is engaged in the generation,  
transmission, distribution and sale of electricity.  The Company
also manufactures, sells and repairs transformers and
switchgears.  It is also involved in provision of project
management, consultancy, engineering works, contracting,
trading, risk management, risk surveys, insurance, research and
development, property management, energy project development and
investment holding services.  It also undertakes repairs and
maintenance of motor vehicles.  The Group operates in Malaysia
and Mauritius.  The Company is currently undertaking liability
management exercises, which are expected to extend the Company's
debt maturity profile and reduce refinancing risk.  Moody's gave
the Company a 'Ba' rating due to the Company's relatively high
financial leverage and significant PPA obligations, accounting
for approximately 42% of total operating costs in FY2004.


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

APC GROUP: Postpones ASM and Elects New Director
------------------------------------------------
In a submitted disclosure to the Philippine Stock Exchange, APC
Group, Inc., said that its Board of Directors decided to move
the Annual Stockholders' Meeting initially scheduled for June 8,
2006, to August 17, 2006.

The Board, on May 17, 2006, also elected Jose Ben Laraya as the
new independent director and head of the Nomination Committee of
the Company.

                     About APC Group, Inc.

APC Group, Inc., was incorporated on October 15, 1993, with the
primary purpose of engaging in oil and gas exploration and
development in the Philippines.  The Company is 46.6% owned by
Belle Corporation.  APC has investments in telecommunications, a
cement project, and manpower outsourcing businesses.

The Company has suffered recurring losses resulting in a deficit
of PHP12.953 billion and PHP12.2 billion as of December 31,
2005, and December 31, 2004.  As of 2005 and 2004, the current
liabilities exceeded the current assets by PHP7.3 billion and
PHP7.060 billion, respectively.

The deficits affected the ability of the Company's subsidiaries
-- Philippine Global Communications Inc. and PhilCom Corporation
-- to service their maturing obligations on a timely basis.  
Furthermore, the restructuring of PhilCom and PhilCom Corp's
PHP2.99 billion long-term debt, which defaulted in 2003, are
still under renegotiation with the creditors.

According to independent auditors Sycip Gorres and Velayo Co.,
these conditions indicate the existence of a material
uncertainty, which may cast significant doubt about the ability
of the Company and its subsidiaries to continue as a going
concern.


MANILA ELECTRIC: Allowed to Provide Power to Quezon and Laguna
--------------------------------------------------------------
The Energy Regulatory Commission granted a certificate of public
convenience and necessity to Manila Electric Co., in order for
the Company to provide power to customers in Tiaong, Quezon, and
San Pablo City, Laguna, the Manila Bulletin states.

The ERC stated in its decision that Manila Electric met all the
requirements necessary for the issuance of the certificate,
which is effective until June 28, 2008.

Aside from providing electrical services, the Company has two
major power projects geared toward developing the two areas in
Quezon and Laguna.

Manila Electric currently provides power to at least 70% of
customers in the Luzon power grid, making it the biggest power
distribution utility in the country.  The Bulletin relates that
Company officials said they would strive to service the power
needs of its clients, despite its financial difficulties.

Headquartered in Ortigas, Pasig City, the Manila Electric
Company -- http://www.meralco.com.ph/-- is the largest utility   
in the Philippines, providing power to 4.1 million customers in
metropolitan Manila and more than 100 surrounding communities.  
As deregulation takes effect, Meralco is reducing its dependence
on state-owned National Power Corp. by increasing the amount of
power it purchases from independent power producers.  Meralco is
also preparing for competition by moving into non-regulated
activities, including energy consulting, independent power
production, engineering, fiber optics, e-commerce, and real
estate.

                          *     *     *

A March 31, 2006 report by the Troubled Company Reporter - Asia
Pacific stated that the Company posted a 79.7% decrease in its
2005 net losses to PHP411 million from PHP2.03 billion in 2004,
due to provisions for probable losses while awaiting a Supreme
Court final decision on a pending unbundling rate case, and the
adoption of new accounting standards.

The TCR-AP further stated on April 27, 2006, that the Company
filed a report with the Philippine Stock Exchange, indicating a
66.1% decline in its net loss from January to March 2006 to
PHP748 million, against a PHP2.2 billion loss for the same
period last year.

According to a TCR-AP report on April 24, 2006, Manila Electric
cannot seek a loan to expand its facilities unless it repays
outstanding short-term debts amounting to around PHP4.7 billion.


PRYCE CORP: Posts May 24 ASM Results
------------------------------------
In a disclosure to the Philippine Stock Exchange, Pryce Corp.
posted the results of its annual stockholders' meeting held on
May 24, 2006:

A. Nomination and Election of Board of Directors

    1. Salvador P. Escano   - Chairman
    2. Fernando L. Trinidad - Director
    3. Nilo S. Ezequuel     - Director
    4. Antonio P. Escano    - Director
    5. Efren A. Palma       - Director
    6. Simeon S. Umandal    - Director, Corporate Secretary
    7. Vicente Afable, Jr.  - Independent Director

B. Re-appointment of the Members of the Board Committees

1. Board Audit Committee:
   
    a. Efren A. Palma       - Chairman
    b. Antonio P. Escano    - Member
    c. Vicente Afable, Jr.  - Member (Independent Director)

2. Board Nomination & Election Committee

    a. Salvador P. Escano   - Chairman
    b. Efren A. Palma       - Member
    c. Vicente Afable, Jr.  - Member (Independent Director)

3. Board Remuneration Committee:

    a. Fernando L. Trinidad - Chairman
    b. Salvador P. Escano   - Member
    c. Vicente Afable, Jr.  - Member (Independent Director)

C. Election of Officers

Aside from the designation of Mr. Palma as Senior Vice-President
of Finance and the designation of Mr. Feliciano B. Hatud as
Finance manager, these officers were re-elected to their
existing capacities:

   1. Salvador P. Escano    - Chief Executive Officer
   2. Nilo S. Ezequiel      - President/Chief Operating Officer
   3. Fernando L. Trinidad  - Executive Vice President, Admin. &
                              Corp. Restructuring
   4. Efren A. Palma        - Senior Vice President, Finance &
                              Hotel Operations
   5. Benjamin P. Escano    - SVP, North Mindanao
                              Operations
   6. Jose Ma. L. Escano    - SVP, South Mindanao
                              Operations
   7. Simeon S. Umandal     - FVP, Corporate Secretary

D. Other Events

   1. Corporate Secretary's Certification of Existence of Quorum
      to warrant the holding of a 2005 annual stockholders'
      meeting;

   2. Approval of Minutes of Previous Year's Annual
      Stockholders' Meeting;
   
   3. Message of the President, which reiterated the results of
      the Company's operations;

   4. Approval of the Company's 2004 annual report;

   5. Ratification of Management Acts;

   6. Election of Diaz Murillo Dalupan and Company as external   
      auditor.

                  About Pryce Corporation

Pryce Corporation -- http://www.prycegardens.com/-- formerly
Pryce Properties Corporation, was incorporated as a property
holding and real estate development company.  The Company's real
estate undertakings include the development of memorial parks,
residential and commercial properties and hotel operations.

In 1997, LPG and industrial gases became the dominant business.  
Thus, the Company changed its name to Pryce Corp. and its
primary purpose from that of a property company to a
manufacturing company.

Pryce, thru its subsidiary Pryce Gases, Inc., manufactures and
distributes oxygen and acetylene in the Visayas and Mindanao and
trades in other gases such as argon, carbon dioxide and
nitrogen.

The Troubled Company Reporter - Asia Pacific reported on May 23,
2006, that Sycip Gorres Velayo & Co. raised substantial doubt on
Pryce Corp.'s ability to continue as a going concern after
auditing the Company's financials for the quarter ended
March 31, 2006.

The Company reported a 38.4% drop in its first-quarter revenue
from PHP465 million in 2005, to PHP286.33 million in 2006.  Net
loss from operations was pegged at PHP22.6 million in the 2006
first quarter, down from the PHP26.6 million in the first
quarter of 2005.  The Company indicated in its financial report
that no dividends have been declared for fiscal 2004 and 2005,
as well as for the first quarter of 2006.

The Company's ability to declare and pay dividends is restricted
by the availability of funds and the provision of existing loan
agreements.

                          *     *     *

On June 7, 2002, PGI presented a financial rehabilitation plan
to its various creditor banks and foreign financing company as
an initial step towards restructuring its outstanding loans.
On August 27, 2002, the International Finance Corporation and
FMO-Netherlands Development Finance Company, two of PGI's
creditors, filed a petition in court placing PGI under
receivership.  On September 2 that year, the court issued a stay
order pursuant to the interim rules of procedures on corporate
rehabilitation.

In accordance with PGI's rehabilitation plan, Pryce, as Parent
Company, contributed a total of 116,653 memorial park lots
and a number of real estate properties with a total fair value
of PHP2.16 billion, to PGI.  As of Dec. 31, 2005, and 2004, PGI
transferred a number of memorial park lots and real estate
properties to certain creditors as full settlement of PGI's
obligations totaling PHP1,659.4 million and PHP1,415.2 million.

On July 9, 2004, Pryce submitted a Rehabilitation Plan of its
own to the court as an initial step towards restructuring its
outstanding loans.  The Plan was revised and later approved by
the court on January 17, 2005.  The Revised Plan conforms to the
scheme of liquidating all bank loans and long-term commercial
papers by way of dacion en pago of real estate properties with
certain revisions on the settlement of non-banking and trade and
other payables which are PHP500,000 or below.


UNIWIDE HOLDINGS: May File for Liquidation on Losses
----------------------------------------------------
In a regulatory filing with the Philippines Stock Exchange, mall
operator Uniwide Holdings, Inc., disclosed certain factors
indicating material uncertainty that cast significant doubt on
its ability to continue operating as a going concern.

The Manila Times cites Uniwide Holdings Inc. as saying that due
the factors that caused substantial going concern doubt, it
might seek liquidation.  These factors include, among others,
the termination of a franchise agreement for its Uniwide San
Pedro, Laguna branch "due to the sale of personal property,
leasehold rights and merchandise inventories."

            Continued Losses Lead to Cash Shortfalls

The Company posted a net loss of PHP21.6 million for the first
quarter ended March 31, 2006, against a PHP40.8 million net loss
in the same period last year.  Operating expenses for the first
quarter fell to PHP63.93 million from PHP78.9 million in the
first quarter last year, due to a decline on property related
expenses, savings on professional fees, rental expenses,
insurance and personnel related expenses, the report read, as
well as a refund from Manila Electric Co.

The continued losses have forced Uniwide Holdings to implement
these cost-cutting measures:

   -- reduction of inventory;
   -- strict implementation of cost-saving programs;
   -- possible sale of non retail-related assets; and
   -- negotiations with suppliers for better credit terms.

As of March 31, 2006, Uniwide Holdings' total assets amounted to
PHP3.2 billion, whereas its total liabilities stood at PHP5.2
billion, with stockholders' deficit at PHP1.95 billion.

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

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

Uniwide Holdings, Inc., was incorporated in the Philippines and
is a major subsidiary of Uniwide Sales, Inc., a holding company
wholly owned by the Gow family.  

The Company was organized in 1994 as the franchiser of USI and
Uniwide Sales Warehouse Club stores.  The Company also engages
in real estate operations primarily through a subsidiary,
Uniwide Sales Realty and Resources Corp.  USRRC is involved in
the acquisition, development, holding and leasing of land and
buildings used as sites for the warehouse clubs and department
stores.  On the other hand, another subsidiary, Naic Resources &
Development Corporation engages in, operates, conducts, manages
and carries on the business of a general amusement, recreation
and entertainment enterprise.

The company is under a 15-year rehabilitation plan approved by
the Securities and Exchange Commission in 2000.  Under the plan,
Uniwide has to repay its debts through a combination of cash
payments and asset-debt swaps in a bid to return to
profitability.

                     Rehabilitation Plan

Company operations were affected by a slowdown in sales and
tenant occupancy for the commercial spaces for lease and slower
collection of receivables, which resulted in severe cash flow
problems as its credit lines had been fully exhausted.  
Operations further deteriorated due to significant interest
payments up to June 1998.  On June 25, 1999, Uniwide Holdings
filed a petition with the Securities and Exchange Commission to
declare a temproary suspension of all debt payments due to
liquidity problems and proper repayment of loans.  The SEC
approved the petition on June 29, 1999.

On October 18, 1999, the SEC-Appointed Interim Receivership
Commitee submitted Uniwide Holdings' original rehabilitation
plan with these principles:

   -- the return to the core business of retailing;

   -- rehabilitation through maximum debt reduction via cash
      settlement and/or dacion en pago of non -operating assets;

   -- restructuring of all loans that are secured by operating
      assets;

   -- waiver of penalties and other charges;

   -- freezing of interest payments as of June 30, 1999; and

   -- restructuring of trade suppliers' credit, contractors'
      credit and private lenders' credit in exchange for new
      credit.

The Company amended its rehabilitation plan in 2000, when it
entered into a memorandum of understanding with the Gow Family
and Casino Guichard-Perrachon.  The amended rehabilitation plan
called for the total repayment of all loans through a
combination of dacion en pago and cash payment with a discount.  
Transfer of ownership of the dacion properties to the creditors
will be executed using the most tax efficient scheme which is,
in most cases, through the formation of Special Purpose
Companies.  All dacion expenses under this scheme will be for
the account of the UHI Group.  However, funding for these
expenses will be provided for by the creditors in exchange for
an equivalent value in property.  In case a creditor opts to
adopt a scheme that is not considered as the most tax efficient,
any additional expenses are for the creditor's account and will
not be deducted from the dacion value.

However, on Jan. 3, 2001, Casino Guichard-Perrachon decided not
to renew its MOU with Uniwide Holdings, which MOU expired on
December 31, 2000, hence prompting the Company further amend its
already amended rehabilitation plan.  The second amended
rehabilitation plan, filed on Oct. 12, 2001, and approved by the
SEC on Dec. 23, 2002, called for:

   -- Dacion en pago of three operating stores (Cabuyao, Libis
      and Avenida) and Coastal Mall;

   -- Leaseback arrangement on Avenida Department Store, Coastal
      Mall and Metromall Warehouse Clubs and the Ingasco,
      Caloocan property for 10 years.  However, based on recent
      developments, Warehouse Club is leased back instead of
      Avenida Department Store.  CWC, including the leaseback
      arrangement was surrendered to Rizal Commercial Banking
      Corporation in February 2006 through dacion en pago;

   -- Restructuring of the residual debt of PHP44.14 million
      with Land Bank of the Philippines to be converted to a
      term loan; and

   -- Settlement of debt amounting to PHP2.54 billion with
      unsecured creditors including trade suppliers,
      contractors, private lenders and non-trade creditors to be
      paid such that:

      * 50% of the unsecured debt shall be converted into 15-
        year zero coupon convertible notes; the 15-year notes
        are convertible into common shares of UHI starting in
        year 3 at issue price and are redeemable anytime at the
        option of the UHI Group;

      * the balance of 50% will be paid within 10 years,
        inclusive of a three-year grace period, from available
        cash from retail operations after deducting priority
        payments; and

      * the portion of the obligation to the contractors with
        lien and claims on Coastal Mall will be paid via dacion
        of Coastal Mall proportionately with the other
        creditors.

According to the second amended rehabilitation plan, the UHI
Group has an outstanding debt of PHP6.6 billion with secured
creditors, and PHP2.54 billion rehabilitation accounts with
insecured creditors as of June 30, 1999.   

In accordance with the revised rehabilitation plan, properties
of parent company Uniwide Sales, Inc. and UHI Group with
appraised values of PHP13.17 billion will be transferred through
dacion en pago arrangement to secured creditor banks to
extinguish the debt of UHI Group amounting to PHP2.88 billion
and the debts of USI, USWCI and the Gow family amounting to
PHP4.53 billion inclusive of interest and other charges
amounting to PHP630.75 million and PHP253.64 million,
respectively as of June 30, 1999.  Liabilities to contractors
who have liens and claims on Coastal Mall and the mall tenants
who have deposits, advances and or claims on the Coastal Mall
amounting to PHP257.68 million will be paid with common shares
of stock of the SPCs which will be formed in executing the
transfer through dacion en pago of the mall to all its
creditors.  Portion of debt with unsecured creditors will be
settled through issuance of the UHI's convertible notes and the
remaining balance will be restructured.

For the unsecured creditors, as of January 2006, the Group
started issuing the convertible notes to the said creditors in
accordance with the amended rehabilitation plan. In a letter
dated March 18, 2004, the SEC informed the UHI Group that the
convertible notes to be issued to the unsecured creditors are
exempted securities under Section 9.1 of the Securities
Regulation Code.  In July 2004, the SEC approved the final
version of the convertible notes.

Pursuant to the order of the SEC dated May 30, 2001, the UHI
Group has completed all the necessary documents for the partial
implementation of the dacion en pago agreement to settle PHP1.58
billion in debt of USI, USWCI and the Gow family to three
commercial banks.  As of May 10, 2006, updates on the partial
implementation of the dacion en pago agreements with the
commercial banks are:

   1. Transfer through dacion en pago arrangement of 23,626
      square meters of residential lots in Naic, Cavite, settled
      PHP62.74 million debt in 2001.

   2. Assignment of shares of stock of an SPC worth PHP172.97
      million settled PHP120.43 million debt of USI to United
      Coconut Planters Bank in November 2002.  Parcels of land
      with a total area of 3,111 square meters located in
      Caloocan City had been transferred by USRRC to this SPC in
      2001 in exchange for SPC shares of stock.

   3. Assignment of shares of stock of two SPCs worth PHP515.24
      million settled PHP475.32 million debt of USWCI and the
      Gow Family on April 15, 2003.  Parcels of land transferred
      to these SPCs by the Parent Company include Naic Phase II
      and several parcels of land of the Coastal City
      Development also located in Naic, Cavite with a total area
      of 35,186 square meters.

   4. Assignment of shares of stock of two SPCs worth PHP1.33
      billion settled PHP923.54 million debt of USWCI and USI on
      April 8, 2005.  Parcels of land transferred to these SPCs
      include those in the Coastal City Development in Naic,
      Cavite and in Baclaran, Paranaque City with total area of
      112,865 square meters and 14,529 square meters,
      respectively.


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

ASIA-PACIFIC BULK: Creditors' Proofs of Debt Due on June 2
----------------------------------------------------------
Asia-Pacific Bulk Terminal Services Pte Limited notifies
parties-in-interest of its intention to declare a dividend
pursuant to an order by the High Court of Singapore.

Creditors are requested to file their proofs of claim with
Liquidators Ramasamy Subramaniam Iyer, Goh Thien Phong and Chan
Kheng Tek 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


LIFETIME OF HOLIDAYS: Creditors Set to Meet Today
-------------------------------------------------
The creditors of Lifetime of Holidays (S.E.A.) Pte Limited will
hold a meeting today, at 3:30 p.m. to decide whether to approve
Liquidator Lau Chin Huat's second interim bill of costs.

Contact: Lau Chin Huat
         c/o Blk 150A Mei Chin Road #02-00
         Singapore 140150


PDC CORPORATION: Releases 2005 Financial Results
------------------------------------------------
PDC Corporation has filed its full-year results for the year
ended December 31, 2005, with the Singapore Stock Exchange.

According to the report, PDC Corporation Limited had no
operating or revenue generating business for the full year.
However, the subsidiary company Hong Lai Huat Construction Pte
Limited recorded a full-year sundry revenue of SGD423.934.

For fiscal 2005, the Group registered a pre-tax loss of
SGD701,000, as against a pre-tax loss of SGD7,649,000 in
preceding year.

The Group incurred administrative expenses of SGD691,000 for the
full year.  This amount included, amongst other charges:

     * a sum of SGD342,000 from Hong Lai;

     * staff salary amounting to SGD28,420;

     * hire purchase interest of SGD6,200;

     * depreciation charge for plant and equipment of SGD66,200;
       and

     * judgment of SGD63,000 to a creditor of the Company.

There were no dividends declared for the latest full year and
the previous full year.

The Group's balance sheet as of December 31, 2005, revealed that
the Group has 1,154,000 in total current assets available to pay
total current liabilities of 21,254,000 within 12 months.  

Likewise, the Company's Dec. 31 balance sheet showed strained
liquidity with its total current liabilities of SGD3,789,000
exceeding its total current assets of SGD2,000.

The deficit in total shareholders' equity for fiscal 2005 has
hit SGD20,134,000.

A full-text copy of the Company's Full-year Financial Report is
available for free at:

  http://bankrupt.com/misc/tcrap_pdccorp2005report052506.pdf  

                About PDC Corporation Limited

Headquartered in Singapore, PDC Corporation Limited is
principally involved in the provision of general construction,
property development, real estate and investment.  Its other
activities are the provision of renovation work of any kind and
for the demolition of any structure, trading, rental and
servicing of industrial machinery and equipment and the
distribution of multimedia products, home automation system,
other high technology products and investment holding.  

The Group's balance sheet as of December 31, 2005, revealed that
the Group has 1,154,000 in total current assets available to pay
total current liabilities of 21,254,000 within 12 months.  The
deficit in total shareholders' equity for fiscal 2005 has hit
SGD20,134,000.


PDC CORPORATION: Ernst & Young Expresses Going Concern Doubts
-------------------------------------------------------------
PDC Corporation Limited's Auditors, Messrs Ernst & Young, had
issued their report on the Company's financial statement for the
year ended December 31, 2005, highlighting a going concern
issue, but without qualifying their opinion.

In its report, Ernst & Young noted that as of December 31, 2005,
the current liabilities of the Company and the Group exceeded
their current assets by SGD3,852,210 and SGD20,001,069
respectively, and their total liabilities exceeded total assets
by SGD3,912,981 and SGD20,062,940 respectively.

The Company has a subsidiary, Hong Lai Huat Construction Pte
Limited, which was sanctioned with a Scheme of Arrangement by
the High Court of Singapore on January 19, 2006, to address the
SGD16,673,016 worth of claims made against Hong Lai by unsecured
creditors.  Under the Scheme, the Company will issue new
ordinary shares in place of amounts owed by Hong Lai.  

In addition, the Group has defaulted on the repayment of its
bank loan and interest, and hence the loan is subject to recall
by the bank any time.  During the year, the Group received
statutory letters of demand from the banks and is in the process
of negotiation with the banks on the terms of loan settlement.

Subsequent to year-end, the Company entered into a Conditional
Sales and Purchase Agreement to acquire new businesses and
intends to make shares placements.

Ernst & Young believes that these factors indicate the existence
of a material uncertainty, which may cast significant doubt
about the company and the Group's ability to continue as going
concerns.

If the Company and the Group are unable to continue in
operational existence for the foreseeable future, the Company
and the Group may be unable to discharge their liabilities in
the normal course of business and adjustments may have to be
made to reflect the situation that assets may need to be
realized other than in the normal course of business and at
amounts which could differ significantly from the amounts at
which they are currently recorded in the balance sheets.

In addition, the Company and the Group may have to reclassify
non-current assets and liabilities as current assets and
liabilities respectively.

                 About PDC Corporation Limited

Headquartered in Singapore, PDC Corporation Limited is
principally involved in the provision of general construction,
property development, real estate and investment.  Its other
activities are the provision of renovation work of any kind and
for the demolition of any structure, trading, rental and
servicing of industrial machinery and equipment and the
distribution of multimedia products, home automation system,
other high technology products and investment holding.  

The Group's balance sheet as of December 31, 2005, revealed that
the Group has 1,154,000 in total current assets available to pay
total current liabilities of 21,254,000 within 12 months.  The
deficit in total shareholders' equity for fiscal 2005 has hit
SGD20,134,000.


PDC CORPORATION: Exits Acquisition and Joint Venture Deals
----------------------------------------------------------
PDC Corporation Limited has earlier proposed to acquire a 17.44%
minority interest in the capital of Online Credit Card Limited,
a company incorporated in Hong Kong and licensed to operate the
credit card business in Hong Kong of MasterCard International
Corporation.

However, due to the lapse of time since the transaction was
first proposed and the need to undertake substantial information
update as well as to carry out a valuation on OCCL in order to
proceed with the transaction, PDC has decided not to pursue the
proposed acquisition.

Further, PDC will not be pursuing its proposed development of an
industrial development base in Nanning City, Guangxi, People's
Republic of China, because the joint venture contract relating
to such proposed development has lapsed.

                 About PDC Corporation Limited

Headquartered in Singapore, PDC Corporation Limited is
principally involved in the provision of general construction,
property development, real estate and investment.  Its other
activities are the provision of renovation work of any kind and
for the demolition of any structure, trading, rental and
servicing of industrial machinery and equipment and the
distribution of multimedia products, home automation system,
other high technology products and investment holding.  

The Group's balance sheet as of December 31, 2005, revealed that
the Group has 1,154,000 in total current assets available to pay
total current liabilities of 21,254,000 within 12 months.  The
deficit in total shareholders' equity for fiscal 2005 has hit
SGD20,134,000.


PDC CORPORATION: To Hold 7th Annual General Meeting on June 9
-------------------------------------------------------------
The Seventh Annual General Meeting of PDC Corporation Limited
will be held on June 9, 2006, at 10:00 a.m. at Orchid Country
Club, Topaz Suite, 1 Orchid Club Road, Singapore 769162.

During the meeting, members will be asked:

   -- to receive and adopt the Audited Accounts for the
      financial year ended December 31, 2005, and the Reports
      of Directors and Auditors and the Statement by Directors;

   -- to re-elect as directors:

      * Chang Mak Chow;
      * Mah Peek Sze, Patsy;
      * See Tow Siew Chuan;
      * Wang Kai Yuen; and
      * Luar Eng Hwa;

   -- to reappoint Ernst & Young as Company auditors and to
      authorize the directors to fix their remuneration; and

   -- to transact any other business which may be properly
      transacted at the meeting.

                 About PDC Corporation Limited

Headquartered in Singapore, PDC Corporation Limited is
principally involved in the provision of general construction,
property development, real estate and investment.  Its other
activities are the provision of renovation work of any kind and
for the demolition of any structure, trading, rental and
servicing of industrial machinery and equipment and the
distribution of multimedia products, home automation system,
other high technology products and investment holding.  

The Group's balance sheet as of December 31, 2005, revealed that
the Group has 1,154,000 in total current assets available to pay
total current liabilities of 21,254,000 within 12 months.  The
deficit in total shareholders' equity for fiscal 2005 has hit
SGD20,134,000.


SINTEK TRADING: Declares First and Final Dividend
-------------------------------------------------
Sintek Trading enterprise Limited had, on May 3, 2006, declared
a first and final dividend at 0.141% as ordered by the Supreme
Court of Singapore.

Contact: Beverly Wee
         Assistant Official Receiver
         The Official Receiver's Office
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118
   
   
===============
T H A I L A N D
===============

KUANG PEI SAN: Suffer First Quarter Net Loss of THB32.96 Million  
----------------------------------------------------------------
Kuang Pei San Food Products Public Company Ltd, on May 15, 2006,
submitted to the Stock Exchange of Thailand its financial
statement for the first quarter ended March 31, 2006.

The financial statement contained the "unable to reach any
conclusion" comment from the auditor.

The Company reported a net loss of THB32.96 million during the
first quarter.  Effective March 31, 2006, the Company had
advanced its liabilities than its assets in an amount of
THB771.50 million.  The Company's deficit over equity amounted
to THB437.60 million

Kuang Pei San attributes the net loss as coming from the
allowance for doubtful debs of the parent company.  Because of
this, the Company defaulted on its debt, where accrued interest
expenses were set at ceiling rate.

The net revenue of the Company for the first quarter of 2006
increased to THB166.3 million as compared to THB143.4 million
net revenue for the same period of last year.

Kuang Pei San's balance sheets for the first quarter of 2006,
reflects these figures:

   Total Current Assets: THB156.16 million     

   Total Assets: THB498.28 million

   Total Current Liabilities: THB27.72 million

   Total Liabilities: THB935.87 million

   Shareholders' Equity Deficit: THB437.60 million

   Total Revenues: THB166.3 million

   Total Expenses: THB177.66 million  

   Net Loss: THB32.96 million

                          *     *     *

Kuang Pei San Food Products Public Company Limited manufactures
and distributes tinned foods and canned sardine fish under its
Pompui, Pla Yim and Lap brand names.  

The Company's securities is currently classified under REHABCO,
or Companies Under Rehabilitation sector by the Stock Exchange
of Thailand.  

The Company has reported a THB90.48 million net loss and a
capital deficit of THB404.64 million in 2005, which puts
substantial doubt on its ability to continue as a going concern.  
The Company depends largely on its capability to pay short-term
loans and long-term loans and bank overdraft.

The Company also has defaulted debt amounting to THB638.54
million in 2005.


* Moody's Raises Foreign-Currency Ceilings For Asian Countries
--------------------------------------------------------------  
Moody's Investors Service said that a new approach to setting
its foreign-currency country ceilings for bonds has resulted in
upgraded ceilings for 70 countries.  Country ceilings already
carrying Moody's top rating of Aaa were unaffected by the new
methodology and no country ceiling was downgraded as a result of
the revised approach.

Neither government bond ratings nor foreign-currency ceilings
for bank deposits are affected by this action.

The rating agency also published a special report explaining the
way its new methodology reflects the risk that a foreign-
currency government bond default would be accompanied by a
moratorium on external foreign-currency payments.

"Under our new country ceiling methodology, we no longer
automatically assume that a foreign-currency bond default by a
government would be accompanied by a foreign-currency payment
moratorium affecting most issuers domiciled within its borders,"
said Vincent Truglia, managing director of Moody's Sovereign
Risk Unit and author of the report.

He said the agency's thinking in favor of greater flexibility in
the application of country ceilings has reflected the deepening
of the international capital markets since the 1990s and the
avoidance by most governments in recent years of a generalized
moratorium in the face of a government foreign-currency bond
default.

In assessing the probability of a moratorium in the event of an
external payments crisis, Truglia said that Moody's assesses the
extent to which the local economy is integrated into the world
economy, and the extent to which the government would perceive a
moratorium as more costly than other policy alternatives.

Moody's also weighs the likelihood of a government socializing
the cost of a crisis.  "This takes place when the government
substitutes its credit for the credit of the local companies,
sparing domestic firms from the risk of having to face a court
challenge abroad," said Truglia.

The ceilings of the vast majority of countries rated by Moody's
have been upgraded by at least one notch.  In some cases, such
as the newer members of the European Union, the upgrades are of
four and five notches, bringing those countries into closer
alignment with fellow E.U. members.

Countries that have the U.S. dollar as their legal currency and
countries with foreign-currency bond ceilings already at their
local-currency guidelines were not affected by the change in
methodology because moratorium risk assessments do not change
the risk profiles embedded in those existing ceilings.

Prompted by the revised ceilings, Moody's said, the foreign-
currency issuer ratings of non-government issuers may also be
upgraded.

"While piercing the sovereign ceiling has been possible since
2001, foreign-currency issuer ratings for issuer and corporate
family ratings are effectively constrained by the new ceiling
and only specific bond ratings will be able to pierce," said
Moody's' Truglia.  "This is because we expect that, even if a
moratorium is put in place, certain securities are still likely
to be exempt."

As example, he cited Argentina's 2001 moratorium in which
certain issuers and types of securities were nevertheless
exempted, permitting them to make foreign-currency debt
payments.

Moody's report on its new methodology is titled, "Revised
Foreign Currency Ceilings to Better Reflect Reduced Risk of a
Payments Moratorium in Wake of Government Default."  It is
available on http://www.moodys.com/  

Moody's foreign-currency country ceilings for bonds, both long-
and short-term, prime and not prime, include these Asia-Pacific
countries:

   * Australia: LT, confirmed at Aaa (stable outlook); ST, P-1

   * China: LT, confirmed at A2 (stable outlook); ST, P-1

   * Fiji Islands: LT, Ba1 from Ba2 (stable outlook); ST, NP

   * Hong Kong: LT, Aa1 from A1 (stable outlook); ST, P-1

   * India: LT, Baa2 from Baa3 (stable outlook); ST, P-2

   * Indonesia: LT, Ba3 from B1 (stable outlook); ST, NP

   * Japan: LT, confirmed at Aaa (stable outlook); ST, P-1

   * Korea: LT, A1 from A3 (positive outlook); ST, P-1

   * Malaysia: LT, confirmed at A3 (stable outlook); ST, P-1

   * Mongolia: LT, Ba2 from B1 (stable outlook); ST, NP

   * New Zealand: LT, confirmed at Aaa (stable outlook); ST, P-1

   * Papua New Guinea: LT, Ba2 from B1 (stable outlook); ST, NP

   * Philippines: LT, Ba3 from B1 (negative outlook); ST, NP

   * Singapore: LT, confirmed at Aaa (stable outlook); ST, P-1

   * Taiwan: LT, confirmed at Aa3 (stable outlook); ST, P-1

   * Thailand: LT, A3 from Baa1 (stable outlook); ST, P-2

   * Vietnam: LT, Ba2 from Ba3 (stable outlook); ST, NP


* Moody's Shows Impact of Revised Policy on Asian Fin'l Groups
--------------------------------------------------------------  
Moody's Investors Service published on May 25, 2006, the results
of an examination of financial institution ratings in Asia-
Pacific in light of the revision of its rating methodology for
assigning foreign-currency country bond ceilings.

In November 2005, Moody's published a Request for Comment,
entitled "Revised Policy with Respect to Country Ceilings."
Based on supportive market responses, Moody's decided to revise
its methodology for assigning foreign-currency country bond
ceilings.

The revised methodology resulted in upgrades to the foreign
currency bond ceilings of a number of countries.  The higher
ceilings reflect Moody's view that in many countries, even if
the government were to default on its own foreign currency debt,
the probability of a foreign currency moratorium is less than
100%.  For a detailed discussion of Moody's new policy please
refer to Moody's Rating Methodology entitled "Revised Foreign-
Currency Ceilings to Better Reflect Reduced Risk of a Payments
Moratorium in Wake of Government Default," published on May 24,
2006.

Most of the foreign currency debt and foreign currency issuer
ratings that are now being upgraded were previously constrained
at the old foreign currency debt ceilings.  This constraint
reflected Moody's earlier view of the risk that such obligations
could be captured by a foreign currency payments moratorium in
the event the government defaulted on its own foreign currency
debt.  Following the upgrades, a number of these ratings --
those below the new foreign currency debt ceiling of the
issuer's or its parent bank's domicile -- are no longer
constrained by this risk.  Other ratings are being upgraded to
the new ceiling but remain constrained by the moratorium risk
still reflected in the revised ceilings.

The present rating actions have no impact on any foreign
currency deposit ratings.  The revision to Moody's methodology
applies only to the foreign currency ceiling for bonds and
notes.  Existing foreign currency country ceilings for bank
deposits are not affected.  Moody's foreign currency bank
deposit ceilings will continue to be more directly related to
government foreign currency bond ratings, reflecting the risk
that a freeze on foreign currency bank deposits is more likely
to be imposed in the event of a government bond default even in
the absence of a generalized foreign currency moratorium.

Below is a list of affected financial institutions in the Asia-
Pacific region, including the rating changes resulting from the
application of the methodology.  The company is listed, with the
rated class of debt, the change in the rating, and the rating
outlook.

   * Australia: none

   * Cambodia: none

   * China: none

   * Hong Kong:

     (1) ANZ National (Int'l) Ltd, HK:

         -- Senior notes (foreign currency) -- upgraded to Aa3
            from A1, outlook stable

     (2) The Hong Kong Mortgage Corporation:

         -- Issuer Rating (foreign currency) -- upgraded to Aa3
            from A1, outlook stable

     (3) The Hongkong and Shanghai Banking Corporation:

         -- Issuer Rating (foreign currency) -- upgraded to Aa3
            from A1, remains on review for possible upgrade
            along with its BFSR and other ratings

   * Indonesia:

     (1) Bank Danamon Indonesia (P.T.) (CI):

         -- Subordinated debt rating upgraded to Ba3 from B1,
            outlook stable

     (2) Bank Internasional Indonesia (P.T.):

         -- Issuer rating upgraded to Ba3 from B1, outlook
            stable

     (3) Bank Internasional Indonesia (P.T.) (CI):

         -- Subordinated debt rating upgraded to Ba3 from B1,
            outlook stable

     (4) Bank Mandiri Persero (P.T.), Cayman Islands Br:

         -- Senior debt rating upgraded to Ba3 from B1, outlook
            stable

         -- Subordinated debt rating upgraded Ba3 from B1,
            outlook stable

     (5) Bank Negara Indonesia TBK (P.T.):

         -- Senior debt rating upgraded to Ba3 from B1, outlook
            stable

     (6) Bank Negara Indonesia (P.T.) (Hong Kong):

         -- Subordinated debt rating upgraded to Ba3 from B1,
            outlook stable

     (7) PT Bank Niaga TBK:

         -- Issuer rating upgraded to Ba3 from B1, outlook
            stable

         -- Subordinated debt rating upgraded to Ba3 from B1,
            outlook stable

     (8) Bank Rakyat Indonesia (P.T.):

         -- Subordinated debt rating upgraded to Ba3 from B1,
            outlook stable

   * Japan: none

   * Korea, South:

     (1) Citibank Korea Inc:

         -- Subordinated debt (foreign currency) -- upgraded to
            A1 from A3, outlook stable

     (2) Junior Subordinated debt (foreign currency) -- upgraded
         to A1 from A3, outlook stable

   * Malaysia: none

   * New Zealand: none

   * Philippines:

     (1) Banco de Oro Universal Bank:

         -- Senior debt (foreign currency) -upgraded to Ba3 from
            B1, outlook negative

     (2) Equitable-PCI Bank:

         -- Senior debt (foreign currency) -- upgraded to Ba3
            from B1, outlook negative

         -- Subordinated debt (foreign currency) -- upgraded to
            Ba3 from B1, outlook negative

     (3) Metropolitan Bank and Trust Co.:

         -- Subordinated debt (foreign currency) -- upgraded to
            Ba3 from B1, outlook negative

     (4) Rizal Commercial Bank Corp.:

         -- Senior debt (foreign currency) -- upgraded to Ba3
            from B1, outlook negative

     (5) UnionBank of the Philippines:

         -- Senior debt (foreign currency) -- upgraded to Ba3
            from B1, outlook negative

   * Singapore: none

   * Taiwan: none

   * Thailand:

     (1) Standard Chartered Bank (Thai) Public Co Ltd:

         -- Issuer Rating (foreign currency) -- upgraded to A3
            from Baa1, outlook stable

         -- Subordinated debt (foreign currency) -- upgrade to
            Baa1 from Baa2 , outlook stable

   * Vietnam:

     (1) Bank for Investment & Development of Vietnam:

         -- Issuer Rating (foreign currency) -- upgraded to Ba2
            from Ba3, outlook stable, although the outlook on
            the BFSR remains positive





                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter - Asia Pacific is a daily newsletter
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Copyright 2006.  All rights reserved.  ISSN: 1520-9482.
   
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