TCRAP_Public/060601.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

             Thursday, June 1, 2006, Vol. 9, No. 108


                            Headlines

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

A&H DEVELOPMENTS: Liquidation Petition Hearing Set on June 12
AM PM CALLING: Court to Hear CIR's Liquidation Bid on June 19
BNU PTY: Enters Voluntary Liquidation
CAREECE SERVICES: Court to Hear Liquidation Application June 12
COCONUT OASIS: Members Opt to Wind Up Firm

DAVID KIRKLAND: Members Receive Wind-up Report
DAVO HOMES: Supreme Court Orders Wind-up
DELSTEV DEVELOPMENTS: Appoints Official Liquidators
EGGSPECKTATIONS PTY: Decides to Halt Operations
F.B.L. CORP: Winds Up Business

GEELONG TECHNOLOGY: Liquidator to Present Wind-up Report
HIRINI BULK: Faces Liquidation Proceedings
JC QUALITY: Receivers and Managers Named
JESS LA INVESTMENTS: Faces Liquidation Proceedings
MELANDAS HOME: To Declare Dividend on June 13

MORGAN LEVON: Members Agree on Liquidation
NATIONAL STAFFING: To Distribute Dividend on June 8
QANTAS AIRWAYS: ACCC Okays Price-Fixing Deal with Jetstar Asia
RTV AUSTRALIA: To Hold Final Meeting on June 2
SILVERCO PTY: Creditors Decide to Wind Up Firm

SPEEDY STEELFIXING: Placed Under Voluntary Liquidation
STONE GROUP: Receiver Ceases to Act for Company
SYDNEY SUNRISE: Final Meeting Set on June 2
SYNERGY GROUP: Inability to Pay Debts Prompts Wind-up
TABERNERS HOLDINGS: Shareholders Decide to Close Firm

VILLAGE ROADSHOW: To Exit Cinema Operations Abroad
VILLAGE ROADSHOW: Plans to Move to Asia
WOODQUEST.COM.AU PTY: Creditors' Claims Due on June 5


C H I N A   &   H O N G  K O N G

ASSOCIATE MARBLE: Members and Creditors Meeting Set on July 3
AUCMA LIMITED: Liquidator Ceases to Act for the Company
BASIC BREAD: Creditors Meeting Set on June 9
CASTLE MERIT: Creditors' Proofs of Debt Due on June 30
CHANGJIANG POWER: Annual Meetings Slated for June 14

CHEUNG YAU: Members Final Meeting Fixed on June 28
COMPANION MARBLE: Liquidator to Present Wind-up Report on June 3
DASHIN SECURITIES: Members to Meet on June 21
GRIFIT LIMITED: Official Liquidator Named
IDT INTERNATIONAL: Unable to Pay Dividends Due to Full-year Loss

INTER BUYING: Creditors Must Prove Debts by June 30
K & FUNG: Creditors' Proofs of Claim Due on June 30
REFCO FOREX: Receiving Proofs of Debt Until June 9
TAI HE: Liquidator Steps Aside
UNIQUE BUSINESS: Liquidators to Present Wind-up Report

WAH SUN: Members Opt for Voluntary Liquidation


I N D I A

HINDUSTAN CABLES: Government Junks Revival Plans
HINDUSTAN PETROLEUM: Buys 40,000-tonne Fuel for June and July
LML LIMITED: Incurs INR26-Crore Net Loss in March 31 Quarter
MYSORE CEMENTS: Fixes Book Closure in September


I N D O N E S I A

PERUSAHAAN LISTRIK: Faces Upcoming Competition with SOFs


J A P A N

CHUOAOYAMA PwC: Loses Over 70 Clients in Accounting Scandal
LIVEDOOR COMPANY: 110 Shareholders Seek JPY940 Million Damages
MITSUBISHI MATERIALS: S&P Lifts Unsecured Debt Rating to BB+
MITSUBISHI MOTORS: To Recoup Losses Via New Marketing Strategy


M A L A Y S I A

CONSOLIDATED FARMS: Given Chance to Avert Delisting
FURQAN BUSINESS: 6th AGM Slated for June 20
KIG GLASS: Cessation of Operations Trims Revenues
MALAYSIA AIRLINES: Posts MYR309.118-Mln Pre-tax Loss in 1Q/FY06
METROPLEX BERHAD: Court Limits Provisional Liquidator's Role

NOVA MSC: Releases Fourth Quarter Results
PILECON ENGINEERING: Suffers MYR3.5-Mln Loss in First Quarter
POLYMATE HOLDINGS: Malayan Banking Slaps MYR10-Million Claim
SUGAR BUN: Disposes of GYNA Stake to Curb Losses
TENAGA NASIONAL: Lists and Quotes ESOS Shares

TRU-TECH HOLDINGS: Faces Trading Suspension
WEMBLEY INDUSTRIES: Books MYR18.43-Million Loss in First Quarter


P H I L I P P I N E S

ATLAS CONSOLIDATED: Turns Around With PHP85 Million Net Income
BENGUET CORPORATION: Forex Drives Down Net Loss By Almost 60%
MANILA ELECTRIC: Seeks to Return to Power Generation
PHILCOMSAT HOLDINGS: Clarifies "Trick-SEC" Reports
PHILIPPINE NATIONAL BANK: Releases ASM Results

PHILIPPINE TELEGRAPH: Forex Drives Net Loss Up to PHP696.14 Mln
UNITED PARAGON: PHP68.54 Net Loss for 1Q 2006


S I N G A P O R E

ACCORD CUSTOMER: Kim Eng and CIMB-GK Underwrite Rights Issue
INFORMATICS HOLDINGS: Net Losses Cut by 68% for the Full Year
SYSTEM MANAGEMENT: Creditors Must Prove Debts by June 26
KAY-ASIA SERVICES: Creditors' Proofs of Claim Due on June 16
YUMEI ENGINEERING: Court Releases Bankruptcy Order


T H A I L A N D

BANK OF AYUDHYA: Moody's Puts E+ Fin'l Strength Rating on Review
KRUNG THAI: Moody's Upgrades Financial Strength Rating to D-
PRASIT PATANA: First Quarter NR Cuts 55% Off Current Liabilities

     - - - - - - - -

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

A&H DEVELOPMENTS: Liquidation Petition Hearing Set on June 12
-------------------------------------------------------------
The Commissioner of Inland Revenue, on April 21, 2006, filed a
petition to liquidate A&H Developments Ltd before the High Court
of Rotorua.  

The Court will hear the petition on June 12, 2006, at 10:45 a.m.

Contact: G. N. Jansen
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone: (07) 959 0432


AM PM CALLING: Court to Hear CIR's Liquidation Bid on June 19
-------------------------------------------------------------
An application to put AM PM Calling Ltd into liquidation will be
heard before the High Court of Wellington on June 19, 2006, at
10:00 a.m.

The Commissioner of Inland Revenue filed the application before
the High Court on April 19, 2006.

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


BNU PTY: Enters Voluntary Liquidation
-------------------------------------
At a general meeting on April 10, 2006, the members of BNU Pty
Limited resolved to close the Company's business operations and
distribute the proceeds of its assets disposal.

Subsequently, Bruce Sainsbury was appointed as liquidator.

Contact: Bruce Sainsbury
         Liquidator
         c/o WHK Greenwoods
         Level 32, 80 Collins Street
         Melbourne, Victoria 3000
         Australia


CAREECE SERVICES: Court to Hear Liquidation Application June 12
---------------------------------------------------------------
The Commissioner of Inland Revenue, on April 21, 2006, filed a
petition to liquidate Careece Services Ltd before the High Court
of Christchurch.

The Court will hear the said petition on June 12, 2006, at 10:00
a.m.

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


COCONUT OASIS: Members Opt to Wind Up Firm
------------------------------------------
The members of Coconut Oasis Maryborough Pty Limited convened on
April 11, 2006, and decided that a voluntary wind-up of the
Company's operations is appropriate and necessary.

Robert Eugene Murphy and David James Hambleton were appointed as
joint and several liquidators.

Contact: David J. Hambleton
         Robert E. Murphy
         Joint & Several Liquidators
         R. E. Murphy Company Chartered Accountants
         Level 9, 46 Edward Street
         Brisbane, Queensland 4000
         Australia


DAVID KIRKLAND: Members Receive Wind-up Report
----------------------------------------------
A final meeting of members of David Kirkland (Ormonde) Pty
Limited will be held today, June 1, 2006.

During the meeting, Liquidator Peter Debus will give an account
on the manner in which the Company was wound up and its property
was disposed of.

Contact: Peter Debus
         Liquidator
         Bridgeway Accountants & Advisers
         105 Dubbo Street, Warren
         New South Wales 2824, Australia


DAVO HOMES: Supreme Court Orders Wind-up
----------------------------------------
The Supreme Court of New South Wales had on April 20, 2006,
issued a winding up order against Davo Homes Pty Limited.

The Court also appointed Steven Nicols as liquidator.

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


DELSTEV DEVELOPMENTS: Appoints Official Liquidators
---------------------------------------------------
At Delstev Developments Pty Limited's general meeting on April
13, 2006, members appointed Paul Burness and Matthew Jess as
liquidators to wind up the Company's business operations.

Contact: Paul Burness
         Matthew Jess
         Liquidators
         Worrells Solvency & Forensic Accountants
         Level 5, 15 Queen Street
         Melbourne, Victoria 3000
         Australia
         Telephone: (03) 9613 5524
         Fax: (03) 9614 3233
         Web site: http://www.worrells.net.au/


EGGSPECKTATIONS PTY: Decides to Halt Operations
-----------------------------------------------
The members and creditors of Eggspecktations Pty Limited held a
meeting on April 10, 2006, and agreed to commence a wind-up
exercise.

Ozem Kassem of Bentleys MRI Sydney was named liquidator.

Contact: Ozem Kassem
         Liquidator    
         Bentleys MRI Sydney Business Recovery & Insolvency
         Partnership
         Level 8, Carrington House
         50 Carrington Street, Sydney
         New South Wales, Australia


F.B.L. CORP: Winds Up Business
------------------------------
At a general meeting on April 10, 2006, the members and
creditors of F.B.L. Corp Pty Limited decided to shut down the
Company's business voluntarily, and appoint Ozem Kassem of
Bentleys MRI Sydney as liquidator.

Contact: Ozem Kassem
         Liquidator    
         Bentleys MRI Sydney Business Recovery & Insolvency
         Partnership
         Level 8, Carrington House
         50 Carrington Street, Sydney
         New South Wales, Australia


GEELONG TECHNOLOGY: Liquidator to Present Wind-up Report
--------------------------------------------------------
The members and creditors of Geelong Technology Center Pty
Limited will hold a final meeting on June 2, 2006, to receive
Liquidator Robert M. H. Cole's account of the Company's wind-up
and property disposal.

Contact: Robert M. H. Cole
         Liquidator
         Cole Downey & Co. Chartered Accountants
         6 Moorabool Street, Geelong
         Victoria 3220, Australia


HIRINI BULK: Faces Liquidation Proceedings
------------------------------------------
An application to put Hirini Bulk Transport Ltd into liquidation
will be heard before the High Court of Auckland on June 8, 2006,
at 10:00 a.m.

Teamtalk Ltd filed the application before the High Court on
March 23, 2006.

Contact: Dianne Lester
         Credit Consultants Debt Services Ltd
         Level 3, 3-9 Church Street
         Wellington, New Zealand
         Telephone: (04) 470 5972


JC QUALITY: Receivers and Managers Named
----------------------------------------
Gregory Winfield Hall and Philip Patrick Carter of
PricewaterhouseCoopers were appointed as receivers and managers
of the property of JC Quality Seafood Pty Limited on April 3,
2006.

Contact: Philip P. Carter
         Gregory W. Hall
         Receivers
         PricewaterhouseCoopers
         201 Sussex Street, Sydney
         New South Wales, Australia


JESS LA INVESTMENTS: Faces Liquidation Proceedings
--------------------------------------------------
An application to put Jess La Investments Ltd into liquidation
will be heard before the High Court of Auckland on July 13,
2006, at 10:00 a.m.

Bantry Services Ltd filed the application before the High Court
on April 21, 2006.

Contact: Malcolm Whitlock
         Debt Recovery Group NZ Ltd
         149 Ti Rakau Drive, Pakuranga
         Auckland, New Zealand


MELANDAS HOME: To Declare Dividend on June 13
---------------------------------------------
Melandas Home Concepts (ASPLEY) Pty Ltd will declare a first and
final dividend on June 13, 2006.

Creditors who were unable to prove their claims are excluded
from sharing in the dividend distribution.

Contact: Jonathan Paul McLeod
         Liquidator
         c/o McLeod & Partners
         Level 3, 380 Queen Street
         Brisbane, Queensland 4000
         Australia
         Telephone: 07 3004 0800


MORGAN LEVON: Members Agree on Liquidation
------------------------------------------
Members of Morgan Levon Pty Limited convened on April 7, 2006,
and decided to liquidate the Company's business operations.

Anthony Robert Cant was subsequently appointed liquidator.

Contact: Anthony R. Cant
         Liquidator
         Romanis Cant Chartered Accountants
         106 Hardware Street, Melbourne
         Australia


NATIONAL STAFFING: To Distribute Dividend on June 8
---------------------------------------------------
National Staffing Group Pty Ltd will distribute its first and
final dividend on June 8, 2006.

Creditors who were unable to prove their claims are excluded
from sharing in any distribution the Company will make.

Contact: Robert Elliott
         Liquidator
         Hall Chadwick
         29th Floor, 31 Market Street
         Sydney, New South Wales
         Australia


QANTAS AIRWAYS: ACCC Okays Price-Fixing Deal with Jetstar Asia
--------------------------------------------------------------
The Australian Competition and Consumer Commission has
authorized Qantas Airways and its budget carrier, Jetstar, to
fix airfares with Singaporean airline Jetstar Asia, in which
Qantas holds a 44.5% stake, the Sydney Morning Herald reports.

According to the report, the "interim authorization" that the
ACCC granted for a co-operation agreement between Qantas,
Jetstar and Jetstar Asia would result in the airlines being
allowed to collaborate on airfares, schedules and network
routing.

Qantas hopes that the closer co-operation between the two budget
airlines will not only cut costs but also get more Australian
tourists on Jetstar Asia-Valuair seats and turn around the
Singapore airline's losses.

As reported in the Troubled Company Reporter - Asia Pacific on
April 6, 2006, Jetstar Asia is in need of a fresh AU$31.2
million capital injection and is planning to scale back its
fleet of nine Airbus A320s to rein in its losses.

The Sydney Herald notes that, according to some analysts, the
cooperation agreement may be the only chance for Jetstar Asia to
survive.  Qantas, in its application to the ACCC, hinted it
might allow its frequent flyers to burn points on Jetstar Asia
and also package its holidays into Asia with a Jetstar Asia
flight.

The authorization will allow Jetstar, which plans to start
flights to Thailand, Vietnam, Bali, Japan and Hawaii this
November, to link its operations and schedules with Qantas'
44.5% owned Orangestar Holdings, formed when Jetstar Asia and
the Singapore airline Valuair merged in 2005.  The airlines have
already started sharing some of their administrative functions
and hope to pool their services into airports they both fly to,
the Sydney Herald adds.

Jetstar Asia's key rival, Tiger Airways, has opposed the
cooperation agreement, asserting that the tie-up would be
"detrimental to consumer interests."  However, the ACCC
clarified that the decision was not final and that it could
withdraw its authorization at any stage.  In addition, the
regulator has barred Qantas and Orangestar from colluding on
routes into Australia and routes they overlap on.


RTV AUSTRALIA: To Hold Final Meeting on June 2
----------------------------------------------
The members and creditors of RTV Australia Pty Limited will
convene in a final meeting on June 2, 2006, at 9:00 a.m.

During the meeting, Liquidator Robert M. H. Cole will report on
the manner of the Company's wind-up and property disposal.

Contact: Robert M. H. Cole
         Liquidator
         Cole Downey & Co. Chartered Accountants
         6 Moorabool Street, Geelong
         Victoria 3220, Australia
         

SILVERCO PTY: Creditors Decide to Wind Up Firm
----------------------------------------------
At a meeting of Silverco Pty Limited held on April 12, 2006,
creditors decided to wind up the Company's operations
voluntarily.

Subsequently, Henry Kazar of Sims Partners was appointed
liquidator.

Contact: Henry Kazar
         Liquidator
         SimsPartners Chartered Accountants
         PO Box 211, Deakin West
         Australian Capital Territory 2600
         Australia
         Telephone: 02 6285 1310


SPEEDY STEELFIXING: Placed Under Voluntary Liquidation
------------------------------------------------------
At a general meeting on April 11, 2006, the members of Speedy
Steelfixing Pty Limited agreed that it is in the Company's best
interests to wind up its operations.

P. Ngan of Ngan & Company was appointed as liquidator at a
creditors' meeting that same day.

Contact: P. Ngan
         Liquidator
         Ngan & Co. Chartered Accountants
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia


STONE GROUP: Receiver Ceases to Act for Company
-----------------------------------------------
Christopher Wykes ceased to act as receiver and manager of the
property of The Stone Group Pty Ltd on April 7, 2006.


SYDNEY SUNRISE: Final Meeting Set on June 2
-------------------------------------------
Members and creditors of Sydney Sunrise Developments Pty Limited
will hold their final meeting on June 2, 2006, at 10:00 a.m.,
for them to receive Liquidator Peter P. Krecji's account of how
the Company was wound up and its property was disposed of.

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


SYNERGY GROUP: Inability to Pay Debts Prompts Wind-up
-----------------------------------------------------
At a meeting of the Synergy Group Int. Pty Limited on April 20,
2006, members decided to wind up the Company's operations as it
cannot pay its debts when they fall due.

In this regard, Daniel Civil was named liquidator.

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


TABERNERS HOLDINGS: Shareholders Decide to Close Firm
-----------------------------------------------------
At a meeting of Taberners Holdings Pty Limited on April 11,
2006, shareholders concurred that the Company must voluntarily
commence a wind-up of its operations.

Kenneth W. Dunstan was named liquidator to manage the wind-up
activities.

Contact: Kenneth W. Dunstan
         Liquidator
         PO Box 7118, Brighton
         Victoria 3186, Australia


VILLAGE ROADSHOW: To Exit Cinema Operations Abroad
--------------------------------------------------
Village Roadshow Limited plans to sell its overseas cinema
businesses to focus on its movie production operations, the
Sydney Morning Herald reports.

Fiji Times Online relates that the Company is exiting cinema
exhibition operations in Fiji, New Zealand, the United Kingdom
and Austria.

According to the Sydney Herald, the sales are expected to bring
about asset write-downs and to cut losses to AU$35 million for
the financial year ending June 30, 2006.  The Company also said
that it would receive net cash proceeds of AU$5 million if all
the sales went ahead.

On May 30, 2006, Village Roadshow announced that it had
concluded a heads of agreement with Sky City Entertainment
Group, which will acquire its cinema interests in New Zealand
and Fiji for AU$49.5 million on an installment basis.

Village Roadshow holds a 33.3% stake in Village Cinemas in Fiji,
while Sky City already owns 33.3%.  The Fiji Times notes that
the parties' new transaction, which is expected to be finalized
on or before June 30, 2006, will see Sky City's interest in the
Fiji operations rise to 66.7%.

"While the New Zealand and Fiji circuits are great businesses,
our decision to sell to Sky City is in accord with our policy to
only invest in businesses where we have direct management,"
Village Roadshow's chief executive officer, Graham Burke, said.

In addition, the Sydney Herald reveals that the Company's
interests in Northern Ireland have been sold for an undisclosed
amount, and the other U.K. and Australian businesses are
expected to follow soon.  Moreover, Village Roadshow indicated
that its cinema operations in Italy and Singapore, in which it
owns 50%, may also be next to go.

                     About Village Roadshow  

Headquartered in Melbourne, Australia, Village Roadshow Limited
-- http://www.villageroadshow.com.au/-- is an international  
media and entertainment company that operates core businesses in
cinema, movie production, film distribution, radio, and theme
parks.

The Company's troubles began in 2003 when it offered to buy back
its preference shares to head off a litigation threat by some
preference shareholders who were angered at the Company's
suspension of dividend payments.  Village Roadshow's reported
and budgeted profitability would not allow it to comfortably
fund about AU$42 million worth of ordinary and preference share
dividends out of annual earnings.  For the past years, the
Company has been facing major litigation brought by former
business partners, who had invested in its film investment
scheme.  

In December 2005, the Film Production division undertook a
substantial restructure.  As part of this restructure, a US$115
million Promissory Note was issued to Crescent Film Holdings and
options to acquire a 50% shareholding in the Hollywood film
production and related film exploitation business, Village
Roadshow Pictures Group, were granted to Crescent and its
affiliates.  This initiative, together with the release of a
US$70 million security deposit (replaced by a Letter of Credit),
returned significant cash reserves to Village Roadshow.  By
January 2006, Village Roadshow had advised that VRPG had reached
agreement with its financiers to increase its film production
facility from US$900 million to US$1.4 billion.  VRPG will
continue to co-produce and co-finance films with its principal
production partner, Warner Bros.  The revolving period of the
facility has also been extended for a further three years.  As a
result, drawdowns will now be available under the facility until
January 2011 (previously February 2008) with the debt now
scheduled to be fully repaid by January 2015 (previously January
2012).

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
March 1, 2006, that Village Roadshow posted a AU$2.21 million
loss for the half-year ended December 31, 2006, compared to a
net profit of AU$29.99 million in the previous corresponding
half.  The result is contrary to a profit downgrade in January,
which already suggested a break-even figure.

The entertainment group blames its poor financial result on
lower cinema ticket sales, compounding losses from the
restructuring of its movie production business and legal
battles.


VILLAGE ROADSHOW: Plans to Move to Asia
---------------------------------------
After a tie-up deal with Warner Brothers Studios, Village
Roadshow Limited is eyeing a theme parks business in Asia, The
Advertiser says.

Independent Online relates that under the deal, Village Roadshow
will take 100% ownership of seven Australian theme parks that
had been run as joint ventures with the United States-based
Warners Bros.  The Australian theme parks include Warner
Brothers Movie World, Sea World, Wet 'n' Wild Water World and
Australian Outback Spectacular.

The Australian says that, according to Village Roadshow chairman
Robert Kirby, the deal would give both companies the chance to
explore theme park opportunities in Asia.

Moreover, Independent Online notes that the new theme parks deal
includes Village acquiring Warner's share of associated bank
debt of AU$64.5 million and will be funded by a drawdown on
Village bank facilities from its existing cash reserves.

Village said that the transaction would be incrementally cash
flow positive after all interest and reinvestment costs.

"Due to depreciation changes within the Warner Bros entities to
be acquired however, the acquisition will initially be earnings
per share negative on the group," Village said.

The announcement comes after the Company said in February 2006
that its bottom line had been hurt by a lack of blockbuster
movies compared to previous years.  On the other hand, Village
Roadshow's theme park division locked in a AU$7.9 million
operating profit before tax for the half year -- down AU$1.5
million on the previous corresponding period -- after delays to
the opening date of the Superman Escape at Movie World and the
new water slides at Wet 'n' Wild, The Australian points out.

Warner and Village Roadshow have produced 45 films together
including the Matrix series and Charlie and the Chocolate
Factory, and have an ongoing licensing agreement, The Australian
recounts.  

                     About Village Roadshow  

Headquartered in Melbourne, Australia, Village Roadshow Limited
-- http://www.villageroadshow.com.au/-- is an international  
media and entertainment company that operates core businesses in
cinema, movie production, film distribution, radio, and theme
parks.

The Company's troubles began in 2003 when it offered to buy back
its preference shares to head off a litigation threat by some
preference shareholders who were angered at the Company's
suspension of dividend payments.  Village Roadshow's reported
and budgeted profitability would not allow it to comfortably
fund about AU$42 million worth of ordinary and preference share
dividends out of annual earnings.  For the past years, the
Company has been facing major litigation brought by former
business partners, who had invested in its film investment
scheme.  

In December 2005, the Film Production division undertook a
substantial restructure.  As part of this restructure, a US$115
million Promissory Note was issued to Crescent Film Holdings and
options to acquire a 50% shareholding in the Hollywood film
production and related film exploitation business, Village
Roadshow Pictures Group, were granted to Crescent and its
affiliates.  This initiative, together with the release of a
US$70 million security deposit (replaced by a Letter of Credit),
returned significant cash reserves to Village Roadshow.  By
January 2006, Village Roadshow had advised that VRPG had reached
agreement with its financiers to increase its film production
facility from US$900 million to US$1.4 billion.  VRPG will
continue to co-produce and co-finance films with its principal
production partner, Warner Bros.  The revolving period of the
facility has also been extended for a further three years.  As a
result, drawdowns will now be available under the facility until
January 2011 (previously February 2008) with the debt now
scheduled to be fully repaid by January 2015 (previously January
2012).

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
March 1, 2006, that Village Roadshow posted a AU$2.21 million
loss for the half-year ended December 31, 2006, compared to a
net profit of AU$29.99 million in the previous corresponding
half.  The result is contrary to a profit downgrade in January,
which already suggested a break-even figure.

The entertainment group blames its poor financial result on
lower cinema ticket sales, compounding losses from the
restructuring of its movie production business and legal
battles.


WOODQUEST.COM.AU PTY: Creditors' Claims Due on June 5
-----------------------------------------------------
Woodquest.com.au Pty Limited will declare its first and final
dividend on June 6, 2006.

Creditors are required to submit their formal proofs of claim on
or before June 5, 2006, in order to participate in the dividend
distribution.

The Company's final meeting will be held on June 6, 2006, for
members and creditors to receive Liquidator Gerry Mier's account
of the Company's wind-up and property disposal.

Contact: Gerry Mier
         Liquidator
         KPMG
         Level 13, Cairns Corporate Tower
         15 Lake Street, Cairns
         Queensland 4870, Australia


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

ASSOCIATE MARBLE: Members and Creditors Meeting Set on July 3
-------------------------------------------------------------
Members and creditors of Associate Marble Maintenance and
Service Company Ltd will convene for their final meetings on
July 3, 2006, at 11:00 a.m. and 11:30 a.m. respectively.  

During the meetings, Liquidator Ho Wai Ip will present final
accounts regarding the Company's wind-up operations.

Contact: Ho Wai Ip
         Room 1903, 19/F., World Wide House
         19 Des Voeux Road
         Central, Hong Kong


AUCMA LIMITED: Liquidator Ceases to Act for the Company
-------------------------------------------------------
Ha Yue Fuen ceased to act as liquidator for Aucma (H.K.) Limited
on May 18, 2006.


BASIC BREAD: Creditors Meeting Set on June 9
--------------------------------------------
Creditors of Basic Bread Ltd will convene on June 9, 2006, 11:30
a.m. to discuss wind-up matters.

The meeting will be held at:

          Office B, 4/F., Kiu Fu Commercial Bldg
          300 Lockhart Road
          Wanchai, Hong Kong.


CASTLE MERIT: Creditors' Proofs of Debt Due on June 30
------------------------------------------------------
Joint Liquidators Geoffrey Leslie Cundle and Margaret Lo Kar Wah
are receiving proofs of debt from the creditors of Castle Merit
Ltd until June 30, 2006.

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


CHANGJIANG POWER: Annual Meetings Slated for June 14
----------------------------------------------------  
Creditors and contributories of Changjiang Power Development
(H.K.) Company Ltd will convene for their annual meetings on
June 14, 2006 at 10:00 a.m. and 11:30 a.m. respectively.   

During the meetings, Liquidators Alan Chung Wah Tang and Alison
Wong Lee Fung Ying will present final accounts of the Company's
wind-up operations.

Contact: Alan Chung Wah Tang
         Alison Wong Lee Fung Ying
         Liquidators
         13/F., Gloucester Tower
         The Landmark, 11 Pedder Street
         Central, Hong Kong


CHEUNG YAU: Members Final Meeting Fixed on June 28
--------------------------------------------------
The final general meeting of members of Cheung Yau Trading
Company Ltd will be held at on June 28, 2006, at 10:00 in the
morning.

During the meeting, Liquidator Tam Shing Yan will present his
final accounts regarding the Company's wind-up operations.

Contact: Tam Shing Yan
         Liquidator
         Flat B, 1/F., Wing Shing House
         355-359 Queen's Road West
         Hong Kong


COMPANION MARBLE: Liquidator to Present Wind-up Report on June 3
----------------------------------------------------------------
Members and creditors of Companion Marble Engineering Ltd will
convene for their final meetings on July 3, 2006 at 10:00 a.m.
and 10:30 a.m. respectively.  

During the meeting, Liquidator Ho Wai Ip will present his final
accounts regarding the Company's wind-up operations.

Contact: Ho Wai Ip
         Liquidator
         Room 1903, 19/F., World Wide House
         19 Des Voeux Road
         Central, Hong Kong


DASHIN SECURITIES: Members to Meet on June 21
---------------------------------------------
A final general meeting of members of Dashin Securities Ltd will
be conducted on June 21, 2006, at 10:00 in the morning at
Liquidator Lau Ho Man's office.

During the meeting, the Liquidator will present final accounts
of the Company's wind-up operations.

Contact: Lau Ho Man
         Liquidator
         16B, EIB Centre
         40 Bonham Strand, Sheung Wan
         Hong Kong


GRIFIT LIMITED: Official Liquidator Named
-----------------------------------------
Members of Grifit Limited on May 17, 2006, appointed Yip Gin Fai
as liquidator for the Company.

Contact: Yip Gin Fai
         Flat A, 7/F.,
         Golden Horse Mansion  
         Mansion Street, North Point
         Hong Kong


IDT INTERNATIONAL: Unable to Pay Dividends Due to Full-year Loss
----------------------------------------------------------------
IDT International has dived to a HKD263.4-million loss in the
fiscal year ended March 31, 2006, from a HKD129.6-million profit
a year ago, Infocast News reports.

According to Infocast, the Company's turnover slumped 18% to
HKD2.37 billion from HKD2.89 billion a year earlier. Because of
this, IDT skipped paying final dividends to shareholders, who
received five cents a share in the previous year.

IDT said it cut prices to clear inventories in Europe where it
has to comply with a new rule.  The rule, which takes effect on
July 1, 2006, restricts the use of certain hazardous substances
in electrical and electronic equipment.

Alfred Shao, IDT's financial controller said, "If you see the
sales figures, the quantity doesn't change much, but the revenue
declines because products are sold at lower prices".

The firm had also been clearing inventory of MP3 and digital
camera products in other markets, as it aimed to exit from the
low-margin and price-competitive digital media products,
Infocast relates.

The expansion of its sales and market teams in overseas markets
also incurred higher costs.

"We have also closed some business and restructured some
positions and departments that result in cost and expenses," Mr
Shao said.

"I can't say how good or bad the next financial year will be but
we are expecting a recovery," he said, adding that the inventory
clearance and restructuring process had ended.

Further, rising oil prices and raw material and labor costs
would affect earnings, while the rising yuan could put pressure
on its gross margin, IDT told Infocast.

                          *     *     *
IDT International Limited -- http://www.idthk.com/eng/-- with a  
corporate head-office in Hong Kong, is engaged in the design,
manufacturing, engineering, marketing and distribution of
electronic lifestyle products that can be divided into four
categories: LCD consumer electronic products; telecommunications
products; digital media products and electronic learning
products.

The group's products are marketed worldwide to a broad customer
base served by the 15 marketing and distribution subsidiaries in
Europe (France, Germany, Italy, Spain and the United Kingdom);
in the North America (the United States); in the Latin America
(Brazil); and Asia Pacific (Australia, Japan, Singapore, Hong
Kong and the People's Republic of China).


INTER BUYING: Creditors Must Prove Debts by June 30
---------------------------------------------------
Liquidator Kong Chi How is receiving proofs of debt from the
creditors of Inter Buying Services Ltd until June 30, 2006.

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

Contact: Kong Chi How
         25/F., Wing On Centre
         111 Connaught Road Central,
         Hong Kong


K & FUNG: Creditors' Proofs of Claim Due on June 30
---------------------------------------------------
Liquidator Wong Shing Kay requires the creditors of K & Fung
Industry Company Ltd to submit their proofs of claim on or
before June 30, 2006.

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

Contact: Wong Shing Kay
         17/F., Yam Tze Commercial Bldg
         23 Thomson Road, Wanchai
         Hong Kong


REFCO FOREX: Receiving Proofs of Debt Until June 9
--------------------------------------------------
Liquidators Kennic Lai Hang Lui and David Winterbottom of Refco
Forex Ltd require the Company's creditors to submit their proofs
of claim on or before June 9, 2006.

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

Contact: Kennic Lai Hang Lui
         5/F., Ho Lee Commercial Bldg
         38-44 D'Aguilar Street
         Central, Hong Kong


TAI HE: Liquidator Steps Aside
------------------------------
On May 18, 2006, Ha Yue Fuen ceased to act as liquidator for Tai
He Trading (H.K.) Limited.


UNIQUE BUSINESS: Liquidators to Present Wind-up Report
------------------------------------------------------
Liquidators Alan Chung Wah Tang and Alison Wong Lee Fung Ying
will present final accounts of Unique Business Service (China)
Ltd's wind-up operations.

The presentation will be made at the annual meetings of
creditors and contributories of the Company on June 14, 2006 at
12:00 a.m. and 12:30 a.m. respectively.

Contact: Alan Chung Wah Tang
         Alison Wong Lee Fung Ying
         Liquidators
         13/F., Gloucester Tower
         The Landmark, 11 Pedder Street
         Central, Hong Kong


WAH SUN: Members Opt for Voluntary Liquidation
----------------------------------------------
Members of Wah Sun International Enterprise Ltd, at an extra
ordinary general meeting held on May 16, 2006, passed a
resolution to voluntarily wind up the Company and appoint Young
Wai Ching as liquidator.

Contact: Young Wai Ching
         24/F., Prosperous Commercial Bldg
         54-58 Jardine's Bazaar, Causeway Bay
         Hong Kong


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

HINDUSTAN CABLES: Government Junks Revival Plans
------------------------------------------------
The Union Government has formally ruled out revival plans for
state telecom cable and wire manufacturer Hindustan Cables
Limited, Business Standard relates.  

The Company may be sold off or closed down, as it is beyond
redemption, the report says, citing Union Minister for Heavy
Industries Santosh Mohan Dev.

Hindustan Cables will be the only public sector undertaking in
Kolkota that will be closed or divested this year.

According to Hindu Line, the Company was referred to the Board
for Industrial and Financial Reconstruction in 1998 when its net
worth eroded to -53.22 and its accumulated loss reached
INR460.44 crore.  Apart from revival plans sanctioned by the
BIFR, the Government on its own had formulated a restructuring
plan for the Company.

Hindustan Cables, established in 1952, has been a regular
supplier of telecom cables to the Department of Telecom, Bharat
Sanchar Nigam Ltd and Mahanagar Telephone Nigam Ltd as well as
to the Defense organizations.  It has two units -- at
Roopnarayanpur in West Bengal and another in Andhra Pradesh --
with a large township and extensive road network.  


HINDUSTAN PETROLEUM: Buys 40,000-tonne Fuel for June and July
-------------------------------------------------------------
Hindustan Petroleum Corp Ltd, on May 31, 2006, purchased two
20,000-tonne lots of 92-octane gasoline from Vitol for June and
July arrival via a tender at a lower premium than its last
purchase, The Economic Times reveals.

The state oil refiner bought the parcels at a premium of around
US$8.00 a barrel to Singapore spot quotes, on a cost-and-freight
basis, for delivery to the ports of Kandla and Mumbai, The Times
says.

Early this month, Hindustan Petroleum bought 20,000 tonnes of
gasoline from Vitol at a premium of more than US$9.00 a barrel
to Singapore quotes at cost-and-freight basis for end-May or
early-June delivery to Kandla and Mumbai.

              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.


LML LIMITED: Incurs INR26-Crore Net Loss in March 31 Quarter
------------------------------------------------------------
LML Limited posted a net loss of INR26 crore for the quarter
ended March 31, 2006, as compared to a INR1.19-crore net profit
in the corresponding quarter last fiscal year, the Company
revealed in a statement to the Bombay Stock Exchange on May 30,
2006.

The Company said its total income for the quarter ended
March 31, 2006, increased 14.64% to INR65.85 crore from INR57.44
crore in the previous period.

No further details were disclosed to the Stock Exchange.

As reported by the Troubled Company Reporter - Asia Pacific on
May 31, 2006, the Company's board decided to extend the current
financial year, from 12 months to 18 months, subject to the
requisite approvals.

                       About LML Limited

Headquartered in Uttar Pradesh, India, LML Limited manufactures
two wheeler vehicles particularly scooters and spares and
accessories.  The Group's products include geared scooters,
gearless scooters, motorcycles and mopeds.  The Company has been
incurring consecutive losses since 2004. As on March 31, 2005
LML had capacity to manufacture 0.45 million scooters and 0.18
million motorcycles per annum.  During the 18 month period ended
March 2005, LML reported turnover of INR5.97 billion and a net
loss of INR956.06 million.  The Company is currently in a
restructuring mode -- for the second time in less than a year --
and is struggling to overcome working capital problems.  Labor
unrest and a lack of working capital have practically stopped
production and dispatches at its sole Kanpur plant in the past
few weeks.


MYSORE CEMENTS: Fixes Book Closure in September
-----------------------------------------------
Mysore Cements Limited's Register of Members & Share Transfer
Books will be closed from September 16, 2006, to September 30,
2006, for the purpose of the Annual General Meeting of the
Company.

                About Mysore Cements Limited

Mysore Cements Limited, an S K Birla group company, was
incorporated in technical and financial collaboration with
Kaisers of the United States.  Mysore Cements mostly
manufactures ordinary and pozzolona varieties of portland
cement.  The company has plants in Karnataka and Madhya Pradesh
and a grinding unit in Uttar Pradesh.  The Company continues to
be a sick industrial firm due to the continued complete erosion
of its net worth.


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

PERUSAHAAN LISTRIK: Faces Upcoming Competition with SOFs
--------------------------------------------------------
The Indonesian Government will propose to allow other state-
owned firms to compete with state electricity company PT
Perusahaan Listrik Negara in generating, transmitting and
distributing power so as to provide cheaper rate for electricity
to household and industrial consumers, the Jakarta Post reveals,
citing a senior government official.

The Post says that, according to the Energy and Mineral
Resources Ministry's director general of electricity and energy,
Yogo Pratomo, the proposal is already contained in the new
electricity bill, which is set to be deliberated by the House of
Representatives.

Under the bill, the power industry will continue to be
controlled by the state through state firms, Mr. Pratomo
explained.  Private sector firms will also be allowed to become
involved in power generation, transmission and distribution, but
will have to work together with designated state firms, he
added.

The Post relates that the power bill was passed in lieu of a
2002 Electricity Industry Law that was overturned by the
Constitutional Court in December 2004 as it had promoted free
competition in the power industry, which should be controlled by
the state pursuant to the 1945 Constitution.

Energy & Mining Commission chairman Agusman Effendi said that
free competition should be introduced into the state, as this
would attract investors to invest in the power industry and
solve Indonesia's power crisis.

However, PLN's finance director, Parno Isworo, said that the
Government should tread lightly in this area, as free market
competition has also thrown up failures.  He suggested that if
cost efficiencies were the main reason for introducing
competition, then it would be better for Indonesia to adopt a
centralized policy.

                          *     *     *

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

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

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


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

CHUOAOYAMA PwC: Loses Over 70 Clients in Accounting Scandal
-----------------------------------------------------------
Over 70 listed firms have announced their plans to drop
ChuoAoyama PricewaterhouseCoopers as their auditor in the
aftermath of an accounting scandal involving the Company,
Crisscross News says.

The Troubled Company Reporter - Asia Pacific reported that on
May 10, 2006, Japan's Financial Services Agency ordered the
Company to suspend its operations and refrain from entertaining
new clients in July and August 2006, as three of the Company's
accountants admitted in March 2006 to falsifying the financial
accounts of cosmetics firm Kanebo Limited, which had to restate
its profits up to March 2004 as losses.

According to the Japan Times, many of the firms that decided to
stop availing of ChuoAoyama's services said that they would
either take on the auditors of their parent firms, or not renew
contracts that are due to expire.  The firms said that they
would employ Deloitte Touche Tohmatsu, Ernst & Young ShinNihon,
or KPMG Azsa & Co. as their auditor.

The reports indicate that it is highly likely that more of
ChuoAoyama's clients, which total 2,300, would cancel existing
contracts or refuse to renew them if the Company will not
administer reforms.  Major firms such as Nippon Steel Corp.,
Nippon Telegraph & Telephone Corp., Sanyo Electric Co. and
Taisho Pharmaceutical Co., however, have decided to retain
ChuoAoyama as their auditor, believing that the Company would
implement the proper reforms to prevent a repeat incident of the
accounting scandal.


LIVEDOOR COMPANY: 110 Shareholders Seek JPY940 Million Damages
--------------------------------------------------------------
Some 110 shareholders of Livedoor Company Limited filed a
lawsuit against the Internet firm and its former president and
director, Takafumi Horie, seeking JPY940 million in damages for
losses caused when the firm's share prices plunged in the wake
of an accounting scandal in January this year, Crisscross News
reports.

The shareholders claimed that they would not have bought the
shares if Livedoor's financial report had been accurate to begin
with.

The Troubled Company Reporter - Asia Pacific reported that in
January 2006, Mr. Horie, who is also the founder of Livedoor,
and the other Livedoor directors were found to have conspired to
cover up the Company's JPY310 million pre-tax loss for the
business year ended September 2004, by doctoring financial
accounts to instead show an inflated pre-tax profit of JPY5.03
billion.  Moreover, Mr. Horie and the Company executives
allegedly relayed false information on a merger, with the intent
to boost the stock price of Livedoor's subsidiary, Livedoor
Marketing Co.

The TCR-AP further recounts that following the accounting
scandal in January, Livedoor's stock price plunged to JPY94 per
share from over JPY300 per share, and was delisted from the
Tokyo Stock Exchange on April 14, 2006.  On April 26, 2006, the
first batch of shareholders filed a suit against the Company to
seek JPY2 billion in compensation for their investment losses.

Kyodo News relates that another group of 100 shareholders plan
to file a damages suit against the Company next month, as well
as a group of 1,000 shareholders.

The Securities and Exchange Law allows shareholders to file
damages suits against a firm if they trade shares based on false
information provided by the firm.

The TCR-AP later reported that four ex-directors, two external
accountants, and both Livedoor and Livedoor Marketing pled
guilty to charges of accounting fraud and violating the
Securities Exchange Law at their trial's first hearing on
May 26, 2006.  This while Mr. Horie denied the charges against
him.

Headquartered in Tokyo, Japan, Livedoor Company, Limited --
http://corp.livedoor.com/en/-- is involved in out portal site     
"livedoor," financial business, corporate web solutions, data
center and IP telephony business.


MITSUBISHI MATERIALS: S&P Lifts Unsecured Debt Rating to BB+
------------------------------------------------------------
Standard & Poor's Ratings Services had on May 31, 2006, raised
its long-term corporate credit rating on Mitsubishi Materials
Corp. to 'BB' from 'BB-' and its senior unsecured debt rating on
the company to 'BB+' from 'BB', on the Company's improved
revenue base and stronger cash flow generation.

Mitsubishi's improved revenue and stronger cash flow come from
management's focus on its core cement, copper, and powder
metallurgy products and tools businesses, as well as the
streamlining of its weak businesses.  The rating upgrade also
indicates the Company's stronger financial profile due to its
debt reduction.

Standard & Poor's credit analyst Makiko Yoshimura said that
Mitsubishi Materials' businesses are sensitive to external
factors such as record copper prices and strong demand, as
indicated by the solid performance of its copper smelting
business in fiscal 2005 -- ended March 31, 2006, whereas
earnings from aluminum cans in the same period deteriorated due
to higher aluminum prices and fierce competition.
     
In response, Mitsubishi Materials enhanced its business
structure to balance lower profits in some segments with
earnings from stronger areas.  The Company plans to increase
production capacity in its competitive core businesses by
expanding its overseas operating base in businesses including
cement and copper smelting.  Mitsubishi Materials' profitability
and free cash flow have improved, although still weak compared
with its peers.

Standard & Poor's expects Mitsubishi's debt-to-capital structure
to improve in fiscal 2006, on the Company's continuing debt
reduction efforts.  Its ratio of funds from operations to total
debt improved to 15.4% as of March 2006 from 11.6% a year
earlier.  Mitsubishi's recent active investments are not
expected to increase its debt, and the ratio of FFO to total
debt is expected to remain solid for the foreseeable future,
given its stable cash flow generation.

Mitsubishi's rating could improve if it continues to absorb the
impact of businesses sensitive to market conditions, strengthen
profitability, or improve its cash flow-related indicators and
debt-to-capital structure via debt reduction.  The Company's
long-term senior unsecured debt rating is higher than its long-
term issuer rating, since Standard & Poor's believes to a
certain extent that any default by the Company would be a loan
waiver instead of bankruptcy, as well as the lower likelihood of
a default of long-term debt than that of bank borrowing.  The
debt rating also reflects Mitsubishi's business profile, low
reliance on bank borrowings, and close relationship with its
creditor banks.

Headquartered in Tokyo, Mitsubishi Materials Corp. --
http://www.mmc.co.jp/english/-- was formed on Dec. 21, 1990,  
from the merger of two firms, Mitsubishi Metal Mining Company
Limited and Mitsubishi Cement Limited.  The Company's principal
activity is the manufacture of metals and ceramics.


MITSUBISHI MOTORS: To Recoup Losses Via New Marketing Strategy
--------------------------------------------------------------
Mitsubishi Motors Corp. plans to return to profit in its
Japanese operations within two years through a new marketing
strategy, AFX News says.

In the fiscal year 2005 ended March 31, 2006, the Company posted
an operating profit of JPY6.8 billion against a JPY128.5 billion
operating loss for the same period in 2004, on increased
domestic sales and weaker local currency.  Mitsubishi Motors
sold 257,000 vehicles in Japan alone last year from 227,000
vehicles in 2004, but still fell short of its 2000 sales, which
reached almost 450,000 vehicles.

XFN-Asia relates that the Company will put up a domestic sales
network capable of selling up to 300,000 vehicles, in order to
meet its target to sell 302,000 vehicles in 2006.  According to
Mitsubishi Motors president Osamu Masuko, they will focus on
promoting sales of existing cars, since they will not release
new models in the first half of this year.

The Company, which is currently under rehabilitation, is
expecting to post a net profit of JPY8 billion for its global
operations, on revenues of JPY2.23 trillion.

                    About Mitsubishi Motors

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

Mitsubishi Motors appeared to be turning around for a few years
under an alliance with DaimlerChrysler AG, but the German
automaker withdrew additional financing in 2004. Since then,
Mitsubishi Motors has received massive cash infusions from the

Mitsubishi group of companies, including a bank, machinery maker
and trading company, to support revival efforts.

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

                          *     *     *

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

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

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


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

CONSOLIDATED FARMS: Given Chance to Avert Delisting
---------------------------------------------------
Bursa Malaysia Securities Berhad is giving Consolidated Farms
Board five days from May 26, 2006, to explain why the Company's
securities should not be delisted from the Bourse's Official
List.

As reported by the Troubled Company Reporter - Asia Pacific on
May 31, 2006, the Bourse has decided to suspend Consolidated
Farms' securities effective June 5, 2006, until further notice
as the Company has failed to regularize its financial condition
within the prescribed timeframe stipulated by Bursa Malaysia
Securities Berhad pursuant to the Listing Requirements.

The Bourse may commence delisting procedures against the Company
if it fails to meet the requirement.

                 About Consolidated Farms Berhad

Headquartered in Kuala Lumpur, Malaysia, Consolidated Farms Bhd
-- http://www.confarm.com/-- is engaged in poultry farming  
which includes operating of breeder farm, production and
processing of organic fertilizer, feed milling and manufacturing
and sale of egg trays. Other activities include manufacturing
and processing of eggs into pasteurized eggs and de-shelled
hard-boiled eggs.  The Company is a Practice Note 4 concern
currently undergoing a restructuring exercise to address its
debt problem.  The company had appointed Deloitte KassimChan
Business Services Sdn Bhd as advisor for the restructuring
exercise. Consolidated Farms was mired with MYR122-million debt
on account of its expansion plan, which included the purchase of
equipment and facilities.  As of March 31, 2006, Confarm said
that it will not be able to settle all its debts in full when
they fall due within the next 12 months and hence, the Company
is unable to provide a solvency declaration.


FURQAN BUSINESS: 6th AGM Slated for June 20
-------------------------------------------
Furqan Business Organization Berhad will hold its Sixth Annual
General Meeting at Hibiscus Function Room, Swiss Garden Hotel,
in 117 Jalan Pudu, Kuala Lumpur, on June 20, 2006, at 9:00 a.m.

During the meeting, members will be asked to:

   -- receive and adopt the Company's audited financial
      statements for the year ended December 31, 2005, together
      with the Directors' and Auditors' reports;

   -- re-elect Lim Hong Sang, Lim Teik Wee and Chin Yok Koon as
      directors;

   -- approve the payment of Directors' fees of MYR48,000 for
      the year ended December 31, 2005;

   -- consider, and if thought fit, approve the re-appointment
      of Deloitte KassimChan as the Company's auditors to hold
      office until the conclusion of the next annual general
      meeting;

   -- authorize the directors to issue shares in the Company,
      subject always to the approval of all the relevant
      regulatory bodies being obtained for such allotment and
      issue; and

   -- transact any other business for which due notice will have
      been given.

          About Furqan Business Organization Berhad

Headquartered in Kuala Lumpur, Malaysia, Furqan Business
Organization Berhad formerly known as Austral Amalgamated Berhad
is engaged in property development and investment, tour and
travel services, and financial services.  Other activities
include contractor, leasing and hire purchase financing
facilities.  The Group's operations are substantially carried
out in Malaysia.  The Company's weak business prospects have
taken their toll on Furqan Business' financial position as its
operating cash flow has persistently remained in negative since
December 31, 2002.  Rating Agency Malaysia has downgraded the
rating of the Company's MYR37.66 million Redeemable Convertible
Loan Stocks, from BB3 to B1, with a negative outlook.  At the
same time, the rating agency is maintaining the Rating Watch on
the Company, pending further clarification on its recent
corporate exercise to acquire a 7%-stake in the Cepatwawasan
Group.  The downgrade is premised on the deterioration in
Furqan's business profile, especially in its leasing business,
which is currently the main revenue contributor to the Group.


KIG GLASS: Cessation of Operations Trims Revenues
-------------------------------------------------
KIG Glass Industrial Berhad has, on May 29, 2006, filed with the
Bursa Malaysia Securities Berhad its financial report for the
first quarter ended March 31, 2006.

The Group recorded lower revenues of MYR2.95 million for the
current quarter ended March 31, 2006, as compared to MYR16.7
million in the same quarter last year.  The decrease was due to
the fact that the Company and its subsidiary, Zibo Jiali Glass
Industry Co. Ltd had both ceased production operations.

However, the Group recorded a lower loss before taxation of
MYR1.71 million for the quarter under review as compared to
MYR7.10 million in the same period last year.  The lower loss
was mainly attributable to:

   -- the deconsolidation of the Company's loss making
      subsidiary, Zibo Jiali Glass Industry Co.; and

   -- lower depreciation charge due to recognition of
      impairment losses on property, plant and equipment in
      the last financial year ended December 31, 2005.

The Group's turnover decreased to MYR2.95 million for the
current quarter as compared to the MYR9.18 million in the
preceding quarter.

Loss before taxation decreased to MYR1.71 million as compared to
MYR62.45 million in the preceding quarter. The decrease is
largely due to the significant expenses incurred, which consist
of:

   -- the write-down of inventories of the Group amounting to
      MYR6.9 million; and

   -- the impairment loss on plant and equipment including
      buildings of the Group amounting to MYR47.1 million.

As of March 31, 2006, the Company's balance sheet showed
strained liquidity with MYR139,222,000 in total current
liabilities exceeding MYR13,987,000 in total current assets,
resulting in a net current deficit of MYR94,699,000.

No dividend has been paid or declared since the end of the
previous financial year.

The scale of losses incurred by the Company over the years had
significantly eroded its share capital base.  Moreover, its
current net liability position has demonstrated the Company's
lack of working capital to support its existing operations.  In
view of these, the Company's directors are compelled to protect
the long-term interests of the shareholders and creditors, to
prevent delisting of the Company.

Due to insolvency, the company has recently been classified
under Practice Note 17. Accordingly, the directors are of the
opinion that the prospects for the rest of the year are not
expected to improve.

               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  

      2,948        16,678           2,948         16,678

* Profit/(loss) before tax  

     -1,706        -7,101          -1,706         -7,101

* Profit/(loss) after tax and minority interest  

     -1,706        -7,101          -1,706         -7,101

* Net profit/(loss) for the period

     -1,706        -6,318          -1,706         -6,318

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

      -1.05         -3.88           -1.05          -3.88

* Dividend per share (sen)  

       0.00          0.00            0.00           0.00

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

    -0.5809                      -0.5705

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

   http://bankrupt.com/misc/tcrap_kigglass053106.xls

   http://bankrupt.com/misc/tcrap_kigglassnotes053106.pdf

               About KIG Glass Industrial Berhad

Headquartered in Johor Darul Ta'zim, Malaysia, KIG Glass
Industrial Berhad -- http://www.kedaung.com/-- manufactured and  
sold glassware, glass blocks and carton boxes.  The firm's other
activities included manufacturing of ceramic roof tiles.  Its
operations were carried out in Malaysia and China.  Due its
inability to pay its debts, the Company ceased operation in May
2005.

As of December 31, 2005, the KIG Group's accumulated losses
stood at almost MYR300 million.  The shareholders' funds of the
KIG Group was in deficit of approximately MYR93 million while
its total borrowings amounted to approximately MYR104 million.  
To this end, KIG Glass announced its status as an affected
listed issuer pursuant to Practice Note 1/2001 and Practice Note
17/2005 of the Listing Requirements.


MALAYSIA AIRLINES: Posts MYR309.118-Mln Pre-tax Loss in 1Q/FY06
---------------------------------------------------------------
Malaysia Airlines posted a pre-tax loss of MYR309.118 million
for the first quarter ended March 31, 2006, as against a pre-tax
profit of MYR112.017 million in the same quarter of 2005, a
Company filing at the Bursa Malaysia Securities Berhad showed.

The Company's revenue, however, rose to MYR2.970 billion in the
current quarter to MYR2.964 billion in the previous
corresponding quarter.

Malaysia Airlines said its passenger revenue, including fuel
surcharge and administration fee and excess baggage charge,
increased to MYR2,151 million in the first quarter of this year
from MYR2,096 million in the same quarter last year.  This was
due to 14% yield improvement from 19.8 sen/revenue per kilometre
in last year's first quarter to 22.6 sen/RPK this year.

The Company has also improved its cargo yield by 12% sen/load
tonne kilometre and load factor increased by one percentage
point to 60.2%.  Cargo revenue, including fuel surcharge, rose
by 4.0%.  However, capacity dropped by 9.0% as two freighters
were removed from its fleet between the first quarter of fiscal
2005 and 2006.

For the second quarter, Malaysia Airlines said that it is taking
delivery of two new 747 400S Boeing freighters, which the
airline said are the right aircraft for cargo operations and
should improve profitability in term of fuel efficiency and
load.

The national carrier said its cost reduction efforts have also
been showing encouraging results.  By stopping advertising and
sponsorship, it has reduced cost by MYR74 million.  Staff cost
also reduced by MYR80 million due to various measures in flight
cost, including catering, was reduced by MYR11 million through
wastage card and renegotiations of contracts.  Maintenance cost
was also reduced by MYR54 million, the airline said.

Month-on-month expenditure showed a reduction with MYR1.2
billion in January, MYR1.1 billion in February and MYR1 billion
in March.  On a monthly basis in the first quarter, the losses
were MYR184 million in January and MYR143 million in February,
but a profit of MYR7.0 million was delivered in March.

The Company's balance sheet as of March 31, 2006, however showed
strained liquidity with MYR4,913,488,000 in total current
liabilities exceeding total current assets of MYR3,328,129,000,
resulting in a net current deficit of MYR1,585,359,000.

The Company's First Quarter Report is available for free at:

   http://bankrupt.com/misc/tcrap_malaysiaairlines053106.pdf

                  About Malaysia Airlines

Headquartered in Selangor, Malaysia, Malaysia Airlines --
http://www.malaysiaairlines.com/-- services domestic and  
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with our airline
partners.

The carrier made a loss after tax of MYR1.3 billion for fiscal
year 2005, and MYR616 million for the nine-month ended Dec. 31,
2005, due to high fuel and operating costs, and unprofitable
routes.  In late February 2006, it unveiled a radical rescue
plan to raise MYR4 billion in order to stay afloat and return to
profitability by 2007.  Under the restructuring plan, the
airline pledged to cut its budget by 20% across the board,
terminate many unprofitable routes, freeze recruitment except
for front-line staff, crack down on corruption by encouraging
Whistle-blowing and stop corporate sponsorship.


METROPLEX BERHAD: Court Limits Provisional Liquidator's Role
------------------------------------------------------------
A wind-up petition had been served on Metroplex Berhad on
April 26, 2005, by the solicitors of Morgan Stanley Emerging
Markets Incorporated, the Troubled Company Reporter - Asia
Pacific recounts.  

Morgan Stanley is claiming payment of US$7,126,960 for the
credit facilities granted by a syndicate of lenders to Legend
International Resorts Limited, whose obligations were guaranteed
by Metroplex Berhad.

In relation to the petition, Morgan Stanley had also filed
summons for the appointment of a provisional liquidator for
Metroplex.

On May 11, 2006, the Kuala Lumpur High Court made an order
appointing a provisional liquidator over Metroplex Holdings and
had adjourned the matter to May 16, 2006, to finalize the terms
of the order, the TCR-AP reported.

In an update, the Court, on May 23, 2006, decided not to grant
any order pertaining to the appointment of a provisional
liquidator for Metroplex Holdings.

Instead, the Court issued an order to appoint Kuan Mei Ling of
RSM Nelson Wheeler Teo Corporate4 Advisory Services Sdn Bhd as
Metroplex Berhad's provisional liquidator.  The appointment,
however, is limited to the extent of Mertoplex Berhad's 100%
equity interest in Metroplex Holdings and the sale of the Putra
Place property to Lembaga Kumpulan Wang Simpanan Pekerja for the
purposes of ascertaining the disposal alternatives of the
Property.

The Provisional Liquidator has been directed by the Court to:

   -- preserve and protect Metroplex Berhad's shareholdings in
      Metroplex Holdings and the Putra Place Property;

   -- commission any valuation reports as to the value of any
      of the Putra Place Property and that the costs of such
      valuation report be paid by Metroplex Berhad;

   -- solicit bids from interested parties for the purchase by
      such parties of the Putra Place Property on the most
      favorable terms possible in all of the circumstances and
      prevailing market conditions.

Moreover, the Court has issued an injunction restraining
Metroplex Berhad and Metroplex Holdings from completing the sale
of the Putra Place Property or any part thereof without the
prior approval of the Court on June 27, 2006, provided the two
companies shall be at liberty to take all steps preparatory to
the completion of the sale of the Putra Place Property.

The appointment of Provisional Liquidator will not have
immediate financial and operational impact on Metroplex Group.  
However, it may affect Metroplex Holdings' Proposed Disposal of
Putra Place, which in turn may hinder Metroplex Berhad's
Proposed Restructuring Scheme as the Proposed Disposal of Putra
Place Property forms part of the Proposed Scheme.

                   About Metroplex Berhad

Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad's
activities are hotel and casino operations.  Other activities
include property investment, property development, provision of
administrative services, general and building construction,
leasing and financing, trading of building materials and
operation of hotel management training school.  Operations are
carried out in Malaysia, Hong Kong and Philippines.  On April
28, 2005, Morgan Stanley Emerging Markets Inc. had filed a
winding-up petition on the Company to the Kuala Lumpur High
Court.  Morgan Stanley also filed for a summons to appoint a
provisional liquidator for the wind up.  Until and unless a
provisional liquidator is appointed pursuant to the application
to the Court by the Petitioner to appoint provisional liquidator
for Metroplex, the winding-up petition will not have significant
impact on the Group's operations as MB is currently working out
a debt-restructuring scheme.  In the event the wind-up petition
succeeds, the Company will be put into liquidation.   


NOVA MSC: Releases Fourth Quarter Results
-----------------------------------------
Bursa Malaysia Securities Berhad had, on May 28, 2006, received
NOVA MSC Berhad's audited financial results for the fourth
quarter ended March 31, 2006.

The Group recorded revenue of MYR3 million and loss before
taxation of MYR7.4 million for the quarter under review compared
to revenue of MYR1.4 million and loss before taxation of MYR11.1
million for same quarter last year.  The higher revenue achieved
was due to higher contribution from the Group's existing order
book.

In line with the higher revenue recognized, the loss before
taxation for the current quarter under review improved by 33%
mainly due to lower operating loss arising from the higher
revenue recognition from its existing order books and lower
amortization charge, though partly offset by the higher
allowance for foreseeable loss of MYR3.8 million and allowance
for impairment of intangible assets of MYR2.4 million.

The revenue of MYR3 million achieved in the current quarter
under review was comparable to that achieved in the preceding
quarter ended December 31, 2005. The Group recorded a loss
before taxation of MYR7.4 million as compared to a loss before
taxation of US$2.7 million in the preceding quarter mainly due
to additional allowance for foreseeable loss of MYR3.8 million
and allowance for impairment of intangible assets of
MYR2.4million.

The Group ended the current fourth quarter with an order book of
MYR12.8 million as compared to MYR13.7 million as at the end of
immediate preceding quarter.  The majority of the order book
consists of e-government contracts.

As of March 31, 2006, the Company's balance sheet showed
strained liquidity with MYR11,810,000 in total current assets
available to pay MYR21,129,000 in total current liabilities
coming due within the next 12 months.  The Company's net current
deficit is MYR9,319,000.

No dividend has been recommended for the quarter under review.

               Summary of Key Financial Information

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

* Revenue  

      3,039         1,424          14,679         10,171

* Profit/(loss) before tax  

     -7,379       -11,103          -9,824        -19,668

* Profit/(loss) after tax and minority interest  

     -7,386        -9,932          -9,831        -18,504

* Net profit/(loss) for the period

     -7,386        -9,932          -9,831        -18,504

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

      -2.63         -3.88           -3.67          -7.23

* Dividend per share (sen)  

       0.00          0.00            0.00           0.00

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

     0.0500                      0.0900

The Company's Financial Report is available for free at:

   http://bankrupt.com/misc/tcrap_novamsc053106.pdf

                    About Nova MSC Berhad

Headquartered in Kuala Lumpuer, Malaysia, Nova MSC Berhad --
http://www.novamsc.com/-- provides application software and  
services for both the government and healthcare sectors. The
Company also assists clients in selecting the appropriate
software and/or hardware technology, which include specific
functionalities and features.  Each solution comprises a number
of modules, which can be implemented separately or integrated to
closely support the business processes of its clients.  It also
provides a range of professional services to complement its
application software, such as consultancy, training and
customization of the application software to cater to specific
requirements.  As of March 31, 2006, the Company suffers
liquidity crunch as its MYR21.2 current liabilities exceed its
current assets of MYR11.8 million.


PILECON ENGINEERING: Suffers MYR3.5-Mln Loss in First Quarter
-------------------------------------------------------------
Pilecon engineering Berhad, on May 26, 2006, filed with the
Bursa Malaysia Securities Berhad its financial report for the
first quarter ended March 31, 2006.

During the quarter under review, the Group recorded a turnover
of MYR3.6 million with operating loss before share of profits
from associated companies of MYR5.8 million.  The loss is due to
lower turnover recorded attributable to delayed property
launched and continued high finance cost.

The Group's turnover for the quarter ended March 31, 2006, is
lower as compared to MYR6.3 million in the fourth quarter ended
December 31, 2005.  

The Group's loss before tax of MYR3.6 million for the quarter
under review is also lower as compared to loss before tax of
MYR40.8 million in the fourth quarter of 2005.  The lower loss
is due to provisions made in fourth quarter of 2005 for bad
debts and allowance for write down of inventories.

Net loss for the quarter under review is MYR3.6 million and
basic loss per share is 0.89 sen.

There was no dividend recommended for the quarter under review.

As of March 31, 2006, the Company's balance sheet revealed total
assets of MYR575,611,000 and total liabilities of
MYR559,710,000.

The Company's March 31 balance sheet also showed strained
liquidity with MYR252,609,000 in total current assets available
to pay MYR558,523,000 in total current liabilities coming due
within the next 12 months.
  
The Company's directors are of the opinion that the performance
of the Group for the current financial year remains challenging.

               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

     3,595         14,924          3,595          14,924

* Profit/(loss) before tax  

    -3,601         -2,427         -3,601          -2,427

* Profit/(loss) after tax and minority interest  

    -3,554         -2,384         -3,554          -2,384

* Net profit/(loss) for the period

    -3,554         -2,384         -3,554          -2,384

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

     -0.89          -0.60          -0.89           -0.60

* Dividend per share (sen)  

      0.00           0.00           0.00            0.00

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

     0.0400                      0.0500

The Company's First Quarter Report is available for free at:

   http://bankrupt.com/misc/tcrap_pileconengineering053106.xls

                About Pilecon Engineering Berhad

Headquartered in Selangor Darul Ehsan, Pilecon Engineering
Berhad is engaged in building construction and civil engineering
works.  The Company is also involved in trading and hiring of
plant and equipment for foundation engineering and civil
engineering works.  It also undertakes resort operation and
complex management services.  The Group operates in Malaysia,
Hong Kong and Singapore.  The Company is currently undergoing a
MYR354-million debt-restructuring exercise.  The scheme,
however, was placed in jeopardy following the Securities
Commission's rejection of an inter-conditional proposal to
acquire a piece of land in Johor at a cost of MYR75 million.  
The Commission also rejected the Company's scheme of arrangement
with certain secured creditors.


POLYMATE HOLDINGS: Malayan Banking Slaps MYR10-Million Claim
------------------------------------------------------------
Polymate Holdings Berhad and its wholly owned subsidiary, ABI
Malaysia Sdn Bhd, were served with a Writ of Summons and
Statement of Claim dated May 18, 2006, by Malayan Banking
Berhad.

Malayan Banking is asserting a MYR10,014,145 claim as of
December 31, 2005, and an annual default interest of 10% from
January 1, 2006, to the date of the full settlement of the
claim.

In addition, Malayan Banking is also asking payment for
solicitor and client costs, and other relief that the Kuala
Lumpur High court deems fit.

                 About Polymate Holdings Berhad

Headquartered in Selangor Malaysia, Polymate Holdings Berhad --
http://www.polymate.com.my/Hprofile_html.htm-- is engaged in  
the manufacturing and marketing of lead acid batteries for the
automotive and related industries.  It is also engaged in the
manufacturing and dealing of plastic articles and products,
corrugated carton boxes and related products, manufacturing and
trading of door closers and trading of building materials,
investment holding and provision of corporate and financial
support services.  The Group operates in Malaysia, Australia,
New Zealand and Europe.  Polymate Holdings is in the process of
working out possible plans to regularize its condition.
Operations in its subsidiaries will be revived when a workable
restructuring scheme is formalized with its lenders and when
fresh working capital can be injected into the operations.  On
April 28, 2006, Bursa Malaysia Securities Berhad publicly
reprimanded and imposed a total fine of MYR84,000 on Polymate
Holdings Berhad for breach of the Bourse's Listing Requirements.
This was followed by another public reprimanded on May 26, 2006.
Meanwhile, Polymate says that it is still negotiating with its
lenders to restructure the Group's credit facilities and is
working on various schemes to regulate its financial position.


SUGAR BUN: Disposes of GYNA Stake to Curb Losses
------------------------------------------------
Sugar Bun Corporation Berhad together with MultiRev Sdn Bhd
have, on May 26, 2006, entered into a Sale of Share Agreement
with Gloharta (M) Sdn Bhd for the disposal of their entire
shareholdings in GYNA of 1,590,000 ordinary shares.

The GYNA Shares will be disposed of at MYR1 each for a net
consideration of MYR3.738 million.  Out of this amount, MYR1.857
million is the net consideration attributable to Sugar Bun's
790,000 ordinary shares.

GYNA has a fully paid up share capital of MYR1,590,000 made up
of 1,590,000 ordinary shares of MYR1 each.  It is principally
engaged in the business of operating and managing an island
resort which it owns in Pulau Gaya , Sabah.  MultiRev has a
50.3% interest in GYNA, while Sugar Bun has 49.5%.

Based on the audited accounts of GYNA as of Dec. 31, 2005, the
net consideration for the Sale Shares MYRM3.74 million.  The
sale consideration was arrived at based on a willing buyer
willing seller basis and after taking into consideration the
weak financial position of GYNA as reflected in its Dec. 31,
which shows a deficit shareholder's fund of MYR9.3 million,
continuing losses and a cash flow deficit.

The disposal enables Sugar Bun to reorganize its Group structure
and assets.  The continued holding of such investment will only
contribute further losses to the Group.  Inability on the parts
of the shareholders to advance or inject further fund to GYNA
for expansion, its required refurbishment and the necessary
working capital will only deteriorate further the state and
condition of the resorts and thus the resultant losses to the
Group.

                About Sugar Bun Corporation Bhd

Sugar Bun Corporation Bhd -- http://www.sugarbun.com/-- is  
engaged in the operation and franchising of restaurants,
bakeries and confectioneries.  Its other activities include
general trading of machinery, spare parts and phone cards,
investment holding and provision of administrative, management
and marketing services. Operations of the Group are carried out
mainly in Malaysia.  The Company is currently reorganizing the
Group's overall structure in a bid to curb losses it accumulated
in the past.  The Company is employing various policies
formulated to streamline the Group's operations including cost
cutting measures.  With the corporate exercises in place, Sugar
Bun Corporation is expected to recover this year.  


TENAGA NASIONAL: Lists and Quotes ESOS Shares
---------------------------------------------
Tenaga Nasional Berhad's additional 2,733,375 new ordinary
shares were granted listing and quotation on May 30, 2006.

The shares were issued at MYR1 each pursuant to the Company's
Employees' Share Option Scheme.

                    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.


TRU-TECH HOLDINGS: Faces Trading Suspension
-------------------------------------------
Bursa Malaysia Securities Berhad, on May 26, 2006, decided to
suspend trading in the securities of Tru-Tech Holdings Berhad
from June 5, 2006, as the Company has failed to regularize its
financial condition pursuant to the Bourse's Listing
Requirements.

The Company has been given five days from May 26 to explain why
its securities should not be removed fro the Official List of
Companies.

                 About Tru-Tech Holdings Berhad

Headquartered in Ulu Tiram Johor, Malaysia, Tru-Tech Holdings
Berhad's principal activity is the manufacturing of electronic
components and products.  Its other activities include
development and distribution of switch-mode power supplies and
investment holding.  The Group operates in Malaysia, Singapore,
United States and United Kingdom.  On May 27, 2004, Tru-Tech
announced a series of proposed corporate exercises to address
its losses.  These include the incorporation of a new entity as
Tru-Tech's holding company, and the disposal of its existing
contract-assembly business to a third party.  Much of Tru-Tech's
future performance will hinge on its ability to restructure its
debts and resolve its poor liquidity.


WEMBLEY INDUSTRIES: Books MYR18.43-Million Loss in First Quarter
----------------------------------------------------------------
Wembley Industries Berhad, on May 29, 2006, filed with the Bursa
Malaysia Securities Berhad its financial report for the first
quarter ended March 31, 2006.

For the quarter under review, the Group reported losses of
MYR18.43 million compared with a loss of MYR43.86 million for
the preceding quarter ended December 31, 2005.  The losses were
mainly due to a provision for impairment of development
properties amounting to MYR27.54 million, otherwise there are no
other major incurrence of losses with reference to last
quarter's results.

As of March 31, 2006, the Company's balance sheet revealed total
assets of MYR422,729,000 and total liabilities of
MYR1,214,178,000, resulting in a MYR791,749,000 stockholders'
equity deficit.

The Company's March 31 balance sheet also showed strained
liquidity with MYR415,545,000 in total current assets available
to pay MYR1,214,178,000 in total current liabilities coming due
within the next 12 months.

The Company's accumulated losses as of March 31, 2006, have
reached MYR1,063,555,000.  There was no dividend payment and no
dividends are recommended or have been declared during the
financial quarter and year to-date 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

          0             0               0              0

* Profit/(loss) before tax  

    -18,426       -14,564         -18,426        -14,564

* Profit/(loss) after tax and minority interest  

    -18,426       -14,564         -18,426        -14,564

* Net profit/(loss) for the period

    -18,426       -14,564         -18,426        -14,564

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

     -12.75        -10.08          -12.75         -10.08

* Dividend per share (sen)

       0.00          0.00            0.00           0.00

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

    -5.4800                     -5.3500

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

   http://bankrupt.com/misc/tcrap_wembleyindustries053106.pdf

http://bankrupt.com/misc/tcrap_wembleyindustriesnotes053106.pdf

            About Wembley Industries Holdings Berhad

Headquartered in Sarawak Malaysia, Wembley Industries Holdings
Berhad is a developer of commercial properties and investment
holding.  Its other activities are the development of the inter-
state bus and taxi terminal, the retail podium and the budget
hotel.  The Company has been placed under the Practice Note 4
category due to its tight cash flow position.  On January 7,
2003, Malaysia's Foreign Investment Committee approved the
Company's regularization plan.  Subsequently, on April 7, 2003,
the FIC revised its approval to include the possible
participation of Daewoo Corporation, the former turnkey
contractor of Plaza Rakyat Project in the Company's Proposed
Debt Restructuring.  The Company's ability to go on as a going
concern hinges on the successful implmentation of the Scheme.


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

ATLAS CONSOLIDATED: Turns Around With PHP85 Million Net Income
--------------------------------------------------------------
Atlas Consolidated Mining and Development Corporation posted a
turnaround for the year ending December 31, 2005, with a
consolidated net income of PHP85.45 million, against a net loss
of PHP322.89 million recorded for the financial year 2004, the
Troubled Company Reporter - Asia Pacific has found out from the
Company's latest annual report submitted to the Philippine Stock
Exchange.

The Company attributes this net income to a gain booked on the
disposal of its construction subsidiary, amounting to PHP499.96
million, as compared to a loss of PHP52.23 million in 2004.

Consolidated revenues for the period was down 61.16% to PHP43.88
million from the PHP112.97 million earned in 2004.

      Atlas Consolidated Mining and Development Corporation
                 Consolidated Financial Highlights
                        (in PHP millions)

                                  For the year ending
                             12/31/2005      12/31/2004
                             ----------      ----------
     Current Assets               50.91           15.69
     Current Liabilities       4,668.12        3,645.60
     Total Assets              1,783.12        1,849.95
     Total Liabilities         4,818.01        3,849.85
     Capital Deficiency        3,034.89        1,999.90
     Net Income                   85.45         (322.89)
     Revenues                     43.88          112.97
     Expense                     454.40          423.33

Atlas Consolidated's financial report for the year ending
December 31, 2005, is available for free at:

   http://bankrupt.com/misc/AT_17A_Dec2005.pdf

     Auditor Raises Doubt on Parent Company's Going Concern

Jaime F. Del Rosario, of Sycip Gorres Velayo, the Company's
independent auditor, has expressed a significant doubt on the
Company's ability to continue as a going concern.  Mr. Del
Rosario cited these factors:

   * Atlas Consolidated's parent company incurred significant
     cumulative losses amounting to PHP10.699 billion in 2005
     and PHP10.324 billion in 2004;

   * As of December 31, 2005, and 2004, the total current
     liabilities exceeded the total current assets by
     PHP4.458 billion and PHP3.117 billion; and

   * The total liabilities exceeded the total assets, resulting
     to a capital deficiency of PHP2.996 billion and      
     PHP1.660 billion as of December 31, 2005, and 2004.

      Atlas Consolidated Mining and Development Corporation
             Financial Highlights for Parent company
                        (in PHP millions)

                                  For the year ending
                             12/31/2005      12/31/2004
                             ----------      ----------
     Current Assets               19.26            9.66
     Total Assets              1,630.30        1,593.60
     Current Liabilities       4,476.63        3,126.44
     Total Liabilities         4,626.52        3,253.95
     Capital Deficiency        2,996.22        1,660.35
     Net Loss                    377.50          266.55
     Revenues                     37.81          113.64
     Expense                     411.32          419.90

                    About Atlas Consolidated

Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three pre-war
mines, the Masbate Consolidated Mining Company, IXL Mining
Company and the Antamok Goldfields Mining Company.  The Company
is engaged in mineral and metallic mining and exploration that
primarily produces copper concentrates and gold with silver and
pyrites as major by-products.

The Company's copper mining operations are centered in Toledo
City, Cebu, where two open pit mines, two underground mines and
milling complexes are located.  The Cebu copper mine ceased
operations in 1994 after a typhoon hit the province in 1993 and
caused flooding and a muck rush of the underground facilities.  
Activities after the shutdown were limited to safeguarding and
maintaining the property, plant and equipment at the minesite.  
The closure has brought huge losses to the mining firm.  The
Company's revenues are currently derived mainly from rental of
some of its idle assets and from proceeds from sale of scrap and
excess materials.

In January 2004, Atlas decided to rehabilitate the company and
its assets at the earliest possible time since copper and nickel
prices have recovered.

Recently, a feasibility study to reopen the Cebu mine was
completed and the Company is presently in negotiations to raise
the necessary finance to commence rehabilitation.  The study
concluded that the reopening of the Toledo mines was viable.
On February 23, 2006, the TCR-AP reported that Atlas signed an
agreement with Crescent Asian Special Opportunities Portfolio,
which would buy part of the Company's debts convertible into
stock, and would invest PHP1.69 billion into Carmen Copper
Corporation in exchange for a 34% stake.

For now, the Company said that it will continue, through its
debts-for-equity swap agreement with Alakor Corporation, to
reduce its liabilities and debts to manageable levels.  It also
intends to rationalize its asset portfolio, including a possible
sale of obsolete and unproductive assets.  Moreover, a re-
evaluation of the feasibility of re-opening the Toledo Copper
mine will continue, and negotiation to raise project funding for
the re-opening will be progressed.


BENGUET CORPORATION: Forex Drives Down Net Loss By Almost 60%
-------------------------------------------------------------
Benguet Corporation's consolidated net loss for the three months
ended March 31, 2006, amounted to PHP19.93 million, 58.79% lower
than the PHP48.36 million net loss for the same quarter in 2005,
the Troubled Company Reporter - Asia Pacific learns from the
Company's financials submitted to the Philippines Stock
Exchange.

According to the Company, the lower net loss for the first
quarter was mainly due to foreign exchange gain of PHP78
million, 168.97% higher than the PHP29.38 million forex gain in
the first quarter last year.  The higher forex gain is
attributable to the appreciation of the Philippine peso against
the United States dollar.

The Company's operating results also showed that consolidated
revenue fell to PHP65.27 million for first quarter of 2006 from
the PHP95.21 million operating revenue for 2005, due mainly to
lower sales of chromite to 1,611 DMT this quarter from 5,866 DMT
for the same period last year.

                      Cash-Tight Situation

For the first three months of 2006, Benguet Corporation says
that it continued to be in a cash-tight situation.  The Company
intends to continue to dispose of its non-performance assets,
improve its production volume of gold and chromite products to
generate adequate cash to meet its operating cash requirement.
The Company foresees improvement in its cash flow for the second
quarter this year, as the price of metals continued to rise and
the Masinloc Chromite Operation continued to get order of chrome
ore from Canada and Mexico.

The Company's asset disposal activities this quarter generated
revenues of PHP2.30 million from the sale of non-performing
assets in the form of equipment, materials and supplies, and
scrap.

The Company's consolidated financial report for the first
quarter reflects these key figures:

                       Benguet Corporation
                Consolidated Financial Highlights
                        (in PHP millions)

                                As of          As of
                             03/31/2006      12/31/2005
                             ----------      ----------
     Current Assets              310.66          329.08
     Total Assets              3,213.53        3,212.58
     Current Liabilities       3,865.10        3,808.01
     Total Liabilities         4,909.26        4,663.20
     Capital Deficiency        1,695.73        1,650.63

                                   Quarter Ending
                             03/31/2006      03/31/2005
                             ----------      ----------
     Operating Revenue           65.270          95.207
     Net Loss                     19.93           48.36

Benguet Corp's financial report for the three months ended
March 31, 2006, is available for free at:

   http://bankrupt.com/misc/BCB_17Q_Mar2006.pdf

                    About Benguet Corporation

Benguet Corporation -- http://www.benguetcorp.com/-- was  
organized to primarily engage in gold mining.  It expanded into
chromite and copper production, and then into the fields of
general engineering and industrial construction, agriculture,
shipping, banking and finance, real estate and forestry-based
ventures.

Today, after restructuring its diversified operations and
consolidating its resources following the turbulent financial
climate of the 90s, the Company has transformed itself into a
total natural resource development and services Company.
Alongside its core business of mining and mineral exploration,
the Company and its subsidiaries are actively engaged in water
projects, real estate development, forest management and eco-
tourism, while maintaining interests in allied industries such
as steel casting, trucking and warehousing, trading, engineering
and construction services.

                       Debt Repayment Plan

On June 11, 1999, Benguet Corporation reached an agreement with
its creditor-banks on the repayment of its outstanding loans.  A
Term Sheet was signed extending the maturity of your Company's
loan up to June 30, 2000, with automatic renewal every
anniversary up to the year 2002, upon payment of annual
interest.  The Company was able to settle major portions of the
interest due on June 30, 2000, through a combination of cash and
Tax Credit Certificates.  For June 30, 2001, and June 30, 2002,
the Company wrote the banks and offered to settle the annual
interest due on 2001 and 2002.  In its letter to the banks dated
October 3, 2002, the Company requested for additional time to
settle its obligations pending its formal entry into the Baguio
Bulk Water Project.

As of March 31, 2006, loans subject to the repayment plan are
equal to PHP1.7 billion.


MANILA ELECTRIC: Seeks to Return to Power Generation
----------------------------------------------------
Utility firm Manila Electric Company is interested in going back
to power generation after it sold off most of its electricity
generation businesses over 30 years ago, and is looking to
acquire certain plants of state power firm National Power Corp.,
the Philippine Star relates.

Meralco Chief Executive Officer Manuel Lopez said that the
Company's board decided to return to the power generation
business and is considering undertaking Greenfield projects or
acquiring National Power's geothermal assets that are up for
sale.  Specifically, the Company is interested in Napocor's 660-
megawatt geothermal plant in the Tiwi-Makban area in Manila, as
well as a 112-megawatt hydropower plant in northern Pantabangan-
Masiway area, the Philippine Inquirer says.  Mr. Lopez added
Manila Electric is conducting due diligence separately from its
affiliates First Gas Corp. and First Gen Corp., which are
bidding for Napocor assets, as well, according to the Star.

Meralco president Jesus Francisco said that the Company plans to
use its unit Meralco Energy Inc. as an investment vehicle to bid
for Napocor's assets, although there is no specific date for the
Company's reentry in to the power generation business, adding
that it would depend on the Government's approval of retail
power competition and open access, which lets industrial power
consumers choose their suppliers.

The Philippine Star reports that Meralco Energy sold its
electric facilities management business to focus on energy
services last year, and was tasked with reviewing the possible
purchase of Napocor power generation assets handled by the Power
Sector Assets and Liabilities Management Corp.  Meralco Energy
has submitted and bought bidding documents from PSALM in order
to bid for Napocor's power plants, and is slated to complete the
bidding process by the end of 2006.  

Manila Electric posted a PHP300 million income last month, after
a PHP748-million net loss for the first quarter from January to
March this year, signaling a possible turnaround, according to
Mr. Lopez.  The Company expects sales volume to rise by 2.8%
from 0.6% last year with the opening of new shopping malls, the
Inquirer writes.

As of Dec. 31, 2005, Manila Electric's assets totaled PHP164.34
billion.  The Company, whose total outstanding loans amount to
PHP15 billion payable within seven years, needs to set aside
around PHP2 billion per year to settle its debts the Philippine
Star reveals.

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.


PHILCOMSAT HOLDINGS: Clarifies "Trick-SEC" Reports
--------------------------------------------------
On May 24, 2006, the Philippine Stock Exchange asked Philcomsat
Holdings Corporation to clarify reports that it duped the
Philippine Supreme Court and the Sandiganbayan on the status of
actual government control in the Company, and that it has
"foisted a disclosure trick" over the PSE.

Philcomsat Assistant Corporate Secretary Delfin Angcao clarifies
that Philcomsat is not a party to any case pending before the
Supreme Court and the Sandiganbayan, and has not submitted any
pleading regarding government control in the Company.  
Therefore, there is no truth to the statement saying that the
Company has duped both the Supreme Court and the Sandiganbayan.

Moreover, the May 24, 2006 edition of Cocktales, a regular
business column appearing in the Philippine Daily Inquirer,
reported in part that:

     "Instead of a mere slap on the wrist, the SEC imposed a      
     PHP274,000 fine on the Malacanang-led board of Philcomsat
     Holdings.  The SEC belatedly discovered that Philcomsat
     Holdings had failed to disclose in its 2004 annual report
     that its chairman at the time, Benito 'Bomboy' Araneta, is
     a nephew of its current president, the ailing 90-year-old
     Manuel Nieto.  The acting chairman, the Malacanang-
     nominated Enrique Locsion, who has allied himself with
     Araneta, is appealing the SEC fine."

Mr. Angcao also clarified that it was Philcomsat Vice President
Philip Brodett -- not Mr. Locsin -- who requested a
reconsideration of the PHP274,000 fine.

                          *     *     *

Philcomsat Holdings Corporation -- formerly Liberty Mines, Inc.,
-- was incorporated on May 10, 1956.  During the 70s and early
80s when the country experienced a boom in geophysical and
drilling activities both offshore and onshore, Philcomsat
Holdings was one of the active participants in search of oil.  
The Company has since withdrawn from oil exploration because
there was no commercial discovery of oil.

On January 10, 1997, the Company approved amendments to its
Articles of Incorporation, changing its primary purpose from
embarking in the discovery, exploitation, development and
exploration of mineral oils, petroleum in its natural state,
rock or carbon oils, natural oils and other volatile mineral
substances to a holding company.

According to a Troubled Company Reporter - Asia Pacific report
on May 18, 2006, Philcomsat Holdings has not declared dividends
for the past two fiscal years.

For the year ended Dec. 31, 2005, Philcomsat Holdings generated
PHP62.3 million gross income, against PHP67.31 million in 2004,
whereas its 2005 interest from money market placements amounted
to PHP60.10 million, compared to PHP64.30 million in 2004.  
According to the Company, falling interest rates and its
investment in Telecommunications Center, Inc., contributed to
the decrease in interest income.  It also incurred realized
foreign exchange loss of PHP4.08 million in 2005, against a
PHP0.89 million gain the previous year.

The Company did not pay management fees and amortization of
deferred creditors for the years 2003 to 2005.

Philcomsat Holdings Corp. has not held an annual stockholders'
meeting since 2004, when Manuel Nieto Jr. and his nephew, Benito
Araneta, were elected to the board of directors.  Mr. Nieto is
president of Philcomsat, while Mr. Araneta is chairman of the
board.  Company shareholder Victor Africa had accused the Nieto
group of using company funds and corporate manipulations to
retain their positions in Philcomsat.  A report by the
Philippine Star relates that Mr. Nieto did not recognize the
proxy presented by Mr. Africa at the Company's 2004 meeting, and
prevented him from voting 81% Philcomsat shares in the election.

Mr. Nieto and Mr. Araneta reportedly refused to hold an annual
stockholders' meeting in May last year, prompting stockholders
to seek intervention by the SEC.  

The SEC ordered Philcomsat to hold a stockholders' meeting on
April 17, 2006, to enable shareholders to decide whether to let
the Nieto group stay on to manage the Company.  The Nieto group
countered with a proposal to hold the meeting on April 18, 2006,
which excluded the election of the Board and extended their term
as board members.  The SEC rejected the counterproposal and
ordered the Company to hold a shareholders' meeting on May 4,
2006.  Shareholders had voted to extend Philcomsat Holdings'
corporate life by another 50 years under current management,
winning over minority shareholders who had wanted Mr. Nieto out
of the Company.

A later TCR-AP report on May 17, 2006, stated that the SEC has
opted to delay its decision on when Philcomsat should hold its
annual stockholders' meeting, as it has been ordered to submit a
report of the Supreme Court decision on the Company's
confiscated shares.


PHILIPPINE NATIONAL BANK: Releases ASM Results
----------------------------------------------
Philippine National Bank has elected a new set of directors at
its Annual Stockholders' Meeting on May 30, 2006, the Troubled
Company Reporter - Asia Pacific learns from a Company disclosure
to the Philippine Stock Exchange.

The new directors, to serve for a period of one year, are:

    1. Virgilio R. Angelo
    2. Florido P. Casuela
    3. Domingo T. Chua
    4. Omar Byron T. Mier
    5. Feliciano L. Miranda, Jr.
    6. Eric O. Recto
    7. Washington Z. SyCip
    8. Lucio C. Tan
    9. Ricardo M. Tan
   10. Florencia G. Tarriela
   11. Macario U. Te

Ms. Tarriela, Mr. Miranda, Mr. Casuela, Mr. SyCip and Mr. L. Tan
are independent directors.

PNB also announced the appointment of Sycip Gorres Velayo and
Company as its external auditor.  The Shareholders also amended
the Bank's by-laws.

At the organizational meeting of the Board of Directors
immediately following the Annual Shareholders' Meeting, Ms.
Tarriela was elected as Chairman of the Board, while Mr. Mier
was elected Vice Chairman and President.  Other officers and
their new posts are:

   * Sylvia Chan-Lim      - Treasurer
   * Renato J. Fernandez  - Corporate Secretary
   * Alvin C. Go          - Chief Legal Counsel
   * Cris S. Cabalatungan - Internal Auditor

                          *     *     *

Philippine National Bank -- http://www.pnb.com.ph/-- is the    
Philippine's first universal bank established on July 22, 1916.   
The Bank's core business consists of lending and deposit-taking
activities from corporate, middle market and retail customers,
as well as various government units.  Its other principal
activities include bill discounting, fund transfers, remittance
servicing, foreign exchange dealings, retail banking, trust
services, treasury operations and trade finance.  Through its
subsidiaries, PNB engages in a number of diversified financial
and related businesses such as international merchant banking,
investment banking, life/non-life insurance, leasing, financing
of small-and-medium-sized industries, and financial advisory
services.  It introduced innovations such as the bank on wheels,
computerized banking, ATM banking, mobile money changing and
domestic travelers' checks.
  
The Company has not declared any cash dividends on its common
equity for the fiscal years 2004 and 2005.
  
PNB is on the fourth year of its five-year rehabilitation plan
approved by the Bangko Sentral ng Pilipinas.  The rehabilitation
plan, which was signed in May 2002, stipulated these financial
components/conditions:

   * PHP7.8 billion of the PHP25 billion assistance extended by
     the BSP and Philippine Deposit Insurance Corp. would be
     converted into equity;

   * PNB will partially settle PHP10 billion of its obligation
     by way of dacion en pago through the assignment of
     government and government-related receivables; and

   * PNB will maintain PHP6.1 billion as a 10-year loan at an
     interest rate equivalent to the 91-day T-Bill rate plus 1
     percentage point to be re-priced quarterly.
  
Subsequently, PNB secured the approval of the Securities and
Exchange Commission in July 2002 to undergo quasi-
reorganization, which reduced the par value of its shares from
PHP60 per share to PHP40 per share.  This was done in order to
accommodate the PHP7.8 billion debt-to-equity conversion of the
PDIC through the issuance of 195,175,444 preferred shares.  The
debt-to-equity conversion allowed the Government to have a
direct hand in the governance and management of the Bank until
full divestment of its equity holdings.  The move resulted in
the Government controlling 44.98% of the Bank, while the Lucio
Tan Group holds a 44.98% stake.

In 2002, convertible preferred shares were issued to the PDIC as
payment for the PHP7.8 billion borrowed by the Parent Company
from the PDIC.

On July 30, 2002, the Parent Company and the PDIC signed an
agreement wherein the Parent Company transferred and conveyed by
way of "dacion en pago", or payment in kind, its rights and
interests to the loans of and certain debt securities issued by
various government agencies to the PDIC.  The "dacion en pago"
arrangement reduced the Parent Company's outstanding obligations
arising from the financial assistance given to the Parent
Company by the BSP and the PDIC.

After the completion of these corporate actions and
rehabilitation, the balance of the Parent Company's outstanding
obligations to the PDIC was PHP6.1 billion.  This balance was
restructured into a 10-year term loan, with interest payable at
91-day treasury bills (T-bills) rate plus 1.00%
  
In line with the rehabilitation program of the Parent Company as
approved under Monetary Board Resolution No. 626 dated April 30,
2003, the Parent Company and the BSP entered into a Memorandum
of Understanding on September 16, 2003.  Pursuant to the MOU,
the Parent Company will comply with these directives under MB  
Resolution No. 649, among others:
  
   * maintain a strong management team supported by competent
     staff;

   * improve the Parent Company's past due ratio;

   * sell the PNB Financial Center; and

   * dispose real and other properties owned or acquired.
  
In the third quarter of 2005, the Philippine Government and the
Lucio Tan Group completed the joint sale of their 67% stake in
PNB.  The Lucio Tan Group exercised its right to match the share
bid offered by the Union Bank consortium and purchased the
shares owned by the government.  The Lucio Tan Group thus gained
about 77% ownership of PNB.


PHILIPPINE TELEGRAPH: Forex Drives Net Loss Up to PHP696.14 Mln
---------------------------------------------------------------
In a financial report submitted to the Philippine Stock
Exchange, Philippine Telegraph & Telephone Corporation posted
net operating revenues of PHP312.52 million for the quarter
ending March 31, 2006.  The result was a PHP55.843 million or
15% decrease from the PHP368.37 million recorded for the
corresponding period in 2005, attributed to the decrease in
traditional revenues.

The Company's cost reduction programs pushed down costs and
expenses for the 2006 quarter to PHP309.15 million, which is a
PHP55.26 million decrease from 2005's PHP364.42 million.  
Consequently, the loss from operations also decreased by 6% or
PHP34.51 million.

Net loss, however, increased by PHP2.21 million, to PHP696.14 in
the first quarter 2006 from the PHP693.92 million in the first
quarter in 2005, due to a foreign exchange loss recorded within
the period.

PT&T's financial report for the quarter ended March 31, 2006,
reflects these key figures:

          Philippine Telegraph & Telephone Corporation
                    Financial Highlights
                     (in PHP millions)

                                As of          As of
                             03/31/2006      06/30/2005
                             ----------      ----------
     Current Assets              670.11          651.80
     Total Assets              8,885.28        9,386.59
     Current Liabilities       1,693.34        1,575.58
     Total Liabilities         1,841.75        1,724.53
     Total Equity              7,043.53        7,662.05

                             03/31/2006      06/30/2005
                             ----------      ----------
     Financial Ratios:
     Debt to Equity Ratio          0.26            0.23
     Current Ratio                 0.40            0.41

                                   Quarter Ending
                             03/31/2006      03/31/2005
                             ----------      ----------
     Net Loss                    696.14          693.92
     Revenues                    312.52          368.37
     Expense                     309.15          364.42

                           About PT&T

The Company's first quarter report is available for free at:

   http://bankrupt.com/misc/PTT_17Q_Mar2006.pdf

Philippine Telegraph & Telephone Corporation --
http://www.ptt.com.ph/-- has grown through the years to become  
the Philippines' dominant record carrier and leading provider of
leased voice and data channels.  It offers a comprehensive
package of telecom services ranging from telephony to high-speed
voice, data and sophisticated video technologies.

The Company operates a nationwide telecommunication network,
which includes more than 400 retail outlets throughout the
country for telegraphy and long distance telephony.  Although
telegraphy, like telex services which the Company dominated in
the 70s and 80s, is perceived as a "sunset" product, variations
are continuously being developed and introduced, such as gift-
accompanied social telegrams; money transfers; and very
recently, e-business derivatives like "e-Sulat" and "e-Store" in
the new Click & Call stations.

                       Trading Suspension

PT&T is listed with PSE for the trading of the common shares but
requested voluntary suspension of trading effective December 13,
2004.

                         Tax Liabilities

The Company had applied for compromise settlement of its tax
liabilities of about PHP434 million.  In a letter dated
March 30, 2005, the company had offered a payment plan to the
Bureau of Internal Revenue.

PT&T's management believes that the Company's liquidity position
will be improved if the proposed compromise settlement for tax
liabilities, which is a significant portion of the current
liabilities, is accepted by the BIR.  The Company's management
has likewise made certain recommendations to its lender-
shareholders, who now comprise the majority ownership interest
in the Company due to the concluded debt restructuring program,
for the strengthening of the Company's stockholders equity.

                       Debt Restructuring

The Company's management has been authorized by its Board of
Directors to entertain potential funders/investors, including
those recommended by the creditors, for the Company's major
project, which also involves strengthening of its financial
condition.  Preliminary data and information are being supplied
to those who have executed confidentiality agreements so that
they can conduct their initial evaluation.  The Company has
likewise been informed be certain creditors that they have been
approached by interested parties.  However, the Company is not
privy to matters being discussed among them although further
developments which may be relevant to all creditors are being
awaited.  The holding of the regular annual stockholders'
meeting is still held in abeyance pending submission to the
Securities and Exchange Commission and the Philippine Stock
Exchange of the Company's audited financial statements for the
fiscal years ending June 30, 2004 and 2005.  As explained to the
SEC under the Company's request for temporary exemptive relief,
certain matters have yet to be resolved in order to satisfy the
requirements of its external auditor, SGV & Co.


UNITED PARAGON: PHP68.54 Net Loss for 1Q 2006
---------------------------------------------
United Paragon Mining Corporation posted a net loss of PHP68.54
million for the first quarter ended March 31, 2006, as compared
to the PHP63.83 million net loss in the same quarter in 2005.
The Company states that the PHP4.716 million or 7.4% increase in
net loss was substantially due to the increase in interest and
financing charges, slightly reduced by foreign exchange gain and
lower general and administrative expenses and depreciation.

                           More Debt

While total assets decreased by PHP2.084 million -- from
PHP1.125 billion as of December 31, 2005, to PHP1.123 billion as
of March 31, 2006 -- total current liabilities increased from
PHP2.214 billion as of December 31, 2005, to PHP2.280 billion as
of March 31, 2006, mainly due to additional loans and advances
amounting to PHP2.643 million from related companies and
accruals of interests and financing charges amounting to
PHP65.815 million.

Of the increase in loans and advances from related companies,
PHP2 million was used to pay the Company's loan from Rizal
Commercial Banking Corporation while the balance of PHP0.643
million was used for care taking expenses and partial payment of
creditors accounts.

               Capital Deficiency and Illiquidity

Due to the suspension of mining and milling operations and
limited sources of funds, the Company failed to meet payments
within the stated terms to majority of its suppliers,
contractors and creditors.  However, the Company has reduced
significantly the balance of its outstanding accounts with
suppliers, contractors and other creditors from PHP248.30
million in 1999 to PHP163.70 million as of March 31, 2006.

Capital deficiency increased from PHP1.14 billion as of Dec. 31,
2005, to PHP1.21 billion as of March 31, 2006, due to the net
loss of PHP68.542 million for the period.

The Company is in the process of finding a strategic
partner/investor to help finance the amount required for its
planned rehabilitation and further development of its Longos
Mine.  The Company is contemplating on securing US$17 million to
US$20 million financing and US$5 million to US$8 million in
equity to fund the planned rehabilitation and reopening of the
Longos Mine.

The Company's financial report for the quarter ended March 31,
2006, reflects these key figures:

               United Paragon Mining Corporation
                    Financial Highlights
                     (in PHP millions)

                                As of          As of
                             03/31/2006      12/31/2005
                             ----------      ----------
     Current Assets               51.65           52.64
     Total Assets              1,123.03        1,125.12
     Current Liabilities       2,280.44        2,213.98
     Capital Deficiency        1,210.91        1,142.36

                                   Quarter Ending
                             03/31/2006      03/31/2005
                             ----------      ----------
     Net Loss                     68.54           63.83

United Paragon's financial report for the period ended 2006, is available for free at:

   http://bankrupt.com/misc/UPM_17Q_Mar2006.pdf

                  About United Paragon Mining

United Paragon Mining Corporation is engaged in the exploration,
development, exploitation, production and sale of gold.  It came
into existence in 1990 as a result of the merger between United
Asia and Geothermal Resources and Abcar Paragon Mining
Corporation, a privately owned company whose principal assets
are the Longos Gold Mine and other gold exploration claims and
agreements.

              Substantial Doubt on Going Concern

Ricardo G. Manabat of Laya Mananghaya & Co. expressed
substantial doubt about United Paragon's ability to continue as
a going concern after auditing the Company's 2005 Annual Report.

Mr. Manabat cited that:

   * The Company has been continuously incurring net losses and
     has accumulated deficit of PHP2.029 billion as of
     December 31, 2005, resulting to a capital deficiency of
     PHP1.089 billion and working capital deficiency of
     PHP2.161 billion as of December 31, 2005;

   * The Company's Board of Directors authorized the suspension
     of its Main Shaft's rehabilitation and development in the
     last quarter of 1998 until appropriate financing for its
     further development becomes available.  Likewise, the
     underground Shaft 4 mining operations were discontinued to
     avoid further losses and to preserve the remaining reserves
     for future extraction from the Main Shaft at a profitable
     level and a retrenchment program for its employees was
     commenced; and

   * The Company's prospects are also currently affected by the
     general slowdown in the economy characterized by volatile
     foreign currency exchange rates, and declining stock
     prices.

Mr. Manabat believes that these factors, among other matters,
cause significant uncertainties that affect the Company's
ability to resume and achieve a profitable level of operations,
enhance recoverability of its assets such as, but not limited
to, the deferred mine exploration and development costs, the
capitalized underground development and exploration costs, the
capitalized mine and mining properties and the plant and
equipment, and its ability to raise the required finances and
pay its debts as they mature.

                     The Plan of Operations

1. The Company will implement the Capital Restructuring program
   this year subject to the approval of creditor-related    
   companies, the Securities and Exchange Commission and
   Philippine Stock Exchange, Inc.

   The Board of Directors and stockholders at their meetings
   held on April 12, 2004, and July 30, 2004, respectively,
   approved the Company's capital restructuring, to improve its
   current ratio, debt ratio, debt-to-equity ratio and capital
   deficit.

   The Company has delayed the implementation of this
   restructuring due to the proposal to change the par value of
   its common shares from PHP0.50 (as decreased) to PHP0.01 per
   share, which will be incorporated in the applications to be
   filed to the SEC and the PSE.

   On April 20, 2006, the Board of Directors of the Company
   approved a resolution to change the par value of its common
   shares from PHP0.50 (as decreased) to PHP0.01 per share with
   the corresponding increase in number of shares.  This will be
   presented to the stockholders for approval on July 28, 2006.

2. The Company will continue to dispose of scrap, obsolete and
   excess assets to raise additional funds to help in financing
   the cash requirements for the year.

3. The Board of Directors has approved a resolution to secure
   additional loans and advances from related companies to fund
   the cash requirements for the year.

4. The Company will continue with its exploration and drilling
   activities to increase the ore reserves upon receipt of
   mineral production sharing agreement from the government on
   the target areas.

5. The Company will continue the care taking and maintenance of
   the mine property until such time that financing for the
   rehabilitation and further development of its mineral
   properties and upgrade of the mill becomes available.

                       Loan Restructuring

On March 1, 2000, RCBC, the creditor bank of the US dollar-
denominated loan, approved the take-out of the loan by a major
stockholder under certain conditions.  Under the terms of the
Company's agreement with RCBC, the US dollar-denominated loan
was converted to a Philippine Peso loan in the amount of PHP31
million payable in three annual installments up to December 27,
2002.  The related interest on this loan which is payable
monthly starting April 28, 2000, is computed at 15% for the
first year subject to review and negotiation for the succeeding
years.

The agreement was amended in 2003 and 2004 and further amended
in 2005 principally with respect to the repayment terms of the
loan.  The 2005 agreement provides for the extension of the loan
repayment up to June 30, 2006, with interest subject to monthly
repricing.

Average interest rate during the year is 17% (2004 - 16.67%).
Loan payable as of December 31, 2005 and 2004 amounted to PHP3.3
million and PHP8.1 million, respectively.  Interest for this
loan during the year amounted to PHP882,777 (2004 -
PHP2,349,224).


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

ACCORD CUSTOMER: Kim Eng and CIMB-GK Underwrite Rights Issue
------------------------------------------------------------
Accord Customer Care Solutions Limited, on May 30, 2006, inked
an agreement for Kim Eng Securities Pte Limited and CIMB-GK
Securities Pte Limited to underwrite the Company's rights issue.

Pursuant to the underwriting agreement, Kim Eng and CIMB-GK have
agreed to subscribe and procure subscribers for the Rights
Shares which are not validly subscribed and applied for at the
close of the Rights Issue.  This amounts to an aggregate of
between 364,356,547 Rights Shares and 370,671,047 Rights Shares.

The Underwriting Agreement is conditional, inter alia, upon:

   * the approval of the Shareholders for the Rights Issue
     being obtained at the extraordinary general meeting of
     the Company to be held on May 31, 2006;

   * none of the representations, warranties or undertakings
     contained in the Underwriting Agreement being untrue,
     incorrect or breached, such as to significantly and
     adversely affect the completion of the Rights Issue; and

   * the lodgment of the Offer Information Statement with the
     Authority in accordance with the provisions of the Act on
     or before June 21, 2006.

The Underwriting Agreement is subject to termination at any time
before the Shares trade ex-rights upon the occurrence of certain
force major events.

                Proceeds from the Rights Issue

Meanwhile, the use of proceeds from the Rights Issue will be
amended, as disclosed here:

   The estimated net proceeds of the Rights Issue are expected
   to be between approximately SGD19.83 million and
   approximately SGD20.08 million.

   Up to SGD15.08 million, representing approximately 75.1% of
   the maximum net proceeds of the Rights Issue, will be used
   for the Group's current working capital purposes, of which
   approximately SGD8.00 million and approximately SGD7.08
   million will be allocated to the Group's distribution and
   retail services and after-market services business segments,
   respectively.

   The balance of up to SGD5.00 million, representing
   approximately 24.9% of the maximum net proceeds of the Rights
   Issue, will be allocated for capital expenditure for the
   Group's AMS business segment in the region, including, inter
   alia, the setting up of additional service centers, entering
   into strategic investments, alliances, joint ventures,
   acquisitions and other capital expenditure.

The Company is currently in negotiations with its lenders to
restructure its financial obligations.  As part of the
negotiations with the lenders, these obligations are intended to
be repaid out of the proceeds from the Company's recovery of its
investments in non-operational assets.  As the timing of receipt
of proceeds from the recovery is dependent on, inter alia, stock
market conditions and conclusion of negotiations, the Company
may be required to use up to SGD5 million, representing
approximately 24.9% of the maximum net proceeds from the Rights
Issue to repay its lenders, if necessary.

The Company is also currently in negotiations with Nokia Pte Ltd
for the settlement of in-warranty claims and intends to repay
such settlement with proceeds from the recovery of its
investments in non-operational assets. In the event the Company
reaches a settlement with Nokia and proceeds from the recovery
of the Company's investments in non-operational assets are not
received in time to be utilized for payment of the settlement
amount, up to SGD2.50 million, representing approximately 12.5%
of the maximum net proceeds from the Rights Issue will be used
to pay the settlement amount to Nokia.

              About Accord Customer Care Solutions

Accord Customer Care Solutions -- http://www.accordccs.com/--  
is the leading provider of after market services for consumer
mobile communication and digital electronic devices in Asia
Pacific.  ACCS is a spin-off from supply network solutions
provider Accord Express Holdings Pte Limited.  ACCS provides a
wide spectrum of after market services to both its trade
partners and end consumers.  ACCS provides professional,
efficient and convenient services to its end consumers by
establishing one-stop single brand or multi-brand proximity
centers that are conveniently and strategically located.  ACCS
has been posting consecutive losses since the first quarter of
2005 due to bad investments, when it incurred a net loss of
SGD3.79 million.  Meanwhile, 12 of its former executives are
facing an ongoing case over a cheating scam involving mobile
phone giant Nokia.  The executives were accused of falsifying
phone repair claims to cheat Nokia out of SGD4.3 million.  They
were also charged with falsifying financial documents and
overstating profits.

The Company is currently in negotiations with its lenders to
restructure its financial obligations.  As part of the
negotiations with the lenders, repayment of these obligations is
intended to be repaid out of the proceeds from the Company's
recovery of its investments in non-operational assets.  The
timing of receipt of proceeds from the recovery is dependent on
stock market conditions and conclusion of negotiations.


INFORMATICS HOLDINGS: Net Losses Cut by 68% for the Full Year
-------------------------------------------------------------
Informatics Holdings Ltd slashed its net losses by 68% or
SGD48.4 million from SGD71.2 million in fiscal year ended
March 31, 2005, to SGD22.8 million in fiscal year ended
March 31, 2006, as it made great strides in restructuring its
operations.

The decisive measures taken by the Group to restructure,
rationalize and consolidate its operations has led to a SGD11.4
million or 27% saving in staff cost and a SGD37.8 million or 45%
reduction in other operating expenses in fiscal year 2005.

The huge cost savings derived from the restructuring measures
have more than covered the impact from the decrease in Group
revenue from SGD74.7 million to SGD57.0 million.  The revenue
drop was due mainly to the deconsolidation of Cornerstone, a
subsidiary disposed on March 22, 2005, which recorded SGD14.7
million in revenue last year.  A revenue decline of SGD3.9
million was recorded in Malaysian operations due to
consolidation of operations and tightening of revenue
recognition practice.  However, some decreases were offset by
the revenue growths shown in the school operations in Singapore
and Hong Kong and the validating and awarding operations in the
United Kingdom.

Informatics has also made great strides in improving its
accounting practices.  During the year, its course fee revenue
recognition practice was further tightened up.  As a result,
fees received in advance increased by SGD6 million or 49% to
SGD18.2 million.

The Group's balance sheet reflected an increase in the net
liability position of SGD14.8 million as of March 31, 2006,
against a net liability of SGD11.1 million as of March 31, 2005.  
However, excluding the deferred course fee revenue, the Group's
balance sheet would have shown a net asset position with an
improvement of SGD2.4 million from SGD1.1 million as of March
31, 2005, to SGD3.5 million as of March 31, 2006.  Such
improvement was mainly due to the increase in issued and paid up
capital via a rights issue which raised SGD19.6 million gross
proceeds during the year.

Overall, the Group's operations in Singapore and Malaysia have
stabilized and are continuing to improve.  Its operations in
Hong Kong and the United Kingdom recorded the best results in
terms of both revenue and profit for the last five years.  The
Group has successfully maintained its strong fundamentals
across-the-board, even though the educational sector remains
challenging.

Going forward, the Group will continue to focus its effort on
revenue growth through product development, new market
penetration and strategic partnerships.  These initiatives will
be complemented with improvements in financial and operational
management control systems.  Underpinning these efforts will be
the Group's strict adherence to best practices in corporate and
academic governance.  To pursue these strategies and strengthen
its financial position, the Group may consider raising fresh
capital at an appropriate time.

The Company's Financial Report is available for free at:

   http://bankrupt.com/misc/tcrap_informaticsholdings053106.pdf

               About Informatics Holdings Limited

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

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


SYSTEM MANAGEMENT: Creditors Must Prove Debts by June 26
--------------------------------------------------------
Creditors of System Management Arts (Singapore) Pte Limited are
required to file their proofs of debt to Liquidator Lim Lee Meng
on or before June 26, 2006.

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

System Management is in members voluntary liquidation.

Contact: CHEE YOH CHUANG
         LIM LEE MENG
         Liquidators
         18 Cross Street
         #08-01 Marsh & McLennan Centre
         Singapore 048423


KAY-ASIA SERVICES: Creditors' Proofs of Claim Due on June 16
------------------------------------------------------------
Kay-Asia Services Pte Limited, which is in voluntary
liquidation, requires its creditors to submit their proofs of
claim to Liquidator Zalinah Samade on or before June 16, 2006.

Failure on the creditors part to comply with the requirement
will exclude them from sharing in any distribution the Company
will make.

Contact: Zalinah Samade
         Liquidator
         c/o IP Consultants Pte Ltd
         50 Robinson Road
         #15-00 MNB Building
         Singapore 068882


YUMEI ENGINEERING: Court Releases Bankruptcy Order
--------------------------------------------------
The Supreme Court of Singapore had, on May 5, 2006, issued a
bankruptcy order against Yumei Engineering Services.

Contact: Audrey Lim
         Senior Assistant Registrar
         Supreme Court,
         Singapore


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

BANK OF AYUDHYA: Moody's Puts E+ Fin'l Strength Rating on Review
----------------------------------------------------------------
Moody's Investors Service has placed the E+ bank financial
strength rating of Bank of Ayudhya Public Co Ltd on review for
possible upgrade while its Baa3/Prime-3 deposit ratings are
unaffected, and their stable outlook is maintained.

Leo Wah, Moody's lead analyst said the review would consider
Bank of Ayudhya's:
   
   -- recovery to positive economic solvency;

   -- its continued ability to internally generate capital
      through sustained core earnings and;

   -- the bank's pre-provision profits, underpinned by net
      interest income, which have been picking up over the past
      few years.

According to Moody's, the Bank's outstanding warrants, which are
currently deep in the money and will expire in August 2008, are
likely to be exercised, further strengthening the bank's capital
base.  Higher capital levels would allow Bank of Ayudhya to
increase provisions against non-performing loans and write off
bad debts more aggressively, leading to a healthier balance
sheet.  Moody's added that the bank's balance sheet is now among
the weakest in Thailand, with its 14% NPL ratio and 33% loan
loss reserve both significantly worse than the average of 10%
and 74% respectively for rated commercial banks in Thailand.

Mr. Wah relates that on balance, the bank's improved
creditworthiness from its previously weakened state puts upward
pressure on the bank financial strength rating but in the
longer-term due to the slow pace of these positive developments.  

Recently, Bank of Ayudhya signaled its intent to seek an
investor.  The impact of any such transaction on the bank's
credit standing and thus, ratings will be examined should it
emerge, where a material capital injection would be strong
ratings positive, Mr. Wah adds.  

Moody's also says that it is maintaining its stable outlook for
Bank of Ayudhya's deposit ratings, and which already incorporate
the support, if needed, most likely from the Thai government.


KRUNG THAI: Moody's Upgrades Financial Strength Rating to D-
------------------------------------------------------------
Moody's Investors Service on May 30, 2006, has upgraded Krung
Thai Bank's bank financial strength rating to D- from E+ while
the bank's debt and deposit ratings, which were not on review,
are unaffected.  Moody's says that the outlooks on all ratings
are now stable.

This rating action concludes the review announced on March 28,
2006.

Leo Wah, Moody's Assistant Vice President/Analyst, relates that
the upgrade reflects:
    
   -- the bank's progress in restoring its balance sheet, in  
      particular its economic solvency and;  
    
   -- the vast improvement the bank has achieved in risk
      management

Moody's further explained that despite the tightening of non-
performing loans classifications over the past few years, KTB
has managed to maintain positive economic solvency and meet all
regulatory capital adequacy standards.  

Having improved its risk management over the last several years
thanks to the efforts by bank management, KTB in Moody's opinion
should be able to secure steady earnings without making
substantial provisions for new NPLs in the future.  

Further, Moody's expects KTB's regulatory capital and economic
solvency to continue to improve as a result, although the pace
may be slow and Moody's estimate of economic solvency may stay
at low single-digit percentages of risk-weighted assets for a
couple of years.

"Without a significant injection of capital, KTB will continue
to rely on internal resources to reduce NPLs and increase its
loan loss reserves," says Mr. Wah, adding, "It needs to quickly
remedy these areas to secure ratings similar to other large Thai
banks."

KTB's loan loss reserve amounted to 41% of NPLs, significantly
lower than the 77% average for other large Thai banks.  Its pace
of NPL reduction -- 11% versus 10% -- over the long term may lag
behind its counterparts given the bank's slow accumulation of
capital, partly attributable to its relatively high dividend
payout of 40%.  As such, KTB lies at the low end of its "D-"
peers.

For future rating actions, Moody's will focus on the following
developments:

   1. how quickly KTB can build up its economic solvency to a
      relatively more comfortable solvency level, like 4% to 6%;

   2. whether NPL reductions and loan loss reserve accumulation
      achieve levels comparable to other large Thai banks;

   3. if KTB's risk management can continue to improve; and

   4. how far it can free itself from any policy role.

At the same time, the rating agency does not expect these
developments to change KTB's risk profile substantially over the
next couple of years; hence the stable outlook.

These ratings were unaffected:

   Krung Thai Bank -- Foreign currency deposit ratings of Baa1
   and Prime-2.  The rating outlook is stable.

   Krung Thai Bank, Singapore branch -- Foreign currency deposit
   note and subordinated debt of Baa1 and Baa2 respectively.
   The rating outlook is stable.


PRASIT PATANA: First Quarter NR Cuts 55% Off Current Liabilities
---------------------------------------------------------------
Prasit Patana Public Company Ltd on May 15, 2006, submitted to
the Stock Exchange of Thailand its first quarter financial
report ending March 31, 2006.

The Company and its subsidiaries, based on the financial
statement audited by Vairoj Jindamaneepitak of KPMG Phoomchai
Audit Ltd, generated THB963.83 million in net operational
revenue for the three-month period ended March 31, 2006, as
compared with the THB834.75 million operational revenue for the
three-month period ended March 31, 2005, an increase of
THB129.08 million.

Because of this the Company pulled down its total current
liabilities posted at THB10,228 on December 31, 2005, to
THB4,525 as of March 31, 2006.

However, the consolidated financial report of the Company and
its subsidiaries showed an increase in total current liabilities
coming due with in the next 12 months to THB798,620 on March 31,
2006, from THB763,566 on December 31, 2005.

The Company and its subsidiaries attributed this to the increase
of cost of services for each of the three-month period ended
March 31, 2006, and 2005 were THB687.80 million and THB600.12
million, respectively -- an increase of THB87.68 million.

Further, general and administrative expenses of the company and
its subsidiaries for each of the three-month period ended
March 31, 2006 and 2005 were THB193.15 million and THB139.03, an
increase of THB54.12 million.

                          *     *     *

Prasit Patana Public Company Limited -- http://www.phyathai.com/
-- operates Phaya Thai I II and III Hospitals, Phaya Thai
Sriracha Hospital, Phaya Thai Phuket Hospital, Phaya Thai Ubon
Hospital and Ake Udon Hospital.  The Company also operates three
Universities, one of which as a joint venture with the Dulwich
College of the United Kingdom.  The Company also has diversified
its business into hotel operations.

The Company has first entered into the REHABCO, or Companies
Under Rehabilitation Sector in 2001.  That year, the Company had
a THB676.02 million net loss and a THB10.02 billion capital
deficit, which steadily declined to reach THB1.13 billion in
2004.

On September 29, 2003, Thailand's Central Bankruptcy Court
ordered that the rehabilitation plans of the Company and certain
subsidiaries that had entered into the rehabilitation process in
2001 be terminated.  However, the termination of the
rehabilitation plans was contested with an appeal filed with the
Supreme Court.  The Supreme Court subsequently decided on
July 29, 2005, that the Bankruptcy Court's order for the
termination of the rehabilitation plans be revoked, on the
ground that the Order had not been deliberated on all points of
contention.  The Supreme Court also directed the Bankruptcy
Court to conduct further enquiry to arrive at a new decision.

Subsequently, the Company and the subsidiaries re-entered the
rehabilitation process under its previous plan administrator.  
The management believes that Prasit Patana's re-entry into the
rehabilitation process and the subsequent retrial to deliberate
on the points of contention will not affect the Company's and
its subsidiaries' on-going operations.  It is currently under
the REHABCO Sector of the Thailand Stock Exchange.




                            *********


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

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